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 2.09pc
European repo rate 1.25pc
European base rate 0.00pcTourist £1= Sterling £1= 1 Euro = 1 Dollar =
Exchange rates
£ > € Rate 1.1058 Change +1.22¢ £ > $ Rate 1.2252 Change +1.22¢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 $1498.39 -3.92 -0.26pc
È Silver per oz £13.90 -0.22 -1.53pc
È Krugerrand £1213.03 -15.66 -1.27pc
È New Sovereign £283.22 -2.85 -1.00pc
È Maples £1215.88 -15.69 -1.27pc
È Platinum per oz £690.28 -3.82 -0.55pc
È Palladium per oz £1210.73 -0.28 -0.02pc
È Copper grade A £4648.22 -74.78 -1.58pc
È Tin high grade £13181.52 -177.92 -1.33pc
È Lead £1685.85 -25.20 -1.47pc
È Zinc special high grade £1826.64 -57.12 -3.03pc
È Aluminium high grade £1442.21 -23.99 -1.64pc
È Nickel £12757.10 -243.72 -1.87pc
Ç Baltic Dry Index* 2118.00 +57.00 +2.77pc
È Wheat per tonne £135.50 -0.60 -0.44pc
È Brent Crude Oct settlement $59.92 -0.38 -0.63pc
Bank Rate 0.75pc
Overnight 0.68pc
7 day 0.69pc
1 month 0.71pc
3 months 0.76pc
6 months 0.80pc
Ç Australia All Ordinaries 6593.00 +20.40 +0.31pc
È Brazil Bovespa 100011.28 -1190.62 -1.18pc
Ç China Shanghai Composite 2883.44 +3.11 +0.11pc
È France CAC General 5388.25 -47.23 -0.87pc
È Germany DAX 11747.04 -55.81 -0.47pc
È Hong Kong Hang Seng 26048.72 -221.32 -0.84pc
È India S&P CNX500 8719.25 -145.25 -1.64pc
Ç Japan Nikkei 20628.01 +9.44 +0.05pc
Ç Russia RTS 1282.63 +2.44 +0.19pc
Ç Singapore Straits Times 3127.74 +5.17 +0.17pc
Ç Spain Madrid SE 873.58 +1.72 +0.20pc
È Switzerland SMI Index 9805.50 -42.61 -0.43pc
Ç USA Dow Jones 26252.24 +49.51 +0.19pc
È USA Nasdaq 7991.39 -28.82 -0.36pc
Australia Aus $ 1.6966 1.8114 1.6382 1.4784
Canada Can $ 1.5354 1.6298 1.4739 1.3302
Denmark Krone 7.7567 8.2440 7.4558 6.7287
Euro € 1.0438 1.1058 ... 0.9025
Hong Kong HK $ 9.0157 9.6053 8.6869 7.8398
India Rupee 76.6400 87.9847 79.5718 71.8125
Israel Shekels 3.8482 4.3115 3.8992 3.5190
Japan Yen 122.6500 130.4409 117.9685 106.4650
Kuwait Dinar ... 0.3726 0.3370 0.3041
New Zealand NZ $ 1.7663 1.9211 1.7374 1.5680
Norway Krone 10.3500 11.0009 9.9490 8.9789
Pakistan Rupee 180.5000 193.3673 174.8780 157.8250
Saudi Arabia Riyal 4.2471 4.5949 4.1556 3.7504
Singapore $ 1.5652 1.6980 1.5356 1.3859
South Africa Rand 17.3400 18.6690 16.8839 15.2375
Sweden Krona 11.1400 11.8492 10.7163 9.6713
Switzerland Franc 1.1335 1.2055 1.0902 0.9839
Thailand Baht 33.3800 37.7270 34.1197 30.7925
UAE Dirham 4.1745 4.5004 4.0701 3.6732
UK £ ... ... 0.9044 0.8162
USA $ 1.1567 1.2252 1.1080 ...
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 26 Volume Close Change
Ç NMC Health 2.95m 2296 18.60pc
Ç ITV 10.57m 114⅝ 3.66pc
Ç Marks & Spen 7.17m 191¾ 2.51pc
Ç Persimmon 2.06m 1900 2.21pc
Ç Sainsbury 7.15m 199¾ 1.99pc
Ç TUI AG 1.47m 803⅜ 1.83pc
Ç Stndrd Life Abr 9.39m 243¾ 1.67pc
Ç Kingfisher 13.41m 193⅞ 1.62pc
Ç Flutter Entrtmt 0.14m 6776 1.38pc
Ç British Land 3.48m 495⅞ 1.14pc
Ç Aviva 11.95m 362½ 1.12pc
Ç Taylor Wimpey 9.13m 147½ 0.89pc
Ç Royal Bk Scot 13.48m 183½ 0.88pc
Ç Segro 2.59m 768 0.81pc
Ç Melrose Ind 12.06m 168¾ 0.72pc
Ç DCC 0.33m 6830 0.71pc
Ç Land Secs 3.47m 756⅝ 0.48pc
Ç Barratt Dev 3.00m 628 0.45pc
Ç WPP 2.11m 960⅜ 0.44pc
Ç Centrica 19.97m 65⅛ 0.43pc
Ç JD Sports Fashion 0.70m 618⅝ 0.39pc
Ç Lloyds Bk Gp 166.38m 49¾ 0.36pc
Fallers 72 Volume Close Change
È Burberry 2.31m 2122 -3.72pc
È Scot Mort Inv Tst 2.39m 521 -3.43pc
È Ocado Group 1.48m 1204½ -3.06pc
È Aveva Group 0.20m 3826 -2.99pc
È Rolls Royce 12.05m 761⅜ -2.91pc
È BAE Systems 8.70m 549¾ -2.69pc
È Imp Brands 1.61m 2048½ -2.59pc
È CRH 2.51m 2603 -2.51pc
È Anglo Amer 5.45m 1680⅝ -2.46pc
È Croda Intl 0.32m 4616 -2.37pc
È Prudential 5.49m 1384½ -2.26pc
È Rentokil Initial 5.68m 447⅜ -2.25pc
È Carnival 0.60m 3500 -2.21pc
È IntContl Hotels 0.47m 5099 -2.21pc
È Coca-Cola HBC 0.85m 2682 -2.05pc
È Micro Focus Intl 0.95m 1588¾ -2.02pc
È Sage Group 2.51m 693¾ -1.98pc
È Halma 0.76m 1962 -1.95pc
È Intertek 0.55m 5420 -1.92pc
È RELX 3.36m 1921 -1.91pc
È Diageo 3.90m 3421 -1.85pc
È Auto Trader Grp 2.82m 523¾ -1.80pcAXA Investment Managers UK
Limited
7 Newgate Street, London, EC1A 7NX
http://www.axaframlington.com Cust Svs: 0845 777 5511Amer Gwth Acc – 782.4 +6.9
Biotech Acc – 182.8 +1.8
Emerg Mkts Acc – 283.2 -1.4
European Acc – 947.9 -4.7
FinTech R Acc – 816.7 +3.4
Global Tech – 145.6 +1.5
Global Thematics R GBP Acc – 1704 +8
Health Acc – 2170 +16
Japan R GBP Acc – 585.7 -3.4
Managed Balanced Acc – 432.4 -0.2
Managed Income Acc – 174.1 +0.1
Managed Income Inc – 109.4 ...
Monthly Inc Inc – 238.4 -0.2
Monthly Inc Acc – 610.8 -0.5
Pan Euro HY Bond Acc – *165.2 -0.40
Pan Euro HY Bond Inc – *104.0 -0.30
UK Growth Acc – 327.5 -0.8
UK Select Opps R Inc – 1961 -4
UK Select Opps R Acc – 3641 -7
UK Smllr Cos Acc – 291.5 +0.8AXA IM Funds http://www.axa-im.co.ukBNY Mellon Fund Managers
Investors: 0800 614330 Brokers: 08085 660000
http://www.bnymellonim.co.uk,
[email protected]BNY Mellon Investment Funds (ICVC)
Sterling Income SharesInsight Corporate Bd 0% 96.46 ...
Insight Eq Inc Fund 0% 158.33 -0.58
Insight Eq Inc Booster 0% 107.32 -0.43
Insight Glob Abs Ret Inc 0% 114.3 +0.21
Insight Glob Multi-Strat Fd 0% 130.78 +0.08
Insight Inflat-Link Corp Bd 0% 109.11 +0.09
Long-Term Global Equity 0% 317.63 +0.80
Newton Asian Income 0% 216.43 -1.06
Newton Cont European 0% 284.25 -1.50
Newton Global Dyn Bd 0% 102.83 +0.07
Newton Glb High Yld Bd 0% 60.52 +0.17
Newton Glb Inc Stg Inc 0% 226.13 +0.28
Newton Glb Opps 0% 335.82 +0.19
Newton Intnl Bond 0% 273.92 -0.62
Newton Multi-Asset Bal 0% 212.58 -0.78
Newton Mult-Asset Div Ret 0% 157.64 -0.07
Newton Mult-Asset Gwth 0% 891.63 -4.37
Newton Oriental 0% 652.14 -9.42
Newton Real Return A 0% 120.72 -0.07
Newton UK Equity Fund 0% 882.24 -4.81
Newton UK Inc 0% 65.67 -0.40
Newton UK Opps 0% 340.22 -1.91
US Opps EUR Acc 0% 124.76 +1.28Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0345 850 0255Generation Fd 5.00 *787.5 ...
Sand Aire FENIX Bal Inc 5.00 *157.8 ...Consistent Unit Trust
Management Co Ltd
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818Opportunities Unit Tst Inc 0% *45.49 46.91 ...
Opportunities Unit Tst Acc 0% *120.7 124.5 ...
Practical Invest Inc 5.00 228.1 244.7 ...
Practical Invest Acc 5.00 1249 1341 ...Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Maitland Discretionary Inc 3.00 2344.55 2503.07 +11.3Fidelity International
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181Unit TrustOpen World A Acc 3.00 190.4 +1.1Investment Funds (OEIC)Cash Fd Y – 100.05 ...
Cash Fd Y Accum.Units – 101.19 ...Income FundsEnhanced Inc Fd 3.50 97.43 -0.39
Extra Income Fd 3.50 28.23 +0.01
Moneybuilder Bal – 47.99 -0.14
Moneybuilder Inc – 37.95 -0.04Growth & Income FundsMoneybldr Div 3.50 237.9 -0.9Growth FundsAmerican 3.50 4636 -4
Amer Sp Sits 3.50 1729 -2
European 3.50 2566 -18
European Opps 3.50 514.2 -1.9
Global Special Sits 3.50 4289 -12
Japan 3.50 398.4 -1.9
Japan Smaller Cos 3.50 300.1 -1.5
Global Focus 3.50 2338 -9
Index UK A Acc – 109.1600 -0.4900
Opps A Dis – 99.80 -0.30
Special Sits 3.50 3825 -31
South East Asia 3.50 1416 -13
UK Select Acc 3.50 316.3 -2.0
†CAR - Net income reinvestedFundsmith LLP
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
http://www.fundsmith.co.uk [email protected]Fundsmith Equity T Acc – 480.37 +1.22
Fundsmith Equity T Inc – 441.22 +1.12Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: http://www.janushenderson.comAsia Pac Cap Gwth A Acc 5.00 1161.0000 -8.00
Asian Dividend Income Inc 5.00 *106.2000 -0.30
Cautious Managed A Acc 5.00 *264.8000 -0.80
Cautious Managed A Inc 5.00 *144.3000 -0.40
China Opps A Acc 5.00 1445.0000 -8.00
Emerg Mkts Opps A Acc 5.00 199.3000 -0.50
European Growth A Acc† 5.25 237.3000 -0.60
European Sel Opps A Acc 5.00 1766.0000 -12.00
Fixed Int Mthly Inc A Inc 4.25 *22.5100 +0.02
Global Care Growth A Inc 4.50 340.0000 +1.30
Global Equity Inc A Inc† 5.25 61.6400 -0.03
Global Growth Acc 4.25 3510.0000 +8.00
Global Strategic Cap Acc† 5.00 *254.1000 +0.20
Global Technology A Acc 5.00 2117.0000 +12.00
Multi-Mgr Abs Ret A Acc 5.00 143.1000 ...
Multi-Mgr Active A Acc† 5.00 *231.0000 -0.50
Multi-Mgr Distbn A Inc 5.25 135.2000 ...
Multi-Mgr Divrsfd A Acc – 89.0800 +0.02
Multi-Mgr Inc&Gwth A Acc 5.00 182.1000 ...
Multi-Mgr Inc&Gwth A Inc 5.25 154.6000 -0.10Multi-Mgr Mangd A Acc† 5.00 *287.0000 -0.70
Multi-Mgr Mangd A Inc† 5.00 *279.1000 -0.60
Sterling Bond Acc† 4.25 *238.8000 -0.20
Sterling Bond Inc† 4.25 *68.4300 -0.04
Strategic Bond A Inc 4.00 *129.3000 -0.10
UK Absolute Return A Acc 5.00 155.6000 -0.20
UK Alpha A Acc† 5.25 138.5000 -0.70
UK & Irish Small Co A Acc 5.00 575.3000 -0.50
UK Equity Income A Inc 5.00 *532.0000 -2.90
UK Index A Acc – 631.6000 -2.80
UK Tracker A Acc – 286.1000 -1.60
US Growth A Acc 5.00 1364.0000 +12.00
†Available as an ISAJ.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770JPM America Eq A Acc 3.00 114.4000 +0.8000
JPM America Eq A Inc 3.00 114.4000 +0.8000
JPM Asia Growth A Acc 3.00 227.9000 -2.0000
JPM Asia Growth A Inc 3.00 125.3000 -1.1000
JPM Div Gth A Net ACC 3.00 275.3000 +0.7000
JPM Emg Euro Eq A Acc 3.00 233.0000 +0.1000
JPM Emg Euro Eq A Inc 3.00 49.5800 +0.0200JPM Emg Markets A Acc 3.00 249.5000 -1.0000
JPM Emg Markets A Inc 3.00 106.0000 -0.4000
JPM Emg Mkts Inc A Acc 3.00 *80.3000 -0.1900
JPM Emg Mkts Inc A Inc 3.00 *59.8700 -0.1400
JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 210.0000 -0.6000
JPM Euro Dyn (ex-UK) A Acc 3.00 223.8000 -1.7000
JPM Euro Dyn (ex-UK) A Inc 3.00 99.4500 -0.7500
JPM Europe A Acc 3.00 1508.0000 -10.0000
JPM Europe A Inc 3.00 82.2100 -0.5800
JPM Euro Smaller Co A Acc 3.00 759.1000 -4.2000
JPM Euro Smaller Co A Inc 3.00 97.9700 -0.5500
JPM Global Bd Opps A Grs Acc – *57.3300 +0.0400
JPM Global Bd Opps A Grs Inc – *49.8000 +0.0400
JPM Global Bond A Gross Acc 3.00 *285.3000 -0.1000
JPM Global Bond A Gross Inc 3.00 *218.7000 -0.1000
JPM Global Eq Inc £ Hdg A Acc 3.00 *88.7100 +0.3400
JPM Global Eq Inc £ Hdg A Inc 3.00 *57.0500 +0.2200
JPM Global Eq Inc Fd A Acc 3.00 *115.8000 +0.2000
JPM Global Eq Inc Fd A Inc 3.00 *90.3600 +0.1500
JPM Global HiYld Bd A Grs Acc 3.00 *116.3000 +0.4000
JPM Global HiYld Bd A Grs Inc 3.00 *35.5600 +0.1200
JPM Global HiYldBdAGrsMthInc 3.00 *35.5600 +0.1200
JPM Global Macro Fund A Acc 3.00 *68.9900 +0.1200
JPM Global Macro Fund A Inc 3.00 *60.1500 +0.1100
JPM Global Macro Opps A Acc 3.00 72.93 +0.22
JPM Global Macro Opps A Inc 3.00 72.27 +0.21
JPM Global Uncons Eq A Acc 3.00 1558.0000 +1.0000JPM Global Uncons Eq A Inc 3.00 115.5000 +0.1000
JPM Japan A Acc 3.00 501.5000 -0.8000
JPM Japan A Inc 3.00 120.7000 -0.1000
JPM Multi-Asset Income A Acc 3.00 *98.5100 +0.1500
JPM Multi-Asset Income A Inc 3.00 *64.0400 +0.1000
JPM Multi-Asset Inc A Mth Inc 3.00 *64.0100 +0.1000
JPM Multi-Man Gwth A Acc 3.00 1079.0000 -2.0000
JPM Multi-Man Gwth A Inc 3.00 980.1000 -1.3000
JPM Natural Res A Acc 3.00 614.4000 -1.4000
JPM Natural Res A Inc 3.00 42.4400 -0.1000
JPM Sterling Corp Bd A Grs Acc 3.00 *100.1000 -0.1000
JPM Sterling Corp Bd A Grs Inc 3.00 *58.4300 -0.0300
JPM UK Dynamic A Acc 3.00 *190.3000 -1.0000
JPM UK Dynamic A Inc 3.00 *144.3000 -0.7000
JPM UK Equity Core E Acc – *364.6000 -1.9000
JPM UK Equity Core E Inc – *59.9500 -0.3100
JPM UK Equity Gwth A Acc 3.00 145.2000 -0.7000
JPM UK Equity Gwth A Inc 3.00 127.3000 -0.6000
JPM UK Higher Inc A Acc 3.00 *1017.0000 -5.0000
JPM UK Higher Inc A Inc 3.00 *489.4000 -2.6000
JPM UK Sm Cos A Acc 3.00 470.1000 -0.3000
JPM UK Sm Cos A Inc 3.00 88.5600 -0.0500
JPM UK Strat Eq Inc A Acc 3.00 *174.2000 -1.1000
JPM UK Strat Eq Inc A Inc 3.00 *96.8800 -0.6100
JPM Uncons Bond A Acc 3.00 *72.9600 +0.0100
JPM Uncons Bond A Inc 3.00 *55.2000 +0.0100
JPM US Eq Inc £ Hdg A Inc 3.00 *121.8000 +0.8000
JPM US Eq Inc A Acc 3.00 *212.9000 +1.0000JPM US Eq Inc A Inc 3.00 *166.6000 +0.8000
JPM US Select A Acc 3.00 199.2000 +1.2000
JPM US Select A Inc 3.00 195.9000 +1.3000
JPM US Sm Cap Gwth Fd A Acc 3.00 787.3000 +8.1000
JPM US Sm Cap Gwth Fd A Inc 3.00 206.2000 +2.1000Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000Jupiter Abslt Rtn – 50.02 -0.25
Jupiter Asian Fd – *890.14 -8.63
Jupiter Asian Inc Fd Acc – 146.62 -1.14
Jupiter Asian Inc Fd Inc – 128.72 -1.00
Jupiter China Acc – 127.38 -1.06
Jupiter China Inc – 121.09 -1.00
Jupiter Corp Bond Inc – 60.16 +0.02
Jupiter Dstrbtn Acc – *105.28 -0.10
Jupiter Dstrbtn Inc – *58.94 -0.06
Jupiter Dstrbtn & Grth Inc – 110.57 -0.24
Jupiter Eco Inc – 399.72 -0.60
Jupiter Emerg Euro Opps – *240.03 -0.93
Jupiter European – *2554.08 -9.80Jupiter Euro Inc Acc – 78.89 -0.46
Jupiter Euro Inc Inc – 51.00 -0.31
Jupiter Euro Special Sits – *427.69 -1.96
Jupiter Fin Opp – 754.90 +0.84
Jupiter Fund Of Inv Trusts – 257.57 -0.11
Jupiter Global Emg Acc – 64.14 -0.40
Jupiter Global Eq Inc Acc – 77.89 -0.09
Jupiter Global Eq Inc Inc – 66.23 -0.07
Jupiter Global Managed Acc – 289.49 +0.02
Jupiter Global Managed Inc – 276.48 +0.01
Jupiter Growth & Inc – 90.77 -0.29
Jupiter Income – *504.65 -1.99
Jupiter India Fd – *102.81 -2.91
Jupiter Int Financials – 115.07 +0.85
Jupiter Japan Inc Fd Acc – *124.42 -0.61
Jupiter Japan Inc Fd Inc – *93.98 -0.47
Jupiter Merlin Bal Prtfo Acc – 202.32 -0.20
Jupiter Merlin Bal Prtfo Inc – 136.96 -0.13
Jupiter Merlin Conserv Prtfo Acc – 62.59 +0.01
Jupiter Merlin Conserv Prtfo Inc – 52.23 +0.01
Jupiter Merlin Grth Prtfo Acc – 458.50 -0.15
Jupiter Merlin Grth Prtfo Inc – 445.59 -0.15
Jupiter Merlin Inc Prtfo Acc – *318.85 -0.19
Jupiter Merlin Inc Prtfo Inc – *138.19 -0.08
Jupiter Merlin WW Prtfo Acc – 333.09 +0.13
Jupiter Merlin WW Prtfo Inc – 333.08 +0.13
Jupiter Monthly Alt Inc Acc – *123.57 +0.03
Jupiter Monthly Alt Inc – *31.00 +0.01
Jupiter N.American Inc Acc – *181.40 +0.68
Jupiter N.American Inc Inc – *146.18 +0.54
Jupiter Responsible Inc Fd Acc – 112.01 -0.15
Jupiter Responsible Inc Fd Inc – 68.25 -0.09
Jupiter Strategic Bond Acc – *105.48 +0.04
Jupiter Strategic Bond Inc – *66.54 +0.03
Jupiter UK Growth – *278.33 -2.97
Jupiter UK Smaller Cos – *355.22 +1.15
Jupiter UK Special Sits Inc – 180.96 -0.64
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 1835High Income Inc – *113.2 113.2 ...
High Income Acc – *275.2 275.2 ...
UK Select Port Inc – 335.2 335.2 ...
UK Selection Port – 633.8 633.8 ...
UK 100 Co’s Fund Inc – 216.3 216.3 ...
UK 100 Co’s Fund Acc – 387.4 387.4 ...
W’wide Man Inc – *527.6 ...
W’wide Man Acc – *867.3 ...M & G Securities Ltd
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196Charibond Inc – *124.75 -0.02
Charibond Acc – *4145.51 -0.87
Charifund Inc – *1524.19 -2.63
Charifund Acc – *25178.61 -43.39
M&G Corp Bond A Inc 3.00 *41.36 -0.01
M&G Corp Bond A Acc 3.00 *74.73 -0.01
M&G Dividend A Inc 4.00 *55.26 -0.21
M&G Dividend A Acc 4.00 *670.43 -2.53
M&G Episode Grwth Stg A Dis 4.00 *54.81 +0.01
M&G Episode Income A Inc 4.00 *126.56 +0.31
M&G Episode Income A Acc 4.00 *174.26 +0.43
M&G Global Dividend A Inc 4.00 *214.12 +0.23
M&G Global Dividend A Acc 4.00 *305.35 +0.34
M&G Glbl Emrgng Mkts A Inc 4.00 266.44 -0.29
M&G Glbl Emrgng Mkts A Acc 4.00 297.07 -0.32
M&G Glbl High Yld Bd A Inc 3.00 *48.99 +0.15
M&G Glbl High Yld Bd A Acc 3.00 *137.24 +0.42M&G Global Macro Bd A Inc 3.00 *92.05 -0.2
M&G Global Macro Bd A Acc 3.00 *146.13 -0.33
M&G Global Themes A Inc 4.00 1011.01 +0.92
M&G Global Themes A Acc 4.00 1600.8 +1.48
M&G Managed Growth A Inc 4.00 107.8 +0.16
M&G Optimal Income A Inc 3.00 146.86 +0.12
M&G Optimal Income A Acc 3.00 214.46 +0.17
M&G Property Portfolio A Inc – 111.79 111.79 +0.01
M&G Recovery A Inc 4.00 *122.34 -0.66
M&G Recovery A Acc 4.00 *298.98 -1.63
M&G Strategic Corp Bd A Inc 3.00 76.12 +0.03
M&G Strategic Corp Bd A Acc 3.00 123.38 +0.06
M&G UK Inc Distribution A Inc 4.00 743.19 -1.85
M&G UK Inc Distribution A Acc 4.00 7254.61 -18.02
M&G UK Infl Lkd Corp A Inc 3.00 115.81 +0.04
M&G UK Infl Lkd Corp A Acc 3.00 121.01 +0.04
N.A.A.C.I.F. Inc – *85.28 -0.06
N.A.A.C.I.F. Acc – *8904.86 -6.55
†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 – 139.2 -0.10
Merian Eur (ExUK) Small Co – 16.4517 -0.091
Merian Global Emerging Mrkts - 15.0101 +0.048
Merian Global Equity – 280.4 +0.80
Merian Gold & Silver – 15.3809 -0.063
Merian North American Equity – 324.4 +2.00
Merian Strat Abs Return Bond – 10.0986 -0.001
Merian UK Alpha - 162.4 -0.50
Merian UK Equity Income – 159.1 -0.30
Merian UK Mid Cap – 280.3 +0.50
Merian UK Smaller Company – 259.3 +0.20Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848Global Bond Fund Inc – 103.4 ...
Mangd Eqty Grwth Fnd Acc – 102.7 ...
Mangd Grwth Fund Inc – 103.6 ...
Mangd Grwth Fund Acc – 103.6 ...
UK Eqty Fund Acc – 100.2 ...
UK Eqty Fund Inc – 100.2 ...Mid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
Name Init chge Sell Buy on dayMid Change
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
The big question for bond
investors: is inflation or
deflation the bigger threat?
INFLATION is never far from
the mind of an income investor –
particularly if that investor owns
fixed-income assets such as bonds.
For proof, we need only think
about one of our Income
Portfolio’s own bond
holdings, say the Tesco
6pc 2029 retail bond.
In today’s world, its
yield (specifically the
“running” yield, which
disregards any capital
gain or loss when the
bond is redeemed at face
value) of 4.6pc looks very
appealing against a backdrop of Bank
Rate at 0.75pc and inflation of 2pc.
But it would have a been a very
different story in the Seventies,
when inflation of as much as
25pc would have made our
Tesco bonds’ 4.6pc yield scant
consolation for the severe capital
loss in real terms at redemption a
few years later.
Currently the outlook
for inflation seems
benign around the world, suggesting
that all of our bonds – especially the
perpetual ones, which are the most
sensitive to inflation – will be an asset
to our portfolio.
Of all advanced economies
Britain is perhaps most at
risk of substantial rises in
the cost of living, should
a no-deal Brexit cause the
pound to slump and our
imports to become more
expensive, but even that
would be a one-off and
far from the kind of wage-
price spiral that sent shivers
down savers’ spines in the past.
Not everyone is so sure that the
inflationary dragon has been slain,
however. Readers have asked Questor
whether there is a case for holding
index-linked bonds, while some
risk-averse professional investors
continue to devote large portions of
their funds to these assets.
Hamish Baillie, lead manager of the
Ruffer Investment Company, whose
main aim is to preserve investors’
capital and has an excellent record of
doing so, said: “The most dangerous
words in the investment world are
‘this time it’s different’ – it rarely
is. Central banks may overshoot
and be forced to tighten [monetary
policy] as inflationary pressures pick
up, much like late 2017 and early
- Alternatively there could be
an outside shock to markets such as
trade, Middle East tensions or Brexit
while fundamentals remain weak.”
He asked “what instruments do you
want to hold for this sea change?” and
his answer was, among other things,
“the real assets of index-linked bonds”.
Other investors are equally
convinced of the opposite argument:
that deflation, not inflation, is the
real threat. One is David Kauders
of Kauders Portfolio Management,
which specialises in British
government bonds or gilts. As far
back as during the financial crisis he
was warning that attempts by central
banks to create inflation to ease the
burden of debts would fail; he was
proved right.
His message has not changed.
“Central banks are struggling and
failing to generate inflation,” he told
Questor this week. As a result, he puts
only conventional gilts into his clients’
portfolios. “We never recommend
index-linked bonds,” he said.
None the less, Questor suspects
that some readers, perhaps those who
remember Britain’s chronic inflation
of the Seventies, fear its return and
would like some protection. The
good news for them is that it is just as
easy to buy gilts, including inflation-
protected “linkers”, from brokers such
as Hargreaves Lansdown.
However, linkers work
“symmetrically”: interest and maturity
values increase in line with inflation
but decrease in the event of deflation.
One way out of this is to invest in
the American equivalent, called
Tips (treasury inflation-protected
securities). Here, you get the benefit of
inflation-linked rises but your losses,
in nominal terms, are limited in the
event of deflation. Tips are almost
impossible for British investors to buy
individually but a listed tracker fund,
such as the iShares Tips Ucits ETF,
offers a basket. A “currency hedged”
version exists under the ticker ITPG.
If you prefer not to use an
investment platform you can hold
gilts in certificate form via the official
registrar, Computershare. This avoids
the need to pay custody fees.Tesco 2029 retail bonds Close: £131.202014 2015 2016 2017 2018 2019£10510095135130125120115110Questor’s
bond holdingsHold
Currently, returns
are well in excess of
inflation and
interest ratesInflation is hugely
damaging to bond
investors. Experts
are divided about
the risks, but
worried readers
can protect
themselves
Questor
Income PortfolioRICHARD EVANSRead Questor’s rules of investment before
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telegraph.co.uk/go/questorwhatsapp34 ***^ Friday 23 August 2019 The Daily Telegraph
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