The Daily Telegraph - 22.08.2019

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 2.05pc

European repo rate 1.25pc

European base rate 0.00pc

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

Exchange rates

£ > € Rate 1.0935 Change -0.05¢ £ > $ Rate 1.2130 Change -0.01¢

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 $1502.31 -4.97 -0.33pc
È Silver per oz £14.11 -0.02 -0.12pc
È Krugerrand £1228.69 -3.67 -0.30pc
È New Sovereign £286.07 -1.60 -0.56pc
È Maples £1231.57 -3.67 -0.30pc
Ç Platinum per oz £694.10 +6.02 +0.87pc
È Palladium per oz £1211.01 -10.08 -0.83pc
Ç Copper grade A £4723.00 +10.67 +0.23pc
È Tin high grade £13359.44 -216.23 -1.59pc
Ç Lead £1711.05 +11.82 +0.70pc
Ç Zinc special high grade £1883.76 +42.35 +2.30pc
È Aluminium high grade £1466.20 -3.47 -0.24pc
È Nickel £13000.82 -26.71 -0.20pc
Ç Baltic Dry Index* 2061.00 +2.00 +0.10pc
Ç Wheat per tonne £136.10 +0.25 +0.18pc
Ç Brent Crude Oct settlement $60.30 +0.27 +0.45pc

Bank Rate 0.75pc
Overnight 0.67pc
7 day 0.69pc
1 month 0.71pc
3 months 0.76pc
6 months 0.80pc

È Australia All Ordinaries 6572.60 -54.80 -0.83pc
Ç Brazil Bovespa 101201.90 +1979.65 +2.00pc
Ç China Shanghai Composite 2880.33 +0.33 +0.01pc
Ç France CAC General 5435.48 +90.84 +1.70pc
Ç Germany DAX 11802.85 +151.67 +1.30pc
Ç Hong Kong Hang Seng 26270.04 +38.50 +0.15pc
È India S&P CNX500 8864.50 -92.90 -1.04pc
È Japan Nikkei 20618.57 -58.65 -0.28pc
Ç Russia RTS 1280.19 +15.60 +1.23pc
È Singapore Straits Times 3122.57 -13.38 -0.43pc
Ç Spain Madrid SE 871.86 +7.62 +0.88pc
Ç Switzerland SMI Index 9848.11 +77.72 +0.80pc
Ç USA Dow Jones 26202.73 +240.29 +0.93pc
Ç USA Nasdaq 8020.21 +71.65 +0.90pc

Australia Aus $ 1.6965 1.7870 1.6341 1.4731
Canada Can $ 1.5381 1.6113 1.4735 1.3283
Denmark Krone 7.7595 8.1530 7.4559 6.7210
Euro € 1.0439 1.0935 ... 0.9014
Hong Kong HK $ 9.0284 9.5148 8.7014 7.8438
India Rupee 76.5300 86.7952 79.3754 71.5512
Israel Shekels 3.8530 4.2754 3.9099 3.5244
Japan Yen 123.0300 129.1534 118.1125 106.4700
Kuwait Dinar ... 0.3690 0.3375 0.3043
New Zealand NZ $ 1.7644 1.8926 1.7308 1.5602
Norway Krone 10.4000 10.8665 9.9375 8.9580
Pakistan Rupee 180.8700 192.1472 175.7210 158.4000
Saudi Arabia Riyal 4.2532 4.5495 4.1605 3.7504
Singapore $ 1.5662 1.6781 1.5347 1.3834
South Africa Rand 17.4300 18.4900 16.9093 15.2425
Sweden Krona 11.2200 11.6707 10.6730 9.6210
Switzerland Franc 1.1323 1.1901 1.0883 0.9810
Thailand Baht 33.4000 37.3347 34.1430 30.7775
UAE Dirham 4.1803 4.4558 4.0748 3.6732
UK £ ... ... 0.9145 0.8244
USA $ 1.1583 1.2130 1.1094 ...

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 88 Volume Close Change
Ç Burberry 2.17m 2204 4.50pc
Ç NMC Health 0.60m 1936 4.09pc
Ç Flutter Entrtmt 0.15m 6684 3.89pc
Ç TUI AG 1.48m 789 3.73pc
Ç Smith (DS) 3.85m 332⅝ 3.23pc
Ç Aveva Group 0.17m 3944 3.19pc
Ç DCC 0.20m 6782 3.01pc
Ç Ashtead Group 1.24m 2178 2.83pc
Ç Micro Focus Intl 1.95m 1621⅝ 2.83pc
Ç Mondi 3.33m 1609 2.68pc
Ç Smurfit Kappa 0.19m 2468 2.66pc
Ç JD Sports Fashion 0.61m 616¼ 2.63pc
Ç BAE Systems 7.24m 565 2.62pc
Ç Spirax-Sarco Eng 0.18m 8055 2.61pc
Ç CRH 1.70m 2670 2.50pc
Ç Ferguson 0.62m 6062 2.47pc
Ç Rightmove 1.48m 532¾ 2.44pc
Ç Experian 0.89m 2565 2.35pc
Ç Melrose Ind 5.84m 167½ 2.32pc
Ç Ocado Group 1.08m 1242½ 2.31pc
Ç Halma 1.03m 2001 2.25pc
Ç British Land 3.94m 490¼ 2.15pc

Ç Just Eat 1.32m 788⅜ 2.12pc

Ç RSA Ins 2.33m 535⅝ 2.06pc

Ç Intertek 0.31m 5526 2.03pc

Ç Croda Intl 0.27m 4728 1.98pc

Ç Next 0.32m 5760 1.98pc

Ç Rolls Royce 6.91m 784¼ 1.98pc

Ç AstraZeneca 1.71m 7412 1.97pc

Ç Informa 1.56m 866¾ 1.95pc

Ç Johnson Matt 1.02m 2845 1.86pc

Ç Smiths Gp 0.73m 1594 1.85pc

Ç Vodafone 35.55m 151 1.81pc

Fallers 11 Volume Close Change

È Phoenix 2.27m 643½ -2.43pc

È Royal Bk Scot 25.95m 181⅞ -1.41pc

È Legal&Gen 20.68m 221⅛ -1.29pc

È BHP Group 6.77m 1713¾ -1.21pc

È BT Group 22.52m 161¾ -0.66pc

È Tesco 16.34m 214¼ -0.65pc

È Rio Tinto 3.19m 3990 -0.49pc

È Lloyds Bk Gp 130.10m 49½ -0.39pc

È Direct Line Ins 3.84m 292⅜ -0.20pc

È Evraz 2.79m 492⅜ -0.12pc

È SSE 5.66m 1097 -0.05pc

AXA Investment Managers UK

Limited

7 Newgate Street, London, EC1A 7NX

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

Amer Gwth Acc – 775.5 -7.6

Biotech Acc – 181.0 -3.1

Emerg Mkts Acc – 284.6 -1

European Acc – 952.6 +3.5

FinTech R Acc – 813.3 -3.5

Global Tech – 144.1 -1.1

Global Thematics R GBP Acc – 1696 -9

Health Acc – 2154 -21

Japan R GBP Acc – 589.1 -8.6

Managed Balanced Acc – 432.6 -1.1

Managed Income Acc – 174.0 -0.1

Managed Income Inc – 109.4 ...

Monthly Inc Inc – 238.6 -0.2

Monthly Inc Acc – 611.3 -0.5

Pan Euro HY Bond Acc – *165.6 +0.20

Pan Euro HY Bond Inc – *104.3 +0.20

UK Growth Acc – 328.3 ...

UK Select Opps R Inc – 1965 +4

UK Select Opps R Acc – 3648 +7

UK Smllr Cos Acc – 290.7 +0.7

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% *96.46 -0.16

Insight Eq Inc Fund 0% *158.91 -0.06

Insight Eq Inc Booster 0% *107.75 +0.08

Insight Glob Abs Ret Inc 0% 114.09 -0.01

Insight Glob Multi-Strat Fd 0% *130.70 -0.14

Insight Inflat-Link Corp Bd 0% 109.02 -0.08

Long-Term Global Equity 0% 316.83 -2.09

Newton Asian Income 0% *217.49 -0.75

Newton Cont European 0% *285.75 -0.02

Newton Global Dyn Bd 0% *102.76 -0.05

Newton Glb High Yld Bd 0% *60.35 +0.03

Newton Glb Inc Stg Inc 0% *225.85 -0.80

Newton Glb Opps 0% *335.63 -1.76

Newton Intnl Bond 0% 274.54 -1.27

Newton Multi-Asset Bal 0% 213.36 -0.71

Newton Mult-Asset Div Ret 0% 157.71 +0.15

Newton Mult-Asset Gwth 0% 896.00 -3.41

Newton Oriental 0% *661.56 -4.35

Newton Real Return A 0% *120.79 -0.27

Newton UK Equity Fund 0% *887.05 -1.91

Newton UK Inc 0% *66.07 -0.10

Newton UK Opps 0% *342.13 -0.58

US Opps EUR Acc 0% 123.48 -1.01

Carvetian Capital

Management Limited

Admin: Stuart House, St John’s St,

Peterborough PE1 5DD

Dealing & Enquiries: 0345 850 0255

Generation 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 8818

Opportunities Unit Tst Inc 0% *45.34 46.74 ...

Opportunities Unit Tst Acc 0% *120.3 124.1 ...

Practical Invest Inc 5.00 228.3 244.9 ...

Practical Invest Acc 5.00 1251 1342 ...

Discretionary Unit Fund

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

Maitland Discretionary Inc 3.00 2342.69 2491.77 +13.74

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 3.00 189.3 ...

Investment Funds (OEIC)

Cash Fd Y – 100.05 ...

Cash Fd Y Accum.Units – 101.19 ...

Income Funds

Enhanced Inc Fd 3.50 97.82 ...

Extra Income Fd 3.50 28.22 ...

Moneybuilder Bal – 48.13 ...

Moneybuilder Inc – 37.99 ...

Growth & Income Funds

Moneybldr Div 3.50 238.8 ...

Growth Funds

American 3.50 4640 ...

Amer Sp Sits 3.50 1731 ...

European 3.50 2584 ...

European Opps 3.50 516.1 ...

Global Special Sits 3.50 4301 ...

Japan 3.50 400.3 ...

Japan Smaller Cos 3.50 301.6 ...

Global Focus 3.50 2347 ...

Index UK A Acc – 109.6500 ...

Opps A Dis – 100.1 ...

Special Sits 3.50 3856 ...

South East Asia 3.50 1429 ...

UK Select Acc 3.50 318.3 ...

†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 – 479.15 -4.28

Fundsmith Equity T Inc – 440.1 -3.93

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 1169.0000 -5.00

Asian Dividend Income Inc 5.00 *106.5000 -0.50

Cautious Managed A Acc 5.00 *265.6000 +0.20

Cautious Managed A Inc 5.00 *144.7000 +0.10

China Opps A Acc 5.00 1453.0000 -7.00

Emerg Mkts Opps A Acc 5.00 199.8000 -0.40

European Growth A Acc† 5.25 237.9000 +0.10

European Sel Opps A Acc 5.00 1778.0000 +1.00

Fixed Int Mthly Inc A Inc 4.25 *22.4900 ...

Global Care Growth A Inc 4.50 338.7000 -2.40

Global Equity Inc A Inc† 5.25 61.6700 -0.32

Global Growth Acc 4.25 3502.0000 -30.00

Global Strategic Cap Acc† 5.00 *253.9000 -0.10

Global Technology A Acc 5.00 2105.0000 -18.00

Multi-Mgr Abs Ret A Acc 5.00 143.1000 ...

Multi-Mgr Active A Acc† 5.00 *231.5000 -0.10

Multi-Mgr Distbn A Inc 5.25 135.2000 +0.10

Multi-Mgr Divrsfd A Acc – 89.0600 +0.05

Multi-Mgr Inc&Gwth A Acc 5.00 182.1000 +0.20

Multi-Mgr Inc&Gwth A Inc 5.25 154.7000 +0.20

Multi-Mgr Mangd A Acc† 5.00 *287.7000 -0.10

Multi-Mgr Mangd A Inc† 5.00 *279.7000 -0.10

Sterling Bond Acc† 4.25 *239.0000 -0.50

Sterling Bond Inc† 4.25 *68.4700 -0.15

Strategic Bond A Inc 4.00 *129.4000 ...

UK Absolute Return A Acc 5.00 155.8000 -0.10

UK Alpha A Acc† 5.25 139.2000 +0.70

UK & Irish Small Co A Acc 5.00 575.8000 +2.40

UK Equity Income A Inc 5.00 *534.9000 +1.10

UK Index A Acc – 634.4000 -0.60

UK Tracker A Acc – 287.7000 -0.40

US Growth A Acc 5.00 1352.0000 -9.00

†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 3.00 113.6000 -1.5000

JPM America Eq A Inc 3.00 113.6000 -1.5000

JPM Asia Growth A Acc 3.00 229.9000 -1.1000

JPM Asia Growth A Inc 3.00 126.4000 -0.6000

JPM Div Gth A Net ACC 3.00 274.6000 -0.4000

JPM Emg Euro Eq A Acc 3.00 232.9000 +1.5000

JPM Emg Euro Eq A Inc 3.00 49.5600 +0.3100

JPM Emg Markets A Acc 3.00 250.5000 -0.6000

JPM Emg Markets A Inc 3.00 106.4000 -0.3000

JPM Emg Mkts Inc A Acc 3.00 *80.4900 -0.0700

JPM Emg Mkts Inc A Inc 3.00 *60.0100 -0.0500

JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 210.6000 +1.0000

JPM Euro Dyn (ex-UK) A Acc 3.00 225.5000 +0.5000

JPM Euro Dyn (ex-UK) A Inc 3.00 100.2000 +0.2400

JPM Europe A Acc 3.00 1518.0000 +5.0000

JPM Europe A Inc 3.00 82.7900 +0.2800

JPM Euro Smaller Co A Acc 3.00 763.3000 +4.0000

JPM Euro Smaller Co A Inc 3.00 98.5200 +0.5200

JPM Global Bd Opps A Grs Acc – *57.2900 +0.0600

JPM Global Bd Opps A Grs Inc – *49.7600 +0.0500

JPM Global Bond A Gross Acc 3.00 *285.4000 +0.2000

JPM Global Bond A Gross Inc 3.00 *218.8000 +0.1000

JPM Global Eq Inc £ Hdg A Acc 3.00 *88.3700 -0.1600

JPM Global Eq Inc £ Hdg A Inc 3.00 *56.8300 -0.1100

JPM Global Eq Inc Fd A Acc 3.00 *115.6000 -0.6000

JPM Global Eq Inc Fd A Inc 3.00 *90.2100 -0.4500

JPM Global HiYld Bd A Grs Acc 3.00 *115.9000 +0.1000

JPM Global HiYld Bd A Grs Inc 3.00 *35.4400 +0.0300

JPM Global HiYldBdAGrsMthInc 3.00 *35.4400 +0.0200

JPM Global Macro Fund A Acc 3.00 *68.8700 -0.1000

JPM Global Macro Fund A Inc 3.00 *60.0400 -0.0900

JPM Global Macro Opps A Acc 3.00 72.71 -0.17

JPM Global Macro Opps A Inc 3.00 72.06 -0.16

JPM Global Uncons Eq A Acc 3.00 1557.0000 -11.0000

JPM Global Uncons Eq A Inc 3.00 115.4000 -0.8000

JPM Japan A Acc 3.00 502.3000 -3.3000

JPM Japan A Inc 3.00 120.8000 -0.8000

JPM Multi-Asset Income A Acc 3.00 *98.3600 -0.1300

JPM Multi-Asset Income A Inc 3.00 *63.9400 -0.0800

JPM Multi-Asset Inc A Mth Inc 3.00 *63.9100 -0.0900

JPM Multi-Man Gwth A Acc 3.00 1081.0000 ...

JPM Multi-Man Gwth A Inc 3.00 981.4000 -0.4000

JPM Natural Res A Acc 3.00 615.8000 -0.6000

JPM Natural Res A Inc 3.00 42.5400 -0.0400

JPM Sterling Corp Bd A Grs Acc 3.00 *100.2000 -0.1000

JPM Sterling Corp Bd A Grs Inc 3.00 *58.4600 -0.0800

JPM UK Dynamic A Acc 3.00 *191.3000 -0.3000

JPM UK Dynamic A Inc 3.00 *145.0000 -0.2000

JPM UK Equity Core E Acc – *366.5000 -0.3000

JPM UK Equity Core E Inc – *60.2600 -0.0400

JPM UK Equity Gwth A Acc 3.00 145.9000 ...

JPM UK Equity Gwth A Inc 3.00 127.9000 ...

JPM UK Higher Inc A Acc 3.00 *1022.0000 -1.0000

JPM UK Higher Inc A Inc 3.00 *492.0000 -0.4000

JPM UK Sm Cos A Acc 3.00 470.4000 +1.7000

JPM UK Sm Cos A Inc 3.00 88.6100 +0.3200

JPM UK Strat Eq Inc A Acc 3.00 *175.3000 -0.1000

JPM UK Strat Eq Inc A Inc 3.00 *97.4900 -0.0100

JPM Uncons Bond A Acc 3.00 *72.9500 +0.0400

JPM Uncons Bond A Inc 3.00 *55.1900 +0.0200

JPM US Eq Inc £ Hdg A Inc 3.00 *121.0000 -1.0000

JPM US Eq Inc A Acc 3.00 *211.9000 -2.5000

JPM US Eq Inc A Inc 3.00 *165.8000 -2.0000

JPM US Select A Acc 3.00 198.0000 -2.0000

JPM US Select A Inc 3.00 194.6000 -2.0000

JPM US Sm Cap Gwth Fd A Acc 3.00 779.2000 -5.9000

JPM US Sm Cap Gwth Fd A Inc 3.00 204.1000 -1.5000

Jupiter Unit Trust Managers Ltd

The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ

020 3817 1000

Jupiter Abslt Rtn – 50.27 +0.31

Jupiter Asian Fd – *898.77 -1.56

Jupiter Asian Inc Fd Acc – 147.76 -0.56

Jupiter Asian Inc Fd Inc – 129.72 -0.49

Jupiter China Acc – 128.44 -0.09

Jupiter China Inc – 122.09 -0.10

Jupiter Corp Bond Inc – 60.14 -0.07

Jupiter Dstrbtn Acc – *105.38 -0.12

Jupiter Dstrbtn Inc – *59.00 -0.07

Jupiter Dstrbtn & Grth Inc – 110.81 +0.10

Jupiter Eco Inc – 400.32 -3.22

Jupiter Emerg Euro Opps – *240.96 +1.29

Jupiter European – *2563.88 +3.33

Jupiter Euro Inc Acc – 79.35 +0.15

Jupiter Euro Inc Inc – 51.31 +0.10

Jupiter Euro Special Sits – *429.65 +1.09

Jupiter Fin Opp – 754.06 -2.69

Jupiter Fund Of Inv Trusts – 257.68 +0.21

Jupiter Global Emg Acc – 64.54 +0.29

Jupiter Global Eq Inc Acc – 77.98 -0.46

Jupiter Global Eq Inc Inc – 66.30 -0.40

Jupiter Global Managed Acc – 289.47 -1.48

Jupiter Global Managed Inc – 276.47 -1.40

Jupiter Growth & Inc – 91.06 +0.10

Jupiter Income – *506.64 +0.55

Jupiter India Fd – *105.72 -1.03

Jupiter Int Financials – 114.22 -0.43

Jupiter Japan Inc Fd Acc – *125.03 -0.99

Jupiter Japan Inc Fd Inc – *94.45 -0.74

Jupiter Merlin Bal Prtfo Acc – 202.52 -0.66

Jupiter Merlin Bal Prtfo Inc – 137.09 -0.46

Jupiter Merlin Conse rv Prtfo Acc – 62.58 -0.05

Jupiter Merlin Conserv Prtfo Inc – 52.22 -0.04

Jupiter Merlin Grth Prtfo Acc – 458.65 -3.10

Jupiter Merlin Grth Prtfo Inc – 445.74 -3.02

Jupiter Merlin Inc Prtfo Acc – *319.04 -0.36

Jupiter Merlin Inc Prtfo Inc – *138.27 -0.16

Jupiter Merlin WW Prtfo Acc – 332.96 -2.54

Jupiter Merlin WW Prtfo Inc – 332.95 -2.53

Jupiter Monthly Alt Inc Acc – *123.54 +0.05

Jupiter Monthly Alt Inc – *30.99 +0.01

Jupiter N.American Inc Acc – *180.72 -2.03

Jupiter N.American Inc Inc – *145.64 -1.64

Jupiter Responsible Inc Fd Acc – 112.16 +0.19

Jupiter Responsible Inc Fd Inc – 68.34 +0.12

Jupiter Strategic Bond Acc – *105.44 -0.08

Jupiter Strategic Bond Inc – *66.51 -0.05

Jupiter UK Growth – *281.30 +0.07

Jupiter UK Smaller Cos – *354.07 +1.90

Jupiter UK Special Sits Inc – 181.60 +0.44

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 – *113 113 ...

High Income Acc – *274.7 274.7 ...

UK Select Port Inc – 331.7 331.7 ...

UK Selection Port – 627.2 627.2 ...

UK 100 Co’s Fund Inc – 214 214 ...

UK 100 Co’s Fund Acc – 383.3 383.3 ...

W’wide Man Inc – *527.4 ...

W’wide Man Acc – *867 ...

M & G Securities Ltd

PO Box 9039, Chelmsford, CM99 2XG

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

Charibond Inc – *124.77 -0.14

Charibond Acc – *4146.38 -4.4

Charifund Inc – *1526.82 -1.08

Charifund Acc – *25222.0 -17.93

M&G Corp Bond A Inc 3.00 *41.37 -0.06

M&G Corp Bond A Acc 3.00 *74.74 -0.11

M&G Dividend A Inc 4.00 *55.47 -0.42

M&G Dividend A Acc 4.00 *672.96 -5.06

M&G Episode Grwth Stg A Dis 4.00 *54.8 -0.04

M&G Episode Income A Inc 4.00 *126.25 -0.3

M&G Episode Income A Acc 4.00 *173.83 -0.42

M&G Global Dividend A Inc 4.00 *213.89 -0.77

M&G Global Dividend A Acc 4.00 *305.01 -1.1

M&G Glbl Emrgng Mkts A Inc 4.00 266.73 +1.02

M&G Glbl Emrgng Mkts A Acc 4.00 297.39 +1.13

M&G Glbl High Yld Bd A Inc 3.00 *48.84 +0.07

M&G Glbl High Yld Bd A Acc 3.00 *136.82 +0.19

M&G Global Macro Bd A Inc 3.00 *92.25 -0.38

M&G Global Macro Bd A Acc 3.00 *146.46 -0.6

M&G Global Themes A Inc 4.00 1010.09 -8.0

M&G Global Themes A Acc 4.00 1599.32 -12.67

M&G Managed Growth A Inc 4.00 107.64 -0.45

M&G Optimal Income A Inc 3.00 146.74 +0.16

M&G Optimal Income A Acc 3.00 214.29 +0.24

M&G Property Portfolio A Inc – 111.78 111.78 +0.02

M&G Recovery A Inc 4.00 *123.0 -0.03

M&G Recovery A Acc 4.00 *300.61 -0.07

M&G Strategic Corp Bd A Inc 3.00 76.09 -0.05

M&G Strategic Corp Bd A Acc 3.00 123.32 -0.08

M&G UK Inc Distribution A Inc 4.00 745.04 -1.13

M&G UK Inc Distribution A Acc 4.00 7272.63 -11.0

M&G UK Infl Lkd Corp A Inc 3.00 115.77 -0.03

M&G UK Infl Lkd Corp A Acc 3.00 120.97 -0.04

N.A.A.C.I.F. Inc – *85.34 -0.13

N.A.A.C.I.F. Acc – *8911.41 -12.79

†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 – 139.3 -0.20

Merian Eur (ExUK) Small Co – 16.5429 +0.030

Merian Global Emerging Mrkts - 14.9619 -0.011

Merian Global Equity – 279.6 -2.40

Merian Gold & Silver – 15.4443 +0.273

Merian North American Equity – 322.4 -3.70

Merian Strat Abs Return Bond – 10.0997 +0.005

Merian UK Alpha - 162.9 +0.20

Merian UK Equity Income – 159.4 ...

Merian UK Mid Cap – 279.8 +1.20

Merian UK Smaller Company – 259.1 -0.10

Natwest Investment Funds

(RBS Collective Investment Funds Ltd)

PO Box 249, York YO90 1ZY

0117 940 3848

Global Bond Fund Inc – 103.4 ...

Mangd Eqty Grwth Fnd Acc – 102.4 ...

Mangd Grwth Fund Inc – 103.3 ...

Mangd Grwth Fund Acc – 103.3 ...

UK Eqty Fund Acc – 99.18 ...

UK Eqty Fund Inc – 99.18 ...

Mid Change

Name Init chge Sell Buy on day

Mid Change

Name Init chge Sell Buy on day

Mid Change

Name Init chge Sell Buy on day

Mid Change

Name Init chge Sell Buy on day

Mid Change

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
  Business
  Is this the world’s most
  thorough system of
  investment research?
  APOLOGIES, but it will take some
  time before we can actually name this
  week’s trusts.
  This is because we first need
  to describe the intensive
  and rigorous research
  process that one
  investment analysis
  firm uses to identify
  the asset managers it
  can recommend to its
  own clients.
  Questor met the
  key members of this
  investment consultancy,
  Stamford Associates, recently
  and was highly impressed not
  only with the thoroughness of its
  process but with the fact that its
  methodology was unlike any
  other we had seen for selecting
  fund managers.
  The results of its filtering
  process are that 85pc of the
  managers it recommends
  outperform the index
  against which they
  are measured over
  10 years (it believes a long-term
  approach is essential), with average
  outperformance of 2.1 percentage
  points a year.
  The first striking aspect of
  Stamford’s system is that it
  does not look at a fund
  manager’s record; it
  embodies the fact that
  “past performance is not a
  guide to future returns”.
  Instead, it scrutinises,
  in exhaustive detail,
  whether fund managers’
  actual investment strategies
  conform with what they promise
  clients; whether managers know
  their stocks in sufficient depth;
  and whether the environment in
  which they work exhibits healthy
  characteristics such as teamwork,
  acceptance of challenging views
  and proper incentive structures or
  unhealthy ones such as a domineering
  leader, a lack of leadership or
  groupthink.
  The research is carried out by a
  team that includes not just investment
  professionals but also psychologists,
  a recognition of the part that a fund
  manager’s character and his or her
  decision making and social skills play
  in the success or otherwise of their
  investments.
  The number-crunching aspect
  of the team’s work benefits from an
  extraordinary degree of access to
  information about the funds under
  scrutiny. In order to be considered for
  Stamford’s seal of approval, fund firms
  have to agree to share details not just of
  every holding but of every single trade,
  all on a daily basis.
  This allows the firm’s researchers
  to choose certain holdings as “case
  studies” that they can quiz managers
  about when they make one of their
  many visits to the fund firm. The
  answers they receive to questions such
  as “why did you buy shares in Acme
  Group on April 12 and how did you
  assess their intrinsic value?” can be
  very revealing. The researchers have
  on occasion discovered that a fund
  manager lacked even basic knowledge
  of the stock in question.
  “Our recommendations are evidence
  based, we accept nothing at face
  value,” the company said.
  Once Stamford has recommended
  a manager or fund house to its clients,
  it maintains a constant review, carried
  out by a different team to ensure
  that its own decisions are not affected
  by groupthink.
  Currently just 40 fund management
  firms, out of the many thousands
  globally, are recommended by
  Stamford to its clients. The company
  did not want to pick out a particular
  one for this column, but did
  cross-reference its current list of
  recommended managers with our
  requirement for investment trusts. Just
  two of the 40 firms offer a listed fund
  managed in line with an investment
  process that Stamford has scrutinised.
  The consultancy can specify
  conditions about how a firm runs
  money for Stamford’s clients that an
  ordinary investor may not benefit
  from if he or she invests in a publicly
  available fund from the same group.
  These conditions include specifying
  particular individuals to manage
  Stamford clients’ investments and
  imposing restrictions on how that
  money is managed, such as a ban on
  smaller or illiquid stocks.
  The two firms recommended by
  Stamford that offer listed funds in
  which readers can invest are Magellan
  and Edgepoint Wealth Management,
  and the two funds are Magellan Global
  Trust, listed in Australia, and Cymbria,
  listed in Canada. Not all brokers offer
  them but both are available via Saxo
  Bank. Ultimately, these are Questor’s
  tips for readers, not Stamford’s.
  Questor says: buy
  Tickers: ASX: MGG; TSE: CYB
  Share prices at 8pm: A$1.77; C$53.30
  Cymbria Corporation Price at 18:00: $53.30
  2014 2015 2016 2017 2018 2019
  CAN
  $
  35
  30
  25
  20
  65
  60
  55
  50
  45
  40
   Market value:
  C$1.2bn
   Year of listing:
  2008
   Discount:
  6.8pc premium
   Ave discount
  over past year:
  n/a (range since
  inception: 14.2pc
  discount to 34pc
  premium)
   Yield: nil
   Most recent
  year’s dividend:
  nil
   Gearing: nil
   Annual charge
  (Dec 2018): 1.15pc
  Key
  numbers
  Cymbria
  Buy
  Run by one of just
  40 firms worldwide
  to gain researchers’
  approval
  A little-known
  consultancy subjects
  fund managers to
  extraordinary levels
  of scrutiny. This is
  how readers can
  benefit ...
  Questor
  Trust Bargains
  RICHARD EVANS
  Read Questor’s rules of investment before
  you follow our tips: telegraph.co.uk/go/
  questorrules; twitter.com/DTquestor
  32 ***^ Thursday 22 August 2019 The Daily Telegraph
  RELEASED BY "What's News" VK.COM/WSNWS TELEGRAM: t.me/whatsnws