The Daily Telegraph - 27.08.2019

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

Major price changes FTSE 100 Week on week Friday Close

Rates

Money

Nationwide Base Mortgage Rate 2.75pc

US Fed Funds 2.00-2.25pc

US Long Bonds Yld 2.03pc

European repo rate 1.25pc

European base rate 0.00pc

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

Exchange rates

£ > € Rate 1.0998 Change -0.51¢ £ > $ Rate 1.2223 Change -0.52¢

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

*Copyright Baltic Exchange Information Services Ltd. At 18.00

Commodities summary

Price Change

World market indices

Index Change

Inflation Change on month Year

Ç Gold per troy oz $1531.40 +3.51 +0.23pc
Ç Silver per oz £14.48 +0.29 +2.06pc
È Krugerrand £1243.07 -1.03 -0.08pc
Ç New Sovereign £289.62 +2.83 +0.99pc
Ç Maples £1245.93 +1.84 +0.15pc
È Platinum per oz £689.92 -2.03 -0.29pc
Ç Palladium per oz £1203.14 +9.88 +0.83pc
Ç Copper grade A £4609.75 +27.30 +0.60pc
Ç Tin high grade £12991.90 +49.91 +0.39pc
Ç Lead £1689.85 +7.02 +0.42pc
Ç Zinc special high grade £1837.93 +15.38 +0.84pc
Ç Aluminium high grade £1446.04 +3.97 +0.28pc
Ç Nickel £12820.09 +77.71 +0.61pc
Æ Baltic Dry Index* 2168.00 unch
È Wheat per tonne £133.50 -1.50 -1.11pc
ÈBrent Crude Oct settlement $58.70 -0.64 -1.08pc

Bank Rate 0.75pc
Overnight 0.68pc
7 day 0.68pc
1 month 0.71pc
3 months 0.76pc
6 months 0.81pc

È Australia All Ordinaries 6531.00 -83.30 -1.26pc
È Brazil Bovespa 96429.60 -1237.89 -1.27pc
È China Shanghai Composite 2863.57 -33.86 -1.17pc
Ç France CAC General 5351.02 +24.15 +0.45pc
Ç Germany DAX 11658.04 +46.53 +0.40pc
È Hong Kong Hang Seng 25680.33 -499.00 -1.91pc
Ç India S&P CNX500 8964.70 +174.15 +1.98pc
È Japan Nikkei 20261.04 -449.87 -2.17pc
È Russia RTS 1268.25 -0.20 -0.02pc
È Singapore Straits Times 3065.33 -45.02 -1.45pc
Ç Spain Madrid SE 869.38 +2.75 +0.32pc
È Switzerland SMI Index 9715.83 -29.15 -0.30pc
Ç USA Dow Jones 25898.83 +269.93 +1.05pc
Ç USA Nasdaq 7853.74 +101.97 +1.32pc

Australia Aus $ 1.7127 1.8039 1.6402 1.4759
Canada Can $ 1.5476 1.6243 1.4769 1.3290
Denmark Krone 7.8213 8.2011 7.4570 6.7099
Euro € 1.0523 1.0998 ... 0.8998
Hong Kong HK $ 9.0796 9.5889 8.7188 7.8453
India Rupee 77.1200 88.0234 80.0366 72.0175
Israel Shekels 3.8594 4.3040 3.9135 3.5214
Japan Yen 123.8600 129.5280 117.7754 105.9750
Kuwait Dinar ... 0.3715 0.3377 0.3039
New Zealand NZ $ 1.7788 1.9126 1.7391 1.5648
Norway Krone 10.4500 10.9817 9.9853 8.9848
Pakistan Rupee 180.7800 192.1988 174.7598 157.2500
Saudi Arabia Riyal 4.2780 4.5838 4.1679 3.7503
Singapore $ 1.5784 1.6963 1.5424 1.3879
South Africa Rand 17.4000 18.6164 16.9273 15.2312
Sweden Krona 11.2900 11.8101 10.7385 9.6626
Switzerland Franc 1.1461 1.1955 1.0871 0.9781
Thailand Baht 33.6000 37.4130 34.0185 30.6100
UAE Dirham 4.2048 4.4896 4.0822 3.6732
UK £ ... ... 0.9093 0.8182
USA $ 1.1651 1.2223 1.1114 ...

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 54 Volume Close Change
Ç NMC Health 1.28m 2157 16.53pc
Ç Sainsbury 8.52m 196¾ 7.84pc
Ç TUI AG 1.42m 803¾ 7.63pc
Ç ITV 15.30m 114⅞ 7.48pc
Ç Whitbread 0.58m 4276 4.37pc
Ç Ocado Group 0.90m 1200 4.26pc
Ç British Land 3.50m 496¾ 3.98pc
Ç Segro 2.30m 772¾ 3.82pc
Ç Persimmon 2.01m 1909½ 3.72pc
Ç Berkeley Gp Hdgs 0.64m 3969 3.66pc
Ç Smith (DS) 2.73m 324¼ 3.31pc
Ç DCC 0.25m 6782 3.29pc
Ç Flutter Entrtmt 0.39m 6720 3.23pc
Ç Fresnillo 1.75m 684⅜ 3.13pc
Ç Marks & Spen 6.96m 186¾ 3.01pc
Ç Ashtead Group 0.79m 2147 2.68pc
Ç Barratt Dev 3.39m 636 2.65pc
Ç Antofagasta 1.80m 812 2.63pc
Ç Mondi 1.12m 1576½ 2.57pc
Ç Next 0.33m 5766 2.56pc
Ç Taylor Wimpey 9.17m 147⅛ 2.44pc
Ç Land Secs 2.67m 759¾ 2.18pc

Fallers 46 Volume Close Change

È BHP Group 4.81m 1680⅜ -4.26pc

È Prudential 4.49m 1362½ -3.74pc

È Direct Line Ins 3.18m 287¾ -3.42pc

È BT Group 22.77m 159 -3.10pc

È Evraz 2.23m 481½ -2.92pc

È Schroders 0.34m 2638 -2.69pc

È Phoenix 1.08m 639⅝ -2.59pc

È Carnival 0.70m 3434 -2.55pc

È Rentokil Initial 5.71m 443⅞ -2.31pc

È Brit Amer Tob 1.48m 2961 -2.25pc

È Legal&Gen 17.24m 221¾ -2.16pc

È Croda Intl 0.28m 4580 -2.14pc

È Rio Tinto 2.26m 3924½ -2.01pc

È Intertek 0.30m 5364 -1.94pc

È Anglo Amer 4.53m 1666⅝ -1.87pc

È HSBC 32.59m 586⅜ -1.81pc

È Micro Focus Intl 0.92m 1569¼ -1.79pc

È Coca-Cola HBC 0.39m 2668 -1.77pc

È Scot Mort Inv Tst 1.62m 511 -1.64pc

È Imp Brands 1.49m 2055 -1.63pc

È Sage Group 2.74m 687⅝ -1.63pc

È Tesco 15.77m 212⅝ -1.62pc

AXA Investment Managers UK

Limited

7 Newgate Street, London, EC1A 7NX

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

Amer Gwth Acc – 775.4 -7

Biotech Acc – 180.0 -2.8

Emerg Mkts Acc – 280.0 -3.2

European Acc – 939.7 -8.2

FinTech R Acc – 812.4 -4.3

Global Tech – 144.8 -0.8

Global Thematics R GBP Acc – 1688 -16

Health Acc – 2151 -19

Japan R GBP Acc – 582.0 -3.7

Managed Balanced Acc – 431.0 -1.4

Managed Income Acc – 174.0 -0.1

Managed Income Inc – 109.3 -0.1

Monthly Inc Inc – 239.4 +1

Monthly Inc Acc – 613.4 +2.6

Pan Euro HY Bond Acc – *166.2 +1.00

Pan Euro HY Bond Inc – *104.7 +0.70

UK Growth Acc – 328.8 +1.3

UK Select Opps R Inc – 1959 -2

UK Select Opps R Acc – 3637 -4

UK Smllr Cos Acc – 292.3 +0.8

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% *95.95 -0.51

Insight Eq Inc Fund 0% *158.66 +0.33

Insight Eq Inc Booster 0% *107.54 +0.22

Insight Glob Abs Ret Inc 0% 114.00 -0.30

Insight Glob Multi-Strat Fd 0% *130.39 -0.39

Insight Inflat-Link Corp Bd 0% 108.88 -0.23

Long-Term Global Equity 0% 315.26 -2.37

Newton Asian Income 0% *214.66 -1.77

Newton Cont European 0% *282.49 -1.76

Newton Global Dyn Bd 0% *102.75 -0.08

Newton Glb High Yld Bd 0% *60.55 +0.03

Newton Glb Inc Stg Inc 0% *224.68 -1.45

Newton Glb Opps 0% *334.44 -1.38

Newton Intnl Bond 0% 271.18 -2.74

Newton Multi-Asset Bal 0% 211.86 -0.72

Newton Mult-Asset Div Ret 0% 157.74 +0.10

Newton Mult-Asset Gwth 0% 889.79 -1.84

Newton Oriental 0% *647.39 -4.75

Newton Real Return A 0% *120.43 -0.29

Newton UK Equity Fund 0% *883.24 +1.00

Newton UK Inc 0% *65.75 +0.08

Newton UK Opps 0% *340.57 +0.35

US Opps EUR Acc 0% 123.48 -1.28

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 +10.4

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 8818

Opportunities Unit Tst Inc 0% *45.61 47.1 ...

Opportunities Unit Tst Acc 0% *121 125 ...

Practical Invest Inc 5.00 228 244.2 ...

Practical Invest Acc 5.00 1249 1338 ...

Discretionary Unit Fund

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

Maitland Discretionary Inc 3.00 2355.71 2509.2 +6.13

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 3.00 188.7 ...

Investment Funds (OEIC)

Cash Fd Y – 100.05 ...

Cash Fd Y Accum.Units – 101.19 ...

Income Funds

Enhanced Inc Fd 3.50 97.78 ...

Extra Income Fd 3.50 28.17 ...

Moneybuilder Bal – 47.95 ...

Moneybuilder Inc – 37.76 ...

Growth & Income Funds

Moneybldr Div 3.50 238.8 ...

Growth Funds

American 3.50 4606 ...

Amer Sp Sits 3.50 1718 ...

European 3.50 2551 ...

European Opps 3.50 510.2 ...

Global Special Sits 3.50 4255 ...

Japan 3.50 396.6 ...

Japan Smaller Cos 3.50 298.7 ...

Global Focus 3.50 2318 ...

Index UK A Acc – 110.0700 ...

Opps A Dis – 100.3 ...

Special Sits 3.50 3843 ...

South East Asia 3.50 1412 ...

UK Select Acc 3.50 317.8 ...

†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 – 476.98 -3.39

Fundsmith Equity T Inc – 438.11 -3.11

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 1157.0000 -4.00

Asian Dividend Income Inc 5.00 *105.9000 -0.30

Cautious Managed A Acc 5.00 *265.2000 +0.40

Cautious Managed A Inc 5.00 *144.5000 +0.20

China Opps A Acc 5.00 1443.0000 -2.00

Emerg Mkts Opps A Acc 5.00 198.1000 -1.20

European Growth A Acc† 5.25 235.5000 -1.80

European Sel Opps A Acc 5.00 1754.0000 -12.00

Fixed Int Mthly Inc A Inc 4.25 *22.5000 -0.01

Global Care Growth A Inc 4.50 337.2000 -2.80

Global Equity Inc A Inc† 5.25 61.2500 -0.39

Global Growth Acc 4.25 3489.0000 -21.00

Global Strategic Cap Acc† 5.00 *253.3000 -0.80

Global Technology A Acc 5.00 2096.0000 -21.00

Multi-Mgr Abs Ret A Acc 5.00 143.3000 +0.20

Multi-Mgr Active A Acc† 5.00 *230.4000 -0.60

Multi-Mgr Distbn A Inc 5.25 135.0000 -0.20

Multi-Mgr Divrsfd A Acc – 89.0000 -0.08

Multi-Mgr Inc&Gwth A Acc 5.00 181.8000 -0.30

Multi-Mgr Inc&Gwth A Inc 5.25 154.4000 -0.20

Multi-Mgr Mangd A Acc† 5.00 *286.6000 -0.40

Multi-Mgr Mangd A Inc† 5.00 *278.6000 -0.50

Sterling Bond Acc† 4.25 *237.6000 -1.20

Sterling Bond Inc† 4.25 *68.0800 -0.35

Strategic Bond A Inc 4.00 *129.0000 -0.30

UK Absolute Return A Acc 5.00 155.8000 +0.20

UK Alpha A Acc† 5.25 139.4000 +0.90

UK & Irish Small Co A Acc 5.00 580.7000 +5.40

UK Equity Income A Inc 5.00 *533.1000 +1.10

UK Index A Acc – 633.3000 +1.70

UK Tracker A Acc – 286.4000 +0.30

US Growth A Acc 5.00 1354.0000 -10.00

†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 3.00 113.3000 -1.1000

JPM America Eq A Inc 3.00 113.3000 -1.1000

JPM Asia Growth A Acc 3.00 227.1000 -0.8000

JPM Asia Growth A Inc 3.00 124.9000 -0.4000

JPM Div Gth A Net ACC 3.00 275.1000 -0.2000

JPM Emg Euro Eq A Acc 3.00 231.4000 -1.6000

JPM Emg Euro Eq A Inc 3.00 49.2400 -0.3400

JPM Emg Markets A Acc 3.00 247.4000 -2.1000

JPM Emg Markets A Inc 3.00 105.1000 -0.9000

JPM Emg Mkts Inc A Acc 3.00 *79.8000 -0.5000

JPM Emg Mkts Inc A Inc 3.00 *59.5000 -0.3700

JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 210.3000 +0.3000

JPM Euro Dyn (ex-UK) A Acc 3.00 222.1000 -1.7000

JPM Euro Dyn (ex-UK) A Inc 3.00 98.6700 -0.7800

JPM Europe A Acc 3.00 1497.0000 -11.0000

JPM Europe A Inc 3.00 81.6200 -0.5900

JPM Euro Smaller Co A Acc 3.00 752.4000 -6.7000

JPM Euro Smaller Co A Inc 3.00 97.1000 -0.8700

JPM Global Bd Opps A Grs Acc – *57.2900 -0.0400

JPM Global Bd Opps A Grs Inc – *49.7600 -0.0400

JPM Global Bond A Gross Acc 3.00 *284.5000 -0.8000

JPM Global Bond A Gross Inc 3.00 *218.1000 -0.6000

JPM Global Eq Inc £ Hdg A Acc 3.00 *88.6400 -0.0700

JPM Global Eq Inc £ Hdg A Inc 3.00 *57.0200 -0.0300

JPM Global Eq Inc Fd A Acc 3.00 *115.0000 -0.8000

JPM Global Eq Inc Fd A Inc 3.00 *89.6800 -0.6800

JPM Global HiYld Bd A Grs Acc 3.00 *116.4000 +0.1000

JPM Global HiYld Bd A Grs Inc 3.00 *35.6100 +0.0500

JPM Global HiYldBdAGrsMthInc 3.00 *35.6100 +0.0500

JPM Global Macro Fund A Acc 3.00 *68.9900 ...

JPM Global Macro Fund A Inc 3.00 *60.1500 ...

JPM Global Macro Opps A Acc 3.00 72.92 -0.01

JPM Global Macro Opps A Inc 3.00 72.26 -0.01

JPM Global Uncons Eq A Acc 3.00 1547.0000 -11.0000

JPM Global Uncons Eq A Inc 3.00 114.6000 -0.9000

JPM Japan A Acc 3.00 500.2000 -1.3000

JPM Japan A Inc 3.00 120.3000 -0.4000

JPM Multi-Asset Income A Acc 3.00 *98.5800 +0.0700

JPM Multi-Asset Income A Inc 3.00 *64.0800 +0.0400

JPM Multi-Asset Inc A Mth Inc 3.00 *64.0600 +0.0500

JPM Multi-Man Gwth A Acc 3.00 1078.0000 -1.0000

JPM Multi-Man Gwth A Inc 3.00 979.1000 -1.0000

JPM Natural Res A Acc 3.00 609.6000 -4.8000

JPM Natural Res A Inc 3.00 42.1100 -0.3300

JPM Sterling Corp Bd A Grs Acc 3.00 *99.6500 -0.4500

JPM Sterling Corp Bd A Grs Inc 3.00 *58.1500 -0.2800

JPM UK Dynamic A Acc 3.00 *191.4000 +1.1000

JPM UK Dynamic A Inc 3.00 *145.0000 +0.7000

JPM UK Equity Core E Acc – *365.7000 +1.1000

JPM UK Equity Core E Inc – *60.1300 +0.1800

JPM UK Equity Gwth A Acc 3.00 145.9000 +0.7000

JPM UK Equity Gwth A Inc 3.00 127.9000 +0.6000

JPM UK Higher Inc A Acc 3.00 *1020.0000 +3.0000

JPM UK Higher Inc A Inc 3.00 *491.2000 +1.8000

JPM UK Sm Cos A Acc 3.00 474.5000 +4.4000

JPM UK Sm Cos A Inc 3.00 89.3900 +0.8300

JPM UK Strat Eq Inc A Acc 3.00 *175.3000 +1.1000

JPM UK Strat Eq Inc A Inc 3.00 *97.4600 +0.5800

JPM Uncons Bond A Acc 3.00 *72.9200 -0.0400

JPM Uncons Bond A Inc 3.00 *55.1700 -0.0300

JPM US Eq Inc £ Hdg A Inc 3.00 *121.8000 ...

JPM US Eq Inc A Acc 3.00 *211.6000 -1.3000

JPM US Eq Inc A Inc 3.00 *165.6000 -1.0000

JPM US Select A Acc 3.00 197.7000 -1.5000

JPM US Select A Inc 3.00 194.3000 -1.6000

JPM US Sm Cap Gwth Fd A Acc 3.00 779.9000 -7.4000

JPM US Sm Cap Gwth Fd A Inc 3.00 204.2000 -2.0000

Jupiter Unit Trust Managers Ltd

The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ

020 3817 1000

Jupiter Abslt Rtn – 49.98 -0.04

Jupiter Asian Fd – *883.81 -6.33

Jupiter Asian Inc Fd Acc – 145.77 -0.85

Jupiter Asian Inc Fd Inc – 127.97 -0.75

Jupiter China Acc – 125.41 -1.97

Jupiter China Inc – 119.22 -1.87

Jupiter Corp Bond Inc – 59.96 -0.20

Jupiter Dstrbtn Acc – *105.11 -0.17

Jupiter Dstrbtn Inc – *58.84 -0.10

Jupiter Dstrbtn & Grth Inc – 110.67 +0.10

Jupiter Eco Inc – 397.39 -2.33

Jupiter Emerg Euro Opps – *238.94 -1.09

Jupiter European – *2538.60 -15.48

Jupiter Euro Inc Acc – 78.43 -0.46

Jupiter Euro Inc Inc – 50.71 -0.29

Jupiter Euro Special Sits – *424.29 -3.40

Jupiter Fin Opp – 750.77 -4.13

Jupiter Fund Of Inv Trusts – 257.56 -0.01

Jupiter Global Emg Acc – 63.89 -0.25

Jupiter Global Eq Inc Acc – 77.52 -0.37

Jupiter Global Eq Inc Inc – 65.92 -0.31

Jupiter Global Managed Acc – 287.26 -2.23

Jupiter Global Managed Inc – 274.35 -2.13

Jupiter Growth & Inc – 90.93 +0.16

Jupiter Income – *506.02 +1.37

Jupiter India Fd – *103.85 +1.04

Jupiter Int Financials – 114.37 -0.70

Jupiter Japan Inc Fd Acc – *123.72 -0.70

Jupiter Japan Inc Fd Inc – *93.45 -0.53

Jupiter Merlin Bal Prtfo Acc – 201.81 -0.51

Jupiter Merlin Bal Prtfo Inc – 136.62 -0.34

Jupiter Merlin Conserv Prtfo Acc – 62.49 -0.10

Jupiter Merlin Conserv Prtfo Inc – 52.15 -0.08

Jupiter Merlin Grth Prtfo Acc – 456.96 -1.54

Jupiter Merlin Grth Prtfo Inc – 444.10 -1.49

Jupiter Merlin Inc Prtfo Acc – *318.54 -0.31

Jupiter Merlin Inc Prtfo Inc – *138.06 -0.13

Jupiter Merlin WW Prtfo Acc – 331.31 -1.78

Jupiter Merlin WW Prtfo Inc – 331.29 -1.79

Jupiter Monthly Alt Inc Acc – *123.53 -0.04

Jupiter Monthly Alt Inc – *30.99 -0.01

Jupiter N.American Inc Acc – *179.86 -1.54

Jupiter N.American Inc Inc – *144.94 -1.24

Jupiter Responsible Inc Fd Acc – 112.34 +0.33

Jupiter Responsible Inc Fd Inc – 68.45 +0.20

Jupiter Strategic Bond Acc – *105.17 -0.31

Jupiter Strategic Bond Inc – *66.34 -0.20

Jupiter UK Growth – *281.65 +3.32

Jupiter UK Smaller Cos – *355.96 +0.74

Jupiter UK Special Sits Inc – 181.62 +0.66

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 – *112.4 112.4 ...

High Income Acc – *273.1 273.1 ...

UK Select Port Inc – 332.4 332.4 ...

UK Selection Port – 628.6 628.6 ...

UK 100 Co’s Fund Inc – 214.2 214.2 ...

UK 100 Co’s Fund Acc – 383.7 383.7 ...

W’wide Man Inc – *525.7 ...

W’wide Man Acc – *864.2 ...

M & G Securities Ltd

PO Box 9039, Chelmsford, CM99 2XG

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

Charibond Inc – *124.6 -0.15

Charibond Acc – *4140.6 -4.91

Charifund Inc – *1528.29 +4.1

Charifund Acc – *25246.31 +67.7

M&G Corp Bond A Inc 3.00 *41.22 -0.14

M&G Corp Bond A Acc 3.00 *74.46 -0.27

M&G Dividend A Inc 4.00 *55.51 +0.25

M&G Dividend A Acc 4.00 *673.4 +2.97

M&G Episode Grwth Stg A Dis 4.00 *54.85 +0.04

M&G Episode Income A Inc 4.00 *126.15 -0.41

M&G Episode Income A Acc 4.00 *173.69 -0.57

M&G Global Dividend A Inc 4.00 *212.25 -1.87

M&G Global Dividend A Acc 4.00 *302.67 -2.68

M&G Glbl Emrgng Mkts A Inc 4.00 263.91 -2.53

M&G Glbl Emrgng Mkts A Acc 4.00 294.24 -2.83

M&G Glbl High Yld Bd A Inc 3.00 *49.03 +0.04

M&G Glbl High Yld Bd A Acc 3.00 *137.38 +0.14

M&G Global Macro Bd A Inc 3.00 *91.31 -0.74

M&G Global Macro Bd A Acc 3.00 *144.96 -1.17

M&G Global Themes A Inc 4.00 1008.36 -2.65

M&G Global Themes A Acc 4.00 1596.58 -4.22

M&G Managed Growth A Inc 4.00 107.65 -0.15

M&G Optimal Income A Inc 3.00 146.93 +0.07

M&G Optimal Income A Acc 3.00 214.56 +0.1

M&G Property Portfolio A Inc – 111.8 111.8 +0.01

M&G Recovery A Inc 4.00 *123.14 +0.8

M&G Recovery A Acc 4.00 *300.94 +1.96

M&G Strategic Corp Bd A Inc 3.00 75.94 -0.18

M&G Strategic Corp Bd A Acc 3.00 123.09 -0.29

M&G UK Inc Distribution A Inc 4.00 745.2 +2.01

M&G UK Inc Distribution A Acc 4.00 7274.18 +19.57

M&G UK Infl Lkd Corp A Inc 3.00 115.83 +0.02

M&G UK Infl Lkd Corp A Acc 3.00 121.03 +0.02

N.A.A.C.I.F. Inc – *85.22 -0.06

N.A.A.C.I.F. Acc – *8898.08 -6.78

†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 – 138.6 -0.60

Merian Eur (ExUK) Small Co – 16.3696 -0.082

Merian Global Emerging Mrkts - 14.8245 -0.186

Merian Global Equity – 278.4 -2.00

Merian Gold & Silver – 15.1645 -0.216

Merian North American Equity – 321.7 -2.70

Merian Strat Abs Return Bond – 10.1053 +0.007

Merian UK Alpha - 163.1 +0.70

Merian UK Equity Income – 160.2 +1.10

Merian UK Mid Cap – 282.4 +2.10

Merian UK Smaller Company – 260.8 +1.50

Natwest Investment Funds

(RBS Collective Investment Funds Ltd)

PO Box 249, York YO90 1ZY

0117 940 3848

Global Bond Fund Inc – 103.2 ...

Mangd Eqty Grwth Fnd Acc – 102.1 ...

Mangd Grwth Fund Inc – 102.9 ...

Mangd Grwth Fund Acc – 102.9 ...

UK Eqty Fund Acc – 99.33 ...

UK Eqty Fund Inc – 99.33 ...

Mid Change

Name Init chge Sell Buy on day

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

Mid 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
  The shares may be unmoved
  since our tip but Devro’s
  divis tell a different story
  IT MAY not look like shares in sausage
  casing specialist Devro are on a
  roll – they are unchanged since our
  initial analysis in January 2017 – but
  last month’s interims offer more
  than enough to maintain our
  appetite for the Glasgow
  firm’s shares.
  Cost savings are coming
  through, there is plenty
  of long-term growth
  potential and, perhaps
  best of all, the dividends
  keep on coming.
  Devro declared an
  unchanged interim distribution
  of 2.7p a share. That adds to the 23.7p
  in divis we have already received over
  the past 33 months and there is the
  prospect of more to come. The
  consensus analysts’ forecast of a
  9.3p full-year dividend for this
  year equates to a 5pc yield.
  Earnings cover is lower than
  ideal but respectable enough
  at 1.7 times, and interest
  cover of more than
  3.5 times gives further
  comfort as the balance sheet is not
  stretched relative to current levels
  of profitability.
  In addition, cash generation
  improved nicely in the first half
  as pre-tax profits rose by 4pc
  year on year, thanks to
  strong volume growth
  in America and China,
  which offset tougher
  conditions in Japan and
  Latin America.
  Devro is a leader in
  collagen casings and is
  thus a long-term play on
  increased protein consumption,
  especially in emerging markets.
  More immediately, the release of
  the more robust Ultra Fine casing,
  which can withstand deep frying,
  could provide some further sales
  momentum in the second half of
  this year.
  Income-seekers are being
  rewarded for their patience with this
  one and on barely 12 times forecast
  earnings and that 5pc yield the shares
  look good value. Hold.
  Update: TI Fluid Systems
  One of this column’s favourite
  aphorisms is that “a bad stock in a
  good sector will tend to outperform
  a good stock in a bad sector” and we
  may have erred in ignoring this in the
  case of TI Fluid Systems. However,
  the valuation is low enough, at around
  seven times forecast earnings, and the
  yield plump enough, at 4.6pc for 2019,
  to merit support for now.
  The automotive systems and
  technology firm’s expertise in heat
  management and pressurised fuel
  tanks could make it a long-term
  winner as car demand tilts toward
  hybrid and electric vehicles, not a
  loser as the valuation implies.
  But in the short term, the news
  on global automotive demand
  remains unremittingly grim. This
  was reflected in this month’s
  interims, when sales fell by 3pc and
  adjusted operating profit by 14pc,
  and management’s assertion that
  sales would continue to outperform
  global car output growth, excluding
  the impact of currency movements,
  fell on deaf ears as the shares
  skidded lower.
  Investors will have to buckle up as
  the stock is likely to be volatile, but
  there is still long-term potential and
  yield support here. Hold.
  Update: Marston’s
  A bid for Greene King, last tipped
  by Questor a year ago, suggests we
  may not be alone in thinking that
  there is value to be had in the
  cash-generative pubs sector, especially
  if a company has freehold assets on its
  balance sheet.
  We will therefore happily stick
  with Marston’s, the brewer and pubs
  and hotels operator, whose plan to
  cut debt by £200m during 2020-23
  will support a fat yield of 6pc and
  reduce risk.
  A reduced debt pile could also
  attract a bidder as any buyer would
  inherit fewer liabilities but we must
  stress that this is not central to our
  investment case: the stock looks
  attractive in its own right.
  The 850p-a-share cash offer for
  Greene King values it at 13.4 times
  forecast earnings, so Marston’s figure
  of just 9.3 times suggests that shares in
  the brewer are decent value. Hold.
  Russ Mould is investment director at AJ
  Bell, the stockbroker
  Devro Close: 186.8p
  2014 2015 2016 2017 2018 2019
  p
  150
  100
  350
  300
  250
  200
   Market value:
  £312m
   Turnover (Dec
  2019 estimate):
  £260m
   Pre-tax profits
  (Dec 2019 est):
  £34.7m
   Yield (Dec
  2019 est): 5pc
   Most recent
  year’s dividend:
  9pc
   Net debt (June
  2019): £210m
   Return on
  capital (Dec
  2018): 9pc
   Cash
  conversion ratio
  (Dec 2018): 72pc
   p/e ratio (Dec
  2019 est): 11.8
  Key
  numbers
  Devro
  Hold
  The stock is a
  long-term play on
  increased protein
  consumption
  Cost savings are
  coming through and
  there is plenty of
  long-term growth
  potential to add to
  the 5pc yield, writes
  Russ Mould
  Questor
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  30 ***^ Tuesday 27 August 2019 The Daily Telegraph
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