The Daily Telegraph - 06.08.2019

30 ***^ Tuesday 6 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 2.31pc European repo rate 1.25pc European base rate 0.00pc

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

Exchange rates

£ > € Rate 1.0854 Change -0.62¢ £ > $ Rate 1.2140 Change +0.21¢

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 $1464.23 +23.15 +1.61pc
Ç Silver per oz £13.50 +0.13 +0.98pc
Ç Krugerrand £1196.71 +16.99 +1.44pc
Ç New Sovereign £278.42 +3.64 +1.33pc
Ç Maples £1199.59 +16.98 +1.44pc
Ç Platinum per oz £694.55 +9.75 +1.42pc
Ç Palladium per oz £1167.92 +13.10 +1.13pc
È Copper grade A £4682.04 -39.47 -0.84pc
È Tin high grade £13900.33 -213.87 -1.52pc
Ç Lead £1614.50 +2.98 +0.18pc
È Zinc special high grade £1913.10 -26.42 -1.36pc
È Aluminium high grade £1454.70 -8.30 -0.57pc
Ç Nickel £12240.53 +288.22 +2.41pc
È Baltic Dry Index* 1774.00 -14.00 -0.78pc
È Wheat per tonne £144.80 -1.15 -0.79pc
È Brent Crude Oct settlement $59.81 -2.08 -3.36pc

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 6710.60 -135.50 -1.98pc
È Brazil Bovespa 100097.75 -2575.93 -2.51pc
È China Shanghai Composite 2821.50 -46.34 -1.62pc
È France CAC General 5241.55 -117.45 -2.19pc
È Germany DAX 11658.51 -213.93 -1.80pc
È Hong Kong Hang Seng 26151.32 -767.26 -2.85pc
È India S&P CNX500 8831.95 -112.00 -1.25pc
È Japan Nikkei 20720.29 -366.87 -1.74pc
È Russia RTS 1282.29 -10.90 -0.84pc
È Singapore Straits Times 3194.51 -66.60 -2.04pc
È Spain Madrid SE 882.32 -11.85 -1.33pc
È Switzerland SMI Index 9599.43 -204.26 -2.08pc
È USA Dow Jones 25717.74 -767.27 -2.90pc
È USA Nasdaq 7726.04 -278.03 -3.47pc

Australia Aus $ 1.6949 1.7917 1.6508 1.4759
Canada Can $ 1.5260 1.6038 1.4777 1.3212
Denmark Krone 7.7351 8.1026 7.4652 6.6742
Euro € 1.0396 1.0854 ... 0.8941
Hong Kong HK $ 8.9997 9.5197 8.7707 7.8415
India Rupee 75.0600 85.8465 79.0933 70.7138
Israel Shekels 3.8122 4.2338 3.9008 3.4875
Japan Yen 122.0900 128.7629 118.6337 106.0650
Kuwait Dinar ... 0.3688 0.3397 0.3038
New Zealand NZ $ 1.7291 1.8587 1.7125 1.5310
Norway Krone 10.3200 10.8468 9.9935 8.9347
Pakistan Rupee 181.3700 192.8440 177.6738 158.8500
Saudi Arabia Riyal 4.2469 4.5540 4.1957 3.7512
Singapore $ 1.5603 1.6783 1.5462 1.3824
South Africa Rand 16.9400 18.1008 16.6768 14.9100
Sweden Krona 11.1600 11.6918 10.7720 9.6308
Switzerland Franc 1.1295 1.1821 1.0891 0.9737
Thailand Baht 33.4000 37.3805 34.4400 30.7913
UAE Dirham 4.1733 4.4592 4.1085 3.6732
UK £ ... ... 0.9214 0.8237
USA $ 1.1564 1.2140 1.1185 ...

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 1 Volume Close Change
Ç Fresnillo 3.87m 640 4.75pc
Fallers 98 Volume Close Change
È Hargrve Lans 1.33m 1903½ -6.83pc
È Prudential 10.19m 1512 -5.53pc
È JD Sports Fashion 1.85m 582 -5.24pc
È Taylor Wimpey 13.66m 147⅜ -5.18pc
È Marks & Spen 10.80m 190⅝ -5.15pc
È Micro Focus Intl 1.70m 1650¼ -5.15pc
È Smith (DS) 8.45m 320⅞ -5.12pc
È Standard Chart 9.88m 638⅜ -5.08pc
È Melrose Ind 14.45m 170½ -4.91pc
È Ocado Group 1.47m 1152½ -4.63pc
È British Land 5.58m 479¼ -4.22pc
È Brit Amer Tob 4.00m 2980 -4.20pc
È Scot Mort Inv Tst 3.92m 520½ -4.14pc
È Schroders 0.48m 2897 -4.07pc
È Aviva 14.54m 384⅞ -3.97pc
È Barclays 282.34m 147¼ -3.83pc
È Burberry 1.52m 2163 -3.82pc
È Aveva Group 0.33m 3754 -3.74pc
È Intertek 0.55m 5434 -3.69pc
È DCC 0.23m 6400 -3.67pc

È Ashtead Group 1.29m 2117 -3.60pc È IntContl Hotels 0.70m 5289 -3.52pc È Smiths Gp 0.84m 1548½ -3.46pc È Flutter Entrtmt 0.19m 6320 -3.45pc È Anglo Amer 8.98m 1820 -3.40pc È Johnson Matt 0.57m 2930 -3.40pc È Ferguson 1.23m 5850 -3.34pc È Spirax-Sarco Eng 0.24m 8500 -3.30pc È Smurfit Kappa 0.60m 2438 -3.25pc È Antofagasta 2.82m 819¼ -3.17pc È Phoenix 2.02m 655⅜ -3.16pc È Imp Brands 1.77m 2069 -3.14pc È Legal&Gen 18.65m 244⅛ -3.13pc È Halma 1.26m 1878½ -3.12pc È Berkeley Gp Hdgs 0.44m 3736 -3.09pc È Hiscox 0.96m 1599 -3.09pc È 3i 1.23m 1069 -3.08pc È Lon Stock Ex 0.86m 6606 -3.05pc È Glencore 51.09m 235 -2.99pc È HSBC 35.05m 626¾ -2.99pc È Sainsbury 11.52m 189½ -2.99pc È Sage Group 4.02m 702¼ -2.98pc È Centrica 37.14m 71¼ -2.94pc

AXA Investment Managers UK Limited 7 Newgate Street, London, EC1A 7NX http://www.axaframlington.com Cust Svs: 0845 777 5511

Amer Gwth Acc – 770.8 -23 Biotech Acc – 180.9 -5.6 Emerg Mkts Acc – 279.4 -9.1 European Acc – 931.9 -21.5 FinTech R Acc – 808.7 -22.3 Global Tech – 143.4 -5.5 Global Thematics R GBP Acc – 1670 -57 Health Acc – 2127 -53 Japan R GBP Acc – 588.0 -10.6 Managed Balanced Acc – 426.5 -9 Managed Income Acc – 174.5 -0.2 Managed Income Inc – 109.6 -0.2 Monthly Inc Inc – 240.3 -4.4 Monthly Inc Acc – 614.1 -11 Pan Euro HY Bond Acc – *165.5 -0.30 Pan Euro HY Bond Inc – *104.2 -0.20 UK Growth Acc – 322.8 -9.5 UK Select Opps R Inc – 1939 -49 UK Select Opps R Acc – 3600 -91 UK Smllr Cos Acc – 291.5 -3.1

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% *96.31 +0.12 Insight Eq Inc Fund 0% *159.36 -4.59 Insight Eq Inc Booster 0% *108.07 -3.09 Insight Glob Abs Ret Inc 0% 112.56 -0.67 Insight Glob Multi-Strat Fd 0% *129.02 -1.50 Insight Inflat-Link Corp Bd 0% 108.94 +0.03 Long-Term Global Equity 0% 315.10 -6.32 Newton Asian Income 0% *215.95 -5.64 Newton Cont European 0% *279.58 -6.47 Newton Global Dyn Bd 0% *102.31 +0.10 Newton Glb High Yld Bd 0% *60.04 -0.04 Newton Glb Inc Stg Inc 0% *223.49 -4.29 Newton Glb Opps 0% *333.45 -7.10 Newton Intnl Bond 0% 270.63 +0.72 Newton Multi-Asset Bal 0% 212.10 -3.26 Newton Mult-Asset Div Ret 0% 156.91 -1.18 Newton Mult-Asset Gwth 0% 896.58 -19.69 Newton Oriental 0% *649.92 -21.93 Newton Real Return A 0% *119.33 -0.34 Newton UK Equity Fund 0% *876.39 -26.69 Newton UK Inc 0% *65.43 -1.91 Newton UK Opps 0% *337.29 -10.03 US Opps EUR Acc 0% 128.78 -2.83

Carvetian Capital Management Limited Admin: Stuart House, St John’s St, Peterborough PE1 5DD Dealing & Enquiries: 0345 850 0255

Generation Fd 5.00 *806.1 ... Sand Aire FENIX Bal Inc 5.00 *159.3 -3.1

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% *46.5 47.67 ... Opportunities Unit Tst Acc 0% *123.3 126.5 ... Practical Invest Inc 5.00 230.6 247.1 ... Practical Invest Acc 5.00 1263 1354 ...

Discretionary Unit Fund No 1, Poultry, London EC2R 8JR. 020 7415 4130 Maitland Discretionary Inc 3.00 2396.22 2530.55 -38.82

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 3.00 192.6 ...

Investment Funds (OEIC)

Cash Fd Y – 100.02 ... Cash Fd Y Accum.Units – 101.16 ...

Income Funds

Enhanced Inc Fd 3.50 97.48 ... Extra Income Fd 3.50 28.22 ... Moneybuilder Bal – 47.76 ... Moneybuilder Inc – 37.82 ...

Growth & Income Funds

Moneybldr Div 3.50 237.9 ...

Growth Funds

American 3.50 4585 ... Amer Sp Sits 3.50 1755 ... European 3.50 2529 ... European Opps 3.50 509.1 ... Global Special Sits 3.50 4274 ... Japan 3.50 395.4 ... Japan Smaller Cos 3.50 297.7 ... Global Focus 3.50 2324 ... Index UK A Acc – 108.9900 ... Opps A Dis – 99.42 ... Special Sits 3.50 3822 ... South East Asia 3.50 1400 ... UK Select Acc 3.50 311.8 ... †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 – 470.22 -8.17 Fundsmith Equity T Inc – 431.89 -7.51

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 1154.0000 -33.00 Asian Dividend Income Inc 5.00 *105.6000 -2.50 Cautious Managed A Acc 5.00 *264.8000 -3.70 Cautious Managed A Inc 5.00 *144.3000 -2.10 China Opps A Acc 5.00 1400.0000 -42.00 Emerg Mkts Opps A Acc 5.00 204.3000 -4.30 European Growth A Acc† 5.25 234.8000 -5.60 European Sel Opps A Acc 5.00 1739.0000 -44.00 Fixed Int Mthly Inc A Inc 4.25 *22.3000 ... Global Care Growth A Inc 4.50 338.6000 -6.80 Global Equity Inc A Inc† 5.25 61.7200 -1.20 Global Growth Acc 4.25 3479.0000 -65.00 Global Strategic Cap Acc† 5.00 *257.7000 -3.50 Global Technology A Acc 5.00 2103.0000 -51.00 Multi-Mgr Abs Ret A Acc 5.00 143.6000 +0.20 Multi-Mgr Active A Acc† 5.00 *231.4000 -2.70 Multi-Mgr Distbn A Inc 5.25 136.2000 -0.70 Multi-Mgr Divrsfd A Acc – 89.3300 -0.11 Multi-Mgr Inc&Gwth A Acc 5.00 181.0000 -3.10 Multi-Mgr Inc&Gwth A Inc 5.25 153.7000 -2.60

Multi-Mgr Mangd A Acc† 5.00 *287.0000 -3.60 Multi-Mgr Mangd A Inc† 5.00 *279.0000 -3.60 Sterling Bond Acc† 4.25 *238.3000 +0.30 Sterling Bond Inc† 4.25 *68.2900 +0.11 Strategic Bond A Inc 4.00 *127.9000 +0.10 UK Absolute Return A Acc 5.00 154.9000 -0.70 UK Alpha A Acc† 5.25 139.3000 -4.40 UK & Irish Small Co A Acc 5.00 570.1000 -10.60 UK Equity Income A Inc 5.00 *530.9000 -12.40 UK Index A Acc – 630.6000 -18.70 UK Tracker A Acc – 286.3000 -8.90 US Growth A Acc 5.00 1332.0000 -34.00 †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 3.00 114.8000 -1.7000 JPM America Eq A Inc 3.00 114.9000 -1.6000 JPM Asia Growth A Acc 3.00 224.4000 -7.7000 JPM Asia Growth A Inc 3.00 123.4000 -4.2000 JPM Div Gth A Net ACC 3.00 274.6000 -0.9000 JPM Emg Euro Eq A Acc 3.00 233.2000 -5.0000 JPM Emg Euro Eq A Inc 3.00 49.6200 -1.0800

JPM Emg Markets A Acc 3.00 248.9000 -6.6000 JPM Emg Markets A Inc 3.00 105.7000 -2.8000 JPM Emg Mkts Inc A Acc 3.00 *80.2900 -2.2500 JPM Emg Mkts Inc A Inc 3.00 *59.8500 -1.6800 JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 208.1000 -5.6000 JPM Euro Dyn (ex-UK) A Acc 3.00 223.5000 -5.3000 JPM Euro Dyn (ex-UK) A Inc 3.00 99.3000 -2.4000 JPM Europe A Acc 3.00 1488.0000 -34.0000 JPM Europe A Inc 3.00 81.1400 -1.8600 JPM Euro Smaller Co A Acc 3.00 760.0000 -17.0000 JPM Euro Smaller Co A Inc 3.00 98.0900 -2.2100 JPM Global Bd Opps A Grs Acc – *57.0500 -0.0200 JPM Global Bd Opps A Grs Inc – *49.5500 -0.0200 JPM Global Bond A Gross Acc 3.00 *281.8000 +1.0000 JPM Global Bond A Gross Inc 3.00 *216.0000 +0.7000 JPM Global Eq Inc £ Hdg A Acc 3.00 *88.0100 -1.1700 JPM Global Eq Inc £ Hdg A Inc 3.00 *56.6000 -0.7600 JPM Global Eq Inc Fd A Acc 3.00 *114.8000 -2.1000 JPM Global Eq Inc Fd A Inc 3.00 *89.5800 -1.6000 JPM Global HiYld Bd A Grs Acc 3.00 *115.9000 -0.4000 JPM Global HiYld Bd A Grs Inc 3.00 *35.4600 -0.1000 JPM Global HiYldBdAGrsMthInc 3.00 *35.4600 -0.1100 JPM Global Macro Fund A Acc 3.00 *68.9700 -0.3700 JPM Global Macro Fund A Inc 3.00 *60.1300 -0.3200 JPM Global Macro Opps A Acc 3.00 72.88 -0.64 JPM Global Macro Opps A Inc 3.00 72.22 -0.63 JPM Global Uncons Eq A Acc 3.00 1543.0000 -33.0000

JPM Global Uncons Eq A Inc 3.00 114.4000 -2.4000 JPM Japan A Acc 3.00 500.3000 -9.3000 JPM Japan A Inc 3.00 120.4000 -2.2000 JPM Multi-Asset Income A Acc 3.00 *98.3100 -0.4500 JPM Multi-Asset Income A Inc 3.00 *63.9100 -0.2900 JPM Multi-Asset Inc A Mth Inc 3.00 *63.8800 -0.3000 JPM Multi-Man Gwth A Acc 3.00 1074.0000 -22.0000 JPM Multi-Man Gwth A Inc 3.00 975.0000 -20.0000 JPM Natural Res A Acc 3.00 625.8000 -15.5000 JPM Natural Res A Inc 3.00 43.2300 -1.0700 JPM Sterling Corp Bd A Grs Acc 3.00 *99.7500 +0.1400 JPM Sterling Corp Bd A Grs Inc 3.00 *58.2100 +0.0800 JPM UK Dynamic A Acc 3.00 *190.6000 -5.8000 JPM UK Dynamic A Inc 3.00 *144.5000 -4.3000 JPM UK Equity Core E Acc – *363.4000 -10.9000 JPM UK Equity Core E Inc – *59.7500 -1.7900 JPM UK Equity Gwth A Acc 3.00 144.0000 -4.4000 JPM UK Equity Gwth A Inc 3.00 126.3000 -3.8000 JPM UK Higher Inc A Acc 3.00 *1020.0000 -30.0000 JPM UK Higher Inc A Inc 3.00 *491.0000 -14.3000 JPM UK Sm Cos A Acc 3.00 467.2000 -9.6000 JPM UK Sm Cos A Inc 3.00 88.0000 -1.8100 JPM UK Strat Eq Inc A Acc 3.00 *175.2000 -5.3000 JPM UK Strat Eq Inc A Inc 3.00 *97.4300 -2.8700 JPM Uncons Bond A Acc 3.00 *72.9600 -0.0600 JPM Uncons Bond A Inc 3.00 *55.1200 -0.0500 JPM US Eq Inc £ Hdg A Inc 3.00 *122.8000 -0.5000 JPM US Eq Inc A Acc 3.00 *214.1000 -2.0000

JPM US Eq Inc A Inc 3.00 *167.5000 -1.6000 JPM US Select A Acc 3.00 198.3000 -3.0000 JPM US Select A Inc 3.00 195.0000 -2.9000 JPM US Sm Cap Gwth Fd A Acc 3.00 790.4000 -17.1000 JPM US Sm Cap Gwth Fd A Inc 3.00 207.0000 -4.5000

Jupiter Unit Trust Managers Ltd The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ 020 3817 1000

Jupiter Abslt Rtn – 50.71 -0.22 Jupiter Asian Fd – *879.60 -29.77 Jupiter Asian Inc Fd Acc – 145.64 -3.95 Jupiter Asian Inc Fd Inc – 127.86 -3.47 Jupiter China Acc – 125.76 -4.15 Jupiter China Inc – 119.55 -3.94 Jupiter Corp Bond Inc – 59.86 +0.10 Jupiter Dstrbtn Acc – *105.13 -0.55 Jupiter Dstrbtn Inc – *58.86 -0.30 Jupiter Dstrbtn & Grth Inc – 111.30 -2.19 Jupiter Eco Inc – 399.12 -6.78 Jupiter Emerg Euro Opps – *246.02 -4.71 Jupiter European – *2511.34 -73.14

Jupiter Euro Inc Acc – 78.79 -1.63 Jupiter Euro Inc Inc – 50.94 -1.05 Jupiter Euro Special Sits – *422.41 -9.81 Jupiter Fin Opp – 744.09 -12.10 Jupiter Fund Of Inv Trusts – 259.08 -5.19 Jupiter Global Emg Acc – 63.65 -1.46 Jupiter Global Eq Inc Acc – 78.29 -1.20 Jupiter Global Eq Inc Inc – 66.58 -1.02 Jupiter Global Managed Acc – 287.60 -4.60 Jupiter Global Managed Inc – 274.68 -4.39 Jupiter Growth & Inc – 91.72 -2.45 Jupiter Income – *509.71 -12.58 Jupiter India Fd – *104.30 -3.19 Jupiter Int Financials – 114.37 -2.79 Jupiter Japan Inc Fd Acc – *124.90 -1.54 Jupiter Japan Inc Fd Inc – *94.35 -1.16 Jupiter Merlin Bal Prtfo Acc – 200.41 -2.06 Jupiter Merlin Bal Prtfo Inc – 135.67 -1.39 Jupiter Merlin Conserv Prtfo Acc – 62.18 -0.29 Jupiter Merlin Conserv Prtfo Inc – 51.89 -0.25 Jupiter Merlin Grth Prtfo Acc – 455.57 -4.86 Jupiter Merlin Grth Prtfo Inc – 442.74 -4.73 Jupiter Merlin Inc Prtfo Acc – *316.92 -3.67 Jupiter Merlin Inc Prtfo Inc – *137.36 -1.59 Jupiter Merlin WW Prtfo Acc – 330.13 -4.04 Jupiter Merlin WW Prtfo Inc – 330.12 -4.03 Jupiter Monthly Alt Inc Acc – *123.25 -0.58 Jupiter Monthly Alt Inc – *30.92 -0.14 Jupiter N.American Inc Acc – *182.19 -1.76 Jupiter N.American Inc Inc – *146.82 -1.42 Jupiter Responsible Inc Fd Acc – 112.02 -2.81 Jupiter Responsible Inc Fd Inc – 68.25 -1.71 Jupiter Strategic Bond Acc – *104.79 +0.38 Jupiter Strategic Bond Inc – *66.10 +0.24 Jupiter UK Growth – *292.27 -4.69 Jupiter UK Smaller Cos – *358.89 -7.07 Jupiter UK Special Sits Inc – 182.67 -4.21 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 – *274.8 274.8 ... UK Select Port Inc – 343.5 343.5 ... UK Selection Port – 649.6 649.6 ... UK 100 Co’s Fund Inc – 221.6 221.6 ... UK 100 Co’s Fund Acc – 396.9 396.9 ... W’wide Man Inc – *534.5 ... W’wide Man Acc – *878.7 ...

M & G Securities Ltd PO Box 9039, Chelmsford, CM99 2XG Enq: 0800 390 390. UT Deal: 0800 328 3196

Charibond Inc – *124.63 +0.05 Charibond Acc – *4141.74 +1.85 Charifund Inc – *1518.1 -43.42 Charifund Acc – *25077.99 -717.33 M&G Corp Bond A Inc 3.00 *41.33 +0.03 M&G Corp Bond A Acc 3.00 *74.66 +0.05 M&G Dividend A Inc 4.00 *54.73 -1.55 M&G Dividend A Acc 4.00 *663.96 -18.87 M&G Episode Grwth Stg A Dis 4.00 *55.62 -0.7 M&G Episode Income A Inc 4.00 *126.27 -0.83 M&G Episode Income A Acc 4.00 *173.86 -1.14 M&G Global Dividend A Inc 4.00 *214.13 -5.43 M&G Global Dividend A Acc 4.00 *305.36 -7.74 M&G Glbl Emrgng Mkts A Inc 4.00 268.22 -8.24 M&G Glbl Emrgng Mkts A Acc 4.00 299.05 -9.19 M&G Glbl High Yld Bd A Inc 3.00 *48.81 -0.13 M&G Glbl High Yld Bd A Acc 3.00 *136.74 -0.37

M&G Global Macro Bd A Inc 3.00 *91.6 +0.16 M&G Global Macro Bd A Acc 3.00 *145.44 +0.26 M&G Global Themes A Inc 4.00 992.64 -19.24 M&G Global Themes A Acc 4.00 1571.7 -30.46 M&G Managed Growth A Inc 4.00 108.71 -2.27 M&G Optimal Income A Inc 3.00 147.0 -0.39 M&G Optimal Income A Acc 3.00 214.66 -0.58 M&G Property Portfolio A Inc – 111.68 111.68 +0.02 M&G Recovery A Inc 4.00 *123.54 -3.01 M&G Recovery A Acc 4.00 *301.91 -7.35 M&G Strategic Corp Bd A Inc 3.00 76.13 -0.03 M&G Strategic Corp Bd A Acc 3.00 123.39 -0.05 M&G UK Inc Distribution A Inc 4.00 747.91 -14.48 M&G UK Inc Distribution A Acc 4.00 7300.61 -141.42 M&G UK Infl Lkd Corp A Inc 3.00 115.87 -0.06 M&G UK Infl Lkd Corp A Acc 3.00 121.07 -0.06 N.A.A.C.I.F. Inc – *85.07 -1.93 N.A.A.C.I.F. Acc – *8882.71 -201.97 †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 – 139.0 +0.30 Merian Eur (ExUK) Small Co – 17.1196 ... Merian Global Emerging Mrkts - 15.4366 ... Merian Global Equity – 280.3 -5.10 Merian Gold & Silver – 14.9498 ... Merian North American Equity – 324.4 -4.70 Merian Strat Abs Return Bond – 10.0964 ... Merian UK Alpha - 162.3 -4.50 Merian UK Equity Income – 160.2 -4.70 Merian UK Mid Cap – 277.8 -7.70 Merian UK Smaller Company – 262.5 -5.70

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

(^) 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
A severe slump in valuation
could make this the time to
buy a stake in Restore
AFTER a frustrating 2018, Restore,
the data and document management
systems expert, appears to be back
on form, judging by last month’s
interims.
Profits rose nicely,
cashflow was strong,
debt came down and the
dividend was raised by
20pc. As a result, the firm
looks well placed to add
to a nine-year streak of
double-digit percentage
increases in earnings per
share and a run of rises in
the annual divi that stretches
back to 2011.
Restore’s expertise places it in
a very sweet spot at a time when
consumers are increasingly aware
of privacy and more and more
companies are facing penalties
for poor management of data.
But worries about debt, a slow
start at last year’s TNT Business
Solutions acquisition, some
disappointment with the
initial benefits of the
GDPR data regime and the retirement
of Charles Skinner as chief executive
after a decade at the helm combined to
hold back the shares in 2018.
That sell-off now looks
overdone. The sale of the
printer cartridge business
ate into some of Restore’s
debt and the new boss,
Charles Bligh, has shifted
the focus from deal-
making to cutting costs,
reducing borrowing and
increasing cross-selling
between the different
operations.
The early signs are good. A 17pc
leap in underlying operating profit in
the first half boosted cashflow and that
in turn further reduced debt (which
includes some lease liabilities) and
facilitated the dividend rise. A 1.6pc
yield may not shout out at income-
seekers but the dividend growth
streak is encouraging and last year’s
share price slump means the stock
trades on 16.2 times forecast earnings,
a long way from the 23 to 24 level
afforded the stock at its highs in early

The shares are rallying but last
year’s fall in valuation could provide a
good entry point.
Questor says: buy
Ticker: RST
Share price at close: 440p
Update: Coats
A solid set of interim results from
Coats, the industrial threads specialist,
last week gave no indication that the
investment case for the FTSE 250
stock was coming unstitched, so
patient investors can hold the stock in
anticipation of further capital growth
and dividend rises.
Currency movements, accounting
changes regarding leases and difficult
retail and industrial markets will all
weigh on earnings this year but the
first-half figures show improved sales,
operating margins and cashflow.
A 10pc dividend rise spoke of
management’s confidence in the
future as Coats continues to invest in
product development and reap the
benefits of its Connecting for Growth
transformation programme.
We have had more than 2p in
dividends since we tipped the shares in
June 2017 and although we have made
a very small capital loss the stock is
worth holding.
Update: Marston’s
Our initial look at brewer and pubs
group Marston’s in June is falling
rather flat after a trading update last
month showed sales momentum
slowing. There is no need to panic,
however, and the decision by the
board to accelerate plans to reduce
the firm’s debt actually plays to our
investment case.
To bolster its plan to cut net debt by
£200m during 2020-23, Marston’s will
defer £70m of investment in new sites
and reallocate up to £30m to existing
ones where returns are better.
The earnings impact is expected
to be minimal but cashflow should
benefit to the tune of £40m-£50m.
Add the plan to generate a further
£130m in cash via asset disposals by
2023 and the all-important 7.5p-a-share
dividend should start to look much
safer, underpinning the 7pc yield.
The glass is still half-full at
Marston’s. Hold.
Russ Mould is investment director at AJ
Bell, the stockbroker
Restore Close: 440p
2014 2015 2016 2017 2018 2019
p
300
200
100
700
600
500
400
 Market value:
£547m
 Turnover (Dec
2019 estimate):
£214m
 Pre-tax profits
(Dec 2019 est):
£42.6m
 Yield (Dec
2019 est): 1.6pc
 Most recent
year’s dividend:
6p
 Net debt (June
2019): £228m
 Return on
capital (Dec
2018): 7.3pc
 Cash
conversion ratio
(Dec 2018): 74pc
 p/e ratio (Dec
2019 est): 16.2
Key
numbers
Restore
Buy
Debt is falling and
the firm has a long
record of dividend
increases
The document
management group
has just announced
promising results
and the shares
no longer look
expensive, says
Russ Mould
Questor
Stock Picks
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The Daily Telegraph - 06.08.2019

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