AT THE HEART OF INVESTMENT SINCE 1995 …...11 March 2019 investmentweek.co.uk Analysis 3 Managers target digital payment stocks as move to cashless society accelerates By Mike Sheen

THIS WEEKAnalysisManagers target digital payment stocks as move to cashless society accelerates

page 3

NewsInvestment20/20 programme boosts industry with more than 1,000 recruits since launch

page 6

CryptocurrenciesWill Russia replace reserve currency with Bitcoin?

page 22

Active Investing

Square Mile’s Jason Broomer shifts back into UK active funds after ‘fighting a losing battle’

page 28

Leader Helping female millennials with their financial futures

page 30

OpinionThe myths and misunderstandings behind active share

page 31

The asset managers tackling the stigma of mental health in the workplace: pages 14-16

INVESTMENTAT THE HEART OF INVESTMENT SINCE 1995

WEEKinvestmentweek.co.uk 11 March 2019

2 Contents

investmentweek.co.uk 11 March 2019

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†Since launch data from 16 June 2011. Source: Lipper Limited, class I GBP accumulation units, mid to mid in sterling to 28 February 2019. From 4 February 2019, this fund changed from a dual-priced to single-priced basis; historic performance is unaffected.All fi gures show total returns with dividends reinvested. Benchmark is MSCI AC World NR GBP. Sector is IA Global NR.

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www.artemisfunds.com/globalselect [email protected] 0800 092 2090THIS INFORMATION IS FOR PROFESSIONAL ADVISERS ONLY AND SHOULD NOT BE RELIED UPON BY RETAIL INVESTORS. The fund is an authorised unit trust scheme. For further information, visit www.artemisfunds.com/unittrusts. Third parties (including FTSE and Morningstar) whose data may be included in this document do not accept any liability for errors or omissions.For information, visit artemisfunds.com/third-party-data. Third party endorsements are not a recommendation to buy. For further information visit www.artemisfunds.com/endorsements. Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority. For your protection calls are usually recorded.

2Analysis 3Managers target digital payment stocks as move to cashless society accelerates.Analysis 5Is a much-needed turnaround on the cards for Woodford in 2019?News 6Investment20/20 programme boosts industry with more than 1,000 recruits since launch.

News 7Seilern IM’s founder plots expansion to wholesale market.The Week in Investment 8What did you miss? All the key news from across the industry and our data dashboard.Wealth Management 10Three investment themes to weather ‘short-term noise’.US 12Where next for US equity valuations?

The Bigger Picture 14The asset managers tacklingthe stigma of mental health in the workplace.Diversity 20Part two of top tips for women breaking into investment.Cryptocurrencies 22Will Russia replace reserve currency with Bitcoin?UK 28Square Mile’s Jason Broomer shifts back into UK active funds after ‘fighting a losing battle’.

Leader 30Helping female millennials with their financial futures.Opinion 31Seneca IM’s Peter Elston: The myths and misunderstandings behind active share.Bulls and Bears 32Eight fund managers present the bull and bear case for global asset classes.Statistics 36Unit trusts, OEICs and investment trusts.

11 March 2019 investmentweek.co.uk

3Analysis

Managers target digital payment stocks as move to cashless society acceleratesBy Mike Sheen

Twitter: @michaeljsheenThe move towards a cashless society has driven portfolio managers into electronic payment infrastructure and emerging fintech names, while some are predicting the trend will lead to the terminal decline of poorly-prepared traditional developed market banks.

The annual Access to Cash Review, published last week, revealed cash is now only used for a third of transactions in the UK, down from almost two-thirds a decade ago, and forecast to fall as low as one tenth of transactions within the next 15 years.

Similarly, a recent GlobalData survey showed a reduction of 37% in the total amount of cash spent in the UK from 2012 to 2017, with the firm predicting a further 35% decline by 2022.

While the UK is by far the largest user of digital payments in Europe, according to comparison website Merchant Machine, this is a global phenomenon. According to China’s Ministry of Industry and Information Technology, mobile payment transactions in the country reached a record $12.8trn from January to October 2018.

Similarly, the impact of demonetisation in India has led to the rapid expansion of digital payments in the country.

Manager of the AXA Framlington FinTech fund Vincent Vinatier explained there are three main drivers in building a cashless society.

Firstly, the demographic profile of a market, with younger populations accelerating the trend. Secondly, infrastructure, which is particularly relevant in many emerging markets, where traditional banking infrastructure such as ATMs have been “bypassed”, he said.

Finally, political will, with countries “trying to increase their tax take, while reducing the amount of money going into the informal economy, which is really helped by moving to digital transactions”.

In efforts to benefit from the global transition from cash, Vinatier allocates to ‘payment rails’

such as Visa and Mastercard where revenues are driven by growth in volume of digital payments.

Vinatier said: “Visa is one of the companies at the centre of this because it provides the payment rails that people and firms, including some of the newer and more advanced companies, are using.”

In addition, the fund is investing in payment solutions firms like Worldline, which provide specialised IT systems for retailers and other sectors, he explained.

Danger for banks?Similarly, CIO of concentrated global growth at AllianceBernstein Mark Phelps is also invested in payment rails Mastercard and Visa, and has historically owned

European equivalents Worldpay and Ingenico.

In addition, while Phelps’ Concentrated Global Growth strategy does not invest in developed market banks for a plethora of reasons, he believes the move towards a cashless society will be detrimental to many banks in the longer term.

He explained: “Technology continues to change the nature of the business, but these firms have a lot of legacy systems that means, while profitable, they are very slow to change.

“If they do not change, the new fintech firms will come and eat their lunch, particularly on more profitable business. They will be left with the less profitable business, which they

are underinvested in.”However, Phelps does invest in

banking software firm Temenos, which works with bank back-office systems to prepare them for a digital world.

Global equities analyst at Sarasin & Partners Rolando Rodrigues also has concerns for the consumer banking sector, which will “eventually move almost all business online”.

He said: “Those banks with big consumer businesses and scale will be the winners.

“Those that do not have the money to invest because they are small, or do not have the revenue base to spread the fixed cost of a new IT system or consumer interface, will be the losers.”

Rodrigues added Sarasin also has “a big holding” in payment rail firm Mastercard, which he explained “has endless economies of scale because the cost of one additional traction is zero”.

He added: “As it grows, it will increase not only its revenues, but also its margin. It is the perfect investment because share appreciation will occur both because of higher earnings and because of a re-rating of the stock, which we expect to continue.”

Mastercard’s share price is up almost 150% over five years to 5 March, while Visa is up by more than 160% over the same period.

Limited listed opportunitiesHowever, the potential to invest in the transition to a cashless society is limited by the number of companies profiting from the change that are available to the average investor, according to co-fund manager of the Merian Chrysalis investment trust Nick Williamson.

He said: “While there have been a number of payment processors listed in the UK, there are currently few of any scale to choose from, with Worldpay perhaps the most obvious.

“Given London’s fintech pedigree, this could be said to be somewhat disappointing.

Continued on page five

The transition to a cashless society

Source: G4S 2018 Cash Report, Access to Cash Review 2019

World average ratio of currency in circulation vs GDP9.6%

World average number of cards held by individuals 2

Most cash transactions: South Korea

Cash payments as a proportion of UK transactions

14%

33%

Visit investmentweek.co.ukIn the latest episode of the Top Down podcast Octopus Investments CEO Ruth Handcock joins Jayna Rana and Mike Sheen to talk about gender diversity and how to promote more women into senior positions within the asset management industry

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5Analysis

Is a much-needed turnaround on the cards for Woodford in 2019?By Jayna Rana

Twitter: @Jayna_RanaNeil Woodford’s £796m Woodford Patient Capital trust has seen a significant turnaround in performance over the past six months following a dismal period, while the manager’s £4.6bn open-ended Woodford Equity Income fund has also seen a marginal pick-up year-to-date, suggesting a potential turning point for the funds.

During the three years since its launch in June 2014, the group’s flagship Equity Income vehicle was on a positive trajectory, outperforming both its IA UK All Companies sector average and the FTSE All-Share, with a return of 40%. However, since June 2017, when assets were at a peak £10.3bn, the fund has underperformed and assets dropped by 55% to £4.6bn as at 28 December 2018, according to FE.

Some wealth managers removed the fund from recommended lists including fund research ratings agency FundCalibre, which ejected it from its ‘elite’ funds early last year.

Managing director Darius McDermott said: “The rating was withdrawn due to a deterioration of our AlphaQuest screening score to below the minimum requirement.”

However, December saw the lowest level of redemptions throughout what was a volatile 2018 across all asset classes, and year-to-date performance is up with the fund returning 4.8%. However, this is still behind the sector average return of 8.5% and All-Share return of 7.5%.

A spokesperson for Woodford Investment Management said: “Having a clear, ‘bigger picture’ macro view has always been a critical part of Neil’s investment approach and he does not prescribe to the crowded consensus view. A key part of his strategy over the past year has been to invest in

what he believes to be the cheapest asset class he has witnessed in the 30 years of managing money – UK domestically-exposed equities.

“Neil (pictured) believes there is risk in stocks whose share prices and valuations have risen on an increasingly false premise. He is instead invested in companies with greater potential for upside whose share prices have been weak and predicated on a view, which he does not share, that the UK economy is about to go into recession.”

There are several themes at the core of the Equity Income portfolio, including significant exposure to the housebuilding sector and further UK domestic exposure through building materials, financials, construction, outsourcers, logistics, media companies and property businesses.

WPCTMeanwhile, Woodford Patient Capital Trust had a poor start to its life after launching at a record-breaking (until the launch of Smithson trust last

year) £800m in April 2015. But shortly after, assets started to fall and performance faltered – today the trust is down by 18% since launch, well behind its AIC UK All Companies sector average gain of 26% and the FTSE All-Share, which returned 19% over the same period.

This is largely thanks to exposure to smaller healthcare stocks and other early-stage companies, which had not initially performed as well as the manager anticipated. However, the valuations of many holdings started to turn over 2018 and attention was drawn back to the trust, pushing AUM up to near £1bn.

The team believes there is scope for 2019 to be even better in performance terms, with companies largely at more mature, less risky stages of development and a number of significant milestones on the horizon.

Over one year to 4 March, the trust is back in the black, having delivered 8.7% ahead of both its benchmarks and was also promoted to the FTSE 250 at the end of 2018.

Many investment trust analysts remain positive on the fund, with Stifel giving it a ‘buy’ rating and Winterflood putting it on its recommendations list for 2019, stating the current discount of 14% “offers an attractive entry point”.

Meanwhile, Thomas McMahon, senior analyst at Kepler Partners, added: “Neil’s success was built on making contrarian calls on the stockmarket, most notably by staying out of the 2000 dotcom bubble and avoiding banks prior to the 2008 crisis.

“Investments in the tobacco and pharmaceutical sectors made when they were out of favour were also particularly successful.

“His success in the past has therefore been built on making unpopular calls and sticking to his guns when criticised intensely, a pattern which we may be seeing once again.”

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Managers target digital payment stocks as move to cashless society accelerates

“The issue is many of the most exciting and fastest growing businesses are often financed privately. This is especially the case if their business models display capital-light, tech-enabled characteristics.

“The trend is for these types of businesses to stay private for longer, eschewing an IPO until the majority of super-normal returns have been captured by the private investors.”

Williamson, whose trust is able to access unlisted companies, added that over the last four months, the

trust has invested £85m into “a number of potentially very high growth investments”, particularly in the payments space where it has positions in Transferwise.

Prepare for negative ratesWhile the continued transition towards a cashless society will have an impact on individual stocks, managing director and chief market strategist for EMEA at J.P. Morgan Asset Management Karen Ward said it could also open up the potential for central banks to utilise more “unconventional tools”.

She explained the use of negative interest rates in countries like Japan and Switzerland, which are “essentially forcing people to spend”, has seen difficulty in implementation as “people can just withdraw cash and hold it physically, limiting how impactful negative rates can be.”

Ward added: “In theory, if you moved to an entirely cashless society, you could move to this system as normal conduct of monetary policy.”

Normalised negative interest rates under these conditions would therefore have a similar impact

to quantitative easing as people “move progressively through the risk system”, she said.

Ward explained: “Central banks could force people out of cash into government bonds, easing the cost of government financing and helping them to spend, and then into corporate bonds or even equities, thereby easing the financing pressure on companies and helping them to spend too.

“It would be across the board support for asset prices because of what it does in that process of search for yield,” she added.

Continued from page three

6 News


Investment20/20 programme boosts industry with more than 1,000 recruits since launchBy Jayna Rana

Twitter: @Jayna_RanaInvestment20/20, the careers service designed to promote entry-level talent, diversity and inclusion for the investment management industry, has helped more than 1,000 young people from a range of backgrounds into employment since its launch in 2013.

Founded by Nichola Pease, non-executive director at Schroders, and Andrew Formica, CEO at Jupiter, the initiative works with over 40 asset management houses to find trainees among school and university leavers, 85% of whom went to a state school and many being the first in their family to go to university.

Out of the total 1,339 candidates

enrolled on the programme since launch who have completed the one-year traineeship at an asset manager, 75% (1,004) were subsequently employed by their sponsor firm.

50% of total trainees have come straight out of school, while the other half were university graduates. Meanwhile, 41% come from a BAME (Black, Asian, Minority Ethnic) background and 37% are female, helping to diminish the stereotype that the financial industry is “pale, male and stale”.

In 2018, Investment20/20 merged with the industry trade body, the Investment Association (IA), which has helped expand efforts.

IA CEO Chris Cummings said: “A diverse workforce and strong

pipeline of talent are key to the success of any forward-looking industry, helping businesses to innovate, grow and meet the needs of their customers.”

Meanwhile, the initiative attended 158 careers events throughout 2018, a 50% increase on the previous year. The group also launched its Think Investments programme in association with charity Career Ready for those from particularly disadvantaged socio-economic backgrounds. It offers work shadowing and masterclasses such as an introduction to investments and assessment centres, and participants can enroll onto Investment20/20 if they wish to.

Karis Stander, MD of Investment20/20, said the

programme accepts applications from all backgrounds, though she has intensified the push on ‘new’ universities, while also targeting arts and non-business students as well as those studying business, finance and economics.

She added: “With diversity increasingly baked into firms’ recruitment processes, Investment20/20 has a key role to play in helping the industry deliver on its aim to see its workforce reflect the diversity of the savers and investors it serves.”

Investment20/20 does not have diversity quotas but said partner firms may set their own targets. It counts 43 partner firms, including Fidelity, M&G, J.P. Morgan Asset Management and Invesco.

85%Percentage of trainees in the Investment20/20 programme coming from state schools

7News


Seilern IM’s founder plots expansion to wholesale marketBy Tom Eckett

Twitter: @TomEckettIWSeilern Investment Management is targeting the wholesale market for the first time in its 30-year history as the firm looks to move away from the institutional space.

Speaking to Investment Week, Peter Seilern (pictured), founder and chief investment officer of Seilern IM, said previously the firm had been solely focused on selling their three-strong fund range to the institutional space as the firm’s investment approach was better-suited to the pension fund industry.

However, inflows did not take off due to pension funds being limited in the amount of equity they can hold in their strategies, he explained.

As a result, he has turned his

attention to the intermediary market, after previously shunning the area and said he is relishing the challenge.

“We are making a commitment to the intermediary market from now on. We recently became a member of the Investment Association which shows we really mean business in the UK.”

Performance in the group’s range over recent years has been strong. The firm’s flagship £645m Seilern Stryx World Growth fund is top quartile over one, three and five years, returning 73.3% over the past three years versus 52.1% for the IA

Global sector, as at 20 February.Meanwhile, its $178.8m

Seilern Stryx America fund has also been top quartile over the same periods, returning 91.2%

in sterling terms over the past three years versus 64.4% for the IA North America sector and 65.6% for the S&P 500, a notoriously difficult index to outperform.

The funds are concentrated, usually holding between 20 and 30 stocks

and focusing on quality, growth stocks.

Seilern explained: “We avoid anything that is subjected to the vagaries of the price of money

such as banks, anything that is influenced by matters beyond a company’s control such as automobiles or anything that prevents a business from having pricing power.”

EuropeThe firm’s third fund, the €54.7m Seilern Stryx Europa fund has failed to attract a similar level of inflows compared to the other two strategies, which Seilern blamed on the negative sentiment around Brexit, Italy and the eurozone growth.

“There is a minimal risk that the European Union or the euro will break-up,” Seilern said. “Even the Italian government does not want to leave the euro as they know it will bankrupt the country.”

The fund has returned 9.3% over the past year versus -1% for the IA Europe ex-UK sector.

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8 The Week in Investment


Monday 04 | 03

Aviva appoints Maurice Tulloch as CEOUK insurer Aviva has appointed Maurice Tulloch as its chief executive officer, taking over from Sir Adrian Montague, who has been acting in an executive capacity. Aviva’s previous CEO Mark Wilson stepped down from the role last year to allow for the group’s “next phase of development”. During the transition, non-executive chairman Sir Montague assumed executive responsibilities and led a chairman’s committee of the three executive directors Andy Briggs, Thomas Stoddard and Tulloch himself.

Tuesday 05 | 03

AREF to help IA expand property expertiseThe Association of Real Estate Funds (AREF) is joining the Investment Association (IA), as the latter makes an effort to expand its membership offering in the property sector. A memorandum of understanding between the two industry groups will see them combine their resources and expertise, while members will benefit from an expansion of their member services.

Update: Bosses of struggling City Financial borrowed £4m from business - reports Aviva appoints Maurice Tulloch as CEO Brexit Blog: BoE sets up euro swap line in event of no-deal Asset management gender pay gap ‘worse than last year’ Best and worst-performing funds over ten years of QE Lord Rothschild: ‘2018 was the most difficult and treacherous year since 2008’ Five key ESG themes for the coming year ‘Unfashionable’ UK funds lead February performers Industry heavyweights team up to launch MosaicNED Lindsell Train IT edges close to peak premium once more

investmentweek.co.uk

10 MOST READ STORIES ON THE WEB

Legg Mason affiliate Martin Currie has promoted former chief executive of Old Mutual Global Investors Julian Ide to CEO. The promotion of Ide (pictured), who joined Martin Currie in May 2018 as head of distribution and business strategy, sees Willie Watt step down from his 18-year stint as CEO but retain his position as chairman. Prior to joining Martin Currie, Ide served as CEO of ETF business Source, which was acquired by Invesco in 2017. He has also held senior roles at several other firms, including Credit Suisse and ABN AMRO. In his new position, Ide will lead the Martin Currie executive team and have business oversight of the firm’s investment management operations.

Data dashboard

Sept 2018 Feb 2019Dec 2018Nov 2018Oct 2018 Jan 2019

Comparative total returns

6 September 2018 - 5 March 2019. Source: Morningstar

%

-17

-15

-13

-11

-9

-7

-5

-3

-1

1

3

FTSE All ShareFTSE 250

FTSE 100

Mar 2019

Monday 04 | 03

BMO GAM launches sustainable development equity fundBMO Global Asset Management has launched a global equity fund focusing on the United Nations’ 17 Sustainable Development Goals (SDGs). The BMO SDG Engagement Global Equity fund has been seeded by UBS Global Wealth Management through its 100% sustainable investing initiative and has an ongoing charges figure of 1.1% for retail investors. The fund will be managed by BMO GAM’s co-head of global equities Jamie Jenkins, supported by the global equities and responsible investment teams. It will hold between 40 and 60 global small and mid-cap equity stocks with a focus on offering investors exposure to companies delivering a positive impact on the world.

People moveMuzinich & Co has hired Archie Beeching (left) from the United Nations-backed Principles for Responsible Investment (PRI) unit as its first ever director of responsible investment

MFM Techinvest Technology 23.73 QQQPolar Capital Healthcare Opps 22.56 QQQQArtemis US Smaller Companies 20.73 QQQQQBrown Advisory US Sust Gth 20.59 Baillie Gifford Global Discovery 20.47 QQQQQBaillie Gifford American 20.06 QQQQQBrown Advisory US Equity Growth 19.79 QQQQLegg Mason IF RARE Gbl Infras Inc 19.37 Brown Advisory US Mid-Cap Gth 19.27 Brown Advisory US Smaller Companies 19.11 QQQQQ

Unit trusts: top 10 performing funds over one year % Morningstar ratingTM

BNY Mellon Brazil Equity 144.93 QQQQQPolar Capital Global Tech 133.10 QQQQQJPM US Small Cap Growth 118.99 QQQBaillie Gifford American 116.59 QQQQQNeptune Global Technology 116.37 QQQQQAXA Framlington Global Technology 115.39 QQQQQHSBC GIF Brazil Equity 114.70 QQQMS INVF US Growth 109.64 QQQQQGAM Star Technology Instl 108.54 QQQCavendish AIM 107.27 QQQQQ

Unit trusts: top 10 performing funds over three years % Morningstar ratingTM

As at 1 March 2019. Source: © 2019 Morningstar

IA sector returns (%) to 5/03/2019 3-mth return 6-mth return 1-yr return 3-yr return

Source: © 2019 Morningstar

IA £ Corporate Bond 1.59 -0.09 0.34 13.24IA £ Strategic Bond 2.54 0.93 0.75 12.76IA Asia Pacific Excluding Japan 3.50 -0.51 -0.41 50.94IA Europe Excluding UK 0.93 -8.25 -3.90 30.62IA Global 1.55 -4.28 4.61 44.67IA Global Bonds 0.52 -0.03 1.74 14.99IA Global Emerging Markets 2.94 2.08 -5.11 49.58IA North America 0.51 -5.65 8.71 54.40IA UK All Companies 4.03 -5.15 1.53 24.24IA UK Equity Income 4.35 -3.29 2.37 19.54IA UK Smaller Companies 2.30 -10.75 -4.05 35.28

For professional client use only, not for distribution to retail clients. The value of investments and any income received from them can go down as well as up, and investors may not get back the full amount invested. Issued by Franklin Templeton Investment Management Limited (FTIML). Registered offi ce: Cannon Place, 78 Cannon Street, London EC4N 6HL. FTIML is authorised and regulated by the Financial Conduct Authority.© 2018 Franklin Templeton Investments. All rights reserved.

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10 Wealth Management


Three investment themes to weather ‘short-term noise’By Lauren Mason

Twitter: @LaurenMason_IWKingswood’s Richard Stammers and Rupert Thompson have outlined three key investment areas they believe will stand the test of time as investors prepare for a period of heightened volatility in markets.

In a world dominated by Brexit, US-China trade wars and ongoing bouts of geopolitical uncertainty, the pair stressed the importance of investors remaining diversified, while also backing themes that are more likely to weather “short-term noise”.

Below, chief investment strategist Stammers (pictured left) and Thompson (pictured right), head of research at the firm, detail the investment themes they believe will hold up over a five- to ten-year time horizon.

Technology“Technology as a theme is not a revolutionary idea, but in terms of the biggest growth theme over a ten-year period, I cannot think of anything else quite so attractive,” said Thompson. “The number of growth stories in this field – be it AI, robotics, the Internet of Things, digital protection or cyber security – is substantial.

“In terms of valuations, some of the big stocks are getting toppy, albeit prices have come back somewhat. But overall, valuations are still reasonable given their growth prospects. In terms of our clients’ time horizons, so typically in excess of five to ten years, we think it’s very attractive.”

Stammers said investors commonly track the NASDAQ index as a cheaper way to gain access to technology stocks. However, he called this “naïve” and prefers to use actively-managed tech funds.

In particular, he likes Polar Capital Global Technology, which is headed up by Ben Rogoff and Nick Evans. The £2.1bn fund typically holds between 60 and

85 positions at any one time, all of which are chosen using fundamental stock analysis without any benchmark or tracking error constraints. Its largest current holdings include the likes of Alphabet, Microsoft, Alibaba and Tencent.

“This is our favourite fund in the sector; it has a diversified portfolio of holdings, a great performance track record and trustworthy managers,” Stammers said. “They are not just chasing big names. The point about investing in tech is that it is home to a whole host of sub-themes most people can miss. These two managers have been investing in technology for more than 20 years and we think they are excellent.”

InfrastructureAnother long-term theme Stammers and Thompson use across clients’ portfolios is infrastructure. According to FE data, every single open-ended and closed-ended infrastructure fund with a long-enough track record has outperformed the MSCI AC World index over the last 12 months – a period of markedly high volatility.

Stammers and Thompson said it is their ability to protect on the downside, as well as pay attractive dividend yields, that makes infrastructure funds attractive long-term investments.

“People need roads, they need power stations and they need bridges, this does not dissipate,” Thompson explained.

Their preferred infrastructure fund is Lazard Global Listed Infrastructure Equity, which is run by Bertrand Cliquet. The pair said Cliquet, who co-founded the fund in 2005, is a “dependable and impressive manager, who navigates a difficult investment field very well”.

Stammers said: “[Infrastructure is a] sector that is highly dependent on moves made by regulators, so you really, really have to be on top of local regulations and what is going on, it is a minefield.

“However, Lazard’s team really is. The manager is also not afraid to use his knowledge to take contrarian bets; more than 50% [of the fund] is in Europe rather than the US. While most people think Europe is a basket case, Bertrand believes now is the safest time to invest there.”

Lazard Global Listed Infrastructure Equity has £1.3bn of assets under management and is a concentrated portfolio of 26 stocks. In terms of sector weightings, it is overweight utilities, industrials and consumer services relative to its MSCI World Core Infrastructure benchmark.

AlternativesWhile not a macroeconomic theme, Stammers and Thompson stressed the importance of asset class diversification over the very long term, particularly through market-neutral strategies.

“This is particularly poignant now, given where we are in the

current stage of the cycle, where neither equities nor bonds look cheap,” Thompson explained. “For the past year or so we have been trying to increase our weighting to alternative funds. However, it does take a lot of work to find the right strategy.”

The duo said there are numerous problems with the IA Targeted Absolute Return sector – where many of the alternative funds lie – but pointed out there is a small selection of “hidden gems” that should provide long-term investors with much-needed diversification.

For example, they like the £53m Levendi Thornbridge Defined Return fund, which was launched by managers David Stuff and Frank Copplestone at the start of 2018. The fund aims to generate an annual return that is at least 6% above sterling deposit rates, while maintaining a volatility below 10%.

It does this predominantly through a portfolio of autocall structured products. These tend to be a basket of indices, which return 100% of invested capital as well as a relatively high coupon if their performance beats the strike price.

“The fund is only a year old but has done exactly what is was supposed to do so far. It performed particularly well in the recent sell-off,” Stammer said. “Further down the risk spectrum, we like the TwentyFour Absolute Return Credit fund, which is also run by a very smart team.”

Thompson added: “We are always looking for new opportunities in the alternatives space but it is hard to find products that you really trust.

“One of the criteria we have to invest in such funds is that its process is so simple, we can easily explain it to clients. If you can do that, people get it, and it is easier to decipher whether its performance is as expected, or whether something has gone wrong.”

See page 30To read this week’s leader comment on how the industry can help female millennials with their financial futures

12 US


Where next for US equity valuations?By Sam Shaw

Equity valuations are not at the “sky-high” levels that Berkshire Hathaway CEO Warren Buffett called out in last month’s annual letter to shareholders, according to a panel of US equity specialists.

Speaking at the Aravis US Fund Forum 2019, in a panel discussion chaired by BMO Global Asset Management’s Gary Potter, Bill Miller, chief investment officer, chairman and portfolio manager at Miller Value Partners said equities were “the only game in town” as all eyes are on the US Federal Reserve to see where equity valuations multiples might head.

Potter (pictured left) said: “Valuing companies is hard to do, even harder to get right and the market – currently trading on 14x, 15x earnings – is very unforgiving if you miss by even a cent.”

He said that despite the economy slowing

there were still plenty of “outstanding” investment opportunities to be found in US stockmarkets, contrary to Buffett’s frustrated sentiment.

Miller (pictured right) responded: “When you think about equities and what valuations look like, you have to think, compared to what? Neither cash nor bonds are in competition with stocks. I believe stocks are about the only game in town.”

He explained that with the S&P 500 trading on 15x price/earnings with estimated earnings growth of 6% a year and 10-year Treasuries “trading at 40x earnings” and “those earnings do not grow,” he quashed criticisms of current equity pricing.

Fellow panellist Chris D’Agnes, senior partner and portfolio manager at Hamlin Capital Management, said clients were constantly asking how they face political risk, and he said rather than focusing

on macro noise and its impact on stock prices, he was looking to the yield curve.

“If I wanted to estimate valuations I would want to know where interest rates were trending because over time, to put pressure on price/earnings you need the yield on the 10-year to be at least 6% to 7%. It is not such a huge shock that the P/E on the S&P 500 went down last year because when you look over time at when there has been tightening of rates, historically the P/E multiple on the S&P has decreased.”

Concerns over trade warsPotter asked the question whether greater discount requirements were being factored into decisions over higher-growth companies, given growing concerns over the trade wars being incited by US President Donald Trump.

Alexander Farman-Farmaian, a panellist at the conference and partner and portfolio

columbiathreadneedle.co.ukamount invested. Issued by Threadneedle Asset Management Limited. Registered in England and Wales, Registered No. 573204, Cannon Place, 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised and regulated in the UK by the Financial Conduct Authority. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. 02.19 | J27833_UKWS | 2143812

When it comes to investing, consistency is beautiful.

See page 33To read more on US markets from Beaufort Investments’ Paul Freedman

13US


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manager at Edgewood Management – specialists in high-conviction, high quality growth – said despite the noise, ultimately it comes down to concerns over the greenback.

He said: “In terms of the discount rate we use, it’s really business-specific risk that we look at. Whether it’s a [higher growth or a lower growth] company, it comes down to the company. The dollar will make more or less of a difference depending on a company’s international exposure, so each stock gets valued and we take a view on the discount rate at an individual level, based on its individual characteristics, such as regional exposure.”

Also on the panel was Jim Robillard, founder and president at Spyglass Capital Management – a small- and mid-cap specialist – who agreed trying to time broader market valuations and discount expectations was pointless.

“We do not try and anticipate big economic events – be it US dollar weakness, Brexit, a recession threat - because we can see from the long-term trends that there are normal levels of expectations, be that 6% or 8% in long-term equity market returns - and trying

to get the timing right is just too difficult.“If you miss the best days in the market,

you’re done and if you miss the best days with your stocks, you’re even worse off.”

He added the industry tends to “obsess” over big macro events, with “many commentators being paid good money to talk about them” rather than seeking out good businesses and paying a rational price for the productivity they generate and trying to find the arbitrage opportunity.

“What we are trying to do is take advantage of when other people are distracted by some shiny spectre of disaster, in the hope that we might buy off them because even in a downturn, a fabulous business in ten years’ time should be worth a lot more than it is today.”

Aravis Capital is a London-based distributor of boutique investment managers.

The forum took place in London on 26 February.

14

When CEO of RWC Partners Dan Mannix first came into contact with mental health charity Minds@Work, he came to a sad realisation about the state of financial services.

Mannix attended one of the charity’s regular forums, which saw more than 1,000 people working across the UK talk openly about their experiences with mental health in the workplace. However, he explains, “there was virtually no one from finance there”.

“It was a terrible reflection of the way financial services companies are looking after their people,” Mannix says. “It tells you people who work in financial services have perhaps felt less comfortable than others in terms of opening up.

“But it was also a huge opportunity for us to have an impact.”

Alongside Unilever, RWC became a founding sponsor of the charity, which today provides even more UK firms with a comprehensive hub of resources on mental health in the workplace.

Mannix says there must be a “fundamental mindset change in the approach to mental health from individuals, organisations and stakeholders… united by the belief that it is the right thing to do”.

He adds: “It applies pressure on the broader community to demonstrate they are taking these things seriously.”

Demographics There is a well-known but uncomfortable truth about the City that makes an increased focus on mental health an urgent priority. Men of a certain age represent a disproportionately large portion of the industry; the very people who are statistically most at risk.

According to Samaritans, UK men are three times more likely to take their own lives than women, while men aged 45 to 49 represent the highest suicide rate.

Mannix says: “While the industry is making


The Bigger PictureMental Health

The asset managers tackling the stigma of talking about mental health in the workplace

Continued on page 16

See page 20Top tips for women breaking into investment: our Women in Investment Awards winners give their guidance and advice to young women considering careers in financial services

Mike Sheen talks to a number of leading investment professionals about why industry members are at higher risk of facing mental health problems, and how different organisations are supporting their employees

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16 The Bigger PictureMental Health


great strides to make sure it has ever increasing diversity, as it stands the industry still has a huge bias towards the demographic of men who are most susceptible to mental ill health – one of the manifestations of which is these terrible statistics on suicide.

“It means the industry has an over-exposure to that risk. For many of us, the most likely thing you will lose a male colleague to today is suicide,” he adds.

In addition, a 2016 report on mental health strategy from the City of London Corporation suggested all those working in the Square Mile, regardless of gender, could be more susceptible.

It said: “For many City workers the high pressure, competitive nature and long working hours of City roles may also trigger stress and mental health issues including anxiety, depression and risk-taking behaviours.

“Previously, periods of severe economic problems and job instability have had an adverse effect on the mental health of the worker population.”

Approximately one in four people in the UK will experience a mental health problem each year, according to Mind, and those working within asset management and wider financial services are not exempt from this.

Speaking to Investment Week in October about his own struggle, global head of client strategy at HSBC Global Asset Management Brian Heyworth said the asset management industry must be “brave” in confronting this uncomfortable fact and urged firms to “think hard about what mental health means to them and how they can help improve employees’ mental wellbeing”.

He added: “It is important because the health of an employee is paramount to a healthy, productive workforce.”

For its part, HSBC is working with City Mental Health Alliance (CMHA), where Hayworth is now vice-chair, to help provide employers with a framework and series of recommendations to implement best working practices for mental health initiatives internally.

The coalition of 20-plus organisations spanning law, finance and asset management also includes BNY Mellon and KPMG among its members. The alliance aims to create an environment in the City where mental health is discussed in the same way as physical health.

Similarly, Legal & General’s group-level Not a Red Card campaign, which sits alongside a number of internal well-being policies, works to reduce stigma surrounding mental health with the message that “it’s not a bad thing to talk about mental health in the workplace”.

The campaign states: “Mental health, including stress, is one of the biggest causes of long and short term employee absences, so encouraging employers and employees to have more conversations will help limit its impact and improve wellbeing.

“After all, we talk about physical health, so why don’t we talk about mental health?”

The right fitThere are signs the industry is beginning to wake up to change. Two years on from RWC’s first involvement with Minds@Work, the firm is not the only asset manager to take up the initiative, Mannix says.

“What organisations need to work out is how they can make these efforts authentic,” he adds.

However, the efforts made by companies with regard to the mental wellbeing of their employees is inevitably impacted by the nature of their business, with larger, more international firms having to take a broader approach.

“We are a global organisation,” explains Schroders’ global head of equities Nicky Richards. “While mental health is being discussed more openly in the UK recently, different cultures can have a different attitude towards it.

“We are trying to achieve the same things in different cultures, both in our international

offices and for the employees in our UK office.”Schroders began a campaign in 2018 called

This is Me, which asked staff across the global business to volunteer their own personal mental health stories.

Richards, who is heavily involved with the initiative, explains they were “overwhelmed with the response” and, as a result, the firm realised that mental health could no longer sit with HR alone and “should be adopted across the business in the same way as diversity and inclusion groups”.

Schroders’ London office now has staff trained as mental health first aiders, who are signposted across the office in the same way as physical first aiders in further efforts to destigmatise seeking help.

The firm also employs a cognitive behavioural therapy specialist and has an employee assistance helpline available to all staff.

Going furtherWhile Schroders’ approach has heralded tangible changes, “one of the most powerful things to come out of it is just the openness and the discussion”, Richards says.

She adds: “We realised the importance of talking about mental health openly and not feel there is a stigma attached.

“But it is also incumbent on us to think about education as well. We have invested in these initiatives, but it is about having a programme in place where people can learn from other’s experiences and insights.

“If we can grow our knowledge base we can promote further openness about mental health awareness.”

Similarly, RWC’s Mannix says changes made at a company level can have an impact that goes beyond the office.

He explains: “Organisations have a role in society as well as a responsibility to their shareholders.

“Lots of organisations now engage in initiatives orientated around their role in broader society, rather than simply a focus on shareholder returns. It impacts staff families, their clients and broader society by reducing the cost burden. Ultimately, all these things end up being good for society as well as for organisations,” he concludes.

Continued from page 14

For many City workers the high pressure, competitive nature and long working hours of City roles may also trigger stress and mental health issues including anxiety, depression and risk-taking behaviours. Previously, periods of severe economic problems and job instability have had an adverse effect on the mental health of the worker population 2016 report on mental health strategy from the City of London Corporation

How common are specific problems?

Source: Mind

Every seven years a survey is carried out in England to measure the number of people who have different types of mental health problems. It was last published in 2016 and reported these figures:

Generalised anxiety disorder

out of100 people

out of100 people

Depression

out of100 people

Phobias

out of100 people

OCD

out of100 people

Panic disorder

out of100 people

Post traumatic

stress disorder

out of100 people

Mixed anxiety

anddepression

See investmentweek.co.uk

Follow our Diversity blog: For the latest news, commentary and analysis from the industry

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down as well as up and investors may not get back the amount originally invested. Source: World Gold Council, Q3 2018. This communication Global Investors (UK) Limited (trading name Merian Global Investors). Merian Global Investors is registered in England and Wales (number: 02949554) and is authorised Kingdom, EC4P 4WR. Models constructed with Geomag. MGI 02/19/0028

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Top Tips - Part 2Diversity

Continuing from last week, IW’s Women in Investment Awards winners give their guidance and advice to young women considering careers in financial services. Compiled by Lauren Mason

Top tips for women breaking into investment

Claire Tucker, UBS Fund Analyst of the Year“Don’t be afraid to be your own advocate: set clear goals and get your mentors on board. Aim to progress every day and stay focused. Grab opportunities as they arise, even if you don’t ‘feel’ ready. Don’t stay in your silo, talk to as many people as you can. Go out of your way to help others, and they will help you.”

To read Part 1, go to: investmentweek.co.uk

Alison Porter, Janus Henderson Investors Fund Manager of the Year (L)“Many women in fund management are daunted by the idea that they can’t take the time they need for other things. We don’t just gain relevant experience from company meetings and spreadsheets, but from becoming parents, from friendships and so much more. Believe that all that you are will add value to your decision making.”

Hannah Strasser, SKY Harbor CMInternational Investment Woman of the Year“Investing is a life-long challenge. It’s important to be patient, to invest in yourself through experiencing different roles, and to study history to understand risks that have evolved over time. I credit a lot of my success to being associated with people who were willing to seize new opportunities as they arose.”

Tatjana Greil-Castro, Muzinich & Co Fund Manager of the Year (S/M)“Smart companies don’t employ you to mimic men. Believe in yourself, stick to your guns and be authentic. You lose energy trying to be something you’re not. It is better to use that energy on being productive and solution-orientated.”

Kathleen Hughes, GSAMInvestment Woman of the Year (L) “I would have told my 22-year-old self to dream big. I had no idea what was possible in terms of career opportunities. Also, diversity is becoming increasingly critical so don’t rule yourself out of an investment career just because you didn’t study. If you have a passion for markets and people, I can’t think of a more fulfilling career.”

Nina Bhatt, Janus HendersonTeam Leader of the Year“From my favourite leader – my dad. At a young age he said one short sentence to me which has stayed with me for decades: ‘Nina, aim high, you will go far, aim low, you will stay low’. Such simplicity, but said empathetically to me at the right time. When a true leader speaks, their words are amplified in your mind and can become very powerful.”

Susanne Chishti, FINTECH Circle Social Media Influencer of the Year“Firstly, invest in yourself by learning how the investment sector works in detail. Never give up your financial independence, and be bold in supporting other women by helping to promote them and pay them more. Finally, never underestimate your own power. You can achieve anything in life!”

Lauren von Stackelberg, JP Morgan Private Bank Young Investment Woman of the Year (L)“Look beyond the stereotypes and get to know and love the industry for what it aspires to become. The industry can often be perceived as male-dominated, but I genuinely believe it will become much more gender balanced. As a woman in the industry, you can help your firm to progress this agenda.”

Kate Rogers, Cazenove Capital Change Excellence“To my younger self I would say ‘take ownership of your career and think strategically about what you want’. Search out role models and embrace learning opportunities. Feedback is gold. The industry is ever changing, so I would advise working with change rather than struggling against it.”

Ruth Brooker, BlackRockInvestment Analyst of the Year“Research, prepare and ask questions during the interview process. Where possible meet as many members of the team as possible. Be yourself and back yourself, work hard and be nice to people. Acknowledge your strengths and weaknesses, and seek out feedback on areas of improvement and strength.”

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As we hear the recent rumours that Russia’s usual reserve currency, the US dollar, is to be replaced by Bitcoin, we can only assume the acquisition is both politically and financially stimulated. Many believe it is an attempt to exhibit a move away from the reliance on the US dollar, regardless of Russia holding a record-high $462.1bn in reserve.

This alternative reserve has been perceived

as a way to circumvent US Congress-imposed sanctions onto Russia; ones imposed following US intelligence claim Russia’s interference with the 2016 US presidential elections, the attempted assassination of former Russian Military officer Sergei Skripal and others.

Despite Bitcoin’s depression in value during 2018 (where the cryptocurrency’s value dropped from $230.9bn to $66.6bn by the end of the year) Vladislav Ginko, an economist at the Russian Presidential Academy of Economy and Public Administration, stated the conversion

from US dollars to Bitcoin will potentially come into action around February 2019. This action alone should bring increased stability to the most valuable, trend-setting cryptocurrency in the world.

If Russia goes through with their investment plans, they would ascertain one-sixth of all Bitcoin, ultimately ascending the digital asset’s value enormously. Russia’s approach represents a new direction of digital assets, returning the once-viral phenomenon back into investors’ periphery and helping to relieve market criticism. However, it also brings more questions to the fore that must be addressed due to the global economic impact this transition would create today, as well as tomorrow.

Currency volatilityMost criticisms of cryptocurrencies lie in their volatility of value which, unlike traditional currencies, is not associated with entities or assets that determine a currency’s underlying value. Instead, the only data is the pure value of any cryptocurrency. If this seems rather arbitrary, it’s because it is.

For this reason and others, the velocity of value transfer for Bitcoin and other cryptocurrencies is frightening to some organisations, especially traditional financial institutions such as banks and money managers. To compound the confusion, crypto assets remain highly unregulated, adding another layer of volatility that many finance traditionalists struggle with.

Blockchain technologyBefore effectively analysing and making a judgement on the feasibility of cryptocurrency, it is best to consider a significant component that has contributed to its popularity: the success of the mining process of blockchain technology, the lifeline of all cryptocurrencies. The currencies utilise blockchain technology to ensure transactions are secure and interconnected, a concept that stands

in sharp contrast to contemporary transaction recordings that rely on their independent processes.

Cryptocurrency and blockchain, although highly interconnected, have starkly different utilities. Bitcoin is a by-product of blockchain technology that has now become the gold standard for the newly conceived multibillion-dollar industry, solely due to its supply and demand.

Consequently, this product has garnered popularity and become a phenomenon that maintains the propensity to remove financial control from banks – renowned for the inability to manage customers’ finances without risk.

This foundation is where I am most optimistic about cryptocurrencies and their role in the financial sector moving forward.

Blockchain offers a centralised alternative, generating an unimpeded record of all transactions. The secure network addresses the challenges surrounding trust between two parties during an exchange of value, whereas banks cannot always ensure that occurs.

Moreover, the ability to make quicker transactions from greater distances without being held hostage to traditional banks and their time-consuming processes is helpful for entrepreneurs and money managers, who can take advantage of investment opportunities in real time. What is not to like about this concept?

Cryptocurrency in the mainstreamWe have firmly established that the more prominent challenges with cryptocurrency derive from their propensity to be unregulated, untraceable and oversaturated.

So, what happens when they become more than just an opportunity for tech enthusiasts, but go mainstream within the global financial sector and governments? The answer is yet to be determined, but there are some things that are becoming clearer.

For example, governments can scapegoat reasons to impose regulation, and a free-for-all will ensue.

Predictably, each government may introduce its own cryptocurrency within a personalised and regulated market, which would ultimately defeat the entire initial purpose of cryptocurrency itself.

Russia purchasing exuberant quantities of Bitcoin represents the precursor to government-developed cryptocurrencies. Fortunately, this market is in its infancy and will likely remain extremely volatile until government regulations are imposed. However, it begs the question – is it worth investing in, now?

With world superpowers now giving credence to the relatively new asset, I believe blockchain represents an exciting new frontier in finance, but as with any investment or financial tool – proceed with caution.


Cryptocurrencies

Value of Bitcoin ($)

From March 2018 – February 2019. Source: Statista

Mar 2018

2,000

4,000

6,000

8,000

10,000

May 2018 Jul 2018 Sept 2018 Nov 2018 Jan 2019

Will Russia replace reserve currency with Bitcoin?

Simon Calton is founder and CEO of the Carlton James Group


For more news and views on Bitcoin

24


Partner InsightBMO Global Asset Management

Themes for 2019 – and how ETFs can harness yield while mitigating risksRisk of a US recession?Even with both US and global growth slowing, the Federal Reserve may continue to normalise its monetary policy towards a neutral policy stance. Based on the past two US economic cycles, a recession typically occurs between 12 to 24 months after the yield curve inverted.

With the yield curve almost flat, the Fed may increase interest rates one more time in this cycle to reach its long-term median estimate for the fed funds rate. However, it is unlikely that the Fed moves into a restrictive monetary territory if inflation remains close to its target. Market expectations regarding Fed rate

Morgane Delledonne discusses how choosing targeted ETFs can boost the income element of your portfolio without taking on extra risk

hikes in 2019 have reverted with no rate hike in 2019.

No respite for Europe’s political challengesEurope’s economic and political challenges are likely to carry on through 2019. The “gilets jaunes” protests in France, the populist government in Italy, and Brexit, all reflect a profound economic and social discontent due to a decade of sluggish growth, stagnant real wages and rising inequality across the region. The European economy will receive less financial support from the European Central Bank (ECB) with the termination of the corporate bond buying

programme, there are also signs that economic activity is slowing, and Italy is on the edge of recession. The IMF recently revised down its forecast for economic growth in Europe to 1.6% for 2019, down from its previous 1.9% forecast.

Potential protracted procrastinations for the UKThe outlook for the UK economy is tied to the progression of Brexit negotiations. We think there is a significant upward potential for sterling if progress is made. Near-term hurdles remain significant, especially the recent splits within both major political parties.

A slowing China back to the fore in emerging market risksEmerging markets (EM) should benefit from a possible pause in the Fed’s tightening path and a likely stable US dollar in 2019. However, the major risk for EM is a larger-than-anticipated Chinese slowdown. Chinese exports are likely to drop in the event of a sustained economic slowdown in the EU, which is China’s first trading partner. Other EM headwinds include the volatility of commodity prices and the expected lower demand for industrial metals from softer global activity, which might negatively impact commodity exporter countries.

Geopolitics will continue to play a central role in the outlook for EM in 2019. We expect a plateauing of the US dollar this year, which could help stabilise the US trade balance, and possibly ease tensions between the US and China regarding trade. A comprehensive trade deal could have a substantial upside potential for EM. What’s

Bond correlation with other asset classes

30 September 2008 to 31 December 2018. Source: BMO Global Asset Management, Bloomberg Barclays Index

Corr

elat

ion

US IG Corp/US HY Corp

US treasuries

0.8

0.6

0.4

0.2

0.0US equities US MBS

US high yield corpUS investment grade corp

Key risksThe value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested..

Shares purchased on the secondary market cannot usually be sold directly back to the fund. Secondary market investors must buy and sell ETF shares with the assistance of an intermediary (eg a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value per share when buying ETF shares and may receive less than the current net asset value per share when selling them.

For professional investors only

25

more, several major emerging economies will hold elections this year, including Argentina, India, Indonesia, and South Africa, with possibly large implications for their policy stance and potential market repercussions.

Volatility on the rise through 2019The global economy is entering a late-cycle phase, where economic growth remains strong but is losing momentum. Fundamentals look good, but some vulnerabilities are building, including the high level of public and corporate debt, and the rise

of populism and protectionism. As a result, we expect market sentiment to fluctuate and volatility to increase, and believe that market corrections will become more frequent. One way to reduce the volatility drag on long-term returns is through strategies generating high income.

Bond ETFs can capture yield whilst mitigating credit and duration riskWithin a low-yield environment, there are strategies that aim to minimise interest rate risk while providing higher income, such as a barbell strategy. You can implement this strategy with only two ETFs, a short-dated bond ETF for capital preservation and a longer-dated equivalent for higher yield. This strategy performs particularly well when yield curves are flattening (ie the shorter rates are increasing faster than longer-term rates).

With rising interest rates,

refinancing and re-rating risks are heightened. Solid but slowing economic growth may put the credit market under pressure when interest rates rise as non-financial corporate debt has reached new highs, particularly in the US. Therefore, investors seeking income and diversification may be interested in investment grade corporate bond exposure, to balance the need for a higher yield and downside protection.

Investors looking for yield without taking extra credit or duration risk, could consider the BMO ETF 1-3 year global investment grade corporate bond exposure. This maturity bucket offers good diversification benefits given its limited drawdowns, attractive yield, low duration and credit risks, and low correlation to equities. The ‘belly’ of the curve (ie medium-term maturities) currently provides a less attractive risk/reward trade-off (ie a lower yield per unit of duration).

Equity ETFs with a quality screen can help to avoid the ‘yield trap’The easiest way to increase income is through investing in high dividend companies. But this comes with the risk of falling into a ‘yield trap’. US corporate profit growth is likely to continue to decelerate in 2019, with declining growth prospects, labour cost increases and tighter profit margins. Therefore, we believe it is advisable to screen for quality before screening for dividend yield. This is our approach in the

BMO Income Leaders ETF range, which tracks the MSCI Select Quality Yield Index.

Alternatively, you could also opt to diversify away from traditional sources of income by using derivatives. One way to achieve higher income with relatively lower risk is to implement a covered call overlay whereby index call options are sold against an equity index in exchange for an immediate additional cashflow (the option premiums) on top of the underlying stock dividend, increasing the overall yield of the portfolio.

In this way, investors can combine superior income and investment growth from market returns. This strategy has been comprehensively implemented in the BMO Enhanced Income ETF range, which takes away the operational complexities for investors.

Time to de-riskOverall, we feel it is timely to gradually de-risk portfolios. We believe defensive equity strategies (defensive sectors focused ETFs, and quality and yield strategies), alongside high-quality credit ETFs that offer additional income and diversification, can help investors protect against the risk of an equity bear market as well as reduce the volatility of portfolios.

BMO Global Asset Management manages three suites of ETFs: Corporate Bonds, Enhanced Income and Equity Income ranges.For more information visit: bmogam.com/etfs, call 020 7011 4444or email [email protected]

Author profi leMorgane Delledonne, ETF investment strategist at BMO Global Asset Management. Morgane joined BMO in 2017 from ETF Securities where she was a fi xed income strategist covering global rates and credit. Previously Morgane worked as a global macroeconomist analyst at Pictet & Cie and US macroeconomist analyst for the French Treasury.


We believe defensive equity strategies alongside high-quality credit ETFs can help protect investors as well as reduce the volatility of portfolios

© 2019 BMO Global Asset Management. All rights reserved. BMO Global Asset Management is a trading name of BMO Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority.

Defensive characteristics of quality and yield factors

As at 31 December 2018. Source: BMO Global Asset Management, Bloomberg Cu

mul

ativ

e ret

urns

(%)

Nov 2017 Jan 2018 Mar 2018 May 2018 Jul 2018 Sep 2018 Nov 2018

20

15

5

10

0

-5

-10

MSCI USA Select Quality Yield indexMSCI USA indexMSCI USA Value index

26


Partner InsightAviva Investors

Aviva Investors’ Cumming on the ‘positive’ risk-reward ratio of UK equitiesWhile UK equities took a pummelling from investors in 2018, Aviva Investors’ Chief Investment Officer for equities, David Cumming, remains positive about the market in which he has a personal as well as a professional stake.

After leaving his previous role at Standard Life Aberdeen late last year, he says, “I sort of liquidated and put money back in the markets – not quite at the bottom, sadly. So I’m quite comfortable that the UK market looks cheap and although there are risks, the risk-reward ratio is positive.”

Speaking to Investment Week, Cumming says he’s not in denial about recent performance, which he acknowledges has been “a terrible market”, particularly for large cap stocks.

Nor is he discounting the uncertainty over the nature of the UK’s imminent departure from the EU. Rather, he foresees a likely ‘Brexit bounce’ if the negotiations finally result in a deal that averts a disorderly exit.

The issue has been the main drag on business confidence and on domestic stock performance, Cumming believes, as well as fostering a reluctance among overseas investors to back the UK.

“The reason the market has lagged other markets is predominantly Brexit,” he says. “If we get some sort of deal, as opposed to no deal, I think the market will profit quite strongly because we’ve been held down.”

Investment approachCumming and his UK equities team have recently repositioned and renamed some of their UK funds, while also strengthening their key regional teams. This

has been to achieve a common investment language, processes, and a clear proposition in terms of philosophy.

He says: “Our competitive advantage is at the micro end

because we have good company access and our information flow is strong. As well as being fundamental in approach our other investment style is ‘agnostic’ which means we are not ‘style neutral’ but neither are we in the ‘always growth, always value’ camp. It depends on where we see the opportunities.

“One of the other things we have done in terms of restructuring our process is that we are now all hybrid. Everyone covers the big sectors like materials, industrials and financials and we have clear lines of responsibility in each regional team.”

ESG factorsThe team have also re-emphasised their assessment of environmental, social and governance factors.

“You have got regulation in financials, you have got labour issues in retail, carbon footprint in oil, you have got extraction; there are ESG factors everywhere in the market. Aviva Investors has always had a good reputation at every level of ESG.

“Being involved in the UN Charter, we sponsored the recent change in terms of how Shell look at their remuneration, which was linked to their carbon footprint and climate change. So we have been active at that high level.

“I think if you do it well and you can integrate it into the investment decision-making process in terms of information

One of the other things we have done in terms of restructuring our process is that we are now all hybrid. Everyone covers the big sectors like materials, industrials and financials and we have clear lines of responsibility in each regional team

Important InformationPast performance is not a guide to future performance. Except where stated as otherwise, the source of all information is Aviva Investors as at 31 December 2018. Unless stated otherwise any opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature.For further information please read the latest Key Investor Information Document and Supplementary Information Document. The Prospectus and the annual and interim reports are also available free of charge from www.avivainvestors.com.Issued by Aviva Investors UK Fund Services Limited, the Authorised Fund Manager. Registered in England No. 1973412. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119310. Registered address: St Helen’s, 1 Undershaft, London,EC3P 3DQ. An Aviva company. RA19/0267/01062019

27

flow, then it can improve stock selection.”

Sector outlookBesides Brexit, Cumming identifies two other major macroeconomic influencers. One is the US economy, which he believes is unlikely to slow sharply, despite the market panic at the end of 2018. Indeed, January saw US jobs grow for the 100th consecutive month.

The other point of tension is China’s economy and the impact of its trade battle with the US. While he has no firm view on the outcome, Cumming points out that “Trump tends to do deals in the end – that’s what happened with Mexico and Canada.”

In terms of which sectors are attractive at the moment Cumming cites commodities as a key area. “Mining stocks such as Rio, BHP and Anglo have done well recently. They have de-geared, they are more CapEx conscious and I think the market has underestimated the cash flow that’s coming out of these companies.

“The other area is banks. They are still trading at a big discount

to book, returns are improving and the balance sheets have been sorted out. Most of the regulatory risk is out of the way. Elsewhere? We like some of the consumer discretionaries. There are a lot of stocks in this sector, like Tesco, that just look too cheap. They are throwing off a lot of cash, growing modestly, and the rating is not that high.”

Key Risks The value of an investment and

any income from it can go down as well as up. Investors may not get back the original amount invested.

Investments in small and mid-sized companies can be volatile and harder to sell than large companies.

The Fund uses derivatives, these can be complex and highly volatile. Derivatives may not perform as expected meaning the Fund may suffer significant losses.

Certain assets held in the Fund could, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile.


F O C U S

To read the exclusive FOCUS guide, go to: investmentweek.co.uk/static/focus-guides

Aviva Investors’ repositioned fund range

Aviva InvestorsUK Listed Equity UnconstrainedA best-ideas strategy that aims for long-term capital growth through a high conviction unconstrained investment style providing the freedom to invest in companies of any size, and at any stage of the business cycle.

Aviva InvestorsUK Smaller Companies FundA strategy with a high-conviction approach to investing in smaller companies (likely to have a market capitalisation of less than £1bn).

Aviva InvestorsUK Listed Small and Mid-Cap FundA strategy with a dedicated focus on both small and mid-cap equities which adopts a stock-driven rather than a style-driven investment approach.

Aviva InvestorsUK Equity Income FundA strategy that employs a dynamic bottom-up investment process focusing on generating long-term capital growth and a yield that is higher than the FTSE All-Share Index.

Aviva Investors UK Listed Equity High Alpha FundAims to outperform the FTSE All-Share and utilises insights from the wider Aviva Investors investment teams, including a focus on recovery, special situations and contrarian investment ideas.

28

By Lauren Mason

Twitter: @LaurenMason_IW The discretionary Managed Portfolio Service (MPS) team at Square Mile has started buying actively-managed UK equity funds for the first time in almost a year, having allocated most of its UK equity exposure to passive funds at the start of 2018.

Jason Broomer, head of investment at Square Mile Investment Consulting and Research, said last year was the first time the firm has ever allocated more than half of its UK exposure to passive vehicles, due to what he described as “increasingly irrational” market conditions.

“Ultimately, Square Mile prides itself on finding active managers who outperform over the long term, but occasionally, there are periods where market conditions are not conducive to active management. We recognised 2018 might be one of those periods, hence the switch,” he explained.

“Looking back over my experience in the industry, there have been a couple of occasions where funds we favour didn’t achieve results we are expecting.

“Usually, over any one year, we expect around one-third of funds to underperform and two-thirds of funds to outperform, but near the end of 2017 two-thirds of our funds were actually underperforming. This has happened to me a couple of times over the years – typically near the tail-end of bull markets. There is no point trying to fight a losing battle, so we made the decision to switch to passives.”

Overall, approximately 60% to 70% of the MPS’ UK exposure was held in passives last year, while 30% to 40% remained in active

funds, which had already been purchased prior to the start of the year.

One of the passive vehicles the team used was the iShares UK Equity Index fund, which Broomer said outperformed 70% of active funds in the IA UK All Companies sector in 2018 after charges.

“Political risk in the UK made it difficult for fund managers to adapt, while markets had also started to mature,” Broomer explained. “People see share prices go up, want to get involved and buy into the stocks that have already gone up the most. Momentum trends were getting

baked into markets. Meanwhile, some of our smart-beta strategies were by far the strongest performers. This is why we made this decision.”

However, the team decided to re-allocate back into active funds at the start of 2019, due to the belief that last year’s market correction should have helped to break any momentum trends. Broomer added that the UK is gradually nearing the end of “tortuous” Brexit negotiations, which should mean some UK political risk subsides.

The head of investment could not name the active funds he is buying into as trades have not yet been completed. However, the team will continue to hold the only two actively-managed UK equity funds they used throughout 2018: Nick Train’s LF Lindsell Train UK Equity and Ben Whitmore’s Jupiter UK Special Situations.

“We held both of these throughout last year, and thankfully they both managed to beat the FTSE All-Share index; particularly Train’s fund. It was purely coincidental these funds performed well over 2018, because they are in our portfolios as very long-term plays,” he said.

“We were in the right place at the right time, although we do expect these funds to continue to perform well.”


UK

FTSE All-Share vs IA UK All Cos – 2018

Source: FE

Jan ‘18-12

-10

-8

-6

-4

-2

0

2

4

6

8

Mar ‘18 May ‘18 Jul ‘18 Sept ‘18 Nov ‘18

FTSE All ShareUK All Companies

Square Mile’s Broomer shifts back into UK active funds after ‘fi ghting a losing battle’

People see share prices go up, want to get involved and buy into the stocks that have already gone up the most. Momentum trends were getting baked into markets. Meanwhile, some of our smart-beta strategies were by far the strongest performers

See page 31To read Seneca IM’s Peter Elston on the myths and misunderstandings behind active share

Fund name Return (%)

Aviva Inv UK Equity MoM 1 0.98

TB Evenlode Income 0.39

CFP SDL UK Buffettology 0.37

MFM Bowland -0.12

Schroder Responsible Value UK Equity -0.14

Castlefield B.E.S.T UK Opportunities -1.05

Lindsell Train LF Lindsell Train UK Equity -1.09

Royal London Sustainable Leaders Trust -1.99

Liontrust Special Situations -2.12

VT Castlebay UK Equity -2.60

10 best-performing IA UK All Cos funds*

* For calendar year of 2018. Source: FE

BAILLIE GIFFORD JAPANESE INCOME GROWTH FUND

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in corporate attitudes led us to launch our Baillie Gifford Japanese Income Growth Fund in 2016.

As with any investment, your clients’ capital is at risk and the level of income is not guaranteed. Past performance is not a guide to future returns.

So, if you’re looking for a mighty fund that aims to deliver real income growth, call 0800 917 4752 or visit www.bailliegifford.com/intermediaries

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30


Opinion

INVESTMENTWEEK

Last week, the industry supported International Women’s Day with much gusto, and rightly so.

State Street Global Advisors brought its Fearless Girl campaign to London with a new statue in Paternoster Square, while a stone’s throw away at the London Stock Exchange the network for change in the asset management industry, City Hive, opened the market trading of UK companies.

Meanwhile, Investment Week brought readers top tips for women entering the industry from last year’s winners of the Women in Investment Awards, showcased the industry’s role models, and detailed visions for the diversity environment a decade from now.

Investment Week also launched the third Women in Investment Awards, which will take place in November 2019, and unveiled a mentoring scheme in conjunction with City Hive.

While there were numerous reports published on the benefits of diversity, one figure stood out that highlights just how much work still needs to be done.

The UBS Investor Watch: Own your worth report conducted research into how women around the world engaged with their finances, surveying nearly 3,700 married women, widows and divorcees in Brazil, Germany, Hong Kong, Italy, Mexico, Singapore, Switzerland, the UK and the US.

It concluded (perhaps unsurprisingly) 80% of women globally are highly involved in their short-term finances, such as daily expenses

and budgeting, but (more surprisingly) almost 60% of women do not engage in aspects of their financial well-being: investing, insurance, retirement and other long-term planning.

More shockingly – and in what UBS described as a “counterintuitive twist” – younger women are even more willing than older women to leave investing and financial planning decisions to their spouses. Just under 60% of women globally aged 20-34 were guilty of this, while this figure climbs to 69% in the UK, the second highest after

Singapore.This flies in the face of

everything we have learned about the stereotypical millennial, which largely forms a picture of financially savvy, eco-aware individuals who know what they want.

So, why are so few young women taking control of their financial future? UBS highlights comments such as “running around with toddlers” and “concentrating on my children”, while a “lack of confidence” was also noted.

It is saddening to read that at a time when women are taking control of their careers, and also balancing family life and childcare, the majority are not planning their own financial futures.

There are huge opportunities for the investment industry here to pro-actively educate women on the importance of planning for retirement, to highlight the role our industry plays in society and showcase the varied jobs we have on offer.

Helping female millennials with their financial futures

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European investors are in a tricky position. Equity markets have had a strong start to 2019 – by the end of February, the Bloomberg European 500 index was up over 11%. And yet, there is a lingering doubt in many investors’ minds; how sustainable is it amid political and economic uncertainty?

The global economy is slowing down and that has

impacted Europe. German growth stalled at the end of last year as overseas demand – especially from China – dwindled. Italy stumbled too, hamstrung by low productivity, high debt and fractious budgetary negotiations between Brussels and Rome. The outlook for 2019 is not much better. February’s European manufacturing Purchasing Managers Index slipped to 49.3, the first contraction since 2013.

For several years, investors have been living in a fog of political uncertainty, which has had an impact on currency markets. Sterling is down around 14% since the start of 2016. Brexit clearly remains the focus of investor attention but, beyond that, investors are paying attention to the potential market implications of populist party gains in May’s European parliamentary elections.

Europe’s woes are set against an unsettled global backdrop. US-China trade tensions could hit European industrial demand, exacerbating the slowdown it is suffering. US stockmarket volatility is higher and signs of vulnerability are emerging in its corporate debt market. While the US economy is unlikely to turn sour overnight, the probability of a downturn over the next 18 months has increased.

In the gold market, we are observing the knock-on effects of these wider fears. In 2018, central bank gold buying hit its highest level since 1967, with the likes of Poland and Hungary becoming the first European central banks to significantly increase their gold reserves in more than 25 years.

In a survey of 22 central banks YouGov conducted on our behalf last year, 76% cited gold’s role as a safe haven asset as being extremely relevant to their investment. Some 35% of respondents cited political risk as an important motivation for their gold holdings.

Meanwhile, in Europe specifically, gold-backed funds now hold more gold than ever before – including at the height of the eurozone debt crisis. Europe was the only region in the world that saw assets in gold-backed ETFs grow in 2018.

Faced with the challenge of managing the risk in their portfolios amid deteriorating fundamentals and uncertainty, many European investors have increased their allocations to gold. While the European equity market rally may even continue, investors are clearly looking to balance the risk of a market pullback.

Gold-buying trends show fragile European sentiment

Comment

Investors have been living in a fog of political uncertainty, which has had an impact on currency markets

Almost 60% of women do not engage in aspects of their financial well-being

Alistair Hewitt is a director at the World Gold Council


For our live markets blog

31

The issue of closet tracker funds charging high fees for poor performance has been a recent gripe of the Financial Conduct Authority.

It is a primary concern for them as they seek fairer outcomes for investors, with the intention of forcing these funds to make it clearer that they are in some way constrained. This is in line with the industry’s recent

embrace of active share as a crucial tool for identifying genuinely actively managed portfolios. However, while much has been written about active share, it is still in many respects a misunderstood measure.

The principle behind active share is to measure the difference between a fund and the benchmark index it is seeking to beat. However, difference can be measured in various ways.

If an actively managed fund is identical to its benchmark in terms of holdings and weights, it cannot, by definition, beat it. This is not opinion, but a mathematical truism – in fact, if the fund is charging fees, it will underperform it (assuming the manager is not being charitable, which seems a fair assumption).

So, for a fund to have any chance of beating its benchmark, it must be different to it; if a fund is only slightly different, the chances of it beating its benchmark net of fees are still practically zero.

Again, fact, not opinion. In other words, the more different a fund is to its benchmark, the greater the potential for it to beat its benchmark after costs. Whether it will or not is a different matter; at this stage we are just talking about potential.

Tracking errorOne measure of the difference between a fund and its benchmark that has been around for decades is tracking error, which measures the differences in returns.

However, tracking error has always been used as a risk measure, and therefore something investors should limit rather than seek out. This may be one reason why the use of active share is not as widespread as it should be. Maximising active share and minimising tracking error at the same time must be wrong, surely, if conceptually they both measure difference. The answer is to think of tracking error both as something one does not want too much of, but at the same time not too little of either.

VariablesThe next misunderstanding relates to the fact there are different versions of active share. The one that has grabbed the headlines in recent years was coined by Martijn Cremers and Antti Petajisto in a 2006 paper, How Active is your Fund Manager? Their calculation sums the absolute differences between fund weight and benchmark weight for each holding, then divides by two to give a scale of 0% to 100% – a passive fund that naturally mirrors its benchmark has an active share of zero.

However, in 2005, a year before Cremers and Petajisto introduced their version, Ross Miller wrote a paper entitled Measuring the True Cost of Active Management, in which he introduced his version. Miller’s is more complicated than the later version, but it uses some intermediate maths to derive the precise portion of any fund that does not

correlate with its benchmark – the active share – leaving the part that correlates 100%, the passive share.

While Cremers and Petajisto used their version to demonstrate that, in general, the higher the active share, the better the fund performance, Miller was seeking to show how many US mutual funds were sneakily charging exorbitant fees. In the case of one fund that shall remain nameless – and hopefully by now asset-less – the active expense ratio was 23%.

OutperformanceA third misunderstanding is that active share is portrayed as an easy way to identify outperforming funds. High active share, whichever version, or high tracking error cannot by themselves identify outperforming funds – it could never be that easy. They merely provide an objective measure of the potential of a fund to outperform its benchmark.

You certainly would not want to buy a fund that had no potential to outperform, but it is merely the first, and easier, step. The second step is to evaluate the fund manager’s investment style and process, a much harder task by dint of it being far more subjective.

In reality, the better fund managers – those with effective investment styles and processes – understand that it is important, necessary even, to be different, and so the two tend to go hand in hand. However, they should be considered separately.

Perhaps the final point to make is that criticism of the active management industry is always framed in the media and by the passive fund industry in terms of the percentage of funds, frequently high, that underperform their benchmark.

Active management is simply not a game that everyone can win, in the same way that we cannot all be above average in bed. The answer is not to outlaw active management, as some have suggested, but to give investors more tools to evaluate funds.


The myths and misunderstandings behind active share

Opinion

Peter Elston is CIO of Seneca Investment Management

See page 28To read Square Mile’s Jason Broomer shifts back into UK active funds after ‘fi ghting a losing battle’

A and B

0% Active share

Active share investment

Source: WisdomTree

50% Active share

100% Active share

A BA

and B

A B

Key: A: Active fund. B: Benchmark

32


At the start of 2019 there were three main reasons to be bearish. Firstly, there was a risk that the US Federal Reserve was not adjusting its interest rate policy to reflect increasing signs of slowing growth in Europe and China. Secondly, a resolution to the US-China trade war and removal of tariffs looked unlikely, while a 1 March deadline would see the imposition of further tariffs. Thirdly, Brexit negotiations had hit an impasse both in the UK parliament and between the UK and the EU, risking a no-deal Brexit.

Fast forward to the beginning of March and circumstances appear to have changed for the better. Fed chairman Jerome Powell has indicated US interest rate rises are no longer on autopilot, President Donald Trump is keen to resolve the US-China trade war, and the likelihood of a no-deal Brexit has abated. In response, markets have rallied over the first two months of the year, with the US leading the charge while the UK, Europe and emerging markets follow on behind.

However, this rally seems somewhat unloved and the outlook from companies is not all positive. While the threat of a policy mistake by central banks appears less likely, companies have been reporting a wide range of outlooks. Clearly, the Chinese economy is slowing and some companies like Apple, Caterpillar and German car manufacturers are experiencing slowing demand.

On the other hand, Anta Sports,

a Hong Kong-listed sportswear company that we own, is feeling sufficiently confident to acquire Amer Sports, a Finnish sportswear company that owns brands such as Wilson and Salomon.

Ultimately, with equity valuations having re-rated and earnings estimates for 2019 having fallen over the first two months of the year, we find ourselves moving towards a more cautious stance than at the beginning of the year.

In these uncertain times the market tends to favour quality companies that have a history of weathering short-term economic shocks without any long-term impact on their business. They also tend to catch most of the rally when markets are more optimistic. Either way, their dividends make up an important and reliable component of investor returns.

Matthew Page is manager of the Guinness Global Equity Income fund

UK equities had a positive start to 2019. While this can be partly viewed as a rebound after 2018’s difficult final quarter, what is likely to have been most significant is an extraordinary U-turn by the US Federal Reserve.

As recently as December, investors were being led to expect that US central bankers would make several 0.25% increases to interest rates this year, coupled with a continuation of quantitative tightening at a rate of up to $50bn each month.

However, after a period of heightened volatility in stockmarkets, the Fed appears to have recognised the risks associated with driving these policies forward, particularly in tandem, and signalled a more dovish approach, which led to a bounce in markets around the world.

The U-turn undoubtedly buoyed UK equities but, largely as a consequence of the Brexit effect, they remain on valuations well below historic averages and at a significant discount to comparable developed markets.

It is important to remember though that there are still many UK companies trading very successfully and growing strongly, and lower valuations have provided an opportunity to buy such high-quality UK companies at attractive prices.

Looking ahead, there are good reasons for vigilance. Slowing global growth remains a concern, as do US-China trade tensions and the associated threat of further tariffs. More encouragingly, China is rolling out a series of stimulus measures, such as fast-tracking infrastructure

projects and cutting taxes, in an effort to bolster growth in the world’s second-largest economy.

Turning back to the UK, we may soon have a clearer idea of how Brexit will play out, and an end to lengthy uncertainty is likely to be welcomed by investors, as well as companies keen to plan for the future.

Investors have been in a cautious mood over recent months and there are indications that there are significant amounts of cash sitting on the sidelines. Brexit clarity or other positive news could see some of that liquidity flow back into UK equities and begin to push the market higher again.

In the meantime, depressed valuations have created interesting opportunities among companies with robust growth prospects that, despite the challenges facing the UK, are continuing to trade strongly.

Richard Hallett is manager of the Marlborough UK Multi-Cap Growth fund

Bull & Bear

Richard Hallett on UK Growth

Matthew Page onGlobal Income

1.5 millionPredicted increase in oil barrel production in the US by the end of 2020

Bull PointsUS Federal Reserve’s more dovish stance on interest rates and quantitative tighteningOpportunity to buy attractive UK companies on lower valuations

Bear PointsIncreasing global trade and political tensionsContinuing Brexit uncertainty

Bull PointsThe removal of tariffs in the US-China trade disputeDovish tone from the US Federal Reserve

Bear PointsSlowing growth in ChinaProlonged Brexit uncertainty

(IA) Global: Over three years3yr % chg Rank Vol monthly Fund size (£m) Morningstar ratingTM

Top 5

Baillie Gifford Global Discovery 92.97 1 5.01 725.51 QQQQQMS INVF Global Opportunity 86.26 2 4.03 5,823.09 QQQQQBaillie Gifford Global Stewardship 80.29 3 4.08 255.20 QQQQQT. Rowe Price Glb Fcd Gth 78.61 4 3.63 1,065.64 QQQQQLindsell Train Global Equity 76.09 5 3.25 6,293.74 QQQQQ

Bottom 5

Waverton Tactical Equity 26.58 215 3.05 81.72 QQSLI Global Equity Uncons Plat 24.14 216 3.08 153.04 QQLegg Mason CB Glb Equity 23.73 217 2.95 24.30 QQStandard Life Wealth Falcon 22.21 218 2.92 149.05 QQCarmignac Investissement 20.54 219 3.37 2,912.18 Q

SECTOR AVERAGE 45.35 3.24 665.61

Performances calculated bid to bid, net income re-invested, GBP to 02/03/19. Source: © 2019 Morningstar.

%

S&P UK 150 sector returns

24 February 2019 – 2 March 2019. Source: Morningstar

S&P UK 150Utilities

TelecomsMaterials

ITIndustrialsHealthcareFinancials

EnergyConsumer staples

Consumer Discr

-5 -4 -3 -2 -1 0 1 2

33


European pharmaceutical companies have been affected by the recent push to rein in healthcare spending in the US, with the need to curb soaring healthcare costs at the forefront. Efforts to reduce prices appear to be paying off: Express Scripts, a major pharmacy benefit manager in the US, which negotiates on behalf of insurers, reported the lowest increase in commercial drug prices in 25 years. Does this mark the end of an era for the pharma sector?

The answer is yes and no. From a top-down standpoint, it is true that a long-overdue focus on drug pricing is likely to turn what was a pleasant tailwind into a growing headwind for the sector. But as ever, the devil is in the detail. If prices in aggregate are on the decline, they are not declining everywhere. According to Express Scripts, traditional branded drug prices fell 6.5% in 2018, while speciality drug prices rose. Where there is a significant unmet need, consumers are willing to pay up for speciality drugs. Danish biotechnology company Genmab, which developed Darzalex, a blockbuster drug treating rare blood disease multiple myeloma, is one such example costing in excess of $100,000 a year.

Even in more common therapies the landscape is not homogenous. Spending on diabetes care, is forecast to continue rising as the innovative glucagon-like peptide-1 (GLP1) class of drugs gains in significance, and for which no

low-cost alternative exists. This bodes well for diabetes giant Novo Nordisk and its impressive portfolio of next generation GLP1s.

An alternative approach to the sector is to look upstream at the suppliers of the pharmaceutical industry. These have the benefit of not being directly exposed to drug prices, while being able to leverage the continued growth of drug usage. Indeed, a more cost-focused pharmaceutical industry could even be seen as a positive as tighter budgets may lead to more outsourcing. This should help sustain the strong growth reported by outsourced manufacturers like Swiss multinational Lonza, clinical trial specialists like Icon or single-use suppliers like Germany-headquartered Sartorius.

Alistair Wittet is an analyst and portfolio manager at Comgest

Alistair Wittet on Europe

Paul Freedman on North America

The most significant consideration for all investors in the US is the actions of its Federal Reserve. The Fed has gradually increased the Fed Funds target interest rate since December 2015, with the latest 25bps increase in December 2018. Since the Q4 2018 market correction, the Fed has paused and it seems poised to raise rates only once or maybe twice in 2019. A less restrictive approach will be welcome and we can expect this to be reflected in US equity returns in 2019.

The Fed needs to provide economic relief in a potential downturn. In the last three recessions it cut rates by about 500bps. The current target (225bps to 250bps) is unlikely to be adequate. When the Fed does next raises rates, it may be forced to be less gradual and will be inflation dependent.

Recently, the EIA (US Energy Information Administration) projected a surge in US oil supply. It forecast that total US oil supply could increase from 12 million to 13.5 million barrels per day by the end of 2020. This is a substantial share of the world’s total oil supply. The timing is very opportune for the US economy and the rest of the world too, offsetting the supply issues OPEC and Russia face. US oil supply will stabilise oil prices in 2019.

Meanwhile, US-China trade talks are in ‘advanced stages’ and details will be finalised

when Presidents Donald Trump and Xi Jinping meet in Florida, according to Trump. However, the issues to be resolved are complex and include the forced technology transfer prerequisites, intellectual property rights, the ‘Made in China 2025’ plan and mechanisms to enforce the agreed terms. China suspects these matters go beyond free trade and are partly designed to stymie Chinese economic and political ambitions.

There is a long way to go to resolve these issues and it could be a more protracted geopolitical contest than expected.

Paul Freedman is an investment analyst at Beaufort Investment

Bull PointsUS and global equities are benefitting from a less restrictive US Federal ReserveUS Energy Information Administration has increased its outlook for US oil production

Bear PointsThe US-China trade talks may not give the Trump administration what it wantsUS equities are looking quite expensive

See pages 36-51For full fund and trust performance statistics

Bull PointsSpeciality drug pricing continues to rise Innovative traditional drugs also exhibit pricing power

Bear PointsUS accounts for half of pharmaceutical industry revenuesCross-party consensus in the US to reduce cost of healthcare

(IA) North America: Over three years3yr % chg Rank Vol monthly Fund size (£m) Morningstar ratingTM

Top 5

Baillie Gifford American 110.19 1 5.21 2,119.44 QQQQQMS INVF US Growth 108.79 2 4.75 2,023.89 QQQQQT. Rowe Price US Large Cap Gth 91.20 3 3.98 1,582.34 QQQQQT. Rowe Price US Blue Chip Eq 83.17 4 4.05 556.96 QQQQQVanguard US Opportunities Inv 83.13 5 4.23 2,143.47 QQQQQ

Bottom 5

Aviva Investors US Equity Inc 38.85 100 3.40 329.37 QQQSLI American Eqty Unconstrained 38.61 101 3.58 96.07 QQJanus Henderson Opp Alp 38.60 102 4.28 15.83 QQQFranklin Mutual Shares 37.36 103 3.47 6.74 QQQAB Select US Equity 36.57 104 2.94 2,959.54



%

S&P Europe 350 sector returns


S&P Europe 350

Utilities

Telecoms

Materials

IT

Industrials

Energy

-2.5 -2.0 -1.5 -1.0 -0.5 0.0

34


Over the past 20 years, the Japanese market has attracted investors during periods of rising optimism and, conversely, the market is the first to be cut when investors adopt a more cautious stance. This investment strategy has been warranted in the past given the high exposure to global trade and lack of alternative catalysts. However, it has been clear that the underlying dynamics of the market are changing and that this binary method of investing is no longer the optimal way to generate alpha in Japan.

Despite this, last year we saw investors again fall into old habits as increased concerns on the world economy led to global investors reducing their Japanese equity exposure at the quickest pace since 1987. The herding that exists in this trade will mean a continuation is to be expected for now, although we suspect investors finally accept the evidence that corporate Japan has changed.

One of the changes most welcomed by shareholders is their relationship with corporate management teams. Historically, Japanese management teams encouraged related companies to acquire shares in their business to protect them from the requests of more aggressive return-focused shareholders. This resulted in over-capitalised balance sheets and excess cash reserves.

However, pressure from Japanese regulators has changed the landscape. In 2018, Japanese

corporates conducted a record level of share buybacks, increasing 44% year-on-year to record levels.

We expect the continued bottom-up changes in the Japanese market will subtly have an impact on equity prices over the coming years. This, in combination with a market that already trades on extremely attractive valuations allows us to take an optimistic view over the coming years. Granted, the market will remain exposed to the global economy but, barring a severe global recession, Japanese share prices over the coming years seem well supported.

Chris Smith is a fund manager on the Polar Capital Japanese equities team

ASEAN’s combined GDP of $2.8trn is expected to grow by 5% per annum after inflation over the next five years, driven by both domestic consumption and investment growth. The bloc is currently the seventh-largest economy in the world, and is projected to become the fourth-largest by 2050.

Manufacturers are shifting operations from China to Southeast Asia due to lower overall costs, increases in domestic consumption, improving physical infrastructure and concerns about US tariffs on Chinese manufactured goods. This has called for a further increase in infrastructure spending, which will boost GDP growth. According to the Asian Development Bank, South East Asia needs to spend an estimated $2.7trn on infrastructure between 2016 and 2030, equivalent to 7% of its current GDP per annum.

In Thailand, for example, $43bn will be invested in the Eastern Economic Corridor, a new hub for technological manufacturing and services, in the next five years.

While credit to GDP is above 100% in most Asian and Western countries, it is less than 50% in Indonesia and the Philippines, which should lead to several years of strong loan growth ahead, powering those economies and their banks’ profits.

In the short term, the economies of Thailand, Indonesia and the Philippines will get a boost from pre-election spending,

given voters are going to the polls in March, April and May respectively in those countries.

ASEAN valuations are also reasonable. Its P/E ratio of 14.6x is at a slight discount to the MSCI World index on 15x. Meanwhile, foreign investors were big sellers of these markets in 2018 (the most in 20 years in some countries), and although they have returned as net buyers so far in 2019, it is in small scale versus the sales last year.

Richard Harding is head of Asian research at Waverton

Bull & Bear

Richard Harding on Asia ex Japan

Chris Smith on Japan

$2.7trnThe estimated amount South East Asia needs to spend on infrastructure between 2016 and 2030

Bull PointsGovernance reforms are driving significant positive change in management behaviour Falling stock prices last year has seen corporates respond with a record level of share buybacks

Bear PointsForeign investors still view Japanese equities as simply a play on the global cycleDuring 2018, trade war concerns saw foreign investors reduce their exposure at the quickest rate since 1987

Bull PointsASEAN countries are in a ‘demographic sweetspot’ due to young and growing populationsUrbanisation will boost per capita incomes and lead to a rising middle class

Bear PointsCorporate governance of companies may lag behind those in the developed worldEconomic growing pains can lead to high current account deficits

(IA) Asia Pacifi c ex Japan: Over three years3yr % chg Rank Vol monthly Fund size (£m) Morningstar ratingTM

Top 5

JPM Asia Growth 80.15 1 4.40 277.98 QQQQQInvesco Asian UK 75.93 2 4.17 2,454.16 QQQQQQuilter Inv APAC ex Jpn LC Eq 73.51 3 4.14 205.32 QQQQQGAM Multistock Asia Focus Equit 70.28 4 4.40 90.58 QQQQSchroder Asian Alpha Plus 69.14 5 4.25 819.95 QQQQQ

Bottom 5

Jupiter Asian 32.99 86 4.22 41.94 QQQNewton Oriental Inst 32.13 87 4.24 81.80 QQAS SICAV I Asn Smllr Coms 32.00 88 3.43 846.15 QQQJOHCM Asia ex-Japan 24.98 89 4.44 169.87 QQJOHCM Asia ex-Japan Sm & Md-Cp 8.30 90 4.62 6.91 QQQ



%

S&P TOPIX 150 sector returns


S&P TOPIX 150Utilities

TelecomsMaterials

ITIndustrialsHealthcareFinancials

EnergyConsumer Staples

Consumer Discr

-7 -6 -5 -4 -3 -2 -1 0 1

Making a confident prediction for an asset class’s prospects in normal market circumstances is challenging; doing so less than a month ahead of the UK’s theoretical exit from the EU risks even more ignominy than normal. While the intricacies of how the UK’s relationship with the EU will develop in the short-term are unknown, there is tangible evidence of the impact this is having on the domestic economy.

PMIs and general indicators of economic activity have steadily declined in recent months. Companies have understandably been less willing to commit capital to new projects, and this extends further than a handful of high-profile car manufacturers. It is certainly true that indicators of consumer economic wellbeing have been more robust than many would have imagined – employment data, wage growth and retail sales have all confounded expectations of late – but there is invariably a lag between what corporates experience and the economic prospects of the consumer.

Furthermore, there is a growing suspicion that many corporates have been more willing to take on staff than invest in plant and machinery, as the scope for them to reduce staff numbers quickly in a downturn is easier to execute than to reverse a significant piece of longer-term investment.

What does this mean for interest rates? The Bank of England has generally preferred to portray an even-handedness when commenting on its monetary policy intentions around Brexit, conveying a balanced

message between being willing to support the currency in the event of a disorderly exit, and standing ready to ease policy if necessary. Even if we make the bold assumption that some form of negotiated settlement is attained in the coming weeks, it would seem to be a huge leap of faith to conclude that this will herald a wave of new business activity and unbridled optimism around the future trading relationship the UK may have with the rest of Europe. The BoE will continue to err on the side of caution, which means those predicting significant negative returns from bond markets may be disappointed for a while yet.

Euan McNeil is co-manager of the Kames Investment Grade Bond fund

35


As we enter the later stages of the economic cycle, coupled with ever-dominant geopolitical headlines, volatility is here to stay and can be overwhelming for investors. Correlations between bonds and equities have been elevated, while 2018 was a good reminder of how risk assets can exhibit volatility and that asset allocation does not pertain to risk allocation.

With rates on the rise and equities looking expensive, low-risk investments actually now have a real yield, despite the temptation to allocate to cash. Cash cushions, however, are not always that comfortable. Following a challenging Q4, for the year to 25 February, the S&P has returned 11.8% and the FTSE 100 9.4%, so derisking and waiting for a better entry point may have been costly.

Our analysis of asset allocations of wealth portfolios shows that average cash levels are at 9% for moderate risk mandates. Investors could, through a blend of direct, active and passive short-maturity bond allocations, enhance yield while maintaining liquidity and quality as part of the cash allocation.

There is also a growing interest in the alternatives space, which offers a combination of return enhancement, yield pickup, risk reduction, and inflation protection. Asset allocators are considering gold as a diversifier following more dovish tones from the US Federal Reserve, which has

seen the yellow metal rally 13% from its lows in August 2018.

Global assets specifically in the hedge fund industry have more than doubled from $1.4trn in 2008 to $3.2trn in 2017, albeit with mixed returns; the HFRI Equity index lost 1.2% in 2018 versus the MSCI World, which lost 3.3%. Alternatives provide little-to-no correlation to traditional asset classes over the longer term but investors should remain selective. With the growth of Newcits (alternative Ucits) products, choice is available within a regulated structure. However, we still observe 40% of the alternatives sleeve allocated solely to long/short equities and debt strategies. Clients can adopt a dynamic approach to alternative asset allocation to enhance risk-adjusted returns.

Christopher Bishun is director of EMEA portfolio analysis and solutions at BlackRock

Christopher Bishun on Asset Allocation

Euan McNeil on Bonds

Bull PointsIndicators of consumer economic wellbeing have been more robust than imaginedThe Bank of England will continue to err on the side of caution, so those predicting significant negative returns from bond markets may be disappointed for a while yet

Bear PointsPMIs and general indicators of UK economic activity have steadily declined in recent monthsUnbridled optimism around the future trading relationship the UK may have with the rest of Europe is unfounded

Bull PointsAlternatives offer diversifying sources of return for portfoliosShort-maturity bonds offer protection and income pick-up

Bear PointsAsset allocation does not equate to risk allocationA cash cushion is not always comfortable

For more fund manager views, go to: investmentweek.co.uk

(IA) £ Corporate Bonds: Over three years3yr % chg Rank Vol monthly Fund size (£m) Morningstar ratingTM

Top 5

Schroder Instl Long Dated Corp Bd 25.25 1 2.89 305.51 QQQQQJanus Henderson Instl Lg Datd Crdt 23.25 2 3.04 386.30 QQQQQBMO Long Dated Sterling Corp Bd 23.08 3 2.75 41.04 QQQQQFidelity Instl UK Lng Corp Bd 23.07 4 2.41 602.20 QQQQQPIMCO GIS UK L/T Corp Bd 23.01 5 2.39 383.18 QQQQQ

Bottom 5

Royal London Inv Grade SD Credit 6.94 72 0.37 878.10 QThreadneedle Stlg SD Corp Bd 6.92 73 0.41 1,380.19 QSVS Brown Shipley Sterling Bond 6.57 74 1.03 47.27 QVanguard UK Short-Term IG Bd 5.34 75 0.38 1,375.96 QAXA Sterling Crdt Shrt Dura Bd 4.76 76 0.32 799.52 Q



S&P Global 1200 sector returns


S&P Global 1200Utilities

TelecomsMaterials

ITHealthcare

EnergyConsumer Staples

IndustrialsFinancials

-3 -2 -1 0


36

3 1 3 5 3 Fund Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m)

GlobalAccess UK Opportunities M Acc GBP 0.5 158 33.1 42 32.9 52 QQQQ 2.6 364GVQ Opportunities A GBP Inc -5.6 236 15.3 210 - - QQ 3.9 116GVQ UK Focus I GBP Inc -6.6 244 15.6 209 19.7 170 QQQ 3.9 230Halifax Special Situations C 5.2 27 28.4 98 8.8 224 QQ 2.9 135Halifax UK FTSE 100 Idx Track C 2.5 92 28.1 99 22.0 150 QQQ 2.6 1150Halifax UK FTSE AllSh Idx Track C 1.6 118 27.1 110 23.0 133 QQQ 2.6 1730Halifax UK Growth C 1.2 137 26.0 124 22.3 147 QQQ 2.6 4332HC Charteris Premium Income I Acc - - - - - - - - 7HL Multi-Manager UK Growth A Acc -3.3 215 24.7 141 - - QQQ 3.2 205HL Select UK Growth A Acc 6.7 10 - - - - - - 267HSBC Common For Growth Income 2.8 85 14.8 214 15.9 194 QQ 2.8 10

HSBC FTSE 100 Index Accumulation C 3.4 57 30.5 59 26.2 110 QQQ 2.6 736HSBC FTSE 250 Index C Acc 1.5 121 24.4 142 31.3 60 QQQ 3.3 1027HSBC FTSE All Share Index C Acc 3.0 76 30.0 68 28.0 87 QQQQ 2.6 1526

HSBC UK Focus R Acc 2.3 99 12.0 225 13.0 201 QQ 2.6 97HSBC UK Freestyle Retail Acc 0.8 147 11.6 227 11.1 211 QQ 2.6 47HSBC UK Growth & Income C Acc 1.5 120 14.1 218 15.3 198 QQ 2.5 896HSBC UK Multi-Factor Eq Instl A Inc 3.6 50 29.2 81 24.6 120 QQQ 2.6 31IFML Vitality UK Listed Equity D 0.7 153 19.6 187 24.8 119 QQQ 2.8 1

Invesco High Income UK Z Acc 0.8 146 4.5 242 19.5 172 QQ 2.6 7653Invesco Income UK Z Acc 1.5 123 3.9 243 17.3 186 QQ 2.5 3377

Invesco UK Companies UK Z Acc -2.7 205 18.0 196 12.0 206 QQ 3.4 179Invesco UK Enhanced Index UK(NoTrail)Acc 2.9 79 32.2 46 33.2 50 QQQQQ 2.6 367Invesco UK Focus UK Z Acc -2.9 212 27.1 109 15.6 195 QQQ 3.3 159

Invesco UK Growth UK Z Acc -2.4 201 23.9 149 17.1 190 QQQ 3.0 997Invesco UK Strategic Inc UK Z Acc -5.5 235 -2.3 245 9.6 219 QQ 2.6 282Investec UK Alpha I Inc 1.2 135 20.8 181 26.8 99 QQQQ 2.8 1969Investec UK Special Situations I Acc 7.5 8 28.8 88 22.7 139 QQQ 3.1 951

Investec UK Sustainable Equity I GBP Acc - - - - - - - - 1iShares 100 UK Equity Index (UK) D Acc 3.5 52 31.1 54 27.1 96 QQQQ 2.6 1417iShares Mid Cap UK Equity Idx (UK) D Acc 1.5 122 24.8 140 32.1 57 QQQ 3.3 745

iShares UK Equity Index (UK) D Acc 3.2 68 30.5 60 28.5 79 QQQQ 2.6 8981Janus Henderson Instl Hi Alp UK Eq I Acc 3.6 47 22.8 160 29.1 73 QQQQ 2.7 31Janus Henderson Instl MainstrmUKEq I Acc 4.2 38 25.1 134 28.8 76 QQQQ 2.7 243Janus Henderson Instl UK Eq Trck A Inc 0.7 150 24.4 144 20.2 166 QQQ 2.6 77Janus Henderson Instl UK Idx Opps I Acc 3.4 58 30.7 56 28.4 83 QQQQ 2.6 711Janus Henderson UK Alpha I Acc -0.4 172 31.7 47 41.6 23 QQQ 3.4 398Janus Henderson UK Index I Acc 2.7 87 29.1 85 26.5 106 QQQQ 2.6 218Janus Henderson UK Responsible Inc I Inc 3.3 65 17.9 197 30.9 61 QQQQ 2.9 157Janus Henderson UK Tracker A Acc 2.9 78 28.6 95 22.8 137 QQQ 2.6 80

JOHCM UK Dynamic A Acc 0.6 154 38.6 21 33.9 47 QQQQ 3.0 1149JOHCM UK Growth GBP A -6.5 243 22.7 162 8.7 225 QQQ 3.2 287JPM UK Dynamic C Net Acc -2.7 206 24.9 138 30.0 68 QQQ 2.8 180

JPM UK Equity Core E Net Acc 1.2 132 28.6 94 28.9 75 QQQQ 2.6 587JPM UK Equity Growth C Net Acc 1.4 125 29.2 82 33.0 51 QQQ 2.8 245JPM UK Equity Plus C Net Acc 0.4 160 34.2 35 - - QQQQ 3.0 132JPM UK Strategic Equity Income C Net Acc -1.2 189 26.8 112 24.5 121 QQQ 3.0 106Jupiter Growth & Income I Acc -5.7 238 7.1 238 5.2 230 QQ 3.0 51Jupiter Responsible Inc Fd I Acc -1.0 182 13.4 222 10.6 214 QQ 3.0 53Jupiter UK Alpha I Acc -2.2 199 10.7 232 11.2 210 QQ 3.5 6Jupiter UK Growth I Acc -5.6 237 2.4 244 5.3 229 QQ 4.5 1048

Jupiter UK Special Situations I Acc 1.7 115 31.4 50 32.5 54 QQQQQ 2.7 1927Kames Ethical Equity GBP B Acc -3.5 220 9.3 236 15.6 197 QQ 3.7 529

Kames UK Equity GBP B Acc -1.6 194 14.3 217 20.1 167 QQ 2.9 194Kames UK Opportunities GBP B Acc -3.3 216 10.3 233 11.8 208 QQ 3.4 116L&G (A&L) Capital Growth Acc 2.8 84 26.6 113 21.5 153 QQQ 2.6 142L&G (N) Tracker I Acc 3.0 75 29.9 70 27.9 89 QQQQ 2.6 1764L&G Ethical I Acc 5.2 28 19.1 190 23.9 125 QQQQ 3.3 287L&G Future Wld Gender Lead UK Idx I Acc - - - - - - - - 49L&G Growth I Acc -3.0 213 32.6 45 41.8 21 QQQ 4.0 199

L&G UK 100 Index I Acc 3.7 41 31.4 49 26.9 98 QQQQ 2.6 933L&G UK Alpha I Acc -19.9 260 10.9 231 -9.7 234 Q 4.4 116

L&G UK Index I Acc 3.2 69 31.1 53 28.5 80 QQQQ 2.6 5827L&G UK Mid Cap Index I Acc 0.7 152 - - - - - - 241L&G UK Select Equity I Acc -2.5 204 22.7 163 22.6 140 QQQ 3.0 381L&G UK Special Situations I Acc -6.2 241 21.3 175 20.8 160 QQQ 3.1 240Lazard UK Omega C Acc -2.5 203 25.4 130 26.1 112 QQQ 2.8 209Lazard UK Omega Equity C Acc GBP -4.3 226 24.3 145 - - QQQ 2.8 3Legg Mason IF QS UK Equity X Acc 2.0 107 6.0 240 19.6 171 QQ 3.1 31LF Canlife UK Equity C Acc 2.9 82 15.2 211 12.2 204 Q 3.2 809LF IM UK Growth A Inc 2.0 108 26.2 120 21.1 155 QQQ 2.6 25

LF Lindsell Train UK Equity Acc 8.9 4 39.6 19 67.1 3 QQQQQ 2.9 5606LF Miton UK Value Opps B Instl Acc -7.2 247 14.9 213 44.3 15 QQ 4.0 389LF Purisima UK Total Return A PCG 3.7 44 27.6 104 20.8 159 QQQ 2.9 7

LF Woodford Equity Income C Sterling Acc -4.1 223 -4.9 246 - - Q 2.8 4695Liontrust Macro UK Growth I Acc -1.4 191 13.5 221 12.9 202 QQ 3.2 30

Liontrust Special Situations I Inc 8.4 6 44.5 7 57.5 6 QQQQQ 2.7 3943Liontrust Sust Fut UK Gr 2 Net Acc 5.7 23 37.1 23 43.5 18 QQQQ 3.2 335Liontrust UK Ethical 2 Net Acc 5.6 26 33.4 41 41.7 22 QQQQ 3.5 386

Liontrust UK Growth I Inc 5.0 30 35.6 29 47.0 11 QQQQ 2.7 327M&G Index Tracker GBP A Acc 3.3 62 30.1 65 27.5 90 QQQQ 2.6 514

M&G Recovery GBP I Acc -2.4 202 35.3 31 6.4 227 QQ 3.5 2351M&G UK Select GBP I Acc 4.1 39 25.2 132 22.5 143 QQQ 2.8 538

Majedie UK Equity X Acc 1.4 126 27.2 107 22.6 141 QQQQ 3.0 3495Majedie UK Focus X Acc 5.9 20 36.1 27 37.3 34 QQQQQ 3.4 864

Man GLG Undervalued Assets Profl Acc C 1.2 136 41.9 10 44.1 16 QQQQQ 3.3 1140Marks & Spencer UK 100 Comp Acc 2.0 106 29.1 86 23.1 132 QQ 2.8 275Marks & Spencer UK Selection Acc 0.1 166 17.0 200 11.5 209 Q 2.9 108Marlborough UK Multi-Cap Growth P Inc -5.4 234 34.2 34 46.5 12 QQQQ 4.3 311

Merian UK Alpha R GBP Acc 1.1 141 28.5 96 20.4 164 QQQ 3.1 1869Merian UK Dynamic Equity R GBP Inc -8.7 250 37.0 24 56.1 7 QQQQQ 4.5 475

Merian UK Equity R GBP Acc -5.9 240 13.6 220 10.9 212 QQ 2.7 136Merian UK Mid Cap R GBP Acc -11.2 255 30.3 63 51.3 9 QQQQ 4.8 3162

MFM Bowland 2.8 83 54.4 3 74.0 2 QQQQ 3.0 16MFM UK Primary Opportunities P Inc 1.8 111 40.2 15 39.7 29 QQQQ 2.9 23MFS Meridian UK Equity W1 GBP 3.5 51 22.7 161 22.5 142 QQQ 2.6 42MGTS AFH DA UK Multi-Cap Gr I GBP Acc 1.1 140 - - - - - - 63MI Brompton UK Recovery Trust Acc -1.5 192 29.5 78 28.7 77 QQQQ 2.9 9MI Charles Stanley Equity A Acc 1.7 114 18.1 194 16.0 193 QQ 2.9 11MI Chelverton UK Equity Growth B Acc -3.5 219 59.6 1 - - QQQQQ 3.7 298

Unit Trusts/OEICsFunds data supplied by Morningstar. Performance over one, three and five years on a cumulative bid-to-bid basis with income re-invested net of basic-rate tax. Figures based on closing price valuations available prior to 1 March 2019.

UK Direct PropertyAberdeen UK Property Feeder UT I Acc 2.2 20 - - - - - - 1631Aberdeen UK Property I Acc 2.2 21 8.2 13 25.4 13 - 1.3 388BMO UK Property 2 Inc 1.7 22 10.7 8 27.3 9 - 2.3 541BMO UK Property Feeder 1 Acc 2.6 19 10.4 9 - - - 2.3 438Janus Henderson UK Pty PAIF Feeder I Acc 4.2 11 9.1 11 31.3 6 - 2.2 2137Janus Henderson UK Pty PAIF I Acc 4.2 9 9.2 10 31.4 5 - 2.2 2671Kames Property Inc Feeder(Acc) GBP B Acc -2.9 24 5.8 14 - - - 2.5 259Kames Property Income GBP B Gross Acc -2.1 23 8.5 12 - - - 2.5 711L&G UK Property Feeder I Acc 5.4 5 16.5 3 44.9 3 - 1.0 3273L&G UK Property I Acc 5.4 5 16.4 4 44.9 3 - 1.0 3273LF Canlife UK Property ACS I Acc 3.9 12 - - - - - - -M&G Feeder of Property GBP I Acc 2.6 18 2.1 19 25.6 11 - 1.8 2207M&G Property Portfolio GBP I Acc 2.7 17 2.2 18 26.2 10 - 1.8 3530MGTS St Johns High Income Property Acc 3.0 16 12.1 7 25.4 12 - 0.2 111SLI UK Real Estate Acc Feeder P 1 Acc 3.5 14 - - - - - - 1372SLI UK Real Estate Inc Feeder P 1 Inc 3.4 15 - - - - - - 339SLI UK Real Estate Platform 1 Acc 3.5 13 4.6 15 25.2 14 - 1.5 2180Social Freehold A Gross Acc 5.4 4 - - - - - - 30Social Freehold Feeder Trust I Net Acc 4.6 8 - - - - - - 27Threadneedle UK Prpty Authrsd Invmt INI -3.2 25 3.4 16 28.3 7 - 1.8 1513Threadneedle UK Prpty Authrsd Tr INI -3.3 26 3.4 17 28.2 8 - 1.8 1215TIME Commercial Freehold A Gross Acc 5.0 7 16.2 5 - - - 0.2 167TIME Commercial Freehold Fdr I Net Acc 4.2 10 13.5 6 - - - 0.2 55TIME Freehold Inc Authorised A Gross Acc 8.3 1 29.5 1 57.6 1 - 0.3 296TIME Freehold Inc Authrd Fdr I Net Acc 7.5 2 26.4 2 50.9 2 - 0.2 32VT Redlands Prpty A GBP Acc 6.2 3 - - - - - - 99Sector average/count 3.1 26 11.0 19 33.8 14 1.4 1140

UK EQUITIESUK All Companies7IM UK Equity Value C Inc 5.7 25 32.9 43 - - QQQQQ 2.8 197Aberdeen Responsible UK Equity I Acc 7.2 9 42.4 8 34.4 45 QQQQ 2.9 25Aberdeen UK All Share Tracker C Acc 2.9 81 29.4 79 26.3 108 QQQQ 2.6 1531Aberdeen UK Eq Enh Idx B GBP Acc 3.0 74 - - - - - - 497Aberdeen UK Equity I Acc 5.7 24 31.6 48 23.0 134 QQQ 3.0 195Aberdeen UK Equity Index Managed B Acc 2.9 80 29.8 73 27.4 92 QQQQ 2.5 839Aberdeen UK Mid-Cap Equity I Acc 6.6 11 36.9 25 36.1 39 QQQQ 3.3 36Allianz UK Mid Cap C Acc -10.8 254 16.8 201 24.2 122 QQ 4.5 46Allianz UK Opportunities C Acc GBP 4.6 33 40.6 14 34.6 43 QQQQ 3.1 68Architas MM UK Equity A Acc 0.4 159 22.9 159 22.3 148 QQQ 2.9 120Artemis Capital I Acc -1.0 183 28.7 93 27.2 93 QQQ 3.6 287Artemis Instl UK Special Sits IN Acc -2.3 200 11.5 229 12.6 203 QQQ 3.2 94Artemis UK Select I Acc -5.4 233 20.7 182 20.1 168 QQQ 4.2 632

Artemis UK Special Situations I Acc -2.2 198 11.6 228 9.5 220 QQ 3.2 644Artorius A GBP Acc -5.2 232 26.3 117 45.0 14 QQQ 3.4 13AS SICAV I UK Eq X SInc GBP 5.8 22 30.6 57 21.4 154 QQQ 2.9 27Aviva Investors UK Eq MoM 1 2 GBP Inc 9.2 3 42.2 9 64.5 5 QQQQQ 2.9 392Aviva Investors UK Eq MoM 2 2 GBP Inc 0.9 145 23.7 152 10.1 216 Q 2.5 133Aviva Investors UK Eq MoM 3 2 GBP Inc 6.4 12 27.2 108 20.9 158 QQQ 3.3 79Aviva Investors UK Index Tracking 2 £Inc 2.7 89 28.8 90 26.6 103 QQQ 2.6 789Aviva Investors UK Lstd Eq Hi Alp2GBPAcc 0.1 167 18.5 191 21.1 156 QQQQ 3.3 229

Aviva Investors UK Lstd Eq Uncons2GBPAcc 2.3 98 24.9 139 32.2 56 QQQQQ 2.8 213Aviva Investors UK Lstd S&M Cap2 GBP Acc 0.1 165 28.5 97 27.1 94 QQQ 3.3 169AXA Framlington UK Growth Z GBP Acc 6.0 18 22.0 169 20.7 162 QQQ 2.7 138AXA Framlington UK Mid Cap Z Acc 1.2 134 23.8 151 36.3 37 QQQ 3.7 263

AXA Framlington UK Select Opps ZI Acc 1.7 112 16.3 206 19.1 176 QQQ 3.2 1838AXAWF Fram UK F Cap GBP 1.1 138 - - - - - - 193Baillie Gifford UK Equity Alpha B Acc 5.9 21 50.5 5 37.4 33 QQQQ 4.0 380Baillie Gifford UK Equity Core B Acc 2.4 95 - - - - - - 253Baillie Gifford UK Equity Focus B GBPAcc 1.3 130 - - - - - - 80Barclays UK Alpha R Acc GBP -0.8 178 23.7 153 18.7 177 QQQ 2.8 529Barclays UK Alpha S2 R Acc GBP -1.1 185 24.0 147 18.0 183 QQ 2.8 41Barclays UK Core R Acc GBP -0.5 173 26.0 127 20.5 163 QQQ 2.7 281Barclays UK Lower Cap R Acc GBP -6.7 245 27.3 106 32.1 58 QQQQ 4.0 60Barclays UK Opportunities R Acc GBP 0.0 169 33.7 37 33.5 48 QQQQ 2.6 72

BlackRock UK D Acc 1.3 127 29.6 77 34.2 46 QQQ 3.3 475BlackRock UK Equity D Acc 2.5 93 32.7 44 35.3 41 QQQQQ 2.9 265

BlackRock UK Special Situations D Acc 0.5 157 39.2 20 30.6 63 QQQQ 3.2 609BMO FTSE All-Share Tracker 2 Inc 2.8 86 29.1 83 26.6 104 QQQQ 2.6 379BMO Responsible UK Equity 2 Acc 4.9 31 34.8 33 41.2 25 QQQQ 3.0 405BMO Select UK Equity 2 Acc 8.3 7 21.2 176 23.3 129 QQQ 2.9 56BMO UK Mid-Cap C Acc 1.8 110 26.2 121 43.0 20 QQQQQ 3.5 65Castlefield B.E.S.T UK Opps Instl 6.3 13 21.1 178 23.5 128 QQQ 2.4 29Castlefield CFP SDL UK Bufftlgy Inst Inc 4.9 32 53.1 4 88.3 1 QQQQQ 2.9 632Cavendish Opportunities B Inc 0.7 148 30.1 66 25.1 117 QQQ 3.9 151CFP SDL Free Spirit General (Acc) 1.8 109 - - - - - - 14

Dimensional UK Core Equity GBP Acc 3.6 48 31.1 52 29.5 72 QQQQ 2.7 673Dimensional UK Value Acc -1.3 190 35.5 30 14.0 200 QQ 3.1 558EdenTree Amity UK B 0.1 168 15.7 208 22.0 151 QQQ 3.0 64EdenTree UK Equity Growth B -0.6 174 28.0 100 28.7 78 QQQQ 3.6 70Family Asset Trust 1.7 113 25.3 131 20.3 165 QQ 2.6 58Family Charities Ethical Tr Inc 3.7 46 26.3 119 17.4 185 QQ 2.6 130Fidelity FAST UK Y-ACC-GBP 3.6 49 27.7 102 41.4 24 QQQQ 2.9 20

Fidelity Index UK P Acc 3.0 73 30.3 62 28.2 85 QQQQ 2.7 2235Fidelity Instl UK Acc 1.4 124 17.6 199 26.4 107 QQQ 2.8 277Fidelity MoneyBuilder Growth Y Inc 2.6 91 15.9 207 22.7 138 QQ 2.8 426

Fidelity Special Situations W Acc 1.1 139 34.1 36 38.4 31 QQQQ 3.4 2911Fidelity UK Opportunities W Acc -8.9 251 20.2 184 23.2 131 QQQ 3.7 93Fidelity UK Select W Acc 4.4 36 26.3 118 40.8 26 QQQQ 3.0 446FP CRUX UK B Inc 3.4 59 27.9 101 35.0 42 QQQQ 2.7 60FP CRUX UK Special Situations I GBP Acc - - - - - - - - 13FP Octopus UK Equity B Acc -1.0 184 22.9 158 22.3 146 QQQ 2.8 24FP Russell Invsmts UK Growth Assts C Acc 2.7 90 26.5 115 20.9 157 Q 3.0 69Franklin UK Managers’ Focus W Acc -0.9 179 21.8 171 33.2 49 QQQQ 3.2 353

Franklin UK Mid Cap W Acc 1.1 142 31.2 51 36.9 36 QQQQ 4.0 995Franklin UK Opportunities W Acc 3.7 45 18.2 193 28.0 88 QQQ 2.7 55Franklin UK Rising Dividends W Acc 6.0 19 29.1 84 43.4 19 QQQQ 2.7 86GlobalAccess UK Alpha M Acc GBP -1.1 188 24.4 143 18.4 179 QQ 2.7 41


37Key to Symbols: Morningstar Analyst Ratings Œ „ ´ ‰ ˆ Á



ES Ardevora UK Income Instl Net Acc 1.5 41 11.6 74 21.6 52 QQQ 2.8 12Fidelity Enhanced Income W Inc 4.2 16 7.4 78 15.7 68 QQ 2.4 323

Fidelity MoneyBuilder Dividend Y Inc 4.4 12 10.2 76 22.2 51 QQQ 2.6 734FP Miton Income B Acc -0.8 64 14.8 63 27.1 29 QQQ 2.6 191

Franklin UK Equity Income W Acc 5.9 3 28.5 10 41.9 3 QQQQ 2.7 579GAM UK Equity Income Instl Acc 3.1 27 - - - - - - 161Halifax UK Equity Income C 2.3 31 25.1 17 20.1 59 QQ 2.6 2294HC Kleinwort Hambros Equity Income A Acc -2.0 74 14.2 66 14.7 69 QQ 3.0 56HL Multi-Manager Income & Growth A Acc -0.9 65 18.2 49 26.2 32 QQQ 3.0 2512HL Select UK Income Shares A Acc 7.1 2 - - - - - - 182HSBC Income Accumulation C 0.9 49 13.8 68 12.3 71 QQ 2.5 164IFML Vitality UK Listed Equity Income D 3.4 26 21.8 32 - - QQQ 2.8 1Insight Equity Income Booster Inst W Acc -0.9 68 24.2 23 23.8 42 QQQ 2.5 109Insight Equity Income Inst W Acc 2.7 28 29.3 9 29.5 22 QQQQ 2.7 177Invesco Income & Growth UK Z Acc 4.3 14 15.4 58 21.2 54 QQQ 2.6 420Investec UK Equity Income I Acc 4.3 15 22.8 27 - - QQQQ 2.8 100Janus Henderson UK Eq Inc&Gr I Inc -6.8 87 12.3 72 8.3 74 QQQ 2.9 284

JOHCM UK Equity Income A GBP Acc -1.9 73 34.5 5 28.6 27 QQQQ 3.1 3268JPM UK Equity Income C Net Acc -0.2 61 - - - - - - 4JPM UK Higher Income C Net Acc -0.9 67 18.9 40 20.8 56 QQQ 2.7 367

Jupiter Income Trust I Acc 1.5 40 26.8 11 34.7 8 QQQQ 2.7 1807Kames UK Equity Income GBP B Inc 1.9 36 18.7 44 28.6 26 QQQQ 2.7 50L&G UK Equity Income I Acc -2.2 77 14.7 64 11.8 72 Q 3.1 284Lazard Multicap UK Income A Acc 0.3 56 24.4 22 25.5 34 QQQQ 2.6 67LF Canlife UK Equity Income C Acc 2.0 34 15.0 61 23.4 45 QQ 2.6 235LF Gresham House UK Mlt Cap Inc C £ Acc 1.7 39 - - - - - - 34LF Miton UK Multi Cap Inc B Acc Instl -2.4 78 15.4 57 33.9 10 QQQQ 2.7 1320LF Woodford Income Focus A Sterling Acc -5.4 85 - - - - - - 574Liontrust Macro Equity Income I Acc 1.7 38 17.7 51 20.0 60 QQQ 2.8 114M&G Charifund GBP Inc 3.8 20 26.1 13 31.3 19 QQQQ 2.4 1130M&G Dividend GBP I Acc 2.3 32 13.8 69 19.5 62 QQ 3.0 1147Majedie UK Income X Acc 3.6 23 22.8 26 32.9 14 QQQQ 3.2 740

Man GLG UK Income Professional Acc C 5.7 4 41.2 3 52.4 1 QQQQQ 3.2 870Marlborough Multi Cap Income P Acc 0.2 57 16.7 54 25.3 35 QQQ 3.6 1529Merian UK Equity Income R GBP Acc 0.1 59 18.3 48 20.9 55 QQQ 2.7 81MI Chelverton UK Equity Income B Acc -2.9 82 24.6 21 36.9 4 QQQQ 4.0 645MI Downing Monthly Income Acc -14.8 88 8.2 77 4.7 76 Q 3.1 40NatWest Equity Income NAV -0.1 60 18.0 50 23.4 46 QQQ 2.7 -Neptune Income C Acc GBP 2.7 29 32.5 7 42.8 2 QQQQ 2.6 211Neptune Quarterly Income C Acc GBP 1.2 45 14.4 65 20.8 57 QQ 2.6 4Newton UK Income Inst W Acc 5.1 7 19.0 39 33.8 11 QQ 2.7 1278NFU Mutual UK Equity Income C 3.5 24 23.5 24 25.0 36 QQQ 2.6 194Premier Income C Inc -1.2 69 15.3 59 24.3 40 QQQ 3.2 352Premier Monthly Income C -1.6 70 15.0 60 24.3 39 QQQ 3.2 209Premier Optimum Income C Inc -4.2 83 17.7 52 22.4 50 QQQ 3.4 107Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc 0.7 54 21.2 33 29.6 21 QQQQ 2.5 237Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc 5.2 6 19.4 37 34.9 7 QQQQ 2.7 22Quilter Investors UK Eq Inc U2 (GBP) Acc - - - - - - - - 119

Rathbone Income I Inc 3.9 18 17.4 53 32.0 16 QQQQ 2.6 1120RBS Equity Income 1 0.5 55 18.7 42 24.1 41 QQQ 2.7 60River & Mercantile UK Equity Income B 0.7 53 25.5 15 23.7 43 QQQ 2.8 203

Royal London UK Equity Income M 3.9 19 26.4 12 33.5 12 QQQQ 2.6 1851Santander Dividend Income RI 1.4 42 16.3 55 29.3 24 QQQQ 3.0 3Santander Enhanced Income II 1.0 47 18.5 46 26.4 31 QQQ 2.9 44Santander Equity Income II 1.9 35 18.7 43 33.3 13 QQQ 3.0 125

Schroder Income Fd Z Acc 5.1 8 42.8 1 36.5 6 QQQQQ 2.7 2261Schroder Income Maximiser Z Acc 4.3 13 36.4 4 29.0 25 QQQQ 2.4 1247Schroder UK Alpha Income Z Inc -2.0 75 12.9 70 14.5 70 QQQ 2.8 214Scot Wid MM UK Equity Income A Acc 0.7 52 18.8 41 22.9 48 QQQ 2.5 794Scottish Widows UK Equity Income A Acc 0.8 51 24.8 20 18.0 64 QQ 2.8 525Slater Income P Inc -4.8 84 11.9 73 25.9 33 QQQ 3.3 134SLI UK Equity High Inc Plat 1 Acc -2.7 80 14.1 67 17.9 65 QQ 3.4 518

SLI UK Equity Income Uncons Plat 1 Acc -1.9 72 12.8 71 20.6 58 QQQQ 3.7 1402Smith & Williamson UK Equity Inc B -6.0 86 1.3 81 7.5 75 Q 3.0 4SVS Albion Olim UK Equity Acc 0.2 58 18.6 45 21.6 53 QQQ 2.9 19TB Guinness UK Eq Inc Y Clean Income -0.9 66 - - - - - - 0TB Saracen UK Income B Acc 5.0 10 32.1 8 - - QQQQ 3.8 3

Threadneedle UK Eq Inc Z Inc GBP 5.1 9 22.6 30 32.0 17 QQQQ 2.8 4033Threadneedle UK Equity Alpha Inc Z Inc 7.2 1 18.3 47 23.6 44 QQQ 2.8 369Threadneedle UK Monthly Inc Z Inc 2.3 30 11.2 75 19.9 61 QQQ 2.6 442TM RWC UK Equity Income R Acc - - - - - - - - 147

Troy Trojan Income O Acc 5.6 5 14.9 62 36.7 5 QQQQ 2.4 2702UBS UK Equity Income C Acc Net -2.6 79 41.9 2 29.3 23 QQQ 3.2 28Unicorn UK Ethical Income B Inc 1.3 43 - - - - - - 20Unicorn UK Income B Inc -2.8 81 20.3 35 23.3 47 QQQQ 3.7 566Vanguard FTSE U.K. Eq Inc Idx Acc 0.9 50 19.5 36 16.9 66 QQ 2.8 1118VT Tyndall Real Income GBP A Acc 1.0 46 5.0 79 - - Q 2.1 2Sector average/count 1.0 88 20.1 81 25.2 76 2.8 600

UK Equity And Bond IncomeCavendish UK Balanced Income B -3.0 10 15.0 9 19.5 6 QQ 2.6 55HSBC Monthly Income C Acc 1.0 8 15.6 8 16.8 9 QQ 2.1 135Jupiter Monthly Income I Acc 3.4 2 33.1 1 42.9 1 QQQQQ 1.7 211LF Canlife UK Equity and Bond Inc C Acc 1.7 7 18.7 5 26.7 4 QQQ 2.2 60LF IM UK Equity & Bond Income A Acc 2.1 5 16.8 7 17.8 8 QQ 1.8 200M&G UK Income Distribution GBP I Acc 3.2 3 22.8 2 29.2 3 QQQQ 2.1 594Royal London UK Income with Growth 1.7 6 13.8 10 15.5 10 QQ 2.2 263Scottish Widows High Reserve A Acc 0.8 9 22.0 4 18.8 7 QQ 2.3 284Threadneedle Managed Eq Inc Z Inc 3.1 4 18.6 6 25.8 5 QQQ 2.2 98Threadneedle Mthly Etr Inc Z Inc GBP 5.2 1 22.3 3 32.1 2 QQQQ 2.4 313Sector average/count 1.9 10 19.9 10 24.5 10 2.2 221

BONDS£ Corporate BondAberdeen Corporate Bond I GBP Acc 0.5 75 15.8 27 23.7 38 QQQQ 1.7 1626Aberdeen Sterling SD Corp Bd I GBP Inc 1.0 52 - - - - - - 167Aviva Investors Corporate Bd 2 GBP Inc 1.1 47 12.5 56 21.3 55 QQQ 1.5 2384Aviva Investors Monthly Inc Pls R2 £ Acc 1.2 41 14.5 41 24.2 35 QQQQ 1.6 252AXA Sterling Corporate Bond Z Gross Acc 1.7 14 18.4 12 25.0 27 QQQQ 1.5 50AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 0.7 66 4.7 81 7.0 76 Q 0.3 806AXA £ Buy and Maintain Crdt Z Acc Grs 1.6 21 14.1 47 24.9 28 QQQ 1.6 237Baillie Gifford Investment Grd Bd B Inc 1.1 45 14.6 38 24.4 33 QQQQ 1.5 172Baillie Gifford Invm Grd Lng Bd B Inc 3.0 1 19.7 8 35.2 6 QQQQQ 2.4 220Barclays Sterling Corporate Bd R Acc GBP 0.4 77 12.0 63 20.6 57 QQ 1.4 175BlackRock Corporate Bond 1-10 Year D Acc 1.4 26 12.6 54 20.0 61 QQQ 1.0 1369

BlackRock Corporate Bond D Acc 2.2 5 17.2 18 27.9 15 QQQQQ 1.2 843BMO Corporate Bond C Inc 0.8 64 14.1 46 23.0 44 QQQQ 1.3 25BMO Long Dated Sterling Corp Bd 3 Acc 1.1 51 22.4 5 41.1 3 QQQQQ 2.7 41BMO Responsible Sterling Corp Bd C Inc 1.1 49 12.5 55 22.5 48 QQQ 1.4 113BMO Sterling Corporate Bond 3 Acc 1.1 46 15.1 31 26.5 18 QQQQ 1.5 142BNY Mellon Global Credit GBP W Acc H 0.6 73 7.3 76 - - QQQ 0.9 318

Mirabaud UK Equity High Alpha A GBP Acc -0.7 176 30.3 64 24.2 123 QQQ 3.9 17Montanaro UK Income GBP -1.6 193 23.5 154 - - QQQ 3.5 344NatWest Growth NAV 0.2 162 26.5 116 40.3 28 QQQQQ 2.8 90Neptune UK Mid Cap C Acc GBP -14.2 258 5.8 241 16.9 191 QQ 4.0 251Neptune UK Opportunities C Acc GBP -11.2 256 10.1 234 5.9 228 QQ 3.4 13Newton UK Equity Inst W Acc 6.3 15 20.0 185 37.1 35 QQ 2.7 771Newton UK Opportunities Inst W Acc 3.5 55 16.7 203 38.0 32 QQQQ 2.9 320NFU Mutual UK Growth C 3.4 60 36.6 26 23.9 124 QQQ 2.8 371Ocean UK Equity B Acc - - - - - - - - 4Polar Capital UK Value Opports I GBP Acc -3.1 214 - - - - - - 851Premier Ethical C Inc -4.7 229 19.3 188 26.6 105 QQQ 3.8 156Premier UK Growth C Inc 3.0 77 22.3 168 32.6 53 QQQ 3.4 116Quilter Inv UK Eq Inc II U2 (GBP) Acc -16.4 259 -19.8 247 - - Q 3.6 92Quilter Inv UK Eq Opports U2 (GBP) Acc -3.3 218 9.7 235 8.9 223 QQ 3.2 138Quilter Investors Equity 1 A (GBP) Acc -11.7 257 29.8 74 51.1 10 QQQQQ 5.1 93Quilter Investors UK Eq Gr U2 (GBP) Acc 3.1 71 30.5 58 22.4 145 QQQ 2.7 167Quilter Investors UK Eq Idx R (GBP) Acc 3.3 63 28.7 92 27.0 97 QQQQ 2.6 228Quilter Investors UK Equity U2 (GBP) Acc - - - - - - - - 131Rathbone UK Opportunities I Inc -9.5 252 14.6 215 17.2 188 QQ 3.7 50RBS Growth 1 0.2 162 21.1 177 26.7 101 QQQQ 2.7 213River & Mercantile UK Eq Hi Alpha B -0.1 170 41.6 11 29.7 71 QQQQ 3.1 84River and Mercantile UK Dynamic Eq B Acc -1.8 195 30.8 55 31.5 59 QQQQ 3.3 86River and Mercantile UK Recovery B Inc -2.7 208 46.4 6 23.7 127 QQQQ 3.3 260Royal London FTSE 350 Tracker Z Acc 3.3 64 30.1 67 28.3 84 QQQQ 2.5 6071

Royal London Sustainable Leaders C Acc 8.6 5 36.0 28 45.9 13 QQQQQ 2.8 612Royal London UK All Share Tracker Z Acc 3.7 42 29.9 71 28.9 74 QQQQ 2.6 522Royal London UK Dividend Growth M 5.0 29 33.6 38 26.7 102 QQQQ 2.8 817Royal London UK Equity M Acc 4.6 34 29.6 76 27.5 91 QQQQ 2.5 654Royal London UK FTSE4Good Tracker 4.4 37 26.9 111 22.1 149 QQQ 2.6 139Royal London UK Growth -0.7 175 23.3 156 19.9 169 QQ 2.7 1070Royal London UK Mid-Cap Growth Instl M 2.2 103 26.0 125 35.8 40 QQQQ 3.7 386Royal London UK Opportunities M Acc -2.9 211 13.3 223 9.9 218 QQ 3.4 718RWC UK Focus R GBP Acc -6.8 246 21.4 173 23.8 126 QQQ 3.8 95S&W Revera UK Dynamic Ret Acc -2.8 210 13.0 224 10.2 215 QQQ 3.7 90Sanlam Active UK A 3.0 72 26.0 126 10.0 217 QQ 3.5 26Santander N&P UK Growth RI -1.1 187 18.1 195 17.1 189 QQ 3.4 29Santander Stockmarket 100 Trcr Gr RA 3.4 61 29.8 72 25.0 118 QQQ 2.6 395Santander UK Equities A -0.9 180 18.3 192 18.1 181 QQ 3.1 290Santander UK Growth RA Acc -0.4 171 19.3 189 18.3 180 QQ 3.4 796Sarasin Charity Thematic UK Eq GBP A Acc 3.7 43 22.5 166 10.8 213 Q 2.6 19Sarasin UK Equity P Acc 2.2 101 19.7 186 9.2 222 Q 2.6 30Schroder Core UK Equity Z Acc 2.4 96 25.8 129 9.4 221 QQ 2.8 74Schroder MM UK Growth Z Acc 2.2 102 24.0 148 15.6 196 QQQ 2.5 35Schroder Prime UK Equity I Acc 3.5 53 30.4 61 26.2 109 QQQQ 2.6 386

Schroder Recovery Z Acc 2.2 100 41.2 12 25.7 115 QQQQ 2.8 1216Schroder Responsible Value UK Eq I Acc 6.1 17 39.7 18 30.5 64 QQQQQ 2.7 50Schroder UK Alpha Plus Z Acc 3.8 40 21.9 170 19.4 175 QQQQ 3.0 793Schroder UK Equity Z Acc 1.7 117 23.4 155 21.6 152 QQQQ 2.8 546Schroder UK Mid 250 Z Acc -4.8 231 21.5 172 12.0 207 QQ 3.9 1074Schroder UK Opportunities Z Acc -4.8 230 16.5 205 5.1 231 QQQ 2.8 159Scot Wid MM UK Equity Focus A Acc 1.2 133 26.6 114 23.2 130 QQQ 2.8 1305Scot Wid MM UK Equity Growth A Acc 2.0 105 25.0 137 18.7 178 QQQ 3.0 92Scottish Friendly UK Growth -4.6 228 11.9 226 19.4 174 QQ 3.6 5Scottish Widows UK All Share Track I Acc 0.7 148 29.3 80 25.8 114 QQQ 2.9 5446Scottish Widows UK Growth A 0.2 164 25.1 133 17.2 187 QQ 2.9 2462Scottish Widows UK Select Gr A 3.5 54 29.0 87 6.5 226 QQ 3.2 27Scottish Widows UK Tracker G Acc 1.2 131 27.7 103 20.8 161 QQ 2.9 389

Slater Growth P Acc -5.8 239 20.5 183 43.6 17 QQQ 3.7 487Slater Recovery P Acc -1.8 196 33.4 40 53.8 8 QQQ 3.8 50SLI UK Equity General Trust Retl Acc 0.5 156 23.2 157 16.1 192 QQ 3.2 790SLI UK Equity Growth Plat 1 Acc 0.7 151 22.3 167 14.6 199 Q 3.4 211SLI UK Equity High Alpha Plat 1 Acc -3.3 217 21.1 179 23.0 135 QQQQ 4.2 204SLI UK Equity Recovery Plat 1 Acc -3.8 222 56.5 2 34.5 44 QQQQ 5.4 193SLI UK Equity Unconstrained Plat 1 Acc -8.2 248 15.1 212 12.1 205 QQQ 4.7 527

SLI UK Ethical Plat 1 Acc -2.7 209 26.2 122 29.8 69 QQQQ 4.3 295SLI UK Opportunities Plat 1 Acc -9.8 253 37.2 22 19.4 173 Q 4.7 122Smith & Williamson UK Equity Gr B -2.2 197 27.4 105 28.4 82 QQQ 3.5 19SSgA UK Equity Tracker 1.6 119 29.7 75 26.8 100 QQQ 2.7 177SVM UK Growth Instl -4.3 227 17.6 198 25.1 116 QQQ 3.9 194SVM UK Opportunities Instl -0.9 181 25.8 128 39.4 30 QQQQ 3.4 175SVS Church House UK Managed Growth A Acc 6.3 16 33.5 39 36.2 38 QQQQ 2.6 68TB Evenlode Income B Inc 10.0 2 41.0 13 64.7 4 QQQQQ 2.6 2618TB Saracen UK Alpha B Acc -0.7 177 28.8 89 30.7 62 QQQ 3.8 10TC Delmore Growth & Income A Inc -6.5 242 6.5 239 3.6 232 Q 2.7 2Threadneedle Ethical UK Equity Z Acc 3.1 70 22.5 165 - - QQQ 3.1 24Threadneedle UK Extnd Alpha Ins Acc GBP 3.2 66 24.2 146 40.4 27 QQQQ 2.8 135Threadneedle UK Growth & Inc Z Inc 4.4 35 22.6 164 29.7 70 QQQ 2.9 303Threadneedle UK Institutional Ins Acc 1.7 116 25.1 135 27.1 95 QQQQ 2.7 1149Threadneedle UK Mid 250 Z Acc GBP -4.3 225 14.4 216 30.4 65 QQ 4.3 61Threadneedle UK Overseas Earn Z Inc 2.4 94 25.0 136 30.2 66 QQQQ 2.8 97Threadneedle UK Select Z Inc GBP -2.7 207 11.5 230 26.1 113 QQQ 3.0 479

Threadneedle UK Z Inc GBP 0.2 161 21.4 174 28.4 81 QQQQ 2.9 2120TM Sanditon UK A GBP Acc 0.6 155 7.3 237 - - QQ 3.3 135TM Stonehage Core UK Equity B Inc -4.2 224 14.0 219 2.6 233 QQ 3.0 73TM UBS (UK) - UK Eq C Acc 3.4 56 23.8 150 - - QQQ 2.5 10TT UK Equity B -3.6 221 16.6 204 17.6 184 QQ 2.7 18UBS UK Opportunities C Acc Net -1.1 186 40.1 16 26.1 111 QQQ 3.2 27Unicorn Outstanding British Co Instl 1.3 129 21.0 180 32.4 55 QQQQ 3.0 98Unicorn UK Growth A -8.4 249 39.8 17 30.0 67 QQ 4.5 65Vanguard FTSE 100 Index A GBP Acc 3.2 67 - - - - - - 70

Vanguard FTSE U.K. All Shr Idx UT Acc 2.7 88 30.0 69 28.1 86 QQQQ 2.7 7990Virgin UK Idx Tracking Trust 2.1 104 26.1 123 22.9 136 QQQ 2.6 2720VT Cape Wrath Focus GBP A Net Acc 6.3 14 - - - - - - -VT Castlebay UK Equity A Accumulation 11.2 1 35.2 32 - - QQQQQ 2.6 -VT Garraway UK Equity Mrkt F GBP net Acc 0.9 143 16.8 202 22.5 144 QQQ 2.9 60VT Munro Smart Beta UK A Acc Retail 1.3 128 28.8 91 18.1 182 QQ 2.6 6VT Sorbus Vector A 0.9 144 - - - - - - 29Wesleyan UK Growth X Acc 2.4 97 - - - - - - 64Sector average/count 0.5 260 25.3 247 26.1 234 3.1 640

UK Equity IncomeAberdeen UK Equity Income I Acc 3.7 22 23.3 25 16.3 67 QQQ 2.7 144Allianz UK Equity Income C Inc 2.0 33 25.0 18 22.7 49 QQQ 2.7 62

Artemis Income I Inc 1.9 37 25.3 16 31.8 18 QQQQ 2.6 5501Aviva Investors UK Equity Income 2 £ Acc 1.2 44 20.7 34 27.8 28 QQQQ 2.7 939AXA Framlington Blue Chip Eq Inc Z £ Acc 1.0 48 16.2 56 19.3 63 QQ 2.7 73AXA Framlington Monthly Income Z GBP Inc -2.1 76 25.5 14 32.5 15 QQQQ 2.7 385Barclays UK Equity Income R Acc GBP -0.2 62 22.8 28 25.0 37 QQQ 2.7 111Barclays UK Equity Income S2 R Acc GBP -0.3 63 22.7 29 24.5 38 QQQ 2.6 140BlackRock UK Income D Acc 3.7 21 19.2 38 33.9 9 QQQ 2.8 364BMO Responsible UK Income 2 Inc 3.5 25 21.9 31 30.9 20 QQQQ 2.6 326BMO UK Equity Income 2 Inc 4.7 11 24.9 19 26.5 30 QQQ 2.7 53Castlefield B.E.S.T. Sust Inc Instl -1.8 71 3.2 80 9.8 73 Q 2.6 25Courtiers UK Equity Income Retl R 4.1 17 32.8 6 - - QQQQQ 3.0 15


38


Unit Trusts/OEICS


L&G Dynamic Bond I Acc -3.1 82 -1.2 76 1.4 68 QQ 1.1 255Lazard Sterling High Qual Bd A Inc GBP 2.7 4 13.8 37 26.6 7 QQQQ 1.8 2Legg Mason IF BW Glbl Inc Optr X Inc -0.7 71 14.6 31 14.0 49 QQQQ 1.2 151Legg Mason IF WA Retirement Inc Bd X Inc 2.0 7 10.2 60 10.7 61 QQQ 0.8 12

Legg Mason WA Mcr OppBd X GBPH Acc -2.3 81 19.3 11 23.2 14 - 2.1 5249LF IM Bond A Inc 1.0 26 2.4 75 14.9 47 QQ 1.4 82Liontrust Strategic Bond B Gross Acc - - - - - - - - 162Loomis Sayles Strategic Inc H-N/DG GBP 0.2 53 27.8 2 16.0 40 - 1.7 15

M&G Optimal Income GBP I Acc -0.2 62 16.6 18 17.2 38 QQQQ 1.2 17932M&G UK Inflation Lnkd Corp Bd GBP I Acc 0.6 42 11.1 56 6.1 65 Q 0.6 1119

Man GLG Strategic Bond Profl Acc C -8.2 84 4.1 73 1.6 67 Q 1.5 107Marks & Spencer High Income Acc 0.3 49 11.9 48 16.9 39 QQQ 1.4 253Merian Monthly Income Bond R GBP Acc -0.3 63 13.9 36 7.1 64 QQQQ 1.2 84MI TwentyFour AM Dynamic Bond I Acc -0.7 70 18.8 12 20.7 22 QQQQQ 1.2 1865

Muzinich Global Tact Crdt HGBP Acc A 0.1 57 6.2 68 - - QQQ 0.6 1277NatWest High Yield NAV -0.1 60 12.6 43 19.7 26 QQQ 1.5 -Newton Global Dynamic Bd Inc Inst W Inc 0.5 43 - - - - - - 96Newton Sustainable Stlg Bd Inst W Acc - - - - - - - - 26NFU Mutual Gilt & Corp Bond C 1.6 13 11.2 55 25.9 9 QQQ 1.8 194Nomura Fds Global Dynamic Bond I GBP H 0.9 33 16.2 22 - - QQQQ 0.9 249PIMCO GIS Divers Inc Dur H Ins GBP H Acc 1.2 21 21.7 8 13.0 52 QQQQ 1.1 1017

PIMCO GIS Income R GBP Hedged Inc 1.4 18 13.8 38 19.7 27 QQQQQ 0.6 45026PIMCO Sel UK Income Bond R GBP Inc 0.6 38 7.9 66 11.5 57 QQ 0.8 614Quilter Inv Stlg Divers Bd U2 (GBP) Acc 0.5 44 8.7 65 18.0 33 QQQQ 1.0 148Quilter Investors Bond 1 A (GBP) Inc -1.5 77 16.2 23 17.9 34 QQQQ 1.3 161Quilter Investors Divers Bd U2 (GBP) Acc - - - - - - - - 104Quilter Investors Strat Bd R GBP Inc 0.2 55 10.2 59 8.6 63 QQQ 1.0 49Rathbone Strategic Bond Instl Inc 1.0 29 16.4 20 20.5 24 QQQQQ 0.8 153RBS High Yield 1 0.6 41 13.4 39 20.5 23 QQQ 1.5 79Royal London Ethical Bond M Acc 1.9 9 16.7 17 28.6 4 QQQQQ 1.4 737Royal London Global Bd Opps Z GBP 2.8 3 23.8 5 - - QQQ 0.9 104Royal London GMAP Cnsrv M GBP Acc 1.1 24 - - - - - - 40Royal London Monthly Income Bd M GBP Inc - - - - - - - - 36Royal London Short Duration Crdt M Inc 1.9 8 11.4 54 17.8 36 QQ 0.4 752Royal London Sterl Extra Yld Bd A 3.2 2 31.8 1 34.0 3 QQQQQ 1.2 1898Sanlam Strategic Bond P GBP Acc 0.3 51 26.1 3 39.7 1 QQQQQ 1.2 357Santander Strategic Bond IA -0.4 67 11.9 49 17.8 35 QQQ 0.9 19Sarasin Sterling Bond I Acc 1.6 15 11.9 50 22.5 16 QQQ 1.6 96Schroder Strategic Bond Z Acc -1.1 75 15.7 27 12.6 54 QQQ 1.2 119Schroder Strategic Credit Z GBP Acc 1.5 16 12.6 42 15.6 43 QQQ 0.8 1155Scottish Widows Strategic Income A Acc -0.1 59 14.2 34 19.2 29 QQQ 1.5 198SLI Strategic Bond Plat 1 Acc -0.3 64 11.8 51 13.1 51 QQQ 1.0 186SLI Total Return Credit B Acc GBP 0.7 37 - - - - - - 95Threadneedle Strategic Bond Z Inc 0.8 36 14.4 32 15.1 45 QQQQ 1.0 241Tideway GBP Credit A GBP Acc 0.5 45 - - - - - - 90Tideway GBP Hybrid Capital A GBP Acc -1.6 79 - - - - - - 106UBS Global Strategic Bond C Acc - - - - - - - - 10Virgin Money Bond & Gilt Fd GBP 2.1 5 6.0 69 18.1 31 QQ 1.4 503Waverton Sterling Bond A GBP -0.5 68 11.6 52 11.0 58 QQQ 1.1 170Zurich Horizon Mthly Income Plus Z Inc -1.5 78 - - - - - - 8Sector average/count 0.4 84 13.7 76 17.9 68 1.1 1204

£ High YieldAberdeen European High Yield Bond I Acc -1.0 33 14.6 29 19.3 12 QQQQ 1.2 82Aberdeen Global High Yield Bond I Acc 0.0 29 20.3 14 8.8 27 QQQ 1.3 591Aviva Investors High Yield Bd 2 GBP Inc -0.7 31 12.8 31 18.4 15 QQQ 1.2 114

AXA Global High Income Z Gross Acc 1.4 17 24.4 6 14.4 23 QQQQ 1.3 114AXA Pan European High Yld Bond Z Grs Acc 0.7 25 17.9 22 21.0 5 - 1.1 26

Baillie Gifford High Yield Bond B Inc 1.4 18 23.3 8 21.3 4 QQQQ 1.3 652Barings Dev and EM HY Bd I GBP H Inc -0.1 30 17.4 23 5.0 29 QQ 1.3 399Barings Global High Yield Bond D GBP Acc 1.7 14 - - - - - - 840BMO Multi-Sector Higher Income Bd C Inc 2.2 9 20.5 12 20.6 6 QQQQ 1.2 34BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 2.4 7 - - - - - - 496Eaton Vance Intl (IRL) US HY Bd I2 GBP 1.8 12 18.3 20 18.8 14 - 1.2 135Fidelity Global High Yield Y Acc 0.1 27 25.7 3 20.5 8 QQQQQ 1.4 189GlobalAccess Global Hi Yld Bd M Dis GBP 0.7 24 20.4 13 12.3 24 - 1.5 751GS Europe High Yield Bd R Inc GBP Hdg -2.6 37 14.8 28 - - - 1.5 62Hermes Global High Yld Crdt F GBP Acc H 1.2 22 23.4 7 20.5 7 QQQQ 1.3 148Invesco High Yield UK Z Acc -1.5 36 22.1 9 17.4 17 QQQQ 1.5 167Investec Monthly High Income I Acc GBP 1.3 20 19.2 17 18.9 13 QQQQ 1.2 108JPM Global High Yield Bond C Grs Acc 2.7 4 24.9 5 15.3 21 QQQQ 1.5 115

Kames High Yield Bond GBP B Acc 3.0 2 18.7 18 16.2 18 QQQQ 1.1 571Kames Short Dated HY Glbl Bd GBPH B Acc 1.3 21 - - - - - - 119L&G High Income I Acc -1.0 32 26.8 1 20.0 10 QQQ 1.6 1310Liontrust GF High Yield Bond C5 Acc GBP - - - - - - - - 24Lord Abbett High Yield I GBP Hdg Acc - - - - - - - - 800M&G (Lux) Global HY ESG Bd CH GBP Acc 1.6 16 - - - - - - 17

M&G Global Fltng Rt Hi Yld GBP I-H Acc 1.0 23 13.7 30 - - QQ 0.8 573M&G Global High Yield Bond GBP I Acc 0.6 26 21.5 11 17.6 16 QQQ 1.3 1189

Marlborough High Yield Fixed Int P Inc -1.2 35 16.9 24 20.4 9 QQQQ 1.3 75Neuberger Berman HY Bd GBP A Acc 1.6 15 16.9 25 9.2 26 - 1.3 3055Neuberger Berman Shrt Dur HY Bd £InsAccH 2.4 6 11.2 32 8.3 28 - 0.8 775

Newton Global High Yield Bond Int W Acc 2.2 8 21.6 10 15.3 20 QQQ 1.1 118PIMCO GIS Glb Hi Yld Bd R GBPH Inc 2.6 5 18.2 21 15.4 19 QQQQ 1.3 2511

Quilter Investors Hi Yld Bd U2 GBP Acc 3.5 1 19.7 15 24.2 2 QQQQ 1.1 58Royal London Global High Yield Bd M£Inc 2.1 10 16.2 26 14.8 22 QQQ 1.1 760Royal London Shrt Dur Glbl HY Bd M£Inc 2.8 3 7.8 33 12.0 25 QQ 0.4 1458Schroder High Yield Opportunities Z Acc 0.0 28 26.0 2 31.8 1 QQQQ 1.5 659Scottish Widows High Income Bd Acc -1.1 34 15.7 27 3.7 30 Q 1.3 166SLI Higher Income Plat 1 Acc 1.3 19 18.6 19 19.8 11 QQQ 1.0 452T. Rowe Price Global High Inc Bd Qdh GBP 1.8 13 25.6 4 - - QQQQQ 1.4 33

Threadneedle HY Bd Z Inc GBP 2.1 11 19.5 16 21.5 3 QQQQ 1.1 743Sector average/count 1.0 37 19.2 33 16.8 30 1.2 525

Global BondsAB Euro High Yield I2 GBP H Acc -1.0 129 19.8 36 - - - 1.5 462AB Glbl Pls Fxd Inc I2 GBP H Acc 1.4 71 6.1 128 13.0 94 QQQ 0.7 811AB Global Dynamic Bd I2 GBP Acc -0.1 115 6.3 126 - - QQ 0.6 719AB Short Dur Hi Yld I2 GBP H Acc 2.4 46 12.1 80 12.4 101 QQ 0.8 811Aberdeen Euro Corporate Bond I Acc -2.6 146 16.9 54 16.8 76 QQQQ 2.6 25Aberdeen Global Corporate Bd Trkr B Acc 0.9 88 - - - - - - 1882Acumen Bond X Acc -0.9 126 - - - - - - 59Allianz Flexi Asia Bond PQ H2 GBP -1.2 133 9.1 99 10.5 108 - 1.2 498Amundi SICAV II Euro High Yield R GBP ND -3.7 160 27.9 13 23.0 55 QQQ 2.6 1Amundi SICAV II Glbl Aggt Bd R GBP ND -0.9 127 3.4 145 16.7 77 QQ 2.9 0Amundi SICAV II Pio Global HY R GBP ND 3.9 36 33.1 7 43.5 15 QQQQ 2.6 3Amundi SICAV II Pio Strat Inc R GBP ND 4.9 27 18.8 41 43.0 16 QQQQ 2.6 7

AS SICAV I SelEuro HYBd X MInc GBP -4.3 163 24.1 21 20.7 57 QQQQ 2.5 756Aviva Investors Glbl Agg MoM 1 2 GBP Inc -1.1 130 1.1 154 8.2 120 QQ 0.7 179

Aviva Investors Global HY Bd Amh GBP Inc 1.4 73 13.7 69 10.2 109 QQQ 1.2 3397AXA Global Short Duration Bond Z GBP Acc 0.5 98 - - - - - - 212AXA US Short Duration Hi Yld Z Gross Acc 2.4 48 9.3 97 8.4 118 Q 0.6 718AXAWF Asian Short Dur Bds F Cap USD 7.0 5 18.4 44 - - QQQQ 2.8 98

AXAWF Euro Credit Short Dur F Cap EUR -3.8 161 11.0 84 6.9 122 QQQ 2.4 3058

Close Bond Income Portfolio X Acc 0.2 79 16.1 24 21.9 52 QQQQ 1.2 267EdenTree Amity Short Dated Bond B 0.7 69 - - - - - - 36Fidelity Instl UK Corporate Bond Inc 1.2 34 15.9 25 26.2 19 QQQQ 1.5 364Fidelity Instl UK Lng Corp Bd Inc 1.7 12 22.5 4 38.5 4 QQQQQ 2.4 612

Fidelity MoneyBuilder Income Net Y 0.8 60 12.4 59 23.1 42 QQQ 1.4 3367Fidelity Short Dated Crprate Bd Y Acc 1.4 28 - - - - - - 119Franklin UK Corporate Bond W Inc 1.2 35 - - - - - - 44GlobalAccess Global Corp Bd M Dis GBP 0.8 58 8.3 72 13.6 70 QQQ 0.9 405GS Sterling Credit R Acc GBP 1.6 19 14.2 44 25.1 24 QQQ 1.6 36Halifax Corporate Bd C 1.1 43 13.6 50 18.5 65 QQ 1.4 1762HSBC Corporate Bond C Acc 1.2 37 16.9 19 25.8 21 QQQ 1.7 885HSBC Sterling Corp Bd Idx Acc C 1.4 27 - - - - - - 219Insight Corporate Bond Inst W Acc -0.4 85 18.7 11 24.8 29 QQQQ 1.8 28

Invesco Corporate Bond UK Z Acc 0.6 72 13.4 51 17.5 66 QQQ 1.0 4133iShares Corporate Bond Index (UK) D Acc 1.7 14 14.2 43 25.3 22 QQQQ 1.6 4327

Janus Henderson All Stocks Credit I Acc 1.5 23 14.5 39 24.3 34 QQQ 1.6 934Janus Henderson Instl Lg Datd Crdt I Inc 1.2 36 22.6 3 37.7 5 QQQQQ 3.1 406Janus Henderson Sterling Bond UT I Acc 1.4 29 17.3 17 24.5 32 QQQQ 1.7 434JPM Sterling Corporate Bond C Grs Acc 0.8 63 14.1 45 25.1 26 QQQ 1.6 146Jupiter Corporate Bond I Acc 1.5 22 9.7 70 20.3 60 QQ 0.9 140

Kames Ethical Corporate Bond GBP B Acc 1.0 53 11.6 65 22.2 51 QQQ 1.2 487Kames Investment Grade Bond GBP B Acc -0.5 86 13.1 53 23.3 41 QQQQ 1.3 985Kames Sterling Corporate Bond GBP B Acc 0.8 65 13.4 52 21.1 56 QQQQ 1.3 407

L&G Fixed Interest I Acc 1.6 20 16.5 22 26.6 16 QQQQ 1.7 1250L&G Managed Monthly Income I Acc 1.7 10 17.6 14 28.6 12 QQQQQ 1.7 384L&G Short Dated £ Corporate Bd Idx I Acc 1.3 31 8.1 74 - - QQ 0.5 1173

L&G Sterling Corporate Bond Index I Acc 1.8 9 12.5 57 25.2 23 QQQ 1.6 695L&G Sterling Income I Acc 0.9 54 15.0 32 22.4 50 QQQ 1.1 471LF Canlife Corporate Bond C Acc 1.2 42 15.4 28 23.4 40 QQQ 1.5 229LF Canlife Short Duration Corp Bd C Acc 0.7 67 - - - - - - 247Liontrust Sust Fut Corp Bd 2 Grs Inc 0.1 81 19.5 9 26.6 17 QQQQ 1.7 493

M&G Corporate Bond GBP I Acc 1.6 17 14.3 42 23.8 37 QQQ 1.3 3635M&G Short Dated Corp Bd GBP I Inc 0.6 74 7.4 75 8.8 75 Q 0.5 333

M&G Strategic Corporate Bond GBP I Acc -0.7 87 14.0 49 20.4 59 QQQ 1.2 2743Marlborough Bond Income P Inc 0.9 55 14.7 36 22.9 45 QQQQ 1.1 40Merian Corporate Bond R GBP Acc -0.1 83 15.1 30 19.2 62 QQQQ 1.5 325Morgan Stanley UK Sterling Corp Bd I Acc 0.7 68 14.6 37 23.7 39 QQQ 1.3 247Newton Long Corp Bd Exempt 1 Acc 1.9 6 19.0 10 34.3 7 QQQQQ 2.3 29

PIMCO GIS GlInGd Crdt R GBPH Inc 1.1 50 9.8 69 15.4 68 QQQQ 0.9 13183PIMCO GIS UK Corporate Bd Instl GBP Acc 1.7 13 17.5 15 30.3 9 QQQQ 1.6 385PIMCO GIS UK L/T Corp Bd Instl GBP Acc 1.8 8 22.8 2 41.5 2 QQQQQ 2.4 383Premier Corporate Bond Monthly Income C 0.0 82 8.9 71 12.4 71 QQQ 0.7 48Quilter Inv Stlg Corp Bd U2 GBP Acc -0.2 84 11.6 64 23.1 43 QQQ 1.4 53Quilter Investors Bond 2 A (GBP) Acc 0.3 78 12.1 60 20.4 58 QQ 1.5 205Quilter Investors Corp Bd U2 (GBP) Acc - - - - - - - - 149Quilter Investors IG Corp Bd U2 GBP Acc 0.8 62 12.1 61 17.4 67 QQ 1.0 195Rathbone Ethical Bond I Inc 1.3 33 20.5 7 30.2 10 QQQQQ 1.2 1238RBS Extra Income 1 0.8 59 10.9 68 19.1 64 QQQ 1.6 76

Royal London Corporate Bond M Acc 1.5 24 17.4 16 28.6 12 QQQQ 1.4 1317Royal London Corporate Bond Monthly Inc 0.9 56 14.8 34 22.5 49 QQQ 1.5 264Royal London Inv Grade SD Credit Z Inc 1.3 32 6.9 78 - - Q 0.4 878Royal London Sterling Credit M Acc 1.6 16 16.8 20 28.2 14 QQQQ 1.4 1869Royal London Sustainable Mgd Inc C Acc 1.9 7 15.3 29 26.1 20 QQQQ 1.3 44Santander Corporate Bond IA 0.6 70 12.4 58 22.6 47 QQQ 1.6 422Schroder All Maturities Corp Bd Z Acc 1.1 44 15.8 26 24.7 30 QQQQ 1.6 773Schroder Instl Long Dated Corp Bd I 2.4 3 24.5 1 41.8 1 QQQQQ 2.9 305Schroder Sterling Corporate Bond Z Acc 2.7 2 21.4 6 29.9 11 QQQQ 1.7 285Scottish Widows Corporate Bd G Acc 1.4 30 15.0 33 21.5 54 QQQ 1.8 3441SLI Corporate Bond Plat 1 Acc 1.6 18 16.6 21 22.8 46 QQQQ 1.6 239SLI Ethical Corp Bond Plat 1 Acc 0.8 57 14.0 48 21.8 53 QQQ 1.6 369SLI Short Duration Credit Plat 1 Acc 0.5 76 11.5 66 11.0 72 Q 0.8 242Smith & Williamson Fxd Interest B 1.7 11 11.2 67 19.1 63 QQQQ 1.1 35SVS Brown Shipley Sterling Bond I Acc 0.1 80 6.4 79 6.5 77 Q 1.0 47SVS Church House Invmt Grd Fxd Intr Acc 0.6 71 8.2 73 13.7 69 QQ 0.8 326Threadneedle Stlg MLD Corp Bd InsGrsInc£ 1.2 39 18.0 13 31.9 8 QQQQQ 2.1 297Threadneedle Stlg SD Corp Bd Ins Inc £ 1.2 40 6.9 77 10.3 73 Q 0.4 1380Threadneedle UK Corp Bd Ins Inc 1.5 25 16.3 23 24.7 31 QQQQ 1.4 967Threadneedle UK Social Bd Z Acc£ 1.2 38 12.0 62 23.8 36 QQQ 1.2 125TwentyFour Corporate Bond GBP Acc 0.8 61 14.7 35 - - QQQ 1.2 678

Vanguard UK Inv Grd Bd Idx GBP Acc 2.2 4 14.5 40 25.1 25 QQQ 1.5 2768Vanguard UK Short-Term IG Bd Idx GBP Acc 1.1 48 5.3 80 9.3 74 Q 0.4 1374Sector average/count 1.1 87 14.3 81 23.5 77 1.4 865

£ Strategic BondAberdeen Sterling Opps Corp Bd I Acc 0.4 48 12.1 47 12.5 55 QQ 0.9 264Aberdeen Strategic Bd I Acc 0.2 54 15.7 26 16.0 41 QQQQ 1.1 86Aberdeen World Opportunistic Bond I Acc 0.9 34 10.1 61 10.9 59 QQQ 0.9 115Allianz Strategic Bond C Inc 6.8 1 12.5 44 21.0 20 - 1.3 56Architas MM Strategic Bond A Acc 0.8 35 14.9 30 14.8 48 QQQ 1.0 32

Artemis High Income I Inc -0.5 69 20.0 9 21.9 17 QQQQQ 1.3 1256Artemis Strategic Bond I Quarterly Acc -0.3 66 18.2 14 20.9 21 QQQQQ 1.1 1428

Aviva Investors Higher Inc Pls 2 GBP Inc 0.6 39 14.2 35 21.8 18 QQQQ 1.3 385Aviva Investors Managed Hi Inc 2 GBP Inc 1.6 12 15.9 24 20.2 25 QQQQQ 1.2 133Aviva Investors Strategic Bd 2 GBP Inc -1.0 74 9.3 63 13.9 50 QQQ 1.0 434AXA Framlington Managed Income Z Grs Acc 0.9 32 22.7 6 26.8 6 QQQQQ 1.2 553AXA Sterling Strategic Bond I Gross 1.6 14 10.4 58 23.7 12 QQ 1.8 163Baillie Gifford Sterling Agg Bd C Acc 1.7 11 11.4 53 - - QQQQ 1.7 1005Baillie Gifford Stlg Agg Pls Bd C Acc 1.0 30 10.5 57 - - QQQQ 1.7 56Baillie Gifford Strategic Bond B Inc 2.1 6 21.8 7 27.8 5 QQQQQ 1.3 855Barclays Sterling Bond R Acc GBP 0.9 31 10.0 62 23.9 11 QQQQ 1.7 193

BlackRock Fixed Inc Global Opps D Acc -1.2 76 5.7 70 10.8 60 QQ 0.4 72BlackRock Sterling Strategic Bd D £ Acc 1.2 23 - - - - - - 97BMO Global Total Ret Bd (GBP Hdg) C Inc -2.0 80 3.4 74 3.3 66 QQ 0.6 81BMO Multi-Sector Bond C Inc 1.2 22 15.5 28 19.6 28 QQQQ 1.0 58City Financial Divers Fxd Intr R Acc 0.0 58 4.2 72 - - QQ 1.3 15Close Select Fixed Income X Inc 1.0 25 16.8 16 26.2 8 QQQQ 1.3 139EdenTree Amity Sterling Bond B 0.1 56 15.7 25 21.6 19 QQQQQ 1.0 24Fidelity Extra Income Net Y 1.0 27 17.0 15 23.3 13 QQQQ 1.2 610

Fidelity Strategic Bond Net Y 0.4 46 9.1 64 15.3 44 QQQ 1.0 1448GAM Star Credit Opps (GBP) Instl GBP Acc -3.2 83 25.6 4 38.7 2 - 1.5 968HC Kleinwort Hambros Fixed Income A Acc 0.3 52 4.7 71 12.7 53 QQ 0.9 55Hermes Multi-Strategy Credit F GBP Acc H -0.3 65 12.7 41 - - QQQ 0.9 1099HL Multi-Manager Strategic Bond A Acc 0.3 50 12.5 45 15.0 46 QQ 0.8 579HSBC Global High Income Bond C Acc 0.6 40 - - - - - - 19Insight Infl-Lnkd Corp Bd Inst W Acc -0.8 72 19.3 10 15.9 42 QQ 1.2 69

Invesco Monthly Inc Plus UK Z Acc -0.2 61 16.4 21 18.1 32 QQQQ 1.2 2918Invesco Tactical Bond UK Z Acc -0.9 73 6.3 67 10.2 62 QQQ 0.5 716Investec Global Total Ret Crdt I GBP Acc - - - - - - - - 102

Janus Henderson Fxd Intr MthInc I Inc 1.7 10 18.7 13 25.1 10 - 1.2 775Janus Henderson Preference & Bond I Acc 1.5 17 16.5 19 22.7 15 QQQQ 1.1 732Janus Henderson Strategic Bond I Inc 1.3 20 12.4 46 18.5 30 QQQQ 0.9 2138JPM Global Bond Opportunities C Grs Acc 1.0 28 15.1 29 - - QQQQ 0.9 68Jupiter Strategic Bond I Acc 1.4 19 12.7 40 17.5 37 QQQQQ 0.7 3651

Kames Strategic Bond GBP B Acc 0.4 47 14.2 33 12.0 56 QQQ 0.9 303


39 Œ „ ´ ‰ ˆ Á

Key to Symbols: Morningstar Analyst Ratings



AXAWF European High Yld Bds F Cap EUR -3.5 155 - - - - - - 91AXAWF Global Buy & Mntn Crdt I Cap GBP H 1.1 82 7.7 112 15.8 83 QQQ 0.9 187AXAWF Global Credit Bonds F Cap EUR H -4.4 164 - - - - - - 69AXAWF Global Green Bds F Cap EUR -2.7 149 9.6 94 - - - - 110

AXAWF Global Infl Bds F Cap EUR -4.7 167 14.0 68 16.3 80 QQQQ 3.3 1659AXAWF Global Infl Sh Dur Bds F Cap USD 4.7 30 9.7 93 - - - - 731AXAWF Global Strategic Bds F Cap USD 6.7 8 22.8 27 44.8 13 QQQ 2.7 293AXAWF US Dynamic HY Bds F Cap USD 6.4 12 - - - - - - 159

AXAWF US High Yield Bonds F Cap USD 7.4 3 35.0 6 51.2 9 QQQQ 2.6 1990Barings International Bond I GBP Inc 2.4 47 6.8 119 20.6 58 QQQ 3.0 48Barings Strategic Bond I GBP Inc 2.0 54 6.5 124 10.1 110 QQ 1.0 42Candriam Bds Crdt Opps C EUR Cap -3.9 162 13.2 72 13.5 92 - 2.5 1331

Candriam Bds Euro High Yld C EUR Cap -2.2 142 25.2 20 27.7 46 QQQQ 2.6 1967Candriam Bds Global Hi Yld C EUR Cap -1.3 134 23.3 24 24.4 53 QQQQ 2.6 204

Candriam Bds Total Ret C EUR Cap -6.2 173 8.2 108 9.1 115 QQQ 2.5 1485Capital Group Euro Bond (LUX) Ch CHF -0.3 120 - - - - - - 541Capital Group GlbHi Inc Opps (LUX) Z 7.2 4 39.5 3 50.1 11 QQQQQ 2.9 504Capital Group Global Bd (LUX) Z 2.6 43 9.0 100 28.9 41 QQQ 3.0 338Capital Group US Corp Bd (LUX) Z 5.9 21 18.1 45 53.2 6 QQQQQ 2.9 40Carmignac Pf Uncons Glb Bd W GBP Acc Hdg -3.5 157 7.5 113 28.3 43 QQQQQ 1.2 820Courtiers Investment Grade Bd Retl R 2.6 45 -0.4 157 - - Q 1.2 9Dimensional Global Short Dated Bd Acc 1.5 68 1.9 149 6.5 123 QQ 0.4 4683Dodge & Cox Worldwide Global Bd GBP Inc 6.1 16 27.3 16 - - QQQQQ 2.7 260Eaton Vance Intl (IRL) Glb HY Bd I2 USD 7.8 2 - - - - - - 12Fidelity Global Infl-Link Bd Y-Dis-GBP H 0.6 96 4.5 136 1.4 134 Q 0.5 1024FP Octopus Fixed Income B Acc 0.4 103 5.2 131 9.6 112 QQQ 0.8 41FP SCDavies Global Fixed Inc A Acc GBP -1.8 137 1.4 151 -1.6 136 Q 0.8 2GAM Multibond Total Return Bond EUR B -5.7 171 8.7 102 2.3 133 QQ 2.5 152GAM Star Cat Bond Institutional GBP Acc 1.0 86 5.4 129 13.0 95 - 0.8 1339GAM Star Credit Opps (EUR) Instl EUR Acc -10.1 174 30.4 10 32.8 30 - 2.8 2692

GAM Star Credit Opps (USD) Instl USD Acc 0.3 108 28.6 12 60.9 1 - 2.6 2505GAM Star MBS Total Return Instl GBP Acc 1.1 81 10.3 86 - - - 0.3 910GlobalAccess Glbl Infl Lnkd Bd M Dis GBP 0.0 114 7.8 111 15.2 88 QQQ 1.2 40GlobalAccess Glbl Shrt Dur Bd M Dis GBP 0.2 110 6.8 120 8.7 116 QQQ 0.5 243GlobalAccess Global Govt Bd M Dis GBP 1.5 70 0.7 156 8.3 119 QQQ 0.6 174GS Euro Short Dur Bd Plus R Acc EUR -3.5 156 12.1 81 8.6 117 QQQQ 2.4 136GS Glbl Crdt (Hdg) R Inc GBP Hdg 1.8 58 7.9 110 11.8 102 QQ 1.0 634GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 1.1 76 3.5 143 10.7 106 QQQ 0.7 962GS Glbl Hi Yld R Inc GBP Hdg 1.5 69 21.0 32 9.4 114 QQ 1.5 2528GS Global Fixed Inc (Hdg) R Inc GBP Hdg 2.2 50 4.3 138 11.2 105 QQQ 0.6 302GS Global Fixed Income R Acc USD 3.1 40 12.7 75 29.8 38 QQQQ 2.8 83GS ShrtDur Opptsc CorpBd R Inc GBP Hdg -0.1 116 10.6 85 7.9 121 - 1.2 158GS US Fixed Income R Acc USD 6.4 13 9.8 91 39.1 19 QQQQ 2.9 58Hermes Unconstrained Credit F USD Acc - - - - - - - - 296

Invesco Global Bond UK Z Acc -0.4 123 8.4 106 18.0 71 QQQ 1.3 417iShares Overseas Corp Bd Idx (UK) D Acc 4.1 34 17.1 52 35.6 24 QQQQ 2.7 1528iShares Overseas Govt Bd Idx (UK) D Acc 2.6 44 8.7 101 28.4 42 QQQQ 3.1 1432

Janus Henderson Flexible Inc I USD Inc 5.3 26 9.3 96 35.1 26 QQQQ 2.9 415Janus Henderson High Yield I USD Inc 7.0 6 27.6 15 44.4 14 QQQ 2.7 353

Janus Henderson Hrzn Euro Corp Bd H2 EUR -1.9 139 20.3 35 18.7 69 QQQQ 2.6 1249Janus Henderson Instl Overseas Bd A Inc 1.0 85 5.1 132 19.6 64 QQ 3.1 221

Janus Henderson US Sh-Trm Bd I USD Inc 5.9 24 9.2 98 31.3 36 QQQQ 2.7 113JPM Global (ex-UK) Bond C Grs Acc 1.7 60 3.6 142 14.5 91 QQQ 0.7 53L&G Global Inflation Linked Bd Idx I Acc -0.2 118 3.0 148 6.4 124 QQ 0.8 1129Lazard Global Fixed Income A Acc USD 1.7 61 8.6 103 24.7 51 QQQ 2.8 17

Legg Mason BW Glb FI X USD Dis(S) -2.9 152 11.8 82 28.0 44 QQQQQ 3.1 797Legg Mason BW Glb Oppc FI A USD Dis(M) -3.5 158 13.0 73 29.5 39 QQQQQ 3.1 490

Legg Mason IF WA Glb Mlt Strat Bd X Inc -0.4 122 17.5 49 12.7 100 QQQ 1.3 312Legg Mason WA Asian Opps X USD Dis(M) 3.7 37 17.2 50 38.7 20 QQQQ 3.2 377

Legg Mason WA Glb Hi Yld X USD Dis(D) - - 55.5 1 57.0 3 QQQ - 91LF Canlife Global High Yield Bond C Acc 0.4 104 20.9 33 11.7 103 QQQ 1.5 23LF Canlife Global Macro Bond C GBP Acc 0.5 102 16.0 58 27.6 47 QQQQ 2.5 225Loomis Sayles Global Opp Bd R/D GBP 1.4 72 12.5 76 25.4 50 QQQQ 2.8 126

Loomis Sayles Multisector Inc R/D GBP 3.5 38 25.5 19 35.0 27 QQQQ 2.8 758Lord Abbett Short Dur Inc I USD Acc 6.5 11 14.7 65 39.6 18 QQQQQ 2.7 1676

M&G European Corporate Bond GBP I Acc -2.8 150 19.8 37 16.7 78 QQQQ 2.4 173M&G European High Yield Bond GBP I Acc -2.0 140 27.8 14 20.2 61 QQQ 2.6 30M&G Global Government Bond GBP I Acc 1.0 87 19.2 39 37.5 22 QQQQQ 2.9 110

M&G Global Macro Bond GBP I Acc 3.0 41 14.9 63 31.9 33 QQQQQ 2.5 913Man GLG Corporate Bond Profl Acc C 1.9 57 17.6 47 32.3 32 QQQ 2.5 47Marlborough Global Bond P Inc 1.0 83 17.6 48 31.8 34 QQQQQ 1.7 380Merian Global Strat Bd (IRL) S GBP Inc -0.8 125 3.6 141 16.6 79 QQ 2.5 5Merian Global Strategic Bond P GBP Acc -0.2 117 5.4 130 3.2 131 - 0.8 143MFS Meridian Global Credit WH1 GBP -2.4 143 8.5 105 12.7 98 QQQ 1.5 18MFS Meridian Global High Yield WH1 GBP 1.6 67 21.9 30 - - QQQQ 1.4 341MFS Meridian Global Oppc Bd WH1 GBP 2.0 55 - - - - - - 103

MFS Meridian Inflation Adjstd Bd W1 USD 4.4 32 8.6 104 31.4 35 QQQ 3.0 58MFS Meridian Limited Maturity W1 USD 6.0 19 10.2 89 33.5 29 QQQQ 2.7 487MFS Meridian US Corporate Bond WH1 GBP 0.2 111 7.0 117 - - - 1.2 161MFS Meridian US Government Bond W1 USD 5.9 22 6.6 122 35.4 25 QQQQ 3.0 221MFS Meridian US Total Return Bd WH1 GBP 0.4 105 3.3 146 - - - 0.9 403Mirabaud Global Hi Yld Bds DH GBP Acc -0.5 124 15.7 59 12.8 97 QQ 1.2 209Mirabaud Global Strategic Bd AH GBP Inc -1.1 131 6.7 121 5.2 129 QQ 0.8 438

MS INVF Euro Corporate Bond I -3.5 159 21.6 31 19.9 62 QQQQ 2.6 3082New Capital Glbl Val Crdt GBP Acc -0.3 119 11.3 83 10.6 107 QQ 0.9 337New Capital Wealthy Nat Bd GBP Inst Inc 1.1 80 9.7 92 15.2 87 - 1.3 763

Newton International Bond Inst W Acc 2.1 51 10.3 88 27.9 45 QQQQ 3.0 416Nomura Fds Asia High Yield Bond I USD 5.9 23 25.8 18 - - QQQQ 2.9 12Nomura Fds Asia Investment Grd Bd I USD 6.9 7 17.1 51 - - QQQQ 3.0 13Nomura Fds Global High Yield Bd I USD 4.7 29 37.7 5 - - QQQQQ 2.6 265Nomura Fds US High Yield Bond I USD 6.7 9 38.7 4 59.3 2 QQQQQ 2.8 3510Nordea 1 - Flexible Fixed Income BC EUR -1.7 136 - - - - - - 2766OYSTER European Corporate Bds R GBP D HP -1.9 138 9.5 95 - - - 0.9 133

Pictet-Asian Local Ccy Debt I GBP 4.8 28 16.9 55 41.9 17 QQQQ 3.1 353Pictet-EUR Bonds HI USD 8.6 1 16.1 57 - - - 3.0 340Pictet-EUR High Yield I -3.0 153 27.2 17 20.3 60 QQQQ 2.7 523Pictet-EUR Short Term High Yield I EUR -2.6 145 16.5 56 12.7 99 QQ 2.4 1718Pictet-Latin Amer Lcl Ccy Dbt I GBP 0.8 91 40.2 2 24.1 54 - 4.8 166Pictet-US High Yield I dm GBP 4.6 31 20.7 34 34.4 28 QQ 2.8 217PIMCO GIS Credit Opps Bd E Acc 4.1 35 22.3 29 37.2 23 - 2.6 108PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 3.4 39 22.9 26 54.8 4 QQQQQ 4.2 227

PIMCO GIS Euro Bond E EUR Inc -1.6 135 15.6 61 19.0 68 QQQQQ 2.7 1788PIMCO GIS Euro Credit E EUR Acc -2.2 141 17.0 53 17.1 75 QQQ 2.6 692

PIMCO GIS Euro Income Bond E EUR Inc -2.7 148 23.7 23 15.5 86 QQQQ 2.5 1382PIMCO GIS Euro Low Dur E EUR Acc -4.6 166 8.3 107 3.0 132 QQ 2.4 271PIMCO GIS Euro Short-Term E EUR Acc -4.9 169 6.3 127 0.5 135 QQ 2.4 663PIMCO GIS Glb AdvRlRt Ins GBPPrtly H Inc -1.2 132 12.4 78 9.6 113 QQQ 2.1 76PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 0.8 92 13.6 70 19.1 66 QQQQQ 1.2 580PIMCO GIS Glb Bd Ex-US E USD Inc 6.7 10 15.6 60 52.9 7 QQQQQ 2.9 708

PIMCO GIS Glb Bd R GBP Hedged Inc 1.1 78 7.1 116 16.1 81 QQQQ 0.7 8480PIMCO GIS Glb Rl Ret R GBPH Acc -0.4 121 9.8 90 15.8 82 QQQQ 1.3 1476Robeco Global Credits F £ 0.8 89 - - - - - - 1065

Robeco Global Credits Short Matrty IH £ 1.1 77 - - - - - - 53Robeco High Yield Bonds FH £ 2.1 53 24.0 22 - - QQQQQ 1.3 6906

Royal London Global Index Linked M Inc 0.4 106 8.0 109 17.5 73 QQQQ 1.2 228Royal London International Govt Bd M Inc 1.7 62 1.1 155 9.9 111 Q 0.7 341Royal London Shrt Dur Glb Idx Lnkd M Inc 0.7 93 4.0 139 - - - - 475Russell Inv Global Bond I Income 1.8 59 12.5 77 29.3 40 QQQQQ 2.9 1559

Schroder ISF EURO Corp Bd Z Acc EUR -2.9 151 23.1 25 26.0 48 QQQQQ 2.7 7036Schroder ISF Glb Crdt Dur H C Acc EUR H -5.9 172 17.8 46 5.4 128 QQ 2.4 50

Schroder ISF Glb InflLnkdBd C Acc EUR -4.8 168 14.6 66 17.2 74 QQQQ 3.3 900Schroder ISF Glbl Corp Bd Z Acc USD 6.0 20 19.2 38 - - QQQQ 2.8 1293Schroder ISF Glbl Hi Yld C Acc USD 5.7 25 32.6 9 54.3 5 QQQ 2.7 1564Scottish Widows Cautious A Acc 0.1 112 7.3 114 14.7 90 QQQ 0.9 128Scottish Widows International Bd A Acc 1.7 63 4.6 135 21.0 56 QQ 3.1 624SLI European Corporate Bd D Acc EUR -2.7 147 18.4 43 18.3 70 QQQQ 2.6 2189SLI Global Bond A Acc GBP 1.1 75 5.0 133 20.5 59 QQQ 3.0 197SLI Global Corporate Bond D Acc USD 6.1 17 18.5 42 50.2 10 QQQ 2.8 1216SLI Global High Yield Bond D Acc USD 6.3 15 29.2 11 46.4 12 QQQ 2.7 865SLI Global Index Linked Bond Plat 1 Acc 0.3 107 7.2 115 15.7 84 QQQ 1.4 1054SLI Shrt Dur Glbl Idx-Lnkd Bd Plat 1 Acc 0.5 97 3.3 147 - - QQ 0.6 456Smith & Williamson Glbl Inf-Lkd Bd X Inc 0.5 99 4.7 134 15.0 89 - 1.2 119T. Rowe Price Dynamic Glbl Bd Qh GBP -3.2 154 -1.0 158 - - Q 0.7 1131T. Rowe Price Euro Corporate Bond Q EUR -2.6 144 19.0 40 19.5 65 QQQQ 2.6 100

T. Rowe Price European Hi Yld Bd Q EUR -5.1 170 22.6 28 25.4 49 QQQ 2.6 229T. Rowe Price Global Aggregate Bd Q EUR 1.2 74 10.3 87 29.9 37 QQQQ 3.0 289

T. Rowe Price Global HY Bd Q USD 6.4 14 33.0 8 52.4 8 QQQQ 2.7 1016T. Rowe Price US Aggregate Bond Qh GBP 0.5 101 1.3 152 - - - 0.8 302

Templeton Global Bond W(Mdis)GBP-H1 4.2 33 12.3 79 5.8 126 QQQ 1.9 11249Templeton Global Total Ret Bd W Acc H3 0.8 90 14.5 67 6.0 125 QQQ 2.2 180Threadneedle Dollar Bond Z Inc GBP 6.1 18 12.9 74 38.0 21 QQQQ 2.8 42Threadneedle European Bd Z Inc GBP -1.0 128 13.5 71 19.9 63 QQQQ 2.4 95Threadneedle Global Bd Z Inc GBP 2.0 56 6.5 123 24.6 52 QQ 2.9 387TM UBS (UK) - Global Fixed Income E Acc 0.2 109 1.2 153 - - Q 0.5 6

Vanguard Euro Govt Bd Idx GBPH Acc 2.7 42 4.3 137 19.1 67 - 0.9 5090Vanguard Euro IG Bd Idx GBPH Acc 2.3 49 6.9 118 15.6 85 - 0.6 2071Vanguard Euroz InfLnk Bd Idx Ins EUR Acc -4.5 165 14.8 64 17.9 72 QQQQQ 2.8 1782Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 1.0 84 1.7 150 5.5 127 QQ 0.3 1401Vanguard Glbl ST Corp BdIdx Inv GBPH Acc 1.1 79 - - - - - - 253

Vanguard Global Bond Index GBPH Acc 1.6 64 3.7 140 12.8 96 QQQQ 0.7 9449Vanguard Global Corp Bd Idx Inv GBPH Acc 0.7 94 - - - - - - 821Vanguard Global Credit Bond Inv GBPH Acc 1.6 66 - - - - - - 46Vanguard Japan Govt Bd Idx GBPH Acc 2.1 52 3.5 144 13.2 93 - 0.6 330Vanguard US Govt Bd Idx GBPH Acc 0.6 95 -2.4 159 4.1 130 - 0.9 2165Vanguard US IG Crdt Idx GBPH Acc 0.5 100 6.3 125 11.3 104 - 1.0 966VT Redlands Fixed Income A GBP Acc 1.6 65 - - - - - - 45Waverton Global Strategic Bond A USD 0.1 113 15.2 62 32.6 31 QQQ 2.6 80Sector average/count 0.9 174 13.8 159 22.5 136 2.0 912

Global Emerging Markets BondAberdeen Emerging Markets Bond I Acc -2.4 31 19.9 29 17.0 29 Q 2.1 116Amundi SICAV II Emerg Mkts Bd R GBP ND 4.5 10 30.1 2 60.5 2 QQQQQ 2.8 177Aviva Investors EM Lcl Ccy Bd Ia GBP Inc -4.5 42 20.3 26 15.8 33 QQQ 4.1 1534AXAWF Em Mkts Sh Dur Bds F Cap USD 7.3 1 21.5 18 45.8 12 QQQ 2.7 786Baillie Gifford Emerging Mkts Bd B Inc -7.3 51 18.7 38 13.0 37 QQQ 4.1 798Barings EM Debt Blnd Ttl Ret C GBP Acc -3.4 38 - - - - - - 91BNY Mellon EM Dbt Lcl Ccy GBP C Inc -5.9 50 21.5 20 11.6 39 QQQ 4.0 604BNY Mellon Em Mkts Corp Dbt GBP W Acc H -0.3 21 18.8 37 23.0 18 - 1.5 179Candriam Bds Em Dbt Lcl Ccis C USD Cap -5.7 48 19.7 30 18.3 24 QQQ 4.1 257

Candriam Bds Em Mkts C USD Cap 2.9 15 27.8 5 60.3 3 QQQQQ 3.2 2204Fidelity Emerging Mkt Dbt A-Acc-EUR 5.7 5 23.3 13 56.6 5 QQQQ 3.1 1581First State Emerg Mkts Bd B Hdg Acc GBP -0.7 24 12.1 48 19.0 23 - 1.6 50GAM MultiBond EM Infl Lnkd Bd GBP R -7.5 53 19.3 33 -2.3 43 - 3.9 81GAM Multibond Emerging Bond USD B 3.4 13 20.6 24 50.7 9 QQQ 3.3 176

GAM Multibond Local Emerging Bond GBP R -7.3 52 18.1 39 -1.2 42 - 3.4 6390GlobalAccess Emerging Mkt Dbt M Dis GBP -0.6 23 13.5 45 18.1 25 - 1.8 243GlobalAccess EmMkt Lcl Ccy Dbt M Acc GBP -8.4 55 - - - - - - 325GS EM Corp Bd R Inc GBP Hdg 0.6 18 15.3 42 19.7 21 - 1.2 932GS Em Mkts Dbt Blnd R Inc GBP -3.4 37 20.1 27 17.5 28 - 2.8 538GS Em Mkts Dbt R Inc GBP Hdg -2.1 29 12.2 47 17.7 27 - 2.0 5819GS Emerging Mkts Dbt Lcl R Inc GBP -5.9 49 22.8 14 14.9 35 QQQ 4.3 1520HSBC GIF Global Em Mkts Local Dbt AD -3.6 39 15.2 43 15.8 32 QQQ 3.5 2154Invesco Emerging Markets Bond A USD SD -1.3 28 18.9 35 48.2 11 QQQ 3.2 137Invesco Global Emerg Mkts Bd UK Z Acc 3.3 14 - - - - - - 23

Investec EmMkts Lcl Ccy Dbt I Acc GBP -4.6 43 24.2 12 16.4 31 QQQ 4.0 192Investec SIV EM Blnded Dbt I Acc GBP -1.0 26 25.4 10 34.9 14 QQQ 3.5 128JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP -3.9 41 19.4 32 12.5 38 QQQ 3.8 1640JPM Emerging Markets Debt A (dist) GBP 4.5 11 21.8 17 49.2 10 QQQQ 3.1 1918L&G EM Govt Bond Lcl Ccy Index I Acc -2.2 30 24.5 11 - - QQQQ 3.8 1189

L&G EM Govt Bond US$ Index I Acc 5.6 6 19.2 34 52.0 7 QQQQ 3.2 974Legg Mason WA EM TR Bd A USD Dis(D) 2.5 16 21.4 21 39.6 13 QQQ 3.1 18Loomis Sayles Em Debt & Ccies R/D USD -5.4 47 20.0 28 14.2 36 QQQ 4.0 22M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 5.9 4 - - - - - - 168M&G Emerging Markets Bond GBP I Acc 4.5 9 32.4 1 60.5 1 QQQQ 2.9 415Merian Emerging Market Debt U1 GBP Inc 4.9 8 27.4 6 - - QQQQ 3.3 172Merian Local Ccy EmMkt Dbt U1 GBP Inc -4.6 44 20.8 23 - - QQQ 3.9 296MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP -7.6 54 14.1 44 - - - 3.5 41MFS Meridian Emerging Mkts Dbt WH1 GBP -1.1 27 12.7 46 25.6 17 - 1.7 2008Mirabaud Global Emerg Mkt Bd DH GBP Acc -2.7 33 - - - - - - 125Neuberger Berman EM Corp Dbt GBP I Acc -0.2 20 16.3 41 20.6 19 - 1.3 94Neuberger Berman EM Dbt Blnd GBP I Acc -3.1 36 - - - - - - 1354Neuberger Berman EM DbtHrdCcy GBP I Acc -1.0 25 - - - - - - 1194Nomura Fds Emerging Market LC Debt I USD -0.4 22 29.3 3 - - QQQQQ 4.0 46Oppenheimer EM Lcl Dbt UCITS S3 GBP Acc -2.8 34 26.3 8 28.3 15 QQQQQ 3.7 95

Pictet-Emerging Local Ccy Dbt I dy GBP -3.0 35 20.3 25 16.9 30 QQQQ 3.9 2967Pictet-Global Emerging Debt I GBP 6.0 3 21.5 19 58.0 4 QQQQ 3.2 3256PIMCO GIS Em Asia Bd E USD Inc 6.8 2 18.9 36 26.0 16 QQQ 3.0 26

PIMCO GIS Em Mkts Bd Instl GBPH Acc -0.2 19 21.3 22 19.4 22 - 1.9 2218PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 1.0 17 19.5 31 10.2 40 - 1.2 148

PIMCO GIS Emerg Lcl Bd E USD Acc -5.0 45 22.3 16 15.8 34 QQQ 4.1 1883Quilter Inv Em Mkts Bd U2 (GBP) Acc - - - - - - - - 28Russell Inv EMkt Dbt Lcl Ccy I GBP -3.8 40 22.4 15 17.9 26 QQQ 3.9 724SLI Emerging Market Debt Plat 1 Acc 5.6 7 26.0 9 54.9 6 QQQQ 3.0 107Templeton Emerging Mkts Bd W(Qdis)GBP-H1 -5.4 46 17.9 40 4.0 41 - 2.6 8228Threadneedle EM Bd Z Inc GBP 4.3 12 27.0 7 50.9 8 QQQQ 3.2 186Threadneedle EM Local Z Inc GBP -2.6 32 27.9 4 19.8 20 QQQ 3.8 76Sector average/count -0.9 55 21.0 48 27.6 43 3.1 1047

UK GiltsAberdeen Sterling LD Govt Bd I GBP Acc 2.4 3 14.5 2 48.0 2 QQQQQ 3.4 31

Allianz Gilt Yield C Inc 2.1 8 8.3 5 22.5 14 QQQ 2.1 1689Aviva Investors UK Gilts MoM 1 2 GBP Inc 1.0 24 4.0 23 19.4 21 QQ 1.9 28Franklin UK Gilt W Inc 1.9 15 - - - - - - 83HSBC Gilt & Fixed Interest C Acc 1.8 17 6.4 15 21.4 17 QQQ 1.9 54


40


Unit Trusts/OEICs


HSBC UK Gilt Index C Acc 2.0 12 7.0 9 23.9 10 QQQ 1.9 202iShares Over 15 Yrs Gilts Idx (UK) D Acc 3.5 1 - - - - - - -

iShares UK Gilts All Stks Idx (UK) D Acc 2.1 9 7.4 7 25.0 6 QQQ 1.9 4893Janus Henderson Instl Lg Datd Gilt I Acc 1.2 23 11.9 4 42.2 4 QQQQ 3.5 35Janus Henderson Instl UK Gilt I Acc 0.9 25 5.2 20 19.7 20 QQQ 1.9 266

L&G All Stocks Gilt Index I Acc 2.0 11 7.0 10 24.0 9 QQQ 1.9 1010LF Canlife UK Government Bond C Inc 1.4 22 5.1 21 19.0 22 QQ 1.7 158M&G Gilt & Fixed Interest Inc GBP I Acc 1.5 20 6.4 14 22.9 13 QQQ 1.9 551Newton Long Gilt Exempt 2 Acc 2.2 6 14.2 3 46.9 3 QQQQQ 3.3 24Quilter Investors Gilt Index A GBP Acc 1.5 18 5.5 19 21.4 18 QQQ 2.0 293Royal London Short Duration Gilts M Inc 0.6 26 0.6 24 3.4 24 Q 0.3 589

Royal London UK Government Bond M Acc 1.8 16 6.9 11 21.8 16 QQQ 1.8 838Santander Sterling Government Bond IA 2.2 5 7.2 8 24.3 8 QQQ 1.9 291Schroder Gilt & Fxd Int A Acc 1.5 19 6.4 16 22.1 15 QQQ 1.9 130Scottish Widows Gilt G Acc 1.4 21 4.2 22 18.0 23 QQ 1.9 2727Scottish Widows UK Fix-Int Trkr I Acc 2.1 7 6.3 17 23.1 12 QQQ 2.0 279SLI UK Gilt Plat 1 Acc 1.9 13 5.8 18 20.9 19 QQ 1.9 37Threadneedle Sterling Bond Z Inc 1.9 14 6.7 13 23.3 11 QQQ 2.0 450Threadneedle UK Fixed Interest Z Acc 2.1 10 6.8 12 24.4 7 QQQQ 2.0 490

Vanguard UK Govt Bd Idx GBP Acc 2.3 4 8.1 6 26.7 5 QQQQ 2.1 2843Vanguard UK Lg Dur Gilt Idx A Grs Acc 2.7 2 14.8 1 49.0 1 QQQQQ 3.5 393Sector average/count 1.8 26 7.4 24 25.6 24 2.1 735

MAJOR MARKETSEurope Excluding UK7IM European Equity Value C Inc -0.8 21 40.6 14 - - QQQQQ 3.0 135

AB Eurozone Eq Ptf I EUR Acc -4.9 63 45.8 6 48.3 14 QQQQQ 3.3 965Aberdeen European Equity Enh Idx B Acc -1.3 28 40.6 13 - - QQQQ 3.3 147Aberdeen European Equity I 6.3 3 46.6 5 50.6 9 QQQQQ 3.1 188

Allianz Continental European C Acc -1.1 25 36.2 38 55.3 6 QQQQQ 3.4 134Allianz European Equity Income C Inc -0.1 17 32.3 62 32.8 62 QQQQ 3.3 29Artemis European Growth I Acc -15.6 115 28.3 80 29.3 74 QQQ 3.7 158

Artemis European Opportunities I Acc -2.0 39 38.8 18 49.9 11 QQQQQ 3.3 343AS SICAV I Eurp Eq Ex UK X Acc GBP 5.8 5 45.8 7 45.9 17 QQQQ 3.1 68Aviva Investors Contnn Eurp Eq 2 GBP Acc -10.4 107 20.9 99 40.5 25 QQQ 3.3 156Aviva Investors Euro Eq MoM 1 2 GBP Inc -6.1 77 26.8 86 32.5 63 QQ 3.1 136Aviva Investors Euro Eq MoM 2 2 GBP Inc -2.5 43 31.3 68 45.8 18 QQQ 3.7 46AXA Framlington European Z GBP Acc -3.6 50 26.7 87 28.6 77 QQQ 3.3 54AXA Rosenberg European Z -9.3 100 27.1 84 23.6 86 QQ 3.2 17

AXAWF Fram Eurozone F Cap EUR -7.3 93 33.0 58 28.1 80 QQQQ 3.7 792Baillie Gifford European B Acc -4.9 62 46.7 4 56.0 4 QQQQQ 3.5 462Barclays Europe (ex-UK) Alpha R Acc GBP -7.3 92 12.1 106 15.2 93 Q 3.3 31Barings European Growth I GBP Inc -9.5 101 36.4 34 37.9 38 QQQ 3.6 74BlackRock Continental Euro D Acc 0.9 13 36.7 32 44.8 20 QQQQ 3.3 492

BlackRock Continental Eurp Inc D Acc -2.4 41 25.2 92 41.4 22 QQQ 3.1 1614BlackRock European Dynamic D Acc -2.8 44 38.9 16 50.2 10 QQQQQ 3.4 2754

BlackRock Systm Continen Euro D GBP Acc -2.4 42 37.2 30 - - QQQQ 3.2 9BMO Select European Equity 2 Acc -6.9 89 34.3 48 40.9 24 QQQQ 3.2 572Castlefield B.E.S.T Sust Eurp Gen Inc -4.5 58 - - - - - - 11Comeragh European Growth B EUR Acc -10.9 110 33.0 57 - - QQQQQ 3.3 53Comgest Growth Europe ex UK GBP Z Acc 6.2 4 41.4 12 - - QQQQ 3.4 44EdenTree Amity European B -5.3 66 35.5 42 38.0 35 QQQQ 3.3 39Fidelity European Opportunities W Acc -5.6 72 26.1 88 34.3 56 QQQ 3.5 362

Fidelity European W Acc 4.2 7 44.8 8 55.5 5 QQQQQ 3.0 2306Fidelity Index Europe ex UK P Acc -1.0 24 37.8 23 36.6 46 QQQ 3.2 229FP Argonaut European Alpha R GBP Acc -13.8 114 4.9 107 10.6 94 QQ 3.6 75FP Argonaut European Income Opp R Acc -7.5 95 - - - - - - 2FP CRUX European I GBP Acc -6.2 78 25.7 90 - - QQQ 3.0 165

FP CRUX European Special Sit A Acc GBP -8.0 98 29.1 75 45.1 19 QQQQ 3.2 1769Franklin European Opportunities W Acc -5.6 74 32.2 63 29.1 76 QQ 3.2 1GAM Star Continental Eurp Eq Instl £ Acc -10.5 109 22.2 96 33.2 60 QQ 3.5 917GlobalAccess Eurp ex-UK Alpha M Acc GBP -0.8 19 15.7 101 24.1 85 - 3.0 196Guinness European Equity Income X GBPAcc -4.4 57 37.3 29 32.4 64 QQ 3.1 4Halifax European C -1.9 36 38.1 22 39.3 29 QQQQ 3.2 345Hermes Europe ex-UK Equity F GBP Acc -4.5 59 43.4 10 49.0 12 QQQQQ 3.6 202HL Multi-Manager European A Acc -4.0 53 33.2 55 - - QQQ 3.4 117HSBC European Growth Accumulation C -7.3 91 21.8 98 25.7 82 QQ 3.4 165HSBC European Index Accumulation C -0.9 23 38.8 17 39.1 30 QQQQ 3.2 1197HSBC GIF Euroland Equity AD -9.8 102 29.6 72 23.4 88 QQQ 3.7 511Invesco European Equity Inc UK Z Acc -5.7 75 33.5 51 31.9 68 QQQQ 3.5 690Invesco European Equity UK Z Acc -5.6 71 38.3 21 40.5 26 QQQQ 3.7 2073Invesco European Opps UK Z Acc -10.3 106 14.6 104 19.9 90 QQ 2.9 51Invesco Eurp ex UK Enh Idx UK Z Acc -3.1 46 - - - - - - 4

iShares Continen Eurp Eq Idx (UK) D Acc -1.5 30 38.4 20 38.7 32 QQQQ 3.2 3122Janus Henderson European Focus I Acc -1.8 34 32.0 64 38.9 31 QQQQ 2.9 224

Janus Henderson European Gr I Acc -4.8 61 34.1 49 53.7 8 QQQQQ 3.2 992Janus Henderson European Sel Opps I Acc -1.9 37 30.0 71 36.2 48 QQQQ 3.0 1867

Janus Henderson Instl Eurp Idx Opp I Acc -1.8 35 37.4 27 37.8 39 QQQ 3.2 388JOHCM Continental European A GBP -3.9 52 31.4 67 37.5 43 QQQQ 3.2 1260

JPM Europe C Net Acc -4.6 60 34.9 47 40.1 28 QQQQ 3.2 132JPM Europe Dynamic (ex-UK) C Net Acc -5.4 69 35.2 45 38.0 37 QQQQ 3.5 689Jupiter European I Acc 7.0 2 47.3 3 79.1 3 QQQQQ 3.4 5295

Jupiter European Income I Acc -6.7 86 28.5 77 33.4 59 QQQ 3.1 68Jupiter European Special Sits I Acc -7.7 96 22.0 97 28.3 79 QQQ 3.0 483

L&G European Equity Income I Acc -6.4 84 - - - - - - 271L&G European I Acc -12.2 112 27.1 85 26.8 81 QQ 3.9 134

L&G European Index I Acc -1.5 32 37.6 25 38.4 33 QQQQ 3.2 2981Lazard European Alpha C Acc -5.4 68 28.8 76 36.2 49 QQQ 3.2 78Lazard European Equity C Acc GBP -6.3 80 28.2 81 - - QQ 3.2 32Legg Mason IF MC Eurp Uncons X Acc £ 1.6 9 35.2 44 31.8 70 QQQ 3.1 15LF Canlife European C Acc -3.6 49 28.1 82 31.7 71 QQ 3.1 99LF Miton European Opportunities B Acc 4.6 6 66.3 1 - - QQQQQ 3.5 390Liontrust European Growth I Inc -1.4 29 33.4 53 47.4 16 QQQ 3.7 146Liontrust European Income Instl Acc -5.3 67 22.9 94 30.0 72 QQ 3.0 136Liontrust Eurp Enh Inc Instl Hdg Acc -3.3 47 13.2 105 24.9 84 - 2.9 38Liontrust Sust Fut Eurp Gr 2 Net Acc -6.4 83 27.8 83 35.9 51 QQQ 3.1 186M&G European Index Tracker GBP A Acc -2.0 38 35.8 40 36.3 47 QQQ 3.2 76M&G European Select GBP I Acc -6.4 81 31.5 66 37.0 45 QQQ 3.2 111Man GLG Continental Eurp Gr Prf Acc C -3.0 45 35.1 46 88.9 1 QQQQQ 3.3 1310Man GLG Eurp Alpha Inc Profl Acc C -7.4 94 - - - - - - 21Marlborough European Multi-Cap P Inc -6.8 87 53.8 2 84.2 2 QQQQ 3.2 346Merian European Equity ex UK R GBP Acc -13.4 113 15.6 102 15.5 92 QQ 3.4 169MFS Meridian Continen Eurp Eq WH1 GBP 9.8 1 36.6 33 33.0 61 - 2.9 12MGTS AFH DA European Equity I GBP Acc -9.3 99 - - - - - - 86MI Chelverton European Select B Acc - - - - - - - - 2Montanaro European Income £ Inc 0.5 16 41.6 11 - - QQQQ 3.2 185Neptune European Opportunities C Acc GBP -18.9 117 39.8 15 15.8 91 Q 5.1 195Newton Continental European Inst W Acc 1.0 12 35.3 43 41.3 23 QQQQ 3.0 132OYSTER Continental Eurp Inc R GBP D - - - - - - - - 23OYSTER Continental Eurp Sel R GBP D -18.4 116 16.5 100 - - Q 3.2 107

Polar Cptl Eurp Ex UK Inc I GBP Acc 0.6 14 36.2 39 - - QQQQ 3.3 185Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc -1.2 26 31.8 65 48.0 15 QQQQ 3.0 80Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc -1.3 27 31.2 69 37.6 41 QQQ 3.0 228Robeco QI Continental Eurp Cnsrv Eqs F £ 0.5 15 - - - - - - 3Royal London Europe ex UK Tracker Z Acc -1.5 31 37.6 24 37.6 42 QQQ 3.2 676Royal London European Growth -0.8 20 36.4 34 53.8 7 QQQQ 3.2 253Royal London European Growth M Acc -4.2 56 33.4 54 31.8 69 QQQ 3.2 864Royal London European Opps M Acc -5.0 65 29.2 74 29.1 75 QQ 3.3 405Russell Inv Continental Eurp Eq I -5.9 76 35.6 41 36.2 50 QQQQ 3.3 440RWC Continental European Eq R GBP Acc -7.1 90 - - - - - - 45Santander Europe (Excluding UK) Eqs A -4.9 64 33.4 52 32.2 65 QQQ 3.2 72Sarasin IE Systm EuroZ Eq EUR I Acc -5.5 70 - - - - - - 36Schroder European Alpha Income Z Acc -9.8 103 32.8 59 34.3 55 QQQQ 3.5 1031Schroder European Alpha Plus Z Acc -10.4 108 36.4 37 32.2 66 QQQ 3.5 295

Schroder European Recovery Z Acc -5.6 73 24.7 93 23.6 87 QQQ 3.2 301Schroder European Z GBP Acc -10.1 105 30.3 70 38.0 36 QQQQ 3.4 1407

Scottish Widows European Gr A -4.2 55 37.4 26 33.9 57 QQ 3.5 917Scottish Widows Eurp Sel Gr A 3.2 8 44.1 9 37.3 44 QQQ 3.5 220SLI European Equity Growth Plat 1 Acc -6.4 85 33.2 56 33.6 58 QQQ 3.5 81SLI European Equity Income Plat 1 Acc -6.8 88 28.4 78 34.8 54 QQQ 3.5 780SLI European Ethical Equity Plat 1 Acc -6.4 82 33.6 50 32.0 67 QQ 3.6 193SLI European Trust -7.7 97 29.3 73 28.3 78 QQ 3.6 380SLI European Trust II Ret Acc -4.1 54 25.4 91 25.0 83 QQ 3.5 1982Smith & Williamson European Equity B -11.4 111 22.7 95 22.1 89 QQ 3.4 25SSgA Europe ex UK Equity Tracker -3.4 48 37.0 31 35.5 52 QQQ 3.1 73SVM Continental Europe Instl -6.2 79 32.8 60 42.6 21 QQ 3.3 18T. Rowe Price Continental Eurp Eq C GBP 1.5 10 - - - - - - 2

T. Rowe Price Continental Eurp Eq Q GBP 1.4 11 38.5 19 38.3 34 QQQQ 3.1 79Threadneedle European Sel Z Acc GBP -0.8 22 32.5 61 48.5 13 QQQQ 3.0 1520

Threadneedle European Z Acc GBP -0.5 18 28.4 79 40.1 27 QQQ 2.9 1067TM Sanditon European A Acc -2.1 40 25.8 89 - - QQQ 3.0 329

TM Stonehage European All Cap Eq B Inc -9.9 104 15.3 103 29.4 73 QQQ 3.0 37Vanguard Eurozone Stock Idx Ins EUR Acc -3.6 51 37.4 28 35.2 53 QQQQ 3.4 1218

Vanguard FTSE Dev Eurp ex UK Eq Idx Acc -1.6 33 36.4 36 37.7 40 QQQ 3.1 1640Sector average/count -4.4 117 32.7 107 37.3 94 3.3 501

Europe Including UKAB European Eq Ptf I Acc -4.8 38 36.5 15 42.4 13 QQQQQ 3.1 531

Allianz Europe Equity Gr Sel RT GBP -3.4 31 26.9 31 49.6 8 QQQQ 3.4 438Allianz Europe Equity Growth P GBP -1.6 26 31.7 21 49.0 10 QQQQ 3.4 5222

Amundi SICAV II Euroland Equity R GBP ND -3.9 33 33.2 19 31.3 26 QQQQ 3.6 4Amundi SICAV II Eurp EqTgt Inc R GBP DSA -4.1 34 17.2 49 - - QQ 3.0 10Amundi SICAV II Top Eurp Plyrs R GBP ND -4.8 36 19.8 47 23.5 38 QQQ 2.9 3

BGF European Value D2 -9.4 51 16.5 50 16.8 43 QQQ 2.9 1294Candriam Quant Equities Europe C Acc EUR -4.7 35 28.5 26 28.2 31 QQQ 3.0 615Capital Group Eurp Gr & Inc (LUX) Bh $ 2.7 12 30.8 24 - - - 3.2 369Carmignac Pf Grande Europe W GBP Acc 1.0 18 39.3 10 - - QQQQQ 3.0 109

Comgest Growth Europe EUR Z Acc 4.4 9 37.4 14 53.3 6 QQQQ 3.5 2092Comgest Growth Europe Opps EUR Z Acc -1.3 24 53.1 3 72.4 2 QQQQQ 4.1 683

Comgest Growth Eurp Smlr Coms EUR Z Acc 6.5 4 59.9 2 88.6 1 QQQQQ 4.2 261Fidelity European Dynamic Gr W-Acc-GBP 9.3 2 47.2 4 70.5 4 QQQQQ 3.0 1601

GAM Multistock Euroland Value Eq GBP R -15.9 52 64.7 1 25.7 35 QQQ 5.4 38GAM Multistock Europe Focus Equity EUR B -8.9 50 21.5 44 19.7 42 QQ 3.4 142GAM Star (Lux) - European Momentum IÄAcc -7.9 47 25.1 36 40.7 14 QQQ 3.3 23GAM Star European Equity Instl EUR Acc -8.3 48 23.5 41 32.7 23 QQQ 3.4 164GS Europe COREÆ Equity R Inc GBP -1.4 25 41.7 7 48.4 11 QQQQQ 3.0 2650Hermes European Alpha Equity F GBP Acc -5.2 41 24.6 37 26.1 34 QQQ 3.4 332IFSL Trade Union Unit Trust 6.1 5 40.1 9 23.3 39 QQQQ 3.0 49JOHCM European Concentrated Value B EUR -1.9 27 - - - - - - 403JOHCM European Select Val A GBP -4.8 39 25.7 33 40.7 15 QQQQ 3.0 2002JPM Europe Equity Plus A perf (dist) GBP -2.7 28 28.5 27 34.0 22 QQQQ 2.9 2392JPM Europe Strategic Growth A (dist) GBP -0.9 23 37.5 13 52.1 7 QQQQQ 3.3 718JPM Europe Strategic Value A (dist) GBP -6.6 45 34.4 18 24.5 37 QQQQ 3.2 2043

Jupiter European Growth D GBP Acc 5.3 8 40.2 8 71.6 3 QQQQQ 3.4 2414Jupiter European Opps D EUR Acc -6.5 44 24.2 40 28.6 30 QQQQ 2.9 162

Legg Mason QS MV Eurp Eq G&I A EUR DisA 1.5 16 21.0 45 31.0 27 QQQ 2.8 46LO Funds Europe High Convc EUR NA -3.6 32 28.2 28 49.5 9 QQQQ 3.0 951

M&G Pan European Select GBP I Acc -0.6 20 38.6 11 44.2 12 QQQQQ 3.1 134Merian European Equity U1 GBP Acc -8.5 49 13.1 51 - - Q 3.3 25MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP 3.1 11 29.7 25 23.0 40 - 2.8 7MFS Meridian European Core Eq W1 GBP 3.2 10 43.0 5 - - QQQQQ 2.9 82MFS Meridian European Research WH1 GBP 7.2 3 24.5 39 24.6 36 - 2.7 1442MFS Meridian European Value W1 GBP 5.8 6 37.6 12 59.5 5 QQQQQ 3.0 4234New Capital Dynamic Eurp Eq GBP Ord Inc 1.3 17 19.0 48 37.8 19 - 2.8 124Old Mutual Eurp Best Ideas U1 GBP Acc -5.0 40 22.8 43 - - QQ 3.1 54OYSTER European Selection R EUR -16.9 53 20.8 46 13.0 45 QQ 3.3 197Pictet-European Equity Sel I EUR -5.5 42 34.8 16 32.0 24 QQQ 3.4 407Pictet-European Sustainable Eqs P dy EUR -0.8 21 25.6 34 38.8 17 QQQQ 2.7 287Principal European Equity I Acc USD -2.8 29 34.8 17 39.4 16 QQQQ 3.0 36Schroder ISF Eurp Eq Yld Z Acc EUR 1.6 15 42.0 6 34.6 20 QQQQQ 2.7 107Seilern Stryx Europa EUR U R (Founders) 9.6 1 27.6 29 37.9 18 QQQ 3.1 49SLI European Equity Uncons D Acc EUR -5.6 43 10.6 52 16.6 44 QQ 2.9 37SLI Pan-European Trust -3.3 30 26.1 32 27.5 32 QQQQ 3.3 112SVM All Europe SRI B Acc -7.3 46 25.6 35 28.8 29 QQQQ 3.3 24

T. Rowe Price European Eq Q EUR 2.4 13 27.2 30 27.3 33 QQQQ 2.9 244Threadneedle Pan Eurp Focus Z Acc GBP 5.5 7 23.0 42 34.1 21 QQQ 3.0 72Tideway European Equity Income A GBP Acc - - - - - - - - 18

Vanguard European Stock Idx Ins EUR Acc -0.3 19 33.2 20 31.7 25 QQQQ 2.9 3340Vanguard SRI European Stock GBP Acc -0.8 22 31.3 22 29.7 28 QQQQ 2.9 297

Virgin Climate Change 2.3 14 24.5 38 20.0 41 QQ 2.8 62Winton European Equity I GBP Acc -4.8 37 30.9 23 - - QQQQ 3.0 64Sector average/count -1.8 53 30.9 52 37.2 45 3.2 726

JapanAB Japan Strategic Val I Acc -13.9 68 36.1 48 54.5 51 QQQQ 3.6 137

Aberdeen Japan Eq Enh Idx Net B Acc -3.8 4 40.3 26 - - QQQQ 3.3 19Aberdeen Japan Equity I -10.6 58 23.4 71 57.3 43 QQQQ 4.0 91

Allianz Japan Equity RT GBP -15.3 73 29.8 64 60.7 35 QQQ 3.8 319AS SICAV I Japanese Eq X Acc GBP -10.7 59 23.6 70 57.7 42 QQQ 4.1 1178

Aviva Investors Japan Eq MoM 1 2 GBP Inc -10.0 55 33.9 54 56.1 47 QQQ 3.5 252AXA Framlington Japan Z Inc -10.8 61 40.6 25 85.8 6 QQQQ 4.2 263AXA Rosenberg Japan Z -10.3 56 37.0 46 66.2 22 QQQ 3.5 62Baillie Gifford Japanese B Acc -7.5 41 63.3 1 86.7 5 QQQQQ 3.9 2686Baillie Gifford Japanese Inc Gr B £ Inc -3.6 3 - - - - - - 541Barings Japan Growth I GBP Acc -7.9 44 47.5 11 67.8 19 QQQQ 3.8 18

Capital Group Japan Equity (LUX) Z -4.7 13 41.0 22 60.8 33 QQQQ 3.6 115Comgest Growth Japan GBP Z H Acc -4.5 11 - - - - - - 1153

Fidelity Index Japan P Acc -3.9 5 38.7 35 62.7 30 QQQQ 3.2 194Fidelity Instl Japan Acc -11.3 63 41.6 21 59.5 38 QQQQ 4.2 174Fidelity Japan Smaller Companies W Acc -14.5 71 40.7 24 77.8 11 QQQQ 4.3 100Fidelity Japan W Acc -3.3 1 32.4 56 56.4 44 QQ 3.7 43


41 Œ „ ´ ‰ ˆ Á




First State Japan Focus B Acc GBP -6.5 29 53.9 5 - - QQQQQ 5.2 28GAM Multistock Japan Equity JPY R -8.2 48 38.2 38 59.8 37 QQQQ 3.6 543

GAM Star Japan Ldrs Instl GBP Acc -8.8 51 48.9 9 84.8 7 QQQQQ 4.0 309GlobalAccess Japan M Acc GBP -8.1 47 31.1 61 - - - 4.6 193GS Japan Equity Ptnrs R Inc GBP Hdg -4.0 7 36.6 47 - - - 4.4 316GS Japan Equity R Inc GBP Snap -6.0 26 35.9 49 60.1 36 QQQQ 3.5 777Halifax Japanese C -4.8 14 35.9 50 56.3 45 QQQ 3.3 90

HSBC Japan Index C Acc -5.4 20 39.9 29 65.2 27 QQQQ 3.4 1606HSBC Japan Multi-Factor Eq Instl A Acc -5.8 25 39.2 32 61.1 32 QQQ 3.3 15

Invesco Japan UK Z Acc -8.1 46 30.7 62 58.5 40 QQQ 3.5 299iShares Japan Equity Index (UK) D Acc -4.6 12 39.0 33 65.8 24 QQQQ 3.4 1446

Janus Henderson Instl Jpn Idx Opps A Acc -5.8 24 37.7 42 58.0 41 QQQ 3.4 166Janus Henderson Japan Opps I Acc -7.6 42 46.9 12 75.6 12 QQQQ 4.3 22JOHCM Japan Dividend Growth A GBP Inc -10.9 62 27.7 67 - - QQ 3.4 31JOHCM Japan GBP A -13.0 67 31.3 59 43.4 59 QQ 4.0 323

JPM Japan C Net Acc -7.0 36 40.7 23 98.1 3 QQQQ 5.1 1005JPM Japan Select Equity A (dist) JPY -8.5 50 39.3 31 55.5 49 QQQ 3.3 57Jupiter Japan Income I Acc -6.7 35 44.3 16 79.3 9 QQQQ 3.7 412Jupiter Japan Select D USD Acc -7.1 38 43.9 17 68.8 18 QQQQ 3.6 82L&G Japan Index I Acc -5.2 17 39.5 30 64.6 28 QQQQ 3.4 1296Lazard Japanese Strategic Eq C Inc GBP H -17.6 74 30.4 63 19.2 61 - 5.7 18Legg Mason IF Japan Equity X Acc -10.7 60 54.8 4 157.8 1 QQQQ 6.7 938Legg Mason IF MC Japan Alpha X Acc £ -8.8 52 43.0 20 50.1 53 QQQ 3.5 75LF Canlife Japan C Acc -5.7 23 31.8 58 46.4 56 QQQ 3.0 40

LF Morant Wright Japan B Acc -8.0 45 40.3 27 74.3 13 QQQ 3.6 515LF Morant Wright Nippon Yield B Acc -9.6 54 43.1 19 79.1 10 QQQQ 3.6 601

Lindsell Train Japanese Eq B GBP QutdInc -4.2 9 57.1 3 112.7 2 QQQQQ 4.6 287M&G Japan GBP I Acc -14.6 72 46.8 13 69.4 17 QQQQQ 4.0 312

Man GLG Japan CoreAlpha Profl Acc C -7.1 37 51.2 6 66.7 21 QQQQ 4.0 2251Matthews Asia Funds Japan I GBP Acc -11.6 64 29.8 65 - - QQ 4.4 425MFS Meridian Japan Equity A1 USD -4.8 15 26.2 68 51.7 52 QQQ 3.4 4Neptune Japan Equity C Acc GBP -14.4 70 46.3 14 - - QQQQ 4.2 298Neptune Japan Opportunities C Acc GBP -14.0 69 33.0 55 19.9 60 Q 5.4 179New Capital Japan Equity JPY Inst Acc -21.8 75 25.9 69 44.7 58 QQQ 4.9 59Nomura Fds Japan High Conviction I GBP -3.4 2 - - - - - - 131

Nomura Fds Japan Strategic Value R JPY -8.4 49 37.7 43 - - QQ 3.5 653Overstone UCITS Japanese Eq A USD -4.0 6 37.1 45 70.7 16 QQQQ 3.2 8OYSTER Japan Opportunities R JPY -5.5 21 38.4 36 81.3 8 QQQQ 3.4 350Pictet-Japan Index I GBP -5.5 22 38.0 40 60.8 34 QQQ 3.3 520Pictet-Japanese Equity Opps I GBP -9.0 53 46.0 15 72.6 15 QQQQQ 3.7 1350Pictet-Japanese Equity Sel I GBP -7.1 39 43.3 18 - - QQQ 3.7 155Polar Capital Japan I Inc -12.3 66 49.6 8 59.4 39 QQ 3.9 554Polar Capital Japan Value S -6.1 27 57.3 2 65.2 26 QQQ 4.0 16Principal Japanese Equity I Acc USD -6.5 28 29.0 66 47.6 55 QQ 3.4 0Quilter Investors Jpn Eq U2 (GBP) Acc -7.6 43 38.8 34 67.8 20 QQQQ 3.5 231Royal London Japan Tracker Z Acc -4.3 10 39.9 28 65.3 25 QQQQ 3.4 1138Russell Inv Japan Equity I -6.7 32 48.7 10 72.8 14 QQQQ 3.6 295RWC Nissay Japan Focus R GBP Acc Unhdg -6.7 30 34.3 53 - - QQ 6.1 223Santander Japan Equities A -6.7 34 35.2 51 56.2 46 QQQ 3.3 39

Schroder Tokyo Z Acc £ -6.7 31 37.4 44 66.2 23 QQQQ 3.4 2272Scottish Widows Japan Gr A -5.2 18 34.3 52 54.5 50 QQQ 3.3 192SLI Japanese Equity Growth Plat 1 Acc -12.0 65 31.2 60 45.9 57 QQQ 3.7 271SLI Japanese Trust -10.4 57 32.1 57 49.9 54 QQQ 3.7 201SSgA Japan Equity Tracker -7.4 40 38.4 37 64.4 29 QQQQ 3.3 24

T. Rowe Price Japanese Equity C GBP -5.1 16 - - - - - - 77T. Rowe Price Japanese Equity Q EUR -4.1 8 49.8 7 89.6 4 QQQQQ 4.1 677

Threadneedle Japan Z Acc GBP -6.7 33 38.2 39 55.7 48 QQ 3.8 704Vanguard Japan Stock Index GBP Acc -5.4 19 38.0 41 61.1 31 QQQ 3.3 2308

VT Japan Strategic Value Net Income - - - - - - - - 29Sector average/count -8.1 75 39.2 71 65.0 61 3.9 458

North America7IM US Equity Value C Inc 4.3 123 49.9 94 - - QQQ 3.7 160

AB American Gr Ptf I Acc 17.5 6 71.9 13 144.5 4 QQQQ 3.3 2436AB Concntr US Eq I GBP H Acc 14.1 15 56.4 64 71.6 99 - 3.5 564

AB Select US Equity I GBP H Acc 1.4 141 37.0 127 48.6 113 - 2.9 2926Aberdeen North American Equity I 9.0 54 57.2 56 82.2 76 QQ 3.6 111Aberdeen Northern Amr EqEnhIdx Net B Acc 7.2 90 56.9 58 - - QQQQ 3.6 74Allianz Best Styles US Equity RT GBP 5.7 109 53.7 73 - - QQQQ 3.4 2121Allianz US Equity C Acc 6.1 106 53.2 79 91.2 61 QQQ 3.6 29Amundi SICAV II Pio US Fdml Gr R GBP ND 13.2 24 50.9 89 111.6 15 QQQQ 3.2 93Artemis US Equity I Acc GBP 9.7 42 64.2 28 - - QQQQQ 3.4 37Artemis US Extended Alpha I Acc GBP 8.6 64 64.3 26 - - QQQQQ 3.3 1515

Artemis US Select I Acc GBP 10.6 36 68.1 19 - - QQQ 3.6 1051AS SICAV I North Amer Eq X Acc GBP 8.6 63 55.0 67 78.3 83 QQ 3.6 100

Aviva Investors US Eq Inc 2 GBP Acc 9.4 45 42.5 120 80.9 79 QQQ 3.7 165Aviva Investors US Eq MoM 1 2 GBP Inc 4.4 121 48.8 98 94.8 53 QQQ 3.6 183Aviva Investors US Equity Inc II 2 £ Acc 9.2 49 41.2 121 78.9 81 QQQ 3.7 331AXA Framlington American Growth Z Acc 13.5 20 74.1 10 104.3 22 QQQ 4.2 477AXA Rosenberg American Z 5.5 111 53.8 72 94.1 54 QQQ 3.9 197Baillie Gifford American B Acc 20.1 2 116.6 1 174.1 1 QQQQQ 5.2 2100

BGF US Basic Value D2 5.5 112 45.8 109 64.2 107 QQ 3.4 487Blackrock ACS US Equity Tracker T1 9.2 47 62.0 32 - - QQQQQ 3.5 756BlackRock US Dynamic D Acc 7.1 91 64.1 29 101.3 32 QQQQ 3.7 128BlackRock US Opportunities D Acc 6.8 100 46.3 105 67.7 104 QQ 3.5 91BMO North American Equity 2 Acc 7.7 82 59.9 42 105.3 18 QQQQ 3.6 150BNY Mellon US Equity Income GBP W Inc 3.5 134 - - - - - - 274BNY Mellon US Equity Income Instl W Acc - - - - - - - - 107BNY Mellon US Opps Inst W Acc 4.5 120 56.5 62 70.3 102 QQQ 4.8 104Brown Advisory US Equity Growth $ B 19.8 3 70.7 16 118.0 12 QQQQ 3.6 502Brown Advisory US Flexible Eq B $ Acc 8.8 60 57.8 50 - - QQQ 3.3 284Brown Advisory US Mid-Cap Gr USD C Acc 19.3 4 - - - - - - 117Brown Advisory US Sust Gr USD C Acc 20.6 1 - - - - - - 125Candriam Quant Equities USA C Cap USD 3.8 130 44.7 115 75.2 93 QQQ 3.4 363Candriam Sust North America C USD Cap 6.9 96 34.7 128 56.7 111 QQ 3.2 59

Capital Group AMCAP (LUX) Z 9.0 56 57.1 57 96.6 48 QQQQ 3.0 62Capital Group Inv Co of Amer(LUX) Z 4.3 122 45.9 107 86.4 71 QQQ 2.9 336

Comgest Growth America EUR Z Acc 15.3 8 52.9 80 99.9 39 QQQ 3.2 118Dodge & Cox Worldwide US Stock A GBP 7.0 92 64.2 27 96.7 47 QQQQQ 3.5 1451

Eaton Vance Intl (IRL) US Value I2 USD 9.9 39 40.6 123 - - QQ 3.3 32Fidelity American Special Sits W Acc 8.3 71 40.7 122 94.0 55 QQQQ 3.5 903

Fidelity American W Acc GBP 9.1 52 53.3 77 73.1 95 QQQ 2.8 856Fidelity Index US P Acc 9.1 50 59.9 43 107.0 17 QQQQQ 3.5 1286

Fidelity Instl America 8.6 61 48.5 100 90.7 63 QQQQ 3.3 181Franklin Mutual Shares W Acc 4.1 124 39.7 125 64.7 106 QQQ 3.5 7

Franklin US Opportunities W Acc 8.8 59 66.7 20 93.5 56 QQQQ 4.3 89GAM Multistock Health Innovt Eq USD B 3.6 132 33.2 129 72.3 98 QQQ 4.6 121GAM North American Growth Instl GBP Acc 7.5 88 57.5 53 75.3 92 QQQ 3.8 182GAM Star Capital Apprec US Eq Instl £Acc 13.3 22 57.4 54 57.7 110 QQQ 3.3 46GAM Star US All Cap Equity Instl GBP Acc 4.0 126 53.3 76 72.8 96 QQQ 3.3 64GlobalAccess US Equity M Acc GBP -1.3 143 33.2 130 28.8 115 - 3.5 255


GS US COREÆ Equity R Inc Snap GBP 8.6 62 63.0 31 104.8 21 QQQQ 3.6 1251GS US Equity R Inc GBP 9.2 46 52.0 84 76.3 88 QQQ 3.5 526GS US Focused Growth Equity R Inc GBP 11.4 30 61.3 35 97.9 44 QQQ 4.6 21Guinness US Equity GBP X 4.8 115 - - - - - - 0Halifax North American C 6.0 108 53.4 74 95.5 51 QQQ 3.6 447

HSBC American Index C Acc 8.6 67 60.0 41 105.1 20 QQQQ 3.6 3545HSBC US Multi-Factor Eq Instl A Acc 7.8 81 56.6 61 99.9 40 QQQQ 3.6 128Invesco US Enhanced Index UK Z Acc 7.3 89 - - - - - - 5Invesco US Equity UK Z Acc 2.8 137 46.5 104 67.2 105 QQ 4.3 417Investec American Franchise I Acc GBP 15.0 11 83.7 5 124.3 11 QQQQ 3.5 231

iShares North American Eq Idx (UK) D Acc 9.1 53 60.2 38 101.2 33 QQQQ 3.5 4319iShares US Equity Index (UK) D Acc 8.9 57 60.7 36 105.2 19 QQQQ 3.5 1044Janus Henderson Instl NA Idx Opps A Acc 8.1 73 57.6 51 92.1 59 QQQ 3.6 435Janus Henderson INTECH US Cor A USD Acc 6.1 105 43.1 118 85.7 73 QQQ 3.5 48Janus Henderson Oppc Alp A USD Inc 14.1 16 38.7 126 70.2 103 QQQ 4.2 16Janus Henderson US Forty A USD Acc 13.7 18 60.3 37 103.7 25 QQQ 3.5 274Janus Henderson US Growth I Acc 13.5 21 53.3 75 76.1 90 QQQ 3.6 261Janus Henderson US Research A USD Acc 11.7 28 51.6 85 78.4 82 QQQ 3.1 192Janus Henderson US Strat Val I USD Inc 8.5 68 45.3 112 77.6 85 QQQ 3.3 100JOHCM US Small Mid Cap Equity A GBP Inc 12.1 25 69.1 18 - - QQQQQ 4.4 51JPM America Equity A (dist) USD 7.0 95 55.5 65 87.4 68 QQQ 3.4 1565JPM America Equity C Net Acc 9.6 43 63.8 30 97.9 45 QQQQ 3.6 9

JPM US Equity Income C Net Acc 9.8 41 54.7 69 95.9 50 QQQQQ 3.4 3402JPM US Select C Net Acc 8.0 76 61.5 34 100.0 38 QQQQ 3.8 552JPM US Select Equity Plus A (dist) GBP 5.4 114 54.4 70 87.6 67 QQQ 3.7 2378

Jupiter North American Income I Acc 2.8 136 49.2 97 81.8 77 QQQ 3.5 217L&G US Index I Acc 9.2 48 59.6 44 103.9 24 QQQQQ 3.6 3567

Lazard US Equity Concntr C Acc USD 7.9 78 - - - - - - 284Legg Mason CB US Agrsv Gr X USD Dis(A) 6.9 97 40.0 124 61.2 109 QQ 4.0 1151

Legg Mason CB US Apprec X USD Dis(A) 11.3 32 47.4 102 91.8 60 QQQ 3.1 151Legg Mason CB US Eq Sust Ldrs X GBP Acc 15.9 7 60.2 39 - - QQQQ 3.5 7Legg Mason CB US Lg Cp Gr X USD Acc 14.6 14 64.9 22 128.0 10 QQQQ 3.2 1092

Legg Mason IF CB US Eq Inc X Inc 11.8 26 51.1 87 90.1 65 QQQ 3.2 32Legg Mason IF CB US Eq X Acc 3.8 131 44.9 114 62.5 108 QQ 3.7 29Legg Mason IF MC Nth Am X Acc £ 14.9 12 64.7 23 101.1 34 QQQ 3.6 134LF Canlife North American C Acc 6.3 102 45.1 113 87.0 70 QQQ 3.8 134LF Miton US Opportunities B Acc 6.9 99 58.9 46 98.8 41 QQQQ 3.6 569Loomis Sayles US Equity Inc Fd R/A USD 3.0 135 44.6 116 75.2 94 QQQ 3.4 115

Loomis Sayles US Equity Leaders N/A GBP 11.4 31 72.9 12 135.6 7 QQQQ 3.8 636M&G North American Dividend GBP I Acc 11.6 29 71.1 15 103.5 27 QQQQ 3.7 502M&G North American Value GBP I Acc 4.1 125 57.2 55 90.2 64 QQQQ 3.7 307Majedie Asset Mgmt US Equity Z GBP Acc 8.6 66 46.2 106 - - QQ 3.0 164Marlborough US Multi-Cap Income P Inc 6.2 104 47.9 101 85.7 74 QQQ 3.6 49

Merian North American Equity R GBP Acc 6.0 107 64.3 25 115.1 13 QQQQQ 3.9 2827Merian US Equity Income R GBP Acc 5.4 113 45.7 110 70.9 101 QQ 3.8 192

MFS Meridian US Concentrated Gr WH1 GBP 11.2 33 50.2 92 75.7 91 - 3.4 322MFS Meridian US Equity Income WH1 GBP 2.4 138 31.7 131 - - - 3.1 4MFS Meridian US Equity Opports WH1 GBP -4.0 147 23.3 133 - - - 3.6 3MFS Meridian US Value WH1 GBP 0.0 142 29.0 132 48.3 114 - 3.4 1236MGTS AFH DA North American Eq I GBP Acc 8.0 74 - - - - - - 91Morgan Stanley US Advantage I Acc GBP 13.9 17 - - - - - - 348

MS INVF US Advantage I 15.3 9 82.2 6 138.3 5 QQQQQ 3.8 5854MS INVF US Growth Z 18.2 5 109.6 2 147.6 3 QQQQQ 4.7 1998Neptune US Income C Acc GBP 9.0 55 52.3 83 100.0 37 QQQ 3.6 35Neptune US Opportunities C Acc GBP 11.8 27 71.3 14 72.6 97 QQ 3.8 232New Capital US Future Leaders GBP UnHAcc - - - - - - - - 56New Capital US Growth GBP Acc -1.4 144 45.5 111 50.8 112 - 4.2 212OYSTER US Selection R GBP D 6.9 98 64.5 24 - - QQQQ 3.6 89Pictet-USA Index I GBP 7.6 85 56.5 63 100.2 36 QQQQ 3.3 2043PIMCO GIS StocksPLUS E USD Acc 8.6 65 54.8 68 98.2 42 QQQQ 3.4 1819

Polar Capital North American I 2.2 139 54.2 71 96.4 49 QQQ 3.4 1910Quilter Inv Nrth Amer Eq U2 (GBP) Acc - - - - - - - - 189Quilter Inv US Eq Small/MC U2 GBP Acc 7.5 86 51.1 88 94.8 52 QQQQQ 3.9 84Quilter Investors US Eq Gr A (GBP) Acc 11.1 34 79.5 9 102.5 28 QQQ 4.3 112Quilter Investors US Eq Inc U2 (GBP) Acc - - - - - - - - 93

Robeco BP US Large Cap Equities F £ 3.8 129 46.9 103 76.2 89 QQQ 3.4 2105Robeco QI US Conservative Equities F £ 10.2 38 - - - - - - 151Royal London US Growth 1.8 140 52.7 81 80.7 80 QQ 4.1 208Royal London US Tracker Z Acc 8.3 70 60.0 40 102.5 29 QQQQ 3.6 5331Russell Inv US Quant I 4.5 118 51.3 86 90.9 62 QQQQ 3.5 152Sanlam US Dividend A GBP Acc 10.6 35 50.4 91 - - QQQQQ 3.4 342Santander United States Equities A 7.0 93 58.1 48 97.4 46 QQQQ 3.7 80Schroder QEP US Core I Acc 8.3 69 56.7 59 100.6 35 QQQQ 3.5 141Schroder US Eq Inc Maximiser Z Acc 7.9 79 - - - - - - 83

Schroder US Mid Cap Z Acc 7.6 84 50.0 93 92.9 58 QQQQ 3.7 1536Scottish Widows American Growth A 5.7 110 52.5 82 87.2 69 QQQ 3.5 515Seilern Stryx America USD U I 15.1 10 80.1 8 154.0 2 QQQQQ 3.3 140SLI American Eqty Unconstrained Plat 1 A 3.9 127 42.7 119 77.4 87 QQ 3.7 96SLI American Equity Income Pltfrm 1 Acc 7.0 94 - - - - - - 34SLI North American Trust 4.5 119 48.7 99 85.1 75 QQQ 3.5 523Smith & Williamson North American Eq B 6.2 103 56.6 60 78.3 84 QQ 3.7 67SSgA North America Equity Tracker 7.9 77 58.1 49 98.1 43 QQQQ 3.3 79

T. Rowe Price US Blue Chip Eq Q GBP 13.7 19 85.2 4 135.3 8 QQQQQ 4.1 553T. Rowe Price US Equity C GBP 9.5 44 - - - - - - 6T. Rowe Price US Equity Q GBP 8.8 58 49.7 95 103.6 26 QQQQ 3.5 478

T. Rowe Price US Large Cap Gr Eq Q GBP 14.7 13 93.6 3 135.8 6 QQQQQ 4.0 1571T. Rowe Price US Large Cp Gr Eq C GBPCap - - - - - - - - 8T. Rowe Price US Large Cp Val Eq C GBP 4.7 116 - - - - - - 12T. Rowe Price US Large Cp Val Eq Q GBP 3.9 128 45.8 108 77.6 86 QQQ 3.5 752Threadneedle Amer Extnd Alpha Ins AccGBP 9.1 51 69.8 17 107.4 16 QQQQ 3.6 69Threadneedle American Sel Z Acc GBP 7.5 87 66.1 21 93.5 57 QQQ 3.9 826Threadneedle American Z Acc GBP 7.7 83 61.7 33 101.5 31 QQQQ 3.7 1978Threadneedle US Eq Inc Z Inc GBP 7.9 80 49.4 96 88.0 66 QQQQ 3.4 64UBS S&P 500 Index C Acc 8.0 75 58.7 47 - - QQQQ 3.3 451UBS US Equity C Acc 3.5 133 59.0 45 85.8 72 QQQ 4.0 218UBS US Growth C Acc 13.3 23 73.0 11 111.6 14 QQQQ 4.1 157

Vanguard US 500 Stock Index Ins USD Acc 9.9 40 55.1 66 104.2 23 QQQQ 3.3 5141Vanguard US Equity Index Acc 10.4 37 57.6 52 102.4 30 QQQQ 3.3 5649

Vanguard US Fundamental Val Inv GBP Inc -2.2 146 50.6 90 71.1 100 QQQ 3.8 25Vanguard US Opportunities Inv GBP Inc 8.1 72 82.1 7 133.3 9 QQQQQ 4.2 2120VT De Lisle America B GBP -1.7 145 53.3 78 81.2 78 QQQ 4.7 30VT Tyndall North American A GBP Net Acc 4.7 117 - - - - - - 23Winton US Equity I GBP Acc 6.3 101 44.3 117 - - QQ 3.4 30Sector average/count 8.3 147 56.2 133 92.3 115 3.6 698

MANAGEDFlexible Investment7IM AAP Adventurous C Acc -0.8 80 30.9 58 35.9 69 QQQ 2.4 2377IM Adventurous C Acc -3.5 133 28.7 77 34.6 76 QQQ 2.5 126AB Em Mkts Mlt-Asst I GBP H Acc -10.7 160 22.1 105 18.5 114 - 3.7 1472

42


Unit Trusts/OEICs


Rathbone Dragon Trust £ Acc -0.2 67 39.6 20 45.2 30 - 3.0 39RBS INV Adventurous Growth -2.5 118 27.2 88 35.1 71 QQQ 2.3 170RHFS Diversified Strategy C Acc -1.1 89 31.1 57 - - - 2.2 -River & Mercantile Dyn Asst Allc B Acc 2.0 30 27.3 87 - - QQQ 1.7 175S&W ILEX Trust Acc -1.6 99 12.8 130 16.3 117 - 1.5 24S&W Starhunter Managed Acc -1.3 93 21.1 112 26.7 98 - 1.9 18Sanlam Managed Risk I GBP Acc -4.3 145 22.4 103 13.4 121 QQ 2.0 87Sarasin FoF Global Equity P Acc -3.1 130 37.5 26 40.1 45 QQ 3.1 37Sarasin Global Equity Real Return P Acc 1.2 37 35.0 36 36.4 67 QQ 2.1 88Schroder Dynamic Multi Asset Z Acc -2.9 124 14.1 123 18.7 113 QQQ 1.3 893Schroder MM Diversity Tactical Z Acc -0.7 76 17.1 119 21.6 109 QQQ 1.6 174Sentinel Enterprise B Acc 6.8 5 40.2 16 50.1 22 QQQ 3.2 81Smith & Williamson MM Global Invmt B -0.1 64 44.4 9 41.3 38 QQQQQ 2.1 14Standard Life Wealth Acer Fund 0.5 51 21.5 111 32.3 83 QQ 2.3 19Standard Life Wealth Bridge Inc 0.1 60 22.0 107 34.0 80 QQQ 2.4 424Standard Life Wealth Merlin -0.1 66 22.0 106 29.4 92 QQQ 2.4 10SVS Brown Shipley Dynamic I Acc -0.1 65 30.5 65 35.1 72 QQ 2.4 32SVS Heritage Balanced A Acc 2.8 19 - - - - - - 18TB Elite Strategic A Accumulation -3.0 129 - - - - - - 21TB Enigma Dynamic Growth B Acc GBP -4.4 146 - - - - - - 8TB Wise Multi-Asset Growth B Acc 3.7 12 57.5 2 50.6 19 QQQQQ 2.3 51TB Wise Multi-Asset Income B Inc 0.4 55 38.5 24 43.1 35 QQQQQ 2.8 110TC Centre Multi Mgr Advnturs A Acc -1.1 86 30.8 61 41.2 40 QQQ 2.5 25The Norfolk Trust 0.8 44 26.2 92 39.4 47 QQQQ 2.6 20The Notts Trust 0.6 49 25.5 95 38.7 53 QQQQ 2.6 11Thesis Elfynn Trust Acc -0.8 79 33.1 47 40.3 44 QQQ 2.7 15Thesis Palm -1.8 104 37.2 27 48.3 25 QQQQ 3.0 0Thesis Thameside Managed 3.6 14 27.9 82 39.4 49 QQQQ 1.8 294

Threadneedle Managed Eq Z Acc 0.1 62 29.9 72 40.5 42 QQQQ 2.4 389TM Balanced Growth Fund -1.9 106 18.7 114 23.7 105 QQQ 2.1 70TM Cerno Select C Acc -1.0 83 13.2 127 21.2 111 QQQ 1.8 85TM Fulcrum Diversified Growth C GBP 0.5 52 12.6 132 10.8 124 - 1.7 29Troy Spectrum O Acc 2.1 28 32.3 53 52.6 13 QQQQ 2.5 118

Troy Trojan O Inc 1.5 34 11.3 135 28.1 96 QQQ 1.4 4061UBS Multi Asset Defensive Gr (GBP) C Acc - - - - - - - - -UBS Targeted Return C 2.4 23 20.7 113 18.0 116 QQQ 1.7 36Unicorn Mastertrust B 0.1 61 47.3 7 54.6 7 QQQQQ 2.4 90VT Esprit Careful Growth GBP Acc -1.2 92 - - - - - - 14VT Esprit Tactical Alpha Plus GBP Acc -6.1 154 - - - - - - 11VT Esprit Tactical Balanced GBP Acc -1.9 107 - - - - - - 36VT Esprit Tactical Growth GBP Acc 0.4 54 - - - - - - 73VT Esprit Tactical Income GBP Inc -3.6 135 - - - - - - 6VT Grosvenor Adventurous A GBP Acc -0.7 77 - - - - - - 111VT PEF Global Multi-asset A GBP Acc -5.8 153 - - - - - - 11VT Redlands Multi-Asset A GBP Acc -1.7 101 - - - - - - 81VT Tatton Oak Advanced B Acc -1.6 97 27.4 86 34.7 74 QQQ 2.6 22VT Thistledown Income Z GBP Net Acc -4.2 141 32.1 54 38.7 54 QQQQ 2.0 11VT Ursus Arctos 1 Net GBP Inc 0.2 57 41.7 14 - - QQ 3.2 -WAY Global Red Active Portfolio Tr E Acc -4.3 143 25.9 93 29.7 90 QQQ 2.5 44Zurich Horizon Multi-Asset V Z Acc 0.8 46 42.0 12 60.8 3 QQQQQ 3.0 26Sector average/count -0.8 161 28.8 141 35.9 128 2.4 293

Mixed Investment 0-35% Shares7IM AAP Income C Acc 0.0 33 17.8 7 19.7 17 QQQQ 1.3 827IM AAP Moderately Cautious C Acc -1.4 48 8.4 44 13.9 32 QQ 1.1 6527IM Cautious C Acc 0.3 28 9.4 39 - - QQQ 0.9 427IM Moderately Cautious C Acc -2.6 52 9.0 43 12.4 35 QQQ 1.2 2607IM Personal Injury C Acc 0.5 26 10.4 37 15.3 28 QQQ 0.9 2267IM Tcam Income Gross Inc 0.1 30 18.3 6 22.4 7 QQQQ 1.2 25Architas MA Active Moderate Income A Acc -0.1 38 13.5 20 20.1 16 QQQ 1.3 99Architas MM Monthly High Inc A Acc 0.0 34 15.1 14 18.1 22 QQQQ 1.2 88AXA Defensive Distribution Z Acc Gross 0.6 25 14.2 15 19.3 18 QQQ 1.6 267Barclays Wealth Global Mkts 1 R Acc GBP 0.3 27 11.0 32 12.0 36 QQ 0.8 6BlackRock Consensus 35 D Acc 2.8 4 18.7 2 32.7 2 QQQQQ 1.8 149City Financial Multi Asset Divs I Acc -2.3 51 4.8 48 7.9 40 QQ 1.6 23EF Brompton Global Cnsrv B GBP Acc -1.4 47 13.4 21 - - QQQ 1.3 14EF New Horizon Cautious B Inc -0.1 37 6.7 47 10.5 38 QQ 1.4 10EF New Horizon Inc B Inc 1.4 18 9.4 40 8.7 39 QQ 1.4 12Fidelity Mlt Asst Allctr Defesv Y Acc 2.0 12 9.1 42 18.3 21 QQQ 1.1 61Fidelity MltAsst Income Y Acc 2.9 3 18.6 4 25.7 5 QQQQQ 1.3 832Fidelity MltAsst Open Def N Acc 2.5 5 15.6 13 22.1 10 QQQQ 1.2 13Fidelity Multi Asset Defensive Y Acc 1.5 16 10.9 33 20.9 14 QQQQ 1.1 47FP Russell Invsmts Multi Asst Gr I C Acc 0.1 29 10.7 34 - - QQ 1.1 61GAM Star Defensive Instl GBP Acc -2.6 53 14.0 17 14.8 30 QQQ 1.3 28GS Global MA Cnsv R Inc GBP PtH -0.4 41 12.8 24 - - QQQ 1.2 432IFML Vitality Multi-Asset Income D 1.5 17 12.0 27 20.6 15 QQQQ 0.8 5IFSL Brooks Macdonald Def Inc A Inc 0.8 23 11.8 28 17.1 25 QQQQ 1.1 36IFSL Brunsdon Cautious Gr C Acc -0.5 42 11.1 31 13.7 33 QQ 1.2 54Investec Diversified Income I Acc GBP 2.3 8 13.1 23 22.2 9 QQQQ 0.8 749Janus Henderson Mlt-Mgr Divers I Inc -1.4 46 10.5 35 12.4 34 QQQQ 1.1 53

Jupiter Distribution I Acc -0.6 43 8.3 45 18.9 20 QQQQ 1.1 796Jupiter Merlin Conservative I Acc 2.1 11 17.0 8 21.2 13 QQQQ 1.1 75

L&G Mixed Investment 0-20% I Acc 1.2 19 12.2 26 - - QQQ 1.0 13L&G Mixed Investment 0-35% I Acc 2.2 9 16.5 9 22.6 6 QQQQ 1.3 1161L&G Mixed Investment Income 0-35% I Acc 2.1 10 15.6 12 - - QQQQ 1.3 76LF Canlife Managed 0%-35% C Acc 1.5 15 - - - - - - 35LF Canlife Portfolio III C Acc 1.0 21 13.2 22 22.1 12 QQQQ 1.1 93

LF Miton Defensive Multi Asset B Acc -2.8 54 8.0 46 16.6 26 QQ 1.1 72LF Prudential Risk Managed Actv 1 P Acc 0.0 35 16.3 10 22.3 8 QQQQ 1.2 96LF Prudential Risk Managed Pasv 1 P Acc -0.3 39 18.6 3 22.1 11 QQQQ 1.2 301Libero Cautious B Acc 0.1 31 9.3 41 15.3 29 QQQ 1.3 22MI Charles Stanley Monthly Hi Inc Acc 1.9 13 10.4 36 14.2 31 QQQ 1.1 70Optimal Multi Asset Defensive A GBP -2.2 50 3.3 49 - - Q 0.8 7Quilter Investors Cirilium Cnsrv R -1.3 45 18.5 5 26.7 3 QQQQ 1.1 69Royal London Cautious Managed A Acc 1.6 14 14.2 16 - - QQQ 1.0 180Royal London GMAP Defensv M GBP Acc 0.6 24 - - - - - - 82Royal London Sustainable Mgd Gr C Acc 3.6 2 22.0 1 32.8 1 QQQQQ 1.4 219Sarasin IE GlobalSar Income GBP P Acc 0.9 22 11.5 29 17.3 24 QQQ 1.0 185SVS Brown Shipley Cautious I Acc 0.0 36 - - - - - - 14Thesis Optima Income B Acc 2.5 6 12.3 25 17.6 23 QQQ 0.9 6Threadneedle Managed Bond Fcs Z Acc 1.0 20 15.7 11 19.0 19 QQQ 1.4 297TM UBS (UK) - Global Yield C Acc 0.1 32 13.6 19 - - QQQ 1.2 123

Vanguard LifeStrategy 20% Eq A Grs Acc 2.3 7 13.7 18 26.7 4 QQQQ 1.2 966VT Greystone Conservative Managed R Acc -0.7 44 11.5 30 16.1 27 QQQ 0.9 7VT Grosvenor Cautious A GBP Acc -0.3 40 - - - - - - 100WAY Global Cautious Portfolio E Acc -1.7 49 10.1 38 11.9 37 QQ 1.2 51Wesleyan Low Risk/Rwd Gr X Acc 3.8 1 - - - - - - 20Sector average/count 0.5 54 12.7 49 18.6 40 1.2 175

Mixed Investment 40-85% Shares7IM AAP Moderately Adventurous C Acc -0.8 111 26.6 66 31.6 64 QQQ 2.1 6417IM Moderately Adventurous C Acc -3.0 145 25.3 78 28.6 87 QQQ 2.2 407Aberdeen Multi-Asset I 5.1 8 32.2 22 34.3 43 QQQQ 2.2 134Aberdeen Multi-Mgr Balanced Mgd I Acc -0.8 109 23.8 93 29.2 81 QQQ 2.1 29Acumen Progressive X Acc 0.5 79 25.8 75 - - QQQ 1.9 144


Aberdeen Capital Trust Inc 1.5 33 34.4 38 36.9 64 QQQ 2.7 902Aberdeen Multi-Mgr Equity Mgd Ptfl I Acc -1.6 98 30.2 70 37.0 63 QQQ 2.7 116ACPI Balanced UCITS USD Retail Acc 0.9 40 27.9 83 50.5 20 QQQQ 2.4 128ACPI Horizon UCITS EUR Retl -8.2 158 - - - - - - 45Acumen Adventurous X Acc 0.7 48 25.7 94 - - QQ 2.3 75AHFM Defined Returns B GBP Acc 6.9 4 36.5 29 39.9 46 - 1.8 895Allianz Global Fdmtl Strat RT2 H GBP -6.1 155 4.3 140 - - QQ 1.5 92Amundi SICAV II Pio Flex Opps R GBP ND -2.7 120 30.9 59 - - QQQQ 2.7 0Architas MA Active Dynamic A Acc -3.9 138 36.2 31 44.9 31 QQQ 3.2 53Architas MA Active Growth A Acc -1.4 95 35.9 33 46.6 27 QQQQ 3.0 113Artemis Strategic Assets I Acc -2.9 123 12.5 133 9.0 127 Q 2.6 638Aviva Investors Multi-Mgr Flexible 2£Acc -1.8 105 33.2 46 43.6 33 QQQQQ 2.7 74AXAWF Global Flexible Prpty F Cap USD 11.6 1 22.0 108 - - QQQ 2.7 337Baillie Gifford Multi Asset Income B Inc - - - - - - - - 39Barclays Wealth Global Mkts 5 R Acc GBP 0.8 43 39.8 19 37.8 62 QQQ 2.5 9BMO Managed Growth 1 Acc -1.0 84 26.6 90 38.0 61 QQQQ 2.2 89

BMO MM Navigator Growth C Acc -4.6 147 28.6 79 38.3 56 QQQ 2.3 106BMO Multi-Manager Investment Trust C Acc 3.5 17 45.9 8 49.4 23 QQQQQ 2.7 15Capital Group EM Ttl Opps (LUX) Z -2.3 112 29.8 74 34.3 79 QQQQ 3.1 1240Capital Group Global Allc (LUX) Z 3.6 13 32.6 51 56.4 6 QQQQ 2.5 320

Carmignac Patrimoine A EUR Acc -11.7 161 4.9 138 9.6 126 QQ 2.7 11837Carmignac Pf Emerg Patrim F GBP Acc Hdg -8.3 159 12.6 131 22.4 108 - 2.2 586Carmignac Pf Patrimoine F GBP Acc Hdg -8.0 157 -1.3 141 10.3 125 Q 1.4 1151Carvetian Capital Income -4.0 139 18.3 116 18.5 115 QQ 2.9 45Carvetian Generation Income -3.0 126 13.6 125 19.6 112 QQQ 2.1 73Cavendish International B Inc -4.3 144 38.2 25 42.7 36 QQQ 3.1 697City Financial Multi Asset Dyn I Acc -5.3 150 12.3 134 11.8 122 QQQ 2.8 17Close Growth Portfolio X Acc 2.7 20 25.0 99 31.4 87 QQ 2.2 331Close Managed Growth X Acc 0.1 59 31.9 55 39.0 52 QQQ 2.5 55Close Strategic Alpha X Acc -2.2 109 34.3 39 39.2 50 QQQ 3.1 12Close Tactical Select Passive Gr X Acc 2.4 24 33.5 45 41.1 41 QQQQ 2.3 29Courtiers Total Return Growth 0.8 41 38.5 23 53.7 9 QQQQ 2.2 82Discovery Managed Growth B GBP Acc -3.5 132 27.6 84 34.4 77 QQQ 2.4 3EF 8AM Focussed A Inc -3.7 137 30.5 64 32.8 81 QQ 3.0 9EF 8AM Tactical Growth A Inc 3.2 18 30.8 61 29.6 91 - 1.9 10EF Brompton Global Opps B GBP Acc -5.1 149 24.8 100 34.6 75 QQQ 2.5 14EF Brunswick Growth Portfolio C Acc GBP -2.2 110 39.9 18 44.4 32 QQQQ 2.7 15Family Investments Child Trust -0.4 72 28.5 80 28.8 94 QQ 2.8 717Fidelity MltAsst Open Adv N Acc 1.2 38 35.8 35 35.8 70 QQQ 2.2 25Fidelity Multi Asset Allctr Advtrs Y Acc 3.7 11 33.7 42 40.5 43 QQQ 2.6 51First State Diversified Gr B Acc GBP -5.6 152 13.5 126 - - QQQ 1.8 26FP Mattioli Woods Adventurous E GBP Inc 2.7 21 - - - - - - 50FP Mattioli Woods Cautious E GBP Inc 1.3 36 - - - - - - 224FP Mattioli Woods Growth E GBP Inc -0.2 68 - - - - - - 201GAM Star Dynamic Growth Instl GBP Acc -4.9 148 30.2 69 32.2 84 QQ 2.9 12GAM Star Growth Institutional GBP Acc -4.2 140 25.2 98 25.6 101 Q 2.5 217HC Kleinwort Hambros Growth A Acc 0.7 47 18.1 118 21.4 110 QQ 2.2 74HC Sequel Growth Trgt Ret Strat B £ Acc 0.3 56 31.6 56 31.5 86 QQQ 1.9 59HC Verbatim Multi-Index Portfolio 6 A 0.6 50 33.5 44 38.1 59 QQQ 2.4 26HL Multi-Manager High Income A Acc -0.6 75 - - - - - - 504HL Multi-Manager Strategic Assets A Acc -0.4 71 8.4 136 - - - - 196IFML Vitality Dynamic Multi-Asset D -2.4 113 32.4 52 36.8 65 QQQQ 1.9 7IFML Vitality Multi-Asset Growth D - - - - - - - - 8IFSL Brooks Macdonald Strat Growth A GBP 0.8 42 30.4 66 36.8 66 QQ 2.7 35IFSL Brunsdon Adventurous Gr C Acc -1.8 103 28.2 81 35.0 73 QQ 3.0 50IFSL Select Z Acc GDP -2.5 116 30.2 68 38.1 58 QQQ 2.3 19Invesco Managed Growth UK Z Acc -3.0 125 35.8 34 45.5 29 QQQ 2.9 430Investec Global MA Ttl Ret I GBP Acc -2.5 117 32.9 48 38.1 60 QQQQQ 2.0 97Janus Henderson Mlt-Mgr Active I Acc -0.3 69 30.4 67 38.4 55 QQQ 2.3 213JPM Diversified Growth C Net Acc -0.9 81 36.4 30 46.1 28 QQQQ 2.2 78

Jupiter Merlin Growth I Acc 3.5 16 33.8 41 48.9 24 QQQQ 2.5 1712L&G Multi Manager Growth I Acc -0.8 78 30.1 71 34.3 78 QQ 2.6 178L&G Worldwide I Acc -2.9 122 25.2 97 30.8 89 QQQ 2.4 90LF Bentley Global Growth A Acc -1.7 100 16.0 120 23.9 104 QQ 2.2 18LF Bentley Sterling Balanced Acc -2.2 108 4.4 139 7.3 128 QQ 1.1 157LF Canlife Portfolio VII C Acc -1.0 85 29.8 73 31.7 85 QQ 2.3 28LF Catalyst Trust Acc 0.4 53 38.6 22 50.4 21 QQQQ 2.4 50LF Cautela Retail Acc -0.1 63 12.8 129 11.3 123 Q 1.9 22LF Havelock Global Select A GBX Acc - - - - - - - - 12LF IM Global Strategy A Acc -0.4 70 42.4 11 58.5 4 QQQ 3.1 30LF Miton Worldwide Opportunities B Acc -2.5 115 43.6 10 51.6 15 QQQQQ 2.0 48LF Odey Continental European I Acc 2.1 29 35.0 37 25.3 102 QQQ 2.8 139LF Odey Opus I Acc 1.6 32 14.4 122 15.8 119 QQQ 3.3 225LF Prudential Risk Managed Actv 5 P Acc -1.1 87 26.4 91 36.4 68 QQQ 2.2 109LF Prudential Risk Managed Pasv 5 A Acc 0.1 58 27.6 85 - - QQQ 2.1 35LF Purisima EAFE Total Return PCG B nc -5.5 151 32.8 49 31.2 88 Q 3.3 4LF Ruffer Equity & General C Acc -1.6 96 23.3 101 16.3 117 QQQ 1.8 126LF Ruffer Japanese C Acc -4.3 142 50.0 5 52.3 14 Q 3.6 493LF Stewart Ivory Investment Markets Acc 3.8 9 28.9 75 38.2 57 QQQQ 2.6 20LF Waverton Portfolio B Inc 2.3 26 34.0 40 43.5 34 QQQQ 2.8 210Liontrust Sust Fut Absolute Gr 2 Net Acc 11.1 2 54.0 3 64.7 1 QQQQQ 2.9 173LO Funds All Roads EUR NA -3.0 127 22.3 104 22.7 107 QQQQ 2.9 421M&G Fund of Invest Trust Shares A Acc 1.6 31 48.6 6 53.8 8 QQQQ 2.9 40M&G Managed Growth GBP I Acc -2.2 111 50.7 4 53.5 10 QQQQ 3.1 791Man Stockmarket Managed Profl Acc C -1.1 88 28.8 76 28.9 93 QQQQ 2.2 141Margetts Opes Income R GBP Acc -1.2 90 18.3 117 25.9 100 QQQ 2.3 8Margetts Venture Strategy Fd R GBP Acc -3.0 128 41.8 13 51.0 18 QQQQ 3.3 84MFS Meridian Diversified Income WH1 GBP 3.8 10 15.8 121 - - QQQ 1.7 127MFS Meridian Global Total Ret WH1 GBP -2.7 121 13.8 124 23.0 106 QQQ 2.1 1871MFS Meridian Prudent Capital W1 GBP 10.1 3 - - - - - - 572MGTS Clarion Explorer Portfolio R Acc -1.8 102 41.1 15 53.2 11 QQQQ 3.2 16MGTS Frontier Adventurous R Acc -3.6 134 39.2 21 47.3 26 QQQQ 3.3 2MI Charles Stanley Multi Asst5 Adv A£Acc -1.4 94 - - - - - - 3MI Downing Diversified Global Mgrs A Acc -6.4 156 21.6 110 26.1 99 QQQQ 1.9 21MI Hawksmoor Global Opps D GBP Acc - - - - - - - - 19MI Momentum Focus 3 A Acc -1.2 91 13.0 128 15.7 120 QQQ 1.2 14MI Momentum Focus 4 A Acc -0.5 74 18.5 115 24.5 103 QQQ 1.5 11MI Momentum Focus 5 A Acc -0.5 73 22.8 102 28.7 95 QQQ 1.8 28Neptune Global Alpha C Acc GBP 2.4 25 62.5 1 64.5 2 QQQQ 3.3 104Newgate GBP Inc 1.1 39 21.7 109 27.5 97 QQQ 2.2 10

Newton Multi-Asset Growth Inst W Acc 5.4 6 28.7 78 52.9 12 QQQQ 2.8 1566Newton Multi-Asset Income Inst W Acc 1.5 35 30.8 60 - - QQQQQ 2.0 152Newton SRI for Charities GBP Inc 4.5 8 32.8 50 39.4 48 QQQQ 2.4 104NFU Mutual Mixed Portfolio Max100% C - - - - - - QQQ - 62Nomura Fds Diversified Growth I GBP 2.5 22 - - - - - - 13Osprey Sterling Inc 3.5 15 30.6 63 51.0 17 QQQ 2.5 15P-Solve Inflation Plus A Inc 0.8 45 25.3 96 32.3 82 QQ 1.7 52PIMCO GIS Strategic Inc E USD Acc 4.7 7 26.7 89 51.4 16 QQQQQ 2.4 717Premier Liberation No. VII Class C Acc -2.4 114 36.0 32 41.3 39 QQQ 2.7 42Premier Multi Asset Global Gr C Inc -2.5 119 36.6 28 57.5 5 QQQQQ 2.7 223

Pyrford Glbl Tot Ret(Sterling)B GBP Acc 2.2 27 7.1 137 - - QQ 1.0 2744Quilter Investors Cirilium Adventurous R -1.0 82 - - - - - - 82Quilter Investors Cirilium Dynamic R -3.2 131 33.6 43 41.8 37 QQQQ 2.7 516Quilter Investors Fndtn 5 R (GBP) Acc -3.7 136 40.1 17 39.1 51 QQQQ 2.8 68

43 Œ „ ´ ‰ ˆ Á



Architas MA Active Prog A Acc 0.2 88 29.6 37 39.3 26 QQQQ 2.5 193Aviva Investors Multi-Mgr 40-85% 2 £Acc -1.6 132 27.1 62 34.6 37 QQQ 2.3 184AXA Framlington Managed Balanced Z Acc 3.3 25 27.1 61 31.8 61 QQQQ 2.2 943Baillie Gifford Managed B Acc 3.8 14 43.1 3 54.7 3 QQQQQ 2.6 3635Barclays Dividend and Growth I Acc GBP -3.7 148 20.3 126 20.0 113 QQ 2.4 199Barclays Multi-Impact Growth R Acc GBP 1.4 59 - - - - - - 9Barclays Wealth Global Mkts 4 R Acc GBP 0.6 73 35.8 11 33.4 49 QQQQ 2.3 19BlackRock Balanced Growth D Acc 1.5 54 28.7 46 30.5 72 QQQ 2.1 174BlackRock Balanced Managed A Acc 1.1 68 28.5 49 29.1 82 QQQ 2.1 498BlackRock Consensus 70 D Acc 2.5 41 24.9 82 34.5 40 QQQQQ 1.9 122BlackRock Consensus 85 D Acc 2.5 40 31.3 26 40.8 21 QQQQ 2.2 1736

BMO MM Navigator Balanced C Acc -4.0 150 24.3 90 31.4 66 QQQ 2.2 112BNY Mellon Dynamic Total Ret USD A Acc 3.6 19 12.8 138 - - - 3.1 26Carvetian FENIX Balanced Income -2.1 141 7.7 142 9.5 117 Q 2.2 32Castlefield B.E.S.T Port Founder Inc 0.0 94 - - - - - - 19City Financial Multi Asset Growth I Acc -5.4 155 7.8 141 6.3 118 Q 2.6 20Climate Assets B GBP Acc 4.5 10 33.4 15 44.5 13 QQQQQ 2.2 32Close Balanced Portfolio X Acc 2.2 42 22.2 110 29.3 79 QQQ 1.8 1143Close Managed Balanced X Acc 0.6 75 27.9 53 33.0 52 QQQ 2.1 258Close Tactical Select Passive Bal X Acc 1.8 48 29.5 40 39.1 28 QQQQ 2.0 162Consistent Practical Investment A Acc 0.6 74 29.6 39 28.3 90 QQQ 2.5 115Courtiers Total Return Balanced Risk 1.4 60 28.7 47 40.8 20 QQQQ 1.7 238Eden SRI A GBP Acc 0.5 77 18.7 129 22.7 108 QQ 2.0 9EdenTree Higher Income B 2.6 39 28.7 45 31.8 60 QQQQ 2.0 96EF Brompton Global Growth B GBP Acc -3.9 149 22.5 106 28.9 84 QQQ 2.2 16EF New Horizon Growth B Inc -0.6 103 17.3 134 27.6 92 QQ 2.0 7Elite Balanced Trust B Acc -0.1 97 23.7 97 28.8 85 QQQ 2.0 24Family Balanced International B 0.2 89 24.8 85 29.8 75 - 2.3 117Fidelity MltAsst Inc & Gr Y Acc 3.2 31 21.1 119 30.7 71 QQQ 1.5 43Fidelity MltAsst Open Gr N Acc 1.7 51 29.6 38 32.2 59 QQQ 2.1 131

Fidelity MoneyBuilder Balanced Y Inc 3.2 27 8.7 140 21.7 111 QQQ 1.9 436Fidelity Multi Asset Allctr Growth Y Acc 3.1 32 23.1 101 28.4 89 QQQ 2.0 307FP Russell Invsmts Mlt Asst Gr IV C Acc -0.6 101 21.7 115 - - Q 2.0 33FP Russell Invsmts Multi Asst Gr V C Acc -0.6 102 24.9 83 - - Q 2.3 13GAM Star Balanced Institutional GBP Acc -3.3 146 20.9 122 22.2 109 QQ 2.0 492GS Global MA Gr R Inc GBP PtH -0.8 113 29.9 34 - - QQQQ 2.3 272HC Kleinwort Hambros Multi Ast Bal A Acc -0.2 98 19.9 127 24.7 103 QQQ 1.8 33HC Sequel Bal Trgt Ret Strat B £ Acc 0.5 78 23.8 94 24.5 104 QQQ 1.5 68HC Sequel Glbl Trgt Inc Strat A £ Acc -0.6 104 27.5 57 37.6 31 QQQ 1.9 5HC Verbatim Multi-Index Portfolio 5 A 1.1 67 27.3 60 34.6 39 QQQQ 2.0 48HL Multi-Manager Balanced Managed A Acc -1.9 137 26.3 70 34.4 41 QQQQ 2.3 853HSBC Ash Institutional A Acc 2.1 46 21.4 116 29.2 80 QQQ 1.8 12HSBC Balanced Acc C 1.8 50 23.8 95 32.3 57 QQQ 2.0 353IFML Vitality Multi-Asset Balanced D - - - - - - - - 6IFSL Brooks Macdonald Balanced A Acc 0.0 93 25.9 73 30.4 73 QQQ 2.3 122IFSL James Hambro Barnham Broom 1.4 58 27.7 54 35.2 35 QQQ 2.0 36IFSL James Hambro Harrier Bal A Inc 1.0 69 23.0 102 - - QQQ 1.7 24IFSL James Hambro Harrier Cap Gr Inc 0.0 92 26.0 72 34.6 38 QQQ 2.0 35IFSL James Hambro Penrhos GBP Inc 1.2 65 25.6 77 33.5 46 QQQQ 2.0 9IFSL James Hambro Rires 1.3 61 27.5 58 39.4 25 QQQQ 2.0 11Invesco Global Balanced Idx UK (NoTr)Acc -1.1 125 23.2 100 34.4 42 QQQQ 2.2 72Invesco Managed Income UK Z Acc -2.0 139 22.9 103 32.4 56 QQQQ 2.3 303Janus Henderson Instl Gl Rpnsb Mgd I Acc 3.8 13 30.6 32 42.1 18 QQQQQ 2.3 225Janus Henderson Mlt-Mgr Managed I Acc 0.1 90 24.7 87 31.1 67 QQQ 2.0 359

Jupiter Distribution and Growth I Inc -5.3 154 6.9 143 14.4 116 QQ 2.5 364Jupiter Merlin Balanced I Acc 3.9 12 31.3 27 45.7 9 QQQQ 2.1 1667

L&G Mixed Investment 40-85% I Acc 3.2 28 30.7 31 - - QQQQ 2.1 592L&G Multi Manager Balanced I Acc -0.4 99 24.7 88 28.0 91 QQ 2.3 21Lazard Managed Balanced A Acc 3.0 33 32.6 19 39.8 24 QQQQQ 2.2 35LF Canlife Balanced C Acc 0.9 70 22.8 105 30.2 74 QQQ 2.0 168LF Canlife Portfolio V C Acc 0.8 72 21.9 113 30.9 69 QQQQ 1.7 152LF Canlife Portfolio VI C Acc 0.3 85 26.7 64 32.6 55 QQQ 2.0 75LF Miton Balanced Multi Asset B Acc -9.4 158 - - - - - - 2LF Odey Portfolio Sterling Instl Acc -7.7 157 2.4 144 2.7 119 Q 1.9 175LF Prudential Risk Managed Actv 4 P Acc 0.0 95 25.0 80 33.4 47 QQQ 1.8 256LF Prudential Risk Managed Pasv 4 A Acc 0.0 91 24.4 89 - - QQQ 1.8 45LF Resilient MM Balanced Managed X Acc 0.3 84 25.8 74 33.7 45 QQQ 2.1 31LF Seneca Diversified Growth B Acc 6.3 4 39.4 5 41.9 19 QQQQ 1.9 123Libero Balanced B Acc -0.1 96 23.3 99 28.6 88 QQQ 2.0 22Libero Strategic B Acc -0.9 118 17.9 130 23.2 107 QQQ 1.9 9Liontrust Sust Fut Cau Mgd 2 Net Inc 5.7 7 31.7 25 - - QQQQQ 1.9 50Liontrust Sust Fut Mgd 2 Net Inc 9.2 1 43.7 2 53.1 5 QQQQQ 2.5 820

M&G Episode Growth GBP I Acc -4.2 151 31.3 28 33.3 50 QQQ 2.9 872Man Balanced Managed Profl Acc C -2.2 142 24.2 91 25.1 102 QQQ 2.0 710Margetts Select Strategy R GBP Acc -1.4 128 22.2 109 29.3 78 QQQ 2.4 150Marks & Spencer Worldwide Mgd Acc 0.5 80 32.4 21 38.8 30 QQQQ 2.4 612Marlborough Balanced P Acc -2.3 143 26.3 69 31.7 62 QQQ 2.2 66Marlborough Extra Income P Inc 0.5 81 20.4 124 27.6 93 QQQ 2.3 46McInroy & Wood Balance Pers Inc 3.7 15 23.6 98 42.3 17 QQQQ 2.3 694McInroy & Wood Income Pers Inc 2.9 36 13.9 137 23.6 105 QQQ 2.1 246MFM Hathaway Inc 1.5 55 35.5 12 44.9 11 QQQQQ 2.9 15MGTS Clarion Meridian Portfolio R Acc -0.8 110 21.8 114 27.0 98 QQQ 2.3 35MGTS Future Money Dynamic Growth R Acc -0.8 115 25.1 79 26.1 99 QQ 2.4 40MI Charles Stanley Multi Asst 4 Gr B Acc -1.0 122 20.5 123 25.9 100 QQQ 2.0 27MI Charles Stanley Multi Asst3 Mod A£Acc -1.0 121 - - - - - - 24MI Hawksmoor Distribution C Acc 2.1 45 31.7 24 43.2 14 QQQQQ 1.5 158NatWest Balanced -1.5 129 21.0 120 27.5 94 - 2.2 -Neptune Balanced C Acc GBP -1.2 126 38.6 6 39.3 27 QQQ 2.5 408Newton Global Balanced Expt 1 Acc 6.2 5 30.4 33 42.8 16 QQQQ 2.3 533

Newton Multi-Asset Balanced Inst W Acc 6.1 6 21.4 117 31.5 65 QQQ 2.1 2067NFU Mutual Mixed Portfolio 40-85% C - - - - - - QQQ - 295Optimal Multi Asset Opportunities A GBP -1.7 135 16.4 135 - - QQQ 1.6 6Orbis OEIC Global Balanced Standard -4.4 153 33.0 18 51.7 6 QQQQQ 2.6 42Premier Diversified D Inc -1.0 123 40.1 4 49.6 8 QQQQQ 2.0 150Premier Liberation No. VI Class C Acc -1.2 127 32.2 23 40.3 23 QQQQ 2.3 111

Premier Multi-Asset Growth&Inc C Inc -1.7 134 28.2 52 45.4 10 QQQQQ 2.0 908Quilter Investors Cirilium Moderate R -2.6 144 31.1 30 37.5 32 QQQQQ 2.2 536Quilter Investors Fndtn 4 R (GBP) Acc -3.4 147 32.5 20 31.7 63 QQQQ 2.3 375Quilter Investors Managed U2 (GBP) Acc -0.7 105 20.4 125 25.7 101 QQQQ 2.0 136RBS Balanced Acc -1.5 129 21.0 120 27.5 94 QQQ 2.2 458RBS INV Balanced Growth -2.0 138 22.4 107 28.7 86 QQQ 2.1 705Rosetta Andromeda Growth Net GBP Inc 4.4 11 29.8 36 35.1 36 - 2.4 45Rosetta Andromeda Income Net GBP Inc 1.3 63 14.0 136 18.4 115 - 1.8 24Royal London GMAP Adventurous M GBP Acc 2.2 43 - - - - - - 78Royal London GMAP Gr M GBP Acc 1.6 53 - - - - - - 104Royal London Sustainable World C Acc 7.0 3 47.9 1 71.2 1 QQQQQ 2.9 628S&W New Sarum Real Return Fund A Inc 0.4 83 29.9 35 36.0 34 - 1.9 22Sarasin FoF Global Diversified Gr P Acc -1.8 136 26.5 67 - - QQQQ 2.1 13Sarasin IE GlobalSar Dynamic GBP P Acc -0.8 108 29.0 42 36.7 33 QQQQ 1.8 390Sarasin IE GlobalSar Dynamic USD P Acc 1.9 47 34.0 14 58.6 2 QQQQQ 2.6 132Schroder Managed Balanced Z Acc -0.9 117 26.7 65 29.8 76 QQQQ 2.1 1511Schroder MM Diversity Balanced Z Acc -0.7 106 17.5 132 20.0 112 QQQ 1.6 168Scottish Friendly Managed Growth -5.5 156 9.8 139 18.6 114 QQ 2.8 40Scottish Widows Progressive A -0.7 107 26.2 71 34.1 44 QQQ 2.5 200

Sentinel Growth B Acc 2.6 37 24.1 92 - - QQ 2.3 66Sentinel Universal B Acc 2.6 38 28.5 50 38.9 29 QQQQQ 1.7 102SLI Global Advantage Plat 1 Acc -0.9 119 28.6 48 33.0 53 QQQQ 2.4 538Smith & Williamson MM Endurance Bal B 1.3 62 22.9 104 27.0 97 - 1.9 31Standard Life Wealth Bal Bridge 1.8 49 23.8 96 33.2 51 QQQQ 2.1 712SVS Brown Shipley Balanced I Acc 1.3 64 22.0 112 - - QQ 2.0 122SVS Brown Shipley Growth I Acc 0.5 76 26.4 68 31.1 68 QQQ 2.2 55SVS Church House Balanced Eq Inc A Inc 7.9 2 24.9 84 27.2 96 QQQQ 2.2 55TB Doherty Active Managed B GBP Acc -2.1 140 17.4 133 21.9 110 QQQ 2.5 16TB Doherty Balanced Managed B GBP Acc -0.8 114 17.6 131 23.5 106 QQQ 2.2 14TC Centre Multi Mgr Bal A Inc -1.1 124 21.2 118 30.8 70 QQ 2.1 60Thesis Optima Growth B Acc 2.2 44 25.7 76 28.9 83 QQQ 2.2 22

Threadneedle Managed Eq Focused Z Acc 0.2 87 22.4 108 33.4 48 QQQQ 2.1 744TM UBS (UK) - Global Growth C Acc 0.2 86 27.5 56 - - QQQQ 2.2 700TM UBS (UK) - UK Growth C Acc 1.5 56 25.0 81 - - QQQ 2.0 14TM UBS (UK) - UK Income Focus C Acc 0.8 71 19.7 128 - - QQQ 1.8 12UBS Global Allocation (UK) C Acc 1.5 57 29.4 41 32.2 58 QQQQ 2.0 554Vanguard Global Balanced A GBP Acc 4.7 9 - - - - - - 44

Vanguard LifeStrategy 60% Equity A Acc 3.2 28 28.8 44 44.7 12 QQQQQ 1.9 5021Vanguard LifeStrategy 80% Equity A Acc 3.7 17 37.0 7 54.0 4 QQQQQ 2.3 2351

Vanguard Target Retirement 2020 Acc 3.0 34 26.9 63 - - QQQQ 1.7 12Vanguard Target Retirement 2025 Acc 3.2 30 28.8 43 - - QQQQ 1.9 27Vanguard Target Retirement 2030 Acc 3.3 26 31.3 29 - - QQQ 2.0 18Vanguard Target Retirement 2035 Acc 3.5 24 33.1 17 - - QQQ 2.1 17Vanguard Target Retirement 2040 Acc 3.5 23 35.3 13 - - QQQ 2.2 14Vanguard Target Retirement 2045 Acc 3.6 20 36.1 10 - - QQQ 2.3 9Vanguard Target Retirement 2050 Acc 3.6 22 36.1 9 - - QQQ 2.3 6Vanguard Target Retirement 2055 Acc 3.7 18 36.5 8 - - QQQ 2.3 6Vanguard Target Retirement 2060 Acc 3.7 16 - - - - - - 0Vanguard Target Retirement 2065 Acc 3.6 21 - - - - - - 0Virgin Bond, Gilt, UK and Overseas Share 1.1 66 24.8 86 - - QQQ 2.1 71Volare Balanced A GBP Acc -1.0 120 - - - - - - 52Volare Growth A GBP Acc -0.8 112 - - - - - - 25Volare Strategic Income A GBP Inc -0.5 100 - - - - - - 3VT Cantab Balanced A GBP Acc - - - - - - - - 5VT Cantab Moderate A GBP Acc - - - - - - - - 30VT Greystone Balanced Managed R Acc -1.7 133 27.6 55 40.7 22 QQQQ 2.1 116VT Tatton Blended Active A Acc -1.5 131 - - - - - - 15VT Tatton Oak Capital Growth B Acc -0.9 116 22.1 111 29.4 77 QQQ 2.3 60WAY MA Growth Portfolio E Acc -4.3 152 28.5 51 32.7 54 QQ 2.4 11Wesleyan Moderate High Rk/Rwd Inc X Acc 3.0 35 - - - - - - 14Zurich Horizon Multi-Asset III Z Acc 1.6 52 27.4 59 42.9 15 QQQQQ 2.1 198Zurich Horizon Multi-Asset IV Z Acc 0.4 82 33.3 16 51.7 7 QQQQQ 2.5 86Sector average/count 0.6 158 26.0 144 33.0 119 2.1 287

Mixed Investment 20-60% Shares7IM AAP Balanced C Acc -0.9 111 18.5 60 23.0 60 QQQ 1.6 14897IM Balanced C Acc -2.4 135 17.9 69 20.5 80 QQQ 1.7 6957IM Sustainable Balance C Acc 1.6 36 20.5 39 29.3 29 QQQ 1.6 88Aberdeen Diversified Income I Acc -0.9 108 19.9 46 22.1 66 QQQQ 1.4 115Aberdeen MM Diversity D Acc 1.4 41 13.5 118 18.2 95 QQQ 1.2 48Aberdeen Multi-Mgr Cautious Mgd I Acc -0.2 87 19.1 52 22.0 67 QQQ 1.7 161Aberdeen Multi-Mgr Multi Asset Dist I -0.5 95 17.8 75 23.1 59 QQQQ 1.8 36Acumen Conservative X Acc 0.1 77 17.6 80 - - QQQQ 1.5 267Acumen Income X Acc 0.7 60 19.0 53 - - QQQQ 1.7 135Architas MA Active Interm Inc A Acc -0.2 86 19.8 47 29.4 28 QQQQ 1.8 314

Artemis Monthly Distribution I Inc -1.9 127 26.5 10 42.3 4 QQQQQ 1.9 965Aviva Investors Distribution 2 GBP Inc 1.0 51 15.9 100 23.9 53 QQQQQ 1.7 277Aviva Investors Multi-Mgr 20-60% 2 £Acc -1.5 120 17.9 71 24.7 50 QQQ 1.8 163AXA Distribution Z Acc 2.3 25 18.6 58 21.5 72 QQQQ 1.8 737AXA Ethical Distribution Z Acc -1.2 115 17.0 92 24.8 48 QQQQ 2.1 207AXA Global Distribution Z Acc 0.5 64 30.1 2 44.2 3 QQQQQ 2.3 233AXA IM Lifetime Distribution A GBP Inc 3.0 9 26.1 11 - - QQQQ 2.1 926Barclays Multi-Asset High Inc R Dis GBP -2.7 137 17.7 77 14.8 107 QQQ 1.8 63Barclays Multi-Asset Income R Acc GBP -2.6 136 13.8 117 14.8 108 QQQ 1.5 93Barclays Wealth Global Mkts 2 R Acc GBP 0.4 67 20.0 43 19.7 86 QQQ 1.4 17Barclays Wealth Global Mkts 3 R Acc GBP 0.6 63 28.6 4 28.0 32 QQQQ 1.9 37BlackRock Consensus 60 D Acc 2.4 22 21.8 30 31.6 16 QQQQ 1.8 172BlackRock Global Multi Asset Inc D Acc 0.6 61 18.3 63 19.7 85 QQQQ 1.4 55

BMO MM Navigator Cautious C Acc -2.7 139 18.2 65 26.7 41 QQQ 1.7 438BMO MM Navigator Distribution C Inc -0.4 92 17.6 78 23.5 56 QQQQ 1.6 1134

City Financial Multi Asset Bal I Acc -4.5 147 6.7 140 6.2 117 QQ 2.1 24Close Conservative Portfolio X Acc 1.3 45 16.0 99 22.2 63 QQQ 1.3 751Close Diversified Income Port X Acc 3.8 5 16.9 93 22.0 68 QQQ 1.2 674Close Managed Conservative X Acc 0.1 74 17.9 70 24.9 47 QQQ 1.5 196Close Managed Income X Acc 0.8 56 16.6 96 25.9 45 QQQQ 1.4 149Close Tactical Select Passv Cnsrv X Acc 1.4 43 22.8 24 31.4 17 QQQQ 1.6 127Courtiers Total Return Cautious Risk 0.9 53 18.0 68 27.1 37 QQQ 1.2 245Discovery Balanced B GBP Inc -2.3 134 20.5 38 22.1 64 QQQQ 1.8 20EF Brompton Global Balanced B GBP Acc -2.7 138 18.9 55 27.4 36 QQQQ 1.7 27EF Brompton Global Inc B GBP Inc -1.9 128 17.6 81 26.1 44 QQQQ 1.7 10EF FACET Balanced Discretionary C Acc 1.9 30 17.8 74 17.7 97 - 1.3 19EF FACET Cautious Discretionary C Acc 2.1 28 14.3 112 19.9 84 - 1.0 18EF New Horizon Balanced Inc & Gr B Inc -0.5 96 14.2 114 14.0 111 QQQ 1.8 16EF Tellsons Endeavour RF GBP Acc -0.8 107 17.4 83 13.5 113 Q 1.8 39Elite Income Tust B Acc 0.3 70 17.3 86 21.3 76 QQQ 1.6 34Fidelity Mlt Asst Allctr Strat Y Acc 2.6 19 17.1 90 25.1 46 QQQ 1.5 122Fidelity MltAsst Bal Inc Y Acc 2.8 13 19.5 48 27.6 34 QQQQ 1.4 48Fidelity MltAsst Open Str N Acc 2.8 14 23.4 21 28.3 31 QQQQ 1.5 123Fidelity Multi Asset Strategic Y Acc 2.3 24 18.3 64 28.9 30 QQQ 1.5 524FP Russell Invsmts Mlt Asst Gr II C Acc 0.1 75 15.3 104 - - QQ 1.4 40FP Russell Invsmts Mlt Asst Gr III C Acc -0.1 85 18.5 59 23.1 58 QQ 1.6 91FP Russell Invsmts Multi Asset Inc C Inc -1.2 116 12.3 128 13.9 112 QQ 1.7 21GAM Star Cautious Institutional GBP Acc -2.2 133 17.8 76 18.8 92 QQ 1.6 233GS Global MA Bal R Inc GBP PtH -2.9 141 20.0 44 - - QQQ 2.0 77GS Global MA Inc R Inc GBP-Prtly Hdg 2.0 29 22.9 23 - - QQQQ 1.8 31Halifax Cautious Managed C 1.0 52 18.7 56 19.5 88 QQQ 1.8 2855HC Sequel Cau Trgt Ret Strat B £ Acc 0.5 66 16.8 94 20.1 82 QQQ 1.1 100HC Sequel Cautious Inc Strat Retl £ Inc -1.3 118 13.2 120 - - QQ 1.3 4HC Verbatim Multi-Index Portfolio 3 A 1.5 38 15.5 102 23.8 54 QQQQ 1.3 26HC Verbatim Multi-Index Portfolio 4 A 1.8 31 22.4 26 30.9 21 QQQQ 1.7 48HL Multi-Manager Equity & Bond A Acc -1.7 123 14.4 111 22.1 65 QQQ 1.8 152HSBC World Selection Div Dis Port C Acc 2.1 27 23.8 19 33.0 13 QQQ 2.0 456IFML Vitality Multi-Asset Moderate D - - - - - - - - 1IFSL Brooks Macdonald Cautious Growth A 0.4 68 17.3 85 27.1 38 QQQQ 1.6 113IFSL Ravenscroft Huntress Balanced B Inc 3.4 7 - - - - - - 8Insight Global Multi-Strategy Inst W Acc 0.7 58 17.5 82 21.0 78 - 1.6 100

Invesco Distribution UK Z Acc 2.4 20 15.5 101 16.3 101 QQQQ 1.4 2427Invesco European High Inc UK Z Acc -0.9 113 28.1 5 30.0 24 QQQQQ 2.0 40Invesco Global Distr UK Z Acc -0.3 90 23.7 20 - - QQQQ 1.6 54

Investec Cautious Managed I Acc -0.6 97 17.2 88 16.4 100 QQQ 1.8 1810Janus Henderson Cautious Mgd I Acc 1.5 40 13.1 122 15.6 106 QQQ 1.6 1614

Janus Henderson Mlt-Mgr Distr I Inc -0.8 105 15.1 106 21.2 77 QQQ 1.6 82Janus Henderson Mlt-Mgr Inc & Gr I Inc -0.3 88 18.1 67 24.4 52 QQQ 1.6 270



44


Unit Trusts/OEICs


JOHCM Global Income Builder A GBP - - - - - - - - 20JPM Multi-Asset Income C Net Acc 0.8 55 18.1 66 20.2 81 QQQ 1.4 372

Jupiter Enhanced Distribution I GBP Acc -1.8 126 9.3 137 - - Q 1.5 16Jupiter Merlin Income I Acc 2.9 11 20.1 41 23.6 55 QQQQ 1.5 2363

Kames Diversified Monthly Inc GBP B Inc 4.8 3 25.4 15 39.5 5 QQQQ 1.6 589Kames Ethical Cautious Managed GBP B Acc -1.8 125 8.4 138 16.8 99 QQQ 2.2 475

L&G Distribution Trust I Acc -0.1 84 12.3 130 14.3 110 QQQQ 1.4 53L&G Mixed Investment 20-60% I Acc 2.4 21 21.3 34 - - QQQQ 1.6 1051L&G Mixed Investment Income 20-60% I Acc 2.6 17 21.6 32 - - QQQQ 1.7 91L&G Multi Manager Income I Acc -0.7 103 18.9 54 22.8 61 QQQ 1.8 136LF Canlife Portfolio IV C Acc 0.9 54 17.6 79 27.5 35 QQQQQ 1.3 230

LF Miton Cautious Multi Asset B Acc -5.6 149 14.2 113 22.0 69 QQ 1.9 516LF Prudential Risk Managed Actv 2 P Acc -0.7 104 18.4 62 24.7 49 QQQQ 1.4 178LF Prudential Risk Managed Actv 3 P Acc -0.7 102 21.4 33 27.9 33 QQQQ 1.6 232LF Prudential Risk Managed Pasv 2 A Acc -0.9 109 17.4 84 - - QQQQ 1.3 42LF Prudential Risk Managed Pasv 3 P Acc 0.0 82 22.4 25 29.9 25 QQQQ 1.6 193

LF Ruffer Total Return C Acc -3.5 143 11.3 133 15.9 104 QQ 1.5 3658LF Seneca Diversified Income B Inc 5.5 1 29.5 3 36.5 6 QQQQ 1.7 123Liontrust Sust Fut Defesv Mgd 2 Net Inc 4.6 4 26.8 8 - - QQQQQ 1.7 74M&G Episode Allocation GBP I Acc -1.9 129 27.6 6 32.6 14 QQQQ 1.9 539

M&G Episode Income GBP I Acc -2.2 132 25.4 16 34.6 10 QQQQQ 1.7 872Margetts Providence Strategy R GBP Acc 0.4 69 15.2 105 18.5 94 QQQ 1.7 168Marlborough Cautious P Inc -4.1 145 14.5 110 19.5 87 QQ 1.8 9MGTS Clarion Prudence Portfolio R Acc 0.2 71 13.1 123 15.7 105 QQQ 1.7 39MGTS Frontier Cautious R Acc -0.4 93 11.7 132 13.4 114 QQ 1.8 14MGTS Future Money Income R Acc 1.1 48 17.9 73 21.5 74 QQQ 1.8 32MGTS Future Money Real Growth R Acc 0.7 59 17.9 72 20.7 79 QQQ 1.8 62MGTS Future Money Real Value R Acc 0.5 65 12.4 127 16.2 103 QQQ 1.2 34MI Charles Stanley Multi Asst2 Cau A£Acc -0.3 89 - - - - - - 3MI Hawksmoor Vanbrugh C Acc 0.2 72 25.1 17 33.9 11 QQQQQ 1.3 144MI Miton Cautious Mthly Inc A Acc units -5.4 148 13.0 125 21.5 73 QQQ 1.9 269NFU Mutual Mixed Portfolio 20-60% C - - - - - - QQQQ - 423Optimal Multi Asset Balanced A GBP -1.9 130 9.5 136 - - Q 1.4 48Premier Diversified Income D GBP INC -0.9 112 - - - - - - 33Premier Liberation No. IV Class C Acc -0.6 99 22.0 29 31.0 19 QQQQ 1.5 161Premier Liberation No. V Class C Acc -1.0 114 26.7 9 36.0 7 QQQQQ 1.9 186Premier Multi Asset Cnsrv Gr C 1.4 42 13.2 121 17.5 98 - 0.9 131

Premier Multi-Asset Distribution C Inc 2.3 23 21.6 31 33.5 12 QQQQQ 1.7 1451Premier Multi-Asset Monthly Inc C Inc 2.2 26 20.1 42 31.2 18 QQQQ 1.5 723

Quilter Investors Cirilium Balanced R -1.6 121 25.8 12 32.3 15 QQQQQ 1.7 526Quilter Investors Divers R (GBP) Acc -1.9 131 14.0 116 4.2 118 Q 1.7 548Quilter Investors Fndtn 3 R (GBP) Acc -2.9 140 25.7 13 23.5 57 QQQQ 1.8 11RBS Collective Stakeholder Invest 1.5 39 14.7 107 18.8 91 QQQ 1.8 929RBS INV Cautious Growth -1.8 124 12.8 126 19.1 90 QQQ 1.3 364RBS INV Income -1.7 122 17.3 87 22.0 70 QQQ 1.6 13Royal London GMAP Bal M GBP Acc 1.4 44 - - - - - - 106Royal London Sustainable Div C Inc 5.3 2 31.7 1 45.9 2 QQQQQ 2.0 669Sarasin Globalsar Strategic P Acc -0.1 83 23.1 22 31.0 20 QQQQ 1.4 204Sarasin IE GlobalSar Strategic EUR A Acc -4.3 146 24.4 18 26.3 43 QQQQ 2.6 52Sarasin IE GlobalSar Strategic GBP P Acc -0.6 98 22.4 27 29.6 26 QQQQ 1.5 35Sarasin IE GlobalSar Strategic USD P Acc 2.8 12 25.5 14 49.8 1 QQQQ 2.5 49Schroder Mixed Distribution Z Acc 0.1 76 27.1 7 30.6 22 QQQQ 1.7 111Schroder MM Diversity Income Z Acc 3.1 8 11.9 131 14.6 109 QQ 1.2 99Schroder MM Diversity Z Acc 1.5 37 7.8 139 8.5 116 QQ 1.0 569Scottish Widows Balanced A -0.7 100 17.1 89 24.5 51 QQQQ 1.7 346Sentinel Income B Acc -0.8 106 15.4 103 - - QQQ 1.6 50SLI Dynamic Distribution Plat 1 Acc -0.3 91 13.0 124 21.4 75 QQQQ 1.9 265Standard Life Wealth Phoenix B Inc 3.7 6 19.2 50 26.6 42 QQQQQ 1.5 139SVS Brown Shipley Income I Acc 1.2 46 17.0 91 19.3 89 QQQ 1.7 69T Bailey Dynamic A Inc -0.9 110 20.4 40 29.5 27 QQQQ 1.5 103TB Doherty Cautious Managed B GBP Acc -1.4 119 13.5 119 16.3 102 QQQ 1.7 37TB Doherty Distribution B Acc -1.3 117 12.3 129 - - - - 7TC Centre Multi Mgr Cau A Inc -0.7 101 10.9 134 18.1 96 QQQ 1.5 29Thesis Optima Balanced B Acc 3.0 10 18.6 57 22.7 62 QQQ 1.5 36Threadneedle Glbl Mlt Ast Inc Z Inc 1.0 49 18.4 61 - - QQQ 1.5 68

Threadneedle Managed Eq and Bond Z Acc 0.8 57 16.8 95 27.0 39 QQQ 1.6 1357TM UBS (UK) - Global Balanced C Acc 0.0 80 20.0 45 - - QQQQ 1.7 1312TM UBS (UK) - UK Balanced C Acc 1.1 47 19.3 49 - - QQQQ 1.6 29

Vanguard LifeStrategy 40% Equity A Acc 2.7 15 20.8 37 35.4 9 QQQQQ 1.5 3405Vanguard Target Retirement 2015 Acc 2.6 16 22.0 28 - - QQQQQ 1.4 3Virgin Bond, Gilt and UK Share 1.7 34 14.6 109 - - QQ 1.6 32Volare Cautious A GBP Acc 0.2 73 - - - - - - 33VT Greystone Cautious Managed R Acc 1.0 50 21.2 35 30.5 23 QQQ 1.6 116VT MS Informed Smartfund Bal Strat Z£Acc 0.0 80 0.0 141 - - Q 0.0 64VT Tatton Blended Balanced A Acc -0.4 94 - - - - - - 34VT Tatton Blended Cautious A Acc 0.6 62 - - - - - - 13VT Tatton Oak Cautious Growth B Acc 0.0 79 16.6 97 21.8 71 QQQ 1.6 57VT Tatton Oak Distribution B Acc 0.1 78 10.0 135 13.4 115 QQ 1.6 6Waverton Multi-Asset Income P GBP Inc 1.7 33 19.2 51 - - QQQ 1.7 44WAY Global Blue Managed Portfolio E Acc -3.3 142 16.4 98 20.0 83 QQQ 1.7 44WAY MA Cautious Portfolio E Acc -3.8 144 14.6 108 18.5 93 QQ 1.6 26Wesleyan Moderate Risk/Rwd Gr X Acc 2.6 18 - - - - - - 30Zurich Horizon Multi-Asset I Z Acc 1.8 32 14.1 115 26.8 40 QQQQQ 1.8 24Zurich Horizon Multi-Asset II Z Acc 1.6 35 21.1 36 35.7 8 QQQQQ 1.7 144Sector average/count 0.2 149 18.2 141 24.1 118 1.6 333

GlobalAB Concntr Glbl Eq I GBP H Acc 3.3 139 45.7 138 53.5 164 - 3.4 152AB Global Core Eq I GBP H Acc 3.0 149 41.3 187 - - - 3.2 1195AB Low Volatility Eq I GBP H Acc 3.9 120 - - - - - - 2098AB Sustainable Glb Tmtc I USD 4.8 96 55.2 42 76.5 54 QQQQ 3.3 576

Aberdeen Ethical World Equity I Acc 1.4 192 48.3 103 43.7 192 QQQ 3.0 130Aberdeen World Eq Enh Idx Net B Acc 3.3 138 49.9 80 - - QQQQQ 3.2 164

Aberdeen World Equity I 0.8 208 41.0 189 41.4 198 QQQ 3.2 258Acumen Equity X Acc 0.0 222 - - - - - - 41Allianz Best Styles Global AC Eq C Acc -0.5 232 41.5 183 - - QQQ 3.1 110Allianz Best Styles Global Eq RT GBP 1.3 195 41.5 181 - - QQQ 3.0 1178Allianz Global AC Eq Inigts W Acc GBP 0.3 218 48.6 100 67.0 99 QQQ 3.8 4Allianz Global Small Cap Equity RT GBP -2.4 263 41.4 184 - - QQ 3.5 308

Ardevora Global Long Only Eq C GBP Acc 3.3 140 57.3 26 84.7 25 QQQQQ 3.2 692Artemis Global Growth I Acc -0.7 240 49.3 92 84.7 26 QQQQQ 3.1 796Artemis Global Select I Acc 3.4 135 49.4 89 80.4 40 QQQQ 3.1 118

Artemis Instl Global Capital IN Acc -0.6 236 49.6 87 85.6 24 QQQQQ 3.1 117AS SICAV I World Equity X Acc GBP 0.8 210 39.9 196 41.2 200 QQQ 3.2 350

Aviva Investors Global Eq Endur 2 £ Acc 7.8 46 - - - - - - 214Aviva Investors Intl Idx Tr 2 £ Acc 3.8 127 51.3 70 74.7 62 QQQQ 3.2 778AXA Framlington Global Thematics Z Inc 2.7 158 54.0 48 71.4 74 QQQ 3.4 73AXA Rosenberg Global Z 1.2 197 48.0 105 66.7 101 QQQQ 3.4 296

Baillie Gifford Global Alpha Gr B Acc 2.1 175 70.0 12 88.0 20 QQQQ 3.6 3982

Baillie Gifford Global Discovery B Acc 20.5 1 97.2 1 103.9 6 QQQQQ 4.9 720Baillie Gifford Global Stewardship B Acc 4.2 110 85.0 3 - - QQQQQ 4.1 255

Baillie Gifford International B Acc 2.5 165 70.7 11 92.0 13 QQQQQ 3.7 1029Baillie Gifford Positive Change B Acc 9.0 40 - - - - - - 65Baillie Gifford UK and Worldwide Eq B 3.2 144 - - - - - - 417Barclays Global Core R Acc GBP 4.3 109 45.4 145 60.6 128 QQQQ 3.0 50Barings Global Leaders A GBP Inc 2.1 174 42.9 172 53.8 163 QQQ 3.4 37BlackRock Consensus 100 D Acc 3.3 141 46.1 133 62.3 117 QQQQQ 2.8 76BlackRock Global Equity D Acc 4.4 103 40.5 194 51.8 166 QQQ 2.8 100BlackRock Global Equity D GBP Acc 4.0 118 41.1 188 51.7 167 QQQ 2.7 463BlackRock Overseas Equity I Acc GBP 4.7 97 53.1 52 80.3 42 QQQQQ 3.2 1454BMO Global Equity 4 Inc 3.9 123 47.3 120 82.0 35 QQQQQ 3.1 318

BMO MM Navigator Boutiques C Acc -2.5 264 37.8 219 51.2 170 QQQ 2.9 65BMO Responsible Global Equity 2 Acc 5.5 79 54.8 45 83.9 31 QQQQ 3.3 482BMO Sustainable Opports Glb Eq 1 Acc 5.3 86 51.6 66 62.1 118 QQQ 3.3 48BNY Mellon Global Infras Inc Instl WAcc - - - - - - - - 6BNY Mellon Global Leaders GBP W Acc 7.5 52 - - - - - - 57

BNY Mellon Long-Term Global Eq Int W Acc 12.1 21 58.5 23 88.8 18 QQQQ 3.3 1004Brown Advisory Global Leaders C USD Acc 7.8 48 55.6 37 - - QQQQQ 3.0 148Candriam Quant Equities MF Glb C Acc EUR -2.2 259 39.7 199 56.8 147 QQQQ 3.0 89

Capital Group New Pers (LUX) Z 5.9 69 55.9 34 84.4 29 QQQQQ 3.0 3134Carmignac Investissement A EUR Acc -8.5 293 19.8 267 24.2 225 Q 3.4 2912Carmignac Pf Invmt F GBP Acc Hdg -5.2 283 14.2 270 23.7 226 - 2.9 187CCM Intelligent Wealth I Inc - - - - - - - - 8Comgest Growth Global Flex Z EUR Acc 3.2 143 - - - - - - 39Comgest Growth World GBP Z Acc 9.2 36 68.3 13 - - QQQQQ 3.2 391Davy Discovery Equity M GBP Acc 0.2 220 52.3 60 - - QQQ 3.6 13Davy ESG Equity U GBP Acc 5.0 90 43.2 167 - - QQQ 2.7 34Davy Global Brands Equity M Acc 2.7 161 34.2 239 - - QQ 3.1 16Denker Global Equity A GBP Acc -0.6 234 38.1 217 41.5 197 QQQ 2.7 75

Denker Global Financial A GBP -10.7 300 73.4 8 66.0 105 QQQQQ 3.6 98Dimensional International Core Eq Acc 4.2 112 50.4 76 71.7 73 QQQQ 3.1 829Dimensional International Val Acc -0.3 226 49.3 90 58.5 135 QQQ 3.4 460Dodge & Cox Worldwide Global Stk GBP Acc 1.1 200 55.8 36 66.8 100 QQQQQ 3.3 3161

Dominion Global Trends - Managed GBP I 0.7 212 33.7 241 41.1 201 QQ 3.0 -Dominion Global Trends Lxy Cnsmr GBP I -4.0 275 15.6 269 16.6 231 QQ 3.3 71EdenTree Amity International B -3.3 271 36.6 228 39.3 205 QQQ 3.0 118EF Brompton Global Equity B GBP Acc -2.4 261 38.4 213 51.5 169 QQQ 2.9 9EF WM Global Corp Autonomies I GBP Acc 5.7 73 47.9 106 - - QQQQ 3.0 10Electric & General Net Income A 10.5 26 38.9 205 58.3 137 QQQ 3.2 95Fidelity Allocator World Y Acc 4.8 95 47.8 108 69.4 84 QQQQ 3.0 40Fidelity Global Cnsmr Inds W-Acc-GBP 5.2 88 45.5 144 84.5 27 QQQQ 3.4 922

Fidelity Global Financial Svcs W-Acc-GBP -5.8 286 45.6 140 67.8 95 QQQQ 3.0 1080Fidelity Global Focus W Acc 6.5 63 55.9 35 81.2 37 QQQQ 3.3 410Fidelity Global Health Care W-Acc-GBP 18.3 2 39.3 202 84.4 28 QQQQ 3.6 641Fidelity Global Industrials W-Acc-GBP 7.8 47 50.5 75 43.4 193 QQQQ 3.7 77

Fidelity Global Special Sits W Acc 1.8 180 55.0 44 88.2 19 QQQQQ 3.3 2486Fidelity Index World P Acc 5.7 74 51.4 69 75.5 59 QQQQ 3.1 929

Fidelity Instl Global Focus Acc 5.4 82 56.7 29 82.2 34 QQQQ 3.2 85Fidelity Open World N Acc 2.9 152 49.8 83 61.9 120 QQQQ 3.0 627

First State Glbl Lstd Infras B Acc GBP 15.0 7 44.1 157 79.2 46 QQQQQ 3.6 1621FP Octopus Global Growth B -1.1 247 44.1 156 57.5 141 QQQ 3.1 23FP Octopus International Equity B Acc 2.2 172 46.8 127 69.3 86 QQQQ 3.2 25FP Russell Invsmts Intl Gr Assts C Acc 2.6 163 43.7 159 56.3 149 QQQQQ 2.7 187FP SCDavies Global Equity A Acc GBP -0.4 227 37.8 222 58.5 134 QQQ 3.2 8FP WHEB Sustainability C 2.1 177 45.9 135 65.1 110 QQQQ 3.7 254

Fundsmith Equity T Acc 13.3 14 68.1 14 150.1 2 QQQQQ 3.4 17547Fundsmith Sustainable Equity I Inc 15.0 8 - - - - - - 208GAM Global Diversified Instl GBP Acc -10.4 299 16.4 268 18.6 229 QQ 3.4 117

GAM Multistock Luxury Brands Eq GBP Ra 6.5 64 55.4 39 54.9 160 QQQ 3.5 228GAM Star Comps Glbl Eq GBP Acc -1.7 254 38.6 208 47.2 182 QQQ 3.0 73GAM Star Worldwide Equity Ord GBP Acc -9.0 294 29.8 253 21.2 228 QQ 3.4 60GS GIVI Gl Eq GrMkts Tilt R Acc $ Snap 3.7 129 47.5 116 68.9 88 QQQQ 2.9 33GS Glb Sm Cp COREÆ Eq R Inc GBP Snap 5.3 84 55.1 43 74.3 63 QQQQQ 3.7 461GS Glbl Eq Ptnrs ESG R Inc USD 8.7 41 46.6 131 55.8 152 QQQ 2.9 8GS Global COREÆ Eq R Acc USD Snap 4.4 102 53.0 54 93.4 12 QQQQQ 3.2 4377GS Global Equity Income R Inc GBP 1.6 185 43.0 170 51.0 172 QQQ 2.9 7GS Global Equity Ptnrs R Inc GBP 7.6 51 43.4 163 62.6 116 QQQ 2.9 477GS Global Millennials Eq R Inc USD 9.1 38 62.6 18 69.7 82 QQQQ 3.6 33Guinness Alternative Energy X 3.9 125 23.7 266 -9.2 232 QQ 4.5 11

Guinness Global Energy X 1.7 183 31.1 248 -17.4 233 QQQ 5.9 228Guinness Global Equity GBP X -4.5 279 - - - - - - 0Guinness Global Innovators Y GBP ACC -4.7 280 52.3 58 80.1 44 QQQQQ 3.6 135Guinness Global Money Managers X -15.6 301 27.7 260 21.8 227 QQQ 3.8 5Halifax Ethical C 1.2 196 47.4 119 45.4 187 QQQ 3.0 164Halifax Fund of Invmt Trusts C -0.6 237 41.6 179 46.7 185 QQQQ 2.9 371Halifax Intl Gr C 1.1 199 46.7 128 58.8 132 QQQQ 3.2 1821

Harris Associates Global Eq R/A USD -3.9 274 43.4 165 43.4 194 QQQ 3.5 1419HC Charteris Global Macro A Acc 7.1 55 29.8 252 - - - 4.2 5Heriot Global A Acc 4.5 100 51.0 71 63.8 113 QQQ 3.2 71Hermes Global Equity ESG F GBP Acc 1.3 194 43.5 162 - - QQQ 3.4 265Hermes Global Equity F GBP Acc 2.9 150 49.8 82 72.0 70 QQQQQ 3.3 20Hermes Global Small Cap Equity F GBP Acc 0.8 209 49.0 93 - - QQQQ 3.3 46Hermes Impact Opportunities Eq F GBP Acc 8.6 42 - - - - - - 179Hermes SDG Engagement Eq F GBP Acc 3.8 126 - - - - - - 291HL Multi-Manager Special Sits A Acc -2.4 262 36.0 233 49.1 176 QQQQ 2.8 1090

HSBC FTSE All-World Index C Acc 3.5 133 51.4 68 - - QQQQQ 3.2 1928IFML Vitality Global Equity D 11.9 22 45.4 146 94.4 11 QQQQQ 3.0 2IFML Vitality Global Equity Income D 9.5 35 - - - - - - 2IFSL Ravenscroft Huntress GlbBlueChpBInc 13.0 15 - - - - - - 5Invesco Global Equity UK Z Acc -5.9 287 41.8 177 43.8 191 QQ 3.3 1324Invesco Global ex UK CorEqIdxUK(NoTr)Acc -0.5 230 41.6 180 68.3 94 QQQQ 3.4 45Invesco Global ex UK Enh Idx UK(NoTr)Acc 2.7 162 50.0 77 75.6 58 QQQQQ 3.3 61Invesco Global Opportunities UK Z Acc -4.9 281 47.3 122 55.1 158 QQQQ 3.7 216Invesco Global Smaller Coms UK Z Acc -5.1 282 47.7 111 60.8 127 QQQQ 3.1 701Investec Global Dynamic I Acc GBP 1.7 184 44.8 149 61.1 125 QQQQ 3.6 249Investec Global Equity I Acc GBP 1.6 186 44.6 151 57.6 139 QQQQ 3.3 167

Investec Global Strat Eq I Acc GBP 0.9 203 53.5 49 72.8 67 QQQQ 3.4 475Investec SIV Glb Quality Eq Inc I Inc-2 9.7 34 - - - - - - 18Investec SIV Global Franchise I Acc 12.4 20 46.7 130 97.2 10 QQQQQ 3.0 98Investec SIV Global Special Sits I Acc -0.6 235 65.4 17 75.8 57 QQQQ 4.0 181Janus Henderson Glb Research A USD Acc 6.6 62 43.2 166 57.2 142 QQQ 2.8 38Janus Henderson Global Equity I Acc 0.8 206 56.4 31 87.3 21 QQQQQ 3.6 594Janus Henderson Global Sust Eq I Acc 4.2 113 57.1 27 72.0 71 QQQQ 3.4 770Janus Henderson Instl Gl 50/50IdOpp 3Acc 2.3 170 39.9 197 47.1 183 QQQQ 2.7 40Janus Henderson Mlt-Mgr Global Sel I Acc 0.5 215 41.4 186 31.3 218 QQQQ 2.8 60JOHCM Glbl Smaller Companies A USD Inc 3.1 147 56.7 30 - - QQQQ 3.3 4JOHCM Global Opportunities A GBP Inc 12.8 17 41.0 190 80.1 43 QQQQQ 2.5 320JOHCM Global Select A GBP 3.3 137 47.3 121 61.9 121 QQQQ 3.6 1786JPM Global Dynamic A (dist) GBP 0.8 207 43.1 168 55.0 159 QQQ 3.2 279JPM Global Focus A (dist) USD -0.2 225 47.7 110 61.0 126 QQQQ 3.2 1381JPM Global Unconstrained Eq C Net Acc 2.1 176 45.8 137 66.0 104 QQQ 3.5 386


45 Œ „ ´ ‰ ˆ Á




JPM Multi-Manager Growth C Net Acc 3.9 124 49.9 79 56.9 145 QQQQ 2.7 392Jupiter Ecology I Acc -2.0 257 33.4 243 39.3 206 QQQ 3.4 510

Jupiter Fund of Investment Trusts I Acc -0.5 229 47.2 125 54.0 162 QQQQ 2.9 111Jupiter Global Elgy Gr D EUR A Inc Dist -2.2 260 34.2 238 36.3 211 QQQ 3.4 8Jupiter Global Managed I Acc 6.4 65 43.7 160 57.5 140 QQQQ 3.0 284Jupiter Global Sustainable Eqs P Inc - - - - - - - - 20Jupiter Global Value Equity Instl Acc - - - - - - - - 136Jupiter Global Value L GBP A Inc -2.2 258 48.9 98 64.3 111 QQQQ 2.8 292

Jupiter Merlin Worldwide Portfolio I Acc 4.3 105 40.7 192 56.9 144 QQQ 2.8 500Kames Global Equity GBP B Acc -4.5 278 47.7 112 66.4 102 QQQ 3.9 77Kames Global Sustainable Eq GBP B Acc 3.3 136 - - - - - - 63

Kempen (Lux) Global Small-Cap I GBP 8.2 43 71.5 9 - - QQQQQ 4.1 375Kennox Strategic Value Institutional Acc 1.4 189 28.5 257 29.7 221 QQQ 3.0 228L&G Future Wld Clmt Chg Eq Fct Idx I Acc 5.4 80 - - - - - - 206L&G Glbl Dev Four Fac Sci Bt Idx JGBPAcc - - - - - - - - -L&G Global 100 Index I Acc 6.8 58 55.5 38 75.4 61 QQQQQ 3.3 135L&G Global Equity Index I Acc 4.3 106 49.4 88 65.9 106 QQQ 3.1 123L&G Global Health & Pharma Index I Acc 14.2 13 43.0 171 83.2 32 QQQQ 3.5 485L&G Global Infrastructure Index I Acc - - - - - - - - 314

L&G International Index I Acc 4.2 111 51.6 64 76.4 55 QQQQQ 3.2 1820Lazard Global Eq Franchise A Acc USD 7.1 57 52.6 56 - - QQQQQ 3.3 199Lazard Global Equity Select A Acc USD 3.9 122 48.9 97 71.8 72 QQQQ 2.8 10Lazard Global Lstd Infras Eq A Acc GBP 10.2 31 32.4 246 64.0 112 QQQ 2.9 1290Lazard Global Managed Vol A Acc USD 6.3 67 38.5 211 81.4 36 QQQQ 2.9 150Lazard Global Strategic Eq A Acc USD 3.2 142 38.8 206 57.2 143 QQQ 2.9 8Lazard Managed Equity A Acc 3.6 132 39.4 200 48.3 179 QQQQ 2.6 77Lazard Thematic Global A Acc USD 5.7 72 49.7 86 65.3 108 QQQQ 2.8 43Legg Mason CB Glb Equity A USD Dis(A) -9.0 295 23.7 265 17.7 230 QQ 3.0 24LF Adam Worldwide Acc 3.6 131 38.6 210 48.6 178 QQQ 2.7 16LF Blue Whale Growth R Sterling Acc 14.4 12 - - - - - - 87LF Canlife Global Equity C Acc 2.8 155 36.4 231 61.2 123 QQQQ 3.0 624LF Macquarie Global Infras Secs B Acc 11.4 24 37.8 220 56.3 148 QQQQ 3.2 24

Lindsell Train Global Equity B GBP Inc 15.9 5 76.8 6 142.5 3 QQQQQ 3.3 6201Liontrust Sust Fut Glbl Gr 2 Net Acc 12.6 18 61.8 19 75.5 60 QQQ 3.1 255LO Funds Emerging Hi Convc USD NA -10.3 298 45.8 136 48.0 180 - 3.8 726LO Funds Golden Age USD NA 7.2 54 42.7 174 73.8 65 QQQ 3.0 573

M&G Global Dividend GBP I Acc 5.4 81 55.2 41 57.9 138 QQQQ 3.5 2417M&G Global Listed Infras GBP I Acc 17.9 3 - - - - - - 36M&G Global Recovery GBP I Acc -8.0 292 35.4 235 45.8 186 QQ 4.1 294M&G Global Select GBP I Acc 5.5 78 47.5 114 65.2 109 QQQQ 3.6 517M&G Global Themes GBP I Acc 1.0 202 45.7 139 48.0 181 QQQ 3.3 2143M&G Positive Impact Sterling I GBP Acc - - - - - - - - -Majedie Global Equity X GBP Acc 4.7 98 50.7 73 - - QQQQ 3.4 60Majedie Global Focus X GBP Acc 5.0 91 44.8 147 - - QQQ 3.4 256Margetts Intl Strategy R GBP Acc -1.0 245 39.8 198 51.6 168 QQQ 3.1 109Margetts Opes Growth R GBP Acc -1.3 251 32.8 244 51.0 171 QQQQ 3.0 14Marlborough Global P Acc -4.4 276 33.4 242 45.2 189 QQ 3.3 24McInroy & Wood Smaller Comps Pers Inc 3.6 130 48.9 96 68.4 91 QQQQ 3.2 120Merian Global Equity R GBP Acc 3.2 146 59.1 22 90.8 15 QQQQQ 3.5 1034Merian World Equity U1 GBP Acc 2.8 156 56.3 32 - - QQQQQ 3.5 306

MFS Meridian Global Concntr W1 GBP 9.2 37 47.5 115 - - QQQ 3.2 774MFS Meridian Global Energy WH1 GBP -3.6 273 7.3 271 -18.2 234 - 4.7 10MFS Meridian Global Equity Inc WH1 GBP -1.2 249 24.4 263 - - - 2.9 2

MFS Meridian Global Equity W1 GBP 7.6 49 45.6 141 69.3 85 QQQQ 3.0 3481MFS Meridian Global Rsrch Focus W1 USD 7.9 45 47.9 107 69.8 80 QQQQ 3.1 136MFS Meridian Managed Wealth WH1 GBP -1.0 244 6.0 272 - - - 0.9 17MI Charles Stanley UK & Intl Gr A Acc 2.6 164 31.0 249 37.6 210 QQQ 2.7 111MI Metropolis Value A Acc -1.8 256 44.3 153 71.2 75 QQQQ 3.1 132MI Thornbridge Global Opps C Acc -3.0 267 41.4 185 52.0 165 QQQQ 3.2 57Mirabaud Equities Global Focus D GBP Acc 11.7 23 60.4 21 - - QQQQQ 2.7 105Montanaro Better World GBP Inc - - - - - - - - 128Morgan Stanley UK Global Brands I GBP 14.6 10 54.0 47 101.6 7 QQQQQ 3.0 1051MS INVF Emerging Leaders Equity Z -5.3 284 29.4 254 42.9 195 QQ 3.9 237MS INVF Global Brands I 14.8 9 52.6 57 101.1 8 QQQQ 3.1 8696MS INVF Global Opportunity Z 6.3 66 87.0 2 152.2 1 QQQQQ 4.1 5739MS INVF Global Quality I 12.9 16 47.8 109 87.2 22 QQQQ 3.0 1373NatWest International Growth NAV 5.6 75 35.3 236 50.4 173 QQQ 2.9 444Neptune Global Equity C Acc GBP -2.9 266 51.6 65 56.2 151 QQ 3.2 170Neptune Global Smaller Coms C Acc GBP 12.6 19 76.9 5 68.5 89 QQ 4.2 4New Capital Glbl Eq Convict USD Ord Acc 2.7 157 47.2 123 - - QQQQ 3.4 48Newton Global Equity Inst W Acc 7.6 50 40.7 191 68.4 92 QQQQ 2.9 1889Newton Global Opportunities Inst W Acc 9.1 39 38.3 214 74.2 64 QQQQ 2.9 202Newton Sustainable Global Eq Instl W Acc 10.4 28 - - - - - - 48NFU Mutual Global Growth C -6.5 289 54.1 46 48.8 177 QQQ 3.6 179Nomura Fds Global High Conviction I USD 10.4 29 53.1 53 - - QQQQQ 3.2 9

Oppenheimer Glb Eq UCITS S3 GBP Acc 0.6 213 61.6 20 76.6 53 QQQQ 3.3 80Oppenheimer Glb Foc Eq UCITS S3 GBP Acc 2.3 167 52.8 55 55.5 155 QQQQ 3.7 36Orbis OEIC Global Equity Standard -9.2 296 44.8 148 59.5 130 QQQQQ 3.0 66Overstone UCITS Smaller Coms A USD 4.3 107 29.0 255 40.8 202 QQQ 3.2 19Pictet - Global Envir Opps I dy GBP 1.5 188 47.4 118 70.7 79 QQQQ 3.5 715Pictet - Global Thematic Opps-I GBP 4.0 116 - - - - - - 500Pictet SmartCity I dm GBP 7.2 53 30.6 250 41.4 199 QQ 3.4 656Pictet-Clean Energy I dy GBP -0.5 228 37.5 224 29.2 222 QQQQ 3.6 449

Pictet-Global Megatrend Sel I dy GBP 4.9 92 48.4 102 67.4 96 QQQQQ 3.2 5869Pictet-Premium Brands I dy GBP 2.4 166 36.6 229 35.7 212 QQQ 3.1 530Pictet-Security I dy GBP 11.0 25 49.8 84 89.5 16 QQQQQ 3.4 3535Pictet-Water I dy GBP 8.2 44 44.6 150 68.3 93 QQQ 3.0 3766Polar Cptl Atmtn & Artfcl Intllgnc I Acc 1.0 201 - - - - - - 278Premier Global Alpha Growth C Acc -5.7 285 41.5 182 77.2 50 QQQ 3.5 114Principal Global Equity I Acc USD -0.8 242 32.7 245 54.7 161 QQQ 3.3 8Purisima Global Total Return A 2.3 171 53.3 50 76.9 51 QQQQ 3.5 3093Quilter Inv Glbl Best Ideas R (GBP) Acc 0.9 205 33.7 240 37.8 209 QQQ 2.6 154Quilter Inv Glbl Dyn Eq R (GBP) Acc 2.8 153 44.3 155 39.1 207 QQ 3.1 471Quilter Inv Glbl Eq Idx U2 (GBP) Acc 4.7 99 52.3 59 79.5 45 QQQQQ 3.2 220Quilter Investors Ethical Eq R (GBP) Acc -1.7 255 36.8 227 45.4 188 QQQ 3.5 120Quilter Investors Glbl Eq Gr U2 GBP Acc 4.3 104 55.4 40 80.7 38 QQQQ 3.3 33

Rathbone Global Opportunities I Acc 6.6 61 58.3 24 91.5 14 QQQQQ 3.6 1429Rathbone Global Sustainability I Acc - - - - - - - - 3RBS International Growth 1 5.6 75 35.3 236 50.4 173 QQQ 2.9 26River and Mercantile Glbl Hi Alpha B Acc -3.1 269 - - - - - - 111River and Mercantile Global Rcvy B Inc -6.4 288 57.8 25 38.7 208 QQQ 4.0 430

Robeco BP Global Premium Equities F £ -1.4 252 38.2 216 - - - - 1893Royal London Global Equity Divers M Acc - - - - - - - - 184Royal London Global Equity Select M Acc - - - - - - - - 115Royal London GMAP Dyn M GBP Acc 2.9 151 - - - - - - 46Russell Inv Global List Infras I GBP 10.5 27 35.7 234 58.3 136 QQQQ 3.4 319Russell Inv World Equity I 4.3 108 49.3 91 76.8 52 QQQQQ 2.9 1383RWC Global Horizon R GBP Cap 1.3 193 56.3 33 78.4 47 QQQQ 3.4 209S&W Aubrey Global Conviction -4.4 277 73.8 7 69.5 83 QQQQ 5.1 39Sanlam Global High Quality C GBP Acc 4.4 101 48.3 104 - - QQQQ 3.0 320Sanlam Global Value A GBP -3.2 270 39.1 203 31.2 219 QQ 3.3 120Sanlam Stable Global A GBP Acc 5.3 83 27.7 259 - - QQ 3.0 81Sarasin IE Global Eq Opps GBP P Acc 2.3 168 49.7 85 56.3 150 QQQ 3.2 152Sarasin IE Global Eq Opps USD P$ Acc 2.0 178 48.9 95 59.4 131 QQQ 3.0 80Sarasin Responsible Glb Eq Stg Hdg P Acc -0.2 224 37.8 221 35.2 213 - 3.1 17Sarasin Responsible Global Equity P Acc 2.8 154 50.5 74 61.5 122 QQQ 3.0 51Sarasin Thematic Global Eq Stg Hdg P Acc 0.3 219 38.6 209 31.1 220 - 3.2 87Sarasin Thematic Global Equity P Acc 2.3 169 49.9 78 55.5 154 QQQ 3.2 184Schroder Global Alpha Plus Z Acc 0.8 211 43.4 164 69.0 87 QQQ 3.4 24


Schroder Global Equity I Acc 5.2 89 51.7 63 76.3 56 QQQQQ 3.0 440Schroder Global Healthcare Z Acc 15.1 6 40.5 193 77.6 49 QQQQ 3.6 224

Schroder Global Recovery Z Acc -0.1 223 51.4 67 - - QQQQQ 3.3 170Schroder ISF Global Energy Z Acc EUR -1.1 246 36.0 232 -39.5 235 Q 8.2 288Schroder ISF Global Eq Alp Z Acc EUR 3.0 148 49.0 94 66.0 103 QQQQ 3.0 900Schroder ISF Global Eq Yld Z Acc EUR 0.5 214 48.7 99 67.2 98 QQQQQ 3.0 354

Schroder ISF Global Smlr Coms C Acc USD -0.9 243 41.9 176 65.9 107 QQQ 3.4 198Schroder MM International Z Acc 1.4 190 38.5 212 55.4 156 QQQQ 2.7 282Schroder QEP Glbl Active Val Z Acc 1.2 198 44.3 154 55.1 157 QQQQ 3.1 1293

Schroder QEP Global Core Eq A Acc 4.9 94 48.6 101 72.7 68 QQQQ 3.1 1012Scot Wid MM International Eq A -0.6 238 43.6 161 61.2 124 QQQQ 3.2 2615Scottish Widows Global Growth G Acc 0.9 204 47.4 117 59.7 129 QQQ 3.2 941Scottish Widows Global Sel Gr A -0.5 231 37.9 218 29.1 223 QQ 3.3 12Scottish Widows Intl Eq Tracker I Acc 2.7 160 49.9 81 71.0 77 QQQQ 3.2 111Scottish Widows Opportunity A -0.8 241 31.8 247 40.0 203 QQQ 2.9 88Seilern Stryx World Growth USD U I 14.5 11 66.4 16 119.5 4 QQQQQ 3.0 697SKAGEN Global A 5.3 85 44.5 152 46.8 184 QQQQ 2.8 2191SKAGEN Kon-Tiki A -9.2 297 45.6 142 25.7 224 QQQ 4.4 1711SLI Global Equity Uncons Plat 1 Acc -0.6 233 27.0 262 42.0 196 QQ 3.1 153

SLI Global Smaller Companies Pltfm 1 Acc 4.0 119 70.8 10 84.2 30 QQQQ 4.2 1245SLI International Trust 1.5 187 46.7 129 72.0 69 QQQQQ 3.3 1627Standard Life Wealth Falcon Acc -0.7 239 23.9 264 34.9 214 QQ 2.9 149Stewart Investors Wldwd Select B Acc GBP 2.7 159 38.2 215 67.3 97 QQQQ 2.8 37

Stewart Investors Wldwd Sustbl B Acc GBP 4.9 93 47.2 126 71.2 76 QQQQ 3.1 310Stewart Investors Worldwide Eq B Acc GBP 0.0 221 38.7 207 63.7 114 QQQQ 2.9 34Stonehage Flmg GlbBest IdeasEq C GBP Inc 5.9 68 42.8 173 89.1 17 QQQQ 3.1 696SVM World Equity Instl -1.2 248 37.2 225 45.0 190 QQ 3.8 21SVS Church House Esk Global Equity A Acc 3.5 134 42.1 175 - - QQQ 2.8 40T Bailey Growth A Acc -1.4 253 37.0 226 58.7 133 QQQ 3.0 206T. Rowe Price Glb Fcd Gr Eq Q GBP 9.7 33 80.8 4 116.6 5 QQQQQ 3.6 1052T. Rowe Price Global Fcs Gr Eq C GBP 10.2 30 - - - - - - 53

T. Rowe Price Global Growth Eq Q GBP 6.7 59 66.5 15 100.6 9 QQQQQ 3.5 328Templeton Growth W Acc -1.3 250 40.2 195 39.4 204 QQ 3.2 228Threadneedle Glb Extnd Alp Ins Acc GBP 1.7 181 53.1 51 80.6 39 QQQQ 3.8 129Threadneedle Global Focus Z Grs Acc GBP - - - - - - - - 3Threadneedle Global Select Z Acc 3.7 128 56.9 28 82.9 33 QQQQ 3.4 870TM Stonehage Fleming Global Eqs B Inc -3.1 268 30.2 251 34.2 215 QQQ 2.9 113TM Stonehage Fleming Global Eqs II B Inc -3.4 272 28.8 256 32.8 216 QQQ 2.7 335TM UBS (UK) - Global Equity C Acc 0.3 217 37.7 223 - - QQQ 2.9 181Troy Trojan Global Eq O Acc 10.2 32 43.8 158 85.8 23 QQQQ 3.0 221UBS (Lux) ES Gl Opp Uncons$ Q-acc 6.7 60 27.8 258 - - Q 3.7 174UBS Global Optimal C 2.2 173 52.0 62 55.8 153 QQQ 3.4 22

Vanguard FTSE Dev Wld ex UK Eq Idx Acc 5.6 77 50.8 72 80.4 41 QQQQQ 3.0 5087Vanguard FTSE Glb All Cap Idx Inv A £Acc 4.1 115 - - - - - - 119

Vanguard Glbl Small-Cap Idx GBP Acc 4.1 114 52.1 61 68.5 90 QQQ 3.3 1392Vanguard Global Equity A GBP Acc 2.0 179 - - - - - - 34Vanguard Global Stock Index Inv EUR Acc 5.8 71 47.5 113 72.8 66 QQQQ 2.9 8388Vanguard LifeStrategy 100% Equity A Acc 4.0 117 45.5 143 63.7 115 QQQQ 2.8 1179

Vanguard SRI Global Stock GBP Acc 5.2 87 46.1 134 69.8 81 QQQQ 2.9 586Veritas Global Focus A GBP 7.1 56 47.2 124 77.7 48 QQQQQ 3.4 2482Veritas Global Focus A GBP 7.1 56 47.2 124 77.7 48 QQQQQ 3.4 2482

Virgin Global Share -2.6 265 39.1 204 - - QQQ 3.0 93VT Gravis Clean Energy Income C GBP Acc 17.4 4 - - - - - - 9VT Greystone Global Growth R Acc 1.4 191 46.2 132 70.8 78 QQQQ 3.0 79VT Price Value A GBP Acc -6.6 290 36.5 230 - - QQ 3.0 -VT Redlands Equity A GBP Acc 1.7 182 - - - - - - 213VT Tyndall Global Select A GBP Acc 5.9 70 41.7 178 62.0 119 QQQQ 3.1 24Waverton Global Equity A GBP 0.4 216 43.1 169 50.0 175 QQQ 3.3 104Waverton Tactical Equity A GBP -6.7 291 27.4 261 32.3 217 QQ 3.0 82Wesleyan International Growth X Acc 3.9 121 - - - - - - 29Winton Global Equity I GBP Acc 3.2 145 39.4 201 56.9 146 QQQ 2.9 52Sector average/count 3.0 302 45.8 273 62.0 236 3.3 656

Global Equity IncomeAB Global Equity Inc I GBP H Acc -3.1 49 24.3 44 17.9 36 - 2.7 4Aberdeen World Equity Income I Acc 0.5 40 36.3 25 30.9 35 QQ 3.5 74Amundi SICAV II Glb Eq Trgt Inc R GBP DM 3.0 29 26.3 43 - - QQ 2.5 7Aptus Global Financials B Acc -20.5 55 30.1 40 31.0 34 QQQ 4.8 261Architas Global Equity Income A Inc 1.8 34 - - - - - - 3Artemis Global Equity Income I Inc GBP -4.7 52 31.4 39 - - QQ 3.6 92

Artemis Global Income I Inc -4.3 51 32.3 36 54.1 19 QQQ 3.6 3705Aviva Investors Global Eq Inc 2 GBP Acc 5.6 13 41.4 11 72.2 3 QQQQ 2.9 215Baillie Gifford Global Inc Growth B Inc 3.9 26 47.0 3 68.8 6 QQQQQ 2.8 510Baillie Gifford Rspnb Glb Eq Inc B Acc - - - - - - - - -BlackRock Global Income D Acc 4.2 24 32.5 34 62.4 13 QQQQ 2.9 163Courtiers Glbl (ex UK) Eq Inc Retl R -2.0 48 39.9 14 - - QQQQ 2.8 21Davy Defensive Equity Income H GBP Acc 4.5 22 21.2 46 - - Q 2.5 101Davy Global Equity Income U GBP Acc 5.0 21 35.2 29 - - QQQ 2.8 18

Fidelity Global Dividend W Acc 11.1 4 35.7 27 71.6 4 QQQQQ 2.7 978Fidelity Global Enhanced Income W Inc 10.2 7 34.2 31 66.2 9 QQQQ 2.5 233GAM Multistock Global Equity Inc EUR B 5.7 12 36.3 24 58.0 16 QQQ 2.8 24GlobalAccess Global Equity Inc M Acc GBP -8.0 54 19.4 47 13.2 37 - 3.2 187Guinness Global Equity Income Y GBP Acc 5.3 16 39.8 15 65.7 11 QQQQ 2.7 548HSBC Global Equity Income C Inc 2.1 32 - - - - - - 38Invesco Global Equity Inc UK Z Acc -0.6 47 37.4 22 50.1 21 QQQ 2.8 813Investec SIV Global Dividend I Acc GBP 3.1 28 40.8 12 - - QQQQ 2.6 13Janus Henderson Global Eq Inc I Inc 0.5 42 32.4 35 51.4 20 QQQ 3.0 737JPM Global Equity Income C Net Acc 5.5 14 42.0 9 66.1 10 QQQQ 2.9 78Jupiter Global Equity Income I Acc 0.4 43 40.6 13 57.3 17 QQQ 2.9 15Kames Global Equity Income GBP C Inc 0.4 44 38.4 18 64.8 12 QQQQ 2.9 313

Kempen (Lux) Global High Dividend I GBP 2.0 33 46.4 4 61.1 14 QQQQ 3.0 259Lazard Global Equity Income C Acc 2.3 31 41.5 10 34.2 32 QQ 3.1 105Lazard Global Equity Income C Acc GBP -4.2 50 35.5 28 - - - - 3Legg Mason IF CB Glbl Eq Inc X Inc -6.3 53 33.9 32 33.3 33 QQQ 2.9 28Legg Mason IF MC Glb Eq Inc X Acc £ 5.2 18 35.8 26 45.4 25 QQ 3.0 152Legg Mason IF RARE Gbl Infras Inc X Inc 19.4 1 - - - - - - 402LF Canlife Global Equity Income C Acc 7.7 10 39.7 16 56.1 18 QQQQ 2.6 31LF Miton Global Infrastructure Inc B Acc 14.3 3 - - - - - - 18Liontrust Global Income I Inc 0.5 41 36.5 23 34.6 31 QQQ 3.2 147Merian Global Eq Inc (IRL) R GBP Inc 0.2 45 53.6 1 - - QQQQQ 3.2 132Mirabaud Global Equity Hi Inc D GBP Acc 4.1 25 37.7 20 - - QQQ 2.7 32Morgan Stanley Glb Brands Eq Inc I Inc 14.7 2 - - - - - - 6Neptune Global Income C Acc GBP 5.1 20 31.5 38 35.9 30 Q 3.4 5

Newton Global Income Inst W Acc 8.3 8 38.1 19 77.1 1 QQQQQ 3.0 5246Premier Global Infrastructure Inc C Inc 4.3 23 34.5 30 47.5 23 - 3.6 69Premier Global Optimum Income C GBP Inc - - - - - - - - 22Quilter Inv Glbl Eq Val U2 (GBP) Acc 8.1 9 37.6 21 76.0 2 QQQQ 2.9 283Sarasin Global Dividend P Acc 6.2 11 43.1 8 71.4 5 QQQQQ 2.8 147Sarasin Global Dividend Stg Hdg P Acc 3.1 27 32.0 37 44.1 26 - 2.6 105Sarasin Global Higher Div P Acc 5.2 17 39.0 17 67.5 8 QQQQ 2.6 387Sarasin Global Higher Div Stg Hdg P Acc 3.0 30 27.8 41 40.3 28 - 2.2 124Schroder Global Equity Income Z Acc 0.8 38 49.3 2 68.6 7 QQQQQ 3.0 309SLI Global Equity Income Plat 1 Acc 0.6 39 27.3 42 43.7 27 QQQ 3.0 123TB Evenlode Global Income B GBP Inc 10.5 5 - - - - - - 179TB Saracen Global Income and Growth BAcc -0.5 46 43.9 6 46.9 24 QQQ 3.2 117The TM Overstone UCITS Eq Inc I Acc 5.3 15 46.0 5 59.4 15 QQQQ 2.8 87

46



Unit Trusts/OEICs

Threadneedle Glbl Eq Inc Z Inc GBP 1.5 36 33.3 33 50.0 22 QQQQ 3.0 411Trojan Global Income O Acc 10.3 6 - - - - - - 136UBS Global Enhanced Equity Income C Acc 1.6 35 22.9 45 - - Q 2.2 39Vanguard Global Equity Income A GBP Acc 1.2 37 - - - - - - 30

Veritas Global Equity Income A GBP 5.2 19 43.9 7 38.4 29 QQQ 3.2 588Veritas Global Equity Income A GBP 5.2 19 43.9 7 38.4 29 QQQ 3.2 588

Sector average/count 3.1 56 36.4 48 51.9 38 3.0 341

SMALLER COMPANIESUK Smaller CompaniesAberdeen UK Smaller Companies Eq I Acc -4.8 27 31.2 25 28.5 34 QQ 3.6 87

Aberforth UK Small Companies Acc -4.3 24 26.5 36 19.5 42 QQ 3.9 156Artemis UK Smaller Companies I Acc -7.0 36 38.0 19 44.9 21 QQQQ 3.6 436

Aviva Investors UK Smaller Coms 2 £ Acc -3.6 21 26.9 35 28.8 33 QQQ 3.9 39AXA Framlington UK Smlr Coms Z GBP Acc -6.1 32 35.1 23 57.5 12 QQQQ 3.9 238Baillie Gifford British Smlr Coms B Acc -9.8 42 14.8 45 7.5 47 QQ 4.0 159BlackRock UK Smaller Companies D Acc -5.9 31 42.0 12 46.4 20 QQQ 3.9 435BMO UK Smaller Companies 2 Acc -2.2 17 40.4 15 54.4 14 QQQQ 3.6 32Castlefield B.E.S.T Sust UK SmComs Instl -9.8 44 35.4 22 33.8 29 QQQ 3.9 8Cavendish AIM B 8.9 1 107.3 1 95.0 1 QQQQQ 3.8 68Dimensional UK Smlr Coms Acc 1.1 5 22.3 42 29.2 32 QQQ 3.5 420Elite Webb Cap Smaller Co Inc & Gr B Acc -0.5 12 39.7 16 51.3 18 QQQ 4.0 2

Fidelity UK Smaller Companies W Acc -1.6 15 30.9 27 42.1 24 QQQ 3.0 364FP Octopus UK Micro Cap Growth P Acc 0.5 7 61.0 6 40.9 25 QQQ 3.9 34

Franklin UK Smaller Companies W Acc -9.9 45 24.1 40 32.6 30 QQ 4.3 327Halifax Smaller Coms C -4.2 23 28.9 30 19.4 43 QQ 3.8 144Invesco UK Smaller Coms Eq UK Z Acc -1.2 13 43.8 11 58.6 9 QQQQ 3.9 563Investec UK Smaller Companies I Inc -2.5 19 28.6 31 23.6 41 QQQ 4.6 253Janus Henderson UK Smaller Coms I Acc -0.4 11 38.6 18 48.5 19 QQQQ 4.2 165Janus Henderson UK&Irish Smr Coms I Acc -10.2 48 21.5 43 13.4 45 Q 4.1 120JPM UK Smaller Companies C Acc -5.8 30 24.6 39 25.5 38 QQ 4.4 148Jupiter UK Smaller Companies Fd I 0.2 8 79.7 2 86.9 4 QQQQQ 3.9 389Kames UK Smaller Companies GBP B Acc -3.1 20 28.3 32 35.2 28 QQ 4.6 258L&G UK Smaller Companies I Acc -10.0 47 9.1 46 13.4 46 QQ 4.0 281Lazard UK Smaller Companies C Inc -6.3 33 24.8 38 23.8 40 QQ 3.9 40LF Gresham House UK Micro Cap C Acc -0.4 9 38.8 17 58.2 11 QQQQ 3.0 166LF Gresham House UK Smaller Coms C Acc - - - - - - - - 1LF Miton UK Smaller Companies B Acc -9.9 46 22.3 41 25.6 37 QQQ 3.3 153LF Tellworth UK Smaller Companies R Acc - - - - - - - - 49Liontrust UK Micro Cap I Acc 3.9 3 - - - - - - 35

Liontrust UK Smaller Companies I Inc -1.5 14 50.5 9 68.9 5 QQQQQ 3.7 812M&G Smaller Companies GBP I Acc -4.6 25 27.5 34 27.9 35 QQQ 4.0 396Marlborough Nano Cap Growth P Acc 5.9 2 63.4 4 61.6 7 QQQQ 3.6 188Marlborough Special Situations P Acc -5.5 28 36.5 20 55.4 13 QQQQ 4.1 1466Marlborough UK Micro Cap Growth P Acc -4.1 22 50.6 8 58.4 10 QQQQQ 3.8 1159

Merian UK Smaller Companies R GBP Acc -7.0 35 47.4 10 59.9 8 QQQQ 4.5 1271Merian UK Smaller Coms Foc R GBP Inc -9.7 41 77.3 3 91.8 2 QQQQQ 5.0 348

MFM Techinvest Special Situations A Acc -16.6 50 20.8 44 38.8 27 QQ 4.5 9MGTS AFH DA UK Smaller Coms I GBP Acc -0.4 10 - - - - - - 67MI Discretionary Unit Inc -1.8 16 53.7 7 63.3 6 QQQQ 3.8 46MI Downing UK Micro-Cap Growth B -15.0 49 6.0 47 23.9 39 QQ 3.0 18River & Mercantile UK Eq Sm Cos B Acc -7.5 39 29.6 29 44.1 23 QQQQ 4.3 492Royal London UK Smaller Companies M -5.6 29 25.3 37 39.2 26 QQQ 3.9 257Schroder Instl UK Smaller Cos I Acc -6.8 34 41.8 13 53.7 15 QQQQ 3.4 490Schroder UK Dynamic Smaller Coms Z Acc -4.7 26 36.0 21 26.6 36 QQQQ 4.0 307Schroder UK Smaller Companies Z Acc -9.5 40 34.0 24 44.5 22 QQQQ 3.8 518Scottish Widows UK Smlr Coms A -7.3 37 28.1 33 17.7 44 QQ 3.8 67

SLI UK Smaller Companies Pltfrm 1 Acc -2.3 18 41.1 14 52.0 17 QQQQ 4.2 1396TB Amati UK Smaller Companies B 1.0 6 61.3 5 87.5 3 QQQQQ 4.2 217

Threadneedle UK Smaller Coms Z Inc -9.8 43 30.7 28 53.3 16 QQQ 4.8 163Unicorn UK Smaller Companies A -7.4 38 31.1 26 30.1 31 QQQ 4.1 49VT Teviot UK Smaller Companies Net Acc 2.6 4 - - - - - - 58Sector average/count -4.4 50 37.4 47 43.5 47 3.9 295

European Smaller CompaniesAberdeen European Smlr Coms Eq I Acc 8.3 1 57.7 2 58.5 9 QQQQ 3.7 53Amundi SICAV II Eurpn Potential R GBP ND -7.5 12 21.0 22 - - Q 3.3 1

Barings Europe Select I GBP Inc -1.8 4 43.8 5 69.0 3 QQQQ 3.2 1817BMO European Smaller Coms Ex UK C Acc -5.7 7 29.2 20 - - QQ 3.4 36BMO European Smaller Coms R Acc EUR -6.8 10 19.3 25 29.3 17 QQ 3.4 38BNY Mellon Small Cap Euroland GBP W Acc -7.0 11 49.5 3 - - - - 78Carmignac Pf Euro-Entrprs W GBP Acc -10.5 15 41.8 9 - - QQQQQ 3.7 32Invesco European Smlr Coms UK Z Acc -14.6 23 20.9 23 31.7 16 QQQ 3.3 146Janus Henderson European Smr Coms I Acc -6.1 9 62.1 1 78.1 1 QQQQQ 3.9 202JPM Europe Dynamic Sm Cp A perf(dist)EUR -10.7 16 33.3 14 47.2 12 QQQ 3.8 594JPM Europe Small Cap A (dist) GBP -12.3 19 29.7 19 42.9 14 QQQ 3.8 666JPM Europe Smaller Companies C Acc -8.9 14 40.2 11 61.3 7 QQQQ 3.6 195Lazard European Smaller Coms C Acc -7.8 13 31.9 17 62.8 6 QQQ 3.7 275M&G Pan Eurp Sel Smllr Coms GBP I Acc -13.8 21 26.9 21 33.6 15 QQ 3.4 194

Merian Europe ExUK Smlr Coms R GBP Acc -14.6 24 30.8 18 - - QQ 4.3 220MFS Meridian European Smlr Coms W1 EUR 3.7 2 34.5 13 65.9 4 QQQQQ 3.0 758Mirabaud Eqs Eurp Ex-Uk S&M D GBP Acc -14.2 22 32.0 15 - - QQ 3.9 38Mirabaud Eqs Pan Eurp S&M D GBP Acc -13.2 20 31.9 16 - - QQ 4.1 60OYSTER European Mid & Small Cap R EUR -16.7 25 19.5 24 18.6 18 QQ 3.5 28Pictet-Small Cap Europe I GBP -6.0 8 36.3 12 45.0 13 QQQ 3.5 128Quilter Inv Eurp ex UK S/MC Eq U2GBP Acc - - - - - - - - 32Schroder European Sm Cos Z Acc -10.8 17 42.4 8 57.2 10 QQQ 4.0 154

SLI Europe ex UK Smlr Coms Plat £ Acc -4.5 6 42.6 7 55.9 11 QQQQ 4.1 51SLI European Smaller Coms D Acc EUR -0.1 3 40.8 10 65.8 5 QQQQ 4.0 693

T. Rowe Price Eurp Smlr Coms Eq Q GBP -11.0 18 43.1 6 59.5 8 QQQQ 3.6 180Threadneedle Eurp Smlr Coms Z Acc GBP -2.4 5 45.6 4 76.2 2 QQQQQ 3.4 451Sector average/count -7.8 25 36.3 25 53.2 18 3.6 274

North American Smaller CompaniesArtemis US Smaller Companies I Acc GBP 20.7 1 84.3 2 - - QQQQQ 4.6 453BMO US Smaller Companies C Inc 12.2 8 60.2 9 86.9 7 QQQQ 4.3 86Brown Advisory US Small Cap Blend B $ 12.9 7 60.6 8 86.0 8 QQQ 3.7 118Brown Advisory US Smaller Companies $ B 19.1 2 74.3 3 105.3 1 QQQQQ 3.8 277GlobalAccess US Sm & Md Cp Eq M Acc GBP 0.6 17 40.1 15 39.3 14 - 4.3 131GS US Sm Cp COREÆ Eq R Inc GBP Snap 11.9 9 65.9 7 87.8 6 QQQQ 4.5 211Hermes US Smid Equity F GBP Acc 7.3 15 47.6 14 84.8 9 QQQ 4.2 710Janus Henderson US Venture A USD Acc 15.5 6 66.7 6 95.6 4 QQQQ 4.1 151JPM US Small Cap Growth C Acc 15.6 5 119.0 1 98.7 3 QQQ 5.1 215

Legg Mason IF Royce US Smlr Coms X Acc 8.2 14 53.2 13 53.2 13 QQ 4.5 191Legg Mason RY US SmCp Opp X USD Acc 3.3 16 68.6 5 60.9 12 QQQ 5.1 664

LF Miton US Smaller Companies B Acc - - - - - - - - 97Neuberger Berman US Sm Cap USD A Acc 11.8 10 53.3 12 78.2 11 QQQ 3.8 284New Capital US Small Cp Gr GBP UnHInsAcc 11.7 11 - - - - - - 100

Schroder US Smaller Comp Z Acc 10.1 12 58.0 11 88.8 5 QQQ 3.9 796T. Rowe Price US Smaller Coms Eq C GBP 17.5 3 - - - - - - 53T. Rowe Price US Smlr Cm Eq Q GBP 16.7 4 71.5 4 102.0 2 QQQQQ 3.9 1125Threadneedle AmerSmlrComs(US) Z Acc GBP 9.3 13 58.4 10 82.7 10 QQQQ 4.4 377Sector average/count 12.0 17 65.4 15 82.2 14 4.3 336

Japanese Smaller CompaniesAS SICAV I Jpn SmlrComs X Acc GBP -5.6 2 45.5 5 98.9 3 QQQ 3.9 530Baillie Gifford Japan Small Co B Acc -5.1 1 75.1 1 146.3 1 QQQQQ 5.7 795BGF Japan Small & MidCap Opps D2 -14.1 5 41.3 6 71.2 7 QQQ 4.2 392BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc -11.8 3 59.2 3 130.6 2 QQQQ 4.8 127Invesco Japanese Smlr Coms UK Z Acc -15.0 7 73.8 2 80.5 6 QQQ 6.7 64

Janus Henderson Hrzn Jpn Smr Coms H2 USD -14.5 6 33.0 7 93.2 4 QQQ 4.0 257M&G Japan Smaller Companies GBP I Acc -13.8 4 48.5 4 89.7 5 QQQQ 4.0 97Sector average/count -11.4 7 53.8 7 101.5 7 4.8 323

SATELLITEAsia Pacific Excluding JapanAB Asia Ex-Japan Eq I GBP Acc -7.0 76 - - - - - - 305Aberdeen Asia Pac Eq Enh Idx B GBP Acc -3.2 47 - - - - - - 171

Aberdeen Asia Pacific Equity I -2.6 42 54.4 53 51.7 71 QQQQ 3.8 758Allianz Total Return Asian Equity C Inc -6.3 73 46.4 80 51.4 73 QQQ 4.3 39

AS SICAV I Asia Pac Eq X Acc GBP -2.8 44 53.7 62 51.3 74 QQQ 3.8 1879AS SICAV I Asn Smllr Coms X Acc GBP -3.3 50 32.6 95 36.8 83 QQQ 3.5 870Aviva Investors Apac Eq MoM 1 2 GBP Inc -1.4 35 55.8 46 57.3 51 QQQ 3.7 63AXA Rosenberg Asia Pacific ex Japan Z -5.5 68 53.0 66 55.7 56 QQQQ 4.1 179Baillie Gifford Pacific B Acc -7.3 79 69.5 11 77.5 26 QQQQQ 4.2 404Barings ASEAN Frontiers I GBP Acc -8.5 89 38.1 88 54.5 62 QQQQQ 4.2 294Barings Eastern I GBP Inc -12.6 101 54.0 58 90.2 12 QQQ 4.2 122

BGF Asian Dragon D2 -7.2 78 58.6 37 79.2 25 QQQQ 4.4 2260BlackRock Asia D Acc GBP -6.0 70 61.4 27 67.4 37 QQQ 4.3 128BlackRock Asia Special Situations D Acc -10.3 97 51.3 69 - - QQQ 4.1 220

BMO Pacific Equity 2 Acc 2.5 11 65.5 17 83.4 21 QQQQ 4.0 51Comgest Growth Asia Pac ex Jpn GBP Z Acc -9.0 93 55.9 44 112.4 1 QQQQ 4.2 435

Fidelity Asia Focus W-Acc-GBP -0.6 25 66.2 16 72.4 31 QQQQ 4.0 1609Fidelity Asia Pacific Opps W GBP Acc 7.8 3 70.6 9 - - QQQQQ 4.5 136Fidelity Asia W Acc -2.6 43 70.2 10 92.9 9 QQQQQ 4.2 2838

Fidelity Asian Dividend W Acc 9.0 1 66.5 15 86.5 16 QQQQQ 3.6 18Fidelity Asian Special Sits A-Dis-GBP -3.9 55 61.0 29 84.8 18 QQQQQ 4.1 2079

Fidelity Emerging Asia W Acc -2.2 39 62.7 21 99.4 3 QQQQQ 4.1 81Fidelity Emerging Asia W-Acc-GBP -2.3 40 61.9 24 94.6 8 QQQQQ 4.2 797

Fidelity Index Pacific ex Japan P Acc 4.7 5 54.4 52 53.7 65 QQQQQ 3.6 180Fidelity Instl Pacific ex Japan Acc 0.1 21 47.4 79 49.9 77 QQ 3.7 26Fidelity Instl South East Asia Acc 0.6 18 60.6 30 76.2 27 QQQQ 3.8 156First State Asia All-Cap B Acc GBP -4.2 58 44.5 83 - - QQQ 3.4 188

First State Asia Focus B Acc GBP 0.9 15 58.7 36 - - QQQQQ 3.5 468GAM Multistock Asia Focus Equity USD B -7.3 80 72.7 5 86.0 17 QQQQ 4.4 90GAM Star Asian Equity Instl GBP Acc -11.4 99 40.6 87 25.6 87 Q 4.7 12GlobalAccess Asia Pac (exJpn) M Acc GBP -8.6 91 50.3 71 45.8 80 - 4.1 84GS Asia Equity R Acc USD -6.3 74 56.8 41 79.3 24 QQQQ 4.2 93Guinness Asian Equity Income Y GBP Acc -3.8 54 53.0 65 86.7 14 QQQQQ 4.0 109Guinness Best of Asia Y GBP Acc -10.7 98 - - - - - - 0Halifax Far Eastern C -4.1 57 58.9 33 62.7 40 QQQ 4.0 195Hermes Asia ex-Japan Equity F GBP Acc -2.9 45 65.2 18 102.9 2 QQQQQ 4.5 2912HSBC Asian Growth Retail Acc -4.7 61 60.2 31 62.3 42 QQQ 4.4 35HSBC Pacific Index Accumulation C -1.1 31 53.9 59 54.7 61 QQQQ 3.8 417Invesco Asia Consumer Demand A USD SD -8.2 87 53.9 61 57.4 50 QQQ 4.3 349Invesco Asian Equity Inc UK Z Acc 3.1 8 54.3 55 62.3 43 QQQQ 3.7 43

Invesco Asian UK Z Acc -4.7 63 80.2 3 95.1 7 QQQQQ 4.2 2454Investec Asia Pacific Franchise I AccGBP -3.9 56 71.3 8 79.6 23 QQQQQ 4.5 147

iShares Pacific ex Jpn Eq Idx (UK) D Acc -0.8 27 54.3 54 56.1 55 QQQ 3.7 1064Janus Henderson Asian Div Inc UT I Acc -0.7 26 48.1 77 61.2 44 QQQQ 3.5 129Janus Henderson AsiaPac Cptl Gr I Acc -3.3 49 58.9 34 66.7 38 QQQ 4.2 231Janus Henderson Instl APexJpn IdOpp IAcc -1.2 33 54.2 56 53.2 66 QQQ 3.8 127

JOHCM Asia ex-Japan A GBP Inc -13.4 102 26.8 96 44.5 81 QQ 4.5 169JOHCM Asia ex-Japan Sm & Md-Cp A £ I -7.7 85 9.9 97 51.9 70 QQQ 4.6 14

JPM Asia Growth C Net Acc -1.6 37 84.6 1 98.3 4 QQQQQ 4.4 275Jupiter Asia Pac Inc L GBP Q Inc 3.4 6 35.7 91 51.6 72 QQ 3.3 8Jupiter Asian I Acc -7.5 83 34.3 93 52.3 68 QQQ 4.2 42Jupiter Asian Income I GBP Acc 5.4 4 - - - - - - 559L&G Asian Income I Acc 0.7 17 54.6 51 55.4 57 QQQQ 3.6 389

L&G Pacific Index I Acc -1.2 32 54.0 57 55.1 58 QQQQ 3.7 881Legg Mason IF MC Asia Pac X Acc £ 0.9 16 63.6 19 70.1 36 QQQQ 4.0 42Legg Mason MC Asia L-T Uncons MGBPDis(A) -0.8 28 48.4 76 55.1 59 QQQ 3.7 191Legg Mason MC Asia Pacific X USD Dis(A) -0.6 23 60.2 32 59.0 45 QQQ 4.0 2LF Canlife Asia Pacific C Acc -7.2 77 47.7 78 32.9 86 QQ 3.9 96Liontrust Asia Income I Inc -3.6 53 51.9 67 58.9 46 QQQ 3.9 98

M&G Asian GBP I Acc -1.7 38 48.8 75 53.8 64 QQQQ 3.8 166Marlborough Far East Growth P Inc -9.4 96 56.8 42 74.7 28 QQQ 4.0 42Matthews Asia Fds As Ex Jp Div I GBP Acc -3.5 52 68.6 12 - - QQQQQ 3.9 32Matthews Asia Funds Asia Small Co I GBP -4.8 64 33.6 94 46.4 79 QQQQ 3.7 11

Matthews Asia Funds Pacific Tiger I GBP -0.6 24 50.8 70 84.0 20 QQQQ 3.6 892Merian Asia Pacific R GBP Acc -8.1 86 72.6 6 84.3 19 QQQQQ 4.3 485Merian Asian Equity Income R GBP Acc -9.3 95 54.9 47 49.6 78 QQ 4.7 260Merian Pacific Equity R GBP Acc -11.7 100 49.5 74 56.3 54 QQ 4.9 71MFS Meridian Asia Ex-Japan W1 USD -0.1 22 57.6 39 70.4 35 - 3.8 47Mirabaud Equities Asia ex Japan A USD -7.5 84 50.0 73 65.7 39 QQQ 4.3 136Mirae Asset Asia Great Consumer Eq R GBP -5.7 69 50.0 72 - - QQQ 4.3 396

Mirae Asset Asia Sect Ldr Eq R GBP Cap -14.0 103 43.4 85 - - QQ 4.1 342New Capital As Pac Eq Inc GBP Ord Inc -7.4 82 34.6 92 11.0 88 - 3.5 71Newton Asian Income Instl W Acc 7.8 2 43.5 84 56.8 53 QQQQQ 3.3 1256Newton Oriental Inst W Acc -8.5 90 35.8 90 35.6 84 QQ 4.3 79Nomura Fds Asia ex Japan High Cnv I USD -9.0 92 62.1 22 82.0 22 QQQQ 4.6 29OSTRUM Pacific Rim Equity R/A USD -3.2 48 46.3 81 35.0 85 Q 3.7 120Pictet-Asian Equities Ex Japan I USD -9.1 94 67.3 14 86.5 15 QQQQ 4.6 311Pictet-Pacific Ex Japan Index I GBP 2.6 10 54.7 50 52.0 69 QQQ 3.7 204Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc -4.7 62 77.8 4 92.2 10 QQQQ 4.1 204Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 1.5 13 62.0 23 62.3 41 QQQ 4.0 199Quilter Investors Asia Pac U2 (GBP) Acc - - - - - - - - 73Robeco Asian Stars Equities F £ -6.5 75 - - - - - - 148Royal London Asia Pac ex Jpn Tracker Z -0.9 29 53.6 63 54.8 60 QQQ 3.7 844Santander Pacific Basin (Ex Jpn) Eqs A -3.0 46 57.8 38 71.9 32 QQQQ 3.9 28

Schroder Asian Alpha Plus Z Acc -2.5 41 72.5 7 90.9 11 QQQQQ 4.3 991Schroder Asian Income Maximiser Z Acc 1.1 14 46.2 82 58.9 47 QQQQ 3.2 370

Schroder Asian Income Z Acc 1.9 12 53.5 64 71.6 33 QQQQQ 3.4 1403Schroder Instl Pacific I Acc 3.0 9 58.8 35 58.4 48 QQQQQ 3.3 404Scottish Widows Pacific Growth A -4.6 60 56.2 43 57.9 49 QQQ 4.0 112SLI Asian Pacific Growth Plat 1 Acc -5.3 66 57.3 40 54.4 63 QQQ 4.2 45SLI Pacific Basin Trust -4.4 59 61.8 25 56.9 52 QQQQ 4.2 2031Smith & Williamson Oriental Growth B -6.1 71 62.8 20 88.2 13 QQQQ 4.5 16SSgA Asia Pacific ex-Japan Eq Tracker -1.6 36 54.8 49 51.0 75 QQQQ 3.8 26Stewart Investors Asia Pacific B Acc GBP -1.3 34 37.6 89 74.5 29 QQQQ 3.4 682

T. Rowe Price Asian ex-Japan Eq Q GBP -3.4 51 54.8 48 70.6 34 QQQQ 4.1 497T. Rowe Price Asian Opps Eq C GBP 0.3 19 - - - - - - 2T. Rowe Price Asian Opps Eq Q GBP 0.2 20 67.5 13 - - QQQQQ 4.0 3


47 Œ „ ´ ‰ ˆ Á



Templeton Asian Growth W(acc)GBP -8.5 88 51.9 68 44.1 82 QQQ 4.3 2539Threadneedle Asia Z Acc GBP -5.0 65 61.6 26 73.2 30 QQQQ 4.1 444TT Asia-Pacific Equity H GBP -6.1 72 82.4 2 97.9 6 QQQQQ 4.3 132

Vanguard Pac ex-Jpn Stk Idx GBP Acc 3.4 7 53.9 60 52.6 67 QQQ 3.7 2458Veritas Asian A GBP -5.4 67 61.4 28 98.3 5 QQQQ 4.2 1569Veritas Asian A GBP -5.4 67 61.4 28 98.3 5 QQQQ 4.2 1569

VT Halo Global Asian Cnsmr B £ Net Acc -1.0 30 55.9 45 - - QQQ 4.0 42Waverton Asia Pacific A USD -7.3 81 42.8 86 50.5 76 QQQ 4.4 81Sector average/count -3.6 104 55.3 98 66.0 89 4.0 475

Asia Pacific Including JapanAberdeen Asia Pacific and Japan Eq I Acc -3.5 4 49.1 4 53.7 6 QQQQ 3.7 110

Baillie Gifford Developed Asia Pac B Acc -2.5 2 48.0 5 88.9 1 QQQQQ 3.8 147GAM Star Asia-Pacific Eq Instl EUR Acc -5.2 5 50.5 3 53.5 7 QQQ 3.4 15Invesco Pacific UK Z Acc -5.4 6 61.8 2 77.6 3 QQQQQ 3.5 313

JPM Pacific Equity A (dist) GBP -2.7 3 61.9 1 83.0 2 QQQQQ 4.1 564Matthews Asia Funds Asia Dividend I GBP -1.4 1 46.6 6 76.9 4 QQQQQ 3.6 350

Smith & Williamson Far Eastern Inc&Gr B -10.7 7 45.2 7 71.2 5 QQQQ 4.4 38Sector average/count -4.5 7 51.9 7 72.1 7 3.8 220

Global Emerging Markets7IM Emerging Markets Equity Value C Inc -13.2 96 37.8 90 - - QQ 4.8 73AB Emerging Markets Gr I Acc -15.3 103 39.7 88 50.3 47 QQQ 4.5 671

Aberdeen Emerging Markets Equity I Acc -6.2 34 42.8 79 45.8 65 QQQ 4.6 1076Aberdeen Global Emerging Mkts Quant Eq B -7.1 51 60.5 30 55.4 32 QQQQ 4.4 114Allianz Emerging Markets Equity C Acc -10.3 83 56.6 41 58.1 26 - 4.4 168Artemis Global Emerging Mkts I Acc GBP -5.6 29 68.2 12 - - QQQQQ 4.1 131

AS SICAV I Em Mkts Eq X Acc GBP -6.3 39 42.5 80 45.6 66 QQQ 4.6 2277AS SICAV I EM Smlr Coms X Acc GBP -7.2 52 29.0 96 35.5 79 QQQ 4.1 283Aviva Investors EM Eq MoM 1 2 GBP Inc -6.1 32 67.3 14 74.0 9 QQQQQ 4.6 70AXA Framlington EmerG Markets Z GBP Acc -8.5 61 44.8 71 50.4 44 QQQ 4.2 82Baillie Gifford Em Mkts Lead Coms B Acc -6.0 31 76.1 4 72.3 12 QQQQQ 4.6 539Baillie Gifford Emerging Mkts Gr B Acc -5.1 25 77.9 2 75.8 6 QQQQQ 4.4 885Barings Global Emerging Mkts I GBP Acc -7.7 54 66.7 19 70.5 13 QQQQ 4.4 452BlackRock Emerging Markets D Acc -0.3 2 73.8 6 61.5 22 QQQQQ 4.3 194BMO Emerging Markets Equity 2 Acc -2.7 10 42.1 81 49.7 51 QQQQ 4.2 51BMO LGM Glbl EmMkts Gr and Inc B USD Acc -3.3 13 41.7 83 65.8 18 QQQQ 4.2 387Candriam Eqs L Em Mkts C EUR Cap -15.1 100 47.6 64 46.9 59 QQQ 4.5 1263Carmignac Pf Emerg Discv W GBP Acc -1.6 8 46.2 68 62.8 21 QQQQ 3.8 265Carmignac Pf Emergents W GBP Acc -10.3 82 26.1 98 33.8 82 QQ 4.1 117Comgest Growth Emerging Mkts Flx Ä Z Acc -9.9 75 27.8 97 40.6 75 QQQQ 3.7 68

Comgest Growth Emerging Mkts GBP Z Acc -8.8 63 49.9 59 57.5 27 - - 4510Comgest Growth GEM Promis Coms EUR Z Acc -20.6 104 20.5 99 26.3 85 - - 217Dimensional Emerging Mkts Core Eq Acc -6.4 40 52.9 52 53.5 35 QQQQ 4.4 1358

Eaton Vance Intl (IRL) Prmtrc EM I2 GBP -6.4 43 40.4 86 34.0 81 QQ 3.9 415Edinburgh Partners Emerging Opps I £ Inc -5.5 28 44.8 70 - - QQQ 4.2 9

Fidelity Index Emerging Markets P Acc -6.2 33 57.6 36 - - QQQQ 4.3 251Fidelity Instl Emerg Mkts W Acc -11.1 90 44.3 74 53.4 36 QQQ 4.0 2374

First State Glb Emerg Mkts Foc B Acc GBP -4.9 21 - - - - - - 3FP Henderson Rowe FTSE RAFI Em Mkt B -0.8 4 86.8 1 68.7 14 QQQQ 5.5 55GAM Multistock EM Equity GBP C -10.3 84 63.5 26 56.8 29 QQQQ 4.5 728GAM Star Emerging Equity Instl GBP Acc -10.7 89 67.1 16 51.1 41 - 4.5 20GlobalAccess Emerging Mkt Eq M Acc GBP -11.5 94 40.6 85 15.2 88 - 4.0 529GS EM CORE Eq R Inc GBP Close -10.1 79 60.2 31 65.5 19 QQQQQ 4.6 2250GS Emerging Markets Eq R Inc GBP -9.1 67 55.4 43 75.6 7 QQQQ 4.1 2243Guinness Emerging Mkts Eq Inc Y GBP Dist -9.0 66 - - - - - - 1Hermes Global Emerging Mkts F GBP Acc -6.9 48 63.6 25 88.2 1 QQQQQ 4.0 3272HSBC GIF Global Emerging Mkts Eq AD -9.7 73 56.9 40 50.3 46 QQ 4.5 145Invesco Global Emerg Mkts UK Z Acc -7.8 55 54.6 48 58.6 25 QQQQ 4.0 278Investec SIV Emerg Markets Equity I Acc -6.7 47 59.4 32 48.5 55 QQQ 4.1 168iShares Emerging Mkts Eq Idx (UK) D Acc -5.5 27 56.9 39 56.3 30 QQQQ 4.4 1365Janus Henderson Emerg Mkts Opps I Acc -8.6 62 39.6 89 46.2 64 QQQ 4.2 528JOHCM Emerging Markets GBP A -13.3 97 44.5 72 39.2 77 QQQ 4.4 9

JOHCM Global Emerging Mkts Opps GBP A -3.5 15 57.0 38 58.8 24 QQQQ 4.1 300JPM Em Mkts Small Cap A (dist) perf GBP -5.1 24 52.1 55 84.8 2 QQQQQ 3.6 1145

JPM Emerging Markets B Net Acc -4.4 19 69.5 10 68.2 15 QQQQQ 4.6 1242JPM Emerging Markets Income C Net Acc -0.9 5 59.2 33 53.1 38 QQQQ 4.1 332

Jupiter Global Emerging Markets I Acc -15.2 102 44.4 73 43.6 70 QQ 4.7 91L&G Global Emerging Markets Index I Acc -6.4 41 54.7 47 55.5 31 QQQQ 4.4 878

Lazard Developing Markets C Acc -8.3 60 64.7 23 54.1 33 QQQ 4.3 53Lazard Developing Markets Eq C Inc USD -9.8 74 63.2 27 48.3 56 QQQ 4.3 23

Lazard Emerging Markets A Acc -10.5 86 51.6 57 41.8 73 QQQQ 4.6 1001Lazard Emerging Markets Eq A Inc USD -11.5 93 46.4 67 38.8 78 QQQ 4.6 1039

Lazard Emerging Mrkts Core Eq A Acc USD -9.7 72 47.6 65 46.5 61 QQQ 4.0 57Lazard Emerging World C Acc GBP -6.4 44 52.7 53 - - QQQ 4.0 15Lazard MENA A Acc USD 4.2 1 67.2 15 67.0 17 QQQQQ 3.2 22Legg Mason IF MC Emerg Mkts X Acc £ -6.3 38 73.7 7 61.2 23 QQQQ 4.5 21Legg Mason QS Em Mkts Eq A USD Acc -7.4 53 30.8 95 31.1 83 QQ 4.2 10

M&G Global Emerging Markets GBP I Acc -1.6 7 61.1 29 51.6 40 QQQQ 4.6 772Magna Emerging Markets Div B GBP Inc -3.8 16 55.2 45 46.6 60 QQQ 4.1 250Man GLG Unconstrained Emerg Mkt Eq C£Acc -7.9 56 41.6 84 - - QQ 3.8 24Marlborough Emerging Markets Trust P Inc -9.9 76 51.7 56 53.7 34 QQQ 4.1 7Merian Global Emerging Mkts R GBP Acc -12.8 95 46.9 66 50.3 45 QQQ 4.3 104MFS Meridian Emerging Mkts Eq WH1 GBP -9.4 70 44.0 76 26.1 86 - 3.9 68MI Somerset Emerg Mkts Div Gr A Acc -11.4 92 34.1 93 43.5 71 QQQ 3.7 1043MI Somerset Emerg Mkts Sm Cp B Acc -10.0 78 43.7 77 50.2 49 QQQQ 4.2 57MI Somerset Glbl Em Mkts Screened A Acc£ -8.9 65 - - - - - - 52

MI Somerset Global Emerg Mkts B Acc -8.2 58 51.5 58 50.2 48 QQQ 4.2 319Mirabaud Equities Glbl Em Mkts D GBP Acc -10.7 87 52.9 51 45.4 67 QQQ 4.3 61Neptune Emerging Markets C Acc GBP -10.7 88 65.8 21 67.8 16 QQQQ 4.9 50Neuberger Berman Em Mkts Eq USD A Acc -10.4 85 48.2 62 47.8 57 QQQ 4.2 367Newton Emerging Income Inst W Acc -3.9 17 31.7 94 25.1 87 QQ 3.9 98Newton Global Emerging Mkts Int W Acc -9.2 68 44.3 75 53.3 37 QQQ 4.5 224NFU Mutual Global Emerging Markets C -6.2 35 68.4 11 48.6 54 QQQQ 4.8 111Oppenheimer Dev Mkts Eq UCITS S3 Acc -2.0 9 58.0 35 47.6 58 QQQQ 3.9 92Oppenheimer EmMkts Innt UCITS S3 Acc -13.8 98 35.0 91 - - QQ 4.0 24Pictet-Emerg Mkt Sustainable Eq I GBP -3.3 14 43.0 78 46.3 63 QQQ 4.1 135Pictet-Emerging Markets I USD -11.3 91 54.8 46 49.3 52 QQQ 4.5 228Pictet-Emerging Markets Index I GBP -6.9 49 58.1 34 51.0 42 QQQ 4.3 702Pictet-Emerging Mkts High Div I dm GBP -6.4 42 49.7 60 41.6 74 QQQ 4.3 63PIMCO GIS RAE Em Mkts E Acc -6.3 37 64.8 22 - - QQQQQ 5.5 80Polar Capital Emerging Markets Inc I Acc -1.2 6 49.5 61 44.2 69 QQQ 3.8 119Principal Emerging Markets Eq I Acc USD -15.1 101 47.8 63 40.6 76 QQQ 4.4 2Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc -3.2 12 72.9 8 73.1 11 QQQQQ 4.6 142Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc - - - - - - - - 76Quilter Inv Em Mkts Eq U2 (GBP) Acc - - - - - - - - 77

Robeco Emerging Stars Equities F £ -6.5 45 - - - - - - 974Robeco QI Emerging Cnsrv Eqs F £ -0.4 3 45.6 69 - - QQQ 3.8 3642

Royal London EM ESG Ldrs Eq Trkr Z £ Acc - - - - - - - - 1053Russell Inv Emerging Markets I -9.9 77 55.4 44 49.0 53 QQQQ 4.3 2143RWC Global Emerging Markets R GBP Acc -14.7 99 76.9 3 - - QQQQQ 5.1 977Sarasin IE Systematic EM Div GBP A Acc -10.2 81 40.2 87 28.2 84 Q 4.6 36Schroder Global Emerg Mkt Z Acc -5.8 30 67.0 17 62.8 20 QQQQQ 4.1 860Schroder ISF QEP Glbl EM Z Acc GBP -5.0 23 53.5 50 46.5 62 QQQ 4.3 603Schroder QEP Glbl EMM Z GBP Acc -5.4 26 52.4 54 - - QQQQ 4.2 270Scottish Widows Emerg Markets A -8.3 59 57.0 37 50.0 50 QQQ 4.4 1218



SLI Global Emerging Mrkt Eq Inc Plat 1 A -6.9 50 64.2 24 57.4 28 QQQQ 4.5 767SLI Global Emerging Mrkt Eq Plat 1 Acc -8.9 64 62.5 28 50.4 43 QQQ 4.5 219

T. Rowe Price Emerging Mkts Eq Q GBP -6.3 36 66.9 18 75.3 8 QQQQQ 4.5 1747Templeton Em Mkts Smlr Coms W(acc)GBP -4.9 20 41.9 82 73.6 10 QQQQ 3.6 729

Templeton Global Emerging Markets W Acc -5.0 22 70.0 9 45.3 68 QQ 4.5 35Threadneedle Global EM Eq Z Acc GBP -9.5 71 34.1 92 34.4 80 QQ 4.4 270TT Emerging Markets Equity H GBP Acc -10.2 80 75.3 5 77.8 5 QQQQQ 4.5 516UBS Emerging Markets Equity Income C Acc -3.9 18 54.1 49 42.1 72 QQQ 4.2 33UBS Global Emerging Markets Equity C Acc -8.2 57 67.4 13 80.9 3 QQQQQ 4.4 829UBS Global Emerging Markets Opp Q GBP -9.3 69 66.3 20 80.5 4 QQQQQ 4.4 1291

Vanguard Emerg Mkts Stk Idx GBP Acc -6.6 46 56.3 42 52.7 39 QQQQ 4.3 6909Vanguard Global Emerging Markets A Acc -3.0 11 - - - - - - 44Sector average/count -7.6 104 53.4 99 52.9 88 4.3 623

China/Greater ChinaAllianz China Equity RT GBP -7.0 16 57.2 29 79.7 23 QQQQ 4.5 398

AS SICAV I Chinese Eq X Acc GBP 0.2 4 61.7 27 70.0 26 QQQ 3.8 404Baillie Gifford Greater China B Acc -10.1 29 83.3 3 104.9 7 QQQQ 4.9 111Barings China Select I GBP Inc -10.5 30 54.0 31 59.1 29 QQQ 4.6 22Barings Hong Kong China I GBP Acc -7.1 17 65.6 24 81.7 20 QQQQ 4.5 1207

Comgest Growth China EUR Z Acc -6.0 12 69.2 17 121.9 3 QQQQ 4.6 243Fidelity China Consumer W Acc -0.9 6 80.9 7 89.3 12 QQQQ 4.3 129

Fidelity China Focus Y-Dis-GBP 0.4 3 81.0 6 126.3 2 QQQQQ 4.4 3720First State All China B Acc USD -4.2 10 - - - - - - 4

First State Greater China Gr B Acc GBP -3.0 8 67.9 19 86.9 16 QQQQQ 4.0 490GAM Multistock China Evolution Eq USD B -10.6 31 79.1 9 111.7 5 QQQQQ 4.9 56

GAM Star China Equity Instl GBP Acc -15.6 36 43.4 34 35.1 32 QQ 5.6 346GS China Opportunity Equity R Inc GBP -6.3 14 69.8 16 84.4 19 QQQQ 4.6 26Guinness Best of China X GBP Acc -13.3 33 56.7 30 - - QQQ 4.6 3HSBC GIF Chinese Equity AD -10.7 32 63.4 25 85.9 17 QQQ 4.9 966Invesco Hong Kong & China UK Z Acc -0.9 7 75.6 12 89.1 13 QQQQQ 4.1 363

Janus Henderson China Opps I Acc -9.0 24 81.3 4 99.9 8 QQQQ 5.0 1195Janus Henderson Hrzn China A2 USD -13.6 34 67.3 20 90.8 10 QQQ 5.1 123

JPM Greater China A (dist) USD -9.1 25 67.1 21 80.6 22 QQQ 4.9 406Jupiter China I Acc -8.7 21 43.4 33 46.4 31 QQQ 4.4 124Legg Mason IF MC China X Acc £ -6.0 11 80.9 8 90.7 11 QQQQ 4.7 5Legg Mason MC Greater China A USD Dis(A) -7.7 18 70.5 15 85.1 18 QQQQ 4.6 12Matthews Asia Funds China Div I USD Acc 1.2 2 73.0 14 111.3 6 QQQQQ 3.7 12Matthews Asia Funds China I GBP -6.2 13 86.1 1 88.1 15 QQQ 5.3 12Matthews Asia Funds China Sm Coms I Acc -8.7 22 63.2 26 74.5 24 QQQ 5.1 42Merian China Equity U1 GBP Acc -3.7 9 77.8 11 - - QQQQQ 4.7 49Neptune China C Acc GBP -9.6 26 60.9 28 50.8 30 QQQ 4.5 24Neuberger Berman China Eq USD A Acc -8.5 20 84.1 2 137.1 1 QQQQQ 5.2 707New Capital China Equity GBP Ord Acc -15.2 35 30.9 35 28.6 33 - 5.0 70Nomura Fds China I USD -9.7 27 52.1 32 62.1 28 QQQ 4.9 14Pictet-Greater China I GBP -6.8 15 66.8 22 88.8 14 QQQQ 4.7 138Quilter Investors China Eq U2 (GBP) Acc -9.9 28 78.8 10 95.6 9 QQQQ 5.0 97

Schroder ISF Greater China C Acc USD -0.8 5 81.1 5 112.7 4 QQQQQ 4.4 1002SLI China Equities A Acc GBP -8.4 19 66.5 23 67.7 27 QQQ 4.4 126Templeton China W(acc)GBP 2.5 1 73.3 13 81.6 21 QQQQ 4.0 338Threadneedle China Opps Z Acc GBP -9.0 23 68.6 18 72.8 25 QQQQ 4.8 85Sector average/count -7.0 36 68.1 35 84.6 33 4.6 363

Property OtherAberdeen European Property Share I Acc 4.9 26 30.5 14 55.7 16 QQQQ 3.5 123Aberdeen Property Share I Acc 7.7 20 26.4 18 43.5 23 - 4.0 384

AXAWF Fram Global Rl Est Secs F Cap EUR 14.7 10 28.0 15 62.5 11 QQQQ 3.8 217BMO European Real Estate Scs B Acc GBP 4.5 28 33.4 6 69.1 8 - 3.7 205BMO Global Real Estate Securities 3 Acc 17.0 1 32.0 11 75.2 2 QQQQQ 3.7 42Fidelity Global Property W Acc 16.0 7 33.1 8 73.6 3 QQQQ 3.4 200First State Asian Prpty Secs B Acc GBP 6.9 22 33.4 7 61.3 13 QQQ 3.5 13

First State Glbl Prpty Secs B Acc GBP 13.1 11 27.7 17 65.0 9 QQQQ 3.4 254GlobalAccess Global Prpty Secs M Acc GBP 9.7 17 23.6 23 - - - 3.6 70HC Charteris Property A Acc -2.0 30 0.8 30 8.5 27 Q 4.4 1HSBC Global Property C Acc 10.6 15 20.7 25 47.4 22 QQQ 2.3 365

iShares Glb Prpty Secs Eq Idx (UK) D Acc 16.9 2 32.1 10 69.2 7 QQQQ 3.6 2468Janus Henderson Hrzn AsPac Pty Eqs H2USD 6.5 24 31.0 13 53.3 18 QQQ 3.6 55Janus Henderson Hrzn Glbl Pty Eqs H2 USD 16.7 3 36.5 3 73.3 4 QQQQ 3.7 270Janus Henderson Hrzn PanEurpPtyEqs H2EUR 7.2 21 40.3 2 76.4 1 QQQQQ 3.7 332Kempen (Lux) Global Property J 16.6 4 36.4 4 - - QQQQQ 3.8 82

L&G Global Real Estate Div Index I Acc 16.6 5 31.5 12 - - QQQQ 4.0 558MS INVF Global Property IX 9.4 18 26.1 20 53.1 19 QQQQ 3.2 806

Premier Pan Europe Prop Share C Acc 6.7 23 22.2 24 51.2 20 QQQ 3.7 262Principal Glb Propty Secs I Acc USD 16.0 8 34.9 5 70.3 6 QQQQ 3.5 189Quilter Inv Glbl Prpty Scs R GBP HPt Inc 9.9 16 19.2 26 53.4 17 - 3.0 46Sarasin IE Glbl Real Estt Eq GBP P Acc 11.0 14 25.7 21 61.7 12 QQQQ 3.5 148Sarasin IE Sust Glb Rl Est Eq USD P Acc 9.0 19 23.8 22 61.0 14 QQQ 3.3 14Schroder Glbl Cities Real Estt Inc Z Acc 15.7 9 27.9 16 48.3 21 QQ 3.9 55Schroder Global Cities Real Estt Z Acc 16.2 6 32.7 9 63.4 10 QQQ 3.5 672Scot Wid MM Global Rel Est Sec A Inc 12.2 12 26.4 19 57.5 15 QQQ 3.5 305SKAGEN m2 A 4.9 27 55.9 1 71.4 5 QQQQQ 3.5 123SLI Global Real Estate Plat 1 Acc 5.9 25 18.4 27 34.2 24 - 1.9 410SLI Global REIT Plat 1 Acc 11.9 13 13.5 28 23.9 26 QQ 3.2 70TM Home Investor D 2.2 29 8.5 29 32.5 25 - 0.5 57Sector average/count 10.5 30 27.8 30 56.1 27 3.4 293

SpecialistAB RMB Income Plus I2 Acc 2.5 66 17.5 161 44.5 67 - 2.5 160AB Select Abs Alpha I GBP H Acc 0.3 100 14.4 176 13.7 151 - 1.6 839Aberdeen Diversified Growth R Acc 0.7 95 16.8 165 - - QQQ 1.2 581Aberdeen Eastern European Equity I Acc -8.0 199 33.4 108 25.9 119 QQQQ 4.3 16Aberdeen Financial Equity I Inc 3.0 52 65.2 26 66.9 34 QQQQ 2.8 48

Aberdeen Latin American Equity I Acc -2.3 137 87.1 8 43.4 70 QQQQ 7.7 132Aberdeen Multi-Mgr Ethical I Acc -0.7 119 38.5 89 50.7 55 QQQQ 3.2 58Acumen Strategic X Acc 2.1 75 - - - - - - 42Allianz China Strategic Bond P H2 GBP -0.6 117 0.4 213 -2.1 185 - 0.9 9

Allianz German Equity P GBP -13.3 222 28.8 121 36.4 85 QQQQ 4.3 517Allianz Global Agricultural Trds RT GBP -6.1 190 4.6 205 29.2 109 QQQ 4.1 96

Allianz Income and Growth RM H2 GBP 2.2 74 31.7 115 24.2 125 QQQQ 2.3 23452Allianz Renminbi Fixed Income P H2 GBP -2.4 143 10.1 192 6.3 169 - 1.5 18Architas Diversified Real Assets D Acc 2.4 68 11.8 186 - - QQQ 1.1 238Artemis Global Energy I Acc 9.7 12 57.8 39 -14.5 193 QQQ 6.0 38

AS SICAV I Indian Equity X Acc GBP -3.2 153 44.0 75 104.4 10 QQQQ 5.6 1300Aviva Investors Glbl Convert Ia GBP Inc 2.3 70 20.7 151 30.1 106 QQQQ 2.4 391AXA Framlington Biotech GBP Z Acc 8.1 16 45.2 73 59.6 40 QQQ 5.8 415AXA Framlington FinTech Z GBP Acc 2.0 76 64.9 28 65.5 35 QQQ 4.0 47AXA Framlington Health Z Inc 13.9 6 33.8 106 68.4 31 QQQQ 4.1 465

AXAWF Fram Global Conv F Cap EUR pf -4.5 171 23.3 144 21.8 132 QQQQ 2.4 780AXAWF Fram Robotech F Cap USD 1.1 92 - - - - - - 705Baillie Gifford Diversified Gr B1 Acc -0.8 120 16.0 170 20.8 135 QQQ 1.2 7052

48


Jupiter Emerging European Opps I Acc -5.2 179 63.7 30 31.4 99 QQQQ 4.5 100Jupiter Financial Innovt D GBP Acc -5.1 178 47.4 68 57.4 43 QQQQ 4.0 73Jupiter Financial Opportunities I Acc 0.3 101 49.9 55 54.2 47 QQQ 3.6 566

Jupiter India I Acc -20.1 228 25.2 135 92.4 15 QQ 6.8 782Jupiter India Select D USD Acc -20.3 229 27.0 129 96.7 13 QQ 7.1 175Jupiter International Fincls I Acc -5.0 176 48.2 65 53.8 48 QQQ 4.1 54Jupiter New Europe L GBP A Inc -5.6 182 61.0 34 28.7 113 QQQQ 4.4 3Kames Diversified Growth GBP B Acc -1.5 130 17.3 164 23.7 127 QQ 1.8 387LF Bentley Sterling Income Inc 0.6 97 -0.2 214 0.0 181 QQ 0.5 14LF Bentley USD Balanced Acc 1.7 81 12.8 183 32.8 93 QQ 2.3 77LF Canlife Global Infrastructure C Acc 9.0 14 35.3 100 47.7 61 QQQ 3.1 22LF Canlife Global Resource C Acc -0.9 124 48.9 62 -4.8 189 QQ 6.1 14LF Canlife Strategic Return C Acc 1.6 86 18.6 155 - - - 2.2 23LF Canlife Total Return C Acc -6.2 192 10.9 189 1.9 178 QQ 2.4 3LF Ruffer Gold C Acc 2.9 56 34.0 104 47.1 62 QQQQ 8.3 981LF Ruffer Pacific & Emerging Mkts C Acc -3.7 165 26.4 130 43.4 71 QQQ 2.8 433LF Waverton Alternatives II B Inc -3.4 159 -5.8 218 -3.8 188 - 0.7 48LO Funds Cmdty Risk Premia USD NA -0.5 114 22.2 145 -4.8 190 - 3.9 204Loomis Sayles Strat Alpha Bd H-N/D GBP -0.8 121 7.9 199 6.0 170 - 0.6 211M&G Global Convertibles GBP I Acc -1.4 129 15.4 172 28.8 112 QQQQ 2.4 283Marlborough ETF Commodity P Acc -0.5 113 21.9 146 -17.4 194 - 3.9 19Marlborough ETF Global Growth P Acc -6.4 193 16.3 167 24.7 123 QQ 2.7 2Matthews Asia Funds India I GBP -5.6 183 41.5 80 122.4 5 QQQQ 5.0 63McInroy & Wood Emerging Mkts Pers Inc -0.5 116 36.3 96 46.1 64 QQQQ 4.1 70Merian Financial Cntgnt Cptl R GBP H Acc -3.3 157 - - - - - - 206Merian Gold & Silver R GBP Acc -1.3 128 - - - - - - 244MFS Meridian Latin American Eq WH1 GBP -11.3 217 41.2 81 -6.2 191 - 6.6 9

MFS Meridian Prudent Wealth W1 GBP 10.0 11 31.3 117 - - QQQ 2.6 2130MI Asset Backed Opps I Gross GBP Inc -2.9 150 - - - - - - 103MI TwentyFour AM Monument Bond I Acc -0.1 108 12.8 184 10.7 161 - 0.6 726Mirabaud Convertible Bds Eurp A EUR Acc -8.7 202 8.4 195 4.8 175 QQ 2.4 99Mirae Asset India Sector Leader Eq R GBP -5.9 189 49.5 58 - - QQQQ 5.4 115MS INVF Global Balanced Income IR -3.2 156 20.7 150 - - QQQ 2.4 429MS INVF Global Fixed Income Opps I 6.1 28 24.7 137 - - QQQQ 2.5 2190Neptune India C Acc GBP -14.4 225 32.9 109 90.4 17 QQ 5.7 65Neptune Latin America C Acc GBP 3.3 50 89.1 7 56.9 45 QQQQQ 7.1 39

Neptune Russia & Greater Russ C Acc GBP 4.6 41 99.1 4 48.0 60 QQQQ 4.4 180Neuberger Berman AbsRetMltStrt GBP I Acc -2.3 138 3.9 206 - - - 1.0 43Neuberger Berman Divers Ccy USD A Acc 5.0 36 6.1 202 30.5 104 - 2.5 21Neuberger Berman Gb Dy AstAllc GBP I Acc -4.8 174 - - - - - - 10Newton 50/50 Global Equity Expt 1 Acc 5.9 29 28.9 120 38.9 80 QQQ 2.7 105Pictet - Emerging Europe P dy GBP -13.9 224 53.8 45 12.8 154 QQQ 5.1 59Pictet Absolute Ret Fxd Inc HI GBP 1.8 79 4.9 204 - - - 0.5 1344Pictet-Biotech I dy GBP 7.5 22 37.8 91 49.5 58 QQ 5.6 1000Pictet-Health I dy GBP 17.3 2 31.6 116 71.1 29 QQQQ 3.9 442Pictet-India Index I GBP -3.0 151 49.1 60 79.2 23 QQQ 5.5 197Pictet-Indian Equities I GBP -6.7 196 50.6 52 111.5 8 QQQQ 5.2 230Pictet-Nutrition I dy GBP 3.8 47 34.0 105 48.6 59 QQQQ 2.9 324Pictet-Russia Index I GBP 0.4 98 83.8 10 39.6 78 QQQ 5.7 28Pictet-Russian Equities I GBP -2.3 140 93.7 6 55.4 46 QQQQ 5.7 393Pictet-Timber I dy GBP -9.7 209 39.1 86 40.6 77 QQQQQ 4.1 415PIMCO GIS Capital Scs E USD Acc 2.8 59 28.1 123 53.2 49 - 2.7 4747PIMCO GIS Cmdty Real Ret E USD Inc -4.8 173 16.8 166 -22.9 196 - 3.9 428PIMCO GIS Dynamic Bd E Acc 5.5 32 19.1 154 35.6 86 QQ 2.7 2400PIMCO GIS Glb Lw Dur Rl Rt Ins USD Acc 5.5 31 13.3 180 32.6 94 QQ 2.7 890PIMCO GIS Infl Strat E USD Acc 4.4 42 13.7 179 20.5 138 Q 3.0 60PIMCO Sel Dynamic Bd Ret GBP Acc -0.1 106 6.2 201 0.6 180 Q 0.6 223Polar Capital Biotech I Inc 12.4 7 83.9 9 130.9 2 QQQQQ 5.1 373Polar Capital Financial Opports R Inc -9.4 205 39.0 87 46.3 63 QQQ 3.4 25Polar Capital Glbl Convert I Acc 5.4 34 27.8 124 42.5 73 QQQQ 2.4 758

Polar Capital Global Ins R Acc 8.7 15 51.7 49 105.2 9 QQQQQ 2.9 1198Polar Capital Healthcare Opports I Inc 22.6 1 59.2 36 90.1 18 QQQQ 3.9 1405Principal Preferred Secs I Acc USD 4.3 43 24.9 136 61.9 39 - 2.7 2884Quilter Inv Natrl Res Eq U2 (GBP) Acc 1.2 90 81.1 15 5.2 174 QQQQ 6.1 64Quilter Investors PM Eq U2 (GBP) Acc 4.1 45 12.4 185 11.1 160 QQQQ 10.1 261RWC Enhanced Income Fund R GBP Acc 6.4 27 15.8 171 17.8 141 QQQ 1.8 202RWC Global Convertibles Fund R GBP Acc -0.7 118 10.9 188 10.0 163 QQQ 1.4 556RWC Income Opportunities Fund R GBP Acc 6.5 26 23.6 141 26.7 115 QQ 2.2 61Sanlam Real Assets A GBP Inc - - - - - - - - 94Sarasin Food & Agriculture Opps P Acc 5.2 35 56.5 41 74.8 26 QQQQQ 3.1 248Schroder Diversified Growth I Acc -3.3 158 15.1 174 15.7 145 QQQ 1.4 5206Schroder GAIA Egerton Equity A Dis GBP -5.7 184 32.2 111 29.4 108 - 3.0 1026

Schroder ISF Asian Ttl Ret C Acc USD -5.5 181 50.2 53 85.5 20 QQQQQ 3.5 3178Schroder ISF Emerging Europe C Acc EUR -5.8 186 76.0 19 51.2 54 QQQQQ 4.2 736Schroder ISF Eurp Div Mxmsr Z Acc EUR 1.1 91 34.8 102 24.6 124 QQQ 2.5 728Schroder ISF Glb Div Mxmsr Z DisGBP QF 1.0 93 39.9 85 52.3 51 QQQQ 2.8 2138Schroder ISF Glb Em Mkt Opps C Acc USD -5.7 185 62.6 32 57.7 41 QQQQ 3.9 1007Schroder ISF Indian Equity C Acc USD -2.4 142 51.7 50 102.7 12 QQQQ 5.0 595Schroder ISF Latin American C Acc USD -1.3 127 68.2 21 31.3 100 QQQ 7.2 187Schroder ISF Wealth Presv C Acc EUR -5.1 177 21.0 149 3.4 176 QQQ 3.4 16Schroder Small Cap Discovery Z Acc -9.9 212 27.2 126 43.8 68 QQQ 3.3 223Scottish Widows Latin Amer A Acc -4.1 168 83.2 11 39.3 79 QQQ 7.7 7SKAGEN Vekst A -6.2 191 36.2 97 22.1 130 QQ 3.6 622SLI Enhanced-Diversification Plat 1 Acc -2.7 147 12.8 182 21.7 134 - 2.1 338Smith & Williamson Artfcl Intllgnc Z GBP 11.4 9 - - - - - - 145Smith & Williamson Global Gold & Res B 2.8 61 17.3 163 5.6 172 QQQQ 9.7 50

Stewart Inv Indian Sbctnt Sustnby B GBP 0.8 94 49.5 57 131.6 1 QQQQQ 4.3 274Stewart Investors AsiaPac Ldrs B Acc GBP 3.9 46 40.1 84 75.9 25 QQQQ 3.4 6727Stewart Investors AsiaPac Sust B Acc GBP 7.6 20 50.9 51 91.4 16 QQQQQ 3.2 413Stewart Investors Glbl EM Ldrs B Acc GBP -5.9 188 37.1 93 49.5 57 QQQQ 3.9 1873

Stewart Investors Glbl EM Sust B Acc GBP -1.8 132 45.9 72 57.4 44 QQQQ 3.9 421Stewart Investors Global EM B Acc GBP -2.0 135 44.9 74 50.3 56 QQQQ 3.9 523Stewart Investors Latin Amer B Acc GBP 2.2 73 73.8 20 67.2 33 QQQQQ 5.9 217T. Rowe Price Frontier Markets Eq Q GBP -16.0 226 32.3 110 - - QQQQ 3.2 208T. Rowe Price Glbl Natrl Res Eq Q EUR 2.4 67 34.8 101 15.9 144 QQQQ 3.9 157T. Rowe Price Global Natrl Res Eq C GBP 2.9 58 - - - - - - 4TC South River Gold and Prec Mtls B Acc -23.0 230 17.7 160 - - QQQ 8.4 2Templeton BRIC A(acc)USD -6.5 194 81.6 14 62.1 38 QQ 4.6 515

Templeton Frontier Markets W(acc)GBP -9.4 207 29.1 119 25.6 120 QQQ 3.2 430Templeton Latin America W(acc)GBP -1.1 126 66.1 25 29.6 107 QQQ 6.9 819Threadneedle Latin America Z Acc GBP -1.9 134 61.6 33 20.6 137 QQ 7.0 431TIME Defensive Income Securities Acc - - - - - - - - 35TM Fulcrum Diversified Liqd Alts CGBPAcc - - - - - - - - 33

Unit Trusts/OEICs



Baillie Gifford Multi Asset Gr B1 Acc 0.3 103 20.1 152 - - QQQQ 1.3 1428Baring Russia R GBP Inc -10.9 216 67.9 22 34.6 89 QQQ 5.0 29Barings Australia I GBP Acc 5.5 33 37.8 90 34.3 91 QQQ 4.0 52Barings Eastern Europe I GBP Acc -7.2 197 59.2 35 30.8 103 QQQQ 4.5 657Barings Frontier Markets I GBP Inc -11.8 220 30.4 118 28.2 114 QQQ 3.0 23Barings German Growth I GBP Acc -13.8 223 31.9 114 36.7 84 QQQQQ 4.2 405Barings Global Agriculture I GBP 1.7 84 34.5 103 43.3 72 QQQQ 3.6 65Barings Global Resources I GBP Acc -3.1 152 37.0 94 12.2 158 QQQ 4.3 270Barings Korea I GBP Acc -11.7 219 25.3 133 31.3 101 QQQ 5.0 70Barings Latin America I GBP Acc -2.2 136 53.4 46 24.1 126 QQQ 6.8 214

BGF Emerging Europe D2 -9.7 210 51.9 48 34.6 90 QQQQ 4.1 675BGF India D2 -4.8 172 49.7 56 123.4 4 QQQQ 5.8 436BGF Latin American D2 -0.4 112 76.1 18 43.6 69 QQQQ 7.2 998

BGF Sustainable Energy D2 4.9 38 37.7 92 45.8 65 QQQQ 3.0 818BGF World Agriculture D2 0.2 104 24.5 138 35.0 88 QQQ 3.5 46

BGF World Energy D2 3.0 53 28.3 122 -10.9 192 QQ 5.5 1073BGF World Mining D2 -1.1 125 79.2 16 7.6 166 QQQ 8.1 4101

BlackRock Dynamic Allocation D GBP Acc 1.8 80 10.5 191 - - QQ 1.3 367BlackRock Dynamic Diversified Gr D Acc 1.7 82 10.1 193 9.7 164 QQ 1.2 2222

BlackRock Gold and General D Acc 4.9 40 14.3 178 12.8 155 QQQQ 10.2 891BlackRock Managed Volatility I C 2.9 54 19.1 153 26.3 116 QQQQ 1.5 1196BlackRock Managed Volatility II C 2.9 57 23.5 143 29.1 111 QQQQ 1.7 283BlackRock Managed Volatility III C 3.1 51 27.8 125 32.1 95 QQQQ 2.0 85BlackRock Market Advantage D GBP Acc 1.5 88 15.3 173 - - QQQ 1.2 566BlackRock Ntrl Resources Gr & Inc D Acc 2.3 69 48.3 64 25.4 121 QQQQQ 5.1 60Blackrock UK Managed Volatility I C £Acc 2.6 65 7.9 200 14.3 148 QQ 1.6 73Blackrock UK Managed Volatility II C£Acc 1.9 78 8.4 196 12.6 156 QQ 1.8 160Blackrock UK Managed Volatility IIIC£Acc 1.6 85 14.4 177 12.5 157 QQ 2.0 48BMO Diversified Monthly Income 1 Inc -0.8 122 5.9 203 2.1 177 Q 0.8 62BMO Overseas Equity-Linked UK Gilt 3 Acc 2.7 62 48.6 63 87.9 19 - 3.5 131BMO Overseas Equity-Linked UK Infl 3 Acc 2.2 72 59.1 37 93.5 14 - 3.4 345BMO UK Equity-Linked Gilt 3 Acc 4.9 39 40.6 83 63.9 36 - 4.0 97BMO UK Equity-Linked Inflation 3 Acc 4.1 44 49.9 54 68.2 32 - 4.1 187BNY Mellon Brazil Equity GBP W Acc 7.2 23 144.9 1 70.7 30 QQQQQ 10.1 93Brown Advisory Latin American B USD Inc -8.3 201 47.3 69 10.6 162 QQQQ 6.8 266Candriam Eqs L Australia C AUD Cap -2.3 139 43.1 77 32.1 96 QQQ 4.2 170

Candriam Eqs L Biotech C USD Cap 9.4 13 49.1 61 72.9 27 QQQQ 5.5 1531Capital Group New World (LUX) Z -0.8 123 47.0 70 51.7 53 QQQQ 3.2 478

Carmignac Emergents A EUR Acc -10.8 215 23.6 142 31.3 102 QQ 4.1 747Carmignac Pf Commodities W GBP Acc -4.5 170 35.5 99 14.0 149 QQQQ 4.6 375Carmignac Pf L-S Eurp Eqs F GBP Acc -3.5 162 49.4 59 - - - 3.0 617Comgest Growth Latin America EUR Z Acc - - - - - - - - 32Consistent Opportunities Unit Trust Inc -7.8 198 -0.7 215 -0.3 183 Q 3.1 24Eaton Vance Intl (IRL) PrGl DefEq I2£Acc 3.5 48 - - - - - - 456EF Brunswick Diversified Port B Acc GBP 1.5 87 17.8 159 23.1 129 QQQ 1.4 24EF WM Global Trend B Acc GBP -10.6 214 13.3 181 14.5 147 QQQ 2.2 29Fidelity Emerg Eur Mid East&Africa W Acc -13.0 221 42.9 78 37.0 83 - 4.5 106

Fidelity India Focus Y-Dis-GBP 0.3 102 53.0 47 115.2 6 QQQQ 5.4 1269Fidelity Latin America W-Acc-GBP -3.5 161 63.3 31 38.8 81 QQQQ 7.0 1082First State Indian SubcontnnAllCap B GBP - - - - - - - - 6FP Foresight UK Infras Inc A GBP Acc 17.0 3 - - - - - - 108FP Octopus Dynamic Mixed Asset B Acc 2.0 77 21.7 147 30.4 105 QQQQ 1.7 51FP Russell Invsmts Real Assets C GBP Acc 2.7 63 16.0 169 13.3 152 Q 2.2 84FP SCDavies Global Alts A Acc GBP -2.8 149 -1.4 216 -0.3 182 - 0.7 4

Franklin India W(acc)GBP -9.4 206 38.5 88 103.0 11 QQQ 5.7 1578GAM Multibond ABS EUR B -4.3 169 11.4 187 5.9 171 - 2.3 17GAM Star Alpha Technology USD Inc 16.6 4 54.4 44 57.6 42 - 3.3 12GAM Systematic Alt Rsk Pre GBP Acc -0.2 109 2.1 211 9.6 165 - 0.9 195GS BRICs Eq R Inc GBP -3.6 164 82.7 12 81.9 22 QQQQ 4.6 113GS Glbl Strat Inc Bd R Inc GBP Hdg -0.4 111 3.3 209 -1.7 184 Q 0.8 1718GS Glbl Strat Macro Bd R Inc GBP Hdg -2.4 144 2.0 212 - - - 1.0 1075

GS India Equity R Inc GBP -9.9 213 46.5 71 128.1 3 QQQQ 5.8 1400GS N-11Æ Equity R Inc GBP -9.2 203 16.2 168 11.5 159 Q 4.4 59GS NA Engy & Engy Infras Eq R Acc USD 7.2 24 36.9 95 - - QQQ 5.3 62GS Strat Abs Ret Bd I R Inc GBP Hdg 0.1 105 3.1 210 1.0 179 - 0.5 641GS Strat Abs Ret Bd II R Inc GBP Hdg -0.5 115 3.5 208 -2.1 186 - 1.0 241GS US Mortgg Bckd Secs R Acc USD 6.6 25 9.1 194 41.1 75 QQQQQ 2.8 259GS US RlEstt Bal R Acc USD 7.8 17 33.6 107 63.5 37 QQQQQ 2.6 249HL Multi-Mgr Asia and Emerging Mkt A Acc -5.3 180 43.4 76 - - QQQ 4.0 216HSBC GIF Brazil Equity AD 0.4 99 114.7 2 21.9 131 QQQ 10.4 289HSBC GIF BRIC Markets Equity AD -3.2 155 97.3 5 85.0 21 QQQQ 5.3 119HSBC GIF GEM Debt Total Return M1D 2.7 64 8.4 197 33.9 92 QQ 3.1 1165

HSBC GIF Indian Equity AD -9.7 208 47.5 67 77.6 24 Q 6.0 1010HSBC GIF Latin American Equity M1D -1.6 131 64.1 29 20.7 136 QQQ 7.3 14HSBC GIF Russia Equity AD -2.8 148 76.8 17 40.9 76 QQQ 5.3 142Invesco Emerging European UK Z Acc -4.9 175 67.6 23 44.5 66 QQQQQ 4.2 24Invesco Global Fincl Cptl UK Z Acc -5.9 187 24.3 140 23.5 128 - 2.6 86Invesco India Equity A USD AD -9.2 204 42.8 79 112.3 7 QQQQ 6.1 351Invesco Latin American UK Z Acc -3.4 160 56.1 42 15.5 146 QQQ 7.0 143Investec Enhanced Natural Res I Acc -2.7 146 35.7 98 16.1 143 - 4.9 70Investec Global Energy I Acc GBP 5.0 37 25.3 134 -19.3 195 QQ 5.4 51Investec Global Gold I Acc GBP 11.4 10 25.8 132 25.9 118 QQQQ 10.5 273Investec SIV Diversified Gr I Acc -3.2 154 8.1 198 13.0 153 QQQ 1.3 2286Investec SIV MA Protector 2 I Acc 1.2 89 21.0 148 25.3 122 - 1.2 91Investec SIV Multi Asset Protector A Acc 0.7 96 18.1 157 20.3 139 - 1.2 167Investec SIV UK Total Return I Acc 5.6 30 17.5 162 21.7 133 - 2.5 178Janus Henderson Diversified Alts Y Acc 7.7 19 32.0 113 37.1 82 - 1.2 85Janus Henderson Global Fncls I Acc -0.3 110 54.4 43 52.5 50 QQQQ 3.2 57Janus Henderson Latin American HÄ Acc -3.6 163 65.1 27 - - QQQQ 6.1 95Janus Henderson Secured Lns Y Acc GBP 2.2 71 14.6 175 17.0 142 - 0.7 210JOHCM UK Opportunities A GBP Acc 7.7 18 18.6 156 31.5 97 QQQQ 2.0 456JPM Africa Equity A perf (dist) GBP -11.4 218 32.1 112 6.7 168 QQQQ 4.5 135JPM Brazil Equity A (dist) USD -1.8 133 100.8 3 29.2 110 QQ 9.2 168

JPM Emerging Europe Equity C Net Acc -8.3 200 48.1 66 18.2 140 QQQQ 4.4 55JPM Emerging Middle East Eq A (dist) USD 15.5 5 41.1 82 42.2 74 QQQ 3.5 88JPM Global Convert (EUR) A (dist) GBP H -2.5 145 10.6 190 7.3 167 QQ 1.6 1214

JPM India A (dist) USD -9.8 211 27.2 127 71.7 28 QQ 6.2 618JPM Korea Equity A (dist) USD 1.7 83 58.1 38 52.2 52 QQQQ 4.5 274JPM Latin America Equity A (dist) USD -3.7 166 57.1 40 26.3 117 QQQ 6.7 505JPM Natural Resources C Net Acc 2.8 60 81.8 13 5.4 173 QQQ 6.0 640JPM Russia A (dist) USD -0.1 107 66.4 24 35.6 87 QQQ 4.6 425

Junior Gold P Acc -17.6 227 3.8 207 -26.7 197 Q 14.5 10Junior Oils P Acc -2.4 141 24.5 139 -49.2 198 Q 7.5 9

49 Œ „ ´ ‰ ˆ Á



Jupiter Strategic Reserve I Acc -1.0 53 1.3 67 1.9 51 - 0.5 50Kames Absolute Return Bond GBP B Acc -0.5 46 2.5 61 4.2 42 - 0.2 1278

Kames Global Eq Mkts Netrl GBP B Acc -6.2 97 - - - - - - 82Kames UK Equity Absolute Ret GBP B Acc -1.2 55 -9.4 96 -4.2 67 - 0.8 45L&G Multi-Asset Target Return I Acc 5.7 5 21.3 5 - - - - 523LF Odey Absolute Return Sterling I Acc 2.9 16 -12.4 99 -2.9 63 - 3.8 784Liontrust GF Absolute Ret Bd C5 Acc GBP - - - - - - - - 5Liontrust GF EurpStratEq C3 H Instl Acc£ 1.0 24 15.5 16 - - - 2.4 86M&G Absolute Return Bond GBP I Acc 0.6 31 - - - - - - 37M&G Global Target Return GBP I Acc -1.8 60 - - - - - - 94Man Dyn Allc Professional C Acc - - - - - - - - -Man GLG Alpha Select Alt IL GBP Acc 4.4 11 21.5 4 28.6 4 - 1.3 792Man GLG European Alpha Alt IN H GBP 0.6 30 2.1 62 -1.1 58 - 0.8 115Man GLG UK Absolute Value Profl CX £ Acc 4.6 10 - - - - - - 377Merian Global Equity Abs Ret R GBP H Acc -7.8 106 3.5 58 14.0 16 - 1.3 9103Merian Strategic Abs Ret Bd F2 GBP H Acc -2.1 65 3.1 59 -3.5 66 - 0.8 115Merian Style Premia Abs Ret F GBP H Acc -10.8 112 - - - - - - 60Merian UK Opportunities R GBP Acc -7.2 102 -13.8 100 -13.9 76 - 1.1 12Merian UK Specialist Equity R GBP Acc -7.3 103 - - - - - - 494MI Activus Investment Z GBP Acc -2.0 63 - - - - - - -New Capital Global Alpha GBP Inst Acc -2.3 68 - - - - - - 97Newton Global Dynamic Bd Inst Inc 0.6 32 4.7 49 6.3 37 QQ 0.4 2247Newton Managed Targeted Ret Inst W Acc -0.5 45 10.5 25 - - - 1.8 79Newton Multi-Asset Divers Ret Inst W Acc 2.6 17 25.1 3 30.1 3 QQQQQ 1.4 187

Newton Real Return Inst W Acc 4.9 7 4.3 52 11.1 24 - 1.5 7467Newton Sustainable Real Return Ins W Acc - - - - - - - - 129Nordea 1 - GBP Diversified Return BC GBP 2.0 20 7.7 32 - - Q 1.3 2884OYSTER Absolute Return GBP R GBP D -1.6 58 5.7 42 - - Q 0.8 219Polar Capital UK Absolute Eq I GBP -1.9 61 63.2 1 - - - 4.4 483Premier Defensive Growth C Inc -0.5 47 3.0 60 6.9 35 - 0.4 378Premier Multi Asset Absolute Ret C Acc -1.0 54 5.5 43 9.5 26 - 0.6 250Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc - - - - - - - - 305Royal London Abs Ret Govt Bd M GBP Acc -0.1 39 0.5 68 - - - 0.3 1378RWC Defensive Convertibles B EUR Acc -3.7 84 15.9 15 11.4 23 - 2.3 17RWC Pensato Europa Absolute Ret R GBPAcc - - - - - - - - 71RWC US Absolute Alpha R GBP -3.0 75 5.1 45 6.2 38 - 1.8 259Sanlam Multi Strat A GBP Acc 3.8 13 17.8 11 15.6 13 - 1.1 180Sarasin IE Systm Abs Ret-UK GBP I Acc 2.9 15 -4.0 87 - - - - 30Schroder Absolute Return Bond Z GBP Acc -1.3 56 7.0 35 4.1 43 QQ 0.8 83

Schroder European Eq Abs Ret P2 Acc Euro -4.3 89 1.7 65 -5.9 71 - 2.5 32Schroder ISF Asn Bd TR Z Acc USD 6.6 4 17.2 14 - - QQQ 2.5 174

Schroder ISF EM Dbt Abs Rt Z Acc EUR H -9.8 108 15.3 17 2.8 46 Q 3.4 3854Schroder Multi-Asset Total Return Z Acc -4.5 92 - - - - - - 51Schroder UK Dynamic Abs Ret P2 GBP Acc -3.3 80 18.8 10 13.5 17 - 2.0 373SLI Abs Ret Glb Bd Strats A Acc GBP -0.6 48 -1.0 75 -0.9 56 - 0.5 1932

SLI Global Absolute Ret Strat Plat 1 Acc -3.4 81 -1.8 80 2.6 48 - 1.1 10601Smith & Williamson Defensive Growth B 4.7 9 20.4 6 24.3 6 QQQ 0.9 44Smith & Williamson Enterprise C -2.2 66 7.2 34 12.2 20 - 1.1 126SVS Church House Tenax AbsRt Strts A Acc 0.4 35 9.9 27 16.2 11 - 0.6 303Threadneedle Abs Ret Bd Ins Acc GBP -1.3 57 -7.6 95 -9.1 75 - 0.7 24Threadneedle Dynamic Rl Ret Z Acc -0.7 49 13.7 19 21.8 9 QQQ 1.5 1662Threadneedle UK Abs Alpha Z Acc GBP -2.0 62 -3.5 85 7.1 34 - 1.2 344Tideway Real Return A GBP Acc -6.8 99 9.1 29 4.0 45 - 1.5 51TM Fulcrum Divers Cor Abs Ret C GBP Acc -0.3 42 4.2 55 - - - 1.2 508TM Fulcrum Diversified Abs Ret C GBP Acc -0.5 44 4.7 48 6.8 36 - 1.2 950TM Fulcrum Income C GBP Inc -2.3 67 - - - - - - 27TM Sanditon European Sel GBP A Acc 5.3 6 -7.3 94 - - - 2.1 114TM Sanditon UK Select A NET Acc 4.1 12 -10.5 97 - - - 1.9 34TMI Diversified Assets GBP Acc Hdg 2.1 19 17.3 13 - - - 1.6 67Vontobel Ttfr Abs Ret Crdt G GBP 1.0 26 12.4 22 - - - 0.7 1628VT icf Absolute Return Portfolio F GBP -1.6 59 1.9 63 4.0 44 - 0.8 4VT iFunds Absolute Return Green A Acc -10.4 111 -2.0 81 8.0 31 QQ 2.1 16VT iFunds Absolute Return Indigo A Acc -7.4 105 -5.6 89 -3.1 64 Q 1.4 3VT iFunds Absolute Return Orange A Acc -11.4 113 4.2 54 15.2 14 QQQ 2.4 27VT Woodhill UK Equity Strat Net Inc GBP 2.3 18 6.7 37 - - - 1.1 27WAY Absolute Return Portfolio E Acc -2.6 72 12.7 21 8.4 30 - 1.7 10Winton Absolute Return Futures I GBP Acc -0.4 43 - - - - - - 82Sector average/count -1.9 115 5.0 102 7.0 76 1.4 743

Investment Trusts



1 3 5 3 Fund year year year year Size Ltst Grng Ltst % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV


Asia Pacific - Excluding JapanAberdeen Asian Income Ord 1.8 5 53.5 11 37.2 13 3.5 394 -6.5 9 221Aberdeen New Dawn Ord -1.9 10 63.9 7 58.6 10 4.1 290 -12.3 5 259

Aberdeen Standard Asia Focus Ord 2.9 3 47.5 13 39.8 12 3.4 401 -9.4 14 1160Edinburgh Dragon Ord 0.9 7 66.8 6 67.0 8 4.1 539 -10.2 5 415Fidelity Asian Values Ord 12.0 2 82.2 4 120.6 2 3.3 289 3.9 4 405

Henderson Far East Income Ord -1.8 9 51.1 12 55.6 11 3.5 416 2.6 0 336Invesco Asia Ord -3.9 14 67.2 5 94.4 6 4.3 214 -10.7 2 303

JPMorgan Asian Ord 2.9 4 94.1 2 102.8 3 4.6 360 -8.2 0 382Martin Currie Asia Unconstrained Ord 0.4 8 60.8 8 63.0 9 4.0 150 -11.3 3 419

Pacific Assets Ord 12.7 1 56.4 9 99.1 4 3.5 332 1.2 0 277Pacific Horizon Ord -3.9 13 102.2 1 95.6 5 4.9 186 0.5 0 320

Schroder Asian Total Return Inv. Company -2.0 11 83.4 3 127.4 1 3.6 295 4.0 0 333Schroder Oriental Income Ord 1.2 6 53.9 10 82.8 7 3.3 627 2.2 3 242

Scottish Oriental Smaller Cos Ord -2.2 12 38.2 14 36.6 14 3.5 328 -12.7 0 1099Sector average/count 1.4 14 65.8 14 77.2 14 3.8

EuropeBlackRock Greater Europe Ord 5.1 1 42.9 2 48.6 4 3.1 296 -3.7 1 347European Investment Ord -8.0 6 36.7 3 22.4 8 3.8 369 -9.6 0 906

Fidelity European Values Ord 4.9 2 47.3 1 65.2 2 3.2 1002 -8.7 11 243Henderson European Focus Trust Ord -9.3 8 24.2 8 37.3 6 3.1 267 -7.6 0 1240Henderson EuroTrust Ord -6.3 4 33.8 4 49.4 3 3.0 243 -9.1 0 1156

JPMorgan European Growth Pool Ord -9.3 7 30.3 6 37.0 7 3.3 227 -11.3 12 315

JPMorgan European Income Pool Ord -7.2 5 29.1 7 44.2 5 3.2 170 -12.9 12 168Jupiter European Opportunities Ord 0.2 3 31.6 5 65.4 1 3.8 840 -4.4 8 745

Sector average/count -3.7 8 34.5 8 46.2 8 3.3

Flexible InvestmentAberdeen Diversified Income & Growth Ord 3.4 7 15.8 14 8.1 16 1.7 408 0.4 15 123BMO Managed Portfolio Growth Ord -2.5 15 38.5 8 41.7 7 2.6 72 -2.3 0 203BMO Managed Portfolio Income Ord -0.3 13 33.1 11 33.7 9 2.4 55 0.3 9 128Caledonia Investments Ord 12.3 2 43.0 6 72.0 4 1.7 1875 -14.0 0 3414Capital Gearing Ord 5.9 6 21.5 12 24.1 12 1.1 302 1.9 0 3969CIP Merchant Capital Ord -30.8 20 - - - - - 48 -23.3 0 88Establishment Investment Trust Ord 0.8 11 57.5 4 48.5 6 3.7 43 -6.3 0 215Hansa Trust ‘A’ Class A 6.3 5 46.4 5 31.8 10 3.0 340 -27.9 0 1417Hansa Trust Ord 16.3 1 60.3 3 41.3 8 3.0 340 -21.9 0 1417Henderson Alternative Strategies Trust -0.1 12 42.4 7 23.8 13 1.7 128 -15.3 0 330Invesco Perp Select Balanced Risk Alloc -2.9 16 18.4 13 22.5 14 1.6 8 -3.3 0 138JPMorgan Multi-Asset Ord - - - - - - - 88 -8.3 0 102JZ Capital Partners Ord/Inc -3.5 17 15.4 15 12.9 15 3.6 882 -55.5 4 977JZ Capital Partners ZDP 2022 -0.7 14 13.2 17 - - 2.8 882 5.0 4 410Miton Global Opportunities Ord -7.4 18 68.3 2 74.4 3 2.4 75 -1.8 4 268

Personal Assets Ord 1.5 10 15.3 16 31.1 11 1.7 935 0.9 0 39532RIT Capital Partners Ord 9.0 4 36.0 10 74.6 2 1.6 2940 8.1 15 1893Ruffer Investment Company Ord -7.5 19 9.6 18 6.2 17 1.6 396 -2.8 0 219Seneca Global Income & Growth Trust Ord 2.6 8 38.0 9 57.5 5 2.1 80 -0.9 9 170UIL Ord/Inc 10.2 3 95.2 1 102.3 1 8.2 466 -44.1 10 306UIL ZDP 2022 2.0 9 - - - - - 466 7.9 10 118

TM Stonehage UK Equity Income B Inc 7.6 21 27.1 128 31.4 98 QQQQ 2.3 91VT Gravis UK Infras Inc C GBP Acc 11.6 8 26.3 131 - - Q 1.8 339VT Protean Capital Elder Net Acc 3.3 49 - - - - - - 75Vt Protean Capital Procsi Core A GBP Acc - - - - - - - - 37VT Reyker Real Assets R Acc - - - - - - - - -VT RM Alternative Income Retail GBP Acc - - - - - - - - 6VT SG UK Defined Return Assets A Acc 2.9 55 - - - - - - 26Waverton Absolute Return A GBP -3.7 167 -5.7 217 -3.8 187 - 0.7 36WAY Global Momentum E Acc -6.6 195 17.9 158 13.9 150 QQ 2.2 30Sector average/count -0.8 230 36.3 218 37.2 198 3.9 612

Targeted Absolute Return7IM Real Return C Acc -0.8 51 19.2 9 24.8 5 QQQQ 1.2 70Aberdeen Target Return Bd I Acc 0.0 38 4.4 51 -2.3 62 - 0.5 156Absolute Insight Credit B2p2 GBP -2.5 71 4.2 53 2.0 50 - 0.8 201Absolute Insight Currency B3p GBP -4.6 93 -11.3 98 -5.8 70 - 0.8 74

Absolute Insight Emerg Mkt Debt B3p GBP -7.3 104 -1.3 78 -1.4 59 - 1.1 349Absolute Insight Eq Mkt Netrl B3p GBP -3.2 78 -1.1 76 -0.5 55 - 0.4 102

Absolute Insight W -4.1 88 -1.1 77 -0.5 54 - 0.5 449Allianz Fixed Income Macro E GBP Acc - - - - - - - - 4Artemis Pan-Eurp Abs Ret I Hdg Acc GBP -4.3 90 4.9 47 - - - 2.1 131Artemis US Absolute Return I Hdg Acc GBP 1.0 25 6.3 39 - - - 0.6 748Aviva Investors Mlt-Strat Trgt Inc 2£Inc -2.3 69 -2.8 82 - - - 1.6 1265

Aviva Investors Mlt-Strat Trgt Ret 2£Acc -4.4 91 -4.0 86 - - - 1.5 4917Barings Multi Asset I GBP Acc 0.4 34 19.4 8 22.0 8 QQQ 1.7 128BlackRock Absolute Return Bond D Acc -0.7 50 5.1 46 4.3 41 - 0.4 2323BlackRock Emerging Mkts Abs Alpha D Acc 15.6 1 9.6 28 - - - 2.5 6

BlackRock European Absolute Alpha D Acc 4.7 8 5.3 44 12.2 21 - 1.1 69BlackRock Glbl Long/Short Eq D Acc 6.8 3 13.2 20 - - - 1.4 7

BlackRock UK Absolute Alpha D 1.8 21 6.2 40 19.6 10 - 0.9 293BMO Global Equity Market Netrl V10 C Acc -9.8 107 -3.0 83 - - - 2.7 564BNY Mellon Absolute Ret Bd EUR X Acc -10.1 110 7.8 31 2.2 49 - 2.5 704

BNY Mellon Absolute Ret Eq GBP U Acc -5.1 94 -0.9 73 1.1 52 - 0.7 1470Castlefield Real Return Instl 3.0 14 11.2 23 14.4 15 - 1.2 33City Financial Absolute Eq I GBP Acc -33.7 115 -27.5 102 6.0 39 - 5.0 179FP Argonaut Absolute Return R GBP Acc -17.7 114 -18.9 101 -8.7 73 - 3.9 34FP Octopus Global Strategies B -2.1 64 1.4 66 5.7 40 - 0.6 54FP Pictet Multi Asset Portfolio A Acc -5.1 95 14.3 18 - - Q 1.6 216Franklin Absolute Return Bd W(acc) -0.2 41 - - - - - - 25GAM MultiBond Absolute Ret Bd Def GBP R -2.9 74 1.8 64 -2.2 61 - 0.6 8GAM MultiBond Absolute Ret Bd GBP R -3.3 79 4.0 57 -2.0 60 - 0.8 189GAM MultiBond Absolute Ret Bd Pls GBP R -2.7 73 6.8 36 -0.4 53 - 0.9 170GAM Multistock Abs Ret Eurp Eq GBP Rh -3.4 82 -5.8 91 -3.4 65 - 0.9 121GAM Star (Lux) - Convert Alpha I EUR Acc -7.0 100 19.6 7 8.0 32 QQQ 2.4 72GAM Star (Lux) - Emerging Alpha I £ Acc -9.8 109 -7.1 93 -8.9 74 - 1.4 31GAM Star (Lux) - European Alpha I GBP -4.0 87 -6.7 92 2.6 47 - 1.8 213GAM Star Emerging Market Rates Instl£Inc 0.5 33 9.9 26 12.4 19 - 1.5 61GAM Star Global Rates GBP Acc 0.9 27 -1.6 79 -1.0 57 - 3.2 229Gemini Principal Asset Allc A £ Acc -5.2 96 -0.4 71 - - Q 1.3 21GS Global Absolute Ret R Inc GBP Hdg -3.9 86 -0.7 72 - - - 0.9 148H2O Multireturns N/D GBP 7.6 2 31.6 2 57.1 1 - 4.1 399Hermes Absolute Ret Crdt F GBP Hdg Acc 0.7 29 4.5 50 - - - 0.4 139IFML Vitality Targeted Absolute Ret Bd D -3.8 85 -5.7 90 -6.2 72 - 0.5 2IFSL Brooks Macdonald Def Cap A Acc 1.7 22 17.8 12 22.2 7 - 1.1 605Insight Global Absolute Ret Inst W Acc -0.1 40 11.0 24 12.4 18 - 1.3 409Invesco Global Targeted Inc UK Z Acc -2.5 70 - - - - - - 115

Invesco Global Tgtd Rets UK Z Acc -3.7 83 0.1 69 8.5 29 - 1.0 11623Investec SIV Target Return Bd I Acc GBP -3.2 77 -5.0 88 -5.3 69 - 0.5 102Janus Henderson Credit Alpha Y Acc 0.4 36 -0.9 74 -4.6 68 - 0.5 30Janus Henderson Eurp Abs Ret I Acc 0.3 37 5.8 41 9.0 27 - 1.1 51Janus Henderson Mlt-Ast AbsRet I Acc 1.3 23 8.5 30 10.0 25 - 0.8 131

Janus Henderson UK Absolute Return I Acc 0.8 28 4.0 56 16.1 12 - 0.8 2193JPM Global Macro C Net Acc -7.1 101 -0.2 70 12.1 22 QQ 1.3 104

JPM Global Macro Opportunities C Net Acc -6.5 98 6.4 38 33.5 2 - 2.0 1477JPM Unconstrained Bond C Grs Acc -0.9 52 7.6 33 7.1 33 QQQ 0.7 577

Jupiter Absolute Return I Acc -3.0 76 -3.5 84 8.6 28 - 1.5 1533Jupiter Merlin Real Return I GBP Acc - - - - - - - - 19

50



Investment Trusts


UIL ZDP 2026 - - - - - - - 466 0.3 10 104Sector average/count 0.7 20 37.1 18 41.6 17 2.6

GlobalAlliance Trust Ord 3.1 7 57.4 9 80.7 8 3.0 2609 -5.1 9 784Bankers Ord 0.0 16 60.7 8 66.7 10 3.1 1059 -1.5 6 863BMO Global Smaller Companies Ord 2.3 10 48.1 13 61.8 12 2.9 809 -1.6 7 1333British Empire Ord 2.6 9 74.6 5 63.9 11 3.1 886 -8.5 10 799Brunner Ord 2.1 11 63.0 7 61.5 13 3.1 352 -9.8 7 825Edinburgh Worldwide Ord 18.4 2 128.2 2 107.1 5 5.1 519 2.0 9 180

EP Global Opportunities Ord -0.1 17 41.7 16 45.0 17 2.7 134 -6.1 0 317F&C Investment Trust Ord 7.1 4 67.3 6 97.9 6 2.9 3664 0.7 9 674

Independent Ord -19.4 18 54.2 11 129.6 3 6.3 308 2.0 0 556JPMorgan Elect Managed Growth Ord 1.9 12 41.9 15 51.1 16 2.8 256 -2.4 0 809

Law Debenture Corporation Ord 3.7 6 40.4 17 24.7 18 2.5 772 -9.4 5 653Lindsell Train Ord 56.0 1 174.7 1 340.1 1 2.5 164 65.2 0 82134Majedie Investments Ord 1.0 13 21.7 18 57.0 14 2.4 165 -10.0 12 308Mid Wynd International Inv Tr PLC O Inc 2.6 8 54.8 10 85.9 7 3.0 189 1.7 0 491

Monks Ord 4.1 5 105.5 3 111.6 4 3.5 1730 4.2 7 793Scottish Investment Trust Ord 0.7 14 47.3 14 54.5 15 3.1 681 -8.1 12 888

Scottish Mortgage Ord 9.8 3 100.6 4 134.8 2 4.5 7161 1.8 11 486Witan Ord 0.3 15 50.7 12 68.2 9 2.9 1870 -2.3 18 1053

Sector average/count 5.3 18 68.5 18 91.2 18 3.3

Global Emerging MarketsAberdeen Emerging Markets Ord -9.9 11 52.2 5 45.0 6 5.0 293 -14.5 7 635Aberdeen Frontier Markets Investment Ord -15.9 13 5.4 11 -8.6 9 2.6 39 -10.4 0 55Ashmore Global Opp GBP Ord -3.6 8 15.6 10 -17.8 11 3.4 11 -22.6 0 478Ashmore Global Opp USD Ord 9.2 1 32.4 8 12.2 8 4.0 28 -17.8 0 508

BlackRock Frontiers Ord -12.2 12 47.3 6 36.9 7 3.9 318 4.4 41 132Fundsmith Emerging Equities Trust -2.6 7 26.4 9 - - 3.9 314 1.7 0 1181Genesis Emerging Markets Fund -0.7 5 58.3 4 47.0 5 4.0 1048 -10.5 0 777

JPMorgan Emerging Markets Ord 1.5 3 70.1 3 83.9 1 4.4 1191 -8.6 0 970JPMorgan Global Emerg Mkts Inc Ord 0.1 4 73.0 2 49.3 3 4.4 387 -0.5 7 130

Jupiter Emerging & Frontier Income Ord -4.4 9 - - - - - 90 4.5 13 95Mobius Investment Trust Ord - - - - - - - 99 5.2 0 99Qannas Investments Ord -7.5 10 -35.9 12 -12.2 10 5.4 26 6.0 57 59

Templeton Emerging Mkts Invmt Tr TEMIT -1.8 6 91.2 1 60.8 2 4.7 2036 -8.8 6 805Utilico Emerging Markets Ord 2.0 2 40.3 7 47.3 4 3.6 558 -9.6 1 243Sector average/count -3.5 13 39.7 12 31.3 11 4.1

Global Equity IncomeBlue Planet Investment Trust -9.1 7 64.2 2 34.6 7 6.0 21 -15.0 8 42Henderson International Income Ord -0.4 4 53.1 5 67.4 3 2.9 274 2.0 0 154Invesco Perp Select Glo Eq Inc Ord -2.6 6 37.3 7 56.6 4 2.9 63 -2.8 6 198

JPMorgan Global Growth & Income Ord -1.5 5 72.6 1 86.1 1 3.6 388 2.4 9 298Murray International Ord 1.3 3 57.0 4 49.3 5 4.4 1434 4.7 13 1114Scottish American Ord 4.5 2 62.9 3 81.8 2 3.0 509 4.2 16 361

Securities Trust of Scotland Ord 4.7 1 41.8 6 40.7 6 3.4 184 -6.4 14 176Sector average/count -0.4 7 55.6 7 59.5 7 3.7

JapanAberdeen Japan Ord -11.8 5 24.8 6 62.7 5 3.7 87 -9.9 13 596Baillie Gifford Japan Ord -10.7 3 69.2 2 117.7 1 4.7 647 5.7 17 704

CC Japan Income & Growth Ord -3.4 1 47.5 3 - - 3.8 186 4.0 19 138Fidelity Japan Trust Ord -9.0 2 70.9 1 94.7 2 5.4 205 -10.0 19 152

JPMorgan Japanese Ord -11.2 4 46.8 4 78.5 3 5.3 688 -9.3 13 426Schroder Japan Growth Ord -12.4 6 32.8 5 64.7 4 4.1 253 -10.2 16 203

Sector average/count -9.8 6 48.7 6 83.7 5 4.5

Japanese Smaller CompaniesAtlantis Japan Growth Ord -13.4 3 64.1 2 72.4 3 5.5 103 -7.8 4 223AVI Japan Opportunity Ord - - - - - - - 78 6.9 0 97Baillie Gifford Shin Nippon Ord -8.0 1 93.5 1 179.1 1 6.3 457 7.0 11 166JPMorgan Japan Smaller Cos Ord -11.4 2 55.4 3 100.2 2 4.8 227 -9.6 0 416Sector average/count -10.9 3 71 3 117.2 3 5.5

Property Direct - Asia PacificMacau Property Opportunities Ord -26.6 1 28.3 1 -33.0 1 2.4 142 -35.9 78 230Sector average/count -26.6 1 28.3 1 -33 1 2.4

Property Direct - EuropeAberdeen Standard European Logistics Inc -5.2 3 - - - - - 174 7.3 0 93Phoenix Spree Deutschland Ord -1.0 2 124.0 1 - - 7.3 364 -2.5 52 361Schroder European Real Estate Inv Trust 1.6 1 13.1 2 - - 1.8 156 -8.8 29 117Tritax EuroBox Euro Ord - - - - - - - 291 -4.1 0 113Sector average/count -1.5 3 68.6 2 - - 4.6

Property Direct - UKAEW UK REIT Ord -0.6 7 23.1 4 - - 1.4 149 -7.9 33 98Custodian REIT Ord 6.4 3 26.8 1 - - 1.1 424 7.8 27 107Ediston Property Investment Company -0.7 8 15.9 7 - - 0.5 241 -8.4 21 114F&C Commercial Property Ord -8.2 10 8.6 9 28.6 5 0.7 1130 -11.0 23 141F&C UK Real Estate Investments Ord -8.3 11 10.1 8 37.4 2 1.2 255 -15.5 40 106LXI REIT Ord 26.7 1 - - - - - 395 11.0 24 112PRS REIT Ord 5.3 4 - - - - - 474 8.2 0 96Regional REIT Ord 11.7 2 24.6 3 - - 1.6 416 -5.2 82 111Schroder Real Estate Invest Ord -3.5 9 17.2 6 36.1 3 1.1 355 -14.5 42 69Standard Life Inv. Prop. Inc. Ord -0.1 6 21.5 5 57.7 1 1.5 369 -3.3 0 91UK Commercial Property REIT 4.7 5 25.4 2 35.9 4 1.2 1200 -6.4 21 92Sector average/count 3.0 11 19.2 9 39.1 5 1.1

Property SecuritiesTR Property Ord 8.1 1 47.6 1 74.1 1 3.8 1242 -4.4 20 391


Property SpecialistCivitas Social Housing Ord -1.1 10 - - - - - 655 -5.9 0 105GCP Student Living Ord 15.0 2 27.2 2 73.5 1 1.2 407 -2.4 0 156Impact Healthcare REIT 5.0 9 - - - - - 198 0.8 0 103MedicX Ord 22.8 1 37.6 1 59.7 3 1.0 349 19.2 109 79Residential Secure Income -1.9 11 - - - - - 180 -10.9 0 105Supermarket Income REIT Ord 7.7 5 - - - - - 174 7.9 54 95

Target Healthcare REIT 13.8 3 22.8 4 51.6 4 0.9 405 10.2 8 105Triple Point Social Housing REIT Ord 5.9 8 - - - - - 353 -0.1 0 100Tritax Big Box 6.9 6 23.2 3 68.3 2 1.9 2381 1.5 9 139Urban Logistics REIT plc 6.2 7 - - - - - 109 -4.5 44 126Warehouse REIT Ord 9.1 4 - - - - - 173 0.1 17 104Sector average/count 8.1 11 27.7 4 63.3 4 1.2

Sector Specialist: FinancialsEJF Investments 2022 ZDP 9.2 2 - - - - - 123 5.4 0 107EJF Investments Ord 17.9 1 - - - - - 123 4.4 0 176Polar Capital Global Financials Ord -7.2 3 56.8 1 43.7 1 3.5 272 -4.2 6 134Sector average/count 6.6 3 56.8 1 43.7 1 3.5

Sector Specialist: Infrastructure - Renewable EnergyBluefield Solar Income Fund 19.4 1 60.1 1 71.9 2 1.7 416 14.2 0 113Foresight Solar Ord 14.6 4 45.6 4 51.2 4 1.3 579 9.2 0 106Gore Street Energy Storage Fund Ord - - - - - - - 29 -0.8 0 95Greencoat Renewables 5.8 7 - - - - - 300 5.1 72 92Greencoat UK Wind 16.0 3 51.4 3 73.1 1 1.9 1191 10.7 33 105Gresham House Energy Storage Ord - - - - - - - 98 5.3 0 98John Laing Environmental Assets Ord 13.5 5 35.6 6 - - 1.0 494 12.1 0 99NextEnergy Solar Ord 10.8 6 51.7 2 - - 1.4 623 8.7 0 107Renewables Infrastructure Grp 17.5 2 41.7 5 55.9 3 1.1 1255 10.8 0 106Sector average/count 13.9 7 47.7 6 63.0 4 1.4

Sector Specialist: LeasingAmedeo Air Four Plus -2.6 5 22.0 2 - - 8.9 580 9.3 270 90DP Aircraft I Ord 7.5 4 40.5 1 91.6 1 2.8 157 8.2 116 99SQN Asset Finance Income C 9.3 2 - - - - - 135 -4.7 0 98SQN Asset Finance Income Ord 15.5 1 6.3 3 - - 0.3 344 -3.3 0 97Tufton Oceanic Assets 8.0 3 - - - - - 130 7.3 0 98Sector average/count 7.5 5 22.9 3 91.6 1 4

Sector Specialist: UtilitiesEcofin Global Utilities & Infra Ord 19.9 1 - - - - - 136 -12.4 16 148Premier Global Infrastructure Ord -1.3 3 24.2 1 4.0 1 7.6 52 -10.3 0 133Premier Global Infrastructure ZDP 2020 1.3 2 12.9 2 - - 0.0 52 1.0 0 116Sector average/count 6.6 3 18.6 2 4 1 3.8

UK All CompaniesArtemis Alpha Trust Ord -7.9 13 33.4 4 0.4 12 3.5 137 -17.4 4 335Aurora Ord 3.3 6 32.6 6 34.0 6 3.9 116 1.0 0 204Baillie Gifford UK Growth 8.4 3 30.2 8 6.1 9 3.4 282 -6.1 0 188Crystal Amber Ord 11.6 1 55.0 1 49.6 1 6.0 209 -4.7 0 217Fidelity Special Values Ord 3.9 5 42.3 2 46.7 2 3.2 686 1.5 21 252Henderson Opportunities Ord -2.8 10 32.1 7 15.7 7 4.6 91 -16.1 13 1148Invesco Perp Select UK Equity Ord -2.6 9 14.3 10 34.4 5 3.1 47 -1.9 0 170JPMorgan Mid Cap Ord -10.1 14 19.0 9 42.4 3 4.4 268 -9.0 7 1128Jupiter UK Growth Ord -7.2 12 3.2 12 3.9 11 4.0 51 -3.3 23 285Keystone Ord -4.2 11 3.4 11 5.8 10 3.0 243 -10.9 13 1801

Mercantile Ord 0.0 8 40.0 3 39.7 4 4.1 1806 -8.6 10 228Sanditon Investment Trust 6.4 4 -16.9 14 - - 1.6 47 -7.4 0 93Schroder UK Mid Cap Ord 2.9 7 33.3 5 13.4 8 4.2 216 -13.8 5 602Woodford Patient Capital Trust 10.6 2 -5.5 13 - - 4.0 799 -13.6 18 97Sector average/count 0.9 14 22.6 14 24.3 12 3.8

UK Equity & Bond IncomeAberdeen Smaller Companies Inc Ord -6.3 4 50.0 1 35.3 1 3.4 67 -14.1 10 305Acorn Income Fund (Split) ZDP 2022 -1.0 3 12.7 5 24.5 4 0.1 97 1.2 0 149Acorn Income Fund Ord -16.7 5 13.6 4 20.4 5 4.6 97 -12.0 0 415City Merchants High Yield Ord 5.7 1 24.4 3 26.6 3 1.7 177 -0.5 0 181CQS New City High Yield Ord 4.4 2 30.6 2 26.8 2 2.0 218 6.1 13 53Sector average/count -2.8 5 26.3 5 26.7 5 2.4

UK Equity IncomeAberdeen Standard Equity Inc Trust Ord -4.6 21 12.0 20 17.7 18 3.8 214 -4.6 14 435

BlackRock Income and Growth Ord -0.4 17 18.6 15 33.4 6 3.2 46 -3.0 9 192BMO Capital & Income Ord 1.2 14 38.9 5 36.2 4 3.0 315 -1.1 6 307BMO UK High Income B Share Ord -4.2 20 21.9 12 18.9 16 3.3 - 100BMO UK High Income Ord -6.2 23 19.3 13 18.4 17 7.1 119 -10.9 6 100BMO UK High Income Units Unit -11.7 25 17.3 17 17.2 19 3.3 - 398British & American Ord -8.6 24 -26.4 25 -16.6 25 34.6 8 52.2 160 32British&American 2025 3.5% - - - - - - 0.0 - 100Chelverton UK Dividend Trust Ord -21.5 26 14.7 18 28.7 8 4.9 57 -10.8 0 200Chelverton UK Dividend Trust ZDP 2025 3.8 10 - - - - - 57 5.0 0 105

City of London Ord 3.5 11 25.7 11 29.1 7 3.0 1474 1.5 12 400Diverse Income Trust Ord -5.3 22 10.6 21 19.9 15 2.9 358 -2.5 0 93

Dunedin Income Growth Ord 7.8 5 36.6 7 15.2 20 3.4 403 -6.9 17 272Edinburgh Investment Ord 5.1 7 3.9 22 23.6 12 3.1 1354 -8.4 7 693Finsbury Growth & Income Ord 9.9 1 43.1 4 70.2 1 2.8 1467 0.5 3 794

Invesco Income Growth Ord 0.8 15 12.4 19 11.7 22 3.0 176 -14.7 3 301Investment Company Ord 0.8 16 -3.2 23 4.0 23 2.5 16 -11.8 0 338JPMorgan Claverhouse Ord 3.9 9 43.7 3 36.6 3 3.3 399 1.9 10 701JPMorgan Elect Managed Inc Ord -1.0 18 19.3 14 24.0 11 2.8 75 -1.9 7 106Merchants Trust Ord 8.3 3 37.5 6 20.0 14 3.7 537 -0.3 21 494

Murray Income Trust Ord 8.1 4 35.8 8 24.8 9 3.2 539 -5.6 8 815Perpetual Income & Growth Ord -2.9 19 -6.3 24 0.4 24 3.0 871 -11.5 13 364

Schroder Income Growth Ord 2.4 12 29.3 10 24.0 10 3.0 202 -7.2 0 295Shires Income Ord 1.3 13 51.5 1 35.7 5 3.0 76 1.3 25 253

Temple Bar Ord 9.6 2 43.8 2 22.5 13 3.1 891 -3.2 13 1332Troy Income & Growth Ord 7.0 6 17.5 16 44.8 2 2.5 215 1.4 0 76

Value And Income Ord 4.1 8 31.9 9 13.4 21 2.7 151 -16.8 33 331Sector average/count 0.4 26 22.0 25 23.0 25 4.4

UK Smaller CompaniesAberforth Smaller Companies Ord 1.6 4 36.4 7 17.6 10 3.8 1230 -7.1 1 1358

Aberforth Split Level Income Ord/Inc -5.3 11 - - - - - 216 -5.8 0 87Aberforth Split Level Income ZDP 2024 -0.5 8 - - - - - 216 1.6 0 105Athelney Trust Ord -12.1 15 10.8 12 26.2 9 3.0 5 -6.3 0 240

BlackRock Smaller Companies Ord 4.3 3 66.2 3 64.8 4 4.3 671 -3.6 6 1402BlackRock Throgmorton Trust plc 4.9 2 70.8 2 71.6 2 4.4 386 -6.3 22 527

Downing Strategic Micro-Cap Inv. Trust -22.0 17 - - - - - 41 -2.6 0 73

51 Œ „ ´ ‰ ˆ Á




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providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The overall Morningstar RatingTM published here is based on a weighted average of a fund’s 3-, 5-, and 10-year ratings. 3-year volatility can be used as a measurement of risk. It is the standard deviation of the fund’s monthly returns over the past 36 months. Fund size is the latest fund size available to Morningstar at the time of calculation.

Morningstar Analyst Rating™ for funds: A summary expression of our forward-looking analysis of a fund. It is based on Morningstar research analysts’ investigation of five key pillars: people, process, parent, performance, and price.

Investment trust performance data is supplied by Morningstar. Data Source: © 2019 Morningstar, Inc. All Rights Reserved.

All data is calculated to (or is the most recent available at 01/03/19 on a mid-to-mid, net income re-invested, sterling basis.

Fund size, latest discount, latest gearing and latest NAV are provided by Morningstar as a guide only and are based on NAV estimates on a cum income basis with debt valued at fair. Fund size: the net assets of the fund, being the total value of all assets held, less all liabilities.

Discount: the discount or premium at which the share trades relative to its net asset value. Gearing: the gross gearing of the fund, being the ratio of total assets to net assets, rebased to 100.


Gresham House Strategic plc 17.4 1 21.7 11 7.9 12 4.8 46 -22.0 0 1280Henderson Smaller Companies Ord 1.5 5 53.0 4 54.4 5 4.5 682 -8.1 4 913

Invesco Perpetual UK Smaller Ord -0.5 9 46.1 6 66.9 3 3.6 164 -5.2 0 498JPMorgan Smaller Companies Ord -5.7 12 33.9 8 27.7 8 4.8 185 -14.5 13 233Miton UK Microcap -16.8 16 2.0 14 - - 3.5 89 -6.3 0 58Montanaro UK Smaller Companies Ord 0.9 7 30.3 10 15.8 11 3.9 210 -13.0 10 125Odyssean Investment Trust Ord - - - - - - - 84 5.3 0 96Rights & Issues Investment Trust Ord 1.2 6 93.8 1 131.7 1 4.2 178 -5.4 0 2224River and Mercantile UK Micro Cap Ord -3.0 10 46.7 5 - - 4.4 86 -8.4 0 185

Standard Life UK Smaller Co. Ord -10.8 14 30.8 9 37.2 6 4.1 474 -7.3 5 471Strategic Equity Capital Ord -10.1 13 8.2 13 31.5 7 3.4 150 -12.5 0 233Sector average/count -3.2 17 39.3 14 46.1 12 4.0

VCT AIM QuotedAmati AIM VCT Ord -10.3 5 51.4 2 42.5 2 5.0 125 -7.9 0 142Artemis VCT PLC O Inc -17.1 6 69.2 1 119.3 1 6.4 26 -9.2 0 49Hargreave Hale AIM VCT Ord -4.2 2 21.4 3 13.5 4 3.7 148 -5.4 0 72Octopus AIM VCT 2 -5.3 3 18.0 5 6.6 6 3.1 86 -5.6 0 77Octopus AIM VCT Ord -8.2 4 16.2 6 7.3 5 3.6 123 -5.2 0 101Unicorn AIM VCT Ord 0.6 1 18.8 4 36.7 3 3.2 172 -10.0 0 148Sector average/count -7.4 6 32.5 6 37.6 6 4.2

VCT GeneralistAlbion Development VCT Ord 18.1 6 35.6 6 52.9 9 2.3 60 -5.3 0 81Albion Enterprise VCT Ord 21.9 3 41.3 3 60.3 6 1.8 66 -5.1 0 116Albion Technology & Gen VCT Ord 16.2 7 19.9 14 28.4 22 4.0 78 -2.5 0 76Albion VCT Ord 7.8 10 29.3 8 48.3 12 3.1 65 -4.8 0 76Baronsmead Second Venture Trust Ord -7.2 36 6.7 29 22.1 25 2.0 180 -5.4 0 78Baronsmead Venture Trust Ord -6.7 35 8.9 26 27.7 24 1.8 167 -5.0 0 81British Smaller Companies VCT Ord 7.0 12 20.1 13 50.4 10 5.9 79 -4.0 0 71British Smaller Companies VCT2 Ord 7.5 11 18.9 18 35.3 20 2.5 63 -4.5 0 58Chrysalis VCT Ord 10.2 8 44.8 2 143.1 1 1.8 20 -14.0 0 70Crown Place VCT Ord 24.9 2 45.6 1 63.1 5 3.0 52 2.9 0 32Downing Four VCT DP67 -26.8 39 -13.9 38 11.9 30 2.3 6 -40.6 0 51Downing Four VCT DSO 1 D -12.9 38 -26.6 39 -24.3 34 3.1 2 -48.8 0 30Downing ONE VCT 0.9 25 7.8 28 16.3 27 0.7 110 -9.8 0 82Downing Three VCT ‘F’ Ord 51.2 1 10.6 24 8.6 31 1.8 4 -34.0 0 36Downing Three VCT ‘H’ Ord -6.4 34 2.4 32 - - 0.8 10 -8.1 0 74Downing Three VCT ‘J’ Ord -5.0 33 -5.0 37 - - 0.7 10 4.2 0 91Downing Two VCT ‘F’ Ord -39.4 40 -48.4 40 -49.1 35 4.8 4 -44.1 0 36Downing Two VCT ‘G’ Ord 0.6 27 0.5 33 -2.9 33 2.0 16 -3.7 0 62Draper Esprit VCT 0.0 28 9.4 25 82.6 3 3.1 40 -9.3 0 59Foresight 4 VCT Ord 5.1 15 39.7 4 14.0 28 2.2 112 -10.2 0 66Foresight VCT Ord 2.0 21 13.2 21 13.5 29 2.8 133 -12.8 0 76Kings Arms Yard VCT Ord 6.6 13 37.8 5 55.4 8 3.0 68 -1.8 0 22Maven Income & Growth VCT 3 Ord 1.6 24 13.0 22 40.7 18 3.2 42 -7.3 0 62Maven Income & Growth VCT 5 Ord 18.6 5 27.1 9 89.8 2 1.9 37 -8.0 0 38Maven Income & Growth VCT Ord 2.4 20 8.4 27 28.5 21 3.4 24 -5.1 0 45Mobeus Income & Growth 2 VCT Ord 4.6 17 19.4 16 58.2 7 2.3 47 -10.6 0 96Mobeus Income & Growth 4 VCT Ord 4.7 16 16.1 19 50.4 11 1.6 57 -10.1 0 84Mobeus Income & Growth VCT Ord 5.5 14 20.5 12 66.1 4 1.6 74 -10.8 0 69Northern 2 VCT Ord 1.7 23 19.2 17 43.0 16 3.5 85 -5.6 0 65Northern 3 VCT Ord 1.7 22 19.5 15 46.4 14 2.9 82 -5.0 0 93Northern Venture Trust Ord 4.2 18 23.1 10 41.3 17 1.9 90 -4.9 0 68Octopus Apollo VCT Ord -1.4 31 5.6 30 17.0 26 1.7 117 -5.9 0 46Octopus Titan VCT Ord 0.8 26 11.0 23 36.9 19 1.1 671 -5.9 0 91Pembroke VCT -3.7 32 -0.1 34 -1.0 32 3.2 24 -24.5 0 132Pembroke VCT B 0.0 28 3.6 31 - - 3.0 44 -20.3 0 116ProVen Growth and Income VCT Ord 8.2 9 21.2 11 27.9 23 2.5 102 -7.0 0 65ProVen VCT Ord 20.0 4 34.1 7 47.6 13 5.3 111 -5.6 0 112Puma VCT 10 -7.2 37 -1.0 36 - - 2.5 22 -2.7 0 79Puma VCT 11 0.0 30 -0.1 35 - - 0.1 28 -3.6 0 93The Income & Growth VCT Ord 3.7 19 13.8 20 45.3 15 1.5 79 -10.4 0 75Triple Point Income VCT C - - - - - - 11.9 15 0.0 0 112Triple Point Income VCT D - - - - - - 6.2 14 0.0 0 106Triple Point VCT 2011 A - - - - - - 4.2 10 0.0 0 106Sector average/count 3.5 40 13.8 40 37.0 35 2.8

VCT Generalist Pre QualifyingCalculus VCT Ord -11.4 4 - - - - - 14 -15.8 0 77Downing Four Generalist Shs -5.0 2 - - - - - 34 9.2 0 87Downing Two VCT ‘K’ Ord -5.0 2 -9.5 1 - - - 15 1.0 0 94Puma VCT 12 2.2 1 - - - - - 29 -2.8 0 95Triple Point Income VCT E - - - - - - - 28 0.0 0 98Triple Point VCT 2011 B - - - - - - - 7 0.0 0 107Sector average/count -4.8 4 -9.5 1 - - -

VCT Specialist: Healthcare & BiotechnologySeneca Growth Capital VCT -11.4 1 -15.2 1 -33.8 1 3.0 4 -32.6 0 53Sector average/count -11.4 1 -15.2 1 -33.8 1 3

VCT Specialist: Healthcare & Biotechnology Pre QualifyingDowning Four Healthcare Shs 0.0 1 - - - - - 13 19.1 0 84Seneca Growth Capital VCT B - - - - - - - 3 0.3 0 100Sector average/count - - - - - - -

Specialist3i Infrastructure Ord 36.3 2 66.7 19 127.9 6 3.7 1769 24.6 0 218Aberdeen Latin American Income Ord -1.6 55 67.5 18 26.2 45 7.0 45 -12.5 14 76Aberdeen New India Ord -4.7 69 44.3 30 109.9 9 5.8 288 -13.2 5 488Aberdeen New Thai Ord -4.0 66 48.4 26 74.6 17 4.7 103 -13.0 5 622Alcentra Eur Floating Rate Inc Ord 3.8 36 13.1 64 13.3 48 1.5 143 -6.6 0 105Allianz Technology Trust Ord 15.1 9 148.6 1 156.8 1 4.9 499 -2.1 0 1491Ashoka India Equity Investment Ord - - - - - - - 43 1.2 0 90Augmentum Fintech Ord - - - - - - - 98 3.9 0 104Axiom European Financial Debt Fund -11.1 76 5.9 70 - - 2.8 87 -4.5 0 95Baillie Gifford US Growth Ord - - - - - - - 274 2.2 4 123Baring Emerging Europe Ord -7.1 73 74.8 14 41.0 31 5.0 104 -8.7 9 807BB Healthcare Ord 36.6 1 - - - - - 510 2.7 11 140BBGI SICAV Ord 21.9 5 38.1 35 66.4 20 1.7 750 23.5 0 129BioPharma Credit Ord 14.4 10 - - - - - 1088 1.4 0 105

Biotech Growth Ord -0.9 52 21.5 56 33.6 37 6.3 417 -6.6 0 788BlackRock Commodities Income Ord 1.6 43 54.2 24 -6.7 56 6.4 90 -4.7 10 78BlackRock Latin American Ord -1.2 54 78.7 13 37.4 34 7.9 205 -13.6 7 523BlackRock North American Ord 11.4 17 58.9 22 95.6 12 3.2 116 2.1 0 167

BlackRock World Mining Trust plc -2.5 59 107.8 3 -3.3 55 8.3 718 -12.6 15 407Blackstone/GSO Loan Financing -2.7 60 43.4 32 - - 3.1 307 -4.8 0 88CATCo Reinsurance Opps C -57.8 86 - - - - - 259 -35.9 0 63CATCo Reinsurance Opps Ord -69.5 87 -78.5 77 -63.2 61 9.8 103 -40.9 0 35Chenavari Toro Income Fund Limited 4.5 34 36.2 40 - - 2.9 275 -19.1 0 98CQS Natural Resources G&I Ord -18.3 84 25.6 51 -10.5 57 6.8 60 -17.0 0 110CVC Credit Partners Euro Opps EUR -3.7 65 38.7 34 34.2 36 2.4 112 1.5 0 103CVC Credit Partners Euro Opps GBP -3.1 63 24.7 54 29.1 42 1.4 366 -1.5 0 106European Assets Ord -16.6 82 16.3 61 37.6 33 3.5 387 -8.5 1 108Fair Oaks Income 2014 Ord -13.7 78 - - - - - 14 -0.7 0 87Fair Oaks Income 2017 Ord -0.2 50 69.0 16 - - 3.9 303 0.7 0 89

Fidelity China Special Ord -6.1 72 86.1 7 128.1 5 5.4 1349 -8.9 27 246Funding Circle SME Income Fund Ord -13.5 77 6.9 68 - - 0.8 320 -9.7 0 97Gabelli Value Plus+ Trust Ord 0.9 46 40.8 33 - - 3.7 140 -11.3 0 140GCP Asset Backed Income 13.5 11 25.8 50 - - 0.9 387 6.8 0 102GCP Infrastructure Investment Ord 17.0 7 28.5 45 59.2 25 2.6 988 16.3 3 113Geiger Counter Ord 0.0 49 47.3 29 -35.7 60 12.7 11 18.2 0 18Gulf Investment Fund Ord 29.9 3 24.9 53 35.1 35 5.4 87 -9.6 0 125Hadrian’s Wall Secured Investments Ord 3.2 38 - - - - - 142 -1.4 0 98Henderson Diversified Income Ord 1.6 42 19.0 58 27.0 43 1.7 159 2.7 6 84Herald Ord 8.7 23 83.0 12 67.8 19 3.3 1000 -14.5 0 1462HICL Infrastructure Company Ord 22.1 4 23.4 55 55.4 27 1.1 2759 9.3 0 154Hipgnosis Songs Ord - - - - - - - 196 12.6 0 97ICG-Longbow Senior Sec. UK Prop Debt Inv 2.8 41 16.9 60 29.6 41 1.2 119 1.5 0 98Impax Environmental Markets Ord 13.0 13 83.8 10 93.7 14 3.5 494 1.2 6 275India Capital Growth Ord -17.3 83 44.3 31 128.5 4 6.5 106 -12.9 0 94International Biotechnology Ord 13.4 12 65.1 20 111.9 8 5.0 241 -1.2 0 637International Public Partnerships Ord 10.6 19 26.9 49 52.3 28 1.4 1994 11.6 0 142Invesco Perp Select Liquidity Ord -0.5 51 -0.2 74 1.2 54 0.1 5 -2.7 0 104Invesco Perpetual Enhanced Income Ltd -3.4 64 27.2 48 32.0 39 2.2 115 -0.9 21 70

JPMorgan American Ord 9.3 22 59.4 21 93.7 13 3.6 967 -4.8 1 444JPMorgan Brazil Ord -2.9 62 96.0 5 21.3 46 9.1 26 -13.2 0 78

JPMorgan Chinese Ord -13.8 79 85.7 8 87.3 16 5.8 225 -11.8 13 309JPMorgan Elect Managed Cash Ord 0.8 47 2.1 73 2.3 53 0.1 7 -1.4 0 102JPMorgan European Smaller Comp Ord -15.8 81 36.6 39 55.7 26 3.9 622 -12.4 1 390JPMorgan Global Convertibles Income Fund -4.5 68 15.0 62 3.1 51 1.5 115 -6.9 5 94

JPMorgan Indian Ord -8.6 75 37.6 36 89.3 15 6.6 756 -11.5 3 723JPMorgan Russian Securities Ord 0.2 48 90.6 6 43.2 30 5.4 296 -16.0 1 615JPMorgan US Smaller Companies Ord 10.9 18 83.7 11 96.7 11 4.3 176 -0.7 7 304Jupiter Green Ord -4.2 67 37.1 38 26.8 44 3.1 37 -6.1 0 186Jupiter US Smaller Companies 17.9 6 69.6 15 60.8 22 4.5 159 -8.5 5 1095M&G Credit Income Investment Ord - - - - - - - 124 4.4 0 99Marble Point Loan Financing Ord - - - - - - - 134 -4.9 0 86Marwyn Value Investors Ord 3.1 39 -22.0 76 -32.5 59 3.4 128 -29.4 0 184Menhaden Ord 6.5 30 9.7 65 - - 2.4 76 -23.3 0 95Middlefield Canadian Income Ord 1.6 44 48.4 27 20.9 47 4.0 117 -13.1 0 110

Montanaro European Smaller Ord 8.0 26 67.5 17 73.3 18 3.8 162 -9.5 5 965NB Distressed Debt Inv Extended Life -4.9 70 6.2 69 -11.1 58 3.3 112 -12.8 0 97NB Distressed Debt New Glb 3.6 37 28.5 46 - - 2.9 74 -10.5 0 89NB Distressed Debt Ord -8.2 74 2.9 72 2.6 52 4.0 18 -8.4 0 100NB Global Floating Rate Income GBP Ord 3.1 40 19.2 57 8.6 50 1.7 653 -4.8 0 95NB Global Floating Rate Income USD Ord 7.7 27 29.1 44 39.7 32 2.6 43 -5.1 0 99North American Income Trust Ord 17.0 8 83.9 9 114.8 7 3.7 400 -0.1 9 1408P2P Global Investments 8.1 25 9.1 66 - - 0.9 717 -15.0 0 949Polar Capital Glb Healthcare Ord 12.2 14 31.2 42 50.4 29 4.1 314 -6.4 0 228Polar Capital Technology Ord 6.4 31 118.8 2 154.3 2 4.5 1757 -5.9 3 1313Ranger Direct Lending ZDP 2021 9.9 20 - - - - - 176 3.2 0 113RDL Realisation Ord 5.6 32 -1.2 75 - - 3.9 176 -21.6 0 706Real Estate Credit Investments Ord 8.3 24 37.3 37 59.3 24 1.5 248 4.6 13 162Riverstone Energy Ord -14.2 80 24.9 52 10.4 49 4.2 1382 -41.2 0 1729RM Secured Direct Lending 4.9 33 - - - - - 97 4.0 0 98RM Secured Direct Lending ZDP - - - - - - - 97 -1.6 0 103ScotGems -1.1 53 - - - - - 50 -1.3 0 93Sequoia Economic Infrastructure Inc Ord 11.5 16 27.3 47 - - 1.6 1092 10.5 9 103Smithson Investment Trust Ord - - - - - - - 953 3.2 0 1071SQN Secured Income Ord 6.9 28 18.3 59 - - 1.0 51 -5.1 0 97Starwood European Real Estate Finance 1.3 45 13.2 63 33.3 38 1.6 394 0.9 0 105TOC Property Backed Lending Ord 6.7 29 - - - - - 26 13.0 0 95TR European Growth Ord -25.3 85 47.8 28 60.1 23 4.1 485 -10.9 9 968TwentyFour Income Ord 3.9 35 30.3 43 30.1 40 2.0 482 2.2 0 116TwentyFour Select Monthly Income Ord -2.4 58 33.3 41 - - 1.7 170 1.4 0 92UK Mortgages -1.9 57 3.1 71 - - 1.3 228 -0.5 0 84Vietnam Enterprise Ord -1.7 56 - - - - - 1110 -7.6 5 505VinaCapital Vietnam Opp Fund Ord -4.9 71 102.3 4 138.4 3 3.7 738 -15.3 0 398VPC Specialty Lending Investments Ord 9.5 21 7.4 67 - - 1.5 301 -14.2 0 85

Witan Pacific Ord -2.7 61 48.9 25 63.0 21 3.5 220 -11.5 0 354Worldwide Healthcare Ord 11.9 15 58.7 23 103.9 10 4.7 1415 1.1 11 2691


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AT THE HEART OF INVESTMENT SINCE 1995 …...11 March 2019 investmentweek.co.uk Analysis 3 Managers target digital payment stocks as move to cashless society accelerates By Mike Sheen