The Daily Telegraph - 24.07.2019

34 ***^ Wednesday 24 July 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 2.59pc

European repo rate 1.25pc

European base rate 0.00pc

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

Exchange rates

£ > € Rate 1.1155 Change +0.19¢ £ > $ Rate 1.2437 Change -0.59¢

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 $1416.34 -8. 36 -0.59pc
Ç Silver per oz £13.18 +0.09 +0.69pc
È Krugerrand £1129.85 -1.47 -0.1 3 pc
È New Sovereign £262.12 -1.16 -0.44pc
È Maples £1131.86 -1.46 -0.1 3 pc
Ç Platinum per oz £678.19 +8.16 +1.22pc
Ç Palladium per oz £1225.25 +2.22 +0.18pc
È Copper grade A £4811.45 -5.69 -0.12pc
È Tin high grade £14231.73 -92.86 -0.65pc
Ç Lead £1636.25 +29. 33 +1.8 3 pc
Ç Zinc special high grade £1966.31 +2 3 .69 +1.22pc
Ç Aluminium high grade £1464.18 +12.92 +0.89pc
Ç Nickel £11437.65 +42.00 +0. 3 7pc
È Baltic Dry Index* 2165.00 -26.00 -1.19pc
È Wheat per tonne £146.25 -0.10 -0.07pc
Ç Brent Crude Sep settlement $63.83 +0.57 +0.90pc

Bank Rate 0.75pc
Overnight 0.67pc
7 day 0.69pc
1 month 0.71pc
3 months 0.78pc
6 months 0.81pc

Ç Australia All Ordinaries 6812.50 + 3 1. 30 +0.46pc
È Brazil Bovespa 103704.28 -245.18 -0.24pc
Ç China Shanghai Composite 2899.94 +12.97 +0.45pc
Ç France CAC General 5618.16 +51.14 +0.92pc
Ç Germany DAX 12490.74 +201. 34 +1.64pc
Ç Hong Kong Hang Seng 28466.48 +95.22 +0. 3 4pc
È India S&P CNX500 9233.55 -14.20 -0.15pc
Ç Japan Nikkei 21620.88 +204.09 +0.95pc
Ç Russia RTS 1345.48 +4. 31 +0. 3 2pc
Ç Singapore Straits Times 3373.13 +15.91 +0.47pc
Ç Spain Madrid SE 932.29 +11.97 +1. 3 0pc
Ç Switzerland SMI Index 9965.15 +42.78 +0.4 3 pc
Ç USA Dow Jones 27349.19 +177.29 +0.65pc
Ç USA Nasdaq 8251.40 +47.26 +0.58pc

Australia Aus $ 1.6810 1.7756 1.5918 1.4277
Canada Can $ 1.5575 1.6343 1.4652 1.3140
Denmark Krone 7.9081 8.3275 7.4654 6.6955
Euro € 1.0623 1.1155 ... 0.8969
Hong Kong HK $ 9.2280 9.7161 8.7104 7.8120
India Rupee 75.7000 85.7504 76.8737 68.9450
Israel Shekels 3.9642 4.4016 3.9459 3.5389
Japan Yen 128.2300 134.4743 120.5538 108.1200
Kuwait Dinar ... 0.3787 0.3395 0.3045
New Zealand NZ $ 1.7220 1.8538 1.6620 1.4905
Norway Krone 10.2600 10.8115 9.6922 8.6926
Pakistan Rupee 187.9000 199.7463 179.0691 160.6000
Saudi Arabia Riyal 4.3661 4.6646 4.1818 3.7504
Singapore $ 1.5834 1.6977 1.5219 1.3650
South Africa Rand 16.2700 17.2672 15.4797 13.8832
Sweden Krona 11.2300 11.7828 10.5632 9.4737
Switzerland Franc 1.1680 1.2250 1.0982 0.9850
Thailand Baht 34.4300 38.4474 34.4674 30.9125
UAE Dirham 4.2912 4.5682 4.0953 3.6730
UK £ ... ... 0.8964 0.8040
USA $ 1.1891 1.2437 1.1150 ...

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. 3 pc +5.7pc

Risers 66 Volume Close Change
Ç Melrose Ind 13.21m 192⅞ 5.07pc
Ç NMC Health 0.56m 2420 4.00pc
Ç Smurfit Kappa 0.67m 2672 3 .7 3 pc
Ç Smith (DS) 7.61m 379⅝ 3 .4 3 pc
Ç Johnson Matt 0.80m 3190 3 .14pc
Ç Carnival 1.95m 3565 2.92pc
Ç Barclays 30.75m 160⅛ 2.24pc
Ç Evraz 2.72m 671⅝ 2.10pc
Ç Ashtead Group 2.12m 2246 1.95pc
Ç Vodafone 80.82m 130¾ 1.92pc
Ç Stndrd Life Abr 6.75m 307¼ 1.89pc
Ç Mondi 24.17m 1821 1.76pc
Ç TUI AG 1.69m 855¾ 1.76pc
Ç Smiths Gp 1.17m 1615 1.7 3 pc
Ç BT Group 20.29m 190⅛ 1.64pc
Ç Standard Chart 8.89m 714⅝ 1.56pc
Ç Kingfisher 4.56m 223⅛ 1. 3 6pc
Ç AstraZeneca 2.65m 6464 1. 3 2pc
Ç Prudential 6.78m 1735 1. 3 1pc
Ç BAE Systems 6.33m 530⅝ 1.26pc
Ç HSBC 21.53m 670⅞ 1.25pc
Ç Rolls Royce 1.79m 877¼ 1.20pc

Fallers 31 Volume Close Change

È Whitbread 2.38m 4543 - 3 .0 3 pc

È Just Eat 2.60m 622¼ -2.90pc

È Auto Trader Grp 7.14m 531⅜ -2. 3 2pc

È Tesco 29.17m 229⅞ -2.25pc

È Sainsbury 7.24m 203¼ -1.74pc

È Aveva Group 0.41m 3942 -1.55pc

È Rightmove 2.47m 512⅝ -1.54pc

È Lon Stock Ex 1.22m 5638 -1. 3 6pc

È Ocado Group 1.61m 1203½ -1. 3 5pc

È JD Sports Fashion 1.31m 610¾ -1.29pc

È Utd. Utilities 5.67m 784⅜ -1.08pc

È Flutter Entrtmt 0.11m 6914 -0.97pc

È Informa 7.81m 827 -0.96pc

È Severn Trent 0.94m 2026 -0.78pc

È Fresnillo 1.30m 786⅝ -0.7 3 pc

È ITV 12.20m 106¼ -0.70pc

È Micro Focus Intl 0.96m 1677⅜ -0.70pc

È Berkeley Gp Hdgs 0.47m 3783 -0.6 3 pc

È Morrison (Wm) 10.90m 204⅝ -0.5 3 pc

È Pearson 2.62m 886⅜ -0.52pc

È Admiral 0.63m 2257 -0.49pc

È Taylor Wimpey 6.57m 167 -0. 3 6pc

AXA Investment Managers UK

Limited

7 Newgate Street, London, EC1A 7NX

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

Amer Gwth Acc – 784.9 +4.5

Biotech Acc – 182.0 +0. 3

Emerg Mkts Acc – 288.8 -0.5

European Acc – 953.2 +5.6

FinTech R Acc – 825.2 +2.5

Global Tech – 146.8 +1. 3

Global Thematics R GBP Acc – 1711 +11

Health Acc – 2118 + 3

Japan R GBP Acc – 582.2 +4.9

Managed Balanced Acc – 434.9 +1. 3

Managed Income Acc – 174.5 +0.1

Managed Income Inc – 109.7 +0.1

Monthly Inc Inc – 248.5 +0.4

Monthly Inc Acc – 634.9 +0.9

Pan Euro HY Bond Acc – *165.3 ...

Pan Euro HY Bond Inc – *104.4 ...

UK Growth Acc – 334.8 +0.8

UK Select Opps R Inc – 1985 +6

UK Select Opps R Acc – 3685 +12

UK Smllr Cos Acc – 293.1 +1.4

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% *95.64 +0.21

Insight Eq Inc Fund 0% *166.39 +0. 32

Insight Eq Inc Booster 0% *114.20 +0. 31

Insight Glob Abs Ret Inc 0% 113.28 +0.26

Insight Glob Multi-Strat Fd 0% *130.18 +0. 31

Insight Inflat-Link Corp Bd 0% 108.47 +0.12

Long-Term Global Equity 0% 317.00 +1.1 3

Newton Asian Income 0% *223.52 +0. 31

Newton Cont European 0% *284.87 +1. 32

Newton Global Dyn Bd 0% *101.85 +0.06

Newton Glb High Yld Bd 0% *59.93 +0.06

Newton Glb Inc Stg Inc 0% *226.82 +0.44

Newton Glb Opps 0% *337.50 +2.24

Newton Intnl Bond 0% 260.45 -0.14

Newton Multi-Asset Bal 0% 213.95 +0.64

Newton Mult-Asset Div Ret 0% 158.71 +0.19

Newton Mult-Asset Gwth 0% 920.77 +4.77

Newton Oriental 0% *671.09 + 3 .25

Newton Real Return A 0% *119.44 +0.09

Newton UK Equity Fund 0% *910.64 +2.91

Newton UK Inc 0% *68.20 +0.21

Newton UK Opps 0% *347.73 +1.94

US Opps EUR Acc 0% 130.22 +0.27

Carvetian Capital

Management Limited

Admin: Stuart House, St John’s St,

Peterborough PE1 5DD

Dealing & Enquiries: 0345 850 0255

Generation Fd 5.00 *800.7 ...

Sand Aire FENIX Bal Inc 5.00 *160.5 ...

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% 48.76 49.88 ...

Opportunities Unit Tst Acc 0% 127.9 130.9 ...

Practical Invest Inc 5.00 237.5 254.7 ...

Practical Invest Acc 5.00 1301 1396 ...

Discretionary Unit Fund

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

Maitland Discretionary Inc 3.00 2445.92 2601.64 -1.44

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 3.00 192.5 ...

Investment Funds (OEIC)

Cash Fd Y – 100.05 ...

Cash Fd Y Accum.Units – 101.13 ...

Income Funds

Enhanced Inc Fd 3.50 100.9 ...

Extra Income Fd 3.50 28.16 ...

Moneybuilder Bal – 48.71 ...

Moneybuilder Inc – 37.55 ...

Growth & Income Funds

Moneybldr Div 3.50 246.2 ...

Growth Funds

American 3.50 4593 ...

Amer Sp Sits 3.50 1762 ...

European 3.50 2582 ...

European Opps 3.50 524.6 ...

Global Special Sits 3.50 4354 ...

Japan 3.50 394.6 ...

Japan Smaller Cos 3.50 295.6 ...

Global Focus 3.50 2339 ...

Index UK A Acc – 113.5900 ...

Opps A Dis – 103.1 ...

Special Sits 3.50 3988 ...

South East Asia 3.50 1466 ...

UK Select Acc 3.50 322.1 ...

†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 – 477.92 +1. 31

Fundsmith Equity T Inc – 438.97 +1.20

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 1197.0000 +1.00

Asian Dividend Income Inc 5.00 112.1000 ...

Cautious Managed A Acc 5.00 269.5000 +0.50

Cautious Managed A Inc 5.00 148.4000 +0. 30

China Opps A Acc 5.00 *1463.0000 +4.00

Emerg Mkts Opps A Acc 5.00 *212.1000 +0.10

European Growth A Acc† 5.25 241.3000 +1.60

European Sel Opps A Acc 5.00 *1778.0000 +12.00

Fixed Int Mthly Inc A Inc 4.25 *22.1700 +0.02

Global Care Growth A Inc 4.50 340.8000 +2.10

Global Equity Inc A Inc† 5.25 *62.9600 +0.26

Global Growth Acc 4.25 3484.0000 +5.00

Global Strategic Cap Acc† 5.00 *259.9000 +0.60

Global Technology A Acc 5.00 2121.0000 +22.00

Multi-Mgr Abs Ret A Acc 5.00 143.4000 ...

Multi-Mgr Active A Acc† 5.00 *233.9000 +0. 30

Multi-Mgr Distbn A Inc 5.25 *136.2000 +0. 30

Multi-Mgr Divrsfd A Acc – *89.0800 +0.12

Multi-Mgr Inc&Gwth A Acc 5.00 *183.0000 +0. 30

Multi-Mgr Inc&Gwth A Inc 5.25 *155.4000 +0.20

Multi-Mgr Mangd A Acc† 5.00 *290.7000 +0.50

Multi-Mgr Mangd A Inc† 5.00 *282.6000 +0.50

Sterling Bond Acc† 4.25 *235.9000 +0.40

Sterling Bond Inc† 4.25 *67.5900 +0.1 3

Strategic Bond A Inc 4.00 *126.0000 +0.10

UK Absolute Return A Acc 5.00 *155.3000 ...

UK Alpha A Acc† 5.25 149.6000 +1.00

UK & Irish Small Co A Acc 5.00 *594.0000 +2.60

UK Equity Income A Inc 5.00 *559.0000 +0.60

UK Index A Acc – 657.3000 +1.50

UK Tracker A Acc – 298.7000 +0.50

US Growth A Acc 5.00 *1333.0000 +9.00

†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 3.00 114.5000 +0.6000

JPM America Eq A Inc 3.00 114.6000 +0.7000

JPM Asia Growth A Acc 3.00 235.5000 +0. 3000

JPM Asia Growth A Inc 3.00 129.5000 +0.2000

JPM Div Gth A Net ACC 3.00 *275.9000 +0.1000

JPM Emg Euro Eq A Acc 3.00 238.2000 -0.5000

JPM Emg Euro Eq A Inc 3.00 50.7000 -0.1000

JPM Emg Markets A Acc 3.00 256.9000 +0.4000

JPM Emg Markets A Inc 3.00 109.2000 +0.2000

JPM Emg Mkts Inc A Acc 3.00 *83.3600 +0.1900

JPM Emg Mkts Inc A Inc 3.00 *63.3800 +0.1500

JPM Eur Dyn (ex-UK) £ Hg A Acc 3.00 220.0000 +1.6000

JPM Euro Dyn (ex-UK) A Acc 3.00 230.4000 +1.1000

JPM Euro Dyn (ex-UK) A Inc 3.00 102.4000 +0.5000

JPM Europe A Acc 3.00 1525.0000 +7.0000

JPM Europe A Inc 3.00 83.1700 +0.4100

JPM Euro Smaller Co A Acc 3.00 765.5000 + 3 .0000

JPM Euro Smaller Co A Inc 3.00 98.8000 +0. 3700

JPM Global Bd Opps A Grs Acc – *56.8700 +0.0200

JPM Global Bd Opps A Grs Inc – *49.4000 +0.0200

JPM Global Bond A Gross Acc 3.00 278.1000 +0.1000

JPM Global Bond A Gross Inc 3.00 213.9000 +0.1000

JPM Global Eq Inc £ Hdg A Acc 3.00 *90.6100 +0. 3000

JPM Global Eq Inc £ Hdg A Inc 3.00 *58.7000 +0.2000

JPM Global Eq Inc Fd A Acc 3.00 *115.8000 +0.4000

JPM Global Eq Inc Fd A Inc 3.00 *90.9200 +0.2700

JPM Global HiYld Bd A Grs Acc 3.00 *116.0000 +0.1000

JPM Global HiYld Bd A Grs Inc 3.00 *36.0100 +0.0 300

JPM Global HiYldBdAGrsMthInc 3.00 *35.6700 +0.0200

JPM Global Macro Fund A Acc 3.00 *69.8000 +0.1600

JPM Global Macro Fund A Inc 3.00 *60.8500 +0.1400

JPM Global Macro Opps A Acc 3.00 74.28 +0.27

JPM Global Macro Opps A Inc 3.00 73.61 +0.27

JPM Global Uncons Eq A Acc 3.00 1567.0000 +5.0000

JPM Global Uncons Eq A Inc 3.00 116.1000 +0. 3000

JPM Japan A Acc 3.00 488.8000 + 3 .9000

JPM Japan A Inc 3.00 117.6000 +0.9000

JPM Multi-Asset Income A Acc 3.00 *99.0000 +0.0800

JPM Multi-Asset Income A Inc 3.00 *65.0200 +0.0500

JPM Multi-Asset Inc A Mth Inc 3.00 *64.5200 +0.0500

JPM Multi-Man Gwth A Acc 3.00 1101.0000 + 3 .0000

JPM Multi-Man Gwth A Inc 3.00 999.7000 +2.7000

JPM Natural Res A Acc 3.00 667.8000 +0.6000

JPM Natural Res A Inc 3.00 46.1300 +0.0400

JPM Sterling Corp Bd A Grs Acc 3.00 *98.7000 +0.2200

JPM Sterling Corp Bd A Grs Inc 3.00 *57.8200 +0.1 300

JPM UK Dynamic A Acc 3.00 200.7000 +0.2000

JPM UK Dynamic A Inc 3.00 154.5000 +0.1000

JPM UK Equity Core E Acc – *377.9000 +0.7000

JPM UK Equity Core E Inc – *62.1300 +0.1100

JPM UK Equity Gwth A Acc 3.00 149.8000 +0.2000

JPM UK Equity Gwth A Inc 3.00 131.3000 +0.1000

JPM UK Higher Inc A Acc 3.00 1078.0000 +2.0000

JPM UK Higher Inc A Inc 3.00 533.1000 +0.8000

JPM UK Sm Cos A Acc 3.00 481.6000 +0.6000

JPM UK Sm Cos A Inc 3.00 90.7200 +0.1100

JPM UK Strat Eq Inc A Acc 3.00 *186.4000 +0.5000

JPM UK Strat Eq Inc A Inc 3.00 *104.7000 +0. 3000

JPM Uncons Bond A Acc 3.00 *72.8800 +0.0600

JPM Uncons Bond A Inc 3.00 *55.5100 +0.0500

JPM US Eq Inc £ Hdg A Inc 3.00 *125.3000 +0.1000

JPM US Eq Inc A Acc 3.00 *212.0000 +0. 3000

JPM US Eq Inc A Inc 3.00 *166.8000 +0. 3000

JPM US Select A Acc 3.00 199.3000 +0.7000

JPM US Select A Inc 3.00 196.0000 +0.7000

JPM US Sm Cap Gwth Fd A Acc 3.00 788.5000 +2.6000

JPM US Sm Cap Gwth Fd A Inc 3.00 206.5000 +0.7000

Jupiter Unit Trust Managers Ltd

The Zig Zag Building, 70 Victoria Street, London,

SW1E 6SQ

020 3817 1000

Jupiter Abslt Rtn – 51.08 +0.01

Jupiter Asian Fd – *914.87 +2. 38

Jupiter Asian Inc Fd Acc – *152.19 +0.60

Jupiter Asian Inc Fd Inc – *133.61 +0.52

Jupiter China Acc – 130.94 +0.08

Jupiter China Inc – 124.47 +0.08

Jupiter Corp Bond Inc – *59.19 +0.08

Jupiter Dstrbtn Acc – *105.26 +0.1 3

Jupiter Dstrbtn Inc – *59.04 +0.08

Jupiter Dstrbtn & Grth Inc – 114.53 +0.26

Jupiter Eco Inc – 401.17 +1.42

Jupiter Emerg Euro Opps – *250.15 -0.44

Jupiter European – *2569.80 +20.55

Jupiter Euro Inc Acc – *80.53 +0.2 3

Jupiter Euro Inc Inc – *52.09 +0.15

Jupiter Euro Special Sits – 428.10 +1.52

Jupiter Fin Opp – 740.49 +1.5 3

Jupiter Fund Of Inv Trusts – 264.94 +0.86

Jupiter Global Emg Acc – *66.25 -0.0 3

Jupiter Global Eq Inc Acc – 79.17 +0.06

Jupiter Global Eq Inc Inc – 67.32 +0.05

Jupiter Global Managed Acc – 288.32 +1.76

Jupiter Global Managed Inc – 275.36 +1.68

Jupiter Growth & Inc – 95.29 +0.2 3

Jupiter Income – *527.54 +2.24

Jupiter India Fd – 110.05 -0.41

Jupiter Int Financials – 114.94 +0. 37

Jupiter Japan Inc Fd Acc – 123.13 +0.65

Jupiter Japan Inc Fd Inc – 94.22 +0.50

Jupiter Merlin Bal Prtfo Acc – *203.27 +0.71

Jupiter Merlin Bal Prtfo Inc – *137.61 +0.49

Jupiter Merlin Conserv Prtfo Acc – *62.04 +0.08

Jupiter Merlin Conserv Prtfo Inc – *51.78 +0.07

Jupiter Merlin Grth Prtfo Acc – 459.62 +2.84

Jupiter Merlin Grth Prtfo Inc – 446.68 +2.75

Jupiter Merlin Inc Prtfo Acc – *319.37 +0.59

Jupiter Merlin Inc Prtfo Inc – *138.42 +0.26

Jupiter Merlin WW Prtfo Acc – *334.21 +2.02

Jupiter Merlin WW Prtfo Inc – *334.19 +2.01

Jupiter Monthly Alt Inc Acc – *123.70 +0. 34

Jupiter Monthly Alt Inc – *31.14 +0.09

Jupiter N.American Inc Acc – 180.88 +1.12

Jupiter N.American Inc Inc – 147.27 +0.92

Jupiter Responsible Inc Fd Acc – 115.05 +0. 30

Jupiter Responsible Inc Fd Inc – 70.10 +0.18

Jupiter Strategic Bond Acc – 103.16 +0.01

Jupiter Strategic Bond Inc – 65.59 +0.01

Jupiter UK Growth – *302.46 +0.59

Jupiter UK Smaller Cos – 365.24 -0.6 3

Jupiter UK Special Sits Inc – 186.81 +1.06

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 – 113.1 113.1 ...

High Income Acc – 271.8 271.8 ...

UK Select Port Inc – *348.9 348.9 ...

UK Selection Port – *659.7 659.7 ...

UK 100 Co’s Fund Inc – 223.6 223.6 ...

UK 100 Co’s Fund Acc – 400.4 400.4 ...

W’wide Man Inc – *533.6 ...

W’wide Man Acc – *877.1 ...

M & G Securities Ltd

PO Box 9039, Chelmsford, CM99 2XG

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

Charibond Inc – 124.74 +0.08

Charibond Acc – 4122.06 +2.55

Charifund Inc – 1588.04 + 3 .61

Charifund Acc – 25912.23 +58.89

M&G Corp Bond A Inc 3.00 *41.05 +0.06

M&G Corp Bond A Acc 3.00 *74.16 +0.12

M&G Dividend A Inc 4.00 *57.07 +0.17

M&G Dividend A Acc 4.00 *692.36 +2.07

M&G Episode Grwth Stg A Dis 4.00 58.12 +0.22

M&G Episode Income A Inc 4.00 *127.89 +0.26

M&G Episode Income A Acc 4.00 *175.6 +0. 36

M&G Global Dividend A Inc 4.00 *221.44 -0.25

M&G Global Dividend A Acc 4.00 *315.78 -0. 37

M&G Glbl Emrgng Mkts A Inc 4.00 281.48 +1.27

M&G Glbl Emrgng Mkts A Acc 4.00 313.83 +1.41

M&G Glbl High Yld Bd A Inc 3.00 *49.07 +0.06

M&G Glbl High Yld Bd A Acc 3.00 *136.77 +0.16

M&G Global Macro Bd A Inc 3.00 89.31 -0.11

M&G Global Macro Bd A Acc 3.00 140.64 -0.18

M&G Global Themes A Inc 4.00 998.45 +2.47

M&G Global Themes A Acc 4.00 1580.91 + 3 .92

M&G Managed Growth A Inc 4.00 111.6 +0. 37

M&G Optimal Income A Inc 3.00 147.76 +0.19

M&G Optimal Income A Acc 3.00 215.78 +0.28

M&G Property Portfolio A Inc – 112.63 112.63 ...

M&G Recovery A Inc 4.00 *129.55 +0. 32

M&G Recovery A Acc 4.00 *316.6 +0.78

M&G Strategic Corp Bd A Inc 3.00 *75.91 +0.12

M&G Strategic Corp Bd A Acc 3.00 *123.03 +0.19

M&G UK Inc Distribution A Inc 4.00 *761.82 +1.42

M&G UK Inc Distribution A Acc 4.00 *7436.48 +1 3 .9

M&G UK Infl Lkd Corp A Inc 3.00 115.71 +0.0 3

M&G UK Infl Lkd Corp A Acc 3.00 120.91 +0.0 3

N.A.A.C.I.F. Inc – 88.17 +0.09

N.A.A.C.I.F. Acc – 9123.08 +10.07

†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 – 137.4 +0. 30

Merian Eur (ExUK) Small Co – 17.0204 +0.065

Merian Global Emerging Mrkts - 15.5839 +0.015

Merian Global Equity – 282.6 +0.50

Merian Gold & Silver – 14.8906 +0.180

Merian North American Equity – 324.0 +0.70

Merian Strat Abs Return Bond – 10.134 -0.00 3

Merian UK Alpha - 170.2 +0.20

Merian UK Equity Income – 168.8 +0.50

Merian UK Mid Cap – 289.4 -0. 30

Merian UK Smaller Company – 271.8 +0.20

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 ...

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  Business
  Honda once traded at a 40pc
  premium to its assets, now it
  is at a 40pc discount. Buy
  THE car industry is going through
  tough times at the moment – but it
  doesn’t follow that investors should
  automatically steer clear of it.
  Apart from fears of broad
  economic weakening,
  the market frets about
  the move to electric
  propulsion and whether
  driverless vehicles could
  lead to more car sharing.
  However, the last is a
  long way into the future,
  while some companies
  are handling the transition
  to electric or hybrid cars better
  than others.
  “Electric cars may not be popular
  yet among the public, although
  professional drivers like them
  for their low running costs, but
  governments are pushing hard
  for more electric and hybrid cars
  to be made,” said Ben Preston, a
  fund manager at Orbis.
  He said this put the
  industry in “a bit of
  a tight spot”. At one
  extreme you have Tesla, which is
  all-electric “but makes no money”,
  while making traditional cars is
  still profitable but doesn’t satisfy
  regulators. They are now forcing
  car manufacturers to make a
  certain number of electric
  vehicles or buy credits
  from companies that do,
  Mr Preston said.
  But changes to the
  rules will make it more
  attractive to make hybrids
  as opposed to fully electric
  vehicles, he added. This is
  because regulators are starting
  to look at the emissions produced by
  a carmaker’s output as a whole.
  “Toyota, for example, reckons that
  its hybrids are emission-free about half
  the time,” the fund manager said. “But
  if you used the same amount of battery
  storage to make a fleet of electric-only
  vehicles, you could produce only about
  10pc of the number of cars, because
  bigger batteries are needed if you have
  no engine as a backup.”
  So hybrids make more efficient use
  of batteries, which, along with the raw
  materials needed to make them, are
  in short supply. Mr Preston said only
  Toyota and Honda were up to speed
  when it came to the mass production
  of hybrids, with Toyota in front. But
  of the two he has chosen to invest in
  Honda via his Global Equity fund – and
  the reason has nothing to do with cars.
  “Honda has a strong position in
  motorbikes,” he said. “In fact its bikes
  made more money last year than cars.
  There is still big demand for bikes in
  emerging nations and Honda has a
  very high market share – 35 to 40pc
  of motorbikes globally are Honda.
  “Bikes are much more fuel efficient
  than cars and are never going to be
  autonomous. The economics are
  also not as favourable for electric
  propulsion, so they are more immune to
  the changes that affect the car industry.”
  He added: “I don’t see why the
  bike business can’t carry on forever,
  although as emerging markets mature
  people migrate to cars because they
  are safer. But this will be slow.”
  Meanwhile, Honda’s car operations
  remain profitable and also support its
  lending arm, which enables customers
  to buy without spending cash upfront.
  Mr Preston said the final reason
  for buying Honda was valuation.
  “Carmakers’ shares are priced as if we
  were at the bottom of the cycle,” he
  said. “But as ‘forever’ investors we see
  earnings cycles as less important than
  the price you pay for the shares, which
  are currently at a 40pc discount to the
  value of Honda’s assets; typically they
  have been at a 40pc premium.”
  He said any improvement in
  valuation would be on top of expected
  annual returns of 12pc from the
  business itself: about 8pc from asset
  growth and 4pc from the yield.
  “You can’t predict the future but you
  want good odds,” he added. “From this
  price we think the potential for gains
  is significantly greater than the risk
  of losses.” Readers should invest via
  New York-listed “American depositary
  receipts” (ADRs).
  Questor says: buy
  Ticker: NYSE: HMC
  Share price at 6pm: $26.20
  Update: Imperial Brands
  Ben Preston also holds Imperial
  Brands, tipped by Questor in the past.
  “The shares yield 10pc, so if all that
  happens is that the company survives
  10 years you will get your money back,”
  he said. “History suggests that tobacco
  will survive longer than that.”
  He said the company’s policy had
  shifted from dividend growth to share
  buybacks, “which signals confidence in
  the business – it’s a sign that the board
  thinks the shares are undervalued”.
  He said he didn’t expect dividend cuts
  as a result, just slower growth in the
  payments. Hold.
  Honda Motors At 18:00 $26.20
  2014 2015 2016 2017 2018 2019
  $
  28
  26
  24
  22
  36
  34
  30
  32
   Market value:
  $47.1bn
   Turnover
  (March 2019):
  $147bn
   Pre-tax profits
  (Mar 2019):
  $9.1bn
   Yield (Mar
  2019): 4pc
   Most recent
  year’s dividend:
  111 yen
   Net debt (Mar
  2019): $45bn
   Return on
  capital (Mar
  2019): 4.8pc
   Cash
  conversion ratio
  (Mar 2019): 62pc
   p/e ratio (Mar
  2019): 8.1
  Key
  numbers
  Honda
  Buy
  It’s a strong second
  to Toyota for hybrids
  but motorbike arm
  tips the scales
  The carmaker is well
  positioned to benefit
  from the transition
  from petrol to
  electric vehicles, but
  its share price does
  not reflect that
  Questor
  Follow the Money
  RICHARD EVANS
  Read Questor’s rules of investment before
  you follow our tips: telegraph.co.uk/go/
  questorrules; twitter.com/DTquestor
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