The Daily Telegraph - 29.08.2019

Market data Unit trusts & open-ended investment companies prices http://www.telegraph.co.uk/funds

Major price changes FTSE 100

Rates

Money

Nationwide Base Mortgage Rate 2.75pc

US Fed Funds 2.00-2.25pc

US Long Bonds Yld 1.93pc

European repo rate 1.25pc

European base rate 0.00pc

Tourist £1= Sterling £1= 1 Euro = 1 Dollar =

Exchange rates

£ > € Rate 1.1034 Change -0.24¢ £ > $ Rate 1.2221 Change -0.55¢

Tourist rates for indication use only. http://www.travelex.co.uk

*Copyright Baltic Exchange Information Services Ltd.

Commodities summary

Price Change

World market indices

Index Change

Inflation Change on month Year

È Gold per troy oz $1539.19 -3.06 -0.20pc
Ç Silver per oz £15.02 +0.22 +1.46pc
Ç Krugerrand £1249.24 +2.73 +0.22pc
Ç New Sovereign £291.30 +0.47 +0.16pc
Ç Maples £1252.11 +2.74 +0.22pc
Ç Platinum per oz £727.09 +32.60 +4.69pc
Ç Palladium per oz £1203.42 +0.01 0pc
Ç Copper grade A £4666.15 +40.49 +0.88pc
Ç Tin high grade £12912.20 +89.39 +0.70pc
È Lead £1690.53 -14.56 -0.85pc
È Zinc special high grade £1854.59 -2.84 -0.15pc
È Aluminium high grade £1431.14 -2.67 -0.19pc
Ç Nickel £13333.61 +580.04 +4.55pc
Ç Baltic Dry Index* 2267.00 +54.00 +2.44pc
Æ Wheat per tonne £132.00 unch
Ç Brent Crude Oct settlement $60.49 +0.98 +1.65pc

Bank Rate 0.75pc
Overnight 0.67pc
7 day 0.69pc
1 month 0.71pc
3 months 0.76pc
6 months 0.78pc

Ç Australia All Ordinaries 6600.80 +35.20 +0.54pc
Ç Brazil Bovespa 98193.53 +917.34 +0.94pc
È China Shanghai Composite 2893.76 -8.44 -0.29pc
È France CAC General 5368.80 -18.29 -0.34pc
È Germany DAX 11701.02 -29.00 -0.25pc
È Hong Kong Hang Seng 25615.48 -48.59 -0.19pc
È India S&P CNX500 8970.90 -51.35 -0.57pc
Ç Japan Nikkei 20479.42 +23.34 +0.11pc
Ç Russia RTS 1266.71 +8.11 +0.64pc
È Singapore Straits Times 3056.47 -11.05 -0.36pc
Ç Spain Madrid SE 875.24 +1.57 +0.18pc
È Switzerland SMI Index 9758.19 -27.89 -0.28pc
Ç USA Dow Jones 26036.10 +258.20 +1.00pc
Ç USA Nasdaq 7856.88 +29.93 +0.38pc

Australia Aus $ 1.7249 1.8128 1.6429 1.4833
Canada Can $ 1.5543 1.6253 1.4730 1.3299
Denmark Krone 7.8490 8.2277 7.4568 6.7326
Euro € 1.0560 1.1034 ... 0.9029
Hong Kong HK $ 9.1332 9.5878 8.6895 7.8457
India Rupee 77.4900 87.7111 79.4930 71.7738
Israel Shekels 3.8970 4.3159 3.9116 3.5317
Japan Yen 123.5600 129.4212 117.2951 105.9050
Kuwait Dinar ... 0.3713 0.3366 0.3039
New Zealand NZ $ 1.8016 1.9269 1.7464 1.5768
Norway Krone 10.5400 11.0495 10.0143 9.0418
Pakistan Rupee 181.7700 192.1674 174.1623 157.2500
Saudi Arabia Riyal 4.2999 4.5831 4.1536 3.7503
Singapore $ 1.5884 1.6965 1.5376 1.3882
South Africa Rand 17.6400 18.7936 17.0328 15.3788
Sweden Krona 11.3300 11.8824 10.7690 9.7233
Switzerland Franc 1.1485 1.1993 1.0870 0.9814
Thailand Baht 33.6000 37.4222 33.9160 30.6225
UAE Dirham 4.2265 4.4887 4.0682 3.6732
UK £ ... ... 0.9063 0.8183
USA $ 1.1711 1.2221 1.1076 ...

RPI (1987=100) Jul 289.50 0.00 +2.80pc
RPIX (Target 2.5pc) Jul 290.00 -0.10 +2.7pc
CPI (2015=100 target 2pc) Jul 107.90 0.00 +2.10pc
Halifax house price index Jul 764.20 -0.2pc +4.1pc

Risers 46 Volume Close Change
Ç Fresnillo 3.79m 728 4.36pc
Ç NMC Health 0.77m 2371 3.18pc
Ç Tesco 24.37m 218¾ 2.39pc
Ç BHP Group 5.71m 1712 2.36pc
Ç BP 65.55m 498¾ 2.19pc
Ç Reckitt Benck 1.46m 6365 1.77pc
Ç Pearson 1.94m 822¾ 1.71pc
Ç BT Group 25.38m 162⅝ 1.63pc
Ç Anglo Amer 3.96m 1717⅝ 1.61pc
Ç Melrose Ind 10.84m 170½ 1.58pc
Ç Smith&Neph 2.81m 1967 1.52pc
Ç Just Eat 2.21m 767 1.46pc
Ç Rio Tinto 2.58m 3989 1.39pc
Ç Utd. Utilities 1.53m 806 1.38pc
Ç Antofagasta 2.44m 821⅜ 1.36pc
Ç Centrica 22.70m 67½ 1.29pc
Ç Royal D Shell B 3.82m 2270½ 1.23pc
Ç Morrison (Wm) 9.31m 184¼ 1.10pc
Ç Scot Mort Inv Tst 2.67m 513½ 1.08pc
Ç JD Sports Fashion 1.38m 609⅝ 0.99pc
Ç Vodafone 48.45m 152¾ 0.99pc
Ç Whitbread 0.52m 4342 0.84pc

Fallers 53 Volume Close Change

È Berkeley Gp Hdgs 0.56m 3775 -4.84pc

È Taylor Wimpey 15.94m 143⅛ -3.57pc

È Barratt Dev 4.01m 625 -3.43pc

È Aveva Group 0.28m 3712 -3.38pc

È Persimmon 1.70m 1875 -2.85pc

È Mondi 4.77m 1554½ -2.60pc

È Hargrve Lans 0.82m 1861 -2.51pc

È Bunzl 1.95m 1978½ -2.39pc

È Hiscox 0.66m 1553 -2.02pc

È Admiral 0.73m 2124 -1.89pc

È Auto Trader Grp 3.28m 526 -1.72pc

È Stndrd Life Abr 9.28m 246⅜ -1.72pc

È Land Secs 2.39m 771¾ -1.63pc

È Prudential 11.76m 1326 -1.63pc

È RSA Ins 2.25m 520⅜ -1.55pc

È Smurfit Kappa 0.28m 2452 -1.53pc

È British Land 5.11m 509¾ -1.43pc

È Intl Cons Air 7.17m 416¾ -1.42pc

È Halma 0.86m 1924 -1.41pc

È Aviva 12.01m 353½ -1.39pc

È Legal&Gen 20.78m 216¾ -1.37pc

È Smith (DS) 2.66m 327¼ -1.33pc

AXA Investment Managers UK

Limited

7 Newgate Street, London, EC1A 7NX

http://www.axaframlington.com Cust Svs: 0845 777 5511

Amer Gwth Acc – 761.5 +1.4

Biotech Acc – 174.3 -1.3

Emerg Mkts Acc – 277.6 +1.1

European Acc – 931.5 -0.6

FinTech R Acc – 798.3 -0.2

Global Tech – 142.0 -0.2

Global Thematics R GBP Acc – 1669 +7

Health Acc – 2101 -11

Japan R GBP Acc – 577.9 +0.5

Managed Balanced Acc – 428.7 +1.2

Managed Income Acc – 174.6 +0.3

Managed Income Inc – 109.7 +0.2

Monthly Inc Inc – 237.8 -0.2

Monthly Inc Acc – 609.3 -0.5

Pan Euro HY Bond Acc – *166.7 +0.20

Pan Euro HY Bond Inc – *104.9 ...

UK Growth Acc – 326.2 +0.4

UK Select Opps R Inc – 1945 +1

UK Select Opps R Acc – 3611 +3

UK Smllr Cos Acc – 291.3 -1

AXA IM Funds http://www.axa-im.co.uk

BNY Mellon Fund Managers

Investors: 0800 614330 Brokers: 08085 660000

http://www.bnymellonim.co.uk,

[email protected]

BNY Mellon Investment Funds (ICVC)

Sterling Income Shares

Insight Corporate Bd 0% 96.91 +0.50

Insight Eq Inc Fund 0% 156.56 +0.10

Insight Eq Inc Booster 0% 106.18 ...

Insight Glob Abs Ret Inc 0% 114.25 +0.32

Insight Glob Multi-Strat Fd 0% 130.32 +0.40

Insight Inflat-Link Corp Bd 0% 109.26 +0.27

Long-Term Global Equity 0% 311.25 +1.40

Newton Asian Income 0% 213.69 +0.95

Newton Cont European 0% 280.99 +0.46

Newton Global Dyn Bd 0% 103.02 +0.12

Newton Glb High Yld Bd 0% 60.68 +0.07

Newton Glb Inc Stg Inc 0% 222.08 +0.91

Newton Glb Opps 0% 331.65 +0.97

Newton Intnl Bond 0% 274.85 +2.14

Newton Multi-Asset Bal 0% 210.98 +0.64

Newton Mult-Asset Div Ret 0% 157.13 -0.15

Newton Mult-Asset Gwth 0% 879.35 +0.14

Newton Oriental 0% 650.52 +3.71

Newton Real Return A 0% 121.42 +0.52

Newton UK Equity Fund 0% 875.24 +2.14

Newton UK Inc 0% 64.93 -0.01

Newton UK Opps 0% 337.48 +0.83

US Opps EUR Acc 0% 120.54 -0.19

Carvetian Capital

Management Limited

Admin: Stuart House, St John’s St,

Peterborough PE1 5DD

Dealing & Enquiries: 0345 850 0255

Generation Fd 5.00 *797.9 ...

Sand Aire FENIX Bal Inc 5.00 *157.2 ...

Consistent Unit Trust

Management Co Ltd

Admin: Stuart House, St John’s St,

Peterborough PE1 5DD

Dealing & Client Services 0345 850 8818

Opportunities Unit Tst Inc 0% *45.34 46.66 ...

Opportunities Unit Tst Acc 0% *120.3 123.8 ...

Practical Invest Inc 5.00 226 242.6 ...

Practical Invest Acc 5.00 1238 1330 ...

Discretionary Unit Fund

No 1, Poultry, London EC2R 8JR. 020 7415 4130

Maitland Discretionary Inc 3.00 2355.5 2508.24 -1.18

Fidelity International

130 Tonbridge Road, Tonbridge, Kent TN11 9DZ

Call free: Private Clients 0800 414161

Broker Dealings 0800 414181

Unit Trust

Open World A Acc 3.00 187.3 ...

Investment Funds (OEIC)

Cash Fd Y – 100.06 ...

Cash Fd Y Accum.Units – 101.20 ...

Income Funds

Enhanced Inc Fd 3.50 96.99 ...

Extra Income Fd 3.50 28.34 ...

Moneybuilder Bal – 47.96 ...

Moneybuilder Inc – 38.12 ...

Growth & Income Funds

Moneybldr Div 3.50 238.2 ...

Growth Funds

American 3.50 4547 ...

Amer Sp Sits 3.50 1682 ...

European 3.50 2531 ...

European Opps 3.50 505.8 ...

Global Special Sits 3.50 4189 ...

Japan 3.50 394.5 ...

Japan Smaller Cos 3.50 295.4 ...

Global Focus 3.50 2297 ...

Index UK A Acc – 108.3300 ...

Opps A Dis – 99.10 ...

Special Sits 3.50 3800 ...

South East Asia 3.50 1393 ...

UK Select Acc 3.50 314.9 ...

†CAR - Net income reinvested

Fundsmith LLP

PO Box 10846, Chelmsford, Essex, CM99 2BW.

0330 123 1815

http://www.fundsmith.co.uk [email protected]

Fundsmith Equity T Acc – 472.11 +2.30

Fundsmith Equity T Inc – 433.64 +2.12

Janus Henderson Investors

PO Box 9023 Chelmsford, CM99 2WB

Enquiries: 0800 832 832

Website: http://www.janushenderson.com

Asia Pac Cap Gwth A Acc 5.00 1150.0000 +3.00

Asian Dividend Income Inc 5.00 *104.7000 +0.40

Cautious Managed A Acc 5.00 *264.7000 +0.40

Cautious Managed A Inc 5.00 *144.2000 +0.20

China Opps A Acc 5.00 1418.0000 +5.00

Emerg Mkts Opps A Acc 5.00 196.6000 +1.10

European Growth A Acc† 5.25 233.0000 -0.10

European Sel Opps A Acc 5.00 1733.0000 -2.00

Fixed Int Mthly Inc A Inc 4.25 *22.6200 +0.06

Global Care Growth A Inc 4.50 332.8000 -0.30

Global Equity Inc A Inc† 5.25 60.7000 +0.11

Global Growth Acc 4.25 3454.0000 +13.00

Global Strategic Cap Acc† 5.00 *250.5000 -0.70

Global Technology A Acc 5.00 2058.0000 +1.00

Multi-Mgr Abs Ret A Acc 5.00 143.4000 +0.10

Multi-Mgr Active A Acc† 5.00 *229.2000 +0.60

Multi-Mgr Distbn A Inc 5.25 *132.9000 -0.70

Multi-Mgr Divrsfd A Acc – 88.8300 -0.29

Multi-Mgr Inc&Gwth A Acc 5.00 *181.1000 -0.60

Multi-Mgr Inc&Gwth A Inc 5.25 *152.6000 -0.50

Multi-Mgr Mangd A Acc† 5.00 *285.3000 +0.70

Multi-Mgr Mangd A Inc† 5.00 *277.4000 +0.70

Sterling Bond Acc† 4.25 *240.1000 +1.30

Sterling Bond Inc† 4.25 *68.7900 +0.37

Strategic Bond A Inc 4.00 *130.0000 +0.50

UK Absolute Return A Acc 5.00 155.7000 +0.30

UK Alpha A Acc† 5.25 137.4000 -0.90

UK & Irish Small Co A Acc 5.00 574.9000 -4.20

UK Equity Income A Inc 5.00 *530.0000 -1.30

UK Index A Acc – 626.7000 +0.60

UK Tracker A Acc – 283.4000 +0.60

US Growth A Acc 5.00 1342.0000 +6.00

†Available as an ISA

J.P. Morgan Asset Management

60 Victoria Embankment, London, EC4Y 0JP

Clients:0800 204020.Brokerline 0800 727770

JPM America Eq A Acc 3.00 110.9000 -0.2000

JPM America Eq A Inc 3.00 110.9000 -0.2000

JPM Asia Growth A Acc 3.00 224.0000 ...

JPM Asia Growth A Inc 3.00 123.2000 ...

JPM Div Gth A Net ACC 3.00 274.4000 +0.3000

JPM Emg Euro Eq A Acc 3.00 227.4000 -1.0000

JPM Emg Euro Eq A Inc 3.00 48.4100 -0.2000

JPM Emg Markets A Acc 3.00 244.9000 +0.7000

JPM Emg Markets A Inc 3.00 104.0000 +0.3000

JPM Emg Mkts Inc A Acc 3.00 *78.9900 +0.5600

JPM Emg Mkts Inc A Inc 3.00 *58.8900 +0.4100

JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 207.8000 -0.5000

JPM Euro Dyn (ex-UK) A Acc 3.00 220.6000 +0.1000

JPM Euro Dyn (ex-UK) A Inc 3.00 98.0000 +0.0300

JPM Europe A Acc 3.00 1489.0000 +2.0000

JPM Europe A Inc 3.00 81.1800 +0.0900

JPM Euro Smaller Co A Acc 3.00 742.1000 -1.0000

JPM Euro Smaller Co A Inc 3.00 95.7800 -0.1200

JPM Global Bd Opps A Grs Acc – *57.5400 +0.1000

JPM Global Bd Opps A Grs Inc – *49.9900 +0.1000

JPM Global Bond A Gross Acc 3.00 *287.5000 +1.4000

JPM Global Bond A Gross Inc 3.00 *220.4000 +1.1000

JPM Global Eq Inc £ Hdg A Acc 3.00 *87.4200 -0.1700

JPM Global Eq Inc £ Hdg A Inc 3.00 *56.2400 -0.1100

JPM Global Eq Inc Fd A Acc 3.00 *113.6000 +0.1000

JPM Global Eq Inc Fd A Inc 3.00 *88.6100 +0.1100

JPM Global HiYld Bd A Grs Acc 3.00 *116.5000 +0.1000

JPM Global HiYld Bd A Grs Inc 3.00 *35.6200 +0.0400

JPM Global HiYldBdAGrsMthInc 3.00 *35.6200 +0.0400

JPM Global Macro Fund A Acc 3.00 *68.6700 -0.0600

JPM Global Macro Fund A Inc 3.00 *59.8600 -0.0500

JPM Global Macro Opps A Acc 3.00 72.37 -0.10

JPM Global Macro Opps A Inc 3.00 71.72 -0.09

JPM Global Uncons Eq A Acc 3.00 1528.0000 +4.0000

JPM Global Uncons Eq A Inc 3.00 113.2000 +0.3000

JPM Japan A Acc 3.00 499.7000 +3.0000

JPM Japan A Inc 3.00 120.2000 +0.7000

JPM Multi-Asset Income A Acc 3.00 *98.3300 +0.0400

JPM Multi-Asset Income A Inc 3.00 *63.9200 +0.0200

JPM Multi-Asset Inc A Mth Inc 3.00 *63.8900 +0.0200

JPM Multi-Man Gwth A Acc 3.00 1068.0000 -1.0000

JPM Multi-Man Gwth A Inc 3.00 969.6000 -1.0000

JPM Natural Res A Acc 3.00 609.4000 +3.4000

JPM Natural Res A Inc 3.00 42.0900 +0.2400

JPM Sterling Corp Bd A Grs Acc 3.00 *100.7000 +0.6000

JPM Sterling Corp Bd A Grs Inc 3.00 *58.7400 +0.3300

JPM UK Dynamic A Acc 3.00 *189.3000 ...

JPM UK Dynamic A Inc 3.00 *143.4000 -0.1000

JPM UK Equity Core E Acc – *361.8000 +0.3000

JPM UK Equity Core E Inc – *59.4900 +0.0500

JPM UK Equity Gwth A Acc 3.00 144.4000 -0.1000

JPM UK Equity Gwth A Inc 3.00 126.7000 ...

JPM UK Higher Inc A Acc 3.00 *1010.0000 -1.0000

JPM UK Higher Inc A Inc 3.00 *486.0000 -0.4000

JPM UK Sm Cos A Acc 3.00 471.8000 -1.9000

JPM UK Sm Cos A Inc 3.00 88.8600 -0.3600

JPM UK Strat Eq Inc A Acc 3.00 *172.9000 -0.7000

JPM UK Strat Eq Inc A Inc 3.00 *96.1400 -0.3600

JPM Uncons Bond A Acc 3.00 *73.0600 +0.0800

JPM Uncons Bond A Inc 3.00 *55.2700 +0.0500

JPM US Eq Inc £ Hdg A Inc 3.00 *119.7000 -0.3000

JPM US Eq Inc A Acc 3.00 *208.1000 +0.2000

JPM US Eq Inc A Inc 3.00 *162.9000 +0.2000

JPM US Select A Acc 3.00 194.1000 -0.3000

JPM US Select A Inc 3.00 190.8000 -0.3000

JPM US Sm Cap Gwth Fd A Acc 3.00 756.3000 -6.9000

JPM US Sm Cap Gwth Fd A Inc 3.00 198.1000 -1.8000

Jupiter Unit Trust Managers Ltd

The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ

020 3817 1000

Jupiter Abslt Rtn – 50.65 +0.23

Jupiter Asian Fd – *877.84 +3.60

Jupiter Asian Inc Fd Acc – 144.73 +0.86

Jupiter Asian Inc Fd Inc – 127.06 +0.76

Jupiter China Acc – 123.63 +0.91

Jupiter China Inc – 117.52 +0.86

Jupiter Corp Bond Inc – 60.59 +0.29

Jupiter Dstrbtn Acc – 105.43 +0.26

Jupiter Dstrbtn Inc – 59.03 +0.15

Jupiter Dstrbtn & Grth Inc – 109.64 -0.06

Jupiter Eco Inc – 390.91 -0.56

Jupiter Emerg Euro Opps – *234.78 +0.01

Jupiter European – *2503.29 -5.02

Jupiter Euro Inc Acc – 77.89 -0.09

Jupiter Euro Inc Inc – 50.36 -0.06

Jupiter Euro Special Sits – *421.12 -0.29

Jupiter Fin Opp – 744.01 +1.68

Jupiter Fund Of Inv Trusts – 254.53 -0.71

Jupiter Global Emg Acc – 63.37 +0.25

Jupiter Global Eq Inc Acc – 76.65 +0.05

Jupiter Global Eq Inc Inc – 65.18 +0.04

Jupiter Global Managed Acc – 283.35 +0.59

Jupiter Global Managed Inc – 270.62 +0.57

Jupiter Growth & Inc – 89.64 -0.09

Jupiter Income – *501.52 +1.65

Jupiter India Fd – *106.54 -0.12

Jupiter Int Financials – 112.85 +0.47

Jupiter Japan Inc Fd Acc – *123.13 +0.34

Jupiter Japan Inc Fd Inc – *93.01 +0.26

Jupiter Merlin Bal Prtfo Acc – 201.01 +1.01

Jupiter Merlin Bal Prtfo Inc – 136.08 +0.69

Jupiter Merlin Conserv Prtfo Acc – 62.80 +0.26

Jupiter Merlin Conserv Prtfo Inc – 52.41 +0.22

Jupiter Merlin Grth Prtfo Acc – 454.20 +3.79

Jupiter Merlin Grth Prtfo Inc – 441.42 +3.68

Jupiter Merlin Inc Prtfo Acc – *318.44 +1.23

Jupiter Merlin Inc Prtfo Inc – *138.02 +0.54

Jupiter Merlin WW Prtfo Acc – 328.27 +2.03

Jupiter Merlin WW Prtfo Inc – 328.25 +2.02

Jupiter Monthly Alt Inc Acc – 123.46 -0.02

Jupiter Monthly Alt Inc – 30.97 ...

Jupiter N.American Inc Acc – *177.53 +0.54

Jupiter N.American Inc Inc – *143.07 +0.44

Jupiter Responsible Inc Fd Acc – 111.42 +0.28

Jupiter Responsible Inc Fd Inc – 67.89 +0.17

Jupiter Strategic Bond Acc – *106.15 +0.31

Jupiter Strategic Bond Inc – *66.96 +0.20

Jupiter UK Growth – *277.32 -2.18

Jupiter UK Smaller Cos – *352.32 -2.20

Jupiter UK Special Sits Inc – 180.57 +0.73

Jupiter US Sm&Md Inst I Acc – 80.99 ...

Jupiter US Sm&Md Cap Ret Acc – 74.46 ...

Marks & Spencer Unit Trust

Management Ltd

Kings Meadow, Chester, CH99 9UT

0870 333 1835

High Income Inc – *112.7 112.7 ...

High Income Acc – *273.8 273.8 ...

UK Select Port Inc – 330.7 330.7 ...

UK Selection Port – 625.4 625.4 ...

UK 100 Co’s Fund Inc – 213.1 213.1 ...

UK 100 Co’s Fund Acc – 381.7 381.7 ...

W’wide Man Inc – *520.4 ...

W’wide Man Acc – *855.5 ...

M & G Securities Ltd

PO Box 9039, Chelmsford, CM99 2XG

Enq: 0800 390 390. UT Deal: 0800 328 3196

Charibond Inc – *125.12 +0.25

Charibond Acc – *4157.81 +8.35

Charifund Inc – *1518.06 +0.53

Charifund Acc – *25077.3 +8.66

M&G Corp Bond A Inc 3.00 *41.62 +0.23

M&G Corp Bond A Acc 3.00 *75.19 +0.41

M&G Dividend A Inc 4.00 *55.21 +0.3

M&G Dividend A Acc 4.00 *669.81 +3.66

M&G Episode Grwth Stg A Dis 4.00 *54.18 -0.05

M&G Episode Income A Inc 4.00 *126.29 +0.45

M&G Episode Income A Acc 4.00 *173.89 +0.61

M&G Global Dividend A Inc 4.00 *210.26 +1.3

M&G Global Dividend A Acc 4.00 *299.84 +1.85

M&G Glbl Emrgng Mkts A Inc 4.00 260.33 +2.11

M&G Glbl Emrgng Mkts A Acc 4.00 290.25 +2.35

M&G Glbl High Yld Bd A Inc 3.00 *49.09 +0.05

M&G Glbl High Yld Bd A Acc 3.00 *137.53 +0.14

M&G Global Macro Bd A Inc 3.00 *92.24 +0.47

M&G Global Macro Bd A Acc 3.00 *146.45 +0.76

M&G Global Themes A Inc 4.00 996.99 +2.4

M&G Global Themes A Acc 4.00 1578.58 +3.79

M&G Managed Growth A Inc 4.00 106.31 -0.16

M&G Optimal Income A Inc 3.00 146.91 +0.11

M&G Optimal Income A Acc 3.00 214.53 +0.15

M&G Property Portfolio A Inc – 110.43 110.43 -1.41

M&G Recovery A Inc 4.00 *122.15 -0.2

M&G Recovery A Acc 4.00 *298.52 -0.49

M&G Strategic Corp Bd A Inc 3.00 76.48 +0.32

M&G Strategic Corp Bd A Acc 3.00 123.95 +0.52

M&G UK Inc Distribution A Inc 4.00 741.34 +0.95

M&G UK Inc Distribution A Acc 4.00 7236.57 +9.29

M&G UK Infl Lkd Corp A Inc 3.00 115.95 +0.09

M&G UK Infl Lkd Corp A Acc 3.00 121.15 +0.09

N.A.A.C.I.F. Inc – *84.73 +0.17

N.A.A.C.I.F. Acc – *8846.98 +17.28

†CAR - Net Income reinvested.

Merian Global Investors

(formerly Old Mutual Global Investors)

For further information visit merian.com or contact

your financial adviser.

Merian Corporate Bond Fund – 140.1 +0.80

Merian Eur (ExUK) Small Co – 16.2819 +0.001

Merian Global Emerging Mrkts - 14.5782 +0.022

Merian Global Equity – 274.2 +0.20

Merian Gold & Silver – 16.5402 +0.679

Merian North American Equity – 315.9 +0.10

Merian Strat Abs Return Bond – 10.1269 +0.011

Merian UK Alpha - 161.2 +0.10

Merian UK Equity Income – 157.9 -0.40

Merian UK Mid Cap – 279.9 -0.60

Merian UK Smaller Company – 259.7 -0.90

Natwest Investment Funds

(RBS Collective Investment Funds Ltd)

PO Box 249, York YO90 1ZY

0117 940 3848

Global Bond Fund Inc – 103.6 ...

Mangd Eqty Grwth Fnd Acc – 100.9 ...

Mangd Grwth Fund Inc – 102.1 ...

Mangd Grwth Fund Acc – 102.1 ...

UK Eqty Fund Acc – 99.08 ...

UK Eqty Fund Inc – 99.08 ...

Mid Change

Name Init chge Sell Buy on day

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Name Init chge Sell Buy on day

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Name Init chge Sell Buy on day

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Name Init chge Sell Buy on day

(^) Name Init chge Sell Mid Buy on day Change
Initial charge:
This charge in percentage terms is included in the purchase
price of the units. It is levied by the unit trust manager to cover
administrative costs and commissions.

• Denotes Ex-dividend
  (^) Name Init chge Sell Mid Buy on day Change
  Business
  Want to stay one step ahead
  of the crowd? Buy this New
  Zealand investment firm
  LAST week this column stretched its
  horizons to trusts listed in Canada and
  Australia; we continue our worldwide
  hunt for opportunities this week with
  one that hails from New Zealand.
  In this we reflect the
  practice of those
  professional investors
  who try to stay one step
  ahead of the crowd and
  seek assets that offer
  higher returns because
  the majority of their rivals
  are not yet prepared to
  put money into them – it
  is the later rush of capital into
  such assets that ultimately depresses
  returns to more humdrum levels.
  Pietro Nicholls is one of these
  investors. His RM Alternative
  Income fund specialises in
  “alternative” assets and he invests
  across the globe in search of high,
  sustainable yields.
  Infratil, a New Zealand
  company that works
  similarly to a British
  infrastructure
  investment trust, is among his recent
  purchases. It has a record of putting
  money in new areas that offer higher
  returns, then selling once the asset
  type in question has gained
  wider acceptance and prices
  have risen.
  “It invested a lot in
  student accommodation
  but is now reducing
  exposure because returns
  are no longer double-
  digit,” Mr Nicholls said.
  “Similarly, six or seven
  years ago the returns on
  renewable energy assets meant
  you would have doubled your money
  by now, whereas current yields are
  more like 6pc a year because, as more
  capital rushes in, the returns fall. The
  guys at Infratil are smart so they go
  into areas that promise higher returns.
  They tend to buy an asset, develop it to
  a certain size and value, then sell.”
  Two examples of infrastructure
  assets that currently offer higher
  returns are data centres and mobile
  phone towers. As people spend more
  time on phones and use more data-
  intensive apps, the need for both data
  centres and phone masts increases.
  The 5G services now being
  introduced around the world need
  more masts to support higher
  speeds, and mobile phone networks
  increasingly want other companies
  to bear the capital costs of owning
  the towers, in exchange for rental
  payments on long contracts.
  “If you own a tower you might earn
  a few per cent a year from the first
  network to sign up, but then you can
  rent space to other networks for little
  extra cost and your returns begin to
  mount,” Mr Nicholls said. Infratil has
  acquired a stake in Vodafone’s tower
  estate in New Zealand.
  Similarly, even giant technology
  companies will rent space in data
  centres rather than devote capital to
  building their own. “The data centre
  owner will have long contracts with
  some of the largest and most profitable
  companies on earth,” the RM fund
  manager added. “The returns are
  much more stable than those you
  would make from investing in the tech
  companies’ shares.”
  This “digitising” trend is one of
  the overarching themes in which
  Infratil invests; others are the move
  to a low-carbon economy and the fact
  that, over the course of increasingly
  long lifespans, people need to be
  accommodated in infrastructure such
  as, at one end of their lives, student
  halls of residence and, at the other end,
  care homes. All feature in Infratil’s
  portfolio, along with an airport, a bus
  company and a utility firm.
  In choosing to invest in these types
  of infrastructure, the company is
  limiting its exposure to those areas
  most at risk from political or regulatory
  pressure: governments are far more
  likely to move the goalposts where, for
  example, hospitals are concerned than
  they are with data centres.
  Infratil does not publish an exact
  net asset value in the way that a British
  investment trust does but, on the basis
  of its most recent figures, the shares
  trade at about par value. There is also
  no equivalent of our “ongoing charge
  figure” but Questor estimates the
  annual management charge at 0.8pc.
  The shares are listed in New Zealand
  and Australia; many brokers will not
  deal in them but Infratil’s Australian
  shares are available via Saxo Bank.
  Questor says: buy
  Ticker: ASX: IFT
  Share price at close: A$4.32; NZ$4.60
  Infratil Close: 4.60NZD
  2014 2015 2016 2017 2018 2019
  NZD
  3.0
  2.5
  2.0
  5.0
  4.5
  4.0
  3.5
   Market value:
  NZ$3bn
   Year of listing:
  1994
   Discount: nil
   Ave discount
  over past year:
  n/a
   Yield: 2.1pc
   Most recent
  year’s dividend
  (March 2019):
  NZ$0.1725
   Gearing: 25pc
   Annual charge
  (March 2019):
  0.8pc
  Key
  numbers
  Infratil
  Buy
  Invests in high-
  return assets such as
  data centres and
  mobile masts
  You can make higher
  returns if you are
  prepared to invest
  before an asset hits
  the mainstream. The
  managers of Infratil
  do just that
  Questor
  Trust Bargains
  RICHARD EVANS
  Read Questor’s rules of investment before
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  32 ***^ Thursday 29 August 2019 The Daily Telegraph
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