The Daily Telegraph - 07.08.2019

32 ***^ Wednesday 7 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 2.28pc

European repo rate 1.25pc

European base rate 0.00pc

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

Exchange rates

£ > € Rate 1.0878 Change +0.24¢ £ > $ Rate 1.2169 Change +0.29¢

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 $1473.90 +9.67 +0.66pc
È Silver per oz £13.49 -0.01 -0.07pc
Ç Krugerrand £1201.82 +5.12 +0.43pc
Ç New Sovereign £280.22 +1.80 +0.65pc
Ç Maples £1204.70 +5.11 +0.43pc
È Platinum per oz £690.93 -3.62 -0.52pc
Ç Palladium per oz £1180.79 +12.87 +1.10pc
Ç Copper grade A £4687.32 +5.28 +0.11pc
Ç Tin high grade £13978.14 +77.81 +0.56pc
Ç Lead £1636.54 +22.04 +1.37pc
È Zinc special high grade £1894.16 -18.94 -0.99pc
È Aluminium high grade £1447.94 -6.75 -0.46pc
Ç Nickel £12289.42 +48.90 +0.40pc
È Baltic Dry Index* 1734.00 -40.00 -2.25pc
È Wheat per tonne £143.50 -1.30 -0.90pc
È Brent Crude Oct settlement $58.94 -0.87 -1.45pc

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 6546.50 -164.10 -2.45pc
Ç Brazil Bovespa 102163.69 +2065.94 +2.06pc
È China Shanghai Composite 2777.56 -43.94 -1.56pc
È France CAC General 5234.65 -6.90 -0.13pc
È Germany DAX 11567.96 -90.55 -0.78pc
È Hong Kong Hang Seng 25976.24 -175.08 -0.67pc
Ç India S&P CNX500 8918.60 +86.65 +0.98pc
È Japan Nikkei 20585.31 -134.98 -0.65pc
Ç Russia RTS 1294.50 +12.21 +0.95pc
È Singapore Straits Times 3170.47 -24.04 -0.75pc
È Spain Madrid SE 874.36 -7.96 -0.90pc
È Switzerland SMI Index 9553.88 -45.55 -0.47pc
Ç USA Dow Jones 26029.52 +311.78 +1.21pc
Ç USA Nasdaq 7833.27 +107.23 +1.39pc

Australia Aus $ 1.6972 1.7963 1.6513 1.4761
Canada Can $ 1.5286 1.6093 1.4793 1.3224
Denmark Krone 7.7058 8.1199 7.4643 6.6726
Euro € 1.0356 1.0878 ... 0.8939
Hong Kong HK $ 9.0390 9.5386 8.7684 7.8384
India Rupee 75.8200 86.1869 79.2284 70.8250
Israel Shekels 3.8263 4.2393 3.8971 3.4838
Japan Yen 123.2400 129.4599 119.0075 106.3850
Kuwait Dinar ... 0.3702 0.3403 0.3042
New Zealand NZ $ 1.7304 1.8630 1.7126 1.5309
Norway Krone 10.3200 10.8379 9.9629 8.9062
Pakistan Rupee 181.6700 192.9395 177.3620 158.5500
Saudi Arabia Riyal 4.2617 4.5646 4.1960 3.7510
Singapore $ 1.5664 1.6800 1.5444 1.3805
South Africa Rand 16.9400 18.1775 16.7098 14.9375
Sweden Krona 11.1400 11.6710 10.7287 9.5908
Switzerland Franc 1.1295 1.1903 1.0941 0.9781
Thailand Baht 33.4400 37.4410 34.4181 30.7675
UAE Dirham 4.1883 4.4699 4.1090 3.6732
UK £ ... ... 0.9193 0.8218
USA $ 1.1605 1.2169 1.1186 ...

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 25 Volume Close Change
Ç Royal Bk Scot 33.73m 200¾ 1.70pc
Ç Spirax-Sarco Eng 0.30m 8610 1.29pc
Ç Ferguson 0.92m 5924 1.27pc
Ç JD Sports Fashion 2.25m 588¾ 1.17pc
Ç St James Place 3.95m 931⅝ 1.17pc
Ç Just Eat 7.27m 739⅜ 1.12pc
Ç ITV 13.88m 106⅜ 1.04pc
Ç Halma 1.04m 1896 0.93pc
Ç Fresnillo 2.77m 644¾ 0.75pc
Ç Micro Focus Intl 1.00m 1660¼ 0.61pc
Ç Prudential 9.97m 1521 0.60pc
Ç Aveva Group 0.40m 3774 0.53pc
Ç TUI AG 1.32m 801⅝ 0.50pc
Ç Legal&Gen 25.76m 245¼ 0.49pc
Ç Informa 3.25m 831¾ 0.41pc
Ç BT Group 34.41m 184⅛ 0.39pc
Ç Intl Cons Air 7.45m 446¼ 0.38pc
Ç Rentokil Initial 9.77m 434⅞ 0.35pc
Ç Kingfisher 29.18m 209⅞ 0.24pc
Ç HSBC 30.45m 627⅞ 0.18pc
Ç Phoenix 3.06m 656½ 0.17pc
Ç British Land 4.60m 479⅞ 0.13pc

Fallers 73 Volume Close Change

È Rolls Royce 9.59m 759 -6.87pc

È NMC Health 0.89m 2258 -6.00pc

È Centrica 39.13m 69⅜ -2.67pc

È Mondi 4.80m 1553½ -2.51pc

È Smurfit Kappa 0.57m 2384 -2.21pc

È Utd. Utilities 3.62m 760 -2.16pc

È IntContl Hotels 0.76m 5181 -2.04pc

È Croda Intl 0.82m 4586 -1.88pc

È Smith&Neph 3.92m 1817 -1.73pc

È Bunzl 1.21m 2047 -1.68pc

È BP 39.47m 507 -1.67pc

È Glencore 53.40m 231⅜ -1.55pc

È Severn Trent 0.72m 1964 -1.48pc

È Flutter Entrtmt 0.21m 6228 -1.46pc

È Rio Tinto 4.17m 4227½ -1.46pc

È BHP Group 5.34m 1778¾ -1.42pc

È Hargrve Lans 1.08m 1877 -1.39pc

È Ocado Group 1.72m 1136½ -1.39pc

È Royal D Shell B 8.23m 2329½ -1.38pc

È Natl Grid 9.79m 831 -1.31pc

È Melrose Ind 33.73m 168⅜ -1.26pc

È Antofagasta 1.59m 809⅜ -1.20pc

AXA Investment Managers UK

Limited

7 Newgate Street, London, EC1A 7NX

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

Amer Gwth Acc – 753.4 -17.4

Biotech Acc – 177.1 -3.8

Emerg Mkts Acc – 276.7 -2.7

European Acc – 935.9 +4

FinTech R Acc – 793.2 -15.5

Global Tech – 139.8 -3.6

Global Thematics R GBP Acc – 1644 -26

Health Acc – 2092 -35

Japan R GBP Acc – 582.0 -6

Managed Balanced Acc – 424.8 -1.7

Managed Income Acc – 174.3 -0.2

Managed Income Inc – 109.6 ...

Monthly Inc Inc – 240.8 +0.5

Monthly Inc Acc – 615.3 +1.2

Pan Euro HY Bond Acc – *165.1 -0.40

Pan Euro HY Bond Inc – *104.0 -0.20

UK Growth Acc – 322.8 ...

UK Select Opps R Inc – 1942 +3

UK Select Opps R Acc – 3604 +4

UK Smllr Cos Acc – 291.9 +0.4

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% *96.25 -0.06

Insight Eq Inc Fund 0% *159.22 -0.14

Insight Eq Inc Booster 0% *108.04 -0.03

Insight Glob Abs Ret Inc 0% 112.20 -0.36

Insight Glob Multi-Strat Fd 0% *128.55 -0.47

Insight Inflat-Link Corp Bd 0% 108.75 -0.19

Long-Term Global Equity 0% 309.30 -5.80

Newton Asian Income 0% *213.85 -2.10

Newton Cont European 0% *281.15 +1.57

Newton Global Dyn Bd 0% *102.26 -0.05

Newton Glb High Yld Bd 0% *59.88 -0.16

Newton Glb Inc Stg Inc 0% *220.22 -3.27

Newton Glb Opps 0% *329.32 -4.13

Newton Intnl Bond 0% 270.64 +0.01

Newton Multi-Asset Bal 0% 210.34 -1.76

Newton Mult-Asset Div Ret 0% 156.79 -0.12

Newton Mult-Asset Gwth 0% 886.86 -9.72

Newton Oriental 0% *639.36 -10.56

Newton Real Return A 0% *119.29 -0.04

Newton UK Equity Fund 0% *875.54 -0.85

Newton UK Inc 0% *65.43 ...

Newton UK Opps 0% *336.02 -1.27

US Opps EUR Acc 0% 124.31 -4.47

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 ...

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% *46.4 47.57 ...

Opportunities Unit Tst Acc 0% *123.1 126.3 ...

Practical Invest Inc 5.00 229.3 245.7 ...

Practical Invest Acc 5.00 1257 1346 ...

Discretionary Unit Fund

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

Maitland Discretionary Inc 3.00 2393.31 2525.26 -5.29

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 3.00 187.7 ...

Investment Funds (OEIC)

Cash Fd Y – 100.02 ...

Cash Fd Y Accum.Units – 101.16 ...

Income Funds

Enhanced Inc Fd 3.50 97.35 ...

Extra Income Fd 3.50 28.18 ...

Moneybuilder Bal – 47.73 ...

Moneybuilder Inc – 37.81 ...

Growth & Income Funds

Moneybldr Div 3.50 237.5 ...

Growth Funds

American 3.50 4563 ...

Amer Sp Sits 3.50 1743 ...

European 3.50 2537 ...

European Opps 3.50 512.4 ...

Global Special Sits 3.50 4239 ...

Japan 3.50 392.7 ...

Japan Smaller Cos 3.50 294.7 ...

Global Focus 3.50 2318 ...

Index UK A Acc – 108.9500 ...

Opps A Dis – 99.69 ...

Special Sits 3.50 3827 ...

South East Asia 3.50 1389 ...

UK Select Acc 3.50 312.7 ...

†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 – 458.98 -11.24

Fundsmith Equity T Inc – 421.57 -10.32

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 1143.0000 -11.00

Asian Dividend Income Inc 5.00 *104.8000 -0.80

Cautious Managed A Acc 5.00 *264.8000 ...

Cautious Managed A Inc 5.00 *144.4000 +0.10

China Opps A Acc 5.00 1381.0000 -19.00

Emerg Mkts Opps A Acc 5.00 202.5000 -1.80

European Growth A Acc† 5.25 235.7000 +0.90

European Sel Opps A Acc 5.00 1746.0000 +7.00

Fixed Int Mthly Inc A Inc 4.25 *22.3100 +0.01

Global Care Growth A Inc 4.50 331.3000 -7.30

Global Equity Inc A Inc† 5.25 61.0700 -0.65

Global Growth Acc 4.25 3401.0000 -78.00

Global Strategic Cap Acc† 5.00 *254.1000 -3.60

Global Technology A Acc 5.00 2029.0000 -74.00

Multi-Mgr Abs Ret A Acc 5.00 143.4000 -0.20

Multi-Mgr Active A Acc† 5.00 *230.2000 -1.20

Multi-Mgr Distbn A Inc 5.25 134.4000 -1.80

Multi-Mgr Divrsfd A Acc – 88.5700 -0.76

Multi-Mgr Inc&Gwth A Acc 5.00 181.8000 +0.80

Multi-Mgr Inc&Gwth A Inc 5.25 154.4000 +0.70

Multi-Mgr Mangd A Acc† 5.00 *286.0000 -1.00

Multi-Mgr Mangd A Inc† 5.00 *278.0000 -1.00

Sterling Bond Acc† 4.25 *238.3000 ...

Sterling Bond Inc† 4.25 *68.2800 -0.01

Strategic Bond A Inc 4.00 *128.2000 +0.30

UK Absolute Return A Acc 5.00 155.3000 +0.40

UK Alpha A Acc† 5.25 139.7000 +0.40

UK & Irish Small Co A Acc 5.00 571.6000 +1.50

UK Equity Income A Inc 5.00 *530.2000 -0.70

UK Index A Acc – 630.5000 -0.10

UK Tracker A Acc – 286.1000 -0.20

US Growth A Acc 5.00 1305.0000 -27.00

†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 3.00 111.1000 -3.7000

JPM America Eq A Inc 3.00 111.1000 -3.8000

JPM Asia Growth A Acc 3.00 222.5000 -1.9000

JPM Asia Growth A Inc 3.00 122.4000 -1.0000

JPM Div Gth A Net ACC 3.00 272.1000 -2.5000

JPM Emg Euro Eq A Acc 3.00 233.2000 ...

JPM Emg Euro Eq A Inc 3.00 49.6300 +0.0100

JPM Emg Markets A Acc 3.00 244.6000 -4.3000

JPM Emg Markets A Inc 3.00 103.9000 -1.8000

JPM Emg Mkts Inc A Acc 3.00 *79.4400 -0.8500

JPM Emg Mkts Inc A Inc 3.00 *59.2300 -0.6200

JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 208.8000 +0.7000

JPM Euro Dyn (ex-UK) A Acc 3.00 224.2000 +0.7000

JPM Euro Dyn (ex-UK) A Inc 3.00 99.6300 +0.3300

JPM Europe A Acc 3.00 1496.0000 +8.0000

JPM Europe A Inc 3.00 81.5700 +0.4300

JPM Euro Smaller Co A Acc 3.00 765.9000 +5.9000

JPM Euro Smaller Co A Inc 3.00 98.8500 +0.7600

JPM Global Bd Opps A Grs Acc – *57.0000 -0.0500

JPM Global Bd Opps A Grs Inc – *49.5100 -0.0400

JPM Global Bond A Gross Acc 3.00 *282.4000 +0.6000

JPM Global Bond A Gross Inc 3.00 *216.4000 +0.4000

JPM Global Eq Inc £ Hdg A Acc 3.00 *86.6000 -1.4100

JPM Global Eq Inc £ Hdg A Inc 3.00 *55.6900 -0.9100

JPM Global Eq Inc Fd A Acc 3.00 *112.9000 -1.9000

JPM Global Eq Inc Fd A Inc 3.00 *88.0400 -1.5400

JPM Global HiYld Bd A Grs Acc 3.00 *114.9000 -1.0000

JPM Global HiYld Bd A Grs Inc 3.00 *35.1500 -0.3100

JPM Global HiYldBdAGrsMthInc 3.00 *35.1600 -0.3000

JPM Global Macro Fund A Acc 3.00 *68.6300 -0.3400

JPM Global Macro Fund A Inc 3.00 *59.8300 -0.3000

JPM Global Macro Opps A Acc 3.00 72.3 -0.58

JPM Global Macro Opps A Inc 3.00 71.65 -0.57

JPM Global Uncons Eq A Acc 3.00 1513.0000 -30.0000

JPM Global Uncons Eq A Inc 3.00 112.1000 -2.3000

JPM Japan A Acc 3.00 495.8000 -4.5000

JPM Japan A Inc 3.00 119.3000 -1.1000

JPM Multi-Asset Income A Acc 3.00 *97.7600 -0.5500

JPM Multi-Asset Income A Inc 3.00 *63.5500 -0.3600

JPM Multi-Asset Inc A Mth Inc 3.00 *63.5300 -0.3500

JPM Multi-Man Gwth A Acc 3.00 1068.0000 -6.0000

JPM Multi-Man Gwth A Inc 3.00 970.0000 -5.0000

JPM Natural Res A Acc 3.00 622.7000 -3.1000

JPM Natural Res A Inc 3.00 43.0100 -0.2200

JPM Sterling Corp Bd A Grs Acc 3.00 *99.7800 +0.0300

JPM Sterling Corp Bd A Grs Inc 3.00 *58.2300 +0.0200

JPM UK Dynamic A Acc 3.00 *190.8000 +0.2000

JPM UK Dynamic A Inc 3.00 *144.6000 +0.1000

JPM UK Equity Core E Acc – *363.6000 +0.2000

JPM UK Equity Core E Inc – *59.7800 +0.0300

JPM UK Equity Gwth A Acc 3.00 144.4000 +0.4000

JPM UK Equity Gwth A Inc 3.00 126.6000 +0.3000

JPM UK Higher Inc A Acc 3.00 *1021.0000 +1.0000

JPM UK Higher Inc A Inc 3.00 *491.4000 +0.4000

JPM UK Sm Cos A Acc 3.00 469.7000 +2.5000

JPM UK Sm Cos A Inc 3.00 88.4700 +0.4700

JPM UK Strat Eq Inc A Acc 3.00 *175.6000 +0.4000

JPM UK Strat Eq Inc A Inc 3.00 *97.6300 +0.2000

JPM Uncons Bond A Acc 3.00 *72.8800 -0.0800

JPM Uncons Bond A Inc 3.00 *55.0600 -0.0600

JPM US Eq Inc £ Hdg A Inc 3.00 *119.3000 -3.5000

JPM US Eq Inc A Acc 3.00 *207.7000 -6.4000

JPM US Eq Inc A Inc 3.00 *162.5000 -5.0000

JPM US Select A Acc 3.00 192.4000 -5.9000

JPM US Select A Inc 3.00 189.1000 -5.9000

JPM US Sm Cap Gwth Fd A Acc 3.00 763.3000 -27.1000

JPM US Sm Cap Gwth Fd A Inc 3.00 199.9000 -7.1000

Jupiter Unit Trust Managers Ltd

The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ

020 3817 1000

Jupiter Abslt Rtn – 51.47 +0.76

Jupiter Asian Fd – *870.49 -9.11

Jupiter Asian Inc Fd Acc – 144.08 -1.56

Jupiter Asian Inc Fd Inc – 126.49 -1.37

Jupiter China Acc – 122.65 -3.11

Jupiter China Inc – 116.59 -2.96

Jupiter Corp Bond Inc – 59.85 -0.01

Jupiter Dstrbtn Acc – *105.19 +0.06

Jupiter Dstrbtn Inc – *58.89 +0.03

Jupiter Dstrbtn & Grth Inc – 111.20 -0.10

Jupiter Eco Inc – 396.24 -2.88

Jupiter Emerg Euro Opps – *245.68 -0.34

Jupiter European – *2528.97 +17.63

Jupiter Euro Inc Acc – 79.17 +0.38

Jupiter Euro Inc Inc – 51.19 +0.25

Jupiter Euro Special Sits – *424.09 +1.68

Jupiter Fin Opp – 723.15 -20.94

Jupiter Fund Of Inv Trusts – 256.57 -2.51

Jupiter Global Emg Acc – 62.61 -1.04

Jupiter Global Eq Inc Acc – 77.23 -1.06

Jupiter Global Eq Inc Inc – 65.67 -0.91

Jupiter Global Managed Acc – 281.43 -6.17

Jupiter Global Managed Inc – 268.78 -5.90

Jupiter Growth & Inc – 91.61 -0.11

Jupiter Income – *508.34 -1.37

Jupiter India Fd – *104.66 +0.36

Jupiter Int Financials – 110.15 -4.22

Jupiter Japan Inc Fd Acc – *123.50 -1.40

Jupiter Japan Inc Fd Inc – *93.29 -1.06

Jupiter Merlin Bal Prtfo Acc – 199.58 -0.83

Jupiter Merlin Bal Prtfo Inc – 135.11 -0.56

Jupiter Merlin Conserv Prtfo Acc – 62.08 -0.10

Jupiter Merlin Conserv Prtfo Inc – 51.80 -0.09

Jupiter Merlin Grth Prtfo Acc – 452.28 -3.29

Jupiter Merlin Grth Prtfo Inc – 439.55 -3.19

Jupiter Merlin Inc Prtfo Acc – *315.77 -1.15

Jupiter Merlin Inc Prtfo Inc – *136.87 -0.49

Jupiter Merlin WW Prtfo Acc – 328.02 -2.11

Jupiter Merlin WW Prtfo Inc – 328.00 -2.12

Jupiter Monthly Alt Inc Acc – *122.86 -0.39

Jupiter Monthly Alt Inc – *30.82 -0.10

Jupiter N.American Inc Acc – *176.84 -5.35

Jupiter N.American Inc Inc – *142.51 -4.31

Jupiter Responsible Inc Fd Acc – 112.16 +0.14

Jupiter Responsible Inc Fd Inc – 68.34 +0.09

Jupiter Strategic Bond Acc – *104.71 -0.08

Jupiter Strategic Bond Inc – *66.05 -0.05

Jupiter UK Growth – *288.53 -3.74

Jupiter UK Smaller Cos – *360.05 +1.16

Jupiter UK Special Sits Inc – 182.47 -0.20

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 – *112.3 112.3 ...

High Income Acc – *272.9 272.9 ...

UK Select Port Inc – 333.3 333.3 ...

UK Selection Port – 630.2 630.2 ...

UK 100 Co’s Fund Inc – 215.1 215.1 ...

UK 100 Co’s Fund Acc – 385.2 385.2 ...

W’wide Man Inc – *525.7 ...

W’wide Man Acc – *864.2 ...

M & G Securities Ltd

PO Box 9039, Chelmsford, CM99 2XG

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

Charibond Inc – *124.6 -0.03

Charibond Acc – *4140.71 -1.03

Charifund Inc – *1517.01 -1.09

Charifund Acc – *25060.01 -17.98

M&G Corp Bond A Inc 3.00 *41.24 -0.09

M&G Corp Bond A Acc 3.00 *74.5 -0.16

M&G Dividend A Inc 4.00 *54.74 +0.01

M&G Dividend A Acc 4.00 *664.12 +0.16

M&G Episode Grwth Stg A Dis 4.00 *55.2 -0.42

M&G Episode Income A Inc 4.00 *125.65 -0.62

M&G Episode Income A Acc 4.00 *173.01 -0.85

M&G Global Dividend A Inc 4.00 *212.13 -2.0

M&G Global Dividend A Acc 4.00 *302.51 -2.85

M&G Glbl Emrgng Mkts A Inc 4.00 264.25 -3.97

M&G Glbl Emrgng Mkts A Acc 4.00 294.62 -4.43

M&G Glbl High Yld Bd A Inc 3.00 *48.6 -0.21

M&G Glbl High Yld Bd A Acc 3.00 *136.16 -0.58

M&G Global Macro Bd A Inc 3.00 *91.59 -0.01

M&G Global Macro Bd A Acc 3.00 *145.42 -0.02

M&G Global Themes A Inc 4.00 985.05 -7.59

M&G Global Themes A Acc 4.00 1559.68 -12.02

M&G Managed Growth A Inc 4.00 107.31 -1.4

M&G Optimal Income A Inc 3.00 146.6 -0.4

M&G Optimal Income A Acc 3.00 214.08 -0.58

M&G Property Portfolio A Inc – 111.68 111.68 ...

M&G Recovery A Inc 4.00 *123.19 -0.35

M&G Recovery A Acc 4.00 *301.07 -0.84

M&G Strategic Corp Bd A Inc 3.00 75.88 -0.25

M&G Strategic Corp Bd A Acc 3.00 122.98 -0.41

M&G UK Inc Distribution A Inc 4.00 747.15 -0.76

M&G UK Inc Distribution A Acc 4.00 7293.25 -7.36

M&G UK Infl Lkd Corp A Inc 3.00 115.81 -0.06

M&G UK Infl Lkd Corp A Acc 3.00 121.01 -0.06

N.A.A.C.I.F. Inc – *84.83 -0.24

N.A.A.C.I.F. Acc – *8858.08 -24.63

†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 ...

Merian Eur (ExUK) Small Co – 16.8133 -0.306

Merian Global Emerging Mrkts - 14.6773 -0.759

Merian Global Equity – 274.4 -5.90

Merian Gold & Silver – 14.9459 -0.004

Merian North American Equity – 314.5 -9.90

Merian Strat Abs Return Bond – 10.1207 +0.024

Merian UK Alpha - 162.4 +0.10

Merian UK Equity Income – 160.4 +0.20

Merian UK Mid Cap – 280.2 +2.40

Merian UK Smaller Company – 263.5 +1.00

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
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• Denotes Ex-dividend
  (^) Name Init chge Sell Mid Buy on day Change
  Business
  Why a chain of pawnbrokers
  founded in 1897 is still a
  growth stock in 2019
  WHEN we updated readers last week
  on Questor’s most successful pick so
  far, Future, the publishing group, we
  decided to ask the fund managers
  responsible for another stock to
  see if they could repeat the
  achievement.
  Future came to our
  attention courtesy of
  the team that runs the
  Octopus UK Micro Cap
  Growth fund, so for this
  week’s column Chris
  McVey, one of the fund’s
  managers, told us about
  another holding for which
  his team has high hopes: H&T, the
  pawnbroker.
  Pawnbroking may not seem the
  most obvious 21st-century growth
  business but H&T, founded in
  1897, is actually pursuing several
  paths to higher sales and profits: it
  is offering more services from its
  existing shops, selling more online
  and seeking to expand into
  new parts of the country.
  “It is using its
  existing pawn shops to sell an
  expanding range of products and
  services, such as personal loans,
  foreign exchange and high-end
  jewellery,” Mr McVey said. “As
  far as its geographical reach
  is concerned, it has been
  well placed in the central
  belt of Scotland, north-
  west England and London
  but less so in other areas,
  such as the South West.”
  The firm took steps to
  address that opportunity
  last month when it acquired
  65 outlets from the Money Shop,
  taking its total estate to 249. H&T
  described the purchase as “a rare and
  significant opportunity to acquire a
  complementary portfolio of stores”.
  Mr McVey pointed out that the
  Money Shop outlets had an average
  “pledge book” value of £77,000,
  whereas the average in the H&T chain
  was £285,000. “There should be no
  reason not to get to that level in the
  acquired shops,” he said. “We think
  there is great growth potential.”
  Thirty-four of the outlets acquired
  from the Money Shop have lease
  renewals due within the next 18
  months, which the fund manager said
  should give scope for rent reductions
  or store relocations. The group issued
  new shares via a placing and used
  existing bank loan facilities to fund the
  acquisition but said “the continued
  strong cash generation of the enlarged
  group delivers rapid deleveraging”. Mr
  McVey said the balance sheet was “not
  stretched”.
  He also praised H&T’s bosses. “We
  love the management team, who we
  have known for a long time. The chief
  executive since 2004, John Nichols,
  has been there man and boy and has a
  very prudent approach. He doesn’t buy
  at the wrong point in the cycle.”
  He added: “Last year the firm grew
  profits before tax by 13.4pc and we
  think the market is being too sceptical
  about its ability to maintain that kind
  of growth. At a price-to-earnings ratio
  of 11 and a yield of 3.4pc, this is not
  an expensive stock. We bought more
  shares in the placing and hold H&T in
  two of our funds.”
  Questor says: buy
  Ticker: HAT
  Share price at close: 325p
  Update: Majestic Wine
  When we last updated on Majestic
  in June we said there were many
  uncertainties about the group’s plan
  to sell its shops and become online
  only. Some of that uncertainty has now
  disappeared: the firm has agreed to
  sell its shops and some other assets for
  about £100m. This will allow it to pay
  off its debts, invest in the Naked Wines
  online business and hand shareholders
  a special dividend of 5.2p a share.
  Naked has been growing strongly,
  especially in the US, and following
  the sale the company is likely to
  become increasingly American. So it’s
  appropriate that Majestic is reportedly
  considering listing its shares on
  Nasdaq, the market for technology and
  high-growth stocks.
  “This looks like a shrewd move
  given that the UK stock market seems
  to be unable to place an appropriate
  valuation on Naked Wines, which
  is after all a growth business with
  potential to crack the enormous US
  market,” Thomas Moore of Standard
  Life Investments, a holder of the stock,
  told Questor.
  “The original bull thesis on this
  stock seems to be back on track.” Hold.
  H&T Close: 325p
  2014 2015 2016 2017 2018 2019
  p
  150
  100
  400
  350
  300
  250
  200
   Market value:
  £129m
   Turnover (Dec
  2018): £143m
   Pre-tax profits
  (Dec 2018):
  £13.5m
   Yield (Dec
  2018): 3.4pc
   Most recent
  year’s dividend:
  11p
   Net debt (Dec
  2018): £13.6m
   Return on
  capital (Dec
  2018): 10.7pc
   Cash
  conversion ratio
  (Dec 2018): 41pc
   p/e ratio (Dec
  2018): 11
  Key
  numbers
  H&T
  Group
  Buy
  Profits have been
  growing fast and the
  shares are not
  expensive
  H&T has just added
  65 new shops to its
  estate and is getting
  more from its assets
  by expanding into
  personal loans and
  foreign currency
  Questor
  Follow the Money
  RICHARD EVANS
  Read Questor’s rules of investment before
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