32 ***^ Friday 16 August 2019 The Daily Telegraph
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 2.00pc
European repo rate 1.25pc
European base rate 0.00pc
Tourist £1= Sterling £1= 1 Euro = 1 Dollar =
Exchange rates
£ > € Rate 1.0904 Change +0.79¢ £ > $ Rate 1.2112 Change +0.42¢
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
Ç Gold per troy oz $1519.21 +5.11 +0.34pc
È Silver per oz £14.22 -0.03 -0.18pc
Ç Krugerrand £1244.22 +0.14 +0.01pc
È New Sovereign £290.62 -0.18 -0.06pc
Ç Maples £1247.11 +0.13 +0.01pc
È Platinum per oz £682.00 -8.63 -1.25pc
Ç Palladium per oz £1192.54 +11.92 +1.01pc
È Copper grade A £4752.31 -28.14 -0.59pc
È Tin high grade £14155.38 -32.69 -0.23pc
Ç Lead £1702.86 +4.85 +0.29pc
È Zinc special high grade £1871.28 -11.48 -0.61pc
È Aluminium high grade £1472.09 -6.37 -0.43pc
Ç Nickel £13424.70 +255.69 +1.94pc
Ç Baltic Dry Index* 2047.00 +97.00 +4.97pc
È Wheat per tonne £138.75 -1.75 -1.25pc
È Brent Crude Oct settlement $58.23 -1.25 -2.10pc
Bank Rate 0.75pc
Overnight 0.67pc
7 day 0.69pc
1 month 0.71pc
3 months 0.77pc
6 months 0.80pc
È Australia All Ordinaries 6490.80 -186.70 -2.80pc
È Brazil Bovespa 99056.91 -1201.10 -1.20pc
Ç China Shanghai Composite 2815.80 +6.88 +0.24pc
È France CAC General 5236.93 -14.37 -0.27pc
È Germany DAX 11412.67 -79.99 -0.70pc
Ç Hong Kong Hang Seng 25495.46 +193.18 +0.76pc
Æ India S&P CNX500 8971.10 closed
È Japan Nikkei 20405.65 -249.48 -1.21pc
È Russia RTS 1250.13 -9.55 -0.76pc
È Singapore Straits Times 3126.09 -21.51 -0.68pc
È Spain Madrid SE 854.80 -0.17 -0.02pc
È Switzerland SMI Index 9606.26 -22.22 -0.23pc
Ç USA Dow Jones 25579.39 +99.97 +0.39pc
È USA Nasdaq 7766.62 -7.32 -0.09pc
Australia Aus $ 1.6853 1.7878 1.6396 1.4760
Canada Can $ 1.5275 1.6147 1.4809 1.3331
Denmark Krone 7.6813 8.1330 7.4588 6.7146
Euro € 1.0330 1.0904 ... 0.9002
Hong Kong HK $ 8.9758 9.4980 8.7107 7.8415
India Rupee 75.8200 86.3364 79.1800 71.2788
Israel Shekels 3.8181 4.2781 3.9235 3.5320
Japan Yen 122.0500 128.5681 117.9112 106.1450
Kuwait Dinar ... 0.3685 0.3380 0.3043
New Zealand NZ $ 1.7436 1.8808 1.7249 1.5528
Norway Krone 10.3100 10.9120 10.0075 9.0089
Pakistan Rupee 180.1100 191.7409 175.8476 158.3000
Saudi Arabia Riyal 4.2305 4.5431 4.1666 3.7508
Singapore $ 1.5608 1.6817 1.5424 1.3884
South Africa Rand 17.3300 18.4913 16.9585 15.2662
Sweden Krona 11.0800 11.6783 10.7103 9.6415
Switzerland Franc 1.1206 1.1821 1.0840 0.9758
Thailand Baht 33.3300 37.3852 34.2864 30.8650
UAE Dirham 4.1576 4.4490 4.0803 3.6731
UK £ ... ... 0.9171 0.8256
USA $ 1.1520 1.2112 1.1108 ...
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 13 Volume Close Change
Ç Utd. Utilities 3.10m 789¼ 1.94pc
Ç Brit Amer Tob 2.95m 3049½ 1.36pc
Ç Natl Grid 11.73m 851 0.97pc
Ç Micro Focus Intl 0.95m 1568⅝ 0.68pc
Ç Severn Trent 0.60m 1991 0.66pc
Ç NMC Health 1.15m 1810 0.47pc
Ç RSA Ins 2.30m 518 0.43pc
Ç RELX 2.90m 1917½ 0.26pc
Ç Diageo 3.43m 3415½ 0.25pc
Ç Rolls Royce 4.31m 753⅝ 0.21pc
Ç Unilever 2.07m 4976½ 0.19pc
Ç Ass Brit Fds 0.71m 2260 0.18pc
Ç St James Place 4.31m 914⅝ 0.04pc
Fallers 85 Volume Close Change
È Royal Bk Scot 27.45m 177⅝ -10.48pc
È Just Eat 2.33m 760⅝ -5.96pc
È Phoenix 1.88m 641 -5.55pc
È Evraz 4.81m 498⅞ -5.40pc
È Anglo Amer 7.14m 1696¼ -5.19pc
È Stndrd Life Abr 12.65m 238⅛ -4.68pc
È Sainsbury 10.01m 177⅛ -4.50pc
È Smith (DS) 4.98m 307⅞ -4.02pc
È TUI AG 1.67m 744¾ -3.90pc
È Glencore 42.05m 222⅛ -3.62pc
È Aviva 12.99m 357⅝ -3.61pc
È Kingfisher 9.60m 191⅞ -3.57pc
È Mondi 2.38m 1510½ -3.51pc
È Legal&Gen 20.28m 222 -3.27pc
È Royal D Shell B 9.11m 2258½ -3.17pc
È Segro 2.98m 728¼ -3.04pc
È Antofagasta 2.03m 796¾ -2.81pc
È JD Sports Fashion 1.37m 581⅜ -2.81pc
È Scot Mort Inv Tst 3.71m 506½ -2.78pc
È Morrison (Wm) 9.29m 176⅞ -2.75pc
È Smurfit Kappa 0.43m 2372 -2.31pc
È Intl Cons Air 5.29m 416¼ -2.07pc
È Whitbread 0.39m 4086 -1.99pc
È BT Group 22.17m 164⅜ -1.97pc
È Aveva Group 0.32m 3716 -1.90pc
È Ferguson 0.84m 5886 -1.90pc
È Fresnillo 1.57m 671¼ -1.90pc
È Schroders 0.28m 2654 -1.89pc
È WPP 3.81m 937 -1.88pc
È Carnival 0.53m 3475 -1.81pc
È HSBC 42.87m 591¼ -1.81pc
AXA Investment Managers UK
Limited
7 Newgate Street, London, EC1A 7NX
http://www.axaframlington.com Cust Svs: 0845 777 5511
Amer Gwth Acc – 761.9 -23.4
Biotech Acc – 178.9 -3.9
Emerg Mkts Acc – 279.1 -4
European Acc – 921.7 -17.9
FinTech R Acc – 793.5 -19.4
Global Tech – 141.9 -4.3
Global Thematics R GBP Acc – 1656 -39
Health Acc – 2114 -57
Japan R GBP Acc – 588.0 -4.1
Managed Balanced Acc – 425.3 -5.2
Managed Income Acc – 173.9 -0.2
Managed Income Inc – 109.3 -0.1
Monthly Inc Inc – 235.8 -4.4
Monthly Inc Acc – 604.2 -11.4
Pan Euro HY Bond Acc – *165.3 ...
Pan Euro HY Bond Inc – *104.1 ...
UK Growth Acc – 320.2 -4.6
UK Select Opps R Inc – 1916 -32
UK Select Opps R Acc – 3557 -59
UK Smllr Cos Acc – 287.7 -2.4
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% *96.90 +0.27
Insight Eq Inc Fund 0% *155.51 -2.41
Insight Eq Inc Booster 0% *105.19 -1.69
Insight Glob Abs Ret Inc 0% 112.80 -0.69
Insight Glob Multi-Strat Fd 0% *128.85 -1.19
Insight Inflat-Link Corp Bd 0% 109.32 +0.11
Long-Term Global Equity 0% 311.26 -6.82
Newton Asian Income 0% *214.27 +0.18
Newton Cont European 0% *278.59 -4.92
Newton Global Dyn Bd 0% *102.88 +0.16
Newton Glb High Yld Bd 0% *60.29 -0.01
Newton Glb Inc Stg Inc 0% *221.40 -3.94
Newton Glb Opps 0% *330.08 -6.17
Newton Intnl Bond 0% 276.85 +1.73
Newton Multi-Asset Bal 0% 210.68 -2.73
Newton Mult-Asset Div Ret 0% 156.83 -0.21
Newton Mult-Asset Gwth 0% 883.54 -15.36
Newton Oriental 0% *649.33 -6.10
Newton Real Return A 0% *121.03 +0.24
Newton UK Equity Fund 0% *867.03 -12.55
Newton UK Inc 0% *64.68 -0.81
Newton UK Opps 0% *334.08 -5.06
US Opps EUR Acc 0% 121.47 -3.73
Carvetian Capital
Management Limited
Admin: Stuart House, St John’s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0345 850 0255
Generation Fd 5.00 *798 ...
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 8818
Opportunities Unit Tst Inc 0% *45.01 46.22 ...
Opportunities Unit Tst Acc 0% *119.4 122.7 ...
Practical Invest Inc 5.00 223.7 239.6 ...
Practical Invest Acc 5.00 1226 1313 ...
Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
Maitland Discretionary Inc 3.00 2374.94 2521.21 ...
Fidelity International
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
Unit Trust
Open World A Acc 3.00 187.4 ...
Investment Funds (OEIC)
Cash Fd Y – 100.04 ...
Cash Fd Y Accum.Units – 101.18 ...
Income Funds
Enhanced Inc Fd 3.50 96.14 ...
Extra Income Fd 3.50 28.26 ...
Moneybuilder Bal – 47.69 ...
Moneybuilder Inc – 38.14 ...
Growth & Income Funds
Moneybldr Div 3.50 234.5 ...
Growth Funds
American 3.50 4529 ...
Amer Sp Sits 3.50 1702 ...
European 3.50 2508 ...
European Opps 3.50 502.1 ...
Global Special Sits 3.50 4187 ...
Japan 3.50 392.8 ...
Japan Smaller Cos 3.50 294.5 ...
Global Focus 3.50 2285 ...
Index UK A Acc – 107.0400 ...
Opps A Dis – 97.76 ...
Special Sits 3.50 3769 ...
South East Asia 3.50 1384 ...
UK Select Acc 3.50 310.8 ...
†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 – 466.1 -11.20
Fundsmith Equity T Inc – 428.11 -10.29
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 1149.0000 -5.00
Asian Dividend Income Inc 5.00 *105.1000 -0.60
Cautious Managed A Acc 5.00 *262.4000 -1.80
Cautious Managed A Inc 5.00 *143.0000 -1.00
China Opps A Acc 5.00 1399.0000 -4.00
Emerg Mkts Opps A Acc 5.00 198.3000 -2.30
European Growth A Acc† 5.25 230.8000 -4.80
European Sel Opps A Acc 5.00 1728.0000 -34.00
Fixed Int Mthly Inc A Inc 4.25 *22.4600 +0.01
Global Care Growth A Inc 4.50 332.3000 -8.40
Global Equity Inc A Inc† 5.25 60.4900 -1.22
Global Growth Acc 4.25 3415.0000 -83.00
Global Strategic Cap Acc† 5.00 *251.8000 -3.80
Global Technology A Acc 5.00 2057.0000 -63.00
Multi-Mgr Abs Ret A Acc 5.00 142.8000 -0.30
Multi-Mgr Active A Acc† 5.00 *228.2000 -2.50
Multi-Mgr Distbn A Inc 5.25 134.5000 -0.30
Multi-Mgr Divrsfd A Acc – 88.8100 -0.09
Multi-Mgr Inc&Gwth A Acc 5.00 181.2000 -0.40
Multi-Mgr Inc&Gwth A Inc 5.25 153.9000 -0.30
Multi-Mgr Mangd A Acc† 5.00 *283.6000 -3.00
Multi-Mgr Mangd A Inc† 5.00 *275.7000 -3.00
Sterling Bond Acc† 4.25 *239.9000 +0.60
Sterling Bond Inc† 4.25 *68.7500 +0.20
Strategic Bond A Inc 4.00 *129.5000 +0.50
UK Absolute Return A Acc 5.00 155.3000 -0.40
UK Alpha A Acc† 5.25 134.4000 -2.60
UK & Irish Small Co A Acc 5.00 562.0000 -7.70
UK Equity Income A Inc 5.00 *522.3000 -9.50
UK Index A Acc – 619.4000 -9.30
UK Tracker A Acc – 281.2000 -4.20
US Growth A Acc 5.00 1319.0000 -39.00
†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 3.00 111.6000 -3.6000
JPM America Eq A Inc 3.00 111.6000 -3.6000
JPM Asia Growth A Acc 3.00 223.7000 -1.3000
JPM Asia Growth A Inc 3.00 123.0000 -0.7000
JPM Div Gth A Net ACC 3.00 273.0000 -2.0000
JPM Emg Euro Eq A Acc 3.00 227.7000 -6.0000
JPM Emg Euro Eq A Inc 3.00 48.4500 -1.2800
JPM Emg Markets A Acc 3.00 245.0000 -4.4000
JPM Emg Markets A Inc 3.00 104.1000 -1.8000
JPM Emg Mkts Inc A Acc 3.00 *78.9200 -0.8100
JPM Emg Mkts Inc A Inc 3.00 *58.8400 -0.6000
JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 202.8000 -4.0000
JPM Euro Dyn (ex-UK) A Acc 3.00 218.9000 -4.7000
JPM Euro Dyn (ex-UK) A Inc 3.00 97.2400 -2.1100
JPM Europe A Acc 3.00 1470.0000 -30.0000
JPM Europe A Inc 3.00 80.1200 -1.6700
JPM Euro Smaller Co A Acc 3.00 740.6000 -20.6000
JPM Euro Smaller Co A Inc 3.00 95.5900 -2.6500
JPM Global Bd Opps A Grs Acc – *57.2000 +0.0500
JPM Global Bd Opps A Grs Inc – *49.6900 +0.0500
JPM Global Bond A Gross Acc 3.00 *285.9000 +1.6000
JPM Global Bond A Gross Inc 3.00 *219.2000 +1.3000
JPM Global Eq Inc £ Hdg A Acc 3.00 *86.0500 -1.8500
JPM Global Eq Inc £ Hdg A Inc 3.00 *55.3400 -1.1900
JPM Global Eq Inc Fd A Acc 3.00 *112.9000 -2.5000
JPM Global Eq Inc Fd A Inc 3.00 *88.1000 -1.9200
JPM Global HiYld Bd A Grs Acc 3.00 *114.6000 -1.1000
JPM Global HiYld Bd A Grs Inc 3.00 *35.0500 -0.3400
JPM Global HiYldBdAGrsMthInc 3.00 *35.0500 -0.3400
JPM Global Macro Fund A Acc 3.00 *68.4500 -0.3400
JPM Global Macro Fund A Inc 3.00 *59.6800 -0.3000
JPM Global Macro Opps A Acc 3.00 72 -0.58
JPM Global Macro Opps A Inc 3.00 71.35 -0.57
JPM Global Uncons Eq A Acc 3.00 1522.0000 -36.0000
JPM Global Uncons Eq A Inc 3.00 112.8000 -2.6000
JPM Japan A Acc 3.00 498.6000 -5.6000
JPM Japan A Inc 3.00 120.0000 -1.3000
JPM Multi-Asset Income A Acc 3.00 *97.5300 -0.6200
JPM Multi-Asset Income A Inc 3.00 *63.4100 -0.3900
JPM Multi-Asset Inc A Mth Inc 3.00 *63.3800 -0.4000
JPM Multi-Man Gwth A Acc 3.00 1047.0000 -27.0000
JPM Multi-Man Gwth A Inc 3.00 951.0000 -24.7000
JPM Natural Res A Acc 3.00 608.3000 -16.9000
JPM Natural Res A Inc 3.00 42.0200 -1.1700
JPM Sterling Corp Bd A Grs Acc 3.00 *100.4000 +0.3000
JPM Sterling Corp Bd A Grs Inc 3.00 *58.6100 +0.1800
JPM UK Dynamic A Acc 3.00 *187.0000 -2.6000
JPM UK Dynamic A Inc 3.00 *141.8000 -1.9000
JPM UK Equity Core E Acc – *357.5000 -5.2000
JPM UK Equity Core E Inc – *58.7900 -0.8500
JPM UK Equity Gwth A Acc 3.00 142.2000 -2.1000
JPM UK Equity Gwth A Inc 3.00 124.7000 -1.9000
JPM UK Higher Inc A Acc 3.00 *999.3000 -13.7000
JPM UK Higher Inc A Inc 3.00 *481.0000 -6.8000
JPM UK Sm Cos A Acc 3.00 459.5000 -7.4000
JPM UK Sm Cos A Inc 3.00 86.5600 -1.3900
JPM UK Strat Eq Inc A Acc 3.00 *170.7000 -2.8000
JPM UK Strat Eq Inc A Inc 3.00 *94.8800 -1.5800
JPM Uncons Bond A Acc 3.00 *72.8400 -0.2000
JPM Uncons Bond A Inc 3.00 *55.0300 -0.1500
JPM US Eq Inc £ Hdg A Inc 3.00 *118.6000 -3.5000
JPM US Eq Inc A Acc 3.00 *208.1000 -6.1000
JPM US Eq Inc A Inc 3.00 *162.9000 -4.7000
JPM US Select A Acc 3.00 193.9000 -5.8000
JPM US Select A Inc 3.00 190.6000 -5.7000
JPM US Sm Cap Gwth Fd A Acc 3.00 765.8000 -21.8000
JPM US Sm Cap Gwth Fd A Inc 3.00 200.5000 -5.8000
Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
Jupiter Abslt Rtn – 50.61 +0.59
Jupiter Asian Fd – *880.15 -3.31
Jupiter Asian Inc Fd Acc – 143.77 -0.63
Jupiter Asian Inc Fd Inc – 126.22 -0.55
Jupiter China Acc – 124.04 -0.68
Jupiter China Inc – 117.91 -0.65
Jupiter Corp Bond Inc – 60.28 +0.17
Jupiter Dstrbtn Acc – *105.06 -0.23
Jupiter Dstrbtn Inc – *58.82 -0.13
Jupiter Dstrbtn & Grth Inc – 108.92 -1.43
Jupiter Eco Inc – 391.96 -7.94
Jupiter Emerg Euro Opps – *238.34 -5.74
Jupiter European – *2476.74 -69.18
Jupiter Euro Inc Acc – 77.22 -1.41
Jupiter Euro Inc Inc – 49.92 -0.92
Jupiter Euro Special Sits – *416.72 -7.72
Jupiter Fin Opp – 732.47 -17.15
Jupiter Fund Of Inv Trusts – 250.56 -7.27
Jupiter Global Emg Acc – 62.98 -0.99
Jupiter Global Eq Inc Acc – 76.77 -1.65
Jupiter Global Eq Inc Inc – 65.28 -1.40
Jupiter Global Managed Acc – 282.57 -6.56
Jupiter Global Managed Inc – 269.87 -6.27
Jupiter Growth & Inc – 89.00 -1.59
Jupiter Income – *496.52 -8.39
Jupiter India Fd – *106.37 -0.06
Jupiter Int Financials – 111.29 -3.43
Jupiter Japan Inc Fd Acc – *123.77 -1.02
Jupiter Japan Inc Fd Inc – *93.49 -0.77
Jupiter Merlin Bal Prtfo Acc – 199.18 -1.35
Jupiter Merlin Bal Prtfo Inc – 134.84 -0.91
Jupiter Merlin Conserv Prtfo Acc – 62.17 -0.25
Jupiter Merlin Conserv Prtfo Inc – 51.89 -0.20
Jupiter Merlin Grth Prtfo Acc – 449.12 -9.73
Jupiter Merlin Grth Prtfo Inc – 436.47 -9.47
Jupiter Merlin Inc Prtfo Acc – *315.49 -2.36
Jupiter Merlin Inc Prtfo Inc – *136.75 -1.01
Jupiter Merlin WW Prtfo Acc – 326.06 -6.47
Jupiter Merlin WW Prtfo Inc – 326.04 -6.47
Jupiter Monthly Alt Inc Acc – *122.51 -0.90
Jupiter Monthly Alt Inc – *30.73 -0.23
Jupiter N.American Inc Acc – *177.63 -5.14
Jupiter N.American Inc Inc – *143.15 -4.14
Jupiter Responsible Inc Fd Acc – 110.03 -1.70
Jupiter Responsible Inc Fd Inc – 67.04 -1.04
Jupiter Strategic Bond Acc – *106.18 +0.61
Jupiter Strategic Bond Inc – *66.98 +0.39
Jupiter UK Growth – *272.84 -5.27
Jupiter UK Smaller Cos – *349.30 -5.11
Jupiter UK Special Sits Inc – 178.01 -2.78
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 – *112.9 112.9 ...
High Income Acc – *274.4 274.4 ...
UK Select Port Inc – 331.9 331.9 ...
UK Selection Port – 627.6 627.6 ...
UK 100 Co’s Fund Inc – 213.9 213.9 ...
UK 100 Co’s Fund Acc – 383.1 383.1 ...
W’wide Man Inc – *525.7 ...
W’wide Man Acc – *864.3 ...
M & G Securities Ltd
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
Charibond Inc – *125.0 +0.13
Charibond Acc – *4154.07 +4.34
Charifund Inc – *1490.91 -21.15
Charifund Acc – *24628.78 -349.42
M&G Corp Bond A Inc 3.00 *41.48 +0.07
M&G Corp Bond A Acc 3.00 *74.95 +0.14
M&G Dividend A Inc 4.00 *54.4 -0.69
M&G Dividend A Acc 4.00 *660.03 -8.28
M&G Episode Grwth Stg A Dis 4.00 *53.83 -0.87
M&G Episode Income A Inc 4.00 *125.43 -0.56
M&G Episode Income A Acc 4.00 *172.71 -0.76
M&G Global Dividend A Inc 4.00 *209.3 -4.36
M&G Global Dividend A Acc 4.00 *298.47 -6.21
M&G Glbl Emrgng Mkts A Inc 4.00 259.65 -5.12
M&G Glbl Emrgng Mkts A Acc 4.00 289.5 -5.71
M&G Glbl High Yld Bd A Inc 3.00 *48.62 -0.17
M&G Glbl High Yld Bd A Acc 3.00 *136.22 -0.46
M&G Global Macro Bd A Inc 3.00 *92.9 +0.37
M&G Global Macro Bd A Acc 3.00 *147.49 +0.59
M&G Global Themes A Inc 4.00 991.75 -16.49
M&G Global Themes A Acc 4.00 1570.28 -26.13
M&G Managed Growth A Inc 4.00 105.96 -1.86
M&G Optimal Income A Inc 3.00 146.25 -0.33
M&G Optimal Income A Acc 3.00 213.57 -0.48
M&G Property Portfolio A Inc – 111.72 111.72 ...
M&G Recovery A Inc 4.00 *121.22 -2.54
M&G Recovery A Acc 4.00 *296.25 -6.19
M&G Strategic Corp Bd A Inc 3.00 76.17 +0.05
M&G Strategic Corp Bd A Acc 3.00 123.45 +0.07
M&G UK Inc Distribution A Inc 4.00 732.55 -6.48
M&G UK Inc Distribution A Acc 4.00 7150.75 -63.19
M&G UK Infl Lkd Corp A Inc 3.00 115.63 -0.07
M&G UK Infl Lkd Corp A Acc 3.00 120.82 -0.08
N.A.A.C.I.F. Inc – *83.74 -1.11
N.A.A.C.I.F. Acc – *8743.85 -115.78
†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 – 139.8 +0.40
Merian Eur (ExUK) Small Co – 16.0875 -0.401
Merian Global Emerging Mrkts - 14.7074 -0.223
Merian Global Equity – 274.3 -6.70
Merian Gold & Silver – 15.6397 +0.034
Merian North American Equity – 316.7 -9.30
Merian Strat Abs Return Bond – 10.1227 +0.020
Merian UK Alpha - 158.2 -3.20
Merian UK Equity Income – 155.7 -2.70
Merian UK Mid Cap – 271.8 -2.90
Merian UK Smaller Company – 255.3 -3.60
Natwest Investment Funds
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
Balanced 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 day
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(^) 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
Sales up, profits up, dividend
up. Why are Renew’s shares
no higher than in 2016?
IT IS time that we took another look at
Renew Holdings, the engineering
services company that last year
embarked on a significant takeover.
We said then that we tended to
take a sceptical view of the
claimed benefits of large
acquisitions and would
keep a close eye on
progress.
Happily, we can report
that the takeover, of a firm
called QTS, shows every
sign of success.
In its interim report for
the six months to the end of
March, published in June, the
company said it had seen “record
trading in the period, in part
reflecting the contribution of QTS,
which was acquired in May 2018
and is now fully integrated”.
It said the “excellent revenue
performance” of its engineering
services division, which is the
“key driver of growth for
the group” and accounts
for more than 90pc of
its revenue and more than 95pc of
operating profits, was a reflection of
the impact of QTS.
Numis, the stockbroker, said:
“With the full weight of QTS in
the first-half numbers, we
always expected a strong
performance.”
The interim figures
were highly encouraging
all round. Sales grew by
14.9pc from the same time
last year to £301m, while
profits before tax on a
statutory basis increased
sevenfold to £17.7m. Operating
profits on an adjusted basis,
meanwhile, increased by 39pc to
£18.4m.
Adjusted operating profit margins
increased by more than a fifth to 6.1pc
from 5pc, while adjusted earnings per
share were 19.2p, compared with 16.7p
last time.
And readers of this column, focused
on the income from their shares above
all else, will be pleased to hear that the
interim dividend was raised by 15pc to
3.83p. In light of this, Numis raised its
prediction for the full-year dividend
from 10.5p to 11.5p. As last year’s
payment was 10p, that would
represent an increase of 15pc.
Although it was highly reassuring
that all the signs pointed to a
successful integration of QTS,
“organic” growth from the existing
businesses was also strong – organic
growth in the key engineering
services division was 8pc. Overall the
division’s sales growth was 25pc, while
its earnings before interest and tax
grew by 48pc and its margins (on the
same measure of profits) grew by more
than a percentage point to 6.8pc.
Key to future growth will be
Renew’s rail operations and here too
the signs are promising. Network Rail,
the body that owns and maintains
Britain’s tracks and stations, is
entering a new budgetary period and
Renew should benefit significantly.
“Management has previously
indicated, and reiterates here [in the
interim results], that having been
appointed across all tendered-for
renewals in [the new period] Renew is
in a very strong position for an
increase of about 25pc in Network Rail
operational spending from 2019-20
onwards,” Numis said.
One of the company’s key strengths
is that much of the work it carries out
for Network Rail and similar
infrastructure owners simply has to be
carried out, irrespective of factors that
can blow other spending plans off
course, such as a recession or Brexit.
Renew is not a company where we
have to worry about debts. Net
borrowing fell by £4.2m compared
with the end of the previous financial
year and now stands at £17.2m. Numis
predicted that the figure would fall
further to £10.9m by the end of this
year, making it just a fifth of annual
profits on the “Ebitda” measure, a level
seen as very prudent by analysts.
Better still, the broker said it
expected Renew to move into having
net cash next year.
Despite the firm’s progress, its
shares stand barely moved from the
392p at which we tipped them in
November 2016, although they have
been as high as 487p and as low as
333p over the period. As ever, aversion
on the part of investors both domestic
and international towards the London
stock market in general, and those
stocks focused on the British
economy in particular, is likely to be
the culprit. Hold.
Renew Holdings Close: 390p
2014 2015 2016 2017 2018 2019
p
300
250
200
500
450
400
350
Market value:
£294m
Turnover
(Sept 2018):
£541m
Pre-tax profits
(Sept 2018):
£30.3m
Yield (Sept
2018): 2.6pc
Most recent
year’s dividend:
10p
Net debt (Sept
2018): £21.4m
Return on
capital (Sept
2018): 18.5pc
Cash
conversion ratio
(Sept 2018): 110pc
p/e ratio (Sept
2018): 11.1
Key
numbers
Renew
Holdings
Hold
Much of its work for
infrastructure
owners is ‘non-
discretionary’
The engineering
firm has made a
success of a large
acquisition and is
growing nicely, but
the market seems
not to have
noticed
Questor
Income Portfolio
RICHARD EVANS
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