Market data Unit trusts & open-ended investment companies prices http://www.telegraph.co.uk/funds
Major price changes FTSE 100 Week on weekRatesMoneyNationwide Base Mortgage Rate 2.75pc
US Fed Funds 2.00-2.25pc
US Long Bonds Yld 2.02pc
European repo rate 1.25pc
European base rate 0.00pcTourist £1= Sterling £1= 1 Euro = 1 Dollar =Exchange rates Friday close£ > € Rate 1.0935 Change +0.31¢ £ > $ Rate 1.2143 Change +0.31¢Tourist rates for indication use only. http://www.travelex.co.uk*Copyright Baltic Exchange Information Services Ltd.Commodities summary Friday closePrice ChangeWorld market indices Friday closeIndex ChangeInflation Change on month YearÈ Gold per troy oz $1512.41 -6.79 -0.45pc
È Silver per oz £14.08 -0.13 -0.92pc
È Krugerrand £1235.36 -8.86 -0.71pc
È New Sovereign £286.58 -4.04 -1.39pc
È Maples £1238.24 -8.87 -0.71pc
Ç Platinum per oz £689.40 +7.40 +1.09pc
È Palladium per oz £1191.03 -1.51 -0.13pc
È Copper grade A £4738.94 -13.37 -0.28pc
È Tin high grade £13674.55 -480.84 -3.40pc
È Lead £1675.04 -27.82 -1.63pc
È Zinc special high grade £1867.33 -3.95 -0.21pc
Ç Aluminium high grade £1478.63 +6.54 +0.44pc
È Nickel £13328.67 -96.04 -0.72pc
Ç Baltic Dry Index* 2088.00 +41.00 +2.00pc
È Wheat per tonne £137.60 -1.15 -0.83pc
Ç Brent Crude Oct settlement $58.64 +0.41 +0.70pcBank Rate 0.75pc
Overnight 0.67pc
7 day 0.68pc
1 month 0.71pc
3 months 0.77pc
6 months 0.81pcÈ Australia All Ordinaries 6485.90 -4.90 -0.08pc
Ç Brazil Bovespa 99805.78 +748.87 +0.76pc
Ç China Shanghai Composite 2823.82 +8.03 +0.28pc
Ç France CAC General 5300.79 +63.86 +1.22pc
Ç Germany DAX 11562.74 +150.07 +1.31pc
Ç Hong Kong Hang Seng 25734.22 +238.76 +0.94pc
Ç India S&P CNX500 8988.80 +17.70 +0.20pc
Ç Japan Nikkei 20418.81 +13.16 +0.06pc
È Russia RTS 1239.81 -10.32 -0.83pc
È Singapore Straits Times 3115.03 -11.06 -0.35pc
Ç Spain Madrid SE 869.98 +15.18 +1.78pc
Ç Switzerland SMI Index 9728.39 +122.13 +1.27pc
Ç USA Dow Jones 25886.01 +306.62 +1.20pc
Ç USA Nasdaq 7895.99 +129.37 +1.67pcAustralia Aus $ 1.6906 1.7919 1.6387 1.4757
Canada Can $ 1.5342 1.6156 1.4774 1.3305
Denmark Krone 7.7438 8.1549 7.4575 6.7157
Euro € 1.0411 1.0935 ... 0.9005
Hong Kong HK $ 9.0099 9.5236 8.7090 7.8429
India Rupee 76.0900 86.4035 79.0141 71.1550
Israel Shekels 3.8626 4.3060 3.9377 3.5461
Japan Yen 122.3500 129.1833 118.1352 106.3850
Kuwait Dinar ... 0.3695 0.3378 0.3043
New Zealand NZ $ 1.7509 1.8886 1.7271 1.5553
Norway Krone 10.4200 10.9215 9.9875 8.9941
Pakistan Rupee 179.8100 192.8310 176.3396 158.8000
Saudi Arabia Riyal 4.2460 4.5549 4.1653 3.7510
Singapore $ 1.5670 1.6833 1.5394 1.3863
South Africa Rand 17.2900 18.4968 16.9150 15.2325
Sweden Krona 11.1600 11.7298 10.7266 9.6598
Switzerland Franc 1.1296 1.1892 1.0876 0.9794
Thailand Baht 33.4700 37.5249 34.3157 30.9025
UAE Dirham 4.1730 4.4600 4.0786 3.6730
UK £ ... ... 0.9145 0.8235
USA $ 1.1563 1.2143 1.1104 ...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 +4.1pcRisers 16 Volume Close Change
Ç Admiral 0.91m 2150 4.83pc
Ç Unilever 1.62m 5011 2.80pc
Ç Utd. Utilities 2.81m 781⅝ 2.71pc
Ç Reckitt Benck 0.99m 6170 2.30pc
Ç Diageo 4.17m 3452 1.98pc
Ç Vodafone 53.46m 150⅞ 1.18pc
Ç SSE 2.98m 1107 1.14pc
Ç Rentokil Initial 3.18m 454⅜ 1.02pc
Ç Severn Trent 0.99m 2007 1.01pc
Ç DCC 0.22m 6566 0.98pc
Ç Natl Grid 7.34m 857¾ 0.93pc
Ç Hiscox 1.06m 1601 0.88pc
Ç Smith&Neph 2.65m 1897½ 0.80pc
Ç Direct Line Ins 3.38m 297⅞ 0.44pc
Ç Lloyds Bk Gp 176.16m 49⅝ 0.30pc
Ç Lon Stock Ex 0.76m 6852 0.18pc
Fallers 84 Volume Close Change
È Evraz 2.81m 496 -11.87pc
È Royal Bk Scot 24.47m 182⅛ -10.97pc
È TUI AG 1.25m 746¾ -9.26pc
È NMC Health 0.86m 1851 -8.50pc
È Hargrve Lans 0.64m 1898 -8.13pcÈ Anglo Amer 3.29m 1698⅜ -7.82pc
È Kingfisher 21.03m 193⅜ -7.02pc
È Intl Cons Air 3.99m 421¾ -6.85pc
È Next 0.43m 5622 -6.55pc
È Schroders 0.26m 2711 -6.26pc
È Aviva 11.23m 360¾ -5.85pc
È Melrose Ind 10.99m 164 -5.72pc
È Ashtead Group 1.19m 2091 -5.68pc
È Smith (DS) 12.14m 313¾ -5.48pc
È Phoenix 1.57m 656⅝ -5.31pc
È Prudential 7.32m 1415½ -5.22pc
È BT Group 25.12m 164 -5.17pc
È Burberry 1.02m 2102 -5.10pc
È Legal&Gen 19.73m 226⅝ -4.79pc
È Johnson Matt 0.95m 2793 -4.71pc
È Ocado Group 0.98m 1151 -4.68pc
È Sainsbury 9.75m 182½ -4.60pc
È Antofagasta 2.25m 791¼ -4.58pc
È Micro Focus Intl 0.93m 1597¾ -4.47pc
È IntContl Hotels 0.49m 5121 -4.12pc
È Bunzl 0.76m 2032 -4.06pc
È HSBC 42.52m 597¼ -3.99pc
È Land Secs 2.44m 743⅝ -3.65pcAXA Investment Managers UK
Limited
7 Newgate Street, London, EC1A 7NX
http://www.axaframlington.com Cust Svs: 0845 777 5511Amer Gwth Acc – 768.2 +6.3
Biotech Acc – 178.8 -0.1
Emerg Mkts Acc – 281.0 +1.9
European Acc – 928.9 +7.2
FinTech R Acc – 802.2 +8.7
Global Tech – 142.3 +0.4
Global Thematics R GBP Acc – 1671 +15
Health Acc – 2128 +14
Japan R GBP Acc – 582.9 -5.1
Managed Balanced Acc – 427.7 +2.4
Managed Income Acc – 173.9 ...
Managed Income Inc – 109.3 ...
Monthly Inc Inc – 236.7 +0.9
Monthly Inc Acc – 606.6 +2.4
Pan Euro HY Bond Acc – *165.3 ...
Pan Euro HY Bond Inc – *104.1 ...
UK Growth Acc – 323.7 +3.5
UK Select Opps R Inc – 1934 +18
UK Select Opps R Acc – 3590 +33
UK Smllr Cos Acc – 287.6 -0.1AXA 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% *96.74 -0.16
Insight Eq Inc Fund 0% *156.89 +1.38
Insight Eq Inc Booster 0% *106.09 +0.90
Insight Glob Abs Ret Inc 0% 113.39 +0.59
Insight Glob Multi-Strat Fd 0% *129.59 +0.74
Insight Inflat-Link Corp Bd 0% 108.99 -0.33
Long-Term Global Equity 0% 310.47 -0.79
Newton Asian Income 0% *214.41 +0.14
Newton Cont European 0% *280.46 +1.87
Newton Global Dyn Bd 0% *102.91 +0.03
Newton Glb High Yld Bd 0% *60.28 -0.01
Newton Glb Inc Stg Inc 0% *220.59 -0.81
Newton Glb Opps 0% *330.00 -0.08
Newton Intnl Bond 0% 274.81 -2.04
Newton Multi-Asset Bal 0% 210.99 +0.31
Newton Mult-Asset Div Ret 0% 156.26 -0.57
Newton Mult-Asset Gwth 0% 882.12 -1.42
Newton Oriental 0% *648.94 -0.39
Newton Real Return A 0% *120.81 -0.22
Newton UK Equity Fund 0% *876.43 +9.40
Newton UK Inc 0% *65.25 +0.57
Newton UK Opps 0% *337.64 +3.56
US Opps EUR Acc 0% 120.77 -0.70Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0345 850 0255Generation Fd 5.00 *787.5 -10.5
Sand Aire FENIX Bal Inc 5.00 *160 ...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% *45.07 46.31 ...
Opportunities Unit Tst Acc 0% *119.6 122.9 ...
Practical Invest Inc 5.00 225.6 242.1 ...
Practical Invest Acc 5.00 1236 1327 ...Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Maitland Discretionary Inc 3.00 2333.7 2470.94 -6.98Fidelity International
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181Unit TrustOpen World A Acc 3.00 186.3 ...Investment Funds (OEIC)Cash Fd Y – 100.04 ...
Cash Fd Y Accum.Units – 101.18 ...Income FundsEnhanced Inc Fd 3.50 96.92 ...
Extra Income Fd 3.50 28.20 ...
Moneybuilder Bal – 47.95 ...
Moneybuilder Inc – 38.08 ...Growth & Income FundsMoneybldr Div 3.50 236.6 ...Growth FundsAmerican 3.50 4575 ...
Amer Sp Sits 3.50 1704 ...
European 3.50 2521 ...
European Opps 3.50 503.7 ...
Global Special Sits 3.50 4222 ...
Japan 3.50 394.7 ...
Japan Smaller Cos 3.50 296.2 ...
Global Focus 3.50 2308 ...
Index UK A Acc – 108.0200 ...
Opps A Dis – 98.61 ...
Special Sits 3.50 3797 ...
South East Asia 3.50 1402 ...
UK Select Acc 3.50 312.9 ...
†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 – 469.32 +3.22
Fundsmith Equity T Inc – 431.07 +2.96Janus Henderson Investors
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: http://www.janushenderson.comAsia Pac Cap Gwth A Acc 5.00 1150.0000 +1.00
Asian Dividend Income Inc 5.00 *105.0000 -0.10
Cautious Managed A Acc 5.00 *263.3000 +0.90
Cautious Managed A Inc 5.00 *143.5000 +0.50
China Opps A Acc 5.00 1409.0000 +10.00
Emerg Mkts Opps A Acc 5.00 198.3000 ...
European Growth A Acc† 5.25 232.3000 +1.50
European Sel Opps A Acc 5.00 1741.0000 +13.00
Fixed Int Mthly Inc A Inc 4.25 *22.4700 +0.01
Global Care Growth A Inc 4.50 331.2000 -1.10
Global Equity Inc A Inc† 5.25 60.5100 +0.02
Global Growth Acc 4.25 3424.0000 +9.00
Global Strategic Cap Acc† 5.00 *251.0000 -0.80
Global Technology A Acc 5.00 2070.0000 +13.00
Multi-Mgr Abs Ret A Acc 5.00 142.7000 -0.10
Multi-Mgr Active A Acc† 5.00 *228.2000 ...
Multi-Mgr Distbn A Inc 5.25 133.9000 -0.60
Multi-Mgr Divrsfd A Acc – 88.4300 -0.38
Multi-Mgr Inc&Gwth A Acc 5.00 180.3000 -0.90
Multi-Mgr Inc&Gwth A Inc 5.25 153.1000 -0.80Multi-Mgr Mangd A Acc† 5.00 *283.6000 ...
Multi-Mgr Mangd A Inc† 5.00 *275.7 ...
Sterling Bond Acc† 4.25 *239.6000 -0.30
Sterling Bond Inc† 4.25 *68.6500 -0.10
Strategic Bond A Inc 4.00 *129.6000 +0.10
UK Absolute Return A Acc 5.00 155.9000 +0.60
UK Alpha A Acc† 5.25 135.8000 +1.40
UK & Irish Small Co A Acc 5.00 566.0000 +4.00
UK Equity Income A Inc 5.00 *526.0000 +3.70
UK Index A Acc – 625.1000 +5.70
UK Tracker A Acc – 284.0000 +2.80
US Growth A Acc 5.00 1319.0000 ...
†Available as an ISAJ.P. Morgan Asset Management
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770JPM America Eq A Acc 3.00 111.5000 -0.1000
JPM America Eq A Inc 3.00 111.5000 -0.1000
JPM Asia Growth A Acc 3.00 225.2000 +1.5000
JPM Asia Growth A Inc 3.00 123.8000 +0.8000
JPM Div Gth A Net ACC 3.00 272.9000 -0.1000
JPM Emg Euro Eq A Acc 3.00 227.4000 -0.3000
JPM Emg Euro Eq A Inc 3.00 48.4000 -0.0500JPM Emg Markets A Acc 3.00 246.3000 +1.3000
JPM Emg Markets A Inc 3.00 104.6000 +0.5000
JPM Emg Mkts Inc A Acc 3.00 *79.2200 +0.3000
JPM Emg Mkts Inc A Inc 3.00 *59.0600 +0.2200
JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 206.7000 +3.9000
JPM Euro Dyn (ex-UK) A Acc 3.00 220.2000 +1.3000
JPM Euro Dyn (ex-UK) A Inc 3.00 97.8300 +0.5900
JPM Europe A Acc 3.00 1479.0000 +9.0000
JPM Europe A Inc 3.00 80.6200 +0.5000
JPM Euro Smaller Co A Acc 3.00 742.7000 +2.1000
JPM Euro Smaller Co A Inc 3.00 95.8500 +0.2600
JPM Global Bd Opps A Grs Acc – *57.2800 +0.0800
JPM Global Bd Opps A Grs Inc – *49.7500 +0.0600
JPM Global Bond A Gross Acc 3.00 *286.2000 +0.3000
JPM Global Bond A Gross Inc 3.00 *219.4000 +0.2000
JPM Global Eq Inc £ Hdg A Acc 3.00 *86.7600 +0.7100
JPM Global Eq Inc £ Hdg A Inc 3.00 *55.8000 +0.4600
JPM Global Eq Inc Fd A Acc 3.00 *113.2000 +0.3000
JPM Global Eq Inc Fd A Inc 3.00 *88.2700 +0.1700
JPM Global HiYld Bd A Grs Acc 3.00 *114.7000 +0.1000
JPM Global HiYld Bd A Grs Inc 3.00 *35.0700 +0.0200
JPM Global HiYldBdAGrsMthInc 3.00 *35.0700 +0.0200
JPM Global Macro Fund A Acc 3.00 *68.6000 +0.1500
JPM Global Macro Fund A Inc 3.00 *59.8100 +0.1300
JPM Global Macro Opps A Acc 3.00 72.25 +0.25
JPM Global Macro Opps A Inc 3.00 71.6 +0.25
JPM Global Uncons Eq A Acc 3.00 1522.0000 ...JPM Global Uncons Eq A Inc 3.00 112.8000 ...
JPM Japan A Acc 3.00 491.6000 -7.0000
JPM Japan A Inc 3.00 118.3000 -1.7000
JPM Multi-Asset Income A Acc 3.00 *97.8000 +0.2700
JPM Multi-Asset Income A Inc 3.00 *63.5800 +0.1700
JPM Multi-Asset Inc A Mth Inc 3.00 *63.5500 +0.1700
JPM Multi-Man Gwth A Acc 3.00 1059.0000 +12.0000
JPM Multi-Man Gwth A Inc 3.00 961.2000 +10.2000
JPM Natural Res A Acc 3.00 608.5000 +0.2000
JPM Natural Res A Inc 3.00 42.0300 +0.0100
JPM Sterling Corp Bd A Grs Acc 3.00 *100.4000 ...
JPM Sterling Corp Bd A Grs Inc 3.00 *58.5700 -0.0400
JPM UK Dynamic A Acc 3.00 *188.6000 +1.6000
JPM UK Dynamic A Inc 3.00 *142.9000 +1.1000
JPM UK Equity Core E Acc – *360.8000 +3.3000
JPM UK Equity Core E Inc – *59.3200 +0.5300
JPM UK Equity Gwth A Acc 3.00 143.5000 +1.3000
JPM UK Equity Gwth A Inc 3.00 125.9000 +1.2000
JPM UK Higher Inc A Acc 3.00 *1007.0000 +7.7000
JPM UK Higher Inc A Inc 3.00 *484.9000 +3.9000
JPM UK Sm Cos A Acc 3.00 461.7000 +2.2000
JPM UK Sm Cos A Inc 3.00 86.9800 +0.4200
JPM UK Strat Eq Inc A Acc 3.00 *172.0000 +1.3000
JPM UK Strat Eq Inc A Inc 3.00 *95.6200 +0.7400
JPM Uncons Bond A Acc 3.00 *72.8700 +0.0300
JPM Uncons Bond A Inc 3.00 *55.0500 +0.0200
JPM US Eq Inc £ Hdg A Inc 3.00 *119.0000 +0.4000
JPM US Eq Inc A Acc 3.00 *207.6000 -0.5000JPM US Eq Inc A Inc 3.00 *162.5000 -0.4000
JPM US Select A Acc 3.00 193.8000 -0.1000
JPM US Select A Inc 3.00 190.6000 ...
JPM US Sm Cap Gwth Fd A Acc 3.00 757.8000 -8.0000
JPM US Sm Cap Gwth Fd A Inc 3.00 198.5000 -2.0000Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000Jupiter Abslt Rtn – 50.47 -0.14
Jupiter Asian Fd – *882.82 +2.67
Jupiter Asian Inc Fd Acc – 144.63 +0.86
Jupiter Asian Inc Fd Inc – 126.97 +0.75
Jupiter China Acc – 124.19 +0.15
Jupiter China Inc – 118.05 +0.14
Jupiter Corp Bond Inc – 60.22 -0.06
Jupiter Dstrbtn Acc – *105.02 -0.04
Jupiter Dstrbtn Inc – *58.80 -0.02
Jupiter Dstrbtn & Grth Inc – 109.31 +0.39
Jupiter Eco Inc – 391.93 -0.03
Jupiter Emerg Euro Opps – *237.25 -1.09
Jupiter European – *2505.21 +28.47Jupiter Euro Inc Acc – 77.67 +0.45
Jupiter Euro Inc Inc – 50.22 +0.30
Jupiter Euro Special Sits – *420.02 +3.30
Jupiter Fin Opp – 737.29 +4.82
Jupiter Fund Of Inv Trusts – 252.06 +1.50
Jupiter Global Emg Acc – 63.03 +0.05
Jupiter Global Eq Inc Acc – 76.64 -0.13
Jupiter Global Eq Inc Inc – 65.17 -0.11
Jupiter Global Managed Acc – 283.69 +1.12
Jupiter Global Managed Inc – 270.94 +1.07
Jupiter Growth & Inc – 89.34 +0.34
Jupiter Income – *499.50 +2.98
Jupiter India Fd – *107.04 +0.67
Jupiter Int Financials – 111.23 -0.06
Jupiter Japan Inc Fd Acc – *122.68 -1.09
Jupiter Japan Inc Fd Inc – *92.67 -0.82
Jupiter Merlin Bal Prtfo Acc – 200.02 +0.84
Jupiter Merlin Bal Prtfo Inc – 135.41 +0.57
Jupiter Merlin Conserv Prtfo Acc – 62.35 +0.18
Jupiter Merlin Conserv Prtfo Inc – 52.03 +0.14
Jupiter Merlin Grth Prtfo Acc – 453.02 +3.90
Jupiter Merlin Grth Prtfo Inc – 440.27 +3.80
Jupiter Merlin Inc Prtfo Acc – *316.18 +0.69
Jupiter Merlin Inc Prtfo Inc – *137.05 +0.30
Jupiter Merlin WW Prtfo Acc – 328.30 +2.24
Jupiter Merlin WW Prtfo Inc – 328.29 +2.25
Jupiter Monthly Alt Inc Acc – *122.66 +0.15
Jupiter Monthly Alt Inc – *30.77 +0.04
Jupiter N.American Inc Acc – *177.07 -0.56
Jupiter N.American Inc Inc – *142.70 -0.45
Jupiter Responsible Inc Fd Acc – 110.85 +0.82
Jupiter Responsible Inc Fd Inc – 67.54 +0.50
Jupiter Strategic Bond Acc – *105.87 -0.31
Jupiter Strategic Bond Inc – *66.78 -0.20
Jupiter UK Growth – *274.67 +1.83
Jupiter UK Smaller Cos – *349.97 +0.67
Jupiter UK Special Sits Inc – 179.06 +1.05
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 – *112.5 112.5 ...
High Income Acc – *273.5 273.5 ...
UK Select Port Inc – 329.5 329.5 ...
UK Selection Port – 623 623 ...
UK 100 Co’s Fund Inc – 212.3 212.3 ...
UK 100 Co’s Fund Acc – 380.2 380.2 ...
W’wide Man Inc – *519.9 ...
W’wide Man Acc – *854.7 ...M & G Securities Ltd
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196Charibond Inc – *124.89 -0.11
Charibond Acc – *4150.2 -3.87
Charifund Inc – *1502.03 +11.12
Charifund Acc – *24812.59 +183.81
M&G Corp Bond A Inc 3.00 *41.41 -0.07
M&G Corp Bond A Acc 3.00 *74.82 -0.13
M&G Dividend A Inc 4.00 *54.77 +0.37
M&G Dividend A Acc 4.00 *664.52 +4.49
M&G Episode Grwth Stg A Dis 4.00 *54.02 +0.19
M&G Episode Income A Inc 4.00 *125.46 +0.03
M&G Episode Income A Acc 4.00 *172.75 +0.04
M&G Global Dividend A Inc 4.00 *208.47 -0.83
M&G Global Dividend A Acc 4.00 *297.29 -1.18
M&G Glbl Emrgng Mkts A Inc 4.00 259.07 -0.58
M&G Glbl Emrgng Mkts A Acc 4.00 288.85 -0.65
M&G Glbl High Yld Bd A Inc 3.00 *48.6 -0.02
M&G Glbl High Yld Bd A Acc 3.00 *136.15 -0.07M&G Global Macro Bd A Inc 3.00 *92.19 -0.71
M&G Global Macro Bd A Acc 3.00 *146.37 -1.12
M&G Global Themes A Inc 4.00 996.63 +4.88
M&G Global Themes A Acc 4.00 1578.02 +7.74
M&G Managed Growth A Inc 4.00 106.18 +0.22
M&G Optimal Income A Inc 3.00 146.25 ...
M&G Optimal Income A Acc 3.00 213.57 ...
M&G Property Portfolio A Inc – 111.73 111.73 +0.01
M&G Recovery A Inc 4.00 *121.52 +0.3
M&G Recovery A Acc 4.00 *296.98 +0.73
M&G Strategic Corp Bd A Inc 3.00 76.06 -0.11
M&G Strategic Corp Bd A Acc 3.00 123.28 -0.17
M&G UK Inc Distribution A Inc 4.00 736.42 +3.87
M&G UK Inc Distribution A Acc 4.00 7188.51 +37.76
M&G UK Infl Lkd Corp A Inc 3.00 115.65 +0.02
M&G UK Infl Lkd Corp A Acc 3.00 120.84 +0.02
N.A.A.C.I.F. Inc – *84.01 +0.27
N.A.A.C.I.F. Acc – *8771.97 +28.12
†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 – 139.5 -0.30
Merian Eur (ExUK) Small Co – 16.1663 +0.079
Merian Global Emerging Mrkts - 14.7052 -0.002
Merian Global Equity – 274.0 -0.30
Merian Gold & Silver – 15.611 -0.029
Merian North American Equity – 315.5 -1.20
Merian Strat Abs Return Bond – 10.1124 -0.010
Merian UK Alpha - 159.7 +1.50
Merian UK Equity Income – 156.6 +0.90
Merian UK Mid Cap – 274.3 +2.50
Merian UK Smaller Company – 256.6 +1.30Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848Balanced Inc 5.00 334.1 ...
Balanced Acc 5.00 433.6 ...
Equity Income 5.00 347.5 ...
Extra Income 5.00 109.6 ...
Growth 5.00 413.3 ...
High Yield 5.00 126.8 ...
Intntl Growth 5.00 579.0 ...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
Slashed research
budgets causing
toxic environment
W
hen Mifid II was
rolled out in the
aftermath of the
financial crisis,
transparency sat at
the heart of
Europe’s biggest market reform in
over a decade. Nearly two years on,
however, flaws within the sprawling
set of financial rules are becoming
ever more apparent.
With costly research operations
being slashed, the phrase “content is
king” has never rung more hollow.
City insiders claim the depletion of
analyst coverage – sparked by Mifid’s
call for more transparent fees – has
given rise to price wars, disastrous
deals and an exodus of star analysts.
Those who have resisted the brain
drain are increasingly being swapped
for inexperienced, junior staff.
“You see it happening in all of the
big investment banks. Younger,
cheaper analyst teams and aggressive
pricing of research have raised
concerns among investors and
corporates about poorer coverage,”
says Naresh Chouhan, an equity
analyst who launched his own practice
three years ago.
A growing focus on box-ticking
exercises at the expense of research
has also made life insufferable for bank
analysts. “They are monitored on the
amount of emails and voicemails they
send to clients,” one former sell-side
professional says. “Instead of focusing
on research, analysts are preoccupied
with feeding lies about how many
interactions they have had.”
The giant “bulge-bracket”
investment banks aren’t the only ones
feeling the strain. Lower commissions
paid to brokers as a result of the new
rules have heaped further pressure on
MiFID II EU rulebook has transformed the City
SOURCE: CFA INSTITUTE BASED ON 364 RESPONSES
Impact on research providers In numbers
For each of the following research providers,
select whether you expect to source more,
less, or about the same amount of research
undwer MiFID II compared to at present.
Source relatively less research
Source same amount of research
Source relatively more research
Not sure
Investment banks
78% 5 421
Independent research providers
3 7% 33 20 10
Other third party providers
3 4% 5 82 33
In-house research (buy-side)
% 435 44 8
6.3%
average decrease in
investment research
budgets
53%
of sell-side
professionals
reported a decrease
in coverage of small
and mid-cap stocks
44%
of sell-side
professionals believe
that research quality
has decreased overall
25%
believe the research
market is less
competitive
‘The fact so many businesses
are undervalued and
underappreciated reflects
the dearth of research’
Post Mifid II, the City is feeling the loss of
analytical talent, says Vinjeru Mkandawire
the industry, crippling the smaller
firms’ ability to retain talent.
As predicted, brokers are fighting
for survival in the shake-out and
consolidation is seemingly inevitable.
Equity research house Redburn
recently sold a stake to Rothschild;
finnCap and Cavendish joined forces
last year; and Shore Capital bought
Stockdale this year.
City executives say that the flight of
analytical talent from the financial
district, coupled with lower-quality
research and the downsizing of
cost-conscious investment banks, has
created a toxic environment for some
of London’s blockbuster deals.
“The quality of research is
collapsing because banks are putting
too much work on too few people.
Take Aston Martin and Funding
Circle,” says Peel Hunt chief executive
Steven Finn.
Aston Martin and Funding Circle
have each shed around 75pc of their
value in the past 12 months, resulting
Hardman & Co show that research
across the market has struggled to
grow in the wake of Mifid. Although
stock analysis of AIM companies has
improved, coverage of large-cap FTSE
100 stocks has fallen 8pc since Mifid’s
introduction, while coverage of FTSE
250 stocks is down by 2.4pc.
This is boosting demand for
boutiques and niche providers of
research, according to Mark Pumfrey,
the EMEA head of stock trading
network Liquidnet. “Historically, the
bulge bracket firms dominated the
research market. But it has since
become harder to add value if you are
one of 40 brokers covering a single
company,” he says.
Industry insiders also fear that
mispricing stocks is becoming more
common, particularly among small-to-
mid cap companies. Without sufficient
coverage, those with a market cap of
less than £200m are questioning
whether it is worth remaining publicly
quoted, one City source said.
“The fact so many businesses are
undervalued and underappreciated
reflects the dearth of research,” says
Ross Mitchinson, co-CEO at Numis. “A
handful of companies have already
been taken off the market by private-
equity investors and you’re going to
see a lot more of that.”
London’s stock market has in recent
months provided fertile hunting
ground for buy-out funds, who have
raised a record $2.5 trillion of dry
powder, according to data provider
Preqin. Satellite operator Inmarsat,
theme park giant Merlin
Entertainments and defence supplier
Cobham are among the companies that
have fallen into the hands of private
equity investors this year.
in investor losses worth billions. Their
high-profile but poorly performing
initial public offerings add to the
handful of underperforming stocks in
London amid weak demand.
The two listings have also exposed
the limitations of the major banks,
who are increasingly reliant on
undertrained junior employees,
according to Finn. “If anything, the
illusion of what the big banks are
capable of is really what’s keeping
them going,” he says. “They might flex
their muscle and balance sheets but
they get unmasked all the time.”
Kier’s calamitous emergency rights
issue further illustrates this, he says.
“HSBC, Citi and Santander did not
have a clue. Their lack of knowledge of
the shareholders meant that they were
completely reliant on Peel Hunt and
Numis.”
Muddy Waters’ recent attack on
Burford Capital, and its subsequent
share price collapse, is seen as another
example of investors being left out in
the dark in the post-Mifid
environment. The litigation funder
came under fire last week when a
report by US short seller Muddy
Waters alleged that it had been
“egregiously misrepresenting” its
returns, sending its stock price
plunging to nearly half of its value.
Burford has hit back at the claims,
calling the “false and misleading.”
Figures from data provider
30 ***^ Monday 19 August 2019 The Daily Telegraph
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