The Daily Telegraph - 01.08.2019

30 ***^ Thursday 1 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 2.25-2.50pc

US Long Bonds Yld 2.55pc

European repo rate 1.25pc

European base rate 0.00pc

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

Exchange rates

£ > € Rate 1.0998 Change +0.88¢ £ > $ Rate 1.2245 Change +0.92¢

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 $1413.93 -16.67 -1.17pc
È Silver per oz £13.29 -0.35 -2.55pc
È Krugerrand £1145.86 -22.76 -1.95pc
È New Sovereign £266.23 -6.15 -2.26pc
È Maples £1147.90 -22.77 -1.95pc
È Platinum per oz £701.05 -6.11 -0.86pc
Ç Palladium per oz £1247.75 +4.64 +0.37pc
È Copper grade A £4850.96 -35.48 -0.73pc
È Tin high grade £14152.72 -231.75 -1.61pc
È Lead £1645.98 -0.25 -0.02pc
È Zinc special high grade £1991.43 -19.36 -0.96pc
È Aluminium high grade £1469.17 -14.95 -1.01pc
Ç Nickel £11886.48 +114.76 +0.97pc
È Baltic Dry Index* 1868.00 -31.00 -1.63pc
È Wheat per tonne £147.25 -1.50 -1.01pc
Ç Brent Crude Sep settlement $65.17 +0.45 +0.70pc

Bank Rate 0.75pc
Overnight 0.67pc
7 day 0.69pc
1 month 0.71pc
3 months 0.77pc
6 months 0.81pc

È Australia All Ordinaries 6896.70 -31.60 -0.46pc
È Brazil Bovespa 101812.13 -1120.63 -1.09pc
È China Shanghai Composite 2932.51 -19.83 -0.67pc
Ç France CAC General 5518.90 +7.83 +0.14pc
Ç Germany DAX 12189.04 +41.80 +0.34pc
È Hong Kong Hang Seng 27777.75 -368.75 -1.31pc
Ç India S&P CNX500 9044.95 +40.90 +0.45pc
È Japan Nikkei 21521.53 -187.78 -0.86pc
Ç Russia RTS 1360.04 +7.15 +0.53pc
È Singapore Straits Times 3300.75 -49.79 -1.49pc
È Spain Madrid SE 902.27 -1.43 -0.16pc
Ç Switzerland SMI Index 9919.27 +28.37 +0.29pc
È USA Dow Jones 26864.27 -333.75 -1.23pc
È USA Nasdaq 8175.42 -98.19 -1.19pc

Australia Aus $ 1.6713 1.7765 1.6154 1.4508
Canada Can $ 1.5213 1.6079 1.4621 1.3132
Denmark Krone 7.7435 8.2119 7.4672 6.7066
Euro € 1.0402 1.0998 ... 0.8982
Hong Kong HK $ 9.0299 9.5849 8.7156 7.8279
India Rupee 73.8200 84.2238 76.5852 68.7850
Israel Shekels 3.8194 4.2818 3.8935 3.4969
Japan Yen 125.6400 132.9447 120.8874 108.5750
Kuwait Dinar ... 0.3727 0.3389 0.3044
New Zealand NZ $ 1.7139 1.8553 1.6869 1.5151
Norway Krone 10.1500 10.7536 9.7782 8.7823
Pakistan Rupee 182.6600 195.4222 177.6987 159.6000
Saudi Arabia Riyal 4.2631 4.5924 4.1758 3.7506
Singapore $ 1.5530 1.6758 1.5237 1.3685
South Africa Rand 16.1700 17.3550 15.7811 14.1738
Sweden Krona 11.1000 11.7463 10.6810 9.5931
Switzerland Franc 1.1473 1.2122 1.1022 0.9900
Thailand Baht 33.4700 37.6579 34.2426 30.7550
UAE Dirham 4.1900 4.4976 4.0896 3.6732
UK £ ... ... 0.9093 0.8167
USA $ 1.1610 1.2245 1.1134 ...

RPI (1987=100) Jun 289.60 +0.10 +2.90pc
RPIX (Target 2.5pc) Jun 290.10 +0.50 +2.80pc
CPI (2015=100 target 2pc) Jun 107.90 0.00 +2.00pc
Halifax house price index Jun 767.40 -0.3pc +5.7pc

Risers 22 Volume Close Change
Ç Next 1.50m 6064 7.98pc
Ç Rentokil Initial 12.72m 435 5.53pc
Ç Centrica 56.11m 76⅛ 3.40pc
Ç Intl Cons Air 10.71m 424⅜ 2.31pc
Ç Lon Stock Ex 1.40m 6626 1.88pc
Ç Antofagasta 5.32m 939¼ 1.87pc
Ç Just Eat 2.98m 761⅜ 1.52pc
Ç BAE Systems 10.85m 548⅝ 1.11pc
Ç CRH 2.29m 2735 1.03pc
Ç Auto Trader Grp 3.21m 541¾ 0.67pc
Ç BT Group 57.34m 193⅛ 0.48pc
Ç BP 43.87m 545¾ 0.46pc
Ç JD Sports Fashion 2.40m 649¾ 0.22pc
Ç SSE 9.84m 1100½ 0.18pc
Ç Ass Brit Fds 0.92m 2420 0.17pc
Ç Bunzl 1.15m 2150 0.14pc
Ç Imp Brands 2.60m 2095 0.10pc
Ç Ashtead Group 1.17m 2273 0.09pc
Ç Rightmove 2.38m 528⅜ 0.09pc
Ç Smurfit Kappa 0.65m 2608 0.08pc
Ç Tesco 30.23m 223¼ 0.04pc
Ç Carnival 0.83m 3703 0.03pc

Fallers 76 Volume Close Change

È Taylor Wimpey 25.32m 161¾ -8.35pc

È Fresnillo 5.59m 601 -8.05pc

È St James Place 8.20m 984 -5.66pc

È Land Secs 3.05m 796¼ -3.54pc

È British Land 6.73m 508 -3.39pc

È Rolls Royce 3.26m 862 -3.28pc

È Lloyds Bk Gp 452.83m 53⅜ -3.18pc

È TUI AG 2.33m 817⅝ -2.76pc

È Pearson 4.40m 871¼ -2.72pc

È Whitbread 1.04m 4523 -2.65pc

È Anglo Amer 7.83m 2039 -2.44pc

È Smith (DS) 11.51m 356¾ -2.43pc

È Glencore 45.85m 266½ -2.40pc

È Barclays 58.80m 154⅛ -2.31pc

È Segro 4.24m 764¼ -2.30pc

È Flutter Entrtmt 0.38m 6540 -2.27pc

È DCC 0.20m 6962 -2.22pc

È Evraz 4.32m 651 -2.11pc

È 3i 2.11m 1112½ -1.98pc

È NMC Health 0.43m 2474 -1.98pc

È Hiscox 1.05m 1700 -1.96pc

È RSA Ins 3.23m 560⅝ -1.96pc

AXA Investment Managers UK

Limited

7 Newgate Street, London, EC1A 7NX

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

Amer Gwth Acc – 808.7 +0.4

Biotech Acc – 186.1 +1.4

Emerg Mkts Acc – 293.6 -1.9

European Acc – 963.5 -2.6

FinTech R Acc – 835.6 -6.1

Global Tech – 151.2 -0.6

Global Thematics R GBP Acc – 1754 -9

Health Acc – 2183 +12

Japan R GBP Acc – 599.9 -1.2

Managed Balanced Acc – 439.0 -1.4

Managed Income Acc – 174.6 -0.3

Managed Income Inc – 109.7 -0.2

Monthly Inc Inc – 247.5 -2.1

Monthly Inc Acc – 632.4 -5.2

Pan Euro HY Bond Acc – *165.8 -0.40

Pan Euro HY Bond Inc – *104.8 -0.20

UK Growth Acc – 336.0 -3.1

UK Select Opps R Inc – 2011 -12

UK Select Opps R Acc – 3733 -22

UK Smllr Cos Acc – 297.0 +1

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% *95.64 -0.17

Insight Eq Inc Fund 0% *167.24 -2.47

Insight Eq Inc Booster 0% *114.39 -1.43

Insight Glob Abs Ret Inc 0% 113.45 -0.10

Insight Glob Multi-Strat Fd 0% *131.13 -0.33

Insight Inflat-Link Corp Bd 0% 108.61 -0.03

Long-Term Global Equity 0% 325.09 -2.63

Newton Asian Income 0% *224.74 -1.26

Newton Cont European 0% *288.22 -1.01

Newton Global Dyn Bd 0% *101.97 -0.02

Newton Glb High Yld Bd 0% *60.14 -0.05

Newton Glb Inc Stg Inc 0% *230.71 -1.27

Newton Glb Opps 0% *344.93 -1.72

Newton Intnl Bond 0% 266.39 +0.40

Newton Multi-Asset Bal 0% 217.61 -0.66

Newton Mult-Asset Div Ret 0% 159.33 -0.16

Newton Mult-Asset Gwth 0% 931.62 -0.81

Newton Oriental 0% *682.44 -0.64

Newton Real Return A 0% *119.61 -0.15

Newton UK Equity Fund 0% *915.19 -11.04

Newton UK Inc 0% *68.12 -1.06

Newton UK Opps 0% *351.99 -4.29

US Opps EUR Acc 0% 134.39 +0.22

Carvetian Capital

Management Limited

Admin: Stuart House, St John’s St,

Peterborough PE1 5DD

Dealing & Enquiries: 0345 850 0255

Generation Fd 5.00 *809.6 +8.1

Sand Aire FENIX Bal Inc 5.00 *162.4 ...

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% *48.54 49.72 ...

Opportunities Unit Tst Acc 0% *127.3 130.5 ...

Practical Invest Inc 5.00 238.9 256.2 ...

Practical Invest Acc 5.00 1309 1404 ...

Discretionary Unit Fund

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

Maitland Discretionary Inc 3.00 2449.53 2597.16 +9.89

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 3.00 196.6 ...

Investment Funds (OEIC)

Cash Fd Y – 100.07 ...

Cash Fd Y Accum.Units – 101.15 ...

Income Funds

Enhanced Inc Fd 3.50 100.9 ...

Extra Income Fd 3.50 28.20 ...

Moneybuilder Bal – 48.67 ...

Moneybuilder Inc – 37.54 ...

Growth & Income Funds

Moneybldr Div 3.50 246.6 ...

Growth Funds

American 3.50 4749 ...

Amer Sp Sits 3.50 1819 ...

European 3.50 2601 ...

European Opps 3.50 527.8 ...

Global Special Sits 3.50 4467 ...

Japan 3.50 402.9 ...

Japan Smaller Cos 3.50 303.0 ...

Global Focus 3.50 2422 ...

Index UK A Acc – 114.2000 ...

Opps A Dis – 104.9 ...

Special Sits 3.50 4003 ...

South East Asia 3.50 1482 ...

UK Select Acc 3.50 326.7 ...

†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 – 483.32 -3.93

Fundsmith Equity T Inc – 443.92 -3.62

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 1213.0000 -7.00

Asian Dividend Income Inc 5.00 113.2000 -0.30

Cautious Managed A Acc 5.00 269.3000 -1.60

Cautious Managed A Inc 5.00 148.3000 -0.90

China Opps A Acc 5.00 *1484.0000 -16.00

Emerg Mkts Opps A Acc 5.00 *211.6000 -0.90

European Growth A Acc† 5.25 242.9000 -0.90

European Sel Opps A Acc 5.00 *1798.0000 -3.00

Fixed Int Mthly Inc A Inc 4.25 22.2200 -0.02

Global Care Growth A Inc 4.50 349.7000 -1.30

Global Equity Inc A Inc† 5.25 *63.6900 -0.42

Global Growth Acc 4.25 3574.0000 -15.00

Global Strategic Cap Acc† 5.00 *264.3000 +0.40

Global Technology A Acc 5.00 2187.0000 -16.00

Multi-Mgr Abs Ret A Acc 5.00 143.8000 +0.20

Multi-Mgr Active A Acc† 5.00 *236.0000 -0.90

Multi-Mgr Distbn A Inc 5.25 137.8000 +0.50

Multi-Mgr Divrsfd A Acc – *89.7600 +0.22

Multi-Mgr Inc&Gwth A Acc 5.00 185.0000 +0.50

Multi-Mgr Inc&Gwth A Inc 5.25 157.1000 +0.40

Multi-Mgr Mangd A Acc† 5.00 *292.8000 -1.20

Multi-Mgr Mangd A Inc† 5.00 *284.7000 -1.20

Sterling Bond Acc† 4.25 *236.4000 -0.10

Sterling Bond Inc† 4.25 *67.7200 -0.03

Strategic Bond A Inc 4.00 *126.6000 -0.10

UK Absolute Return A Acc 5.00 *155.6000 -0.10

UK Alpha A Acc† 5.25 148.2000 -0.90

UK & Irish Small Co A Acc 5.00 *592.2000 +0.20

UK Equity Income A Inc 5.00 *551.9000 -5.30

UK Index A Acc – 660.7000 -7.90

UK Tracker A Acc – 300.5000 -4.00

US Growth A Acc 5.00 *1382.0000 ...

†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 3.00 118.1000 -0.4000

JPM America Eq A Inc 3.00 118.2000 -0.4000

JPM Asia Growth A Acc 3.00 237.8000 -2.3000

JPM Asia Growth A Inc 3.00 130.8000 -1.2000

JPM Div Gth A Net ACC 3.00 277.3000 -0.3000

JPM Emg Euro Eq A Acc 3.00 243.5000 +0.2000

JPM Emg Euro Eq A Inc 3.00 51.8200 +0.0500

JPM Emg Markets A Acc 3.00 260.7000 -2.4000

JPM Emg Markets A Inc 3.00 110.8000 -1.0000

JPM Emg Mkts Inc A Acc 3.00 84.4900 -0.6900

JPM Emg Mkts Inc A Inc 3.00 64.2300 -0.5300

JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 216.8000 -0.6000

JPM Euro Dyn (ex-UK) A Acc 3.00 231.6000 -0.5000

JPM Euro Dyn (ex-UK) A Inc 3.00 102.9000 -0.2000

JPM Europe A Acc 3.00 1533.0000 -5.0000

JPM Europe A Inc 3.00 83.5900 -0.2500

JPM Euro Smaller Co A Acc 3.00 781.1000 +2.6000

JPM Euro Smaller Co A Inc 3.00 100.8000 +0.3000

JPM Global Bd Opps A Grs Acc – *56.9500 -0.0200

JPM Global Bd Opps A Grs Inc – *49.4700 -0.0200

JPM Global Bond A Gross Acc 3.00 278.7000 +0.3000

JPM Global Bond A Gross Inc 3.00 214.4000 +0.3000

JPM Global Eq Inc £ Hdg A Acc 3.00 90.8100 -0.5600

JPM Global Eq Inc £ Hdg A Inc 3.00 58.8200 -0.3600

JPM Global Eq Inc Fd A Acc 3.00 118.5000 -0.7000

JPM Global Eq Inc Fd A Inc 3.00 93.0900 -0.5300

JPM Global HiYld Bd A Grs Acc 3.00 116.3000 -0.2000

JPM Global HiYld Bd A Grs Inc 3.00 36.1200 -0.0500

JPM Global HiYldBdAGrsMthInc 3.00 35.7800 -0.0500

JPM Global Macro Fund A Acc 3.00 69.6800 -0.1200

JPM Global Macro Fund A Inc 3.00 60.7500 -0.1000

JPM Global Macro Opps A Acc 3.00 74.09 -0.21

JPM Global Macro Opps A Inc 3.00 73.42 -0.20

JPM Global Uncons Eq A Acc 3.00 1602.0000 -5.0000

JPM Global Uncons Eq A Inc 3.00 118.7000 -0.4000

JPM Japan A Acc 3.00 505.5000 -2.1000

JPM Japan A Inc 3.00 121.6000 -0.5000

JPM Multi-Asset Income A Acc 3.00 99.1400 -0.2100

JPM Multi-Asset Income A Inc 3.00 65.1100 -0.1400

JPM Multi-Asset Inc A Mth Inc 3.00 64.6100 -0.1400

JPM Multi-Man Gwth A Acc 3.00 1113.0000 -2.0000

JPM Multi-Man Gwth A Inc 3.00 1011.0000 -2.0000

JPM Natural Res A Acc 3.00 665.3000 +0.1000

JPM Natural Res A Inc 3.00 45.9500 ...

JPM Sterling Corp Bd A Grs Acc 3.00 98.9800 -0.0300

JPM Sterling Corp Bd A Grs Inc 3.00 57.9900 -0.0200

JPM UK Dynamic A Acc 3.00 200.4000 -2.4000

JPM UK Dynamic A Inc 3.00 154.3000 -1.8000

JPM UK Equity Core E Acc – 380.6000 -4.2000

JPM UK Equity Core E Inc – 62.5700 -0.7100

JPM UK Equity Gwth A Acc 3.00 150.7000 -1.5000

JPM UK Equity Gwth A Inc 3.00 132.2000 -1.3000

JPM UK Higher Inc A Acc 3.00 1070.0000 -13.0000

JPM UK Higher Inc A Inc 3.00 529.3000 -6.6000

JPM UK Sm Cos A Acc 3.00 483.1000 -0.5000

JPM UK Sm Cos A Inc 3.00 91.0000 -0.1000

JPM UK Strat Eq Inc A Acc 3.00 185.2000 -2.0000

JPM UK Strat Eq Inc A Inc 3.00 104.1000 -1.1000

JPM Uncons Bond A Acc 3.00 72.9700 -0.0400

JPM Uncons Bond A Inc 3.00 55.5800 -0.0300

JPM US Eq Inc £ Hdg A Inc 3.00 127.0000 -0.4000

JPM US Eq Inc A Acc 3.00 220.2000 -0.5000

JPM US Eq Inc A Inc 3.00 173.2000 -0.5000

JPM US Select A Acc 3.00 205.5000 -0.7000

JPM US Select A Inc 3.00 202.0000 -0.7000

JPM US Sm Cap Gwth Fd A Acc 3.00 825.9000 +4.5000

JPM US Sm Cap Gwth Fd A Inc 3.00 216.3000 +1.2000

Jupiter Unit Trust Managers Ltd

The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ

020 3817 1000

Jupiter Abslt Rtn – 50.95 +0.04

Jupiter Asian Fd – *927.10 -8.56

Jupiter Asian Inc Fd Acc – 152.56 -1.28

Jupiter Asian Inc Fd Inc – 133.93 -1.13

Jupiter China Acc – 133.44 -1.04

Jupiter China Inc – 126.85 -0.99

Jupiter Corp Bond Inc – 59.34 -0.03

Jupiter Dstrbtn Acc – 105.77 -0.16

Jupiter Dstrbtn Inc – 59.32 -0.10

Jupiter Dstrbtn & Grth Inc – 115.31 -0.62

Jupiter Eco Inc – 410.50 -0.86

Jupiter Emerg Euro Opps – *256.63 +0.30

Jupiter European – *2576.53 -13.15

Jupiter Euro Inc Acc – 81.05 -0.20

Jupiter Euro Inc Inc – 52.41 -0.12

Jupiter Euro Special Sits – 433.84 +0.54

Jupiter Fin Opp – 759.53 -6.86

Jupiter Fund Of Inv Trusts – 267.70 -0.50

Jupiter Global Emg Acc – 66.95 -0.52

Jupiter Global Eq Inc Acc – 80.71 -0.32

Jupiter Global Eq Inc Inc – 68.63 -0.27

Jupiter Global Managed Acc – 294.67 -2.04

Jupiter Global Managed Inc – 281.43 -1.94

Jupiter Growth & Inc – 96.33 -0.65

Jupiter Income – *532.67 -4.48

Jupiter India Fd – 110.14 +0.63

Jupiter Int Financials – 118.26 -1.03

Jupiter Japan Inc Fd Acc – 126.24 -0.66

Jupiter Japan Inc Fd Inc – 96.60 -0.50

Jupiter Merlin Bal Prtfo Acc – 204.67 -2.03

Jupiter Merlin Bal Prtfo Inc – 138.55 -1.37

Jupiter Merlin Conserv Prtfo Acc – 62.36 -0.02

Jupiter Merlin Conserv Prtfo Inc – 52.04 -0.02

Jupiter Merlin Grth Prtfo Acc – 469.47 -1.83

Jupiter Merlin Grth Prtfo Inc – 456.26 -1.78

Jupiter Merlin Inc Prtfo Acc – *322.03 -1.57

Jupiter Merlin Inc Prtfo Inc – *139.58 -0.68

Jupiter Merlin WW Prtfo Acc – 340.76 -1.57

Jupiter Merlin WW Prtfo Inc – 340.74 -1.58

Jupiter Monthly Alt Inc Acc – 124.54 -0.18

Jupiter Monthly Alt Inc – 31.35 -0.05

Jupiter N.American Inc Acc – 186.44 -0.40

Jupiter N.American Inc Inc – 151.79 -0.33

Jupiter Responsible Inc Fd Acc – 115.66 -1.43

Jupiter Responsible Inc Fd Inc – 70.47 -0.87

Jupiter Strategic Bond Acc – 103.58 +0.03

Jupiter Strategic Bond Inc – 65.86 +0.02

Jupiter UK Growth – *300.93 -2.68

Jupiter UK Smaller Cos – 370.51 -0.53

Jupiter UK Special Sits Inc – 189.34 -1.78

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 – 114 114 ...

High Income Acc – 274.1 274.1 ...

UK Select Port Inc – *351.3 351.3 ...

UK Selection Port – *664.4 664.4 ...

UK 100 Co’s Fund Inc – 227.5 227.5 ...

UK 100 Co’s Fund Acc – 407.4 407.4 ...

W’wide Man Inc – *543.5 ...

W’wide Man Acc – *893.4 ...

M & G Securities Ltd

PO Box 9039, Chelmsford, CM99 2XG

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

Charibond Inc – 125.03 +0.04

Charibond Acc – 4131.69 +1.25

Charifund Inc – 1596.12 -17.22

Charifund Acc – 26044.16 -281.0

M&G Corp Bond A Inc 3.00 *41.13 -0.05

M&G Corp Bond A Acc 3.00 *74.3 -0.09

M&G Dividend A Inc 4.00 *57.12 -0.86

M&G Dividend A Acc 4.00 *692.97 -10.48

M&G Episode Grwth Stg A Dis 4.00 57.96 -0.14

M&G Episode Income A Inc 4.00 127.75 -0.17

M&G Episode Income A Acc 4.00 175.41 -0.23

M&G Global Dividend A Inc 4.00 *224.34 -1.1

M&G Global Dividend A Acc 4.00 *319.92 -1.56

M&G Glbl Emrgng Mkts A Inc 4.00 283.71 -0.76

M&G Glbl Emrgng Mkts A Acc 4.00 316.32 -0.84

M&G Glbl High Yld Bd A Inc 3.00 49.26 -0.04

M&G Glbl High Yld Bd A Acc 3.00 137.31 -0.09

M&G Global Macro Bd A Inc 3.00 91.08 +0.07

M&G Global Macro Bd A Acc 3.00 143.44 +0.09

M&G Global Themes A Inc 4.00 1015.82 -2.87

M&G Global Themes A Acc 4.00 1608.39 -4.57

M&G Managed Growth A Inc 4.00 112.87 -0.53

M&G Optimal Income A Inc 3.00 147.75 -0.24

M&G Optimal Income A Acc 3.00 215.76 -0.36

M&G Property Portfolio A Inc – 111.65 111.65 -0.99

M&G Recovery A Inc 4.00 *128.95 -0.7

M&G Recovery A Acc 4.00 *315.13 -1.73

M&G Strategic Corp Bd A Inc 3.00 76.01 -0.13

M&G Strategic Corp Bd A Acc 3.00 123.19 -0.22

M&G UK Inc Distribution A Inc 4.00 769.72 -2.35

M&G UK Inc Distribution A Acc 4.00 7513.57 -22.9

M&G UK Infl Lkd Corp A Inc 3.00 115.95 -0.01

M&G UK Infl Lkd Corp A Acc 3.00 121.15 -0.02

N.A.A.C.I.F. Inc – 88.75 -0.67

N.A.A.C.I.F. Acc – 9182.87 -68.69

†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 – 137.8 -0.10

Merian Eur (ExUK) Small Co – 17.3386 +0.043

Merian Global Emerging Mrkts - 15.7202 -0.150

Merian Global Equity – 289.3 -0.70

Merian Gold & Silver – 15.0332 +0.005

Merian North American Equity – 333.7 -0.70

Merian Strat Abs Return Bond – 10.103 -0.008

Merian UK Alpha - 169.6 -2.10

Merian UK Equity Income – 167.5 -2.30

Merian UK Mid Cap – 291.3 -2.20

Merian UK Smaller Company – 273.4 -0.80

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

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
  Last week we had the great
  opportunity, now the great
  risk: sell infrastructure trusts
  WHEN last week we asked a
  prominent fund manager to identify
  the best opportunity in the market – he
  plumped for “micro-cap” investment
  trusts – we also asked the
  opposite question: where
  did he see the worst
  prospects. His answer?
  Infrastructure trusts.
  Just as the fund
  manager, Nick
  Greenwood of Miton, said
  a “perfect storm” had sent
  micro-cap trusts’ shares
  to attractively low levels,
  a combination of factors had
  pushed infrastructure trusts to the
  other extreme.
  “The first is that these trusts are
  ‘yield starvation vehicles’ – they
  appeal to investors desperate
  for income at a time of very low
  interest rates. This has pushed
  their shares out to high premiums
  to net asset value,” he said.
  “Secondly, they are in
  our view increasingly
  exposed to political
  risk.” Mr Greenwood said the rise of
  populism around the world amounted
  to “a breakdown of the political
  certainties that have characterised the
  post-war period” and, because
  infrastructure trusts hold
  assets in sensitive areas
  such as water supply, they
  were particularly exposed.
  Finally, there is
  a technical point: if
  investors did want to quit
  these trusts en masse,
  the “buffer” of trading
  capacity offered by brokers
  is tiny by comparison with the
  billions of pounds invested. This
  would be felt in dramatic price falls
  in the event of a sell-off; current
  double-digit premiums could quickly
  become double-digit discounts, Mr
  Greenwood said.
  Three infrastructure trusts
  tipped here in the past, John Laing
  Environmental Assets, Greencoat
  UK Wind and GCP Infrastructure,
  are trading at double-digit premiums
  and will now be sold; Ecofin Global
  Utilities & Infrastructure is already at a
  11.5pc discount and remains a hold.
  Update: Woodford Patient
  Capital Trust
  Is this trust, in the news so much
  this year for all the wrong reasons,
  about to get a new name? There is a
  strong possibility in Questor’s view
  that Neil Woodford will be sacked
  as the trust’s manager following
  this week’s announcement by the
  board that it is talking to other
  fund houses about taking over
  the running of the portfolio.
  Its statement said: “While the
  board remains confident in the
  current day-to-day management of
  the portfolio, [it] intends to engage
  with a broader range of third-party
  managers in order to undertake
  a full assessment of all potential
  management options, which
  may or may not lead to a change
  in the company’s management
  arrangements.”
  We don’t know the identity of
  these other groups but we can be
  certain that if one of them wins the
  management contract it will ditch the
  Woodford name.
  A new manager would also mean
  new costs for shareholders: currently
  Mr Woodford doesn’t charge for
  running the portfolio (there is
  provision for a performance fee,
  which, naturally enough in view of
  the shares’ 52pc fall since flotation, has
  not been triggered). A new manager is
  unlikely to work for nothing.
  The trust also announced that Mr
  Woodford had, between July 3 and
  8, sold £1m worth of his own shares
  in the trust as “a reluctant seller” and
  “in order to meet personal financial
  obligations, including a tax liability”.
  While he was under no obligation
  to disclose the sale earlier, Questor
  sees the delay as regrettable in view of
  the very wide interest in all the trust’s
  affairs at present. The sale more than
  halved his stake; his remaining shares
  are worth about £593,000.
  Now that the board has said publicly
  that the trust’s management is up for
  grabs, the pressure on it to go through
  with a change will, in this column’s
  view, be overwhelming.
  Meanwhile we see the depressed
  share price as a reflection of extreme
  negative sentiment rather than an
  objective valuation of the portfolio. We
  will hold on.
  John Laing Environmental Assets Close: 117.50p
  2014 2015 2016 2017 2018 2019
  p
  105
  100
  95
  90
  125
  120
  115
  110
   Market value:
  £584m
   Year of listing:
  2014
   Discount:
  12.2pc premium
   Ave discount
  over past year:
  7.4pc premium
   Yield: 5.5pc
   Most recent
  year’s dividend
  (March 2019):
  6.51p
   Gearing: nil
   Annual charge
  (March 2019):
  1.3pc
  Key
  numbers
  Infrastructure
  investment trusts
  Sell
  Technical factors
  could also cause
  wide discounts if
  investors sold
  High premiums
  make these
  trusts ‘priced for
  perfection’ and
  they are exposed to
  political risk around
  the world
  Questor
  Trust Bargains
  RICHARD EVANS
  Read Questor’s rules of investment before
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