s17026.pcdn.co · 03 97 7026 39 53115 Issue 408 March 2017 £4.50 HIDDEN GEMS Unearthing the funds that could be hidden gems for your ISA portfolio NOTHING

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9770263953115

Issue 408 March 2017 £4.50

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HIDDEN GEMSUnearthing the funds that could be hidden gems for your ISA portfolio

NOTHING VENTURED...We weigh up whether VCTs are as attractive today as they once were

INCLUDING: The core open-ended funds and investment trusts for your ISA

Property profitsWhere is the money to be made in UK property right now?

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FIDELITY EUROPEAN VALUES PLCFads come and go and we all have a favourite one-hitwonder, but more often than not, we turn back to the classics.

Europe is home to some of the world’s classic companies –genuinely dynamic and well-resourced multinationalhousehold names. While new businesses can hit the heightsbut fall away, these companies are famed for standing thetest of time, even through periods of economic uncertainty.It’s these qualities we seek out for our European Valuesinvestment trust.

Using Fidelity’s extensive European research team, managerSam Morse aims to select well-established Europeancompanies with proven business models, attractivevaluations and the ability to grow dividends both now andin the future.

So, if you’re looking for steady growth from some of theworld’s best-financed companies, renew your interest in theEuropean classics with Fidelity European Values PLC.

Please note that past performance is not a guide to thefuture. Investment performance is not guaranteed, the valueof investments can go down as well as up and you may notget back the amount you invested. Overseas investmentsare subject to currency fluctuations. Investments in smalland emerging markets can be more volatile than otheroverseas markets.

To find out more, go to fidelity.co.uk/classicsor speak to your adviser.

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IT PAYS TO REVISITTHE CLASSICS.

LET’S TALK HOW.

PAST PERFORMANCE

Jan 12 –Jan 13

Jan 13 –Jan 14

Jan 14 –Jan 15

Jan 15 –Jan 16

Jan 16 –Jan 17

Fidelity EuropeanValues PLCNet Asset Value

29.7% 5.2% 14.3% 0.7% 19.2%

Fidelity EuropeanValues PLCShare Price

37.5% 6.4% 17.1% 0.0% 15.4%

FTSE World Europeex-UK Index 23.5% 11.0% 7.5% -2.0% 24.4%

Source of performance: Fidelity and Morningstar as at 31 Janaury 2017 on a bid-to-bid basiswith income reinvested. Copyright ©2017 Morningstar Inc. All Rights Reserved. The compara-tive index of the investment trust is FTSE World Europe ex-UK Index.

It’s time to get elated about deflation

Investors trying to take the market tide at the flood will have been switching their portfolio into assets that do better when

inflation is rising. But while an uptick in UK inflation is already a reality, the market may have got ahead of itself. This is because some of the inflation is likely to be temporary, some merely expected, while asset prices may have started to move in a way that implies a permanent shift in economic reality.

Some of the rise in UK inflation is the consequence of the rise in the oil price. That will drop from the statistics later this year and act as a nudge back downwards.

Sterling stuffThe most documented reason for the rise in inflation has been the stark drop in the value of sterling. That fall is not particularly a comment on the decision of the EU referendum but rather on the uncertainty ahead; as the questions recede, sterling will find a level. There were already some signs of this happening in January.

So if both of those temporary factors recede, what else can lead to inflation? Well, Donald Trump’s election and the general uptick in global growth expectations will lead to higher inflation, but perhaps not enough to justify a severe shift in equity prices.

Those forces will be met by what the veteran investors James Anderson and Nick Train separately believe to be long-term deflationary pressures from rising technology.

Anderson takes the view that by 2030 ‘no one will care what the price of oil is’, as much cheaper solar technologies take hold. That pushes inflation downwards. The fund manager also believes that advances in medical research, particularly around genomes, will drive down medical costs – a significant deflationary force in a world where populations are ageing.

The final reason that inflation will be lower than economists’ historical averages suggest is that ageing populations tend to spend less than young populations, and to have a glut of assets. That will act as an impediment to inflation. But crucially, as Train points out, the deflation that comes will be a positive. That’s because he feels the subsequent rise in spending power will drive consumer demand, so he is focused on avoiding companies that will lose out from technology and investing in giant consumer brands.

Because more mature investors, and their pension funds, tend to be more focused on income than growth, bonds will continue over the long-term to trade at high prices and offer low yields. So amid all of the panic about bonds selling off and yields collapsing, it may be that fixed income still has a place in the prudent portfolio.

Train’s funds have suffered in recent months, as investors have switched away from shares that move in the same direction as bonds. But when the deflationary world order is restored, if the landscape that emerges is hospitable for bonds, then so it will be for the bond proxies.

The fast-growing technology stocks held in the Scottish Mortgage Investment Trust have also suffered, because after a prolonged period of being priced as if they were the only growth assets around, they are now neglected because the market believes that everything else will grow. But much of the ‘everything else’ that has soared higher will lose out in the age of technological change that is upon us, while from the stocks held by Anderson’s fund will emerge some of the winners.

That’s why I haven’t sold a single share in either of those funds, despite the market gyrations. u

David ThorpeEditor

What Investment is published by Vitesse Media Plc, Vitesse Media, 5th Floor, 14 Bonhill Street, London EC2A 4BX, Tel: 020 7250 7010. An annual subscription to What Investment costs £38.80 for 12 issues (UK), £48.80 (Europe) and £68.80 (rest of the world). Claims for non-delivery must be made within 14 days.

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

At Aberdeen, we make a point of meeting every company in whose shares we might look to invest. From Japan to Singapore, from China to Vietnam, we go wherever is required to get to know companies on-the-ground, face-to-face.

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.

121026398_ASIA_A_WI_30.indd 1 14/02/2017 15:20


CⁿⁿMarch 2017

Regulars* News and views

3 Editor ’s comment 6 News round-up

* Markets and asset allocation

10 Prospero14 Market chronicle25 Taxing matters31 Investment trusts corner48 The property portal

* Savings and tax rates

50 Borrowing rates51 Best ways to save53 Tax rates and data

* Performance data

54 Unit trusts71 Investment trusts76 Exchange-traded funds

* Pensions and retirement planning49 Annuity rates

* Investor insight80 The Finloot Investment Club82 Terry Bond

* Funds in focus

26 The big interview – Iain Stealey32 New offers34 Three best... IA sterling corporate bond funds79 Platform perspectives

Special section: The Essential Guide to ISAsIn this month’s special section, we look at how an investor can construct a portfolio that minimises risk and identify which open-ended funds and investment trusts should be core holdings for an ISA in 2017

39

18 Cover StoryProperty profitsWhere is the money to be made in UK property right now?

Kid CharlemagneJP Morgan’s Iain Stealey is a young man in a hurry

Hidden gemsWhat Investment unearths some funds that could be hidden gems for your ISA portfolio

Nothing ventured, nothing gainedVenture capital trusts offer considerable tax advantages, but are they as attractive today as they once were?

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6 www.WhatInvestment.co.uk

Bank of England governor Mark Carney revised sharply upwards his forecasts for UK GDP growth and inflation in 2017, forestalling talk of a Brexit- induced recession.

Presented as part of the central bank’s quarterly inflation report, Carney and his colleagues estimate that the UK economy will grow by 2 per cent this year, up from the previous estimate of 1.4 per cent.

He acknowledged that the previous forecasts were wrong, but said this was a consequence of better financing conditions for businesses and consumers powering growth. Carney took the view that the improved conditions were the consequence of the interest rate cut that occurred in the days immediately after the EU referendum result.

Many market participants will find that a contentious view. Julian Chillingworth, chief investment officer at Rathbone Unit Trust Management, has previously commented to What Investment that the upswing in business lending began to become apparent in the data last April, prior to the referendum result.

Guy Foster, head of research at Brewin Dolphin, remarked that signs of stronger economic growth on a global scale have been apparent for quite some time, notably through the Purchasing Managers’ Index (PMI) data from many developed markets.

PMI data is of particular value to economic forecasters because it is a measure of future intentions rather than past actions.

A more positive PMI number indicates that participants intend to engage in additional economic activity in the months ahead, and that spurs growth.

Kathleen Brooks, research director at City

Index, noted that sterling fell sharply in the wake of the Bank of England report.

That is because Carney and his colleagues did not revise upwards their forecasts for UK inflation. Brooks opined that the market had started to believe that very high inflation would force the central bank into pushing interest rates higher earlier than it presently intends.

Brooks commented that there may be a more long-lasting and profound reason for interest rate expectations to shift. That was the Bank of England’s announcement that it was resetting the level of unemployment it considers ‘equilibrium’ to 4.75 per cent, instead of the previous 5 per cent.

This matters because the Bank of England would be less likely to put interest rates up (economic theory states that higher rates have a negative impact on employment levels) if the unemployment rates are higher than equilibrium. If the equilibrium rate is lowered, then the hurdles that the UK

economy has to jump in order for the central bank to put rates up grow.

The change in the equilibrium rate reflects the changing demographics of the UK economy, with proportionally more retired or semi-retired people of working age in the population than ever before.

That cohort of the population appear in the productivity statistics as a zero and in the wage statistics as a zero, and do not count as unemployed.

That is the reason the unemployment numbers were much lower than expected in the depths of the financial crisis, and why wages have not gone up despite the numbers in employment being high.

With around two-thirds of UK GDP coming from domestic consumption, the economy is particularly vulnerable to inflation reducing consumer spending power.

The Bank of England forecasts growth of 1.6 per cent in 2018 and 1.7 per cent in 2019.

Most popular stories on WhatInvestment.co.ukWill UK interest rates rise in 2017?Booker deal likely to be good for Tesco shares Mark Carney: Brexit won’t cause a recession in the UK The best ‘value’ funds for your 2017 ISA The two investment trusts to own for ten years

Month to 16 February 2017

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NewsFeed


Mark Carney: Brexit won’t lead to recession in the UK


Nick Train, the manager of the Finsbury Growth & Income Trust, commented, ‘We think investors forget how low inflation remains and how low it is likely to remain.

‘UK inflation in 2016 was little more than 1 per cent. This means that Unilever’s real growth rates – let’s say of 4 and 5 per cent respectively for earnings and dividends – are high by historical standards.

‘Long-term real dividend growth in the US runs at 1.5 to 2 per cent for the market as a whole. High real growth from a company of Unilever’s calibre – still offering a dividend yield double that of a long-dated gilt – looks great to us.’

Train adds, ‘Unilever fell on its final results. We think investors’ disappointment here is a clear case of looking a gift horse in the mouth. Revenue growth of 3 per cent

produced earnings up 5 per cent and a dividend increase of 6 per cent (in euros; Unilever’s 2016 dividend was up 20 per cent in sterling terms). In the meantime, the company generated a near record £4.8 billion of cash.

‘These achievements should be considered in the context of two factors. First, that two of Unilever’s most important and sizeable markets – India and Brazil – had a very tough 2016. Of course, an investor would prefer those important markets to be booming. But the very fact that the company has these strategic positions in these populous economies is a wonderful promise of future growth. Remember, too, Unilever owns 12 of the 50 top global FMCG brands, compared to its nearest rival speaking for no more than seven. This is a very robust equity asset.’

NewsFeed


Train: Those selling Unilever shares are ‘looking a gift horse in the mouth’

Derek Stuart, who runs the £1 billion Artemis UK Special Situations fund, has asserted that Tesco’s acquisition of cash- and-carry business Booker can be positive for the share price.

In his latest update to shareholders, the top investor said that news of the deal is ‘a welcome surprise’. He continued, ‘Both companies have strong positions in their respective markets, and the combined entity should enjoy significant synergies. They will, however, need to get the deal past the competition authorities. Assuming they do, we believe this combination will, by bringing together two of the best management teams in the food business, create value for shareholders.’

Competition authorities may be worried that Booker supplies groceries to a number of the convenience store chains in the UK, which rival Tesco’s own convenience stores.

Stuart described the latest trading update from another FTSE 100 giant, Pearson, as ‘a less welcome surprise’.

The fund manager said, ‘Trading deteriorated significantly at the end of last year, and profits were downgraded. But we had assumed that its significant cost-cutting programme would offset problems in its higher education business in the US.

‘The company is looking at removing further costs and disposing of its stake in Penguin Random House. All this feels a bit late. While the other businesses are performing in line with expectations, we feel the management have not got a proper grip on the US business so have reduced our position.’

Pearson’s strategy in recent years has been to divest itself of traditional media assets, such as the Financial Times newspaper, and invest in online learning products in the US market.

In its most recent set of results, the US business produced a set of figures that were below expectations. That sent the shares tumbling, as the market questioned the durability of the strategy.

Stuart’s fund has returned 63 per cent over the past five years.

Artemis: Tesco deal good for shareholders

NewsFeed


A good time to buy Lloyds Bank shares

MAKE A SMARTERISA DECISION.

LET’S TALK HOW.

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It’s easy enough to open an ISA, but choosing what to put in ittakes more thought. That’s where our award-winning guidancecomes in – giving you a range of market insights, helpful guidesand handy online fund-selection tools. So, whether you’re anabsolute beginner or an experienced investor, you can makea more informed ISA decision, backed by the knowledge andexperience of our experts.

And, if you open an ISA online before 31 March 2017, you’ll havea chance to win back the amount you initially invested, in cash.

Get smarter with your ISA today and use our onlinetools at fidelity.co.uk or call us on 0800 368 0215.

Please remember that the value of investments can go downas well as up, so you may not get back the amount you invest.The value of tax savings and eligibility to invest in an ISAdepend on individual circumstances and all tax rules maychange in the future. Fidelity’s guidance service is nota personal recommendation.

Win backwhat youinvest.T&Cs apply.

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A climate of rising interest rates around the world makes now the ideal time to own Lloyds Banking Group shares, according to Ryan Paterson, analyst at Thesis Asset Management.

‘A key metric that investors should focus on with Lloyds is its net interest margin,’ he opined – something he believes will improve.

The net interest margin is the profit a bank can earn on loans, beyond what it pays to depositors. Paterson’s view is that rising interest rates will allow banks to charge more for loans, with the rate of increase in loan charges being faster than the rate of

increase in interest paid to savers.Rising interest rates also help a bank’s

profitability because rising rates force government bond yields upwards, and banks are required by regulators to hold a very significant proportion of their assets in government bonds, so rising bond yields push up the earnings they can achieve on that part of their assets.

Just prior to Christmas, Lloyds announced the acquisition of credit card business MBNA. Paterson commented, ‘The planned £7 billion acquisition further enhances the margin potential and looks to be a good

use of capital that will boost earnings.’Despite the UK’s economic outlook

remaining uncertain, Paterson believes that Lloyds has a brighter outlook than many other constituents of the FTSE 100.

He commented, ‘The share price of Lloyds bore the brunt of the UK vote to leave the EU as the market priced in a material downturn in the economy and deteriorating credit quality. While the UK’s prospects remain challenging and uncertain, we viewed the outlook for Lloyds to be less severe than what the market was factoring in and decided to increase our exposure to take advantage.’

Top income investor sells out of BT

MAKE A SMARTERISA DECISION.

LET’S TALK HOW.

Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. UKM0117/18191/CSO8322/0417

It’s easy enough to open an ISA, but choosing what to put in ittakes more thought. That’s where our award-winning guidancecomes in – giving you a range of market insights, helpful guidesand handy online fund-selection tools. So, whether you’re anabsolute beginner or an experienced investor, you can makea more informed ISA decision, backed by the knowledge andexperience of our experts.

And, if you open an ISA online before 31 March 2017, you’ll havea chance to win back the amount you initially invested, in cash.

Get smarter with your ISA today and use our onlinetools at fidelity.co.uk or call us on 0800 368 0215.

Please remember that the value of investments can go downas well as up, so you may not get back the amount you invest.The value of tax savings and eligibility to invest in an ISAdepend on individual circumstances and all tax rules maychange in the future. Fidelity’s guidance service is nota personal recommendation.

Win backwhat youinvest.T&Cs apply.

Job No: 53802-15 Publication: What Investment Size: 148.5x420 Ins Date: 01.04.17 Proof no: 1 Tel: 020 7291 4700

Simon Gergel, manager of the Merchants Investment Trust, which has a yield of over 5 per cent, has sold all of his BT shares.

He commented, ‘We sold BT after its profit warning. Although the recent purchase of EE provides cost-saving opportunities, and the ability to cross-sell the UK’s best fixed line and mobile networks, the profitability and cash flow of the business will be significantly lower than we previously thought, leaving less spare room for increasing pension costs, dividends and capital investment.’

He continued, ‘Elsewhere, we trimmed positions in companies that had performed

well and looked more fully valued, such as CRH, Antofagasta and United Business Media, and added to cheaper stocks, like Tyman, Greene King and IG Group.’

Gergel continued, ‘We added to Legal & General, the life insurance company, which offers a high dividend yield and growth potential from its bulk purchase annuity and investment management divisions.’

He continued, ‘Although the UK stock market has recently reached new all-time highs, it remains only modestly above the levels it reached at the turn of the century, and many companies are trading considerably

below their historic peaks. We can find plenty of companies, with strong business franchises, that offer good value. In this environment, we believe it is important to hold a diversified portfolio of companies, in different industries, that can be expected to deliver a combination of income and capital growth in the medium to long term.’

Gergel had long positioned the trust for a world of rising inflation – something that has benefited the fund of late. The Merchants Investment Trust trades at a discount to net assets of 3.4 per cent and has returned 30 per cent over the past year.


Markets and asset allocation

The FTSE 250 index hit a record high

Travel firm TUI reported solid first-quarter results

BP shares fell 2 per cent on missing its earnings target

TOP TEN BUYS

TOP TEN SELLS

Top fund manager buys and sells

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AstraZeneca Centrica BP Lloyds Banking Group Royal Dutch Shell CRH Aviva Royal Bank ScotlandMelrose Industries BBA Aviation

Shire RPC Group Ashtead Group BAE SystemsBHP Billiton Prudential TescoAstraZeneca GSK British American Tobacco

What the table shows: Stocks that fund managers in the IA UK All Companies sector have been buying and selling most over the past month. Estimate based on funds’ top ten holdings data.

Source: FE Trustnet (10/2/17) Tate & Lyle expects profits to be modestly ahead of expectations for the year

Anotable feature of the past month was the FTSE 250 hitting a record high.

The UK’s mid-cap index is much more focused on the domestic economy than is its large-cap counterpart. The FTSE 250 bore the considerable brunt of market jitters in the immediate aftermath of the EU referendum result – a time when many market participants anticipated a swift and sharp recession.

That the market has joined Bank of England governor Mark Carney in performing a considerable volte face [see News, page 6] is testament to quite how far investors’ expectations have moved.

While the sentiment shift has had a profound impact on the market, the numbers can’t have been harmed by strong performance from individual businesses within the index.

Sweet spotFTSE 250 food company Tate & Lyle updated the market with the news

that it expects profits to be modestly ahead of expectations for the year. The company noted particular growth in its sweetener business in North America and in its speciality foods business in Latin America.

Those overseas earnings may provide a margin of safety for the dividend yield, which is currently projected to be 3.8 per cent for the year ahead.

Paper profitsIn the FTSE 100, the news was less good, with the exception of Irish paper and packaging firm Smurfit Kappa.

The company announced a 20 per cent rise in the dividend for the year, with higher than expected earnings being the trigger for the higher payout. In an update to the market, the company took the view that investments it has made in recent years have now started to pay off in terms of greater levels of cash flow.

At the other end of the risk spectrum, travel firm TUI reported solid results,

ProsperoWhat Investment examines the latest movements in the UK stock market


Stock Watch: Daejan Holdings


with revenues up 8.5 per cent and sales up 4 per cent in the first quarter of its financial year.

The company also completed the sale of a business for £325 million.

Slippery slopeIt is testament to the pessimism in the valuations ascribed to FTSE 100 stalwart BP that the shares dipped only 2 per cent despite a very considerable dose of bad news, namely a dramatic missing of its earnings target.

The rise in the oil price that was a significant feature of the quarter under consideration wasn’t enough to offset the decline in revenues from refining oil.

Royal Dutch Shell was another oil major to disappoint, posting profits of $1.8 billion when $2.8 billion was expected. And that number flatters the company slightly, as there was also a one-off $500 million charge.

Investors in Shell tend to have a laser-like focus on the dividend. That number looks OK, but is boosted by the fact that much of it is paid in ‘scrip’ – that is, instead of getting the cash, investors get more shares in the company.

There is an element of borrowing from the future with this, as the more shares that are issued now, the greater the cash obligation required to pay the dividend in future. u

On its website, Daejan Holdings provides an overview of the properties in its portfolio. It is a slideshow of commercial property in central London and US, with one slide simply a sign reading ‘Berwick Street’ in London.

Daejan Holdings [in which the editor of What Investment is personally invested] is a FTSE 250 property company, and the shares have risen by 14 per cent in the past year.

The key merit of this stock is that it is less well known and well covered than other property companies with large central London exposure.

This is because the family that founded Daejan continue as major shareholders. That puts off the big institutional investors, who worry about liquidity, but shouldn’t be a concern for the man in the street.

The big question to ask, of course, is whether now is the time to be

invested in central London property.Daejan has a market cap of £1 billion,

meaning that it trades at a very considerable discount to the value of the underlying assets.

That probably means there is a margin of safety for investors. The company has considerable exposure to the Oxford Street and Covent Garden areas of London, which, if not recession proof, at least look like long-term stores of value.

The company has relatively low levels of debt for the sector, and has in recent years expanded more into the US. Around a third of the capital is employed in UK residential property, including in Hampstead.

The yield is nothing exceptional, less than 2 per cent, as the upward revisions in the value of the assets has happened at a much faster pace than the rise in rents.

UK shares index performance (% growth)to 31 January 2017

-80 -40 0 40 80 120 160 200 240 280

FTSE 100FTSE 250FTSE AIM 100FTSE All-ShareAutomobiles & PartsBanksBeveragesChemicalsConstruction & MaterialsDiversified IndustrialsElectricityElectronic & Electrical EquipEquity Invt InstrumentsFinancial ServicesFood & Drug RetailersFood ProducersForestry & PaperGas, Water & Multi-utilitiesGeneral IndustrialsGeneral RetailersHealthcare Equip & SvcsIndustrial MetalsIT HardwareLife InsuranceMediaMiningNonlife InsuranceOil & Gas ProducersPersonal GoodsPharma & BiotechSoftware & Comp SvcsSupport ServicesTelecom ServicesTobaccoTransportTravel & LeisureUtilities

1 month 3 months

Source: FE Trustnet

6 months 1 year



Share View: Alumasc and Porvair

Alumasc released interim results that showed good top-line progress but a few headwinds which held back profit growth. If these prove to be temporary, as the company suggests, then the shares offer very good value.

Sales were up an impressive 17 per cent but operating profits were only modestly ahead, as margins fell. The main culprit was a rise in raw material costs, a lot of which is currency driven. Historically, the company has been able to push cost increases through by raising prices, but there’s an inevitable time lag.

Alumasc has good sales momentum and a healthy order pipeline. The shares trade on a p/e of less than 8 times June 2018 earnings and yield a very handy 4 per cent.

Filter manufacturer Porvair is a class act, as witnessed in another strong set of results. It has built an excellent track record of consistent earnings growth, which has been reflected in a premium rating on its stock and a share price that’s up 50 per cent over the past year.

Specialist filters contain a lot of patented engineering content. Designs often enjoy a long product life cycle, while also benefiting from regular replacement demand as a consumable item. Porvair’s markets are growing by around 5 per cent a year, and the company can achieve double this by gaining share and making selective acquisitions.

Porvair is one of those niche manufacturing businesses that often prove to be great long-term investments. The only problem is that the shares have had a great run and now sell on a current-year p/e of 27, so this is probably not an ideal entry point.

There has been a good rebound in commodities, which is helping AIM’s resources sector

We recently marked the anniversary of the equity market’s low point following

its dreadful start to last year. Since then, AIM is up 35 per cent and the FTSE SmallCap index has risen by close to 30 per cent.

These returns just go to show how important it is to stay invested during temporary shakeouts. Panic selling means foregoing strong returns in the recovery phase, while if you have some cash to deploy during one of these market swoons then the returns can be very juicy, as we have seen.

Of course, we have to follow our own judgement in deciding whether a sharp decline will be recovered quickly, or whether it is part of something more pernicious which really would warrant a cut in equity exposure.

Last year wasn’t too difficult to read in this respect. It was hard to see why those early falls might be anything more than a short-term temper tantrum.

True, the declines after the EU referendum could have turned into something nastier had the exaggerated

warnings of imminent economic meltdown come to anything. However, the scale of the falls (20 per cent plus in some small-caps) looked overdone for anything other than a doomsday outcome. As it quickly became clear that the economy wasn’t going to suffer a major heart attack, there was a swift recovery into new high ground.

This positive momentum has been sustained into 2017. In contrast with last year’s volatility, the feeling is one of ‘steady as she goes’. There’s been a good rebound in commodities, which is helping AIM’s resources sector. Elsewhere, domestic demand has remained solid, and weak sterling is supporting the outlook for overseas earners.

So there are plenty of reasons to stick with small-caps. But we should also keep an eye out for complacency, because those sharp setbacks can creep up out of nowhere. u

For more share analysis, why not subscribe to Growth Company Investor? Visit www.growthcompany.co.uk or call 020 7250 7055 to f ind out more.

Small-cap outlookSmaller companies editor David Thornton rounds up the recent action taking place in the UK’s small-cap markets


Watkin Jones’s bright future Strong demand for quality student accommodation and an astute forward-sale business

model are giving developer Watkin Jones good visibility of earnings, writes David Thornton

Watkin Jones is a ninth-generation family business that can trace its origins

back to 1791. It took the big decision to go public by floating on AIM last April in order to exploit its leadership in the development of purpose-built student accommodation (PBSA). This specialism grew out of its historical position as a residential and commercial building contractor in North Wales. The first student project was completed in 1999, and by the time of the IPO Watkin Jones had delivered 28,000 student beds across 88 schemes.

Student accommodation has changed beyond recognition in the 30-odd years since my generation went to university. The modern student wants to pay up for a good-quality ensuite room with broadband and all mod cons. There are 1.7 million full-time students in the UK, and applications haven’t been held back by the increase in fees.

To fulfil this demand, Watkin Jones aims to complete 10 to 12 schemes a year. It does this through a low-risk ‘forward sale’ business model. Having identified and acquired a site, it obtains planning permission and engages with the university authorities. Once the scheme is ready to go, the project

is immediately sold on to an investor. This locks in a development profit upfront, and Watkin Jones then carries out the building work, receiving monthly progress payments and a profit on the construction phase. This means the projects are much less capital-hungry than they might be.

Having good relationships with blue-chip institutional investors is clearly important, and the likes of Legal & General, M&G and AIG own Watkin Jones schemes. There’s also

growing overseas investor interest in this relatively new sector, no doubt helped by the fall in sterling. PBSA is seen as a stable income-producing asset that benefits from a demand/supply imbalance. It should also be less vulnerable to the economic cycle than mainstream residential development.

There’s good visibility, with almost 10,000 beds due to be delivered across 27 schemes in the next three years. The company also earns revenue from managing schemes once they are let, looking after rentals and maintenance.

Net cash stood at £32 million at September and the company has borrowing facilities of £50 million. This gives it plenty of headroom to acquire sites, add value to them and then forward-sell. The dividend is twice covered by earnings, which is a very comfortable position. As net cash grows over time, we might see an enhanced payout at some point.

The shares simply look too cheap. A well-covered yield of 5 per cent from a long-established company with a strong balance sheet and much of the next three years’ work in the bag is an attractive proposition. u

This recommendation is from Growth Company Investor. Call 020 7250 7055 to subscribe.

WATKIN JONES www.watkinjones.com

Recommendation – BUY

Ticker: AIM:WJG Sector: Hhld Goods & Home ConstrnMid-price: 126.5p

Spread: 125p-128p12-month high/low: 134.5p/100pMarket cap: £324m

RESULTS Turnover (£m) Pre-tax profit (£m) EPS (p) DPS (p) p/e Yield (%)Sep 2016 (A) 267 40.2 12.6 4.0 10.1 3.1Sep 2017 (E) 273 43.7 13.7 6.3 9.3 5.0Sep 2018 (E) 294 46.7 14.6 6.6 8.9 5.2Sep 2019 (E) 314 48.9 15.3 6.9 8.3 5.4

SECTOR PEERS Ticker Market cap (£m) Pre-tax profit (£m) p/eTelford Homes TEF 237 32.3 8.6Mountview Estates MTVW 426 48.4 12.0

Growth stocks


Nov 15 – Nov 16GLOBAL MARKETS Global equities

US shares continue to hit the heights, but will it continue?

Investors in US shares are likely to be disappointed by the returns achieved in 2017, according to Samy Chaar, chief

economist at Lombard Odier. US shares have hit new highs in recent

months as the market has started to price in improved growth. Chaar was eager to emphasise that what is happening in the global economy is ‘reflation’ – that is, a return to historical averages rather than higher inflation.

He believes that the dollar will weaken from current levels. ‘The Trump administration will engineer a weakening,’ he said. ‘The US government’s current policy is to increase the budget deficit, and that is bad for the dollar. Because the dollar has been such a consensus trade, if it starts to fall in value then there will not be any marginal buyers.’

Chaar commented that with US interest rates rising at a slower pace than inflation, the dollar will shrink in value compared with the currencies of other countries, where the gap between the rise in inflation and interest rates is smaller.

A marginal buyer of an investment is one who doesn’t typically own it but instead buys at certain times. Chaar’s view is that the dollar’s popularity has been such that any investors likely to allocate capital to the greenback will already have done so.

He added that, at current equity valuations, if the dollar weakens, and with so much positive news already priced in, ‘returns from US equities are likely to be lower than expected by many investors. I don’t think a collapse is coming, but there is better value in other markets.’

Eurozone equitiesHe is keen on Eurozone equities, and remarked, ‘This is a market where improved economic fundamentals are not being priced in. The data shows improvement – it shows

reflation and growth – yet the stock market is lower now than it was 18 months ago.’

Chaar continued, ‘The Eurozone economy is OK. It is muddling through, no more than that, but the valuations reflect something else. There is a sort of negative complacency about the Eurozone – a consensus view that the outlook is negative – and that is not reflected in the data.’

Emerging market equitiesThe other asset class on which he is keen for the year ahead is emerging markets. Traditional market theory posits the view that a strong dollar and rising US interest rates are bad for emerging market assets.

Chaar doesn’t see a prolonged rise in the dollar from here as likely, and added that the outlook for China is now more relevant to emerging markets than that for the US.

China is a significant consumer of the sort of commodities and consumer goods produced in other emerging markets.

Chaar commented that much of the negativity around the emerging markets has been a function of worries about the outlook for the Chinese economy, but that ‘China is growing, it is doing well’, and that bodes well for emerging markets.

UK equities ‘The UK mid- and small-cap market has delivered excellent long-term returns which have outpaced the FTSE 100, two years out of three, for the past 60 years,’ said Guy Anderson, manager of the JP Morgan Mercantile Investment Trust. ‘However, more recently, this trend has reversed, with the FTSE 100 posting strong performance in the immediate aftermath of the UK’s referendum to leave the EU while the FTSE 250 faltered.

‘This change reflects a combination of factors, the most significant of which being the greater exposure of mid- and small-caps to the UK economy, compared with

Market chronicle

0

6

12

18

24

30

36

-2

4

10

16

22

28

34

-2

4

10

16

22

28

34

-2

4

10

16

22

28

34

0

8

16

24

32

40

48

UK equities

European equities

US equities

Japanese equities

Emerging market equities

Feb 16 – Feb 17

Feb 16 – Feb 17

Feb 16 – Feb 17

Feb 16 – Feb 17

Feb 16 – Feb 17

% t

ota

l ret

urn

% t

ota

l ret

urn

% t

ota

l ret

urn

% t

ota

l ret

urn

% t

ota

l ret

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FTSE All-Share

DJ Euro Stoxx 50

S&P 500

Nikkei 225

MSCI Emerging Mkts

MSCI AC World

MSCI AC World

MSCI AC World

MSCI AC World

MSCI AC World

Source: FE Trustnet


the highly international nature of the FTSE 100. Interestingly, however, while perceptions may have changed, the UK’s economic reality has stayed robust since the EU referendum, with growth actually outpacing forecasts as consumption held up better than anticipated.’

Anderson added, ‘It goes without saying that the UK faces a period of uncertainty ahead in terms of how the eventual relationship with Europe will be structured and what impact this may have upon economic growth.

‘This is likely to lead to oscillations in sentiment between periods of calm and periods of worry, but ultimately there are many other factors that will influence the direction of the market – including the potential resurgence in global economic growth. The indicators for global growth are looking promising and, with increasing signs of inflation, the outlook for equities should be positive too.’

The fund manager takes the view that the UK consumer will struggle in the years ahead, warranting only ‘selective’ exposure from investors in UK mid- and small-caps. But he does see some value, remarking, ‘The consumer services space includes a number of attractive mid-cap opportunities relating to online marketplaces, with businesses that are disrupting existing markets and thriving in the process.’

In general, however, he takes the view that ‘investors would do well to seek out some internationally exposed companies that can tap into improving growth in overseas economies, and the increasing inflation –

there are many such opportunities in the UK mid- and small-cap market’.

Anderson continued, ‘It is also worth asking ourselves: why has exposure to the mid- and small-cap market been so beneficial over the long term, and can this be sustained in the future? To our mind, there are three key structural drivers and, whatever the outcome of the Brexit negotiation process, these will remain true.’

The first of these he mentioned is higher growth, opining, ‘Smaller companies, by their nature, are better able to generate higher growth which is not as dependent upon the strength of the economy, unlike their large-cap counterparts.’

The second driver he highlighted is nimble businesses. The fund manager said, ‘This segment of the market can adapt to most forms of change. There are many examples of disrupters in this part of the market, which can challenge incumbents and find creative ways of growing, even when external forces may be changing and/or stacked against them.’

The final factor Anderson highlighted is merger and acquisitions (M&A) activity, commenting, ‘The UK is one of the most open markets in the world. According to the

OECD, it is one of the easiest markets for foreign firms to do business with, and the UK mid- and small-cap market is often viewed as a place to find attractive bolt-on acquisition opportunities. Sterling’s depreciation should also offer a helpful boon to this trend.

‘Investors could see an uptick in M&A coming from a period of depressed activity in 2016 as a result of Brexit uncertainty. There has been a healthy amount of corporate activity in recent months, with Phoenix Group, Greencore Group and RPC Group all having completed acquisitions during this period.’

Anderson next turned his thoughts to individual companies in which he has a lot of faith right now. ‘Our best-performing investment over the past two years has been our holding in Fever-Tree, which we have invested in since its initial public offering,’ he said. ‘Over that period, Fever-Tree has almost tripled its sales, and has surprised the market with the pace of its growth.’

The next stock he mentioned is Auto Trader. He commented, ‘Auto Trader was historically a weekly printed magazine with a peak circulation of 368,000 copies in January 2000. Noting the shift towards online media consumption, the business halted publications in 2013 and has established itself as a digital-only company, and the clear market leader in online motor classifieds.

‘Further, the shift to digital has enabled Auto Trader to collect data on the marketplace that had previously been unavailable. This has helped to strengthen the relationship between the company, its retail partners and its audience.’ u

Market chronicle

‘I don’t think a collapse is coming in the US, but there is better value in

other markets’

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CENTRAL BANK RATES

BOND YIELDS

BOND SECTOR RETURNS

Bonds Rising inflation expectations dominate the thoughts of bond investors

Bryn Jones, the veteran manager of the Rathbone Strategic Bond fund, which has returned 30 per cent

over the past five years, has asserted that UK government bonds – gilts – are generally poor value at the moment.

Jones told What Investment that because many fund managers are financially incentivised to beat the returns of the sector, it prompts them to invest client capital into high-yielding bonds, ‘as over a five-year time horizon it is likely that high-yield bonds will outperform the market, but they will be more volatile. As managers of the Rathbone Strategic Bond fund, we are incentivised partly on keeping the volatility low, so we don’t just push capital into high-yield bonds.’

A strategic bond fund can invest in many different areas of the market. At present, Jones sees value in insurance company bonds, and selectively in emerging markets.

A maxim he deploys for measuring whether there is value in emerging market bonds is: ‘When the bonds are yielding 3 per cent more than US government ten-year bonds, they are expensive; when they are yielding more like 5 per cent over the US ten-year then they are cheap.’

At present, the gap (spread) is around 3.5 per cent, which means that Jones and co-manager Noelle Cazalis are buying ‘selective’ emerging market bond exposure.

Jones is less keen on gilts. He remarked that gilts are typically worth buying when the yield is between 1.6 and 1.8 per cent, rather than the current 1.42 per cent level. He noted that the Bank of England expects UK inflation to peak at 2.8 per cent in the coming years, which is below market expectations.

The Rathbone Strategic Bond fund invests in other funds, and the largest holdings currently are the M&G Global Macro Bond fund and the ECM Dynamic Credit fund.

John Pattullo, who jointly runs the Henderson Diversified Income investment trust, has revealed how he is investing in fixed income in a world of rising inflation and

interest rates. His fund is focused on income, rather than capital growth, and has a yield of over 5 per cent.

He concentrates on corporate loans, which are not listed, remarking that as an investor one gets a ‘premium’ yield to compensate for this. Pattullo commented that despite the bonds not being listed, the liquidity is not much different than it is for bonds in the high-yield part of the bond market.

Pattullo told What Investment that a key part of the investment case for the loans market is that it is less sensitive to interest rate movements. Interest rate expectations have shifted significantly in recent months, as the election of Donald Trump and other global factors have led to an upward revision in inflation and growth expectations.

But because the type of loans in which Pattullo invests have an interest rate that is always priced to float at a fixed percentage above three-month LIBOR, when the Bank of England or another central bank lifts rates, the interest rate on these loans rises by the same amount. That contrasts with government bonds, which have a fixed rate of interest. The revision of rate expectations has seen a deep sell-off of government bonds during the same time period.

The yield on the Diversified Income Investment trust is 5.6 per cent. This is partly achieved through the use of gearing, or the trust borrowing money to invest. Pattullo argues that using gearing to make the income paid by the trust higher is preferable to chasing a higher yield in lower-quality bonds.

The fund manager retains his view that global inflation will remain muted, despite market sentiment presently taking the opposite view.

He commented that while there are a number of immediate-term factors driving inflation upwards, notably the rhetoric from Trump about higher government spending, the longer-term trends, such as ageing populations and the deleveraging of the Chinese economy, have not changed. u

UK 0.25% (Aug 2016: 0.50%)

US 0.75% (Dec 2016: 0.50%)

EU 0.00% (Mar 2016: 0.05%)

Japan 0.00% (Feb 2016: 0.10%)

China 4.35% (Oct 2015: 4.60%)

(last interest rate move) Source: global-rates.com

0.5

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Feb 16 – Feb 17

UK gilts Sterlingcorporate

bond

Sterling high-yield

Global bonds

% y

ield

% t

ota

l ret

urn

UK ten-year gilts

1 month

US ten-year treasuries

1 year

What the chart shows: How the yields on UK and US ten-year government bonds have changed over the past year

Source: Bloomberg

What the table shows: Total return in % over one month and one year (to date below) of the average fund in the following sectors, from left to right: IMA UK Gilts, IMA £ Corporate Bond, IMA £ High-Yield, IMA Global Bonds.

Source: FE Trustnet (31/1/17)

Market chronicle


AVERAGE UK HOUSE PRICE

GOLD PRICE

GLOBAL PROPERTY SHARES

COMMODITY RETURNS 1 month 1 year

Gold 3.09 21.11Silver 7.81 36.72Aluminium 5.34 32.01Oil -4.81 51.02Agriculture 1.48 19.91

Source: FE Trustnet (31/1/17, in £)

Property

Commodities

Negativity surrounds the property market, but the shares themselves continue to do well

Gold could continue to rise, despite the negatives

Alex Ross, manager of the Premier Pan European Property fund, commented that while sentiment

is presently very weak towards property shares, the fundamental performance of the assets remains strong.

He said, ‘We believe this negative sentiment, which has been reflected in weak share price performance for the sector, belies the underlying fundamentals. Rising interest rates are perceived to be negative for property, but we would welcome a return to rising interest rates if this was accompanied by increasing economic growth.’

Ross continued, ‘A key fundamental driver of real estate value is the income yield, and this is dependent on the rents paid by tenants; economic growth can be expected to lead to increased tenant demand in most areas, and therefore brings the prospect of

higher rents and hence improvements in the income yields.

‘The quoted property companies, most notably in continental Europe, have been highly active over the past couple of years in ensuring that they will be the long-term beneficiaries of this period of record low interest rates by fixing up a substantial proportion of their borrowings over the long term, mainly through the bond market.

‘This bodes well for the dividend growth outlook in the quoted real estate sector in an improving economy, with rental growth increasing revenues against a limited potential increase in interest costs in a rising economic growth and interest rate environment.

‘For this reason, we remain constructive on the sector’s outlook, despite the current weak equity market sentiment for the sector in such an environment.’ u

Mihir Kapadia, chief executive of Sun Global Investors, told What Investment that he

believes gold continues to be relevant for private investors’ portfolios as it serves as a diversifier, even if many of the factors that traditionally cause gold to underperform are present in the global economy. He takes the view that the dollar will weaken from here, and that is often positive for the gold price.

Sebastian Lyon, who runs the giant Troy Trojan fund, takes the view that if Donald Trump’s policies do lead to higher inflation, that will be a positive for gold, as gold has the capacity to hold its value.

He added that if the policies don’t lead to inflation, then the likelihood is that deflation

will take hold, and the dollar will weaken. That could be a positive for the gold price, as one of the reasons the value of the precious metal has suffered in recent months is that the income available on US government bonds has risen.

Those bonds compete with gold for the status of safe haven. Gold pays no income, so a rising income paid by the bonds serves to make them more attractive as a safe haven.

If the rising dollar continues, then US interest rates are likely to keep rising, pushing the income on those bonds upwards.

But if Trump’s policies fail to deliver the inflation that is the goal then rates won’t rise, and that is likely to keep the value of the dollar, and bond yields, low. u

Feb 16 – Feb 17

£ th

ou

san

ds

Source: Nationwide (not seasonally adjusted)

195,000

197,000

199,000

201,000

203,000

205,000

207,000

-2

2

6

10

14

18

22

26

30

Feb 16 – Feb 17

Feb 16 – Feb 17

% t

ota

l ret

urn

US$

per

ou

nce

FTSE EPRA / NAREIT Global Index

Source: FE Trustnet

Source: BullionVault

1,000

1,100

1,200

1,300

1,400

Market chronicle



The last occasion on which What Investment looked in depth at the outlook for UK property

investments, panic was in the air. Property investments are essentially a

play on the health of an economy, and immediately after the UK’s vote to leave the EU, the economy appeared wracked with uncertainty.

The two asset classes that suffer most heavily in times of uncertainty are often the currency and the property market.

While What Investment readers don’t need to be told that sterling has fallen sharply since June 23rd, many parts of the property market have been more resolute.

House prices have waxed and waned somewhat since the referendum [see page 24], while commercial property funds have managed to untangle themselves from the immediate market panic.

Paul Merchant, an equity analyst at Quilter Cheviot, takes the view that UK property can ride out any economic storms that lie ahead. He told What Investment, ‘Leases are still being signed; London has survived most things. Overseas buyers remain keen on UK property. There has been a big fall in sterling, which is supportive of that market.’

He continued, ‘When you look at the performance of property compared with UK equities, corporate bonds and overseas equities over the past 20 years, the returns from property stand up well and have not been more volatile, despite the preconception.’

Merchant commented that many of the property investment companies, such as British Land, have rental income secured on 15- or 20-year leases, and added,

‘Of course, we don’t know what will happen in 20 years when the leases are up, but we don’t know what will happen in any part of the economy in 20 years.’

He added that many property companies have taken advantage of low interest rates to secure long-term borrowing, and now can put rents up as inflation rises – that being very positive for the sector as a whole.

David Wise, who runs the Kames Property Income fund, believes that investors are ‘better off out’ of the London market in the year ahead.

He opined, ‘It’s no surprise that London is the big risk [from] Brexit, although it must be remembered that London was some long way through its rental cycle before Brexit and was probably due a slowdown anyway.’

The fund manager continued, ‘That being said, the depreciation of sterling has and will provide some underpinning to the London investment market. I don’t expect London returns to fall off a cliff, but it is likely to be a market that it will be better to be out of for the next year to 18 months.

‘As London rerates, we will at last be able to start to do some buying here, so in two or three years’ time I would expect us to have a bigger London exposure than we currently have.’

Wise added, ‘At present, regional markets are showing no signs of slowing, with tenants not implementing breaks, signing new leases and paying modestly higher rents.’

Time to go nicheJustin Simler, part of the multi-asset team at Investec Asset Management, believes that investors seeking a return from property in the year ahead should focus on very particular parts of the market.

He said, ‘At a time of rising inflation and economic uncertainty, people still need the corner shops, and they still need the destination shopping centres, such as Westfield. The guys that get squeezed are the ones in the middle.’

The other sector of the property market on which he is particularly keen at the moment is warehousing. He remarked, ‘The warehouses that companies such as Amazon want today are nothing like the warehouses of the past, which were just big sheds with corrugated iron roofs. What they want now is more bespoke and more high-tech. The companies that own those warehouses are therefore probably in a position where they have pricing power as inflation rises.’

Simler also takes the view that inflation may not rise quite as high or as fast over the medium term as many investors appear to believe. The investor commented that while there are a number of factors presently driving UK inflation higher, such as the fall in sterling and the rise in oil and commodity prices, those are temporary. ‘However, the longer-term drivers that are disinflationary have not gone away, even if many in the market seem to be treating it as though they have.’

‘When you look at the performance

of property compared with UK

equities, corporate bonds and

overseas equities over the past 20

years, the returns stand up well’

Property profitsWhere is the money to be made in UK property right now?


‘The company has a very high dividend and a good management

team. I think that combination is compelling for investors’

Simler remarked that ageing populations, which tend to have less inclination to spend and so place a cap on inflation, are not changing.

Low inflation is viewed by many investors as positive for property because they contend that property shares are far less cyclical than most equities, and instead move in line with bond yields.

The theory posits that rising inflation pushes bond yields upwards, prompting investors to exit property investments and buy the bonds instead.

Simler added that technological advances, which throughout history have been deflationary because they push costs down, remain a strong trend.

He concluded his comments with the remark that even if US inflation continues to rise, and interest rates in that country go up twice more this year, the health of the economy should ensure that the property sector can weather any storm.

Capital outflowRising inflation and a somewhat revived economic climate in the Eurozone could have a negative impact on the demand from overseas investors for UK property.

Many of those investors looked to the prime London market as a ‘safe haven’ in which to park their capital away from the volatility and negative interest rates of their own markets.

If there is a profound uptick in Eurozone economic expectations, that is likely to be a negative for prime UK property. But any further volatility to emerge from the economic bloc is likely to restore London’s status as a shelter from the storm.

The emerging markets had also helped to boost demand for prime London property,

as high commodity prices aided investors looking to secure assets outside their own markets. The decline in commodity prices last year contributed to a slowdown in prime London property, but that trend may now reverse.

While the focus has been on the news of huge prime London developments, investors such as Richard Parfect, who runs the Seneca Diversified Income fund, have a preference for what he calls ‘more niche’ property shares.

He told What Investment, ‘It is not a homogeneous sector. There are some areas of property where there is a genuine

long-term shortage, such as logistics warehouses and, in some secondary cities, office space, and that doesn’t really change with the politics.’

The largest individual property investment in Parfect’s funds is a company he describes as ‘tiny’ – AEW Property.

He commented, ‘This isn’t very niche in terms of the types of property it owns. But it is niche in terms of where it focuses. The trust concentrates on property below £10 million, and usually in the regions rather than in London.’

Parfect concluded his comments with the remark, ‘The company has a very high

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dividend and a good management team. I think that combination is compelling for investors.’

Merchant also sees a lot of value in the more niche property companies, and in particular highlighted Tritax Big Box.

He noted that the company has many tenants signed to very long-term leases that have rent increases linked to the Retail Prices Index measure of inflation.

Merchant commented, ‘The key with this company is that the warehouses they put up, for companies such as Amazon and Tesco, are not expensive to build but the tenants spend a lot of money kitting them out. That means they will be reluctant to leave, so they sign 15- or 20-year leases with a company like Tritax, and the rents are linked to inflation.’

Resilient investmentThe analyst added that even if the economic cycle were to take a lurch downwards from here, ‘a company like Tritax Big Box can cruise through that’.

This is a share on which Simler is also keen, though Parfect disclosed to What Investment that he recently sold his shares in the company, having been an investor since launch.

He opined that the investment case remains strong but the valuation is less attractive, so he has sold the shares. He continues to own some shares in LondonMetric Property, which has about half of its capital deployed in the same sort of warehouses as Tritax, but at a lower valuation.’

Vincent McEntegart, who runs the Kames Diversified Income fund, has also sold a slug of his Tritax shares and diverted the cash into LondonMetric Property.

He told What Investment, ‘This company is longer established that Tritax. It does have

some warehouses, so there is a bit of overlap, but it is more diversified and invested in more areas of the property market.

The yield on this share is 5.1 per cent, with the fund manager commenting, ‘The share price hasn’t risen quite as fast as Tritax, because it has exposure to other areas than just warehouses. But the company is run by some very well-known, very experienced property guys.’

Perhaps the biggest surprise of the post-referendum economy in the UK has been that the predicted rise in inflation has been accompanied by a sharp upward lurch in GDP growth expectations.

A combination of rising inflation and rising growth typically turns the thoughts of policymakers towards putting interest rates up, as they seek to prevent inflation hitting excessive levels.

John Greenwood, chief economist at Invesco Perpetual, takes the view that higher inflation will hit consumer spending, and that is bad for property.

Gareth Lewis, chief investment officer at Tilney Group, takes the opposite view, believing that the inflation in the UK economy is caused by both positive and negative factors, and that means the Bank of England governor, Mark Carney, will have ‘no choice’ but to lift rates.

The central role played by interest rates in the fortunes of property investors is emphasised by top investor Nick Train, who once told What Investment that he doesn’t like investing in property shares because ‘they are hard to tell apart from each other and have a lot of debt’.

So it may be that the fortunes of the large-cap UK property shares are settled not by the skill of management, but by the decisions of Mark Carney and his colleagues. u

‘Even if the economic cycle were to take a lurch downwards from

here, a company like Tritax Big Box can cruise through that’


Investing via property funds

Simon Evan-Cook, multi-asset investor at Premier, has revealed the property funds that he has been buying for exposure to the property market

The investor said, ‘Other than one exception (an institutional fund with monthly, not daily, dealing), we’re currently only accessing the property market through closed-ended funds, as open-ended funds carry with them the threat of being unable to sell them if you’re unlucky with your timing.

‘They also suffer from “cash drag”, where they have to hold large amounts

of cash (which we’d be paying fees on) to make sure that they can meet any redemptions from the fund. These more liquid holdings of cash and government bonds pay very little income at present and so dilute the returns from the underlying property assets.’

In the immediate aftermath of the EU referendum result in the UK, it was a number of the open-ended funds that had to close, preventing investors from accessing their cash. This was because the cash holdings in the funds were not large enough to meet the demand from investors eager to withdraw their cash as

political and economic uncertainty swept through the market.

Evan-Cook added, ‘In contrast, closed-ended funds tend to be more volatile, but this also gives us the opportunity to buy into them at a discount if the timing looks right. We currently own Picton Property Income and Schroder Income REIT.’

He continued, ‘Closed-ended funds also offer more choice, allowing us to access niche areas of the property market. In this respect, we hold MedicX, Empiric Student Property and GCP Student Living.’



Will UK house prices keep going up?

One of the more ludicrous moments of the EU referendum campaign was then chancellor George Osborne’s proclamation that a vote to leave the EU would result in an 18 per cent fall in house prices.

Apart from the politics of it, the former chancellor’s forecast lacked any economic rationale. The number of moving parts and margin of error in the calculation means that the politician was indulging in guesswork, or worse.

So what is the outlook for house prices?Whatever the eventual outcome, there is little doubt that the result of the referendum on June 23rd has led to increased levels of economic uncertainty.

Economic theory would typically suggest that when businesses and consumers are worried about their prospects then lending, including mortgage lending, slows down, which is bad news for house prices.

But Julian Chillingworth, chief investment officer at Rathbone Unit Trust Management, told What Investment that bank lending has been rising in the UK for unsecured loans.

This was reinforced by the latest data from the Royal Institution of Chartered Surveyors (RICS), which noted that far more of its members noted a rise in prices in December than a fall. RICS anticipates that house prices could rise by 3 per cent in 2017.

Away from the EU referendum, there have been a number of drivers weighing heavily on the market in recent months.

Perhaps the most important were the changes to the tax treatment of buy-to- let investments announced by George Osborne last year. Those changes have undoubtedly made the investment case for buy-to-let property much harder to justify.

Then came changes to stamp duty, which have had an impact on the very top end of the London market.

Thrown into the mix with those domestic factors was the downward lurch in oil and commodity prices, which made many of those in emerging markets who had been buying UK property less wealthy, harming the property market at the top end in 2015 and 2016.

But commodity and oil prices have now shunted upwards, while the weakness of sterling makes UK property cheaper for overseas buyers. Both of these factors should be supportive for house prices in the year ahead.

The final impact that the global economy can have on house prices in the UK is that for many years after the financial crisis, investors in the Eurozone migrated towards assets that are denominated in sterling as a safe haven. The volatility of the pound weakens that investment case.

But as with all economic transactions, the key determinants of house prices in the years to come will be supply and demand.

The RICS survey highlighted a shortage of supply as being a drag on the market. It is likely that many home sellers were reluctant to complete transactions in the months immediately after Brexit, as they feared prices would trough, and held out for stabler times.

That fashion should have washed through the system by now, easing supply somewhat, but as Chris Beauchamp, senior market strategist at IG, noted, there is a long-term structural shortage of housing in the UK, and political factors of the moment cannot change that.

The UK government is presently considering a policy of waiving stamp duty for those who downsize. That would most likely have the effect of increasing the supply of larger family homes to the market, while competition for smaller units would intensify.

So if the supply side continues to look constrained, that would be supportive of house prices.

And what about demand?Well, if the worst predictions of the Brexit doomsayers were to come true, and a severe economic recession were to take hold, that would be likely to mean rising unemployment and a dent in mortgage affordability, and demand for houses.

In addition, there would most likely be a steep rise in the number of people defaulting on their existing mortgages. That would see a flood of repossessed houses coming to the market, pushing prices downwards.

Another factor that could place a peg on the level of demand for houses is the current environment of rising inflation.

This is because, if the cost of living rises, it makes mortgage payments for those who are presently homeowners less affordable, and may lead to a rise in defaults.

Those who are currently saving for a deposit may find that it takes longer to hit the target, again denting demand for new homes.

The final consideration for investors pondering the future direction of house prices is UK interest rates.

The Bank of England’s Monetary Policy Committee was swiftly out of the blocks to cut interest rates straight after the EU referendum result. That should make mortgage costs cheaper, which boosts demand for homes.

However, if inflation continues to rise, particularly if it rises persistently above the Bank of England’s own target of 2 per cent, then the traditional remedy to peg it back is to raise rates, which could hurt house prices.

Such concerns are unlikely to be the topic of 2017, however, and house prices have been one of the very few asset classes to have weathered every possible economic shock since 2007. The likelihood, therefore, is that there is another year of growth ahead.


Taxing matters

In 2007, the Conservative Party announced to much fanfare that they would increase the nil-rate band to

£1 million, but wouldn’t commit to detail. Fast-forward to 2015, and in their pre-election manifesto, the Conservatives outlined details of the policy with a commitment to ‘take the family home out of inheritance tax for all but the richest by raising the effective threshold for married couples and civil partners to £1 million’.

From April 2017, the government began the process of meeting their pledge. One would assume a simple increase in the personal nil-rate band to £500,000 would suffice. Sadly, it is much more complicated than this.

Not for everyoneThe ‘residence nil-rate band’ (RNRB) is to be introduced in April, starting at £100,000 and increasing by annual £25,000 increments to £175,000 by April 2020, resulting in a nil-rate band of £1 million for married couples and civil partners when added to the standard inheritance tax nil-rate band of £325,000. However, not everyone with an estate of £1 million will benefit:• The RNRB, as the name implies, can only be used against your home, and specifically excludes rental properties. If a couple do not own their own home, their beneficiaries will not receive the exemption.• If a couple’s home is worth less than £350,000, their beneficiaries won’t get the full £1 million exemption. However, there are protections in place for those who downsize or who have sold their home to fund care fees.• The exemption is only available for those who leave their home to their children (including step, adopted and foster children) and their direct descendants. If you have chosen not to have children, or are unable to have children and don’t

want to adopt or foster, your beneficiaries will not enjoy this exemption. This area is surely ripe for challenge in the future.• As with the nil-rate band, if you are not married then it does not transfer to your partner.• If a couple die before 2020, their beneficiaries will not get a £1 million exemption.• If your beneficiaries inherit an estate worth more than £2 million (after liabilities but before reliefs and exemptions), they will not enjoy the full £350,000 nil-rate band. Rather, they will lose £1 for every £2 in excess of £2 million; when an estate is worth more than £2.7 million, the exemption is withdrawn entirely.

This is a complicated piece of legislation with a number of nuances to consider. Indeed, the RNRB is a policy that the government wants to promote as helping

its core electorate, but one they clearly want to restrict where possible. Therefore, careful planning is required to ensure that your beneficiaries make use of the RNRB. These are our top tips:• Ensure on second death you own a home with a value of at least £350,000. Upsizing a home valued at £200,000, for instance, to a more expensive home could save your beneficiaries up to £60,000 inheritance tax.• If you are not married, and don’t intend to, but have children, you should ensure that your home is owned on a tenants in common basis rather than as joint tenants. This will allow your children to inherit part of the home and benefit from both RNRBs, one of which would otherwise be lost. The use of trusts may be useful here.• Ensure that any will trusts are reviewed, particularly where property is due to be settled into the trust on first death. The RNRB provisions will not apply in respect of discretionary trusts, even where children have been nominated as the only potential beneficiaries.• Consider gifting assets prior to death to reduce the value of your total estate to below £2 million, and therefore qualify for the RNRB. While the gift itself may be subject to inheritance tax, your beneficiaries would enjoy the full exemption and an inheritance tax saving of £140,000.

The increase in the nil-rate band is welcomed, but it is vital to ensure that your affairs are correctly arranged. Given the complexity, advice from an estate planning expert would be a useful starting point. u

Tom Lloyd-Read is head of advice at Thomas Miller Investment

If you have a question that you would like our tax experts to answer, please email [email protected]

When you want to score nilTom Lloyd-Read evaluates what the new residence nil-rate band means for your inheritance tax plans

‘As with the nil-rate band, if you

are not married then it does not

transfer to your partner’


The big interview

Kid Charlemagne JP Morgan’s Iain Stealey is a young man in a hurry

Iain Stealey, who runs the JP Morgan Global Bond Opportunities fund, amongst other mandates, is well aware

of the unusual times that swirl through bond markets right now, but has the appearance of one who is forever unflappable.

A young man with an air of worldliness that belies his years, Stealey recites his view of the conditions in the bond market right now with a quiet confidence, and an air of calm that must reassure even the most quarrelsome clients. He acknowledged straight away that bonds with negative yields, a strange feature of the market in 2016, ‘are a bubble if ever I saw one’.

If bonds at negative yields are a function of the market pricing for a prolonged period of deflation, the election of Donald Trump and a slight change of policy from the Japanese central bank has caused a swift revision towards bonds that do well when inflation is rising.

Stealey contended that the catalyst for the change was, he felt, a realisation that the global economy is in ‘pretty good shape’, with inflation and economic growth expected to rise.

He thinks that there have been signs of ‘euphoria’ in equity markets as a result of the reflation trade, but that such irrational exuberance has yet to reach bonds. ‘The thing with the bond market is that there have been a number of false dawns in the market, where inflation and a sell-off was priced in but didn’t happen,’ he said. ‘That has led to more restraint this time.’

The view that inflation is on the way up has prompted US interest rates to rise, with further upward movement expected. That shift has been felt most acutely in the bond market through the sell-off of the lowest-risk government bonds, such as US government debt.

Stealey’s response to those movements has been to focus on bonds with a short date until maturity, as this offers protection against interest rate risk.

The fund manager added that it now seems apparent that the Bank of England was premature in cutting UK interest rates in the immediate aftermath of the EU referendum result: ‘Even Andy Haldane [the Bank of England’s chief economist] seemed to acknowledge this recently.’

He expects UK inflation to nuzzle 3 per cent, without the central bank taking further action, but opined that were inflation to hit 4 per cent then it might result in UK interest rates rising. The degree of uncertainty prompts Stealey to take a ‘neutral’ view on UK government bonds, known as gilts.

Stealey believes that US government bonds will continue to perform well, as overseas investors see the rising yields in a strong currency as attractive when compared to yields in Europe and Japan, which remain at historically low levels. The dollar is also likely to be a strong currency this year, offering further potential upside.

The path upwards for UK interest rates, and the currency, is far less sure-footed, prompting Stealey’s lack of certainty.

Going for yieldThe second slug of the bond market in which the young investor is particularly interested at present is US high-yield bonds.

If a person were tasked with creating the ideal conditions for high-yield bonds to thrive, they would probably look a lot like the globe right now.

Stealey remarked that ‘robust economic growth, rising inflation and low interest rates’ all work to the benefit of high-yield bonds. This is because a positive economic outlook increases the likelihood that the companies will be able to generate the cash flow to pay the bondholders. Higher inflation aids the case for high-yield bonds because it increases the attractiveness of the income relative to bonds that have a lower yield. Lower interest rates contribute to the positive outlook for bonds because the gap [what bond investors call the spread] between the returns available on cash and on high-yield bonds is larger.

One sector within the US high-yield bond market on which Stealey is particularly keen is commodities. He told What Investment that the oil and fracking companies ‘that were going to default on their debt when the oil price fell have already done so’, offering investors the opportunity to buy the bonds of the companies that survived, even as those companies gain market share,

‘bonds with negative

yields are a bubble if

ever I saw one’


The big interview

‘The energy sector of the high-yield bond market is now generally of

higher quality than in the past, so it’s a great time to own the bonds‘

and so have an increased chance of being able to repay the money.

Stealey commented that yields on this part of the market have not yet moved to reflect the changed reality. ‘The energy sector of the high-yield bond market is now generally of higher quality than in the past, so it’s a great time to own the bonds,’ he said.

The JP Morgan Global Bond Opportunities fund has returned 5.5 per cent since its launch two years ago and has a yield of 3.15 per cent.

If buying high-yield US bonds and other assets that would be expected to do well as inflation rises is intuitive in the current market conditions, a fact acknowledged by

Stealey, then the final area of interest he highlighted in the market is altogether less obvious.

Emerging themeThe fund manager has been looking to emerging market bonds, most frequently to bonds issued in local currency. He remarked that Brazilian government bonds have a yield of 11.5 per cent, but that it costs about 11.5 per cent to hedge against the currency risk, so he chooses to take some currency exposure.

Arguments against buying emerging market bonds at a time when the dollar is rising in value are well known. Because so much of the debt issued in emerging economies is in dollars, a rise in the value of the greenback pushes the repayment costs up and so the potential for defaults.

Stealey makes a strong argument for it being different this time, because the emerging market currencies are weak, making the exports of the economies that borrowed the money more competitive, and increasing the chances of repayment. This is because US

rates usually rise after a period of resolute global economic growth. That would usually have pushed commodity prices, and so emerging market currencies, upwards, so the rise in borrowing costs comes at precisely the wrong time.

Asset prices tend to be elevated after a period of global economic plenty, combining with the currency strength to ensure the rate rise comes at the worst possible time. But Stealey asserted that this is not the case this time.

He added that while sentiment is likely to drive some capital out of emerging markets, ‘that will be the hot money, and it’s good for the fundamentals if that leaves’. u

JP Morgan Global Bond Opportunities:top ten holdings

(% of total portfolio)

New Zealand 4.5% Bds 15/04/27 1.4 NZD1000000Indonesia 8.75% Bds 15/05/31 1.4 IDR1000000New Zealand 2.75% Bds 15/04/37 1.2 NZD1000Brazil 10% Bds 01/01/25 BRL1000 1.1Europcar Groupe 5.75% Mtn 1.115/06/22 EUR1000144AAltice Luxembourg Sa 7.75 05/15/22 1.1Lloyds Banking (UK) 7.500 29/12/99 1.0First Franklin Mortgage Loan Tst 1.0Fltg Rate Nts 25/09/34 USD1000Portugal 2.875% Bds 15/10/25 1.0 EUR0.01Ford Motor Credit Co LLC 3.2% 1.0Bds 15/01/21 USD200000

Source: Fund factsheet, December 2016

JP Morgan Global Bond OpportunitiesSector: IA Sterling Strategic BondLaunched: 2015Manager tenure: Since 2015 Fund size: £17 millionOngoing charge: 0.68 per cent

Stealey has a holding in Brazilian government bonds


Hidden gems What Investment unearths some funds that could

be hidden gems for your ISA portfolio

To accompany the articles in this month’s special section on the funds and trusts that can be at

the core of an ISA portfolio, we have gathered together some funds that can be hidden gems.

For the purposes of this article, hidden gems are defined as funds that either have a relatively small amount of capital to deploy or invest in a relatively esoteric asset class. The funds are picked on their own merits, rather than to be treated together as a portfolio.

The first fund chosen by Adrian Lowcock, investment director at Architas, is the JO Hambro UK Dynamic Equity fund.

He commented, ‘Alex Savvides looks for companies going through change. There needs to be a clear catalyst before he will invest. The fund has a value bias, and as such this need for change helps him avoid value traps and structurally flawed businesses. A good management team is key to this.’

The JO Hambro UK Dynamic Equity fund is an extremely strong performer, having being amongst the top 25 per cent of funds in the IA UK All Companies sector over one, three and five years.

The largest holdings in the fund are BP and Royal Dutch Shell. The fund manager focuses on valuations, rather than on grand themes.

He added, ‘Investment companies fall into three scenarios: recovery, restructuring and hidden growth stories. The number of

holdings ranges from 40 to 50. In challenging times, he will decrease the number of stocks and put more capital behind the remainder. He gives his companies two years to start to improve.’

Lowcock continued, ‘Savvides also looks for his investments to have a dividend, or to start paying one imminently.’

Darius McDermott, managing director at FundCalibre, nominated the Wood Street Microcap Investment fund.

He said, ‘This fund has been managed by Ken Wotton since its launch in 2009, with the support of the 40-strong specialist team at Livingbridge. It is a growth fund that aims to invest in companies which can double their earnings over a five-year period, and it only invests in stocks in a select number of sectors where the team has specific expertise. Its highly concentrated nature is unusual for smaller companies funds, which increases the potential for strong returns but also increases the risk.’

He continued, ‘At the moment, the UK’s smallest companies are priced at quite a significant discount to our larger companies, which is attractive for me as

I generally like to buy investments when they are cheap rather than when they are expensive. There is no guarantee that they won’t get cheaper, though!

‘Ken is a passionate investor, saying, “The variety and dynamism of genuinely smaller companies always keeps this job interesting. It’s exciting to back entrepreneurs and help them to grow their businesses.”’

This fund has returned £2,500 for every £1,000 over the past five years. Many fund companies have launched micro-cap funds in recent years, taking the view that bigger, traditional small-cap funds are not able to invest there for reasons of liquidity, leaving an opportunity for others.

Star qualityLowcock’s second selection is GAM Star India. The analyst said, ‘The manager, Madhav Bhutkaly, has a unique process to access the Indian opportunity. The fund seeks to exploit the first-mover advantage which is possible in the market, investing in small and mid-cap companies that have the potential to be mega-cap. The team have a three- to five-year investment horizon, producing a concentrated portfolio of 20 to 25 holdings, and have flexibility in how much they hold.’

He continued, ‘The portfolio is a combination of 60 per cent compounders and 40 per cent deep value, which balances short-term volatility with long-term growth.’

‘At the moment, the UK’s

smallest companies are priced

at quite a significant discount

to our larger companies’


The analyst added, ‘The stocks in which they invest have an inherent bias towards the more primary growth styles, such as revenue growth. Likewise, these companies are unlikely to be concerned with high dividend payout ratios, and this style is continually underweighted, unlike many peers who invest in current market leaders.’

This fund has returned 13 per cent over the past year.

Opportunity knocksMcDermott also selected an Indian equity fund as a hidden gem. The fund in question is Ashburton India Opportunities.

‘This is a real hidden gem that we’ve come across recently,’ he said. ‘A team of three manage it, and travelling in India has become second nature to them – from queuing to phone home in the 1980s to experiencing the investment opportunities first-hand as it became the world’s second-largest smartphone market.’

He continued, ‘They observe and analyse the economy first and form a view as to which areas offer the best opportunities for growth, quality and value. They then undertake a bottom-up process, looking for stocks in those sectors.

‘They focus on investing in companies that treat minority shareholders well, and have little or no regard for the Indian stock market index, which is dominated by large companies, believing that smaller stocks outside the index offer the strongest growth prospects. As a single-country emerging market fund, it is high-risk, but has the potential for higher returns.’

The Indian economy doesn’t perform in line with other emerging markets, as it is an energy consumer rather than producer, and has none of the demographic challenges that plague China. The Indian government instigated a policy where it penalises savers for retaining cash, and that might prompt more money to enter the local equity market.

Channel hoppingThe final fund McDermott selected is the Mirabaud Equities Europe ex UK Small & Mid Cap fund.

He said, ‘This is a high-conviction fund that is very different from most of its peers. Manager Ken Nicholson ignores European politics and most macroeconomic factors, preferring to focus on individual companies.’

He continued, ‘Nicholson loves meeting company management – and his mantra is “you can’t find the hidden champions by sitting at your desk looking at Bloomberg screens” – so the team has an intensive and targeted road-trip programme to meet as many companies as possible. This is the key to the team’s success, along with focus and discipline.’

Turning to the holdings within the fund, he said, ‘The portfolio is concentrated, with between 30 and 40 holdings. The team will always focus on the downside risks – or what could go wrong. Stock liquidity (the ability to sell a stock in periods of high market volatility) is a key consideration.’

This fund’s first full year of operation was 2016, when it was ranked in the top 25 per cent of funds in the sector, returning 26 per cent.

Banking on growthIan Kavanagh, investment manager at Hargreave Hale, commented, ‘It is harder to find open-ended funds that are hidden gems because such funds tend to be very heavily marketed, so if they are good then they gather a lot of assets.’

However, he added that the Jupiter International fund, which has assets of £38 million, fits the bill.

Kavanagh commented, ‘It is a good point in the cycle to own bank shares, with interest rates rising. I mean, they have to rise from this point – they can’t really go negative again from here.’

He continued, ‘The Trump government in the US may well reduce regulation on banks, which will help the sector, and finally the improved economic growth prospects for the world are also good for banks.’

The second fund nominated by Kavanagh is Vulcan Global Value. He commented, ‘This is actually a huge fund in the US. But it hasn’t been available in the UK until very recently, so won’t be well known to investors here. It is a hidden gem for that reason.’

He added, ‘As the name suggests, this fund is a global mandate, but has a large exposure to the US. It has a good track record, and we think the prospects for the US economy are quite good right now.’

The final fund he nominated is Polar Global Convertibles. The analyst commented, ‘We think of this as a cornerstone fund for a portfolio. If equity markets soar then it does well, and if bond markets soar then it does well. The yield is 4.2 per cent, which is very attractive in this climate.’ u

‘The fund’s yield is 4.2 per cent, which is

very attractive in this climate’


Investment trusts corner

Selecting a VCT can be a bit like sitting down at a restaurant where the menu is in another language. It

all looks tempting, but what exactly is it? Should you order some Downing 4 VCT generalist shares to begin, or a big plate of Octopus Titan VCT?

This article can’t cover everything you need to consider, and if you’re in any doubt then you should seek financial advice from a firm experienced in this area. But here are some things to think about.

One choice to make early on is whether you want to invest in an ‘evergreen’ or ‘limited-life’ VCT. As the name suggests, evergreen VCTs recycle their profits indefinitely, and you exit the investment by selling the shares. By contrast, limited-life VCTs are wound up after five years (the

minimum period necessary for the investor to retain the tax relief ) and return cash to investors. Evergreen VCTs offer potentially higher rewards but more risk too. There are far more of them around, so we’ll focus on them for the rest of this article.

Managers of evergreen VCTs can employ different strategies. They can invest in the ‘safest’ possible companies allowed by the VCT rules – companies with solid sales and profits, or those that own valuable properties. To reduce risk further, they can invest some money (up to 30 per cent) in the form of debt, effectively lending money to businesses rather than taking an equity stake.

Those on the racier side will look at earlier-stage business ventures. They may not require a business to have profits, or

even sales. Instead, they will look for those that could grow up from nothing to be sold to a Microsoft or Google. Their sights are set on ten-baggers, not three-baggers.

Old or new?Apart from the investment strategy, the other factor that will play a big part in determining the shape of your future returns is the type of offer. A ‘top-up offer’, where you receive new shares in an existing VCT, gives you immediate access to what’s likely to be a mature portfolio of investments. By mature, I mean that the investments have been around a while and some are likely to be sold off profitably quite soon.

The other kind of offer is where you buy new shares in a new VCT, or in a new share class of an existing VCT. In this case, the portfolio is 100 per cent cash on day one. Returns are likely to be flattish or negative for the first two or three years but could turn round dramatically after that (years six to ten can often be lucrative).

Check the terms of the VCT’s buy-back scheme: given the limited liquidity of VCT shares, this is probably how you will end up

exiting your investment in the future. Some VCTs also offer dividend reinvestment schemes, which allow you to buy new shares with your dividends and claim tax relief on them. Early-bird discounts and loyalty discounts are offered by several VCT managers: a nice-to-have rather than essential feature.

A final word of warning: be very careful about buying on past performance. The majority of VCTs invest in unquoted companies, and generate outstanding returns when they sell them off profitably. Once sold off, those successful investments can have no further impact on the VCT. Instead of poring over performance numbers for individual VCTs, try to get a sense of how well VCT managers have done in the past.

Good luck, and remember the golden rule of VCT investing: be patient. Five years is a short time span to assess a VCT; one year is almost meaningless. u

Nick Britton is head of training at the Association of Investment Companies and a former editor of What Investment

Venture into the unknownNick Britton offers tips for selecting venture capital trusts (VCTs)

‘One choice to make early on is

whether you want to invest in an

evergreen or limited-life VCT’


New OffersOur independent panel examines the latest funds and what they have to offer investors. Each product has been given a star rating representing its overall value for money based on cost, terms and conditions and investment potential

Baring Global Dividend Champions

In a rapidly changing world for income investors, this fund attempts to put together a portfolio of reliable income stocks from around the world. It is trying to invest in just some of the sectors of the market that have been doing badly lately, so it may come at an ideal time for income investors.

Darius McDermott says:There are a lot of funds launched each year, and few actually stand out, but this one grabbed my attention when the details entered my inbox.

It is managed by the highly experienced Darryl Lucas, who is supported by Paul Morgan and the

extensive resources of the wider Barings investment team. Lucas looks to avoid overly cyclical, unpredictable and changeable businesses – those that are inappropriately leveraged, prone to disruption or have unduly complex operations.

Instead, he will look for companies that are well placed to grow profits and dividends over the next decade, with a very specific subset of

characteristics: growing businesses with a sustainable competitive advantage; attractive returns on capital; and robust financial profiles. He is naturally sceptical and will seek to get proof of a company’s excellence rather than ‘buy a story’.

Of the thousands of investable global companies, Lucas estimates that only about 100 will be good enough to meet all of the set criteria. Each of these will be tested under a range of scenarios to build conviction that they can provide a degree of stability in challenging times. The result will be a portfolio of just 35 to 45 true dividend champions, aiming for a yield at least 110 per cent of the MSCI World index. On current forecasts, the fund should have a net yield of just under 2.5 per cent over the next year.

I really like the robust framework and clearly articulated process. This sector is becoming more competitive, and I think this fund has something a bit different from the usual suspects for investors willing to invest for the long term.

Fidelity Short Dated Corporate Bond

Selling a bond fund of any kind in a world where inflation is picking up could be a big ask, but Fidelity has designed a product that stays short dated, thereby allowing flexibility in times of market stress, and avoids government bonds.

Jason Hollands says:After a prolonged period of ultra-low interest rates and below-trend inflation, the recent election in the US of Donald Trump on an agenda that includes aggressive fiscal stimulus measures but also potential hikes to import tariffs and tighter

immigration controls has sparked a rapid reappraisal of the outlook for inflation, pushing bond prices down and yields higher across the globe.

Closer to home, the prices of domestic UK corporate bonds remain supported by record low interest rates and the Bank of England’s latest quantitative easing programme. But with the UK economy having so far defied the gloomier predictions around the impact of a vote to leave the EU, some are starting to question whether the Bank of England was overly hasty in easing policy further in August. If the UK economic data remains resilient through the first half of 2017, it is possible that the Bank of England may end up reversing its August rate cut.

Against this backdrop, the three-decade bull market in fixed income could well be over, and the months ahead represent a period of uncertainty and potential high volatility for bonds as policy expectations shift in emphasis form ultra-low interest rates to a more active approach for governments towards investment in infrastructure and innovation and the use of the tax system to accelerate growth.

Unsurprisingly, funds with exposure to shorter-dated bonds are going to prove more popular with investors who wish to retain an allocation to bonds during a period of heightened uncertainty in the fixed income

Funds in focus

Product of the Month – February 2017

Fund managers: Darryl Lucas and Paul Morgan Minimum investment: £1,000Annual management fee: 0.75 per cent Contact: www.barings.com

Fund managers: Sajiv Vaid and Ian Spreadbury Minimum investment: £1,000Annual management fee: 0.38 per cent Contact: www.fidelity.co.uk

n Jason Hollands is MD, business development & communications at online investment service Bestinvest

n Darius McDermott is managing director of fund platform Chelsea Financial Services


markets, as these are less sensitive to changes in the yield curve than funds exposed to longer-dated funds.

This new fund from Fidelity is aimed at plugging that demand from clients and is certainly worth considering for investors wanting such an approach. Fidelity has a very high-quality fixed income team, and the managers of this fund – Sajiv Vaid, who built a strong record at Royal London, and veteran manager Ian Spreadbury – are of excellent pedigree.

The real question for investors who are concerned about the bond markets is whether to shift holdings into a more defensive product like this or consider cutting fixed income exposure altogether and redeploying into other asset classes.

HL Select UK Shares

Hargreaves Lansdown’s quest for world domination continues with the launch of its first equity fund. It will invest in UK equities and is aimed at companies with low levels of debt.

Patrick Connolly says:It seems that this is the first in a range of new investment funds we can expect to see from Hargreaves Lansdown and follows on the heels of its range of multi-manager products. The multi-manager funds have proved very popular after being extensively promoted to Hargreaves’s large database, and it is likely the

same will happen here.This is a UK equity fund

investing in a concentrated portfolio of 30 stocks, with the manager looking specifically for a range of attributes including exceptional products and services, recurring revenues, high margins, cash generation and little

or no debt.The fund is being promoted on the basis

of having low charges and a high level of transparency. This is topical as the Financial Conduct Authority, the industry regulator, has recently published a report accusing the fund management industry of high charges and a distinct lack of transparency.

This new fund will provide a breakdown of all underlying stocks, not just the top ten, and the rationale for holding them. This will be done mostly in real time rather than being historical information. This approach should be applauded.

The fixed ongoing fund charge of 0.6 per cent per annum is very competitive. However, those who invest through Hargreaves need to be aware that their Vantage platform is one of the most expensive and so this will negate some of the benefits of the lower fund price.

The fund managers, Steve Clayton and Charlie Huggins, don’t appear to have any real experience of running investment funds. It is therefore difficult to judge how successful they are likely to be.

So, while the approach towards transparency is welcomed, as are low fund charges, it would take a leap of faith to invest with managers who haven’t yet demonstrated their credentials.

‘I think this fund has something a bit different from the usual

suspects for investors willing to invest for the long term‘

Funds in focus

Fund manager: Steve Clayton Minimum investment: £100Annual management fee: 0.6 per cent Contact: www.hl.co.uk

n Patrick Connolly is head of communications at financial adviser Chase de Vere

1 WAY - Charteris Gold & Precious Metals 257.82 MFM - Junior Gold 234.73 BNY Mellon - Brazil Equity 220.24 BlackRock - GF World Mining 214.65 HSBC - GIF Brazil Equity 212.76 Old Mutual - JPM Natural Resources 209.17 JPM - Natural Resources 206.18 Pictet - Russian Equities 206.09 SF - Peterhouse Smaller Companies Gold 204.810 Baring - Global Mining 199.2

1 Independently Managed - Tejoori 961.32 SAPRO - South African Property Opps 337.93 Burford - Capital Limited Ord NPV 293.94 Baker Steel Cap Mgrs - Baker Steel Resources Tst 266.75 RDP - Global Resources Invt Trust Ord 1P 261.86 New City Investment Mgers - Geiger Counter 256.37 BlackRock - BlackRock World Mining IT 241.08 PowerHouse Energy - PowerHouse Energy Grp 231.89 New City - Golden Prospect Precious Metal 230.510 Lonzim - Cambria Africa 216.7

1 Trikona Trinity Capital - Trikona Trinity Capital 787.22 Burford - Capital Limited Ord NPV 593.93 Independently Mgd - Adams Ord EUR0.01 578.04 EPIC Private Equity - EPE Special Opps 565.25 SAPRO - South African Property Opps 547.36 Alpha Real Capital - Industrial Multi Property Tst 475.07 3i Group - 3i Group 465.68 Oxford Technology Mgmt - Oxford Tech VCT 412.59 Independently Managed - Vietnam Holding 372.910 Workspace Group - Workspace Group 372.8

1 Legg Mason - IF Japan Equity 383.42 T. Rowe Price - US Large Cap Growth Equity 303.03 AXA - Framlington Biotech 295.14 Candriam - Equities L Biotechnology 294.55 Polar Capital - Healthcare Opportunities 294.26 JB - Multistock Health Innovation 291.17 Baillie Gifford - Japanese Smaller Companies 288.28 R&M - UK Equity Smaller Companies 286.49 Old Mutual - UK Smaller Companies Focus 279.610 Fidelity - Global Technology 274.8

FIVE YEARS

FIVE YEARS

ONE YEAR

ONE YEAR

IA FUNDS

INVESTMENT TRUSTS

TOP TEN FUNDS

The f igures show how £100 has grown over the periods shown to 31 January with net income reinvested. Figures are calculated on a bid-to-bid pricing basis.

Source: FE Trustnet


The three best...IA sterling corporate bond funds Each month, What Investment gathers together three experienced and high-performing multi-asset fund managers and asks them to select their favourite open-ended fund or investment trust in a particular sector, assessing the performance to date

Rathbone Ethical Bond

Many investors avoid ethical funds because they consider them to be restrictive as their investible universe is typically much smaller than for non-ethical funds. However, there is a counter-argument for this fund in that many of the

underlying holdings are unlikely to be found in other funds, meaning that it can provide strong diversification benefits.

This currently includes, for example, bonds issued by a UK charity supporting disabled people and their families, a not-for-profit company focusing on social housing and a mentoring programme for ex-offenders working with social housing associations.

However, this fund is far more than just a diversification play. It has a good-quality and experienced fund manager in Bryn Jones, who runs the fund with assistant manager Noelle Cazalis, and a proven process of looking at investment theme-based idea generation, credit analysis, valuations and evaluating risk. All of this is undertaken before any ethical screening, which is conducted by Rathbones’ Bristol-based ethical arm, to ensure that the ethical approach doesn’t dictate the investment process.

While the long-term performance has been consistent, the risk-adjusted performance has been even better, to the

extent that the fund has grown to £559 million in size; this is impressive for an ethical fund. It is a high-conviction fund with no benchmark constraints and invests predominantly in investment-grade bonds.

In addition to consistent performance, diversification benefits and a proven fund manager, the fund also pays a competitive yield, which is currently 4.7 per cent per annum.

Baillie Gifford Corporate Bond

This fund typically holds 60 to 80 UK investment-grade and high-yield bonds. Unlike many other funds in the strategic bond sector, the managers aim to add value almost exclusively through their stock-picking prowess.

They believe that inefficiencies exist at the stock level and that through detailed bottom-up research these can be exploited repeatedly to deliver consistent outperformance.

They do not aggressively manage the allocation between different types of bond. Consequently, the relative proportions of different credit quality bonds is fairly stable, but a significant portion of the fund will be clustered around the investment-grade/high-yield border, as this is where the managers believe the most inefficiencies can be found. They have a high-conviction approach and will take concentrated

positions in single issues and hold them for the long term.

They don’t try to manage the interest rate exposure either. However, trying to second-guess central bankers and forecast interest rates has been the undoing of many fixed income managers in the recent past, so they are perhaps right to ignore this aspect and concentrate on what they do best.

As the managers feel using derivatives to manage interest rate or credit risk does not add value over time, investors in this fund will be fully exposed to the ups and downs of the bond market. Despite this, the fund has consistently managed to outperform in very difficult market conditions. With a current yield of around 4 per cent, we think this is a good hidden gem in the sector.

TwentyFour Dynamic Bond

In the past six months, investors have seen a fairly significant retreat in US Treasury prices. After many false dawns, there is growing belief that the process of interest rate normalisation has begun, triggered by the

hope that global growth is starting to pick up traction.

This is certainly the case in the US, where the Federal Reserve hiked rates in December for only the second time in the past decade. Encouraged by the recovery, jobs growth and fears around rising inflation,

Funds in focus

n John Husselbee, head of multi-asset at Liontrust

n Juliet Schooling Latter, research director at Chelsea Financial Services

n Patrick Connolly, head of communications at Chase de Vere


Janet Yellen and her committee decided to act. Separately governments are now being forced to abandon fiscal austerity policies in favour of stimulus to promote economic activity. This is arguably the environment for which sterling strategic bond funds were designed, and they should flourish.

Given the breadth and depth of opportunity, most fund selectors typically opt for large and experienced providers. TwentyFour Asset Management is a fixed interest specialist that manages a range of funds, including TwentyFour Dynamic Bond, which launched in April 2010. The fund takes a flexible approach and looks to adapt to the prevailing fixed interest markets to generate a return in excess of short-term cash deposits. If we have seen the bottom of bond yields in this cycle, sterling strategic bond funds have the opportunity to come of age.

Investing in fixed income is never easy given the many drivers of returns. You also have the difficult decision of choosing government or corporate bonds, and with the latter if you want companies with a good rating and a lower yield or a bad rating

and a higher yield.This is where the strategic bond comes

into play – you have a manager who decides where the best opportunities lie within the whole bond spectrum. However, many funds in the sector have a set asset allocation, are not very strategic and stick to a set formula. There are exceptions to this, and these are the funds we look for.

The TwentyFour Dynamic Bond fund truly embraces the strategic bond sector by being, as the name suggests, very dynamic in the way it allocates to different fixed income sectors. The company also has a lot

Funds in focus

What you need to know

of expertise in more alternative areas, such as asset-backed securities, compared with its peers.

The fund holds more illiquid instruments, which can cause issues when the market is falling, although the performance in falling markets has improved in recent years. The

fund uses derivatives, which can offer some protection when there are concerns about the market.

One of the potential drawbacks is the size of the fund, as it is currently around £1.4 billion, but this is still relatively small compared with other funds in the sector. u

Notes: (1) charges for open-ended funds are for clean share classes; (2) % of fund’s total assets in its top ten holdings, a measure of portfolio concentration; (3) the number of years of top-quartile/above-average performance over the past ten years (each year measured to date below); (4) total return on £1,000, bid-to-bid, with dividends reinvested

Source: FE Trustnet/IA (as at 18/1/17)

Rathbone Ethical Bond

(IA Sterling Corporate Bond)

Baillie Gifford Corporate Bond

(IA Sterling Corporate Bond)

TwentyFour Dynamic Bond

(IA Sterling Corporate Bond)Sector

Plus points... Very strong and consistent performance over the past five years

Exceptional long-term

performance

Very high yield

Caveats... Significant exposure to the UK housing sector

Yields slightly below others

Somewhat inconsistent total

return performance

What Investment’s verdict

Vital statistics

Type of fund Unit trust OEIC Unit trust Launched 2002 1999 2010Manager Bryn Jones Stephen Rodger Mark Holman Torcail Stewart and teamManager since 2004 1999 (SR), 2010 (TS) LaunchFund size £559m £564m £1.4bnOngoing charge (1) 0.69% 0.53% 0.8%Yield 4.8% 3.9% 4.7% % in top ten holdings (2) 19% 80% 28%

Consistency rating (3)

Periods in top quartile 3 / 5 2 / 5 3 / 5Years beating sector average 4 / 5 2 / 5 2 / 5

Return on £1,000 (4)

Five-year total return 1,490 1,460 1,480 (Sector average) 1,310 1,310 1,310

n Nathan Sweeney, senior investment manager at Architas Multi-Manager


Nothing ventured, nothing gained

Venture capital trusts offer considerable tax advantages, but are they as attractive today as they once were?

A s the tax year winds to a close, many investors are scrambling for ways to deploy their cash

in a tax-efficient way.One of the more popular methods

for doing this in recent years has been through venture capital trusts (VCTs).

These funds offer an upfront tax break of 30 per cent, which made the shares relatively low risk as an investment, even if the individual companies into which the capital is deployed are

almost by definition higher risk.The companies must be smaller than

£15 million in size, which Andrew Wolfson, managing director of Pembroke VCT, acknowledged means there are higher levels of risk involved.

What a relief !Richard Troue, head of investment analysis at Hargreaves Lansdown, explained the tax breaks thus: ‘30 per cent upfront tax relief means that if you invest

£10,000, you could receive a £3,000 reduction in the tax you pay. As this is a tax rebate, it is restricted to the amount of income tax paid.

‘The maximum that can be invested each year is £200,000, but if an investor has only paid £5,000 in income tax then they would only receive a £5,000 tax rebate. The shares must be held for five years to permanently keep the tax rebate.’

It is important that investors understand that the tax breaks are not


available on the shares of VCTs bought on the secondary market. If an investor buys those shares, they are simply placing their capital in a smaller companies investment trust that has heavy restrictions on the types of companies in which it can invest. This means that there is very little liquidity in VCT shares, so they must be bought as long-term holdings.

Such has been the confidence of the sector in recent years that the managers have started to talk less about the tax breaks and more about the income-generating potential.

Strong demandEverything seemed to be going rather swimmingly for VCTs until 2015, when changes – previously reported by What Investment – were announced in the Budget to the rules concerning which companies could be invested in.

However, investors’ desire to put their cash into VCTs has remained strong, with Jason Hollands, managing director of Tilney Group, commenting that more than half of the money that trusts are currently seeking to raise has already been raised, months in advance of the deadline.

Hollands added, ‘It seems that February is the new March in the world of tax-efficient investment schemes, with Maven VCT 6 announcing that it has closed its fundraising offer having achieved its target early. It follows on the heels of the Unicorn AIM VCT, which achieved its fundraising goal barely a week after launching, ProVen Growth & Income VCT, which closed its offer early, and the small Calculus VCT D Share

offer, which has also closed.’ He continued, ‘Demand is certainly

there, fuelled by further cuts to the pension lifetime allowance and the new tapered annual pension allowance for higher earners, which were both implemented this tax year. This is prompting some investors to look for alternative tax-efficient investments to pensions. VCTs are also on the radar of income seekers as yields can be high and their dividends are tax free.’

However, the amount of cash being sought is down this year. Some leading VCTs and groups have not raised any new money – for example, the Baronsmead VCTs, the Mobeus VCTs and Puma have postponed their planned offer. Others, such as British Smaller Companies, the Northern VCTs and Octopus AIM VCTs, are only going to existing shareholders for small amounts in non-prospectus offers, while some are simply seeking more modest sums than in previous years.

All changeThe reduced supply stems from the changes to the rules for VCTs and the Enterprise Investment Scheme (EIS) on the types of investments that can be made, which were announced in 2015 Budget and came into effect in November that year – to ensure that these UK tax-advantaged schemes complied with EU state aid directives.

These technical changes have had an impact on the age of businesses these schemes can invest in, the overall amounts of tax-incentivised funding a business can receive over its life and the use of such funding.

During the period when the legislation was being drawn up and the months after, there was a slowdown in new deals being completed by VCTs as managers understandably got to grips with the changes and sought further guidance from HMRC, including ‘advance assurance’ on proposed deals.

Cash pileHollands added, ‘A consequence of the new rules is that many VCTs have found they already have plenty of cash to invest, both from last year and as a result of profits crystallised from existing investments they have sold. That has led to the supply squeeze we are currently seeing, and I would therefore summarise this tax year as a transitional one for the VCT industry.

‘That’s resulting in a bit of a mismatch between supply and demand this tax year as investor demand has been bolstered by the latest reductions in the pensions lifetime allowance and the new tapered annual allowance for high earners, which have limited options for further pension investment and are driving interest in VCTs as an alternative tax-efficient scheme.

‘For the right investor, who understands the risks involved, will benefit from the tax reliefs and who already has a portfolio of mainstream investments, VCTs – and potentially EIS – can be a valuable part of their armoury. But this year, more than any other in recent memory, it may be wise to act sooner rather than later in selecting new VCT investments.’

Philip Rhoden of discount broker Clubfinance, remarked, ‘The £12.9 million Northern VCTs offer launched

‘In recent years, VCT managers have started to talk less about the

tax breaks and more about the income-generating potential’


at 8am on 7th February and closed on 8th February. Not even all applications received on the 8th were successful. Some investors wanting to make sure of their applications travelled up to Newcastle to hand-deliver their applications, or even stayed overnight in a hotel on the 6th.

‘Further evidence comes from the other offers that have already closed early. Albion Development VCT, British Smaller Companies VCT 2, Calculus VCT, Maven Income & Growth VCT 6, ProVen Growth & Income VCT and Unicorn AIM VCT have all launched and fully subscribed their offers this tax year.’

Wolfson remarked, ‘Pembroke VCT invests in consumer-facing businesses and includes burger restaurant chain Five

Guys and Blaze, which manufactures lights to be fitted to bikes and which throw out a laser image 5 metres in front of the bike to alert drivers of their presence. The devices have been kitted out on the London Santander bikes (aka “Boris bikes”). Rated People is another example.

‘In total, we have invested in more than 25 companies – a mixture of profitable businesses and earlier-stage post-revenue, pre-profit businesses.’

Troue commented, ‘Tax-free dividends are the primary source of return for VCT investors. Interest rates are unlikely to rise in the UK for some time, and even when they do, they are likely to peak well below historical levels.

Jason Hollands’s pick of the best VCTs that are still open to investors this year

Richard Troue’s best VCTs for income in 2017

The Hargreave Hale AIM VCTs are co-managed by veteran fund manager Giles Hargreave (also manager of the Marlborough Special Situations

fund) and Oliver Bedford. They target high-growth companies traded on AIM. Examples include high-tech defence and security group Cohort; Animalcare, a leading supplier of veterinary medicines and animal identification products; and Mexican Grill, which owns the 34-strong Tortilla restaurant chain. The Albion VCTs invest in a blend of asset-backed deals – investments where the VCT will make a condition of its financing that they have legal first charge over an asset owned by the business, e.g. a property – and high-growth unquoted companies (but hurry!). Triple Point Income E-Share is an issue for those wanting a more conservative approach (within the VCT spectrum). The VCT will focus on businesses with very predictable income streams.

Albion Ventures – Six VCTs managed by one of the most experienced VCT managers around and a target yield of 5-6 per cent (limited capacity remaining).

Diversification and regular dividends are the main attractions of this offer. An investment across all six VCTs provides exposure to over 60 unquoted companies and has the potential to provide monthly dividends. The VCTs have investments in businesses such as care homes, pubs, hotels and renewable energy projects. There are also investments in

comparatively higher-risk, growth-focused businesses. Maven Income & Growth VCT 6 – A disciplined and rigorous approach (limited capacity remaining).

Maven invests in entrepreneurial businesses with proven management teams. The VCT is currently invested in around 40 companies across a diverse range of sectors, including industrials, healthcare, consumer, telecoms, energy services and finance. The main aim is to provide a sustainable income stream while maintaining or modestly growing capital over the long term. Dividends have been paid in each of the past three years and the team intends to build on this success.

‘Dividends are often underestimated as a source of return, and the

potential to earn tax-free dividends is particularly attractive’

‘Dividends are often underestimated as a source of return, and the potential to earn tax-free dividends is particularly attractive.’ u

Safety firstHow can an investor construct a portfolio that minimises risk, asks David Thorpe

As the tax year winds to a close, investors

will be pondering where to place the final dollops of their ISA allowance.

The purpose of this special section is to identify the core holdings, both open and closed ended, that can form the cornerstones of a successful portfolio in the years ahead.

For us, a core holding means a fund or investment trust that already has an established track record, invests in relatively ‘vanilla’ asset classes and can safely be owned for the long term. We have not paid much attention to the size of the funds, or whether the trusts are trading at a discount or premium to net assets.

My own personal ISA cash has long been invested in a small number of funds that fit the characteristics of a core holding. I have never quite been brave enough to take a punt on funds that may be found off the beaten track.

But for those, very many, What Investment readers who do enjoy having a slug of their capital in more esoteric investments, we have a dedicated article on ‘hidden gems’ for your ISA (see page 28).

One fund on my personal watch list is Fundsmith, the global equity fund that has

been the biggest-selling open-ended fund of recent months.

This fund wasn’t on my original list because I thought it too similar to my favourite fund, the Finsbury Growth & Income Trust. But a closer look at the top ten holdings of each vehicle shows enough divergence for Fundsmith to make my personal list.

It’s performance has been slightly less than stellar in recent months as the market has moved away from the sort of defensive,

large-cap and mostly predictable companies that are the hallmark of Terry Smith’s fund, and focused instead on products with investments that are more geared to do well as the economic cycle moves on.

As the great economist John Maynard Keynes taught us, the economic cycle is largely dictated by the instincts and personal experiences of individuals and companies; the phrase he used was ‘animal spirits’.

And as we have rarely had, at the global level, a collection of less predictable policymakers, making investment on the

whims of Those Who Ought To Know has never been riskier.

Many in the market rush for the comforts of data. But there have been few times in history when the data has had more caveats. Ageing populations and the rapid pace of technological change mean that many of the traditional conclusions one can draw from the data have become otiose.

So it may be that for private investors to try to move their investments around in order that their portfolios are positioned to capture the latest turn of the economic wheel is akin to dancing upon the head of a pin.

Instead, I am going to switch off whatever opinions I have about the global economy and the direction of markets, and buy those funds with an exceptional record, such as Fundsmith.

Those market participants who take the view that inflation must rise over the long term are perhaps forgetting the megatrends – older people consume less than the young, while technology probably means that the young need less ‘stuff ’ than ever before.

As investors, the priority of the old is more about income than growth, and that is good for bonds and those equities that perform like bonds. And that is where Fundsmith, amongst other funds, is well positioned, so it will have been added to my modest little portfolio by the time you read these words. u

Introduction

SPECIAL SECTION:

The Essential Guide to ISAsMARCH 2017

Supplement contentsCore blimey!Which open-ended funds should be core holdings for an ISA in 2017?

Tried and trustedWhich are the investment trusts that can form the cornerstone of an investor’s portfolio?

40 44

THE ESSENTIAL GUIDE TO ISAS – www.WhatInvestment.co.uk 39

‘Those who believe that inflation

must rise over the long term are

perhaps forgetting the megatrends’

40 www.WhatInvestment.co.uk – THE ESSENTIAL GUIDE TO ISAS

With the clock ticking for investors seeking to place their capital in an ISA

before the end of this financial year, What Investment has gathered the thoughts of a slew of investment industry professionals to put together a collection of the open-ended funds that can be ‘core’ holdings for an ISA in 2017.

By a core holding, we mean a fund that can be a centrepiece of a portfolio and which invests predominantly in mainstream assets.

The experts cited in this piece take a varied view of what constitutes a core holding, with the first fund selected by Darius McDermott, managing director of FundCalibre, being an absolute return

fund, chosen as a core holding because of its capacity to navigate tricky market conditions. The private investor can own this fund without having to worry about asset allocation, while the ability to ‘short-sell’ shares means that investors may have some protection in down markets.

SVS Church House Tenax Absolute Return Strategies

McDermott commented, ‘Church House is a small boutique fund house run by two very experienced managers. This fund is a very useful portfolio diversifier and one of just a few in its sector that targets an

absolute return from diversification and risk management alone, rather than short-selling.

‘It invests directly in different assets, rather than using the fund of funds route, with the managers looking for low correlation and low volatility in the fund’s overall value. The managers will invest in fixed interest, equities, property, alternatives and cash, with limits on exposure to each, and they believe that the only risk that matters is the risk of an investment falling in value. It’s a great core fund for investors who are either new to investing or cautious in their approach.’

This £74 million fund has delivered a positive return in every one of the past five years.

Core blimey! Which open-ended funds should be core holdings for an ISA in 2017?

Core unit trust holdings


‘This is a great core fund for investors who are either

new to investing or cautious in their approach’


Threadneedle UK Equity

Adrian Lowcock, investment director at Architas, is keen on the Threadneedle UK Equity fund.

Although this is a recently launched fund, the manager, Chris Kinder, has a long track record. His Threadneedle UK Extended Alpha fund has a strong record over the past three years.

Lowcock commented, ‘Chris Kinder selects companies based on his expectations of what they will be worth in three years’ time. Therefore, he spends a lot of time analysing the companies he is interested in, reviewing the risks, business model and cash flow. He favours funds with a long track record and resilient cash flow. This focus creates a fund with a mix of value and growth that should deliver consistent long-term growth.’

Guinness Global Equity Income

The second fund nominated by McDermott is the Guinness Global Equity Income fund.

He said, ‘This fund typically consists of around 35 equal-weighted stocks, which means that investments are very different from the benchmark index and the managers have substantial freedom to entirely avoid countries and sectors they don’t like. Shares are generally held for three to five years, with the managers focusing on how well and consistently a company can use money to generate returns.

‘It has been co-managed since its launch in 2010 by Matthew Page and Dr Ian Mortimer, who both studied physics at Oxford, which they attribute to being why they have a natural preference for good

metrics rather than good stories. They target those companies that consistently create value for shareholders through an entire business cycle.

‘The managers use a one-in, one-out philosophy when it comes to adjusting the portfolio. This means the fund stays up to date with the managers’ best ideas, because they have to consider the worst of their investments, rather than simply adding a position. We think this is a core global income holding.’

This fund has returned 88 per cent over the past five years.

Royal London Sustainable World Trust

Martin Bamford, managing director of IFA firm Informed Choice, nominated the Royal London Sustainable World Trust as a fund that can be a core holding within an ISA.

He said, ‘This fund allocates money to worldwide investments across multiple asset classes, mostly equities but some fixed interest securities and cash too.

‘There is strong allocation to healthcare and technology stocks, and geographical allocation to the UK and the US. I believe that these are areas with good potential over the coming years, as barriers to doing business are lowered in both countries, and US tax cuts benefit these sectors too. The fund manager, Michael Fox, has run this fund for more than seven years and has demonstrated a consistent track record of long-term outperformance.’

This is a fund with a very strong track record, ranked as the absolute top performer in the Mixed Investment 40-85% Shares sector over the past five

years, placing it ahead of 245 other funds. A glance at the top holdings in the fund

reveals a distinct liking for technology companies. Amazon, Microsoft and Alphabet (the parent company of Google) are the three largest investments.

AXA Framlington UK Select Opportunities

McDermott’s final choice is the AXA Framlington UK Select Opportunities fund. He said, ‘The manager of this fund, Nigel Thomas, is a fund management veteran with more than 30 years’ experience. During this time, he has built up a formidable reputation. A pragmatic stock-picker, he has managed this fund since 2002, looking for both growth and value opportunities across the market cap spectrum. Company meetings are a crucial part of the process.’

McDermott continued, ‘By his own very modest admission, Thomas doesn’t do anything that is unique, but he does wear out a significant amount of both intellectual and physical shoe leather with his team, unearthing opportunities.’

He added, ‘Nigel has used the flexibility of the fund’s mandate expertly to deliver strong returns across a wide range of market conditions and rightly deserves his reputation as one of the best fund managers in the UK, in our opinion. We regard him as one of the safest pairs of hands around.’

The £3.8 billion fund has doubled investors’ money over the past decade and has had no individual year in the bottom quartile of performers in the highly competitive IA UK All Companies sector during the past five years.


The largest holding in the fund is RPC Group, which is a FTSE 250 maker of plastic containers, while the recently created Paddy Power Betfair is the second-largest investment in the fund.

Fidelity Global Dividend

Lowcock’s second fund choice is the Fidelity Global Dividend fund. This has earned £1,530 for every £1,000 invested over the past three years.

The largest country allocation in this global fund is to US equities at 38 per cent, with the UK accounting for 12 per cent. This means that the fund has a genuine diversification away from the ‘home’ market, which is likely to be increasingly important for investors amid the political and economic uncertainty of the UK.

Lowcock commented, ‘As the fund’s name suggests, it invests in companies across the world so gives a well-diversified portfolio.

‘Manager Daniel Roberts targets income and long-term capital growth from the fund by seeking out simple companies with good cash flow generation. Income is targeted to grow ahead of inflation and 25 per cent greater than the MSCI All Country World Index.

‘Roberts believes that value is the most important determinant of future returns and focuses on long-term returns through the appreciation of longer-term earnings performance across the business cycle. He looks for businesses that are understandable, transparent, not complex, and with predictable return distributions and a proven ability to allocate capital.

‘The fund is a fairly concentrated global equities fund with about 50 holdings and is focused on large companies. The dividend

element means that the fund is looking for companies that pay an income. Typically these types of companies are managed with a focus on shareholder returns.’

Fundsmith Equity

The rise of Terry Smith within the consciousness of the private investor has been a phenomenon of the investment world in recent years.

Smith had long enjoyed a level of celebrity throughout the City for his role as an analyst of bank stocks, and later as a broker, but Fundsmith was his debut as a fund manager.

The fund has £9 billion of assets and invests in global equities. It is the second-best-performing fund in the IA Global sector over the past five years, having returned £2,500 for every £1,000 invested. The fund’s reliance upon some of the very largest shares on world markets has seen it fall somewhat from favour in recent months, as the fashion is presently for more growth-oriented names. That will be a real test of Smith’s pedigree – whether he can perform in a different type of market to that which has existed to date.

Investors are often curious about the extent to which a fund manager has his own money in the product he manages. As with much else, Smith has been very vocal on this point, and has placed over £200 million of his own money into this fund, including a huge slug of the cash he received from selling his shares in the Tullett Prebon brokerage firm last year.

Smith has long contended that there is only a handful of companies on earth in which it is worth investing. This is reflected in the concentrated nature of the fund and

the number of very large, defensive investments it holds.

The largest individual investment is CR Bard, followed by IDEXX Laboratories. CR Bard is a US manufacturer of medical equipment, while IDEXX is a provider of innovative diagnostics and technologies for the veterinary, food and water sectors.

Bamford commented, ‘Terry Smith aims to deliver long-term growth in value from this concentrated portfolio of global equities. Unlike many other funds in this sector, Fundsmith Equity is a long-term investor in its chosen stocks and does not hug the index. With more than £7 billion invested, this is a significant fund, and we would usually have some concerns about capacity constraints, but Smith’s long-term approach reduces this issue.’

Investec UK Special Situations

Tim Cockerill, investment director at Rowan Dartington, is keen on the Investec UK Special Situations fund as a core holding for ISA investors.

He commented that this fund is ‘a contrarian, value-orientated fund. It has periods when its style is at odds with the market and times when it aligns, and it seems that we may be entering a period when it aligns. Consequently, the fund could perform well. It’s positioning is often quite different to the peer group as it tends to invest in areas that are out of favour, hence the contrarian aspect of the approach. As such, patience is needed with this strategy at times.’

The fund has returned 22 per cent in the past year, placing it in the top quartile of funds in the IA UK All Companies sector. u

‘Smith has long contended that there is only a handful of

companies on earth in which it is worth investing’


Of all the industries in which women are poorly represented at a senior level, finance and financial services have the biggest challenge to address.

The lack of women in this sector is already taking it’s toll on financial institutions, and the time to address this is now.

For nominations, contact Praseeda Nair at [email protected]

For bookings, contact Jenna Read on 020 7250 7050 or [email protected]

For media or commercial partnerships, contact Gordon Sockett on 020 7250 7033 or [email protected]

To nominate an advocate for gender parity in finance, visit womeninfinance.co.uk

Supported by

Organised by

Celebrating the individuals and organisations leading change, breaking down barriers and creating new possibilities for equal representation in the world of finance

29 June 2017 | 7pm, The Savoy, London


Tried and trustedWhich are the investment trusts that can form the cornerstone of an investor’s portfolio?

Core investment trust holdings

The term core holding means different things depending on the outlook of the investor.

By core holding, Darius McDermott, managing director at Chelsea Financial Services, means funds that can be bought at almost any time and held for the long term, rather than being investments to buy for certain market conditions.

Nick Greenwood, who buys other investment trusts for his Miton Global Opportunities Trust, contended that the problem with buying mainstream vehicles for the long term can often be that the market treats such funds as having a habit of moving in the opposite direction to bond yields, so that as bond yields rise, the share prices of these trusts underperform.

City of London

McDermott’s first selection is the City of London Investment Trust, run by Job Curtis. (The author of this article has his own personal money invested in this trust.)

McDermott said, ‘This UK equity trust has been managed by Job Curtis, now of Henderson Global Investors, since 1991. Job has a conservative approach to investing, and he is very much driven by valuations (he is careful not to overpay for a company) and the yield levels, as the trust has an income distribution

obligation. As a result, the ability to pay and increase a dividend over time has a high priority in his selection process.’

He continued, ‘This has paid off: last year, the trust became the first investment company to reach 50 years of consecutive dividend increases. Job also likes companies whose business model provides them with a competitive advantage. While the trust invests in UK equities, it can also invest up to 20 per cent overseas.

‘There is no set discount control mechanism in place, but the board are keen to ensure that the share price trades as near to net asset value as possible and are very active in their purchase and sale of shares. It is a great core holding for any investor who is looking for income and long-term growth.’

This trust has returned 15 per cent over the past year. It currently trades at parity to its net assets and has a yield of 4 per cent.

Bankers

Anthony Leatham, head of investment trust research at Peel Hunt, is keen on the investment case for the Bankers Investment Trust.

This trust has a great deal in common with City of London – both vehicles are managed by Henderson Global Investors, and both have a resolute focus on the

dividend, with 50 consecutive years of dividend growth. The key difference is that Bankers is a global trust, while City of London is UK focused.

Leatham commented, ‘Bankers is a core global equity portfolio, offering both capital growth and income. The portfolio is managed by the highly experienced Alex Crooke and combines best-in- class equity managers from across the Henderson stable, including Ian Warmerdam, Tim Stevenson, Mike Kerley, Junichi Inoue and Charlie Awdry.

‘Performance against the sector and benchmark indices has been consistently strong, and the trust boasts a 50-year track record of consecutive dividend increases (current yielding 2.4 per cent).

‘The portfolio is positioned to benefit from an earnings recovery in Europe and growth in Asia. With ongoing charges of 0.5 per cent, Bankers is one of the cheapest actively managed global equity funds across both open- and closed-ended peer groups.’

Tim Cockerill, investment director at Rowan Dartington, is also a fan of this trust. He commented, ‘It is managed by Alex Crooke, ably assisted by a number of Henderson’s leading fund managers. As a global trust, stock selection in each region is made by a specialist who bring their best ideas to the portfolio. The strategy is to generate income growth and capital growth, and there is a long-term value focus to the process.


‘Bankers has a very long unbroken record of growing the dividend year-on-year – something that most managers gave up on long ago.’

The Bankers Investment Trust has returned 32 per cent over the past year and currently trades on a 7 per cent discount to net asset value.

Fidelity Special Values

McDermott’s next choice is the Fidelity Special Values Investment Trust. This is managed by Alex Wright, one of the brightest young fund managers around, with a strong track record at each of the mandates he has run in his career.

This is the investment trust version of his Fidelity Special Situations fund, but it trades at a discount to net assets, which of course a unit trust cannot do.

McDermott commented, ‘As the name implies, this trust has a value bias. Alex is driven towards stocks with exceptionally cheap valuations but good growth potential that is not reflected in their market price. He always looks to minimise the downside risk of his investment picks.

‘With these types of investments, you have to be a patient investor. This style of management was out of favour for a year or so, but started to come back in November last year, and the trust has had a good run since that time. The discount has narrowed from around 6 per cent to 2 per cent. Alex is a very good manager and, especially if the trust can be bought at a price anywhere below the net asset value, it is worthy of consideration.’

The Fidelity Special Values Investment Trust has returned twice the average of

the AIC UK All Companies sector over the past five years – 144 per cent compared with 70 per cent – and is amongst the top 25 per cent of all funds in the sector over one, three and five years.

Scottish Mortgage

McDermott’s final pick is the Scottish Mortgage Investment Trust. (This is another trust in which the author of this article invests his personal cash.)

The Scottish Mortgage Investment Trust has assets of just over £5 billion, making it the largest on the UK market, and it trades at a premium to net assets of 2.8 per cent.

McDermott commented, ‘Baillie Gifford’s James Anderson has run this global equity investment trust for many years and now has the help of Tom Slater. They take a long-term view on growth assets, with their potential growth the key component rather than the valuation of the business at any one time.

‘They particularly like companies that are “disrupters” in their own industry, with sustainable business models over at least the next five years. As a result, they tend to have a large weighting to technology companies and can hold up to 10 per cent in unquoted businesses.’

He concluded his comments with the remark, ‘They take relatively punchy positions in the stocks they own but have low turnover, and the trust is very low cost, with total ongoing charges of 0.5 per cent. Gearing on the trust can go as high as 50 per cent, so it is medium to high risk. But it has an excellent long-term track record, and the dividend has been

increased annually for the past 33 years.’The trust has returned comfortably

more than twice that of the AIC Global sector over the past five years, and is also amongst the top 25 per cent of funds in the sector over the past one and three years.

This is an extremely high-conviction fund, with the managers shunning many of the best-known and largest companies in the world.

Monks

Leatham is also keen on the Monks Investment Trust. He commented, ‘This is a successful turnaround story in the Global sector. Having suffered from a protracted period of poor relative performance, responsibility for the portfolio was handed over to Charles Plowden, Spencer Adair and Malcolm MacColl in March 2015. This new management team applied their brand of mainstream global growth investing and reshaped the portfolio, and since then the underlying performance of the trust has improved dramatically.

‘Over 60 per cent of the portfolio is exposed to US and European equities, with 18 per cent in emerging markets. Four sectors make up [around] 90 per cent of the portfolio – financials, consumer services, industrials and technology). In terms of themes, Monks is well diversified, with key exposures to internet winners, disruptive innovation and Asian/Latin American consumers. Given the manager style, the portfolio does trade on a more expensive price-to-earnings ratio than the broader market but offers superior earnings growth.’

‘This is an extremely high-conviction fund, with the managers

shunning many of the best-known and largest companies’




‘There are few genuine growth sectors trading at decent

valuations in the world, but biotech is one of them’

The Monks Investment Trust is run by Charles Plowden, who is joint senior partner at Baillie Gifford. His name will not be familiar to private investors in general, but he has a very strong track record managing over £20 billion for pension funds.

The trust has had an outstanding track record since Plowden took the helm of this fund, having returned 56 per cent over the past year, compared with 33 per cent for the average trust in the AIC Global sector during the same time period.

BlackRock Smaller Companies

Cockerill is also keen on the BlackRock Smaller Companies Investment Trust. He explained, ‘Mike Prentis has been lead manager of this trust since 2002, which makes him one of the UK’s longest-serving managers. He is assisted by a six-strong team, who seek out high-quality growth ideas from a diverse range of industries. The portfolio has a core of high-conviction ideas that is supplemented with smaller positions in stocks with potential but greater risk. The trust is well diversified, holding approximately 120 stocks.’

Prentis is a veteran investor who makes a virtue of his background as a chartered accountant. He told What Investment that, when analysing a company’s prospects, he is happy ‘to go through the accounts line by line’.

Whatever methods he deploys, they are certainly effective. The BlackRock Smaller Companies Investment Trust has returned £2,120 for every £1,000 invested over the past decade, compared with

£1,440 for the average trust in the AIC UK Smaller Companies sector over the same time period.

Biotech Growth Trust

Neil Jones, investment director at Hargreave Hale, told What Investment that there are few genuine growth sectors trading at decent valuations in the world, but that biotech is one of them.

He commented that investor nerves about the impact of the US election result on the sector mean that biotech ‘hasn’t been this cheap for 25 years’, while it has ‘never had more attractive fundamentals than it has right now’.

Jones remarked that a profound shift is taking place in the sector, with the large pharmaceutical companies increasingly swerving doing their own R&D, in favour of allowing the smaller players do the research and then buy them out.’

He believes this is beneficial for the biotech companies because they don’t have to compete for capital against the big players and can thus capitalise on the opportunities presented by technological innovation. He commented that ‘there has never been a better time’ to invest in the Biotech Growth Trust.

Jones sees it as a long-term holding due to trends such as ageing populations in developed markets and the rise of the middle class in emerging markets. He takes the view that both of those trends are long-term and will lead to structural growth for the healthcare sector.

This is a large fund, with assets of £478 million. It trades at a discount to net assets of 5.5 per cent and there is no dividend.

In performance terms, the trust has more than doubled investors’ money over the past five years, and it is the absolute top performer in the AIC Biotechnology sector over that time period.

Scottish Oriental

Jones is also keen on the investment case for the Scottish Oriental Investment Trust. He commented that now is a good time to buy, as the shares have been swept up in a wave of negativity around the impact of new US president Donald Trump’s protectionist rhetoric on Asian equities.

Jones told What Investment that he doesn’t expect Trump’s trade policies to have quite as negative an impact on Asian economies as the market is currently pricing in, adding that the negativity means ‘there are some very good companies that can be picked up at cheap prices’.

He continued his comments with the remark that a particular feature of the Scottish Oriental Investment Trust is that it has a focus on companies ‘that do not need global trade winds to be in their favour to do well. Asia as a region has a lot going for it. It has young populations and growing economies, and a lot of the demand is domestic, not just the traditional export-led growth that is typical of emerging markets.’

The £352 million Scottish Oriental Smaller Companies Investment Trust trades at a discount to net assets of 13 per cent. The trust returned 33 per cent over the past year, and over the past five years has returned 71 per cent. u


With property funds re-opening and the scepticism surrounding the future

potential return for the asset class post-Brexit abating, the two key questions are: does the asset class offer good value, and is the structure appropriate for investment?

In a historically income-friendly asset class, we have seen a gradual decline in the attractiveness of the cash flow from commercial property. Having reached levels of more than 6 per cent in the aftermath of the 2008 financial crisis, yields on REITs have fallen to today’s level of 2.5 per cent. Open-ended funds are offering marginally higher yields, but still generally in the 3 to 3.5 per cent region, depending on the investment in question.

Unattractive yieldsThese low yields highlight a valuation problem, as none look particularly attractive relative to historical norms. Therefore, while the gross yield may remain attractive relative to cash or fixed income, the income an investor receives is significantly less so.

So what should investors do? Buy, sell or hold? Given these low starting yields, it’s becoming increasingly difficult to justify the continued strength of UK property in a post-Brexit world.

On almost all metrics, whether assessed against GDP, household income, yield or otherwise, the market appears on the higher side of fair value in absolute terms, plus the risk underpinning Brexit leaves a bleak risk-adjusted backdrop. In addition to the low valuation-implied returns, we are then faced with the idiosyncratic nature of the investment vehicles that hold property.

The problem for UK commercial property as an asset class is that, while the underlying value of properties can be expected to be reasonably stable, fund flow changes can cause unit price swings, which have been exacerbated by the recent stamp duty changes. This creates a distortion to the underlying net asset value (NAV) for investors, even if the composition of the underlying property fund remains in good shape.

The illiquidity mismatch remains the biggest issue at present. With fair value adjustments gradually being unwound (they were as high as double digits in some

cases), the question becomes whether to sell at current prices or to hold for the yield.

The answer depends upon the time horizon and objective of an investor. An income-focused investor with the ability to lock money away may still benefit from the exposure provided by an open-ended property fund, whereas these vehicles are far less attractive for an investor who needs access to their capital and is seeking to maximise their total return.

Income vs liquidityWhile property is likely to remain in the spotlight for some time, the illiquidity challenges we have seen in this area are a timely reminder that anyone holding open-ended funds with illiquid assets, or potentially illiquid assets, such as high-yielding fixed income, also needs to balance their desire for a competitive income with the potential need to access their capital.

While the structural illiquidity issues of open-ended property funds are unlikely to lead to their demise, greater scrutiny by the FCA will probably result in them becoming more difficult to use as investment vehicles for retail investors.

Consequently, we expect greater use of REITs and funds that invest in REITs as a way of gaining exposure to commercial property. This in turn is likely to increase the price volatility of property in portfolios and make property exposure less attractive for income investors and those governed by volatility targets. u

Simon Molica is portfolio manager for Morningstar’s investment management group

Why commercial property returns could be hard to come by Open-ended property funds are likely to suffer a decline, writes Simon Molica

‘It’s becoming increasingly difficult

to justify the continued strength of

UK property in a post-Brexit world’

The property portal


An annuity is a financial product that converts capital into income. You can buy one with any lump

sum of money, or with accrued pension funds.There is no longer any obligation to buy

an annuity. Some people now prefer not to buy one and go into ‘income drawdown’ instead. Since April 2015, HM Treasury has allowed people to access their pension pot as they wish. However, as any withdrawals will deplete the funds available to provide future pension income, advice should be taken.

Types of annuityStandard annuities provide risk-free income and guarantee to pay a set income throughout your lifetime, no matter how long that turns out to be. Investment-linked annuities, on the other hand, offer growth potential and may outperform standard annuities, but income can go down as well as up.

With most annuities, you choose at the outset how you want to be paid and what optional benefits you wish to include: for example, you choose how frequently you want to receive income and whether to provide a continuing income to your partner following your own death.

Rates of incomeAvailable rates of income vary according to the options you select, the date of purchase and your own circumstances and health.

Crucially, rates also vary between different providers. Even for the exact same annuity, the income difference between the best and worst can be 25 per cent – or even higher for some types of annuities.

Remember, you only have one chance to secure the best possible income for the rest of your life. You owe it to yourself to get it right, so see the table, right, for examples of the latest annuity rates.

Personal pension annuity rates

Reading the annuity table

● Figures assume an annuity purchase price of £100,000. The income levels shown are the gross annual incomes.

● All the data is based on payments being made monthly in arrears, with a minimum payment period of five years.

Escalation: Level, Single Life

Provider Rank Income Provider Rank Income

Male or Female 60 Male or Female 65

Hodge Lifetime 1 £4,512.53 Legal & General 1 £5,296.56Aviva 2 £4,464.60 Aviva 2 £5,156.28Canada Life 3 £4,365.48 Hodge Lifetime 3 £5,149.91

Escalation: RPI, Single Life



Aviva 1 £2,414.76 Legal & General 1 £3,269.76Legal & General 2 £2,402.40 Aviva 2 £3,057.12Ret Advantage 3 £2,283.48 Ret Advantage 3 £2,802.24

Escalation: Level, Joint Life


Male 60, Female 57 Male 65, Female 62

Hodge Lifetime 1 £4,224.88 Hodge Lifetime 1 £4,762.22Aviva 2 £4,197.24 Aviva 2 £4,729.08Canada Life 3 £4,107.24 Legal & General 3 £4,659.48

Escalation: RPI, Joint Life


Male 60, Female 57 Male 65, Female 62

Aviva 1 £2,134.32 Legal & General 1 £2,761.68Legal & General 2 £2,028.84 Aviva 2 £2,644.92Ret Advantage 3 £2,024.88 Ret Advantage 3 £2,432.04

Impaired Life Annuity: Level, Single Life



Just Retirement 1 £5,134.08 Just Retirement 1 £5,824.08Aviva 2 £4,920.72 Aviva 2 £5,744.04Legal & General 3 £4,821.36 Scottish Widows 3 £5,429.76

Impaired Life Annuity: Level, Joint Life

Provider Rank Income Provider Rank IncomeMale 60, Female 57 Male 65, Female 62Just Retirement 1 £4,572.84 Just Retirement 1 £5,106.24Aviva 2 £4,421.64 Aviva 2 £5,063.88Legal & General 3 £4,334.40 Hodge Lifetime 3 £4,762.22

Source: JLT Pension Decision. Rates as at 31/1/17

Pensions and retirement planning


Savings and tax rates

Best borrowing rates

Figures correct as at 5/2/17 Source: Moneyfacts

UNSECURED PERSONAL LOAN SELECTION CREDIT CARD SELECTION

MonthlyLender Contact APR payment Rdm no insur penalty

£3,000 – Over three years Danske Bank 0800 660 033 4.8% d £89.54 NoIkano Bank 0344 856 5743 5.2% af £90.02 YesMetro Bank 0345 0808 500 5.9% d £90.91 YesAdmiral 02920 808 688 6.8% a £92.08 YesHitachi Personal Fin 0344 375 5500 6.9% ae £92.22 YesSainsbury’s Bank 0800 169 8503 7.4% acf £92.85 YesAA 0345 241 1308 9.9% aef £96.06 NoPost Office Money® 0800 169 2000 9.9% aef £96.06 NoTesco Bank 0345 600 6016 11.7% abf £98.38 YesNationwide BS 0800 545 3000 11.8% af £98.51 Yes

£5,000 – Over three years Admiral 02920 808 688 3.7% a £146.82 YesHitachi Personal Fin 0344 375 5500 3.7% ae £146.82 YesIkano Bank 0344 856 5743 3.8% af £147.03 YesM&S Bank 0800 363400 3.8% af £147.03 Yescahoot 0800 587 1111 3.8% aef £147.12 YesSainsbury’s Bank 0800 169 8503 4.2% acf £147.89 YesTesco Bank 0345 600 6016 4.3% abf £148.10 YesSantander 0800 028 4055 4.4% aef £148.40 YesDanske Bank 0800 660033 4.8% d £149.23 Yesfirst direct 0800 242424 4.9% afd £149.48 Yes

£10,000 – Over five years TSB 0345 835 3861 2.9% a £179.28 YesM&S Bank 0800 363400 3.0% af £179.50 YesAdmiral 02920 808 688 3.0% a £179.51 YesSainsbury’s Bank 0800 169 8503 3.0% acf £179.51 YesYorkshire Bank 0800 707 6471 3.0% a £179.51 Yescahoot 0800 587 1111 3.0% aef £179.68 YesSantander 0800 028 4055 3.1% aef £180.11 YesHitachi Personal Fin 0345 375 5500 3.2% ae £180.38 Yesfirst direct 0800 242424 3.3% afd £180.80 YesHSBC 0800 032 4735 3.3% af £180.80 Yes

a = APR dependent on credit rating. b = Clubcard holders only. c = Nectarcard holders only. d = Existing customers or those opening a current account. e = Age restrictions may apply. f = Min. income restrictions may apply.

Provider Contact PA/APR Card type Period

Introductory Rates – Purchases Sainsbury’s Bank 08085 40 50 60 0.00% Nectar Purch MC 1st 29 monthsAA 0345 600 5606 0.00% Dual MasterCard 1st 28 monthsTesco Bank 0345 300 4278 0.00% C’card Pur MC 1st 28 monthsnuba 03456 062 062 0.00% All Round CC MC 1st 28 monthsVirgin Money 0800 389 2875 0.00% 28 Mth Pur MC 1st 28 monthsBarclaycard 0800 731 0200 0.00% Plat Pur & BT V 1st 27 monthsPost Office Money® 0345 607 6500 0.00% Matched MC 1st 27 monthsSantander 0800 389 9905 0.00% Everyday MC 1st 27 monthsYorkshire Bank 0800 678 3320 0.00% Gold MasterCard 1st 26 monthsHalifax 0345 944 4555 0.00% BT and Purch MC 1st 26 months

Standard Rates – PurchasesAA 0345 600 5606 5.9% Low Rate Credit Card 56 daysTesco Bank 0345 300 4278 5.9% Clubcard Low APR MC 51 daysSainsbury’s Bank 08085 40 50 60 5.9% Nectar Low Rate CC MC 56 daysBank of Scotland 0345 964 5645 6.4% Platinum Low Rate M’Card 56 daysLloyds Bank 0345 606 2172 6.4% Platinum Low Rate M’Card 56 daysHalifax 0345 944 4555 6.4% Flexicard MasterCard 56 daysCo-operative Bank 0345 600 6000 6.9% 3 Year Fixed Rate Visa 56 daysTSB 0345 835 3846 7.9% Low Rate Advance M’Card -MBNA 03456 062 062 8.9% 5 Credit Card 49 daysNatWest 0800 200 400 11.1% Clear Rate MasterCard 56 days

Introductory Rates – Balance Transfers Halifax 0345 944 4555 0.00% 43 Mth BT MC 1st 43 monthsMBNA 03456 062 062 0.00% Plat BT CC Visa 1st 43 monthsLloyds Bank 0345 606 2172 0.00% Plat 42 Mth MC 1st 42 monthsSainsbury’s Bank 08085 40 50 60 0.00% 42 Mth Long BT MC 1st 42 monthsBarclaycard 0800 731 0200 0.00% Plat 42 BT Visa 1st 42 monthsnuba 03456 062 062 0.00% nuba Transfer MC 1st 42 monthsSantander 0800 389 9905 0.00% All in One MC 1st 41 monthsBank of Scotland 0345 964 5645 0.00% Plat 41 Mth MC 1st 41 monthsVirgin Money 0800 389 2875 0.00% 41 Mth BT MC 1st 41 monthsPost Office Money® 0345 607 6500 0.00% BT CC MC 1st 41 months

Alternative terms may be offered according to credit status and application method. Fees apply for all balance transfers.

Lender Phone Rate Period LTV Fee Notes Redemption period

Virgin Money 0330 057 1701 1.80% V to 1.4.19 60% £995 Maximum 4 properties within total advance of £2m. Not FTB To 1.4.19

Coventry BS 0800 121 8899 1.99% V for term 65% £1,999 Maximum 3 properties within total advance of £1m. Not FTB None

Post Office Money® 0800 077 8033 1.98% F to 30.4.19 75% £995 Maximum 3 properties within total advance of £1.5m. Not FTB To 30.4.19

Post Office Money® 0800 077 8033 2.28% F to 30.4.20 60% £995 Maximum 3 properties within total advance of £1.5m. Not FTB To 30.4.20

HSBC 0808 256 6876 2.79% F to 31.3.22 75% £1,999 Maximum any properties within total advance of £2m. Not FTB To 31.3.22

ASU = Accident, sickness & unemployment insurance. B+C = Buildings & contents insurance. F = Fixed rate. U = Unemployment insurance. FTB = First-time buyer. HP = House purchase. MIP = Mortgage indemnity premium. STB = Second-time buyer. V = Variable rate. Lender’s standard redemption conditions may also apply at any time. Incentive of free or discounted legal fees may only be available through lender’s nominated solicitor. All products subject to change without notice.

BUY-TO-LET



Best ways to save


Provider Contact Account Notice Min. % Interest details or term deposit gross paidINSTANT-ACCESS BRANCH ACCOUNTSVirgin Money Via branch Defined Access Saver 10 Instant £1 1.01% YlyWest Brom BS Via branch Limited Access Saver Instant £1 0.85% YlyLeeds BS 0345 045 4048 Rainy Day Saver 7 Instant £25,000 0.85% YlyKent Reliance 0345 122 0022 Easy Access Account 17 Instant £1,000 0.80% YlyVirgin Money 0845 600 4466 MUFC Red Devil Saver 3 Instant £1 0.75% YlyState Bank of India 0800 532 532 Instant Access Savings 6 Instant £500 0.75% Mly

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MONTHLY INTERESTParagon Bank www.paragonbank.co.uk 120 Day Notice 5 120 Day (W) £500 1.15% MlyRCI Bank UK www.rcibank.co.uk Freedom Savings Account None (K) £100 1.10% MlyCharter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 14 95 Day (W) £1,000 1.05% MlyPost Office Money ® www.postoffice.co.uk Online Saver Issue 23 None (W) £1 1.01%* MlyVirgin Money www.virginmoney.com Defined Acc E-Saver 10 None (W) £1 1.01% MlyCharter Savings Bank www.chartersavingsbank.co.uk 60 Day Notice Issue 4 60 Day (W) £1,000 1.01% Mly

CHILDREN’S ACCOUNTSSaffron BS 0800 072 1100 Children’s Regular Saver G £5 4.00% F OMHSBC 0800 032 4729 My Savings Instant £10 2.75% MlyNS&I www.nsandi.com Children’s Bond Issue 35 5 Year £25 2.50% F YlyNationwide BS Via branch Smart Limited Access 2 Instant £1 2.25% YlyHalifax Via branch Young Saver Instant £1 2.00% YlyLloyds Bank Via branch Young Saver Instant £1 2.00% Qly

CURRENT ACCOUNTSHalifax 0345 720 3040 Reward Current Instant (A) - £3.00pm N MlyNationwide BS 0800 302010 FlexDirect Instant (M) £1 4.89%* MlyTesco Bank www.tescobank.com Current Account Instant ( J) £1 2.96% MlyTSB 0345 835 3863 Classic Plus Instant (D) £1 2.96% MlyBank of Scotland 0345 721 3141 Classic with Vantage Instant (C) £1 1.98% MlySantander 0800 068 6069 123 Current Account Instant (R) £1 1.49% Mly

All rates are shown as AER unless otherwise stated. * = Introductory rate for a limited period. A = Funding of £750 per month required, with 2 separate direct debits and no overdraft during month. B = Operated by post or telephone. C = Funding of £1K per month required. 1.49% paid at £1, 2.96% - £3K, 0% paid on portion of balance over £5K. D = Funding of £500 per month required. Credit interest only payable when account is registered for paperless statements and online banking. 0% paid on portion of balance at £1.5K and over. E = £2 pm fee waived for first 12 months. 0% paid on portion of balance over £2K. F = Fixed rate. G = 1-year term regular savings account, min £5, max £100 per month. H = Operated by internet or telephone. J = 0% paid on portion of balance at £3K and over. K = Operated by internet, telephone or post. M = Funding of £1K per month required, 0% paid on portion of balance over £2.5K. N = Paid as a reward. OM = On Maturity. P = Operated by post. R = Funding of £500 per month required. S = Over 50s. T = Operated by Telephone. W = Operated by internet. 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.

SAVINGS ACCOUNTS



Best ways to save



CASH ISAS

Provider Contact Notice Min. % Interest details or term deposit gross paid

Cash ISAs £1,000

Virgin Money virginmoney.com None £1 1.01% Yly

Bath BS 0122 542 3271 Instant £1 1.00% Yly

National Savings & Invts nsandi.com None £1 1.00% Yly

Saga 0800 066 5701 None £1 0.95%* Yly

Coventry BS** 0800 121 8899 Instant £1 0.90% Yly

Post Office Money® postoffice.co.uk None £100 0.90%* Yly

Charity Bank charitybank.org 33 Day £250 0.90% Yly

Principality BS 0845 045 0452 30 Day £500 0.90% Yly

Family BS 0333 014 0141 Instant £500 0.86% Yly

Scottish BS 0131 313 7700 Instant £1 0.85% Yly

Cash ISAs £15,240

Virgin Money virginmoney.com None £1 1.01% Yly

Bath BS 0122 542 3271 Instant £1 1.00% Yly

National Savings & Invts nsandi.com None £1 1.00% Yly

Saga 0800 066 5701 None £1 0.95%* Yly

Coventry BS** 0800 121 8899 Instant £1 0.90% Yly

Post Office Money® postoffice.co.uk None £100 0.90%* Yly

Charity Bank charitybank.org 33 Day £250 0.90% Yly

Principality BS principality.co.uk 30 Day £500 0.90% Yly

Family BS 0333 014 0141 35 Day £15,000 0.90% Yly

Family BS 0333 014 0141 Instant £500 0.86% Yly

Provider Contact Notice Min. % Interest details or term deposit gross paid

Fixed cash ISAs £1,000

Al Rayan Bank 0800 408 6407 12 Month £1,000 1.09% OM

Virgin Money virginmoney.com 24.01.18 £1 1.05% Yly

Bank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.05% Yly

Leeds BS 0845 045 4078 28.02.18 £100 1.01% OM

Aldermore 0345 604 2678 1 Year £1,000 1.00% Yly

Tesco Bank 0845 678 5678 1 Year £1 0.96% Yly

Metro Bank 0345 080 8500 1 Year £1 0.90% Yly

Post Office Money® postoffice.co.uk 1 Year £500 0.90% Yly

Kent Reliance 0845 122 0022 1 Year £1,000 0.90% OM


Fixed cash ISAs £15,240

Al Rayan Bank 0800 408 6407 12 Month £1,000 1.09% OM

Virgin Money virginmoney.com 24.01.18 £1 1.05% Yly

Bank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.05% Yly

Leeds BS 0845 045 4078 28.02.18 £100 1.01% OM

Aldermore 0345 604 2678 1 Year £1,000 1.00% Yly

Tesco Bank 0845 678 5678 1 Year £1 0.96% Yly

Shawbrook Bank shawbrook.co.uk 1 Year £5,000 0.95% OM

Metro Bank 0345 080 8500 1 Year £1 0.90% Yly


Kent Reliance 0845 122 0022 1 Year £1,000 0.90% OM

Notice Min. deposit Max. deposit Rate paid Interest or term paidAccounts and bonds

NS&I Direct Saver None £1 £2 million 0.80% (H) Yearly

Income Bonds None £500 £1 million 1.00% ( J) Monthly

Investment None £20 £1 million 0.45% (P) Yearly

Tax-free products

Direct ISA None £1 £15,240 1.00% (H) Yearly

Children’s Bonds Issue 35 5 Year Bond £25 £3,000 2.50% F ( J) Yearly

National Savings & Investments Enquiry number: 0500 500 000. All rates are shown as AER. F = Fixed Rate. H = Operated by Internet or Telephone. J = Operated by Internet, Post or Telephone. OM = Interest paid on maturity. P = Operated by Post.

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.

NATIONAL SAVINGS AND INVESTMENTS

All rates are shown as AER. * = Introductory rate for a limited period. ** = Transfers accepted from current tax year only. B = Operated by Telephone or Post. H = Operated by Internet or Telephone. K= Operated by Internet, Post or Telephone. OM = On Maturity. P = Operated by Post. S = Over 50s. W = Operated by internet.

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.



TAX RATES FOR 2016/17

INCOME/CAPITAL GROWTH CALCULATOR

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%

First look at the vertical column to determine how much of your capital you intend to withdraw each year. Then estimate the annual growth of the capital, and the number is the amount in years your capital will last before it is gone.

Annual growth

Ann

ual w

ithdr

awal

MORTGAGE CALCULATOR

INFLATION INDICATORThe rate at which prices rise and money loses its purchasing power (to January 2017)

CPI RPI

Current rate 1.8% 2.6%1 month ago 1.6% 2.5%1 year ago 0.3% 1.3%3 years ago 1.9% 2.8%5 years ago 3.6% 3.9%10 years ago 2.7% 4.2%

Source: ONS

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 mortgage

2.0% £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 £9.18Source: Halifax

Income taxBasic rate (£0-32,000 of taxable income) 20%Higher rate (£32,001-150,000 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%

AllowancesPersonal allowance £11,000*Personal savings allowance (basice rate taxpayers) £1,000Personal savings allowance (higher rate taxpayers) £500Dividend allowance £5,000Marriage allowance £1,100**Blind person’s allowance £2,290* 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 £11,100Trustees generally £5,550

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 2016/17, this is £40,000. Savings above the annual allowance will be subject to tax charges. The allowance is tapered to £10,000 for those with an ‘adjusted income’ of between £150,000 and £210,000.

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 2016/17 tax year, the lifetime allowance is £1 million.

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 % of full tax gift and death rates chargeable0-3 1003-4 804-5 605-6 406-7 20Over 7 years Nil

ExemptionsAnnual £3,000Gifts 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.

ISAsFrom 6 April 2015, the following limit has applied to investments in ISAs:

Overall annual investment limit £15,240

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 6/4/16

Class 1 (Employed) Contracted in ratesEarnings per week Employer % Employee %

£0.01 - £112.00 - -£112.01 - £155.00 - -£155.01 - £827.00 13.8 12Over £827.00 13.8 2

Class 1A and 1B (employers only) 13.8%Class 2 (self-employed) £2.80 per week (small earnings exemption) £5,965Class 3 (voluntary) £14.10 per weekClass 4 (self-employed) 0% on profits up to £8,060 9% on profits from £8,060 to £43,000 2% on profits above £43,000 per annum


Unit trust performance tablesWhat the tables show

The figures show the value of £100 invested over six months and one, three, five and ten years to 31 January 2017, on a bid-to-bid basis with net income reinvested. Funds are listed by IA sector. An average performance figure is shown for each sector. Each fund is ranked according to its sector. The yield is calculated by Morningstar using dividends reported by the fund provider. Total expense ratio is a measure of a fund’s annual operating costs including management and performance fees, but excluding sales charges and transaction costs. The highlighted figures represent the top three funds over three years in each sector. All data supplied by Morningstar. For more information, please visit www.morningstar.co.uk

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

FTSE 100 107 - 121 - 122 - 151 - 166 - - -FTSE All Share 107 - 120 - 123 - 157 - 172 - - -

(IA) ASIA PACIFIC EXCLUDING JAPANAberdeen Asia Pacific Equity I 110 42 142 31 138 78 139 70 244 22 1.12 -Aberdeen Glb Asia Pac Eq R2 110 44 142 28 138 77 138 71 230 37 1.26 -Aberdeen Global Asian Smaller Cos R2 105 83 130 84 131 83 149 57 321 5 1.41 -Allianz Total Return Asian Equity C Inc 106 75 131 82 137 79 152 49 241 24 1.24 -Aviva Investors Apac Eq MoM 1 2 GBP Inc 113 10 141 39 143 53 148 59 188 51 1.31 -AXA Rosenberg Asia Pacific ex Japan Z 109 52 139 48 140 69 145 63 251 21 1.09 -Baillie Gifford Pacific B Acc 109 55 132 79 141 63 169 14 258 18 0.79 -Baring ASEAN Frontiers I GBP Acc 103 92 128 88 141 65 142 67 - - 1.25 -Baring Eastern GBP I Inc 109 57 127 90 161 14 163 23 224 42 1.80 -BGF Asian Dragon D2 111 22 143 18 162 10 185 6 - - 1.10 -BlackRock Asia D Acc GBP 112 18 145 9 152 31 - - - - - -BlackRock Asia Special Situations D Acc 110 43 143 23 - - - - - - - -BlackRock Pacific ex Japan Eq Tkr D Acc 111 27 143 20 145 48 153 42 - - 0.19 -Cavendish Asia Pacific B 110 49 139 51 146 44 150 54 - - 0.87 -CF Canlife Asia Pacific C Acc GBP 111 32 132 80 122 86 135 73 228 38 0.89 -Emerise Pacific Rim Equity Fd R/A USD 110 48 135 66 128 84 116 77 180 53 1.80 -F&C Pacific Growth 2 111 23 144 14 162 12 159 34 163 54 1.10 -Fidelity Asia Focus W-Acc-GBP 108 68 135 68 140 70 145 64 255 20 1.19 -Fidelity Asia Pacific Opps W GBP Acc 102 94 141 35 - - - - - - - -Fidelity Asia W Acc 110 50 141 40 160 15 169 15 308 7 - -Fidelity Asian Dividend W Acc 108 65 139 49 157 23 - - - - - -Fidelity Asian Special Sits A-GBP 109 54 140 46 161 13 172 12 283 13 1.93 -Fidelity Emerging Asia W Acc 107 69 138 54 169 2 173 10 - - - -Fidelity Emerging Asia W-Acc-GBP 104 86 130 83 159 18 160 32 - - 1.21 -Fidelity Index Pacific ex Japan W Acc 110 40 143 24 - - - - - - - -Fidelity Instl Pacific ex Japan 110 41 141 37 144 49 167 17 260 16 0.90 -Fidelity Instl South East Asia 108 64 139 53 155 28 162 27 308 6 0.94 -First State Asia All-Cap B GBP Acc 108 63 134 70 - - - - - - - -First State Asia Focus B GBP Acc 106 74 135 69 - - - - - - - -GAM Star Asian Equity Instl GBP Acc 112 15 137 59 124 85 141 68 187 52 1.32 -GS Asia Equity R Acc 107 71 127 91 147 40 154 41 202 48 1.15 -Guinness Asian Equity Income X GBP Acc 108 67 135 67 164 8 - - - - 1.24 -Halifax Far East C 111 24 143 25 146 45 147 62 194 50 1.57 -Henderson Asia Pac Capital Gr I Acc 108 62 140 44 147 39 160 30 239 27 1.08 -Henderson Asian Dividend Income I Acc 105 82 134 74 141 67 161 29 223 43 1.11 -Henderson Instl AsPac exJpn Idx Eq I Acc 112 13 145 12 143 52 152 48 234 33 0.83 -Hermes Asia Ex Japan Equity F GBP Acc 111 37 139 47 168 3 - - - - 0.85 -HSBC Asian Growth Retail Acc 112 19 144 16 142 58 136 72 194 49 1.79 -HSBC Pacific Index Accumulation C 111 30 143 21 143 56 151 51 228 39 0.31 -Invesco Asia Consumer Demand A Inc 105 84 126 92 133 81 147 61 - - 2.02 -Investec Asia ex Japan I Acc Net 111 25 139 50 148 37 164 22 294 10 1.00 -IP Asian Equity Income Z Acc 107 70 142 33 145 47 158 35 - - - -IP Asian Z Acc 117 6 157 1 167 4 181 7 293 11 - -JB EF Asia Focus-USD B 116 8 148 6 157 22 165 21 - - 1.98 -JOHCM Asia ex-Jap Sm & Md-Cp A £ I 103 93 120 96 167 5 196 3 - - 3.77 -JOHCM Asia ex-Japan A GBP Inc 106 76 133 75 151 33 174 9 - - 1.69 -JPM Asia C Acc 112 14 142 29 155 27 162 26 238 29 0.93 -JPM Institutional Asia I Acc 111 31 145 11 153 30 157 38 232 34 0.70 -Jupiter Asia Pacific Inc L £ Q Inc 103 91 125 94 142 61 151 50 - - 2.00 -Jupiter Asian I Acc 107 73 134 71 153 29 162 25 231 36 - -Jupiter Asian Income I GBP Acc 103 90 - - - - - - - - - -L&G Asian Income I Acc 112 20 146 8 144 50 171 13 240 25 - -L&G Pacific Index I Acc 111 29 143 22 143 51 153 44 240 26 0.38 -Legg Mason IF MC Asia Pac X Acc £ 111 34 141 36 147 43 149 55 226 40 - -Legg Mason MC Asia Lg-Trm Uncons M £ Inc 111 35 136 63 139 72 - - - - - -Legg Mason MC Asia Pac X USD Inc 112 21 139 52 138 75 140 69 - - - -Liontrust Asia Income I Inc 109 53 143 19 147 41 - - - - 1.25 -M&G Asian GBP I Acc 117 5 145 13 148 35 162 28 266 15 0.99 -Marlborough Far East Growth P Inc 118 3 147 7 162 9 147 60 212 45 - -Matthews Asia Fds As Ex Jp Div I GBP Acc 107 72 137 60 - - - - - - 1.50 -Matthews Asia Funds Asia Small Co I GBP 104 87 125 93 137 80 - - - - 1.60 -Matthews Asia Funds Pacific Tiger I GBP 104 88 128 89 157 21 167 16 - - 1.25 -MFS Meridian Asia Pacific ex-Jap W1 USD 109 58 136 61 147 42 149 56 225 41 1.00 -Mirabaud Equities Asia ex Japan A USD 109 59 131 81 143 57 143 65 150 55 2.21 -Mirae Asset Asia Great Consumer Eq R GBP 100 98 118 97 - - - - - - 0.99 -Mirae Asset Asia Sector Leader Eq R GBP 108 60 128 86 - - - - - - 0.97 -New Capital As Pac Eq Inc GBP Ord Inc 101 95 121 95 102 87 113 78 - - 1.31 -Newton Asian Income Inst W Acc 101 97 133 78 142 59 157 37 288 12 0.83 -Newton Oriental Inst W Acc 105 79 134 73 133 82 128 75 206 46 - -


Old Mutual Aberdeen Asia Pac U2 GBP Acc 110 47 143 27 141 68 - - - - - -Old Mutual Asia Pacific R GBP Acc 114 9 145 10 160 17 195 4 297 9 1.01 -Old Mutual Asian Equity Inc R GBP Acc 118 4 152 3 145 46 130 74 - - 0.94 -Old Mutual IP Asian U2 GBP Acc 116 7 155 2 165 6 - - - - - -Old Mutual Pacific Equity R GBP Acc 119 2 151 5 160 16 158 36 - - 1.05 -Principal Asian Equity I Acc USD 112 16 137 57 141 64 153 43 238 28 1.74 -Royal London Asia Pac ex Jpn Tracker Z 111 33 143 26 143 55 150 53 238 30 1.05 -Santander Premium Pac Basin ex Jpn Eqs A 112 17 142 30 156 24 160 31 244 23 1.05 -Schroder Asian Alpha Plus Z Acc 112 12 140 43 156 25 167 18 - - 0.96 -Schroder Asian Income Maximiser Z Acc 110 39 138 55 148 36 163 24 - - 0.96 -Schroder Asian Income Z Acc 111 28 140 42 155 26 180 8 365 2 0.95 -Schroder Instl Pacific I Acc 112 11 141 38 143 54 156 39 273 14 0.51 -Scottish Widows Pacific Growth A 111 26 142 32 142 60 142 66 206 47 1.65 -SLI Asian Pacific Growth Plat 1 Acc 108 61 143 17 141 66 166 20 255 19 - -SLI Pacific Basin Trust 111 36 144 15 139 73 152 46 235 32 0.86 -Smith & Williamson Oriental Growth B 101 96 135 64 158 19 166 19 - - - -SSgA Asia Pacific ex-Japan Eq Tracker 111 38 142 34 140 71 149 58 232 35 0.90 -Stewart Inv Asia Pac Ldrs B Acc GBP 103 89 128 87 158 20 172 11 337 4 0.89 -Stewart Investors Asia Pacific B Acc GBP 106 78 133 77 165 7 188 5 362 3 1.04 -Stewart Invs Asa Pac Sstnbty B Acc GBP 105 85 129 85 162 11 207 1 397 1 1.00 -T. Rowe Price Asian ex-Japan Eq Q GBP 108 66 134 72 151 34 152 45 - - 1.17 -T. Rowe Price Asian Opp Eq Q GBP 110 46 136 62 - - - - - - 1.17 -Templeton Asian Growth W Acc GBP 120 1 152 4 139 74 126 76 258 17 1.34 -Threadneedle Asia Z Acc GBP 110 45 140 45 152 32 159 33 237 31 0.91 -Threadneedle Pacific ex-Japan Gr Inst 109 56 137 56 148 38 155 40 - - 0.79 -Vanguard Pacific Ex-Jap Stk Idx GBP Acc 110 51 141 41 141 62 152 47 - - 0.30 -Veritas Asian A GBP 105 81 135 65 171 1 196 2 304 8 1.18 -Veritas Asian A GBP 105 81 135 65 171 1 196 2 304 8 1.18 -VT Halo Global Asian Cnsmr B £ Net Acc 105 80 133 76 - - - - - - - -Waverton Asia Pacific A USD 106 77 137 58 138 76 150 52 216 44 1.51 -Average/Total 109 99 138 98 148 88 157 79 250 56 1.19 -

(IA) ASIA PACIFIC INCLUDING JAPANAberdeen Asia Pacific and Japan Eq I Acc 110 3 140 2 143 6 148 7 225 4 - -Baillie Gifford Developed Asia Pac B 109 5 136 5 168 1 187 2 263 2 0.73 -GAM Star Asia-Pacific Equity Inst EURAcc 117 1 136 4 141 7 165 6 155 6 1.76 -IP Pacific Z Acc 115 2 144 1 154 4 193 1 275 1 - -JPM Pacific Equity A (dist) GBP 110 4 138 3 156 2 175 5 212 5 1.80 -Matthews Asia Funds Asia Dividend I GBP 105 6 131 7 155 3 181 4 - - 1.24 -Smith & Williamson Far East Inc&Gr B 101 7 133 6 153 5 184 3 253 3 - -Average/Total 109 7 137 7 153 7 176 7 231 6 1.38 -

(IA) CHINA/GREATER CHINAAberdeen Glb Chinese Equity R2 114 15 139 15 140 25 131 28 226 8 1.23 -Allianz China Equity RT GBP 114 13 139 20 154 11 158 18 - - - -Baillie Gifford Greater China B 116 3 149 2 161 8 187 3 - - 1.13 -Baring China Select I GBP Inc 115 7 139 12 141 24 154 23 - - 1.38 -Baring Hong Kong China I GBP 113 22 136 26 146 19 148 25 218 10 1.23 -Fidelity China Consumer W Acc 112 26 140 11 147 18 198 1 - - - -Fidelity China Focus Y-GBP 116 4 142 8 172 2 184 9 - - 1.16 -First State Greater China Growth B 114 17 140 10 151 14 186 7 351 1 1.06 -GAM Star China Equity Instl GBP Acc 115 6 130 32 127 33 163 16 - - 1.04 -GS China Opportunity Equity R GBP Inc 112 27 136 25 145 21 157 20 - - 1.23 0.67Guinness Best of China X GBP Acc 114 12 139 16 - - - - - - 1.24 -Henderson China Opportunities I Acc 115 11 144 4 162 6 187 4 287 2 0.89 -Henderson Horizon China A2 USD Acc 114 19 139 19 162 7 187 5 - - 1.95 -HSBC Chinese Equity Retail Acc 114 16 139 13 147 17 151 24 183 16 1.78 -HSBC GIF Chinese Equity AD 112 25 139 18 154 10 156 21 205 14 1.91 -Invesco PRC Equity A-AD USD 109 33 137 24 131 31 156 22 230 7 2.21 -IP HK & China Z Acc 108 34 135 28 147 16 195 2 285 3 - -JB EF China Evolution-USD B 118 1 150 1 176 1 - - - - 1.92 -JPM Greater China A (dist) USD 110 31 134 31 145 20 170 11 259 5 1.78 -JPM Hong Kong A (dist) USD 113 21 135 30 139 28 161 17 213 12 1.80 2.36Jupiter China I Acc 114 18 129 34 131 30 164 15 205 13 1.02 -Legg Mason IF MC China X Acc £ 113 24 142 6 152 13 165 13 - - - -Legg Mason MC Greater China A USD Inc 114 20 141 9 153 12 169 12 216 11 - -Matthews Asia Funds China Div I USD Acc 112 28 139 14 164 4 - - - - 1.50 -Matthews Asia Funds China I GBP 116 2 138 21 139 27 138 27 - - 1.46 -Matthews Asia Funds China Sm Coms I Acc 110 30 129 33 139 26 - - - - 1.75 -Neptune China C Acc GBP 114 14 137 23 128 32 145 26 201 15 - -© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

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

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Unit trusts


Neuberger Berman China Equity USD A Acc 110 29 136 27 166 3 184 8 - - 2.12 -New Capital China Equity GBP Ord Acc 106 35 115 35 116 34 - - - - 1.37 -Old Mutual Henderson China Opps U2 £ Acc 115 8 143 5 159 9 - - - - - -Pictet-Greater China I GBP 110 32 135 29 150 15 158 19 233 6 1.24 -Schroder ISF Greater China C Acc 115 9 145 3 164 5 178 10 275 4 1.32 -SLI China Equities A Acc GBP 115 10 139 17 137 29 165 14 - - 2.06 -Templeton China W Acc GBP 115 5 142 7 143 22 129 29 225 9 1.54 -Threadneedle China Opps Z Acc GBP 113 23 138 22 141 23 186 6 - - 1.46 -Average/Total 113 35 138 35 148 34 166 29 238 16 1.49 1.52

(IA) EUROPE EXCLUDING UK7IM European ex UK Equity Value C Inc 111 33 125 49 - - - - - - - -Aberdeen European Equity Enh Idx B Acc 112 24 129 16 - - - - - - - -Aberdeen European Equity I 107 76 127 33 132 61 162 81 145 63 1.10 -Aberdeen Global European Eq (ex-UK) R2 107 80 127 35 129 75 159 83 143 66 1.10 -Alliance Trust SF European Gr 2 109 52 124 56 136 31 188 35 188 29 0.79 -Allianz Continental European C Acc 106 92 122 71 145 8 190 30 218 12 0.97 0.98Allianz European Equity Income C Inc 112 22 123 67 127 78 169 77 - - - 3.08Artemis European Growth I 114 10 128 22 135 40 204 14 145 65 0.85 -Artemis European Opportunities I Acc 106 93 121 81 135 36 195 24 - - 1.63 -Aviva Investors Euro Eq MoM 1 2 GBP Inc 108 73 118 94 131 67 174 72 160 53 1.06 -Aviva Investors Euro Eq MoM 2 2 GBP Inc 112 25 127 38 148 4 190 31 180 36 1.07 -Aviva Investors European Eq 2 GBP Acc 109 65 122 76 147 6 205 12 214 14 0.84 -AXA Framlington European Z GBP Acc 109 60 126 42 133 52 191 29 191 27 0.75 -AXA Rosenberg European Z 111 40 128 21 130 73 177 61 142 67 1.08 -Baillie Gifford European B Acc 111 29 136 3 146 7 206 9 249 5 0.75 -Barclays Europe (ex-UK) Alpha R GBP Acc 103 104 109 106 120 92 - - - - - 1.56Baring European Growth GBP I Inc 112 18 126 43 131 65 187 36 161 51 - -BlackRock Continental Euro D Acc 107 79 119 90 134 43 193 26 238 6 0.92 -BlackRock Continental Euro Eq Tkr D Acc 111 34 128 25 133 53 177 62 - - 0.17 -BlackRock Continental Euro Inc D Acc 104 103 117 97 138 20 206 11 - - 1.10 -BlackRock European Dynamic D Acc 107 83 122 75 139 19 209 6 290 1 0.93 -BlackRock Systm Continen Euro D GBP Acc 109 56 125 47 - - - - - - - -Cavendish European Fund B 115 8 132 9 130 70 179 51 - - 0.90 -CF Canlife European C GBP Acc 109 62 122 72 130 72 174 71 145 64 - -CF Miton European Opps B Acc 110 41 131 10 - - - - - - - -CFIC Crux European B Inc 105 100 118 95 132 63 178 55 164 48 1.68 -Comeragh European Growth B EUR Acc 118 5 135 5 - - - - - - - -EdenTree Amity European B 113 17 129 19 135 41 187 37 203 21 0.92 -F&C European Growth & Income 2 Acc 110 45 124 62 136 35 201 16 196 24 0.87 -Fidelity European Opportunities W Acc 108 67 124 61 135 38 178 57 175 40 - -Fidelity European W Acc 105 97 122 69 137 30 178 53 170 43 - -Fidelity Index Europe ex UK W Acc 111 36 127 31 131 66 - - - - - -FP Argonaut European Alpha R GBP Acc 107 78 109 107 123 89 171 76 194 25 - -FP CRUX European I GBP Acc 105 95 125 50 - - - - - - - -FP CRUX European Special Sit A Acc GBP 106 90 127 36 144 9 200 20 - - - -Franklin European Opportunities W Acc 110 48 127 29 127 79 181 47 149 61 1.05 -GAM Continental Growth & Value X Acc 114 12 128 26 - - - - - - - -GAM Star Cont European Eq Instl GBP Acc 107 85 119 91 137 25 195 23 197 23 1.06 -Guinness European Equity Income X GBPAcc 110 47 132 8 135 39 - - - - 1.24 -Halifax European C 112 26 128 23 135 42 179 50 158 55 1.53 -Henderson European Focus I Acc 110 46 124 64 139 18 206 10 191 26 - -Henderson Eurp Growth I GBP Acc Inst 107 77 126 41 148 5 202 15 223 9 1.08 -Henderson Eurp Selected Opps I Acc 109 58 123 65 137 27 198 22 216 13 1.10 -Henderson Instl Eurp Idx Opps I Acc 111 32 128 24 133 49 180 49 - - 0.79 -Hermes Europe Ex-UK Equity F GBP Acc 107 75 126 46 136 32 188 33 - - 0.88 -HL Multi-Manager European A Acc 104 101 121 85 - - - - - - - -HSBC European Growth Accumulation C 106 88 118 93 128 76 157 84 159 54 - -HSBC European Index Accumulation C 111 37 127 28 133 48 179 52 168 44 0.28 -HSBC GIF Euroland Equity AD 114 9 127 27 124 87 175 68 151 60 1.86 -IP European Equity Income Z Acc 116 7 130 14 133 46 208 7 - - - -IP European Equity Z Acc 118 4 134 6 142 13 212 4 205 19 - -IP European ex UK Enh Idx Z Acc 112 20 - - - - - - - - - -IP European Opportunities Z Acc 110 44 121 79 133 51 205 13 - - - -JOHCM Continental European A GBP 111 35 126 45 137 29 200 17 220 11 1.73 -JPM Europe C Net Acc 110 50 125 55 136 34 194 25 183 32 0.93 -JPM Europe Dynamic (ex-UK) C Acc 113 14 129 18 141 16 217 3 211 15 0.93 -Jupiter European I Acc 101 109 113 104 143 11 211 5 286 2 1.04 -Jupiter European Income I Acc 108 66 120 86 131 68 178 54 - - - -Jupiter European Special Sits I Acc 109 63 122 77 133 45 185 40 202 22 1.05 -L&G European I Acc 109 64 127 40 132 57 198 21 173 41 - -L&G European Index I Acc 111 39 127 34 133 54 178 56 172 42 0.31 -Lazard European Alpha Retail C Acc 108 71 119 92 132 60 181 45 180 35 - -Legg Mason IF MC Eurp Eq Income X Acc £ 108 68 120 87 124 88 172 75 155 56 - -Liontrust European Enh Inc Inst Acc 107 84 103 108 122 91 164 79 - - - -Liontrust European Growth I Inc 112 21 130 13 149 3 183 43 223 10 1.02 -Liontrust European Income Inst Acc 109 55 120 88 132 59 173 74 160 52 - -M&G European Index Tracker GBP A Acc 110 42 127 37 133 55 176 65 167 47 0.70 -M&G European Select GBP I Acc 108 69 125 52 134 44 175 69 154 58 0.93 -Man GLG Continental Eurp Gr Prf Acc C 108 72 121 82 173 2 249 1 278 4 1.06 -Marlborough European Multi-Cap P Inc 120 2 144 2 177 1 239 2 208 17 - -MFS Meridian Continental Eurp Eq WH1 GBP 103 107 109 105 113 95 154 85 - - 1.00 -Montanaro European Income £ Inc 106 87 125 54 141 15 - - - - 0.83 -Neptune Eurpn Opportunities C Acc GBP 137 1 150 1 136 33 186 38 189 28 - -Newton Continental European Inst W Acc 103 108 119 89 130 69 - - - - - -Old Mutual European Eq ex UK R GBP Acc 114 13 124 60 126 84 176 67 162 50 0.98 -Old Mutual Henderson European U2 GBP Acc 109 54 123 66 135 37 - - - - - -Old Mutual Threadneedle Eurp Sel U2 Acc£ 103 106 116 99 138 23 - - - - - -OYSTER Continental Eurp Sel R GBP D 113 15 130 12 - - - - - - 1.24 0.67Polar Capital European Ex UK Inc I £ Acc 108 70 122 68 - - - - - - - -Royal London Europe ex UK Tracker Z Acc 110 43 127 30 132 62 - - - - - -Royal London European Growth 104 102 116 101 138 22 174 73 154 57 1.57 -Royal London European Growth M Acc 114 11 129 15 138 24 193 28 227 7 0.70 -Royal London European Opps M Acc 112 19 126 44 137 28 184 41 - - - -Sanlam FOUR Active Eurp Ex-UK Eq A GBP 107 82 115 103 115 94 163 80 - - 1.08 -


Santander Premium Europe Ex UK Eqs A 111 31 127 39 131 64 181 46 168 46 1.04 -Schroder European Alpha Income Z Acc 117 6 134 7 143 10 - - - - 0.92 -Schroder European Alpha Plus Z Acc 118 3 136 4 133 47 178 59 181 33 0.92 -Schroder European Opportunities Z Acc 111 28 121 83 127 81 190 32 204 20 0.85 -Schroder European Z Acc 113 16 129 17 141 17 200 18 210 16 0.77 -Scottish Widows Europe Select Growth A 106 89 127 32 118 93 162 82 146 62 1.63 -Scottish Widows European Growth A 111 27 129 20 127 82 167 78 153 59 1.63 -Seeyond Fct Pls Eurp Ex U.K. Eq N/A(Gbp) 109 53 122 70 - - - - - - - -SLI European Equity Growth Plat 1 Acc 109 57 124 57 127 80 182 44 186 30 - -SLI European Equity Income Plat 1 Acc 106 86 121 80 132 58 185 39 - - - -SLI European Ethical Equity Plat 1 Acc 110 49 124 63 125 85 180 48 - - - -SLI European Trust 110 51 125 53 126 83 177 63 176 37 0.86 -SLI European Trust II Ret Acc 107 81 122 78 124 86 174 70 168 45 1.77 -Smith & Williamson European Equity B 106 94 117 96 123 90 183 42 185 31 0.87 -SSgA Europe ex UK Equity Tracker 109 61 124 59 129 74 176 66 163 49 0.90 2.14Stonehage European All Cap Equity B Inc 105 99 122 73 137 26 193 27 281 3 1.97 -SVM Continental Europe Instl 111 30 121 84 141 14 200 19 206 18 1.23 -T. Rowe Price Continental Eurp Eq Q GBP 107 74 122 74 127 77 - - - - 0.82 -Threadneedle European Sel Z Acc GBP 103 105 116 98 138 21 188 34 227 8 0.82 -Threadneedle European Z Acc GBP 105 96 116 100 133 50 178 60 181 33 - -Threadneedle Eurp ex-UK Gr Retl Acc GBP 105 98 116 102 132 56 176 64 176 39 1.09 -TM Sanditon European A Acc 112 23 125 51 - - - - - - - -Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 109 59 124 58 130 71 178 58 - - 0.25 -Waverton European Capital Gr R GBP Inc 106 91 125 48 - - - - - - - -Waverton European Income L GBP Inc 111 38 130 11 142 12 207 8 176 38 - -Average/Total 110 109 124 108 134 95 187 85 188 67 1.03 1.69

(IA) EUROPE INCLUDING UKAllianz Europe Equity Growth P GBP 104 38 121 22 144 4 190 10 - - 0.72 1.01Allianz Europe Equity Growth Sel RT GBP 103 44 120 26 149 1 - - - - - -BGF European Value D2 110 12 122 21 128 28 193 8 195 9 1.06 -Candriam Quant Eqs Europe C Acc 107 22 121 25 126 30 161 38 135 26 1.86 -Capital Group Eurp Gr & Inc (LUX) Bh $ 114 4 126 8 - - - - - - 1.70 -Carmignac Pf Grande Europe F GBP Acc Hdg 108 17 111 47 117 42 139 43 - - 1.16 -Fidelity European Dynamic Grth W-Acc-GBP 101 47 119 30 142 6 196 6 215 5 1.16 -Fidelity Instl Pan European 111 11 125 12 130 20 177 22 189 13 0.88 -GAM European Growth & Value Z Acc 113 5 126 9 125 35 188 11 155 22 1.87 -GAM Star (Lux) - European Momentum IAcc 104 39 113 43 136 10 212 2 202 7 2.52 -GAM Star European Equity EUR Acc Instl 107 26 117 37 132 16 188 13 194 10 1.70 -GS Europe CORE Equity R GBP Inc 113 6 132 3 146 2 196 7 173 17 0.75 -GS Europe Eq Ptnrs Port R GBP Inc 103 41 121 23 135 11 180 19 170 18 1.05 -GS GIVI Europe Equity Port R Acc Snap 107 21 122 17 129 23 - - - - 0.45 -Hermes European Alpha Equity F GBP Acc 108 18 123 14 131 18 172 30 - - 0.84 -IFSL Trade Union Unit Trust 106 31 130 4 114 43 141 42 129 29 1.10 -JB EF Euroland Value-GBP R 133 1 161 1 128 26 192 9 155 21 1.08 -JB EF Europe Focus-EUR B 107 29 117 38 122 38 154 39 130 28 1.96 -JOHCM European Select Val A GBP 107 24 127 7 142 7 199 5 248 3 1.47 -JPM Europe Eq Plus A (dist) (perf) GBP 111 10 122 19 133 14 202 4 - - 1.80 -JPM Europe Select Eq Pls A dist perf GBP 109 14 123 15 121 39 165 35 - - 1.80 3.20JPM Europe Strategic Growth A (dist) GBP 105 34 122 20 144 3 221 1 201 8 1.80 -JPM Europe Strategic Value A (dist) GBP 118 2 133 2 130 21 175 24 131 27 1.80 1.21Jupiter European Growth D GBP Acc 101 49 113 46 142 5 211 3 264 1 0.90 -Jupiter European Opps D EUR Acc 107 27 121 24 130 19 181 18 190 12 0.90 -Legg Mason QS MV EurpEq Gr&Inc A Inc A 104 40 114 42 129 25 162 37 135 25 1.84 -LO Funds - Europe High Conv I A 102 45 117 35 140 8 188 14 211 6 1.97 -M&G European Strategic Value GBP I Acc 113 7 128 6 134 12 181 17 - - 0.91 -M&G Pan European Dividend GBP I Acc 107 28 118 33 133 15 171 31 - - 0.93 -M&G Pan European Select GBP I Acc 105 33 126 10 134 13 171 32 170 19 0.92 -MFS Meridian Blndd Rsrch Eurp Eq WH1 GBP 109 13 116 40 113 44 - - - - 1.20 -MFS Meridian European Core Eq W1 GBP 106 32 122 16 - - - - - - 1.00 -MFS Meridian European Research WH1 GBP 103 42 105 50 110 45 152 40 - - 0.99 -MFS Meridian European Value W1 GBP 100 51 118 32 139 9 188 12 - - 1.25 -New Capital Dynamic Eurp Eq GBP Ord Inc 105 36 105 49 129 22 174 28 - - 1.40 1.81Pioneer SICAV Euroland Equity N GBP ND 109 15 125 11 127 29 183 15 189 14 0.98 -Pioneer SICAV Eurp Eq Tgt Inc N GBP DSA 106 30 117 36 - - - - - - 0.99 -Pioneer SICAV Top Europn Plyrs N GBP ND 107 23 118 31 125 34 168 34 157 20 0.98 -Polar Capital European Income I Acc 105 37 116 39 - - - - - - - -Principal European Equity I Acc USD 109 16 119 29 131 17 178 21 177 16 1.13 -Schroder ISF European Eq Yld Z Acc EUR 116 3 128 5 126 31 175 26 148 24 1.07 -SLI European Equity Uncons D Acc 105 35 113 45 125 33 180 20 - - 0.99 -SLI Pan-European Trust 107 25 120 28 123 37 176 23 152 23 0.78 -SVM All Europe SRI Instl 112 8 117 34 126 32 181 16 258 2 1.23 -T. Rowe Price European Equity Q EUR 103 43 113 44 119 41 173 29 - - 0.78 -Threadneedle Pan European Z Acc GBP 108 20 120 27 129 24 175 27 215 4 - -Threadneedle Pan Eurp Eq Div Z Inc GBP 101 48 114 41 128 27 175 25 186 15 1.14 -Threadneedle Pan Eurp Focus Z Acc GBP 100 50 105 48 121 40 169 33 192 11 0.92 -Vanguard SRI European Stock GBP Acc 108 19 122 18 125 36 164 36 - - 0.35 -Virgin Climate Change 102 46 105 51 106 46 143 41 - - 1.96 -Winton European Equity I GBP 112 9 124 13 - - - - - - - -Average/Total 108 51 120 51 129 46 178 43 182 29 1.23 1.81

(IA) EUROPEAN SMALLER COMPANIESAberdeen European Smlr Coms Eq I Acc 112 6 128 4 128 17 167 18 164 13 - 1.21Baring Europe Select GBP I Inc 108 12 127 5 152 4 236 4 292 1 0.82 -BNY Mellon Small Cap Euroland GBP W 112 7 - - - - - - - - - -Carmignac Pf Euro-Entrepr F GBP Acc Hdg 108 13 109 24 128 18 - - - - 1.17 -F&C European Small Cap R EUR Acc 105 22 112 23 127 19 205 17 192 10 1.04 -F&C European SmallCap Ex UK C Acc GBP 109 10 120 17 - - - - - - - -Henderson Eurp Smaller Coms I Acc 118 1 138 2 155 1 227 8 217 6 1.08 -IP European Small Companies Z Acc 113 4 126 7 144 10 219 13 159 14 - -JPM Europe Dynamic Sm Cp A dist perf EUR 105 21 120 18 142 14 231 6 216 8 1.80 1.39JPM Europe Small Cap A (dist) GBP 108 14 123 15 144 9 228 7 189 11 1.80 1.96JPM Europe Smaller Companies C Acc 106 19 125 9 149 5 224 10 189 12 0.93 -Lazard Eurpn Smlr Coms Retl C Acc 108 16 121 16 154 2 239 2 - - - -M&G European Smaller Coms GBP I Acc 114 3 133 3 141 15 211 15 217 7 0.94 -



Unit trusts


MFS Meridian European Sm Cos W1 EUR 103 25 119 19 149 6 222 12 280 3 1.25 -Mirabaud Eq Eur Ex-Uk S/M D GBP Acc 106 18 124 10 - - - - - - 0.98 -Mirabaud Eqs Pan Eurp Sm & Md D Acc GBP 107 17 123 14 - - - - - - 0.96 -Old Mutual Eurp Ex UK Smlr Coms R £ Acc 115 2 139 1 - - - - - - 0.95 -Pictet-Small Cap Europe I GBP 112 8 124 13 137 16 213 14 228 5 1.25 -Pioneer SICAV Eurpn Potential N GBP ND 108 11 114 22 - - - - - - 0.99 -Schroder European Sm Cos Z Acc 112 5 126 6 147 7 231 5 215 9 0.94 -SLI Europe ex UK Smlr Coms Plat £ Acc 104 24 124 11 143 12 251 1 - - - -SLI European Smaller Coms D Acc 104 23 116 21 142 13 238 3 - - 0.97 -T. Rowe Price Eurp Smaller Co Eq Q GBP 110 9 124 12 143 11 226 9 - - 1.12 -Threadneedle Eurp Smlr Coms Z Acc GBP 108 15 125 8 154 3 223 11 287 2 1.05 -Threadneedle PanEurpSmCos Z Acc GBP 106 20 118 20 144 8 206 16 263 4 0.93 -Average/Total 109 25 123 24 143 19 222 18 222 14 1.10 1.52

(IA) FLEXIBLE INVESTMENT7IM AAP Adventurous C Acc 106 89 121 75 129 62 157 47 - - 0.83 -7IM Adventurous C Acc 108 47 123 60 131 51 165 31 170 36 1.68 -Aberdeen Capital Trust Inc 109 33 126 33 129 66 157 48 158 46 1.63 -Aberdeen Multi-Mgr Equity Mgd Ptfl I Acc 109 32 124 48 134 33 167 23 174 33 - -Alliance Trust SF Absolute Gr 2 106 83 124 47 133 41 176 14 192 19 0.85 -Allianz Glbl Fundamental Strat RT2 H-GBP 100 142 109 135 - - - - - - - -Allianz RiskMaster Growth Mlt Asst C Acc 107 58 129 17 140 12 - - - - - -Allianz RiskMaster Mod Mlt Asst C Acc 105 102 123 56 131 52 - - - - - -Architas MA Active Dynamic A Acc 108 52 130 14 137 18 167 25 197 15 1.71 -Architas MA Active Growth A Acc 108 45 128 24 137 19 170 16 185 24 - -Artemis Strategic Assets I 114 6 121 77 118 116 143 83 - - 0.82 -Aviva Investors Multi-Mgr Flexible 2£Acc 109 30 126 35 136 29 170 17 - - 1.64 -Barclays Adventurous Growth Port D Acc 105 99 117 108 115 123 148 74 - - 1.82 -Barclays Wealth Global Mkts 5 CL R Acc 109 34 123 55 126 84 142 86 - - 1.08 -Baring Dynamic Emerging Market I GBP Acc 103 125 124 50 119 114 105 106 - - 1.15 -BPM Trust Inc 109 27 121 78 128 75 - - - - - -Capital Group EmMkts Ttl Opps(LUX)Bh CHF 106 78 132 8 122 107 118 104 - - 1.89 -Capital Group Glbl Abs Inc Grw(LUX)Bdh £ 101 136 117 109 132 47 156 51 - - 1.89 -Capital Group Global Allc (LUX) Bdh 104 121 123 59 122 104 - - - - 1.74 -Carmignac Pf EM Patrimoine F GBP Acc Hdg 102 135 115 120 124 94 111 105 - - 1.19 -Carmignac Pf Patrimoine F GBP Acc Hdg 102 133 107 140 119 115 123 102 - - 1.16 -Cavendish Worldwide B Inc 110 17 130 12 137 24 161 41 201 10 0.88 -CF Bentley Global Growth Acc 106 80 118 100 126 85 143 84 - - 3.02 -CF Bentley Sterling Bal A 101 141 105 143 110 126 128 99 134 57 2.30 -CF Canlife Portfolio VII C Acc 107 69 122 73 126 87 - - - - - -CF Cautela Retail Acc 104 115 110 134 110 128 - - - - - -CF IM Global Strategy A Acc 110 24 134 5 151 1 167 22 - - 1.49 -CF KB Catalyst Acc 105 97 121 80 135 32 165 32 199 12 0.94 -CF KB NewGate Trust Inc 104 112 116 117 124 97 143 80 158 45 1.34 -CF Miton Worldwide Opportunities B Acc 117 1 129 20 137 20 168 19 154 48 1.58 -CF Odey Continental European I Acc 107 57 116 111 114 124 171 15 194 17 1.08 -CF Odey Opus I Acc 106 90 108 138 117 118 167 24 205 8 1.08 -CF Prudential Dyn Focused 60-100 A Acc 108 41 122 62 - - - - - - - -CF Prudential Dynamic 60-100 P Acc 108 53 120 87 129 67 154 58 - - - -CF Purisima EAFE Total Return PCG B nc 110 22 130 16 131 53 154 61 - - 1.80 -CF Ruffer Equity & General C Acc 107 66 113 127 110 127 143 82 210 4 - -CF Ruffer Japanese C Acc 117 2 124 51 133 38 216 1 - - 1.23 -CF Stewart Ivory Inv Mkts Acc 104 119 120 92 132 46 164 33 180 31 1.16 -CF Waverton Portfolio B 105 92 123 57 132 44 154 59 - - 1.85 -City Financial Multi Asset Dyn I Acc 108 43 122 67 123 99 152 69 - - - -Close Growth Portfolio X Acc 105 94 112 130 122 108 148 75 - - 0.95 -Close Managed Growth X Acc 107 65 119 94 127 78 155 52 - - 1.12 -Close Strategic Alpha X Acc 107 62 122 61 129 65 156 50 - - 1.82 -Close Tactical Select Passive Gr X Acc 107 67 122 66 131 49 153 63 - - 0.66 -Coram Global Opportunities A GBP 104 122 116 119 - - - - - - - -Courtiers Total Return Growth 110 20 125 41 141 6 184 8 - - 2.01 -Discovery Managed Growth B GBP Acc 106 86 118 99 128 71 155 53 139 55 - -F&C Managed Growth 1 Acc 107 55 122 69 133 36 159 44 153 50 1.89 -F&C MM Navigator Select C Acc 110 25 124 53 133 42 164 34 - - - -F&C Multi Man Invest Trust Fd C Net Acc 108 42 120 90 128 76 168 20 160 43 - -Family Investments Child Trust 108 46 125 43 127 82 153 65 151 52 1.47 -Fidelity Multi Asset Adventurous Y Acc 108 50 127 28 137 21 164 36 - - - -Fidelity Multi Asset Open Advntrs Y 109 29 128 23 128 74 - - - - - -Fidelity Multi Asst Allctor Advtrs Y Acc 109 36 129 18 137 26 - - - - - -First State Diversified Grth B Acc £ 105 104 117 110 - - - - - - - -FP Brompton Global Opps B GBP Acc 108 54 125 44 135 31 - - - - 1.90 -FP Brunswick Growth Portfolio C Acc GBP 109 26 126 31 133 40 150 70 - - 2.47 -FP Tatton Oak Advanced B 107 60 121 79 129 61 158 45 - - 1.51 -Franklin Diversified Growth W Acc 95 147 88 145 - - - - - - - -Franklin Diversified Income W Acc 96 146 92 144 - - - - - - - -GAM Star Global Equity Instl GBP Acc 107 72 121 76 123 101 - - - - 1.96 -GAM Star Growth Institutional GBP Acc 106 88 117 105 120 113 - - - - 1.68 -HC KB Capital Growth A Acc 104 116 116 115 120 111 137 92 - - 1.83 -HC Sequel Growth Target Ret Str B £ Acc 111 15 125 39 126 86 - - - - - -Henderson Multi-Manager Active I Acc 107 71 123 58 131 57 166 27 154 49 - -Hermes Multi Asset Inflation F GBP Acc 102 134 107 141 - - - - - - - -HL Multi-Manager High Income A Acc 105 96 - - - - - - - - - -HL Multi-Manager Strategic Assets A Acc 102 130 - - - - - - - - - -IFSL Brooks Macdonald Strat Growth A GBP 106 77 116 113 123 100 - - - - - -IFSL Brunsdon Adventurous Gr C Acc 107 59 120 86 124 95 137 94 - - - -IFSL Select Z Acc GDP 108 48 121 82 131 56 156 49 165 41 - -Ingenious Glbl Growth Retl Acc 103 127 116 116 128 69 142 85 - - - -Investec Managed Growth I Acc Net 109 38 126 34 133 34 182 10 182 27 0.85 -IP Managed Growth Z Acc 113 11 134 4 143 5 188 6 198 13 - -JPM Portfolio C Acc 112 13 127 27 139 14 185 7 194 18 0.93 -Jupiter Merlin Growth I Acc 107 74 122 65 137 22 164 35 206 7 1.81 -L&G Multi Manager Growth I Acc 108 51 121 74 125 88 130 98 - - 1.73 -L&G Multi-Index 7 I Acc 108 39 124 45 135 30 - - - - - -L&G Worldwide I Acc 107 68 120 91 127 79 165 30 173 34 0.82 -LO Funds - All Roads MltAst EUR IA 101 139 118 97 117 120 122 103 - - 0.70 -


M&G Managed Growth GBP I Acc 116 4 143 1 144 4 142 87 183 26 1.04 -Man GLG Stockmarket Managed Profl Acc C 109 35 119 95 122 105 161 42 156 47 0.93 -Margetts Opes Income R GBP Acc 103 124 116 112 125 90 149 72 167 40 0.90 -Margetts Venture Strategy Fd R GBP Acc 107 64 135 3 141 7 155 54 213 3 0.93 -MFS Meridian Diversified Income WH1 GBP 100 144 111 132 - - - - - - 1.05 -MFS Meridian Global Multi-Asset W1 USD 107 75 126 36 138 16 140 89 208 6 1.00 -MFS Meridian Global Total Return WH1 GBP 98 145 109 136 117 119 - - - - 1.20 -MGTS Clarion Explorer Portfolio R Acc 106 79 131 11 141 9 153 66 - - 1.33 -MGTS Frontier Adventurous R Acc 107 61 133 6 140 10 153 62 - - 2.89 -MI Downing Diversified Global Mgrs A Acc 105 93 116 118 124 96 145 78 - - 1.75 -MI Momentum Factor 3 A Acc 102 131 114 125 116 121 - - - - 3.22 -MI Momentum Factor 4 A Acc 104 120 117 106 122 103 - - - - - -MI Momentum Factor 5 A Acc 105 98 120 89 125 91 - - - - - -Neptune Global Alpha C Acc GBP 114 8 124 49 132 48 165 29 184 25 0.72 -Newton Multi-Asset Growth Inst W Acc 100 143 115 124 138 15 181 11 191 20 - -Newton Multi-Asset Income Inst W Acc 105 100 122 70 - - - - - - - -Newton Osprey Sterling Inc 106 81 122 71 144 3 201 2 262 1 1.14 -Newton SRI for Charities GBP Inc 104 118 121 81 127 81 155 57 - - 0.83 -NFU Mutual Mixed Portfolio Max100% C 111 16 131 9 128 73 147 76 - - - -Old Mutual Cirilium Dynamic R GBP Acc 112 12 128 26 137 23 179 12 - - 1.24 -Old Mutual Foundation 5 R GBP Acc 110 23 131 10 - - - - - - - -Premier Multi Asset Gbl Gr C Net Inc 110 19 130 13 148 2 191 5 - - 1.98 -P-Solve Inflation Plus A Inc 105 95 120 88 127 77 137 93 171 35 1.75 -Pyrford Glbl Tot Ret(Sterling)B GBP Acc 101 138 108 137 - - - - - - - -Rathbone Dragon Trust £ Acc 107 63 126 29 133 35 152 67 185 22 0.89 0.59RBS INV Adventurous Growth 107 70 120 84 131 54 160 43 - - 2.06 -RHFS Diversified Strategy C Acc 107 76 122 68 - - - - - - - -River & Mercantile Dyn Asst Allc B Acc 104 109 119 93 - - - - - - - -S&W ILEX Trust Acc 104 117 113 126 118 117 101 107 120 58 1.60 -S&W Starhunter Managed Acc 105 107 116 114 123 102 138 91 167 39 1.73 -Sand Aire Generation Inc 105 106 115 123 122 106 144 79 158 44 1.14 -Sarasin FoF Global Equity P Acc 114 10 129 19 133 39 - - - - 1.60 -Sarasin FoF Global Growth P Acc 111 14 125 38 - - - - - - 1.37 -Sarasin Global Equity Real Return P Acc 105 101 119 96 120 110 136 95 147 54 1.24 -Schroder Dynamic Multi Asset Z Acc 103 129 110 133 116 122 131 97 - - 0.50 -Schroder MM Diversity Tactical Z Acc 109 37 118 103 123 98 - - - - 1.42 -Sentinel Enterprise B Acc 104 123 118 104 125 89 128 100 - - - -SF Adventurous 104 114 120 83 131 58 153 64 - - 3.00 -Smith & Williamson Deucalion 101 137 107 139 111 125 141 88 138 56 1.30 -Smith & Williamson MM Global Invmt B 117 3 128 22 129 64 166 26 149 53 - -Spectrum Income Fund O Acc 104 111 115 122 - - - - - - - -Standard Life Wealth Acer Fund 104 113 117 107 130 59 150 71 167 38 1.15 -Standard Life Wealth Bridge Inc 105 105 118 102 131 50 158 46 181 29 0.83 -Standard Life Wealth Merlin 104 110 118 98 129 63 154 60 181 28 1.21 -SVS Brown Shipley Growth I Acc 106 91 118 101 124 92 155 56 - - 1.97 -SVS Church House UK Managed Growth A Acc 108 40 124 52 129 60 168 21 180 30 1.59 -TB Wise Income B Inc 115 5 132 7 136 28 195 4 185 23 1.46 -TB Wise Investment B Acc 114 7 135 2 129 68 179 13 175 32 1.53 -The Norfolk Trust 106 85 125 42 137 25 163 38 202 9 0.93 -The Notts Trust 106 87 124 46 136 27 163 40 200 11 0.88 -Thesis Elfynn Trust Acc 110 18 126 30 133 37 169 18 - - - -Thesis Palm 108 44 130 15 140 11 152 68 - - 1.33 -Thesis Thameside Managed 102 132 113 128 124 93 143 81 161 42 2.01 -Threadneedle Global Equity Z Acc GBP 106 82 120 85 133 43 163 39 194 16 - -Threadneedle Navgtr Advnts Mgd Retl Acc 108 49 125 40 141 8 183 9 222 2 1.57 -Threadneedle Navigator Gr Retl Acc GBP 106 84 122 72 132 45 166 28 209 5 1.53 -TM Balanced Growth Fund 104 108 115 121 120 112 139 90 152 51 2.07 -TM Cerno Select C Acc 103 126 112 129 120 109 - - - - - -Total Clarity Portfolio 6 A 107 73 126 32 131 55 149 73 - - 1.69 -Troy Spectrum O Acc 105 103 126 37 139 13 146 77 - - 1.49 -Troy Trojan O Inc 101 140 112 131 128 72 124 101 186 21 1.03 -UBS Targeted Return C 103 128 106 142 108 129 133 96 - - 1.45 -Unicorn Mastertrust B 114 9 128 25 137 17 198 3 197 14 1.75 -VT Tcam Growth Acc 109 28 122 63 126 83 - - - - - -WAY Global Red Active Portfolio Tr E Acc 107 56 123 54 128 70 164 37 170 37 - -WAY MA Growth Portfolio E Acc 109 31 122 64 127 80 155 55 - - 2.17 -Zurich Horizon Multi-Asset V Z Acc 110 21 128 21 - - - - - - - -Average/Total 107 147 121 145 129 129 156 107 178 58 1.46 0.59

(IA) GLOBALAberdeen Ethical World Equity I Acc 110 120 141 28 135 183 149 183 174 116 1.12 -Aberdeen Global World Equity R2 GBP Acc 108 174 135 80 135 181 154 177 202 79 1.18 -Aberdeen World Eq Enh Idx Net B Acc 112 66 138 47 - - - - - - - -Aberdeen World Equity I 108 173 136 63 135 184 155 176 202 78 1.13 -Alliance Trust SF Global Gr 2 107 212 129 177 139 161 185 105 191 96 0.85 -Allianz Best Styles Global AC Eq C Acc 112 65 133 122 - - - - - - - -Allianz Best Styles Global Eq RT GBP 112 63 133 100 - - - - - - - -Allianz Global Small Cap Equity RT GBP 108 168 132 135 - - - - - - - -Ardevora Global Equity A Acc 108 186 125 210 158 41 219 21 - - - -Ardevora Global Long Only Equity C Acc 109 153 132 126 160 35 - - - - - -Artemis Global Growth I Acc 113 54 133 107 166 14 224 15 232 39 1.00 -Artemis Global Select I Acc 109 155 130 154 157 49 201 56 - - 1.17 -Artemis Institutional Global Cap IN Acc 113 55 133 106 167 13 224 14 237 33 0.82 -Aviva Investors Intl Idx Tr 2 £ Acc 111 85 138 48 157 50 197 68 - - 0.50 -AXA Framlington Global Opps Z Inc 111 95 134 93 150 92 185 107 180 112 - -AXA Rosenberg Global Z 111 113 136 76 152 84 191 89 193 94 1.06 -Baillie Gifford Global Alpha Gr B Acc 115 31 143 21 162 19 214 26 - - 0.68 -Baillie Gifford Global Discovery B Acc 106 222 129 178 136 177 243 5 313 7 0.88 -Baillie Gifford Global Select B Acc 116 22 149 12 - - - - - - - -Baillie Gifford International B Acc 114 34 144 19 164 16 215 25 285 14 0.69 -Baillie Gifford Long Term Glbl Gr B 111 115 140 33 170 8 238 7 310 8 0.85 -Barclays Global Core R Acc 110 122 130 152 147 109 - - - - - -Baring Global Growth GBP I Inc 108 181 133 120 151 90 177 131 220 53 - -BlackRock Consensus 100 D Acc 111 104 133 108 149 99 - - - - 0.27 -BlackRock Global Equity D Acc 111 98 135 83 148 107 174 139 211 68 0.92 -



Unit trusts


BlackRock Global Equity D GBP Acc 110 130 130 162 142 148 - - - - 0.24 -BlackRock Overseas Equity I Acc GBP 112 72 137 52 162 18 207 38 242 27 0.24 -BNY Mellon Long-Term Global Eq Int W Acc 109 161 133 110 156 57 189 92 - - - -Candriam Eqs L Sustainable Wld C EUR Acc 109 150 131 146 146 117 187 99 187 101 1.83 -Candriam Quant Eqs World C Acc 112 74 133 105 150 93 187 98 183 108 1.88 -Carmignac Pf Investissemnt F GBP Acc Hdg 104 248 111 261 124 216 137 189 - - 1.17 -CF Adam Worldwide Acc 108 169 130 164 141 153 167 162 223 51 1.37 -CF Canlife Global Equity C Acc GBP 112 73 134 98 155 68 192 85 235 34 0.81 -CF Macquarie Global Infras Sec B Acc 103 253 130 160 145 126 169 159 - - 1.13 -CFIC Crux Global B Inc 106 229 124 221 145 123 183 116 226 46 1.29 -Davy Discovery Equity M GBP Acc 108 180 133 118 - - - - - - - -Davy Ethical Equity U GBP Acc 107 203 123 233 - - - - - - - -Davy Global Brands Equity M Acc 106 227 120 242 - - - - - - - -Dimensional International Core Eq Acc 113 49 140 35 159 39 203 48 - - 0.46 -Dimensional International Val Acc 120 7 147 15 155 61 201 54 188 99 0.57 -Dodge & Cox Worldwide Global Stk GBP Acc 121 4 149 11 160 32 223 17 - - 0.69 -Dominion Global Trends - Managed GBP I 105 236 121 238 126 211 - - - - - -Dominion Global Trends Lxy Cnsmr GBP I 102 259 112 260 112 228 136 190 - - - -EdenTree Amity International B 109 160 131 147 133 196 160 173 230 42 0.83 -Electric & General Net Income A 104 243 124 223 142 146 192 86 - - - -F&C Global Thematic Opps 1 Acc 110 134 131 144 137 175 170 154 170 118 2.43 -F&C Institutional Global Eq 4 Inc 113 57 138 43 167 12 222 18 252 24 0.03 -F&C MM Navigator Boutiques C Acc 111 118 130 166 141 152 181 124 - - - -F&C Responsible Global Equity 2 109 147 132 123 154 72 197 66 233 37 0.80 -Fidelity Allocator World Y 111 116 134 95 153 73 - - - - - -Fidelity Gl Consmr Industries W-Acc-GBP 103 256 120 243 155 65 204 45 299 10 1.17 -Fidelity Gl Financial Servs W-Acc-GBP 117 18 136 77 156 58 211 30 170 119 1.16 -Fidelity Global Focus W Acc 111 109 135 79 158 45 201 55 259 21 - -Fidelity Global Health Care W-Acc-GBP 94 268 110 262 151 87 215 24 290 13 1.17 -Fidelity Global Industrials W Acc GBP 118 13 152 5 139 164 152 179 219 55 1.19 -Fidelity Global Special Situations W Acc 115 28 138 51 170 6 229 13 214 64 - -Fidelity Index World W Acc 112 78 136 64 158 43 - - - - - -Fidelity Instl Glbl Foc 111 107 136 72 158 42 202 51 271 17 0.90 -Fidelity MoneyBuilder Global 108 172 127 194 138 172 174 140 183 107 2.33 -Fidelity Open World Y 113 53 137 58 146 119 - - - - - -Fidelity Undiscovered Talent Y Acc 111 86 132 129 142 143 - - - - - -Fidelity Wealthbuilder Y Acc 109 164 128 187 141 151 181 121 196 89 - -First State Glbl Lstd Infras B GBP Acc 103 254 134 89 163 17 201 57 - - 0.95 -First State Global Resources B Acc 118 12 194 1 118 223 83 199 150 130 0.89 -FP Brompton Global Equity B GBP Acc 111 88 133 114 145 121 - - - - 1.71 -FP Matterley UK & Intl Growth Acc 108 177 127 197 136 180 167 163 - - 1.49 -FP Octopus Global Growth B 111 87 134 99 146 118 145 186 - - 1.49 -FP Octopus International Equity B Acc 111 93 134 97 153 74 189 90 - - 0.93 -FP Russell International Gr Assets C Acc 109 144 124 230 138 169 194 80 - - 1.07 -FP SCDavies Global Equity A Acc GBP 110 127 132 134 147 110 187 96 - - 2.32 -FP WHEB Sustainability C 104 244 131 140 144 130 175 138 - - - -FP WM Global Corp Autonomies I GBP Acc 108 166 135 87 - - - - - - - -Fundsmith Equity T Acc 105 239 130 158 191 1 255 1 - - 1.17 -GAM Global Diversified Instl GBP Acc 113 47 132 136 135 186 202 53 199 84 1.11 -GAM International Growth & Val X Acc 112 61 132 128 124 215 - - - - - -GAM Star Composite Glb Eq GBP Acc 109 151 129 180 139 165 185 110 - - 1.90 -GAM Star Global Quality Instl GBP Inc 103 249 124 222 153 77 198 63 - - 1.16 -GAM Star Worldwide Eq GBP Ordinary Acc 113 56 130 165 126 212 166 164 185 103 1.62 -GS GIVI Glbl Eq-GM Tilt R Snap Acc 109 143 133 111 152 85 - - - - 0.50 -GS Glbl CORE Equity R Snap Acc 114 41 136 78 172 3 231 12 234 36 0.75 -GS Glbl Equity Partners R GBP Inc 106 219 126 206 144 134 197 69 196 88 1.15 -GS Glbl Sm Cap Core Eq R Snap GBP Acc 114 39 141 25 158 44 218 22 254 22 0.85 -GS Global Eq Ptnrs ESG R Snap Inc 107 210 127 198 138 170 170 155 - - 1.00 -GS Global Millennials Equity R Inc 107 204 129 181 139 159 - - - - 1.15 -GS Strategic Global Equity R GBP Inc 110 133 130 157 141 149 143 188 237 30 1.05 -Guinness Alternative Energy X 102 258 114 256 88 231 119 195 - - 1.24 -Guinness Global Energy X 117 16 147 16 99 229 111 197 - - 1.24 -Guinness Global Innovators Y GBP ACC 114 36 135 85 160 36 244 4 347 1 0.99 -Guinness Global Money Managers X 114 32 125 217 123 218 213 27 - - 1.24 -Halifax Ethical C 110 121 141 29 138 171 183 115 193 93 1.52 -Halifax Fd of Inv Tr C 111 103 126 200 134 192 172 147 175 114 1.51 -Halifax Intl Growth C 111 96 136 74 146 116 192 87 204 75 1.51 -Harris Associates Glbl Eq Fd R/A USD 120 6 135 81 138 168 182 120 199 85 2.15 -HC Charteris Global Macro A Acc 106 230 145 17 - - - - - - - -Henderson Global Care Growth I GBP Acc 109 165 133 102 147 111 197 65 234 35 - -Henderson Global Growth I Acc 112 77 137 62 161 21 232 11 342 2 - -Henderson Instl Glbl (50/50) Idx Opps 3 110 126 129 168 138 166 176 134 197 87 0.39 -Henderson Multi-Manager Global Sel I Acc 110 136 129 179 124 213 163 168 136 132 - -Henderson World Select I Acc 107 211 126 202 133 194 174 141 228 45 0.85 -Heriot Global A Acc 108 189 131 137 142 147 - - - - - -Hermes Global Equity ESG F GBP Acc 112 76 135 82 - - - - - - 0.84 -Hermes Global Equity F GBP Acc 112 62 138 44 157 51 210 31 - - 0.65 -Hermes Global Small Cap Equity F GBP Acc 113 43 141 31 - - - - - - 1.08 -HL Multi-Manager Special Sits A Acc 111 106 126 204 140 158 184 113 192 95 1.49 -HSBC FTSE All-World Index C Acc 112 82 137 56 - - - - - - - -Investec Glb Quality Eq Inc I Inc-2 Net 102 260 - - - - - - - - - -Investec Global Dynamic I Acc Net GBP 111 84 132 130 148 105 194 79 216 61 0.87 -Investec Global Equity I Acc Net GBP 111 102 132 127 145 124 186 103 211 67 0.88 -Investec Global Franchise I Net Acc 105 235 125 219 169 10 - - - - 0.85 -Investec Global Special Sits I Net Acc 124 3 151 7 161 20 204 44 - - 0.91 -Investec Global Strat Eq I Acc Net GBP 113 44 134 91 155 69 208 34 218 58 0.86 -IP Global Equity Z Acc 116 20 137 60 141 154 - - - - - -IP Global ex UK Core Equity Index 112 81 138 49 160 30 202 50 222 52 0.72 -IP Global ex UK Enhanced Index 113 51 138 42 161 26 212 28 247 26 0.37 -IP Global Opportunities Z Acc 118 14 147 14 151 88 219 20 229 44 - -IP Global Smaller Companies Z Acc 114 38 140 32 151 89 208 33 274 15 - -Janus Global Research A USD 109 159 128 185 140 156 170 152 219 56 2.50 -JB EF Luxury Brands-GBP Ra 108 185 120 240 123 219 149 184 - - 1.27 0.48JOHCM Glbl Smaller Companies A USD Inc 114 40 138 39 - - - - - - 1.25 -JOHCM Global Opportunities A GBP Inc 106 228 127 191 161 24 - - - - 2.51 -


JOHCM Global Select A GBP 108 196 132 131 145 122 204 43 - - 0.81 -JPM Global Dynamic A (dist) GBP 112 67 132 132 147 113 183 117 191 97 1.80 -JPM Global Focus A (dist) USD 116 23 140 36 157 48 185 106 224 49 1.80 -JPM Global Unconstrained Eq C Acc 114 37 138 46 157 52 199 60 201 81 0.93 -JPM Multi-Manager Growth C Net Acc 109 145 124 227 134 189 171 150 157 129 0.83 -Jupiter Ecology I Acc 107 213 129 171 134 188 175 136 186 102 0.80 0.63Jupiter Fund of Investment Trusts I Acc 109 149 122 236 132 199 166 165 167 122 - -Jupiter Glbl Ecology Gr D EUR A Inc Dist 107 214 130 163 131 203 171 151 164 126 1.00 -Jupiter Global Equities L GBP A Inc 111 114 133 113 146 114 173 143 - - 2.00 -Jupiter Global Managed I Acc 110 139 133 116 143 138 186 100 212 66 0.99 -Jupiter Merlin Worldwide Portfolio I Acc 107 209 127 192 141 150 162 170 204 73 1.81 -Kames Global Equity B Acc 110 132 130 167 149 98 194 81 164 125 1.30 -Kennox Strategic Value Institutional Acc 105 233 134 90 130 204 - - - - - -L&G Global 100 Index I Acc 112 75 133 104 153 75 187 95 216 60 0.32 -L&G Global Equity Index I Acc 111 110 135 86 150 95 - - - - 0.87 -L&G Global Health & Pharma Index I Acc 97 266 117 249 157 53 233 9 325 3 0.32 -L&G International Index I Acc 111 97 136 69 159 40 198 61 - - 0.39 -Lazard Managed Equity Instl 108 193 126 201 136 178 180 127 196 90 1.05 -Legg Mason CB Glbl Equity A Inc (A) $ 115 30 133 117 128 207 172 146 162 127 1.90 -Legg Mason IF MC Glb Alpha X Acc £ 108 176 130 155 145 128 184 114 171 117 - -Legg Mason MC Glbl Res X GBP Inc 116 21 149 9 118 224 112 196 - - - -Lindsell Train Global Equity B 102 261 126 203 169 9 239 6 - - - -Liontrust GF Glb Wtr&Agrltr C5 GBPH Inst 99 264 116 253 - - - - - - - -LO Funds - Em Hi Convict (USD) IA 110 125 134 96 134 191 160 172 - - 1.10 -LO Funds - Golden Age (USD) I A 102 262 119 245 148 106 202 52 - - 0.95 -M&G Fund of Invest Trust Shares A Acc 109 148 125 213 132 197 165 166 159 128 1.20 -M&G Global Basics GBP I Acc 108 178 139 38 136 179 130 192 183 106 0.91 -M&G Global Dividend GBP I Acc 118 10 149 10 146 115 185 108 - - 0.91 -M&G Global Leaders GBP I Acc 113 52 140 34 143 136 183 118 184 105 0.93 -M&G Global Recovery GBP I Acc 109 157 142 22 148 103 - - - - 0.92 -M&G Global Select GBP I Acc 110 124 134 94 149 100 187 97 237 31 0.92 -Majedie Global Equity X GBP Acc 114 35 137 54 - - - - - - - -Majedie Global Focus X GBP Acc 113 48 130 153 - - - - - - - -Margetts Intl Strategy R GBP Acc 109 140 131 141 142 144 171 149 205 72 0.74 -Margetts Opes Growth R GBP Acc 106 218 128 186 144 133 180 128 204 74 0.88 -Marlborough Global P Acc 108 192 131 148 142 141 176 135 164 124 - -McInroy & Wood Smaller Comps Pers Inc 107 200 128 182 144 132 193 83 292 12 - -MFS Meridian Global Concentrated W1 GBP 107 215 129 175 - - - - - - 1.30 -MFS Meridian Global Energy WH1 GBP 105 232 119 247 94 230 98 198 - - 1.00 -MFS Meridian Global Equity Income WH1GBP 104 242 114 257 - - - - - - 0.95 -MFS Meridian Global Equity W1 GBP 109 156 131 145 152 86 203 49 252 23 1.19 -MFS Meridian Global Rsrch Focus W1 USD 108 179 129 174 148 102 184 112 201 83 0.98 -MFS Meridian Managed Wealth WH1 GBP 103 252 105 264 - - - - - - 1.00 -MGTS Greystone Global Growth R Acc 111 108 132 133 153 78 183 119 238 29 - -MI Thornbridge Global Opps C Acc 105 231 127 193 136 176 161 171 - - 0.91 -Mirabaud Equities Global Focus D GBP Acc 107 217 117 250 - - - - - - 1.24 -Morgan Stanley UK Global Brands I GBP 108 183 128 188 170 7 208 36 319 5 1.00 -MS INVF Emerging Leaders Equity Z 103 255 127 199 140 157 - - - - 1.34 -MS INVF Global Brands I 108 194 124 225 169 11 204 42 314 6 0.98 -MS INVF Global Opportunity Z 109 163 128 183 183 2 247 3 - - 0.94 -MS INVF Global Quality I 106 220 123 232 161 22 - - - - 0.98 -MT Total Return 108 175 125 215 138 167 175 137 231 41 0.65 -NatWest International Growth NAV 107 197 125 211 139 162 170 156 202 76 - -Neptune Global Equity C Acc GBP 112 71 124 220 132 201 145 187 166 123 - -Neptune Global Smaller Coms C Acc GBP 110 137 119 246 119 222 128 193 - - 2.50 -New Capital Glbl Eq Convict USD Ord Acc 106 221 124 224 - - - - - - 2.08 -Newton Global Equity Inst W Acc 105 240 125 209 150 91 195 72 213 65 - -Newton Global Opportunities Inst W Acc 106 226 127 195 158 47 201 58 232 38 - -NFU Mutual Global Growth C 118 11 153 4 148 104 170 153 187 100 - -Old Mutual Ethical R GBP Acc 107 208 138 45 144 129 196 70 177 113 - -Old Mutual Fidelity Glbl Foc U2 GBP Acc 111 99 137 57 158 46 - - - - - -Old Mutual Global Best Ideas R GBP Acc 108 190 126 205 133 195 174 142 182 109 - -Old Mutual Global Equity R GBP Acc 115 25 142 24 171 4 254 2 264 19 1.14 -Old Mutual Voyager Glbl Dyn Eq R GBP Acc 111 89 133 112 128 206 151 180 - - 1.06 -Old Mutual World Index U2 GBP Acc 112 79 137 55 - - - - - - - -Orbis OEIC Global Equity Standard 115 26 151 8 161 23 233 10 301 9 - -Pictet-Global Megatrend Sel I dy GBP 107 199 129 173 146 120 197 64 - - 1.22 -Polar Capital Global Alpha I USD 109 146 129 170 144 131 - - - - 1.03 -Premier Global Alpha Growth C Acc 111 92 131 138 165 15 204 47 - - 1.27 -Principal Global Equity I Acc USD 108 191 124 226 143 137 185 109 198 86 1.28 -Purisima Global Total Return A 111 83 136 68 157 56 178 130 214 62 1.32 -Rathbone Global Opportunities I Acc 107 206 125 207 155 63 207 37 271 16 - -RBS International Growth 1 107 197 125 211 139 162 170 156 202 76 1.63 -River and Mercantile World Recovery B 121 5 151 6 135 182 - - - - 1.25 -Royal London GMAP Dyn M GBP Acc 110 131 - - - - - - - - - -S&W Aubrey Global Conviction 106 223 120 241 127 210 172 148 201 82 1.75 -S&W Saltus Global Equities A Inc 106 225 114 258 118 225 - - - - - -S&W Smithfield Income and Growth Inc 112 80 128 189 134 190 177 132 190 98 0.80 -Sand Aire Capital 108 188 118 248 120 221 148 185 170 120 1.15 -Sanlam FOUR Global Equity A GBP 119 8 143 20 133 193 179 129 - - 0.97 -Sanlam FOUR Stable Global Eq A GBP Acc 104 241 128 184 - - - - - - 1.01 -Sanlam Global Best Ideas A GBP Acc 111 91 125 216 132 198 135 191 - - 1.56 -Sanlam Global Financial A GBP 127 2 157 3 155 64 169 158 - - 1.60 0.72Sarasin Global Dividend P Acc 108 184 131 139 155 62 - - - - - -Sarasin Global Dividend Stg Hdg P Acc 103 251 115 254 128 205 - - - - - -Sarasin Responsible Glb Eq Stg Hdg P Acc 103 257 113 259 116 226 158 175 - - 0.98 -Sarasin Responsible Global Equity P Acc 107 205 129 169 141 155 180 126 - - 1.00 -Sarasin Thematic Global Eq Stg Hdg P Acc 104 245 115 255 114 227 150 182 - - 0.98 -Sarasin Thematic Global Equity P Acc 109 162 130 156 137 174 173 145 194 91 0.97 -Schroder Global Alpha Plus Z Acc 109 142 131 143 156 60 195 75 - - - -Schroder Global Equity I Acc 109 152 129 172 153 80 196 71 230 43 0.53 -Schroder Global Equity Income Z Acc 117 17 141 27 159 37 197 67 - - 0.90 -Schroder Global Healthcare Z Acc 96 267 117 251 153 79 234 8 321 4 0.93 -Schroder Global Recovery Z Acc 119 9 148 13 - - - - - - - -



Unit trusts


Schroder ISF Glbl Eq Alpha Z EUR Acc 111 111 131 149 148 101 181 123 206 71 1.06 -Schroder ISF Glbl Eq Yield Z EUR Acc 117 15 139 37 157 55 200 59 206 70 1.06 -Schroder ISF Global Energy Z EUR Acc 127 1 174 2 82 232 70 200 - - 1.07 -Schroder ISF Global Smaller Comp C Acc 112 64 137 53 160 31 212 29 270 18 1.34 -Schroder MM International Z Acc 112 70 133 109 149 96 205 41 249 25 1.36 -Schroder QEP Glbl Active Val Z Acc 113 46 142 23 150 94 186 101 - - 0.77 -Schroder QEP Global Core Eq A Acc 112 69 138 40 160 28 204 46 - - 0.37 -Scot Wid MM International Eq A 112 68 136 70 152 83 188 93 219 57 1.83 -Scottish Widows Global Growth G Acc 111 100 136 65 145 127 - - - - - -Scottish Widows Global Select Growth A 108 182 136 73 124 214 167 161 175 115 1.62 -Scottish Widows Intl Eq Tracker I Acc 111 101 138 50 155 67 189 91 208 69 0.61 -Scottish Widows Opportunity A 109 141 127 190 135 185 173 144 181 110 2.00 -SF Metropolis Value A Acc 111 119 136 75 156 59 192 84 - - 1.47 -SKAGEN Global A 110 128 127 196 132 200 158 174 223 50 1.00 -SKAGEN Kon-Tiki A 113 50 145 18 124 217 125 194 242 28 2.00 -SLI Global Equities A Acc GBP 108 171 125 208 137 173 185 104 - - 1.49 -SLI Global Equity Uncons Plat 1 Acc 107 216 124 229 142 142 195 74 214 63 - -SLI Global Smaller Coms Ret Plat 1 Acc 111 112 136 71 145 125 216 23 - - - -SLI International Trust 111 117 135 84 160 33 223 16 261 20 0.14 -Standard Life Wealth Falcon Acc 105 237 120 244 134 187 169 160 225 47 1.55 -Stewart Investors Wldwd Eq B Acc GBP 106 224 133 115 153 76 187 94 - - 2.41 -Stewart Investors Wldwd Ldrs B Acc GBP 105 238 130 151 154 71 194 78 237 32 0.92 -Stewart Invs Wldwd Sstnbty B Acc GBP 104 246 132 125 152 82 - - - - - -Stonehage Fleming Gl Best Ideas Eq C£Inc 103 250 116 252 160 34 - - - - - -Stonehage Fleming Glb Sel Eq B Inc GBP 108 195 124 228 147 112 - - - - - -Stonehage Fleming Global Eqs II B Inc 108 187 121 239 121 220 153 178 142 131 1.70 -Stonehage Fleming Global Equities B Inc 109 158 124 231 127 208 165 167 168 121 1.87 -SVM World Equity Instl 116 24 130 161 142 139 205 40 217 59 1.98 -SVS Brown Shipley Dynamic I Acc 107 201 121 237 127 209 150 181 - - 2.08 -SVS Church House Esk Global Equity A Acc 111 105 129 176 - - - - - - - -T Bailey Growth Inst Acc 105 234 123 234 142 145 180 125 201 80 1.74 -T. Rowe Price Glbl Foc Grth Eq Q GBP 112 60 141 26 170 5 221 19 219 54 0.92 -T. Rowe Price Glbl Grth Eq Q GBP 108 170 132 124 161 25 195 77 - - 0.92 -Templeton Growth W Acc 117 19 137 61 139 160 198 62 181 111 0.90 1.54Threadneedle Glbl Extnd Alpha Inst Acc £ 108 167 134 88 157 54 208 35 - - 1.43 -Threadneedle Global Select Z Acc GBP 109 154 133 101 155 66 195 76 232 40 0.89 -TM UBS (UK) - Global Equity C Acc 110 135 130 159 - - - - - - - -Troy Trojan Global Eq O Acc 104 247 123 235 161 27 184 111 224 48 1.11 -UBS (Lux) ES Gl Opp Uncons$ Q-acc 98 265 105 263 - - - - - - 1.10 -UBS FTSE RAFI Developed 1000 Index J Acc 115 29 137 59 - - - - - - - -UBS Global Optimal C 115 27 136 66 142 139 181 122 185 104 - -UBS MSCI World Minimum Vol Idx J Acc 101 263 125 214 - - - - - - - -Vanguard FTSE Dev Wld ex UK Eq Idx Acc 111 90 133 103 159 38 206 39 - - 0.30 -Vanguard Glbl Sm Cap Idx Acc 113 58 141 30 154 70 209 32 - - 0.40 -Vanguard Global Equity A GBP Acc 113 45 - - - - - - - - - -Vanguard LifeStrategy 100% Equity A Acc 110 129 130 150 148 108 186 102 - - 0.33 -Vanguard SRI Global Stock GBP Acc 110 123 131 142 152 81 195 73 - - 0.40 -Veritas Global Focus A GBP 107 202 134 92 160 29 192 88 298 11 1.13 -Veritas Global Focus A GBP 107 202 134 92 160 29 192 88 298 11 1.13 -Virgin Global Share 110 138 133 121 - - - - - - - -VT Price Value Portfolio A GBP Acc 114 33 136 67 - - - - - - - -Waverton Global Equity A GBP 111 94 138 41 144 135 177 133 194 92 1.53 -Waverton Tactical Equity A GBP 107 207 125 218 131 202 163 169 - - 1.34 -Wesleyan International Growth X Acc 113 42 - - - - - - - - - -Winton Global Equity I GBP Acc 113 59 133 119 149 97 193 82 - - - -Average/Total 110 269 132 265 145 233 185 201 219 133 1.13 0.84

(IA) GLOBAL BONDSAberdeen Euro Corporate Bond I Acc 100 89 116 63 114 85 129 49 195 37 - -Aberdeen Gl Sel Gl Crdt Bd R2 GBP Acc 98 117 106 113 111 96 - - - - 0.83 -Aberdeen Glb Sel Euro HY Bd R1 106 21 123 23 119 58 143 20 178 48 0.89 -Aberdeen World Government Bond I Acc 101 70 119 39 131 31 119 73 195 34 - -Allianz Flexi Asia Bond PQ (H2-GBP) 99 105 107 108 108 108 - - - - 0.86 4.78Allianz US High Yield P GBP 111 4 137 2 135 22 - - - - 0.80 -Aviva Investors Glbl Agg MoM 1 2 GBP Inc 97 133 100 142 107 112 109 98 116 62 0.80 -Aviva Investors Global HY Bd Amh GBP Inc 103 47 110 97 108 111 125 57 - - 1.51 -AXA US Short Duration Hi Yld Z Net Acc 101 67 106 111 105 121 115 88 - - 0.77 -Baillie Gifford Global Bond B 100 99 117 49 129 32 119 69 - - 0.60 -Baring International Bond I GBP Inc 97 131 113 82 122 52 116 79 199 28 1.08 -Baring Strategic Bond I GBP Inc 100 84 102 129 107 113 105 102 177 50 - -BlackRock Overseas Corp Bd Tkr D Acc 103 48 120 31 135 20 138 30 - - 0.17 2.43BlackRock Overseas Govt Bd Tracker D Acc 98 124 115 67 129 37 118 74 - - 0.18 -Candriam Bds Credit Opps C Acc EUR 103 41 117 50 115 80 135 32 195 38 1.80 -Candriam Bds Euro High Yield C EUR Acc 105 30 123 22 124 49 158 12 224 12 1.28 -Candriam Bds Global High Yield C Acc 105 25 124 19 122 53 141 23 208 22 1.23 -Candriam Bds Total Return C 101 66 115 69 113 88 125 61 173 52 0.98 -Capital Group Glbl Hi Inc Opps(LUX)Bdh £ 103 39 118 46 103 125 113 90 - - 1.70 -Capital Group Global Bd (LUX) Cdh 99 113 112 87 114 83 - - - - 0.10 -Carmignac Pf Glb Bond F GBP Acc Hdg 103 40 111 96 129 36 132 42 - - 0.84 -CF Canlife Global Bond C Acc GBP 100 96 118 45 126 45 - - - - - -CF Canlife Global High Yield Bd C Acc 105 27 117 56 109 104 133 39 181 46 - -Courtiers Investment Grade Bd Retl R 101 64 105 116 - - - - - - - 0.91Dimensional Global Short Dated Bd Acc 98 114 101 138 105 120 110 97 140 60 0.33 -Dodge & Cox Worldwide Global Bd GBP Inc 107 15 125 15 - - - - - - 0.60 3.63F&C Global Bond 2 Acc 96 142 101 140 113 89 119 70 189 39 0.32 -Fidelity Gl Infl Link Bd Y-GBP-Hdg 100 94 104 123 101 129 101 106 - - 0.51 -FP Octopus Fixed Income B Acc 99 106 104 118 109 105 115 85 - - 1.08 -FP SCDavies Global Fixed Inc A Acc GBP 100 95 103 126 101 128 107 99 - - 1.50 -FP Shenkman Hi Yld Euro Plus A Inc 104 35 121 25 113 91 136 31 198 31 0.91 3.70GAM Star Cat Bond Instl GBP Acc 102 53 104 122 111 94 134 34 - - 1.37 4.17GAM Star Credit Opp (EUR) Instl EUR Acc 108 11 126 14 129 39 180 2 - - 1.13 -GAM Star Credit Opp (USD) Instl USD Acc 111 7 127 11 157 1 206 1 - - 1.13 -GAM Star Dynamic Global Bond Inst USDAcc 103 45 125 16 129 33 - - - - 0.85 -GAM Star MBS Total Return Inst Acc £ Hdg 103 42 105 115 - - - - - - 1.20 -GS Em Mkts Corp Bd R GBP H Inc 101 80 111 94 116 71 - - - - 0.95 5.52


GS Em Mkts Debt Local R GBP Inc 102 60 126 12 116 76 103 104 - - 0.95 -GS Em Mkts Debt R GBP H Inc 98 121 111 93 118 62 - - - - 1.00 6.27GS Emerging Mkts Dbt Blnd R Inc GBP 101 71 119 38 116 73 - - - - 0.95 5.04GS Euro Fixed Income R Acc 98 115 113 83 116 69 133 37 197 32 0.60 -GS Euro Short Duration Plus Bd R Acc 103 46 114 74 109 103 - - - - 0.45 -GS Glbl Credit Pt (Hdg) R GBP H Inc 97 137 104 120 109 106 118 75 170 53 0.65 -GS Glbl Fixed Income + Hdgd R £Hdg Inc 98 126 102 133 109 102 - - - - 0.75 -GS Glbl Fixed Income Hdgd R £Hdg Inc 97 132 102 134 109 107 - - - - 0.60 -GS Glbl Fixed Income Port R Acc 100 90 116 61 129 38 127 55 213 19 0.60 -GS Glbl High Yield R GBP Hdg Dis 105 29 116 64 106 114 - - - - 0.85 -GS Opportunistic Corporate Bond R £H Dis 101 69 108 103 106 117 - - - - 0.95 4.23GS US Fixed Income R Cap 103 43 114 73 140 11 141 25 224 11 0.60 -Henderson Horizon Eur CorpBd H2 EUR Acc 101 75 117 48 115 81 134 33 - - 0.81 -Henderson Inst Overseas Bd A Inc 97 128 114 72 124 48 111 93 186 42 1.20 -IP Global Bond Z Acc 102 52 110 99 118 59 124 63 188 40 - -Janus Flexible Income I USD Inc 103 44 114 76 137 16 139 28 240 9 0.77 -Janus High Yield I USD Inc 111 5 129 9 142 9 159 10 249 7 0.86 -Janus US Short-Term Bnd I USD Inc 105 23 114 75 132 27 131 44 199 29 0.84 -JB BF Total Return-EUR B 102 59 115 70 106 116 110 96 162 55 1.09 -JPM Global (ex-UK) Bond C Net Acc 96 143 101 135 111 95 117 77 130 61 0.58 -L&G Global Inflation Lnkd Bd Idx I Acc 98 123 103 127 106 115 - - - - - -Legg Mason BW Glb Fxd Inc X Inc S $ 101 72 118 44 129 34 125 58 217 16 0.87 -Legg Mason BW Glb OppcFxInc A Inc M $ 101 74 119 37 132 29 129 50 - - 1.42 -Legg Mason IF WA Glb Mlt Strat Bd X Inc 102 50 114 71 111 97 115 84 - - - -Legg Mason WA Asian Opp X US$ Inc (M) 99 107 117 55 134 23 124 64 - - 0.87 3.62Legg Mason WA Gl Hi Yld X USD Inc D 112 3 133 4 133 26 149 17 - - 0.91 -Loomis Sayles Glbl Opp Bd Fd R/D GBP 100 91 118 43 127 43 123 65 - - 1.50 1.59Loomis Sayles Multisect Inc Fd R/D GBP 107 18 130 8 137 15 150 16 - - 1.36 -M&G European Corporate Bond GBP I Acc 101 63 118 42 114 84 130 45 195 34 0.66 -M&G European High Yield Bond GBP I Acc 106 19 121 29 117 64 144 19 206 24 0.93 3.71M&G Global Government Bond GBP I Acc 102 55 124 18 135 21 127 54 242 8 0.73 -M&G Global Macro Bond GBP I Acc 105 24 121 24 133 25 142 22 235 10 0.81 -Man GLG Corporate Bond Profl Acc C 102 51 119 34 132 28 146 18 285 4 0.69 2.64Marlborough Global Bond P Inc 102 56 115 65 129 35 139 27 223 13 - -MFS Meridian Global Credit WH1 GBP 97 134 107 107 110 98 99 107 - - 0.75 -MFS Meridian Global High Yield WH1 GBP 105 26 117 52 - - - - - - 0.90 -MFS Meridian Infl Adj Bond W1 USD 104 38 116 60 135 18 125 62 213 18 0.75 -MFS Meridian US Corporate Bd WH1 GBP 97 130 106 110 - - - - - - 0.75 -MFS Meridian US Gov Bond W1 USD 102 54 112 91 136 17 132 41 214 17 0.73 -MFS Meridian US Total Ret Bd WH1 GBP 97 129 103 128 - - - - - - 0.75 -Mirabaud Global HY Bonds DH Cap, GBP 105 28 112 90 111 93 - - - - 0.80 -MS INVF Euro Corporate Bond I 102 58 120 33 117 63 141 24 211 20 0.68 -New Capital Glbl Val Crdt GBP Ord Acc 101 65 108 102 109 101 126 56 166 54 1.07 -New Capital Wealthy Nat Bd GBP Inst Inc 98 122 108 104 113 86 129 48 - - 1.23 3.44Newton International Bond Inst W Acc 98 116 116 62 128 41 119 72 199 30 - -Nordea 1 - Flexible Fixed Income BC EUR 99 101 - - - - - - - - - -Old Mutual Global Bond S GBP Inc 99 108 112 88 120 56 110 95 - - 2.04 -Old Mutual Global Strat Bd R GBP H Acc 98 120 102 130 95 131 97 108 - - 0.92 -Old Mutual Global Strat Bond P GBP Acc 98 119 103 125 100 130 101 105 177 49 0.62 1.81OYSTER European Corporate Bds R GBP D HP 100 87 106 112 - - - - - - 0.84 2.91Pictet-Asian Local Currency Dbt I GBP 100 86 118 40 138 14 128 52 221 14 0.99 -Pictet-Latin Amer Lcl Ccy Dbt I GBP 109 10 140 1 124 46 103 103 - - 0.99 -PIMCO GIS Crdt Abs Ret E $ Acc 110 9 123 21 135 19 - - - - 1.80 -PIMCO GIS Euro Bond E Inc 99 103 114 77 116 68 131 43 184 44 1.36 -PIMCO GIS Euro Credit E Acc EUR 101 79 117 57 115 78 127 53 - - 1.36 -PIMCO GIS Euro Income Bond E Inc 104 37 121 28 113 92 130 46 - - 1.39 -PIMCO GIS Euro Long Average Dur Ins Acc 89 144 114 78 139 13 159 11 292 2 0.46 -PIMCO GIS Euro Low Duration E Acc 102 57 113 81 106 118 - - - - 1.36 -PIMCO GIS Euro Real Return Ins Acc 100 83 115 66 115 77 125 60 181 45 0.46 -PIMCO GIS Euro Short-Term E Acc 101 62 112 89 104 124 105 101 144 59 1.15 -PIMCO GIS Euro Ultra Lg Dur Inst 86 145 111 92 144 7 155 14 386 1 0.46 -PIMCO GIS Glbl Adv Instl GBP Prtly H Acc 101 68 110 98 116 74 - - - - 0.70 -PIMCO GIS Glbl AdvRlRetIntl GBPPtlyH Inc 101 77 111 95 110 100 - - - - 0.69 -PIMCO GIS Glbl Real Ret R Acc GBP H 101 73 109 101 116 72 117 78 - - 0.76 -PIMCO GIS Global Bd ex-US E Inc 104 33 117 53 149 4 157 13 - - 1.39 -PIMCO GIS Global Bond R Inc GBP H 98 118 104 124 113 90 123 66 173 51 0.76 -PIMCO GIS Low Average Dur R Inc GBP H 100 98 101 139 102 127 106 100 - - 0.75 1.76PIMCO GIS Total Ret Bd R GBP Hdg Inc 98 125 102 131 106 119 111 92 - - 0.77 2.27Pioneer SICAV Emerg Mkts Bd N GBP ND 108 12 128 10 153 2 171 5 281 5 0.82 -Pioneer SICAV Euro High Yield N GBP ND 106 22 125 17 120 55 153 15 - - 0.82 -Pioneer SICAV Glbl Aggregate Bd N GBP ND 99 111 114 79 123 51 121 67 - - 0.64 -Pioneer SICAV Glbl High Yield N GBP ND 111 6 133 5 139 12 159 8 - - 0.80 -Pioneer SICAV US Dollar Agg Bd N GBP HND 99 102 105 117 - - - - - - 0.72 -Royal London European Corporate Bond M 101 78 117 54 115 79 - - - - - -Royal London Global Index Linked M 100 97 107 106 116 70 116 81 - - - -Royal London International Govt Bd M Inc 96 141 100 143 108 110 114 89 - - - 1.34Royal London Shrt Dur Glb Idx Lnkd Inc M 100 93 - - - - - - - - - -Schroder ISF Euro Corp Bd Z Acc 101 61 119 35 121 54 139 29 208 21 0.58 -Schroder ISF Glb Corp Bond Z Acc USD 104 31 121 27 - - - - - - 0.58 -Schroder ISF Glbl Credit Dur Hdgd C Acc 104 32 121 26 108 109 115 86 145 58 0.74 -Schroder ISF Glbl High Yld C USD Acc 112 1 132 6 151 3 175 3 277 6 0.80 -Schroder ISF Glbl Infl Lnk Bd C Acc 102 49 120 32 120 57 120 68 197 33 0.66 -Scottish Widows Cautious A Acc 99 112 106 109 113 87 125 59 151 57 1.50 -Scottish Widows International Bd A Acc 97 135 113 80 124 47 118 76 185 43 1.36 -Scottish Widows Overseas FI Track I Acc 97 127 115 68 128 42 116 82 205 26 0.64 -SLI European Corp Bd D Acc 100 82 118 47 116 67 133 36 208 23 0.54 -SLI Global Bond A Acc GBP 96 140 113 85 124 50 113 91 - - - -SLI Global Corporate Bond D Acc 104 34 121 30 148 6 159 9 - - - -SLI Global High Yield Bond D Acc 111 8 131 7 142 8 167 6 - - 0.73 -SLI Global Index Linked Bond Plat 1 Acc 100 88 107 105 116 75 115 87 159 56 - -SLI Shrt Dur Glbl Idx-Lnkd Bd Plat 1 Acc 100 92 104 121 - - - - - - - -Smith & Williamson Global Govt Bd B Inc 100 85 105 114 115 82 - - - - - 0.01T. Rowe Price Euro Corp Bd Q EUR 101 81 117 51 117 65 133 35 195 36 0.57 -T. Rowe Price Eurp High Yld Bd Q EUR 107 16 126 13 128 40 165 7 - - 0.77 -T. Rowe Price Glbl Aggregate Bd Q EUR 100 100 117 59 132 30 128 51 219 15 0.61 -



Unit trusts


T. Rowe Price Glbl High Yld Bd Q USD 112 2 133 3 149 5 172 4 287 3 0.70 -T. Rowe Price US Aggregate Bd QH GBP acc 97 138 101 136 - - - - - - 0.54 -Templeton Global Bond W Mdis GBP H1 107 14 104 119 102 126 110 94 - - 1.00 -Templeton Global Total Ret Bd W Acc H3 107 13 109 100 105 122 116 83 - - - 4.78Threadneedle Dollar Bd Z Inc GBP 104 36 119 36 140 10 140 26 206 25 - -Threadneedle Eurp Bd Z Inc GBP 99 109 113 86 118 60 130 47 202 27 0.64 -Threadneedle Eurp Corp Bd Z GBP 101 76 118 41 116 66 132 40 180 47 - -Threadneedle Eurp HY Bd Z Acc GBP 106 20 123 20 118 61 142 21 - - - 3.49Threadneedle Global Bd Z Inc GBP 97 136 113 84 127 44 119 71 188 41 - -TM UBS (UK) - Global Fixed Income E Acc 99 110 102 132 - - - - - - - -Vanguard Glb Bd Idx GBP Hdg Acc 96 139 101 137 110 99 116 80 - - 0.20 -Vanguard Glbl ShTerm Bd Idx GBP Hdg Acc 99 104 101 141 104 123 - - - - - -Waverton Global Strategic Bond A USD 107 17 117 58 133 24 133 38 - - 1.28 4.88Average/Total 101 145 114 143 120 131 130 108 203 62 0.88 3.29

(IA) GLOBAL EMERGING MARKETS7IM Emerg Mrkts Equity Value C Inc GBP 111 32 148 15 - - - - - - - -Aberdeen Emerging Markets Equity I Acc 106 68 143 46 142 30 133 30 270 2 1.20 -Aberdeen Glb Em Mkt Eq R2 107 67 143 47 142 31 131 37 261 3 1.29 -Aberdeen Global Emerging Mkts Quant Eq B 111 28 147 26 138 44 126 46 172 24 0.93 -Aberdeen Global Emerging Mkts Sm Cos R2 100 80 134 71 135 50 142 14 - - 1.46 -Allianz Emerging Markets Equity C Acc 110 47 149 12 145 18 127 45 160 27 1.19 -Artemis Global Emerging Markets I AccGBP 115 3 149 11 - - - - - - - -Aviva Investors EM Eq MoM 1 2 GBP Inc 109 58 148 18 154 6 146 11 280 1 1.33 -AXA Framlington EmerG Markets Z GBP Acc 104 75 136 67 139 43 132 34 196 13 0.90 -Baillie Gifford Em Mkts Lead Coms B Acc 113 14 144 41 141 36 134 28 197 12 0.87 -Baillie Gifford Emerg Mkts Gr B Acc 114 10 141 51 141 32 137 20 231 5 0.83 -Baring Emerging Markets Inst Acc 109 49 137 62 141 34 122 54 193 16 1.80 -Baring Global Emerging Markets I GBP Acc 110 43 138 60 141 35 123 53 195 14 1.28 -BlackRock Emerging Markets D Acc 109 51 148 17 134 55 129 40 193 15 0.92 -BlackRock Emerging Markets Eq Tkr D Acc 111 33 147 25 143 24 128 44 - - 0.27 -BMO LGM Glbl Emerg Mkts Gr and Inc B Acc 98 83 126 80 144 20 132 31 - - 0.73 -Candriam Eqs L Emerging Markets C EURAcc 114 13 140 54 145 19 136 24 187 19 2.12 -Candriam Eqs L Sust Emerg Mkts C Acc 110 46 133 74 143 23 132 35 - - 2.11 -Carmignac Pf EM Discovery F GBP Acc Hdg 99 82 114 82 130 64 133 29 - - 2.73 -Charlemagne Magna Emerg Mkts Div B Inc 106 71 136 66 126 71 137 23 - - - -Dimensional Emerging Mkts Core Eq Acc 110 45 145 38 142 27 131 36 222 6 0.78 -Eaton Vance Intl(IRL) Par EmMkts I2 £ 109 54 140 55 128 68 - - - - 1.00 -Edinburgh Partners Emerging Opps I £ Inc 107 66 137 61 - - - - - - - -F&C Emerging Markets 2 99 81 130 78 134 56 124 51 260 4 0.84 -Fidelity Emerging Markets W Acc 105 74 130 77 141 33 150 9 - - - -Fidelity Index Emerging Markets W Acc 111 30 145 35 - - - - - - - -FP Henderson Rowe FTSE RAFI Em Mkt B 122 1 175 1 149 12 124 50 - - - -GAM Star North of South EM Eq £Inst Acc 115 4 158 3 140 38 156 5 - - 1.38 -GS Emerg Mkts CORE Eq R Close GBP Inc 113 18 145 37 150 10 145 12 - - 1.05 1.55GS Emerging Mkts Eq R GBP Inc 109 50 136 68 154 7 142 13 188 18 1.35 -Henderson EMs Opportunities I Acc 107 65 143 45 145 17 138 19 175 23 - -Hermes Global Emerging Mkts F GBP Acc 112 25 141 52 156 3 155 6 - - 1.14 -HSBC GIF Global Em Mkts Equity AD 112 24 146 31 135 53 110 60 138 29 1.91 -Investec Emerg Markets Equity I Net Acc 111 35 143 44 132 59 - - - - 0.97 -IP Global Emerging Markets Z Acc 113 16 146 32 149 13 157 4 213 8 - -JB EF Emerging Equity-GBP R 113 17 149 10 - - - - - - 1.17 -JOHCM Emerging Markets GBP A 111 36 147 27 140 39 139 15 - - 1.90 -JOHCM Global Emerging Mkts Opps GBP A 110 48 142 49 144 21 135 25 - - 2.20 -JPM Em Mkts Small Cap A (dist) perf GBP 105 73 139 57 165 1 167 2 - - 1.80 1.82JPM Emerging Markets B Net Acc 108 63 146 33 143 22 129 41 198 11 1.18 -JPM Emerging Markets Income C Acc 109 57 147 22 136 49 - - - - 0.87 -Jupiter Global Emerging Markets I Acc 111 39 154 6 152 9 152 7 - - 1.11 -L&G Global Emerging Markets Index I Acc 111 34 146 28 143 26 128 43 - - 0.49 -Lazard Developing Markets Retail C Acc 114 11 153 8 138 46 117 59 - - - -Lazard Emerging Markets Instl Acc 114 12 154 7 141 37 134 26 219 7 1.06 -Legg Mason IF MC Emerg Mkts X Acc £ 112 21 148 16 134 58 121 56 158 28 - -Legg Mason IF QS Emerging Mrkts Eq X Acc 104 76 132 75 126 70 129 39 166 25 - -Legg Mason QS Emerging Makts Eq A $ Acc 104 77 129 79 125 73 104 61 - - 2.00 -M&G Global Emerging Markets GBP I Acc 115 5 157 4 139 42 137 21 - - 1.00 -Man GLG Unconstrained Emerg Mkt Eq C£Acc 106 69 138 59 - - - - - - - -Marlborough Emerging Markets Trust P Inc 117 2 150 9 148 14 125 49 199 10 - -MFS Meridian Em Mkts Eq WH1 GBP 105 72 122 81 107 74 95 63 132 30 1.35 -MI Somerset Emerg Mkts Div Gr A Acc 109 55 134 73 142 28 147 10 - - 1.30 -MI Somerset Emerg Mkts Sm Cp B Acc 108 60 143 43 143 25 152 8 - - 1.72 -MI Somerset Global Emerg Mkts B Acc 110 44 144 40 139 41 132 33 - - 1.35 -Mirabaud Equities GEM D GBP Acc 111 37 142 50 131 63 - - - - 1.00 -Neptune Emerging Markets C Acc GBP 113 19 144 39 150 11 139 16 - - - -Neuberger Berman Emerg Mkts Eq USD A Acc 110 42 139 58 137 47 134 27 - - 2.30 -Newton Emerging Income Inst W Acc 103 79 135 70 126 69 - - - - - -Newton Global Em Markets Int W Acc 106 70 135 69 148 15 166 3 - - - -NFU Mutual Global Emerging Markets C 113 15 159 2 138 45 126 47 - - - 1.01Old Mutual Global Em Mkts R GBP Acc 108 64 136 65 140 40 137 22 - - 1.37 -Old Mutual JPM Em Mkts U2 GBP Acc 108 62 146 30 146 16 - - - - - -OYSTER Emerging Opportunities R GBP D 111 27 145 36 - - - - - - 1.35 -Pictet-Emerging Mkts High Div I dm GBP 111 38 145 34 131 62 - - - - 1.24 -Polar Capital Emerg Mkts Inc I USD Acc 109 59 136 64 130 65 132 32 - - 1.27 -Polar Capital Emerging Markets Gr I USD 108 61 136 63 131 61 125 48 - - 1.29 -Principal EM Equity I Acc USD 112 22 140 56 134 57 121 57 180 22 1.74 -Schroder Global Emerg Mkt Z Acc 115 7 147 24 142 29 138 17 210 9 0.95 -Schroder ISF QEP Glbl Emerg Mkts Z £ Acc 112 20 147 21 136 48 - - - - 1.11 -Schroder QEP Glbl EMM Z GBP Acc 112 23 147 19 - - - - - - - -Scottish Widows Emerging Markets A 111 29 147 23 135 52 122 55 162 26 1.73 -SLI Global Emerging Mrkt Eq Inc Plat 1 A 110 41 148 14 135 51 - - - - - -SLI Global Emerging Mrkt Eq Plat 1 Acc 109 52 149 13 131 60 - - - - - -T. Rowe Price Emg Mkts Eq Q GBP 109 53 146 29 154 5 138 18 184 21 1.17 -Templeton Em Mkts Smlr Coms W Acc£ 109 56 134 72 162 2 180 1 - - 1.65 -Templeton Global Emerging Markets W Acc 111 31 155 5 125 72 98 62 128 31 1.35 -Threadneedle Global EMs Eq Z Acc GBP 103 78 132 76 130 66 130 38 191 17 0.93 -UBS Emerging Markets Equity Income C Acc 112 26 142 48 130 67 118 58 - - - -


UBS Global Emerging Markets Equity C Acc 114 9 147 20 156 4 128 42 186 20 - -UBS Global Emerging Markets Opp Q GBP 115 8 143 42 153 8 - - - - 1.25 -Vanguard Emerging Mrkts Stk Idx GBP Acc 111 40 141 53 135 54 124 52 - - 0.40 -Vanguard Global Emerging Markets A Acc 115 6 - - - - - - - - - -Average/Total 110 83 143 82 140 74 133 63 195 31 1.29 1.46

(IA) GLOBAL EMERGING MARKETS BONDAberdeen Emerging Markets Bond I Acc 100 30 117 28 114 28 124 10 - - - -Allianz Emerging Mkts Flex Bd R H-GBP 102 26 116 29 - - - - - - - 6.02Aviva Investors Em Mkts LclCcy Bd Ia£Inc 101 28 123 21 115 26 105 15 - - 0.78 -Baillie Gifford Emerg Mkts Bd B 105 7 129 3 118 19 103 16 - - 0.76 -Baring Em Mkts Dbt Loc Ccy I USD Inc 104 17 125 14 115 27 100 20 185 10 1.43 -BNY Mellon EM Dbt Lcl Ccy GBP C Inc 103 22 125 18 113 29 97 23 - - 1.21 5.30BNY Mellon Em Mkts Corporate Debt GBP WH 100 31 114 33 118 18 - - - - 0.80 4.26Candriam Bds Emerging Dbt Lcl Curs C$Acc 103 24 125 15 122 14 114 13 - - 1.37 -Candriam Bds Emerging Mkts C USD Acc 105 9 128 4 156 1 164 1 300 1 1.34 -Fidelity Em Mkt Debt A-Acc-Euro 105 11 126 10 156 2 158 3 285 2 1.66 -First State EM Local Currency B £ HdgInc 97 38 109 38 - - - - - - - 6.51First State Emerg Mkts Bd B GBP Hdg Acc 98 34 109 37 117 22 - - - - - 5.14HSBC GIF Global Em Mkts Local Dbt AD 103 20 122 25 120 15 107 14 - - 1.61 -Invesco Emerging Mkts Bd A-SD USD 105 8 125 17 151 8 153 5 247 5 1.29 -Investec Em Mkt Lcl Ccy Dt I Acc Grs GBP 104 16 126 11 116 25 101 19 203 8 0.95 -Investec Emerg Mkts Blnded Dbt I Grs Acc 106 5 127 8 134 11 - - - - 0.94 -JB BF EM Inflation Linked-GBP R 97 37 117 27 99 32 91 25 - - 1.05 -JB BF EM Opportunities-Ra GBP Dis 98 36 112 34 - - - - - - 1.00 5.93JB BF Emerging Bond-USD B Acc 104 12 127 7 154 6 154 4 276 3 1.60 -JB BF Local Emerging-GBP R 100 32 114 32 98 33 92 24 - - 1.32 -L&G Emerg Mkts Govt Bd Lcl CcyIdx I Acc 104 18 126 12 - - - - - - - -L&G Emerg Mkts Govt Bd USD Idx I Acc 104 19 125 16 155 4 - - - - - -Legg Mason WA EM TR Bd A USD Inc (D) 106 6 126 13 142 10 136 7 235 7 1.86 -Loomis Sayles Em Debt & Ccies R/D USD 103 25 124 19 117 24 100 21 172 12 1.60 5.39M&G Emerging Markets Bond GBP I Acc 107 1 130 2 154 5 159 2 258 4 0.94 -MFS Meridian Em Mkts Dbt WH1 GBP 99 33 111 36 123 13 127 8 - - 1.03 -MFS Meridian Em Mkts Debt Lcl Ccy WH1GBP 98 35 112 35 - - - - - - 1.15 -Pictet-Emerging Local Ccy Dbt I dy GBP 101 27 122 22 117 21 101 18 202 9 0.99 5.77Pictet-Global Emerging Debt I GBP 104 14 124 20 156 3 - - - - 0.89 -PIMCO GIS Emerg Local Bond E USD Acc 104 15 127 9 118 20 102 17 - - 1.89 -PIMCO GIS Emerg Mkts Bd Inst GBP H Acc 101 29 117 26 117 23 124 9 185 11 0.79 -PIMCO GIS Emerg Mkts Corp Bd Inst £H Inc 104 13 116 30 107 30 117 12 - - 1.18 4.92PIMCO GIS Emerging Asia Bond E USD 103 21 122 24 126 12 124 11 - - 1.50 6.17Schroder ISF Em Mkt Lcl Ccy Bd C 103 23 122 23 119 16 - - - - 0.89 -SLI Emerging Market Debt Plat 1 Acc 106 4 128 5 152 7 - - - - - -Templeton Emerging Mkts Bd W Qdis GBP H1 107 2 114 31 103 31 - - - - 1.12 9.56Threadneedle EM Bd Z Inc GBP 106 3 130 1 150 9 147 6 239 6 - -Threadneedle EM Local Z Inc GBP 105 10 128 6 119 17 100 22 - - 0.90 -Average/Total 103 38 122 38 127 33 120 25 232 12 1.19 5.91

(IA) GLOBAL EQUITY INCOMEAberdeen World Equity Income I Acc 106 28 137 5 128 28 134 24 - - - -Aptus Global Financials B Acc 123 1 127 27 131 26 - - - - - -Artemis Global Equity Income I GBP Inc 115 4 132 13 - - - - - - - -Artemis Global Income I Inc 115 3 133 12 156 4 227 1 - - 0.99 -Aviva Investors Global Eq Inc 2 GBP Acc 108 20 125 29 152 9 180 15 185 5 1.14 -Baillie Gifford Glbl Income Growth B Inc 109 15 133 11 152 10 181 14 177 6 0.70 -BlackRock Global Income D Acc 105 31 128 22 156 3 189 10 - - - -CF Canlife Global Equity Income C Acc £ 108 17 130 16 144 16 - - - - - -Courtiers Glbl (ex UK) Eq Inc Retl R 114 5 138 3 - - - - - - - 1.88Davy Defensive Equity Income H GBP Acc 106 29 120 36 - - - - - - - -Davy Global Equity Income U GBP Acc 108 19 127 26 - - - - - - - -Fidelity Global Dividend W Acc 104 37 123 32 155 6 207 2 - - - -Fidelity Global Enhanced Income W Acc 104 36 124 30 152 11 - - - - - -Guinness Global Equity Income Y GBP Acc 105 33 126 28 - - - - - - 0.99 -Henderson Glbl Equity Income Inst Inc 108 21 127 24 146 13 198 4 142 9 1.05 -Investec Global Dividend I Acc Net GBP 108 18 127 25 - - - - - - - -IP Global Equity Income Z Acc 111 9 129 21 142 19 194 6 - - - -JB EF Global Equity Income-EUR B 106 27 121 35 143 18 168 18 162 7 1.50 -JPM Global Equity Inc C Net Acc 111 10 131 14 153 7 188 11 - - 0.93 -Jupiter Global Equity Income I Acc 110 11 133 10 149 12 - - - - - -Lazard Global Equity Income Retl C Acc 110 12 138 4 129 27 156 22 - - - -Legg Mason IF CB Glbl Eq Inc X Inc 114 7 134 8 138 21 189 9 - - - -Legg Mason IF MC Glb Eq Inc X Acc £ 107 25 128 23 135 22 168 19 - - - -Legg Mason IF RARE Gbl Infras Inc X Inc 102 40 - - - - - - - - - -Liontrust Global Income I Inc 110 14 134 9 132 25 176 16 151 8 0.90 -Neptune Global Income C Acc GBP 106 26 115 37 124 30 - - - - - -Newton Global Income Inst W Acc 105 34 129 18 161 1 197 5 264 1 - -Old Mutual Global Eq Inc R GBP Inc 114 6 141 1 - - - - - - 0.00 -Old Mutual Newton Gbl Inc U2 GBP Acc 105 32 129 20 161 2 - - - - - -Pictet-High Dividend Selection I dm GBP 102 39 122 33 132 24 165 20 - - 0.99 3.50Pioneer SICAV Glbl Eq Trgt Inc N GBP DM 108 16 122 34 - - - - - - 0.99 6.94Premier Global Utilities Income C 107 23 135 7 153 8 175 17 128 10 1.25 -Sarasin Global Higher Div P Acc 107 24 129 19 155 5 192 7 221 3 - -Sarasin Global Higher Div Stg Hdg P Acc 102 41 113 38 128 29 164 21 - - - 3.44SLI Global Equity Income Plat 1 Acc 105 30 123 31 141 20 191 8 215 4 - -TB Saracen Gbl Income and Gr BAcc 115 2 140 2 144 17 198 3 - - 1.02 -The TM Overstone UCITS Eq Inc J Acc 113 8 130 17 145 15 187 12 - - - 2.08Threadneedle Glbl Eq Inc Z Inc GBP 108 22 130 15 146 14 182 13 - - 0.88 -UBS Global Enhanced Equity Income C Acc 102 38 112 39 - - - - - - - 9.37Vanguard Global Equity Income A GBP Acc 110 13 - - - - - - - - - -Veritas Global Equity Income A GBP 104 35 135 6 134 23 152 23 226 2 1.14 -Veritas Global Equity Income A GBP 104 35 135 6 134 23 152 23 226 2 1.14 -Average/Total 108 42 129 40 144 31 180 25 190 11 1.04 4.54

(IA) JAPANAberdeen Global Japanese Eq R2 £ 105 60 134 20 165 11 197 19 - - 0.92 -Aberdeen Japan Eq Enh Idx Net B Acc 113 24 134 18 - - - - - - - -Aberdeen Japan Equity I 105 59 134 21 165 12 204 13 208 9 1.11 -



Unit trusts


Allianz Japan Equity RT GBP 109 49 133 22 161 18 197 17 175 20 - -Aviva Investors Japan Eq MoM 1 2 GBP Inc 111 38 133 26 154 26 181 37 154 30 1.32 -AXA Framlington Japan Z Inc 105 61 135 13 169 4 226 3 181 17 - -AXA Rosenberg Japan Z 112 26 132 37 159 20 178 39 143 36 1.08 -Baillie Gifford Japanese B Acc 117 12 147 2 162 16 235 2 237 4 0.68 -Baillie Gifford Japanese Inc Gr B £ Inc 114 19 - - - - - - - - - -Baring Japan Growth I GBP Acc 109 50 133 25 149 36 185 28 144 35 - -BGF Japan Flexible Equity D2 110 44 130 47 146 43 184 30 153 31 1.06 -BlackRock Japan Equity Tracker D Acc 113 23 132 36 157 22 187 21 - - 0.17 -BNY Mellon Japan All Cap Eq GBP W Acc 109 48 131 41 - - - - - - 0.92 -Capital Group Japan Equity (LUX) Bh 119 7 119 64 124 57 - - - - 1.79 -Cavendish Japan Fund B 111 40 132 30 144 49 189 20 - - 0.93 -CF Canlife Japan C GBP Acc 110 41 129 50 139 54 173 47 170 23 0.88 -CF Morant Wright Japan B Acc 119 6 135 16 167 9 198 16 227 5 1.17 -CF Morant Wright Nippon Yield B Acc 117 10 137 8 168 7 209 8 - - 1.41 2.40Fidelity Index Japan W Acc 113 21 133 28 154 27 - - - - - -Fidelity Instl Japan 110 45 129 52 144 46 185 27 175 19 0.88 -Fidelity Japan Smaller Companies W Acc 105 58 129 51 162 15 208 11 223 6 - -Fidelity Japan W Acc 107 57 125 60 146 44 161 54 135 40 - -First State Japan Focus B GBP Acc 99 65 126 59 - - - - - - - -GAM Star Japan Equity Instl GBP Acc 108 51 140 6 165 10 211 7 163 26 1.67 -GS Japan Equity R Snap GBP Inc 108 55 124 62 148 39 187 22 172 22 1.05 -Halifax Japanese C 112 25 132 29 151 32 178 40 157 29 1.53 -Henderson Instl Japan Idx Opps A Acc 112 35 131 42 149 38 174 43 - - 1.70 -Henderson Japan Opportunities I Acc 116 13 143 5 169 6 208 10 202 11 0.87 -HSBC Japan Index C Acc 112 31 132 38 154 25 186 23 165 25 0.23 -HSBC MERIT Japan Equity Instl A Acc 113 22 132 35 152 31 177 41 147 32 0.56 -IP Japan Z Acc 114 20 132 33 154 29 202 14 206 10 - -JB EF Japan Stock-JPY R 112 30 133 24 155 23 182 32 182 16 - -JOHCM Japan Dividend Growth A GBP Inc 115 18 134 17 - - - - - - 0.77 -JOHCM Japan GBP A 117 8 132 31 141 51 185 26 199 12 0.84 1.50JPM Japan C Acc 99 64 127 57 162 17 212 5 95 42 0.93 -JPM Japan Select Equity A (dist) JPY 112 32 130 49 147 41 169 53 139 39 1.80 -Jupiter Japan Income I Acc 108 54 127 55 159 21 186 24 190 13 - -Jupiter Japan Select D USD Acc 108 56 128 54 149 35 174 45 - - 1.02 -L&G Japan Index I Acc 112 34 131 40 154 28 185 25 168 24 0.27 -Legg Mason IF Japan Equity X Acc 92 66 132 32 184 1 383 1 276 1 - -Legg Mason IF MC Japan Alpha X Acc £ 111 37 135 15 139 55 173 48 177 18 - -Lindsell Train Japanese Eq B GBP Quoted 102 63 135 11 172 3 205 12 - - - -M&G Japan GBP I Acc 125 2 145 4 173 2 220 4 219 7 0.92 -Man GLG Japan CoreAlpha Profl Acc C 129 1 145 3 167 8 212 6 256 2 0.91 -Matthews Asia Funds Japan I GBP Acc 103 62 126 58 - - - - - - 1.50 -MFS Meridian Japan Equity A1 USD 110 46 123 63 148 40 175 42 - - 2.05 -Neptune Jap Institutional C Acc GBP 117 11 147 1 - - - - - - - -Neptune Japan Opportunities C Acc GBP 120 5 116 65 114 58 181 38 245 3 - -Old Mutual Japanese Equity R GBP Acc 115 15 133 27 147 42 182 34 - - - -Old Mutual Schroder Tokyo U2 GBP Acc 115 16 135 14 162 14 - - - - - -Pictet-Japanese Equity Opps I GBP 115 17 136 9 161 19 202 15 187 14 0.99 -Pictet-Japanese Equity Sel I GBP 117 9 135 10 - - - - - - 0.99 -Polar Capital Japan Alpha S 121 4 134 19 144 48 - - - - 1.02 -Polar Capital Japan I JPY Inc 122 3 133 23 143 50 169 52 - - 1.22 -Principal Japanese Equity I Acc USD 112 28 125 61 145 45 171 49 144 34 1.50 -Royal London Japan Tracker Z Acc 112 33 132 39 154 24 183 31 186 15 1.03 -Santander Premium Japan Equity A 112 29 130 48 149 37 170 51 142 38 1.03 -Schroder Tokyo Z Acc 115 14 135 12 164 13 197 18 210 8 0.92 -Scottish Widows Japan Gr A 112 27 132 34 150 34 173 46 142 37 1.65 -SLI Japanese Equity Growth Plat 1 Acc 108 52 127 56 136 56 182 35 147 33 - -SLI Japanese Trust 108 53 129 53 140 53 182 33 161 28 0.86 -SSgA Japan Equity Tracker 112 36 130 43 153 30 184 29 162 27 0.90 0.77T. Rowe Price Japanese Eq Q EUR 110 42 139 7 169 5 209 9 173 21 0.92 -Threadneedle Japan Growth Inst Acc GBP 110 47 130 44 144 47 174 44 - - 0.66 -Threadneedle Japan Z Acc GBP 110 43 130 46 141 52 170 50 130 41 - -Vanguard Japan Stock Idx GBP Acc 111 39 130 45 150 33 181 36 - - 0.30 -Average/Total 112 66 132 65 153 58 192 54 178 42 1.04 1.56

(IA) JAPANESE SMALLER COMPANIESAberdeen Glb Japanese Sm Cos R2 £ 108 3 136 6 175 3 227 4 287 3 0.93 -Baillie Gifford Japan Small Co B Acc 103 6 136 5 174 4 288 1 269 4 0.61 -BGF Japan Small & MidCap Opps D2 108 4 134 7 154 5 201 6 - - 1.06 -BNY Mellon Japan Sm Cp Eq Foc GBP W 108 5 143 4 - - - - - - 0.92 -Henderson Horizon Jpns Smr Cms H2$Acc 117 2 150 2 198 1 271 3 334 1 1.75 -IP Japanese Smaller Companies Z Acc 98 7 147 3 142 6 215 5 179 5 - -M&G Japan Smaller Cos GBP I Acc 123 1 151 1 189 2 274 2 305 2 0.94 -Average/Total 109 7 142 7 172 6 246 6 275 5 1.04 -

(IA) MIXED INVESTMENT 0-35% SHARES7IM AAP Income C Acc 105 2 115 3 119 9 131 10 148 9 1.32 -7IM AAP Moderately Cautious C Acc 102 36 109 31 115 25 126 20 - - 0.69 -7IM Cautious C Acc 102 26 109 37 - - - - - - - -7IM Moderately Cautious C Acc 103 11 110 28 114 26 128 16 154 7 1.37 -7IM Personal Injury C Acc 102 23 109 32 114 27 124 22 - - 0.72 -Aberdeen Diversified-Core Cau I Acc 102 18 112 7 - - - - - - - -Architas MA Activ Mdrt Inc A Acc 102 19 112 10 120 7 135 3 151 8 1.57 -Architas MM Monthly High Inc A Acc 102 25 110 24 114 28 128 15 135 13 0.94 -AXA Defensive Distribution Z Acc Net 104 3 112 12 119 11 127 19 126 17 1.02 -Barclays High Income Portfolio R Inc 103 9 112 13 110 44 126 21 - - 1.45 3.94Barclays Income Plus Port R Acc 101 39 109 36 111 41 - - - - - -Barclays Income R GBP Acc 100 53 107 47 110 43 117 29 - - - -Barclays Wealth Global Mkts 1 R Acc 102 30 107 50 109 45 115 31 - - 0.93 -BlackRock Consensus 35 D Acc 102 15 116 1 129 1 - - - - 0.29 -CF Canlife Portfolio III C Acc 102 32 110 27 119 12 - - - - - -CF Miton Defensive Multi Asset B Acc 101 41 107 48 114 32 115 32 159 3 1.38 -CF Prudential Dynamic 0-30 P Acc 102 22 110 26 118 17 133 5 - - - -CF Prudential Dynamic Focused 0-30 P Acc 103 6 113 5 118 15 132 9 - - - -City Financial Multi Asset Divs I Acc 102 14 109 33 114 30 129 12 - - - -Fidelity Multi Asset Allocator Def Y 100 52 108 45 117 20 119 28 - - - -


Fidelity Multi Asset Defensive Y 101 45 109 40 119 13 124 24 - - 1.10 -Fidelity Multi Asset Open Dfnsv Y 103 8 112 9 118 14 - - - - - -Fidelity Multi Ast Inc Y Accumulation 102 20 112 6 121 6 141 1 - - - -FP Brompton Global Cnsrv B GBP Acc 103 5 111 14 - - - - - - 1.84 -FP Matterley Regular High Income Acc 101 40 105 52 111 40 129 13 157 4 1.10 -FP New Horizon Cautious B Inc 100 49 109 41 112 36 119 27 122 19 1.85 -FP New Horizon Inc B Inc 101 38 110 25 110 42 122 25 128 15 1.87 -GAM Star Defensive Instl GBP Acc 103 13 110 23 113 34 - - - - 1.69 -GS Wealthbuilder MA Conservative R GBP H 102 27 110 21 - - - - - - 0.85 -Henderson Multi-Manager Divers I Inc 102 17 109 39 111 39 133 7 128 16 - -IFSL Brooks Macdonald Def Inc A Inc 102 35 108 43 114 31 133 6 146 11 2.09 -IFSL Brunsdon Cautious Gr C Acc 103 10 111 16 114 29 124 23 - - - -Investec Diversified Income I Acc Net 100 51 107 49 116 23 128 17 147 10 0.86 -JPM Global Macro Balanced C Net Acc 94 56 98 53 111 38 116 30 124 18 0.83 -Jupiter Distribution I Acc 102 29 108 46 119 8 141 2 156 6 0.90 -Jupiter Merlin Conservative I Acc 102 21 111 19 115 24 - - - - 0.95 -L&G Mixed Investment 0-20% I Acc 101 44 109 35 - - - - - - - -L&G Mixed Investment 0-35% I Acc 101 46 111 18 118 16 - - - - - -L&G Mixed Investment Income 0-35% I Acc 101 47 111 17 - - - - - - - -L&G Multi-Index 3 I Acc 102 28 110 30 122 3 - - - - - -Libero Cautious B Acc 100 50 109 34 116 22 - - - - - -MGTS Greystone Conservative Mgd R Acc 103 7 108 44 113 33 - - - - - -Old Mutual Cirilium Cnsrv R GBP Acc 105 1 116 2 124 2 - - - - 1.09 -Royal London Cautious Managed A £ Acc 102 31 109 38 - - - - - - - 2.08Royal London GMAP Defensv M GBP Acc 103 12 - - - - - - - - - -Royal London Sustainable Mgd Gr C Acc 101 43 110 22 122 4 - - - - - -SVS Brown Shipley Cautious I Acc 101 42 - - - - - - - - - -Thesis Optima Income B Acc 102 34 106 51 112 35 128 18 136 12 - -Threadneedle Defensive Z Acc GBP 102 37 112 11 117 19 128 14 157 5 - -Threadneedle Defesv Eq & Bd Z Acc 102 24 112 8 116 21 133 8 166 2 - -Threadneedle Navigator Cau Mgd Retl Inc 100 54 110 29 118 18 134 4 174 1 1.54 -TM UBS (UK) - Global Yield C Acc 102 33 111 15 - - - - - - - -Vanguard LifeStrategy 20% Eq A Grs Acc 99 55 109 42 121 5 131 11 - - 0.29 -VT Tcam Income Portfolio Gross Inc 104 4 114 4 119 10 - - - - - -WAY Global Cautious Portfolio E Acc 102 16 111 20 112 37 122 26 133 14 1.68 -Wesleyan Low Risk/Rwd Gr X Acc 100 48 - - - - - - - - - -Average/Total 102 56 110 53 116 45 127 32 145 19 1.19 3.01

(IA) MIXED INVESTMENT 20-60% SHARES7IM AAP Balanced C Acc 104 52 116 40 122 45 139 60 - - 0.71 -7IM Balanced C Acc 105 32 116 30 120 52 140 51 160 19 1.47 -7IM Sustainable Balance C Acc 102 115 114 66 124 20 145 27 - - 1.50 -Aberdeen Diversified Income I Acc 104 47 116 31 120 54 137 70 166 15 - -Aberdeen Diversified-Core Gr I Acc 105 30 118 13 - - - - - - - -Aberdeen MM Diversity D Acc 103 84 110 119 115 97 128 90 - - 1.87 -Aberdeen Multi-Mgr Cautious Mgd I Acc 105 22 116 39 119 66 144 34 154 27 - -Aberdeen Multi-Mgr Multi Asset Dist I 105 29 116 36 121 48 147 17 137 38 - -Acumen Conservative X Acc 103 99 117 25 - - - - - - - -Acumen Income X Acc 103 88 117 17 - - - - - - - -Alliance Trust SustFutDefensvMgd2Net£Inc 103 92 113 81 - - - - - - - -Allianz RiskMaster Cnsrv Mlt Asst C Acc 103 81 120 8 126 14 - - - - - -Architas MA Active Interm Inc A Acc 105 37 117 19 127 7 152 13 - - - -Artemis Monthly Distribution I Inc 109 2 123 2 141 1 - - - - - -Aviva Investors Distribution 2 GBP Inc 100 141 109 129 119 70 147 19 167 12 0.83 -Aviva Investors Multi-Mgr 20-60% 2 £Acc 104 40 115 44 122 39 145 23 - - 1.39 -AXA Distribution Z Acc 106 19 114 60 120 57 137 68 166 14 1.03 -AXA Ethical Distribution Z Acc 109 4 115 53 124 24 153 10 118 44 1.05 -AXA Global Distribution Z Acc 106 10 125 1 137 2 157 7 209 2 1.02 -AXA IM Lifetime Distribution A GBP Inc 107 9 121 6 - - - - - - - 2.62Barclays Balanced Port D Acc 103 72 113 88 111 109 133 78 - - 1.60 -Barclays Cautious Port D Acc 101 137 110 120 110 111 126 93 - - 1.45 -Barclays Wealth Global Mkts 2 CL R Acc 104 62 112 99 114 99 124 95 - - 1.00 -Barclays Wealth Global Mkts 3 CL R Acc 106 14 117 23 119 63 132 81 - - 1.11 -Baring Multi Asset Income I GBP Inc 103 90 109 130 - - - - - - - -BlackRock Consensus 60 D Acc 104 46 118 14 128 5 - - - - 0.27 -BlackRock Global Multi Asset Inc D Acc 104 60 112 103 117 88 136 72 156 23 - -CF Canlife Portfolio IV C Acc 104 58 113 86 123 29 - - - - - -CF Miton Cautious Multi Asset B Acc 103 89 113 74 119 71 124 94 174 7 0.99 -CF Prudential Dyn Focused 10-40 A Acc 104 45 114 68 - - - - - - - 1.77CF Prudential Dynamic 10-40 P Acc 103 69 113 83 120 56 139 63 - - - -CF Prudential Dynamic 20-55 P Acc 105 33 114 56 122 40 143 40 - - - -CF Prudential Dynamic Focused 20-55P Acc 105 27 116 29 124 26 143 38 - - - -CF Ruffer Total Return C Acc 106 13 117 18 122 38 136 75 224 1 - -CF Seneca Diversified Income Fund B Inc 108 8 115 45 122 44 145 24 125 43 - -City Financial Multi Asset Bal I Acc 103 74 112 92 113 103 140 48 - - - -Close Conservative Portfolio X Acc 102 117 108 133 116 94 130 86 - - 0.94 -Close Diversified Income Port X Acc 102 114 110 117 118 77 133 79 - - 0.83 -Close Managed Conservative X Acc 104 64 111 109 120 51 140 53 - - 1.13 -Close Managed Income X Acc 104 53 112 104 123 34 146 20 - - 1.18 -Close Tactical Select Passv Cnsrv X Acc 103 67 116 38 127 9 139 59 - - 0.68 -Coram Global Defensive A GBP 101 139 106 138 - - - - - - - -Courtiers Total Return Cautious Risk 105 34 113 79 123 30 144 28 - - 1.88 -Discovery Balanced B GBP Inc 105 24 115 52 119 64 144 30 152 28 - -Elite Income Tust B Acc 103 103 111 115 117 87 140 52 144 35 2.10 -F&C MM Navigator Distribution C Inc 104 41 114 57 120 55 145 22 - - - -F&C MM Navigator Moderate C Acc 105 26 115 51 123 28 150 16 - - - -Fidelity Multi Asset Allocator Strat Y 103 107 114 54 123 31 129 89 - - - -Fidelity Multi Asset Bal Inc Y Acc 102 118 113 71 122 41 - - - - - -Fidelity Multi Asset Open Strat Y Acc 105 25 117 20 122 43 139 61 136 39 - -Fidelity Multi Asset Strategic Fund Y 103 94 115 50 125 15 138 66 176 6 1.19 -FP Brompton Global Balanced B GBP Acc 106 16 117 22 126 13 - - - - 1.90 -FP Brompton Global Inc I GBP Inc 105 35 116 35 123 27 - - - - 2.14 -FP New Horizon Balanced Inc & Gr B Inc 104 48 117 24 118 72 156 8 163 17 1.91 -FP Russell Multi Asset Income C Inc 102 129 112 107 115 98 - - - - - -FP Tatton Oak Cautious Growth B 103 82 114 55 120 53 140 50 - - 1.39 -



Unit trusts


FP Tatton Oak Distribution B Acc 104 63 112 93 116 90 - - - - 1.30 -GAM Star Cautious Institutional GBP Acc 104 65 112 96 115 96 - - - - 1.64 -GS Global Inc Builder Port R GBP P-H Inc 103 68 116 27 - - - - - - 0.90 -GS Wealthbuilder Multi-Asset Bal R GBP H 105 28 117 16 - - - - - - 0.90 1.06Halifax Cautious Managed C 103 70 115 46 117 86 136 74 151 29 1.50 -HC Sequel Cautious Trgt Ret Str B £ Acc 106 21 114 59 118 73 - - - - - -HC Sequel Monthly Income Retail GBP Inc 104 39 113 78 - - - - - - - -Henderson Cautious Managed I Acc 103 97 109 127 113 104 142 41 162 18 - -Henderson Multi-Manager Dist I Inc 103 109 112 105 117 84 139 62 168 11 - -Henderson Multi-Manager Inc & Gr I Inc 103 87 113 72 120 61 140 47 169 10 - -HL Multi-Manager Equity & Bond A Acc 104 49 113 82 122 42 153 12 156 24 1.42 -HSBC Open Global Distribution C Acc 103 104 118 12 127 8 150 15 174 8 1.43 -IFSL Brooks Macdonald Cautious Growth A 103 71 113 76 123 35 144 29 128 41 2.75 -Insight Global Multi-Strategy Inst W Acc 103 98 113 70 118 78 - - - - - 1.07Investec Cautious Managed I Acc Net 109 3 121 3 120 62 138 65 170 9 0.84 -IP Distribution Z Acc 102 120 108 135 112 108 145 25 177 4 - -IP European High Income Z Acc 108 7 119 10 124 23 165 2 - - 0.91 -IP Global Distribution Z Acc 106 18 113 77 - - - - - - - -JPM Global Allocation C Net Acc 102 131 110 123 - - - - - - - -JPM Multi-Asset Income C Net Acc 102 110 111 110 116 93 140 49 - - 0.83 -Jupiter Enhanced Distribution GBP Inc 103 106 108 131 - - - - - - - -Jupiter Merlin Income I Acc 103 78 112 101 118 82 137 71 167 13 1.61 -Kames Ethical Cautious Managed B Acc 102 134 106 140 118 75 158 5 - - - -L&G Distibution I Acc 102 111 109 124 114 101 138 64 150 31 0.67 -L&G Mixed Investment 20-60% I Acc 103 76 116 41 - - - - - - - -L&G Mixed Investment Inc 20-60% I Acc 103 101 116 26 - - - - - - - -L&G Multi Manager Income I Acc 103 95 113 75 118 81 126 92 - - 1.75 -L&G Multi-Index 4 I Acc 103 85 113 85 126 12 - - - - - -L&G Multi-Index Income 4 I Acc 102 116 113 84 - - - - - - - -M&G Episode Allocation GBP I Acc 109 1 119 9 126 11 142 42 - - 0.84 -M&G Episode Income GBP I Acc 106 12 118 11 126 10 144 31 - - 0.81 -Margetts Providence Strategy R GBP Acc 103 80 113 87 117 89 143 39 158 20 0.62 -Marlborough Cautious P Inc 102 112 113 73 119 69 141 45 141 36 - -MGTS Clarion Prudence Portfolio R Acc 103 79 111 116 114 100 137 69 - - 2.32 -MGTS Frontier Cautious R Acc 103 105 110 118 113 105 135 77 - - 2.73 -MGTS Future Money Income R Acc 103 77 114 65 118 74 146 21 - - 0.90 -MGTS Future Money Real Growth R Acc 104 55 114 64 118 80 139 57 - - 0.87 -MGTS Future Money Real Value R Acc 102 126 109 126 114 102 131 84 - - 0.91 -MGTS Greystone Cautious Managed R Acc 105 31 116 32 125 19 147 18 131 40 - -MI Hawksmoor Vanbrugh B Acc 106 11 118 15 125 18 153 11 - - 1.94 -MI Miton Cautious Mthly Inc A Acc units 103 102 114 67 123 32 142 43 - - - -MI PanDYNAMIC PanBalanced B Acc 104 66 113 89 121 47 130 85 - - 0.98 -Newton Managed Income Inst W Acc 101 138 114 61 120 60 - - - - - -NFU Mutual Mixed Portfolio 20-60% C 106 15 117 21 123 33 139 58 - - - -Old Mutual Cirilium Balanced R GBP Acc 108 5 121 5 128 4 154 9 - - 1.24 -Old Mutual Foundation 3 R GBP Acc 105 23 121 7 - - - - - - - -Old Mutual Voyager Diversified R GBP Acc 105 36 112 95 104 113 122 96 139 37 - -Premier Multi Asset Cnsrv Gr C 104 56 107 136 112 107 127 91 127 42 1.03 -Premier Multi-Asset Distribution CNetInc 104 43 112 97 124 21 165 1 157 22 1.43 -Premier Multi-Asset Monthly Inc C NetInc 104 42 111 108 123 36 163 3 - - - -RBS Collective Stakeholder Invest 102 132 112 102 117 85 130 87 155 26 1.50 -RBS INV Cautious Growth 102 133 109 125 118 79 133 80 - - 1.90 -RBS INV Income 103 86 112 106 120 59 142 44 - - 2.00 -Royal London GMAP Bal M GBP Acc 104 44 - - - - - - - - - -Royal London Sustainable Div C Inc 102 122 114 63 129 3 160 4 - - - -Sarasin FoF Global Strategic Gr P Acc 106 17 116 37 121 49 - - - - 1.35 -Sarasin Globalsar Strategic P Acc 103 83 115 48 124 22 143 37 155 25 - -Schroder Global Multi-Asset Income Z Acc 102 130 108 134 - - - - - - - -Schroder Mixed Distribution Z Acc 108 6 121 4 125 17 - - - - 1.17 -Schroder MM Diversity Income Z Acc 102 119 110 122 112 106 138 67 - - 1.40 -Schroder MM Diversity Z Acc 104 51 109 128 110 110 132 82 - - 1.21 -Scottish Widows Balanced A 103 73 116 42 122 37 145 26 164 16 2.00 -Sentinel Income B Acc 103 96 112 91 - - - - - - - -SF Cautious Inc 100 140 108 132 116 95 140 55 - - 2.00 -SLI Dynamic Distribution Plat 1 Acc 102 113 107 137 117 83 157 6 158 21 - -Standard Life Wealth Phoenix B Inc 102 127 111 113 119 68 131 83 145 34 0.89 -SVS Brown Shipley Income I Acc 103 100 112 98 116 92 141 46 - - 1.93 -T Bailey Dynamic Inst Inc 103 91 112 100 122 46 144 32 145 33 1.79 -TB Doherty Cautious Managed B GBP Acc 103 75 115 47 118 76 136 73 - - - -TB Doherty Distribution B Acc 102 125 - - - - - - - - - -Thesis Optima Balanced B Acc 104 59 111 114 116 91 139 56 150 32 - -Threadneedle Equity & Bond Z Acc GBP 102 123 113 69 124 25 143 36 176 5 - -Threadneedle Glbl Mlt Ast Inc Z Inc 104 50 113 80 - - - - - - - -Threadneedle Navigator Bal Mgd Retl Acc 102 128 112 94 121 50 150 14 192 3 1.52 -TM UBS (UK) - Global Balanced C Acc 104 54 116 33 - - - - - - - -TM UBS (UK) - UK Balanced C Acc 102 121 114 58 - - - - - - - -Total Clarity Portfolio 3 A 101 136 111 111 120 58 129 88 - - 1.56 -Total Clarity Portfolio 4 A 104 61 116 28 125 16 140 54 - - 1.68 -UBS Multi-Asset Income C Acc Net 100 142 106 139 107 112 118 97 - - - -Vanguard LifeStrategy 40% Equity A Acc 102 124 114 62 128 6 144 35 - - 0.30 -Virgin Bond, Gilt and UK Share 101 135 111 112 - - - - - - - -Waverton Cautious Income P GBP Inc 104 57 116 34 - - - - - - - -WAY Global Blue Managed Portfolio E Acc 105 38 115 43 119 65 144 33 151 30 - -WAY MA Cautious Portfolio E Acc 106 20 115 49 119 67 135 76 - - 1.98 -Wesleyan Moderate Risk/Rwd Gr X Acc 103 108 - - - - - - - - - -Zurich Horizon Multi-Asset I Z Acc 100 143 110 121 - - - - - - - -Zurich Horizon Multi-Asset II Z Acc 103 93 113 90 - - - - - - - -Average/Total 104 143 114 140 120 113 141 97 158 44 1.35 1.63

(IA) MIXED INVESTMENT 40-85% SHARES7IM AAP Moderately Adventurous C Acc 106 64 120 56 127 45 151 53 - - 0.72 -7IM Moderately Advent C Acc 107 32 121 35 127 47 154 38 170 33 1.57 -Aberdeen Diversified-Core Advnts I Acc 108 23 124 9 - - - - - - - -Aberdeen Multi-Asset I 105 77 121 28 124 75 143 89 168 34 1.49 -Aberdeen Multi-Mgr Balanced Mgd I Acc 107 46 118 72 125 69 154 39 167 38 - -


Acumen Progressive X Acc 105 87 118 77 - - - - - - - -Alliance Trust SF Managed 2 105 104 120 54 130 29 170 5 179 23 0.85 -Alliance Trust Sust Fut Cau Mgd 2Net£Inc 104 123 115 114 - - - - - - - -Architas MA Active Prog A Acc 106 50 122 15 131 20 156 32 177 25 1.63 -Aviva Investors Multi-Mgr 40-85% 2 £Acc 107 34 122 21 129 31 160 20 - - 1.52 -AXA Framlington Managed Balanced Z Acc 105 103 120 53 126 59 158 25 186 16 - -Baillie Gifford Managed B Acc 108 11 126 2 138 4 170 6 222 3 0.47 -Barclays Dividend & Growth I Acc 103 126 114 123 115 113 146 73 - - 1.65 -Barclays Growth Port D Acc 104 116 115 115 112 117 140 95 - - 1.68 -Barclays Wealth Global Mkts 4 CL R Acc 108 20 121 34 123 88 137 97 - - 1.05 -BlackRock Balanced Growth D Acc 107 42 118 81 123 89 146 72 156 49 - -BlackRock Balanced Managed A Acc 106 51 117 92 121 102 143 87 156 48 1.59 -BlackRock Consensus 70 D Acc 105 84 120 50 130 28 - - - - 0.26 -BlackRock Consensus 85 D Acc 107 29 124 10 134 8 - - - - 0.23 -CF Canlife Balanced C GBP Acc 105 78 119 66 127 42 153 43 159 46 - -CF Canlife Portfolio V C Acc 105 105 116 107 125 63 - - - - - -CF Canlife Portfolio VI C Acc 106 67 119 63 126 53 - - - - - -CF Odey Portfolio I Acc 103 130 105 138 108 118 151 54 - - - -CF Prudential Dyn Focused 40-80 A Acc 107 45 118 86 - - - - - - - -CF Prudential Dynamic 40-80 P Acc 106 52 117 94 126 52 149 67 - - - -CF Resilient MM Balanced Managed X 106 68 121 37 129 34 149 65 - - 2.64 -CF Ruffer European C 104 114 109 135 114 116 146 71 234 1 - -CF Seneca Diversified Growth B Acc 109 6 118 80 123 86 150 56 143 56 - -City Financial Multi Asset Growth I Acc 105 101 115 111 115 115 141 93 136 61 - -Climate Assets B GBP Acc 105 108 125 6 135 6 168 10 - - 1.36 -Close Balanced Portfolio X Acc 104 124 111 133 120 106 144 81 - - 0.86 -Close Managed Balanced X Acc 106 69 118 84 124 74 149 66 - - 1.37 -Close Tactical Select Passive Bal X Acc 106 53 122 16 132 18 152 45 - - 0.65 -Consistent Practical Investment A Acc 107 41 117 87 120 105 169 9 173 30 1.11 -Coram Global Balanced A GBP 102 135 113 129 - - - - - - - -Courtiers Total Return Balanced Risk 107 33 119 68 132 19 166 13 - - 1.90 -EdenTree Higher Income B 106 61 119 59 124 76 152 46 208 5 0.83 -EFA Eden SRI A GBP Acc 102 136 113 127 115 114 - - - - - -Elite Balanced Trust B Acc 104 113 115 117 122 94 144 83 148 52 2.05 -F&C MM Navigator Progressive C Acc 108 17 120 43 127 39 160 21 - - - -Family Balanced International B 105 83 119 67 126 58 147 68 - - 1.15 -Fidelity MoneyBuilder Balanced Y Inc 99 143 107 137 123 85 150 57 187 14 - -Fidelity Multi Asset Allocator Growth Y 105 80 120 45 127 50 135 98 - - - -Fidelity Multi Asset Growth Y 105 85 120 46 130 30 144 79 - - 1.32 -Fidelity Multi Asset Inc & Gro Y Acc 103 131 115 120 126 57 - - - - - -Fidelity Multi Asset Open Growth Y Acc 107 43 122 19 124 73 142 91 142 57 - -FP Brompton Global Growth B GBP Acc 107 35 120 42 128 38 - - - - 1.92 -FP New Horizon Growth B Inc 104 118 119 65 127 41 144 84 137 60 2.38 -FP Tatton Oak Capital Growth B 106 58 119 61 127 44 154 40 - - 1.45 -FP Thoroughbred Core Alpha B 105 88 113 125 120 108 146 75 - - 1.55 -GAM Star Balanced Institutional GBP Acc 104 112 115 119 118 112 - - - - 1.66 -GS Wealthbuilder Multi-Asset Gr R GBP H 107 37 122 20 - - - - - - 1.00 -HC KB Endeavour Multi-Asset Bal A Acc 105 102 116 101 122 99 129 100 144 55 1.72 -HC Sequel Balanced Trgt Ret Str B £ Acc 110 5 120 48 122 96 - - - - - -HC Sequel Global Trgt Inc Strat A Acc £ 105 86 121 38 132 17 166 12 177 26 1.92 -Henderson Inst Glbl Care Managed I Acc 104 120 117 95 130 27 169 8 185 17 0.85 -Henderson Multi-Manager Managed I Acc 106 66 119 57 126 54 155 36 141 58 - -HL Multi-Manager Balanced Managed A Acc 108 10 122 17 131 23 163 16 168 35 1.45 -HSBC Ash Institutional A Acc 105 96 117 100 122 97 157 30 185 18 0.83 -HSBC Balanced Acc C 105 89 117 89 128 37 149 63 161 43 - -IFSL Brooks Macdonald Balanced A Acc 105 76 115 110 121 101 144 80 153 50 2.14 -IFSL James Hambro Barnham Broom 106 72 118 74 125 71 - - - - - -IFSL James Hambro Harrier Bal A Inc 105 107 115 118 - - - - - - - -IFSL James Hambro Harrier Cap Gr Inc 106 73 118 85 125 70 - - - - - -IFSL James Hambro Penrhos GBP Inc 105 93 117 96 122 93 150 60 195 7 1.61 -IFSL James Hambro Rires 104 111 115 109 127 48 152 47 - - 1.42 -IP Global Balanced Index 107 40 120 49 133 14 164 15 182 19 0.70 -IP Managed Income Z Acc 108 12 122 14 133 13 172 3 189 12 - -JPM Balanced Managed C Net GBP Acc 103 129 111 132 124 82 - - - - 0.83 -Jupiter Distribution and Growth I Inc 105 91 110 134 123 84 157 28 166 39 1.06 -Jupiter Merlin Balanced I Acc 104 115 119 64 133 15 159 24 188 13 1.66 -L&G Mixed Investment 40-85% I Acc 106 55 121 26 - - - - - - - -L&G Multi Manager Balanced I Acc 105 75 117 90 121 103 127 102 - - 1.77 -L&G Multi-Index 5 I Acc 105 82 117 88 131 21 - - - - - -L&G Multi-Index 6 I Acc 107 39 121 32 133 12 - - - - - -L&G Multi-Index Income 5 I Acc 105 106 117 91 - - - - - - - -L&G Multi-Index Income 6 I Acc 106 48 122 18 - - - - - - - -Lazard Managed Balanced Instl Acc 105 79 120 44 129 32 160 22 177 24 0.86 -Libero Balanced B Acc 106 70 118 73 126 60 151 52 - - - -Libero Strategic B Acc 104 117 115 116 122 98 138 96 - - - -M&G Episode Growth GBP I Acc 111 1 122 22 127 49 150 58 167 36 0.94 -Man GLG Balanced Managed Profl Acc C 108 18 116 105 120 104 156 31 157 47 0.92 -Margetts Select Strategy R GBP Acc 104 109 118 71 125 61 156 33 180 22 0.68 -Marks & Spencer Worldwide Mgd Acc 107 27 126 4 132 16 159 23 180 20 1.66 -Marlborough Balanced P Acc 107 26 120 39 127 43 150 61 150 51 - -McInroy & Wood Balance Pers Inc 101 139 120 55 136 5 156 34 233 2 1.00 -McInroy & Wood Income Pers Inc 100 142 113 128 123 91 145 78 192 9 - -MFM Hathaway Inc 103 125 116 106 123 83 169 7 192 10 1.59 -MGTS Clarion Meridian Portfolio R Acc 106 60 118 83 124 80 153 41 - - 2.32 -MGTS Future Money Dynamic Growth R Acc 106 47 121 33 122 92 152 51 - - 0.87 -MGTS Greystone Balanced Managed R Acc 106 56 119 70 130 25 157 27 - - - -MI Hawksmoor Distribution B Acc 107 30 120 47 130 26 - - - - - -NatWest Balanced 106 62 117 98 125 66 147 69 159 45 - -Neptune Balanced C Acc GBP 109 7 121 27 125 65 144 82 175 28 - -Newton Global Balanced Expt 1 Acc 102 132 118 79 131 22 153 42 214 4 0.55 -Newton Multi-Asset Balanced Inst W Acc 100 140 117 97 126 55 143 88 189 11 - -NFU Mutual Mixed Portfolio 40-85% C 108 14 125 8 125 68 144 85 - - - -Old Mutual Cirilium Moderate R GBP Acc 111 3 126 3 133 11 168 11 - - 1.24 -Old Mutual Foundation 4 R GBP Acc 108 13 125 5 - - - - - - - -



Unit trusts


Old Mutual Managed R GBP Acc 106 59 116 108 124 81 164 14 180 21 1.16 -Orbis OEIC Global Balanced Standard 111 2 139 1 152 1 - - - - - -Premier Diversified C Inc 110 4 124 11 134 7 150 59 - - 1.43 1.35Premier Multi-Asset Growth&Inc C Net Inc 108 21 121 25 134 10 181 2 193 8 - -RBS Balanced Acc 106 62 117 98 125 66 147 69 159 44 1.56 -RBS INV Balanced Growth 105 92 116 102 125 62 152 50 - - 1.97 -Rosetta Andromeda Growth Net GBP Inc 106 71 118 78 126 56 146 74 170 32 - -Rosetta Andromeda Income Net GBP Inc 102 133 111 131 118 111 131 99 - - - -Royal London GMAP Adventurous M GBP Acc 108 16 - - - - - - - - - -Royal London GMAP Gr M GBP Acc 107 44 - - - - - - - - - -Royal London Sustainable World C Acc 105 94 121 29 145 2 195 1 - - - -Sand Aire FENIX Balanced 105 100 113 130 118 110 141 94 147 54 1.13 -Sarasin FoF Global Diversified Gr P Acc 109 8 121 30 - - - - - - 1.29 -Schroder Managed Balanced Z Acc 107 38 121 24 125 64 153 44 171 31 - -Schroder MM Diversity Balanced Z Acc 109 9 119 69 122 95 - - - - 1.36 -Scottish Friendly Managed Growth 104 122 108 136 120 107 152 49 138 59 1.46 -Scottish Widows Progressive A 107 36 123 12 130 24 162 17 176 27 2.00 -Sentinel Growth B Acc 106 65 115 112 - - - - - - - -Sentinel Universal B Acc 107 31 120 52 129 33 157 26 - - - -SF Positive Inc 101 138 113 124 123 90 142 92 - - 2.50 -SLI Global Advantage Plat 1 Acc 108 22 122 23 126 51 160 19 175 29 - -SLI Multi-Asset Trust Ret Acc 106 49 121 36 124 79 149 62 165 40 1.00 -Smith & Williamson MM Endurance Bal B 106 54 115 113 121 100 143 90 163 42 - 1.55Standard Life Wealth Bal Bridge 103 128 116 103 127 40 145 77 164 41 0.83 -SVS Brown Shipley Balanced I Acc 104 119 114 122 - - - - - - - -SVS Church House Balanced Eq Inc A Inc 103 127 113 126 119 109 151 55 148 53 1.57 -TB Doherty Active Managed B GBP Acc 105 81 120 51 124 78 145 76 - - - -TB Doherty Balanced Managed B GBP Acc 105 90 120 40 125 72 144 86 - - - -Thesis Optima Growth B Acc 107 25 118 75 123 87 155 37 167 37 - -Threadneedle Global Eq & Bd Z Acc GBP 104 110 116 104 128 36 156 35 187 15 - -Threadneedle Navigator Gr Mgd Retl Acc 105 97 118 82 127 46 161 18 198 6 1.48 -TM Fulcrum Diversified Growth C GBP 102 134 104 139 106 119 128 101 - - 1.48 -TM UBS (UK) - Global Growth C Acc 106 57 121 31 - - - - - - - -TM UBS (UK) - UK Growth C Acc 104 121 118 76 - - - - - - - -TM UBS (UK) - UK Income Focus C Acc 102 137 115 121 - - - - - - - -Total Clarity Portfolio 5 A 105 99 120 41 128 35 149 64 - - 1.26 -UBS Global Allocation (UK) C Acc 108 19 119 58 124 77 152 48 - - - -Vanguard Global Balanced A GBP Acc 107 28 - - - - - - - - - -Vanguard LifeStrategy 60% Equity A Acc 105 98 119 60 134 9 157 29 - - 0.31 -Vanguard LifeStrategy 80% Equity A Acc 107 24 125 7 141 3 171 4 - - 0.29 -Virgin Bond, Gilt, UK and Overseas Share 105 95 119 62 - - - - - - - -Wesleyan Moderate High Rk/Rwd Inc X Acc 100 141 - - - - - - - - - -Zurich Horizon Multi-Asset III Z Acc 106 74 117 93 - - - - - - - -Zurich Horizon Multi-Asset IV Z Acc 108 15 123 13 - - - - - - - -Average/Total 106 143 118 139 126 119 152 102 173 61 1.31 1.45

(IA) MONEY MARKETAberdeen Cash I Acc 100 2 100 3 101 4 102 4 113 4 0.37 -Aviva Investors Cash 2 GBP Acc 100 5 100 7 101 5 100 9 - - 0.28 0.34F&C Money Markets 4 GBP 100 8 100 9 101 6 101 7 112 5 0.20 0.40F&C Short Duration Bond 4 100 1 101 1 102 1 107 1 - - 0.08 0.80Henderson Instl Cash R Acc 100 7 100 5 101 8 102 5 114 2 0.37 0.34Henderson Money Market UT 100 6 100 4 101 7 101 6 112 6 0.32 0.33ILF GBP Liquidity Class 1 100 9 100 8 101 9 101 8 111 7 0.20 -IP Money Z Acc 100 3 100 2 101 2 102 3 113 3 - 0.48NFU Mutual Deposit C 100 10 100 10 100 10 99 10 - - - 0.44Premier UK Money Market B Inc 100 4 100 6 101 3 102 2 114 1 - 0.34Average/Total 100 10 100 10 101 10 102 10 113 7 0.26 0.43

(IA) NORTH AMERICA7IM US Equity Value C Inc GBP 109 104 133 95 - - - - - - - -Aberdeen Global North American Eq R2 GBP 110 92 138 67 153 96 194 92 236 59 0.98 -Aberdeen North American Equity I 110 91 139 60 155 93 198 90 254 52 1.12 -Aberdeen Northern Amr EqEnhIdx Net B Acc 113 47 140 46 - - - - - - - -Allianz Best Styles US Eq RT GBP 113 46 138 71 - - - - - - - -Allianz US Equity C Acc 111 85 143 29 174 27 210 76 287 24 0.87 -Artemis US Equity I GBP Acc 113 42 136 80 - - - - - - - -Artemis US Extended Alpha I GBP Acc 114 28 140 50 - - - - - - - -Artemis US Select I GBP Acc 115 25 135 85 - - - - - - - -Aviva Investors US Eq Inc 2 GBP Acc 114 32 147 15 175 22 227 48 - - 0.88 -Aviva Investors US Eq MoM 1 2 GBP Inc 110 96 135 83 173 34 230 40 273 34 1.03 -Aviva Investors US Equity Inc II 2 £ Acc 113 37 145 18 173 37 - - - - - -AXA Framlington American Growth Z Acc 107 118 133 97 155 92 207 79 296 18 0.72 -AXA Rosenberg American Z 111 78 140 48 172 41 232 30 268 39 1.05 -Baillie Gifford American B Acc 113 45 148 11 184 3 233 28 333 5 0.67 -BGF US Basic Value D2 114 35 142 30 160 74 214 71 249 54 1.05 -Blackrock ACS US Eq Trkr T1 GBP Acc 112 48 141 37 - - - - - - - -BlackRock North American Eq Tkr D Acc 112 50 141 34 175 23 230 42 - - 0.17 -BlackRock US Dynamic D Acc 117 6 142 32 173 33 226 51 256 46 0.94 -BlackRock US Equity Tracker D Acc 112 61 140 42 177 12 - - - - - -BlackRock US Opportunities D Acc 112 62 140 43 163 69 224 58 301 16 - -Boston Company US Opps Inst W Acc 115 20 138 72 155 94 219 61 276 31 - -Candriam Quant Eqs USA C USD Acc 112 52 136 78 164 68 212 75 224 62 1.83 -Candriam Sust North America C Acc 110 101 134 92 156 90 203 84 235 60 2.16 -Cavendish North American Fund B 111 87 134 90 157 86 188 94 - - 0.83 -CF Canlife North American C Acc GBP 114 33 149 10 176 14 228 46 311 10 0.81 -CF Miton US Opportunities B Acc 112 67 144 21 176 16 - - - - - -Dodge & Cox Worldwide US Stock A GBP 123 2 151 3 177 13 262 5 264 43 0.70 -Eaton Vance Intl(IRL) US Value I2 $ 111 83 129 111 - - - - - - 1.07 -F&C North American 2 112 49 140 41 175 21 236 22 287 25 0.81 -Fidelity American Special Sits W Acc 111 86 140 45 187 1 264 4 314 8 - -Fidelity American W Acc 112 55 140 49 157 85 201 85 251 53 - -Fidelity Index US W Acc 112 65 140 52 178 9 - - - - - -Fidelity Instl America 111 81 139 61 175 19 237 20 302 14 0.88 -Franklin Mutual Shares W Acc 117 7 147 16 168 56 230 41 205 65 1.03 -Franklin US Opportunities W Acc 111 89 133 96 157 84 220 60 - - 0.93 -


GAM North American Growth Instl GBP Acc 116 13 145 19 152 98 214 70 302 13 0.95 0.34GAM Star Capital App US Eq Instl GBP Acc 108 115 129 109 138 104 209 77 - - 2.16 -GAM Star GAMCO US Equity Instl GBP Acc 115 26 147 14 159 80 - - - - 1.19 -GAM Star US All Cap Equity Inst GBP Acc 108 112 135 87 152 99 204 82 - - 1.14 -GS US CORE Equity R Snap GBP Inc 112 69 138 65 173 30 237 18 255 49 0.75 -GS US Equity Portfolio R GBP Inc 111 80 133 98 157 88 213 72 269 37 1.09 -GS US Focused Growth Equity R GBP Inc 106 121 125 116 156 89 205 81 264 42 1.15 -Halifax North American C 112 53 140 51 173 31 231 33 269 38 1.51 -Henderson Instl North Am Idx Opps A Acc 112 63 141 35 167 59 218 62 264 44 1.76 -Henderson US Growth I Acc 107 117 127 113 149 102 200 89 283 27 1.09 -Hermes US All Cap Equity F GBP Acc 112 60 143 26 - - - - - - 1.42 -HSBC American Index C Acc 112 66 141 40 176 15 238 15 286 26 0.18 -HSBC MERIT US Equity Institutional A Acc 112 70 140 54 173 32 234 27 291 20 0.54 -INTECH US Core A USD Acc 110 97 131 105 168 58 226 50 266 40 1.70 -Investec American I Acc Net GBP 119 5 151 4 178 10 209 78 223 63 0.85 -IP US Enhanced Idx Z Acc 112 57 - - - - - - - - - -IP US Equity Z Acc 117 10 150 6 165 66 225 55 222 64 - -Janus Opportunistic Alpha A USD Inc 123 3 133 94 160 77 169 96 - - 2.33 -Janus US Research A USD 109 106 130 108 153 97 206 80 248 55 2.68 -Janus US Twenty A USD 109 103 125 115 159 83 225 53 301 15 2.22 -JB EF Health Innovation-USD B 98 124 113 120 150 101 291 1 - - 1.81 -JOHCM US Small Mid Cap Equity A GBP Inc 116 15 152 2 - - - - - - 1.35 -JPM America Equity A (dist) USD 113 44 136 77 161 71 231 34 273 33 1.71 -JPM America Equity C Net Acc 114 31 141 36 167 60 - - - - - -JPM US C Acc 112 56 138 69 169 54 227 47 269 36 0.93 -JPM US Equity Income C (acc) - GBP 112 54 141 39 173 36 229 43 - - 0.93 -JPM US Select C Acc 115 23 143 25 174 25 243 10 308 11 0.93 -JPM US Select Eq Plus A (dist) GBP 115 24 139 58 171 50 232 29 - - 1.80 -Jupiter North American Eqs D USD Acc 112 51 139 57 159 82 228 45 - - 1.25 -Jupiter North American Income I Acc 113 39 143 24 168 57 224 57 313 9 1.04 -L&G US Index I Acc 111 75 138 70 175 20 235 25 294 19 0.25 -Legg Mason CB Growth A USD Inc A 109 107 127 114 154 95 197 91 173 66 2.04 -Legg Mason CB US Agrsv Gr X A USD Inc 115 21 138 66 157 87 230 35 288 22 1.12 -Legg Mason CB US Appreciation X Inc (A)$ 109 105 128 112 165 65 215 66 - - 1.10 -Legg Mason CB US Lg Cp Gr X USD Acc 111 88 132 99 182 6 256 6 - - 1.11 -Legg Mason IF CB US Eq Inc X Inc 110 99 136 79 164 67 212 74 - - 1.05 -Legg Mason IF CB US Eq X Acc 113 40 143 28 160 78 217 65 153 67 - -Legg Mason IF MC Nth Am X Acc £ 110 93 135 88 161 72 215 68 254 51 - -Legg Mason MC North Amer X GBP Inc 110 94 134 91 156 91 203 83 - - - -Loomis Sayles U.S. Eq Leaders N/A GBP 107 119 135 84 181 8 - - - - - -Loomis Sayles U.S. Research Fd R/A USD 110 98 130 107 159 81 212 73 265 41 1.70 -M&G North American Dividend GBP I Acc 119 4 151 5 172 42 230 38 255 50 0.91 -M&G North American Value GBP I Acc 117 8 149 8 176 17 243 12 230 61 0.91 -Marlborough US Multi-Cap Income P Inc 108 114 132 100 160 76 214 69 238 58 - -MFS Meridian US Concentrated Gr WH1 GBP 99 123 111 121 129 106 - - - - 1.20 -MFS Meridian US Value WH1 GBP 104 122 118 118 136 105 184 95 - - 1.00 -MS INVF US Advantage I 108 111 131 106 174 28 238 14 357 2 0.93 -MS INVF US Growth Z 111 82 137 75 165 63 246 9 - - 0.89 -Neptune US Income C Acc GBP 110 102 140 55 175 24 217 64 - - - -Neptune US Mid Cap C Acc GBP 116 12 - - - - - - - - - -Neptune US Opportunities C Acc GBP 110 95 132 103 140 103 201 88 277 29 - -New Capital US Growth GBP Ord Acc 106 120 115 119 127 107 189 93 - - 1.17 -Old Mutual North American Eq R GBP Acc 116 16 146 17 186 2 269 3 303 12 0.90 -Old Mutual Schroder US Mid Cp U2 GBP Acc 115 22 150 7 183 5 - - - - - -Old Mutual Threadneedle Amer Sel A Acc£ 115 19 143 23 159 79 - - - - - -Old Mutual US Dividend R GBP Acc 114 27 142 31 162 70 - - - - 1.08 -OYSTER US Selection R GBP D 117 9 143 22 - - - - - - 1.22 0.56Perkins US Strategic Value I USD Inc 114 34 138 68 165 64 201 86 - - 1.75 -PIMCO GIS StocksPlus E Acc 112 74 136 82 171 45 238 17 288 23 1.45 -Pioneer SICAV US Fundamntl Gr N GBP ND 108 116 123 117 172 39 232 31 - - 0.98 -Polar Capital NA I USD Inc 114 30 135 89 174 29 235 26 - - 0.97 -Principal US Equity I Acc USD 111 90 131 104 160 75 215 67 256 47 1.10 -Royal London US Growth 116 17 147 13 170 52 222 59 244 57 1.55 -Royal London US Tracker Z Acc 112 64 141 33 174 26 237 19 - - 0.23 -Sanlam FOUR US Dividend Income A GBP Acc 112 68 145 20 - - - - - - 1.10 -Santander Premium US Equities A 111 79 140 44 171 49 239 13 270 35 1.03 -Schroder QEP US Core I Acc 112 58 140 47 175 18 231 32 316 6 0.32 -Schroder US Mid Cap Z Acc 114 29 149 9 183 4 243 11 359 1 - -Scottish Widows American Growth A 112 72 140 53 166 62 218 63 289 21 1.62 -SLI American Eqty Unconstrained Plat 1 A 109 109 139 59 171 44 236 23 277 30 - -SLI American Equity Inc Platform 1 Acc 109 108 - - - - - - - - - -SLI North American Trust 110 100 139 63 171 47 229 44 282 28 0.84 -Smith & Williamson North American Eq B 113 36 139 62 152 100 201 87 256 45 0.86 -SSgA North America Equity Tracker 112 73 136 81 171 46 225 52 275 32 0.90 -T. Rowe Price US Blue Chip Eq Q GBP 111 84 132 101 172 40 250 8 338 4 0.82 -T. Rowe Price US Large Cap Eq Q GBP 108 110 132 102 178 11 238 16 - - 0.82 -T. Rowe Price US Large Cap Grth Eq Q GBP 113 43 137 73 170 53 254 7 347 3 0.82 -T. Rowe Price US Lg Cp Val Eq Q GBP 112 71 141 38 169 55 230 36 255 48 0.82 -Threadneedle Amer Extnd Alpha Inst Acc £ 117 11 139 64 171 48 237 21 - - 0.81 -Threadneedle American Sel Z Acc GBP 116 18 143 27 166 61 225 56 297 17 0.82 -Threadneedle American Z Acc GBP 113 38 136 76 170 51 230 39 315 7 0.81 -Threadneedle US Eq Inc Z Inc GBP 113 41 139 56 173 38 230 37 - - - -UBS S&P 500 Index C Acc 111 76 135 86 - - - - - - - -UBS US Equity C Acc 116 14 148 12 172 43 225 54 247 56 - -UBS US Growth C Acc 108 113 129 110 161 73 227 49 - - - -Vanguard US Equity Index Acc 112 59 137 74 173 35 235 24 - - 0.20 -VT De Lisle America B GBP 126 1 162 1 182 7 274 2 - - 1.33 -Winton US Equity I GBP 111 77 133 93 - - - - - - - -Average/Total 112 124 138 121 166 107 225 96 274 67 1.11 0.45

(IA) NORTH AMERICAN SMALLER COMPANIESArtemis US Smaller Companies I GBP Acc 117 4 154 3 - - - - - - - -F&C US Smaller Comp Fd C Net Inc 115 7 150 8 166 6 233 4 314 4 - -GS US Sm Cap CORE Eq R Snap GBP Inc 118 3 151 6 170 5 226 5 267 8 0.85 -Hermes US Smid Equity F GBP Acc 114 10 151 5 175 1 - - - - 0.85 -



Unit trusts


Janus US Venture A USD 108 13 132 13 154 8 222 6 296 5 2.47 -JPM US Smaller Companies C Acc 113 11 153 4 142 11 203 9 286 6 0.93 -Jupiter US Small and Midcap Coms I Acc 115 9 147 10 - - - - - - - -Legg Mason IF Royce US Smlr Coms X Acc 120 2 156 2 146 10 177 10 259 9 - -Legg Mason RY US Sm Cp Opp X USD Acc 123 1 162 1 151 9 219 7 273 7 1.22 -Neuberger Berman US Sm Cap USD A Acc 116 6 142 12 157 7 205 8 - - 1.94 -Schroder US Smaller Comp Z Acc 117 5 151 7 175 2 236 3 337 3 - -T. Rowe Price US Smaller Co Eq Q GBP 112 12 144 11 171 4 246 1 360 2 1.12 -Threadneedle Amer Smlr Coms Z Acc GBP 115 8 150 9 171 3 240 2 363 1 - 0.12Average/Total 115 13 150 13 162 11 221 10 306 9 1.34 0.12

(IA) PERSONAL PENSIONSVirgin Pension Growth 107 1 119 1 119 1 150 1 157 2 1.00 -Virgin Pension Income Protector 96 2 104 2 116 2 121 2 158 1 1.00 -Average/Total 102 2 111 2 118 2 135 2 157 2 1.00 -

(IA) PROPERTYAberdeen European Property Share I Acc 96 41 108 21 138 17 184 6 124 13 - -Aberdeen Property Share I Acc 99 28 100 41 123 31 195 4 85 23 - -Aberdeen UK Property A Inc 107 7 98 43 114 38 123 34 100 19 - -Aberdeen UK Property Feeder UT I Acc 108 6 - - - - - - - - - -Aviva Investors As Pacific Prpty I£Acc 114 4 143 1 153 6 130 30 - - 1.23 -Aviva Investors European Prpty I GBP Inc 100 27 107 22 101 45 104 37 - - 1.50 -Aviva Investors Property Trust 2 GBP Acc 99 30 97 44 108 43 122 35 82 24 - -BlackRock Global Prty Secs Eq Trkr D Acc 97 37 126 6 160 3 185 5 - - - -BNY Mellon Global Prop Secs GBP I Inc H 94 47 112 17 146 14 169 15 - - 2.05 -F&C Global Real Estate Securities 3 Acc 96 43 125 8 163 1 - - - - - -F&C Property Growth & Income I Acc 97 39 103 28 135 22 160 18 128 11 - -F&C Real Estate Securities B GBP Acc 92 51 109 20 150 10 217 1 - - 1.38 -F&C UK Property 2 inc 115 1 102 32 118 32 127 31 - - 1.19 -F&C UK Property Feeder 1 GBP Acc 115 3 102 37 - - - - - - - -Fidelity Global Property W Acc 99 33 124 10 160 2 183 7 160 5 - -First State Asian Property Sec B Acc 101 24 129 3 143 16 173 13 158 6 1.53 -First State Glbl Prpty Sec B GBP Acc 99 31 122 13 159 4 175 12 191 1 1.11 -HC Charteris Property A Acc 99 32 98 42 111 41 - - - - 2.29 -HC UK Student Accommodation A Acc 101 25 103 30 109 42 - - - - - -HC UK Student Accommodation Feeder A Acc 101 26 102 33 106 44 - - - - - -Henderson Horizon AsPac PtyEqs $ Acc 99 29 126 7 136 18 169 16 165 4 1.90 -Henderson Horizon GlbPty Eqs H2 USD Acc 96 42 124 11 155 5 177 9 169 2 1.27 -Henderson Horizon PanEurPtyEqs H2Acc 95 46 110 19 147 12 210 2 114 14 1.39 -Henderson UK Property PAIF Feeder I Acc 106 18 96 46 116 34 133 27 98 21 - -Henderson UK Property PAIF I Acc Net 106 17 96 45 116 33 133 26 98 20 - -HSBC Global Property C Acc 97 38 111 18 136 19 158 19 - - 1.59 -JPM Global Property Secs C Acc 93 50 107 23 124 30 155 20 102 18 0.93 -Kames Property Income B Gross Acc 115 2 104 26 - - - - - - - -Kames Property Income Feeder (Acc) B Acc 114 5 103 29 - - - - - - - -L&G Global Real Estate DivIdx L GBP Dist 96 45 127 5 - - - - - - - -L&G UK Property Feeder I Acc 106 12 102 35 128 23 141 22 136 9 - -L&G UK Property I Acc 106 13 102 36 127 24 141 23 136 10 - -M&G Feeder of Property GBP I Acc 107 11 93 49 115 37 124 33 105 17 1.34 -M&G Property Portfolio GBP I Acc 107 10 93 48 115 36 126 32 106 15 1.39 -MGTS St Johns High Income Property Acc 102 23 104 25 116 35 - - - - - -MS INVF Global Property IX 98 35 120 14 146 13 177 10 158 7 1.08 -Old Mutual Glbl Prpty Secs R GBP PtH Inc 93 49 104 24 136 20 - - - - - 1.89Premier Pan Europe Prop Share C Acc 94 48 101 38 135 21 203 3 125 12 1.04 -Principal Glb Property Secs I Acc USD 97 40 120 15 150 8 180 8 - - 1.18 -Royal London Property A Acc 102 21 103 27 127 25 139 25 140 8 0.85 -Schroder Global Cities Real Estt Z Acc 98 36 123 12 150 9 170 14 - - 1.18 -Schroder Global Real Est Secs Inc Z Acc 96 44 128 4 144 15 161 17 - - 0.98 -Scot Wid MM Global Rel Est Sec A Inc 98 34 124 9 153 7 176 11 166 3 1.90 2.08SKAGEN m2 A 105 19 136 2 149 11 - - - - 1.50 -SLI Global Real Estate Plat 1 Acc 103 20 114 16 127 26 139 24 74 25 - -SLI Global REIT Plat 1 Acc 89 52 102 34 113 40 143 21 90 22 - -SLI UK Real Estate Acc Feeder P 1 Acc 106 15 - - - - - - - - - -SLI UK Real Estate Inc Feeder P 1 Inc 106 16 - - - - - - - - - -SLI UK Real Estate Platform 1 Acc 106 14 94 47 113 39 121 36 105 16 - -Threadneedle UK Prpty Authrsd Invmt INI 107 9 100 40 124 29 131 29 - - - -Threadneedle UK Prpty Authrsd Tr INI 107 8 100 39 124 28 131 28 - - - -TM Hearthstone UK Residential D 102 22 103 31 125 27 - - - - - -Average/Total 102 52 110 49 132 45 156 37 125 25 1.38 1.98

(IA) PROTECTEDInvestec Multi Asset Protector A Acc Net 103 6 112 7 117 4 130 5 - - 2.08 -MFS Meridian Prudent Wealth W1 GBP 102 7 115 4 - - - - - - 1.34 -Scottish Widows Capital Proct 19 107 1 119 1 118 2 138 1 - - - -Scottish Widows Capital Proct 21 107 2 119 2 123 1 131 3 - - - -Scottish Widows Capital Protected 17 106 3 117 3 114 5 138 2 - - 0.00 -Scottish Widows Capital Protected 18 104 5 113 6 111 6 131 4 - - - -Scottish Widows Capital Protected 20 106 4 115 5 117 3 126 6 - - - -Scottish Widows Safety Plus A 102 8 106 8 96 7 99 7 105 1 1.11 -Average/Total 105 8 114 8 114 7 128 7 105 1 1.51 -

(IA) SHORT-TERM MONEY MARKETArchitas Liquidity A Net Acc 100 4 100 2 101 1 101 3 - - - -Baillie Gifford Cash A Inc 100 10 100 9 100 8 101 4 110 6 0.16 -BlackRock Cash D Acc 100 7 100 3 101 2 101 1 111 4 0.31 -Fidelity Cash Y Acc 100 3 100 6 100 7 101 7 110 5 - -Fidelity Gross Accumulating Cash 100 2 100 4 100 4 101 6 113 1 0.40 -JPM Sterling Liquidity Agency (dist.) 100 8 100 7 100 5 101 5 111 3 0.25 -L&G Cash I Acc 100 5 100 5 101 3 101 2 111 2 0.21 0.27Royal London Short Term Money Mkt A Acc 100 1 100 1 100 6 101 8 108 7 - -Scottish Widows Cash A Acc 100 11 100 10 100 10 100 10 107 9 0.61 -SLI Short Term Money Market 100 9 100 8 100 9 100 9 108 8 0.63 -Wesleyan Risk Averse A Acc 100 6 - - - - - - - - - -Average/Total 100 11 100 10 100 10 101 10 110 9 0.37 0.27


(IA) SPECIALISTAberdeen Eastern European Equity I Acc 115 43 143 57 127 109 124 110 106 87 1.27 -Aberdeen Financial Equity I Inc 113 54 143 58 143 51 184 32 122 77 - -Aberdeen Global Indian Equity R2 96 223 126 124 184 14 177 38 303 9 0.40 -Aberdeen Latin American Equity I Acc 112 62 184 15 130 98 102 143 - - 1.30 -Aberdeen Multi-Mgr Ethical I Acc 108 86 134 84 144 49 180 36 181 36 - -Aberdeen Sterling Opps Corp Bd I Acc 101 190 107 204 108 181 123 111 - - - -Allianz China Strat Bd P (H2-GBP) GBP 99 209 99 229 95 207 102 141 - - 0.55 3.38Allianz German Equity - P - GBP 112 57 129 108 140 58 - - - - 1.01 0.89Allianz Global Agricult Trends RT GBP 99 213 117 155 138 63 136 83 - - - -Allianz Income and Growth RM H2-GBP 102 179 110 191 98 203 - - - - - -Allianz Oriental Income R GBP 107 99 132 91 139 61 165 47 222 23 - -Allianz Renminbi Fixed Income P H2-GBP 97 218 101 222 96 206 105 137 - - 0.60 4.30Artemis Global Energy I Acc 129 7 167 29 90 209 76 168 - - 0.87 -Aviva Investors Glbl Convert Ia GBP Inc 106 113 119 147 128 103 146 68 - - 0.81 -Aviva Investors Multi-asset I R3 GBP Acc 100 193 107 201 116 148 - - - - - -Aviva Investors Multi-Asset II R3 £ Acc 103 156 112 181 125 119 137 79 - - - -Aviva Investors Multi-asset III R3 £ Acc 105 119 118 154 132 86 - - - - - -Aviva Investors Multi-Asset IV R3 £ Acc 106 102 122 138 137 69 162 50 - - - -Aviva Investors Multi-Asset V R3 GBP Acc 108 83 127 118 145 47 163 49 - - - -AXA Framlington Biotech GBP Z Acc 102 168 120 144 141 55 295 2 433 2 0.80 -AXA Framlington Financial Z GBP Acc 123 21 142 59 145 46 200 15 116 81 - -AXA Framlington Health Z Inc 97 217 119 153 153 29 229 7 321 4 - -Baillie Gifford Diversified Gr B Acc 104 128 111 186 117 144 130 94 - - 0.86 -Baillie Gifford Multi Asset Gr B Acc 105 125 114 168 - - - - - - - -Baring Australia I GBP 100 194 128 116 132 90 126 108 202 29 1.32 -Baring Eastern Europe I GBP Acc 124 18 160 40 123 123 110 130 110 86 1.24 -Baring Frontier Markets I GBP Inc 110 72 132 90 127 108 - - - - 1.75 -Baring German Growth I GBP Acc 117 34 133 87 141 57 209 11 260 14 0.82 -Baring Global Agriculture I GBP 111 63 137 72 137 67 147 67 - - 1.07 0.84Baring Global Mining A GBP Inc 120 26 199 10 114 158 - - - - 2.30 0.24Baring Global Resources I GBP Acc 117 35 150 51 121 130 89 156 105 90 1.25 -Baring India I GBP Inc 103 146 131 100 198 11 175 42 - - 1.75 -Baring Korea I GBP Acc 100 203 114 173 129 100 126 107 184 34 - 0.13Baring Latin America I GBP Acc 109 78 154 48 117 142 85 163 131 71 1.29 -Baring MENA I GBP Inc 106 107 128 113 121 127 173 44 - - 1.75 -Baring Russia R GBP Inc 128 8 175 25 130 99 114 126 119 80 2.05 -BGF Emerging Europe D2 123 20 152 49 127 110 116 117 120 79 1.42 -BGF India D2 104 134 131 101 206 7 189 25 247 17 1.22 -BGF Latin American D2 115 44 165 31 129 102 91 153 163 45 1.34 -BGF New Energy D2 106 105 127 120 132 88 160 53 125 76 1.32 -BGF World Agriculture D2 118 33 138 69 142 53 143 72 - - 1.31 -BGF World Energy D2 118 32 146 54 103 189 98 148 141 67 1.31 -BGF World Mining D2 120 27 215 4 109 179 65 176 104 92 1.32 -BlackRock Dynamic Allocation A GBP Acc 99 210 103 218 - - - - - - - -BlackRock Dynamic Diversified Gr D Acc 99 207 102 219 103 190 115 120 131 72 - -BlackRock Gold and General D Acc 85 230 185 14 148 37 68 174 145 64 1.16 -BlackRock Managed Volatility 100 195 108 199 118 139 - - - - - -BlackRock Managed Volatility I C 102 166 112 180 121 133 - - - - 0.24 -BlackRock Managed Volatility II C 104 129 116 159 123 121 - - - - 0.24 -BlackRock Managed Volatility III C 106 106 120 145 126 113 - - - - 0.26 -BlackRock Market Advantage D GBP Acc 100 200 109 197 - - - - - - - -BlackRock Ntrl Resources Gr & Inc D Acc 121 25 175 23 135 75 122 113 - - - -BNY Mellon Brazil Equity GBP W Acc 125 14 220 3 144 48 97 149 - - 1.04 1.60Candriam Eqs L Australia C AUD Acc 109 76 141 63 137 70 145 69 216 27 1.86 -Candriam Eqs L Biotechnology C USD Acc 105 124 125 131 150 34 301 1 595 1 1.81 -Carmignac Pf Commodities F GBP Acc Hdg 114 45 133 88 116 146 87 160 - - 1.16 -Carmignac Pf Emergents F GBP Acc Hdg 101 184 112 183 125 118 117 116 - - 3.58 -Carmignac Pf Euro-Patrim F GBP Acc Hdg 107 96 114 169 109 177 - - - - 1.17 -CF Bentley Sterling Income 99 212 101 223 101 196 101 145 - - 2.30 -CF Bentley USD Bal 105 123 113 174 132 85 148 65 175 39 2.39 -CF Canlife Global Infrastructure C Acc 103 148 126 126 135 79 - - - - - -CF Canlife Global Resource C Acc 117 36 181 19 117 143 - - - - - -CF Canlife Strategic Return C GBP Acc 96 219 113 176 - - - - - - - -CF Canlife Total Return C Acc 102 178 111 187 104 188 115 122 156 53 - -CF Eclectica Agriculture A Net GBP 111 70 132 93 134 81 137 78 - - 1.88 0.07CF Ruffer Gold C Acc 87 227 181 20 173 18 54 177 98 94 - -CF Ruffer Pacific C Acc 104 143 124 134 138 62 173 45 233 20 - -CF Waverton Alternatives II B Inc 98 215 98 230 100 199 104 139 - - 2.63 0.47Charlemagne Magna Africa G EUR Acc 96 221 123 136 - - - - - - - -Consistent UT Inc 100 199 111 189 115 154 138 77 121 78 1.13 -F&C High Income 103 149 105 210 103 192 104 138 110 85 1.72 -F&C Overseas Equity-Linked UK Gilt 3 102 173 121 140 159 23 217 10 - - 0.39 -F&C Overseas Equity-Linked UK Inf 3 114 48 133 89 170 20 239 6 - - 0.39 -F&C UK Equity-Linked Gilt 3 101 182 129 111 153 30 182 34 - - 0.37 -F&C UK Equity-Linked Inflation 3 113 50 141 62 163 21 200 17 - - 0.43 -Fidelity Emerg Eur Mid East&Africa W Acc 108 87 139 67 132 89 139 75 - - - 1.74Fidelity India Focus Y-GBP 102 161 126 121 191 12 176 40 - - 1.22 -Fidelity Latin America W-Acc-GBP 109 77 155 47 121 131 92 152 169 43 1.23 -FP Brunswick Diversified Port B Acc GBP 104 132 113 177 120 134 131 92 129 74 1.79 0.99FP Octopus Dynamic Mixed Asset B Acc 104 130 117 156 125 117 130 96 - - 0.82 1.65FP Russell Real Assets C Acc 100 192 113 175 113 165 115 121 - - 1.24 -FP SCDavies Global Alts A Acc GBP 100 197 100 226 102 193 101 147 - - 2.46 -FP Tellsons Endeavour RF GBP Acc 103 152 110 193 - - - - - - - -FP WM Global Trend B Acc GBP 108 85 125 130 127 105 120 114 - - - -Franklin India W Acc GBP 104 141 132 92 204 9 186 29 306 8 1.13 -GAM Star Alpha Technology USD Inc 119 30 128 114 137 68 159 54 - - 1.61 -GAM Star India Equity GBP Instl 102 174 128 115 - - - - - - - -GAM Systematic Alt Risk Prma GBP 98 214 103 215 110 170 - - - - 0.99 -GS BRICs Eq R GBP Inc 108 80 143 56 145 43 126 104 171 41 1.25 -GS Glbl Currency Plus R £ Hdgd Inc 99 208 97 231 100 200 - - - - 1.25 -GS Glbl Strategic Income Bd R GBP H Dis 102 171 103 213 100 201 - - - - 0.85 -GS Glbl Strategic Macro Bd R GBP Hdg Inc 103 160 103 214 - - - - - - 1.08 2.32GS India Equity Portfolio R GBP Inc 101 181 126 122 216 3 225 8 - - 1.35 -



Unit trusts


GS N-11 Equity Port R GBP Inc 100 206 117 157 111 167 116 118 - - 1.25 -GS NA Energy & Energy Infra Eq R Acc 122 24 156 46 - - - - - - 1.15 -GS Strat Abs Ret Bd I R GBP H Inc 102 180 102 220 101 195 - - - - 0.50 1.92GS Strategic Abs Ret Bd II R Acc £ H 103 158 103 217 99 202 - - - - 0.75 2.72GS US Mortgage Backed Secs R Acc 104 131 114 171 142 54 141 74 234 19 0.55 -GS US Real Estate Bal R Acc 110 73 130 107 157 27 - - - - 1.10 -Henderson Diversified Alts Y GBP Acc 107 95 116 160 122 124 - - - - - 2.10Henderson Gartmore Latin Am H EUR Acc 107 100 157 45 125 116 89 157 160 48 0.99 1.45Henderson Global Financials I Acc 116 39 136 76 136 71 196 23 146 60 1.09 -Henderson Secured Loans Y GBP Acc 102 163 106 207 110 173 129 99 142 66 1.04 3.98HL Multi-Mgr Asia and Emerging Mkt A Acc 106 109 141 64 - - - - - - - -HSBC GIF Brazil Equity AD 116 37 213 5 113 162 71 170 104 91 2.16 -HSBC GIF BRIC Markets Equity AD 122 22 177 21 158 25 131 93 187 33 1.86 -HSBC GIF GEM Debt Total Return M1D 106 111 119 152 143 52 142 73 - - 1.35 -HSBC GIF Indian Equity AD 108 81 130 106 170 19 143 71 165 44 1.91 -HSBC GIF Latin American Equity M1D 112 61 160 39 110 175 87 159 154 55 1.40 -HSBC GIF Russia Equity AD 138 2 188 12 134 80 108 135 - - 2.16 -Invesco Asia Infrastructure A Inc 101 189 126 128 138 65 124 109 178 38 2.03 -Invesco Global Health Care A 97 216 115 164 133 84 198 19 261 13 2.43 -Invesco India Equity A 104 144 132 95 209 5 197 20 258 15 2.16 -Invesco Korean Equity A Inc 85 231 79 233 134 83 128 102 232 21 2.39 -Investec Diversified Gr I Acc Net 102 170 107 202 113 164 132 90 153 56 1.00 -Investec Enhanced Natural Res I Acc Net 119 29 169 27 130 95 109 134 - - 0.00 1.05Investec Global Energy I Acc Net GBP 118 31 148 53 96 205 95 151 141 68 0.89 -Investec Global Gold I Acc Net GBP 82 233 183 18 143 50 69 173 145 63 0.87 -Investec Short Dated Bond I Gross Acc 100 201 100 225 101 194 102 142 116 82 - -Investec Target Return I Acc Net GBP 100 196 100 224 100 198 101 146 110 84 0.77 1.16Investec UK Total Return I Acc Net 107 94 110 192 113 160 134 88 147 59 0.74 1.78IP Balanced Risk 10 Z Acc 102 169 115 163 116 147 - - - - - -IP Balanced Risk 6 Z Acc 102 177 110 196 110 171 - - - - - -IP Balanced Risk 8 Z Acc 102 172 112 179 113 163 - - - - - -IP Emerging European Z Acc 129 6 167 28 135 76 134 87 - - - -IP Global Financial Capital Z Acc 112 58 112 182 115 149 181 35 - - - -IP Latin American Z Acc 111 67 163 35 111 166 88 158 151 57 - -JB BF ABS-EUR B 104 145 115 165 107 182 117 115 130 73 1.12 -JPM Africa Equity A (dist) perf GBP 101 186 128 117 103 191 112 129 - - 1.80 -JPM Brazil Equity A (dist) USD 113 52 186 13 116 145 69 172 - - 1.80 -JPM Emerging Europe Equity C Net Acc 127 9 159 41 118 138 113 128 126 75 0.93 -JPM Emerging Middle East Eq A (dist) USD 110 74 127 119 123 122 137 81 159 51 1.80 -JPM Global Convert (EUR) A (dist) GBP H 103 153 105 208 107 184 130 97 - - 1.55 -JPM Global Financials Fd C Acc 127 10 144 55 151 33 200 14 115 83 0.93 -JPM India A (dist) USD 96 220 120 143 174 17 152 62 200 30 1.79 -JPM Korea Equity A (dist) USD 107 97 134 82 126 112 123 112 - - 1.80 0.10JPM Latin America Eq A (dist) USD 107 98 152 50 115 151 90 154 155 54 1.79 0.71JPM Natural Resources C Acc 124 19 206 7 109 176 67 175 105 89 0.93 -JPM Russia A (dist) USD 135 5 175 24 130 97 115 119 106 88 1.80 -JPM Turkey Equity A (dist) EUR 95 224 103 216 108 180 96 150 83 98 1.80 -Junior Gold P Acc 74 234 235 2 128 104 31 179 - - - -Junior Oils P Acc 138 3 164 32 63 214 50 178 59 99 - -Jupiter Emerging European Opps I Acc 125 12 162 36 121 129 110 132 96 96 1.21 -Jupiter Financial Opportunities I Acc 108 82 124 132 132 87 189 27 174 40 1.00 -Jupiter Global Financials D GBP Acc 111 66 132 97 141 56 200 18 169 42 1.06 -Jupiter India I Acc 105 118 136 77 231 1 204 13 - - 1.13 -Jupiter India Select D USD Acc 105 114 134 85 230 2 196 22 284 11 1.10 -Jupiter International Financials I Acc 111 71 129 109 138 66 200 16 - - 1.02 -Jupiter New Europe L GBP A Inc 125 13 161 37 121 132 113 127 - - 2.00 -Kames Diversified Growth GBP B Acc 101 191 108 198 118 140 115 123 - - 0.56 -Kames Diversified Monthly Income B Inc 104 142 113 178 - - - - - - - -LO Funds - Global Energy I A 125 16 163 34 98 204 103 140 - - 1.20 -LO Funds-Cmdty Risk Premia (USD)IA 107 91 131 102 100 197 83 165 - - 0.95 -Loomis Sayles Strat Alpha Bd Fd HN/D GBP 102 165 106 206 106 186 - - - - 1.00 2.36M&G Episode Defensive GBP I Acc 104 139 105 209 105 187 - - - - 0.70 -M&G Global Convertibles GBP I-H Acc 103 150 110 195 114 157 - - - - 0.93 -Man GLG ABS Corporate Acc Gross G 107 101 106 205 107 183 130 95 - - 0.25 -Manek Growth 94 225 99 228 82 213 81 166 58 100 2.39 -Marlborough ETF Commodity P Acc 116 38 134 81 89 210 71 169 98 95 - -Marlborough ETF Global Growth P Acc 103 155 114 170 127 107 153 61 163 46 - -Matthews Asia Funds India I GBP 101 183 123 135 208 6 196 21 - - 1.43 -McInroy & Wood Emerging Mkts Pers Inc 103 157 131 103 135 74 139 76 - - 1.50 -MFS Meridian Absolute Return W1 USD 106 104 119 149 131 92 128 100 212 28 0.90 -MFS Meridian Latin American Eq WH1 GBP 101 188 135 79 83 212 - - - - 1.35 -MI TwentyFour AM Monument Bond I Acc 104 135 105 211 106 185 126 105 - - 1.01 2.65MI TwenytFour AM Asset Backed Inc A Inc 107 89 108 200 115 153 - - - - - 6.80Mirae Asset India Sector Leader Eq R GBP 104 137 131 99 - - - - - - 1.10 -MS INVF Diversified Alpha Plus ZH GBP 102 176 95 232 85 211 110 131 - - 1.03 -MS INVF Global Balanced Income IR 105 120 119 150 - - - - - - 1.03 -MS INVF Global Fixed Income Opps I 107 92 121 141 - - - - - - 0.68 -Neptune India C Acc GBP 104 138 133 86 205 8 183 33 217 26 1.77 -Neptune Latin America C Acc GBP 120 28 169 26 127 106 109 133 - - - -Neptune Russia & Greater Russ C Acc GBP 135 4 177 22 121 126 107 136 131 70 - -Neuberger Berman Diversified Ccy USD Adv 105 121 110 194 131 93 126 106 - - 1.56 -Newton 50/50 Global Equity Expt 1 Acc 102 162 120 146 130 94 161 52 193 32 0.55 -Newton Maiden GBP Inc 100 204 115 166 135 78 176 41 199 31 0.45 -Newton Multi-Asset Divers Ret Inst W Acc 104 133 116 158 121 125 135 85 146 61 - -Old Mutual BlackRock Gold & Gen U2 Acc£ 84 232 183 17 146 41 - - - - - -Old Mutual Gold & Silver R GBP Acc 87 228 - - - - - - - - - -Old Mutual JPM Natural Res U2 GBP Acc 124 17 209 6 110 172 - - - - - 0.79Pictet - Emerging Europe P dy GBP 125 11 160 38 110 169 102 144 100 93 2.22 0.80Pictet-Agriculture I dy GBP 106 103 126 127 132 91 144 70 - - 1.22 0.30Pictet-Biotech I dy GBP 102 175 119 151 135 73 258 4 344 3 1.22 -Pictet-Clean Energy I dy GBP 111 65 131 98 124 120 154 58 - - 1.22 -Pictet-Health I dy GBP 96 222 115 167 155 28 218 9 312 5 1.22 -Pictet-Indian Equities I GBP 107 90 135 78 201 10 189 26 219 24 1.38 -Pictet-Premium Brands I dy GBP 105 127 114 172 115 150 148 64 218 25 1.22 0.47Pictet-Russian Equities I GBP 144 1 206 8 147 38 128 101 - - 1.31 -


Pictet-Security I dy GBP 105 126 125 129 159 24 208 12 307 7 1.22 -Pictet-Timber I dy GBP 112 56 137 73 135 77 177 39 - - 1.22 0.73Pictet-Water I dy GBP 106 108 129 112 153 31 190 24 244 18 1.22 -PIMCO GIS Commodity Real Ret E USD Inc 111 68 132 96 91 208 78 167 89 97 1.64 -Polar Capital Biotechnology I USD Inc 114 46 139 68 187 13 - - - - - -Polar Capital Financial Opps R Inc 122 23 130 105 145 44 186 28 - - 1.76 1.59Polar Capital Global Convert I Acc 105 116 120 142 134 82 - - - - - -Polar Capital Global Insurance R Acc 115 41 134 83 179 15 251 5 - - 1.47 -Polar Capital Healthcare Blue Chip I Acc 100 205 119 148 - - - - - - - -Polar Capital Healthcare Opps I Inc 100 198 116 162 146 40 294 3 - - 1.22 -Principal Preferred Secs I Acc USD 108 79 122 139 157 26 185 30 268 12 0.43 -RWC Enhanced Income Fund R GBP Acc 101 185 105 212 109 178 135 84 - - 1.17 -RWC Global Convertibles Fund R GBP Acc 102 164 107 203 110 174 132 89 - - 1.10 -RWC Income Opportunities Fund R GBP Acc 102 167 112 184 119 135 154 59 - - 1.12 -Sarasin Food & Agriculture Opps P Acc 111 64 138 70 149 35 161 51 - - 0.99 1.51Schroder Diversified Growth I Acc 103 147 111 190 113 161 131 91 161 47 0.80 -Schroder GAIA Egerton Equity A GBP 105 117 116 161 117 141 150 63 - - 2.43 -Schroder ISF Asian Total Ret C 107 93 132 94 160 22 177 37 - - 1.33 -Schroder ISF Emerg Europe C Acc 125 15 159 42 130 96 137 82 159 49 1.36 -Schroder ISF European Div Max Z Acc 113 51 124 133 118 137 158 55 - - 1.08 -Schroder ISF Glbl Emerg Mkt Opp C USD 114 49 142 60 136 72 135 86 222 22 1.35 -Schroder ISF Global Divi Max Z GBP Inc 115 42 136 75 149 36 174 43 - - 1.08 -Schroder ISF Indian Equity C Acc 104 140 126 125 178 16 185 31 248 16 1.38 -Schroder ISF Latin Amer C USD 113 55 158 44 115 152 85 162 138 69 1.36 -Schroder ISF Wealth Preservat C Acc 100 202 130 104 111 168 115 124 181 35 1.04 -Schroder Small Cap Discovery Z Acc 105 115 126 123 147 39 - - - - - 1.28Scottish Widows Latin America A Acc 111 69 183 16 126 114 89 155 159 50 1.81 -SF Peterhouse Smlr Coms Gold B Net Acc 103 154 205 9 - - - - - - - -SKAGEN Vekst A 116 40 142 61 129 101 147 66 179 37 1.00 -SLI Enhanced-Diversification Plat 1 Acc 101 187 102 221 114 155 - - - - - -Smith & Williamson Global Gold & Res B 87 226 199 11 152 32 71 171 148 58 - -Stewart Investors Glb EM Ldrs B Acc GBP 106 112 136 74 145 45 156 57 307 6 0.91 -Stewart Investors Glbl EmMkts B Acc GBP 106 110 139 66 140 60 154 60 299 10 1.06 -Stewart Invs Glbl EmMkts Stnty B Acc GBP 105 122 134 80 140 59 168 46 - - 1.03 -Stewart Invs Indian Sbctnt B Acc GBP 104 136 129 110 209 4 - - - - - -Stewart Invs Latin America B Acc GBP 108 84 166 30 145 42 129 98 - - 1.14 -Stonehage UK Equity Income B Inc 103 159 111 188 119 136 157 56 157 52 1.65 5.19T. Rowe Price Frontier Mkts Eq Q GBP 113 53 137 71 - - - - - - 1.27 -T. Rowe Price Glbl Natrl Res Eq Q EUR 112 59 148 52 125 115 128 103 - - 0.85 -Templeton Frontier Markets W Acc GBP 114 47 140 65 126 111 164 48 - - 1.74 -Templeton Latin America W Acc GBP 108 88 159 43 114 159 85 161 146 62 1.41 -Threadneedle Latin Amer Z Acc GBP 112 60 164 33 114 156 84 164 144 65 - -VT UK Infrastructure Income C GBP Acc 103 151 112 185 - - - - - - - -Waverton Alternatives A GBP Inc 99 211 100 227 - - - - - - - 0.03WAY Charteris Gold& PrecMtls Elite E Acc 87 229 257 1 138 64 114 125 - - - -WAY Global Momentum E Acc 109 75 123 137 121 128 137 80 - - 1.55 -Average/Total 107 234 133 233 131 214 139 179 179 100 1.28 1.67

(IA) TARGETED ABSOLUTE RETURN7IM Unconstrained C Acc 107 7 118 3 126 4 148 4 - - - -Aberdeen Absolute Return Bd I Acc 102 44 102 59 96 75 106 62 119 13 - 0.60Absolute Insight Credit B2p2 GBP 102 35 99 81 99 70 119 28 - - 2.84 -Absolute Insight Currency B3p GBP 100 83 96 95 101 65 105 65 - - 0.95 -Absolute Insight Emerg Mkt Debt B3p GBP 96 100 101 68 101 62 111 48 - - 1.22 -Absolute Insight Eq Mkt Netrl B3p£Acc 101 77 100 75 102 59 109 53 - - 1.10 -Absolute Insight W 100 88 99 78 101 66 111 47 - - - 0.86Artemis Pan-European Abs Ret I GBP H Acc 108 5 110 16 - - - - - - - 0.10Artemis US Absolute Return I GBP H Acc 101 74 100 72 - - - - - - - -Aviva Investors Mlt-Strat Trgt Inc 2£Inc 99 93 99 82 - - - - - - - 4.70Aviva Investors Mlt-Strat Trgt Ret 2£Acc 101 72 99 83 - - - - - - - 0.51Baring Multi Asset I GBP Acc 103 30 112 10 115 13 126 18 - - 0.79 -BlackRock Absolute Return Bond D Acc 101 55 102 55 103 53 109 55 - - - 0.98BlackRock Dynamic Return Strategy D £Acc 97 98 96 96 - - - - - - - -BlackRock Emerging Mkts Abs Alpha D Acc 104 18 107 27 - - - - - - - -BlackRock European Absolute Alpha D Acc 96 101 95 97 104 49 117 36 - - 0.97 -BlackRock Glbl Long/Short Eq A Acc 103 28 96 94 - - - - - - - -BlackRock UK Absolute Alpha D 102 48 104 45 116 10 122 23 141 7 0.93 -BNY Mellon Absolute Ret Bd EUR X Acc 103 27 117 5 110 23 - - - - 0.06 -BNY Mellon Absolute Ret Eq GBP U Acc 101 54 100 73 104 47 119 30 - - 1.36 -Carmignac Pf Capital Plus F GBP Acc Hdg 101 62 101 67 104 46 114 40 - - 0.87 -Castlefield Managed Mlt-Ast Instl Inc 103 29 108 23 112 19 121 25 140 8 2.23 -CF Eclectica Absolute Macro A Net GBP 104 22 103 52 110 24 107 59 - - 1.98 -CF Odey Absolute Return I GBP 86 109 86 106 94 78 176 2 - - 5.06 -City Financial Absolute Eq I Acc 111 2 91 103 128 2 203 1 - - 1.24 -F&C Global Equity Market Neutral C Acc 106 9 103 47 - - - - - - - -FP Argonaut Absolute Return R GBP Acc 94 105 76 107 94 79 140 10 - - - -FP Octopus Global Strategies B 101 61 102 61 107 36 114 41 - - 1.62 0.50FP Pictet Multi Asset Portfolio A Acc 106 11 116 8 - - - - - - - -GAM Star (Lux) - Convert Alpha I EUR Acc 107 6 124 1 112 20 131 14 - - 1.40 -GAM Star (Lux) - Emerging Alpha I £ Acc 96 103 94 99 94 77 - - - - 1.59 -GAM Star (Lux) - European Alpha I GBP 94 106 88 104 102 57 - - - - 4.03 -GAM Star Discretionary FX GBP 96 102 88 105 115 15 126 19 - - 3.88 -GAM Star Emerging Market Rates Instl£Inc 102 41 106 28 109 26 111 49 - - 1.25 0.67GAM Star Global Rates GBP Acc 102 49 97 92 101 64 110 51 - - 3.13 -GAM Star Keynes Quant Strat Inst GBP Acc 95 104 93 101 108 31 112 44 - - 5.46 -GS Global Absolute Ret R GBP Hdg Inc 101 76 102 56 - - - - - - 1.00 0.22H2O Multireturns N/D(GBP) 109 4 101 66 130 1 - - - - - 1.49Henderson Crdt Alpha Y Acc Net 100 86 99 80 97 73 106 61 - - 1.52 0.38Henderson Eurp Absolute Ret I Acc 102 37 101 69 108 32 148 3 - - 1.11 0.33Henderson Multi-Mgr Abs Ret I Acc 102 42 106 32 108 35 115 38 - - - 0.83Henderson UK Absolute Return I Acc 101 60 102 63 115 14 140 9 - - 1.08 0.13Hermes Absolute Ret Crdt F GBP Hdg Acc 101 57 103 49 - - - - - - 1.07 -IFSL Brooks Macdonald Def Cap A Acc 106 8 113 9 118 7 134 12 159 4 - -Ignis Absolute Return Gov Bd C GBP 101 63 101 71 97 72 109 54 - - 0.94 -Insight Global Absolute Ret Inst W Acc 100 82 106 29 109 28 - - - - - 1.38



Unit trusts


IP Global Targeted Returns Z Acc 100 78 103 54 113 18 - - - - - 1.55JB BF Absolute Ret Def R GBP 102 53 103 53 100 69 103 68 - - 0.95 -JB BF Absolute Ret Pl R GBP 104 21 107 25 103 54 107 58 138 9 1.37 -JB BF Absolute Return R GBP 102 38 105 38 101 67 105 66 126 12 1.32 -JB EF Absolute Ret Europe-GBP Rh 100 84 98 87 103 56 110 52 - - 1.25 -JPM Global Macro Opportunities C Net Acc 93 108 94 100 116 11 - - - - 0.93 0.36Jupiter Absolute Return I Acc 101 56 104 41 118 8 120 26 - - 0.84 -Jupiter Strategic Reserve I Acc 101 65 102 57 103 55 - - - - - 1.05Kames Absolute Return Bond B GBP Acc 101 64 102 58 104 48 109 56 - - 0.69 -Kames UK Equity Absolute Return B Acc 101 69 97 91 103 52 112 43 - - 0.82 -Liontrust GF Eurp Strat Eq C3 H Int Acc£ 105 17 108 22 - - - - - - - -LO Funds - Absolute Return Bd I A EUR 101 66 111 13 100 68 104 67 127 11 0.68 -Man GLG Alpha Select Alternative IL GBP 106 12 102 62 109 29 122 24 - - 2.45 -Man GLG European Alpha Alt IN H GBP 100 79 100 76 97 74 108 57 - - 1.68 -Marlborough Defensive Fund P Inc 103 33 98 84 102 58 106 64 - - - -MI Activus Investment Z GBP Acc 102 52 - - - - - - - - - -Newton Global Dynamic Bd Inst Inc 100 81 104 46 105 44 116 37 165 2 0.81 -Newton Managed Targeted Ret Inst W Acc 101 73 112 11 - - - - - - - 1.11Newton Real Return Inst W Acc 94 107 103 51 109 27 117 35 167 1 - 2.54Nordea 1 - GBP Diversified Return BC GBP 97 99 104 39 - - - - - - 0.74 -Old Mutual AR Govt Bd R GBP Acc 102 34 105 34 - - - - - - 0.75 -Old Mutual Global Eq AR R £ Hgd Acc 105 16 104 43 117 9 143 5 - - 1.92 -Old Mutual UK Opportunities R GBP Acc 98 97 92 102 95 76 114 39 - - - -Old Mutual UK Specialist Eq R GBP Acc 109 3 - - - - - - - - - -OYSTER Absolute Return GBP R GBP D 99 92 104 44 - - - - - - 0.70 -Polar UK Absolute Equity I Sterling 101 70 116 7 - - - - - - - -Premier Defensive Growth C Net Inc 102 36 103 50 108 33 119 29 - - - -Premier Multi Asset Absolute Ret C Acc 102 46 104 42 108 30 123 21 - - 1.20 -Royal London Abs Ret Govt Bd M GBP Acc 100 80 100 74 - - - - - - - -RWC Asia Absolute Alpha R GBP 103 24 105 37 - - - - - - 3.09 -RWC Core Plus B EUR 103 25 116 6 112 21 112 45 156 5 1.24 -RWC Europe Absolute Alpha Fund R GBP 103 31 97 90 98 71 118 31 - - 2.20 -RWC US Absolute Alpha R GBP 99 91 94 98 102 60 140 8 - - 2.80 -S&W Saltus Multi Asset A Acc 104 20 107 26 112 22 122 22 - - 2.59 1.96Sanlam FOUR Multi Strat A GBP Acc 102 39 109 20 106 40 - - - - 1.01 -Schroder Absolute Return Z Acc 103 23 105 36 103 51 111 46 128 10 0.92 2.00Schroder European Eq Abs Ret P2 Acc Euro 102 50 111 12 101 63 113 42 - - 1.01 -Schroder ISF Asian Bd Abs Ret Z Acc USD 105 15 117 4 - - - - - - 0.93 -Schroder ISF EMMA Dbt AbsRet Z Acc H 101 75 121 2 106 41 106 63 159 3 1.08 -Schroder UK Dynamic Abs Ret P2 GBP Acc 111 1 110 15 107 37 142 6 - - 1.25 -SLI Glb Absl Ret Glb Bd Strats A Acc 100 89 101 65 101 61 106 60 - - - -SLI Global Absolute Ret Strat Plat 1 Acc 101 67 99 79 105 45 117 33 - - - 1.43Smith & Williamson Defensive Growth B 104 19 109 19 113 17 126 17 143 6 - -Smith & Williamson Enterprise C 105 13 105 35 113 16 136 11 - - 0.95 -SVS Church House Tenax AbsRt Strts A Acc 103 32 109 18 116 12 128 16 - - 1.35 1.22T. Rowe Price Glbl Uncons Bd Qh GBP 101 71 103 48 - - - - - - 0.63 -Threadneedle Abs Ret Bd Inst GBP 98 95 96 93 93 80 95 69 119 14 0.70 -Threadneedle Crdt Opps Inst Acc GBP H 102 51 106 31 107 38 117 34 - - 0.70 1.83Threadneedle Dynamic Rl Ret Z Acc 102 43 109 17 119 6 - - - - - -Threadneedle Global Opps Bd Z Acc 100 85 100 77 - - - - - - - 0.73Threadneedle UK Abs Alpha Z Acc GBP 100 87 97 88 110 25 123 20 - - 0.93 0.17TM Fulcrum Divers Cor Abs Ret C GBP Acc 102 40 102 60 - - - - - - - -TM Fulcrum Diversified Abs Ret C GBP Acc 102 47 101 64 106 43 - - - - - -TM Sanditon European Sel GBP A Acc 102 45 98 85 - - - - - - - -TM Sanditon UK Select A NET Acc 98 96 98 86 - - - - - - - -UBS (Irl) Inv Sel Glb Eq L/S £ H Q-PF 105 14 106 30 - - - - - - - -Vontobel Fund Twtyfr Abs Ret Crdt G acc 101 59 106 33 - - - - - - 0.45 -VT icf Absolute Return Portfolio F GBP 101 68 104 40 106 42 119 27 - - 2.06 -VT iFunds Absolute Return Green A Acc 101 58 108 24 122 5 134 13 - - - -VT iFunds Absolute Return Indigo A Acc 99 90 101 70 107 39 110 50 - - - -VT iFunds Absolute Return Orange A Acc 103 26 109 21 126 3 142 7 - - - -VT Tcam Absolute Return A Acc 99 94 97 89 104 50 118 32 - - 2.83 -WAY Absolute Return Portfolio E Acc 106 10 110 14 108 34 128 15 - - 1.04 2.31Average/Total 101 109 103 107 107 80 121 69 142 14 1.51 1.14

(IA) TECHNOLOGY AND TELECOMMUNICATIONSAberdeen Global Technology Eq R2 110 14 139 11 157 9 181 12 275 7 0.95 -AXA Framlington Global Technology Z Acc 114 9 147 4 181 3 222 7 402 1 - -Cavendish Technology Fund B 117 4 145 6 169 7 214 8 - - 0.88 -Close FTSE TechMark X Acc 98 16 112 15 138 11 202 10 292 6 1.04 -Fidelity Gbl Technology W-Acc-GBP 119 2 156 1 212 1 275 1 378 3 1.16 -Fidelity Global TeleComms W GBP Acc 101 15 114 14 134 12 169 13 207 10 1.18 -GAM Star Technology Instl GBP Acc 122 1 141 9 143 10 228 5 - - 1.71 -Henderson Global Technology I Acc 117 3 144 8 178 5 226 6 377 4 1.03 -Invesco Global Technology A 112 11 136 12 157 8 187 11 236 9 1.99 -L&G Global Tech Index I Acc 116 7 144 7 192 2 237 4 340 5 0.32 -MFM Techinvest Technology A Acc 110 12 132 13 120 13 213 9 266 8 1.74 -Neptune Global Technology C GBP Acc 115 8 145 5 - - - - - - - -Pictet - Robotics I GBP Acc 116 5 150 2 - - - - - - 1.22 -Pictet-Digital I dy GBP 110 13 139 10 173 6 253 2 380 2 1.20 -Polar Capital Global Technology I 114 10 150 3 180 4 237 3 - - 1.69 -T. Rowe Price Glbl Technology Eq Qd GBP 116 6 - - - - - - - - - -Average/Total 113 16 140 15 164 13 219 13 315 10 1.24 -

(IA) UK ALL COMPANIES7IM UK Equity Value C Inc GBP 107 158 124 25 - - - - - - - -Aberdeen Global UK Equity R1 105 214 120 96 114 225 143 226 141 182 0.98 -Aberdeen Responsible UK Equity I Acc 107 167 128 15 123 113 150 195 156 146 - -Aberdeen UK All Share Tracker C Acc 108 115 122 61 123 115 153 187 - - - -Aberdeen UK Enhanced Equity B Acc 108 108 123 37 125 86 150 196 - - - -Aberdeen UK Equity I Acc 105 216 121 86 115 215 145 220 155 148 1.10 -Aberdeen UK Mid-Cap Equity I Acc 108 135 120 109 120 149 185 54 177 92 - -Alliance Trust SF UK Growth 2 Acc 105 203 115 175 125 85 180 73 175 97 0.85 -Alliance Trust UK Ethical 2 108 134 112 211 123 105 179 76 168 113 - -Allianz UK Index C Acc 108 129 121 78 122 125 152 191 161 133 0.70 2.82


Allianz UK Mid Cap C Acc 106 186 115 181 129 42 193 39 211 32 - -Allianz UK Opportunities C Acc GBP 113 32 130 10 122 123 167 121 151 162 - -Allianz UK Unconstrained C Acc 113 33 130 11 120 148 183 62 169 111 - 1.77Architas MM UK Equity A Acc 106 189 116 155 118 174 160 147 143 180 1.25 -Ardevora UK Equity A 104 225 120 103 132 21 215 10 - - - -Artemis Capital I Acc 116 13 119 128 126 70 199 24 160 137 0.94 -Artemis Instl UK Spec Sit IN Acc 104 231 112 209 118 180 178 80 195 54 0.77 -Artemis UK Select I Acc 113 31 111 223 119 166 176 84 179 86 0.84 -Artemis UK Special Situations I Acc 103 236 112 220 114 223 167 120 183 78 0.81 -Aviva Investors UK Eq MoM 1 2 GBP Inc 102 252 114 192 132 23 210 13 239 17 1.03 -Aviva Investors UK Eq MoM 2 2 GBP Inc 104 220 115 186 106 248 139 229 79 195 1.03 -Aviva Investors UK Eq MoM 3 2 GBP Inc 113 37 124 30 120 144 168 116 130 188 1.07 -Aviva Investors UK Equity 2 GBP Acc 107 168 116 159 127 58 167 119 207 38 0.82 -Aviva Investors UK Growth 2 GBP Acc 110 72 115 174 118 175 159 153 178 87 0.82 -Aviva Investors UK Index Tracking 2 £Inc 107 151 119 112 122 126 154 181 161 135 0.23 -Aviva Investors UK Opportunities 2 £ Acc 109 79 111 224 119 171 159 151 181 81 0.78 -AXA Framlington UK Growth Z GBP Acc 106 184 116 156 121 137 163 136 187 69 0.72 -AXA Framlington UK Mid Cap Z Acc 108 123 110 234 130 30 227 6 - - 0.93 -AXA Framlington UK Select Opps Z Inc 107 152 111 225 118 178 160 146 205 39 - -AXA General Acc 107 139 119 127 126 64 153 185 146 174 1.04 -Baillie Gifford UK Equity Alpha B Acc 105 211 126 21 116 203 161 143 185 73 0.69 -Barclays UK Alpha R Acc 111 62 120 110 120 147 180 74 175 96 - 2.12Barclays UK Alpha S2 R Acc 111 53 120 95 120 155 - - - - - 1.89Barclays UK Core R Acc 107 170 121 91 120 138 159 156 150 165 - -Barclays UK Lower Cap R Acc 112 47 115 182 129 44 - - - - - 0.84Barclays UK Opportunities R Acc 108 99 121 85 125 87 183 60 211 34 - 2.13BlackRock 100 UK Equity Tracker D Acc 108 100 124 27 124 99 - - - - - -BlackRock Mid Cap UK Equity Tkr D Acc 107 162 114 188 126 72 - - - - 0.19 -BlackRock UK D Acc 107 136 115 172 125 79 166 124 158 141 0.92 -BlackRock UK Equity D Acc 108 109 122 59 129 43 164 134 - - - -BlackRock UK Equity Tracker D Acc 108 104 123 54 124 89 157 163 170 107 0.16 -BlackRock UK Focus D Acc 105 200 116 158 126 62 161 142 - - - -BlackRock UK Special Situations D Acc 110 69 121 89 117 193 159 154 199 49 0.92 -Candriam Eqs L United Kingdom C GBP Acc 102 253 112 221 115 211 137 233 149 168 1.90 -Castlefield CFP SDL UK Bufftlgy Inst Inc 115 16 122 68 151 2 254 4 - - - -Castlefield UK Opportunities Instl Inc 101 262 109 237 115 208 145 221 - - 2.31 -Cavendish Opportunities B Inc 120 3 121 82 121 134 198 26 232 20 0.83 -Cavendish UK Select Fund B 115 18 124 28 108 242 170 107 - - 0.88 -CF Canlife UK Equity C Acc 102 250 106 256 109 239 - - - - - -CF IM UK Growth A Inc 107 154 120 98 121 135 152 188 - - 1.44 -CF Lindsell Train UK Equity Acc 102 249 115 178 137 13 216 9 296 4 0.83 -CF Miton UK Value Opp B Instl Acc 111 60 105 260 138 12 - - - - - -CF Purisima UK Total Return A PCG 105 201 122 75 120 150 146 213 - - 1.46 -CFIC Crux UK B Inc 107 169 121 81 130 32 175 87 173 101 1.18 -Close OLIM UK Equity Income X Acc 105 213 115 169 119 165 169 112 180 83 1.56 -Coutts UK Equity Index Ser 3 107 166 119 120 120 156 149 199 155 150 0.84 -Dimensional UK Core Equity GBP Acc 108 122 122 70 123 102 161 140 168 112 0.36 -Dimensional UK Value Acc 117 9 132 7 112 235 152 190 114 192 0.54 -EdenTree Amity UK B 103 235 109 241 117 194 172 97 177 91 0.87 -EdenTree UK Equity Growth B 111 55 112 217 118 179 203 19 228 22 0.84 -Elite Webb Cap Smaller Co Inc & Gr B Acc 101 259 98 266 108 243 116 241 - - - -Evenlode Income B Inc 102 251 119 114 140 7 194 35 - - 1.19 -F&C FTSE All-Share Tracker 2 Inc 108 110 122 64 123 110 154 176 167 117 0.38 -F&C Institutional UK Eq 4 105 202 118 137 126 71 157 161 177 90 0.02 -F&C Responsible UK Equity Gr 2 104 224 115 179 126 69 177 81 152 158 0.81 -F&C UK Alpha 2 102 245 113 194 116 199 133 237 147 171 0.86 -F&C UK Mid-Cap C Net Acc 106 185 113 193 133 19 209 14 269 9 - -Family Asset Trust 107 142 121 88 119 168 146 214 128 189 1.03 -Family Charities Ethical Tr Inc 107 159 120 101 115 217 137 232 102 194 1.46 -Fidelity FAST UK Y GBP Acc 106 194 116 153 133 18 175 88 - - 3.41 -Fidelity Index UK W Acc 108 105 122 73 124 96 155 173 165 124 - -Fidelity Instl UK 106 192 115 183 128 50 169 110 188 67 0.87 -Fidelity MoneyBuilder Growth Y Inc 106 172 113 196 123 109 173 91 185 74 0.68 -Fidelity Special Situations W Acc 113 35 123 46 129 34 205 18 212 30 - -Fidelity UK Opportunities W Acc 114 27 124 26 130 29 207 15 - - - -Fidelity UK Select W Acc 105 199 117 150 135 16 171 101 195 55 - -FP Matterley Equity Acc 104 234 112 213 113 227 145 217 190 63 1.60 -FP Numis Mid Cap A GBP Acc 108 121 118 132 - - - - - - - -FP Octopus UK Equity B Acc 107 157 118 134 120 152 165 129 - - 1.11 -FP Russell UK Growth Assets C Acc 109 91 118 130 116 206 160 145 - - 1.07 -Franklin UK Managers' Focus W Acc 107 150 113 198 128 45 202 21 216 26 0.95 2.32Franklin UK Mid Cap W Acc 107 144 108 246 118 177 191 41 278 7 0.89 -Franklin UK Opportunities W Acc 100 263 112 214 126 67 159 152 156 147 0.90 -Franklin UK Rising Dividends W Acc 103 241 117 140 135 14 172 96 179 85 0.95 -GAM MP UK Equity Unit Trust Acc 106 196 116 161 113 229 152 189 157 144 2.18 1.87GAM UK Diversified Instl GBP Acc 109 96 123 48 114 224 172 99 169 108 1.11 -GVQ Opportunities A GBP Inc 104 218 116 165 - - - - - - - 2.29GVQ UK Focus I 107 153 119 122 125 74 206 16 202 44 1.00 2.75Halifax Special Situations C 104 227 120 108 103 253 123 239 112 193 1.51 -Halifax UK FTSE 100 Idx Track C 108 125 123 47 120 142 143 225 144 177 1.53 -Halifax UK FTSE AllSh Idx Track C 108 128 121 77 121 133 150 197 152 157 1.50 -Halifax UK Growth C 108 118 121 84 120 140 150 198 150 164 1.51 -Henderson Global Care UK Income I Inc 101 260 108 249 126 68 185 56 171 104 0.84 -Henderson Instl High Alpha UK Eq I Acc 105 198 114 189 125 83 173 93 - - 0.77 -Henderson Instl Mainstream UK Eq Trust I 106 187 116 157 124 92 167 122 165 126 0.54 -Henderson Instl UK Equity Tracker Trust 107 141 121 93 120 145 149 204 148 169 1.04 -Henderson Instl UK Idx Opps I Acc 109 97 123 52 124 91 157 160 171 106 0.52 -Henderson UK Alpha I GBP Acc 111 57 118 139 131 26 156 168 141 185 1.06 -Henderson UK Eq Inc & Gr I Inc 111 51 119 125 116 201 188 50 188 68 0.82 -Henderson UK Index I Acc 108 119 122 63 123 106 155 172 166 118 0.44 -Henderson UK Tracker A GBP Acc 108 120 123 40 121 132 144 223 150 166 1.22 -HL Multi-Manager UK Growth A Acc 109 82 118 131 - - - - - - - -HSBC Common For Growth Income 104 217 117 146 118 182 162 138 162 131 0.75 -HSBC FTSE 100 Index Accumulation C 108 103 124 29 123 108 149 203 159 138 0.17 -



Unit trusts


HSBC FTSE 250 Index C Acc 107 164 114 191 125 80 189 47 203 43 0.18 -HSBC FTSE All Share Index C Acc 108 114 122 55 124 93 156 167 166 121 0.17 -HSBC MERIT UK Equity I A Inc 108 126 120 97 120 146 153 183 - - 0.53 -HSBC UK Focus R Acc 105 207 113 206 119 163 158 157 178 89 1.54 -HSBC UK Freestyle Retail Acc 104 229 111 222 116 202 144 222 144 178 1.69 -HSBC UK Growth & Income C Acc 106 197 112 216 119 172 151 192 152 156 1.00 -Investec UK Alpha I Inc Net 106 191 116 160 127 60 201 22 223 23 0.87 -Investec UK Special Situations I Acc Net 113 34 123 43 119 161 166 125 196 52 0.85 -IP Children´s Z Acc 112 42 119 115 116 205 186 53 194 58 - -IP High Income Z Acc 102 254 107 251 128 51 172 95 195 56 - -IP Income & Growth Z Acc 102 256 110 236 120 143 168 117 165 122 - -IP Income Z Acc 101 261 106 258 124 88 169 114 189 65 - -IP UK Enhanced Index No Trail 109 92 122 66 128 49 167 123 178 88 0.41 -IP UK Focus Z Acc 116 15 127 16 117 191 213 11 204 42 - -IP UK Growth Z Acc 113 30 122 58 118 173 189 48 174 99 - -IP UK Strategic Income Z Acc 100 264 103 264 122 122 181 69 210 35 - -JOHCM UK Dynamic A Acc 114 24 129 13 128 46 199 25 - - 1.00 -JOHCM UK Growth GBP A 114 25 121 76 115 218 187 51 195 53 0.83 1.82JOHCM UK Opportunities A GBP Acc 102 248 115 184 129 35 172 100 217 25 0.79 -JPM UK Dynamic C Acc 113 36 118 133 130 28 191 44 189 66 0.93 -JPM UK Equity Blue Chip C Acc 112 46 122 74 124 100 162 139 - - 0.93 -JPM UK Equity Core E Net Acc 110 71 123 53 127 52 165 131 161 134 0.40 -JPM UK Equity Growth C Acc 107 147 119 124 129 39 191 43 - - 0.93 -JPM UK Equity Plus C Net Acc 118 8 125 23 - - - - - - - -JPM UK Strategic Equity Inc C Net Acc 114 26 120 102 123 114 171 104 163 129 0.93 -Jupiter Growth & Income I Acc 107 165 113 205 114 222 169 115 209 37 1.01 -Jupiter Responsible Inc Fd I Acc 105 215 112 218 112 236 160 148 144 179 - -Jupiter UK Alpha I Acc 111 54 116 162 120 151 173 90 194 57 0.86 -Jupiter UK Growth I Acc 108 107 103 263 112 234 180 72 176 94 1.03 -Jupiter UK Special Situations I Acc 115 23 128 14 132 25 194 38 236 19 0.78 -Kames Ethical Equity B Acc 104 228 106 253 119 164 183 59 193 59 0.82 -Kames UK Equity B Acc 108 130 115 170 125 84 161 141 187 70 0.82 -Kames UK Opportunities B Acc 109 93 113 200 121 131 165 128 - - 1.10 -L&G (A&L) Capital Growth Acc 107 140 120 94 119 162 145 215 151 160 1.42 -L&G (N) Tracker I Acc 108 111 122 60 124 97 155 171 161 132 - -L&G Ethical I Acc 103 239 108 247 118 184 171 105 158 139 0.32 -L&G Growth I Acc 111 56 126 19 139 9 173 92 - - 0.79 -L&G UK 100 Index I Acc 108 106 124 34 123 103 149 202 163 128 0.24 -L&G UK Alpha I Acc 108 133 124 36 105 252 159 150 - - 0.80 -L&G UK Index I Acc 108 116 122 62 124 95 156 166 171 103 0.23 -L&G UK Select Equity I Acc 109 80 122 69 126 65 169 111 180 82 - -L&G UK Special Situations I Acc 105 208 119 113 124 90 191 42 - - 0.83 -Lazard UK Omega Retail C Acc 110 67 125 24 128 47 186 52 184 76 - -Legg Mason IF QS UK Equity X Acc 102 246 106 257 123 112 154 177 146 173 - -Liontrust FTSE 100 Tracker R Inc 108 112 123 38 122 121 147 208 160 136 0.46 -Liontrust Macro UK Growth I Acc 106 193 106 255 112 233 - - - - - -Liontrust Special Situations I Inc 107 149 123 45 140 8 199 23 308 3 0.92 -Liontrust UK Growth I Inc 106 195 124 31 139 10 178 79 231 21 0.92 -M&G Index Tracker GBP A Acc 109 88 122 56 123 107 154 175 166 119 0.46 -M&G Recovery GBP I Acc 118 6 133 6 108 244 128 238 169 109 0.91 -M&G UK Select GBP I Acc 111 58 116 164 117 195 154 180 171 105 0.91 -Majedie UK Equity X Acc 116 14 130 9 127 55 183 58 248 11 0.78 -Majedie UK Focus X Acc 117 12 127 17 132 24 196 30 264 10 1.53 -Man GLG UK Select Professional Acc C 106 190 108 248 115 214 159 155 - - 0.96 -Man GLG Undervalued Assets Profl Acc C 111 50 116 163 124 101 - - - - - -Marks & Spencer UK 100 Comp Acc 107 143 124 32 119 167 145 216 151 159 1.03 -Marks & Spencer UK Selection Acc 104 219 116 154 113 226 149 201 141 184 1.61 -Marlborough UK Multi-Cap Growth P Inc 108 101 116 167 132 22 196 31 248 12 - -MFM Artorius A GBP Acc 114 28 108 245 134 17 163 137 - - - -MFM Bowland 109 85 119 116 145 5 167 118 177 93 2.09 -MFM Slater Growth P Acc 109 98 103 262 131 27 194 37 329 2 0.80 -MFM Slater Recovery P Acc 111 59 105 261 129 38 160 144 179 84 - -MFM UK Primary Opportunities P Inc 113 41 120 107 126 66 154 179 141 183 - -MFS Meridian UK Equity W1 GBP 103 240 115 185 116 198 154 178 186 72 1.00 -MI Brompton UK Recovery Trust Acc 110 66 123 44 120 141 184 57 166 120 2.55 -MI Chelverton UK Equity Growth B Acc 119 5 127 18 - - - - - - - -Mirabaud Equities UK High Income A cap. 109 81 117 149 116 207 145 219 165 125 1.48 -Montanaro UK Income STG Unhedged 108 132 109 239 127 54 191 45 - - 0.23 -NatWest Growth NAV 106 179 117 144 133 20 182 65 245 13 - -Neptune UK Mid Cap C Acc GBP 101 257 111 228 127 59 223 8 - - - -Neptune UK Opportunities C Acc GBP 104 232 113 204 113 228 172 94 204 41 - -Newton UK Equity Inst W Acc 98 266 109 242 130 33 165 130 191 62 - -Newton UK Opportunities Inst W Acc 97 267 109 238 138 11 181 68 209 36 - -NFU Mutual UK Growth C 108 102 117 143 112 232 147 209 153 154 - 2.34Old Mutual Artemis UK Spec Sits U2 Acc£ 104 233 111 230 114 219 - - - - - -Old Mutual BlackRock UK Spec Sits U2Acc£ 110 73 120 100 116 200 - - - - - -Old Mutual Equity 1 A GBP Acc 115 19 121 80 151 1 256 3 181 79 1.10 -Old Mutual UK Alpha R GBP Acc 111 61 119 118 115 212 169 108 147 170 1.08 -Old Mutual UK Dynamic Eq R GBP Inc 115 22 122 67 149 4 257 2 - - 3.62 -Old Mutual UK Equity R GBP Acc 105 204 117 142 119 158 174 89 176 95 0.95 -Old Mutual UK Index R GBP Acc 108 113 121 79 123 111 151 193 157 143 - -Old Mutual UK Mid Cap R GBP Acc 115 21 121 92 150 3 278 1 330 1 0.85 -Orbis OEIC UK Equity Standard 110 77 122 72 103 254 - - - - - -Premier Ethical C Inc 111 65 110 233 127 53 205 17 200 48 0.99 -Premier UK Growth C Net Inc 111 63 111 226 127 61 169 113 184 75 1.03 -Rathbone Income I Inc 104 226 113 197 129 37 181 71 169 110 0.81 -Rathbone Recovery I Inc 111 64 116 152 120 153 179 75 - - 0.81 -RBS Growth 1 106 179 115 177 125 81 164 132 197 51 1.30 -River & Mercantile UK Eq Hi Alpha B 117 11 135 5 125 75 202 20 200 46 0.82 -River & Mercantile UK Eq L/T Rec B 120 2 140 2 121 136 226 7 - - 1.17 -River and Mercantile UK Dynamic Eq B Acc 112 43 122 65 127 57 195 34 - - 1.19 -Royal London FTSE 350 Tracker Z Acc 109 89 123 41 125 77 157 162 - - 0.12 -Royal London Sustainable Leaders C Acc 103 242 113 203 127 56 191 46 181 80 - -Royal London UK All Share Tracker Z Acc 109 86 122 57 124 94 158 159 - - 0.13 -Royal London UK Equity M Acc 107 161 118 135 121 130 153 186 167 114 0.53 -


Royal London UK Ethical Eqty Inst M Inc 103 237 111 229 113 230 154 182 - - 1.09 -Royal London UK FTSE4Good Tracker 107 160 119 111 119 169 149 204 142 181 1.50 -Royal London UK Growth 104 221 115 171 118 181 160 149 158 140 1.53 -Royal London UK Growth M Acc 108 127 118 129 117 192 147 211 183 77 - -Royal London UK Mid-Cap Growth Instl M 106 175 109 243 124 98 194 36 281 6 0.74 -Royal London UK Opportunities M Acc 106 173 113 207 115 210 156 165 - - 0.72 -RWC UK Focus Fund R GBP 117 10 117 147 125 82 179 78 - - 1.15 -S&W Revera UK Dynamic Ret Acc 106 182 107 250 109 240 177 83 - - 1.55 -Sanlam FOUR Active UK Equity A 113 40 115 180 106 247 135 235 - - 0.95 -Santander N&P UK Growth RI 106 176 112 210 115 209 135 236 151 161 1.30 -Santander Premium UK Equities A 107 155 114 190 118 185 145 218 145 175 1.01 -Santander Stockmarket 100 Trcr Gr RA 108 117 124 35 122 117 148 207 163 130 0.35 -Santander UK Growth RA Acc 106 177 112 215 115 213 136 234 149 167 1.26 -Sarasin Charities Thtc UK Eq GBP A Acc 106 178 113 208 105 250 139 231 - - 0.95 -Sarasin UK Equity P Acc 106 174 113 195 106 245 139 227 - - 0.96 -Schroder Core UK Equity Z Acc 109 87 123 42 109 238 146 212 154 151 0.84 -Schroder Income Fd Z Acc 113 29 131 8 125 78 195 33 215 28 0.91 -Schroder MM UK Growth Z Acc 111 52 123 39 117 190 166 127 164 127 1.40 -Schroder Prime UK Equity I Acc 109 95 121 87 120 139 164 133 186 71 0.51 -Schroder Recovery Z Acc 115 17 137 4 119 159 211 12 240 16 0.92 -Schroder Specialist Value UK Eq I Acc 115 20 130 12 122 119 192 40 214 29 0.77 -Schroder UK Alpha Plus Z Acc 107 137 117 148 118 187 171 102 205 40 0.90 -Schroder UK Equity Z Acc 109 83 118 136 122 124 172 98 192 61 0.91 -Schroder UK Mid 250 Z Acc 110 74 113 201 109 241 196 29 167 116 0.91 -Schroder UK Opportunities Z Acc 108 131 115 168 105 251 171 103 242 14 0.82 -Scot Wid MM UK Equity Focus A Acc 110 70 119 123 119 157 155 169 151 163 1.81 -Scot Wid MM UK Equity Growth A Acc 109 90 119 126 117 196 153 184 152 155 1.82 -Scottish Friendly UK Growth 103 238 107 252 119 170 166 126 173 102 1.56 -Scottish Widows UK All Share Track I Acc 107 138 123 51 121 128 155 174 167 115 0.35 -Scottish Widows UK Growth A 107 156 121 83 115 216 143 224 128 190 1.61 -Scottish Widows UK Select Gr A 102 244 120 99 100 255 117 240 123 191 1.61 -Scottish Widows UK Tracker G Acc 107 148 124 33 118 176 - - - - - -Seeyond Fct Plus U.K. Eq N/A(Gbp) 106 188 113 202 - - - - - - - -SF Delmore Growth & Income A Inc 103 243 112 212 114 220 139 230 155 149 2.17 -SLI UK Equity General Trust Retl Acc 110 75 117 145 113 231 147 210 147 172 0.84 -SLI UK Equity Growth Plat 1 Acc 112 48 115 176 111 237 148 206 145 176 - -SLI UK Equity High Alpha Plat 1 Acc 112 44 114 187 117 189 185 55 216 27 - -SLI UK Equity Recovery Plat 1 Acc 129 1 175 1 142 6 232 5 - - - -SLI UK Equity Unconstrained Plat 1 Acc 106 171 106 254 106 246 197 28 275 8 - -SLI UK Ethical Plat 1 Acc 110 76 108 244 116 204 181 70 173 100 - -SLI UK Opportunities Plat 1 Acc 113 39 113 199 106 249 176 85 139 186 - -Smith & Williamson UK Equity Gr B 112 45 121 90 128 48 179 77 190 64 - -SSgA UK Equity Tracker 107 146 120 106 122 118 155 170 165 123 0.70 -Stonehage Core UK Equity B Inc 113 38 123 50 114 221 158 158 154 152 1.90 -SVM UK Growth Instl 104 223 105 259 118 186 182 64 241 15 1.16 -SVM UK Opportunities Instl 109 84 115 173 129 40 197 27 198 50 1.09 -TB Saracen UK Alpha B Acc 111 49 112 219 117 188 182 63 154 153 1.44 -Threadneedle Ethical UK Equity Z Acc GBP 102 247 110 231 - - - - - - - -Threadneedle Navgtr UK Idx Trkr Rtl Acc 108 124 122 71 121 127 151 194 157 142 1.15 2.52Threadneedle UK Extnd Alpha Inst Acc GBP 104 222 118 138 135 15 183 61 219 24 1.17 -Threadneedle UK Gr & Inc Z Inc GBP 104 230 117 151 125 73 181 67 211 33 - -Threadneedle UK Growth Retl Acc GBP 105 206 110 232 129 41 170 106 175 98 1.05 -Threadneedle UK Inst Inst Acc GBP 106 181 119 117 123 104 163 135 192 60 0.78 -Threadneedle UK Mid 250 Z Acc GBP 105 209 103 265 122 116 189 49 237 18 0.87 -Threadneedle UK Ovrs Earn Z Inc GBP 105 212 120 104 126 63 - - - - - -Threadneedle UK Select Z Inc GBP 105 205 111 227 130 31 176 86 200 45 - -Threadneedle UK Z Inc GBP 106 183 119 119 129 36 177 82 212 31 - -TM Sanditon UK A GBP Acc 105 210 117 141 - - - - - - - -TM UBS (UK) - UK Eq C Acc 102 255 116 166 - - - - - - - -UBS UK Opportunities C Acc Net 119 4 140 3 125 76 169 109 137 187 - -Unicorn Outstanding British Co Instl 101 258 110 235 121 129 181 66 283 5 1.18 -Unicorn UK Growth A 118 7 123 49 120 154 195 32 200 47 1.97 -Vanguard FTSE U.K. All Shr Idx UT Acc 107 145 120 105 122 120 156 164 - - 0.15 -Virgin UK Idx Tracking Trust 107 163 119 121 119 160 149 200 156 145 1.00 -VT Castlebay UK Equity A Accumulation 109 94 125 22 - - - - - - - -VT Garraway UK Equity Mrkt I GBP net Acc 99 265 109 240 117 197 - - - - - -VT Munro Smart Beta UK A Acc Retail 110 68 126 20 118 183 139 228 - - 2.40 -Wesleyan UK Growth X Acc 109 78 - - - - - - - - - -Average/Total 108 267 118 266 122 255 170 241 181 195 1.01 2.11

(IA) UK EQUITY AND BOND INCOMECavendish UK Balanced Income B 109 1 117 2 124 4 176 1 - - 0.63 -CF Canlife UK Equity and Bd Inc C Acc £ 104 6 112 10 124 5 155 8 158 8 0.80 -CF IM UK Equity and Bd Inc A Acc 103 8 113 8 118 10 140 12 - - 1.57 -HSBC Monthly Income C Acc 103 9 112 9 118 9 143 11 151 9 - -JPM UK Eq & Bd Inc Fd C Net Acc 107 3 115 5 123 7 160 7 163 5 0.93 -Jupiter Monthly Income I Acc 109 2 119 1 132 1 173 3 166 4 0.97 -M&G UK Income Distribution GBP I Acc 104 5 115 4 124 3 161 6 171 3 0.91 -Marlborough Extra Income P Inc 104 7 111 11 121 8 165 4 163 6 - -Royal London UK Income with Growth 101 12 109 12 116 12 150 9 162 7 1.53 -Scottish Widows High-Reserve A Acc 105 4 117 3 116 11 143 10 129 10 1.36 -Threadneedle Managed Inc Z Inc GBP 103 10 114 7 123 6 164 5 188 2 - -Threadneedle Mthly Etr Inc Z Inc GBP 103 11 114 6 125 2 175 2 201 1 - -Average/Total 105 12 114 12 122 12 159 12 165 10 1.09 -

(IA) UK EQUITY INCOMEAberdeen UK Equity Income I Acc 104 61 118 12 115 70 147 66 154 33 1.10 -Allianz UK Equity Income C Inc 108 19 114 34 114 72 157 54 152 35 - 4.25Ardevora UK Income A 101 69 110 56 125 27 190 9 - - - -Artemis Income I Inc 105 48 115 24 124 32 170 30 187 12 0.79 -Aviva Investors UK Equity Income 2 £ Acc 105 41 113 36 124 35 171 28 - - 0.81 -AXA Framlington Blue Chip Eq Inc Z £ Acc 107 27 114 29 124 36 162 45 - - - -AXA Framlington Monthly Income Z GBP Inc 108 18 115 23 125 22 177 17 121 45 - 4.65Barclays UK Equity Income R Acc 105 38 112 49 120 51 - - - - - -



Unit trusts


Barclays UK Equity Income S2 R Acc 105 40 113 47 120 52 - - - - - -BlackRock UK Income D Acc 106 33 114 28 133 3 164 43 184 15 0.92 -Castlefield B.E.S.T. Income Instl Inc 103 68 104 79 117 64 149 61 115 47 2.87 -CF Canlife UK Equity Income C Acc GBP 104 62 110 61 124 34 156 56 151 36 0.93 -CF Miton UK Multi Cap Inc Instl B Acc 106 30 107 75 126 20 221 1 - - - -CF Woodford Equity Income C Sterling Acc 99 78 107 74 - - - - - - - -Courtiers UK Equity Income Retl R 105 46 116 17 - - - - - - - 2.40F&C Responsible UK Income 2 103 66 108 72 122 44 171 29 155 32 0.85 -F&C UK Equity Income 2 105 52 117 15 122 43 147 64 149 37 1.85 -Fidelity Enhanced Income W Acc 99 79 105 77 118 60 147 65 - - 1.04 -Fidelity MoneyBuilder Dividend Y Inc 100 75 109 70 126 21 168 34 169 23 0.67 -FP Miton Income Inst Acc 104 57 113 39 130 6 166 39 - - 0.93 -Franklin UK Equity Income W Acc 103 64 117 14 134 2 177 18 186 14 0.91 -Halifax UK Equity Income C 109 13 120 10 118 58 145 67 146 42 1.54 -HC Charteris Premium Income Instl Acc 108 22 128 2 118 57 124 69 - - 1.08 -HC KB Enterprise Equity Income Acc 104 55 113 45 115 67 152 59 156 31 2.30 -HL Multi-Manager Income & Growth A Acc 105 44 114 26 124 30 175 20 175 20 1.33 -HSBC Income Accumulation C 105 42 112 50 117 62 148 62 148 41 - -Insight Equity Income Booster Inst W Acc 108 17 121 6 122 42 157 52 - - - -Insight Equity Income Inst W Acc 109 15 121 7 125 28 169 33 183 17 - -Investec UK Equity Income I Net Acc 100 74 113 38 - - - - - - - 3.14JOHCM UK Equity Income A GBP Acc 116 3 125 4 123 39 187 10 212 5 0.80 -JPM UK Higher Inc C Net Acc 107 29 112 51 118 56 158 49 149 39 0.93 -Jupiter Income Trust I Acc 107 28 121 5 132 4 171 27 157 30 0.94 -Kames UK Equity Income B Inc 105 37 114 33 128 10 167 36 - - 1.11 -L&G UK Equity Income I Acc 106 35 113 42 115 71 157 53 - - 0.88 -Lazard Multicap UK Income Instl Acc 108 21 118 13 123 38 170 32 168 24 1.01 -Liontrust Macro Equity Income I Acc 106 34 111 54 119 55 162 46 183 18 - -M&G Charifund GBP Inc 105 47 116 19 125 25 174 22 159 28 0.47 -M&G Dividend GBP I Acc 104 60 111 55 123 41 157 55 149 40 0.91 -Majedie UK Income X Acc 109 14 113 43 125 23 203 4 - - 0.79 -Man GLG UK Income Professional Acc C 111 7 114 30 129 9 166 40 145 43 0.92 -Marlborough Multi Cap Income P Acc 106 31 104 80 117 61 200 5 - - - -MFM Slater Income P Inc 107 26 106 76 124 29 193 7 - - - 4.79MGTS Ardevora UK Income Instl Net Acc 101 72 110 58 128 11 - - - - 1.31 -MI Chelverton UK Equity Income B Acc 112 4 112 52 125 26 217 2 - - 1.00 4.39NatWest Equity Income NAV 105 49 113 40 122 47 167 38 194 9 - -Neptune Income C Acc GBP 110 10 120 8 130 5 157 51 166 25 - -Neptune Quarterly Income C Acc GBP 103 67 109 71 115 69 152 60 160 27 1.00 -Newton UK Income Inst W Acc 96 80 110 60 128 13 161 47 162 26 - -NFU Mutual UK Equity Income C 104 56 113 46 121 50 158 50 - - - -Old Mutual Artemis Income U2 GBP Acc 104 54 113 44 124 31 - - - - - -Old Mutual Newton UK Income U2 GBP Acc 96 81 110 57 128 12 - - - - - -Old Mutual UK Equity Income R GBP Acc 108 25 113 35 121 49 179 15 177 19 0.94 -Old Mutual Woodford Equity Inc U2GBP Acc 100 77 109 69 - - - - - - - -Premier Income C Inc 110 8 114 27 127 15 179 14 187 13 0.88 -Premier Monthly Income C 110 9 115 25 127 16 180 13 184 16 0.95 -Premier Optimum Income C Inc 109 16 115 22 125 24 178 16 135 44 1.44 -QAM Downing Monthly Income Acc 108 23 114 32 113 74 165 41 - - 1.93 4.65Rathbone Blue Chip Income And Gr I Inc 101 73 110 59 127 18 172 26 174 22 0.90 -RBS Equity Income 1 105 49 113 40 122 46 167 37 194 8 1.32 -River & Mercantile UK Equity Income B 110 11 119 11 123 40 175 19 - - 0.93 -Royal London UK Equity Income M Acc 105 51 117 16 128 14 196 6 213 4 - -Santander Dividend Income RI 105 45 110 62 127 17 155 57 - - - 4.68Santander Enhanced Income II 104 53 110 64 122 45 147 63 - - 0.80 5.13Santander Equity Income II 105 39 111 53 130 8 164 42 175 21 0.68 -Schroder Income Maximiser Z Acc 112 5 126 3 119 53 174 24 189 10 0.91 -Schroder UK Alpha Income Z Inc 106 36 112 48 118 59 173 25 208 6 0.86 -Scot Wid MM UK Equity Income A Acc 106 32 116 20 123 37 160 48 149 38 1.81 -Scottish Widows UK Equity Income A Acc 108 24 120 9 116 66 145 68 118 46 1.36 -SLI UK Equity High Inc Plat 1 Acc 108 20 110 66 117 63 163 44 153 34 - -SLI UK Equity Income Uncons Plat 1 Acc 104 59 104 78 115 68 191 8 - - - -Smith & Williamson UK Equity Inc B 101 71 110 63 119 54 168 35 158 29 - -TB Saracen UK Income B Acc 117 2 116 18 - - - - - - - -Threadneedle UK Eq Alpha Inc Z Inc 104 63 113 37 122 48 182 12 207 7 0.88 -Threadneedle UK Eq Inc Z Inc GBP 104 58 115 21 127 19 184 11 213 3 - -Threadneedle UK Monthly Inc Z Inc GBP 103 65 110 65 124 33 170 31 189 11 - -Troy Trojan Income O Acc 100 76 110 67 136 1 174 21 224 2 1.05 -UBS UK Equity Income C Acc Net 119 1 145 1 130 7 174 23 - - - -Unicorn UK Ethical Income B Inc 111 6 - - - - - - - - - -Unicorn UK Income B Inc 109 12 109 68 114 73 203 3 262 1 0.89 -Vanguard FTSE U.K. Eq Inc Idx Acc 105 43 114 31 116 65 155 58 - - 0.25 -VT Odd Real Income GBP A Acc 101 70 107 73 - - - - - - - -Average/Total 106 81 114 80 123 74 169 69 171 47 1.08 4.23

(IA) UK GILTSAberdeen Sterling LD Govt Bd I GBP Acc 93 21 108 2 137 3 136 2 202 2 - -Allianz Gilt Yield C Inc 95 17 104 13 116 24 115 20 171 5 0.53 -BlackRock UK Gilts All Stocks Tkr D Acc 95 7 104 14 119 9 119 7 - - 0.16 -CF Canlife UK Government Bond C GBP Inc 96 2 103 26 115 26 113 23 150 17 - -F&C Fixed Annuity Conv 4 Acc 93 22 106 7 133 7 - - - - - -F&C Institutional Ret Annuity 3 £ Acc 92 26 107 4 138 2 - - - - - -Henderson Inst Long Dated Gilt I Acc 92 25 107 6 134 6 132 5 196 3 0.54 -Henderson Inst UK Gilt I Acc 95 11 103 22 116 23 116 19 163 10 0.54 -HSBC Gilt & Fixed Interest C Acc 95 12 103 23 116 22 115 21 155 16 - 2.78HSBC UK Gilt Index C Acc 95 10 103 18 119 15 117 14 - - 0.17 -Invesco Gilt A 95 18 103 21 119 11 117 15 162 12 0.90 -L&G All Stocks Gilt Index I Acc 95 6 104 16 119 14 118 9 165 7 - -M&G Gilt & Fixed Interest Inc GBP I Acc 95 8 104 12 119 16 117 12 169 6 0.66 -Newton Long Gilt Exempt 2 Acc 93 24 107 3 137 4 137 1 203 1 0.25 -Old Mutual Gilt A GBP Acc 95 19 103 25 117 20 115 22 157 14 0.69 -Royal London Short Dur Gilts M GBP Inc 100 1 101 27 103 27 - - - - - -Royal London UK Government Bond M Acc 96 3 104 15 117 21 116 17 164 9 - -Santander Sterling Government Bond IA 95 9 104 17 119 13 118 11 - - - -Schroder Gilt & Fixed Interest Acc 95 4 103 20 118 19 116 16 157 15 0.56 -


Schroder Instl Long Dated Sterling Bd I 93 23 107 5 136 5 134 4 193 4 0.27 -Scottish Widows Gilt G Acc 95 15 103 24 116 25 - - - - - -Scottish Widows UK Fix-Int Trkr I Acc 95 5 104 10 119 10 118 10 165 8 0.37 -SLI UK Gilt Plat 1 Acc 95 14 104 8 118 18 116 18 162 11 - -Threadneedle Sterling Bd Z Inc 95 13 103 19 118 17 117 13 157 13 - -Threadneedle UK Fixed Intr Z Acc 95 16 104 11 119 12 119 8 - - - -Vanguard U.K. Government Bd Idx GBP Acc 95 20 104 9 121 8 120 6 - - 0.15 -Vanguard UK Lg Dur Gilt Idx A Grs Acc 91 27 108 1 138 1 135 3 - - 0.15 -Average/Total 95 27 104 27 122 27 121 23 170 17 0.42 2.78

(IA) UK INDEX-LINKED GILTSAXA Sterling Index Lkd Bond Z Net 107 1 120 3 148 2 152 1 238 2 0.33 -Baillie Gifford Act Idx-Lk Glt Pl B Inc 107 4 120 4 145 7 147 7 - - 0.42 0.46BlackRock Index Lkd Gilt Trkr D Acc 107 2 120 1 149 1 - - - - 0.29 0.41F&C Inflation Linked Annuity Conv 4 Acc 102 15 114 15 140 15 - - - - - 0.92F&C Institutional Active Index Lnkd3£Acc 107 5 120 5 148 3 - - - - - -Henderson Index-Linked Bond I Acc 107 3 120 2 146 6 149 4 239 1 0.54 -L&G All Stocks Idx Lnkd Gilt Idx I Acc 107 8 118 10 143 10 147 8 227 7 - 0.05M&G Index-Linked Bond GBP I Acc 106 9 118 9 144 9 147 6 233 4 0.56 -Newton Index Lkd Gilt Exempt 2 Acc 106 10 119 6 146 5 149 3 234 3 0.25 1.14Royal London Index Linked M Acc 106 12 117 14 142 13 146 9 228 6 - -Schroder All Mats Idx Lnkd Bd I Acc 107 7 118 11 143 11 146 10 221 9 0.28 0.51Schroder Instl Index Linked Bond I Acc 107 6 119 7 147 4 151 2 232 5 0.26 0.58Scottish Widows UK Idx Lnkd Trkr I Acc 106 13 118 12 142 14 144 12 223 8 0.37 0.33Threadneedle UK Index Lnkd Inst Acc 106 14 118 13 142 12 145 11 - - - 0.85Vanguard UK Infl-LnkdGltIdx A Grs Acc 106 11 119 8 145 8 148 5 - - 0.15 -Average/Total 106 15 119 15 145 15 148 12 230 9 0.34 0.58

(IA) UK SMALLER COMPANIESAberdeen UK Smaller Companies Eq I Acc 109 40 115 29 113 40 189 38 171 32 - -Aberforth UK Small Companies Acc 113 27 115 28 116 35 209 24 200 29 0.86 -Artemis UK Smaller Companies I Acc 118 11 120 17 131 20 205 29 192 31 0.84 -Aviva Investors UK Smaller Coms 2 £ Acc 109 39 106 44 112 42 196 31 221 23 1.13 -AXA Framlington UK Smlr Coms Z GBP Acc 112 32 113 35 137 12 240 10 227 22 0.88 -Baillie Gifford British Smlr Coms B Acc 112 33 117 22 114 37 201 30 252 11 0.69 -BlackRock UK Smaller Companies D Acc 111 36 118 20 125 25 208 26 231 20 0.92 -Castlefield UK Smaller Coms Instl Inc 113 29 116 26 121 31 188 39 - - 2.77 -Cavendish AIM B 132 1 142 1 142 7 213 22 233 19 0.89 -CF Miton UK Smaller Companies B Acc 114 26 115 31 122 30 - - - - - -Dimensional UK Smlr Coms Acc 107 46 113 36 124 26 205 28 217 24 0.66 -F&C UK Smaller Companies 2 112 35 114 33 130 22 223 18 249 14 0.85 -Fidelity UK Smaller Companies W Acc 113 28 116 24 132 19 259 4 - - - -FP Octopus UK Micro Cap Growth P Acc 116 17 122 14 114 36 170 44 - - - -Franklin UK Smaller Companies W Acc 114 23 108 41 122 29 196 32 166 35 0.99 -Halifax Smaller Companies C 109 41 114 32 109 45 184 41 169 34 1.51 -Henderson UK & Irish Smaller Coms I Acc 115 21 113 34 110 44 178 43 155 37 - -Henderson UK Smaller Companies I Acc 114 25 117 21 130 21 225 16 250 12 0.82 -Investec UK Smaller Companies I Inc Net 108 43 105 46 110 43 192 35 286 8 0.85 -IP UK Smaller Companies Eq Z Acc 117 15 122 13 140 10 222 19 238 18 - -JPM UK Smaller Companies C Acc 112 34 108 42 113 39 190 37 170 33 0.93 -Jupiter UK Smaller Companies Fd I 121 3 134 3 143 6 221 20 204 27 - -Kames UK Smaller Companies B Acc 108 42 107 43 120 33 196 33 243 15 1.10 -L&G UK Smaller Companies I Acc 106 47 105 45 114 38 191 36 216 25 - -Lazard UK Smaller Companies Retail C Inc 114 24 118 19 123 28 195 34 204 28 - -Liontrust UK Micro Cap I GBP Acc 113 31 - - - - - - - - - -Liontrust UK Smaller Companies I Inc 115 20 122 9 145 5 257 5 323 3 - -M&G Smaller Companies GBP I Acc 111 37 111 40 113 41 182 42 205 26 0.91 -Marlborough Nano Cap Growth P Acc 121 4 125 5 129 23 - - - - - -Marlborough Special Situations P Acc 113 30 119 18 142 8 224 17 314 6 - -Marlborough UK Micro Cap Growth P Acc 116 16 124 7 136 14 228 14 339 2 - -MFM Techinvest Special Situations A Acc 119 10 121 15 151 3 248 6 137 38 1.84 -MI Discretionary Unit Inc 119 7 128 4 134 17 242 9 198 30 0.42 -MI Downing UK Micro-Cap Growth B 119 8 122 12 152 2 247 7 - - 2.04 -Old Mutual UK Smlr Coms Foc R GBP Inc 128 2 137 2 159 1 281 2 347 1 1.80 -Old Mutual UK Smlr Coms R GBP Acc 116 18 122 11 138 11 235 12 279 9 1.05 -River & Mercantile UK Eq Sm Cos B Acc 116 19 116 27 135 16 286 1 318 5 0.95 -Royal London UK Smaller Companies M 108 44 111 38 127 24 209 25 - - - -Schroder Instl UK Smaller Cos I Acc 119 5 122 10 135 15 228 13 250 13 0.52 -Schroder UK Dynamic Smaller Coms Z Acc 119 9 121 16 118 34 236 11 320 4 0.86 -Schroder UK Smaller Companies Z Acc 119 6 124 6 136 13 244 8 229 21 0.91 -Scottish Widows UK Smaller Companies A 108 45 115 30 108 46 186 40 166 36 1.61 -SF Webb Capital Smlr Coms Gr B Net Acc 93 48 97 47 - - - - - - - -SLI UK Smaller Companies Plat 1 Acc 110 38 112 37 124 27 206 27 267 10 - -TB Amati UK Smaller Companies B 115 22 123 8 150 4 210 23 302 7 1.39 -Threadneedle UK Smaller Coms Z Inc 117 13 116 25 142 9 226 15 242 16 - -Unicorn UK Smaller Companies A 117 14 117 23 120 32 215 21 238 17 1.86 -Wood Street Microcap Inv C Acc 118 12 111 39 132 18 260 3 - - - -Average/Total 114 48 117 47 128 46 217 44 236 38 1.13 -

(IA) UNCLASSIFIED SECTORAberdeen Multi-Asset Cnsrv Port I GBPAcc 100 327 102 357 - - - - - - - -Aberdeen Sterling Bond I GBP Acc 97 358 105 343 117 241 121 255 157 70 - -Aberdeen Sterling Govt Bd I GBP Acc 95 364 103 355 116 260 115 266 165 53 - -Aberdeen Sterling Idx-Lnkd Bd I GBP Acc 107 99 120 111 143 13 144 125 219 5 - 0.43Aberdeen Sterling Shrt Term Gov Bd I Acc 99 342 100 363 103 330 103 277 130 111 - -Architas Diversified Real Assets D Acc 103 265 110 285 - - - - - - - -Architas MA Active Reserve A Net Acc 101 318 107 322 116 247 127 224 - - 1.22 -Architas MA Blended Growth A Acc 109 20 128 23 137 32 159 50 136 105 1.53 -Architas MA Blended Interm A Acc 106 147 120 107 129 78 150 98 146 91 1.13 -Architas MA Blended Moderate A Acc 105 203 117 151 126 123 144 123 152 77 1.11 -Architas MA Blended Prog A Acc 108 55 124 51 133 46 157 60 145 93 1.23 -Architas MA Blended Reserve A Acc 102 295 112 248 119 220 131 197 143 95 1.02 -Architas MA Passive Dynamic A Acc 109 19 136 5 139 20 147 107 - - 0.65 -Architas MA Passive Growth A Acc 110 14 131 13 142 16 158 56 - - 0.65 -Architas MA Passive Interm A Acc 105 191 120 99 133 48 147 112 - - 0.65 -Architas MA Passive Moderate A Acc 103 258 117 156 131 58 143 129 - - 0.65 -



Unit trusts


Architas MA Passive Prog A Acc 108 67 125 40 138 23 154 74 - - 0.65 -Architas MA Passive Prudent A Acc 102 286 112 253 125 135 131 199 - - 0.65 -Architas MA Passive Reserve A Acc 101 309 114 219 128 87 137 168 - - 0.65 -Architas MM Divers Prot 85 R Net Acc 102 285 105 346 104 329 105 273 - - 0.02 -Architas MM Diversified Protector 70 105 195 112 245 113 286 121 254 - - 2.39 -Architas MM Diversified Protector 80 103 255 108 309 107 324 112 270 - - 2.20 -Artemis Institutional Equity Inc IN Acc 104 210 114 223 122 171 169 23 191 26 0.78 -Aviva Investors UK Credit MoM 1 2 £ Inc 98 349 107 321 116 252 130 204 126 112 - -Aviva Investors UK Gilts MoM 1 2 GBP Inc 95 366 103 356 116 246 114 267 133 110 0.78 -Baillie Gifford Active Gilt Plus B Inc 96 362 104 352 118 222 117 262 164 55 0.42 -Baillie Gifford Actv Lng Gilt Pls B Inc 92 369 108 301 137 27 134 186 203 18 0.43 1.90Baring Dynamic Capital Growth I GBP Inc 102 283 111 264 116 255 132 192 147 89 - -Baring Targeted Return Inc 102 282 110 274 116 262 129 207 141 101 0.90 -Baring UK Growth GBP I Inc 105 187 120 108 120 194 152 87 157 71 - -BlackRock Growth and Recovery A Acc 111 9 117 159 128 85 210 1 208 12 1.03 -Carmignac Pf Sécurité F GBP Acc Hdg 101 314 103 353 108 323 - - - - 0.75 -Carvetian Capital Hendom Income 108 64 120 106 120 203 146 115 182 36 1.54 -Cazenove Caversham Inc 109 29 124 49 128 86 161 42 195 22 1.01 1.00CF Aquarius 106 134 119 116 126 114 149 104 161 62 1.40 -CF Arbor 107 91 122 77 129 79 142 136 162 61 1.56 -CF Benton Investment 107 71 121 88 128 92 146 117 - - 1.49 -CF Broden 108 58 124 59 132 50 150 96 194 24 1.29 -CF Buxton Acc 105 190 114 221 123 145 147 114 243 1 0.64 -CF Circus 107 74 124 60 131 60 142 141 163 58 1.26 -CF Cranmer Investment Fund 105 193 114 222 116 250 137 170 188 29 2.34 -CF Crystal Fund 100 332 114 209 130 67 131 198 196 21 1.11 -CF Dartmoor Fund 107 90 117 143 122 162 138 165 188 30 1.48 -CF Davids 107 110 118 123 127 109 144 124 159 65 1.35 -CF Drygate 103 248 111 267 117 242 146 118 156 73 1.43 -CF Greenmount 109 35 135 8 131 59 147 113 183 35 1.61 -CF Gulland 104 216 119 119 137 25 161 39 211 10 1.29 -CF Heartwood Bal Multi Asset I Acc 106 119 116 170 116 248 140 149 - - 1.22 -CF Heartwood Cautious Multi Asset I Acc 104 240 110 276 113 285 129 209 - - 1.23 -CF Heartwood Defensive Multi Asset I Acc 102 292 106 334 108 320 - - - - 1.29 -CF Heartwood Growth Multi Asset I Acc 107 93 120 104 119 211 152 86 - - 1.39 -CF Heartwood Income Multi Asset I 103 252 109 291 112 297 129 208 - - 1.27 -CF Heartwood Income Plus Mlt Asst I Inc 106 152 114 215 117 244 143 131 - - 1.26 -CF Helm Investment Fund 107 109 121 90 125 128 132 193 136 107 1.13 -CF Holly Fund 116 2 134 10 74 338 70 281 122 114 1.20 -CF Institutional World 104 207 117 161 128 91 151 91 151 78 1.07 -CF KB Feelgood Trust £ Inc 104 228 116 180 123 155 138 162 153 75 1.12 -CF Lorimer Trust 106 136 119 117 123 159 161 43 - - 0.81 -CF Mermaid 105 200 112 255 122 164 142 134 236 3 1.33 -CF Navajo GBP Acc 107 76 126 36 134 42 153 77 203 17 1.48 -CF New Grande Motte GBP 106 157 120 95 136 35 158 53 - - 1.33 -CF New Viaduct Inc 106 145 116 179 135 40 174 13 - - 1.40 -CF New Villture Trust 108 62 115 190 122 175 142 142 133 109 1.35 -CF Robin A Acc 107 72 115 192 122 170 138 166 - - 0.95 -CF Ruffer Absolute Return O Acc 106 138 116 176 120 201 133 187 214 7 1.53 -CF The Abbotsford Fund 105 189 121 92 126 119 154 76 174 44 1.22 -CF The Mulberry 107 78 123 64 129 70 140 150 143 98 1.38 -CFIC Loudwater B GBP Acc 106 141 120 94 129 76 - - - - - -City Financial High Yield Opps I Inc 109 37 115 201 100 335 - - - - - 7.67Close Select Fixed Income X Inc 100 324 - - - - - - - - - -Elite CAM Balanced Discret Port C Acc 106 126 108 306 111 306 128 215 - - 2.00 0.16Elite CAM Cautious Discret Port C Acc 106 154 106 333 113 284 126 225 - - 1.85 1.02Elite Specialist Portolio Instl Inc 105 168 110 283 109 317 122 251 - - 1.35 -Explorer Funds Buckingham 105 188 113 227 117 243 124 243 135 108 1.37 -F&C MM Lifestyle Balanced B Inc 108 53 121 85 130 65 160 45 - - 1.19 -F&C MM Lifestyle Cautious B Inc 107 95 117 154 127 104 154 72 - - 1.19 -F&C MM Lifestyle Defensive B Inc 106 143 114 216 123 153 150 99 - - 1.19 -F&C MM Lifestyle Foundation B GBP Inc 101 303 107 316 112 293 - - - - - -F&C MM Lifestyle Growth B Inc 110 17 125 41 131 56 161 41 - - 1.19 -Fidelity Diversified Growth A 103 256 115 186 120 190 133 188 - - 1.18 -Fidelity Instl Europe ex UK 106 163 116 175 125 127 185 6 164 54 0.89 -Fidelity Instl IdxLnkd Bd Inc 107 88 120 103 148 7 153 78 238 2 0.33 0.41Fidelity Instl Lng Bd Inc 92 368 107 314 137 28 138 160 213 8 0.33 -Fidelity Instl Sel Emerg Mkt Acc 113 6 147 1 150 2 135 178 - - 1.16 -Fidelity Instl Sel Glbl Eq 110 15 131 14 151 1 197 2 224 4 0.88 -Fidelity Instl Sterl Core Pls Bd Inc 95 365 110 277 136 36 145 119 213 9 0.49 -Fidelity Instl UK Gilt Inc 96 360 105 347 120 206 123 245 178 39 0.32 -Fidelity Target 2020 103 251 115 189 121 187 140 152 148 86 1.95 -Fidelity Target 2025 106 129 121 93 127 93 154 73 - - 1.90 -Fidelity Target 2030 107 75 124 52 135 37 169 25 - - 1.88 -Folla Inc 104 230 113 236 129 72 135 183 158 66 1.14 -FP 8AM Focussed A Inc 106 115 124 55 129 81 - - - - - -FP 8AM Multi-Strategy Port I A Inc 104 235 106 329 108 322 - - - - 2.86 -FP 8AM Multi-Strategy Port II A Inc 105 205 110 278 119 213 135 179 - - - -FP 8AM Multi-Strategy Port III A Inc 106 116 116 171 123 147 - - - - 2.70 -FP 8AM Multi-Strategy Port IV A Inc 110 13 123 71 130 61 - - - - 3.20 -FP 8AM Tactical Growth Port A Inc 108 68 123 63 120 197 128 212 - - 1.97 1.42FP Active Portfolio Overlay C Acc 108 46 120 98 - - - - - - - -FP Aggressive Portfolio Overlay C Acc 110 12 127 30 - - - - - - - -FP Apollo Multi Asset Adven D GBP Acc 109 23 112 246 114 281 116 264 - - 3.72 -FP Apollo Multi Asset Bal D GBP Acc 109 31 112 258 114 275 124 238 - - 2.15 -FP Apollo Multi Asset Cau D GBP Acc 110 16 112 256 113 288 128 217 - - 2.15 -FP Balanced Portfolio Overlay C Acc 106 124 118 124 - - - - - - - -FP CAF Alternative Strategies A Acc 100 325 101 361 105 327 111 271 - - 1.47 0.36FP CAF Fixed Interest A Acc 99 346 104 351 109 315 116 263 - - 1.00 -FP CAF International Equity A Acc 111 8 132 11 149 5 184 7 - - 1.17 -FP CAF UK Equity A Acc 107 85 117 139 120 204 168 27 - - 1.24 -FP Cautious Portfolio Overlay C Acc 104 229 115 185 - - - - - - - -FP Defensive Portfolio Overlay C Acc 102 300 111 261 - - - - - - - 0.10FP Frontier MAP Balanced C 104 223 115 195 112 299 113 268 - - 1.27 -FP Multi-Asset DRP III Retail 100 336 111 259 118 229 127 221 - - 0.33 -


FP Multi-Asset DRP IV Retail Acc 102 297 115 198 120 198 - - - - 0.25 -FP Multi-Asset DRP V Retail 104 238 120 96 123 156 143 126 - - 0.32 -FP Multi-Asset DRP VI Retail Acc 109 33 129 18 134 44 - - - - 0.25 -FP Multi-Asset DRP VII Retail 107 101 129 19 125 125 143 133 - - 0.33 -FP Multi-Asset DRP VIII Retail 108 48 135 6 129 71 127 223 - - 0.37 -FP Russell Defensive Assets C Acc 100 338 104 349 103 331 104 276 - - 0.88 -FP Russell Multi Asset Growth I C £ Acc 101 321 108 302 - - - - - - - -FP Russell Multi Asset Growth II C £ Acc 102 276 110 273 - - - - - - - -FP Russell Multi Asset Growth III C Acc 103 243 112 252 118 223 - - - - - -FP Russell Multi Asset Growth IV C £ Acc 105 202 114 212 - - - - - - - -FP Russell Multi Asset Growth V C £ Acc 106 123 117 162 - - - - - - - -FP Shenkman Hansa High Yield 101 317 118 130 101 333 108 272 - - - -FP Verbat Portfolio 3 Fund B Acc 103 244 111 263 120 196 136 176 - - 1.10 -FP Verbat Portfolio 4 Fund B Acc 104 241 113 235 123 160 142 135 - - 1.24 -FP Verbat Portfolio 5 Growth Fund B Acc 104 217 117 164 126 117 150 97 - - 1.31 -FP Verbat Portfolio 5 Income Fund B Inc 102 284 116 166 127 110 150 93 - - 1.45 -FP Verbat Portfolio 6 Fund B Acc 105 185 119 112 121 178 143 130 - - 1.28 -FP Verbat Portfolio 7 Fund B Acc 108 63 126 32 129 68 157 59 - - 1.46 -Hawthorn Portfolio A Inc 107 87 112 250 118 233 - - - - - -HC Stirling House Balanced Acc 102 291 114 224 122 168 - - - - - -HC Stirling House Defensive Acc 99 341 109 293 116 263 - - - - - -HC Stirling House Dynamic Acc 106 125 122 72 129 75 - - - - - -HC Stirling House Growth Acc 104 231 118 129 127 101 - - - - - -Henderson Core 3 Income I Inc 103 259 111 269 115 267 - - - - - -Henderson Core 4 Income I Inc 104 218 114 220 118 224 - - - - - -Henderson Core 5 Income I Inc 105 171 117 155 122 163 - - - - - -Henderson Core 6 Income & Growth I Inc 107 100 120 100 126 113 - - - - - -Henderson Diversified Gr A GBP Acc 103 271 110 288 112 295 124 239 - - 1.72 -Henderson Instl Absolute Rtn Bd Y 101 320 101 360 99 336 105 274 - - 0.69 0.77Henderson Instl High Alpha Credit I 99 344 108 300 118 230 135 184 - - 0.68 3.05Henderson Instl High Alpha Gilt Y 97 359 105 345 118 237 119 257 - - 0.68 1.51Henderson Multi Asst Crdt I Acc Grs £H 104 224 106 339 111 304 - - - - - 3.08Henderson UK Strategic Income 105 181 115 184 123 146 156 66 110 118 1.70 -HSBC Common For Income Income 96 361 105 348 119 218 120 256 169 49 0.50 -HSBC Global Strategy Balanced C Acc 105 166 123 69 136 34 156 67 - - 0.82 -HSBC Global Strategy Cautious C Acc 100 328 110 271 120 209 126 226 - - 0.72 -HSBC Global Strategy Dynamic C Acc 109 42 130 16 147 8 171 19 - - 0.94 -HSBC World Selection Advent Port Acc C 111 11 134 9 - - - - - - - -HSBC World Selection Balanced C Acc 105 170 122 79 131 55 159 51 - - 1.22 -HSBC World Selection Cautious C GBP Acc 100 334 108 298 116 258 127 220 - - 1.18 -HSBC World Selection Conser Port Acc C 102 296 113 231 - - - - - - - -HSBC World Selection Dynamic C Acc 109 38 130 17 141 18 175 12 - - 1.27 -HSBC World Selection Income C Acc 102 290 113 229 121 188 136 175 - - 1.25 -Iceberg Trust A 103 267 114 208 118 221 128 214 - - 1.51 -IFSL Galatea Opportunity Instl GBP Acc 103 268 107 320 111 305 122 250 - - - -IFSL Sinfonia Adventurous Growth A Acc 108 69 125 47 127 95 155 68 - - 2.12 -IFSL Sinfonia Balanced Managed A Acc 107 107 121 82 126 112 153 80 - - 1.96 -IFSL Sinfonia Cautious Managed A Acc 103 263 115 191 121 179 142 138 - - 1.84 -IFSL Sinfonia Income and Growth A Acc 106 155 118 127 123 152 148 106 - - 1.93 -IFSL Sinfonia Income Portfolio A Acc 100 337 110 279 118 228 129 206 - - 1.85 -IFSL Tilney Bestinvest Agrsv Gr Cln Acc 106 156 117 150 127 94 156 63 - - - -IFSL Tilney Bestinvest Defensive Cln Acc 102 294 105 344 113 283 125 233 - - - -IFSL Tilney Bestinvest Growth Clean Acc 105 201 114 206 124 142 150 92 - - - -IFSL Tilney Bestinvest Inc & Gr Cln Acc 103 250 110 275 120 205 143 132 - - - -IFSL Tilney Bestinvest Inc Clean Acc 102 277 108 307 116 264 137 169 - - - -Insight Inv UK Broad Mkt Bd Gross P 97 357 107 318 121 185 131 196 173 45 0.37 -Insight UK Govt Long Mat Bd P2 93 367 107 311 138 24 136 172 208 13 0.38 -JPM Diversified Real Return C Acc 103 272 117 140 118 231 - - - - 0.83 -M&G Episode Macro GBP T-H Acc 107 94 111 260 124 143 122 248 - - 0.95 -M&G Income Allocation Euro A Acc 107 70 127 27 129 82 - - - - 1.68 -M&G Prudent Allocation Euro A Acc 109 27 128 26 - - - - - - 1.62 -Marten Fund 106 137 123 62 123 148 141 147 160 63 1.74 -MGTS AFH Tactical Core R Acc 103 260 112 247 118 235 141 148 - - - -MI PanDYNAMIC PanDefensive B Acc 101 316 105 342 109 316 115 265 - - 0.88 2.85New Capital Swiss Select Eq CHF Ord Acc 116 1 140 3 - - - - - - 1.81 -OHP Fund 105 204 122 73 135 38 152 84 - - 1.53 -Old Mutual Bond 3 R GBP Inc 114 3 125 39 107 326 124 241 151 80 - 8.30Old Mutual Cirilium Bal Pasv R GBP Acc 105 176 120 109 132 53 - - - - 0.85 -Old Mutual Cirilium Cnsrv Pasv R GBP Acc 102 280 112 249 122 167 - - - - 0.85 -Old Mutual Cirilium Dyn Pasv R GBP Acc 109 30 130 15 141 19 - - - - 0.85 -Old Mutual Cirilium Mod Pasv R GBP Acc 107 83 125 43 137 29 - - - - 0.85 -Old Mutual Equity 2 A GBP Acc 113 5 124 54 120 207 167 30 164 56 1.08 -Old Mutual Generation Target 3 R GBP Inc 103 273 109 295 109 318 - - - - - -Old Mutual Generation Target 4 R GBP Inc 104 239 110 281 112 298 - - - - - -Old Mutual Generation Target 5 R GBP Acc 105 175 113 230 - - - - - - - -Old Mutual Spectrum 3 R GBP Acc 103 247 110 270 112 296 128 218 - - - -Old Mutual Spectrum 4 R GBP Acc 104 209 112 254 113 289 130 200 - - - -Old Mutual Spectrum 5 R GBP Acc 105 179 113 232 114 279 133 189 - - - -Old Mutual Spectrum 6 R GBP Acc 106 153 114 205 115 271 136 171 - - - -Old Mutual Spectrum 7 R GBP Acc 106 120 115 183 116 251 140 151 - - - -Old Mutual Spectrum 8 R GBP Acc 107 82 117 145 118 234 143 127 - - - -Premier Liberation No. IV Class C Acc 105 165 117 160 126 116 154 75 - - 1.41 -Premier Liberation No. V Class C Acc 106 118 121 91 130 64 160 44 157 69 1.34 -Premier Liberation No. VI Class C Acc 107 77 125 44 133 45 167 29 171 47 1.66 -Premier Liberation No. VII Class C Acc 108 51 128 24 134 43 164 34 142 100 1.86 -Prestney GBP Inc 104 219 118 126 127 107 135 177 147 88 1.32 -Rathbone Active Income and Growth Inc 106 151 117 141 125 130 - - - - - -Rathbone Global Alpha Instl GBP Acc 108 45 124 50 132 52 - - - - - -Rathbone Heritage Inst Inc 103 242 117 149 137 26 - - - - - -Rathbone Multi Asset Enhanced Gr S Acc 106 122 125 46 136 33 158 55 - - - -Rathbone Multi Asset Strategic Gr S Inc 105 183 116 168 125 126 151 90 - - - -Rathbone Multi Asset Total Return S Inc 101 301 106 327 117 245 128 216 - - - -Rathbone Strategic Income Portfolio Acc 104 226 115 202 - - - - - - - -Rathbone Sussex Growth 108 47 125 45 129 77 164 35 193 25 1.62 0.70



Unit trusts


Rathbone Sussex Income 107 96 113 226 122 166 160 46 189 28 1.26 3.42RBS Your Portfolio II 1 101 319 107 325 113 287 - - - - - -RBS Your Portfolio III 1 103 249 110 280 117 239 - - - - - -RBS Your Portfolio IV 1 105 180 113 238 120 191 - - - - - -RBS Your Portfolio V 1 107 102 116 169 125 140 - - - - - -RBS Your Portfolio VI 1 108 65 120 105 128 90 - - - - - -Royal London Cash Plus M GBP Inc 100 329 100 362 102 332 - - - - - -Royal London Duration Hedged Credit Z 104 227 105 341 104 328 - - - - - 3.47Royal London Enhanced Cash Plus Y £ Acc 101 323 101 359 - - - - - - - -Royal London Sustainable Mgd Inc C Acc 99 340 107 317 118 225 - - - - - -S&W Acacia 109 22 121 86 130 63 182 9 200 19 0.78 -S&W Bay 107 80 126 38 137 30 170 21 210 11 0.84 -S&W Beech 107 113 113 237 120 195 129 205 189 27 0.84 -S&W Brighton Rock 104 213 117 153 129 74 153 79 - - 1.57 -S&W Devonshire Trust 103 254 117 158 109 310 130 203 - - 1.35 -S&W Enterprise Trust 103 262 113 233 117 240 119 258 - - 1.31 -S&W Headway 104 220 116 177 123 161 135 182 - - 1.49 -S&W Jetwave Trust Acc 109 24 120 101 126 118 155 69 169 48 1.40 -S&W Knotts Investment Inc 107 97 115 199 120 208 147 110 - - 1.02 -S&W Lancaster 107 112 119 115 123 158 139 157 148 85 1.96 -S&W Langham Trust 104 225 117 163 114 273 118 260 145 92 1.92 -S&W Magnum 102 289 114 213 125 132 164 33 184 34 1.03 -S&W Marathon Inc 107 79 118 136 128 88 151 89 194 23 1.31 -S&W MF 108 50 123 70 135 39 158 52 177 40 1.92 -S&W Millbank Dover Inc 105 184 114 211 111 300 141 146 115 116 2.00 -S&W Millbank East River Inc 108 61 127 29 127 98 140 153 143 97 1.71 -S&W Millennium Inc 109 26 121 89 119 219 127 219 - - 1.42 -S&W Milne 106 128 119 113 125 134 135 180 137 104 1.33 -S&W New Sarum Real Return Fund A Inc 108 56 120 110 127 100 - - - - - -S&W Norton 104 215 114 218 126 121 147 109 162 59 1.40 -S&W Quercus Unit Trust 105 192 113 239 116 257 126 232 - - 1.35 -S&W Skye Inc 107 114 106 338 109 319 184 8 182 37 0.63 -S&W Staffordshire Portfolio 105 167 117 138 125 137 133 190 163 57 1.18 -S&W Stellar 107 81 122 75 129 69 162 36 - - 1.05 -S&W Sylvan Alder Invest 107 103 120 102 126 122 161 40 199 20 0.83 -S&W Sylvan Bromfield 108 54 122 76 125 129 168 28 205 15 0.95 -S&W Sylvan Global Opportunities 108 59 122 74 125 131 168 26 205 16 0.62 -S&W Sylvan Hornbeam 112 7 126 33 122 174 159 49 205 14 0.69 -S&W The Rosslyn Net Inc 108 60 123 67 128 89 - - - - - -S&W Thoroughbred 105 206 117 144 125 139 153 81 165 52 1.46 -S&W Witch General Inc 106 117 118 131 123 154 149 101 172 46 1.25 -S&W Worldwide 107 111 116 173 121 181 142 139 167 51 2.03 -Santander Atlas Income Portfolio II 103 270 115 203 121 180 157 61 - - 2.15 -Santander Atlas Portfolio 3 IA 101 311 109 296 114 277 128 213 136 106 - -Santander Atlas Portfolio 4 IA 103 257 112 243 119 217 141 145 150 82 - -Santander Atlas Portfolio 5 IA 105 172 117 142 121 177 147 108 151 79 - -Santander Atlas Portfolio 6 IA 107 106 122 80 125 138 150 94 - - - -Santander Atlas Portfolio 7 IA 109 32 126 35 130 66 159 48 158 67 - -Santander Balanced International Trg RA 106 144 122 78 128 83 152 85 169 50 1.50 -Santander Bond Monthly Income RI 97 354 106 335 114 274 125 236 137 103 1.06 -Santander Global Emerging Shares RA 109 25 143 2 137 31 122 249 - - 2.17 -Santander Investment Income Port XI 97 355 108 308 116 253 129 210 - - - -Santander Investment Income RI 97 356 106 330 116 261 127 222 147 90 0.58 -Santander Investment Portfolio XA 98 352 106 336 115 272 126 231 - - - -Santander Max 100% Shares Portfolio XA 111 10 135 7 148 6 179 11 - - - -Santander Max 30% Shares Income Port XI 98 347 105 340 - - - - - - - -Santander Max 30% Shares Portfolio XA 100 333 108 304 - - - - - - - -Santander Max 50% Shares Portfolio XA 102 278 112 244 120 201 139 159 - - - -Santander Max 60% Shares Income XI 101 310 109 290 116 249 138 161 - - - -Santander Max 70% Shares Portfolio XA 105 198 116 178 122 173 145 120 - - - -Santander Max 70% Shares RA 104 212 115 193 123 151 143 128 158 68 1.34 -Santander Multi Index 1 RA 99 339 - - - - - - - - - -Santander Multi Index 2 RA 101 302 - - - - - - - - - -Santander Multi Index 3 RA 104 234 - - - - - - - - - -Santander Premium Sterling Bond A 98 353 106 331 115 269 126 227 143 96 1.02 -Schroder Instl Growth I Acc 102 293 102 358 109 314 105 275 114 117 0.47 -Schroder Instl Sterling Bd I Acc 95 363 103 354 118 236 117 261 162 60 0.27 -Schroder Managed Wealth Z Acc 106 135 117 147 124 144 136 173 144 94 - 0.47Schroder Sterling Broad Market Bd I Acc 98 351 107 324 120 193 128 211 176 42 0.32 -Scottish Widows Adventurous Gr D Acc 109 18 128 25 127 108 158 54 - - 1.82 -Scottish Widows Adventurous Solution G 109 34 124 53 129 80 - - - - - -Scottish Widows Bal Solution G Acc 106 158 115 200 118 226 - - - - - -Scottish Widows Balanced Gr D Acc 106 131 115 197 121 182 139 155 - - 1.76 -Scottish Widows Balanced Growth A 105 194 119 122 120 199 138 167 152 76 1.65 -Scottish Widows Cau Solution G Acc 102 274 108 305 111 301 - - - - - -Scottish Widows Cautious Gr D Acc 102 287 108 303 114 280 126 229 - - 1.77 -Scottish Widows Corporate Bd Trkr W Acc 98 350 108 299 - - - - - - - -Scottish Widows Defensive Solution G Acc 102 298 106 328 110 308 - - - - - -Scottish Widows Discovery Solution G Acc 104 208 111 262 115 270 - - - - - -Scottish Widows Diversified Portfolio 103 264 114 217 114 278 124 237 - - 1.86 -Scottish Widows Dynamic Income A Acc 103 266 114 225 115 268 132 195 151 81 1.40 -Scottish Widows Dynamic Solution G Acc 108 43 121 81 126 124 - - - - - -Scottish Widows Environmental Investor G 98 348 114 207 109 312 - - - - - -Scottish Widows Ethical G Acc 101 322 117 156 109 313 - - - - - -Scottish Widows Managed Income A Acc 100 326 110 284 113 290 122 247 149 83 1.40 -Scottish Widows Momentum Income A Acc 101 308 110 272 114 282 126 230 149 84 1.39 -Scottish Widows Progressive Gr D Acc 109 21 123 68 127 97 150 100 - - 1.77 -Scottish Widows Stockmarket Growth A 108 44 127 31 127 103 157 58 157 72 1.67 -Scottish Widows Strategic Growth A 108 57 126 37 127 96 153 82 160 64 1.63 -Scottish Widows Strategic Solution G Acc 107 86 117 146 121 189 - - - - - -Sentinel Defensive B Acc 103 253 104 350 110 309 124 240 - - - -SLI MyFolio Managed I Plat 1 Acc 101 313 107 326 112 294 124 242 - - - -SLI MyFolio Managed II Plat 1 Acc 103 269 110 289 117 238 135 181 - - - -SLI MyFolio Managed III Plat 1 Acc 104 221 112 257 121 186 146 116 - - - -


SLI MyFolio Managed Income I Plat 1 Acc 101 312 107 319 113 291 121 253 - - - -SLI MyFolio Managed Income II Plat 1 Acc 102 275 108 297 116 254 132 194 - - - -SLI MyFolio Managed Income III Plat1 Acc 104 233 111 266 119 210 139 156 - - - -SLI MyFolio Managed Income IV Plat 1 Acc 105 199 112 242 122 169 145 122 - - - -SLI MyFolio Managed Income V Plat 1 Acc 106 133 117 165 127 106 153 83 - - - -SLI MyFolio Managed IV Plat 1 Acc 106 162 115 196 125 136 156 64 - - - -SLI MyFolio Managed V Plat 1 Acc 106 121 118 137 128 84 166 31 - - - -SLI MyFolio Market I Plat 1 Acc 101 306 109 294 116 265 126 228 - - - -SLI MyFolio Market II Plat 1 Acc 103 245 114 214 122 172 138 164 - - - -SLI MyFolio Market III Plat 1 Acc 106 160 119 121 127 105 149 102 - - - -SLI MyFolio Market IV Plat 1 Acc 107 73 124 56 133 49 159 47 - - - -SLI MyFolio Market V Plat 1 Acc 109 36 129 21 138 22 169 24 - - - -SLI MyFolio Multi-Man Inc I Plat 1 Acc 101 304 107 313 111 302 119 259 - - - -SLI MyFolio Multi-Man Inc II Plat 1 Acc 103 261 110 287 115 266 130 202 - - - -SLI MyFolio Multi-Man Inc III Plat 1 Acc 104 214 113 228 119 214 139 158 - - - -SLI MyFolio Multi-Man Inc IV Plat 1 Acc 105 178 115 194 121 183 142 140 - - - -SLI MyFolio Multi-Man Inc V Plat 1 Acc 107 105 119 114 126 111 150 95 - - - -SLI MyFolio Multi-Man IV Plat 1 Acc 107 84 118 133 127 99 156 62 - - - -SLI MyFolio Multi-Man V Plat 1 Acc 108 52 121 84 131 54 165 32 - - - -SLI MyFolio Multi-Manager I Plat 1 Acc 102 299 107 315 112 292 123 246 - - - -SLI MyFolio Multi-Manager II Plat 1 Acc 104 237 111 265 118 227 134 185 - - - -SLI MyFolio Multi-Manager III Plat 1 Acc 106 159 114 204 122 165 145 121 - - - -Smith & Williamson Cash 100 330 100 364 100 334 101 278 110 119 0.73 0.17Smith & Williamson Eagle 106 148 118 132 130 62 148 105 - - 2.17 -Smith & Williamson Forest 108 49 129 22 146 9 174 14 - - 1.70 0.85Smith & Williamson Orchard 109 41 129 20 146 10 173 16 - - 2.20 -Smith & Williamson Plain Andrews UT GBP 105 186 117 148 116 259 125 235 120 115 1.47 -SVS Capital Balanced Scheme Acc 105 182 118 125 120 200 - - - - - -SVS Cornelian Cautious D Acc 102 281 110 282 119 215 141 144 156 74 1.24 -SVS Cornelian Defensive D Acc 101 315 107 323 114 276 130 201 - - 1.61 -SVS Cornelian Growth D Acc 106 164 118 134 129 73 162 37 179 38 1.21 -SVS Cornelian Managed Growth D Acc 104 232 114 210 125 133 154 71 - - 1.31 -SVS Cornelian Managed Income D GBP Acc 103 246 113 234 - - - - - - - -SVS Cornelian Progressive D Acc 107 104 121 83 134 41 172 18 - - 1.36 -SWIP Asset Allocator A 102 279 109 292 110 307 113 269 - - 2.06 -SWIP IPS Growth Portfolio P Net Inc 109 40 123 61 132 51 161 38 - - 1.00 -SWIP IPS Higher Income Ptfl P Net Inc 101 305 107 312 111 303 125 234 - - 1.02 -SWIP IPS Income Portfolio P Net Inc 100 335 106 337 109 311 121 252 - - 0.95 -SWIP Managed Growth 2 L Net GBP Acc 101 307 111 268 - - - - - - - -SWIP Managed Growth 4 L Net GBP Acc 104 211 116 182 - - - - - - - -SWIP Managed Growth 6 L Net GBP Acc 107 92 121 87 - - - - - - - -The Alkerton Trust Income I/A 106 146 119 118 123 157 147 111 - - 1.28 -The Aurinko Acc 104 222 116 181 121 184 149 103 176 41 1.44 -The Beamish 106 139 110 286 108 321 94 279 92 120 0.44 -The Jay 102 288 113 241 118 232 151 88 142 99 1.08 -The Kingfisher Fund Acc 100 331 100 365 107 325 - - - - - -The Mishka Fund 104 236 118 135 116 256 124 244 122 113 1.68 -The Monoux 107 108 124 57 145 12 187 5 - - 1.39 -The New Floco Inc 106 149 123 65 150 3 189 4 - - 1.21 -The New Jaguar Inc 106 142 123 66 150 4 193 3 - - 1.35 -The Oenoke Acc 108 66 125 42 139 21 158 57 186 32 1.42 -The Pendennis Acc 105 173 119 120 131 57 156 65 188 31 1.29 -The Windrush Inc 106 130 116 167 124 141 138 163 - - 1.53 -Thesis Abaco GBP 106 127 117 152 126 115 140 154 - - 1.05 -Thesis Darin A Inc 109 28 132 12 141 17 170 22 175 43 1.47 -Thesis Eden Investment Inc 105 174 118 128 123 150 142 137 - - 1.85 -Thesis Headway A Inc 106 161 116 172 121 176 133 191 148 87 1.57 -Thesis Lion Growth Inc 113 4 137 4 143 14 173 15 186 33 1.89 -Thesis Ord Acc 105 169 124 48 146 11 172 17 - - 1.19 -Thesis PM A Acc 105 177 120 97 133 47 154 70 - - 1.39 -Threadneedle Target Ret Retl Grs Acc EUR 99 343 106 332 93 337 93 280 138 102 1.38 -Threadneedle UK Equity Inc Retl Inc GBP 105 196 115 188 126 120 180 10 - - 1.06 -TM Market GBP Inc 109 39 115 187 123 149 - - - - - -TM NewCourt A 2011 Inc 107 98 112 251 119 212 141 143 - - - -TM Oak 106 150 127 28 143 15 171 20 219 6 1.26 -TM Opus Inc 106 140 124 58 127 102 - - - - - -TM Private Portfolio Trust A2000 Inc 107 89 113 240 120 192 - - - - - -Trojan Ethical Income O Acc 99 345 108 310 - - - - - - - -VT Rossie House Portfolio B Inc 106 132 116 174 - - - - - - - -WAY Green Portfolio Elite E Acc 105 197 126 34 119 216 136 174 - - - -Average/Total 105 369 116 365 123 338 142 281 166 120 1.28 1.96

(IA) £ CORPORATE BONDAberdeen Corporate Bond I GBP Acc 98 50 109 21 118 30 139 17 163 25 - -Aberdeen Sterling LD Corp Bd I GBP Acc 95 85 - - - - - - - - - -Alliance Trust Monthly Inc Bd B Net Acc 102 2 110 13 114 70 137 26 - - 0.67 5.62Alliance Trust SF Corporate Bd 2 100 13 110 12 120 14 140 15 161 29 0.60 3.44Aviva Investors Corporate Bd 2 GBP Inc 98 71 106 70 116 59 133 44 162 27 0.72 -Aviva Investors Monthly Inc Pls R3 £ Acc 98 63 107 52 118 35 139 18 152 42 - -AXA Sterling Corporate Bond Z Net Acc 99 32 110 11 117 45 134 39 128 54 0.54 -AXA Sterling Crdt Shrt Dura Bd Z Net Acc 101 11 103 84 106 81 113 69 - - 0.43 1.62AXA £ Buy and Maintain Crdt Z Acc Net 98 59 108 37 119 27 - - - - - -Baillie Gifford Inv Grade Bd B 98 48 109 20 119 23 136 28 154 39 0.30 -Baillie Gifford Inv Grade Lg Bd B 96 82 111 6 126 6 147 3 187 7 0.27 -Barclays Sterling Corporate Bond R Acc 98 49 107 55 117 50 133 43 151 44 - 3.69BlackRock Corporate Bond 1-10 Year D Acc 100 14 107 64 115 67 133 45 - - 0.17 -BlackRock Corporate Bond D Acc 100 12 109 24 119 16 141 12 178 10 0.58 -BlackRock Corporate Bond Tracker D Acc 98 61 108 44 119 24 135 32 - - 0.17 -CF Canlife Corporate Bond C Acc GBP 99 35 108 40 117 49 132 48 172 14 0.81 -Close Bond Income Portfolio X Acc 101 9 108 41 115 65 128 62 - - 0.54 -F&C Corporate Bond C Net Inc 99 31 107 56 117 44 138 22 162 28 - -F&C Institutional All Stks Corp Bd 3£Acc 98 51 108 34 120 11 - - - - - -F&C Institutional Lng Dtd Corp Bd3£Acc 96 84 112 5 131 2 - - - - - -F&C Responsible Sterling Bond C Net Inc 98 56 107 61 117 46 132 51 - - - -



Unit trusts


Fidelity Instl UK Corp Bd Inc 99 36 109 23 119 18 137 27 174 13 0.42 -Fidelity Instl UK Lng Corp Bd Inc 97 76 113 3 128 5 149 2 200 3 0.42 -Fidelity MoneyBuilder Income Net Y 98 64 107 59 118 39 132 49 171 16 0.57 -GS Sterling Credit R Acc 98 66 108 36 119 20 140 16 - - 0.65 -Halifax Corporate Bd C 99 42 108 49 114 69 130 58 133 53 1.01 -Henderson All Stocks Credit I Acc 98 58 108 46 118 37 132 52 166 20 0.55 -Henderson Inst Long Dated Crdt I Inc 95 86 113 2 128 4 143 9 189 5 0.55 -Henderson Sterling Bond I Acc 99 43 109 18 118 32 135 31 148 46 - -HSBC Corporate Bond C Acc 98 57 109 19 119 15 137 23 154 37 - -Insight Corporate Bond Inst W Acc 99 33 111 7 119 28 137 25 150 45 - -IP Corporate Bond Z Acc 100 19 106 75 111 74 135 33 171 18 - -JPM Sterling Corporate Bond C Net Acc 98 62 108 34 120 13 135 30 141 51 0.68 -Jupiter Corporate Bond I Acc 99 30 106 74 116 53 131 56 165 21 - -Kames Ethical Corporate Bond B Acc 99 29 106 68 117 42 134 40 155 34 0.58 -Kames Investment Grade Bond B Acc 99 28 107 53 119 26 141 13 175 12 0.81 -Kames Sterling Corporate Bond B Acc 99 41 107 63 116 60 137 24 159 33 0.58 -L&G Fixed Interest I Acc 98 68 108 30 119 19 138 21 171 17 0.34 -L&G Managed Monthly Income I Acc 98 69 109 27 120 10 141 14 177 11 0.44 -L&G Short Dated Stlg Corp Bd Idx I Acc 101 5 105 79 - - - - - - - -L&G Sterling Corporate Bond Index I Acc 97 75 107 65 119 22 - - - - - -L&G Sterling Income I Acc 100 16 108 43 116 52 135 35 155 35 - -M&G Corporate Bond GBP I Acc 98 60 107 58 117 48 132 50 191 4 0.66 -M&G Global Corporate Bond GBP I-H Acc 100 15 108 29 111 75 - - - - - -M&G Short Dated Corp Bd GBP I Inc 101 7 104 83 106 80 112 70 122 55 0.55 -M&G Strategic Corporate Bond GBP I Acc 100 17 107 51 115 66 131 54 204 2 0.66 -Marlborough Bond Income P Inc 100 18 108 50 116 56 134 37 160 30 - -Morgan Stanley UK Sterling Corp Bd I Acc 99 23 108 47 118 34 144 7 188 6 0.60 -Newton Long Corp Bd Exempt 1 Acc 97 80 111 8 126 7 143 8 180 9 0.26 -Old Mutual Bond 2 A GBP Acc 97 79 107 67 115 62 129 61 145 48 0.99 -Old Mutual Corporate Bond R GBP Acc 99 45 108 32 114 68 138 19 153 40 0.74 -Old Mutual Fidelity Moneybldr Inc U2Acc£ 98 73 106 69 117 41 - - - - - -Old Mutual IP Corporate Bond U2 GBP Acc 100 20 106 73 112 72 - - - - - -PIMCO GIS Glbl Inv Grd Crdt R Inc GBP H 98 47 106 76 112 73 122 66 - - 0.76 -PIMCO GIS UK Corporate Bond Inst Acc 99 44 110 15 123 9 144 6 - - 0.46 -PIMCO GIS UK Long Term Corp Bd Ins £ Acc 97 81 112 4 132 1 154 1 215 1 0.46 -Premier Corporate Bond Monthly Income C 101 6 105 77 110 77 134 38 141 52 1.00 -Rathbone Ethical Bond I Inc 102 3 108 42 119 21 147 4 172 15 0.70 -RBS Extra Income 1 98 74 106 72 115 64 131 55 155 36 1.04 -Royal London Corporate Bond M Acc 99 26 108 31 120 12 142 11 162 26 - 4.12Royal London Corporate Bond Monthly Inc 99 39 107 62 115 61 129 59 144 49 1.04 -Royal London Inv Grade SD Credit Inc Z 101 8 103 85 - - - - - - - -Royal London Sterling Credit M GBP Acc 99 37 108 48 119 17 - - - - - -Santander Corporate Bond IA 98 53 107 57 118 31 - - - - - -Schroder All Maturities Corp Bd Z Acc 98 46 109 25 118 38 134 41 - - 0.46 -Schroder Instl Lg Dtd Corp Bd I Acc 96 83 113 1 130 3 146 5 185 8 0.27 -Schroder UK Corporate Bond Z Acc 98 54 109 17 118 40 135 36 168 19 0.61 -Scottish Widows Corporate Bd G Acc 98 67 109 28 116 51 - - - - - -SLI AAA Income Plat 1 Acc 97 78 104 81 114 71 120 67 143 50 - -SLI Corporate Bond Plat 1 Acc 99 38 110 16 117 47 138 20 153 41 - -SLI Ethical Corp Bond Plat 1 Acc 98 55 108 39 117 43 135 34 159 32 - -SLI Investment Grade Corp Bd Plat 1 Acc 98 65 109 26 116 54 133 46 151 43 - -SLI Short Duration Credit Plat 1 Acc 102 4 106 71 108 78 126 63 148 47 - -Smith & Williamson Fxd Interest B 100 21 107 60 115 63 123 65 160 31 - -SVS Brown Shipley Sterling Bond I Acc 99 27 104 80 105 82 131 53 - - 0.77 -SVS Church House Invmt Grd Fxd Intr Acc 100 22 105 78 110 76 124 64 163 23 1.05 2.39TB Walker Crips Corporate Bond B Inc 102 1 110 10 116 55 129 60 164 22 - -Threadneedle Navigator Inc Retl Inc GBP 99 34 108 38 116 57 133 47 154 38 1.45 -Threadneedle Stlg Md&LD Crp Bd IntGs Inc 97 77 110 9 124 8 142 10 - - - 3.31Threadneedle Stlg SD Corp Bd Int Inc 101 10 104 82 108 79 117 68 - - - 2.17Threadneedle UK Corp Bd Inst Inc 99 24 109 22 118 36 136 29 163 24 0.55 -Threadneedle UK Scly Bond Z Acc GBP 99 40 107 66 118 33 - - - - - -TwentyFour Corporate Bond £ Acc hdg 99 25 107 54 - - - - - - - -UBS Corporate Bond UK Plus C Acc Net 98 52 110 14 116 58 130 57 - - - -UBS Sterling Corporate Bd Indexed C Acc 98 70 108 33 119 25 - - - - - -Vanguard UK Inv Grade Bd Idx GBP Acc 98 72 108 45 119 29 134 42 - - 0.20 -Average/Total 99 86 108 85 117 82 135 70 163 55 0.61 3.30

(IA) £ HIGH-YIELDAberdeen European High Yield Bond I Acc 104 16 109 26 116 4 147 6 - - - 6.21Aberdeen Global High Yield Bond I Acc 105 7 114 13 105 27 129 19 147 16 - -Aviva Investors High Yld Bd 2 GBP Inc 103 25 110 23 117 2 150 3 - - 0.74 5.08AXA Global High Income Z Net Acc 107 2 117 4 109 23 132 16 173 5 0.80 -AXA Pan European High Yield Bond Z Acc 104 17 111 21 116 5 149 4 144 17 - 5.24Baillie Gifford High Yield Bd B Inc 104 22 114 14 113 15 147 5 192 1 0.38 4.11Baring High Yield Bond I GBP Hdg Inc 104 19 112 16 102 29 120 22 153 14 1.25 -Eaton Vance Intl(IRL) US Hi-Yld Bd I2 £ 105 8 115 8 115 7 - - - - 0.95 -F&C Maximum Income Bond C Net Inc 103 26 111 19 114 13 135 13 121 18 - 5.23Fidelity Global High Yield Y Acc 107 1 120 1 116 3 - - - - 0.87 -Hermes Global High Yld Crdt F GBP Acc H 105 5 115 7 - - - - - - 0.81 -Investec Monthly High Income I Acc Net 105 11 115 10 115 9 136 12 168 8 0.75 -IP High Yield Z Acc 105 6 110 22 109 22 151 2 190 2 - 5.81JPM Global High Yield Bd C Net Acc 105 10 117 3 109 21 129 20 163 11 0.73 -Kames High Yield Bond B Acc 103 29 110 24 111 19 133 15 182 4 0.81 -L&G High Income I Acc 106 4 120 2 115 8 137 11 157 12 0.42 6.65M&G Global Fltng Rt Hi Yld GBP I-H Acc 105 9 109 27 - - - - - - 0.83 -M&G Global High Yield Bond GBP I Acc 104 13 115 9 113 14 138 10 167 9 0.81 -Marlborough High Yield Fixed Int P Inc 104 14 110 25 115 6 145 7 168 7 - 5.98Neuberger Berman HY Bd GBP A Acc 104 18 116 6 108 24 130 18 - - 1.40 -Neuberger Berman Shrt Dur HY Bd £ I Acc 102 30 108 30 106 26 122 21 - - 0.80 -Newton Global High Yield Bd Int WNet Acc 104 15 116 5 110 20 135 14 156 13 - -Old Mutual Threadneedle HY Bd U2 £Acc 103 28 108 29 114 11 - - - - - 5.05PIMCO GIS Global Hi Yld Bd R Inc GBP H 104 20 112 15 111 17 130 17 - - 0.80 -PIMCO GIS US High Yld Bd R Inc GBP H 105 12 115 11 112 16 - - - - 0.80 5.47Royal London Global High Yield Bd M Inc 103 27 111 20 111 18 - - - - - -Royal London Shrt Dur Glbl HY Bd M Inc 101 31 103 31 108 25 - - - - - -


Schroder Monthly High Income Z Acc 106 3 115 12 123 1 152 1 183 3 0.82 -Scottish Widows High Income Bd Acc 103 24 112 17 102 28 116 23 150 15 1.63 5.70SLI Higher Income Plat 1 Acc 104 21 111 18 114 10 144 8 164 10 - 4.57Threadneedle HY Bd Z Inc GBP 104 23 109 28 114 12 139 9 172 6 - 5.44Average/Total 104 31 113 31 112 29 137 23 164 18 0.86 5.43

(IA) £ STRATEGIC BONDAberdeen Strategic Bd I Acc 102 29 108 34 111 50 133 26 - - - -Aberdeen World Opportunistic Bond I Acc 98 69 106 57 108 61 - - - - - -Allianz Strategic Bond C Inc 96 81 103 78 112 45 132 29 151 25 0.91 -Architas MM Strategic Bond A Acc 102 32 110 16 111 51 121 52 146 31 1.07 3.00Artemis High Income QI Inc 105 6 111 9 116 19 158 2 172 9 0.69 -Artemis Strategic Bond QI Acc 103 19 110 12 115 23 140 13 170 10 0.58 -Aviva Investors Higher Inc Pls 2 GBP Inc 100 56 109 23 117 13 144 4 166 16 0.62 4.55Aviva Investors Managed Hi Inc 2 GBP Inc 101 45 110 13 116 20 139 14 166 15 0.63 -Aviva Investors Strategic Bd 2 GBP Inc 101 39 107 40 113 32 138 18 - - 0.73 3.65AXA Framlington Managed Income Z GBP Acc 106 3 114 2 119 9 - - - - - -AXA Sterling Strategic Bond Z Net 96 80 106 60 118 11 123 48 132 36 0.51 2.00Baillie Gifford Corp Bd B Inc 102 26 111 10 118 10 144 6 182 2 0.55 -Baillie Gifford Sterling Agg Bd C Gr Acc 97 77 107 46 - - - - - - - -Baillie Gifford Stlg Agg Pls Bd C Gr Acc 98 72 110 17 - - - - - - - -Barclays Sterling Bond R Acc 96 82 106 52 120 6 - - - - - 2.40BlackRock Fixed Inc Global Opps D Acc 102 35 103 79 109 56 107 61 167 14 - -BlackRock Sterling Strategic Bd D £ Acc 103 21 - - - - - - - - - -BNY Mellon Global Oppc Bd GBP I H Acc 102 30 104 76 - - - - - - 0.85 -CF IM Bond A Inc 96 83 100 81 113 39 126 43 - - 1.54 -City Financial Divers Fxd Intr R Acc 101 42 106 62 - - - - - - - -EdenTree Amity Sterling Bond B 101 41 106 54 113 34 133 27 - - 0.78 -F&C Extra Income Bond C Net Inc 101 36 108 33 113 33 139 15 153 22 - -F&C Institutional Aggt Fxd Intr 3 £ Acc 97 78 106 65 119 8 - - - - - -F&C Strategic Bond Fd C Net Inc 102 24 104 73 105 68 124 47 142 34 - -Fidelity Extra Income Net Y 101 48 109 22 117 16 138 17 176 6 0.78 4.12Fidelity Strategic Bond Net Y 98 71 105 66 112 40 129 37 180 4 0.68 -Franklin Strategic Bond W Inc 100 61 107 44 112 44 130 34 - - 0.85 -GAM Star Credit Opp (GBP) Instl GBP Acc 105 7 113 5 128 1 181 1 - - 1.14 -GS Sterling Broad Fixed Inc R Acc 96 85 106 59 120 5 127 40 161 18 0.60 -GS Stlg Broad Fixed Inc+ R Acc 96 79 107 47 122 3 135 23 180 3 0.75 -HC KB Enterprise Fixed Income A Net Acc 99 68 104 74 112 43 115 56 - - 1.12 -Henderson Fixed Intr Mth Inc I Inc 102 25 108 25 117 15 141 12 150 27 0.78 5.53Henderson Preference & Bond I Acc 101 47 107 43 115 21 141 11 160 19 0.68 -Henderson Strategic Bond I Inc 100 62 106 61 114 31 138 19 172 8 0.68 -Hermes Multi Strategy Credit F GBP Acc H 104 15 111 11 - - - - - - 0.79 -HL Multi-Manager Strategic Bond A Acc 101 38 107 39 111 48 128 38 - - 1.30 2.41Insight Global Select Bond Inst W Acc 103 16 105 67 109 58 - - - - - -Insight Infl-Lnkd Corp Bd Inst W Acc 105 5 112 6 112 42 - - - - - 2.74IP Monthly Income Plus Z Acc 104 14 108 35 112 41 143 7 178 5 - -IP Tactical Bond Z Acc 101 40 104 75 108 60 132 28 - - - -JPM Global Bond Opportunities C Net Acc 102 34 110 18 - - - - - - - -JPM Income C Net Acc 101 50 108 37 - - - - - - 0.68 6.44JPM Strategic Bond C Net Acc 101 43 106 64 106 66 112 58 - - 0.68 -Jupiter Strategic Bond I Acc 102 23 108 31 114 30 139 16 - - 0.73 -Kames Strategic Bond B Acc 101 37 107 45 107 63 125 44 155 21 - -L&G Dynamic Bond I Acc 98 74 99 82 102 73 121 53 - - 0.64 -Legg Mason IF BW Glbl Inc Optr X Inc 102 28 113 4 113 37 132 30 - - 1.10 -Legg Mason IF WA Retirement Inc Bd X Inc 100 57 107 49 107 65 111 59 121 39 - -Legg Mason WA Macro Opps Bd X Acc (H) £ 101 46 110 14 - - - - - - 1.25 -Loomis Sayles Strategic Income H-N/D GBP 107 1 123 1 113 35 - - - - - 4.30M&G Optimal Income GBP I Acc 104 9 110 15 113 38 134 24 208 1 0.91 -M&G UK Inflation Lnkd Corp Bd GBP I Acc 104 11 108 32 104 71 115 57 - - 0.66 1.00Man GLG Strategic Bond Profl Acc C 101 51 105 71 104 72 130 33 - - 0.83 -Marks & Spencer High Income Acc 98 70 108 27 114 29 127 39 143 33 1.00 -MI TwentyFour AM Dynamic Bond I Acc 104 13 108 38 114 28 144 5 - - 1.10 4.53Muzinich Glbl Tctl Crdt Hdg GBP Acc A 100 55 106 63 - - - - - - 1.24 -NatWest High Yield NAV 99 66 108 29 116 17 141 9 168 11 - 3.50Newton Glbl Dynamic Bd Inc Inst WNet Inc 100 59 - - - - - - - - - -NFU Mutual Gilt & Corp Bond C 98 75 108 36 122 4 127 41 167 13 - 3.10Old Mutual Bond 1 A GBP Inc 104 10 106 58 112 47 142 8 148 29 1.08 -Old Mutual Fidelity Strat Bd U2 GBP Acc 98 73 105 70 114 27 - - - - - -Old Mutual Monthly Income Bd R GBP Acc 101 44 109 19 105 70 136 22 130 37 0.85 -Old Mutual Voyager Strat Bond R GBP Inc 100 60 106 53 106 67 122 50 150 26 - -PIMCO GIS Divers Inc Dur Hdg Inst£HdgAcc 105 4 114 3 107 62 122 51 - - 0.69 -PIMCO GIS Income R Inc GBP H 103 22 107 42 115 26 - - - - 0.80 -PIMCO GIS UK GBP Low Duration Inst Acc 100 52 102 80 105 69 109 60 145 32 0.46 -PIMCO Select UK Income Bond R GBP Inc 100 58 105 72 109 54 129 35 - - - 4.34Pioneer SICAV Strategic Inc N GBP HND 101 49 108 28 110 53 123 49 173 7 0.97 -Premier Strategic High Income Bond C Inc 103 17 106 56 108 59 136 21 139 35 - 4.98Rathbone Strategic Bond Instl Inc 103 18 109 20 115 25 131 32 - - 1.28 -RBS High Yield 1 99 66 108 29 116 17 141 10 168 12 1.05 3.50Royal London Ethical Bond M Acc 99 64 107 41 120 7 134 25 127 38 - -Royal London GMAP Cnsrv M GBP Inc 100 63 - - - - - - - - - -Royal London Short Dur Crdt M GBP Inc 102 31 105 69 112 46 - - - - - -Royal London Sterl Extra Yld Bd A 106 2 112 7 118 12 156 3 157 20 0.88 6.37Sanlam Strategic Bond P GBP Acc 104 8 112 8 126 2 - - - - 0.44 -Santander Strategic Bond IA 102 27 106 55 113 36 127 42 - - - 4.14Sarasin Sterling Bond I Acc 98 76 107 48 117 14 125 46 165 17 0.86 -Schroder Strategic Bond Z Acc 104 12 109 21 109 57 - - - - - -Schroder Strategic Credit Z GBP Acc 103 20 107 50 110 52 125 45 153 23 - -Scottish Widows Strategic Income A Acc 99 65 108 24 115 24 137 20 147 30 1.38 3.78SLI Strategic Bond Plat 1 Acc 100 53 106 51 109 55 131 31 - - - -Threadneedle Strategic Bond Z Inc 102 33 108 26 111 49 129 36 153 24 - -Virgin Income Trust 96 84 104 77 115 22 119 54 149 28 1.00 -Waverton Sterling Bond A GBP 100 54 105 68 107 64 116 55 - - 1.06 5.11Average/Total 101 85 108 82 113 73 132 61 158 39 0.86 3.89



Investment Trust performance tablesWhat the tables show

The figures show the value of £100 invested over six months and one, three, five and ten years to 31 January 2017, on a mid-to-mid basis with net income reinvested. Investment trusts are listed by AIC sector. An average performance figure is shown for each sector. Each trust is ranked according to its sector. The yield is defined as the dividends for the current financial year, whether already declared or forecast, as a percentage of the share price at month-end. Special dividends are excluded. Discount is the difference between the value of the underlying assets of an investment trust and the value indicated by its share price. The highlighted figures represent the top three investment trusts over three years in each sector. All data supplied by Morningstar. For more information, please visit www.morningstar.co.uk

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

ASIA PACIFIC - EXCLUDING JAPAN

Aberdeen Asian Income 107 11 144 3 132 14 141 14 277 8 4.35 -7.07

Aberdeen Asian Smaller 107 12 135 13 130 15 173 7 371 2 1.07 -13.08

Aberdeen New Dawn 114 2 148 2 141 9 147 11 233 12 1.92 -11.86

All Asia Asset Capital Limited 68 16 61 16 48 16 - - - - - 229.86

Edinburgh Dragon 108 8 140 8 140 10 139 15 256 9 1.02 -12.01

Fidelity Asian Values 117 1 154 1 188 1 198 2 347 3 1.24 -4.92

Henderson Far East Income 106 13 139 10 143 8 158 9 253 10 5.70 2.20

Invesco Asia 109 6 142 6 165 3 173 6 298 5 1.54 -13.05

JPMorgan Asian 113 3 143 4 151 7 152 10 205 13 1.11 -12.07

Martin Currie Asia Unconstrained 110 5 139 9 134 13 146 12 170 15 2.29 -15.11

Pacific Assets 99 15 122 15 163 4 214 1 279 7 0.96 -4.89

Pacific Horizon 108 9 136 12 134 12 146 13 184 14 0.16 -11.40

Schroder Asia Pacific 109 7 143 5 162 5 167 8 291 6 1.35 -12.16

Schroder Asn Total Return Inv. Company 113 4 136 11 167 2 176 5 252 11 1.43 -3.69

Schroder Oriental Income 104 14 141 7 162 6 183 3 328 4 3.68 -2.20

Scottish Oriental Smaller Cos 107 10 130 14 137 11 178 4 387 1 1.25 -12.82

Average/Total 106 16 135 16 144 16 166 15 276 15 1.94 5.98

ASIA PACIFIC - INCLUDING JAPAN

Witan Pacific 106 1 126 1 142 1 164 1 210 1 1.66 -14.32

Average/Total 106 1 126 1 142 1 164 1 210 1 1.66 -14.32

COUNTRY SPECIALISTS: ASIA PACIFIC

Aberdeen New India 101 10 128 9 192 4 175 6 274 2 - -9.70

Aberdeen New Thai 108 7 135 5 153 7 197 5 409 1 1.70 -14.39

Fidelity China Special 113 5 149 2 178 6 234 3 - - 1.01 -13.67

India Capital Growth 118 3 131 8 231 1 216 4 84 7 - -18.36

JPMorgan Chinese 112 6 141 3 139 8 164 8 233 3 0.79 -14.98

JPMorgan Indian 101 11 132 7 194 3 171 7 203 4 - -9.56

Kubera Cross-Border 198 1 123 11 88 10 43 9 46 8 - -56.51

Vietnam Enterprise 114 4 - - - - - - - - - -18.50

VietNam Holding 103 9 138 4 199 2 365 1 120 6 - -13.62

VietNam Holding Warrant 91 12 133 6 - - - - - - - -

VinaCapital Vietnam Opp Fund 121 2 172 1 188 5 317 2 127 5 - -20.49

Weiss Korea Opportunity 104 8 125 10 136 9 - - - - 1.52 -2.81

Average/Total 115 12 137 11 170 10 209 9 187 8 1.26 -17.51

COUNTRY SPECIALISTS: EUROPE

JPMorgan Russian Securities 141 1 192 1 129 1 113 1 128 1 2.65 -14.12

Average/Total 141 1 192 1 129 1 113 1 128 1 2.65 -14.12

COUNTRY SPECIALISTS: LATIN AMERICA

JPMorgan Brazil 103 1 176 1 112 1 71 1 - - 0.78 -11.60

Average/Total 103 1 176 1 112 1 70 1 - - 0.78 -11.60

COUNTRY SPECIALISTS: OTHER

Cambria Africa 163 1 217 1 12 5 6 5 - - - 126.80

Masawara 99 4 86 4 85 3 90 2 - - - -32.53

Qatar Investment Fund 114 3 124 3 135 1 179 1 - - 3.69 -13.89

Tau Capital 96 5 70 5 46 4 18 4 - - - -59.17

Tiso Blackstar Group 139 2 139 2 85 2 79 3 59 1 0.48 -27.72

Average/Total 122 5 127 5 73 5 74 5 59 1 2.08 -1.30

EUROPE

BlackRock Greater Europe 108 6 118 4 125 7 183 7 210 4 1.86 -3.47

European Investment 120 1 126 1 117 8 177 8 139 8 1.99 -11.95

Fidelity European Values 107 7 115 7 135 4 198 6 184 6 1.78 -11.27

Henderson European Focus Trust 114 3 124 2 136 1 243 1 253 2 2.32 -5.04

Henderson EuroTrust 111 5 119 3 136 2 223 3 247 3 2.04 -6.36

JPMorgan European Growth Pool 115 2 116 5 129 6 209 5 170 7 2.21 -10.19

JPMorgan European Income Pool 113 4 116 6 135 3 212 4 209 5 3.37 -10.41


Jupiter European Opportunities 96 8 100 8 133 5 236 2 312 1 0.99 -5.46

Average/Total 111 8 117 8 131 8 210 8 215 8 2.07 -8.02

EUROPEAN EMERGING MARKETS

Baring Emerging Europe 128 1 167 1 123 1 118 2 127 1 3.23 -12.16

BlackRock Emerging Europe plc 123 2 157 2 123 2 120 1 99 2 - -12.32

Average/Total 126 2 162 2 123 2 119 2 113 2 3.23 -12.24

EUROPEAN SMALLER COMPANIES

European Assets 107 2 110 4 134 3 260 2 210 3 0.25 -6.28

JPMorgan European Smaller Comp 104 4 112 3 136 2 238 3 219 1 1.05 -14.75

Montanaro European Smaller 107 3 120 2 128 4 192 4 191 4 1.17 -15.41

TR European Growth 123 1 139 1 152 1 299 1 217 2 1.10 -13.44

Average/Total 110 4 120 4 138 4 247 4 209 4 0.89 -12.47

FLEXIBLE INVESTMENT

BlackRock Income Strategies 94 12 92 12 92 12 116 9 123 8 6.03 -10.34

Capital Gearing 106 8 115 9 113 10 124 8 201 3 0.52 1.87

Establishment Investment Trust 109 5 133 4 129 6 136 5 158 5 2.62 -20.59

Henderson Alternative Strategies Trust 122 2 135 2 120 7 106 10 79 9 1.36 -12.82

Invesco Perp Select Balanced 101 9 117 7 119 8 - - - - - -0.67

Miton Global Opportunities 123 1 141 1 145 2 177 2 151 7 - -5.46

New Star Investment Trust 116 3 134 3 135 4 137 4 69 10 0.32 -32.62

Personal Assets 100 11 113 10 129 5 124 7 179 4 1.43 0.70

RIT Capital Partners 107 7 116 8 158 1 171 3 219 2 - 6.91

Ruffer Investment Company 112 4 118 5 115 9 127 6 245 1 1.44 2.05

Seneca Global Income & Growth Trust 109 5 118 6 137 3 190 1 154 6 3.79 0.13

Syncona 100 10 101 11 111 11 - - - - 1.70 -1.96

Average/Total 108 12 119 12 125 12 141 10 158 10 2.13 -6.07

GLOBAL

Alliance Trust 116 4 136 5 160 5 207 9 229 10 1.69 -4.63

Bankers 111 15 124 17 136 16 205 11 226 11 2.43 -7.18

British Empire 121 3 153 1 147 13 168 22 180 17 1.80 -10.01

Brunner 115 8 133 9 132 18 190 16 197 15 2.45 -15.89

Caledonia Investments 116 5 129 14 154 9 214 7 171 18 1.91 -14.71

Edinburgh Worldwide 109 20 124 19 128 20 195 13 234 9 - -10.77

EP Global Opportunities 111 13 130 13 129 19 187 18 196 16 1.09 -5.48

F&C Global Smaller Companies 115 7 134 7 150 11 227 4 310 4 0.87 0.63

F&C Managed Portfolio Growth 110 18 117 21 120 21 176 20 - - - -1.11

Foreign & Colonial Investment Trust 114 10 132 12 158 7 209 8 247 7 1.78 -7.37

Hansa Trust 'A' Class A 111 17 116 22 109 23 108 24 114 22 1.87 -32.06

Hansa Trust 106 23 114 23 108 24 111 23 105 23 1.86 -31.76

Independent 106 22 101 24 158 6 230 3 166 19 1.91 -8.79

JPMorgan Elect Managed Growth 111 15 121 20 133 17 191 15 204 14 1.26 -2.30

Law Debenture Corporation 109 21 124 18 112 22 182 19 217 12 3.04 -11.80

Lazard World Trust Fund 112 12 133 10 145 14 174 21 140 20 3.34 -13.70

Lindsell Train 92 24 136 4 207 1 315 1 551 1 1.17 25.20

Majedie Investments 123 2 126 15 162 4 225 5 133 21 2.90 -3.89

Martin Currie Global Portfolio 110 19 132 11 153 10 198 12 249 6 1.85 -0.10

Mid Wynd International Investment 111 13 133 8 163 3 206 10 315 3 1.04 3.76

Monks 123 1 150 2 157 8 194 14 235 8 0.25 -4.87

Scottish Investment Trust 116 6 135 6 142 15 190 17 207 13 2.95 -10.55

Scottish Mortgage 115 9 137 3 170 2 276 2 383 2 0.87 3.04

Witan 114 10 126 15 148 12 222 6 254 5 2.00 -4.63

Average/Total 112 24 129 24 145 24 200 24 229 23 1.83 -7.04

GLOBAL EMERGING MARKETS

Aberdeen Emerging Markets 113 4 137 5 137 4 120 8 156 6 - -13.32

© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely.Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is noguarantee of future results.

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

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Investment trusts



Aberdeen Frontier Markets Investment 109 8 134 7 117 9 159 2 - - 1.49 -9.58

Africa Opportunity C 118 1 110 13 - - - - - - - -14.89

Africa Opportunity 110 7 121 10 79 11 116 9 - - 3.15 -24.53

Ashmore Global Opp GBP 95 13 100 14 79 12 57 12 - - - -24.99

Ashmore Global Opp USD 115 3 113 12 105 10 71 11 - - - -25.15

BlackRock Frontiers 115 2 151 3 140 3 230 1 - - 3.52 5.33

Fundsmith Emerging Equities Trust 93 14 117 11 - - - - - - - 1.18

Genesis Emerging Markets Fund 105 10 140 4 127 8 123 7 219 2 - -12.11

JPMorgan Emerging Markets 104 11 135 6 143 2 134 6 211 4 1.28 -13.03

JPMorgan Global Emerg Mkts Inc 107 9 165 1 130 5 136 5 - - 4.06 -1.75

Templeton Emerging Mkts Invmt Tr TEMIT 111 6 158 2 129 6 111 10 226 1 1.34 -13.59

Terra Capital 112 5 122 8 153 1 152 4 171 5 3.79 -16.69

Utilico Emerging Markets 100 12 121 9 129 7 154 3 216 3 3.30 -12.97

Average/Total 108 14 130 14 122 12 130 12 200 6 2.74 -12.58

GLOBAL EQUITY INCOME

Blue Planet Investment Trust 120 2 146 3 129 7 - - - - 7.06 -23.66

F&C Managed Portfolio Income 109 8 118 9 120 9 169 7 - - 4.23 -0.68

Henderson International Income 105 9 132 5 147 4 187 3 - - 3.16 -1.12

Invesco Perp Select Glo Eq Inc 114 3 131 7 149 3 221 1 250 3 3.11 2.79

JPMorgan Global Growth & Income 124 1 152 1 166 1 206 2 274 1 2.32 -3.95

London & St Lawrence 114 4 120 8 120 8 184 4 209 4 3.87 -3.04

Murray International 110 6 150 2 142 5 150 8 272 2 4.07 -0.50

Scottish American 110 7 132 6 151 2 181 5 193 5 3.46 1.00

Securities Trust of Scotland 111 5 134 4 133 6 170 6 180 6 3.53 -3.30

Average/Total 113 9 135 9 140 9 184 8 229 6 3.87 -3.61

GLOBAL HIGH INCOME

Henderson Diversified Income 102 2 111 2 120 2 163 2 - - 5.59 2.05

Invesco Perpetual Enhanced Income Ltd 107 1 123 1 131 1 205 1 182 1 6.47 3.98

Average/Total 105 2 117 2 125 2 184 2 182 1 6.03 3.02

GLOBAL SMALLER COMPANIES

Marwyn Value Investors 96 2 74 2 79 2 112 2 147 2 5.79 -32.09

Oryx International Growth 106 1 102 1 159 1 315 1 214 1 - -18.43

Average/Total 101 2 88 2 119 2 213 2 181 2 5.79 -25.26

HEDGE FUNDS

AcenciA Debt Strategies 119 2 131 2 131 5 182 2 144 3 3.83 -6.45

Alternative Liquidity Fund 239 1 180 1 - - - - - - - -76.74

BH Global GBP 101 13 101 13 108 9 112 10 - - - -10.73

BH Global USD 109 5 114 8 143 1 139 6 - - - -11.22

BH Macro EUR 109 5 119 5 108 8 107 11 - - - -6.42

BH Macro GBP 107 9 104 10 104 10 103 12 - - - -5.38

BH Macro USD 113 3 118 6 135 3 131 7 - - - -5.66

Boussard & Gavaudan EUR 105 11 126 4 140 2 171 4 218 1 - -18.31

Boussard & Gavaudan GBP 104 12 115 7 131 4 165 5 - - - -19.10

DW Catalyst GBP 108 7 109 9 91 12 118 9 - - - -9.25

Global Fixed Income Realisation 96 14 86 14 36 13 17 13 14 4 - -68.30

Highbridge Multi-Strategy Fund GBP 107 10 104 11 115 7 122 8 197 2 - -6.70

Third Point Offshore GBP 108 8 103 12 101 11 175 3 - - 4.91 -18.07

Third Point Offshore USD 109 4 130 3 131 6 218 1 - - 4.96 -17.81

Average/Total 117 14 117 14 113 13 135 13 143 4 4.57 -20.01

JAPAN

Aberdeen Japan 110 3 121 5 158 3 191 4 270 1 0.78 -10.90

Baillie Gifford Japan 116 2 132 2 163 2 297 1 251 2 - -0.85

CC Japan Income & Growth 109 4 124 4 - - - - - - 2.43 -1.05

JPMorgan Japanese 103 5 127 3 152 4 224 3 159 4 1.08 -11.67

Schroder Japan Growth 121 1 137 1 170 1 237 2 197 3 1.46 -8.71

Average/Total 112 5 128 5 161 4 237 4 219 4 1.44 -6.64

JAPANESE SMALLER COMPANIES

Atlantis Japan Growth 101 5 113 5 125 5 191 5 121 3 - -11.30

Baillie Gifford Shin Nippon 101 4 134 1 182 1 358 1 292 1 - 3.57

Fidelity Japanese Values 107 2 127 2 140 3 197 4 138 2 - -16.16

JPMorgan Japan Smaller Cos 105 3 120 4 163 2 227 2 116 4 - -14.25

Prospect Japan 117 1 123 3 139 4 198 3 83 5 - -12.63

Average/Total 106 5 123 5 150 5 234 5 150 5 - -10.15


LATIN AMERICA

Aberdeen Latin American Income 112 2 170 1 121 2 90 1 - - 5.02 -11.91

BlackRock Latin American 112 1 168 2 121 1 87 2 145 1 3.29 -14.47

Average/Total 112 2 169 2 121 2 89 2 145 1 4.16 -13.19

NORTH AMERICA

BlackRock North American 119 3 149 4 165 2 - - - - 2.88 -1.97

Gabelli Value Plus+ Trust 127 1 158 1 - - - - - - 0.22 0.12

JPMorgan American 110 5 140 5 163 3 216 2 318 1 1.11 -3.98

Middlefield Canadian Income 119 2 155 3 126 4 127 3 239 3 4.88 -11.75

North American Income Trust 117 4 156 2 177 1 219 1 268 2 2.68 -6.32

Average/Total 118 5 151 5 158 4 187 3 275 3 2.35 -4.78

NORTH AMERICAN SMALLER COMPANIES

JPMorgan US Smaller Companies 135 1 171 1 177 1 280 1 343 1 - -0.12

Jupiter US Smaller Companies 115 2 155 2 142 3 189 3 301 2 - -8.90

North Atlantic Smaller Cos 98 3 108 3 153 2 237 2 213 3 - -19.22

Average/Total 116 3 144 3 158 3 235 3 286 3 - -9.41

PRIVATE EQUITY

3i 115 25 165 3 213 3 465 2 122 13 3.14 25.33

Aberdeen Private Equity 122 17 139 13 171 8 274 8 - - 3.36 -19.27

Adamas Finance Asia 150 4 107 25 103 22 23 30 - - - 0.90

Apax Global Alpha 121 18 136 17 - - - - - - 5.06 -8.74

B.P.Marsh & Partners 107 26 143 11 162 13 235 14 160 10 1.82 -20.11

Better Capital PCC 2009 117 23 138 14 84 25 116 23 - - - -10.84

Better Capital PCC 2012 131 6 103 26 39 29 42 27 - - - -52.19

Candover Investments 123 15 57 32 24 30 24 28 6 20 - -34.22

Dunedin Enterprise 95 28 111 23 81 27 110 24 100 14 1.53 -35.15

EIH 77 32 88 28 136 19 126 22 - - - -40.18

Electra Private Equity 124 14 138 15 206 4 343 5 322 2 - -11.11

Energiser Investments 153 3 93 27 84 26 200 17 21 18 - 107.10

EPE Special Opportunities 181 2 216 1 309 1 565 1 79 15 - -17.24

F&C Private Equity Trust 122 16 133 18 165 11 265 10 236 5 - -7.06

FastForward Innovations Limited 93 29 76 29 93 23 137 20 18 19 - 46.86

HarbourVest Global Priv Equity 130 9 137 16 183 7 309 7 - - - -16.42

HgCapital Trust 121 19 154 6 156 15 179 19 268 3 2.66 -6.85

ICG Enterprise Trust 120 21 132 19 135 20 218 16 212 7 1.57 -15.66

Livermore Investments 194 1 158 5 133 21 421 3 144 12 0.19 -35.39

LMS Capital 81 31 72 30 64 28 85 25 63 16 - -29.96

Mithras 118 22 129 21 136 18 197 18 256 4 0.54 -10.10

Northern Investors 115 24 164 4 249 2 345 4 554 1 4.32 15.96

Oakley Capital Investments 131 8 114 22 91 24 127 21 - - 2.77 -28.76

Pantheon International Ord PLC 120 20 139 12 162 12 266 9 212 6 - -16.35

Pantheon International 'R' PtRedPrf 129 10 132 19 152 16 236 13 198 8 - -24.62

Princess Private Equity 126 13 146 9 188 6 226 15 - - 5.85 -8.51

Qannas Investments 106 27 110 24 145 17 - - - - - -3.46

Reconstruction Capital II 127 12 149 8 167 10 62 26 34 17 - -13.74

St Peter Port Capital 93 30 68 31 23 31 24 29 - - - -66.34

Standard Life Private Eq 131 7 150 7 159 14 255 11 157 11 4.03 -13.37

SVG Capital 129 11 145 10 168 9 324 6 167 9 - -3.27

Symphony International Holding 132 5 183 2 196 5 245 12 - - 6.68 -29.84

Average/Total 123 32 129 32 141 31 215 30 166 20 3.11 -11.96

PROPERTY DIRECT - ASIA PACIFIC

Alpha Real Trust 119 6 126 4 211 1 152 4 116 2 2.36 -33.52

Aseana Properties 128 3 131 3 154 4 182 2 - - - -22.84

Macau Property Opportunities 146 2 114 5 75 6 135 5 155 1 - -38.50

Pacific Alliance China Land 126 4 149 2 172 3 217 1 - - - -21.92

Trinity Capital 210 1 101 6 122 5 131 6 86 4 99.00 -69.63

Vinaland 122 5 153 1 204 2 172 3 86 3 - -23.08

Average/Total 142 6 129 6 156 6 165 6 111 4 50.68 -34.92

PROPERTY DIRECT - EUROPE

Alpha Pyrenees Trust 100 6 100 6 1 10 0 9 0 6 - 0.00

AXA Property 110 4 117 3 166 2 174 2 82 2 - -12.74

Dolphin Capital Investors 156 1 63 10 24 9 42 8 7 5 - -75.52

Dragon Ukrainian Properties 100 6 134 1 65 7 62 6 - - 25.62 -56.45

Eastern European Property Fund 99 8 96 7 80 6 68 5 52 3 - -51.63

European Real Estate IT 82 11 115 4 124 4 114 4 - - - -27.33


Investment trusts



Glenwick 126 2 43 12 1889 1 2180 1 296 1 - 33.93

Globalworth Real Estate Investments 120 3 127 2 126 3 - - - - - -29.12

Kennedy Wilson Europe Real Estate Plc 98 9 89 8 - - - - - - 5.06 -20.95

Ottoman Fund 77 12 57 11 43 8 52 7 23 4 - -45.51

Redefine International 94 10 89 9 91 5 140 3 - - 8.21 -2.03

Schroder European Real Estate Inv Trust 101 5 106 5 - - - - - - 9.05 -5.30

Average/Total 105 12 95 12 261 10 315 9 77 6 11.98 -26.60

PROPERTY DIRECT - UK

AEW UK REIT 103 12 105 10 - - - - - - 5.85 0.57

Custodian REIT 107 10 111 4 - - - - - - 5.77 9.78

Drum Income Plus REIT 99 13 101 14 - - - - - - 5.39 4.77

Ediston Property Investment Company 109 9 108 7 - - - - - - 5.16 -1.57

F&C Commercial Property 112 6 108 6 128 6 168 7 180 1 4.41 2.63

F&C UK Real Estate Investments 121 2 107 8 141 3 183 5 157 2 4.98 2.92

Industrial Multi Property 152 1 214 1 280 1 475 1 26 8 - -19.66

LXB Retail Properties 58 15 59 15 67 9 77 9 - - - -36.29

Picton Property Income 119 4 119 3 157 2 255 2 141 5 4.13 -0.50

Primary Health Properties 98 14 104 11 140 4 172 6 146 4 2.42 32.27

Regional REIT 110 7 108 5 - - - - - - 6.68 -1.96

Schroder Real Estate Invest 106 11 102 13 120 8 231 3 88 7 4.37 -7.45

Secure Income REIT 120 3 124 2 - - - - - - 4.19 6.31

Standard Life Inv. Prop. Inc. 113 5 104 12 138 5 198 4 139 6 5.50 8.94

UK Commercial Property 110 8 106 9 126 7 150 8 153 3 4.38 -2.83

Average/Total 109 15 112 15 144 9 212 9 129 8 4.86 -0.14

PROPERTY SECURITIES

TR Property 98 1 104 1 134 1 224 1 164 1 2.91 -14.40

Average/Total 98 1 104 1 134 1 224 1 164 1 2.91 -14.40

PROPERTY SPECIALIST

Camper & Nicholsons Marina 106 4 96 9 77 8 51 3 10 3 - -27.03

Empiric Student Property 98 9 103 7 - - - - - - 5.56 3.44

GCP Student Living 104 6 109 5 154 2 - - - - 3.93 4.77

Green REIT 93 10 101 8 108 7 - - - - 3.55 -16.04

Ground Rents Income Fund Plc 114 2 121 1 149 3 - - - - 2.90 6.14

MedicX 102 8 111 3 136 5 169 2 164 1 6.78 54.74

South African Property Opps 135 1 110 4 47 9 45 4 23 2 - -62.66

Target Healthcare REIT 102 7 108 6 130 6 - - - - 5.64 8.96

Terra Catalyst 111 3 93 10 155 1 204 1 - - - -59.31

Tritax Big Box 105 5 113 2 149 4 - - - - 4.62 8.26

Average/Total 107 10 106 10 123 9 117 4 65 3 4.71 -7.87

SECTOR SPECIALIST

Polo Resources 122 2 237 2 41 2 24 2 - - - -50.06

Tejoori 132 1 961 1 132 1 102 1 49 1 - -27.68

Average/Total 127 2 599 2 86 2 63 2 49 1 - -38.87

SECTOR SPECIALIST: BIOTECHNOLOGY & HEALTHCARE

Adams 102 3 101 5 86 5 - - - - - 181.25

Biotech Growth 97 5 116 4 137 4 319 1 595 1 - -7.80

International Biotechnology 106 1 130 1 183 1 319 2 360 3 - -9.91

Polar Capital Glb Healthcare 99 4 116 3 140 3 195 4 - - 2.14 -4.60

Worldwide Healthcare 103 2 128 2 172 2 302 3 495 2 0.77 -4.12

Average/Total 101 5 118 5 144 5 284 4 483 3 1.46 30.96

SECTOR SPECIALIST: COMMODITIES & NATURAL RESOURCES

Baker Steel Resources 131 6 267 1 84 8 35 8 - - - -28.14

BlackRock Commodities Income 132 4 185 7 108 4 91 1 154 1 4.49 2.30

BlackRock World Mining Trust plc 132 5 241 4 99 6 71 3 121 3 4.71 -10.30

City Natural Resources 126 8 193 6 120 2 65 4 137 2 4.03 -16.39

Duke Royalty 97 11 98 11 27 11 - - - - - 161.11

El Oro 122 9 135 10 91 7 74 2 - - 3.70 -24.61

Geiger Counter 163 2 256 3 101 5 45 5 30 5 - -13.27

Global Resources IT 185 1 262 2 - - - - - - - -50.83

Golden Prospect Precious Metal 94 12 231 5 117 3 40 6 39 4 - -15.97

New City Energy 122 9 141 9 61 9 39 7 - - 6.50 -15.24

Riverstone Energy 136 3 173 8 144 1 - - - - - -13.32

Tiger Resource Finance 126 7 96 12 34 10 23 9 18 6 - -43.24

Average/Total 130 12 190 12 89 11 54 9 83 6 4.69 -5.66


SECTOR SPECIALIST: DEBT

Alcentra Eur Floating Rate Inc 109 14 111 16 110 11 - - - - 5.33 -1.26

Axiom European Financial Debt Fund 102 24 95 25 - - - - - - 6.49 -5.37

Blackstone/GSO Loan Financing 117 4 134 4 - - - - - - 9.52 2.48

Carador Income Fund USD 129 2 154 1 153 2 223 2 - - 11.84 1.43

Chenavari Capital Solutions 109 11 104 22 105 13 - - - - 8.66 -8.35

CVC Credit Partners Euro Opps EUR 111 7 128 6 119 6 - - - - 3.62 -3.45

CVC Credit Partners Euro Opps GBP 109 10 115 11 113 10 - - - - 3.56 -3.16

Duet Real Estate Finance 107 18 117 9 157 1 171 3 - - 22.07 6.53

Fair Oaks Income Fund 129 1 150 2 - - - - - - 14.01 -5.65

Funding Circle SME Income Fund 109 12 112 14 - - - - - - 5.73 4.78

GCP Asset Backed Income 99 27 109 19 - - - - - - 5.69 6.97

Hadrian's Wall Secured Investments 103 22 - - - - - - - - 5.66 8.65

Honeycomb Investment Trust 109 13 109 18 - - - - - - 7.54 4.59

ICG-Longbow Senior Sec. UK Prop Debt Inv 102 23 106 21 118 7 - - - - 5.81 0.71

JPMorgan Global Convertibles Income Fund 105 21 114 12 100 14 - - - - 4.83 -6.77

NB Distressed Debt Inv Extended Life 110 9 121 7 100 15 - - - - 7.03 -6.03

NB Distressed Debt New Glb 118 3 128 5 - - - - - - 2.50 -12.68

NB Distressed Debt 112 6 118 8 118 8 143 5 - - 15.47 -3.10

NB Global Floating Rate Income GBP 108 16 113 13 107 12 123 6 - - 4.15 0.40

NB Global Floating Rate Income USD 117 5 136 3 143 3 162 4 - - 3.98 4.07

P2P Global Investments 97 28 88 27 - - - - - - 5.69 -22.39

Real Estate Credit Investments 107 17 111 15 130 4 278 1 108 1 6.62 0.34

SME Loan Fund 105 19 101 24 - - - - - - 7.72 -6.95

Starwood European Real Estate Finance 105 20 109 20 126 5 - - - - 6.42 7.23

TwentyFour Income 108 15 111 16 114 9 - - - - 6.26 2.77

TwentyFour Select Monthly Income 110 8 115 10 - - - - - - 7.28 2.63

UK Mortgages 100 26 103 23 - - - - - - 6.19 7.23

VPC Specialty Lending Investments 101 25 89 26 - - - - - - 10.29 -18.59

Average/Total 109 28 115 27 121 15 183 6 108 1 7.50 -1.53

SECTOR SPECIALIST: ENVIRONMENTAL

Impax Environmental Markets 110 2 147 1 154 1 231 1 200 1 0.67 -12.33

Jupiter Green 113 1 132 2 119 2 198 2 157 2 0.39 -6.46

Leaf Clean Energy 96 4 108 3 82 3 52 4 - - - -44.07

Ludgate Environmental 71 6 51 6 37 5 28 5 - - - -18.87

Menhaden Capital 103 3 90 4 - - - - - - - -29.94

Trading Emissions 83 5 73 5 45 4 63 3 14 3 - -63.65

Average/Total 96 6 100 6 87 5 114 5 124 3 0.53 -29.22

SECTOR SPECIALIST: FINANCIALS

Polar Capital Global Financials 133 1 143 1 138 1 - - - - 2.75 1.88

Average/Total 133 1 143 1 138 1 - - - - 2.75 1.88

SECTOR SPECIALIST: FORESTRY & TIMBER

Cambium Global Timberland 120 1 120 2 26 2 14 2 - - - -65.90

Phaunos Timber 113 2 139 1 118 1 84 1 67 1 - -20.97

Average/Total 117 2 130 2 72 2 49 2 67 1 - -43.44

SECTOR SPECIALIST: INFRASTRUCTURE

3i Infrastructure 102 3 116 5 159 2 198 2 - - 3.96 17.24

BBGI SICAV 95 7 114 7 138 3 171 4 - - 4.41 15.92

GCP Infrastructure Investment 101 4 115 6 138 5 163 5 - - 6.14 13.68

HICL Infrastructure Company 94 8 111 9 138 4 177 3 245 1 4.75 9.05

Infrastructure India 57 10 43 10 42 9 13 9 - - - -84.10

International Public Partnerships 99 5 114 8 138 6 161 6 242 2 4.44 10.45

John Laing Infrastructure 99 6 119 3 134 7 159 7 - - 5.19 11.58

PME African Infrastructure 82 9 132 2 72 8 69 8 - - - -50.00

Sequoia Economic Infrastructure Inc 103 2 117 4 - - - - - - 4.48 11.02

Vietnam Infrastructure 115 1 139 1 163 1 296 1 - - - -6.39

Average/Total 95 10 112 10 125 9 156 9 244 2 4.77 -5.16

SECTOR SPECIALIST: INFRASTRUCTURE - RENEWABLE ENERGY

Bluefield Solar Income Fund 113 1 113 6 130 4 - - - - 6.74 4.14

Foresight Solar 113 2 120 4 133 2 - - - - 5.67 5.69

Greencoat UK Wind 111 4 123 2 139 1 - - - - 5.22 11.88

John Laing Environmental Assets 106 6 116 5 - - - - - - 5.79 4.81

NextEnergy Solar 112 3 126 1 - - - - - - 5.68 8.49


Investment trusts



Renewables Infrastructure Grp 108 5 121 3 132 3 - - - - 5.65 14.43

Average/Total 111 6 120 6 133 4 - - - - 5.79 8.24

SECTOR SPECIALIST: INSURANCE & REINSURANCE STRATEGY

Blue Capital Gbl Reinsurance Fund 111 1 115 3 142 2 - - - - 3.42 -13.36

CATCo Reinsurance Opps C 106 3 116 2 - - - - - - 5.67 -2.73

CATCo Reinsurance Opps 110 2 124 1 195 1 228 1 - - 5.53 -0.84

Average/Total 109 3 118 3 169 2 228 1 - - 4.87 -5.64

SECTOR SPECIALIST: LEASING

Amedeo Air Four Plus 108 2 112 3 - - - - - - 7.93 69.16

Doric Nimrod Air One 103 5 109 4 122 2 133 2 - - 8.11 28.19

Doric Nimrod Air Three 101 6 106 5 113 4 - - - - 8.23 68.89

Doric Nimrod Air Two 105 4 105 6 118 3 138 1 - - 8.51 49.21

DP Aircraft I 110 1 127 1 167 1 - - - - 8.82 7.30

Nimrod Sea Assets 31 7 12 7 - - - - - - 99.00 -81.44

SQN Asset Finance Income 107 3 114 2 - - - - - - 6.39 14.83

Average/Total 95 7 98 7 130 4 136 2 - - 21.00 22.31

SECTOR SPECIALIST: LIQUIDITY FUNDS

Invesco Perp Select Liquidity 100 2 99 2 100 2 101 2 112 1 - -2.42

JPMorgan Elect Managed Cash 101 1 101 1 101 1 102 1 112 2 0.35 -0.99

Average/Total 100 2 100 2 101 2 101 2 112 2 0.35 -1.70

SECTOR SPECIALIST: LITIGATION

Juridica Investments 100 1 167 1 69 1 131 1 - - - -12.35

Average/Total 100 1 167 1 69 1 131 1 - - - -12.35

SECTOR SPECIALIST: SMALL MEDIA, COMMUNICATION & IT COMPANIES

Herald 118 1 132 1 126 1 190 1 237 1 - -18.50

Average/Total 118 1 132 1 126 1 190 1 237 1 - -18.50

SECTOR SPECIALIST: TECHNOLOGY, MEDIA & TELECOMMUNICATIONS

Allianz Technology Trust 118 2 145 2 160 2 280 1 382 1 - -4.73

Polar Capital Technology 119 1 153 1 186 1 250 2 364 2 - 0.48

Average/Total 118 2 149 2 173 2 265 2 373 2 - -2.12

SPLIT - CAPITAL SHARE

M&G High Income Cap Share 21 1 11 1 2 1 13 1 1 1 - -

Average/Total 21 1 11 1 2 1 13 1 1 1 - -

SPLIT - INCOME SHARE

Jupiter Dividend & Growth Comm Common 121 1 124 2 142 1 220 2 - - 4.00 1.80

M&G High Income Inc 2017 111 2 124 1 124 2 222 1 211 1 15.44 -10.20

Average/Total 116 2 124 2 133 2 221 2 211 1 9.72 -4.20

SPLIT - ORDINARY INCOME SHARE

Aberforth Geared Income Ord/Inc 119 7 122 9 140 6 305 2 - - 4.66 -7.04

Acorn Income Fund 117 8 106 14 126 10 288 4 316 1 4.08 -8.93

Chelverton Small Cos Dividend 110 11 117 11 136 8 299 3 175 3 3.81 -7.81

JPEL Private Equity 143 3 154 4 225 2 183 11 138 5 - -16.98

JPMorgan Income & Capital Ord/Inc 110 10 117 12 113 11 187 10 - - 8.70 -12.48

Jupiter Dividend & Growth Trust 154 2 190 1 174 4 286 5 90 8 59.26 -

JZ Capital Partners Ord/Inc 124 6 145 6 138 7 192 9 109 6 3.89 -34.24

M&G High Income Geared Unit 108 12 112 13 99 12 192 8 145 4 14.17 -12.25

NB Private Equity Partners 125 5 144 7 179 3 266 6 - - 4.04 -20.18

Origo Partners 773 1 160 3 28 13 7 13 4 9 - -70.50

Premier Energy and Water Ord/Inc 105 14 148 5 133 9 223 7 183 2 4.73 -7.68

Ranger Direct Lending Fund 107 13 119 10 - - - - - - 9.50 -14.17

Taliesin Property 126 4 138 8 244 1 354 1 - - - 25.50

UIL Ord/Inc 113 9 163 2 172 5 121 12 97 7 4.75 -43.86

Average/Total 167 14 138 14 147 13 223 13 140 9 11.05 -17.74

SPLIT - ZERO DIVIDEND SHARE

Aberforth Geared Income ZDP 2017 102 12 103 12 115 9 134 7 - - - 1.62

Acorn Income Fund (Split) ZDP 2022 104 5 107 5 116 7 134 8 - - - 1.99

Chelverton Small Companies - ZDP 2018 102 10 106 7 116 8 - - - - - 3.91

JPEL Priv.Eq (Split) ZDP 2017 108 3 118 2 152 1 165 2 - - - 4.06

JPMorgan Income & Capital ZDP 2018 104 7 106 8 117 6 142 5 - - - 4.46

Jupiter Dividend & Growth ZDP 112 1 116 3 131 4 181 1 182 1 - -5.17

M&G High Income ZDP 2017 102 11 104 11 115 10 139 6 178 2 - 0.11

NB Private Equity - ZDP 2017 109 2 118 1 149 2 162 3 - - - 2.28

Premier Energy and Water ZDP 2020 106 4 109 4 - - - - - - - 7.48


Taliesin Property ZDP 2018 101 13 104 10 123 5 - - - - - 6.30

UIL ZDP 2018 104 5 107 6 131 3 148 4 - - - 8.85

UIL ZDP 2020 103 9 106 9 - - - - - - - 11.82

UIL ZDP 2022 103 8 - - - - - - - - - 6.02

Average/Total 105 13 109 12 126 10 150 8 180 2 - 4.13

UK ALL COMPANIES

Aberdeen UK Tracker 107 12 117 8 120 7 159 12 170 8 3.37 -7.36

Artemis Alpha Trust 116 5 120 6 88 16 110 14 142 12 1.54 -21.18

Aurora 112 7 117 9 110 10 120 13 99 14 0.56 1.99

Crystal Amber 147 1 149 1 146 1 276 2 - - 2.39 -4.35

Damille Investments II 119 4 132 2 115 8 106 16 - - - -14.25

Fidelity Special Values 121 3 123 5 130 3 256 4 251 2 1.64 -2.29

Henderson Opportunities 128 2 124 4 109 12 280 1 168 10 1.99 -14.51

Invesco Perp Select UK Equity 106 13 112 11 132 2 234 5 262 1 3.52 0.24

JPMorgan Mid Cap 101 16 94 18 128 4 271 3 186 7 2.80 -12.83

Jupiter UK Growth 109 8 110 12 115 9 165 10 196 5 2.29 -1.19

Keystone 98 18 99 16 106 13 168 9 204 4 3.25 -10.41

Manchester & London 107 11 126 3 121 6 110 15 112 13 2.07 -20.71

Mercantile 109 9 104 13 123 5 216 6 194 6 2.45 -8.64

Sanditon Investment Trust 99 17 103 15 - - - - - - 1.06 2.80

Schroder UK Growth 108 10 115 10 97 15 160 11 169 9 3.20 -10.39

Schroder UK Mid Cap 103 14 98 17 97 14 205 7 222 3 2.56 -19.10

Threadneedle UK Select Trust 113 6 117 7 110 11 178 8 167 11 2.40 -8.99

Woodford Patient Capital Trust 101 15 104 13 - - - - - - 0.26 -2.66

Average/Total 111 18 115 18 115 16 188 16 182 14 2.20 -8.55

UK EQUITY & BOND INCOME

Aberdeen Smaller Companies Inc 114 1 111 6 103 8 231 1 133 5 3.22 -19.55

City Merchants High Yield 106 4 117 5 122 3 165 3 200 2 5.19 2.16

CQS New City High Yield 110 2 124 1 121 4 150 8 224 1 7.17 6.30

F&C UK High Income A Share 106 5 120 2 123 2 160 5 - - 4.97 -5.97

F&C UK High Income B Share 102 7 118 3 116 7 151 7 - - - -6.44

F&C UK High Income Units Unit 107 3 118 4 120 5 163 4 - - 3.99 -6.32

Henderson High Income 102 8 111 7 123 1 191 2 185 3 5.06 1.25

M&G High Income Packaged Unit 104 6 109 8 117 6 159 6 157 4 4.22 -7.85

Average/Total 106 8 116 8 118 8 171 8 180 5 4.83 -4.55

UK EQUITY INCOME

BlackRock Income and Growth 106 9 114 10 130 4 180 7 149 17 3.28 -1.35

British & American 97 21 103 18 117 10 184 5 149 16 10.25 71.31

City of London 101 15 111 14 122 6 170 12 201 6 4.03 0.66

Diverse Income Trust 103 13 102 20 121 7 232 1 - - 3.14 0.67

Dunedin Income Growth 102 14 117 5 108 20 149 22 147 18 4.68 -9.96

Edinburgh Investment 98 20 103 19 133 3 177 9 230 2 3.50 -3.96

F&C Capital & Income 106 10 119 2 122 5 162 19 171 11 3.62 -0.13

Finsbury Growth & Income 101 17 113 12 137 2 217 2 269 1 2.02 0.28

Invesco Income Growth 99 18 106 17 114 12 168 14 177 10 3.78 -10.62

Investment Company 96 22 98 21 105 22 189 4 223 3 6.23 -4.89

JPMorgan (2 Ord & 1 Zero Dividend Pref) 109 6 108 16 113 13 162 20 - - 4.20 -6.82

JPMorgan Claverhouse 112 3 115 8 117 10 182 6 170 12 3.68 -9.52

JPMorgan Elect Managed Inc 109 8 112 13 120 8 166 16 140 19 3.65 -1.98

Lowland 113 1 118 3 110 17 196 3 190 8 3.21 -6.47

Merchants Trust 110 5 116 7 108 19 163 18 156 14 5.35 -4.30

Murray Income Trust 104 12 117 5 110 16 143 23 160 13 4.47 -8.82

Perpetual Income & Growth 93 23 93 23 107 21 168 15 209 5 3.60 -9.68

Schroder Income Growth 109 7 115 9 117 9 174 10 192 7 3.91 -7.33

Shires Income 106 10 117 4 112 15 157 21 139 20 5.51 -12.85

Standard Life Equity Income 101 16 95 22 109 18 178 8 184 9 3.87 -7.64

Temple Bar 112 2 126 1 112 14 165 17 215 4 3.29 -5.49

Troy Income & Growth 99 18 108 15 138 1 169 13 115 21 3.34 0.93

Value And Income 111 4 114 11 103 23 170 11 156 15 4.17 -17.27

Average/Total 104 23 110 23 117 23 175 23 178 21 4.21 -2.40

UK SMALLER COMPANIES

Aberforth Smaller Companies 115 7 108 13 111 10 226 8 202 8 2.63 -15.43

Athelney Trust 123 3 116 6 136 5 235 7 187 10 3.28 -4.07

BlackRock Smaller Companies 120 4 113 9 116 9 237 6 315 2 1.75 -16.00

BlackRockThrogmorton Trust plc 115 7 113 10 120 8 221 9 255 6 2.09 -18.44


Investment trusts



Chelverton Growth Trust 80 16 138 2 136 4 240 5 167 13 - -19.87

Dunedin Smaller Companies 108 12 116 5 97 13 190 12 192 9 2.97 -18.73

Henderson Smaller Companies 116 6 110 12 130 6 268 4 269 4 2.23 -15.41

Invesco Perpetual UK Smaller 119 5 124 3 152 2 270 3 295 3 3.31 -4.86

JPMorgan Smaller Companies 113 10 101 14 105 12 204 11 181 12 2.22 -19.74

Miton UK Microcap 112 11 114 7 - - - - - - 0.24 -0.25

Montanaro UK Smaller Companies 106 14 100 15 96 14 163 13 186 11 2.13 -21.35

Rights & Issues Investment Tst 125 2 155 1 190 1 357 1 260 5 2.03 -12.77

River and Mercantile UK Micro Cap 129 1 120 4 - - - - - - - -6.05

Standard Life UK Smaller Co. 113 9 111 11 121 7 221 10 358 1 1.76 -6.85

Strategic Equity Capital 104 15 113 8 143 3 279 2 232 7 0.36 -6.71

SVM UK Emerging 107 13 94 16 108 11 118 14 110 14 - -27.81

Average/Total 113 16 115 16 126 14 231 14 229 14 2.08 -13.40

VCT AIM QUOTED

Amati VCT 2 109 7 119 2 117 6 152 8 92 7 5.40 -6.37

Amati VCT 109 6 113 5 116 7 133 11 120 5 7.41 -7.86

Artemis VCT 132 1 149 1 194 1 311 1 260 1 8.96 -8.41

Downing ONE VCT 105 8 102 10 110 11 146 9 106 6 6.80 -9.63

Hargreave Hale AIM VCT 1 110 5 112 6 113 10 174 5 127 3 - -5.41

Hargreave Hale AIM VCT 2 112 2 112 7 118 5 161 6 - - - -5.22

New Century AIM 2 VCT 100 10 98 11 179 3 139 10 - - 3.13 -14.39

New Century AIM VCT 100 11 103 9 186 2 158 7 61 8 0.77 -17.26

Octopus AIM VCT 2 111 4 116 3 113 9 188 4 126 4 - -6.21

Octopus AIM VCT 111 3 114 4 114 8 191 3 178 2 - -6.50

Unicorn AIM VCT 102 9 105 8 123 4 228 2 - - 4.73 -17.37

Average/Total 109 11 113 11 135 11 180 11 134 8 5.31 -9.51

VCT GENERALIST

Albion Development VCT 100 40 102 35 116 31 149 24 177 21 7.72 -8.82

Albion Enterprise VCT 108 10 106 23 121 29 159 19 - - 5.43 -7.94

Albion Technology & Gen VCT 98 44 92 46 99 41 120 33 142 24 6.35 -9.82

Albion VCT 105 18 109 18 125 24 146 26 135 25 7.46 -3.74

Baronsmead Second Venture Trust 103 22 106 24 127 21 173 15 205 13 19.21 -5.10

Baronsmead Venture Trust 103 23 105 30 128 19 178 13 210 11 0.32 -5.49

British Smaller Companies VCT 107 14 122 4 145 7 167 17 264 6 6.67 -3.27

British Smaller Companies VCT2 101 27 111 14 126 23 155 21 247 7 7.79 -4.79

Calculus 'C' 102 25 107 22 118 30 125 31 - - 4.89 25.15

Calculus VCT 64 52 59 51 57 52 56 48 - - - -17.36

Chrysalis VCT 97 45 108 19 192 1 238 5 210 12 8.00 -22.65

Crown Place VCT 111 9 108 19 122 27 159 18 187 19 8.77 -5.74

Downing Four VCT Dp2011 Gen 91 49 67 50 78 49 75 46 - - 27.03 -3.59

Downing Four VCT Dp2011 Gen A Shs 100 33 94 45 100 38 116 34 - - - 27.20

Downing Four VCT Dp2011 Low Carb 100 33 74 48 88 46 94 40 - - 39.84 -72.65

Downing Four VCT Dp2011 Str A Shs 100 33 137 2 100 38 116 34 - - - -75.23

Downing Four VCT Dp2011 Str s 148 1 106 25 122 26 128 30 - - 47.39 16.08

Downing Four VCT DP67 107 13 100 40 130 17 108 37 - - - -9.87

Downing Four VCT DSO 1 B 100 33 50 52 75 50 78 43 - - 19.99 -43.40

Downing Four VCT DSO 1 D 94 47 94 44 97 44 88 41 - - 7.81 -9.54

Downing Three VCT 'D' 120 4 142 1 108 36 101 39 - - 16.67 -57.04

Downing Three VCT 'F' 86 50 86 47 85 48 - - - - 9.09 -18.67

Downing Two VCT 'D' 120 4 126 3 115 32 114 36 - - - -57.02

Downing Two VCT 'F' 94 48 96 43 95 45 - - - - 8.06 -8.72

Elderstreet VCT 107 15 113 11 187 2 240 4 264 5 8.20 -11.89

Foresight 3 VCT 130 2 117 7 85 47 76 45 102 28 6.06 -24.79

Foresight 4 VCT 130 3 113 13 98 43 70 47 101 29 6.90 -23.65

Foresight VCT 103 21 105 28 105 37 102 38 105 27 9.33 -10.60

Foresight VCT Planned Exit 108 11 99 42 74 51 78 44 - - 29.41 -39.00

Kings Arms Yard VCT 111 8 113 12 127 20 325 1 159 22 5.13 -5.04

Maven Income & Growth VCT 2 99 42 100 40 133 14 153 22 197 15 2.95 -10.16




Maven Income & Growth VCT 99 43 105 27 129 18 172 16 268 4 3.68 -5.33

Maven Income and Growth VCT 6 106 16 109 17 145 6 257 3 228 10 1.93 -7.25

Mobeus Income & Growth 2 VCT 100 41 103 32 139 11 227 6 183 20 2.66 -7.57

Mobeus Income & Growth 4 VCT 101 30 103 31 134 13 156 20 196 17 2.06 -9.76


Mobeus Income & Growth VCT 101 28 105 29 144 8 198 9 241 9 2.66 -9.55

Neptune-Calculus Inc & Growth 74 51 69 49 112 35 84 42 54 31 13.46 -21.09

Northern 2 VCT 107 12 117 8 142 9 193 11 269 3 7.64 -4.38

Northern 3 VCT 112 7 119 6 150 4 202 8 242 8 5.50 -4.94

Northern Venture Trust 113 6 120 5 137 12 196 10 361 1 7.79 -0.65

Octopus Apollo VCT 103 24 103 34 112 34 130 28 129 26 8.47 0.96

Octopus Titan VCT 105 19 105 26 126 22 210 7 - - 5.33 -5.52

ProVen Growth and Income VCT 104 20 108 21 115 33 152 23 197 16 8.00 -3.73

ProVen VCT 105 17 111 14 121 28 147 25 202 14 6.81 -4.03

Puma VCT 8 100 33 100 37 100 40 - - - - 7.14 -9.83

Puma VCT 9 100 33 100 37 98 42 - - - - - -5.76

Puma VCT VII 0 53 0 53 0 53 -11 49 - - 7.32 -

The Income & Growth VCT 102 26 102 36 133 15 176 14 280 2 2.34 -10.18

Triple Point Income VCT 100 33 100 37 146 5 141 27 - - - -26.61

Triple Point VCT 2011 101 30 103 33 124 25 129 29 - - 66.76 0.00

Average/Total 101 53 102 53 117 53 148 49 193 31 10.83 -13.04

VCT GENERALIST PRE-QUALIFYING

Calculus VCT 'D' 100 2 - - - - - - - - 4.50 4.38

Downing Three VCT 'H' 98 7 98 4 - - - - - - 6.58 -14.92

Downing Two VCT 'K' 100 2 - - - - - - - - - 4.24

Pembroke VCT B 105 1 105 1 - - - - - - 2.01 -7.12

Puma VCT 10 100 2 100 3 - - - - - - 6.74 -2.56

Puma VCT 12 100 2 - - - - - - - - - 5.13

Triple Point Income VCT C 96 8 104 2 - - - - - - 4.93 -3.97

Triple Point VCT 2011 B 100 6 - - - - - - - - - 0.00

Average/Total 100 8 102 4 - - - - - - 4.95 -2.12

VCT SPECIALIST: ENVIRONMENTAL

Foresight Solar & Infrastructure VCT 102 5 96 10 101 7 127 7 - - 6.49 -12.18

Foresight Solar & Infrastructure VCT C 100 6 98 5 93 8 - - - - 6.13 -9.79

Hazel Renewable Energy VCT 1 97 9 97 8 153 2 158 5 - - 4.85 -14.01

Hazel Renewable Energy VCT 2 97 9 97 8 153 1 158 4 - - 4.85 -13.43

Octopus VCT 3 98 7 98 6 89 9 - - - - 6.71 -3.49

Octopus VCT 4 98 7 98 6 89 9 - - - - 6.71 -3.49

Ventus VCT 2 C 114 2 123 2 147 4 149 6 - - 7.14 -10.74

Ventus VCT 2 112 3 104 4 140 6 259 1 113 2 7.66 -12.23

Ventus VCT C 117 1 125 1 149 3 160 3 - - 7.05 -8.75

Ventus VCT 107 4 121 3 146 5 209 2 193 1 14.83 -12.55

Average/Total 104 10 106 10 126 10 174 7 153 2 7.24 -10.07

VCT SPECIALIST: ENVIRONMENTAL PRE-QUALIFYING

Foresight Solar & Infrastructure VCT D 100 3 - - - - - - - - - 1.80

Ventus VCT 2 D 113 1 119 1 - - - - - - 3.81 -4.97

Ventus VCT D 101 2 105 2 - - - - - - 3.81 -14.97

Average/Total 105 3 112 2 - - - - - - 3.81 -6.05

VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY

Hygea VCT 100 1 91 1 69 1 114 1 213 1 - -20.13

Average/Total 100 1 91 1 69 1 114 1 213 1 - -20.13

VCT SPECIALIST: INFRASTRUCTURE

Foresight VCT Infrastructure 96 1 99 1 95 1 - - - - 3.40 -9.05

Average/Total 96 1 99 1 95 1 - - - - 3.40 -9.05

VCT SPECIALIST: MEDIA, LEISURE & EVENTS

Edge Performance VCT 'H' 83 5 66 5 63 5 - - - - 7.22 -18.61

Edge Performance VCT 'I' 64 6 58 6 58 6 - - - - - -45.71

Ingenious Entertainment VCT 1 H 100 1 99 1 96 1 - - - - - 0.00

Ingenious Entertainment VCT 1G 100 1 97 3 86 3 - - - - - 0.00

Ingenious Entertainment VCT 2 H 100 1 99 1 96 1 - - - - - 0.00

Ingenious Entertainment VCT 2G 100 1 97 3 86 3 - - - - - 0.00

Average/Total 91 6 86 6 81 6 - - - - 7.22 -32.16

VCT SPECIALIST: TECHNOLOGY

Oxford Technology VCT 2 91 2 100 2 129 2 141 4 61 4 12.50 -28.32



Oxford Technology VCT 88 3 89 3 52 4 413 1 233 1 3.71 -37.28

Average/Total 89 4 93 4 108 4 262 4 135 4 13.64 -34.06



ETF performance tablesWhat the tables show

The figures show the value of £100 invested over six months, one year and three years to 31 January 2017, on a market value with income reinvested. Funds are listed by Morningstar category. TER is the expense ratio quoted by the groups and is a measure of a fund’s annual operating costs including management and performance fees, but excluding sales charges and transaction costs. All data supplied by Morningstar. For more information, please visit www.morningstar.co.uk

FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM£ £ £ % (£m)

AFRICA EQUITYdb x-trackers MSCI Africa TOP 50 1C 102 131 115 0.65 XMKA $ 21 LUXALT - DEBT ARBITRAGELyxor EUR 2-10Y Infl Expct ETF C EUR 105 - - - INFL £ 277 LUXALT - FUND OF FUNDS - MULTISTRATEGYdb x-trackers db Hedge Fund 2C 105 112 122 0.90 XHFD $ 127 LUXdb x-trackers db Hedge Fund 3C 99 99 93 0.90 XHFG £ 127 LUXASIA BOND - LOCAL CURRENCYSPDR® Citi Asia Local Government Bd ETF 98 116 134 0.61 SYBX $ 7 IRLASIA EXCLUDING JAPAN EQUITYdb x-trackers MSCI AC Asia ex Japan 1C 110 137 146 0.65 DXS5 $ 440 LUXHSBC MSCI AC FAR EAST ex JAPAN ETF 111 138 145 0.60 HMAD $ 141 IRLHSBC MSCI EM Far East ETF 111 139 145 0.60 H4ZI $ 28 IRLSPDR® MSCI EM Asia ETF 110 138 147 0.55 SPYA $ 205 IRLWisdomTree Emerging Asia Equity Inc ETF 109 136 - - WTEA $ 7 IRLASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITYiShares MSCI AC FarEast ex-Jpn SmCap$Dit 105 127 129 0.74 IUS9 $ 45 IRLASIA-PACIFIC EXCLUDING JAPAN EQUITYdb x-trackers MSCI Pacific exJapan(DR)1C 109 140 141 0.45 DXS6 $ 458 LUXHSBC MSCI Pacific ex Japan ETF 109 140 142 0.40 H4ZH $ 32 IRLiShares MSCI Pacific ex-Japan USD Dist 109 140 142 0.60 IPXJ $ 310 IRLLyxor MSCI Pacific Ex Japan ETF D USD 109 140 - - PAXJ $ 86 LUXVanguard FTSE Dev Asia Pac exJpn ETF 110 142 142 0.22 VAPX $ 143 IRLASIA-PACIFIC INC. JAPAN EQUITYSPDR® S&P Pan Asia Div Aristocrats ETF 106 133 158 0.55 ZPRA $ 35 IRLAUSTRALIA & NEW ZEALAND EQUITYiShares MSCI Australia USD Acc 110 142 138 0.50 SAUS $ 867 IRLLyxor Australia (S&P/ASX 200) ETF D USD 108 140 138 0.40 LAUU $ 55 LUXBRAZIL EQUITYHSBC MSCI Brazil ETF 121 226 133 0.60 H4ZG $ 33 IRLCANADA EQUITYdb x-trackers MSCI Canada DR 1C 114 150 134 0.35 D5BH $ 127 LUXHSBC MSCI Canada ETF 114 150 134 0.35 HCAD $ 29 IRLiShares MSCI Canada USD Acc 114 151 - 0.48 SXR2 $ 642 IRLLyxor Canada (S&P/TSX 60) ETF D USD 114 151 138 0.40 LCAU $ 89 LUXCHINA EQUITYdb x-trackers HavstFTSE CHN A-H 50(DR)1D 114 - - - AH50 $ 5 LUXHSBC MSCI China ETF 114 139 148 0.60 HMCD $ 125 IRLICBCCS WisdomTree S&P China 500 ETF B 109 - - - CHIN $ 3 LUXCHINA EQUITY - A SHARESdb x-trackers CSI300 1C 107 126 175 0.50 XCHA $ 259 LUXdb x-trackers Harvest CSI300 (DR) 1D 109 130 - - RQFI $ 193 LUXETFS-E Fund MSCI China A GO ETF 105 128 - 0.88 CASH $ 26 IRLiShares MSCI China A USD Acc 110 126 - 0.65 CNYA $ 25 IRLLyxor ETF CSI 300 A-Share C-USD 107 126 175 0.40 CSIL $ 5 FRALyxor Fortune SG ETF MSCI China A (DR)C$ 106 129 157 0.83 CNAA $ 40 FRACONVERTIBLE BOND - GLOBALSPDR® Thomson Reuters Glb Convert Bd ETF 109 126 - 0.50 ZPRC $ 353 IRLEMEA EQUITYdb x-trackers MSCI EM EMEA 1C 109 143 110 0.65 XMEAs $ 68 LUXEMERGING EUROPE EQUITYSPDR® MSCI EM Europe ETF 120 148 109 0.55 SPYB $ 6 IRLEUR BOND - LONG TERMiShares Govt Bd 20yr Trgt Dur EUR Dist 86 111 - 0.15 IS05 € 23 IRLiShares Govt Bond 10-15yr EUR Dist 93 110 129 0.20 IEGZ € 58 IRLEUR CORPORATE BONDETFS Lombard Odier IM Eur Corp Bd Fmt GO 100 117 - 0.35 FWEC € 23 IRLiShares Corp Bond ex-Fincls EUR Dist 99 117 116 0.20 IEXF € 1,826 IRLiShares Corp Bond Financials EUR Dist 101 116 115 0.20 EUCF € 90 IRLiShares Corp Bond Intr Rt H EUR Dist 101 115 105 0.25 IS0Y € 959 IRLiShares Covered Bond EUR Dist 100 113 113 0.20 ICOV € 1,064 IRLiShares Core Corp Bond EUR Dist 100 116 116 0.20 IEAC € 6,598 IRLiShares Global Corp Bond EUR Hedged Dist 99 117 114 0.25 IBCQ € 1,126 IRLEUR CORPORATE BOND - SHORT-TERMiShares Corp Bd ex-Fincls 1-5yr Dist 101 115 110 0.20 IEX5 € 1,789 IRLiShares Corp Bond 1-5yr EUR Dist 102 115 111 0.20 IE15 € 3,235 IRLiShares CorpBd Sstnbty Scrnd 0-3yrDit 102 113 - - QDVL € 290 IRLEUR DIVERSIFIED BONDiShares Aggregate Bond EUR Dist 98 113 117 0.25 IEAG € 1,510 IRLEUR FLEXIBLE BONDiShares Corp Bond BBB-BB EUR Dist 101 118 - 0.25 IS06 € 469 IRLEUR GOVERNMENT BONDiShares Govt Bond 5-7yr EUR Dist 99 112 114 0.20 IEGYz € 234 IRLiShares Austria Govt Bond EUR Dist 97 113 117 0.20 IS0H € 9 IRLiShares Belgium Govt Bond EUR Dist 95 112 119 0.20 IBEL € 14 IRLiShares Core Govt Bond EUR Dist 97 111 118 0.20 IEGA € 833 IRLiShares Finland Govt Bond EUR Dist 98 113 115 0.20 IS0J € 3 IRLiShares France Govt Bond EUR Dist 95 111 116 0.20 IFRB € 119 IRLiShares Germany Govt Bond EUR Dist 98 113 116 0.20 IS0L € 17 IRLiShares Italy Govt Bond EUR Dist 96 109 121 0.20 IS0M € 528 IRLiShares Netherlands Govt Bond EUR Dist 97 113 117 0.20 INLD € 6 IRLiShares Spain Govt Bond EUR Dist 99 114 124 0.20 IS0P € 278 IRLEUR HIGH-YIELD BONDiShares Corp Bond BB-B EUR Dist 105 122 - - 36B1 € 23 IRLiShares High Yield Corp Bond EUR Dist 105 123 117 0.50 IHYG € 5,057 IRLEUR MONEY MARKETLyxor Smart Cash ETF C GBP 100 101 - - CSH2 £ 497 LUX


Lyxor Smart Cash ETF C USD 106 114 - - - $ 497 LUXEUR ULTRA SHORT-TERM BONDiShares Govt Bond 0-1yr EUR Dist 102 112 104 0.20 IEGE € 86 IRLiShares Ultrashort Bond EUR Dist 102 113 106 0.09 ERNE € 1,709 IRLEUROPE EQUITY - CURRENCY HEDGEDBMO MSCI Europe ex-UK Inc Leaders £ H 106 110 - - ZIEG £ 37 IRLdb x-trackers MSCI EMU (DR) 1C 116 127 - 0.25 XD5D $ 685 LUXdb x-trackers MSCI EMU (DR) 2C 110 112 - 0.25 XD5S £ 685 LUXiShares MSCI EMU USD Hedged Acc 116 127 - 0.40 CEBP $ 54 IRLiShares MSCI Europe ex-UK GBP H Dist 107 110 - 0.40 EUXS £ 41 IRLLyxor Euro Stoxx 50 DR ETF Dailly H CGBP 109 110 - 0.20 MSEX £ 5,942 FRALyxor Euro Stoxx 50 DR ETF Dailly H CUSD 116 125 - 0.20 MSEU $ 5,942 FRASource STOXX EuroZ Exporters ETF A USD H 114 128 - - EZXU $ 16 IRLUBS ETF MSCI Swtzl 20/35 H GBP A acc 103 104 - 0.30 UC93 £ 511 LUXUBS ETF MSCI Swtzl 20/35 H GBP A dis 103 103 - 0.30 UC94 £ 511 LUXWisdomTree Europe Equity ETF GBP Hdg 109 115 - - HEDP £ 56 IRLWisdomTree Europe Equity ETF USD Hdg 115 130 - - WTDH $ 56 IRLWisdomTree Germany Equity ETF GBP Hdg 112 119 - - DXGP £ 22 IRLWisdomTree Germany Equity ETF USD Hdg 119 136 - - DXGE $ 22 IRLEUROPE EQUITY INCOMEWisdomTree Europe Equity Income ETF 111 126 - - EEIE € 30 IRLEUROPE LARGE-CAP BLEND EQUITYiShares Edge MSCI Europe Min Vol EUR Acc 100 113 136 0.25 EUN0 € 926 IRLiShares Edge MSCI Eurp Mltfctr EUR Acc 110 121 - 0.45 FSEU € 185 IRLiShares Edge MSCI Eurp Mom Fctr EUR Acc 106 122 - 0.25 CEMR € 34 IRLiShares Edge MSCI Eurp Qual Fctr EUR Acc 102 116 - 0.25 CEMQ € 14 IRLiShares MSCI Europe EUR Acc 109 123 127 0.33 IMAE € 482 IRLiShares MSCI Europe SRI EUR Acc 105 120 124 0.45 IESE € 131 IRLWisdomTree Europe Equity ETF EUR 111 129 - - WTDF € 56 IRLEUROPE LARGE-CAP VALUE EQUITYiShares Edge MSCI Eurp Val Fctr EUR Acc 114 130 - 0.25 CEMS € 566 IRLEUROPE MID-CAP EQUITYiShares Edge MSCI Eurp Size Fctr EUR Acc 109 125 - 0.25 CEMT € 7 IRLEUROPE SMALL-CAP EQUITYWisdomTree Europe SmallCap Div ETF 111 128 - - DFEE € 35 IRLEUROZONE LARGE-CAP EQUITYiShares EURO STOXX 50 ex-Fincls EUR Acc 107 123 129 0.20 EXFN € 67 IRLiShares MSCI EMU Large Cap EUR Acc 111 125 126 0.49 IS3G € 131 IRLWisdomTree Eurozone Quality Div Gr ETF 108 - - - EGRA € 1 IRLEUROZONE MID-CAP EQUITYiShares MSCI EMU Mid Cap EUR Acc 110 126 132 0.49 IS3H € 112 IRLFIXED TERM BONDiShares iBonds Sep 2018 $ Corp USD Dist 106 115 - 0.10 EI18 $ 475 IRLFRANCE LARGE-CAP EQUITYiShares MSCI France EUR Acc 111 126 - 0.25 ISFR € 12 IRLGBP CORPORATE BONDiShares Core £ Corp Bond GBP Dist 97 111 124 0.20 SLXX £ 1,428 IRLiShares £ Corp Bond 0-5yr GBP Dist 101 104 110 0.20 IS15 £ 1,217 IRLiShares £ Corp Bond ex-Fincls GBP Dist 97 111 123 0.20 ISXF £ 314 IRLSPDR® Barclays 0-5 Year Stlg Corp Bd ETF 101 104 - 0.20 SYBQ £ 79 IRLSPDR® Barclays Sterling Corporate Bd ETF 97 110 122 0.20 SYBS £ 204 IRLGBP DIVERSIFIED BOND - SHORT-TERMiShares £ Ultrashort Bond GBP Dist 100 101 102 0.17 ERNS £ 215 IRLPIMCO Sterling Short Maturity Source ETF 101 101 103 - QUID £ 161 IRL

GBP GOVERNMENT BONDiShares Core UK Gilts GBP Dist 95 104 121 0.20 IGLT £ 1,435 IRLiShares UK Gilts 0-5yr GBP Dist 99 101 105 0.20 IGLS £ 1,230 IRLSPDR® Barclays 1-5 Year Gilt ETF 99 101 106 0.15 SYB5 £ 442 IRLSPDR® Barclays 15+ Year Gilt ETF 92 108 140 0.15 SYBL £ 28 IRLSPDR® Barclays UK Gilt ETF 95 104 122 0.15 SYBG £ 104 IRLVanguard UK Gilt UCITS ETF 95 104 123 0.12 VGOV £ 121 IRLGBP INFLATION-LINKED BONDiShares £ Index-Linked Gilts GBP Dist 106 119 144 0.25 INXG £ 967 IRLGERMANY LARGE-CAP EQUITYWisdomTree Germany Equity ETF EUR 114 134 - - WTEZ € 22 IRLGLOBAL BONDETFS Lombard Odier IM Glb GovBdFmt GO 98 114 - 0.25 CORE $ 36 IRLiShares Global AAA-AA Govt Bond USD Dist 98 112 121 0.20 IS0Z $ 48 IRLiShares Global Govt Bond USD Dist 97 114 127 0.20 IGLOz $ 715 IRLGLOBAL BOND - GBP HEDGEDdb x-trackers II Barclays Glb Aggt Bd 3D 97 - - - XBGG £ 591 LUXdb x-trackers II Global Sovereign 2D 96 100 111 0.25 XGSG £ 536 LUXGLOBAL CORPORATE BONDETFS Lombard Odier IM Glb Corp Bd Fmt GO 101 116 - 0.30 CRED $ 44 IRLiShares Global Corp Bond USD Dist 102 119 135 0.20 IS0X $ 631 IRL

GLOBAL CORPORATE BOND - GBP HEDGEDBMO Barclays 1-3 Year Glbl Corp Bd £ H 100 101 - - ZC1G £ 20 IRLBMO Barclays 3-7 Year Glbl Corp Bd £ H 99 104 - - ZC3G £ 20 IRLBMO Barclays 7-10 Year Glbl Corp Bd £ H 96 105 - - ZC7G £ 20 IRLETFS Lombard Odier IM Glb Corp Bd FmtGO£ 98 106 - - CRGH £ 44 IRLGLOBAL EMERGING MARKETS BONDdb x-trackers iBoxx$EmSrgsQulWtd(DR)1D 102 - - - XQUA $ 28 IRLiShares JP Morgan $ EM Bond USD Dist 105 126 158 0.45 IEMB $ 4,943 IRLSPDR® BofA Merrill Lynch0-5YrEM$GovBdETF 106 118 - 0.42 ZPR5 $ 90 IRL© 2017 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.

FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM £ £ £ % (£m) £ £ £ % (£m)

Exchange-traded funds



GLOBAL EMERGING MARKETS BOND - EUR BIASEDiShares JP Morgan $ EM Bond EUR H Dist 100 123 123 0.50 EMBE € 1,128 IRLGLOBAL EMERGING MARKETS BOND - LOCAL CURRENCYETFS Lombard Odier IM EM Lcl GvtBdFdm GO 103 124 - - LOCL $ 212 IRLiShares EM Local Govt Bond USD Dist 102 125 123 0.50 IEML $ 3,031 IRLiShares Emerg Asia Lcl Govt Bd USD Dist 98 116 136 0.50 IS0S $ 49 IRLLyxor Em Mkts Lcl Ccy Bd (DR) ETF D USD 115 132 122 0.58 EMBD $ 2 LUXPIMCO EM Advtg Lcl Bd Res ETF Acc USD 103 126 124 - EMLB $ 115 IRLPIMCO EM Advtg Lcl Bd Res ETF Inc USD 103 126 124 - EMLI $ 115 IRLSPDR® Barclays Emerging Mkts Lcl Bd ETF 101 122 124 0.55 SYBM $ 1,540 IRLGLOBAL EMERGING MARKETS CORPORATE BONDiShares $ EM Corp Bond USD Dist 107 127 151 0.50 IS0Q $ 214 IRLSPDR® BofA Merrill Lynch EM Corp Bd ETF 106 126 151 0.50 SYBE $ 21 IRLGLOBAL EMERGING MARKETS EQUITYFT Emerging Markets AlphaDEX® ETF A USD 115 149 - - FEM $ 24 IRLHSBC MSCI Emerg Mkts ETF 110 142 136 0.60 HMEM $ 214 IRLiShares Core MSCI EM IMI USD Acc 110 140 - 0.25 EMIM $ 3,423 IRLiShares Edge MSCI EM Minimum Vol USD Acc 102 125 132 0.40 EUNZ $ 412 IRLiShares EM Dividend USD Dist 112 155 124 0.65 EUNY $ 196 IRLiShares MSCI EM SRI USD Acc 104 - - - QDVS $ 30 IRLiShares MSCI Emerging Markets (Acc) 110 142 136 0.68 IEMA $ 425 IRLLyxor FTSE Emerging Minimum Var ETF C $ 104 130 - - MVMX $ 34 LUXPowerShares FTSE EM Hi Div LowVolatilETF 110 - - 0.16 EMHD $ 7 IRLSource MSCI Emerging Markets ETF 110 142 135 1.05 EMSM $ 119 IRLSPDR® MSCI EM Beyond BRIC ETF 105 133 128 0.55 ZPRB $ 6 IRLSPDR® MSCI Emerging Markets ETF 111 143 126 0.42 SPYM $ 132 IRLSPDR® S&P Emerging Markets Dividend ETF 109 147 121 0.55 SPYV $ 92 IRLVanguard FTSE Emerging Markets ETF 110 144 143 0.29 VDEM $ 814 IRLWisdomTree Emerg Mkts Eq Inc ETF 113 151 - - DEMD $ 22 IRLGLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITYiShares MSCI EM Small Cap USD Dist 107 131 134 0.74 IEMSz $ 241 IRLSPDR® MSCI Emerging Markets SmallCap ETF 107 132 129 0.55 EMSCz $ 29 IRLWisdomTree Emerg Mkts SmCp Div ETF 109 147 - - WTED $ 8 IRLGLOBAL EQUITY - CURRENCY HEDGEDiShares MSCI World EUR Hedged Acc 108 130 130 0.55 IWDE € 553 IRLLyxor MSCI World ETF Mthly Hdg D-USD A/I 113 132 - 0.36 WLDU $ 1,408 FRAVanguard Glbl Minimum Vol UCITS ETF $Acc 105 130 - - VDMV $ 7 IRLGLOBAL EQUITY INCOMELyxor SG Global Qual Inc NTR ETF C GBP 102 120 143 0.45 SGQL £ 819 LUXLyxor SG Global Qual Inc NTR ETF D GBP 102 120 143 0.45 SGQP £ 819 LUXVanguard FTSE All-World High Div Yld ETF 111 134 147 0.29 VHYL $ 372 IRLGLOBAL FRONTIER MARKETS EQUITYdb x-trackers S&P Select Frontier 1C 129 169 146 0.95 DX2Z $ 64 LUXGLOBAL HIGH-YIELD BONDiShares Fallen Angls HY Corp Bd USD Dist 110 - - - WING $ 181 IRLiShares Global HY Corp Bd USD Dist 109 130 136 0.50 HYLD $ 477 IRLGLOBAL HIGH-YIELD BOND - GBP HEDGEDBMO Barclays Global High Yield Bond £ H 105 115 - - ZHYG £ 70 IRLiShares Global Hi Yld Corp Bd GBP H Dist 104 116 112 0.55 GHYS £ 95 IRLGLOBAL INFLATION-LINKED BONDiShares Global Infl Lnkd Govt Bd USD Acc 103 117 134 0.25 IGIL $ 446 IRLGLOBAL INFLATION-LINKED BOND - GBP HEDGEDdb x-trackers II iBoxx Glbl Infl-Lnkd 3D 101 108 118 0.25 XGIG £ 659 LUXGLOBAL INFLATION-LINKED BOND - USD HEDGEDdb x-trackers II iBoxx Glbl Infl-Lnkd 2C 106 122 153 0.25 XG7U $ 659 LUXGLOBAL LARGE-CAP BLEND EQUITYdb x-trackers FTSE All-Wld ex UK (DR) 1C 113 137 - - XDEX £ 26 IRLdb x-trackers MSCI World (DR)1C 111 133 - 0.19 XDWD $ 1,402 IRLFundLogic MS Scntf Bta Glbl Eq Ftrs ETF$ 108 129 - - GEF $ 195 IRLHSBC ESI Worldwide Equity ETF 111 138 - 0.25 HEWD $ 553 IRLHSBC Worldwide Equity ETF 110 132 - 0.25 HWWD $ 149 IRLiShares Core MSCI World USD Acc 111 133 155 0.20 IWDA $ 7,128 IRLiShares Dow Jones Glbl Sstnbty Scrnd$Acc 111 133 146 0.60 IGSG $ 84 IRLiShares Edge MSCI Wld Mltfctr USD Acc 111 130 - 0.50 IFSW $ 214 IRLiShares Edge MSCI Wld Mom Fctr USD Acc 106 127 - 0.30 IWFM $ 144 IRLiShares Edge MSCI Wld Qual Fctr USD Acc 107 127 - 0.30 IWFQ $ 179 IRLiShares Edge MSCI World Min Vol USD Acc 101 126 171 0.30 IQQ0 $ 1,166 IRLiShares MSCI ACWI USD Acc 110 133 152 0.60 IUSQ $ 323 IRLiShares MSCI World GBP Hedged Acc 106 117 126 0.55 IGWD £ 299 IRLiShares MSCI World USD Dist 110 133 154 0.50 IWRD $ 4,644 IRLLyxor DJ Global Titans 50 ETF D-USD A/I 111 133 - 0.40 MGTU $ 37 FRALyxor ETF MSCI All Country World C-USD 110 133 152 0.45 ACWU $ 129 FRAOssiam World Minimum Var NR ETF 1C USD 103 123 162 0.65 WDMV $ 29 LUXPowerShares Global Buyback Achievers ETF 115 140 - 0.39 BUIB $ 73 IRLSource Goldman Sachs Eq Factor Wld ETF 108 128 153 - EFIW $ 465 IRLSource MSCI World ETF 110 133 154 0.45 SC0J $ 474 IRLSPDR® MSCI ACWI ETF 111 135 155 0.40 SPYY $ 496 IRLSPDR® MSCI ACWI IMI ETF 111 135 151 0.40 SPYI $ 34 IRLVanguard FTSE All-World ETF 111 134 153 0.25 VWRD $ 854 IRLVanguard FTSE Developed World ETF 111 133 - - VEVE $ 62 IRLVanguard Glbl Lqudty Fact UCITS ETF $Acc 111 137 - - VDLQ $ 15 IRLVanguard Glbl Mom Fact UCITS ETF USD Acc 107 130 - - VDMO $ 15 IRLWisdomTree Glb Qualty Div Gr ETF USD Acc 108 - - - GGRA $ 4 IRLGLOBAL LARGE-CAP VALUE EQUITYiShares Edge MSCI Wld Val Factor USD Acc 116 136 - 0.30 IWFV $ 850 IRLSPDR® S&P Global Div Aristocrats ETF 106 134 148 0.45 ZPRG $ 255 IRLVanguard Global Value Factor ETF USD Acc 121 148 - - VDVA $ 42 IRLGLOBAL SMALL-CAP EQUITYiShares Edge MSCI Wld Size Fctr USD Acc 110 135 - 0.30 IWFS $ 95 IRLSPDR® MSCI World Small Cap ETF 112 141 155 0.45 ZPRS $ 146 IRLHIGH-YIELD BOND - OTHER HEDGEDPIMCO ST HY Corp Bd Sour ETF GBPH Inc 106 117 - - STHS £ 820 IRLPIMCO ST HY Corp Bd Sour ETF Inc EURH 107 131 114 - STHE € 820 IRLINDIA EQUITYdb x-trackers Nifty 50 1C 103 127 171 0.85 DBX7 $ 144 LUXINDONESIA EQUITYHSBC MSCI Indonesia ETF 100 129 148 0.60 HIDD $ 17 IRLISLAMIC EQUITY - OTHERiShares MSCI Emerging Markets Islamic 106 138 125 0.85 ISEM $ 18 IRLiShares MSCI USA Islamic 106 131 156 0.50 ISUS $ 36 IRLISLAMIC GLOBAL EQUITYiShares MSCI World Islamic 107 130 145 0.60 ISWD $ 109 IRL


ISRAEL LARGE/MID-CAP EQUITYiShares TA-25 Israel USD Acc 103 113 - 0.60 QDVM $ 6 IRLJAPAN EQUITY - CURRENCY HEDGEDdb x-trackers JPX-Nikkei 400 (DR) 2D 116 103 - - XDNG £ 192 IRLdb x-trackers JPX-Nikkei 400 (DR) 4C 123 118 - - XDNU $ 192 IRLdb x-trackers MSCI Japan (DR) 2D 123 117 163 0.60 XMUJ $ 1,424 LUXdb x-trackers MSCI Japan (DR) 6C 116 102 123 0.60 XMJG £ 1,424 LUXiShares JPX-Nikkei 400 EUR Hedged Acc 118 117 - 0.42 NK4E € 17 IRLiShares MSCI Japan EUR Hedged Acc 118 115 129 0.64 IJPE € 1,994 IRLiShares MSCI Japan GBP Hedged Acc 116 102 122 0.64 IJPH £ 283 IRLiShares MSCI Japan SRI EUR Hedged Acc 114 - - - SUJS € 39 IRLiShares MSCI Japan USD Hedged Acc 123 117 162 0.64 IJPD $ 411 IRLLyxor JPX-Nikkei 400 ETF DR Dly Hdg CGBP 116 104 - 0.25 JPXX £ 788 FRALyxor JPX-Nikkei 400 ETF DR Dly Hdg CUSD 123 117 - 0.25 JPXU $ 788 FRANomura JPX-Nikkei 400 Net TR Dly $Hg ETF 123 117 - - NJXU $ 12 IRLNomura JPX-Nikkei 400 Net TR Dly Hg ETF 118 117 - - NJXE € 43 IRLNomura Nikkei 225 EUR-Hedged ETF 118 119 - 0.60 NXKE € 22 IRLNomura Nikkei 225 USD-Hedged ETF 123 120 - 0.60 NXKU $ 24 IRLSource JPX-Nikkei 400 ETF USD Hedged 123 118 - - N4US $ 191 IRLSource STOXX Japan Exporters A USD 114 132 - - JEXE $ 12 IRLUBS ETF MSCI Japan H GBP A acc 116 102 122 0.45 UC62 £ 118 LUXUBS ETF MSCI Japan H GBP A dis 116 102 122 0.45 UC61 £ 118 LUXWisdomTree Japan Equity ETF GBP Hdg 122 106 - - DXJP £ 87 IRLWisdomTree Japan Equity ETF USD Hdg 129 121 - - WTDX $ 87 IRLJAPAN LARGE-CAP EQUITYdb x-trackers MSCI Japan (DR) 1C 111 127 150 0.50 DBXJ $ 1,424 LUXiShares Core MSCI Japan IMI USD Acc 111 128 155 0.20 IJPA $ 1,311 IRLiShares MSCI Japan Dist 111 127 150 0.59 IJPN/L $ 1,647 IRLiShares MSCI Japan USD Acc 113 127 - 0.48 SXR5 $ 249 IRLSource MSCI Japan ETF 111 127 150 0.45 SC0I $ 19 IRLVanguard FTSE Japan ETF 112 127 154 0.19 VJPN $ 725 IRLWisdomTree Japan Equity ETF JPY 118 131 - - WTIZ $ 87 IRLJAPAN SMALL/MID-CAP EQUITYiShares MSCI Japan Small Cap USD Dist 110 131 167 0.58 IDJP $ 313 IRLKOREA EQUITYHSBC MSCI Korea ETF 112 142 136 0.60 HKOD $ 5 IRLLATIN AMERICA EQUITYHSBC MSCI EM LA ETF 113 168 122 0.60 HMLD $ 12 IRLiShares MSCI EM Latin America Dist 112 168 121 0.74 LTAM $ 425 IRLSPDR® MSCI EM Latin America ETF 112 169 121 0.55 SPYL $ 4 IRLMONEY MARKET - OTHERCommerzbank CCBI RQFII Mny Mkt ETF A 101 109 - - CCMR 250 GBRCommerzbank CCBI RQFII Mny Mkt ETF B 101 107 - - CCMG £ 250 GBRCommerzbank CCBI RQFII Mny Mkt ETF C 101 108 - - CCME € 250 GBRdb x-trackers II Sterling Cash 1D 100 100 101 0.15 DXS1 £ 50 LUXdb x-trackers US Dollar Cash 1C 106 113 131 0.15 3011 $ 30 LUXLyxor Fed Funds US Dollar Cash ETF C USD 106 113 - - FEDF $ 14 LUXOTHER AFRICA & MIDDLE EAST EQUITYdb x-trackers MSCI GCC Select 1C 116 140 - 0.59 XGLF $ 21 IRLiShares MSCI GCC ex-Saudi Arabia 108 137 119 0.80 IGCC $ 9 IRLLyxor ETF Kuwait FTSE Coast Kuwait40 A/I 129 144 109 0.65 LKUU $ 5 FRAOTHER AMERICAS EQUITYdb x-trackers MSCI Mexico (DR) 1C 98 110 100 0.65 D5BI $ 56 LUXHSBC MSCI Mexico Capped ETF 98 110 99 0.60 HMED $ 11 IRLUBS ETF MSCI Canada H GBP A acc 108 123 - 0.43 UC87 £ 433 LUXUBS ETF MSCI Canada H GBP A dis 110 125 - 0.43 UC88 £ 433 LUXOTHER ASIA-PACIFIC EQUITYHSBC MSCI Malaysia ETF 98 108 98 0.60 HMYD $ 3 IRLOTHER BONDFinEx Tradable Russian Corp Bds ETF USD 107 124 143 0.50 FXRU $ 31 IRLLAM Sun Glbl ZyFin India Sov Entp Bd ETF 111 124 - - GNT1 $ 8 IRLUBS ETF Barcl US Liq Corp 1-5 HGBP A dis 99 102 - 0.23 - £ 487 LUXUBS ETF Barcl US Liq Corp H GBP A dis 96 105 - 0.23 UC85 £ 554 LUXOTHER EUROPE EQUITYWisdomTree ISEQ 20® UCITS ETF 110 111 - - WTIE € 20 IRLOTHER INFLATION-LINKED BONDSPDR® Barclays EM Infl Lnkd Lcl Bd ETF 102 126 128 0.55 SYBI $ 38 IRLPOLAND EQUITYiShares MSCI Poland USD Acc 120 135 98 0.74 IPOL $ 64 IRLPROPERTY - INDIRECT EUROPEiShares MSCI Target UK Rl Estt GBP Dist 97 97 - 0.40 2B7N £ 9 IRLPROPERTY - INDIRECT GLOBALHSBC FTSE EPRA/NAREIT Developed ETF 96 124 157 0.40 HPRD $ 92 IRLSPDR® Dow Jones Global Real Estate ETF 96 122 160 0.40 SPYJ $ 140 IRLPROPERTY - INDIRECT NORTH AMERICAiShares MSCI Target US Rl Estt USD Dist 100 123 - 0.40 CEM1 $ 6 IRLiShares US Property Yield 95 126 - 0.40 IUSP $ 509 IRLSource Rel Est S&P US Sel Sect ETF 96 - - - XRES $ 11 IRLPROPERTY - INDIRECT OTHERiShares UK Property GBP Dist 96 93 112 0.40 IUKP £ 722 IRLRMB BOND - ONSHOREdb x-trackers II Havst CSICHN SovBd DR1D 100 107 - - CGB $ 21 LUXRUSSIA EQUITYdb x-trackers MSCI Russia Capped 1C 131 175 120 0.65 DBXV $ 140 LUXHSBC MSCI Russia Capped ETF 132 176 122 0.60 HRUD $ 67 IRLLyxor Russia (DJ Russia GDR) ETF D-GBP 131 173 116 0.65 RUSL £ 542 FRASource RDX ETF 129 170 117 1.20 RDXS $ 48 IRLSECTOR EQUITY AGRICULTUREiShares Agribusiness USD Acc 113 137 143 0.55 IS0C $ 48 IRLSECTOR EQUITY BIOTECHNOLOGYSource NASDAQ Biotech ETF 100 118 - - SBIO $ 400 IRLSECTOR EQUITY COMMUNICATIONSdb x-trackers MSCI Wld Telec Svcs(DR) 1C 101 - - - XWTS $ 46 IRLLyxor MSCI World Telecom Svcs TR ETF C$ 101 119 144 0.40 TELW $ 35 LUXSPDR MSCI Wld Telecoms UCITS ETF USD Acc 101 - - - WTEL $ 3 IRLSECTOR EQUITY CONSUMER GOODS & SERVICESdb x-trackers MSCI Wld CnsmrDscrt(DR) 1C 111 - - - XDWC $ 98 IRLdb x-trackers MSCI Wld CnsmrStapl(DR) 1C 100 - - - XDWS $ 47 IRLiShares MSCI EM Consumer Growth USD Acc 106 130 - 0.60 CEMG $ 4 IRLiShares S&P 500 Cnsmr Dscrt Sect USD Acc 110 131 - 0.15 IUCD $ 15 IRLLyxor MSCI World Cnsmr Discret TR ETF C$ 110 128 158 0.40 DISW $ 99 LUX



Exchange-traded funds


Lyxor MSCI World CnsmrStapl TR ETF C USD 100 117 160 0.40 STAW $ 71 LUXSource Cnsmr Discret S&P US Sel Sect ETF 110 131 180 0.30 XLYS $ 132 IRLSource Cnsmr Stapl S&P US Sel Sect ETF 103 120 176 0.30 XLPS $ 31 IRLSPDR MSCI Wld Cnsmr Discret ETF USD 111 - - - WCOD $ 24 IRLSPDR MSCI Wld Cnsmr Stapl UCITS ETF $Acc 100 - - - WCOS $ 28 IRLSPDR® S&P US Cnsmr Discret Sel Sect ETF 110 131 - 0.15 ZPDD $ 19 IRLSPDR® S&P US Cnsmr Staples Sel Sect ETF 102 120 - 0.15 ZPDS $ 20 IRLSECTOR EQUITY ENERGYdb x-trackers MSCI Wld Energy (DR) 1C 114 - - - XDW0 $ 87 IRLETFS US Energy Infrastructure MLP GO ETF 117 172 - 0.25 XMLP $ 24 IRLiShares S&P 500 Energy Sector USD Acc 114 144 - 0.15 IUES $ 15 IRLLyxor MSCI World Energy TR ETF C USD 114 144 114 0.40 NRGW $ 112 LUXSource Energy S&P US Select Sect ETF 115 146 119 0.30 XLES $ 134 IRLSource Morningstar US Engy InfrasMLP ETF 113 168 109 - MLPS $ 394 IRLSource Mstar US Enrgy Infra MLP ETF B 113 168 108 - MLPD $ 394 IRLSPDR MSCI Wld Engy UCITS ETF USD Acc 114 - - - WNRG $ 30 IRLSPDR® S&P US Energy Select Sector ETF 115 146 - 0.15 ZPDE $ 295 IRLSECTOR EQUITY FINANCIAL SERVICESdb x-trackers MSCI Wld Fincls (DR) 1C 125 - - - XETRA $ 179 IRLiShares S&P 500 Financials Sect USD Acc 128 154 - 0.15 IUFS $ 597 IRLLyxor MSCI World Financials TR ETF C USD 125 144 154 0.40 FINW $ 36 LUXSource Financials S&P US Select Sect ETF 128 154 183 0.30 XLFS $ 587 IRLSPDR MSCI Wld Fincls UCITS ETF USD Acc 125 - - - WFIN $ 223 IRLSPDR® S&P US Financials Select Sect ETF 128 154 - 0.15 ZPDF $ 162 IRLSECTOR EQUITY HEALTHCAREdb x-trackers MSCI EM Healthcare 1C 95 112 143 0.65 XMKH $ 10 LUXdb x-trackers MSCI Wld Hlth Care (DR) 1C 97 - - - XDWH $ 168 IRLiShares S&P 500 Health Care Sect USD Acc 99 121 - 0.15 IUHC $ 63 IRLLyxor MSCI World Hlth Care TR ETF C USD 97 116 153 0.40 HLTW $ 264 LUXSource Health Care S&P US Sel Sect ETF 99 121 167 0.30 XLVS $ 179 IRLSPDR MSCI Wld HC UCITS ETF USD Acc 97 - - - WHEA $ 66 IRLSPDR® S&P US Health Care Select Sect ETF 99 121 - 0.15 ZPDH $ 66 IRLSECTOR EQUITY INDUSTRIAL MATERIALSdb x-trackers MSCI Wld Indls (DR) 1C 112 - - - XDWI $ 22 IRLdb x-trackers MSCI Wld Materials (DR) 1C 119 - - - XDWM $ 7 IRLLyxor MSCI World Indtls TR ETF C USD 112 139 153 0.40 INDW $ 100 LUXLyxor MSCI World Materials TR ETF C USD 119 164 140 0.40 MATW $ 73 LUXSource Industrials S&P US Sel Sect ETF 115 145 171 0.30 XLIS $ 154 IRLSource Materials S&P US Select Sec ETF 114 156 158 0.30 XLBS $ 7 IRLSPDR MSCI Wld Indtls UCITS ETF USD Acc 113 - - - WNDU $ 19 IRLSPDR MSCI Wld Matls UCITS ETF USD Acc 119 - - - WMAT $ 27 IRLSPDR® S&P US Industrials Select Sect ETF 116 147 - 0.15 ZPDI $ 72 IRLSPDR® S&P US Materials Select Sect ETF 114 156 - 0.15 ZPDM $ 4 IRLSECTOR EQUITY INFRASTRUCTUREdb x-trackers S&P Global Infras 1C 102 128 144 0.60 DX2E $ 165 LUXiShares Emerging Market Infrastructure 99 129 131 0.74 IEMI $ 67 IRLSECTOR EQUITY NATURAL RESOURCESiShares Global Timber & Forestry 119 150 146 0.65 WOOD $ 63 IRLiShares Oil & Gas Explor&Prodtn USD Acc 118 159 92 0.55 IS0D $ 184 IRLSECTOR EQUITY OTHERROBO Global® Robotics&Automation ETF 122 156 - 0.95 ROBO $ 184 IRLSECTOR EQUITY PRECIOUS METALSETFS DAXglobal Gold Mining GO ETF 82 179 153 0.65 AUCO $ 75 IRLiShares Gold Producers USD Acc 83 185 140 0.55 IS0E $ 334 IRLVanEck Vectors Gold Miners ETF 83 191 - - GDX $ 94 IRLVanEck Vectors Junior Gold Miners ETF 83 234 - - GDXJ $ 42 IRLSECTOR EQUITY PRIVATE EQUITYiShares Listed Private Equity 116 145 149 0.75 IPRV $ 458 IRLSECTOR EQUITY TECHNOLOGYdb x-trackers MSCI EM Info Tech 1C 115 152 169 0.65 XMK1 $ 10 LUXdb x-trackers MSCI Wld InfTech (DR) 1C 115 - - - XDWT $ 147 IRLETFS ISE Cyber Security GO ETF Acc 113 142 - - USPY $ 74 IRLiShares S&P 500 Info Tech Sect USD Acc 116 142 - 0.15 IUIT $ 66 IRLLyxor MSCI World Info Tech TR ETF C USD 115 140 188 0.40 TNOW $ 71 LUXSource Technology S&P US Select Sect ETF 114 139 194 0.30 XLKS $ 469 IRLSPDR MSCI Wld Tech UCITS ETF USD Acc 115 - - - WTEC $ 79 IRLSPDR® S&P US Technology Select Sect ETF 114 140 - 0.15 ZPDT $ 15 IRLSECTOR EQUITY UTILITIESdb x-trackers MSCI Wld Utilities (DR) 1C 98 - - - XDWU $ 6 IRLLyxor MSCI World Utilities TR ETF C USD 98 118 147 0.40 UTIW $ 29 LUXSource Utilities S&P US Select Sect ETF 101 125 176 0.30 XLUS $ 10 IRLSPDR MSCI Wld Utls UCITS ETF USD Acc 98 - - - WUTI $ 3 IRLSPDR® S&P US Utilities Select Sect ETF 101 125 - 0.15 ZPDU $ 9 IRLSECTOR EQUITY WATERiShares Global Water 104 129 150 0.65 IH2O $ 360 IRLSOUTH AFRICA & NAMIBIA EQUITYHSBC MSCI South Africa ETF 102 143 137 0.60 HZAD $ 3 IRLiShares MSCI South Africa USD Acc 101 143 137 0.65 IRSA $ 45 IRLTAIWAN LARGE-CAP EQUITYHSBC MSCI Taiwan ETF 114 149 157 0.60 HTWD $ 8 IRLTRY BONDLAM Alternatif ZyFin Turkey Sov Bd ETF$ 83 - - - TRKY $ 7 IRLTURKEY EQUITYHSBC MSCI Turkey ETF 94 105 112 0.60 HTRD $ 5 IRLUK EQUITY INCOMEBMO MSCI UK Income Leaders £ 98 105 - - ZILK £ 19 IRLiShares UK Dividend GBP Dist 103 110 118 0.40 IUKD £ 772 IRLSource FTSE RAFI UK Equity Inc Phys ETF 107 - - - DVUK £ 7 IRLWisdomTree UK Equity Income ETF 106 113 - - WUKD £ 4 IRLUK LARGE-CAP BLEND EQUITYdb x-trackers FTSE 100 (DR) 1C 108 122 122 0.09 XDUK £ 75 LUXdb x-trackers FTSE 100 (DR) Income 1D 107 121 121 0.30 XUKX/L £ 153 LUXdb x-trackers FTSE 100 Equal Wtd (DR) 1D 105 118 - 0.11 XFEW £ 16 IRLdb x-trackers FTSE All-Share (DR) 1D 108 121 122 0.40 DBXZ £ 81 LUXFirst Trust UK AlphaDEX® A GBP 103 107 114 0.80 FKU £ 1 IRLFirst Trust UK AlphaDEX® B GBP 104 - - - FKUD £ 1 IRLHSBC FTSE 100 ETF 107 122 121 0.35 H4ZB £ 134 IRLiShares Core FTSE 100 GBP Dist 108 121 122 0.08 ISF/L £ 4,564 IRLLyxor ETF FTSE 100 C-GBP 108 122 122 0.15 L100.L £ 761 FRALyxor ETF FTSE All Share A/I 107 120 122 0.40 LFAS £ 13 FRAOssiam FTSE 100 Minimum Var ETF 1C GBP 94 107 120 0.45 UKMV £ 41 LUXOssiam FTSE 100 Minimum Var ETF 1D GBP 91 104 - 0.45 UKMD £ 41 LUXSource FTSE 100 ETF 107 122 121 0.35 SC0A £ 30 IRLSPDR® FTSE UK All Share ETF 108 121 122 0.20 SPYF £ 164 IRLUBS ETF MSCI UK IMI SRI GBP A dis 103 115 - 0.28 UKSR £ 83 IRLVanguard FTSE 100 ETF 107 121 121 0.10 VUKE £ 2,464 IRLUK LARGE-CAP VALUE EQUITYPowerShares FTSE RAFI UK 100 ETF 116 132 120 0.50 PSRU £ 7 IRL


PowerShares FTSE UK Hi Div LowVolatilETF 106 - - - UKHD £ 5 IRLSPDR® S&P UK Dividend Aristocrats ETF 98 109 110 0.30 SPYG £ 90 IRLUK MID-CAP EQUITYdb x-trackers FTSE 250 (DR) 1D 106 113 123 0.35 DBXY £ 74 LUXHSBC FTSE 250 ETF 106 113 123 0.35 HMCX £ 39 IRLiShares FTSE 250 GBP Dist 106 113 124 0.40 MIDD/L £ 903 IRLLyxor ETF FTSE 250 A/I 106 113 125 0.35 L250 £ 8 FRASource FTSE 250 ETF 106 113 124 0.35 SC0B £ 9 IRLVanguard FTSE 250 ETF 106 113 - - VMID £ 268 IRLUS EQUITY - CURRENCY HEDGEDBMO MSCI USA Income Leaders £ H 103 119 - - ZISG £ 8 IRLdb x-trackers S&P 500 (DR) 2C 105 119 - - XDPG £ 482 IRLiShares S&P 500 EUR Hedged Acc 106 133 135 0.45 IUES € 1,710 IRLiShares S&P 500 GBP Hedged Acc 104 119 130 0.45 IGUS £ 175 IRLUBS ETF Fact MSCI USA LowVol H GBP A dis 101 - - - ULOV £ 28 IRLUBS ETF Fact MSCI USA PrmVal H GBP A dis 107 - - - UPVL £ 21 IRLUBS ETF Fact MSCI USA Qual H GBP A dis 103 - - - UQLT £ 79 IRLUBS ETF Fact MSCI USA TtlShdYd H GBP A 106 - - - UTSY £ 6 IRLUS LARGE-CAP BLEND EQUITYdb x-trackers MSCI USA (DR) 1C 111 136 - 0.07 XD9U $ 1,649 IRLFirst Trust US Lg Cp Cor AlphaDEX® A USD 112 140 168 0.66 FEX $ 16 IRLFundLogic MS Scntf Bta US Eq Fctrs ETF $ 109 134 - - USEF $ 148 IRLHSBC S&P 500 ETF 111 136 174 0.09 H4ZF $ 1,865 IRLiShares Edge MSCI USA Mltfctr USD Acc 115 139 - 0.35 IFSU $ 35 IRLiShares Edge S&P 500 Minimum Vol USD Acc 104 130 183 0.20 IBCK $ 883 IRLiShares MSCI USA SRI USD Acc 113 - - - QDVR $ 16 IRLiShares S&P 500 USD Dist 111 135 173 0.40 IUSA/L $ 6,333 IRLiShares US Equity Buyback Achiev USD Acc 119 146 - 0.55 CEM2 $ 16 IRLLyxor FTSE USA Minimum Variance ETF CUSD 106 132 - 0.20 MVUX $ 97 FRALyxor MSCI North America ETF C-USD 111 137 - 0.20 NORA $ 1 FRALyxor S&P 500 ETF D USD 111 136 175 0.17 LSPU $ 2,447 LUXOssiam Shiller BarclCp® USScVlTr IC$ Acc 115 144 - - UCAP $ 538 LUXPowerShares S&P 500 VEQTOR ETF 108 116 - 0.39 SPVX $ 2 IRLSource MSCI USA ETF 111 136 173 0.30 SC0H $ 70 IRLSource S&P 500 ETF 111 136 175 0.20 P500 $ 2,187 IRLSPDR® Russell 3000 US Total Market ETF 112 138 - 0.25 ZPR3 $ 17 IRLSPDR® S&P 500 ETF 111 136 174 0.09 SPY5 $ 1,364 IRLVanEck Vectors Morningstar US WidMot ETF 111 149 - - GMVM $ 9 IRLVanguard FTSE North America ETF 111 137 - - VNRT $ 28 IRLVanguard S&P 500 ETF 111 136 175 0.09 VUSD $ 14,126 IRLWisdomTree US Quality Div Gr ETF USD Acc 110 - - - DGRA $ 3 IRLUS LARGE-CAP GROWTH EQUITYLyxor ETF Russell 1000 Growth C-USD 110 133 - 0.40 RUSG $ 54 FRAUS LARGE-CAP VALUE EQUITYiShares MSCI USA Dividend IQ USD Dist 108 135 - 0.35 QDIV $ 354 IRLLyxor ETF Russell 1000 Value C-USD 114 142 - 0.40 RUSV $ 20 FRAPowerShares FTSE RAFI US 1000 ETF 114 141 - 0.39 PSRF $ 269 IRLPowerShares S&P 500 Hi Div Low Voltl ETF 107 141 - 0.30 HDLG $ 394 IRLSource FTSE RAFI US Equity Inc Phys ETF 109 - - - DVUS $ 6 IRLSPDR® MSCI USA Value Wtd ETF USD 115 142 - 0.25 ZPRU $ 19 IRLSPDR® S&P 500 Low Volatility ETF 103 128 178 0.35 SPY1 $ 104 IRLSPDR® S&P US Dividend Aristocrats ETF 107 140 180 0.35 SPYD $ 2,230 IRLWisdomTree US Equity Income ETF 106 134 - - DHSD $ 44 IRLUS MID-CAP EQUITYdb x-trackers Russell Midcap(DR) 1C 111 141 - 0.29 XRSM $ 103 IRLSPDR® S&P 400 US Mid Cap ETF 114 147 171 0.30 SPY4 $ 577 IRLUS SMALL-CAP EQUITYdb x-trackers Russell 2000 (DR) 1C 117 151 - 0.37 XRS2 $ 383 IRLETFS Russell 2000 US Small Cap GO ETF 117 151 161 0.45 RTWO $ 32 IRLiShares S&P Small Cap 600 USD Dist 118 152 173 0.40 IDP6 $ 852 IRLLyxor ETF Russell 2000 C-USD 118 151 162 0.40 RUS2 $ 5 FRASource Russell 2000 ETF 117 151 160 0.45 SC0K $ 355 IRLSPDR® MSCI USA Small Cap Val Wtd ETF USD 119 156 - 0.30 ZPRV $ 67 IRLSPDR® Russell 2000 US Small Cap ETF 117 151 - 0.30 ZPRR $ 370 IRLWisdomTree US SmallCap Dividend ETF 115 154 - - DESD $ 13 IRLUSD CORPORATE BONDdb x-trackers Barclays USD Cp Bd(DR)1D 102 120 - 0.20 XDGU $ 404 IRLiShares $ Corp Bd Intr Rt H USD Dist 109 123 136 0.25 IS3F $ 86 IRLiShares $ Corp Bond USD Dist 102 120 148 0.20 LQDA $ 4,249 IRLiShares $ Short Dur Corp Bd USD Dist 105 115 136 0.20 SDIG $ 1,054 IRLiShares $ Ultrashort Bond USD Dist 106 114 133 0.09 ERND $ 136 IRLLyxor USD Liq Inv Gd orp Bd ETF D USD 101 120 - - USIG $ 247 LUXPIMCO LowDur US CorpBd Sour ETF USD Inc 106 118 - 0.39 LDCU $ 109 IRLSPDR® Barclays 0-3 Year US Corp Bd ETF 106 115 134 0.20 SYBF $ 206 IRLSPDR® Barclays 10+ Year US Corp Bd ETF 100 126 - - SYBN $ 114 IRLSPDR® Barclays 3-10Y US Corp Bd ETF USD 103 - - - SYBR $ 16 IRLSPDR® Barclays US Corporate Bd ETF 103 - - - SYB1 $ 26 IRLUBS ETF Barcl MSCI USLqCrp Sus USD A dis 102 118 - 0.20 UC97 $ 49 LUXUBS ETF Barcl US Liq Corp 1-5 USD A dis 105 115 - 0.18 UEF7 $ 487 LUXVanguard USD Corporate Bond ETF 103 - - - VDCP $ 42 IRLUSD DIVERSIFIED BONDiShares US Aggregate Bond USD Dist 102 114 140 0.25 EUNX $ 824 IRLSPDR® Barclays US Aggregate Bond ETF 102 114 139 0.17 SYBU $ 28 IRLUSD DIVERSIFIED BOND - SHORT-TERMPIMCO USD Short Mat Source ETF 107 115 135 - MINT $ 1,643 IRLUSD GOVERNMENT BONDdb x-trackers II iBoxx $ Trs (DR) 1D 101 112 139 0.15 XUTD $ 117 LUXdb x-trackers II iBoxx $ Trs 1-3 (DR) 1D 105 113 133 0.15 XUT3 $ 52 LUXiShares $ Treasury Bond 20+yr USD Dist 91 108 - 0.20 IS04 $ 107 IRLiShares $ Treasury Bond 7-10yr 99 110 142 0.20 BTMA $ 1,543 IRLiShares US Mortgage Backed Secs USD Dist 103 - - - QDVP $ 225 IRLLyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 103 - - - US35 $ 4 LUXLyxor iBoxx $ Trs 7-10Y (DR) ETF D USD 99 - - - US71 $ 4 LUXSPDR® Barclays 10+Y US Trs Bd ETF 92 - - - SPPX $ 2 IRLSPDR® Barclays 1-3 Year US Trs Bd ETF 105 113 133 0.15 SYBW $ 71 IRLSPDR® Barclays 3-5Y US Trs Bd ETF 104 - - - SPP3 $ 4 IRLSPDR® Barclays 5-7Y US Trs Bd ETF 101 - - - SPP5 $ 2 IRLSPDR® Barclays 7-10Y US Trs Bd ETF 99 - - - SPP7 $ 2 IRLSPDR® Barclays US Treasury Bond ETF 101 112 138 0.15 SYBT $ 214 IRLVanguard USD Treasury Bond ETF 101 - - - VDTY $ 4 IRLUSD HIGH-YIELD BONDiShares $ High Yld Corp Bd USD Dist JDR 111 133 144 0.50 IS0R $ 3,245 IRLiShares $ Sht Dur HiYld Corp Bd USD Dist 110 128 141 0.45 SDHY $ 581 IRLPIMCO ST HY Corp Bd Sour ETF Inc 112 133 145 - STHY $ 820 IRLPIMCO ST HY Corp Bd Sour ETF USD Acc 112 133 - - STYC $ 820 IRLSPDR® Barclays 0-5 Year US Hi Yld Bd ETF 111 131 143 0.40 SYBK $ 70 IRLUSD INFLATION-LINKED BONDdb x-trackers II iBoxx$Trs InflLnk(DR)1D 104 117 138 0.20 XUIT $ 15 LUXSPDR® Barclays US TIPS ETF 104 117 - - SYBY $ 353 IRLUSD MODERATE ALLOCATIONSPDR® Morningstar Mlt-Asst Glb Infrs ETF 103 125 - 0.40 ZPRI $ 50 IRLVIETNAM EQUITYdb x-trackers FTSE Vietnam 1C 97 118 109 0.85 DXS7 $ 199 LUX



Platform perspectives

By the time you read this, ISA season will be in full swing. You’ll be assailed by fund managers,

stockbrokers and even banks, all trying to get a slice of that bulge in investment sales that will make the rest of the year’s target a wee bit easier to hit.

Having worked for various financial services providers over the years, I remember well the sort of collective hysteria that grabbed the office every February and March. If you were doing the advised side, you were always getting pressured to do ‘ISA in a box’ type kits, which would give any advisers who were too lazy to sort their own ISA reminders out a bunch of brochures to use with clients.

If you were doing the direct side, you pitched like hell for a bigger slice of the advertising budget and conveniently forgot that a £15,000 investment at (let’s say) a platform charge of 0.35 per cent would only net you just over £50 in the first year.

With a typical acquisition cost of over £200, it was the game to try and make the case that if you did really good adverts then you’d get his ‘n’ hers ISAs across both tax years, so it wasn’t £15,000, it was £30,000 each – which made £60,000! Which was about £200 revenue in year one. Which meant it paid for itself…and so on. Great days, great days.

Spoilt for choiceThe truth is, the advent of open architecture technology has made the idea of doing this year’s ISA here and next year’s over there a bit daft. Most of the platforms I’ve covered in this column will let you access pretty much any investment you want, so pick the funds or shares you like and go crazy.

Assuming you have some funds built up in your ISA already, any decision you make about switching ISA provider is a bit more work, because you need to have a think about transferring as well. That brings special offers into play, particularly as some naughty direct platform providers still charge exit fees, despite it being 2017. So any saving you

might make in terms of platform charges (and these days you don’t have to pay more than 0.25 per cent a year) may be stripped away by these. Keep an eye out for firms offering to pay your exit charges for you, as this is worth having, but equally be careful they don’t then take a slice out of you on the way out if you leave them.

Also, if you’re transferring, be ready for it to take a while. Some firms are getting quicker, but up to 30 days is not uncommon. That doesn’t matter for tax benefits or anything, but if you’re the kind of person who likes to use 5 April as a hard date for getting everything all sorted out, it might be a bit annoying. You can help speed things up by checking in advance whether the receiving platform has available all the assets you want to use. This is all a bit involved, but if you’re reading What Investment then I assume you’re probably all good with it.

In one of those pushmi-pullyu type twisty things, the same technological advances that

have made diversification so much easier and reduced the need to spread money around providers can also make doing exactly that a lot easier. I’ll explain.

Better togetherWe’ve talked before in this column about aggregation services. There are a bunch of these out there, and they’re generally pretty good fun. You might check out Moneyinfo from Sammedia or Moneyhub from Momentum in this space.

If you use such services then you can start pulling in data from lots of different services or platforms. This reduces some of the pain in working out what you’ve got where, and might open you up to trying something new for this year’s ISA subscription, such as some of the digital investing services out there.

If you are keen, we’d tip three to look at closely – Nutmeg, Moneyfarm and Scalable Capital. All three look great, have relatively similar costs and aren’t working out of a shed. The first two operate pretty similar investment models, whereas Scalable has a bit of a different approach, which I’ve mentioned here before. All three are fairly open on what they do and how they do it, so you may enjoy having a ferret around.

If you are a first-timer, and looking for somewhere cost-effective for your ISA pounds, you can check out last month’s table, or have a look at Aviva, AJ Bell Youinvest, Charles Stanley Direct or Fidelity Personal Investing, all of which have reasonable charges and will do the job nicely. Or hang on and wait to see if Vanguard launches its new digital investing service in time for the end of the tax year.

And – pro tip – use your 2017/18 £20,000 allowance up over the year. You’ll benefit from pound-cost averaging, and it will upset the provider marketing guys too. Which is always good sport. u

Mark Polson is the founder of price comparison website The Lang Cat

‘if you’re transferring, be ready

for it to take a while – up to

30 days is not uncommon’

For your ISA only Mark Polson looks at the platform options available for investors thinking about how to best use their ISA allowance


On the hunt for loot Keeping on top of the paperwork has helped the Finloot Investment

Club to remain on an upward trend during its 18-year history

In 1999, the euro currency was launched, unemployment fell to the lowest level for 20 years, Manchester United manager

Alex Ferguson and ITV newsreader Trevor McDonald received knighthoods and what some may consider most important, Grant Mitchell left EastEnders. It was also the year that the Finloot Investment Club began its existence, and the club has been going strong for a very impressive 18 years since.

Chris Webb, current club treasurer and secretary, explains that the club’s name was formed as a conflation of the words FINance and LUTon. The latter is indeed the Bedfordshire town in which the current 15 members reside, meet on a monthly basis and regularly socialise.

When the club was first formed, and in a period Chris notes when there was nothing else to do and not a lot of money to invest, the members decided to devise and write down a

constitution and set of rules. Chris comments that, as a group, they have not often needed them, but says, ‘It is nice to know that we have something to refer to should there be a difference of opinion.’

A legible ledgerThe members do, however have one criterion that they always follow, and that concerns the size of their portfolio. ‘The number of holdings must fit onto an A4 landscape page, and the characters have to be large enough to be read by all,’ says Chris. Their current portfolio consists of approximately 30 holdings, spread across a number of sectors.

Marks & Spencer was the first share the group bought, and throughout the years the portfolio has developed and been shaped around companies primarily in the FTSE All-Share. While the collective have dipped their toes into the AIM market once or twice,

they explain that it has not been with much success. They also highlight that investments in this index would require ‘more research than they are prepared to do’.

Talking about the club’s strategy, Chris says, ‘We buy shares £1,000 at a time; we don’t contribute a set amount each month, as some other clubs do. For us, it all depends on what cash is available and what we consider to be a good investment at the time.

‘We do invest in new holdings with the aim of keeping a diverse portfolio, but we are also adding to our “good investments” and selling our “no hopers”.’

The Finloot Investment Club defines a ‘good investment’ as one they have had for a year or more and has grown consistently with steady dividends. A ‘no hoper’ is an investment that is running at a loss and whose three-month trend is negative, as shown on their monthly documentation.

Investment clubs


The Share Centre’s view

It is really good to see that the club is prepared to sell what they believe to be investments that have started to underperform, or are companies on which

they have since changed their view. Being prepared to cut and run is admirable

because it is often harder to sell a share than it is to buy a share. It is sometimes the case that investment clubs, as well as individual investors, can perhaps view a share with rose-coloured glasses in the hope that it will recover and, as many will be aware, this is not always the case.

When looking at the Finloot Investment Club’s portfolio, I would personally say that the number of shares at present is more than enough for one portfolio. In fact, it is my opinion that it may be worth the group

reviewing their holdings and cutting back just slightly, because being just shy of 30 holdings would be at the top end for a portfolio such as this.

I believe this to be the case as it will be hard for the group to concentrate on all the activity, and there is the possibility that it dilutes their portfolio and subsequently becomes harder to manage.

While their portfolio consists of a good spread of sectors, it is weighted heavily towards large blue-chip companies. I would suggest, perhaps for the sake of interest, they might consider looking a little more at mid-caps, which are often more interesting because they tend to be a bit more specialist and/or are in niche markets.

On a side-note, I would expect that the group have been pleased with the recent performance of their second-largest holding, Synthomer. We’ve always rated this as a very interesting company, and it

has even had a spell on our ‘recommended shares to buy’ list.

I am pleased to see that the club have a constitution and set of rules which they devised at the beginning of their existence. As Chris notes, these kinds of documents are very useful when there is a difference of opinion. I also admire the club’s dedication to keeping everybody up to date with the performance of the holdings over both a three- and 12-month period, to help them make informed decisions.

I always note that the social element of being involved in an investment club is so important, as it keeps everyone interested and is an excellent relationship builder, and I am really pleased to see that the club view this element in the same way.

I would like to wish the Finloot club all the best for the future, and hope that their upward trend of late continues in the same direction for some time to come.

Informed positionA major part of Chris’s current role within the investment club is producing and distributing the paperwork, which also includes a comprehensive list of the past 12-month performance of all the shares held in the portfolio as well as a record of the present value of each member’s assets.

He notes, ‘With an investment club, it is important that there is always up-to-date documentation for each monthly meeting, so that everybody is fully aware of how we are doing. I always use the status of our holdings from Share.com at close of business the day before our meeting to ensure that the data is as current as possible. My spreadsheet is full of formulae so that the process for producing the documentation is automated as much as possible.’

The club’s members have a very mature view on investing. They say that, as amateurs,

they recognise that they do not have the time and knowledge to be experts, and the most important lesson the members have learnt is building into their mindset the fact that they must be prepared to lose it all. Nevertheless, Chris declares, ‘Normally, however, we are making a profit and do not take it too seriously!’

Chris expresses that the social element to being a member of an investment club is something of great importance to all members. ‘Our meetings are always social events at the local pub,’ he remarks. ‘We do also socialise outside of the gatherings and look forward to an annual lunch for members and guests.’

He concludes by saying, ‘For a group that has been investing for 18 years, I would say we are still very active, and our portfolio has generally been on an upward trend. Long may this continue.’ u

Investment clubs

Graham Spooner is investment research analyst at The Share Centre

The club’s top ten holdings

Holding % of the portfolio

International Biotech 8.4

Synthomer 8.0

Compass 7.1

Smith & Nephew 6.9

National Grid 4.8

GlaxoSmithKline 4.5

Crest Nicholson 4.2

Booker Group 3.7

HSBC 3.7

Taylor Wimpey 3.7

Total 55.0


The last word

Having a skinful When deciding whether to take the plunge, Terry Bond advises potential investors

to find out whether the company’s directors are willing to risk their own money

A pioneer of the investment club movement, Terry Bond has been a private investor for three decades. He is a member of the London-based Mashed Pesetas club.

Skin in the game. It’s a lovely phrase, oft used in City circles to describe an essential ingredient of an activity that

comes under the heading of Additional Research. Originally coined by renowned investor Warren Buffett, it describes a situation in which high-ranking insiders use their own money to buy stock in the company they are running.

It came to mind recently when I learned that a well-respected senior executive with a FTSE 100 company in which I have a reasonable holding was jumping ship to join a much smaller competitor. On the face of it, the move was puzzling. The chap had built an excellent business reputation in his current position and the jungle drums were predicting a swift move up the management ladder. Even more strange was the rumour that he was taking a drop in salary.

Perks of the jobI decided to dig around a bit, make a few phone calls, find out the facts behind the news. The picture quickly became clear. Our friend had been lured from his safe perch by incentives in the new company that were not included in his existing employment package. A cash bonus based on performance that could double his salary. An option to acquire advantageously priced shares at various stages in the future. A directorship and a seat on the main board. In personal financial terms it was obviously going to be a sensible move.

A closer look at the annual report of the new company revealed information about his fellow directors. They were all relatively young (from where I’m sitting, that means everyone under 60!). In each case, their shareholdings were substantial and, in the case of the executive directors, the share options were significant. In other words, they all had skin in the game.

Any business psychologist will tell you that such all-inclusive financial involvement in a business creates an entirely different

approach to those board members who are rewarded only by their monthly fees. The man or woman whose entire future and standard of living are integrally tied to the company thinks more strategically and makes much more considered and common-sense decisions in the board room.

In the opinion of many professional investors and investment companies, skin in the game for directors, and if possible for senior executives, is a most important requisite.

While on the subject of company boards, scrutiny of the directors list can often provide other revealing information. In particular, those who are there in a non-executive capacity are worth examining in some detail.

Time was when a non-executive directorship was more often than not a sinecure for the recently retired, a way of rewarding friends of the company who would be prepared simply to turn up for board meetings once a month. In return, they would receive a few thousand – typically between £15k and £25k per annum – provided they nodded in all the right places and didn’t interrupt too often.

Call of dutyThat was a long time ago, however. Now the rules are different. The non-executive director has defined duties and expertise in corporate governance and risk management, as well as determining appropriate levels of remuneration for executive directors, and has a prime role in appointing, and where necessary removing, executive directors and in succession planning. There’s no room here to describe all the responsibilities; suffice to say that the non-exec’s job is an onerous one and, in the event of a company getting into trouble, for the non-executive director ignorance is not a defence.

Nevertheless, some company boardrooms are still a resting place for the favoured few who have nothing more to offer than acquiescence, so when you research the list of those who do not actively work for the company, try to find out what they actually bring to the job. Google them, look on LinkedIn or Facebook or whatever, see if they have professional qualifications. Do they have a working knowledge of the company’s activities, or an expertise that will produce relevant informed decisions? Or do they represent a major shareholding?

Finally, check how much skin each director actually has in the game – it must be enough to matter – and whether any board member has sold any shares lately. Remember, being thin-skinned is not impressive, and nobody sells shares that they expect will go up in the near future. u

‘Remember, nobody sells shares

that they expect will go up

in the near future’

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SCOTTISH AMERICAN INVESTMENT COMPANY

*Source: Baillie Gifford & Co, data as at 31 December 2015. Your call may be recorded for training or monitoring purposes. The Scottish American Investment Company P.L.C. is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an affi liate of Baillie Gifford & Co Limited, which is the manager and secretary of The Scottish American Investment Company P.L.C.

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2011 2012 2013 2014 2015

Total dividend per ordinary share (net) – pence per share* 9.45 9.8 10.2 10.5 10.7

Past performance is not a guide to future returns.

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

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