Professional Documents
Culture Documents
Sprouts ecofriendly
watches use organic
materials such as corn resin
(for the case, bezel and
bracelet strap), cotton or
fish skin instead of leather
for straps, and bamboo or
mother of pearl for the dial.
As timepieces, Sprout
watches are basic, but they
look good and, at $65
(40), the ST/3100DGBK,
already available in Europe
and recently on sale in the
US, is very affordable.
Minutes after American
swimmer Rebecca Soni
broke the world record to
win a gold medal in the
200 metre breaststroke on
August 2, a bicycle courier
delivered footage of the
event from US broadcaster
NBCs London operations
to a production company
across the city working on
behalf of AT&T, a sponsor
of the US Olympic team.
The production company
edited the footage into a
television commercial that
had been prepared in
advance so that it would
feature a girl watching
Sonis actual race on her
mobile phone.
The finished spot was
then returned by two
couriers one by bicycle,
another by taxi back to
Other sponsors are using
their advertising time to
tell stories that are often
as compelling as the games
themselves.
General Electric is
running a series of spots
that resemble mini-
documentaries to tell real
stories about the impact of
its technologies. One spot
shows a premature baby
five minutes after she is
born at Homerton hospital
in east London, where GE
donated high-tech
incubators.
It is a challenge to
stand out, says Linda
Boff, global executive
director of digital and
advertising at GE. What
separates us is not about a
product per se but . . . the
impact they have in real
lives.
Whatever the motivation,
Olympic sponsors, like all
advertisers, are no longer
able to rely on slapping a
logo next to the Olympic
rings to reap rewards.
As AT&Ts Ms Lee puts
it: This is not business
as usual.
The last word
Advertisements
build on social
media and real
time footage,
says Emily Steel
AT&T, the US Olympic
Committee and NBC for
approval. The result: US
audiences saw the
30-second commercial
featuring footage from the
event immediately
following the US broadcast
of the race that night.
Getting the footage into
the commercial makes it
more real and tangible,
says Esther Lee, AT&Ts
senior vice-president of
brand marketing and
advertising.
The Soni advertisement
is one of the more
innovative examples of
how advertisers have tried
to make the most of their
Olympic tie-ins by
deploying the latest
technologies and
storytelling techniques.
Much of this effort has
been driven by the power
of social media. Because so
much online conversation
relates to events happening
in real time, the companies
have been forced to speed
up turnround times and
almost act like the news
media to incorporate
advert, meanwhile, it
negotiated to execute a
same-day turnround. Soni
won the gold medal at
about 9pm in London, or
about 4pm in New York.
NBC quickly alerted AT&T
that it planned to televise
the race at 9:30pm eastern
time.
AT&T had pre-produced
the bulk of the spot, but
the time delay gave the
marketer about five hours
to tweak the commercial.
Visa has also tried to tap
into the success of US
athletes while the public
Olympic sponsors go for gold on television and the web
events of the day into their
campaigns. It is the age
adage about what makes
news, says Ms Lee. It is
the things that make
people think wow. We
have to keep doing things
that surprise people.
NBCs time-delayed
broadcast has also helped.
AT&T, for example,
negotiated with the
broadcaster to have five
advertisement that would
include actual footage and
most of those were
processed in a 24-hour
period. With the Soni
has been basking in a
golden glow. The company
has been an Olympics
sponsor for 26 years and
pioneered so-called real-
time TV advertising during
the Beijing games in 2008
with a spot congratulating
swimmer Michael Phelps
that featured footage of his
gold medal races.
For London, the
company celebrated
Phelpss crowning as the
most decorated Olympian
of all time with a TV spot
that not only used footage
from his competitions but
also incorporated video and
photo cheers from fans
in the US who shared them
via Facebook.
It is certainly a
complicated process, but it
is well worth it because we
know it is important to
stand out, says Kevin
Burke, the companys chief
marketing officer of core
products. This real-time
communication increases
consumer engagement, is
hyper relevant and can
help stir social
conversation.
BUSINESS LIFE
an M&A, it can get very serious. Its
very important for the clients that the
deal is done at the pace they want to
make sure it keeps to their agenda as
much as possible.
Becoming responsible officially or
unofficially for the development of
colleagues is also a sign.
So, how do you do make the transi-
tion? You need to ask yourself, Am I
going to let my career happen as part
of a conveyor belt or am I going to
drive the changes? Very successful
people tend to have long-term vision,
Ms Arnold says. You need to really
think about where youre going and
try to crystallise it. Do gap analysis
ask Where am I now, and how do I
get to where I want to be? What have
the people who got there done? And
what can I do this month, this week,
this year?
She adds that you need to make
sure you are noticed and to go the
extra mile to make sure that happens.
But be strategic. Business skills are
usually taken as given. You need to
develop emotional intelligence and
self-awareness. You need to realise
people will be looking to you for lead-
ership and to start thinking like a
leader.
Mr Owen says there are some gen-
eral basics that anyone heading for
success at work needs. Five things
come through consistently as being
expected from business leaders. These
are: hard work, reliability, positive
attitude, being proactive and loyalty.
If you have these, it may not matter
that your dress sense is a bit dodgy,
your behaviour is a bit gauche and
your jokes are awful.
An AT&T ad featured a girl watching footage of a race
The first step maybe ascertaining
whether you are right for a senior
management role, either at your com-
pany or elsewhere. Ian Pearman, who
at 37 is CEO of advertising agency
AMV BBDO, says: Here, you tend to
be destined for senior management if
your influence over the business is
significantly more than your opera-
tional control.
He adds: We also talk about man-
gers having an emotional footprint
in the business. Those destined for
great things, he says, have large emo-
tional footprints, by which he means
the respect and loyalty you can com-
mand. Finally, he says, Theres the
persons symbolism: are they destined
to be symbolic of the direction a com-
pany is going in?
Of course, what constitutes this
transition varies by industry. At a
professional services firm, Ms
Defraites says, you begin to take more
responsibility, perhaps by represent-
ing the organisation. One difference
is that you start spending a lot of time
with clients. When youre working on
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 18:36 User: whiteg Page Name: BizLife, Part,Page,Edition: USA, 10, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012
11
ARTS
THEATRE
Bring It On
St James Theatre, New York
Brendan Lemon
quite wriggle out of them smoothly.
This structural dip is especially
unfortunate given that Campbell is
supposed to seem sufficiently likeable
to deserve a love interest, Randall.
Musically, Bring It On employs a
variety of pop genres: 1980s disco,
power ballad, even a hint of reggae. If
the individual songs are not much
more than serviceable, the score itself
is propulsive. The enormously talented
cast, directed and choreographed by
Andy Blankenbuehler, has everything
it needs to put on a first-rate
acrobatic display.
If Taylor Louderman and Adrienne
Warren bring poise to roles of
Campbell and Danielle, it is the
character actors who score most of
the laughs. Ryann Redmond, as
Campbells plump sidekick, Bridget,
had my audience purring. Only
Gregory Haney, as a terrific
transgender singer/dancer called La
Cienega, was able to upstage her.
www.bringitonmusical.com
Bring It On, a percolating musical by
Jeff Whitty, Tom Kitt, Lin-Manuel
Miranda and Amanda Green, takes
place at Truman High School, the
kind of institution whose students
used to be called All-American:
white. As the countrys demographics
have shifted, no longer should the
designation apply. And yet the rival
high school, Jackson, to which the
shows peppy main character,
Campbell, is suspiciously redistricted,
and which has a predominantly non-
white population, is portrayed as
somehow less-than.
If the productions peppiness and
must-win boosterism hark back to the
racially exclusive beach-blanket
movies of a half-century ago, the
story is set squarely amid the
conventions of 21st-century reality
TV: a competition full of diversity. In
Bring It On, the two schools
cheerleading teams vie for regional
and national recognition, and students
learn life lessons such as: success is
about not only winning but accepting.
Of course that sounds deadly, and
it is no accident that Bring It On, the
mildly charming 2000 movie on which
the Broadway show is based,
spawned three sequels that shot
straight to video. Whitty, whose work
on Avenue Q showed him to be equal
to his surname, makes some canny
alterations from the originals
screenplay. Campbell, for instance,
did not change schools in the movie.
Whats more, her interaction with
Danielle, the leader of Jacksons
dance crew, provides the evening
with sharper dialogue than that
found in the film.
Some of Campbells promises to the
Jackson squad members turn out to
be grievous deceptions, and the
productions second act does not
must ask himself that every day. The
Chinese artist/activist has toured the
world scattering the seeds of
articulate dissent, not least in that
Tate Modern show the porcelain
sunflower seeds that won
additional, weirdly appropriate
publicity by kicking up a health-and-
safety dust storm. Even abroad Ai
can attract fascinated notoriety:
never mind at home, where he has
been attacked for attacking his own
Birds Nest Olympics, has
witnessed the vindictive demolition
of his studio, has endured his
governments incessant snooping
and sniping.
Alison Klaymans documentary
begins with a hilarious moment
trouv. Ais cat rises on its rear paws
to turn a doorknob and open a door.
After that it is 90 minutes of much
the same, scenes from the life of a
man who does, over and over, what
he shouldnt even be able to do. (Ai
sagely observes: The difference
between cats and humans is the cat
doesnt shut the door behind it.
Humans have sense as well as
invention and impudence.)
Ai tries to lead an unmolested life.
But artists deal in truth and in
China truth-speaking is a crime. In a
thunderclap denouement Klayman
cannot have dreamt of when starting
out, her film ends with Ais
infamous 81-day detention, from
which he comes back taciturn and
apparently chastened. That didnt
last long. Ai Weiwei returned to
being an example to us all. We must
take his wayward humanity he is
shown unblushingly raising a son
sired outside his marriage with his
courageous defiance, seen most
spectacularly in the Munich-
premiered installation featuring 9,000
small rucksacks replicating those of
the schoolchildren killed in the
Sichuan earthquake. The
government, back in 2008, repudiated
charges of responsibility for poorly
built schools. The artist repudiated
the repudiation. Art had, as art
always should have, the last word.
The Dinosaur Project is rip-roaring
fun, especially if you have children
allergic to the simperings and
sermonisings of Brave. A boy (Matt
Kane) stows away on his zoologist
dads trip to a lost world,
somewhere in the Congo. Cue
pterosaurs, plesiosaurs and other
sights for sore eyes. Feature
debutant Sid Bennetts motion-
capture movie also does
emotion capture. You will
jump, gasp, grimace, just like
the characters. The creatures
are often very creepy. The
Cloverfield-style dependency on
found footage means everyone
on screen must have a camera,
but even that is carried off with
dash and nonchalance.
Where do artists belong in the world
today? Should they root themselves
in their own countries as painters,
writers, film-makers, citizens? Or
should they claim freedom of entry
to all parts of the globe and the
authority to mouth off about them?
The question is cued by four new
films. Fish-out-of-water storytelling
has long been the stuff of movie
plots, from The Third Man to ET to
Avatar. But should it be the stuff of
movie-making? This week we find an
American director in Albania, a
Brazilian director all over the place
(Fernando Meirelles in Vienna,
London and Colorado in 360) and
an American documentarist
zigzagging China.
Last but first-placed, since it will
put most popcorn in mouths and
pops a few of the primal questions
about diselemented directors, is
Brave. Pitching camp in ancient
Scotland, Disney-Pixar preaches to us
about Celtic history and legend.
Nothing wrong with that, you might
riposte: D-P is in the fantasy
animation biz. But amid D-Ps usual
virtues here (voluptuous landscape-
painting, hi-fi pixelling of faces and
costumes) its occasional vices are
more than usually maddening. Item:
cockamamie folklore from a land too
distant for Hollywood digimators to
strain themselves over authenticity.
Item: lunatic Scottishness of
manner, with every female character
doing Jean Brodie vocals while the
males sport mad hair, mad skirts
and och-aye accents (led by Billy
Connollys king).
In a plot flirting wistfully with
female empowerment, a princess
(voiced by Kelly Macdonald) deploys
a witch to extract her from a forced
Celts, kilts
and a pixel
porridge
Ready, aim,
misfire: Disney
Pixar comes over
all Celtic with
Brave; below, Ai
Weiwei: Never
Sorry profiles the
artist under fire
AFP/Getty
marriage. There is also a long-
winded chase-about involving the girl
and her mother (Emma Thompson),
who has turned into a bear. Extra
work for the witch (Julie Walters)
who like the audience is a largely
innocent bystander until swept up in
the Celtic fever of spells,
transformations and gale-force clan
feuding underscored with noisy,
guttural oaths. Disney-Pixar does the
case for Scottish independence no
favours, though sensible sceptics,
viewing this cod-Caledonian
mishmash, will deem the damage the
film-makers do more self-inflicted.
More feud for thought in The
Forgiveness of Blood. California-born
Joshua Marston goes to the Albanian
countryside. Helped by an indigenous
co-screenwriter, Andamion Murataj,
the indie director who made a good
case for deracinated art in the
delicately crafted, Colombia-set
Maria Full of Grace wrestles a little
authenticity into or out of the
plot about territorially warring
families involved in a Kanun: an
ages-old code of law by which the
victim of a supposed crime can kill
his offender or his offenders sons.
The siege story is set up. When
itinerant bread-seller Mark (Refet
Abazi), suspected of murdering a
land-greedy neighbour, flees his
home, the home becomes a fortress.
It immures teenage son Nik (Tristan
Halilaj) and liberates on-a- tight-leash
daughter Rudina (Sindi Lacej), who
becomes all at once hurrah for
backdoor feminism the familys
breadwinner, bread vendor and
multi-purpose go-between. The plot
comes to a quiet boil. Then
unfortunately it falls off the stove.
Marston loosens his grip when it
should tighten. The characters spill
into inconsequence; the film, without
an action consummation, bubbles
meekly away, though we grimly
admire the patterning of this
countrysides floor, its patch-quilt
territorialism as quietly, dourly
change-resistant as old kitchen
linoleum.
If Marston almost wins his wager
with wanderlust, Brazils Fernando
Meirelles loses his in 360. Meirelles
made City of God, that Rio-set
masterpiece grounded in an almost
face-grinding reality. We never
doubted the director knew all his
characters and their stamping
grounds. He seems to know no one
in this roundelay of stories strewn
across Europe and the American
Midwest, in which screenwriter Peter
Morgan of The Queen (but also of
Hereafter) essays a modern La Ronde.
Jude Laws businessman trysts
with a hooker in Vienna, but
reckons without the anti-tryst
machinations of a conference rival.
Anthony Hopkins pursues a missing
daughter across the Atlantic. Paroled
sex offender Ben Foster encounters
the temptations of freedom. Rachel
Weisz loves and leaves a Latin
toyboy . . . Morgans dramatis
personae connect only in the way a
houses wiring connects after a visit
by a duff electrician. Every time
Meirelles tries to flick a switch a
sudden plot cataclysm, a climactic
coming-together of characters the
whole thing blows. The cabling and
connections are both faulty; not just
the links between the humans but
the humans themselves. They are
stranded away from home without
the DNA-stranding they need to
survive: the back-stories, the
depth of detail, the quirks and
contrarinesses that bring screen
characters to life.
Where do artists belong in
the world? we started by
asking. The subject of Ai
Weiwei: Never Sorry
WEEKEND
ARTS
The Harry Smith
archive is a portal
to a whole other
world. Richard
Clayton tells the
the remarkable
story of the LP
that redefined folk
in tomorrows Life
& Arts section
FILM
Nigel Andrews
Brave
Andrews, Brenda Chapman,
Steve Purcell
The Forgiveness of Blood
Joshua Marston
360
Fernando Meirelles
Ai Weiwei: Never Sorry
Alison Klayman
The Dinosaur Project
Sid Bennett
Train a comin:
Furry Lewis
scored a hit
with the
railroad blues
Kassie Jones
Getty
Weird Americas lasting appeal
Richard Clayton takes a
look at the 60yearold
Anthology of American
Folk and its enduring
influence on the genre
miner for much of his life, has two
numbers on the Anthology, the other
being the lovelorn Sugar Baby.
Having been rediscovered, he cut
three LPs for Folkways in the 1960s.
Old Joe Clark by The New Lost
City Ramblers
This ballad about a murdered man is
believed to originate in Kentucky.
Its a frantic blur of fiddle, guitar
and banjo, and judging from the
antique croon of the vocals in this
version, youd think its a vintage
78rpm record. Wrong. Its by those
purists of the 1950s folk revival Tom
Paley, John Cohen and the late Mike
Seeger, a trio of insidious crusaders
for old-timey music, as Sing Out!
magazine once raved in
complimentary fashion, one hopes.
Waggoner Lad by Rapunzel &
Sedayne
The enduring influence of the
Anthology of American Folk Music
is also felt in Britain. After all, many
of its songs exist in earlier forms in
the traditional music of the British
Isles. The Lancashire-based duo
Rapunzel & Sedayne (aka Rachel
McCarron and Sean Breadin)
continue to explore this material,
presenting it in a way that is both
ancient and modern. Their gorgeous,
courtly take on The Waggoner
Lad, a ballad played by artists from
Cisco Houston to Bert Jansch, and
by Buell Kazee on the Anthology, is
available to hear at soundcloud.com/
rapunzel-and-sedayne. The pair are
also fascinated by the Max Hunter
archive, recordings from the Ozark
Mountains that are freely available
at www.maxhunter.missouristate.edu.
Do investigate.
Its a good time to be a fan of the
old, weird America. That is rock
writer Greil Marcuss unforgettable
coinage for the sound of the blues
singers, banjoists and string bands,
recorded in the 1920s and 1930s,
who impressed Bob Dylan and the
1960s Greenwich Village scene as
well as more recent roots musicians.
Sixty years after Harry Smiths
magisterial Anthology of American
Folk Music, this material is
increasingly accessible online
at the very least to sample,
sometimes to buy. Here are two
tracks from back then and two
under the influence.
Kassie Jones by Furry Lewis
The pioneering Folkways label,
which originally released the
Anthology of American Folk Music, is
now owned by the Smithsonian
Institution, the national museum of
the US, which only adds to its
historical cachet. Its website
www.folkways.si.edu is a gateway
to a vast archive. Tasters of all the
tracks on the Anthology are there,
but you cant, alas, download them.
One artist easily downloaded
elsewhere is bluesman Furry Lewis.
Kassie Jones, the tale of a railroad
disaster, is his signature track.
Country Blues by Dock Boggs
The authentic snarl of a surly
mountain man comes across on this
song about a gambler down on his
luck. Dock Boggs, a Virginia coal
The Loaddown
AUGUST 10 2012 Section:Features Time: 9/8/2012 - 17:36 User: abrahamr Page Name: ART USA, Part,Page,Edition: USA, 11, 1
12
LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,079 Set by BRADMAN
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P A R O D S T S T U B E R
U E E W A Y O
T U L P R O A R N G L Y
U O L V L L U A
P C T O R A L S A M Y L
A M C O N F
N T R A T E W H O O P E E
E E T P U R
C U S H O N N E U T R O N
E C A O R S
S T A R S H O R T C R U S T
S A U T H A
A U T O G R A P H A L B U M
R C T E S L E
Y A H O O L A R G E N E S S
JOTTER PAD
ACROSS
1 Wise caveman managed to protect
children? Thats the modern theory
(4,9)
9 Communicate reason for lateness of
election result? (7)
10 Match must take place after 6
crucially (7)
11 Mark left drowned by food (5)
12 Big noise, always someone to make
a dodgy deal? (9)
13 Something that wont sell now
times up? (8)
15 Virtue good, this sailor implies? (6)
18 What theres no such thing as
losing heart in Paris? (6)
19 Worker, one needing to limit
disadvantage (8)
22 Mini tours around clubs? (5,4)
24 Degree about to be collected by the
female chemist (5)
25 No area for what could be storable
food? (7)
26 Material to muck up a road (7)
27 A measure of fatness shown by
various sexy bondmaids (4,4,5)
DOWN
1 Stuffed stuff (7)
2 Hesitate to leave, keeping unft to
work? (9)
3 One sitting by computer needing
inspiration with nothing fltering in
(5)
4 A hundred had a meal feature
of wedding thats provided at
reception? (8)
5 What lawyer offers commercial
immorality? (6)
6 Astir and experiencing more of a
chill factor? (2,3,4)
7 Setter wants you to do this with only
fve in (5)
8 Henry with new wife, endlessly
cross (6)
14 Material thought highly of or torn
apart? (9)
16 What CEO will want shareholders to
do to offer rigid support (9)
17 Dogs in row keeping mob apart? (8)
18 Nearest and dearest friend abroad
gets into futter (6)
20 Show ending prematurely with
nothing wrong? Thats a mystery (7)
21 What often comes with status given
to odd enough people (6)
23 Get hold of old boy to become a
governor (5)
24 Beautiful woman will want
independence after a time (5)
SOLUTION 14,078
Six weeks of woe
Interactive: the summer
of scandal that has
shaken UK banks, from
RBSs technical glitch to
StanCharts Iranian
transactions allegations
www.ft.com/bankwoe
Surprises of the
lost halfdecade
Video: Five years after
the credit crunch began,
investment editor James
Mackintosh analyses the
consequences, some of
which are unexpected
www.ft.com/shortview
Most read
1
2
3
4
5
StanChart seeks advice over
countersuit
Gu Kailai declared main perpetrator
HP in $8bn writedown on services
arm
Who are the true villains of the
StanChart tragedy?
Rise and fall of medal empires
TODAY ON FT.COM
THE LEX COLUMN
Friday August 10 2012
Overloaded vehicles
Source: Barclays
Number of cars per 100 people in India Indian Car industry production capacity (000)
Maruti
Hyundai
Tata
GM
Mahindra
Tata Fiat
Ford
Nissan
Toyota
VW
Honda
0 500 1000 1500 2000
2012
2013 estimates
0
5
10
15
2005 2012 2020
estimates
Passenger cars
Motorbikes and mopeds
Indy cars
Driving on Indias roads is a hair-
raising experience: no hard
shoulders, cows and lots of potholes.
Not dissimilar to the countrys auto
market, in fact. India is supposed to
have potential. Only one person in
100 drives a car; in the US it is more
than 100. There is a rising middle
class and strong, albeit faltering
economic growth. Yet yesterday,
Tata Motors, the second-biggest
passenger carmaker, disappointed
with a 12 per cent year-on-year rise
in after-tax income of Rs22bn for its
first quarter ending in June.
There was good reason for
investors to feel disheartened.
Challenges at home dragged Tatas
domestic car revenues down by a
tenth, while net profit halved. The
problem is that, in spite of the
potential India should be able to
offer, the car market is sputtering.
About 90 per cent of commercial
vehicle sales and 70 per cent of car
sales are done on credit. As a result,
the 8 per cent repo rate leaves
interest payments totting up to a
fifth of running costs. Stubbornly
high inflation rates leave little room
to cut interest rates in the near
term. And then there is the price of
fuel up by half from a year earlier.
Added to these problems are
bottlenecks and competition. In
infrastructure boom times, car
demand in countries such as China
was growing at twice the rate of
nominal gross domestic profit. Yet
to date, India has only achieved
rates of about 1 times, according to
Barclays. Tata Motors Indian
earnings margin before interest, tax,
depreciation and amortisation of
about 7 per cent is still below the
likes of Volkswagen, which is 10 per
cent globally. And Indian carmakers
could do without further cost
pressures. Maruti Suzukis Manesar
car plant has been closed for nearly
a month because of labour disputes;
the plant accounts for half of
Maruti Suzukis net profit.
Tata Motors was right to look
overseas to buoy growth. But even
its UK Jaguar Land Rover unit,
bought in 2008, is coming under
pressure. While volumes are up,
margins were down 0.5 percentage
points from the past year. Moo.
Nestl
Latte, schmatte. In these days of
freshly ground and roasted, consider
the enduring appeal of instant coffee.
Nescaf has helped Nestl to another
strong first half. The Swiss food
giants powdered and liquid
beverages unit is its largest product
segment, with sales of SFr10bn in
the six months to June almost a
quarter of group revenue and the
highest profit margin by some
distance, nearly 24 per cent. Nestls
secret is in its hardworking brands:
it has 29 of them with sales of more
than SFr1bn, making some of the
plainest food and drinks imaginable,
a good deal of it instant or frozen.
Given its scale and geographical
spread, which is about as ideal as a
global conglomerate can get, Nestl
has little trouble outperforming the
likes of Danone. It has a slight edge
in core operating margins, at 15 per
cent against 14 per cent. And its
return on equity is superior 17 per
cent against 14 per cent. Its shares
are about a quarter ahead over a
five-year horizon. But it tends to
trade places with Unilever for the
premium rating among Europes
biggest food companies.
This is partly because Nestl
reports in Swiss francs, even though
its biggest single market is the US.
Currency effects can be overstated
there is such a thing as hedging. The
main reason for the tentativeness of
Nestls premium rating is that it is
not yet the finished article. Its $12bn
purchase of Pfizers nutrition
business in April will help it get
there by bulking up its already
substantial baby foods business.
The other strategic question for
Nestl, however, is what to do with
its 30 per cent stake in LOral. The
stake is worth about 18bn, or a bit
over 10 per cent of its own market
capitalisation. Nestl styles itself
the worlds leading nutrition, health
and wellness company. If that is the
case, the stake in the luxury goods
group looks a bit incongruous
alongside the instant coffee.
Japanese cameras
Sell more, make less money. As a
motto it is hardly Olympian in
aspiration. Yet Japans world-beating
camera makers, so prominent in
London now, could easily adopt it.
Canon (white lenses) and Nikon
(black ones) are locked in their
perennial battle track, pool and
courtside to settle which camera
news photographers prefer. Both
companies have just reported strong
sales growth but weaker profits,
because of the yen. That is a
favourite excuse. The bigger danger
is their own fierce competition.
Camera sales are slipping as
partygoers leave cameras at home in
favour of Facebook-friendly phones.
But shipments by Japanese
manufacturers of high-quality digital
models with interchangeable lenses
rose nearly three-10ths year on year
in June in volume terms and more
than four-10ths in value.
It does not take a zoom lens to
spot the margin difference. Nikon
squeezes a 1 per cent operating
margin from compact cameras,
according to Nomura, while those
with interchangeable lenses offer
between 13 and 15 per cent. Nikon
has about a third of this market and
Canon four-10ths.
The sales jump helps explain why
Nikons imaging product sales rose
14 per cent yet operating profits
dropped 38 per cent in the three
months to June. Nikon was the
second-worst faller in the Nikkei 225
yesterday as it lowered its full-year
forecast, blaming the yen. Yet the
two risk becoming their own worst
enemies. Canon is pushing hard into
compact cameras while some of
Nikons operating costs were the
result of heavy marketing: it had a
new model out ahead of the
Olympics, as did Canon. Both have
other divisions, but losing their
moneymaking edge in their
undisputed market-leading field risks
damaging market perceptions. Sales
numbers are surprisingly good, but
watch for margin damage.
Corn
You dont only eat corn when you
eat corn. It is an important input for
milk, meat, packaged foods, soda,
even gasoline. And a drought has
severely compromised this years US
crop, threatening to send prices to
new highs. Corn prices have surged
from $6 a bushel in June to more
than $8 now.
That is a big deal for a lot of
companies. Most of them hedge their
exposure. Ethanol companies (which
absorb 40 per cent of the total crop)
can buy corn futures and sell them
on ethanol or gasoline or contract
for corn and ethanol in advance,
locking in a certain amount of profit.
They can also idle plants, as Valero
has. Meat producers (another third
or more of the harvest) can lock in
feed prices too. Chicken producer
Sanderson Farms typically buys feed
only a few months in advance, in
case prices go against it But as there
is no futures market in chicken, it is
harder to guarantee a margin.
The stakes are high. Sanderson
estimates that every 10 cent jump in
the price of corn raises the cost of
producing a pound of chicken by
about a third of a penny. So, a $2
increase, like the one that just took
place, adds about 7 cents to the cost
per pound. Doesnt sound like much?
Well, Sandersons gross profit per
pound in the second quarter, which
ended in April, was about 8 cents (a
10 per cent margin). If corn prices
stay high after the hedges roll off,
and consumers resist price increases,
its going to hurt. Sandersons shares
have dropped by a fourth during the
past three months. Fellow protein
makers Smithfield, Tyson and JBS
are beaten up as well.
Droughts end. People like meat.
Are protein stocks starting to look
tasty? Whatever the hedge, these
companies will have to pass on
Swiss Re
Thats more like it. Some may detect
ghoulish satisfaction in Swiss Re
chief executive Michel Lis mention
in yesterdays results of another
successful renewal round in July.
Investors who recall the reinsurers
self-inflicted investment accident in
the financial crisis (and expensive
rescue by Berkshire Hathaway)
should welcome its return to a more
normal reinsurance cycle of
catastrophe followed by robust price
rises. Last years catastrophe losses
earthquakes in Japan and New
Zealand, floods in Thailand were
the worst for claims since 2005.
Such disasters are not as bad for
reinsurers as investors invariably
fear. The likes of Swiss Re rarely
cover all the losses, especially in
undeveloped economies. But they
bump up premiums anyway. This
mechanistic response should, equally
ghoulishly, incline investors to buy
shares before disaster dust settles.
Swiss Res shares fell about a fifth
after the New Zealand earthquake.
They again fell a fifth after the
Fukushima disaster in Japan before
reaching a low of SFr34 a year ago
as the Thai floods struck. Since then,
the Swiss reinsurers shares have
risen by three quarters to SFr61.
German reinsurers Hannover Re and
Munich Re display similar trends.
Both expect to increase premiums.
Investment income helps too. Swiss
Res rose 4.5 per cent in the second
quarter, not too shabby given low
interest rates.
But a $1bn loss on the sale of its
Admin Re closed-book business in
the US cut net profit to $83m and
return on equity to just 1 per cent.
Exclude the loss and it was 14.5 per
cent. It is just as well that
underlying performance in its
property and casualty unit was solid.
But capital strength, boosted by the
Admin Re exit, spells sub-10 per
cent annual returns on equity,
hence shares that trade at 0.9 times
tangible book value. Reason enough
to trade reinsurers proactively.
higher corn prices as the drought is
so bad. The question is whether
short-term price spikes will have an
effect on consumers appetite for
meat long after the rains..
AUGUST 10 2012 Section:FrontBack Time: 9/8/2012 - 19:24 User: mulliganm Page Name: 1BACK USA, Part,Page,Edition: EUR, 12, 1
13
Companies and sectors in this issue
Companies
Acer......................................... 15,15
Advanced Micro Devices.........24
Aegon.......................................... 24
Amazon........................................15
Amec........................................... 24
Amrica Mvil............................23
Apple............................................ 15
Areva............................................13
BP.................................................14
Bank of Korea........................... 23
Bank of Tokyo Mitsubishi ....... 14
Barclays............................ 13,16,24
Berkshire Hathaway..................12
Cameco........................................13
Canon...........................................12
Cargill...........................................14
Carlyle Group.............................16
Commerzbank...................... 14,24
Danone.........................................12
Dell................................................15
Deutsche Bank...........................14
Deutsche Telekom....................24
E Trade Financial......................24
Electrabel ...................................... 5
Eon................................................13
ExxonMobil..................................14
Facebook.....................................15
Fujifilm, ........................................ 15
GDF Suez......................................5
GM................................................14
Gazprom......................................14
Glencore......................................24
Goldman Sachs.................... 16,16
Google..........................................15
HTC.............................................. 15
Hannover Re...............................12
HewlettPackard.........................15
Intel...............................................15
JBS ..............................................12
JPMorgan...............................14,16
Kohls...........................................24
LOral..........................................12
Maruti Suzuki .............................12
Micron Technology...................24
Microsoft..................................... 15
Monster Beverage.................... 24
Mosaic..........................................14
Munich Re...................................12
Nestl......................................12,15
News Corp................................. 24
Nikon............................................12
Nissan.......................................... 14
Nokia........................................... 24
Northern Trust...........................16
Nvidia...........................................24
Ocado..........................................24
Oki Electric..................................15
Olympus...................................... 15
Petrobras.....................................14
Pfizer............................................12
Procter & Gamble.................... 23
RWE ............................................ 13
Renaissance Capital..................14
Rosneft ........................................ 14
Rosneftegaz................................14
Royal Bank of Scotland..... 14,24
Sanderson Farms......................12
Seagate Technology.................24
Smithfield.................................... 12
Socit Gnrale....................... 16
Sony............................................. 15
Standard Chartered............ 16,24
State Street................................16
Subsea 7.....................................24
Swiss Re......................................12
TCW..............................................16
TNKBP........................................14
Tata Motors................................12
Toyota..........................................14
Transneft.....................................14
Tyson........................................... 12
UBS.............................................. 14
Unilever ...................................... 12
Urenco......................................... 13
Valero...........................................12
Volkswagen........................... 12,23
Wells Fargo.................................16
Western Digital..........................24
Windstream Corporation.........24
Yukos........................................... 14
Zarubezhneft.............................. 14
Sectors
Automobiles................................14
Banks...................................... 14,16
Electricity...................................... 5
Food Producers.................... 12,15
Investment Comp......................16
Media............................................15
Oil & Gas.................................... 14
Software...................................... 15
Technology HW & Equ........12,15
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 32
News Briefing
Chinese equities
Shanghai Composite
Source: Thomson Reuters Datastream
2100
2200
2300
2400
2500
Jan 2 2012
2199.4
Aug 9 2012
2174.1
Hopes for monetary stimulus
in China lift stocks, Page 24
JPMorgan ratios revised
Regulators have forced
the US bank to cut 50
basis points off its reported
capital levels. Page 14
Cargill admits missteps
Cargill suffered its weakest
fiscal year in nearly a
decade. Page 14
Nestl profits up 8.9%
Price increases and growth
in emerging markets boost
food company. Page 15
Custody banks scrutiny
StanChart case could lead
to new obstacles for banks
in clearing system. Page 16
China car sales rise
Sales in China up 11% year
on year in July. Page 14
The hardware shift
Microsoft, Amazon and
Google find making their
own devices is key for
mobile ambitions. Page 15
Carlyle strikes TCW deal
US private equity group
says it will acquire asset
manager TCW. Page 16
FSA in Libor proposals
UK regulator to announce
proposals designed to
restore trust following the
Libor scandal. Page 16
Inside Business
State groups will lead
Russias new era of
consolidation. Page 14
News Corp hits high
Groups shares hit highest
level in five years despite
$2.8bn writedown. Page 24
Sterling outlook worry
Many investors say UKs
sluggish growth make the
pound unattractive. Page 22
Corporate debt boost
Procter & Gamble and
Volkswagen issues deliver
a shot in the arm. Page 23
Insight
School bond schemes
ignore lessons of
subprime crisis. Page 22
Markets & Investing
Companies
Friday August 10 2012
Draghis toolkit The options for ECB president to save the eurozone Page 23
Summers here, and investors
are dancing in the street. The
equity rally has seen US shares
gain more than 10 per cent
since their low at the start of
June, US economic data has
been better than expected and
eurozone worries have receded.
The past five years have
conditioned many to assume
the rally cannot last, as
economic gloom snuffs out
hope time and again. Look
back before the crisis and
history is almost as negative
on summer rallies.
From the second world war
until 2000 there were only four
summer rallies, and one ended
with a bang on Black Monday
in October 1987. Theres a
reason no one says Buy in
May and stay.
Perhaps this time is different.
But history is not kind. Rallies
that lasted beyond the summer
2009, 1995, 1958 or 1935-36
started earlier. Rallies that
start in the summer typically
end in the summer.
There is still plenty of scope
for good news. The eurozone
crisis may have been put on
the backburner during the
holidays, but it is clearly not
resolved; just look at the
two-year bond yields of
Switzerland, Denmark,
Germany and Finland, which
are all negative. Investors are
still so scared they are willing
to pay to keep their money
safe. Further action from
European governments which
have not even been able to
activate the European Stability
Mechanism they agreed in
December 2010 could give
equities a further boost.
Yet, this is a gamble. The
effect of the latest European
Central Bank plan on Spanish
two-year bonds is already
wearing off, with yields back
above 4 per cent yesterday.
Concerns about the US fiscal
cliff seem sure to get worse as
Novembers presidential
election ups the partisan
rhetoric before the automatic
tax rises and spending cuts due
in January.
Betting on the rally
continuing once the autumn
rains start shows a touching
faith in politicians and policy
makers.
www.ft.com/shortview
Barclays names new chairman
By Patrick Jenkins in London
Barclays has moved swiftly to
settle the governance vacuum at
the bank following the mass res-
ignations that accompanied its
indictment by regulators over
the Libor lending rate scandal,
naming City grandee Sir David
Walker as its next chairman.
Sir David, who will join the
board in September and succeed
the outgoing chairman, Marcus
Agius, in November, is a
respected financier and corpo-
rate governance expert who has
been outspoken in his criticism
of high banker pay.
Barclays has a crucial role to
play in ensuring that this coun-
try has a successful, well-
governed banking industry, Sir
David said. My immediate pri-
ority, and critical to Barclays
ongoing success, will be the
appointment of a new chief
executive and I will be fully
engaged in that process.
Bob Diamond resigned as
chief executive with immediate
effect last month within days of
the bank paying 290m to US
and UK regulators to settle
charges it manipulated Libor
rates over a four-year period. Mr
Agius also resigned but has
stayed on to help find a replace-
ment for Mr Diamond. Aside
from the task of finding a new
chief executive, Sir David is
expected to waste little time in
clearing out the Barclays board,
widely criticised for allowing a
culture to persist in which Mr
Diamonds strategies went
unchallenged. Its clear the
whole board needs to be shot,
said one close associate.
Sir David will also prioritise
the banks much criticised pay
structure as part of an overhaul
of the banks culture. The new
chairman is not friendly
towards short-term bonuses and
believes in much longer defer-
ral, one person close to him
said. An independent review of
the banks culture, commis-
sioned from veteran lawyer
Anthony Salz last month, will
be key to the new chairmans
work to reform the bank.
People who have worked with
Sir David praised his balance of
experience as a governance
expert and regulator, on the one
hand, with his knowledge of
banking. He was formerly chair-
man of the predecessor organi-
sation of the Financial Services
Authority and later chairman of
Morgan Stanley International,
where he has remained an
adviser. Most recently, he co-led
the independent review of the
report that the FSA produced
into the failure of Royal Bank of
Scotland. Barclays is very for-
tunate to have recruited David
who is such a multi-faceted indi-
vidual. His experience as
banker, regulator and trusted
adviser are unique in the City
today, said Huw van Steenis, a
long-time colleague and banks
analyst at Morgan Stanley.
Sir David will be paid a salary
of 750,000, on a par with Mr
Agius, with 100,000 of the total
funded in Barclays shares.
Libor reform, Page 16
Sir David Walker to
succeed Marcus Agius
Appointing a new
chief will be priority
The Short View
James Mackintosh
By Robin Wigglesworth
in London
The best performing invest-
ments in the five years since the
financial crisis begun in earnest
have been precious metals, oil,
the bonds of the worlds most
creditworthy governments and
most of all corn.
BNP Paribass move to halt
withdrawals from three money
market funds on August 8 2007,
heralded the onset of the credit
crunch. The subsequent half
decade has seen an investor exo-
dus from riskier assets and
money gushing into real
assets and safer bonds.
The main beneficiaries have
been gold and silver which
have returned 143 per cent and
121 per cent over five years,
according to Deutsche Bank
but also the government bonds
of the UK, Germany and the US.
The latter three have returned
54 per cent, 40 per cent and
38 per cent respectively.
However, prices for corn
which investors have been tak-
ing an increasing exposure to
through the futures market
have gained 144 per cent,
boosted by a recent US drought.
The last five years have been
a rude awakening for many
investors, said Navtej Nandra,
head of international, Morgan
Stanley Investment Manage-
ment. Alternatives are defi-
nitely gaining traction, he
added. There are far more dis-
cussions of gold, silver, even
farming and infrastructure
these days, not just developed
world bonds and equities.
However, corporate bonds
both investment grade and junk
have also been winners. Aside
from a spike in corporate
defaults in 2008-09, surprisingly
few non-financial companies
have been tripped up by the cri-
sis and resulting economic
downturn.
As a result, money has gushed
into corporate bonds, even as
central bank interest rates have
fallen. US investment grade
non-financial corporate bonds
have returned almost 55 per
cent during the past half dec-
ade. Even US and European
junk bonds have returned about
40 per cent, according to Deut-
sche Bank. In contrast, many
stock markets have performed
poorly over the past half decade,
and in some cases abysmally.
Londons FTSE 100 has
returned more than 15 per cent,
partly due to its exposure to
energy companies and emerging
markets, but only in local cur-
rency terms, and the British
pound has weakened markedly.
The S&P 500 has returned just
under 8 per cent, and the Hang
Seng 5.5 per cent. Many other
markets have yet to recover.
Investors in Europes Stoxx 600
have lost almost 13 per cent
since the credit crunch started,
led by the continents banks.
Worst is Athens stock market,
where investors have lost more
than 85 per cent of their money.
Jos Graziano da Silva, Page 9
Lex, Page 12
Corn and
oil among
top assets
in the crisis
Source: Deutsche Bank *
Selected. Local currency terms
-100 -50 0
0 50 100 150
Corn
Gold
Brent
US IG Non-Fin
Gilts
Bunds
US high-yield debt
EU high-yield debt
US Treasuries
EU Sovereigns
FTSE 100
S&P 500
Hang Seng
Dax
Ibex 35
Nikkei 225
Shanghai Composite
FTSE MIB
Stoxx 600 Banks
Greece Athex
FT Graphic Photos; Bloomberg
Winners and losers
Global returns
Over five years (%)*
The new chairman is
not friendly towards
shortterm bonuses
and believes in much
longer deferral
Former Urenco executive seeks
consortium to buy 7bn stake
By Jim Pickard, Anousha Sakoui
and Rebecca Bream in London
An attempt to put together a
consortium bid to buy a 66 per
cent stake in the government-
controlled nuclear group Urenco
for as much as 7bn has been
launched by a former executive
of the business.
The British government and
two German utilities RWE and
Eon have kicked off the process
to sell down their stakes in Ure-
nco, which enriches uranium for
power plant fuel.
However, any deal would have
to be agreed by all shareholders
including the Dutch govern-
ment, which holds a 33 per cent
stake but wants to retain its
holding, according to people
close to the process. The UK
holds a third of the equity while
RWE and Eon hold the balance.
The attempt to build a consor-
tium to buy the 66 per cent
stake is being led by Patrick
Upson, a former chief executive
of a joint venture between
Areva and Urenco called Enrich-
ment Technology Company that
provides enrichment plant
design services and gas centri-
fuge technology.
This work is likely to last
until at least the end of 2012,
with a possible sale slated for
2013 or 2014. Urenco is a partic-
ularly sensitive asset, said one
of the people familiar with the
matter. The commitment to the
process of selling is greater than
before.
Mr Upson was previously
executive director at Urenco
where he was responsible for
group operations and technol-
ogy. While no consortium has
yet been formed, the stakes are
expected to interest infrastruc-
ture funds and strategic buyers
such as Areva, the French
nuclear group, as well as
Cameco, the Canadian uranium
trading company.
The UK Department of Energy
& Climate Change said no final
decision has been made on the
future of Britains share of Ure-
nco. An adviser is expected to
be appointed to consider options
for its stake. Several bankers
have been vying for the role,
including Rothschild, Morgan
Stanley and JPMorgan.
AUGUST 10 2012 Section:2Front Time: 9/8/2012 - 20:06 User: crawcourk Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 13, 1
14
FINANCIAL TIMES FRIDAY AUGUST 10 2012
Contracts & Tenders
Public Notice
Business For Sale
COMPANIES
COMPANIES ROUNDUP
By Tracy Alloway
in New York
JPMorgan has been forced
by regulators to shave 50
basis points off its reported
capital levels and has sus-
tained four weeks worth of
trading losses in the second
quarter, following the $5bn
trading loss reported by the
bank earlier this year.
The bank said yesterday
in a special regulatory fil-
ing that the Federal
Reserve Bank of New York
and the Office of the Comp-
troller had on Wednesday
determined that the bank
should amend its reported
regulatory capital ratios.
The regulatory directive
will add to the long list of
problems stemming from
the $5bn trading loss
incurred by the banks chief
investment office earlier
this year.
JPMorgan started an
internal investigation into
the trade which suggested
that marks on the CIOs so-
called synthetic credit
portfolio could be inflated,
leading to the restatement
of first-quarter results and a
$500m drop in first-quarter
net profit.
Wednesdays determina-
tion relates to an adjust-
ment to the firms regula-
tory capital ratios to reflect
regulatory guidance regard-
ing a limited number of
market risk models used for
certain positions held by
the firm during the first
quarter, including the CIO
synthetic credit portfolio,
JPMorgan said in the
amended filing.
The banks reported
Basel I tier one common
equity ratio a key meas-
ure of JPMorgans ability to
absorb losses has now
been revised to 9.8 per cent,
down from the 10.3 per cent
originally reported, the
investment bank said.
In a separate filing,
JPMorgan said that it lost
money on 28 days in the
second quarter after the
CIO positions were discov-
ered and were in the proc-
ess of being unwound. That
compares with losses on
just one trading day in the
first quarter.
On three of the 28 trading
loss days in the second
quarter, losses exceeded the
banks so-called Value at
Risk or VAR measure.
Such VAR models are
meant to pull together the
thousands of trading posi-
tions taken on by a big
bank and estimate the size
of possible trading losses on
one day within a certain
probability.
However, JPMorgan
found that instead of help-
ing to predict the $5bn trad-
ing loss announced by the
bank, a newly implemented
VAR model helped disguise
the riskiness of JPMorgans
portfolio in the first quar-
ter.
The bank has since
reverted to an older VAR
model, but its risk manage-
ment methods remains
under scrutiny
The bank also said in yes-
terdays filing that it has
received a number of
requests for documents
related to the trading loss
from US politicians and reg-
ulators including the OCC,
the Federal Reserve, the
Department of Justice and
the UKs Financial Services
Authority.
JPMorgan declined to
comment.
JPMorgan
forced to revise
capital ratios
BANKS
Regulators demand
50 basis points cut
Directive follows
$5bn trading loss
Commerzbank is weighing
options for its underper-
forming retail bank as Ger-
manys second-largest bank
by assets continued to
struggle under the burden
of its legacy assets and the
turbulence caused by the
financial crisis.
Profits in retail banking
in Germany were not satis-
fying, Commerzbank said,
after operating profits from
the division fell 35 per cent
to 126m in the first six
months of the year.
Commerzbank reported
second-quarter net income
of 275m, compared with
just 24m in the same
period last year. However,
in the first six months
group net income fell from
1bn to 644m, with operat-
ing profits down by one-
third at Commerzbanks
core operations, which
include its retail, corporate
and investment banking
arms as well as its business
in central Europe.
Net income in the second
half of the year was set to
be lower than in the first
six months, the bank said.
Retail banking was one of
the parts of Commerzbank
that was supposed to have
been decisively strength-
ened when the bank took
over rival Dresdner Bank in
2008, substantially bolster-
ing its market position in
Germany.
But low interest rates and
lacklustre revenues from
fees charged to customers
who have avoided many
financial products during
the crisis have sent plans
for the retail bank off
course.
Operating profits for the
first six months at the
banks slimmed-down
investment bank fell from
521m to 75m.
Stephan Engels, chief
financial officer, said he
expected operating profits
to continue to be under
pressure in the second half
of the year.
James Wilson
Commerzbank ponders fate
of struggling retail arm
BANKS
Passenger vehicle sales in
China have continued to
resist the mainland eco-
nomic slowdown, rising
11 per cent year on year in
July traditionally a weak
month for the automobile
industry.
Deliveries of passenger
vehicles for the first seven
months of the year rose
7.5 per cent to 8.74m units,
the China Association of
Automobile Manufacturers
said yesterday.
The market has
remained resilient in the
face of tremendous eco-
nomic uncertainties and
elimination of [tax] incen-
tives, said Bill Russo, head
of Synergistics auto consul-
tancy in Beijing and former
head of Chrysler in China.
This comes from the fun-
damental drivers of demand
which include continued
GDP growth and urbanisa-
tion which increases the
number of middle class con-
sumers that can afford to
buy cars.
Chinas car market
which grew 45 per cent in
2009 and 32 per cent in 2010
has slowed dramatically
since the end of tax incen-
tives introduced as part of
the governments 2008 eco-
nomic stimulus package.
Rao Da, head of the China
Passenger Car Association,
earlier this week said he did
not expect Beijing to intro-
duce a new round of auto
subsidies to counteract the
current slowdown. The
Chinese market is adjusting
from a period of hyper-
growth to a future that will
have a more stable and sus-
tainable growth rate in line
with overall GDP growth,
said Mr Russo. Chinas
second-quarter growth of
7.6 per cent was its slowest
since early 2009.
In contrast, Indian
vehicle sales showed signs
of a marked slowdown in
the face of weakening eco-
nomic conditions.
Figures from the Society
of Indian Auto Manufactur-
ers yesterday showed sales
of passenger cars in Asias
second-largest emerging
market rose 7 per cent in
July from the month before,
below analysts predictions.
Patti Waldmeir and
James Crabtree
See Lex
China car sales rise 11% to
defy broader slowdown
CARS
Bank of Tokyo Mitsubishi
has become the latest
lender to face questions in
the widening interbank
lending rate-rigging scandal
that has shaken the global
banking industry.
Japans biggest bank by
revenues yesterday said one
of its employees in London
was being questioned by UK
regulators over attempted
manipulation of the London
interbank offered rate,
which is the subject of an
international probe.
The BTMU employee,
who was in charge of the
banks Libor submission,
has been instructed to
remain at home while the
bank conducts its own
investigation into the mat-
ter, a representative said in
Tokyo.
BTMU is the only one of
the four Japanese lenders
that submit Libor rates to
become embroiled in the
scandal. Last month, BTMU
said two employees had
been instructed to stay at
home after questions were
raised about alleged involve-
ment in the attempted rig-
ging of Libor while the two
worked at Rabobank.
The Libor scandal has
already prompted the resig-
nation of Bob Diamond as
chief executive of Barclays,
after the UK bank paid
290m last month to settle
its case with UK and US
regulators. The chief execu-
tive of Royal Bank of Scot-
land, Stephen Hester, indi-
cated last month that the
bank expected to be fined
for its role in the scandal.
Deutsche Bank and UBS,
both of which are also
caught up in the scandal
involving Libor and related
benchmark lending rates,
raised their estimates for
litigation risk by a com-
bined 580m.
UBS was also one of the
first to be sanctioned over
its involvement in rate
manipulation when the Jap-
anese financial regulator
last year found that it and
Citigroup had attempted to
rig both Libor and the
Tokyo interbank offered
rate. Analysts were puzzled
by the possibility that
BTMU could have been
involved in the Libor scan-
dal because Japanese banks
have little apparent incen-
tive to manipulate the rate.
Toyoki Sameshima, bank-
ing analyst at BNP Paribas,
said there would have been
little point in lowering the
rate, since during the finan-
cial crisis Japans lenders
did not face the same con-
cerns about their strength
as European banks.
Mr Sameshima said it was
difficult to imagine a BTMU
trader deciding to manipu-
late the rate, but that he or
she could have been
approached by staff at other
banks seeking co-operation.
Michiyo Nakamoto
www.ft.com/indepth/
liborscandal
Libor spotlight falls on
Bank of Tokyo Mitsubishi
BANKS
Cargill has suffered its
weakest fiscal year in nearly
a decade after losing money
in cotton and sugar and
acknowledging missteps
inside a trading operation
renowned for global acuity,
writes Gregory Meyer in
New York.
The privately held
company earned $1.17bn in
the 12 months ended May
31, the smallest net profit
since 2003 and 56 per cent
lower than the record
$2.69bn reported in 2011.
Fourthquarter profit was
$73m, down 82 per cent
from the same period last
year and the least since
1991. Macroeconomic
uncertainties including fears
over the eurozone economy
apparently tripped up the
company, which has about
139,000 employees in 65
countries.
Cargills global market
analysis of supply and
demand and our trading
expertise are longstanding
strengths, said Greg Page,
chief executive. Even so, we
did not trade as well in this
years markets, which were
driven as much by the
economic and political
environment as by the
fundamentals.
Sergio Rial, chief financial
officer, said: Markets were
a lot tougher to read than in
previous years.
Results excluded previous
contributions from Mosaic,
the fertiliser company in
which Cargill had a 64 per
cent stake until splitting it
off in May 2011. Cargill
encountered problems in
both specialised businesses
and global markets.
As surging cattle markets
outpaced wholesale meat
prices, profit margins were
squeezed at Cargills US
slaughterhouses. Hedge
funds managed by the
company dragged down its
financial division, while a
warm US winter slowed
sales of highway salt.
As owner of one of the
biggest international cotton
merchants, Cargill lost
money trading the fibre as
global demand collapsed.
Cargill also lost money in
sugar and replaced its head
of the business last year.
The company has entered
its new fiscal year as corn
and soyabean prices have
surged to records on fears
that the worst US drought in
half a century will
dramatically reduce crops.
Cargill will be exposed to
any shortfall, as it owns an
extensive network of grain
storage and milling
operations across North
America.
Cargills annual revenues
totalled $133.9bn, up 12 per
cent from $119.5bn in 2011.
Fourthquarter revenues of
$34bn were 2 per cent
lower than the same quarter
a year ago.
Grim harvest: Markets were a lot tougher to read than in previous years, the company said Bloomberg
Cargill admits missteps as profits take a cut
JPMorgans trading loss has
produced a list of problems
State groups will lead Russias new era of consolidation
Russias oil industry has been through two
great evolutions since the collapse of
communism. Now it is entering its third.
First, in the 1990s, former state-owned
oil assets were parcelled into vertically
integrated groups and sold off at bargain
prices to investors or former managers,
creating some of Russias first oligarchs.
The following decade saw a twofold
process. First, partly under pressure from
new president Vladimir Putin, private oil
company owners brought in foreign
technology that boosted production and
profits. Then, mostly in Mr Putins second
term, state-controlled groups started
taking back some of these revitalised assets.
Rosneft, the state oil group, acquired much
of Mikhail Khodorkovskys former Yukos.
Gazprom, the natural gas monopoly,
bought Roman Abramovichs Sibneft.
Now, notes Moscow investment bank
Renaissance Capital, in a recent report,
Russian oil is at a new crossroads. Output
from onshore fields, some producing for
almost 50 years, is declining. To maintain
output and the oil sectors crucial
contribution to budget revenues it must
set about the expensive and challenging
development of offshore fields, many of
them in the hard-to-access Arctic region.
Yet despite the past decades partial
reconsolidation, Russias industry remains
fragmented among seven operators. They
lack, individually, the expertise and capital
needed for the push into frontier territory.
Meanwhile, says Renaissance, a five-year
derating of Russian oil companies by
investors, thanks to an unpredictable
regulatory environment, has reduced the
sectors average 2012 price/earnings ratio
to less than 5 times. That is roughly
where it was before the last consolidation
wave. It represents a value gap of $300bn
compared with a rating similar to global
peers of, say, 8 times earnings a huge
potential opportunity for strategic buyers.
Theoretically, one way forward would be
for Russia to allow foreign majors to merge
with or buy into Russias producers,
providing capital and knowhow and
stimulating competition. Far more likely,
given Mr Putins belief that Moscow should
control strategic sectors, is that Russias
state giants will lead the new consolidation.
This is where Igor Sechin, former deputy
prime minister in charge of energy, and
long-time Putin confidant, seems to come
in. Since Mr Putins presidential return,
Mr Sechin has not only been made chief
executive of Rosneft, but intriguingly he
has also been named chairman of
Rosneftegaz, holding company of the
states Rosneft stake and 11 per cent of
Gazprom. And he has become executive
secretary of a Kremlin energy strategy
commission, chaired by Mr Putin himself.
Chris Weafer, chief strategist at Troika
Dialog, another investment bank, believes
Mr Putin aims ultimately to create a vast
energy holding company, on the scale of
Brazils Petrobras. The Russian president
has given this task to his trusted lieutenant
Mr Sechin and to Rosneftegaz. Putin sees
energy as the basis of Russias geopolitical
bargaining power, and that has to stay
under Kremlin control, says Mr Weafer.
The speculation is that Rosneftegaz
could become an umbrella for stakes in oil
producers; Zarubezhneft, the overseas
exploration and production company;
Transneft, the oil pipeline monopoly; and
even some strategic electricity assets.
Mr Sechin may not have things all his
own way. He famously failed to deliver a
planned alliance between Rosneft and BP
last year after a legal challenge from BPs
partners in TNK-BP. He has clashed with
government liberals who are pushing an
ambitious privatisation programme
including some assets Rosneftegaz is
thought to be targeting. Assuming he is
doing Mr Putins bidding, however, it
would be foolish to bet against Mr Sechin.
So what role will international oil
groups play in the new consolidation? The
model is almost certainly the kind of
alliance ExxonMobil formed with Rosneft
last year, and which the latter had earlier
sought with BP. Indeed, a Rosneft-BP
venture is still possible now the UK group
is trying to sell its TNK-BP stake.
Russia will need foreign partners,
particularly to develop its Arctic waters, a
challenge some see as comparable in
technical difficulty to space exploration.
But it will be through minority stakes, or
asset and share swaps, mainly with state-
controlled operators.
That will probably suit oil majors,
desperate for access to such resources. For
Russia, however, it is a suboptimal economic
model. State control can mean greater
inefficiency and corruption and increase
the danger that projects such as pipelines
will be pursued for political reasons. But
the lesson of the past decade is that in Mr
Putins view of Russia, oil, and the world,
the politics come first.
Neil Buckley is the FTs eastern Europe
Editor
neil.buckley@ft.com
www.ft.com/insidebusiness
Neil
Buckley
INSIDE BUSINESS
on Europe
Demand has helped to keep
Chinas car market resilient
AUGUST 10 2012 Section:Companies Time: 9/8/2012 - 19:12 User: vickersj Page Name: CONEWS1, Part,Page,Edition: USA, 14, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012
15
Nexus 7, a $199, seven-inch device
that has been much praised by
reviewers for its wealth of features,
appealing design and low price.
By moving into hardware, the inter-
net companies are muscling in on the
domain of their partners to date, the
device manufacturers which may
become alienated as a result. JT
Wang, chief executive of Acer, the
worlds fourth-biggest PC maker by
shipments, told the Financial Times
in a recent interview that it asked
Microsoft to think twice about the
Surface.
But with consumers increasingly
accessing the web via mobile devices,
the need to follow them into that ter-
ritory outweighs any reservations the
internet companies may have of get-
ting into hardware. Mr Lam says
traditional business models and sup-
ply-chain relationships do not apply
in mobile it is the relationship with
customers that is paramount.
Ms Milanesi says: HTC and Sam-
sung can be as upset as they like, but
where do they go? They have invested
so much in Android and there are
really not a lot of other options out
there if you are a hardware vendor.
Not all internet companies are con-
vinced they need their own hardware.
A Facebook phone has been long
rumoured, but Mark Zuckerberg, the
social networks chief executive, told
analysts last month that he did not
think this made much sense and pre-
ferred deeper integration with exist-
ing smartphone operating systems.
Mr Lam says: Mobile is growing, so
maybe there is a burning fire under
Facebook management to get some-
thing out there, but they have to find
the right relationship with carriers
and find the right business model to
make it attractive to consumers.
Tim Bajarin, an industry consultant
with Creative Strategies, says it
would take some time for Google and
others to be able to weave together
products with Apples design consist-
ency, appealing applications and con-
tent services.
Nevertheless, Google, Microsoft and
Amazon have the potential to adopt
Apples vertical model of combining
software, services and hardware to
gain complete control over the design
and function of future mobile devices,
according to Richard Doherty, direc-
tor of the Envisioneering Group tech-
nology assessment firm.
That would change the playing
field considerably, he says.
sumer devices analyst, says: For
Google, its about access to the mass
market. Google makes its money from
the sheer number of people that are
using search and its other services, so
if thats being limited by the hard-
ware that consumers can use, it limits
its revenue opportunity.
Google has been successful in
expanding the market in smartphones
with its Android operating system,
but less so in tablets where the iPads
market share has been hardly dented.
Hence the motivation for Googles
first tablet released last month, the
by showcasing it on both tablets using
Arm-based chips and those with Intel
ones in its two versions of the Surface
due later this year.
Wayne Lam, wireless analyst with
the IHS research firm, says: For
Amazon, hardware is greasing the
wheels of commerce. Their products
[the Kindle devices] are sold at a very
low margin and their design philoso-
phy is getting a product at minimal
cost that can [make money from con-
sumer purchases of apps and content
on it] over its lifetime.
Carolina Milanesi, Gartner con-
profit margins overtook Microsofts
for the first time. Microsoft now
appears to be following Apples lead
with its forthcoming Surface tablet,
which analysts expect to be priced at
a premium level.
Unlike traditional hardware brands,
however, the new entrants generally
see making and selling their own
devices as just a means to an end.
In Microsofts case, analysts say it
has felt the need to convince consum-
ers about the capabilities of Windows
8 perhaps the most important oper-
ating system release in its history
Their brands may look more familiar
on a website or a software package,
but the names and logos of Amazon,
Google and Microsoft are appearing
increasingly on hardware as they
pursue their mobile ambitions.
Not content with providing just the
media, services and software for
todays smartphones, tablets and lap-
tops, all three are defining such
devices themselves with models such
as the Nexus smartphone, Kindle Fire
and Surface tablets.
The imperative is to claim a greater
degree of control and influence over
an exploding category one where,
unlike during the PC era, users expe-
rience of web-based services are
shaped not just by the layout of a
website but also the weight, size and
design of the mobile device they hold
in their hands.
Hardware in the past mattered little
to the leaders of the web because the
PC had become a largely commodi-
tised product. Intense competition
between manufacturers meant low
profit margins for the likes of
Hewlett-Packard, Dell and Acer.
By contrast, Microsoft, together
with Intel, extracted a large chunk of
the industrys profits by ruling over a
horizontal PC world they provided
the software and the chips that
powered the open platform of the web,
where Google and Amazon built their
businesses.
With the rise of the mobile internet,
however, that model is disintegrating
and internet companies are having to
rethink their place in the world,
which in turn has led to a revision in
how they view hardware.
Apple is, so far, the only technology
company to have perfected an alterna-
tive, closed model of designing its
own software and hardware for
mobile devices, though others are
scrambling to catch up.
Apples profitability also challenges
the conventional view that hardware
is a low-margin business. In the first
quarter of this year, Apples operating
COMPANIES
Software titans enter the physical world
FT series
Made for mobile
Making their own devices
is key for the likes of
Amazon, Google and
Microsoft, write Chris
Nuttall and Sarah Mishkin
Moving to hardware
*
Due: Oct 26 2012
Source: FT research
Microsoft Apple Google; Asus Amazon
Surface for Windows RT* iPad 3 Nexus 7 Kindle Fire
iOS Android 4.1 (Jelly Bean)
9.3mm 9.4mm 10.45mm 11.4mm
8GB, 16GB
From $199
10.6 HD display 9.7 Retina display 7 HD display 7 HD display
676g 662g 340g 413g
USB, video port and WiFi Dock connector and WiFi USB, WiFi and NFC USB and WiFi
Windows RT
32GB, 64GB
In line with similarly priced premium
tablets, which start from $500
16GB, 32GB and 64GB
From $629
Android 2.3 (customised)
8GB
From $199
n.a. 10 hours 8 hours 10 hours
Operating system
Screen
Weight
Thickness
Connectivity (including)
Storage
Battery life
Price
Entrants
generally
see making
and selling
their own
devices as
a means to
an end
ON FT.COM
For all the analysis
from our threepart
series on the
shift to mobile
computing, go to
www.ft.com/
madeformobile
Hardware specialists fear that the partnership model will be consigned to history
In early 2010, Google asked
Taiwans HTC to develop the
Nexus One, a flagship phone
meant to show off the then
relatively new Android
mobile operating system.
It was the first of a series
of collaborations between
Google and hardware
makers, from Chromebook
laptops to the latest Nexus 7
tablet, made by Asus, writes
Sarah Mishkin in Taipei.
Whether such partnerships
were a success is a matter
of debate. The Nexus One,
despite good reviews, sold
poorly. Google set up an
online retail store to sell the
Nexus, only to close it a few
months after its launch.
Similarly, subsequent
versions of the Nexus
smartphones were often
overshadowed by
phonemakers own models.
Yet analysts say the first
project, at least, was
mutually beneficial.
Google was a newcomer
to the smartphone, so they
could reach lots of
technology and experience
from HTC, said Joey Yen,
analyst with IDC. For HTC,
making the Google phone
raised its profile.
Even though the Nexus
One did not sell particularly
well, the popularity of HTCs
other Android models helped
it lead the market for more
than a year.
When Android was
launched . . . HTC had time
to be the first mover
alongside Google, so
benefited a lot, says Aaron
Jeng, an analyst with
Nomura in Taipei.
But there are worries
among hardware makers
that instead of such
partnerships, software
makers such as Google or
Microsoft are increasingly
looking to compete with
device makers directly.
Microsofts decision to go
it alone on its Surface tablet
has already prompted sharp
criticism from JT Wang,
chief executive of PC maker
Acer, despite the previously
close relationship between
the two companies.
Google, which has said
that it seeks collaboration
instead of competition with
device makers, raised alarms
with the acquisition of
Motorola Mobility.
I ultimately believe that if
Google really does decide to
get into the hardware
business itself, that will
come through the Motorola
brand, says Tim Bajarin, an
industry consultant with
Creative Strategies.
By James Shotter
in Frankfurt
Price increases and strong
growth in emerging mar-
kets helped Nestl, the
worlds biggest food com-
pany by sales, to increase
profits 8.9 per cent in the
first half of the year, beat-
ing market expectations.
Some analysts had
recently suggested that
share loss in the US might
cause Nestl, which makes
Kit Kat chocolate bars and
Nescaf coffee, to miss its
full-year sales growth tar-
gets of between 5 and 6 per
cent.
Paul Bulcke, chief execu-
tive, reiterated the target,
however, as the Swiss com-
pany reported that net
income in the six months to
June 30 came in at SFr5.1bn
($5.2bn), up from SFr4.7bn
in the same period a year
earlier, and ahead of the
market consensus forecast
of SFR4.9bn. Earnings per
share were SFr1.60.
Sales rose 7.5 per cent to
SFr44.1bn. Organic sales
advanced 6.6 per cent, 2.9
percentage points of which
was due to higher volumes,
and 3.7 percentage points of
which was the result of
price increases.
However, the price rises
were not enough to stop the
groups operating margins
from narrowing slightly to
14.9 per cent, as input costs
also rose.
Andrew Wood, analyst at
Bernstein, described the
results as good, noting
that all Nestls regional
businesses beat expecta-
tions and added that with
commodity prices likely to
ease, he expected a return
to margin growth in the
second half.
Mr Bulcke said Nestl
would continue to target
customers in emerging mar-
kets, which were the com-
panys best-performing
regions during the first
half.
We are continually
opening new routes to
market to reach emerging
consumers, and using new
media to increase both our
direct engagement with
consumers and our return
on brand investment, he
said.
Nestls strongest growth
occurred in Asia, Oceania
and Africa, where revenues
rose 11.6 per cent, thanks to
deeper and wider distri-
bution, as well as the new-
found affinity of Chinese
consumers for its Nescaf
Smoovlatt and Shark
wafer brands.
Sales in the Americas,
Nestls largest market,
improved 5.7 per cent, as
North Americans gobbled
up Pizza Dipping Strips,
while in Latin America,
Nestls chocolate, coffee
and pet food were all enthu-
siastically received. Euro-
pean revenues were up 2.4
per cent, although volumes
were all but flat.
Nestl expects the tough
trading conditions, espe-
cially in developed markets,
to persist during the next
six months.
However, it says it
believes cost pressures will
ease. As a result, the group
expects to improve both
operating margins and
earnings per share.
Shares in the company
rose 2.35 per cent to close at
SFr61.05 in Zurich.
See Lex
Emerging markets help
Nestl beat expectations
FOOD PRODUCERS
By Jonathan Soble in Tokyo
Olympus, the scandal-hit
Japanese camera maker,
sought to reassure investors
over its balance sheet after
acknowledging that false
accounting reports it sub-
mitted last year had put it
in violation of loan agree-
ments with its banks.
We are in talks with our
creditors over the continued
provision of these loans,
and at this stage we believe
that they will continue to
provide support, Olympus
said in a statement yester-
day.
It said it had broken the
conditions of banking cove-
nants covering Y320bn
($4.1bn) of long-term loans,
or about half its interest-
bearing debt.
Olympus said its net loss
for the first quarter to June
widened to Y4.5bn, from
Y1.4bn in the same period
last year, increasing pres-
sure on its finances.
The company has been
reeling since last year when
it emerged that it hid more
than Y100bn of investment
losses dating back to the
1990s. Several former execu-
tives have been arrested
over the fraud.
Olympuss disgrace, and
the punishing effect it has
had on the companys share
price, has made investors
sensitive to reporting prob-
lems at Japanese groups.
Shares in Japans Oki
Electric, the telecommuni-
cations equipment maker,
fell sharply yesterday. The
33 per cent fall followed rev-
elations from executives
that a Spanish sales unit
had overstated revenues by
Y8bn, or just under 2 per
cent of this years projected
sales for Oki as a whole.
Olympuss shares fell as
much as 80 per cent in the
weeks after its accounting
problems became public,
and remain about 40 per
cent below their pre-scandal
price. They closed down
2.2 per cent yesterday.
In addition to negotiating
with its bankers, it is in
talks with several Japanese
technology groups, includ-
ing Sony and Fujifilm, over
a potential alliance.
The ratio of equity to
total assets on Olympuss
balance sheet fell to 2.2 per
cent as of the end of June
from an already weak 4.6
per cent in March. Analysts
say a comfortable level is
about 20 per cent.
Olympus blamed its wid-
ening net loss in the April-
June quarter on declining
sales of digital cameras and
the impact of the yens rise
against the euro, which
reduced the value of Euro-
pean sales in yen terms. It
said if exchange rates had
been stable, sales would
have fallen 1 per cent
instead of 5 per cent.
Sales of surgical endo-
scopes and other medical
equipment rose 1 per cent
in the quarter despite the
exchange rate drag. Reve-
nue from digital cameras
fell 16 per cent. Olympus
stuck by its forecast for a
Y70bn net profit for the full
fiscal year to next March.
See Lex
Olympus in talks
over breached
banking covenants
TECHNOLOGY HARDWARE
Quiet aisles: European sales volumes were flat Bloomberg
We are continually
opening new
routes to market to
reach emerging
consumers
AUGUST 10 2012 Section:Companies Time: 9/8/2012 - 18:50 User: vickersj Page Name: CONEWS2, Part,Page,Edition: EUR, 15, 1
16
FINANCIAL TIMES FRIDAY AUGUST 10 2012
COMPANIES
Legal Notices
Top 10 countries of origin, % of all message traffic 2011
* Society of Worldwide Interbank Financial Telecommunications Source: company
Swift* financial messaging
Payments messages transmitted (bn)
2007 08 09 10 11
0
0.5
1.0
1.5
2.0
UK US
Germany Belgium
France
Netherlands Luxembourg Switzerland Japan Hong Kong
17.8
3.5 3.4 3.0 2.7 2.5
17.7
8.4 7.7
4.5
By Jim Pickard in London
and Richard McGregor
in Washington
George Osborne has spoken
to Tim Geithner, the US
Treasury secretary, three
times in the space of two
days over the New York
regulatory probe into
Standard Chartered in a
sign of the British govern-
ments mounting concern.
The chancellor spoke to
Mr Geithner on Tuesday,
Wednesday and then again
on Wednesday night amid
worries about the potential
damage the investigation
could do to the reputation
of the City of London.
One government source
said the coalition had been
undertaking quiet diplo-
macy rather than mega-
phone diplomacy but that
this did not mean there
were not genuine concerns
from Mr Osborne and other
ministers.
The Treasury thinks
that rules should not be
broken but we were con-
cerned about the way the
allegations came out of the
blue, he said. It is impor-
tant that we receive fair
treatment for British busi-
nesses.
After these conversations,
the US Treasury sent a let-
ter to HM Treasury on
Wednesday night, which
detailed the rules for for-
eign banks dealing with cli-
ents in sanctioned coun-
tries. In particular, the Brit-
ish government asked for
clarity over so-called
U-turn transactions,
which are at the heart of
the New York Department
of Financial Services alle-
gations.
In the letter, seen by the
Financial Times, the US
Treasury said it had held
several foreign banks
including Lloyds, Credit
Suisse, Barclays and ING
Bank to account for pay-
ment message manipulation
or stripping, resulting in
penalties and forfeitures
totalling well over $2bn.
These cases serve as a
powerful deterrent, and we
continue to investigate past
conduct by offenders. We
take sanctions violations by
financial institutions
extremely seriously.
The letter goes on to
detail exemptions to the
rules governing U-turn
transactions, but points out
that these are historical
as all U-turn payments were
completely prohibited from
2008 onwards.
The US Treasury makes it
clear that the letter is an
analysis of . . . regulations
and not a comment on
the . . . order issued by the
New York DFS, adding:
We will continue to co-
ordinate with other federal
and state agencies, includ-
ing DFS, in our investiga-
tion of the bank and will
have no public comment on
that investigation until its
conclusion.
Several MPs have spoken
out at what they see as a
US regulatory witch-hunt
since the New York DFS
accused StanChart for-
merly seen as one of
Britains most staid banks
of facilitating $250bn worth
of breaches of Iranian
sanctions.
For some MPs of both the
Conservative and Labour
parties the new accusations
into Standard Chartered
have been seen as the final
straw. One senior Tory told
the FT the allegations were
pretty contemptible,
while Mark Field, MP for
London and Westminster,
said the many negative sto-
ries represented a poten-
tially calamitous threat to
the City of London.
The DFS is threatening to revoke StanCharts New York licence AP
Osborne lobbies Geithner on StanChart
BANKS
More news at FT.com/companies
One of the biggest
intellectual property
disputes in the wind
turbine industry took a
new turn on Thursday
when Brazilian operator
Desenvix said it was
dropping a case against a
Chinese partner accused of
stealing technology.
Desenvix said it was
withdrawing the lawsuit
after being satisfied that its
partner, Sinovel, the
worlds secondlargest wind
turbine maker by
production, had disproved
claims that it was illegally
using US rival ASMCs
software codes.
The order accusing Stand-
ard Chartered of hiding
60,000 secret transactions
with Iranian companies
highlights the intricacies of
the worlds payment clear-
ing system and creates hur-
dles for the banks that
provide such financial
plumbing.
Big custodian banks such
as BNY Mellon safeguard
investors assets and pro-
vide basic banking services
including clearing pay-
ments and settling transac-
tions. While the custody
business has been tricky for
years, analysts say this
weeks allegations against
StanChart could lead to fur-
ther headaches for the
industry.
StanChart, which has
headquarters in London but
has extensive international
operations, is accused by
the New York state Depart-
ment of Financial Services
of concealing $250bn worth
of payments cleared by the
bank on behalf of a number
of Iranian companies.
Global custodian banks
act on behalf of their clients
as users rather than as
providers of post-trade
processing services, says
Brad Hintz, a banking ana-
lyst at AllianceBernstein.
It is the sub-custodians
[such as StanChart] that
actually perform the opera-
tional plumbing of the glo-
bal custody business.
Sub-custodians function
as a network of payment
processors, able to funnel
money and trades from far-
flung markets to larger cus-
tody banks with headquar-
ters in New York.
Mr Hintz estimates that
BNY Mellon may rely on
StanChart for its businesses
in Bangladesh and Taiwan.
Northern Trust and State
Street, the two other custo-
dian banks, are exposed to
StanChart in markets
including Botswana, Ghana
and Kenya. JPMorgan
Chase, which has its own
large custodian business, is
exposed in countries includ-
ing India, Pakistan, South
Korea and Thailand.
Big custody banks may
now fall under increased
scrutiny from their clients,
says Mr Hintz.
StanChart has a New
York banking licence that
allows it to clear US dollar
payments through the
Clearing House Interbank
Payment System, a New
York-based system known
as Chips.
Chips is one of two pay-
ment transfer systems for
large transactions in the
US, handling about $2tn
worth of dollar payments a
day. Fedwire, run and
owned by the US central
bank, is the other but it can
be more expensive to use
than Chips because banks
must prefund their
planned payments at the
start of every day.
In the event that the NY
DFS banned Standard Char-
tered from operating in
New York it could instead
use Fedwire to clear global
US dollar trades provided
that it is not banned from
operating in the US by the
Department of Justice or
Federal Reserve, says Cor-
mac Leech, an analyst at
Liberum Capital.
StanChart says it clears
about $195bn worth of dol-
lar payments a day mak-
ing it the seventh biggest
clearer of US dollar transac-
tions in the world.
The Society of Worldwide
Interbank Financial Tele-
communications, or Swift,
is the equivalent system for
international payments and
transfers. The DFS says
StanChart camouflaged Ira-
nian payments by altering
Swift codes on wires sent to
the US. For many years the
US allowed its local banks
to process special transac-
tions with Iranian finan-
cials and other companies.
The transactions, known as
U-turns, effectively
allowed non-US countries to
trade with Iran using dol-
lars, and route those trans-
actions through the US,
under strict conditions.
However, according to the
DFS order, StanChart dis-
guised payments that would
not have qualified as U-turn
transactions by removing
and then replacing the
Swift codes. StanChart
provided step-by-step wire
stripping instructions for
any payment messages con-
taining information that
would identify Iranian cli-
ents, the DFS says in its
order. Later the bank set up
an automated process
that would electronically
disguise New York-bound
wire transfers for its Ira-
nian clients, the DFS says.
StanChart says that well
over 99.9 per cent of its
transactions with Iran com-
plied with the U-turn regu-
lations. The total value of
transactions which did not
follow the U-turn was under
$14m, the bank said in a
statement on Monday.
The DFS was able to issue
the order against StanChart
because of the banks New
York presence. The depart-
ment regulates a number of
other financials with New
York state banking licences
including Goldman Sachs
and BNY Mellon.
Now the DFS is threaten-
ing to revoke StanCharts
New York licence, which
would take away its ability
to clear dollar payments
through Chips. That could
prove painful for a bank
which specialises in inter-
national trade finance, as
well as hit larger custody
banks higher up in the
financial system.
Scrutiny for financial plumbing
BANKS
News analysis
The StanChart
case could result
in new obstacles
for custody
banks, writes
Tracy Alloway
By Dan McCrum
in New York and
James Boxell in Paris
Carlyle Group, the US
private equity investor, is
to acquire TCW, a Los
Angeles-based asset man-
ager, from Socit Gnrale
as the French group looks
to concentrate on retail and
investment banking.
The deal represents the
latest move by a European
bank to sell unwanted oper-
ations, and is a sign that
the continents institutions
and the foreign investors
circling them in search of
bargains are starting to
agree on asset prices.
While it decided in 2009
that TCW would become
independent at some point,
SocGen had said last year
that TCW was not for sale.
At the time, French banks
were under intense scrutiny
over the strength of their
capital bases, and a write-
down to the valuation of
the asset manager might
have added to investor
concerns.
However, this month Soc-
Gen wrote down the value
of its stake in the asset
manager by 200m as it
reported a 42 per cent fall in
second-quarter earnings.
Observers have suggested
that TCW, which has about
$130bn in assets under
management, could be
valued at about $700m.
However, TCW employees
own 17 per cent of the
group, a stake that will
increase to more than 40
per cent as part of the deal,
which was agreed for an
undisclosed sum.
SocGen estimated that
the deal would increase its
Basel III pro forma core tier
one ratio by 13 basis points
when it closes in the first
quarter of 2013. But the
French bank said it would
hit its Basel III targets even
without the disposal.
At a valuation of $700m,
the deal would mark a sig-
nificant decline in the value
of TCWs business. SocGen
paid $880m in stock for 51
per cent of the business in
2001, when the group had
$80bn in assets under
management.
It also agreed to buy a
further 19 per cent over
three years at a price deter-
mined by TCW s
profitability.
In September 2009, a Citi-
group banker working on a
deal to acquire Metropoli-
tan West asset management
put a preliminary price on
TCW of $700m-$800m, after
the anticipated payment of
a $700m dividend to Soc-
Gen, according to court
testimony.
That month, Jeffery
Gundlach had offered to
buy 51 per cent of TCW for
$350m, but said at a trial
between TCW and Double-
Line, the asset manager he
started after being fired by
TCW, that he would have
paid more.
Since then TCW has
acquired Met West, which
had $31bn of assets at the
time of the merger, for
$300m.
TCW is to be acquired by
Carlyles funds as a port-
folio company, rather than
a strategic addition to its
own asset management
business.
Carlyle to
buy TCW
from
SocGen
INVESTMENT COMPANIES
Buyout group in LA
asset manager deal
French bank scales
back operations
The total value
of transactions
which did not
follow the Uturn
was under $14m
By Sharlene Goff
The Financial Services
Authority will today fire
the starting shot on a dra-
matic overhaul of key
benchmark borrowing rates
with a package of proposals
designed to restore trust fol-
lowing the recent Libor
scandal.
Martin Wheatley, who
heads conduct regulation
for the City watchdog and
has been asked by the gov-
ernment to review Libor,
will say the existing struc-
ture and governance of the
rate is no longer fit for
purpose and must be fixed.
His suggestions for
reform include scrapping
Libor altogether and replac-
ing it with a borrowing rate
based on actual trades,
which could be overseen by
a new independent body
rather than the British
Bankers Association.
He also considered intro-
ducing criminal sanctions
in respect of potential Libor
manipulation although
the discussion paper makes
clear this would be difficult
for the regulator to do.
The attempted manipula-
tion of Libor and its Euro-
pean equivalent Euribor
have cast a shadow over the
industry at large and the
construction and govern-
ance of the benchmark
themselves, he will say in
a speech at Bloomberg this
morning.
Mr Wheatleys proposals
are the initial step in an
independent review that
was ordered by George
Osborne, chancellor, after
Barclays became the first
bank to be fined for
attempting to rig Libor.
The scandal cost Barclays
290m as well as its chief
executive and chairman.
Other banks are expected to
be penalised later this year.
It is clear that regardless
of the outcome of ongoing
international investiga-
tions, trust in a vital part of
the financial system has
been badly damaged and
timely action is needed to
restore it, Mr Wheatley
will say.
His review focuses on
three key areas strength-
ening the current frame-
work for setting and gov-
erning Libor; tackling
abuse; and assessing
whether changes are also
required for other price-set-
ting mechanisms such as
equity and commodity
benchmarks.
Much debate has centred
on whether the rate setting
process could be taken out
of the banks hands by
basing it on actual trades
rather than the rates at
which institutions expect to
be able to borrow.
Mr Wheatley believes that
change would help over-
come a number of existing
issues with Libor, although
it would be problematic
when low volumes of trans-
actions were taking place.
One option would be to
use a mixture of actual
transaction data and pre-
dicted rates. Perhaps some
sort of hybrid of transaction
data and a hypothetical rate
might prove most effective,
using judgment to fill the
gaps where and when data
is scarce, within a specified
framework, he suggests.
One likely outcome is
that rate setting is made
subject to more formal reg-
ulation. There will be a
period a discussion until
September 7. Mr Wheatley
expects to publish final rec-
ommendations by the end
of next month.
www.ft.com/lombard
FSA unveils
proposals for
Libor reform
BANKS
By Tracy Alloway and
Kara Scannell in New York
The US Securities and
Exchange Commission has
dropped an investigation
into a $1.3bn subprime deal
put together by Goldman
Sachs at the height of the
mortgage boom.
Goldman has not named
the deal but people familiar
with the matter said it was
a mortgage-backed securi-
ties (MBS) programme mar-
keted by the investment
bank in 2006 and known as
Fremont Home Loan Trust
2006-E. The deal bundled
together thousands of sub-
prime mortgages that began
to sour just months after
being sold to investors.
Goldman yesterday said
in a regulatory filing that it
had been notified by the
SEC on Monday that the
investigation into this offer-
ing has been com-
pleted . . . and that the staff
does not intend to recom-
mend any enforcement
action by the SEC against
the bank.
The SEC notification
comes just six months after
the regulator gave Goldman
a Wells notice indicating
that staff planned to recom-
mend charges against the
bank. The commission had
originally said it was exam-
ining whether an array of
big Wall Street banks
including Goldman, JPMor-
gan and Wells Fargo had
mis-sold such MBS to inves-
tors.
The SECs decision to
drop the investigation
comes as authorities are
approaching a statute of
limitations deadline for
mortgage securities issued
before 2007.
Most of the deals were
created in the boom years
of 2006 and 2007, meaning
2012 will be regulators last
chance to file charges alleg-
ing mis-selling unless they
extend the timeframe.
People familiar with the
matter say the SEC is ask-
ing companies and individu-
als to sign tolling agree-
ments to extend the
agencys ability to bring a
case after the five-year stat-
ute of limitations expires.
Lawyers involved in investi-
gations expect to see more
cases by the November elec-
tion, given the presidents
announcement in January
of a residential mortgage-
backed securities taskforce.
Goldman remains
exposed to civil lawsuits
brought by private inves-
tors or counterparties over
pre-crisis MBS. The firm
expects to be the subject of
additional putative share-
holder derivative actions,
purported class actions,
rescission and put back
claims and other litigation,
the bank said.
Goldman declined to
comment further.
The decision not to
charge Goldman follows a
courtroom loss last week
when a jury found a
Citigroup banker not liable
for misleading investors in
the sale of a collateralised
debt obligation.
The SEC and Justice
Department have been criti-
cised for not holding indi-
viduals accountable for the
financial crisis but the loss
shows the difficulty of pin-
ning liability on one person.
SEC abandons
subprime probe
at Goldman
BANKS
$130bn
TCWs total assets
under management
$700m
Estimated valuation for
the LA asset manager
AUGUST 10 2012 Section:Companies Time: 9/8/2012 - 19:37 User: vickersj Page Name: CONEWS3, Part,Page,Edition: USA, 16, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012
17
Fund Bid Offer D+/- Yield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www.acpi.com
FSA Recognised
ACPI India Fixed Income UCITS Fund GBP 83.37 - -0.22 0.00
Emerg Mkts Fixed Income Fund USD $ 113.22 - -0.02 0.00
Global Equity Fund USD $ 93.10 - -0.73 0.00
Global Fixed Income Fund USD $ 110.14 - 0.11 0.00
Global Fixed Income Fund EUR 135.36 - 0.13 0.00
ACPI FM Limited (JER)
Regulated
Global Credit Fund USD $ 12.17 12.17 0.02 0.00
Multi Strategy Fund USD $ 184.16 - -0.93 0.00
Equity Alpha Fund USD $ 10.98 10.99 0.00 0.00
Focused Equity Fund USD $ 10.06 10.07 -0.05 0.00
Multi-Asset Fund USD $ 10.50 10.50 0.02 0.00
Hedge Equity Fund USD $ 115.92 - -0.09 -
International Bond Fund USD $ 18.11 18.11 0.00 0.00
Select Unit Trust - Balanced Fund USD $ 11.50 11.51 0.08 0.00
ACPI
Other International Funds
Global Credit Fund USD $ 11.11 - 0.00 0.00
Global Credit Fund EUR 11.11 - 0.00 0.00
India Fixed Income Fund USD $ 9.29 - -0.02 0.00
Select Fund USD $ 142.67 - -1.13 0.00
Strategic Opportunities Fund USD $ 122.10 - 0.50 0.00
Absolute Return Fund Trust
Other International
Euro Class 835.72 - 8.51 -
ACTIVE TRADING FUND (IRL)
Regulated
Active Trading Fund USD $ 938.03 - -1.54 0.00
Active Trading Fund EUR 936.30 - -1.53 0.00
Active Trading Fund GBP 939.00 - -1.60 0.00
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FSA Recognised
AC Risk Parity 7 Fund (EUR A) 124.29 130.50 -0.02 0.00
AC Risk Parity 7 Fund (GBP A) 125.11 131.37 -0.02 0.00
AC Risk Parity 7 Fund (USD A) $ 123.46 129.63 -0.02 0.00
AC Risk Parity 12 Fund (EUR A) 146.16 153.47 -0.14 0.00
AC Risk Parity 12 Fund (GBP A) 109.62 115.10 -0.11 0.00
AC Risk Parity 12 Fund (USD A) $ 156.58 164.41 -0.15 0.00
AC Spectrum Fund (EUR A) 97.79 102.68 0.14 0.00
AC Spectrum Fund (GBP A) 97.13 101.99 0.14 0.00
AC Spectrum Fund (USD A) $ 96.10 100.91 0.15 0.00
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 31.41 33.41 0.03 0.00
American Asset Growth I $ 33.27 33.27 0.03 0.00
American Century Sicav (LUX)
JPM customer service: +352-46-268-5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 10.86 - 0.01 -
ACI Conc Gbl Grwth Eq I Acc $ 10.93 - 0.02 -
ACI Gbl Grwth Equity Acc F $ 11.17 - 0.03 0.00
ACI Gbl Grwth Equity I Acc F $ 11.38 - 0.03 0.00
ACI US AllCap Grwth Eq A Acc $ 10.96 - 0.02 -
ACI US AllCap Grwth Eq I Acc $ 11.03 - 0.02 -
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FSA Recognised
Absolute Var 2 EUR 97.08 - -0.01 0.00
Bd. Euro Corporate AE Class - R - EUR 16.37 - 0.05 0.00
Bd. Global AU Class - R - USD $ 23.77 - 0.03 0.00
Eq. Emerging Europe AE Class - R - EUR 29.47 - 0.15 0.00
Eq. Emerging World AU Class - R - USD $ 88.54 - 0.43 0.00
Eq. Greater China AU Class - R - USD $ 459.44 - 0.28 0.00
Eq. Latin America AU Class - R - USD $ 589.14 - 6.82 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 428.54 - -3.58 -
AEF Ltd Eur (Est) 429.16 - -3.72 -
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 16.69 - 0.05 0.00
Arisaig Asia Consumer Fund Limited $ 44.43 - 0.11 0.00
Arisaig Latin America Consumer Fund $ 27.15 - -0.12 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 86.37 - 0.23 0.00
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 49.47 - 0.54 0.00
Artemis Gbl Hedge Fd Ltd EUR 46.82 - 0.51 -
Artemis Gbl Hedge Fd Ltd USD $ 50.09 - 0.55 -
Artemis UK Hedge Fd Ltd EUR 149.68 - -4.80 -
Artemis UK Hedge Fd Ltd GBP 164.17 - -5.25 -
Artemis UK Hedge Fd Ltd USD $ 155.88 - -5.30 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FSA Recognised
Artisan Global Funds plc
Artisan Emerging Markets Fund AUDA$ 9.53 - 0.04 -
Artisan Emerging Markets Fund Class I EUR 8.32 - 0.07 0.00
Artisan Emerging Markets Fund Class I USD $ 7.60 - 0.05 0.00
Artisan Global Equity Fund Class I USD Acc $ 9.98 - -0.02 -
Artisan Global Value Fund Class I USD Acc $ 10.88 - 0.03 0.00
Artisan Value Fund Class I USD Acc $ 11.16 - 0.00 0.00
Ashburton Fund Managers Limited (JER)
17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000
FSA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt. Fund PC 2.3611 2.4792 0.0000 0.71
Sterling Asset Mgt. Fund PC - Class I 103.4872 108.6616 0.0032 0.00
Euro Asset Mgt. Fund PC 1.2240 1.2852 0.0022 1.62
Global Euro Asset Management Fund PC I 97.6076 102.4880 0.1804 0.00
Sterling Total Return Bond Fund PC 6.1204 6.3346 -0.0068 2.15
Dollar Total Return Bond Fund PC $ 1.0150 1.0505 -0.0008 2.22
Sterling Intl. Eq. Fund PC 51.6395 54.2215 0.0060 0.00
Dollar Intl. Eq. Fund PC $ 9.4783 9.9522 0.0355 0.00
Americas Eq. Fund PC $ 1.9530 2.0507 0.0045 0.00
Americas Eq. - Feeder PC 1.1973 1.2572 -0.0017 0.00
European Eq. Fund PC 4.4310 4.6526 0.0089 0.00
European Eq. - Feeder PC 1.1143 1.1700 -0.0066 0.00
European Eq - Feeder PC - Class I 97.4061 102.2764 -0.5663 0.00
Japan Eq. Fund PC $ 2.1242 2.2304 -0.0017 0.00
Japan Eq. - Feeder PC 1.0301 1.0816 -0.0047 0.00
Chindia Eq. - Feeder PC 1.0009 1.0509 -0.0057 0.00
Chindia Eq - Feeder PC - Class I 68.5635 71.9917 -0.3738 0.00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Asset Management Fund 35.1668 36.9251 -0.0086 0.00
$ Asset Management Fund $ 30.8076 32.3480 0.0235 0.00
Euro Asset Management Fund 1.4566 1.5294 0.0029 0.00
Multi Asset Cautious Fund GBP 1.0785 1.1324 -0.0016 0.50
Multi Asset Cautious Fund GBP - Class I 100.4572 105.4801 -0.1435 0.46
Multi Asset Balanced Fund EUR 0.9781 1.0270 0.0011 0.09
Multi Asset Balanced Fund GBP 1.1342 1.1909 -0.0013 0.17
Multi Asset Balanced Fund USD $ 1.1048 1.1600 -0.0001 0.38
Multi Asset Balanced Fund GBP - Class I 101.4227 106.4938 -0.1100 0.36
Multi Asset Balanced Fund USD - Class I $ 96.9447 101.7919 -0.0074 0.52
Multi Asset Balanced Fund EUR - Class I 99.0980 104.0529 0.1126 0.48
Multi Asset Aggressive Fund GBP 1.0356 1.0874 -0.0010 0.15
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0.8055 0.8458 -0.0015 0.00
Chindia Eq - Class I $ 106.3453 111.6626 -0.1881 0.00
Ashburton Money Market Fds Limited
Money Market 1.3197 1.3197 0.0001 0.25
$ Money Market $ 1.1712 1.1712 -0.0002 0.01
EUR Money Market 1.1825 1.1825 0.0003 0.01
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 10.26 - 0.21 17.65
Fund Bid Offer D+/- Yield
Local Currency Debt Pflo $ 28.37 - 0.22 0.00
Russian Debt Portfolio $ 71.49 - 2.18 0.00
Ashmore Asian Recovery $ 29.99 - 0.80 0.00
Multi-Strategy $ 17.51 - 0.36 0.00
Emerging Mkts Global Inv Pfolio $ 8.13 - 0.00 0.00
Emerging Mkts Corporate High Yield $ 122.87 - 2.90 0.00
Turkish Debt Fund Ltd $ 96.37 - 4.10 0.00
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 106.87 - 0.33 0.00
EM Mkts Corp.Debt USD F $ 112.01 - 0.06 4.31
EM Mkts Debt NOK F NKr 111.15 - -0.14 11.75
EM Mkts Debt GBP F 116.51 - -0.16 4.07
EM Mkts Inv.Grade Corp. Debt USD F $ 117.89 - 0.07 0.00
EM Mkts Loc.Ccy Bd USD F $ 114.56 - -0.13 4.03
EM Mkts Loc.Ccy Money Mkt USD F $ 100.65 - -0.11 0.00
EM Mkts Sov.Debt USD F $ 115.60 - -0.19 0.00
EM Mkts Sov.Inv.Grade Debt USD F $ 120.03 - -0.15 0.00
Emerging Markets Debt Inst USD $ 179.08 - -0.18 9.39
Emerging Markets Debt Inst EUR 106.19 - -0.09 25.90
Emerging Markets Debt Retail USD $ 101.42 - -0.13 5.66
Emerging Markets Debt Retail EUR 156.77 - -0.19 16.06
Local Currency GBP F 105.18 - -0.09 0.30
Local Currency Inst EUR F 99.41 - -0.06 1.80
Local Currency Inst USD F $ 84.67 - -0.05 1.08
Local Currency Retail EUR F 98.82 - -0.08 0.37
Local Currency Retail USD F $ 109.19 - -0.09 0.56
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 357.44 - 11.86 0.00
Aspect Diversified EUR 213.94 - 7.28 -
Aspect Diversified GBP 108.36 - 3.66 -
Aspect Diversified CHF SFr 103.18 - 3.47 0.00
Aspect Diversified Trends USD $ 102.71 - 0.19 0.00
Aspect Diversified Trends EUR 102.59 - 0.18 0.00
Aspect Diversified Trends GBP 105.35 - 0.20 0.00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2169.91 - 6.90 0.00
American One $ 2025.76 - 19.16 0.00
Bond Global 1177.60 - -5.02 0.00
Eurocroissance 593.96 - 2.32 0.00
Far East $ 570.32 - 8.86 0.00
Atlantis Investment Mgmt (Ireland) Ltd (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Atlantis Asian Fund USD F $ 5.84 - 0.10 0.00
Atlantis Asian Fund GBP 8.18 - 0.13 0.00
Atlantis Asian Fund EUR 9.03 - 0.18 0.00
Atlantis China Fd F $ 5.82 - 0.05 0.00
Atlantis Japan Opps Fund USD H $ 1.26 - 0.00 0.00
Atlantis Japan Opportunities Fund GBP 11.35 - 0.04 0.00
Atlantis Japan Opportunities Fund EUR 12.90 - 0.08 0.00
Atlantis New China Fortune Fund $ 0.92 - 0.01 0.00
Atlantis China Healthcare Fund H $ 1.19 - 0.01 0.00
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1106.86 - 1.66 0.00
$ Income Fund - Share Class B Acc $ 1122.22 - 1.72 0.00
$ Income Fund - Share Class G Acc 1041.62 1041.62 1.50 0.00
$ High Yield Fund - Share Class A Acc $ 1096.18 1096.18 6.18 0.00
BNP Paribas Investment Partners (LUX)
10, Harewood Avenue, London NW1 6AA
Investors Services (44) 020 7595 6762
FSA Recognised
BNP Paribas Insticash
BNP Paribas Insticash EUR F 116.60 - 0.00 0.00
BNP Paribas Insticash GBP F 128.39 - 0.00 0.00
BNP Paribas L1
BNPP L1 Bd Asia ex-Japan F $ 143.98 - 0.00 0.00
BNPP L1 Bd Best Selection Wrld Emerging F $ 227.12 - -0.49 0.00
BNPP L1 Bd Best Selection Wrld Emerging Inc 140.44 - -0.38 8.59
BNPP L1 Bd Currencies World F 1558.61 - 6.36 0.00
BNPP L1 Bd Europe Emerging F 585.92 - 1.26 0.00
BNPP L11 Bd World F 326.19 - 1.75 0.00
BNPP L1 Bd World Emerging F $ 1039.55 - -1.69 0.00
BNPP L1 Bd World Emerging Inc 148.61 - -0.57 0.00
BNPP L1 Bd World Emerging Corporate Inc $ 108.39 - 0.03 0.00
BNPP L1 Bd World Emerging Local F $ 167.09 - -0.34 0.00
BNPP L1 Bd World Emerging Local Inc 105.18 - -0.27 6.45
BNPP L1 Bd World High Yield F 85.56 - 0.00 0.00
BNPP L1 Dyn World Inc 87.78 - 0.29 0.00
BNPP L1 Eq Asia Emerging F $ 85.66 - 0.83 0.00
BNPP L1 Eq Best Sel Asia ex-Japan F 403.99 - 5.46 0.00
BNPP L1 Eq Best Sel Euro F 319.75 - -1.18 0.00
BNPP L1 Eq Best Sel Europe F 149.51 - 0.16 0.00
BNPP L1 Eq Best Sel Europe Inc 94.73 - -0.43 4.14
BNPP L1 Eq Best Sel Europe ex-UK F 104.66 - -0.17 0.00
BNPP L1 Eq Best Sel Europe ex-UK Inc 95.21 - -0.70 2.63
BNPP L1 Eq Best Sel USA F $ 311.77 - 0.19 0.00
BNPP L1 Eq China F $ 273.52 - 2.26 0.00
BNPP L1 Eq Euro F 228.88 - -0.65 0.00
BNPP L1 Eq Europe F 418.99 - 0.76 0.00
BNPP L1 Eq Europe Emerging F 1167.22 - 4.01 0.00
BNPP L1 Eq Europe Growth F 32.81 - 0.04 0.00
BNPP L1 Eq High Div Pacific F 59.60 - 0.53 0.00
BNPP L1 Eq India F $ 87.61 - -0.55 0.00
BNPP L1 Eq India Inc 165.63 - 1.12 1.36
BNPP L1 Eq Indonesia F $ 223.03 - 1.56 0.00
BNPP L1 Eq Pacific ex-Japan F 160.17 - 2.05 0.00
BNPP L1 Eq Russia F 101.50 - 0.19 0.00
BNPP L1 Eq Russia Inc 111.54 - -0.41 2.12
BNPP L1 Eq Turkey F 239.12 - 0.34 0.00
BNPP L1 Eq USA Growth F $ 165.08 - 0.01 0.00
BNPP L1 Eq USA Small Caps F $ 112.61 - 0.07 0.00
BNPP L1 Eq World Emerging F $ 553.46 - 5.93 0.00
BNPP L1 Eq World Energy F 624.19 - 2.12 0.00
BNPP L1 Eq World Health Care F 488.41 - 3.73 0.00
BNPP L1 Eq World Materials F 80.93 - 0.78 0.00
BNPP L1 Eq World Utilities F 109.13 - 0.59 0.00
BNPP L1 Green Future F 67.88 - 0.06 0.00
BNPP L1 Green Future Inc 67.38 - -0.32 2.93
BNPP L1 Green Tigers F 132.46 - 1.59 0.00
BNPP L1 Opportunities USA F $ 88.18 - 0.27 0.00
BNPP L1 Opportunities USA Inc 119.52 - 0.30 2.59
BNPP L1 Opportunities-H USA Inc 37.65 - 0.11 2.58
BNPP L1 Opportunities World F 98.19 - 0.58 0.00
BNPP L1 Real Est Securities Eur F 164.43 - 0.57 0.00
BNPP L1 Real Est Securities Eur Inc 94.83 - -0.20 3.66
BNPP L1 Real Est Securities Wrld Inc 158.07 - 2.31 0.00
BNPP L1 V350 F 105.83 - 0.07 0.00
BNPP L1 V350-H-Inc 96.14 - 0.05 8.61
BNPP L1 Wrld Commodities F $ 91.00 - 0.24 0.00
BNPP L1 World Volatility Inc 96.16 - 0.07 -
Parvest
Bond Euro 186.36 - 0.33 0.00
Bond Euro Medium Term 166.92 - 0.15 0.00
Bond USA High Yield $ 198.88 - -0.04 0.00
Bond USD Inc $ 126.24 - -0.13 3.08
Bond World Corporate Inc $ 105.06 - 0.06 3.63
Bond World Emerging $ 394.62 - -0.66 0.00
Bond World Inflation-Ld 138.01 - 0.01 0.00
Commod Arbitrage F $ 99.40 - 0.11 0.00
Equity Australia A$ 632.27 - 3.84 0.00
Equity Brazil Inc $ 112.10 - 1.39 4.46
Equity BRIC $ 124.72 - 0.13 0.00
Equity Japan Inc 1906.00 - 2.00 2.81
Equity Japan Small Cap Inc 2926.00 - 11.00 1.74
Equity Latin America Inc $ 543.31 - 5.15 3.35
Equity Russia Opp.Inc $ 70.10 - -0.27 2.04
Equity South Korea Inc $ 82.87 - 0.30 1.53
Equity USA Inc $ 60.04 - -0.26 2.13
Equity USA Mid Cap $ 131.84 - 0.77 0.00
Equity USA Value Inc $ 73.88 - 0.53 2.18
Flexible Bond Europe Corp. 115.51 - 0.08 0.00
Flexible Bond Wrld Inc $ 19.16 - 0.03 2.92
Multi-Strat. FX 102.51 - 0.00 0.00
Real Estate Securities Europe 67.28 - 0.24 0.00
Step 80 Wrld Emerging EUR F 93.88 - -0.01 0.00
Step 90 EURO F 1116.84 - 0.06 0.00
Wrld Agriculture F 110.35 - 0.95 0.00
Wrld Agriculture USD F $ 89.63 - 0.78 0.00
BNP Paribas
Other International Funds
Campbell FME Large $ 3286.76 3286.76 -28.00 0.00
Fund Bid Offer D+/- Yield
BNP GLF USD $ 1222.55 - 0.01 0.00
BNY Mellon Global Funds (IRL)
160 Queen Victoria Street EC4V 4LA +44 (0) 131 305 3131
FSA Recognised
Asian Eqty A USD F $ 3.02 - 0.02 0.00
BNY Mellon Absolute Return Equity 1.03 - 0.00 0.00
BNY Mellon Asian Equity Fund $ 3.44 - 0.02 0.00
BNY Mellon Brazil Equity $ 1.23 - 0.02 0.00
BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 0.96 - 0.00 0.00
BNY Mellon Emerging Markets Corporate Debt Fund $ 104.26 - 0.22 -
BNY Mellon Euroland Bond Fund 1.64 - 0.00 0.00
BNY Mellon Global Equity Higher Income $ 1.12 - 0.00 -
BNY Mellon Global Property Secs 1.24 - 0.00 0.00
BNY Mellon Global Bond Fund $ 2.40 - 0.00 0.00
BNY Mellon Global Equity Fund $ 1.56 - 0.00 0.00
BNY Mellon Global High Yield Bond 1.50 - 0.00 0.00
BNY Mellon Global Opportunities Fund $ 1.86 - 0.01 0.00
BNY Mellon Global Real Return EUR Fund 1.18 - 0.00 0.00
BNY Mellon Global Real Return $ 1.24 - 0.00 0.00
BNY Mellon Long-Term Global Equity GBP 1.39 - 0.01 0.00
BNY Mellon UK Equity Sterling 1.64 - 0.01 0.00
BNY Mellon US Equity Fund $ 1.12 - 0.00 0.00
Emerging Mkts Debt C USD F $ 1.99 - 0.00 0.00
Emerging Mkts Debt LC - C USD F $ 1.65 - 0.00 0.00
Evolution Global Alpha C EUR F 100.26 - 0.41 0.00
Global Dynamic Bond Fund C USD F $ 1.09 - 0.00 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.32
Global Liquidity EUR 1.00 - 0.00 0.13
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FSA Recognised
Bond Funds
Sterling Bond F 0.45 - 0.00 3.44
Baring International Fd Mgrs (Ireland) (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FSA Recognised
ASEAN Frontiers A GBP Inc 108.91 - 0.53 0.62
Asia Growth A GBP Inc H 36.10 - 0.39 0.00
Australia A GBP Inc 73.28 - 0.26 2.09
Dynamic Emerging Markets A GBP Acc F 10.00 - 0.03 -
Eastern Europe A GBP Inc 60.21 - 0.33 0.23
Emerging Mkt Debt LC A GBP Hedged Inc 11.34 - 0.04 4.32
Emerging Opportunities A GBP Inc H 20.77 - 0.25 0.00
Europa A USD Inc H $ 37.41 - 0.22 1.19
Glb Aggregate Bond A USD Inc H $ 11.33 - 0.00 1.86
Glb Emerging Markets A GBP Inc H 20.07 - 0.24 0.31
Glb Select A GBP Inc H 8.39 - 0.04 0.00
Glb Resources A GBP Inc H 14.43 - 0.04 0.00
High Yield Bond A GBP Hedged Inc H 7.04 - 0.01 6.95
Hong Kong China A GBP Inc 480.48 - 4.86 0.00
India Fund - Class A GBP Inc 9.58 - -0.02 -
International Bond A GBP Inc F 17.95 - 0.00 2.32
Latin America A USD Inc H $ 45.11 - 0.30 1.49
MENA A GBP Inc F * 9.31 - 0.03 1.38
Baring Global Mining Fund - Class A GBP Inc 7.51 - 0.04 -
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A-Share A GBP Inc 5.70 - 0.14 0.00
Barings (Luxembourg) (LUX)
FSA Recognised
Russia A GBP Inc F 36.15 - 0.00 0.00
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300
FSA Recognised
Bedlam Global A 170.62 170.62 -0.56 0.00
Bedlam Global B 178.33 178.33 -0.56 0.00
Bedlam Emerging Markets A 222.79 222.79 -0.64 0.00
Bedlam Emerging Markets B 223.88 223.88 -0.62 0.00
Bedlam Europe A 122.85 122.85 -1.10 0.00
Bedlam Europe B 128.44 128.44 -1.15 0.22
Bedlam Japan A 80.92 80.92 0.74 0.00
Bedlam Japan B 80.60 80.60 0.74 0.00
Bedlam UK A 125.01 125.01 -0.11 0.41
Bedlam UK B 127.28 127.28 -0.09 1.67
Bedlam Global Income Fund 88.88 88.88 -0.24 4.32
Blackmore Capital Management Limited (GSY)
Regulated
Branded Comm Opps Fd Class A 1.04 - 0.00 0.00
Branded Comm Opps Fd Class B 1.21 - 0.00 0.00
Branded Comm Opps Fd Class C 1.24 - 0.00 0.00
Branded Comm Opps Fd Class D $ 1.01 - 0.01 -
Branded Comm Opps Fd Class E 1.01 - 0.00 -
BlackRock (JER)
Regulated
BlackRock UK Property 34.21 - -0.10 4.16
BLK Intl Gold & General $ 9.31 9.81 -0.02 0.00
Blairmore Funds PLC
Other International Funds
Smith & Williamson Investment Management
Administrators - BNP Paribas
Blairmore Global Equity fund $ 10.74 - 0.01 0.00
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors Initial Ser.A $ 26.80 - 0.75 0.00
Blakeney Investors-S08/08 $ 7.56 - 0.21 0.00
Blakeney Investors-S11/08 $ 11.48 - 0.32 0.00
Blakeney Investors-S10/09 $ 9.94 - 0.28 0.00
Blakeney Investors-S04/10 $ 9.32 - 0.26 0.00
Blakeney Investors-S09/10 $ 9.60 - 0.27 0.00
Blakeney Investors-S11/10 $ 9.20 - 0.26 0.00
Blakeney Investors-S06/12 $ 10.24 - 0.00 -
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 102.96 - 0.62 0.00
BlueBay Em Mkt Bd B - USD $ 280.34 - -0.23 0.00
BlueBay Em Mkt Corp Bd B $ 157.65 - 0.74 0.00
BlueBay Em Mkt Sel Bd B - USD $ 164.94 - -0.24 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 171.82 - -0.26 0.00
BlueBay Gbl Convert Bd I - USD $ 159.21 - 0.10 0.00
BlueBay Gbl High Yield Bd B $ 113.28 - 0.67 0.00
BlueBay High Yield B - EUR 278.65 - 2.52 0.00
BlueBay High Yield Corp Bd B 119.35 - 0.94 0.00
BlueBay Inv Grd B - EUR 149.32 - 0.29 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 115.85 - 0.22 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 115.80 - 0.21 0.00
BlueBay Inv Grd Libor Fd B 119.46 - 0.06 0.00
BlueBay Struct.Fds: High Inc Loan Fd 168.99 - 1.05 0.00
BlueBay Struct.Fds: High Yield Enh Fd 185.45 - 1.12 0.00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 112.41 - 0.91 0.00
Bluebay Macro Fd A $ 121.57 - 2.69 0.00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 53.24 53.24 2.15 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 7017.00 - -38.00 2.01
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 8877.00 - -134.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
Ground Rents Class B 1.01 - 0.00 0.00
UK Agricultural Class A 1.10 - 0.00 0.00
UK Agricultural Class B 1.18 - 0.00 0.00
Student Accom Class A 1.43 - 0.00 0.00
Student Accom Class B 1.11 - 0.00 0.00
CG Portfolio Fund Plc (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Real Return Cls A 198.61 198.61 0.34 1.39
CG Dollar Fund 143.19 143.19 0.02 1.05
Capital Value Fund Cls V 119.79 119.79 0.22 0.17
CG Portfolio Fund Ltd (CYM)
Regulated
NAV 24630.37 - 90.32 0.73
CP Global Asset Mgmnt P/ Ltd. (CYM)
186A, Telok Ayer Street, Singapore 068632, Tel 65 6222 5366
Regulated
CP Multi-Strategy Currency Fund (USD) $ 110.94 - 14.80 -
Fund Bid Offer D+/- Yield
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 4924.00 - 65.00 0.00
Capital International funds services (LUX)
6, route de Trves, L-2633 Senningerberg,Luxembourg
Capital International is part of
The Capital Group Companies
www.capitalinternational.com
FSA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 16.60 - 0.11 0.00
Cap Int All Ctry Eq B 13.82 - 0.09 0.00
Cap Int All Ctry Eq B $ 16.99 - 0.05 0.00
Cap Int All Ctry Eq BD 10.88 - 0.05 0.01
Cap Int Emerg Asia Eq B SFr 7.89 - 0.04 0.00
Cap Int Emerg Asia Eq B 6.57 - 0.04 0.00
Cap Int Emerg Asia Eq B $ 8.12 - 0.01 0.00
Cap Int Emerg Asia Eq Bd 5.18 - 0.00 0.00
Cap Int Global Equity B $ 15.88 - 0.04 0.00
Cap Int Global Equity BD 9.89 - 0.03 0.11
Cap Int Global Equity B SFr 15.51 - 0.09 0.00
Cap Int Global Equity B 12.91 - 0.07 0.00
Cap Int European Eq BD 7.74 - 0.03 1.04
Cap Int European Eq B 10.60 - 0.06 0.00
Cap Int European Eq B SFr 12.74 - 0.07 0.00
Cap Int European Eq B $ 13.04 - 0.03 0.00
Cap Int Japan Equity B 6.94 - 0.06 0.00
Cap Int Japan Equity B $ 8.53 - 0.04 0.00
Cap Int Japan Equity B SFr 8.33 - 0.07 0.00
Cap Int Japan Equity BD 5.45 - 0.04 0.00
Cap Int AsiaP ex Jp Eq B SFr 14.91 - 0.12 0.00
Cap Int AsiaP ex Jp Eq B 12.42 - 0.11 0.00
Cap Int AsiaP ex Jp Eq B $ 15.27 - 0.08 0.00
Cap Int Asia Pex Jp Eq BD 9.37 - 0.06 0.30
Cap Int Em Mkts Fund BD 50.32 - 0.05 0.90
Cap Int Em Mkts Fund B SFr 79.81 - 0.51 0.00
Cap Int Em Mkts Fund B 66.45 - 0.45 0.00
Cap Int Em Mkts Fund B $ 82.11 - 0.13 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 8.97 - 0.04 0.61
Cap Int Glb Growth Inc B 11.93 - 0.08 0.00
Cap Int Glb Growth Inc B SFr 14.32 - 0.09 0.00
Cap Int Glb Growth Inc B $ 14.67 - 0.04 0.00
Cap Int Eur Growth Inc B 16.41 - 0.07 0.00
Cap Int Eur Growth Inc B SFr 19.71 - 0.09 0.00
Cap Int Eur Growth Inc B $ 20.18 - 0.02 0.00
Cap Int Eur Growth Inc BD 12.02 - 0.03 1.48
Cap Int US Growth Inc B 14.13 - 0.11 0.00
Cap Int US Growth Inc B SFr 16.98 - 0.13 0.00
Cap Int US Growth Inc B $ 17.38 - 0.07 0.00
Cap Int US Growth Inc BD 11.05 - 0.07 0.18
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 11.24 - 0.06 0.00
Cap Int Em Mk Tot Opp B 9.36 - 0.05 0.00
Cap Int Em Mk Tot Opp B $ 11.56 - 0.00 0.00
Cap Int Em Mk Tot Opp Bd 7.13 - 0.00 2.08
Cap Int Gbl Abs Inc Grow B $ 10.67 - -0.01 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 13.55 - 0.06 0.00
Cap Int Em Mkts Debt B 11.28 - 0.05 0.00
Cap Int Em Mkts Debt B $ 13.94 - -0.01 0.00
Cap Int Em Mkts Debt Bd 8.33 - -0.01 3.75
Cap Int Em Mk LocCur Dbt B $ 11.18 - 0.00 0.00
Cap Int Em Mk US$ Debt B $ 10.87 - -0.02 0.00
Cap Int Euro Bond B SFr 16.52 - -0.01 0.00
Cap Int Euro Bond B 8.78 - -0.02 1.63
Cap Int Euro Bond B $ 16.91 - -0.07 0.00
Cap Int Euro Bond BD 13.75 - -0.01 0.00
Cap Int Glb H Inc Opp B SFr 31.34 - 0.13 0.00
Cap Int Glb H Inc Opp B 26.09 - 0.11 0.00
Cap Int Glb H Inc Opp B $ 32.09 - 0.02 0.00
Cap Int Glb H Inc Opp BD 13.17 - 0.03 4.87
Cap Int Global Bond B SFr 19.41 - 0.01 0.00
Cap Int Global Bond B 16.16 - 0.01 0.00
Cap Int Global Bond B $ 19.87 - -0.06 0.00
Cap Int Global Bond BD 10.64 - -0.01 1.14
Luxembourg Capital International is part of The Capital Group Companies
CATCo Reinsurance Opportunities Fund Ltd. (UK)
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords $ 0.9800 - 0.0121 5.27
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1012.1217 - 0.0000 -
CATCo Re Fund Ltd Series B $ 1018.6854 - 0.0000 -
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 265.97 - 6.40 0.00
Cedar Rock Capital Fd Plc 266.49 - 4.38 0.00
Cedar Rock Capital Fd Plc 224.82 - 4.13 0.00
The Charlemagne Fund (CYM)
Regulated
NAV EUR 240.10 - 12.87 -
NAV USD $ 238.01 - 12.97 -
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 344.39 - 1.32 0.00
Charlemagne New Frontiers R $ 12.45 - 0.19 0.00
Magna Umbrella Fund PLC
Magna Africa R 9.59 - 0.04 0.00
Magna Eastern European R 8.68 - 0.04 0.00
Magna Emerging Mkts Div Fd R Acc 11.21 - 0.07 0.00
Magna Emerging Mkts Div Fd R Dist 10.42 - 0.07 5.70
Magna Global Emerging Markets R 8.52 - 0.05 0.00
Magna Latin American R 10.21 - 0.12 0.00
Magna Mena R * 11.85 - 0.03 0.00
Magna New Frontiers R 8.52 - 0.08 0.00
Magna Turkey R 10.62 - 0.06 0.00
Magna Undervalued Ass Fd R 9.43 - 0.04 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management PTE Ltd
Other International Funds
CAM-GTF Limited $ 365435.61 365435.61 -1331.71 0.00
CAM GTi Limited $ 1009.64 - 10.13 0.00
Raffles-Asia Investment Company $ 2.37 2.37 0.00 2.20
Cheyne Capital Management (UK) LLP (IRL)
Cheyneinvestor.Relations@cheynecapital.com
Regulated
Cheyne Convertibles Absolute Return Fund 1118.41 - 1.41 0.00
Cheyne Convertibles Absolute Return Fund $ 1115.57 - 1.39 0.00
Cheyne Convertibles Absolute Return Fund 1093.20 - 1.35 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 124.33 - -0.25 0.00
Cheyne High Income Credit Fund EUR Inst 120.58 - 6.49 -
Cheyne Real Estate Debt Fund Class A1 141.01 - 1.24 -
Cheyne Long/Short Credit Fund $ 170.35 - 6.25 0.00
City Financial Asian Absolute Growth Fund(CYM)
Regulated
Asian Absolute Growth Class A $ 98.50 - -0.15 0.00
Asian Absolute Growth Class C $ 102.19 - -0.10 0.00
City of London Inv Mgmt Co Ltd (IRL)
2nd Floor, Guild House, Guild Street, Dublin 1 00 353 1 448 5033
FSA Recognised
The Em.Mkt Value & Growth GBP-Inst 10.89 - -0.01 0.00
The Em.Mkt Value & Growth GBP-Ret 10.72 - -0.01 0.00
The Emerging World USD - Retail A $ 59.65 - 0.09 0.00
The Emerging World USD - Instl $ 63.13 - 0.10 0.00
The Natural Resources USD Retail A F $ 5.82 - 0.02 0.00
The Natural Resources USD - Instl $ 5.96 - 0.02 0.00
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FSA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 21.92 - 0.08 1.20
CMI Pacific Basin Enhanced Equity $ 41.22 - 0.36 2.05
Single Country Equity Sub Funds
CMI German Equity F 45.46 - -0.10 1.50
CMI Japan Enhanced Equity F 2185.28 - 18.72 1.52
Fund Bid Offer D+/- Yield
CMI UK Equity 10.56 - 0.06 1.90
CMI US Enhanced Equity F $ 52.63 - 0.06 0.58
Index Tracking Sub Funds
Euro Equity Index Tracking 14.22 - -0.02 3.72
Japan Index Tracking 407.93 - 3.57 1.69
UK Eqty Index Tracking 13.48 - 0.08 2.94
US Eqty Index Tracking $ 39.45 - 0.03 0.77
Managed Sub Funds
Global Bond 1.65 - 0.00 1.43
Global Network Mgd Global Mxd 1.98 - 0.00 0.81
Global Equity 2.00 - 0.00 0.58
Bond Sub Funds
CMI Euro Bond F 42.34 - 0.07 3.22
CMI Japanese Bond 1705.64 - 0.64 0.50
CMI UK Bond 8.28 - -0.01 2.50
CMI US Bond $ 13.84 - -0.02 1.86
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.62 - 0.00 0.80
CMI Stlg Currency Reserve 5.03 - 0.00 0.72
CMI US Dllr Currency Reserve $ 9.96 - 0.00 0.00
CMI Access 80% Gu F 5.58 - 0.00 0.00
CMI Fund Managers (IoM) (IOM)
Clerical Medical Hse, Victoria Road, Douglas, IoM IM99 1LT 01624 625599
FSA Recognised
CMI High Income PLC 0.5105 0.5428 0.0000 1.92
CMI Sterling Roll Up PLC 3.0592 3.2519 0.0001 0.00
Maximum Permitted Charge 8.5%
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 14.06 - -0.29 2.27
Europ.RealEstate Sec. IX 17.47 - 0.07 0.00
Gbl RealEstate Sec. I $ 8.77 - -0.13 2.64
Gbl RealEstate Sec. IX $ 9.95 - -0.05 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FSA Recognised
Comgest Asia F $ 3112.69 - -2.81 0.00
Comgest Europe F SFr 4336.97 - -7.50 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2127.74 - 0.46 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 40.10 - 1.00 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FSA Recognised
Comgest Magellan 1650.06 - 11.64 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FSA Recognised
Comgest Gth Asia ex Jap DIS F $ 5.52 - 0.00 127.69
Comgest Gth Emerging Mkt DIS F $ 28.60 - 0.07 0.18
Comgest Gth Europe DIS F 13.51 - -0.02 0.00
Comgest Gth GEM PC DIS F 10.22 - 0.05 0.26
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FSA Recognised
CC Asia Alpha Fd - Cls A Euro 13.26 13.26 0.04 0.00
CC Asia Alpha Fd - Cls B USD $ 12.90 12.90 0.04 0.00
CC Asia Alpha Fd - Cls C GBP 12.72 12.72 0.04 0.00
CC Japan Alpha Fd - Cls A Euro 4.60 4.60 0.12 0.00
CC Japan Alpha Fd - Cls B GBP 4.95 4.95 0.14 0.00
CC Japan Alpha Fd - Cls C JPY 473.68 473.68 13.34 0.00
CC Asian Evolution Fd. Cls A USD $ 13.56 13.56 0.20 0.00
CC Asian Evolution Fd. Cls B GBP 12.78 12.78 0.19 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 14.89 14.89 0.23 0.00
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser 1 F 83.94 - 0.17 -
Cont EUR Spec Equity Ser 2 F 86.91 - 0.17 0.55
Cont EUR Spec Equity Ser 5 F 87.03 - 0.17 0.78
UK Equity Index Programme Ser 1 F 22.96 - 0.09 2.82
UK Equity Index Programme Ser 2 F 23.27 - 0.10 3.18
UK Equity Index Programme Ser 5 F 23.47 - 0.10 3.40
UK Specialist Eqty Pro Ser 1 F 16.32 - 0.07 0.16
UK Specialist Eqty Pro Ser 2 F 16.60 - 0.07 1.01
UK Specialist Eqty Pro Ser 5 F 16.63 - 0.07 1.23
US Equity Index Programme Ser 1 F $ 47.87 - 0.04 0.55
US Equity Index Programme Ser 2 F $ 48.79 - 0.04 0.88
US Equity Index Programme Ser 5 F $ 48.95 - 0.04 1.09
Contl Eurp Eqty Index Prog Ser 1 F 264.38 - -0.40 2.24
Contl Eurp Eqty Index Prog Ser 2 F 269.53 - -0.40 2.52
Contl Eurp Eqty Index Prog Ser 5 F 270.15 - -0.40 2.76
US Sovereign Bond Index Prog Ser 1 F $ 24.57 - -0.03 1.54
US Sovereign Bond Index Prog Ser 2 F $ 24.66 - -0.02 1.73
US Sovereign Bond Index Prog Ser 5 F $ 24.98 - -0.03 1.98
Continental Eurp Sovereign Bond Index Prog Ser 1 F 118.89 - 0.28 3.02
Continental Eurp Sovereign Bond Index Prog Ser 2 F 119.34 - 0.28 3.17
Japan Specialist Equity Programme Series 1 F 2998.00 - 21.00 -
Japan Specialist Equity Programme Series 2 F 3223.00 - 22.00 0.77
Japan Specialist Equity Programme Series 5 F 3232.00 - 23.00 1.02
Swiss Equity Pro Ser 1 F SFr 216.99 - 0.22 0.33
Swiss Equity Pro Ser 2 F SFr 221.80 - 0.22 0.18
Swiss Equity Pro Ser 5 F SFr 222.10 - 0.23 0.43
Pac Basin Eqty Pro Ser 1 F $ 49.40 - 0.48 1.22
Pac Basin Eqty Pro Ser 2 F $ 50.56 - 0.49 1.47
Pac Basin Eqty Pro Ser 5 F $ 50.87 - 0.49 1.72
UK Sovereign Bond Index Prog Ser 1 F 14.75 - 0.02 2.91
UK Sovereign Bond Index Prog Ser 2 F 14.81 - 0.02 3.09
UK Sovereign Bond Index Prog Ser 5 F 14.92 - 0.02 3.35
Swiss Franc Pro Ser 1 F SFr 105.28 - 0.06 1.58
Swiss Franc Pro Ser 2 F SFr 106.49 - 0.05 1.76
Coutts Equator Emerging Markets 1 F $ 32.84 - 0.31 1.24
Coutts Equator Emerging Markets 2 F $ 32.92 - 0.31 1.36
Coutts Equator Emerging Markets 5 F $ 32.98 - 0.31 1.61
Global Investment Grade Programme USD S1 F $ 110.24 - -0.05 2.96
Global Investment Grade Programme EUR S1 F 108.36 - -0.02 2.96
Global Investment Grade Programme GBP S1 F 114.06 - -0.05 2.96
Global Investment Grade Programme CHF S1 FSFr 100.67 - -0.02 2.96
Global Investment Grade Programme USD S2 F $ 111.31 - -0.04 3.11
Global Investment Grade Programme EUR S2 F 109.66 - -0.03 3.11
Global Investment Grade Programme GBP S2 F 112.97 - -0.05 3.11
Global Investment Grade Programme CHF S2 FSFr 101.34 - -0.03 3.11
Global Investment Grade Programme GBP S5 F 113.48 - -0.05 3.36
UK Specialist Equity Income Ser 1 F 8.41 - 0.03 2.85
UK Specialist Equity Income Ser 2 F 8.45 - 0.02 4.14
UK Specialist Equity Income Ser 5 F 8.45 - 0.02 4.37
Absolute Rtn Multi Asset Prog Ser 1 GBP F 9.72 - 0.00 -
Absolute Rtn Multi Asset Prog SER 2 GBP F 9.85 - 0.00 -
Absolute Rtn Multi Asset Prog SER 2 USD F $ 9.81 - 0.01 -
Absolute Rtn Multi Asset Prog SER 2 EUR F 9.83 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 GBP F 9.90 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 USD F $ 9.92 - 0.00 -
Absolute Rtn Multi Asset Prog SER 5 EUR F 9.99 - 0.00 -
Absolute Rtn Multi Asset Prog SER 9 GBP F 9.94 - 0.00 -
Absolute Rtn Multi Asset Prog SER 9 USD F $ 9.87 - -0.01 -
Absolute Rtn Mutli Asset Prog Ser 9 EUR F 9.65 - 0.00 -
** 30 day average yield
Coutts (IRL)
Regulated
Coutts Liquidity Fund Plc
Dollar Ser 1 $ 1.00 - 0.00 0.05
Dollar Ser 3 $ 68.97 - 0.00 0.05
Dollar Ser 4 $ 67.38 - 0.00 0.01
Dollar Ser 5 $ 1.00 - 0.00 0.20
Sterling Ser 1 1.00 - 0.00 0.30
Sterling Ser 3 60.26 - 0.00 0.30
Sterling Ser 4 58.76 - 0.00 0.20
Sterling Ser 5 1.00 - 0.00 0.45
Euro Ser 1 1.00 - 0.00 0.02
Euro Ser 3 73.69 - 0.00 0.02
Euro Ser 4 71.87 - 0.00 0.01
Euro Ser 5 1.00 - 0.00 0.07
Crdit Andorrn Asset Management (LUX)
www.creditandorra.com
FSA Recognised
Crediinvest SICAV Money Market Eur I 11.23 - 0.00 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Crediinvest SICAV Fixed Income Eur 10.32 - 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.41 - 0.00 0.00
Crediinvest SICAV Spanish Value 184.37 - -1.34 0.00
Crediinvest SICAV International Value 162.82 - -0.09 0.00
Fund Bid Offer D+/- Yield
Crediinvest SICAV Big Cap Value 13.75 - -0.07 0.00
Crediinvest SICAV US Multistrategy $ 12.64 - 0.05 0.00
Crediinvest SICAV Sustainability 12.22 - 0.05 0.00
Daiwa Europe Fund Mgrs Ireland Ltd (IRL)
Regulated
Monthly Dividend High Yield $ 7.05 - 0.00 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Euro Portfolio 0.01 - 0.00 -
Canadian Dllr Pfolio C$ 0.01 - 0.00 -
New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.29 - -0.02 0.00
Monthly Dividend EUR Bd 9.96 - 0.02 0.00
Monthly Dividend CAD Bd C$ 10.48 - 0.01 0.00
Mthly Div US Preferred Secs $ 7.37 - 0.01 0.00
Daiwa Equity Fund Series
New Major Economies $ 10.83 - 0.01 0.00
Global CB $ 9.94 - 0.01 0.00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 373.30 374.50 0.30 0.00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 28.37 - 0.17 0.00
Davis Value B $ 24.98 - 0.15 0.00
Davis Global A $ 20.80 - -0.04 0.00
Davis Global B $ 18.41 - -0.03 0.00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 67.30 - 0.00 0.00
CABEI Central America Fund $ 1973.77 - 2.11 0.00
Dodge & Cox Worldwide Funds (IRL)
111 Buckingham Palace Road Victoria, London SW1W 0SR
www.dodgeandcox.worldwide.com 020 7340 8695
FSA Recognised
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 11.07 - 0.04 0.00
GBP Accumulating Share Class 11.63 - 0.02 0.00
EUR Accumulating Share Class 13.45 - 0.09 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 10.53 - 0.04 0.00
EUR Accumulating Share Class 10.02 - 0.06 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 11.43 - 0.03 0.00
GBP Accumulating Share Class 11.36 - 0.01 0.00
EUR Accumulating Share Class 12.01 - 0.07 0.00
Dominion Fund Management Limited
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Other International Funds
Dominion CHIC Fd DC Class 11.71 - 0.02 0.00
Dominion CHIC Fd IC Class 11.72 - 0.02 0.00
Dominion CHIC Fd DC Class 10.08 - 0.04 0.00
Dominion CHIC Fund GBP I Class 102.46 - 0.16 -
Dominion CHIC Fd IC Class 10.11 - 0.04 0.00
Dominion CHIC Fd US$ DC Class $ 9.20 - 0.01 0.00
Dominion CHIC Fd US$ IC Class $ 9.22 - 0.01 0.00
Dominion CHIC Fund GBP R Class 100.66 - 0.15 -
DX EVOLUTION PCC LIIMITED - DXE () FUND 98.86 98.86 -0.18 -
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 99.75 99.75 -0.54 -
Dragon Capital Management
1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Investments (VEIL) $ 2.37 - 0.03 0.00
Vietnam Growth Fund (VGF) $ 14.80 - -0.43 0.00
Edinburgh Partners Limited (IRL)
12 Charlotte Square, Edinburgh, EH2 4DJ +353 1 673 7627
Dealing - Fax only - +353 1 607 1978
FSA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR F 1.78 - 0.00 2.15
European Opportunities I GBP F 1.40 - -0.01 2.27
European Opportunities I USD F $ 2.20 - -0.02 2.27
European Opportunities A EUR F 1.75 - 0.00 1.62
Global Opportunities I USD F $ 1.30 - 0.00 2.16
Global Opportunities I GBP F 0.83 - 0.00 2.16
Global Opportunities I EUR F 1.05 - 0.01 2.04
Global Opportunities A GBP F 0.79 - 0.00 1.62
Pan European Opportunities Fund Class I - EUR 1.14 - 0.00 -
EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund $ 25.90 - -0.30 0.00
MENA Fixed Income Fund Ltd (Class A: Sub Class 1) $ 1032.40 - 11.55 0.00
Middle East & Developing Africa Fund (Final) $ 19.24 - 0.28 0.00
Saudi Arabia Equity Fund SR 7.75 - 0.02 0.00
Egerton Capital European Fund Plc (IRL)
Regulated
Egerton Capital Equity Fund Plc 171.96 - 2.66 0.00
Egerton European Dollar Fund Ltd
Other International Funds
European Dollar USD NAV A (Est) $ 114.07 - 1.06 0.00
Egerton European Dollar USD NAV B1 (Est) $ 114.66 - 1.06 0.00
European Dollar USD NAV C1 (Est) $ 119.23 - 1.12 0.00
Egerton European Equity Fund Ltd
Other International Funds
NAV A (Est) 56.33 - 0.43 -
NAV B1 (Est) 56.67 - 0.51 0.00
NAV C1 (Est) 58.81 - 0.52 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FSA Recognised
Ennismore European Smlr Cos NAV 63.68 - -0.06 0.00
Ennismore European Smlr Cos NAV 80.71 - 0.39 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 296.61 - -3.43 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 155.15 - 13.80 0.00
Ermitage Group Funds
Other International Funds
European Absolute Fd EUR 29.74 - 0.01 -
European Absolute B EUR 99.25 - 0.04 -
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 22.04 - 0.01 0.71
Smaller Cos Cls Two Shares 15.81 - 0.00 0.59
Smaller Cos Cls Three Shares 7.83 - 0.01 -
Smaller Cos Cls Four Shares 10.57 - 0.01 0.93
Eurobank EFG Fund Management Company (Lux) S.A. (LUX)
Regulated
(LF) Absolute Return 1.17 - 0.00 0.00
(LF) Absolute Return II 10.36 - 0.02 0.00
(LF) Balanced - Active Fund (RON)RON 13.48 - -0.04 0.00
(LF) Balanced - Polish Fund (PLN) Zty 6.79 - 0.02 0.00
(LF) Eq Dynamic Polish (PLN) Zty 5.42 - 0.02 0.00
(LF) Eq Flexi Style Greece 0.76 - -0.01 0.00
(LF) Turkish Equities 12.19 - 0.05 0.00
(LF) Eq Emerging Europe 0.94 - 0.00 0.00
(LF) Global Equities 0.80 - 0.00 0.00
(LF) Greek Equities 0.16 - 0.00 0.00
(LF) Greek Government Bond 6.02 - -0.48 0.00
(LF) Cash Fund 1.10 - 0.00 0.00
(LF) Cash Fund (PLN) Zty 11.02 - 0.00 0.00
(LF) Cash Fund (RON) RON 14.15 - 0.00 0.00
(LF) Income Plus $ $ 1.17 - 0.00 0.00
(LF) Money Mkt Fund - Res 10.04 - 0.00 -
(LF) FOF Balanced Blend 1.10 - 0.00 0.00
(LF) FOF BRIC 0.82 - 0.01 0.00
(LF) FOF Equity Blend 0.89 - 0.01 0.00
(LF) FOF Real Estate 12.69 - -0.04 -
Fund Bid Offer D+/- Yield
(LF) FOF New Frontiers - - - -
Federated International Funds Plc (u) (IRL)
c/o BNYM, Guild House, Guild Street IFSC, Dublin 1, Ireland
FSA Recognised
Federated High Income Advantage
USD Institutional Service Series $ 34.14 - 0.03 0.00
EUR Institutional Series H 214.19 - 0.23 0.00
Federated US Bond Fund
Euro Shares- Instl Series F 142.80 - -0.08 0.00
Federated Short-Term US Treasury Securities
Institutional Serv Series $ 1.00 - 0.00 0.00
Institutional Series H $ 1.00 - 0.00 0.00
Federated Short-Term US Govt Securities Fund
Institutional Serv Series $ 1.00 - -9.17 0.00
Investment Series $ 1.00 - 0.00 0.01
Investment Gth Series $ 168.92 - 0.00 0.00
Institutional Series H H $ 1.00 - 0.00 0.01
Federated Short-Term US Prime Fund
Institutional Service Series $ 1.00 - 0.00 0.00
Institutional Series $ 1.00 - 0.00 0.15
Investment - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Services - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Shares Accumulating F $ 107.53 - 0.00 0.00
Federated Short-Term Euro Fund
Institutional Series H 1.00 - 0.00 0.24
Institutional Service Series H 1.00 - 0.00 0.11
Institutional Series Accumulating H 119.86 - 0.00 0.00
Institutional Service Series Accumulating H 114.71 - 0.00 0.00
Federated Short Term Sterling Liquidity Fund
Institutional Series H 1.00 - 0.00 -
Institutional Service Dividend Series H 1.00 - 0.00 -
Federated Strategic Value Equity Fund
Class A Shares F $ 8.37 - 0.02 2.80
Class C Shares F $ 8.36 - 0.02 2.80
FIL Fund Management (LUX)
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A-GBP 10.10 - -0.01 0.00
China Focus A-GBP 3.06 - -0.01 0.00
China Opportunities A-GBP 0.95 - 0.00 0.02
Global Financial Services A-GBP 0.29 - 0.00 0.00
Global Health Care A-GBP 0.30 - 0.00 0.00
Global Industrials A-GBP 0.59 - 0.00 0.00
Global Inflation-Linked Bd A-GBP-Hdg 1.24 - 0.00 1.03
Global Real Asset Securities 1.31 - 0.00 0.00
Global Technology A-GBP 0.15 - 0.00 0.00
Global Telecomms A-GBP 0.24 - 0.00 1.76
India Focus A-GBP 3.01 - -0.01 0.00
Latin America A-GBP 2.15 - 0.00 0.24
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FSA Recognised
American Fund USD Class $ 52.53 - 0.13 0.00
American Fund GBP Hedged 28.60 - 0.22 0.00
Latin American Fund USD Class $ 18.18 - 0.20 0.00
Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Total Return Fund PCC Ltd
Fitzwilliam Opprtunity Dollar $ 114.30 - -1.27 0.00
Fitzwilliam Opprtunity Sterling 127.42 - -1.44 0.00
The TRF Commodity Plus Dollar Fund $ 120.58 - -1.31 0.00
The TRF Commodity Plus Sterling Fund 118.18 - -1.31 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 29.36 - 0.32 0.00
Fiduciary International Ireland Limited (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Templeton Emerging Market Debt Opportunities Fund Plc
Frk Templeton Emg Mkts Debt Opp CHFSFr 19.38 - 0.53 5.94
Frk Templeton Emg Mkts Debt Opp GBP 10.93 - 0.23 5.85
Frk Templeton Emg Mkts Debt Opp EUR 13.62 - 0.37 5.86
Frk Templeton Emg Mkts Debt Opp USD $ 18.77 - 0.41 6.03
Franklin Templeton Investment Funds (LUX)
26 Bld Royal L-2449 Luxembourg 00 352 466667 212
www.franklintempleton.co.uk UK freephone 0 800 305 306
FSA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis $ 8.40 - -0.04 0.82
Frk High Yield $ 6.96 - -0.03 6.30
Frk High Yield (Euro) 6.00 - 0.00 6.38
Frk Income $ 11.58 - -0.04 4.31
Frk US Government $ 9.83 - -0.02 2.44
Frk US Liquid Reserve Inc $ 9.71 - 0.00 0.00
Frk US Total Return $ 11.12 - -0.02 2.01
Frk US Low Duration Fd $ 9.73 - -0.01 0.46
Tem Asian Bond $ 13.87 - -0.04 2.41
Tem Asian Growth $ 29.58 - 0.12 0.16
Tem Emerging Markets $ 32.87 - 0.06 0.41
Tem Emg Mkts Bd $ 19.67 - 0.01 5.39
Tem Emg Mkts Balanced AQdis $ 8.93 - 0.04 2.09
Tem Euro Gov. Bond 9.66 - 0.02 1.61
Tem Euro Liquid Reserve 4.40 - 0.00 0.70
Tem Europ Corp Bond Fd F 10.23 - 0.04 2.88
Tem European Total Return 8.78 - 0.01 2.90
Tem Global $ 23.58 - 0.05 1.00
Tem Global (Euro) 12.02 - 0.06 0.76
Tem Global Aggregate Bond Fd F $ 9.84 - -0.01 1.57
Tem Global Balanced $ 18.59 - 0.02 1.56
Tem Global Bond $ 20.36 - -0.01 2.57
Tem Global Bond (Euro) 10.35 - 0.00 2.41
Tem Global Equity Income $ 8.41 - -0.01 2.90
Tem Global High Yield Fd F $ 9.88 - -0.04 5.37
Tem Global Income $ 11.86 - 0.03 2.22
Tem Global Smaller Cos $ 25.39 - 0.10 0.34
Tem Global Total Return $ 17.42 - -0.04 4.04
Tem Latin America $ 71.68 - 0.57 0.76
Class A Acc
Frk Asia Flex Cap Fd $ 12.27 - -0.03 0.00
Frk Biotech Discovery $ 13.93 - -0.12 0.00
Frk Euroland Core Fund 12.74 - -0.02 0.00
Frk European Growth 10.88 - -0.05 0.00
Frk European Sml Mid Cap Gth 19.47 - -0.03 0.00
Frk Global Conver.Securities $ 9.55 - 0.00 -
Frk Global Growth $ 11.17 - -0.09 0.00
Frk Global Sml Mid Cap Gth $ 20.29 - -0.04 0.00
Frk Gold and Precious Mtls Fd F $ 7.87 - 0.00 0.00
Frk India $ 20.98 - -0.14 0.00
Frk MENA Fund $ 4.42 - 0.01 0.00
Frk Mutual Beacon $ 50.18 - 0.11 0.00
Frk Mutual Euroland Fd 11.81 - -0.01 0.00
Frk Mutual European EUR 17.35 - 0.01 0.00
Frk Mutual Gbl Disc $ 13.42 - 0.00 0.00
Frk Natural Resources Fd F $ 8.83 - 0.02 0.00
Frk Real Return Fd F $ 10.54 - -0.01 0.00
Frk Strategic Income Fd $ 13.62 - -0.01 0.00
Frk Technology $ 7.25 - -0.03 0.00
Frk Tem Global Gth & Val $ 18.63 - -0.07 0.00
Frk Tem Japan 426.71 - -0.16 0.00
Frk Templeton Gbl Equity Strategies Fd $ 9.33 - 0.01 0.00
Frk Templeton Gbl Fundamental Strat Fd $ 10.59 - 0.01 0.00
Frk U.S. Focus Fund $ 9.75 - 0.03 0.00
Frk US Equity $ 16.79 - 0.02 0.00
Frk US Opportunities $ 7.64 - -0.02 0.00
Frk US Sml Mid Cap Gth F $ 12.90 - -0.03 0.00
Frk Wrld Perspective Fd $ 14.10 - -0.02 0.00
Tem Africa $ 10.20 - 0.09 -
Tem Asian Sml Comp Fd $ 27.49 - 0.04 0.00
Tem BRIC $ 14.74 - 0.11 0.00
Tem China $ 21.36 - 0.04 0.00
Tem Eastern Europe 21.77 - 0.08 0.00
Tem Emerging Mkts Sml Comp Fd $ 7.44 - 0.06 0.00
Tem Euro S-Term Money Mkt Fd 1013.00 - 0.00 0.00
Tem Euroland 12.40 - -0.01 0.00
Tem European EUR 14.30 - 0.01 0.00
Tem Frontier Mkts Fund $ 15.05 - 0.10 0.00
Tem Growth (Euro) 10.74 - 0.04 0.00
Tem Korea $ 5.22 - 0.02 0.00
Tem Thailand $ 17.35 - 0.09 0.00
Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class (Susp) 98.43 - 0.00 0.00
Global Real Estate-GBP C Class (Susp) 96.28 - 0.00 -
GAM Limited (IRL)
FSA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc
GAM Star Absolute Euro USD Inc F $ 9.76 - -0.02 0.00
GAM Star Asia-Pacific Eqty USD Acc F $ 9.83 - 0.02 0.00
GAM Star Asian Eqty USD Ord Acc F $ 12.09 - 0.00 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 10.91 - -0.03 0.00
GAM Star Cat Bond USD Acc $ 10.42 - 0.02 -
Fund Bid Offer D+/- Yield
GAM Star China Equity USD Acc F $ 15.88 - 0.00 0.89
GAM Star Composite Abs Rtn EUR Ac F 10.63 - 0.06 0.00
GAM Star Cont European Eqty GBP Acc F 2.34 - -0.02 0.41
GAM Star Cred Opportunities EUR Acc 10.07 - 0.01 0.00
GAM Star Cred Opportunities GBP Acc 9.39 - 0.04 6.95
GAM Star Cred Opportunities USD Acc $ 9.78 - 0.06 0.00
GAM Star Discretionary FX USD Acc F $ 9.76 - 0.03 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.81 - 0.00 0.00
GAM Star Emerging Asia USD Class ACCU $ 11.63 - -0.06 -
GAM Star Emerg. Market Rates USD Acc F $ 11.11 - -0.04 0.00
GAM Star Emerg Market Tot.Ret.USD Acc F $ 12.36 - -0.02 0.00
GAM Star European Eqty USD Acc F $ 16.40 - -0.09 0.00
GAM Star GAMCO US Equity Acc F $ 9.80 - 0.03 0.00
GAM Star GEO USD Acc F $ 7.31 - -0.02 0.00
GAM Star Global Conv Bond USD Acc F $ 10.15 - 0.00 0.00
GAM Star Global Eq Inflation Fcs USD II Acc F $ 132.93 - -0.29 0.00
GAM Star Global Rates USD Acc F $ 11.13 - 0.05 0.00
GAM Star Global Selector USD Acc F $ 11.92 - 0.00 0.00
GAM Star Japan Eqty USD Acc F $ 9.63 - 0.03 0.00
GAM Star Keynes Quant Strat USD Acc F $ 10.65 - 0.03 0.00
GAM Star North of South EM Equity Acc F $ 10.32 - 0.05 -
GAM Star Technology USD Acc F $ 11.31 - -0.05 0.00
GAM Star Trading Acc F $ 9.37 - -0.03 0.00
GAM Star US All Cap Eqty USD Acc F $ 9.47 - 0.01 0.00
GAM Star Worldwide Eqty USD Acc F $ 2497.31 - 0.64 0.00
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 110.16 - 0.09 0.00
GAM Asia Equity Inc $ 585.58 - 0.14 0.10
GAM Asia Eqty Hdg Inc USD Open $ 209.61 - 1.14 0.00
GAM Capital Appreciation Eqty USD $ 293.65 - -0.91 0.00
GAM Composite Abs Rtn Access Acc 98.76 - 0.00 0.00
GAM Composite Abs Rtn GBP Listed 145.60 - 0.73 0.00
GAM Composite Abs Rtn GBP Open 216.43 - 1.09 0.00
GAM Diversity Inc USD Open $ 662.13 - 0.53 0.00
GAM Diversity II Inc USD Open $ 202.06 - 0.15 0.00
GAM Diversity III USD Open $ 117.12 - 0.09 0.00
GAM Euro Special Bd EUR Open 131.63 - 0.17 0.00
GAM Eurp Eqty Hedge USD Open $ 227.78 - -0.55 0.00
GAM GAMCO Equity $ 1047.26 - 3.03 0.00
GAM Global Diversified USD Inc $ 253.95 - 4.34 0.58
GAM Interest Trend Inc $ 314.77 - 2.66 0.00
GAM Japan Equity Inc $ 958.33 - 3.11 0.00
GAM Multi-Diversified EUR 102.51 - 0.07 0.00
GAM Multi-Emg Mkts USD Open $ 616.82 - 2.00 0.00
GAM Multi-Europe II USD Open $ 116.15 - 0.36 0.00
GAM Multi-Europe USD Open $ 480.94 - 1.50 0.00
GAM Asia-Pacific Equity Inc $ 1172.22 - 1.86 0.50
GAM Selection Hedge Inc $ 3018.51 - 7.89 0.00
GAM Singapore/Malaysia Equity $ 2652.85 - -14.13 1.06
GAM Sterling Special Bond Inc 255.14 - 1.07 3.29
GAM Trading Inc USD Op $ 1008.24 - -2.14 0.00
GAM Trading II GBP 1.25 XL 106.29 - -0.29 0.00
GAM Trading II Inc USD Op $ 327.77 - -0.69 0.00
GAM Trading III Inc USD Op $ 168.23 - -0.36 0.00
GAM Trading IV Inc USD Op $ 160.01 - -0.34 0.00
GAM Trading V Inc USD Op $ 133.81 - -0.29 0.00
GAM US Dollar Special Bond Inc $ 651.51 - 3.64 0.00
GAM Worldwide $ 2188.90 - 0.53 0.51
GAMut Investments Inc. T Class $ 116.42 - -0.17 0.00
GLC Ltd
Other International Funds
GLC Diversified USD (Final) $ 65.71 - -4.79 0.00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 194.36 198.33 5.34 0.00
Generali International Limited
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed $ 3.78 4.08 0.07 0.00
UK Multi-Strategy Managed 3.72 4.01 0.07 0.00
EU Multi-Strategy Managed 2.20 2.38 0.05 0.00
Global Bond USD $ 3.49 3.76 0.02 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5.32 - 0.09 0.00
Griffin Umbrella Fund (IRL)
Regulated
European Opportunities Fund A 130.15 - 0.01 0.00
European Opportunities Fund B 98.22 - 0.00 0.00
Renaissance Eastern European Allocation Fund 394.67 - -0.04 0.00
Renaissance Eastern European Fund A 491.66 - 1.57 0.00
Renaissance Eastern European Fund B 106.23 - 0.44 0.00
Renaissance Ottoman Fund 127.59 - 0.33 0.00
HPB Assurance Ltd
PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343
International Insurances
Holiday Property Bond Ser 1 0.58 - -0.01 0.00
Holiday Property Bond Ser 2 0.63 - 0.00 0.00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St. Helier, Jersey JE1 1HS 01534 606520
FSA Recognised
Intl Sterling Income 1.0481xd 1.0801 -0.0015 0.03
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 108.05 - -1.98 -
Hamon Investment Group
Other International Funds
Asian iTech $ 5.01 - -0.48 0.00
Asian Market Leaders - USD $ 23.34 - 0.14 0.00
Asian Market Leaders - GBP 11.64 - 0.00 0.00
Greater China - USD $ 8.29 - 0.08 0.00
Greater China - GBP 3.34 - 0.02 0.00
Oriental Long Short $ 79.90 - 1.95 0.00
Selected Asian P'folio $ 46.92 46.93 0.09 0.00
Haussmann Hldgs NV Curacao
Other International Funds
Haussman $ 2086.11 - 10.03 -
Haussmann Holdings NV Cls C 1843.66 - 6.98 0.16
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 123.89 - 0.02 0.00
Heritage Wealth SIF
Other International Funds
Heritage Wealth SIF - Bal. EUR 99.70 - -0.30 0.00
Heritage Wealth SIF - Bal. USD $ 97.80 - -0.13 0.00
Heritam Sicav
Other International Funds
Eastern European Heritage EUR 197.29 - 6.60 0.00
Energy Fund $ 94.58 - -1.00 0.00
European Opportunities Fd EUR 108.02 - 2.40 0.00
USA Growth $ 112.89 - -0.56 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ 020 7680 3720
FSA Recognised
Global Emerging Markets Fund 1.85 1.85 0.01 0.00
Global Equites Selection Fund F 1.31 1.31 0.00 0.00
Japan Equity Fund F 1.10 1.10 0.01 0.00
Pan European Small Cap Companies Fund 1.81 1.81 0.00 0.00
Quant Global Equity Fund 1.69 1.69 0.01 0.00
Sourcecap European Alpha Fund F 1.23 1.23 0.01 0.00
Sourcecap Europe Ex-UK Cls Z GBP Acc 1.15 1.15 0.00 -
UK Smaller Companies Fund 1.91 1.91 0.00 0.00
UK Small and Mid Cap Companies Fund 2.57 2.57 0.01 0.00
Global Investment Grade Z GBP Acc 1.11 1.11 -0.01 0.00
Global High Yield Bond Fund Cls Z GBP Acc 1.14 1.14 -0.01 0.00
IKANO Funds (LUX)
Regulated
All seasons Fd 11.38 - 0.01 0.00
European Equity 10.18 - 0.04 0.00
Global Equity 8.07 - 0.03 0.00
IT Asset Management
Other International Funds
IT Funds Info Tech UK Dist 531.43 - -1.15 0.00
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FSA Recognised
Env Mkts (Ire) Stl A 1.60 - 0.00 0.00
Env Mkts (Ire) Stl B 1.54 - 0.00 0.00
Env Mkts (Ire) Euro A 1.39 - 0.00 0.00
Env Mkts (Ire) Euro B 1.09 - 0.00 0.00
Env Mkts (Ire) USD A $ 1.31 - 0.00 0.00
Env Mkts (Ire) USD B $ 1.16 - 0.00 0.00
Asian Env Mkts (Ire) Stl A 0.72 - 0.00 0.00
Asian Env Mkts (Ire) Stl B 0.72 - 0.00 0.00
Asian Env Mkts (Ire) USD A $ 0.83 - 0.00 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV 4.52 - 0.01 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FSA Recognised
IVI European Fund EUR 12.14 - -0.01 0.00
IVI European Fund GBP 13.28 - -0.06 0.00
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 19:09 User: watsonl Page Name: UT4 EUR, Part,Page,Edition: EUR, 17, 1
18
FINANCIAL TIMES FRIDAY AUGUST 10 2012
Fund Bid Offer D+/- Yield
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FSA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 15.66 - 0.02 4.47
Invesco Asia Consumer Demand Fund A income $ 11.09 - 0.11 0.35
Invesco Asia Infrastructure (A) $ 13.05 - 0.11 0.86
Invesco Asia Opportunities Equity A $ 85.19 - 1.00 0.00
Invesco Absolute Return Bond Fund A 2.88 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 14.04 - 0.04 0.00
Invesco Capital Shield 90 (EUR) A 11.44 - 0.02 0.00
Invesco Emerging Europe Equity Fund A $ 10.18 - 0.01 0.00
Invesco Emerging Local Currencies Debt A Inc $ 10.80 - 0.02 5.46
Invesco Emerging Mkt Quant.Eq. A $ 11.07 - 0.11 0.00
Invesco Energy A $ 24.02 - 0.00 0.00
Invesco Euro Corporate Bond Fund (A) 14.42 - 0.04 0.00
Invesco Euro Inflation Linked Bond A 15.12 - 0.04 0.00
Invesco Euro Reserve A 322.59 - 0.00 0.00
Invesco European Bond A 5.78 - 0.01 0.00
Invesco European Growth Equity A 16.78 - 0.10 0.00
Invesco Global Absolute Return Fund A Class 10.78 - 0.04 0.00
Invesco Global Bond A Inc $ 5.53 - 0.00 2.00
Invesco Global Equity Income Fund A $ 43.91 - 0.12 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.78 - 0.00 2.99
Invesco Global Inv Grd Corp Bond A Dist $ 11.00 - 0.00 3.06
Invesco Global Leisure A $ 20.65 - -0.02 0.00
Invesco Global Smaller Comp Eq Fd A $ 35.04 - 0.04 0.00
Invesco Global Structured Equity A $ 31.00 - 0.02 1.04
Invesco Global Total Ret.(EUR) Bond Fund A 11.69 - 0.01 0.00
Invesco Gold & Precious Metals A $ 8.87 - -0.01 -
Invesco Greater China Equity A $ 31.45 - 0.28 0.00
Invesco India Equity A $ 33.21 - -0.03 0.00
Invesco Japanese Equity Adv Fd A 1786.00 - 16.00 0.00
Invesco Japanese Value Eq Fd A 602.00 - 5.00 0.00
Invesco Latin American Equity A $ 9.70 - 0.08 0.00
Invesco Nippon Small/Mid Cap Equity A 485.00 - -2.00 0.00
Invesco Pan European Equity A EUR Cap NAV 11.84 - 0.04 0.00
Invesco Pan European High Income Fd A 11.12 - 0.02 4.77
Invesco Pan European Small Cap Equity A 12.58 - 0.02 0.00
Invesco Pan European Structured Equity A 10.93 - 0.07 0.00
Invesco UK Investment Grade Bond A 0.95 - 0.00 3.26
Invesco US Structured Equity A $ 14.95 - 0.04 0.00
Invesco US Value Eq Fd A $ 22.15 - 0.06 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FSA Recognised
Invesco Stlg Bd A QD F 2.44 - 0.00 5.07
Invesco Asian Equity A $ 5.43 - 0.04 0.38
Invesco ASEAN Equity A $ 98.47 - 0.46 0.34
Invesco Bond A $ 29.89 - -0.03 1.91
Invesco Continental Eurp Small Cap Eqty A $ 115.45 - 0.03 0.52
Invesco Emerging Markets Equity A $ 34.32 - 0.23 0.00
Invesco Emerging Markets Bond A $ 22.67 - 0.03 4.90
Invesco Continental European Equity A 4.85 - 0.00 1.29
Invesco Gilt A 14.55 - -0.01 2.61
Invesco Global Small Cap Equity A NAV $ 83.47 - 0.15 0.00
Invesco Global High Income A NAV $ 13.29 - 0.02 5.72
Invesco Gbl R/Est Secs A GBP F F 6.37 - -0.01 1.06
Invesco Global Health Care A $ 74.85 - 0.01 0.00
Invesco Global Select Equity A $ 10.44 - 0.02 0.00
Invesco Jap Eqty Core A $ 1.22 - 0.01 0.31
Invesco Japanese Equity A $ 14.24 - 0.11 0.00
Invesco Korean Equity A $ 21.89 - 0.35 0.00
Invesco PRC Equity A $ 40.76 - 0.45 0.00
Invesco Pacific Equity A $ 36.36 - 0.33 0.39
Invesco Global Technology A $ 11.17 - -0.03 0.00
Invesco UK Eqty A 5.51 - 0.02 1.91
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 82.29 - 0.20 0.00
Invest AD - UAE Total Return Fund *AED 67.66 - -0.24 0.00
Invest AD - Emerging Africa Fund $ 95.61 - -0.47 0.00
Invest AD - GCC Focus Fund * $ 97.26 - -0.37 0.00
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 11.90 - 0.00 -
Euro Liquidity I Inc EUR * 1.00 - 0.00 0.18
Short Dated Bd A Acc GBP * 13.03 - 0.00 -
Short Dated Bd I Acc GBP * 13.92 - 0.00 -
Sterling Liquidity A Acc GBP * 13.16 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.44
US$ Liquidity A Acc USD * $ 11.96 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.25
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa Opps A Acc USD $ 18.16 - 0.03 0.45
American Equity A Acc USD $ 15.36 - 0.01 -
American Equity A Inc USD $ 71.81 - 0.02 -
Asia Pacific Eq. A Acc USD $ 23.73 - 0.01 0.84
Asia Pacific Eq. A Inc USD $ 23.49 - 0.01 0.89
Asian Equity A Acc USD $ 18.10 - -0.03 0.46
Asian Equity A Inc USD $ 26.54 - -0.05 0.41
Continental European Equity A Inc USD $ 322.63 - -2.28 0.91
Continental European Equity A Acc USD $ 13.49 - -0.10 0.88
EAFE A Inc USD $ 14.41 - 0.00 0.42
Emrg Mkts Blended Debt A Acc USD $ 21.96 - -0.02 5.44
Emrg Mkts Blended Debt A Inc USD $ 20.14 - -0.02 5.51
Emrg Mkts Corp Debt A Acc USD $ 21.47 - 0.01 3.54
Emrg Mkts Curr A Acc USD $ 19.64 - -0.01 2.43
Emrg Mkts Curr Alpha A Acc USD $ 19.44 - 0.00 -
Emrg Mkts Equity A Acc USD $ 16.52 - 0.06 -
Emrg Mkts Hard Curr Debt A Inc USD $ 22.54 - -0.02 3.25
Emrg Mkts Local Curr Debt A Acc USD $ 27.38 - -0.02 6.48
Emrg Mkts Local Curr Debt A Inc USD $ 19.84 - -0.01 6.60
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 20.91 - -0.02 6.05
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 19.20 - -0.01 6.10
Emerging Markets Multi-Asset A Acc USD $ 20.80 - -0.01 -
Emerging Markets Multi-Asset A Inc USD $ 20.64 - -0.01 -
Enhanced Gbl Energy A Acc USD $ 16.46 - -0.01 -
Enhanced Nat Resources A Acc USD $ 19.36 - 0.02 -
Euro Money A Acc EUR 69.06 - 0.00 0.20
Euro Money A Inc EUR 26.12 - 0.00 0.20
Global Bond A Acc USD $ 99.38 - -0.09 1.49
Global Bond A Inc USD $ 45.29 - -0.04 1.52
Global Contrarian Equity A Acc USD $ 21.33 21.33 -0.03 -
Global Dynamic A Acc USD $ 95.69 - -0.31 -
Global Dynamic A Inc USD $ 94.97 - -0.31 -
Global Energy A Acc USD $ 17.34 - -0.01 0.27
Global Energy A Inc USD $ 304.56 - -0.14 0.18
Global Energy Long Short A Acc USD $ 16.92 - 0.00 -
Global Equity A Acc USD $ 222.41 - -0.25 -
Global Equity A Inc USD $ 220.55 - -0.24 -
Global Franchise A Acc USD $ 31.34 - 0.02 0.69
Global Franchise A Inc USD $ 30.99 - 0.02 0.71
Global Gold A Acc USD $ 20.13 - -0.02 -
Global Gold A Inc USD $ 72.54 - -0.08 -
Global Natural Resources A Acc USD $ 10.22 - 0.03 -
Global Natural Resources A Inc USD $ 10.22 - 0.03 -
Global Opp Equity A Inc USD $ 24.14 - 0.02 0.21
Global Strat Equity A Acc USD $ 15.45 - -0.06 -
Global Strat Equity A Inc USD $ 84.04 - -0.33 -
Global Strategic Inc A Acc USD $ 25.84 - -0.01 4.11
Global Strategic Inc A Inc USD $ 20.86 - -0.01 4.15
Global Strat Managed A Acc USD $ 93.30 - 0.01 0.16
Global Strat Managed A Inc USD $ 40.85 - 0.01 0.17
High Income Bond A Acc GBP Hdg 66.40 - 0.02 6.71
High Income Bond A Inc GBP Hdg 16.78 - 0.01 6.94
Inv Grade Corp Bond A Acc USD $ 20.67 - 0.01 4.27
Inv Grade Corp Bond A Inc USD $ 29.68 - 0.02 4.32
Latin Amer.Corp.Debt A Acc USD $ 24.24 - 0.04 6.21
Latin Amer.Corp.Debt A Inc USD $ 19.71 - 0.03 6.27
Latin Amer.Eq. A Acc USD $ 19.43 - 0.14 0.79
Latin Amer.Sm Cos A Acc USD $ 22.39 - 0.10 -
Managed Currency A Acc USD $ 128.47 - -0.04 -
Managed Currency A Inc USD $ 34.66 - -0.01 -
Multi-Asset Protector Fund A Acc USD $ 18.82 - 0.02 -
Sterling Money A Acc GBP 56.44 - 0.00 0.18
Fund Bid Offer D+/- Yield
Sterling Money A Inc GBP 9.96 - 0.00 0.18
UK Equity A Acc GBP 10.59 - 0.07 1.41
UK Equity A Inc GBP 59.11 - 0.43 1.44
US Dollar Money A Acc USD $ 65.60 - 0.00 0.04
US Dollar Money A Inc USD $ 20.06 - 0.00 0.04
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources A USD $ 28.78 - 0.20 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I USD $ 20.57 - -0.01 -
Global Diversified Growth A USD $ 28.46 - -0.01 -
Investec Premier Funds PCC Ltd
Africa A USD $ 18.62 19.60 0.16 -
Pan Africa A USD $ 24.98 26.29 0.09 -
J O Hambro Capital Mgmt Ltd (IRL)
14 Ryder Street, London SW1Y 6QB, United Kingdom
Phone: 0845 450 1972
FSA Recognised
Asia ex Japan EUR Retail 1.30 - 0.01 -
Asia ex Japan GBP Retail 1.18 - 0.01 -
Asia ex Japan USD Retail $ 1.19 - 0.01 -
Asia ex Japan SMC EUR Retail 1.21 - 0.02 -
Asia ex Japan SMC GBP Retail 1.10 - 0.01 -
Asia ex Japan SMC USD Retail $ 1.11 - 0.01 -
All Europe Dynamic Growth EUR Retail 0.99 - 0.01 0.00
All Europe Dynamic Growth GBP Retail 0.92 - 0.00 0.00
Continental European Ret GBP 2.11 - 0.00 2.24
Continental European Ret EURO H 1.97 - 0.00 0.34
Emerging Markets Retl Inc NAV 0.97 - 0.01 0.00
Emerging Mkts EUR Retl Inc NAV 1.06 - 0.01 1.34
Emerging Markets USD Retail $ 1.15 - 0.01 0.00
European Select Values Ret GBP H 2.70 - 0.00 0.32
European Select Values Ret EURO H 1.36 - 0.00 0.30
European Retail GBP H 1.88 - 0.00 1.35
European Retail EURO H 0.68 - 0.00 116.68
Global Emerging Markets Opportunities GBP Retail 0.86 - 0.00 0.00
Global Emerging Markets Opportunities USD Retail $ 0.84 - 0.00 0.00
Global Emerging Markets Opportunities EUR Retail 0.99 - 0.01 0.00
Global Opportunities Fund Euro Retail 1.08 - 0.00 -
Global Opportunities Fund Sterling Retail 1.05 - 0.00 -
Global Opportunities Fund USD Retail $ 1.06 - 0.00 -
Global Select Retail EUR 1.37 - 0.01 0.00
Global Select Retail GBP 1.35 - 0.01 0.00
Japan Hedged Retail GBP 0.85 - 0.01 1.61
Japan Ret GBP 1.31 - 0.01 1.01
Japan Ret EURO 1.11 - 0.01 0.58
Japan Ret JPY 157.15 - 1.35 0.01
UK Growth Retail GBP 1.73 - 0.00 1.72
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret Acc 50.36 - 0.00 -
Diversified Real Ret Inc 50.30 - 0.00 -
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FSA Recognised
Equity US
JF America Eq A (dist)-USD (1) F $ 49.77 - -0.30 -
JF US Smaller Co.A (dist)-USD (1) $ 16.23 - 0.04 -
JPM Brazil Equity A (acc)-EUR (1) F 64.77 - -0.47 -
JPM Brazil Equity A (dist)-USD (1) F $ 8.94 - -0.13 -
JF US Value A (dist)-USD (1) $ 13.98 - -0.04 -
JPM Am Eq A (acc)-USD (1) F $ 12.23 - -0.07 -
JPM Am Eq A (dist)-USD (1) $ 92.75 - -0.58 -
JPM Am Eq A (acc)-EUR Hdg (1) F 7.51 - -0.04 -
JPM Am L Cap A (acc)-EUR (1) F 12.26 - 0.06 -
JPM Am L Cap A (acc)-USD (1) F $ 12.82 - -0.03 -
JPM Am L Cap A (dist)-USD (1) F $ 11.39 - -0.03 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 78.89 - -0.05 -
JPM US Smaller Co.A (acc)-USD (1) F $ 10.89 - 0.02 -
JPM US Smaller Co.A (dist)-USD (1) $ 110.73 - 0.26 -
JPM H US STEEP A (acc)-EUR (1) F 9.86 - 0.10 -
JPM US Value A (acc)-EUR Hdg (1) F 7.71 - -0.02 -
JPM H US STEEP A (inc)-EUR (1) F 9.72 - 0.10 -
JPM H US STEEP A (acc)-USD (1) F $ 12.17 - 0.04 -
JPM US Dyn A (acc)-EUR (1) 7.26 - 0.05 -
JPM US Dyn A (acc)-USD (1) F $ 10.73 - 0.00 -
JPM US Dyn A (dist)-USD (1) $ 14.78 - -0.01 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.51 - -0.02 -
JPM US Growth A (acc)-USD (1) F $ 13.02 - -0.02 -
JPM US Growth A (dist)-GBP (1) F 6.40 - -0.01 -
JPM US Growth A (dist)-USD (1) F $ 6.97 - -0.01 -
JPM US Select 130/30 A (acc)-EUR Hdg (1) F 7.26 - 0.00 -
JPM US Select 130/30 A (acc)-USD (1) F $ 10.31 - -0.01 -
JPM US Select 130/30 A (dist)-GBP (1) F 6.98 - 0.00 -
JPM US Select 130/30 A (dist)-USD (1) F $ 10.49 - -0.01 -
JPM US Sm Cap Grth A (acc)-EUR (1) F 73.92 - 0.53 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 9.62 - 0.01 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 14.36 - 0.00 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 98.84 - 0.01 -
JPM US Value A (dist)-GBP (1) F 14.63 - -0.02 -
JPM US Value A (acc)-USD (1) F $ 12.81 - -0.03 -
JPM US Value A (dist)-USD (1) F $ 16.00 - -0.05 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 7.16 - -0.02 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 10.18 - -0.03 -
JPM US DYN 130/30 A (dist)-GBP (1) F 8.22 - -0.02 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 126.19 - -0.35 -
Equity Asia
JF ASEAN Equity A (acc)-SGD (1) F S$ 15.91 - 0.06 -
JF Asia Al+ A (acc)-USD (1) $ 19.26 - 0.01 -
JF Asia P ExJapEq A (dist)-GBP (1) F 16.87 - 0.06 -
JF Asia P ExJapEq A (acc)-USD (1) F $ 17.12 - 0.04 -
JF Asia P ExJapEq A (dist)-USD (1) $ 43.53 - 0.10 -
JF Asia P ExJapEq A (acc)-SGD (1) F S$ 12.02 - 0.06 -
JF China A (acc)-USD (1) F $ 23.96 - -0.03 -
JF China A (acc)-SGD (1) F S$ 9.96 - 0.01 -
JF China A (dist)-HKD (1) F HK$ 9.08 - -0.01 -
JF China A (dist)-USD (1) $ 38.82 - -0.06 -
JF Greater China A (acc)-SGD (1) F S$ 12.36 - 0.01 -
JF Greater China A (acc)-USD (1) F $ 19.71 - -0.05 -
JF Greater China A (dist)-HKD (1) FHK$ 10.48 - -0.02 -
JF Greater China A (dist)-USD (1) F $ 24.59 - -0.06 -
JF Hong Kong A (acc)-USD (1) F $ 15.86 - -0.05 -
JF Hong Kong A (dist)-HKD (1) F HK$ 9.52 - -0.03 -
JF Hong Kong A (dist)-USD (1) F $ 41.60 - -0.13 -
JF India A (acc)-SGD (1) F S$ 11.90 - 0.03 -
JF India A (acc)-USD (1) F $ 21.61 - -0.02 -
JF India A (dist)-GBP 66.49 - 0.03 -
JF India A (dist)-USD (1) $ 63.57 - -0.05 -
JF Korea Eq A (acc)-USD (1) F $ 9.72 - 0.07 -
JF Korea Eq A (acc)-EUR (1) F 7.88 - 0.12 -
JF Korea Eq A (dist)-USD (1) F $ 10.13 - 0.08 -
JF Singapore A (acc)-SGD (1) F S$ 15.99 - -0.01 -
JF Japan Eq A (acc)-EUR (1) F 4.93 - 0.05 -
JF Japan Eq A (dist)-GBP (1) F 5.98 - 0.03 -
JF Japan Eq A (acc)-JPY (1) 427.00 - 0.00 -
JF Japan Eq A (acc)-USD (1) F $ 7.28 - 0.03 -
JF Japan Eq A (dist)-USD (1) $ 18.39 - 0.05 -
JF Japan Sm Cap A (acc)-USD (1) F $ 6.58 - 0.00 -
JF Japan Sm Cap A (dist)-USD (1) $ 6.28 - 0.01 -
JF Pacific Eq A (acc)-EUR (1) F 9.17 - 0.09 -
JF Pacific Eq A (dist)-GBP (1) F 12.24 - 0.04 -
JF Pacific Eq A (acc)-USD (1) $ 12.70 - 0.02 -
JF Pacific Eq A (dist)-USD (1) $ 59.72 - 0.11 -
JF Singapore A (acc)-USD (1) F $ 26.17 - -0.10 -
JF Singapore A (dist)-USD (1) F $ 33.87 - -0.13 -
JF Taiwan A (acc)-EUR (1) F 14.68 - 0.16 -
JF Taiwan A (acc)-USD (1) F $ 14.36 - 0.05 -
JF Taiwan A (dist) HKD (1) F HK$ 11.01 - 0.04 -
JF Taiwan A (dist)-USD (1) F $ 12.42 - 0.05 -
JPM Japan Dyn A (acc)-JPY (1) F 367.00 - 0.00 -
JPM Japan Dyn A (dist)-JPY (1) F 364.00 - 0.00 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 71.32 - 0.28 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-USD (1) F $ 9.24 - -0.14 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 11.01 - -0.13 -
JF Eastern Europe Eq A (dist)-EUR (1) F 29.77 - 0.13 -
JF Latin Am Eq A (dist)-USD (1) F $ 39.56 - -0.39 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 18.30 - 0.08 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 113.98 - -0.35 -
JPM Eastern Europe Eq A (dist)-EUR (1) 44.50 - 0.19 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 17.05 - 0.05 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 19.60 - -0.08 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 55.35 - -0.24 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 12.79 - -0.02 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 11.72 - -0.01 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 6.66 - -0.01 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 14.09 - -0.02 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 13.64 - -0.03 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 97.00 - 0.27 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 123.75 - 0.35 -
Fund Bid Offer D+/- Yield
JPM Em Mkt Debt A (acc)-USD (1) F $ 17.30 - -0.04 -
JPM Em Mkt Eq A (dist)-GBP (1) F 31.51 - -0.08 -
JPM Em Mkt Eq A (acc)-EUR (1) F 13.60 - 0.05 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 21.05 - -0.08 -
JPM Em Mkt Eq A (dist)-USD (1) $ 29.42 - -0.11 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 15.26 - 0.00 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.52 - -0.05 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 9.74 - -0.01 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 110.94 - 0.35 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 107.42 - -1.28 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 87.01 - -0.25 -
JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 15.18 - -0.15 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 13.08 - -0.01 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 7.68 - 0.00 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 5.54 - -0.04 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 9.45 - -0.07 -
JPM Europe Conv Eq A (dist)-EUR (1) F 19.75 - -0.04 -
JPM Latin Am Eq A (acc)-USD (1) F $ 29.32 - -0.29 -
JPM Latin Am Eq A (dist)-USD (1) $ 54.69 - -0.54 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 12.45 - -0.08 -
JPM Russia A (acc)-USD (1) F $ 11.99 - 0.01 -
JPM Russia A (dist)-USD (1) F $ 11.77 - 0.01 -
Equity Europe
JF Euroland Eq A (dist)-USD (1) F $ 6.51 - -0.07 -
JF Europe Dynamic A (dist)-EUR (1) 13.71 - -0.01 -
JF Europe Eq A (dist)-USD (1) F $ 32.47 - -0.18 -
JF Europe Sm Cap A (dist)-EUR (1) F 10.09 - -0.02 -
JF Germany Eq A (dist)-EUR (1) F 20.00 - -0.09 -
JPM Euroland Eq A (acc)-EUR (1) F 9.33 - -0.04 -
JPM Euroland Eq A (dist)-EUR (1) 29.44 - -0.13 -
JPM Euroland Eq A (inc)-EUR (1) F 5.22 - -0.03 -
JPM Europe Conv Eq A (acc)-EUR (1) F 13.91 - -0.03 -
JPM Europe Dyn A (dist)-EUR (1) F 11.99 - -0.01 -
JPM Europe Dyn A (acc)-EUR (1) F 13.07 - -0.02 -
JPM Europe Dyn A (dist)-GBP (1) F 14.39 - -0.10 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 9.24 - 0.04 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 8.74 - -0.02 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 7.38 - 0.03 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 7.11 - 0.02 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 10.93 - -0.02 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 18.04 - -0.03 -
JPM Europe Eq A (acc)-EUR (1) F 10.35 - 0.02 -
JPM Europe Eq A (dist)-EUR (1) 32.17 - 0.05 -
JPM Europe Eq A (cap)-USD (1) F $ 12.24 - -0.07 -
JPM Europe Focus A (acc)-EUR (1) F 8.99 - 0.00 -
JPM Europe Focus A (acc)-USD (1) F $ 10.26 - -0.07 -
JPM Europe Focus A (dist)-EUR (1) F 7.83 - 0.00 -
JPM Europe Micro Cap A (acc)-EUR (1) F 10.51 - -0.03 -
JPM Europe Micro Cap A (dist)-EUR (1) F 10.45 - -0.03 -
JPM Europe 130/30 A (acc)-EUR (1) F 8.73 - 0.02 -
JPM Europe 130/30 A (acc)-USD (1) F $ 11.76 - -0.07 -
JPM Europe Sel 130/30 A (acc)-EUR (1) F 7.64 - 0.02 -
JPM Europe Sel 130/30 A (acc)-USD (1) F $ 10.58 - -0.05 -
JPM Europe Sel 130/30 A (dist)-EUR (1) F 10.30 - 0.03 -
JPM Europe Sel 130/30 A (dist)-GBP (1) F 5.54 - -0.02 -
JPM Europe Sm Cap A (acc)-EUR (1) F 12.24 - -0.02 -
JPM Europe Sm Cap A (dist)-EUR (1) 33.94 - -0.05 -
JPM Europe Sm Cap A (dist)-GBP (1) F 13.27 - -0.10 -
JPM Europe Strat Grth A (acc)-EUR (1) F 12.94 - -0.01 -
JPM Europe Strat Grth A (dist)-EUR (1) F 8.09 - 0.00 -
JPM Europe Strat Grth A (dist)-GBP (1) F 11.66 - -0.07 -
JPM Europe Strat Val A (dist)-EUR (1) F 10.65 - 0.03 -
JPM Europe Strat Val A (acc)-EUR (1) F 9.44 - 0.03 -
JPM Europe Strat Val A (dist)-GBP (1) F 12.84 - -0.04 -
JPM Europe 130/30 A (dist)-EUR (1) F 8.09 - 0.01 -
JPM Europe 130/30 A (dist)-GBP (1) F 6.42 - -0.03 -
JPM Germany Eq A (dist)-EUR (1) F 7.91 - -0.04 -
JPM Germany Eq A (acc)-EUR (1) F 15.39 - -0.07 -
JPM Global Dyn A (acc)-SGD (1) F S$ 13.68 - 0.00 -
JPM Global Div A (div) - USD (1) $ 107.36 - -1.54 -
JPM High Eur STEEP A (dist)-GBP (1) F 9.25 - -0.03 -
JPM High Eur STEEP A (acc)-EUR (1) F 11.18 - 0.03 -
JPM High Eur STEEP A (acc)-USD (1) F $ 13.84 - -0.06 -
JPM High Eur STEEP A (inc)-EUR (1) F 10.63 - 0.03 -
JPM H US STEEP A (dist)-GBP (1) F 12.02 - 0.05 -
JPM UK Eq A (acc)-GBP (1) F 11.40 - 0.03 -
JPM UK Eq A (dist)-GBP (1) 7.30 - 0.02 -
Equity Global
JF Gbl Dyn A (dist)-USD (1) F $ 12.89 - -0.04 -
JF Gbl Eq (USD) A (dist)-USD (1) F $ 36.28 - -0.15 -
JPM Gbl Dyn A (dist)-GBP (1) F 12.69 - -0.02 -
JPM Gbl Dyn A (acc)-USD (1) F $ 11.88 - -0.03 -
JPM Gbl Dyn A (dist)-USD (1) F $ 13.98 - -0.03 -
JPM Gbl Dyn A (acc)-EUR (1) F 7.20 - 0.03 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 115.54 - -0.13 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 5.24 - -0.01 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 11.33 - -0.01 -
JPM Gbl Dyn A (inc)-EUR (1) F 7.34 - 0.03 -
JPM Gbl Eq (USD) A (acc)-EUR (1) F 77.53 - 0.25 -
JPM Gbl Eq (USD) A (acc)-USD (1) F $ 10.79 - -0.05 -
JPM Gbl Eq (USD) A (acc)-EUR Hdg (1) F 6.08 - -0.01 -
JPM Gbl Eq (USD) A (dist)-USD (1) $ 20.97 - -0.09 -
JPM Gbl Eq (USD) A (dist)-EUR Hdg (1) F 5.79 - 0.00 -
JPM Gbl Focus A (acc)-EUR (1) F 16.28 - 0.04 -
JPM Gbl Focus A (dist)-EUR (1) 21.92 - 0.05 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 5.95 - -0.04 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 9.03 - -0.06 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 5.49 - -0.04 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 152.36 - -0.48 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 103.38 - -0.32 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 9.61 - -0.01 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 5.75 - -0.01 -
Equity Sector
JF Europe Tech A (dist)-EUR (1) F 5.20 - -0.01 -
JF Pacific Tech A (acc)-EUR (1) F 12.32 - 0.10 -
JF Pacific Tech A (acc)-USD (1) F $ 14.36 - 0.01 -
JF Pacific Tech A (dist)-USD (1) F $ 9.32 - 0.00 -
JF Pacific Tech A (dist)-GBP (1) F 11.18 - 0.02 -
JF US Tech A (dist)-USD (1) F $ 2.10 - 0.00 -
JPM Europe Tech A (acc)-EUR (1) F 14.90 - -0.04 -
JPM Europe Tech A (dist)-EUR (1) F 9.61 - -0.03 -
JPM Europe Tech A (dist)-GBP (1) F 7.24 - -0.06 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 13.45 - 0.06 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 16.28 - -0.04 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 76.89 - -0.75 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 135.70 - -0.42 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 8.36 - -0.02 -
JPM Gbl Nat Resources Fd (1) F S$ 16.16 - 0.19 -
JPM Gbl Natural Res A (dist)-EUR (1) F 15.26 - 0.24 -
JPM Gbl Natural Res A (acc)-EUR (1) F 17.71 - 0.28 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 13.39 - 0.12 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 13.09 - 0.04 -
JPM US Tech A (acc)-EUR (1) F 109.96 - 0.62 -
JPM US Tech A (dist)-GBP (1) F 1.88 - 0.00 -
JPM US Tech A (acc)-SGD (1) S$ 13.40 - 0.02 -
JPM US Tech A (acc)-USD (1) F $ 14.35 - -0.02 -
JPM US Tech A (dist)-USD (1) F $ 7.25 - -0.01 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 18.08 - 0.08 -
JPM Africa Eq A (acc)-USD (1) F $ 10.44 - -0.03 -
JPM Africa Eq A (dist)-GBP (1) F 7.35 - -0.01 -
JPM Africa Eq A (inc)-EUR (1) F 72.85 - 0.32 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 11.83 - 0.00 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.40 - 0.02 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.49 - -0.01 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.55 - -0.02 -
JPM Gbl Cath Eth Balanced A (acc)-EUR (1) F 104.98 - 0.35 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 20.92 - 0.03 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 11.49 - 0.02 -
JPM Gbl Div A (acc)-EUR (1) F 86.71 - 0.15 -
JPM Gbl Div A (div)-EUR Hdg (1) 77.15 - -1.10 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.06 - 0.00 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 11.79 - 0.02 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 10.21 - 0.01 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 11.93 - 0.01 1.52
Europe Convertible Bd B (Cap) 13.23 - 0.02 0.00
Global Convertible A (Dis) F $ 17.26 - -0.02 0.76
Global Convertible B (Cap) F $ 20.19 - -0.01 0.00
Global Convertible A Hdg GBP(Dis) F 11.20 - 0.00 0.72
Global Convertible B Hdg GBP (Cap) F 12.99 - -0.01 0.00
Global Convertible Hdg A (Cap) F $ 16.61 - 0.00 0.79
Global Convertible B Hdg (Dis) F $ 19.44 - -0.01 0.00
Global Convertible A Hdg EUR(Dis) F 13.79 - 0.00 0.73
Global Convertible B Hdg EUR (Cap) F 14.73 - 0.00 0.00
Global Convertible A Hdg CHF (Dis) FSFr 20.07 - 0.00 0.60
Global Convertible B Hdg CHF (Cap) FSFr 21.85 - 0.00 0.00
Jubilee Financial Products LLP
Other International Funds
Jubilee Emerging Europe Momentum Fund 99.81 - - -
Fund Bid Offer D+/- Yield
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 74.97 - 0.00 3.35
JB BF Absolute Ret Def-EUR/A 105.96 - 0.09 2.79
JB BF Absolute Ret Def-GBP/A 105.61 - 0.08 2.66
JB BF Absolute Ret EM-CHF SFr 100.80 - -0.01 0.00
JB BF Absolute Ret EM-EUR/A 104.42 - -0.02 3.03
JB BF Absolute Ret EM-USD/A $ 102.57 - -0.01 2.79
JB BF Absolute Ret Pl-EUR/A 106.13 - 0.19 3.46
JB BF Absolute Ret Pl-GBP/A 112.02 - 0.20 3.23
JB BF Absolute Ret Pl-USD/A $ 112.18 - 0.20 2.82
JB BF Absolute Return GBP/A 108.60 - 0.15 2.59
JB BF Absolute Return-GBP/B 123.69 - 0.17 0.00
JB BF Absolute Return-EUR/A 103.39 - 0.15 2.82
JB BF Absolute Return-USD/A $ 105.53 - 0.14 2.71
JB BF Cred Opportunities-EUR/B 151.88 - 0.06 0.00
JB BF Credit Opportunities-USD $ 106.51 - 0.05 0.00
JB BF Dollar-USD/A $ 115.82 - -0.11 3.90
JB BF Dollar Med Term-USD/A $ 122.19 - -0.05 2.61
JB BF EM Infl Linked-CHF/A SFr 101.10 - -0.07 1.05
JB BF EM Infl Linked-EUR/A 102.10 - -0.07 1.04
JB BF EM Infl Linked-GBP/A 100.61 - -0.07 0.15
JB BF EM Infl Linked-USD/A $ 102.38 - -0.08 1.62
JB BF Emerging-EUR/A 139.61 - -0.10 4.31
JB BF Emerging-USD/A $ 160.26 - -0.17 4.67
JB BF Euro Government-EUR/A 107.01 - 0.26 4.13
JB BF Euro-EUR/A 122.79 - 0.28 4.25
JB BF Global Convert-EUR/A 65.95 - -0.06 1.37
JB BF Global High Yield-EUR/A 107.08 - 0.02 6.74
JB BF Global High Yield GBP/A 101.27 - 0.00 1.59
JB BF Global High Yield-USD/A $ 116.50 - 0.02 5.98
JB BF Inflation Linked-CHF/B SFr 106.86 - 0.12 0.00
JB BF Local Emerging-CHF/A SFr 102.22 - -0.15 1.48
JB BF Local Emerging-EUR/A 103.02 - -0.14 4.94
JB BF Local Emerging-GBP/A 115.09 - -0.16 3.72
JB BF Local Emerging-USD/A $ 138.16 - -0.19 4.60
JB BF Swiss Franc-CHF/B SFr 187.81 - 0.10 0.00
JB BF Total Return-CHF SFr 103.86 - 0.06 0.00
JB BF Total Return-EUR/A 46.00 - 0.03 3.71
JB Commodity-EUR/A 75.19 - -0.03 1.41
JB Commodity-EUR/B 86.75 - -0.03 0.00
JB Commodity-USD/A $ 85.32 - -0.03 1.30
JB Commodity-USD/B $ 98.46 - -0.04 0.00
JB EF Abs Ret Europe-EUR/A 110.01 - -0.11 0.09
JB EF Abs Ret Europe-EUR/B 110.00 - -0.11 0.00
JB EF Asia-USD/A $ 115.75 - 1.79 0.53
JB EF Biotech-USD/A $ 143.64 - -0.87 0.07
JB EF Black Sea-EUR/A 31.16 - 0.23 0.65
JB EF Black Sea-USD/A $ 28.81 - 0.07 0.35
JB EF Central Europe-EUR/A 194.02 - 0.49 0.39
JB EF Chindonesia-USD/A $ 84.34 - 0.58 0.12
JB EF Chindonesia-USD/B $ 84.42 - 0.57 0.00
JB EF Energy Transition-EUR/B 120.94 - -0.04 0.00
JB EF Energy Transition-USD/B $ 117.71 - -0.64 0.00
JB EF Euro Large Cap-EUR 100.37 - -0.39 0.00
JB EF Euroland Value-EUR/A 102.12 - -0.36 1.65
JB EF Europe Sel.Fd-EUR/A 57.00 - 0.18 0.55
JB EF Europe S&Mid Cap-EUR/A 107.39 - -0.11 0.28
JB EF Europe-EUR/A 169.61 - -0.12 1.18
JB EF Global-EUR/A 67.86 - 0.31 0.59
JB EF German Value-EUR/A 157.50 - -0.32 1.66
JB EF Gl Emerging Mkts-EUR/A 74.18 - 0.70 0.55
JB EF Health Opport - USD/A $ 120.12 - -0.06 0.08
JB EF Health Opport-USD/B $ 120.17 - -0.06 0.00
JB EF Japan-JPY/A 7355.00 - 61.00 0.26
JB EF Luxury Brands-EUR/A 163.17 - 0.52 0.38
JB EF Luxury Brands-USD/A $ 136.41 - -0.26 0.30
JB EF Luxury Brands-GBP/B 96.42 - -0.23 0.00
JB EF Special Val. EUR/A 104.73 - 0.53 1.52
JB EF Swiss S&Mid Cap-CHF/B SFr 372.51 - 0.33 0.00
JB EF US Leading-USD/A $ 294.40 - 0.41 0.28
JB EF US Value-USD/A $ 122.03 - -0.04 0.42
JB Ms Africa Opp.-EUR/B 100.06 - -0.17 -
JB Ms Global Sel. EUR/B 99.43 - 0.19 0.00
JB Strategy Balanced-CHF/B SFr 133.59 - 0.32 0.00
JB Strategy Balanced-EUR 133.54 - 0.35 0.00
JB Strategy Balanced-USD/B $ 114.09 - 0.01 0.00
JB Strategy Inc-CHF/B SFr 113.35 - 0.18 0.00
JB Strategy Inc-EUR/B 144.84 - 0.30 0.00
JB Strategy Inc-USD/B $ 135.11 - -0.02 0.00
JB Strategy Growth-CHF/B SFr 80.92 - 0.22 0.00
JB Strategy Growth-EUR 95.65 - 0.29 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Multi Strategy E1 (Est) 1618.31 - -7.42 0.00
Kairos Multi Strategy E2 (Est) 1210.52 - -5.66 0.00
Kairos Multi Strategy E3 (Est) 1176.47 - -5.62 0.00
Kairos Multi Strategy D1 (Est) $ 1729.37 - -7.45 0.00
Kairos Multi Strategy D2 (Est) $ 1272.89 - -5.61 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.19 - 0.00 2.14
Ethical Cautious Managed A Inc 1.04 - 0.00 2.18
Ethical Corporate Bond A Acc 1.68 - 0.00 4.01
Ethical Corporate Bond A Inc 1.04 - 0.00 4.01
Ethical Equity A Acc 1.11 - 0.01 1.21
High Yield Bond A Acc 1.00 - 0.00 6.21
High Yield Bond A Inc 0.53 - 0.00 6.21
Inflation Linked A Acc 1.24 - 0.00 -
Investment Grade Bond A Acc 1.32 - 0.00 3.85
Investment Grade Bond A Inc 1.05 - 0.00 3.85
Sterling Corporate Bond A Acc 0.59 - 0.00 4.48
Sterling Corporate Bond A Inc 0.28 - 0.00 4.47
Strategic Assets A Acc 0.97 - 0.00 1.44
Strategic Bond A Acc 1.60 - 0.00 4.16
Strategic Bond A Inc 1.12 - 0.00 4.16
UK Equity Absolute Return A Acc 1.08 - 0.00 -
UK Equity A Acc 1.74 - 0.01 0.79
UK Equity Income A Acc 1.51 - 0.01 4.12
UK Equity Income A Inc 1.33 - 0.01 4.27
UK Opportunities A Acc 1.17 - 0.01 0.80
UK Smaller Companies A Acc 1.58 - 0.01 0.35
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.27 - 0.00 -
High Yield Global Bond A GBP Inc 5.09 - 0.00 5.97
High Yield Global Bond B GBP Inc 10.56 - 0.00 6.47
Investment Grade Global Bd A GBP Inc 5.24 - 0.01 2.76
Strategic Global Bond A GBP Inc 10.43 - 0.01 2.95
Strategic Global Bond B GBP Inc 5.91 - 0.00 3.45
Key Asset Management
Other International Funds
Key Hedge (Est) $ 408.37 - -1.03 0.00
Key Europe Inc (Est) 168.64 - -0.35 0.00
Key Recovery (Est) $ 172.06 - 0.01 0.00
Key Global Inc (Est) $ 558.53 - 1.27 0.00
Key Trading $ 99.44 - 0.74 0.00
Kleinwort Benson (Channel Islands) Investment Management Limited (JER)
Regulated
Kleinwort Benson Global Funds Limited
Sterling Currency 54.04 - 0.00 0.00
Euro Currency 33.59 - 0.00 0.00
US Dollar Currency $ 59.15 - 0.00 0.00
Sterling Income Bond 4.51 - -0.01 2.79
Euro Income Bond 11.75 - -0.04 2.48
International Bond 73.45 - 0.46 0.00
Bond & Equity 4.63 - -0.04 4.28
International Equity 56.47 - 1.22 0.00
All Weather Sterling 1.27 - 0.01 0.00
All Weather Euro 1.17 - 0.00 0.00
All Weather US Dollar $ 1.13 - 0.00 0.00
Sterling Conservative Strategy 10.49 - 0.05 0.00
Euro Conservative Strategy 10.21 - -0.01 0.00
US Dollar Conservative Strategy $ 10.01 - 0.02 0.00
Sterling Dynamic Strategy 11.52 - 0.14 0.00
Euro Dynamic Strategy 9.87 - -0.01 0.00
US Dollar Dynamic Strategy $ 10.25 - 0.06 0.00
Sterling Progressive Strategy 11.69 - 0.12 0.00
Euro Progressive Strategy 9.98 - 0.01 0.00
Fund Bid Offer D+/- Yield
US Dollar Progressive Strategy $ 10.32 - 0.06 0.00
Trojan 10.86 - 0.03 0.00
Kleinwort Benson (CI) Fd Svcs Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd Range
Elite Multi-Asset Growth Fund A Income Shares 1.08 1.08 0.02 0.00
Elite Multi-Asset Growth Fund A Reinvest Shares 1.08 1.08 0.02 0.00
Elite Multi-Asset Growth Fund C Shares 1.01 1.01 -0.09 0.00
Elite Multi-Asset Conservative Fund A Income Shares 1.05 1.05 0.00 0.00
Elite Multi-Asset Conservative Fund A Reinvest Shares 1.05 1.05 0.00 1.47
Elite Multi-Asset Conservative Fund B Shares 1.03 1.03 0.00 1.51
Elite Multi Asset Balanced Fund C Inst Shares 1.31 1.31 0.02 -
Elite Multi-Asset Balanced Fund A Income Shares 1.29 1.29 0.02 0.00
Elite Multi-Asset Balanced Fund A Reinvest Shares 1.29 1.29 0.02 0.00
Elite Multi-Asset Balanced Fund B Shares 1.25 1.25 0.02 0.00
Elite Multi Asset Conservative Fund C Inst Shares 1.07 1.07 0.00 -
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.05 1.05 0.01 0.00
Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -
Elite Sterling Income Fund 11.64 11.69 -0.07 3.50
Legg Mason Dublin Funds (IRL)
Rochestown, Drinagh, Wexford, Ireland
FSA Recognised
Legg Mason Global Funds PLC
Equity Funds
BFM Asia Pacific Equity A dis(A) $ 185.37 - -0.26 0.68
BMF Emerging Markets Eq Pr dis(A) $ 82.27 - 0.14 0.82
BFM European Equity A dis(A) 117.97 - 0.54 1.87
BFM Intl Large Cap A dis(A) $ 63.46 - 0.03 1.78
BW Global Opp.Fixed Inc A dis (M) $ 117.28 - 0.00 2.02
CBA US Aggressive Growth A dis(A) $ 106.33 - -0.14 0.00
CBA US Appreciation A dis(A) $ 108.85 - 0.12 0.00
CBA US Fundamental Value A dis(A) $ 86.61 - 0.36 0.08
CBA US Large Cap Growth A dis(A) $ 110.66 - 0.12 0.00
LM Batterymarch Gbl Equity Fd $ 96.89 - -0.13 0.28
GC Global Equity A dis(A) $ 85.39 - 0.14 0.22
LM CM Growth A dis(A) $ 84.18 - -0.03 0.00
LM CM Opportunity A dis(A) $ 164.93 - 1.20 0.00
LM CM Value A dis(A) $ 112.01 - 0.10 0.00
LM Permal Gl Absolute A dis(A) $ 99.63 - -0.04 0.00
LMHK China Fund A dis $ 90.19 - -0.06 0.43
PCM US Equity A cap $ 96.18 - -0.02 -
Royce Europ. Smaller Companies A acc 116.77 - 0.10 0.93
Royce Global Smaller Companies A dis $ 112.18 - -0.02 0.00
Royce Smaller Companies A dis(A) $ 176.81 - 0.28 0.00
Royce US Small Cap Opp A dis(A) $ 289.11 - 0.31 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 132.76 - 0.10 1.84
WA Asian Opportunities A dis(D) $ 121.88 - -0.05 2.45
WA Brazil Equity A dis(A) $ 70.63 - 1.12 3.13
WA Div Strategic Income A dis(D) $ 93.76 - 0.07 3.29
WA Emerging Markets Bd A dis(D) $ 126.14 - -0.12 4.45
WA Euro Core Plus Bd A dis(D) 92.02 - 0.16 1.60
WA Euro High Yield A dis (D) 95.91 - 0.04 7.60
WA Gl Blue Chip Bd A dis(M) $ 108.64 - 0.02 1.78
WA Gl Core Plus Bd A dis(D) $ 106.41 - -0.13 2.05
WA Gl Credit Abs Ret Fd A dis $ 102.38 - -0.09 0.00
WA Gl Credit Cl.A dis (D) $ 106.10 - 0.11 2.08
WA Global High Yield A dis(D) $ 84.34 - 0.01 6.89
WA Global Inf-Linked A dis(D) $ 108.25 - 0.09 3.05
WA Gl Multi Strategy A dis(D) $ 125.97 - 0.05 3.72
WA Inflation Mgmt A dis(A) $ 119.33 - -0.26 1.45
WA UK Core Plus Bond A dis (D) 109.29 - 0.21 2.09
WA UK Infl-Linked Plus A dis (D) 117.70 - 0.80 1.45
WA UK Long Duration A dis (D) 113.69 - 0.31 1.95
WA US Adjustable Rate A cap $ 98.76 - 0.00 0.00
WA US Core Bond A dis(D) $ 100.41 - -0.04 1.95
WA US Core Plus Bond A dis(D) $ 111.04 - -0.03 1.70
WA US High Yield A dis(D) $ 83.81 - 0.03 6.77
WA US Short Term Govt A dis(D) $ 101.73 - -0.04 1.06
Money Market Funds
WA US Money Market A dis(D) $ 1.00 - 0.00 0.03
Legg Mason Luxembourg Funds (LUX)
145 Rue du Kiem, L-8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg. Markets Eq A Ord $ 290.51 - 0.62 0.00
LM Eurold Eq.A Euro Cap 96.16 - -0.30 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.76 - 0.00 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 125.75 - 0.14 0.00
LM M-Man.Bal A Cap USD $ 118.74 - -0.15 0.00
LM M-Man Cons A Cap Euro 121.82 - 0.12 0.00
LM M-Man Cons A Cap USD $ 124.00 - -0.09 0.00
LM M-Man Perf A Cap Euro 128.02 - 0.11 0.00
LM M-Man Perf A Cap USD $ 117.18 - -0.16 0.00
Legg Mason UK Funds (1200)F (UK)
PO Box 10649, Chelmsford, CM99 2BD
Dealing & Enquiries: 0844 620 0013
www.leggmason.co.uk
Authorised Inv Funds
Equity Funds
US Equity Income A Inc 113.10 - 0.10 -
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 $ 1739.32 - -18.27 -
Class B1 1689.96 - -17.68 0.00
Class C1 1759.52 - -17.98 -
Class D1 118584.61 - -1303.43 0.00
Class E1 SFr 1565.85 - -16.62 0.00
Class F1 SKr 950.56 - -8.86 0.00
Liongate Commodities Fund
Class A $ 1055.52 - 11.35 -
Class B 1022.99 - 10.51 0.00
Class C 984.25 - 10.56 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 58.90 - -0.16 0.00
LG Asian Plus Ltd $ 57.06 - 0.15 0.00
LG Asian Smaller Cos $ 97.90 - -0.52 0.00
LG India Fd Ltd $ 49.17 - -0.21 0.00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FSA Recognised
Lloydstrust Gilt 12.7500 - -0.0300 2.79
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.8230 - 0.0030 1.10
Euro High Income 1.5910 - 0.0050 4.50
European 6.2090 - -0.0260 0.91
High Income 0.8586 - -0.0003 5.68
International 3.4150 - -0.0110 0.27
North American 11.2900 - -0.0500 0.00
Sterling Bond 1.4120 - 0.0000 4.13
UK 6.2100 - 0.0260 1.60
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.3150 - -0.0030 2.53
Monthly Share 1.2690 - -0.0020 2.53
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 166.2470 - 0.0110 -
Euro 53.0390 - -0.0010 -
New Zealand Dollar NZ$ 200.6730 - 0.0070 -
Sterling Class 52.3900 - 0.0000 -
US Dollar Class $ 60.8420 - -0.0010 -
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0600 - 0.0000 2.89
Growth Strategy 1.2530 - 0.0010 1.37
Aggressive Strategy 1.3290 - 0.0020 0.38
Global USD Growth Strategy $ 1.0300 - 0.0010 -
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FSA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.55 - -0.07 0.00
1798 Europe Eq. L/S EUR C A 10.62 - -0.07 0.00
1798 Europe Eq. L/S USD C A $ 10.59 - -0.07 0.00
1798 Optimum Trend (EUR) P A 11.77 - 0.02 0.00
1798 Optimum Trend (USD) P A $ 11.32 - 0.02 0.00
All Roads (CHF) PA SFr 16.35 - 0.03 -
All Roads (USD) PA $ 10.21 - 0.02 -
All Roads (GBP) PA 10.35 - 0.02 -
All Roads (EUR) PA 10.39 - 0.02 -
Alpha Japan (EUR) P A F 6.13 - 0.04 0.00
Alpha Japan (CHF) P A F SFr 7.75 - 0.05 0.00
Alpha Japan (JPY) P A F 709.00 - 5.00 0.00
Alpha Japan (USD) P A F $ 8.69 - 0.06 0.00
Fund Bid Offer D+/- Yield
Alternative Beta P A F SFr 115.98 - 0.10 0.00
Alternative Beta P A F 77.34 - 0.07 0.00
Alternative Beta P A F $ 114.68 - 0.10 0.00
BBB-BB Bond CHF F SFr 13.99 - 0.03 0.00
BBB-BB Bond EUR P 10.90 - 0.02 0.00
BBB-BB Bond GBP F 9.53 - 0.02 0.00
BBB-BB Bond USD F $ 15.44 - 0.03 0.00
Clean Tech P A F 5.63 - 0.00 0.00
Commodities (CHF) P A SFr 8.42 - 0.03 0.00
Commodities (EUR) P A 8.49 - 0.03 0.00
Commodities (USD) P A $ 8.55 - 0.03 0.00
Convertible Bd P A 14.26 - -0.01 0.00
Convertible Bd Asia P A F SFr 12.97 - 0.00 0.00
Convertible Bd Asia P A F 13.69 - 0.00 0.00
Convertible Bd Asia P A F $ 13.65 - 0.00 0.00
Emerging Consumer (CHF) P A SFr 11.17 - -0.01 -
Emerging Consumer (EUR) P A 11.32 - -0.01 -
Emerging Consumer (USD) P A $ 11.00 - -0.04 -
Emerging Eq.Risk Par.(EUR) 8.42 - 0.05 0.00
Emerging Eq. Risk Par.(USD) $ 7.27 - 0.00 0.00
Emerging Market Bd P A $ 22.80 - -0.03 0.00
Emerging Loc.Curr.&Bds. P Dyn.Hdg FSFr 9.50 - 0.02 0.00
Emerging Loc.Curr.&Bds. P A F SFr 10.60 - 0.04 0.00
Emerging Loc.Curr.&Bds. P A F 12.71 - 0.05 0.00
Emerging Loc.Curr.&Bds. P A F $ 10.91 - -0.01 0.00
Euro Credit Bd PA F 11.50 - 0.03 0.00
Euro Government Bd PA F 11.08 - 0.04 0.00
Euro Inflation-Linked Bd PA F 11.45 - 0.05 0.00
Euro Resp.Corp.Bd. PA 16.71 - 0.04 0.00
Europe High Conviction PA 7.55 - -0.01 0.00
Eurozone Small&Mid Caps F 34.18 - -0.14 0.00
Generation Global (CHF) P A F SFr 8.66 - 0.04 0.00
Generation Global (EUR) P A F 11.89 - 0.06 0.00
Generation Global (USD) P A F $ 10.00 - 0.00 0.00
Global Energy (USD) P A F $ 9.77 - 0.00 0.00
Golden Age (CHF) P A F SFr 14.07 - -0.01 0.00
Golden Age (EUR) P A 9.52 - -0.01 0.00
Golden Age (USD) P A F $ 13.15 - -0.01 0.00
Government Bd (USD) P A $ 20.26 - -0.01 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.68 - 0.00 0.00
Japan Small & Mid Caps P A 1566.00 - 1.00 0.00
Money Market (EUR) P A 112.31 - 0.00 0.00
Money Market (GBP) P A F 10.21 - 0.00 0.00
Money Market (USD) P A F $ 10.28 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 9.68 - -0.01 0.00
Sands US Growth (USD) PA $ 11.02 - -0.08 -
Selective Gbl P A 171.02 - 2.10 0.00
Tactical Alpha (CHF)P A SFr 9.97 - -0.01 0.00
Tactical Alpha (EUR)P A 10.16 - -0.01 0.00
Tactical Alpha (USD)P A $ 14.52 - -0.01 0.00
Technology P A 10.18 - -0.03 0.00
Technology P A $ 15.36 - -0.07 0.00
Total Return Bond (EUR) P A 12.18 - 0.03 0.00
Total Return Bond (USD) P A $ 17.81 - 0.04 0.00
William Blair Gbl Gth P A F $ 9.99 - -0.02 0.00
William Blair Gbl Gth P A F 10.84 - 0.04 0.00
Wld Gold Expertise P A F SFr 25.86 - -0.08 0.00
Wld Gold Expertise P A 20.21 - -0.06 0.00
Wld Gold Expertise P A $ 25.83 - -0.09 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 108.93 - 0.40 0.00
Conservative (EUR) P A F 106.17 - 0.28 0.00
LO Selection
Balanced (CHF) P A F SFr 101.34 - 0.30 0.00
Balanced (EUR) P A F 110.22 - 0.43 0.00
Conservative (CHF) P A F SFr 101.59 - 0.16 0.00
Conservative (EUR) P A F 107.00 - 0.28 0.00
Conservative (USD) P A F $ 100.98 - 0.01 0.00
Global Allocation (GBP) P A F 8.58 - 0.01 0.00
Growth (CHF) P A F SFr 101.20 - 0.33 0.00
Growth (EUR) P A F 112.93 - 0.46 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 0.80 0.84 0.00 3.04
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 111.46 116.11 0.07 -
Corporate Bond 1255.97 1294.81 0.33 3.73
Global Basics 2274.96 2369.75 20.70 0.09
Global Leaders 2637.78 2747.69 -0.36 1.49
High Yield Corporate Bond 947.75 977.06 2.36 6.23
Macro Episode Fund Limited 93.51 97.40 0.25 -
Optimal Income Fund 129.84 135.25 0.17 3.26
Recovery Fund Limited 'A' Participating Shares 103.47 107.79 0.39 0.85
Recovery Fund Limited 'I' Participating Shares 103.46 107.77 0.39 1.62
Strategic Corporate Bond Fund 126.50 131.77 0.05 3.20
UK Growth 1199.57 1249.56 7.90 1.98
UK Select Fund 920.23 958.58 4.21 1.92
Other International Funds
M&G Property Fund - Retail 6.50 6.84 0.00 4.29
M&G Property Fund A Inc 6.50 6.50 0.00 4.82
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 18.38 - 0.06 0.00
Asia ex-Japan A1 $ 21.75 - 0.04 0.00
China Equity Fd A1 $ 8.57 - -0.03 0.00
Continental European Eqty A1 11.68 - -0.04 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 14.33 - 0.01 0.00
Emerging Markets Debt A1 $ 32.30 - -0.03 0.00
Emerging Markets Eq.A1 $ 12.44 - 0.03 0.00
European Concentrated A1 12.56 - -0.07 -
European Core Eq A1 20.12 - 0.00 0.00
European Res.A1 21.19 - 0.02 0.00
European Smaller Companies A1 29.55 - -0.06 0.00
European Value A1 23.12 - -0.02 0.00
Global Bond A1 $ 11.37 - 0.01 0.00
Global Conc.A1 $ 24.63 - 0.06 0.00
Global Energy Fund A1 $ 14.57 - 0.00 0.00
Global Equity A1 $ 32.18 - 0.07 0.00
Global Equity A1 16.55 - 0.09 0.00
Global Multi-Asset A1 $ 15.09 - 0.02 0.00
Global Res.A1 $ 19.95 - 0.02 0.00
Global Total Return A1 13.32 - 0.03 0.00
High Yield A1 $ 22.35 - 0.02 0.00
High Yield Fund A1 13.17 - 0.05 -
Inflation-Adjusted Bond A1 $ 15.18 - -0.05 0.00
Japan Equity A1 $ 7.84 - -0.01 0.00
Latin American Equity Fd A1 $ 20.77 - 0.20 0.00
Limited Maturity A1 $ 13.92 - 0.00 0.00
Prudent Wealth Fd A1 $ 11.68 - -0.04 0.00
Research Bond A1 $ 15.76 - -0.01 0.00
UK Equity A1 6.52 - 0.01 0.00
US Conc.Growth A1 $ 10.77 - 0.00 0.00
US Government Bond A1 $ 16.81 - -0.01 0.00
Value A1 $ 14.95 - 0.03 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1583.74 1589.87 51.52 0.00
Japanese Equity Fd Cl A Initial Ser 175289.00 176331.00 11021.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 865.97 868.54 15.22 0.00
Pacific Basin Fd Cl A Initial Ser $ 2156.41 2187.00 42.26 0.00
UK Equity Fd Cl A Series 01 1409.19 1425.67 64.08 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1480.36 - 9.24 0.00
Diversified Absolute Return Stlg Cell AF2 1493.49 - 9.63 0.00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 102.88 - 0.02 -
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 802.35 - -2.89 0.00
Man AHL Diversified Plc $ 92.97 - -0.43 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 136.02 - 1.89 0.00
B Shares USD Nav (Final) $ 136.02 - 1.89 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 19.55 - 0.05 0.00
Asia Total Return Fund (Class AA) F $ 1.00 - 0.00 2.70
Asia Value Dividend Equity Fund AA F $ 1.27 - 0.01 1.32
American Growth Fund AA F $ 1.12 - 0.00 0.00
Asian Equity Fund A $ 2.51 - 0.02 0.54
Asian Equity Fund AA F $ 0.81 - 0.01 0.19
Asian Small Cap Equity Fund AA F $ 1.52 - 0.01 0.27
China Value Fund A $ 6.31 - 0.07 0.35
China Value Fund AA F $ 1.98 - 0.02 0.05
Dragon Growth Fund A $ 1.42 - 0.02 0.59
Dragon Growth Fund AA F HK$ 6.87 - 0.08 0.04
Emerging Eastern Europe Fund AA F $ 1.90 - 0.00 0.05
Emerging Eastern Europe Fund A $ 4.44 - -0.01 0.18
Emerging Markets Infrastructure Fund Class AA $ 0.99 - 0.01 -
European Growth Fund A $ 8.37 - 0.02 1.17
European Growth Fund AA F $ 0.60 - 0.00 0.76
Global Contrarian Fund AA F $ 0.83 - 0.00 0.00
Fund Bid Offer D+/- Yield
Global Property Fund AA F $ 0.87 - 0.00 0.39
Global Resources Fund AA F $ 0.98 - 0.00 0.00
Healthcare Fund AA F $ 1.13 - 0.00 0.00
India Equity Fund AA F $ 0.93 - 0.00 0.00
International Growth Fund A $ 3.30 - 0.01 0.00
International Growth Fund AA F $ 0.76 - 0.00 0.00
Japanese Growth Fund A $ 2.53 - 0.00 0.00
Japanese Growth Fund AA F $ 0.65 - 0.00 0.04
Latin America Equity Fund AA F $ 1.15 - 0.01 0.74
Russia Equity Fund AA F $ 0.62 - 0.00 0.00
Strategic Income AA F $ 1.15 - 0.00 3.84
Taiwan Equity Fund AA F $ 1.25 - 0.02 0.64
Turkey Equity Fund AA F $ 0.90 - 0.00 0.26
US Bond Fund AA F $ 1.26 - 0.00 3.41
U.S. Special Opportunities Fund AA F $ 0.89 - 0.01 5.55
US Small Cap Equity Fund AA F $ 0.90 - 0.00 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.39 - 0.00 0.75
Marlborough International Management Limited(GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 21.01 21.22 0.28 0.00
Marlborough Tiger Fund Ltd F 24.93 25.18 1.08 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 302.42 - 5.33 -
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 572.23 - -2.39 0.00
European Hedge Fd (C) (Est) $ 290.70 - -1.21 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 150.01 - -2.08 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 421.31 - -0.03 -
Global Energy & Resources Fund $ 94.39 - 0.00 -
Metage Capital
Other International Funds
MGS $ 197.90 - -0.74 -
MEMO $ 440.01 - 4.04 0.00
MEMV (Est) $ 100.65 - 1.11 -
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions 127.38 - -0.29 0.00
Mirabaud France Actions 139.61 - -0.48 0.00
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 105.53 - -0.56 0.00
Core Diversified Fund (EUR) 89.36 - -0.51 0.00
Core Diversified Fund (GBP) 97.25 - -0.53 0.00
Core Diversified USD E Class $ 97.55 - -0.59 -
Core Diversified GBP E Class 97.34 - -0.60 -
Core Diversified SGD E Class S$ 97.21 - -0.61 -
Global Real Estate Fund $ 93.58 - -1.22 0.00
International Diversified $ 97.68 - -0.20 0.00
International Beta Equity $ 96.87 - -1.51 0.00
International Equity $ 92.24 - -0.81 0.00
Managed Flexible US$ Fund $ 100.32 - 0.40 0.00
Offshore Global (GBP) 90.47 - -0.25 0.00
Offshore Global (USD) $ 84.32 - -0.25 0.00
Offshore Special Situations (GBP) 134.22 - 0.33 0.00
Offshore Special Situations (USD) $ 123.96 - 0.27 0.00
Offshore Special Situations (EUR) 104.14 - 0.21 0.00
Offshore Special Situations (YEN) 11050.83 - 20.31 0.00
Rhodium USD $ 92.20 - -0.25 0.00
Rhodium GBP 90.66 - -0.25 0.00
Rhodium AUD A$ 94.13 - -0.23 0.00
Rhodium SGD S$ 89.78 - -0.26 0.00
Rhodium THB THB 918.29 - -2.52 0.00
Special Situations USD E Class $ 100.72 - 0.18 -
Special Situations GBP E Class 101.05 - 0.21 -
Special Situations SGD E Class S$ 100.45 - 0.16 -
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 17.13 - -0.44 0.00
MW Japan Fd Ltd B $ 17.56 - -0.45 0.00
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FSA Recognised
US Advantage A F $ 35.31 - 0.13 0.00
Absolute Return Currency A F 24.97 - -0.02 0.00
Asian Equity A F $ 40.08 - 0.42 0.00
Asian Property A F $ 16.38 - 0.03 0.00
Asian Property AX F 9.93 - 0.03 1.28
Diversified Alpha Plus A F 28.60 - 0.14 0.00
Emerg Europ, Mid-East & Africa Eq A F 58.98 - 0.26 0.00
Emerging Markets Debt A F $ 78.93 - -0.07 0.00
Emerging Markets Domestic Debt AX F 16.30 - 0.05 4.29
Emerging Markets Equity A F $ 35.73 - 0.28 0.00
Euro Bond A F 13.50 - 0.01 0.00
Euro Corporate Bond AX F 21.29 - 0.01 3.96
Euro Liquidity A F 12.88 - 0.00 0.00
Euro Strategic Bond A F 36.84 - 0.05 0.00
European Currencies High Yield Bd A F 17.14 - 0.02 0.00
European Equity Alpha A F 31.81 - 0.22 0.00
European Property A F 21.26 - 0.09 0.00
Eurozone Equity Alpha A F 7.48 - 0.04 0.00
Global Brands A F $ 74.12 - 0.46 0.00
Global Convertible Bond A F $ 35.08 - 0.04 0.00
Global Property A F $ 22.09 - 0.02 0.00
Indian Equity A F $ 22.61 - -0.05 0.00
Latin American Equity A F $ 63.29 - 0.32 0.00
Short Maturity Euro Bond A F 19.78 - 0.01 0.00
US Growth A F $ 39.05 - 0.07 0.00
US Growth AH F 27.27 - 0.05 0.00
US Growth AX F 25.01 - 0.08 0.00
US Property A F $ 53.38 - 0.07 0.00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 390.13 - -1.39 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 88.91 88.91 0.55 0.00
ASG Laser Fund I/A (USD) H $ 1130.46 1130.46 2.74 0.00
Harris Associates Global Value Fund H 166.76 166.76 1.26 0.00
Harris Associates US Large Cap Value Fund $ 152.18 152.18 -0.15 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 156.69 156.69 -0.20 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 137.67 137.67 -0.08 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 187.51 187.51 0.26 0.00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunist Bond Fund H-S/D GBP 10.65 10.65 0.01 5.88
Loomis Sayles Multisector Inc Fd I USD $ 13.10 13.10 0.02 5.87
Loomis Sayles Inst High Inc Fd I USD $ 8.09 8.09 0.02 10.65
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.95 13.95 0.00 6.37
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin 1
00353 1 642 8400
FSA Recognised
Series 10
Absolute Rtn Multi Asset Prog SER 10 GBP F 9.85 - 0.01 -
Nemesis Fund Plc (IRL)
Regulated
Nemesis Credit Opportunities Advisor EUR Acc 109.68 - 0.21 0.00
Nemesis European Value EUR Advisor Acc 169.23 - -0.19 0.00
Nemesis Global Value Fund 95.00 - -0.07 0.00
Nemesis Inflation Advisor EUR Acc 104.94 - 0.63 0.00
Nemesis USA Value USD Advisor Acc $ 100.13 - -0.06 0.00
Nevsky Capital LLP (IRL)
51 Berkeley Square, London W1J 5BB +44 (0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 75.81 - -0.19 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1170.02 - 8.78 0.00
Nevsky Fund Plc GBP Acc 1175.92 - 8.63 0.00
Fund Bid Offer D+/- Yield
Nevsky Fund Plc USD Acc $ 1185.65 - 8.53 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pacific Equity Fund USD Class A $ 98.67 - -0.08 2.61
Asia Pacific Equity Fund EUR Class B 96.61 - -0.08 2.89
Asia Pacific Equity Fund GBP Class C 97.67 - -0.08 2.73
Asia Pacific Equity Fund CNY USD Hedged Class F $ 101.25 - -0.10 2.56
Asia Pacific Equity Inc D Class D SFr - - - -
Asia Pacific Equity Inc SGD Class DS$ 110.03 - -0.09 -
Asia Pacific Equity Inc USD I Class D $ 110.09 - -0.08 -
Dynamic European Equity EUR Cls D 115.37 - -0.22 -
Dynamic European Equity GBP Cls D 122.85 - -0.25 -
Dynamic European Equity USD Cls D $ 115.52 - -0.22 -
Global Fixed Income USD $ 122.03 - 0.04 0.00
Global Fixed Income USD CNY Hedged $ 108.52 - 0.01 -
Total Return Bond USD Cls $ 148.98 - 0.07 0.00
Total Return Bond EUR Cls 141.16 - 0.06 0.00
Total Return Bond GBP Cls 157.52 - 0.06 0.00
Total Return Bond Fund Canadian Dollar Class C$ 103.57 - 0.05 0.00
Total Return Bond Fund CHF SFr 107.57 - 0.05 0.00
Total Return Bond Fund INR Hdg R $ 106.50 - -0.29 -
Total Return Bond Fund USD $ 112.26 - -0.01 -
Total Return Bond Fund USD I $ 108.66 - 0.05 -
Total Return Bond GBP Distributor Class 110.62 - 0.05 4.42
US Growth Class A USD $ 114.44 - -0.61 0.00
US Growth Class B EUR 110.80 - -0.59 0.00
US Growth Class C GBP 113.02 - -0.61 0.00
US Growth Class D CHF SFr 113.16 - -0.60 0.00
US Growth Class I USD $ 103.13 - -0.54 -
Wealthy Nations Bond USD Cls A $ 112.56 - -0.03 4.89
Wealthy Nations Bond EUR Cls B 109.86 - -0.03 5.31
Wealthy Nations Bond GBP Cls C 111.83 - -0.03 5.02
Wealthy Nations Bond CHF Cls DSFr 109.06 - -0.04 -
Wealthy Nations Bond EUR Cls D 109.34 - -0.03 -
Wealthy Nations Bond GBP Cls D 112.49 - -0.03 4.79
Wealthy Nations Bond CHF Cls ESFr 108.71 - -0.03 5.24
Wealthy Nations Bond INR Hdg Cls D $ 106.44 - -0.30 -
Wealthy Nations Bond INR Hdg I Cls D $ 106.90 - -0.31 -
Wealthy Nations Bond NOK Cls DNKr 110.67 - -0.03 -
Wealthy Nations Bond USD Cls D $ 109.84 - -0.03 -
Wealthy Nations Bond USD CNY Hedged Class F $ 110.90 - -0.04 4.38
Wealthy Nations Bond SGD Class GS$ 158.68 - -0.04 4.77
Wealthy Nations Bond Class H S$ 104.97 - -0.03 5.09
Wealthy Nations Bond Class I $ 108.33 - -0.05 4.42
New Capital Alternative Strategies
All Weather Fd USD Cls $ 109.64 - -0.15 -
All Weather Fd EUR Cls 100.24 - -0.19 0.00
All Weather Fd GBP Cls 106.86 - -0.18 0.00
Tactical Opps USD Cls $ 88.72 - -0.38 0.00
Tactical Opps EUR Cls 73.77 - -0.34 0.00
Tactical Opps GBP Cls 81.95 - -0.34 0.00
NewSmith Investment Funds Plc (IRL)
Regulated
NewSmith UK Equity 1.87 - 0.04 0.00
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 1.6353 - 0.0081 2.00
Global Equity 1.4532 - 0.0075 1.86
Global Balanced 1.1736 - 0.0031 2.13
Global Balanced (Accumulation) 1.2870 - 0.0034 2.09
Bridge 1.3551 - 0.0059 2.00
Sterling Fixed Interest Class 0.8500 - -0.0001 3.93
Global Fixed Interest Class 1.0309 - 0.0004 4.68
Diversified Assets 1.1195 - 0.0005 2.93
Special Situations 1.0420 - 0.0029 3.34
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 15.74 - 0.15 0.00
European Alpha Fund F 8.04 - 0.04 0.00
European Value Fund 37.85 - 0.25 0.00
Far Eastern Equity Fund $ 17.28 - 0.24 0.00
Latin American Equity Fund 11.77 - 0.10 0.00
Nordic Equity Fund 55.07 - 0.72 0.00
North American Growth Fund H $ 8.32 - 0.03 0.00
North American Value Fund $ 30.92 - 0.14 0.00
European High Yield Bond Fund F 21.87 - 0.05 0.00
Global Stable Equity Fund F 10.12 - 0.03 0.00
Heracles Long/Short MI Fund - AP - EUR F 51.32 - 0.08 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 1782.24 - 30.87 0.00
Northwest China Opps $ class $ 2342.46 - 17.37 0.00
Northwest China Opps class 2293.30 - 17.15 0.00
Northwest Warrant $ class $ 450.65 - 56.88 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 7.00 - 0.04 0.53
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 20.24 - 0.03 1.00
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 20.50 - 0.03 0.88
OasisCresGl Income Class A $ 10.87 - 0.01 2.57
OasisCresGl LowBal D ($) Dist $ 10.60 - 0.01 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 10.10 - 0.02 -
Oasis Crescent Gbl Property Eqty $ 7.89 - 0.00 3.34
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 271.98 - -9.13 0.00
OEI Mac Inc B 151.17 - -5.90 0.00
OEI MAC Inc USD $ 1499.29 - -50.88 0.00
Odey European Inc EUR 608.30 - -18.75 0.00
Odey European Inc A GBP 230.36 - -7.00 0.00
Odey European Inc B GBP 130.74 - -3.97 0.00
Odey European Inc USD $ 283.15 - -8.75 0.00
Giano Capital EUR Inc 4076.79 - 92.62 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 95.50 - 0.12 0.00
Odey OEAF GBP D Class 107.80 - -0.48 -
Odey Pan European 219.38 - 0.62 0.00
Odey Pan European GBP D 138.98 - -0.40 0.00
Odey Allegra STG A 89.44 - 0.00 0.00
Odey Allegra USD $ 104.76 - 0.07 0.00
Odey Allegra European EUR 152.59 - 0.19 0.00
Odey Allegra European EUR I F 149.45 - 0.19 0.00
Odey Allegra European USD $ 144.98 - -0.56 0.00
Odey Allegra European GBP 172.63 - -0.76 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 132.86 - 0.01 0.00
Odey Allegra International GBP D Inc F 120.37 - 0.01 0.00
Odey Allegra International Euro Class 107.76 - 0.61 0.00
Odey Allegra International Euro I Class 99.34 - 0.57 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 105.42 - -0.30 -
Odey Odyssey Fund GBP I 101.57 - 0.26 -
Odey Giano European Fund GBP 105.21 - -0.29 -
Odey Odyssey Fund GBP R 99.77 - 0.31 -
Odey Giano European Fund USD $ 106.15 - -0.29 -
Odey Odyssey Fund USD $ 101.83 - 0.26 -
Odey Odyssey Fund EUR 90.01 - 0.31 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 102.45 - 0.25 0.00
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 19:09 User: watsonl Page Name: UT5 EUR, Part,Page,Edition: EUR, 18, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012
19
Fund Bid Offer D+/- Yield
ODEY OPPORTUNITY CHF I SFr 102.60 - 0.24 0.00
ODEY OPPORTUNITY EUR 119.72 - 0.29 0.00
ODEY OPPORTUNITY EUR I 178.99 - 0.43 0.00
ODEY OPPORTUNITY GBP I R 197.33 - 0.48 0.00
ODEY OPPORTUNITY GBP R 127.14 - 0.31 0.00
ODEY OPPORTUNITY NOK NKr 107.97 - 0.25 0.00
ODEY OPPORTUNITY NOK I NKr 110.37 - 0.30 0.00
ODEY OPPORTUNITY USD $ 126.41 - 0.28 0.00
ODEY OPPORTUNITY USD I $ 187.97 - 0.43 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 397.18 - 10.90 -
Optima Fund Management
Other International Funds
Optima Fd NAV (Est) $ 74.50 - -0.28 0.00
Optima Discretionary Macro Fund Limited $ 81.67 - -0.52 0.00
The Dorset Energy Fd Ltd NAV $ 42.43 - 1.15 0.00
Platinum Fd Ltd (Est) $ 66.12 - 0.58 0.00
Platinum Fd Ltd EUR (Est) 13.15 - 0.11 0.00
Platinum Japan Fd Ltd (Est) $ 31.78 - 0.49 0.00
Optima Emerging Markets Fd Ltd $ 13.99 - -0.01 0.00
Optima Partners Global Fd $ 11.81 - 0.02 0.00
Optima Partners Focus Fund A $ 11.25 - -0.08 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1181.22 - -9.38 -
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 114.23 - -1.50 0.00
Orbis Optimal (US$) $ 71.18 - -0.16 0.00
Orbis Optimal (Euro) 24.09 - -0.04 0.00
Orbis Optimal (Yen) 951.00 - -2.00 0.00
Orbis Leveraged (US$) $ 110.10 - -0.55 0.00
Orbis Leveraged (Euro) 36.13 - -0.19 0.00
Orbis Leveraged (Yen) 864.00 - -4.00 0.00
Orbis Japan Equity (US$) $ 22.06 - -0.09 0.00
*Orbis Prices as of August 2nd
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2116.00 - -8.00 0.00
Orbis Japan Equity (Euro) 14.35 - -0.05 0.00
Orbis Asia ex-Japan - Investor Shares $ 16.46 - -0.03 0.00
Orbis Global Equity - Investor Shares 92.31 - -0.26 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 142.23 - -0.53 0.00
Orbit Euro Strategies 124.54 - -0.12 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 2.93 - -0.08 0.00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 1.00 - 0.00 0.05
Intl Dollar Reserve B $ 1.00 - 0.00 0.02
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.02
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 4521.65 - -10.98 -
Macro Holdings Ltd $ 4054.41 - 47.58 -
Fixed Income Holdings N.V. $ 423.60 - 1.13 -
LUX Advantage Multi-Strategy Fund $ 1357.73 - 5.19 -
LUX Natural Resources $ 1295.36 - 7.14 -
Strategic Allocation A $ 1250.32 - 4.73 -
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 107.51 - 0.12 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 105.28 - 0.11 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 102.43 - 0.12 0.61
Pictet-Absl Rtn Glo Div-I EUR F 123.73 - 0.18 0.00
Pictet-Absl Rtn Glo Div-P EUR F 119.06 - 0.17 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 115.43 - 0.16 0.29
Pictet-Absl Rtn Glo Div-R EUR F 115.33 - 0.16 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 179.25 - 0.25 0.00
Pictet-AbsRetGloDiv-HI GBP F 104.13 - 0.15 0.00
Pictet-AbsRetGloDiv-HI JPY F 13733.00 - 19.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 156.48 - 0.22 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 172.46 - 0.24 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 97.24 - 0.14 0.23
Pictet-AbsRetGloDiv-HP USD F $ 150.56 - 0.21 0.00
Pictet-Agriculture-I EUR F 149.80 - 1.16 0.00
Pictet-Agriculture-I USD F $ 184.43 - 0.84 0.00
Pictet-Agriculture-P EUR F 145.85 - 1.13 0.00
Pictet-Agriculture-P dy EUR F 145.85 - 1.13 0.00
Pictet-Agriculture-P dy GBP F 114.77 - 0.54 0.00
Pictet-Agriculture-P dy USD F $ 179.57 - 0.83 0.00
Pictet-Agriculture-R EUR F 142.62 - 1.10 0.00
Pictet-Agriculture-R USD F $ 175.59 - 0.80 0.00
Pictet-Agriculture-P USD F $ 179.57 - 0.83 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 174.10 - 2.14 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 162.14 - 1.99 0.00
Pictet-Asian Equities Ex Japan-P dy USD F $ 158.83 - 1.95 0.16
Pictet-Asian Equities Ex Japan-HI EUR F 114.05 - 1.40 0.00
Pictet-Asian Local Currency Debt-I EUR F 126.68 - 0.44 0.00
Pictet-Asian Local Currency Debt-I USD F $ 155.97 - 0.05 0.00
Pictet-Asian Local Currency Debt-P EUR F 121.72 - 0.42 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 131.53 - 0.04 2.74
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 85.34 - 0.03 2.71
Pictet-Biotech-P USD $ 351.36 - -3.71 0.00
Pictet-Biotech-P dy GBP F 224.28 - -2.50 0.00
Pictet-Biotech-HP EUR F 261.66 - -2.77 0.00
Pictet-Biotech-I USD F $ 383.57 - -4.03 0.00
Pictet-Biotech-P dy USD F $ 351.22 - -3.70 0.00
Pictet-CHF Liquidity-P F SFr 124.36 - 0.00 0.00
Pictet-Clean Energy-I EUR F 51.80 - 0.06 0.00
Pictet-Clean Energy-I USD F $ 63.78 - -0.12 0.00
Pictet-Clean Energy-P EUR F 49.59 - 0.06 0.00
Pictet-Clean Energy-P USD F $ 61.05 - -0.12 0.00
Pictet-Clean Energy-P dy USD F $ 61.05 - -0.12 0.00
Pictet-Clean Energy-P dy GBP F 39.02 - -0.07 0.00
Pictet-Convertible Bonds-I EUR F 94.83 - 0.21 0.00
Pictet-Convertible Bonds-P EUR F 92.78 - 0.21 0.00
Pictet-Convertible Bonds-P dy EUR F 92.58 - 0.20 0.50
Pictet-Convertible Bonds-R EUR F 90.72 - 0.20 0.00
Pictet-Digital Communication-I EUR F 128.72 - -0.30 0.00
Pictet-Digital Communication-I USD F $ 158.48 - -0.87 0.00
Pictet-Digital Communication-P EUR F 117.46 - -0.28 0.00
Pictet-Digital Communication-P USD $ 144.62 - -0.80 0.00
Pictet-Digital Communication-P dy USD F $ 139.48 - -0.77 0.00
Pictet-Digital Communication-P dy GBP F 90.21 - -0.49 0.00
Pictet-Digital Communication-R EUR F 108.58 - -0.25 0.00
Pictet-Eastern Europe-I EUR F 363.98 - 1.27 0.00
Pictet-Eastern Europe-P EUR F 350.80 - 1.22 0.00
Pictet-Eastern Europe-P dy EUR F 350.49 - 1.22 0.00
Pictet-Eastern Europe-P dy GBP F 276.56 - -0.62 0.00
Pictet-Em Lcl Ccy Dbt-HI EUR F 132.48 - 1.12 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 127.35 - 1.08 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 162.43 - 2.20 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 200.71 - 1.70 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 156.07 - 2.11 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 192.86 - 1.63 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 146.71 - 1.24 5.43
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 96.43 - 0.75 5.34
Pictet-Emerging Markets-I USD F $ 514.03 - 5.65 0.00
Pictet-Emerging Markets-P USD $ 484.55 - 5.32 0.00
Pictet-Emerging Markets-P EUR F 393.55 - 5.55 0.00
Pictet-Emerging Markets-P dy USD F $ 479.57 - 5.27 0.00
Pictet-Emerging Markets Index-I USD F $ 237.38 - 0.63 0.00
Pictet-Emerging Markets Index-IS USD F $ 236.47 - 0.62 0.00
Pictet-Emerging Markets Index-P dy USD F $ 214.38 - 0.56 1.75
Pictet-Emerging Markets Index-R USD F $ 225.16 - 0.60 0.00
Pictet-Emerging Markets Index-P USD $ 232.23 - 0.61 0.00
Pictet-Emerging Markets Index-R dy GBP F 140.49 - 0.29 1.44
Pictet-EUR Bonds-HI CHF F SFr 616.77 - 3.40 0.00
Pictet-EUR Bonds-HP CHF F SFr 592.97 - 3.26 0.00
Pictet-EUR Bonds-I F 458.22 - 2.53 0.00
Pictet-EUR Bonds-P F 440.60 - 2.43 0.00
Pictet-EUR Bonds-P dy F 301.82 - 1.66 3.32
Pictet-EUR Corporate Bonds-HI USD F $ 198.06 - 1.16 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 233.32 - 1.37 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 189.38 - 1.11 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 223.13 - 1.31 0.00
Pictet-EUR Corporate Bonds-I F 173.48 - 1.01 0.00
Pictet-EUR Corporate Bonds-P F 165.82 - 0.97 0.00
Pictet-EUR Corporate Bonds-P dy F 103.92 - 0.61 3.69
Pictet-EUR Government Bonds-P dy F 104.13 - 0.17 3.37
Fund Bid Offer D+/- Yield
Pictet-EUR High Yield-HI CHF F SFr 258.82 - -0.27 0.00
Pictet-EUR High Yield-HP CHF F SFr 245.43 - -0.26 0.00
Pictet-EUR High Yield-I F 191.13 - -0.20 0.00
Pictet-EUR High Yield-P F 181.23 - -0.19 0.00
Pictet-EUR High Yield-P dy F 87.79 - -0.10 6.10
Pictet-EUR Inflation Linked Bonds-P dy F 108.81 - 0.09 1.33
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 113.08 - -0.02 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 110.96 - -0.02 0.00
Pictet-EUR Short Mid-Term Bonds-P F 127.29 - -0.03 0.00
Pictet-EUR Short Mid-Term Bonds-I F 129.54 - -0.02 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 90.83 - -0.01 3.37
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.44 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 102.97 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 100.28 - 0.00 0.17
Pictet-European Sust Eq-P EUR F 152.24 - 0.29 0.00
Pictet-Europe Index-I EUR F 117.97 - 0.39 0.00
Pictet-Europe Index-IS EUR F 118.50 - 0.39 0.00
Pictet-Europe Index-P EUR 116.68 - 0.39 0.00
Pictet-Europe Index-P dy EUR F 99.84 - 0.33 2.60
Pictet-Europe Index-R dy GBP F 83.33 - -0.20 2.60
Pictet-Euroland Index-P dy EUR F 73.17 - -0.23 3.44
Pictet-Euroland Index-R dy GBP F 61.20 - -0.54 3.38
Pictet-European Equity Selection-I EUR F 498.04 - 0.06 0.00
Pictet-European Equity Selection-P EUR F 474.58 - 0.05 0.00
Pictet-Eu Equities Sel-Pdyistr F 442.24 - 0.05 0.63
Pictet-Europe Index-R EUR F 113.84 - 0.38 0.00
Pictet-European Sust Eq-I EUR F 158.70 - 0.31 0.00
Pictet-European Sust Eq-Pdy EUR F 136.49 - 0.27 1.67
Pictet-Generics-I USD F $ 152.30 - -0.02 0.00
Pictet-Generics-P USD F $ 142.95 - -0.02 0.00
Pictet-Generics-P dy GBP F 91.34 - 0.00 0.00
Pictet-Generics-P dy USD F $ 142.91 - -0.02 0.00
Pictet-World Government Bonds-P USD $ 186.34 - 0.07 0.00
Pictet-World Government Bonds-P dy USD $ 143.58 - 0.06 2.43
Pictet-Global Emerging Debt-P USD F $ 313.40 - -0.37 0.00
Pictet-Global Emerging Debt-P dy USD F $ 183.88 - -0.22 4.83
Pictet-Global Emerging Currencies-I EUR F 86.10 - 0.33 0.00
Pictet-Global Emerging Currencies-I USD F $ 106.86 - -0.13 0.00
Pictet-Global Emerging Currencies-HI EUR F 67.31 - -0.08 0.00
Pictet-Global Emerging Currencies-HP EUR F 65.96 - -0.08 0.00
Pictet-Global Emerging Currencies-P EUR F 84.37 - 0.33 0.00
Pictet-Global Emerging Currencies-P USD F $ 104.69 - -0.13 0.00
Pictet-Global Em Ccy-Pdy USD F $ 96.82 - -0.12 2.80
Pictet-Global Emerging Debt-HP EUR F 223.95 - -0.27 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 362.21 - -0.46 0.00
Pictet-Global Emerging Debt-HI EUR F 234.77 - -0.28 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 382.34 - -0.47 0.00
Pictet-Global Emerging Debt-I USD F $ 330.72 - -0.39 0.00
Pictet-Global Megatrend Selection-I USD F $ 155.02 - -0.41 0.00
Pictet-Global Megatrend Selection-I EUR F 125.91 - 0.06 0.00
Pictet-Global Megatrend Selection-P USD F $ 150.21 - -0.40 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 146.48 - 0.00 0.00
Pictet-Global Megatrend Selection-P EUR F 122.02 - 0.06 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 122.00 - 0.06 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 96.01 - -0.24 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 150.21 - -0.40 0.00
Pictet-Global Megatrend Selection-R EUR F 117.93 - 0.05 0.00
Pictet-Global Megatrend Selection-R USD F $ 145.20 - -0.39 0.00
Pictet-Greater China-I USD F $ 370.15 - 4.83 0.00
Pictet-Greater China-P USD F $ 346.29 - 4.52 0.00
Pictet-Greater China-P dy USD F $ 336.17 - 4.38 0.27
Pictet-Greater China-P dy GBP F 214.13 - 2.82 0.26
Pictet-High Dividend Sel I EUR F 115.94 - 0.59 0.00
Pictet-High Dividend Sel P CHF F SFr 136.75 - 0.65 0.00
Pictet-High Dividend Sel P EUR F 113.85 - 0.58 0.00
Pictet-High Dividend Sel P USD F $ 140.68 - 0.00 0.00
Pictet-High Dividend Sel Pdm GBP F 82.84 - -0.04 4.03
Pictet-High Dividend Sel Pdm USD F $ 128.83 - 0.00 4.10
Pictet-High Dividend Sel Pdy EUR F 107.52 - 0.55 3.74
Pictet-High Dividend Sel R EUR F 112.22 - 0.56 0.00
Pictet-High Dividend Sel Rdm EUR F 102.69 - 0.52 3.88
Pictet-Indian Equities-I USD F $ 293.18 - -1.26 0.00
Pictet-Indian Equities-P USD F $ 274.64 - -1.18 0.00
Pictet-Indian Equities-P dy USD F $ 274.64 - -1.18 0.00
Pictet-Indian Equities-P dy GBP F 175.53 - -0.74 0.00
Pictet-Japan Index-I JPY F 7611.63 - 66.39 0.00
Pictet-Japan Index-IS JPY F 7713.59 - 67.33 0.00
Pictet-Japan Index-P JPY F 7527.12 - 65.63 0.00
Pictet-Japan Index-P dy JPY F 7003.76 - 61.07 1.81
Pictet-Japan Index-R dy GBP F 58.37 - 0.35 1.54
Pictet-Japanese Equities Opp-P JPY F 4183.49 - 25.78 0.00
Pictet-Japanese Equities Opp-I JPY F 4391.73 - 27.14 0.00
Pictet-Japanese Equities Opp-P dy JPY F 4149.36 - 25.57 0.00
Pictet-Japanese Equity Selection-I JPY F 6952.65 - 50.20 0.00
Pictet-Japanese Equity Selection-P JPY F 6633.75 - 47.79 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 53.44 - 0.24 0.38
Pictet-Japanese Eq Sel-Pdy JPY F 6544.98 - 47.15 0.39
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 74.59 - 0.32 6.56
Pictet-LATAM Lc Ccy Dbt-I EUR F 124.32 - 1.24 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 152.32 - 0.75 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 120.66 - 1.20 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 147.83 - 0.73 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 113.04 - 0.56 6.59
Pictet-LATAM Lc Ccy Dbt-R EUR F 117.54 - 1.17 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 144.04 - 0.70 0.00
Pictet-MENA-HP EUR F * 28.54 - 0.03 0.00
Pictet-MENA-I USD F * $ 47.40 - 0.04 0.00
Pictet-MENA-P USD F * $ 45.77 - 0.04 0.00
Pictet-MENA-P EUR F * 37.03 - 0.21 0.00
Pictet-MENA-Pdy USD F * $ 44.78 - 0.04 1.46
Pictet-Pacific Ex Japan Index-P USD F $ 314.68 - 0.26 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 318.28 - 0.27 0.00
Pictet-Pacific Ex Japan Index-IS USD F $ 319.38 - 1.84 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 258.04 - 0.21 3.61
Pictet-Pacific Ex Japan Index-R USD F $ 308.22 - 1.78 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 181.10 - 0.92 3.30
Pictet-Premium Brands-I EUR F 111.38 - 0.11 0.00
Pictet-Premium Brands-I USD F $ 137.13 - -0.30 0.00
Pictet-Premium Brands-P EUR 101.69 - 0.10 0.00
Pictet-Premium Brands-P USD F $ 125.20 - -0.27 0.00
Pictet-Premium Brands-P dy EUR F 101.63 - 0.10 0.00
Pictet-Premium Brands-P dy GBP F 79.97 - -0.17 0.00
Pictet-Russian Equities-P USD F $ 63.16 - -0.04 0.00
Pictet-Russian Equities-P dy GBP F 40.31 - -0.05 0.00
Pictet-Russian Equities-I EUR F 53.11 - 0.23 0.00
Pictet-Russian Equities-I USD F $ 65.63 - -0.04 0.00
Pictet-Russian Equities-P EUR F 51.11 - 0.22 0.00
Pictet-Russian Equities-P dy USD F $ 63.12 - -0.04 0.00
Pictet-Security-I EUR F 106.60 - -0.27 0.00
Pictet-Security-I USD F $ 131.25 - -0.73 0.00
Pictet-Security-P EUR F 101.58 - -0.24 0.00
Pictet-Security-P USD F $ 125.06 - -0.70 0.00
Pictet-Security-P dy USD F $ 125.06 - -0.70 0.00
Pictet-Security-P dy GBP F 79.93 - -0.44 0.00
Pictet-Security-R EUR F 97.55 - -0.23 0.00
Pictet-Security-R USD F $ 120.10 - -0.67 0.00
Pictet-Small Cap Europe-I EUR F 623.66 - -0.63 0.00
Pictet-Small Cap Europe-P EUR F 585.47 - -0.60 0.00
Pictet-Small Cap Europe-P dy EUR F 577.74 - -0.59 0.12
Pictet-ST.MoneyMkt-I 140.17 - -0.01 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.35 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.84 - 0.00 0.00
Pictet-ST.MoneyMkt-PCHF SFr 92.23 - 0.00 1.03
Pictet-ST.MoneyMkt-IUSD $ 134.01 - -0.01 0.00
Pictet-ST.MoneyMkt-PUSD $ 131.94 - 0.00 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.66 - 0.00 0.58
Pictet-ST.MoneyMkt-Pdy 96.26 - 0.00 1.18
Pictet-Timber-HP EUR F 73.80 - 0.11 0.00
Pictet-Timber-I USD F $ 115.69 - 0.16 0.00
Pictet-Timber-I EUR F 93.97 - 0.43 0.00
Pictet-Timber-P USD F $ 112.02 - 0.16 0.00
Pictet-Timber-P EUR F 90.98 - 0.41 0.00
Pictet-Timber-P dy USD F $ 107.05 - 0.15 0.87
Pictet-Timber-P dy GBP F 68.43 - 0.11 0.87
Pictet-US Equity Growth Selection-I USD F $ 127.68 - -0.18 0.00
Pictet-US Equity Growth Selection-P USD F $ 122.85 - -0.17 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 122.84 - -0.18 0.00
Pictet-US Equity Growth Selection-R USD F $ 119.15 - -0.17 0.00
Pictet-US High Yield-HI CHF F SFr 131.14 - 0.01 0.00
Pictet-US High Yield-HI EUR F 88.24 - 0.01 0.00
Pictet-US High Yield-HP CHF F SFr 129.03 - 0.01 0.00
Pictet-US High Yield-HP EUR F 86.82 - 0.00 0.00
Pictet-US High Yield-I USD F $ 131.69 - 0.01 0.00
Pictet-US High Yield-P USD F $ 129.56 - 0.01 0.00
Pictet-US High Yield-P dy USD F $ 116.54 - 0.01 5.49
Pictet-US High Yield-R USD F $ 127.79 - 0.01 0.00
Pictet-USA Index-P USD $ 117.26 - 0.09 0.00
Pictet-USA Index-I USD F $ 118.64 - 0.09 0.00
Pictet-USA Index-IS USD F $ 119.85 - 0.10 0.00
Pictet-USA Index-P dy USD F $ 110.93 - 0.09 0.86
Pictet-USA Index-R USD F $ 114.55 - 0.09 0.00
Pictet-USA Index-R dy GBP F 71.71 - 0.01 0.64
Pictet-USD Government Bonds-I F $ 613.17 - -1.01 0.00
Pictet-USD Government Bonds-P F $ 592.10 - -0.98 0.00
Pictet-USD Government Bonds-P dy F $ 398.64 - -0.66 2.88
Pictet-USD Short Mid-Term Bonds-I F $ 127.37 - -0.03 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.26 - -0.03 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 98.39 - -0.03 1.73
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.25 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.87 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 100.34 - 0.00 0.02
Pictet-Water-HP USD F $ 224.94 - -0.36 0.00
Pictet-Water-HR USD F $ 208.83 - -0.33 0.00
Fund Bid Offer D+/- Yield
Pictet-Water-I EUR F 189.23 - -0.30 0.00
Pictet-Water-I USD F $ 232.98 - -1.11 0.00
Pictet-Water-P EUR 172.97 - -0.27 0.00
Pictet-Water-P USD F $ 212.96 - -1.01 0.00
Pictet-Water-P dy EUR F 170.64 - -0.27 0.14
Pictet-Water-P dy GBP F 134.83 - -0.62 0.15
Pictet-Water-R USD F $ 197.71 - -0.94 0.00
Pictet-Water-R EUR 160.58 - -0.26 0.00
Pictet-World Government Bonds-I EUR F 155.98 - 0.85 0.00
Pictet-World Government Bonds-I USD F $ 192.13 - 0.07 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd, Nations House, 103 Wigmore St, London, W1U 1QS
http://gisnav.pimco-funds.com
Dealing: +353 1 241 7100
PIMCO Funds: +44 (0)20 7872 1316
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 10.40 - 0.02 0.00
Diversified Income - Inst Acc $ 17.66 - -0.02 0.00
Emerging Local Bond - Inst Acc $ 14.27 - -0.03 0.00
Emerging Markets Bond - Inst Acc $ 38.03 - -0.04 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.70 - 0.01 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.41 - -0.02 0.00
EuriborPLUS - Inv. Acc 11.54 - 0.00 0.00
Euro Bond - Inst Acc 18.54 - 0.04 0.00
Euro Credit - Inst Acc 12.70 - 0.02 0.00
Euro Income Bond - Inst Acc F 10.81 - 0.02 0.00
Euro Liquidity - Inst Dist 1.00 - 0.00 0.40
Euro Long Average Duration - Inst Acc 16.67 - 0.08 0.00
Euro Real Return - Inst Acc 12.42 - 0.01 0.00
Euro Ultra Long Duration - Inst Acc 21.46 - 0.32 0.00
FX Strategies - Inst Acc 10.88 - 0.00 0.00
Global Advantage - Inst Acc $ 12.72 - -0.02 0.00
Global Bond - Inst Acc $ 24.43 - 0.01 0.00
Global Bond Ex-US - Inst Acc $ 16.50 - 0.00 0.00
Global High Yield Bond - Inst Acc $ 17.04 - 0.00 0.00
Global Investment Grade Credit - Inst Income $ 12.09 - 0.00 3.84
Global Multi-Asset - Inst Acc $ 13.94 - 0.02 0.00
Global Real Return - Inst Acc $ 17.34 - -0.01 0.00
High Yield Bond - Inst Acc $ 23.81 - 0.00 0.00
Low Average Duration - Inst Acc $ 14.27 - 0.00 0.00
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 11.16 - 0.01 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 11.21 - -0.01 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.66 - -0.01 0.00
StocksPLUS{TM} - Inst Acc $ 14.68 - 0.01 0.00
Total Return Bond - Inst Acc $ 25.77 - 0.00 0.00
UK Corporate Bond - Inst Acc 14.22 - 0.02 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 15.35 - 0.05 0.00
UK Sterling Inflation-Linked - Inst Acc 18.31 - 0.04 0.00
UK Sterling Long Average Duration - Inst Acc 18.36 - 0.06 0.00
UK Sterling Low Average Duration - Inst Acc 13.67 - 0.00 0.00
UK Total Return Bond - Inst Acc 13.66 - 0.03 0.00
Unconstrained Bond - Inst Acc $ 11.93 - -0.01 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.05
Pioneer Alternative Inv Mgmt Ltd (IRL)
Regulated
Pioneer Long Short Europ Eqty EUR 1580.10 - 11.40 -
Pioneer Long Short Europ Eqty USD $ 1609.75 - 11.56 -
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 114.45 - -0.90 0.00
Pioneer AssetMaster $ 843.25 - -15.76 0.00
Pioneer Div Fund I EUR 100.49 - -0.54 -
Pioneer Div Fund I USD $ 100.71 - -0.53 -
The Meteor Opps I $ 131.64 - 0.00 0.00
The Meteor Opps I 132.40 - 0.00 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A (Est) $ 59.89 - - -
Platinum All Star Fund - A (Est) $ 97.30 - - -
Platinum Dynasty (Est) $ 97.16 - - -
Platinum Essential Resources $ 9.46 - 0.01 -
Platinum Low Volatility Fund SICAV (Est) $ 9.52 - - -
Platinum Nordic SKr 512.03 - - -
Platinum Maverick Enhanced (Est) $ 68.19 - - -
Platinum Gold Advantage (Est) 11.43 - - -
Platinum Global Dividend UCITS Fund $ 74.29 - 0.08 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 237.00 237.00 1.13 0.67
European Market Neutral Fund Cls I Euro 9.30 9.30 -0.03 -
Financials Income Fund Cls B2 GBP Acc 1.12 1.12 0.00 0.00
Financial Opps I USD $ 8.95 - 0.03 0.00
GEM Growth I USD $ 9.51 - 0.00 0.00
GEM Income I USD $ 10.43 - 0.01 0.00
Global Insurance I GBP 2.37 - 0.00 0.00
Global Technology I USD $ 15.00 - 0.00 0.00
Healthcare Opps I USD $ 16.79 - 0.05 0.00
Japan I JPY 1031.36 - 7.32 0.00
North American I USD $ 11.27 11.27 0.00 -
UK ARF I GBP 9.53 - 0.04 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 108.44 - 1.37 0.00
European Market Neutral Fund A EUR 99.07 - -0.99 0.00
European Conviction A EUR 151.75 - 5.65 0.00
European Forager A EUR 147.23 - 0.75 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 119.89 - 1.06 0.00
Assured USD B $ 105.89 - 0.83 0.00
Assured USD C $ 114.16 - 0.97 0.00
Assured USD D $ 107.55 - 0.89 0.00
Assured F USD $ 72.93 - 0.45 0.00
Assured GBP B 99.19 - 5.77 0.00
Assured GBP C 94.01 - 5.55 0.00
Assured EUR D 84.53 - 6.22 0.00
Assured EUR B 77.59 - 5.60 0.00
Assured CHF E SFr 57.83 - 4.27 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 31.46 - 0.80 0.00
Emerging Markets Active $ 26.07 - 0.44 -
Luxcellence Em Mkts Tech $ 692.42 - 15.58 0.00
Em Mkts Strategy Developing $ 684.15 - 1.66 0.00
Em Mkts Strategy Small Cap $ 959.01 - 9.95 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 351.15 355.19 4.89 0.90
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 206.51 - -2.72 0.00
RPF D $ 12.33 - -0.16 0.00
PQF A Shares $ 501.71 501.71 -7.26 0.00
PQF B Shares $ 455.91 459.35 -6.59 0.00
PCF $ 383.61 383.61 -10.70 0.00
CAPF $ 8.16 - 0.02 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 111.96 - 0.50 6.08
Prusik Asia A $ 156.05 - 0.61 0.00
Prusik Asian Smaller Cos A $ 137.14 - 0.41 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 122.48 - 0.81 -
PCG C 121.00 - 0.81 -
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 946.27 - 0.88 5.83
Putnam New Flag Euro High Yield Plc - M 861.39 - 0.78 5.18
R & H Fund Services (Jersey) Ltd (JER)
Regulated
Camber International Equity Growth Limited 12.47 - 0.16 0.45
BDP Limited
Bond Fund GBP 9.70 - 0.04 5.83
Income Fund Sterling 2.98 - 0.03 8.84
The Discretionary Pfolio 11.21 - 0.13 1.32
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 163.3776 - -1.4318 0.00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 143.79 - 0.53 1.27
Canadian Equity Class B C$ 144.95 - -1.03 0.16
European Equity Class B 140.33 - -0.35 0.68
Intl Ex North America Equity Class B $ 106.86 - 0.06 2.64
Fund Bid Offer D+/- Yield
UK Bond Class B 107.33 - 0.00 2.18
UK Equity Class B 154.71 - 0.12 1.16
US Dollar Capital Growth Class $ 12.37 - 0.01 0.04
US Equity Class $ 121.67 - 0.33 0.00
.
For RMF Investment Management Funds see Man Investments
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
tel (31)10 2242381 www.robeco.com
FSA Recognised
Asia-Pacific Equities (EUR) 94.27 - 1.07 0.00
Chinese Equities (EUR) 52.69 - 0.67 0.00
Em Stars Equities (EUR) 153.74 - 2.46 0.00
Emerging Markets Equities (EUR) 140.75 - 1.99 0.00
Flex-o-Rente (EUR) 109.06 - 0.08 0.00
Glob.Consumer Trends Equities (EUR) 90.02 - 0.43 0.00
High Yield Bonds (EUR) 107.52 - 1.30 0.00
Lux -O- Rente (EUR) 127.81 - -0.03 0.00
Natural Ress Equities (EUR) 87.39 - 0.34 0.00
New World Financials (EUR) 32.05 - 0.31 0.00
SAM Sust. Agrib.Eq. D 112.66 - 1.05 0.00
US Premium Equities (EUR) 116.64 - 0.05 0.00
US Premium Equities (USD) $ 129.58 - 0.09 0.00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Cont Eur Spec Equity Ser 3 86.83 - 0.17 0.55
RBSG UK Equity Index Programme Ser 3 23.55 - 0.10 3.18
RBSG UK Specialist Eqty Ser 3 16.60 - 0.07 1.00
RBSG UK Sovereign Bond Index Prog Ser 3 14.88 - 0.02 3.09
RBSG Contl Eurp Eqty Index Prog Ser 3 269.61 - -0.41 2.53
RBSG Japan Specialist Equity Prog Ser 3 3226.00 - 22.00 0.77
RBSG US Equity Index Programme Ser 3 $ 48.88 - 0.04 0.88
RBSG Pacific Basin Eqty Ser 3 $ 50.92 - 0.49 1.47
RBSG Emerging Markets Ser 3 $ 32.93 - 0.32 1.36
RBSG Global Investment Grade Bond GBP Series 6 123.13 - -0.06 3.08
RBSG Global Investment Grade Programme GBP S3 113.44 - -0.05 3.11
RBSG UK Sovereign Bond Index Programme Series 6 11.54 - 0.01 3.06
Absolute Rtn Multi Asset Prog SER 3 GBP 9.84 - 0.00 -
** 30 day average yield
Royal London Asset Mgmt (Ireland) Ltd (IRL)
PO Box 9428, Dublin 1, Ireland 08456 040404
FSA Recognised
Royal London Asset Management Bond Funds PLC
Sterling Extra Yield Bond A 1.00 - 0.00 8.21
Sterling Extra Yld Bd B 0.98 - 0.00 7.90
Russell Investment Company Plc (IRL)
Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 21.15 - -0.04 0.00
Cont Eur Eq F F 1141.11 - -2.30 0.00
Cont Eur Eq SH I F 83.81 - -0.27 0.00
Cont Eur Eq A 24.28 - -0.05 0.00
Emerg Mkts Eq B $ 20.18 - 0.05 0.00
Global Bond B $ 20.65 - 0.01 0.00
Japan Equity B 764.17 - 1.88 0.00
Pacific Basin B $ 21.15 - 0.06 0.00
UK Index Linked I 18.16 - 0.03 0.00
US Bond B F $ 16.94 - 0.00 0.00
US Equity B $ 10.58 - 0.02 0.00
US Equity EH A F 111.71 - 0.17 0.00
World Equity II B F $ 9.20 - 0.00 0.00
RIC - OMIGSA
Acadian Emerging Markets Eq Ucits A 20.37 - 0.05 0.00
Acadian European Eq Ucits I 8.50 - 0.01 1.94
Acadian Gbl Eq Ucits A 10.16 - 0.08 0.00
Emerg Markets EQ Ucits B $ 9.51 - 0.03 0.00
Global Aggreg.Bd Fd $ 18.07 - 0.01 0.33
Global Bond B F $ 18.55 - 0.00 0.21
Global Credit Fund A F $ 12.62 - 0.00 0.37
Global Currency Fd A $ 11.77 - -0.02 0.15
US Growth Equity A F $ 15.54 - -0.06 0.03
Value Global Equity F $ 19.91 - 0.00 0.00
Russell Investment Company II PLC (IRL)
Russell Investment Group, 10 Regent St, Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Euro Fixed Inc I ACC F 19.22 - -0.07 0.00
Pan European Eq I F 14.24 - -0.06 0.00
UK Equity Plus B F 119.37 - 0.50 0.00
US Growth I Acc F 11.08 - -0.02 0.00
US Quant B F $ 13.70 - 0.03 0.00
World Equity B $ 15.69 - 0.00 0.00
World Equity I F 18.01 - -0.01 0.00
World Equity SH-B F 107.83 - 0.04 0.00
Russell Multi-Manager Fds Plc (IRL)
Regulated
GBL 35 Multi MNGR A $ 135.85 - 0.02 0.00
GBL 35 Multi MNGR B $ 132.71 - 0.02 0.00
GBL 50 Multi MNGR A $ 136.60 - 0.01 0.00
GBL 50 Multi MNGR B $ 131.84 - 0.01 0.00
GBL 70 Multi MNGR A $ 134.03 - 0.00 0.00
GBL 70 Multi MNGR B $ 128.40 - 0.00 0.00
GBL 90 Multi MNGR A $ 119.56 - 0.00 0.00
GBL 90 Multi MNGR B $ 122.76 - 0.00 0.00
GBL Defensive A $ 111.26 - 0.05 0.00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 16.93 16.93 0.07 2.66
SVG UK Focus Fd Cls A 16.48 16.48 0.07 2.17
SVG European Focus Fd Cls A 4.90 4.90 -0.06 1.85
SVG European Focus Fd Cls R 4.90 4.90 -0.06 1.06
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 228.89 - 12.03 0.00
S W Mitchell Class B Shares USD $ 227.45 - 12.26 0.00
Sabre Fund Management Limited
46-48 Grosvenor Gardens, London SW1W 0EB
Other International Funds
Sabre Style Arbitrage Fund Limited - USD $ 182.31 - -0.92 -
Sabre Style Arbitrage Fund Limited - Euro 178.91 - -0.99 -
SAM (LUX)
Tel. +41 44 653 10 10 www.sam-group.com
Regulated
SAM Smart Energy Fund GBP/A 13.39 - -0.03 0.76
SAM Smart Materials Fund GBP/A 102.06 - 0.18 0.46
SAM Sust. Climate Fund GBP/A 59.03 - -0.29 0.61
SAM Sust. Global Active Fd EUR/B 120.34 - 0.78 0.00
SAM Sust. Healthy Liv Fd EUR/B 110.70 - 0.64 0.00
SAM Sust. Water Fund GBP/A 119.29 - -0.52 0.59
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 102.93 107.19 -0.06 3.29
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7872000 1.7872000 0.0000100 0.00
Offshore Cash B F 1.7992000 1.7992000 0.0000200 0.00
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
Regulated
Emerging Markets $ 36.205 36.524 0.044 0.00
Institutional Developing Markets Fund A $ 27.915 28.178 0.036 0.00
Institutional Developing Markets Fund B $ 27.805 28.066 0.036 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 2.18 2.20 0.01 0.00
SEB Europe Fund 3.21 3.24 0.02 0.00
SEB European Equity Small Cap 136.18 137.54 0.14 0.95
SEB Asset Selection Fund EUR 13.58 14.26 -0.03 0.00
SEB Russia Fund 10.00 10.10 0.04 0.00
SEB Eastern Europe ex Russia 2.60 2.63 -0.01 0.00
SEB Eastern Europe Small Cap Fund 2.54 2.56 0.01 0.00
SEB Key Hedge Fund 100.32 - -0.38 0.00
SEB Key Europe Equity L/S 92.93 - 0.59 0.00
SEB Key Select C 9.69 9.78 -0.02 0.00
SEB Key Select I 9.90 9.90 -0.02 0.00
SEB Nordic Fund 6.78 6.85 0.07 0.00
Fund Bid Offer D+/- Yield
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 141.43 - 0.53 0.00
LTIF Classic 247.02 - 0.95 0.00
LTIF Em.Mkt Value 82.65 - 0.51 0.00
LTIF Natural Resources 97.98 - 0.56 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 188.00 - 2.90 0.00
LTIF Stability Inc Plus SFr 188.00 - 2.90 -
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 112.72 - 1.42 0.00
SKAGEN Kon-Tiki 71.82 - 0.77 0.00
SKAGEN Vekst 174.13 - 1.33 0.00
SKAGEN Tellus 15.24 - 0.06 0.00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B-Asia $ 566.62 - 5.24 0.00
C-International $ 359.06 - 5.22 -
G1 Emerging Mkts $ 1018.67 - 9.38 0.00
H - Japan $ 75.65 - 0.38 0.00
SR Phoenicia Inc
Phoenicia A $ 369.16 - 9.92 -
Smith & Williamson Investment Fds (IRL)
12/13 Exchange Place, IFSC, Dublin 1 00 353 1 612 6476
FSA Recognised
MM Cautious Growth Fund F 15.03 - 0.02 0.00
Medium Dated Corporate Bond Fund Class A 0.99 - 0.00 -
Medium Dated Corporate Bond Fund Class B 0.99 - 0.00 -
Cash Fund F 1.00 - 0.00 0.67
Short Dated Corporate Bond F 1.07 - 0.00 3.62
Boulder Investment F 1.63 - 0.03 0.00
Enterprise A F 154.27 - 0.04 0.00
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 276.51 - 7.40 0.00
Mid Ocean World Inv $ 419.09 - 11.22 0.00
Pancurri Investment Ltd (Est) $ 1040.39 - -3.20 0.00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 94.88 - 0.72 0.00
Global Opportunity Ser K1 (Est) $ 90.87 - 0.88 0.00
State Street Global Advisors Ltd Fds (IRL)
20 Churchill Place, London E14 5HJ
Marketing: +44(0)20 3395 6000, Dealing: 00353 1 242 5401
FSA Recognised
State Street Global Advisors Liquidity Plc
USD Liquidity $ 1.00 - 0.00 0.29
GBP Liquidity 1.00 - 0.00 0.64
EUR Liquidity 1.00 - 0.00 0.23
State Street Global Advisors Fixed Income plc
Abs. Ret. Global Bd II Cls B $ 10.51 - 0.01 0.00
Abs. Ret. Global Bd II Cls I F $ 9.84 - 0.01 0.00
World Brd Inv. Grd. Bd SGD S$ 12.31 - 0.00 0.00
World Brd Inv. Grd. Bd Cls B F $ 12.26 - -0.01 0.00
EMU Govt Bd Cls B 14.34 - 0.02 0.00
EMU Govt Bd Cls I 14.21 - 0.02 0.00
EMU Govt Long Bd II Cls I 13.28 - 0.06 0.00
Euro Brd Inv. Grd Bd Cls B 11.84 - 0.00 -
Euro Brd Inv. Grade Bd Cls I 12.52 - -0.01 0.00
Euro Corp Bd Cls B 13.52 - 0.00 -
Euro Inflation Link Bd Cls I 11.56 - 0.01 0.00
Euro Corp Bd Cls I 14.93 - 0.04 0.00
Gbl. Inflation Link Bd Cls I F $ 12.45 - -0.02 0.00
UK Govt Bd Cls B 18.08 - 0.03 0.00
UK Govt Bd Cls I 17.95 - 0.03 0.00
US Corp Bd Cls I $ 16.44 - -0.02 0.00
US Govt Bd Cls B $ 16.16 - -0.02 0.00
US Govt Bd Cls I $ 16.04 - -0.02 0.00
World Brd Inv. Grd. Bd Cls I $ 16.78 - -0.01 0.00
World Govt Bd Index Cls B $ 16.19 - 0.00 0.00
World Govt Bd Index Cls I $ 16.05 - 0.00 0.00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 377.81 - 1.51 0.00
Stenham Universal EUR 118.89 - 0.44 0.00
Stenham Universal GBP 129.93 - 0.52 0.00
Stenham Universal II USD $ 141.74 - -1.26 0.00
Stenham Universal II GBP 139.31 - 0.56 -
Stenham Universal II EUR 123.46 - 0.46 0.00
Stenham Growth USD $ 168.48 - 1.34 -
Stenham Trading Port. $ 4741.44 - 37.63 -
Stenham Quadrant USD A $ 371.57 - 2.58 -
Stenham Quadrant USD A $ 371.57 - 2.58 -
Stenham Asia EUR 88.14 - -0.03 -
Stenham Asia GBP 90.18 - 0.00 -
Stenham Asia USD $ 112.82 - 0.00 -
Stenham Gold USD $ 270.02 - 3.10 -
Stenham Multi Strategy EUR 99.30 - 0.37 -
Stenham Multi Strategy GBP 102.74 - 0.41 -
Stenham Multi Strategy USD $ 103.61 - 0.41 -
Stenham Global Resources EUR 100.98 - 0.57 -
Stenham Global Resources GBP 105.85 - 0.63 -
Stenham Global Resources USD $ 107.30 - 0.64 -
Stenham Managed Fund EUR 93.53 - 0.48 -
Stenham Managed Fund GBP 97.29 - 0.53 -
Stenham Managed Fund USD $ 97.64 - 0.53 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 118.85 - 0.87 0.00
Wonda Bond & Currency Fund (JPY) 10550.50 - -715.25 0.00
Fine Wine Geared Fund 0.47 - -0.04 0.00
Japanese Synthetic Warrant 93.66 - 3.28 0.00
Japan Synthetic Warrant Fund USD Class $ 1.56 - 0.06 0.00
Asia Synthetic Warrant Fund $ 4.09 - -0.05 0.00
Renminbi Bond Fund CHF Cls A SFr 112.29 - 0.09 -
Renminbi Bond Fund CHF Cls B SFr 112.17 - 0.10 -
Renminbi Bond Fund CNH Cls A CNH 112.49 - 0.11 -
Renminbi Bond Fund CNH Cls B CNH 112.35 - 0.11 -
Renminbi Bond Fund Euro Cls B 112.37 - 0.11 -
Renminbi Bond Fund GBP Cls B 112.40 - 0.12 -
Renminbi Bond Fund SGD Cls B S$ 112.20 - 0.11 -
Renminbi Bond Fund USD Cls B $ 112.33 - 0.11 -
Renminbi Bond Fund YEN Cls B 11232.25 - 11.00 -
Renminbi Bond Fund USD Class $ 155.30 - 0.14 3.77
Renminbi Bond Fund GBP Class 150.16 - 0.15 3.80
Renminbi Bond Fund SGD Class S$ 149.02 - 0.14 3.91
Renminbi Bond Fund YEN Class 16534.00 - 17.00 0.00
Renminbi Bond Fund EUR Class 103.68 - 0.10 3.90
Poland Geared Growth 0.72 - -0.07 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 50733.00 - 1489.00 0.00
Strat Blue Star Resources Fd EUR 998.65 - 26.41 0.00
Strat Blue Star Resources Fd USD $ 1224.61 - 34.05 0.00
Strat Evarich Japan Fd Ltd JPY 53052.00 - -652.00 0.00
Strat Evarich Japan Fd Ltd USD $ 531.31 - -6.49 0.00
Strat Fd Ltd Gbl Opps Fd USD $ 2861.67 - 16.00 0.00
Strat Fd Ltd Gbl Opps Fd EUR 2126.62 - 12.30 0.00
Strat Global Innovation fd Ltd EUR 1189.08 - -10.63 0.00
Strat Global Innovation fd Ltd USD $ 1217.67 - -10.97 0.00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 1711.38 - 0.15 0.00
Strategic China Panda Fund Hedged EURO 1681.93 - 0.30 0.00
Strategic China Panda Fund Hedged Sterling 1622.98 - 0.07 0.00
Strategic US Momentum and Value Fund $ 544.35 - -1.45 -
Nippon Growth (UCITS) Fund JPY Class A shares 50766.00 - -173.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 41443.00 - -141.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 42801.00 - -145.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1063.05 - 1.63 0.72
Strategic Euro Bond Fund Accumulating Class Shares 1121.49 - 1.72 0.00
Strategic Emerging Europe Fund Hedged Euro Class 969.44 - 32.74 0.00
Strategic Emerging Europe Fund USD Class $ 977.28 - 32.45 0.00
Strategic Europe Value Euro Class 114.00 - 0.08 0.00
TT International (CYM)
Regulated
TT European Long/Short Feeder SP Class A 102.92 - -0.46 -
TT European Long/Short Feeder SP Class B $ 102.44 - -0.47 0.00
TT European Long/Short Feeder SP Class C 103.51 - 2.71 -
TT Equity Macro Fund Europe Feeder SP Class A 93.70 - -0.53 0.00
TT Equity Macro Fund Europe Feeder SP Class B $ 84.98 - 0.00 0.00
TT Equity Macro Fund EUR Feeder SP Class C 86.01 - 0.00 0.00
TT Financials Long/Short Fd A $ 145.98 - -4.35 -
TT Financials Long/Short Fd B 145.38 - -4.28 0.00
TT Financials Long Short Fund Ltd Class F 92.58 - -2.77 0.00
TT International Fund Feeder Segregated Portfolio Class A 88.24 - -1.38 0.00
TT International Fund Feeder Segregated Portfolio Class B $ 90.47 - -1.50 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd A 288.37 - 0.74 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd B $ 232.12 - 0.58 0.00
TT Mid -Cap Europe Long / Short Fund Ltd Class C 109.80 - 0.30 0.00
TT International (IRL)
Regulated
TT European Eqty Fd Class A 11.94 - 0.01 7.94
Fund Bid Offer D+/- Yield
TT UK Equity Fd 17.31 - 0.04 2.81
TT Europe Ex-UK Equity Fd 18.15 - -0.14 1.22
Eurozone Equity Fund 7.98 - 0.00 1.08
TT International Asia Pacific Equity Fund - Class A $ 11.22 - 0.02 1.57
TT International Emerging Markets Equity Fund $ 8.41 - 0.03 0.94
Tarchon Capital Management (CYM)
Regulated
Tarchon Multistrategy (A2) 129.95 - -0.80 0.00
Tarchon MS (2x) (A4X) 123.89 - -1.43 0.00
Tarchon MS (2x) (A4W) 105.68 - -1.14 0.00
Tarchon Asia 94.38 - -2.04 0.00
Tarchon Equity EUR 146.11 - -0.77 0.00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1514.72 - -3.43 0.00
UK Corporate Bond 1300.54 - 1.26 0.00
Gilt 1472.81 - -1.50 0.00
Global Eq (Ex Japan) Index Fund 0.93 - 0.00 0.00
Global Eq (ex Japan) Class HJ4 0.97 - 0.00 0.00
Global Eq (ex Japan) Class JP5 0.72 - 0.00 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.66 - 0.00 0.00
Gbl Govt Bond (Ex Japan) Index 0.83 - 0.00 0.00
Gbl Govt Bond (ex Japan) Class JP4 0.82 - 0.00 0.00
Japan Equity Index Fund 0.49 - 0.00 0.00
Japan Equity Class JP3 0.59 - 0.00 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 4.86 - 0.12 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 994.12 - -6.02 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1000.28 - 14.92 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 25.42 - 0.45 0.00
Traditional Funds (IRL)
State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.com
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 10.17 - 0.00 0.00
BSI Bond Opportuinty Fund USD Acc $ 10.15 - 0.00 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.89 - -0.01 0.00
Credit Select A EUR Dis 10.24 - 0.00 1.57
Credit Select A EUR Acc 10.90 - -0.01 0.00
European Absolute Return Fund Class A Old Euro Acc 19.83 - 0.07 0.00
European Absolute Return Cls A New Euro Acc 10.80 - 0.04 0.00
High Income USD Dis $ 9.52 - -0.01 8.12
High Income Cls A New USD Dis $ 7.23 - -0.01 8.18
High Income Cls A New USD Acc $ 10.77 - -0.01 0.00
Global Bd () GBP Dis 13.62 - -0.02 0.25
Global Bd () GBP Acc 15.81 - -0.03 0.00
Global Bd () Acc 14.61 - 0.03 0.00
Global Bd () Dis 12.85 - 0.02 0.24
Global Bd ($) Acc $ 12.00 - 0.00 0.00
Global Bd ($) Dis $ 10.52 - 0.00 0.13
Global Credit A EUR Dis 9.80 - 0.00 2.08
Global Credit A EUR Acc 10.67 - 0.00 0.00
Real Estate Securities Cls A GBP Acc 11.59 - 0.00 0.00
Real Estate Securities Cls A GBP Dist 11.20 - -0.01 1.72
Water & Agriculture Abs Rtn USD Acc $ 11.99 - -0.03 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.60 - -0.02 0.00
Emerging Asia B USD Acc $ 8.07 - 0.01 0.00
Emerging Asia B USD Dis $ 8.06 - 0.01 0.00
Global Emerging Markets USD Acc $ 13.54 - 0.02 0.00
Global Emerging Markets USD Dist $ 43.14 - 0.07 0.24
Global High Yield A Euro Acc 10.70 - -0.01 0.00
Global High Yield A Euro Dis 10.45 - -0.01 0.47
Global Emerging Mkt Abs Rtn A USD Acc $ 8.70 - -0.02 0.00
Global Emerging Mkt Abs Rtn B USD Acc $ 8.78 - -0.02 0.00
Thames River Capital
Northern Trust International Fund Administration Services (Ireland) Ltd,
Georges Court 54-62 Townsend Street, Dublin 2, Ireland
Phone +353 (0)1 434 5059
Fax +353 (0)1 670 1185
thameshedge@ntrs.com
Other International Funds
Hillside Apex Cls A $ 1219.13 - -56.05 0.00
Hillside Apex Cls B 627.79 - -28.17 0.00
Hillside Apex Cls C 581.71 - -26.10 0.00
Hillside Apex Cls D 361.42 - -16.18 0.00
Warrior Cls A (Final) $ 2370.96 - 14.24 -
Warrior Cls B (Final) 1708.17 - 10.02 -
Warrior Cls C (Final) 1891.90 - 11.38 -
Warrior Cls F (Final) $ 987.04 - 5.92 -
Warrior Cls G (Final) 971.59 - 5.67 -
Warrior Cls H (Final) 979.34 - 5.89 -
Warrior Cls I (Final) NKr 9988.78 - 69.82 0.00
Warrior II Class A (Final) $ 1178.85 - 6.61 0.00
Warrior II Class B (Final) 1150.94 - 6.31 0.00
Warrior II Class C (Final) 1178.82 - 6.56 0.00
Warrior II Class D (Final) NKr 101818.15 - 662.66 0.00
Warrior II Class F (Final) $ 926.28 - 5.12 -
Warrior II Class G (Final) 910.25 - 4.96 -
Warrior II Class H (Final) 917.26 - 5.31 -
Warrior II Class I (Final) NKr 95309.27 - 609.16 0.00
Sentinel Cls A (Final) $ 1705.88 - -41.02 0.00
Sentinel Cls B (Final) 1077.54 - -25.54 0.00
Sentinel Cls C (Final) 1380.58 - -32.21 0.00
Longstone Cls A 1296.74 - -3.13 0.00
Longstone Cls B $ 1277.48 - -2.86 0.00
Longstone Cls C 1309.29 - -2.78 0.00
Property Growth & Inc Cls A GBP Inc 10.90 - 0.02 4.74
Property Growth & Inc Cls A GBP Acc 14.44 - 0.02 0.00
Property Growth & Inc Cls B EUR Inc 10.45 - 0.02 4.74
Property Growth & Inc Cls B EUR Acc 13.86 - 0.02 0.00
Property Growth & Inc Cls C NOK IncNKr 74.71 - 0.08 4.70
Property Growth & Inc Cls D Aus AccA$ 21.87 - 0.03 0.00
Property Growth & Inc Cls D Aus IncA$ 16.49 - 0.12 4.31
Africa Focus Class A USD (Final) $ 1017.65 - -4.69 0.00
Isis Cls A $ 7835.66 - 9.56 0.00
Isis Cls B 2666.03 - 3.46 0.00
Isis Cls C 913.94 - 1.14 0.00
Isis Cls D NKr 11357.45 - 16.87 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 2.49 - -0.07 10.83
B Share NAV (Susp) 2.49 - -0.07 10.83
The Glanmore Property Dollar Fund
NAV (Susp) $ 1.16 - -0.08 0.00
B Share NAV (Susp) $ 1.11 - -0.11 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 1.04 - -0.05 0.00
B Share NAV (Susp) 0.75 - -0.10 0.00
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 0.42 - -0.01 0.00
B Share NAV 1.03 - -0.03 0.00
Toscafund (CYM)
Regulated
Tosca $ 184.04 - 0.26 0.00
Tosca Mid Cap GBP 119.96 - 4.20 0.00
Tosca Opportunity B USD $ 168.14 - -14.42 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 214.07 - 1.39 0.00
International B $ 275.51 - 1.62 0.00
International C 94.62 - 0.56 3.22
Pacific A 249.34 - 2.21 0.00
Pacific B $ 314.59 - 2.80 0.00
TreeTop Global Sicav
Global Opp.A 99.83 - 0.05 0.00
Global Opp.B $ 102.73 - -0.08 0.00
Global Opp.C 128.79 - -0.17 0.00
Sequoia Equity A 92.05 - 0.87 0.00
Sequoia Equity B $ 95.26 - 0.69 0.00
Sequoia Equity C 110.62 - 0.74 0.00
Sequoia Pacific Equity A 59.51 - 0.83 0.00
Sequoia Pacific Equity B $ 64.24 - 0.87 0.00
Sequoia Pacific Equity C 80.72 - 1.05 0.00
Fund Bid Offer D+/- Yield
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FSA Recognised
UBS (CH) Equity Fund - Gold (USD) P $ 473.73 - -1.15 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 300.45 - -2.19 0.15
UBS Global Emerging Market Value Focus P USD $ 107.01 - 0.47 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 127.01 - 0.22 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 142.90 - 1.66 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 118.55 - 0.74 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 102.13 - -0.01 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 10.25 - 0.00 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 106.32 - -0.01 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 220.47 - 0.02 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1814.76 - -0.42 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2894.42 - -2.22 0.00
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 100.70 - 1.02 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 175.37 - 1.32 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 130.58 - 0.29 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 107.70 - 0.53 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 16.83 - -0.10 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 9.43 - 0.00 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 138.32 - 0.12 0.00
Pls contact your adviser for funds in other currencies or for add.
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 192.97 - 0.04 0.00
UOB Greater China $ 205.15 - 0.20 0.00
UOB Paradigm Fund Class A (Eur) 139.94 - 0.56 0.00
UOB Paradigm Fund Class B (USD) $ 175.50 - 0.64 0.00
UOB Paradigm Fund Class C $ 113.08 - 0.42 0.00
UOB Paradigm Fund Class D $ 110.56 - 0.41 0.00
UOB US Equity Fund $ 149.58 - 0.51 0.00
UOB Global Opportunities Fund $ 103.91 - 0.26 0.00
UOB Strategic Allocation Fund USD $ 101.08 - 0.03 0.00
Unicapital Investments (LUX)
Regulated
Investments II 71.93 - -19.64 0.00
Investments III 149.07 - -29.12 0.00
Investments IV - European Private Eq. 440.65 462.68 -30.22 -
Investments IV - Global Private Eq. 675.99 709.79 -40.17 -
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
VP Absolute Greater China Classic Fund $ 9.81 - 0.09 -
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 233.07 - 1.60 0.73
Veritas Asian Fund A GBP H 278.94 - 2.03 0.70
Veritas Asian Fund A EUR H 220.35 - 2.23 0.55
Veritas China Fund A USD $ 99.48 - 0.71 0.22
Veritas China Fund A GBP 100.32 - 0.71 0.14
Veritas China Fund A EUR 98.83 - 0.70 0.30
Veritas Global Equity Income Fund D USD $ 125.00 - -0.19 -
Veritas Global Equity Income Fund D EUR 196.45 - 0.36 -
Veritas Global Equity Income Fund D GBP 155.50 - -0.17 -
Veritas Global Focus Fund D USD $ 19.57 - 0.01 -
Veritas Global Focus Fund D EUR 16.05 - 0.07 -
Veritas Global Focus Fund D GBP 21.19 - 0.02 -
Veritas Global Focus Fund A GBP 20.72 - 0.02 1.86
Veritas Global Focus Fund A EUR 9.43 - 0.04 67.67
Veritas Global Focus Fund A USD $ 19.07 - 0.02 1.86
Veritas Global Focus Fund C GBP 21.17 - 0.03 0.00
Veritas Global Focus Fund C EUR 16.03 - 0.07 0.00
Veritas Global Focus Fund C USD $ 19.56 - 0.02 0.00
Veritas Global Equity Income Fund A GBP 153.01 - -0.17 4.42
Veritas Global Equity Income Fund A EUR 196.32 - 0.36 4.02
Veritas Global Equity Income Fund A USD $ 123.45 - -0.18 4.43
Veritas Global Equity Income Fund C GBP 155.50 - -0.17 -
Veritas Global Equity Income Fund C EUR 199.63 - 0.36 -
Veritas Global Equity Income Fund C USD $ 124.93 - -0.19 -
Veritas Global Real Return Fund A USD $ 17.61 - 0.02 1.41
Veritas Global Real Return Fund A GBP 9.61 - 0.01 1.93
Veritas Global Real Return Fund A EUR 9.84 - -0.01 1.87
Retail
Veritas Asian Fund B USD $ 164.09 - 1.12 0.18
Veritas Asian Fund B GBP 203.75 - 1.48 0.21
Veritas Asian Fund B EUR 160.85 - 1.62 0.07
Veritas China Fund B USD $ 104.58 - 0.74 0.00
Veritas China Fund B GBP 97.68 - 0.69 0.00
Veritas China Fund B EUR 99.61 - 0.71 0.00
Veritas Global Focus Fund B USD $ 13.76 - 0.01 1.13
Veritas Global Focus Fund B GBP 15.79 - 0.02 1.13
Veritas Global Focus Fund B EUR 11.28 - 0.05 2.32
Veritas Global Equity Income Fund B GBP 143.23 - -0.16 4.41
Veritas Global Equity Income Fund B EUR 183.25 - 0.32 4.04
Veritas Global Equity Income Fund B USD $ 124.60 - -0.19 4.44
Veritas Global Real Return Fund B USD $ 17.09 - 0.02 1.27
Veritas Global Real Return Fund B GBP 9.48 - 0.01 1.63
Veritas Global Real Return Fund B EUR 11.18 - 0.01 1.51
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) 218.80 - -0.72 0.00
Real Return Asian Fund GBP (Est) 230.87 - -0.72 0.00
Real Return Asian Fund EUR (Est) $ 226.81 - -0.74 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 140.20 - -0.20 -
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 16.74 - 0.11 1.46
European Fund B Eur H 8.11 - 0.03 0.96
Global Bond Fund Cls A $ 9.60 - 0.02 4.97
Global Equity Fund B GBP H 5.49 - 0.00 0.00
JOHIM Equity Fund GBP 10.72 - 0.04 0.00
JOHIM Sterling Bond Fund A GBP 10.04 - 0.01 5.16
UK Abs. Fund GBP 9.98 - 0.00 0.00
UK Fund B GBP H 10.31 - 0.04 2.36
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 109.31 - 0.28 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.58 - 0.01 0.00
Assetmaster Cautious Fund 1.33 - 0.00 0.00
Assetmaster Balanced Fund 1.30 - 0.00 0.00
Assetmaster Intl Growth Fund 1.55 - 0.01 0.00
Multi Strategy Fund H 1.71 - 0.00 0.00
Chameleon Capital H 1.07 - 0.02 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B (Est) $ 851.90 - 36.06 0.00
Winton Futures EUR Cls C (Est) 240.03 - 10.25 0.00
Winton Futures GBP Cls D (Est) 259.79 - 10.93 0.00
Winton Futures GBP Cls F (Est) 100.21 - 4.24 -
Winton Evolution USD Cls F (Est) $ 1414.82 - 57.03 0.00
Winton Evolution EUR Cls H (Est) 1116.51 - 46.24 0.00
Winton Evolution GBP Cls G (Est) 1122.26 - 45.34 0.00
Winton Futures JPY Cls E (Est) 16687.00 - 686.43 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.11 - -0.01 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 979.87 - 4.08 0.00
Xanthos Equities USD $ 996.11 - -24.69 0.00
Xanthos Investment Partners USD $ 2819.96 - 97.11 0.00
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho General Japan III 3346.00 - -20.00 0.00
Yuki Mizuho Japan Dynamic Growth 3309.00 - -25.00 0.00
Yuki Mizuho Japan General 6801.00 - 43.00 0.00
Yuki Mizuho Japan Excellent 100 5363.00 - -31.00 0.00
Fund Bid Offer D+/- Yield
Yuki Mizuho Japan Growth 4764.00 - -55.00 0.00
Yuki Mizuho Japan Income 6353.00 - 48.00 0.00
Yuki Mizuho Japan Large Cap 4007.00 - 36.00 0.00
Yuki Mizuho Japan Low Price 9076.00 - -135.00 0.00
Yuki Mizuho Japan Pure Gwth 5481.00 - -76.00 0.00
Yuki Mizuho Japan Small Cap 5733.00 - -22.00 0.00
Yuki Mizuho Japan Value Select 4118.00 - 1.00 0.00
YMR Umbrella Fund
YMR N Growth 7606.00 - 47.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 6058.00 - 52.00 0.00
Yuki Chugoku Japan Low Price 5549.00 - 26.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 4610.00 - -26.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 3594.00 - -21.00 0.00
Yuki Hokuyo Japan Income 4219.00 - 25.00 0.00
Yuki Hokuyo Japan Small Cap Fund 4258.00 - -15.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 8292.00 - -36.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 94.90 - 0.14 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 166.23 - 5.09 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 193.06 - 5.75 0.00
Zebedee Focus Fund Limited Class A USD $ 166.78 - 4.97 0.00
Data Provided by Morningstar
www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Full fund performance data at
www.ft.com/funds
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AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 19:10 User: watsonl Page Name: UT6 EUR, Part,Page,Edition: EUR, 19, 1
20
FINANCIAL TIMES FRIDAY AUGUST 10 2012
American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Aug 9/Pence)
3i 215.20 -2 236 166.10 3.8 - 2240
AberAsM 271.40 +2 287.80 164.80 3.5 16.7 3330
ABG 408.20 -2 624 301.40 3 12 631
Admiral 1.17k +5 1.51k 772.16 6.4 14.3 335
Aegis 236.90 -.1 238.30 112.19 1.4 28.1 4151
Aggreko 2.26k +30 2.35k 1.52k 1 21.4 525
Alliance 367.60 +1.1 378.88 308 2.3 38.7 310
AMEC 1.1k -56 1.19k 733 2.8 15.3 4280
Amlin 382 +3.5 389.50 269 6 - 839
AngloAmer@ 2.02k -3 2.96k 1.85k 2.7 9.5 4281
Antofagsta 1.13k +3 1.4k 851.53 2.5 12.1 3070
ARM 581 +6 647.50 442.23 0.6 53.3 4290
AscBrFd 1.3k +15 1.3k 935.50 2 18.7 1550
Ashmore 356.20 +2.8 429.90 300.30 4.1 12.9 729
AstraZen @ 3kxd -16.5 3.12k 2.45k 6.8 8.1 1799
Aviva 316.70 -1.5 396.46 251.10 8.2 54.6 24074
Babcock 894.50 -4 902 559.50 2.5 21.2 904
BAE SYS 313.20 -.2 334.50 241 6.1 7.6 4847
BalfourB 291.10 +1.8 312.50 214.89 4.7 11.8 1637
Barclays @ 178.95xd - 287.45 133.90 3.4 5.6 47549
Berkeley 1.43k -3 1.5k 1.01k - 14.7 234
BG @ 1.31kxd -13 1.55k 1.11k 1.2 11.7 6035
BHP Bltn 1.99k +10 2.24k 1.62k 3.9 7.1 6133
BlckRckWld 574 +5 750.44 532.13 2.4 39 669
Booker Grp 93.15 +1.6 94.15 62.60 2.4 19.6 2296
BP @ 448.90xd -2.05 554 359.90 4.9 0 62439
BrAmTob @ 3.47k +18 3.51k 2.27k 3.8 19.9 3063
BritLand 543xd -6.5 569 443.40 4 18 3637
BSkyB @ 752 +9 775 613.83 3.4 14.3 3211
BT @ 216.30xd -5.4 235.30 157.50 3.8 8.1 29971
Bumi 365.90 -4.1 1.07k 280.60 - - 112
Bunzl 1.17k +20 1.17k 651 2.3 19.9 849
Burberry 1.37k +19 1.61k 1.03k 1.8 22.1 1117
bwin.party 95.80 +2.6 177 91.90 3.3 8 1979
CairnEng 305 +8.5 382.98 245.20 - - 5382
Cap&Count 218.50 -.7 220.20 155 0.7 9.4 391
Capita 731.50 -7.5 775 600 3 17.4 3128
CapShopCn 328.60 -3.4 354.80 283.20 4.1 - 819
Carillion 261.60 +2.6 366.50 232.17 6.5 8.7 1782
Carnival 2.19k -5 2.38k 1.6k 3.2 16.6 584
CatlinGrp 444.70 +3.7 468.65 331.20 5.8 4.3 1025
Centrica @ 324 -5.3329.90 248.40 4.9 14.8 14459
Cobham 222.50 -3.2 242.70 163.60 3.9 14.5 5934
Compass @ 703.50 -1 709 498.20 2.8 17.9 3615
Cookson 603.50 +3.5 755 385.90 3.6 10 1721
CRH 1.25k +14 1.41k 9.03 3.9 18.2 3107
Croda 2.47k +15 2.47k 1.5k 2.3 19.5 455
Daily Mail 474.75 +.25 477.50 336.30 3.6 9.7 510
Diageo @ 1.72k +3 1.76k 1.08k 2.4 26.6 5216
Drax Group 480.60 +3.5 589 390 5.5 3.9 2087
DrwntLdn 2.02k +10 2.03k 1.39k 1.3 34.4 308
easyJet 557 -7 578.50 303.35 8.3 10.6 912
ENRC 427 +1.4 759 355 4.5 4.3 3449
EssarEngy 111.50 -1.3 329.60 99.80 - - 1568
EVRAZ 273.10 -6.9 465.40 206.80 4.4 11.8 2580
Experian 978.50 +1 1.01k 652 2.1 23.6 2022
Ferrexpo 196.80 -.4 391.50 166.94 2.1 3.1 1611
FirstGrp 247.80xd +2.8 371 184.70 9.6 5.4 1641
For & Col 310.80xd -.7 319.10 259 2.6 44 356
Fresnillo 1.58k +16 2.21k 1.26k 4.4 22.7 1617
G4S 263.60 +3.1 293.40 214.20 3.2 16.9 3895
GKN 215.90xd +.2 237 153 3 10 5958
GlaxoSmh @ 1.5kxd -12.5 1.52k 1.16k 4.7 14.6 13222
Glencore @ 344.80 +6.9 484 289.35 2.8 7.8 14401
Halma 401.90xd +2 434.30 257 2.4 18.3 319
Hammersn 464 -5.4 475.80 339.20 3 26.9 1996
Hargr Lans 603.50 +5.5 604.50 387.17 3.2 26.9 198
HikmaPhm 698 -13 780 536.50 1.3 23.1 449
Hiscox 450.60xd +3.6 461 334.60 4 9 366
Hochschild 434.30 -1.6 557.50 364.74 1 13.4 125
HSBC @ 566 +2.7 587.20 456.35 5.1 13.7 62097
Hunting 796 -3.5 977 527 1.9 26.7 380
IAG 151.40 -1.9 219.34 130.97 - - 4549
ICAP 330.90 +3.1 489.30 299.70 6.6 9.2 2955
IG Group 461.30 +5.1 552 379.15 4.9 12.2 1585
ImgnTech 554 +26.5 734 285 - - 532
IMI 899.50 +19 1.03k 625 3.3 14.4 2625
ImpTob @ 2.53kxd +39 2.63k 1.92k 3.9 14.7 1920
Inchcape 387.30xd -2.7 426.60 261.10 2.9 11.1 1513
Informa 391.10 +2.2 453.40 311.90 4.6 36.8 928
Inmarsat 554 -1.5 562.50 361.68 5.4 10.6 1308
InterC Htls 1.67k -14 1.76k 939 2.3 14.7 798
Intertek 2.78k +1 2.94k 1.68k 1.3 26.3 323
Invensys 246.50 +1.5 280.20 166.80 1.8 16.3 2009
Investec 394.40 +1.2 442.20 308.90 4.3 12.6 411
ITV 83.20 +1.95 91.25 30 2.4 11.9 18961
JardineL 780 +15 782 562 3.1 18.6 259
JohnsoM 2.26kxa +38 2.43k 1.48k 7 14.5 586
Kazakhmys 749 -8 1.22k 642 2.7 4.4 2606
Kenmr 38.93 -.58 62.55 30.11 - 61.8 3630
Kingfshr 284.70 - 317 204.10 3.1 10.1 7045
Ladbrokes 165.10 +.4 183 113.30 5 8.3 3563
LandSecs 803.50 -8.5 816.50 608 2.9 17.7 2158
Leg&Gen 130.90 -.7 136.30 86.15 5.1 9.9 19645
LlydsBkg @ 31.60 +.04 38.17 21.64 - - 148048
Logica 104.70 -.1 111.90 57.45 4.2 51.4 3874
Lonmin 746 -13 1.33k 658 1.4 13.7 1375
LSE 1.01kxd +12.5 1.1k 751 2.8 12.3 353
Man 83.85 -1.25 243.90 61.10 14 18.2 15707
Marks&Sp 350.60 +1.8 389.80 296.20 4.8 9.6 4289
Meggitt 406.60 +1.6 415.60 299.60 2.7 16.1 2271
Melrose 238xr +3 253.66 150.70 3.1 16.1 2481
Mlnm&Cth 474xd -.4 515.50 365.65 3.5 8.2 108
Mondi 573 +2.5 624.50 407.20 4.1 12 862
Morrison 283.40 +2 339.70 260.50 3.8 10.6 6496
Natl Grid @ 688.50xd -2 695.36 545.50 5.7 12.2 8683
NewWldRes 296.50 +1 636.50 265.40 6.1 - 227
Next 3.55k +28 3.55k 2.11k 2.5 13.6 691
Old Mutl 169.10 -.3 170.60 100.08 3.4 17.8 8283
Pearson 1.24k -13 1.3k 1k 3.5 19.4 3027
Pennon 735xd +5 797 384.57 3.6 15.6 1893
Persimn 658 +14 750 361.30 1.5 15.7 1295
Petrofac 1.57k -1 1.78k 1.05k 2.2 15.4 1075
Petropvlsk 450.70 -7.4 918 286.60 2.7 5 1032
PolymtIntl 932.50 -2.5 1.2k 747.50 1.5 18.3 212
PremOil 391.60 -7.4 452.70 272 - 8.6 2355
Providnt 1.28k +4 1.32k 908.50 5.5 13.3 153
Prudential @ 804 -.5 811.30 494.50 3.1 13.7 5198
PZ Cusns 316.20 +5.6 377.60 282.49 2.1 22.4 120
RBS @ 226 -2.9 302.50 172.79 - - 9697
ReckittB @ 3.6kxd +21 3.69k 2.96k 3.5 15.3 1441
Reed Els @ 568.50xd +6 671.21 323.90 3.9 20.7 4194
Rentokil 79.80 +.5 90.65 57.55 2.5 15.4 2932
Resolution 217 +3.7 294.80 189.80 9.2 14.2 2391
REXAM 437.40xd +2.3 445.70 295.10 3.4 14.2 3518
Rightmove 1.58k -42 1.7k 986.50 1.3 30.1 258
RioTinto @ 3.22k -2 4.03k 2.64k 3.2 7 5935
RIT Cap 1.19kxd +1 1.38k 1.08k 2.4 - 106
RndgldRs 6.29k +100 7.72k 4.48k 0.4 23.7 563
RollsRyc @ 849 -3 897.50 518.64 1.9 13.1 3934
Rotork 2.32k +4 2.36k 1.43k 1.7 23.3 180
RSA Ins 113.20 +.4 121.20 97 8.2 13.1 11395
RylDShlA @ 2.27kxd +13 2.46k 1.76k 4.2 9.7 2471
RylDShlB 2.35kxd +12.5 2.93k 1.77k 4.5 10 2529
SABMiller @ 2.82kxd -17 2.89k 1.86k 2.3 23.6 2327
Sage 299 +2.5 313.40 225.10 3.5 15.2 5011
Sainsbry 324.70 -.5 327 258 5 11.7 8113
SchrdrsNV 1.11k +3 1.32k 941.50 3.5 10.5 52
Schroders 1.39k -2 1.66k 1.16k 2.8 13.1 417
ScottMort 691 +3.5 720 523.50 1.9 53 96
SEGRO 247.70 -2.8 265.70 193.90 5.4 9.7 2334
Serco 580.50 +1.5 606 454.70 1.4 15.9 1124
SevernTr 1.72k -3 1.79k 1.3k 7.8 19.7 412
Shaftbry 539 -7.5 553.50 424 1.7 - 319
Shire 1.98k +3 2.32k 1.71k 0.5 19.6 1374
SmithNph 667.50 -3.5 686.50 501 2.2 19.6 1515
Smiths 1.06k -18 1.12k 851.50 3.5 16.4 1782
Spectris 1.66k +32 1.93k 1.03k 2.3 14.8 346
Spirax-S 2.01k +5 2.36k 1.59k 2.4 16.7 90
SportsDirect 300.40 -.4 315.99 187.93 - 16.6 125
SSE @ 1.32kxd -7 1.45k 1.18k 6.1 19 1372
St Jms Pl 365 +1 388.40 282.40 2.5 17.1 135
Stagech 281.60 -1.2 294.50 206.96 2.8 10 1003
StandardLf 256 +1.9256.90 162.70 5.4 19.6 6547
StandCh @ 1.36kxd +47.5 1.66k 1.09k 4.1 10.2 20257
TalkTalk 180 +2.1 194.70 116.10 5 12.7 573
Tate&Lyl 671.50 -1.5 729.53 498.90 3.7 12.6 1811
Taylor Wmpy 49.78 +.68 54.80 27.65 1.1 8.8 11664
TelecityG 889 +9 907 424.30 0.3 34.4 928
TemptnEm 562 +8 635.50 491 1 71.2 417
Tesco @ 328.55 +1.5 413.05 294.50 4.5 9.9 37581
TravisPkn 1.07k - 1.13k 675 2 10.6 470
TUI Travel 197.10 +2.1 211.50 134.10 5.8 10.2 2608
Tullow @ 1.36k +4 1.61k 879.50 0.9 27.2 2054
UBM 684.50 +.5 692 406.70 3.9 20.7 962
Unilever 2.3kxd +17 3.04k 1.81k 3.3 20.3 6201
UtdUtils 682 -3 705.50 529 4.7 14.6 2429
Vedanta 990.50 +4.5 1.56k 820.52 3.9 24.3 1111
Vodafone @ 189.90 -1.35 191.70 150.54 4.8 13.1 161531
Weir 1.71k -14 2.24k 1.33k 2 11.9 2046
Whitbrd 2.16k +6 2.17k 1.34k 2.4 14.4 652
WillimH 314.60 +2.1 317.80 133.50 3.2 12.3 4221
Wolseley 2.49k +19 2.59k 1.39k 2 19 844
Wood (J) 820 -6.5 831 460.60 1.2 51.2 1247
WPP 858 +8 884.50 561.50 2.9 12.2 5208
Xstrata @ 925 +12.5 1.29k 648 2.8 8.5 10283
NYSE
(Aug 9 / 4:00pmClose/US$)
3M @ 91.57 -.06 92.33 68.65 2.5 15 357
AbbottLb @ 65.71xd -.19 67.44 46.30 3 21.3 728
Accenture @ 61.50 -.3 65.89 47.40 2.2 15.9 506
ACE @ 73.10 -.2 77.42 56.91 2.2 12.4 170
AdvMicroD 4.37 -.03 8.34 3.89 - - 1564
AEP @ 43.35xd +1 43.96 33.09 4.3 13 1173
AES Corp 11.76 +.04 14.01 9 0.3 20.4 820
Aetna 37.51 -.09 51.14 33.43 1.8 7.4 403
AFLAC @ 45.68 -.1 50.33 31.27 2.9 8.4 522
AgilentTec 40.80 +.14 46.28 28.71 0.5 13.1 397
AGL Res 40.44 -.27 57.72 36.59 4.5 23.3 105
Airgas 83.27 +.07 92.99 58.17 1.6 19.8 109
AirProd @ 83.98xd +.05 92.78 72.26 2.9 15.2 178
Alcoa 8.87xd +.07 12.92 7.97 1.4 - 2018
Allergan @ 85.48 -.09 97.09 69.40 0.2 25.1 178
Allstate @ 38.02 -.22 38.38 22.27 2.3 9.2 516
Altria @ 34.70 -.31 36.29 23.20 4.7 16 1288
Amer Intl @ 32.50 +.12 35.04 19.18 38.2 2.9 957
Ameren Cp 34.41 -.04 34.83 25.56 4.6 70.1 177
AmerExpr @ 56.40xd -1.51 61.42 41.30 1.3 13.2 1189
Amerip Fin 54.31xd -.19 58.68 36.02 2.2 12.7 169
Amertitrad 16.83xd +.42 20.59 13.43 1.4 15.5 1028
AmerTwrA @ 70.24 +.2 75.57 45.77 1.1 61.4 479
AmsrceBrgn 38.68 -.02 42.32 34.35 1.3 15.5 396
Anadarko @ 69.61 -.17 88.68 56.42 0.5 - 777
AOL 34.35 +.2 34.51 10.06 - 3.2 263
Aon Cp 51.44xd +.14 52.61 39.74 1.2 18.1 250
Apache @ 88.34xd +.01 112.08 73.13 0.7 10.6 298
ArcherDan @ 26.47 -.01 33.98 23.69 2.6 14.4 1038
AT&T @ 37.20 -.23 38.25 27.29 4.7 49.5 2411
AutoZone 362.59 -1.23 399.10 266.55 - 16.4 104
AvalnbyCom 139.27 -.43 151.11 107.58 2.7 61.5 67
AvonProds 16.42 +.2 23.94 14.45 5.6 28.7 563
BakerHu @ 48.39xd +.87 64.67 37.09 1.2 11.6 607
Ball 41.75 +.33 43.70 29.69 0.9 15.5 107
BankAm @ 7.69 +.02 10.09 4.92 0.5 8.3 5011
Bard (C R) 97.82 -.12 108.30 81.90 0.8 16.6 65
Baxter @ 58.77 +.02 60.53 47.56 2.5 14.5 259
BB &T @ 31.69 +.1 32.74 18.92 2.3 13.2 330
Beam 60.51xd -.43 64 39.33 1.3 52.5 116
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
BectonDick 75.48 -.07 82.18 69.59 2.4 14.3 120
BerkHatA @ 126.84k -145 129k 99k - 17.9
BerkHB 84.55 -.1 86.01 65.35 - 17.5 527
Best Buy 19.10 -.76 28.52 16.97 3.4 - 1336
BkNYMeln @ 22.24 -.33 24.72 17.10 2.3 12.1 965
BlackRock @ 174.61 +.94 207.30 137.03 3.4 14 90
Blackstone 13.93 +.2 17.25 10.51 3.7 - 162
Block 16.12 +.13 17.45 12.54 4.7 13.4 350
Boeing @ 74.24 -.36 77.83 56.01 2.3 12.9 350
BorgWrnr 69.93 +.58 87.40 54.59 0.5 15.8 153
BostonPrp 110.08 -.71 113.80 81.52 2 53.9 149
BostonSci 5.47 +.09 6.90 4.79 - - 1928
BrisMySq @ 31.79 -.31 36.34 25.69 4.2 15.2 1973
Brwn-FmnB 91.50 -.71 97.99 62.14 1.5 25.7 41
Cameron 51.85 -.04 57.65 38.38 - 22.4 371
Campbell 33.13 -.13 34.57 29.69 3.5 14.3 149
CapOne @ 56.48xd -.08 58.69 35.94 0.4 9.5 727
CardinalH 40.18 +.43 46.23 37.55 2.2 13.1 850
Carefsn 24.57 +.17 27.28 22.01 - 15.4 446
Carmax 29.03 +.12 35.17 22.80 - 16.4 172
Carnival @ 33.99 -.11 37.31 28.52 2.9 18.8 262
Caterpillar @ 88.40xd +1.18 116.95 67.55 2.1 9.9 973
CBRE Gp 17.75 -.05 21.15 12.30 - 23.9 354
CBS @ 35.53 -.12 35.90 17.99 1.2 16 550
Centrpnt 21.01 -.1 21.47 17.11 3.8 11.6 343
CenturyLk @ 42.53 +.51 43.43 31.17 6.8 50.2 1227
CharlesSch 12.99xd -.03 15.53 10.56 1.8 19.5 943
ChesapEgy 20.31 +.41 33.86 13.32 1.7 6.7 2674
Chevron @ 112.52 +.38 113.28 86.68 3 8.4 941
ChipMexG 297.08 -.97 442.34 271.60 - 36.1 52
Chubb @ 72.27 -.51 74.40 55.66 2.2 12.2 295
Cigna 43.85 -.02 49.89 38.82 0.1 10 513
Citigroup @ 28.82xd -.04 38.39 21.40 0.1 8.3 1931
ClisNat 44.95 +.66 85.64 36.07 4 4.5 447
Clorox 71.46xd +.07 73.65 63.07 3.4 17.4 127
CMS Egy 23.68xd -.21 24.98 16.96 3.9 18.5 324
CNAFin 26.27xd -.13 31.50 21.25 2.1 10.4 24
CnstelBdA 29.86 +.07 30.09 16.43 - 14.1 258
Coach 55.06 -1.32 79.64 45.70 1.8 15.6 824
Coca Cola @ 79.22 -.34 81.32 63.34 2.5 21 839
CocaCoEnt 29.53 -.22 30.73 23.03 2.1 13.1 480
ColgPalm @ 104.95xd -.32 109.84 78.62 2.3 20.8 352
Comerica 30.62 +.03 34 21.48 1.6 12.9 198
CompSci 30.52 +.99 33.79 22.19 2.6 - 732
ConagraFds 24.73xd +.05 27.34 22.20 3.9 22.3 375
ConocPhil @ 57.05xd -.12 59.67 44.71 4.6 11 1079
ConsEdsn 33.06xd +1.96 46.90 26.42 1.5 12.4 1208
ConsolEd @ 63.57 -.32 65.98 49.21 3.8 17.6 200
CooperInd 73.50 +.05 73.67 41.16 1.7 17.7 179
Corning @ 11.58 -.03 15.74 10.62 2.6 8.1 1580
CoventryHlt 32.53 +.05 36.04 25.78 0.8 9.9 173
Covidien @ 56.51xd -.36 57.50 41.35 1.6 14.6 544
CSX @ 22.62 -.19 23.71 17.69 2.3 12.7 1080
Cummins @ 101.22 +.22 129.51 79.53 1.7 10.1 310
CVS @ 45 -.56 48.68 31.31 1.4 15.9 1091
Danaher @ 52.97 -.31 56.45 39.34 0.2 17.2 268
DardenR 53.11 -.36 55.83 40.71 3.4 14.8 203
Davita 96.25 -.99 100.52 59.14 - 17.6 169
Deere @ 78.63 -.54 89.69 59.92 2.2 10.9 483
DenburyRs 15.68 -.46 21.36 10.20 - 9.8 947
DevonEngy @ 60.40 +.95 76.33 50.74 1.3 10.1 502
DiamOfsh 68.36xd +.78 72.80 51.19 5.1 11.4 314
DiscvrFin 36.51 -.57 37.22 20.53 1 8.5 589
Disney @ 49.95 -.54 50.65 28.20 1.2 16.5 1420
DominRes @ 53.59 -.08 55.62 44.50 3.8 22.5 214
Dover 56.76 +.23 67.20 43.65 2.3 12.5 222
DowChem @ 29.87 -.05 36.08 20.61 3.6 19 909
DrPepper 44.97 -.51 45.85 34.37 2.9 16.1 156
DTE Engy 60.20 -.5 62.54 43.22 4 16.1 119
DukeEner @ 68.07xa +.03 70.35 50.61 4.4 20.2 438
DuPont @ 50.52 +.22 53.98 37.11 3.3 13.7 413
Eaton 45.51xd +.16 53.05 33.10 3.3 10.9 404
Ecolab @ 64.53 +.35 68.96 43.81 1.2 36.2 178
EdsnInt 44.85 +.24 46.84 32.65 2.9 - 299
EdwLifesc 98.27 -2.02 106.50 61.59 - 47 156
EMC @ 26.99 +.19 30 19.84 - 22.3 1320
Emerson @ 50.26 +.28 53.78 39.50 3.2 15.3 572
Entergy 71.24xd -.87 74 57.60 4.7 12.8 335
EntPrdPrt 52.81 -.18 54.97 36.51 4.7 19.3 82
EOG Res @ 109.28 +1.38 119.90 66.82 0.6 21.3 463
EqResPrp @ 60.18 -.65 65.72 48.48 2.6 - 323
EQT 56.83xd +1.04 71 43.70 1.5 22.9 315
EsteeLdrA 55.26 +.89 65.53 40.76 1 25.9 380
Exelon @ 38.59 +.39 45.45 36.27 5.1 15.9 1288
ExxonMob @ 88.08xd -.2 88.50 67.03 2.4 9.2 1926
Fedex @ 88.59 -.72 97.19 64.08 0.6 13.8 254
FidltyNFn 18.70 +.01 19.69 14.04 2.9 11 222
FirstEgy @ 45.87xd -.02 51.13 38.80 4.8 16.8 558
Flowsrve 127.74 +.03129.35 67.07 1.1 16.3 100
Fluor 54.31 +.18 64.65 44.16 1.1 15.3 462
FMC Tech 47.66 +.16 55.17 34.50 - 26.8 165
Ford @ 9.34xd -.01 13.05 8.82 1.6 2.1 3366
ForestLabs 33.45 +.05 36.44 28.47 - 11.6 296
Franklin @ 116.10 -.41 127.71 85.92 2.6 13.6 67
Freeport @ 35.95 +.33 48.96 28.85 3.1 10.8 2069
GAP 34.41 -.23 34.92 15.15 1.4 20.9 579
GenDyn @ 63.39xd -.54 74.49 54.73 3.1 9.2 439
GenElectr @ 21.04 +.03 21.19 14.03 3.1 17 4605
GenMills @ 38.52 +.12 41.06 34.64 3.2 16.4 413
GenMot @ 20.62 +.24 27.67 18.72 3.6 7.3 1593
GenuineP 64.22 -.55 66.50 46.11 2.9 16.7 88
GoldmSchs@ 103.50 +1 128.70 84.28 1.6 15.4 659
Grainger 204.30xd -2.17 221.79 124.35 1.4 21 69
Halliburton @ 35 +.38 47.90 26.29 1 10.3 1708
HarleyDavid 41.66 -.03 54.31 31.50 1.3 14.7 330
Harris 45.58 +.44 45.91 32.68 2.7 41 125
Hartford 17.27 +.2 23.28 14.60 2.3 29.9 823
HCP @ 45.53xd +.03 47.64 29.01 4.3 31.4 286
Heinz @ 55.17 -.1 55.84 48.17 3.5 19.4 376
Helm&Pyn 48.73 +.78 68.60 35.59 0.6 9.8 209
Hershey 71.71 -.06 72.93 53.83 2.1 24.4 125
Hess 49.52 -.51 67.85 39.67 0.8 13.4 673
Hew-Pack @ 19.42 +.01 33.90 17.41 2.6 7.5 2463
Hillshire 25.80 +.64 30.38 21.23 8.9 8.7 910
HlthCare 59.76xd +.68 62.79 41.15 4.9 - 429
HomeDep @ 53.12 +.33 54.27 28.13 2.1 20.1 1214
Honywell @ 58.94 +.01 62 41.22 2.5 22.2 316
HormelFd 28.24xd +.07 30.70 25.88 2 16.2 250
HortonDR 18.47xd +.44 19.35 8.03 0.8 7.3 1192
Hospira 34.35 -.24 47.27 26.92 - - 149
Host H&R 15.20 +.06 17.25 9.78 1.4 - 532
Humana 66.76 -.88 96.45 59.92 1.5 8.9 394
IBM @ 198.23xd -.8 210.69 157.14 1.6 14.4 281
IllinoisTool @ 56.77 -.11 58.26 39.13 2.6 14.3 468
IngersollR 44.74 +.53 45.61 25.86 1.3 17.6 402
Int.Paper 32.68 -.06 36.50 21.56 3.2 12.9 473
Intercont 132.83 +.58 142.75 102.57 - 17.7 35
Interpubl. 10.78 +.42 12.17 6.75 2.2 11.3 1658
IntlFl&Fr 61.07 -.94 63.77 51.21 2.1 18.2 264
IntlGmeT 11.13 -.1 18.17 10.92 2.2 15.1 453
INVESCO 23.58 +.47 26.94 14.52 2.5 15.1 882
IronMount 33.29 -.05 34.77 27.10 3.1 31.7 149
JacobsE 39.60 - 48.15 30.75 - 13.9 68
JMSmckr 76.82xd -.01 81.93 66.44 2.6 19.1 58
John&John@ 68.30 -.05 69.75 59.08 3.5 21.7 1016
JohnsonCn @ 25.89 +.36 35.95 23.37 2.8 10.3 766
JPMrgnCh @ 36.91 -.25 46.49 27.85 3 8.3 2864
JuniperNtw 19.39 +.62 25.60 14.01 - 40.8 1125
Kellogg @ 50.73 +.07 55.30 46.33 3.4 15.5 354
Keycorp 8.31 -.03 8.82 5.59 1.9 9.3 925
Kimb-Clark @ 82.79 -.46 88 61.01 3.5 18.3 361
Kimco Real 19.51 +.09 20.08 13.55 3.8 58.2 267
KindMnE 81.17xd +.62 90.60 63.58 5.9 - 72
KohlsCp 51.35 -.71 56.65 42.14 2.2 11.9 1172
Kroger 22.53 -.18 24.83 20.99 2 20.7 768
L3 Comms 70.39 +.63 71.73 55.91 2.8 7.8 137
LabCpAmer 88.41 -.59 95.30 74.62 - 15.1 147
LasVegasSd@ 39.74 -.27 62.08 34.72 1.3 23 605
Lennar 31.47 +.76 31.90 12.14 0.5 13.2 816
Leucadia 22.19 -.04 30.04 19.58 1.1 52.2 135
Lilly (E) @ 42.69 -.16 44.67 33.75 4.6 11.8 671
Lim.Brands 49.49 -.13 51.84 31.45 8 18.8 344
LincolnNat 23.21 +.51 27.54 13.76 1.2 37.2 630
Lockheed @ 90.53 -.36 92.24 66.39 4.4 10.6 337
Loews 40.44 -.02 41.79 32.91 0.6 18.9 169
Lorilliard @ 123.37 +.24 141.07 97.44 4.6 15.2 121
Lowes @ 26.91 +.49 32.29 18.07 2.2 18.8 1646
LSI 7.65 +.06 9.20 4.76 - 25.3 590
M&TBkCp 86.70 -.06 88 66.41 3.2 15.6 63
Macys 38.08 +.07 42.17 22.67 1.6 12.1 867
MarathonOil@ 27.54 -.04 35.49 19.13 2.4 11.1 732
Marriott 37.24 - 40.44 24.03 1.2 58.1 509
MarshMcL @ 33.80xd -.17 34.67 25.30 2.6 17.8 258
MarthnPet 48.79 -.68 50.79 26.35 2.3 6.9 802
Masco Cp 13.10 +.02 14.68 6.60 2.3 - 447
Mastercard@ 426.04 +1.59 466.96 293.01 0.2 25.5 138
McDonalds @ 87.13 -.4 102.22 82.02 3.2 16.4 1032
McGrawH 48.66 -.42 50 34.96 2.1 17 211
McKesson @ 88.60 +.22 97.21 66.63 0.9 14.6 231
Mdwstvco 27.86xd +.29 29.62 20.27 3.6 21.7 189
MeadJohnN 73.26 +.04 88.72 60.68 1.5 26.8 189
Medtronic @ 39.98 -.42 40.78 30.18 2.5 12.4 1071
Merck @ 44.27 +.21 45.17 29.47 3.8 20.2 1195
MetLife @ 34.63 +.23 39.54 25.61 2.1 5.5 1008
MGMRsts 9.60 -.22 14.94 7.40 - - 984
Mohawk 72.41 +1.15 75.41 39.93 0 24.6 102
MolsonB 44.06 +.1 45.99 37.96 2.9 14.7 180
Monsanto @ 88.65 +.65 89.73 58.90 1.4 22.2 496
Moodys 39.62 -.21 43.04 26.79 1.6 15.7 351
MorganStly@ 14.68xd +.11 21.19 11.59 1.4 12 1384
Mosaic @ 58.64xd +.63 74 44.43 0.8 13.3 387
MotorolaSol 47.70 -.32 52.78 38.36 1.9 23.2 616
MurphyOil 55.01 -.27 65.60 40.41 2.1 13.2 273
Nabors 15.61 +.4 22.73 11.06 - 20.7 1777
NewelRbm 17.25 -.17 19.49 10.88 2 48.6 253
NewmontM@ 47.18 +.26 72.41 42.95 3 - 422
NextEraE @ 69.26 -.54 72.22 49 3.4 13.5 239
Nike @ 95.09 -.81 114.76 76.98 1.5 20.1 391
NiSource 25.23xd -.05 26.15 17.96 3.7 22.9 260
NobleCp 38.17xd +.38 41.71 27.34 1.5 17.9 693
NobleEgy 89.71xd -.18 105.43 65.94 1 24.8 208
Nordstrom 55.04 -.41 57.75 37.28 1.8 17.2 351
NorfolkS @ 73.70xd -1.11 78.49 57.57 2.5 12.6 344
Northrop 68.39 +.54 68.54 49.20 3 8.8 317
NtlOilVarc @ 76.91 +.57 87.72 47.97 0.6 14.1 643
Nucor 40.67xd +.11 45.75 29.83 3.6 22.5 399
NYSE Eurnxt 24.98 +.01 31.25 21.80 4.8 12.4 383
OccidPet @ 90.37 -.77 106.67 66.40 2.3 11.6 355
Omnicom 51.60 +.15 52.19 35.27 2.2 15.1 239
ONEOK 44.60xd -.04 89.62 39.32 2.7 27.6 117
ParkHn 82.01 +.18 91.44 59.32 1.9 11 528
PeabdyEngy 23xd +1.35 50.24 18.78 1.5 6.6 997
Penney 22.10 +.7 43.18 19.06 2.7 - 1473
Pepsico @ 72.12 -.45 72.95 58.50 2.9 19 516
Pzer @ 23.86xd +.03 24.48 16.63 3.6 18.1 3185
PG&E @ 45.32 +.19 47.02 36.85 4 25 484
Phillips66 40.25xd +.43 40.82 28.75 0.5 5.2 476
PhilMorris @ 91.32 -.45 93.14 60.45 3.4 18.1 450
PinnWstCp 53.29xd -.08 54.66 37.28 3.9 15.7 101
PionrNat 99.75 +.32 119.19 58.71 0.1 37.4 218
PlumCreek 40.12 -.21 42.10 33.04 4.2 36.9 125
PNCFin @ 60.69 -.35 67.88 42.70 2.5 12.5 235
PP&L 29.53 +.4 30.27 25 4.8 10 809
PPG Inds 111.28xd +.17 114.59 66.47 2.1 19.2 93
Praxair @ 107.89 -.09 116.92 88.64 2 19.3 145
PrecParts @ 161.40 +1.97 179.45 136.23 0.1 18.3 192
PrinFinGp 26.12 -.01 29.95 20.48 1.4 13.3 282
ProctGmbl @ 66.75xd +.03 67.95 57.56 3.3 21.2 1202
ProgreOh 19.75 +.06 23.41 16.88 2.1 15.5 429
Prologis 33.27 -.17 36.60 21.74 3.4 - 194
Prudential @ 53.68 +.06 65.16 42.45 2.7 7.6 435
PublicSVC 32.54 - 35.48 27.98 4.3 12.4 228
PublStor @ 143.53 -1.56 151.73 102.25 3 45.8 117
QEP Res 28.14 +.21 38.44 23.56 0.3 19.9 352
QuestDg 59.76 -.41 63.98 45.15 1 13.7 160
RalphLrn 148.33 -3.02 182.48 105.11 0.7 20.4 197
RangeRes 66.06 +.94 77.24 51.56 0.2 - 387
Raytheon @ 55.97 +.22 56.92 38.36 3.3 9.7 165
Red Hat 57.82 -.46 62.72 31.77 - 74.8 305
Reg.Financ. 6.96 +.04 7.16 2.83 0.6 22.9 1379
RepSrv 28.77 -.01 31.31 24.72 3.1 15.8 201
ReynoldsAm@ 45.39 -.4 46.91 31.82 5.1 18 268
Rockwell 71.01xd +.72 84.62 50.37 2.5 13.8 308
RockwlColl 50.30xd -.6 61.46 43.83 2.1 12.2 123
RoperInd 103.90 -.24 108.62 64.93 0.5 22.6 32
Safeway 16.28 +.22 23.16 14.73 3.7 8.9 1041
SAIC 11.99 +.06 15.18 10.31 2 - 258
Salesforce @ 137.73 +2.18 164.75 94.09 - - 173
Schlmbrg @ 74.33 +.67 81.32 54.79 1.4 18.6 1673
ScrippsNtwk 59.39 +.61 59.43 35.46 0.8 18.9 144
Sempra 68.83 -.06 72.28 44.79 3.1 18.8 115
SherWil 141.04 +.24142.23 69.47 1.1 28.4 249
SimonProp @ 156.80 -1.68 163.75 99.80 2.6 31 285
SouthCpr @ 33.48 +.13 36.87 22.34 4.9 11.9 281
Southern @ 46.81xd -.12 48.58 35.73 4.1 18.8 337
SpectraEn @ 28.93xd -.08 32.26 22.81 3.9 17.5 440
SprintNext 4.79 +.18 4.96 2.10 0.5 - 9305
Starwood 55.38 +.52 60.80 35.79 0.9 18.7 429
StateSt @ 41.79 +.41 47.15 29.89 2 11.3 374
StJudeMed 38.89 +.35 46.23 32.13 2.3 15.4 403
Stryker @ 52.80 -.19 57.14 43.73 1.5 14.5 205
Suntrust 24.71 +.33 25.18 15.79 0.8 16.6 494
SWAirl. 9.04 -.06 10.05 7.15 0.3 20.4 706
SwestEgy 32.80 +.94 44.36 25.63 - - 913
Sysco @ 28.69 -.2 31.18 25.10 3.7 14.7 418
TargetCp @ 62.68 -.26 63 45.28 2 14.5 386
TE Conn 34.90 +.07 37.68 26.62 2.1 13.8 357
Teradata 75.19 +.75 79.88 43.19 - 33.3 157
Teva 41.16 +.91 46.65 35 2.4 11.6 366
Textron 26.81 +.28 29.18 14.67 0.3 19.4 410
TheTrvelers@ 63.90 +.09 65.27 45.98 2.7 11.5 389
ThrmoFshr @ 56.91 -.39 58.37 43.40 0.7 21.5 303
Tiany 58.54 +.24 80.99 49.73 2 17.1 341
TimeWrnr @ 42.43 +.12 42.54 27.63 2.4 16.6 942
TimeWrnrC@ 88.98 -.37 90 57.19 2.4 16.4 259
TJX @ 44.98xd -.12 45.50 25.08 0.9 24.4 489
Torchmrk 49.78 -.93 51.99 32.78 1.1 9.9 350
TotalSys 23.69 -.01 25 15.81 1.6 18.7 182
TrnsOcean 48.76 +.44 60.09 38.22 4.9 - 474
TycoInt @ 56.53xd +.04 57.74 37.40 1.8 20.3 283
UnionPac @ 121.59 -.41 126.89 77.73 2 15.7 193
UNUMGrp 19.35xd +.23 25 18.28 2.3 26.5 750
UPS B @ 76.03 +.25 81.79 60.75 2.9 18.8 359
USBancorp@ 33.01 -.01 34.10 20.10 1.9 12.2 726
UtdHlthcre @ 51.97 -.76 60.75 41.32 1.4 10.5 994
UtdTech @ 76.97 -.51 87.50 66.88 2.6 13.1 378
ValeroE 28.84 +.08 29.26 16.40 2.2 9.9 930
VarianMedS 56.41 -.21 71.94 49.16 - 15.5 111
Ventas @ 63.65 -.33 68.07 43.26 3.8 48 368
Verizon @ 44.34 +.16 46.41 32.28 4.5 44.2 1051
VF Cp 149.09 -.83 156.09 101.75 1.9 18 86
Visa @ 128.40 -2.75 132.56 76.29 0.7 66.5 631
Vornado 79.94xd -1.66 88.49 68.43 3.5 51.1 366
VulcanMat. 39.85 +.69 48.08 25.06 0.1 - 59
Walgreen @ 36.09 -.15 37.61 28.53 2.6 12.5 776
WalMart @ 73.83xd -.48 75.24 48.31 2.1 15.8 967
WasteMng 34.86 -.03 36.35 27.76 4 17.7 261
WatersCp 78.52 -.75 94.45 70.89 - 16.7 83
Weatherfd 13.07 +.34 18.33 10.85 - 28.6 992
Wellpoint @ 56.80 -.64 74.73 52.52 2 7.8 452
WellsFargo @ 33.79xd -.03 34.80 22.62 2 11.2 1222
WestUnion 17.62 -.04 19.82 14.55 2 9 787
Weyerhsr 23.43 -.09 23.99 14.82 2.6 39.1 478
Whirlpool 71.19 -.48 79.36 45.22 2.8 9.5 141
WilliamsCp @ 31.56 -.07 34.63 17.89 3.6 25.3 653
WiscnsnE 39.31 -.4 41.48 27.01 3 17.2 423
XcelEngy 28.70 -.17 29.92 21.20 3.7 16.6 235
Xerox Cp 7.16 +.03 8.83 6.36 2.4 8 883
XL Grp 23.08 +.3 23.36 17.70 1.9 - 665
Xylem 24.36 +.3 28.83 22.45 1.2 17.1 97
Yum!Brands@ 66.63 +.05 74.43 47.17 1.7 20.8 406
ZimmerHld 60.87 -.22 66.41 47.01 0.6 14.2 140
NASDAQ
(Aug 9 / 4:00pmClose/US$)
ActivBlz 11.64 -.01 14.40 10.40 1.5 16.4 6018
Adobe 32.64 +.13 34.78 22.67 - - 3556
Amazon @ 233.91 -.47 246.71 166.97 - - 1459
Amgen @ 81.92 +.55 84.39 47.66 1.7 17.5 2932
AnalogDev 40.36 +.18 40.82 29.23 2.7 17.5 1411
ApolloGp 28.43 +.21 58.29 25.77 - 6.9 1542
AppldMat 11.87 -.06 13.94 9.70 2.9 11.7 10924
Apple @ 620.22xd +.36 644 353.02 0.4 14.6 6964
Autodesk 35.13 -.19 42.69 22.99 - 27.8 1113
BedBathB 63.58 -.6 75.84 48.75 - 15 1361
Biogen @ 143.03 -2.02 150.29 84.22 - 25.9 1133
BMCSware 41 +.07 45.70 31.62 - 19.4 1436
Broadcom 34.29 +.39 39.66 27.59 1.1 25 7247
CAInc 25.66 +.15 28 18.61 3.1 13.1 2625
Celgene @ 71.20 -.57 80.42 51.70 - 20.7 1813
CH Rob 53.80 -.1 76.76 50.81 2.4 19.8 910
CheckPnt 50.69 -.22 65 43.18 - 18.3 1338
Cisco @ 17.69 +.53 21.30 13.60 1.6 13.1 57355
Citrix 75.52 +2.28 87.99 50.21 - 39.5 2301
CmcstASp 33.80 +.02 34.23 19.11 1.8 - 1858
CME Group @ 53.48xa +.53 60.92 44.45 3.8 11.3 1377
Cognizant @ 64.40 - 78 53.54 - 20.6 2214
ComcastA @ 34.52 +.01 35.16 19.46 1.7 19.8 10415
Costco @ 95.33xd -.3 97.76 70.22 1.1 26.6 757
Dell @ 12.39 +.09 18.36 11.39 0.6 6.4 12300
DirectTV @ 50.48 +.63 50.68 39.82 - 13 3972
EBay @ 44.26 -.69 46.15 26.86 - 15.5 8121
ElectArt 13.13 +.19 26.13 10.77 - 69.8 7173
Expedia 55.94 -.2 59.50 22.44 0.8 22.1 1930
ExpIntWsh 36.40 -.02 47.73 34.83 1.5 21.6 2088
ExpScripts @ 62.48 +1.75 62.80 34.47 - 31.1 9990
Facebook 21.01 +.29 45 19.82 - - 14531
Fifth 3rd 14.31 +.01 14.73 9.13 2.2 9.2 9471
First Solar 21.69 +.28 107.99 11.43 - - 7176
Fiserv 69.98 -.18 72.93 48.75 - 17.1 750
Fossil 86.66 -1.15 139.20 62.77 - 18 1200
Garmin 41.45 +.47 50.67 30.13 4.1 13.8 906
GileadSci @ 56.90 +.08 58.84 34.45 - 17.3 3585
Google @ 642.13 -.1 670.25 480.60 - 19 1003
Hasbro 37.35xd +.31 39.20 31.36 3.5 14.4 1597
Intel @ 26.66xd +.06 29.27 19.16 3.2 11.3 22626
Intuit @ 59.03 -.59 62.33 39.87 1 24.5 1920
IntuitSrg @ 497.51 -3.71 594.89 320 - 35.4 206
KLATenc. 53.04xd +.13 55.43 33.20 2.7 11.9 1317
Kraft Food @ 41.02 -.08 41.50 31.88 2.8 20.3 6828
LibIntCpA 18.90 -.35 19.80 12.44 - 19 10471
LifeTch 47.02 +.32 50.84 35.30 - 19.4 2116
LinearTec 32.99 +.13 34.50 25.79 3 15.5 1512
Marvell 11.95 +.15 16.86 10.27 0.5 13 7039
Mattel 35.43 -.16 35.69 22.70 3.3 15.9 1068
MaximInt 28.43 +.11 30 20.85 3.2 24 1686
MicronT 6.82 -.08 9.16 3.97 - - 19324
Microsoft @ 30.47 +.14 32.95 23.79 2.6 15.2 21190
Netapp 32.21 -.77 46.80 27.79 - 20.4 7863
NewsCorpA@ 23.65 -.08 24.05 13.55 0.8 16.9 29798
NewsCorpB 23.79 -.1 24.20 13.99 0.8 - 6332
NII Hldgs 6.66 +.49 39.49 5.65 - - 8982
NorthnTst 46.13 +.05 48.31 33.20 2.5 17.6 860
Nvidia 14.72 +.49 16.90 11.47 - 17.9 18146
Oracle @ 31.35 +.19 33.81 24.75 0.8 16 13197
PACCAR 40.70 +.16 48.22 31.57 1.9 11.9 1649
Paychex 32.91xd -.01 33.40 25.12 3.9 21.8 1101
Prclne.cm @ 561.38 -.94 774.96 411.26 - 23.4 2370
Qualcomm @ 61.92 +.47 68.87 45.98 1.5 20.9 5741
RschMt 7.81 +.19 33.54 6.56 - 1.8 27888
SeagateT 33.09 +.44 33.42 9.05 3 5.1 13558
Sears Hld 50.61 -1.77 85.90 28.89 - - 501
SiriusXM 2.39 -.09 2.51 1.27 - 4.5 117123
SLMCp 15.99 -.06 16.89 10.92 3 9.8 1704
Staples 13.29 -.05 16.93 11.94 3.2 9.5 4376
Starbucks @ 45.08xd -.21 62 34.01 1.5 25.1 7316
Symantec 17 -.1 18.88 13.06 - 10.9 9467
T.RowePr 61 +.22 66 44.68 2.2 20.7 570
TexasInstr @ 29.49xd +.13 34.24 24.44 2.3 21.5 7123
VertexPhm 51.50 +.69 66.10 26.50 - 27.5 1288
ViacomB @ 49.71 +.61 50.05 35.13 2.1 12.1 4806
WestDigtl 43.05 +1.19 44.43 22.75 - 6.7 3839
WynnRes 101.47xd -1.24 161.33 90.11 6.9 19.8 916
Xilinx 33.72xd - 37.74 26.55 2.4 18.1 2207
Yahoo @ 16 -.18 16.79 11.09 - 18 6381
Other International Stocks
AUSTRALIA
(Aug 9/Aust$)
AMP 4.13 +.02 4.62 3.61 8.2 15.7 6854
ANZ @ 23.82 +.07 24.05 17.63 7.9 11.1 6073
BHP Biltn @ 32.80 +.52 40.27 30.09 4.5 8.3 9193
Brambles 6.35 -.02 7.55 5.76 4.4 20.2 4235
CCAmatil 13.28 -.24 14 10.04 5.7 17 2516
CmwBkAu @ 57.03 -.56 58.05 42.30 8.2 13.3 4884
CSL @ 39.67 -.22 43.20 26.12 2.1 22.7 943
FortescMet 4.52 - 6.28 3.84 2.5 9.8 14949
Leighton 16.56 +.14 26.65 15.21 4.8 - 578
MacQuarie 25.73 +.08 30.17 19.94 5.5 12.2 1294
NatAusBk @ 25.42 -.2 26.56 19.64 10 11.9 6964
NewcrestM@ 24.46 +.06 41.04 20.89 2.1 16.6 1663
NewsCorpA 21.72 -.78 22.56 12.87 0.7 - 202
NewsCorpB 21.88 -.73 22.71 13.32 0.7 19.4 2168
Orica 24.89 -.03 28.27 21.34 4.8 14.6 1161
OriginEgy 12.30 +.03 15.08 11.08 5.8 11.3 2137
QBE InsGrp 14.47 -.07 15.49 9.88 6.4 22.6 2396
RioTinto 56.86 +1.97 74.79 50.22 3.8 23 4629
Santos 11.25 +.09 14.63 10.04 3.8 13.3 2800
Stockland 3.21xd -.03 3.54 2.52 7.5 15.2 11219
Suncorp 8.59 -.05 8.85 6.03 6.7 17.7 4261
Telstra @ 3.88 -.09 4.09 2.69 10.3 14.1 90193
Wesfarm @ 32.61 -.12 33.38 26.04 6.8 19.5 2185
Westeld @ 9.90 -.05 10.15 7.21 5 14.9 6133
WestdRT 3.05 -.01 3.09 2.18 5.8 9.5 8898
Westpac @ 24.01 -.12 24.24 17.84 9.7 12.1 9026
WoodsdPt @ 34.43 +.23 38.70 29.76 4.3 18.4 1979
Woolworth @ 28.50 -.56 29.15 23.21 6.2 18.1 2695
AUSTRIA
(Aug 9/Euro)
Andritz 44.95 +1.25 46.31 25.76 2.4 18.5 128
ErsteGrBnk 15.09 -.11 29.20 10.40 - - 547
Immon 2.69 +.01 2.85 1.92 9.3 9.3 877
OMV 26.35 -.14 29.21 20.81 4.2 7.3 202
Raieisen 27.80 -.2 30.95 14.16 3.8 5.2 85
Strabag 18.14 -.16 24.30 16.73 3.3 13.5 11
TelekAust 7.24 +.14 9.35 6.61 5.2 - 344
Verbund 15.60 -.3 27.24 14.50 3.5 14.6 92
Vienna Ins 33 +.58 35.91 24 3.3 3.4 69
Voestalp 23.33 -.1 29.25 18.10 3.4 14.7 218
BELGIUM/LUX
(Aug 9/Euro)
Ageas 17.53xa +.41 18.08 10.80 4.6 - 1125
AnBshInBv@ 66.44 -.16 68.14 33.85 1.8 18.9 1393
Belgacom 23.79 -.14 24.75 20.66 9.2 10.5 384
Colruyt 38.49 +1.65 38.50 26.74 2.5 17.7 440
Dexia 0.23 - 1.89 0.13 - - 2581
Dlhaiz 30.61 +.36 48.74 25.59 5.7 9.1 372
GBL 55.23 +.48 60.37 47.44 4.7 23.2 121
KBC 18.12 +.29 23.50 7.65 0.1 - 1388
SES 20.37 +.27 20.41 16 4.3 - 2
Solvay 89.10 +1.17 98.98 60.86 3.4 22.4 188
UCB 39.08 +.04 41.49 25.71 2.6 40.8 159
BRAZIL
(Aug 9 / 3:00pmClose/Real)
Ambev @ 77.28 -.87 83.71 43.98 0.4 29.1 774
BcoBrad 27.50xd -.1 28.61 21.13 3.6 - 1053
BcoSantdr 0.15xd - 0.18 0.12 5 - 925
BM&FBovsp 11.84 +.06 12.65 7.55 4 21.5 10971
BncBrasil @ 23.47 -.41 29.79 18 11.3 5.7 4499
Bradesco @ 33.50xd -.3 33.91 25.12 3.2 11.5 4739
BrasilFds 29.60xd -.8 38.67 25.75 3.9 22.7 1427
Cielo @ 61.60 -.59 64.11 31.78 3.1 19.4 1562
Eletrobras 15.10 +.04 19.52 12.62 59.3 - 834
GerdauPf 19.20 -.28 19.80 10.85 1.7 15.7 3965
ItauHldFin @ 33.82xd -.33 38.94 25.15 3.4 11.4 6147
ItuasaPf @ 10.07 -.06 11.49 7.37 3.8 10.2 7713
JBS 5.71 -.21 8.50 3.42 - - 2446
OGX Petro 6.34 +.15 18.41 4.78 - - 27122
PetrobasPf 21 -.18 25.89 17.42 9.3 14.2 22692
Petrobras @ 21.98 -.16 28.26 18.05 8.8 6.2 3706
SiderNacO 11.30 +.08 19.55 9 7.3 5.1 2765
SouzaCruz @ 27xd -.18 31.45 16.15 13.3 24.8 1621
UsinasMin 8.01 -.24 14.24 5.57 13.5 16.7 12507
ValRio @ 38.35 +.42 48.85 34.35 13.5 - 4944
ValRioPrf 37.60 +.33 44.97 33.92 7.1 6.8 11925
CANADA
(Aug 9 / 4:00pmClose/Can $)
Agnico-E 44.95 +.07 72.51 31.50 1.7 - 375
Barrick @ 33.84 +.26 55.36 31.18 2.1 8.1 1412
BCE @ 44.79 +.49 44.99 34.99 4.8 14 1282
BkMontrl @ 57.14xd +.17 61.40 53.15 4.9 10.7 528
BkNvaS @ 52 +.03 57.17 47.54 4.1 11.5 798
Brookeld @ 34.25xd -.49 35 25.91 1.6 11.2 1191
Cameco 20.59 +.02 26.43 17.25 1.9 18.3 595
CanadPcR 83.72 +.08 84.58 46.01 1.5 21.1 320
CanImp @ 73.68 +.25 78.29 67.32 4.9 10.6 625
CanNatRs @ 31.38 +1.81 41.12 25.58 1.2 13.1 4472
CanNatRy @ 89.28 +.5 89.97 63.72 1.6 15 376
CanOilSd 20.68 +.22 25.19 18.17 6.3 11.2 721
CenovusE @ 32.52 +.35 39.64 28.85 2.6 15.4 926
Enbridge @ 39.24 -.01 42.23 28.27 2.8 34.8 1353
Encana 22.59 +.19 26.15 17.25 3.5 - 1200
Goldcorp @ 36.98 +.33 55.93 32.34 1.4 22.2 858
GtWesLif @ 21.81 +.01 25.28 19.15 5.6 10.3 168
HuskyE @ 26.69 +.14 26.99 20.63 4.5 13.2 736
ImpOil @ 44.62 +.16 49.26 34.15 1.1 10.6 460
KinrossG 7.97 +.2 18.17 7.15 1.7 - 6450
Loblaw 33.63 +.25 39.67 31.11 2.5 13.5 138
Manulife @ 10.89 +.06 14.07 10.18 4.8 - 2040
NatBkCan 74.73 -.24 81.27 63.27 4 8.5 223
Nexen 25.30 -.22 26.70 14.20 0.8 26.1 1802
Potash @ 42.73 +.43 59.45 38.31 1 12.4 783
Power Cp 23.61 +.15 27.42 20.90 4.9 10.3 531
PowerFn @ 25.16 +.17 30.15 23.62 5.6 10.8 239
ResMot 7.73 +.17 32.71 6.66 - 1.7 2828
RogCmB @ 39.89 +.29 40.40 34.25 3.8 13.5 487
RylBkC @ 51.17xd -.18 59.13 43.30 4.3 10.7 1195
Suncor En @ 31.89 +.16 37.28 23.97 1.5 11.2 2216
SunLfFin 21.62 -.15 26.79 17.92 6.7 - 968
TalismEnrgy 13.22 -.01 17.34 9.72 1.5 25.4 941
TeckResB @ 29.47 +.87 44.13 26.83 2.7 9 1337
TelusCorp @ 64.99 +.98 65.39 49.47 3.7 17.1 376
ThmReut @ 28.76 -.14 31.62 26.10 4.4 - 219
TntoDom @ 79.05 -.01 85.85 68.13 3.5 12 765
TransCan @ 44.80 -.23 46.29 37 3.9 22.8 735
Weston Ltd 60.31 +.82 71.73 57 2.4 13.4 54
CHINA
(Aug 9/Renminbi)
AgricBkCh 2.53 +.02 2.77 2.43 5.2 6.3 34423
Air China 5.79 +.02 9.71 5.69 2 12.2 10221
AluCorpCh 3.43 +.08 6.03 2.98 - - 16300
AlumCpCh 6.17 -.01 9.86 5.79 - - 8834
AnhuiCC 21.65 +.35 37.20 17.90 2 8 10681
BaoshanStl 4.24 - 5.50 4.08 4.7 11 11601
Bk China 2.76 -.02 3.10 2.67 5.6 6.3 9236
BkofComms 4.41 +.01 5.10 4.15 2.3 5.1 25988
ChCiticBk 3.96 -.01 4.74 3.77 5.1 5.3 6565
ChCoalEgy 7.78 - 10.52 7.37 2.8 10.5 6654
ChConstBk 4.06 +.02 4.95 3.86 5.8 5.8 18852
China Life 18.68 -.05 20.36 14.71 1.2 33 6059
ChinaUncm 3.75 +.03 5.77 3.41 0.9 46.9 38076
ChMinsheng 6.03 +.01 6.85 5.06 5 5.2 36425
ChMrchBk 10.08 +.01 13.10 9.54 4.2 5.6 19474
ChPacIns 21.45 -.03 23.80 17.70 1.6 33.4 10657
ChShBldIn 4.85 +.03 8 4.51 1.4 16.1 21607
ChShenEgy 22.75 +.07 28.87 21.59 4 9.9 6018
ChStCnsEng 3.15 +.02 3.60 2.85 2.5 6.8 29130
ChYgtzPwr @ 6.55 -.01 7.14 6 3.9 14.5 10198
Citic Sec 12.24 +.03 13.99 9.04 3.5 10.4 38694
Daqin Rail 6.06 -.01 8.05 5.90 6.4 7.7 20169
InCBkChina 3.76 -.02 4.48 3.66 5.4 6.2 18648
IndstrlBk @ 12.70 +.05 14.68 11.85 2.9 5 24428
Moutai @ 260.92 +8.12 266.08 170.90 1.5 27.5 3067
Ping An 44.66 +.29 46.85 33.35 0.9 17.8 14239
Saic Motor @ 12.73 +.22 17.10 11.97 2.4 7.2 16997
ShangPort 2.57 - 3.64 2.48 4.6 13.3 3620
ShngPdgBk@ 7.75 +.02 9.75 7.37 3.9 5 32490
ShznVanke 9 +.07 9.95 6.88 1.4 9.5 42220
Sinopec 6.15 +.05 7.93 5.75 4.9 8.5 14703
WulianYnb @ 37.46 +1.41 40.80 29.82 1.3 20 39202
CZECH REP
(Aug 9/Koruna)
Cez 723xd +7 845 662 6.2 10.1 263
KomercBnk 3.7k -3 3.89k 2.71k 4.3 12.1 27
TelCzRep 398 +.5 430.20 364.50 10.1 15.4 110
DENMARK
(Aug 9/Kr)
Carlsberg B 516 -3 524 315.50 1.1 16 344
DanskeBk 97.90 +2.4 100.50 61.15 - 47.3 1201
MoellerMA 39.92k -280 46.2k 30.12k 2.5 -
MoellerMB@ 41.76k -360 48.16k 31.62k 2.4 11.9 4
NovoB @ 938 +12 980.50 507 1.5 30.5 1414
Novozym 153 +2.8 180 135.20 0.7 24.4 726
TDC 39.80xd -2.2 47.45 36.90 5.8 9.4 2314
VestaWind 28.77 +.75 117.60 24.60 - - 1898
WilDemant 570 +3 596.50 351.50 - 27.6 41
DUBAI
(Aug 9/US$)
DPWorld 10.34 +.14 12.30 9.33 2.3 12.6 11
FINLAND
(Aug 9/Euro)
Fortum @ 14.36 - 19.36 12.81 7 8 1358
Kone Corp 51.80 +.5 52.45 33.78 2.7 20.6 246
Metso 31.44 +.54 37.27 19.72 5.4 11.6 592
Neste Oil 8.24 +.13 10.14 6.14 4.3 - 628
Nokia 2.28 +.14 5.19 1.33 8.8 - 39307
OtkmpA 0.80 +.03 2.15 0.63 - - 4602
SampoA 23.09 +.28 23.22 16.85 5.2 11.8 1002
StorEnsR 4.93 +.14 5.95 3.73 6.1 20.5 4399
UPMKym 9.15 +.11 10.98 7.34 6.6 24.1 2561
Wartsila 26.24 +.67 31.33 15.50 3.4 18.5 496
FRANCE
(Aug 9/Euro)
Accor 27.15 +.08 27.76 16.68 2.4 - 525
ADP 64.74 -.02 65.19 49.76 2.7 18.4 25
AirFrn-KLM 4.27 -.06 7.53 3.01 - - 2126
AirLiquide @ 96.28 +.38 96.50 73.55 2.4 19 579
Alcatel 0.94 2.73 0.80 - 1.8 23786
Alstom 28.28 +.04 34.34 21.82 2.8 11.4 883
AXA @ 11.25 +.22 13.25 7.88 6.1 10.1 12996
BNP Parib @ 34.02 +.19 43.44 22.72 3.5 7.1 4948
Bouygues 21.81 -.14 28.69 18.70 7.3 7 798
CapGemini 30.80 +.37 34.50 21.98 3.2 11.3 666
Carrefour 16 +.19 20.51 12.87 3.3 28.1 2251
Casino 70.33 +.39 75.94 51.35 2.1 15.6 148
ChristianD@ 118.50 +1.8 119.70 79.10 2.3 16.6 81
CNP 9.22 +.09 12.90 7.52 8.4 6.7 329
CredAgric 4 +.03 7.64 2.84 - - 15091
Danone @ 50.06 +.09 54.96 41.92 2.8 17.8 1075
DassaultSy 78.99 -1.01 81.92 49.07 0.9 30.5 265
EADS @ 30.62 +.37 31.69 19.05 1.5 16.5 951
EDF @ 16.60 -.17 23.63 14.80 6.9 9.5 1436
Eiage 22.70 +.01 34.19 15.81 5.3 9.6 65
Eramet 87.42 -.57 157.90 75.95 2.6 28.4 28
Essilr @ 68.56 -.27 75.52 46.89 1.2 28.1 442
FranceTele @ 11.34 -.08 13.69 9.45 12.2 8.1 7369
GDF Suez @ 19.43 -.28 24.13 15.62 7.7 12.1 5808
Gecina 77.34 -.71 82.19 52.51 5.7 56 27
Hermes @ 232.35 +1.6 285.49 206.10 0.9 40.9 27
JC Decaux 17.51 -.09 23.48 14.63 2.5 19.5 81
Klepierre 26.39 -.12 27.27 18.57 5.5 32.6 149
Lafarge 38.30 +.15 38.53 22.29 1.3 31.7 600
Lagardere 22.77 +.14 24.26 16.03 5.7 - 222
Legrand 26.25 -.08 28.65 22.19 3.5 14.3 764
LOreal @ 102.50 +2 102.50 68.83 2 24.9 470
LVMH @ 134.15 +3.6 136.80 94.16 2.2 19.5 1043
Michelin 57.87 -.26 58.53 40.20 3.6 6.1 874
Natlxis 2.13 +.04 3.25 1.68 4.7 6.1 4074
PernodRic @ 88.79 +.53 89.08 56.09 1.7 19.8 277
Peugeot 6.57 -.03 19.95 5.70 - - 3213
PPR @ 127.75 +.6 136.90 90.50 2.7 15.9 185
Publicis 41.31 +.11 43.30 29.10 1.7 12.8 825
Renault 37.13 +.11 43.83 22.07 3.1 6.3 1179
Safran 28.58 +.08 29.63 20.18 2.2 - 630
Sano @ 67.71 +.66 68.29 42.85 3.9 13.9 2226
Schneider @ 49.50 +.34 53.47 35 3.4 14 1420
SocGen @ 19.87 +.26 29.24 14.32 - 7.9 5116
Sodexo 62.41 -.23 63.03 46.57 2.3 19.1 107
StGobn @ 26.93 +.42 37.63 23.90 4.6 13.9 2003
STMicro 4.87 +.09 6.46 3.64 6.7 - 2864
SuezEnvir 8.95 -.07 12.42 8.01 7.3 30.9 1082
Technip 86.58 +.58 89.71 52.85 1.8 18.2 278
Thales 26.25 +.18 28.91 21.61 3 10.3 120
Total @ 40 +.11 42.97 29.40 5.7 8.3 4203
UnibailR @ 162.40 -2.4165.35 123.30 4.9 12.4 258
Vallourec 37.19 +.66 65.76 25.69 3.5 15.1 408
VeoliaEnv 8.26 +.01 13.06 7.80 8.5 - 2434
Vinci @ 35.10 +.1 40.85 28.46 5 10.1 1149
Vivendi @ 15.75 -.04 17.06 12.01 6.1 12.3 2369
GERMANY
(Aug 9/Euro)
Adidas 61.24 -.32 64.30 42.42 1.6 16.6 814
Allianz @ 86.56 +.18 94.94 56.16 5.2 11.9 2328
AxelSprg 36.90 -.25 39.87 24.44 4.6 13.7 118
BASF @ 60.99 +.05 68.63 42.19 4.1 10.6 2938
Bayer @ 63 -.12 63.87 35.36 2.6 20.1 2849
Beiersdorf 56.85 +.37 58.35 38.26 1.2 53.6 305
BMW @ 60.17 -.05 73.95 43.49 3.8 8.6 2110
Celesio 14.26 -.05 15.85 9.18 1.8 - 216
Commerzbk 1.23 -.05 2.34 1.12 - - 80470
Daimler @ 41.35 -.22 48.95 29.02 5.3 7.6 3671
Deut Bank @ 25.74 +.19 39.51 20.79 2.9 8.2 5913
Deut Brse 41.19 +.28 52.88 35.65 8 9.7 848
Deut Tlkm @ 9.21 -.19 10.10 7.69 7.6 34.1 24928
DeutPstbk 28.80 - 31.50 19.81 - - 27
DeutsPost @ 15.41 +.02 15.52 8.90 4.5 14.4 3191
E.ON @ 17.86 -.08 18.68 12.50 6.2 - 8290
Fielmann 73.86 -.81 80.85 60 3.4 25 17
FraPort 45 -.2 51.25 37.06 2.8 18.7 144
Fresenius 86.56 +.07 88.71 58.80 1.1 31.9 309
FresMedC @ 58.17 -.03 60.27 42.56 1.2 42.5 461
GEAGrp 22.22 +.07 26.83 15.61 2.5 13.3 360
Hann.Rck 49.50 +.49 49.91 28.58 4.2 7.3 206
HeidCmnt 40.43 +.01 46.68 23.92 0.9 23 549
Henkel 60.86 +.95 60.86 36.52 1.3 21.2 827
Hochtief 41.02 +.46 55.92 35.60 - - 99
Inneon 5.96 +.17 7.99 4.89 2 15.3 8195
K & S 39.85 +.45 49.75 30.14 3.3 15.8 1038
LANXESS 59.03 -.28 64.40 31.34 1.4 9.3 437
Linde @ 124.95 +.05 136.90 94.63 2 17.8 584
Lufthansa 9.89 -.07 12.81 7.88 2.5 - 2591
MAN 76.62 +.24 103 50.78 3 - 194
Merck KG 81.14 +.19 87.45 55.92 1.8 39.2 160
Metro 23.80 +.46 37.35 19.52 5.7 15.8 1609
MTUAero 62.15 - 64.80 40.01 1.9 15.9 64
MuenchRkv@ 119.35 +.75 119.35 77.80 5.2 8.5 912
Porsche 42.89 -2.03 50.95 30.24 1.8 13.1 1290
Puma 231.25 +1.85 277.05 189 0.9 16.1 11
RWE @ 33.16 -.1 37.12 21.22 6 15.9 2115
Salzgitter 31.20 -.04 48.95 27.03 1.4 9.7 152
SAP @ 52.59 +.04 54.44 32.64 1.4 17.6 2810
Siemens @ 73.94 -.11 79.89 62.13 4.1 14.7 3508
SMASolar 26.20 -2.2 78.03 21 5 6 262
Suedzucker 27.25 +.11 28.94 19.16 2.6 10.2 340
ThyssenKr 15.65 +.01 25.84 11.45 2.9 - 3432
Volkswgn @ 134.70 +1.45135.35 82.35 2.2 3.5 83
WackerChm 53.86 -.64 114.85 49.80 4.1 18.8 85
GREECE
(Aug 9/Euro)
Alpha Bk 1.26 -.03 3 0.42 - - 1236
BkPiraeus 0.21 0.85 0.16 - - 1992
Coca Cola 13.90xc -.08 16.69 10.55 6 20.1 126
EFGEbk 0.66 -.03 2.48 0.29 - - 755
HelPetro 5.78 +.18 6.89 3.94 7.8 26.3 23
HelTel 2.08 - 4.77 1.09 - 2.6 4146
NatBkG 1.30 -.02 4.38 0.90 - - 1361
OPAP 5.20 +.07 10.08 3.50 13.8 3.3 311
PublPwrC 2.35 -.08 7 1.13 - - 188
TitanCem 12.92 +.28 15.40 9.32 1.4 - 11
HONG KONG
(Aug 9/H.K.$)
AgricBkCh @ 3.23 +.03 3.98 2.26 5 6.5 79662
AIA @ 26.85xd +.05 29.85 19.84 1.3 24 14715
Bk China @ 3 +.03 3.45 2.20 6.3 5.3 299832
Bk of EAsia 28.80 +.7 32.50 21.85 3.3 13.9 3248
BkofComm@ 5.33 +.08 6.55 4.15 2.3 5.1 21469
BOC HK @ 24.30 +.1 24.45 14.24 4.9 12.6 9308
CathayPcA 12.84 +.48 16.68 11.76 2.7 28.7 12007
ChConstBk @ 5.35 +.03 6.62 4.41 5.4 6.2 193529
ChinaLife @ 21.75 +.4 24.70 17 1.3 27.2 34614
ChinaMob @ 90.15 +1 91.10 68.20 3.7 11.6 9641
ChinaRes 22.85 -.45 33.85 18.88 2.1 19.3 3140
ChinaTele 4.22 - 5.28 3.23 2 16.7 51266
ChMerch 24.30 +.15 29 19 2.8 10.8 1234
ChngKong @ 111.10 +1.7 115.60 79.10 2.8 9.1 7320
ChOvLnd&In 18.08 +.4 19.16 9.99 1.8 9.8 25366
ChResLand 15.54 +.4 16.82 7.28 1.7 10.5 9189
ChResPwr 15.62 - 17.42 10.82 1.9 16.5 4557
ChRongshng 1.19 +.03 4.14 1.02 2.3 3.9 30297
ChShenEgy@ 30.20 -.2 38 24.15 3.6 10.5 13505
ChUncHK @ 12.42 +.16 17.64 9.45 1 46.7 21379
Citic Pac 11.76 +.08 16.18 10.26 3.8 4.6 2536
CKI Hld 47.80 +.6 50 40.35 3.3 13.3 2335
CLP @ 67.45 +.55 75.20 62.10 3.8 17.5 2153
CNOOC @ 16 +.12 18.20 11.20 3.3 8.2 30264
EspritAsia 11.58 +.38 22.50 7.55 2.2 - 21175
GentSingap 1.28 - 1.80 1.22 0.8 16.8 55429
HangLung 27.70 +.5 30.50 20.85 1.9 20 4815
HangSeng @ 112 +2.3 116.70 84.40 4.7 11.9 2612
HendersLd 47.75 +.4 49.65 33.20 2.1 6.4 3453
HKChGas @ 18 - 18.60 15.02 2.7 25.4 5546
HKExch 108.80 -.3 152.40 99.15 3.9 24.8 5045
HSBC 68.40 +.9 72.05 56 5.2 10.3 17012
Hutchison @ 70.10 +1.05 82.40 53.60 3 15 11896
In&CmBkCh@ 4.58 +.02 5.72 3.46 5.4 5.9 178376
Li & Fung 15.98 +.48 20.15 10.82 3.3 24.4 21585
Telmex L 10 - 10.73 9.69 6.9 12.4 89
TlvCPO 61.71 -.3 62.45 46.43 0.6 24.7 2040
Walmex @ 38.18 +.29 45.15 29.26 1.2 30.8 9476
NETHERLANDS
(Aug 9/Euro)
Aegon 4.24 +.23 4.57 2.59 - 11.8 27216
Ahold 10.16 -.03 11.07 7.62 3.9 10.9 2596
Akzo N 44.93 +.15 46.16 29.25 3.2 30.2 717
ArcelorMit @ 13.02 -.05 17.96 10.47 4.7 40.7 7119
ASML Hld @ 47 +.7 48.34 21.22 1 14.7 1469
Boskalis 26.95 +.13 31.36 20.67 4.4 10.9 202
Corio 33.22 -.88 41.22 28.26 8.3 18 1095
DSM 39.63xd +.32 44.72 29.84 3.7 15 1021
Fugro 52.36 -.28 55.92 34.01 2.9 14.4 474
Heineken @ 44.14 +.45 46.30 30.40 1.9 18.1 897
ING @ 5.82 +.14 7.58 4.21 - 4.7 32013
KPN 6.72 +.06 10.28 6.35 10.3 8.2 8148
Philips @ 18.55 +.1 18.65 12.01 3.8 51.5 2699
PostNL 2.84 -.05 5.11 1.87 18.6 0.3 3779
Randstad 25.76 +.12 30.09 19.59 4.9 36.8 466
ReedElsvr 9.99xd +.11 10.01 7.38 4.6 13.1 3852
Robeco 24.48 +.16 24.48 18.30 2.5 59.7 33
RylDShlA 28.91xd +.3 29.18 20.12 5.1 8.7 7043
Unilever @ 28.29xd +.19 28.83 20.96 3.3 19.7 4533
WoltKluw 14.09 +.02 14.67 11.39 4.8 17.8 695
NEW ZEALAND
(Aug 9/NZ $)
AucklndAir 2.50 -.02 2.62 2.08 5.2 31.6
ContactE 4.80 -.2 5.79 4.60 8 23.9
FletchrBld 6.48 +.05 8 5.78 7 16.4
Telc.of NZ 2.67 +.01 2.69 1.78 13.7 6.5
NORWAY
(Aug 9/Kroner)
AkerSol 95.80 +.55 99.90 50.10 4.1 10.6 795
DNB 64.60 +.1 75.30 51.25 3.1 8.2 2412
NorskHyd 25.75 +.07 34.58 22.97 2.9 - 3189
Orkla 42.75 +.17 48.84 36.48 5.8 - 1533
Roy.Carib. 151 -2.4 183.70 111.60 1.6 11.6 186
Seadrill 238 +2.5 245 137.04 7.8 19.9 933
Statoil @ 149.40 +1.7 162.80 108.10 4.4 6.1 3017
Subsea 7 135 +6.5 147.69 94.73 2.6 16.5 4351
Telenor @ 103.50 +.8 106.80 78.80 4.8 66.3 1381
YaraIntl 292.50 +8.3 298.50 200.50 2.4 6.5 1205
POLAND
(Aug 9/Zloty)
BkPekao 155.30 +3.4 164.80 115.10 3.5 13.4 363
BRE Bank 318.20 +10.2318.30 203.30 - 10.8 31
ING Bank 78.70 +2.4 91.10 61.75 - 11.7 40
KGHM 130xd +4.7 176.40 102.40 21.8 2.5 1568
PGNIG 4.29 +.12 4.39 3.25 - 28.6 9289
PKN Orlen 39.80 +1.35 41.68 30.33 - 10.5 887
PKO Bank 34.60 +.8 37.83 27.95 3.7 11 4263
PZU 369.90 +6.4 370 283.10 5.5 13.4 347
Telek.Pol 16.50 +.01 18.56 14.30 9.1 17.9 1994
PORTUGAL
(Aug 9/Euro)
B.EspSanto 0.52 +.01 1.51 0.43 - - 10052
BCPort 0.09 - 0.29 0.07 - - 10393
BncoBPI 0.55xr + 0.90 0.34 - - 483
BRISA 2.73 -.02 2.83 2.19 11.3 - 389
Cimpor 3.66 +.01 5.70 2.93 4.5 12.9 46
EDP 1.97 -.01 2.54 1.63 9.4 6.6 2694
GalpEnerg 11.60 +.26 15.28 8.33 1.7 32.2 1221
JeronimoM 13.66 +.36 16.07 10.66 2 24.8 664
PortTlcm 3.51 +.01 6.07 3 9.3 13 3277
Sonae 0.43 + 0.57 0.37 7.7 8.6 426
RUSSIA
(Aug 9/Rouble)
Bank VTB @ 0.06 - 0.08 0.05 1.47 33394570
GazProm @ 155.04xd -.53 200.80 136.54 5.8 2.7 34753
GMK Noril @ 5.13kxd +14 7.86k 4.68k 3.8 7.7 206
Gzprmneft @ 155.93 +.99 169.39 106.05 4.7 4.3 127
Lukoil @ 1.88k +2 1.94k 1.5k 4 4.7 1073
MTS 246.98 +3.98 249.50 168.25 6 10.2 437
Novatek @ 362 +3.7 442.73 269.66 1.7 9 1130
NovoSteel 60.84xd -.75 93.24 46.59 3.3 8.3 10633
Rosneft @ 202.30 +.17 234.91 171.04 1.7 6.7 6675
RusHydro 0.87xd + 1.30 0.72 0.9 7.8 506543
SbankR @ 93.87 -.07 103.85 60.91 2.2 6.3 110867
Severstal 395.90xd +4.2 474 310.10 3.9 6.9 2736
Surgnfgz @ 28.82xd +.52 33.89 20.41 2.1 4.3 35248
SINGAPORE
(Aug 8/Closed/S$)
Capitalnd 3.06 - 3.17 2.18 2.6 12.1 -
DBS @ 14.75 - 14.99 10.81 3.8 10.8 -
Jard Math @ 53.70 - 56.60 42.06 2.4 9.6 -
Jard Str @ 34.50 - 35.75 23.70 0.7 9.4 -
Keppel 11.23 - 11.67 7.02 3.9 8.3 -
OCBC @ 9.33xd - 9.65 7.68 3.3 12.8 -
SIALtd 10.82xd - 11.98 10.05 1.9 34.9 -
Sing Tech 3.24 - 3.32 2.61 4.8 18 -
SingTel @ 3.43xd - 3.62 2.84 4.6 13.7 -
UOB @ 20.10 - 20.15 14.42 3 5.3 -
WilmarInt @ 3.23 - 6.05 3.18 1.9 11.2 -
SOUTH AFRICA
(Aug 8/Closed/Rand)
Absa 135.94 - 164.50 123.19 5.2 10.1 -
AngGold 280.19 - 391.82 251.99 1.7 64 -
Anglo 257.30 - 350.05 238.62 2.7 - -
AngloPlat 432 - 609.50 400.06 0.5 - -
ArclrMttal 45.42 - 70.65 43.33 - - -
Firstrand @ 28.60 - 29.27 17.10 3.1 11.1 -
GoldFields 109.44 - 145.43 95.51 3 9.9 -
Harmony 81.44 - 116.09 71.59 1.2 17.3 -
Implats 132.83 - 189.50 124.02 4.2 9.9 -
Kumba Iron@ 538.50 - 599.50 415.25 104268.5 0 -
MTN @ 153.52 - 158 126.65 5.2 13 -
Naspers N @ 473.79 - 479.72 319.03 0.7 61.5 -
NedbankGrp 183.33 - 189.86 126.47 3.7 12.1 -
OldMut 21.42 - 21.71 12.12 15.6 66.7 -
SAB Mllr 360xd - 369.99 227.78 2.3 - -
Sanlam 36.90 - 37.22 24.14 3.5 13.8 -
Sasol @ 361.20 - 411.50 300.50 4.3 8.3 -
Stanbank @ 116.97 - 120 87.75 3.6 15.4 -
Telkom 18.16 - 36.34 16.02 8 - -
Vodacom @ 97.22 - 110.89 80.1310143.7 0 -
SOUTH KOREA prices in 000s
(Aug 9/Won)
HyundaiHvy@ 248 +5 370 212.50 1.6 7.7 376
HyundaiMot@ 244 +8 272.50 161.50 0.7 8.1 1232
HyundEng 64.50 +1 87.50 49.60 0.8 11.4 696
HyundMobis@ 311 +6.5 364 261.50 0.6 9.4 441
HyundStl 91.60 +3.1 119 74.20 0.5 12.2 656
IndBkKor 12.25 +.2 16.95 11.05 4.8 5.7 1821
KB Financial 37.35 +1.15 46.45 32.50 1.9 6.3 2971
Kia Motors @ 78 +2.2 84.80 58.10 0.8 17.2 2516
Korea T&G 83.20 +.3 88 63 3.9 12.7 634
KoreaEP 24.35 +.5 28.10 19.60 - - 2037
KoreaExch 8.55 +.16 9.12 6.63 27.7 3.4 1635
KT Corp 32.55 +.45 39.60 27.55 6.2 6.2 1734
LG Chem @ 327.50 +6.5 434 261.50 1.2 12.8 554
LG Corp 61.70 +.9 77.70 50.10 1.6 11 638
LG Display 25.25 +.65 31.45 17.30 - - 2448
LG Elect 67 +1 94.30 52.59 0.3 - 1537
LotteShop 308.50 +9.5 485 273.50 0.5 9.8 92
NHN 263.50 -.5 285.50 168.50 0.2 25.2 433
Posco @ 381 +9 443 341 2.6 9.2 397
ShinhanFin 36.70 +1.15 48.40 33.10 2.1 6.3 2428
Shinsegae 216 +8 351 182.50 0.3 0.6 44
SK Hynix @ 22.90 +.15 30.95 15.50 - - 8170
SK Innov 168 +1 195.50 117 1.7 5.4 520
SKTelecom 143xd +2 167 120 6.6 7.3 347
SmsungCT 68.70 +1.3 82.70 57.10 0.7 25.9 1128
SmsungEl @ 1.34kxd +20 1.42k 672 0.4 13 612
SmsungEM 106.50 +1.5 112.50 59.20 0.7 24.8 646
SmsungEPf 787xd - 826 460 0.7 - 29
SmsungFre 219.50 +6.5 248.50 195 1.7 12.2 175
SmsungSDI 145.50 +3.5 171.50 99.90 1 18 420
WooriFin 11.25 +.2 14 8.47 2.2 4 2967
SPAIN
(Aug 9/Euro)
Abertis 10.42 -.07 12.67 9.20 9.5 6.8 1338
Acciona 34.51 -.16 71.88 29.46 9.1 43.8 69
Acerinox 8.52 +.08 11.39 7.47 6.5 - 186
ACS 13.24 +.09 29.11 10.38 15.1 4.2 419
Banesto 2.13 -.07 4.99 1.90 12.1 - 60
Bankinter 2.75 +.03 5.41 2.06 6.1 12.9 1179
BanPoplr 1.48 -.02 3.68 1.25 27.3 6.7 5706
BBVArg @ 5.66 -.06 7.35 4.31 6.7 12.8 22909
BcoSabdll 1.56 -.01 2.70 1.19 2.7 19.4 3049
BcoSantdr @ 5.31 -.03 6.96 3.98 12.3 14.2 47876
BcoValen 0.24 +.14 1.28 0.09 - - 44946
CaixaBnk 2.61 -.01 4.12 2.01 9 25.6 1820
CorFinAlba 27.76 -.51 36.79 22.10 3.6 5.8 10
DIA 4.09 -.1 4.27 2.42 2.6 19.5 3690
EbroFood 13.70 -.26 15.39 11.67 3.3 12.7 295
Enagas 14.36 -.2 15.64 12.46 6.9 9.1 810
Endesa 13.59 - 19.50 11.30 4.5 6.5 156
FCC 8.22 +.01 20.75 7.10 15.8 14 256
GAMESA 1.31 +.01 4.47 1.01 0.5 - 1290
GasNatur 9.87 -.34 13.98 8.36 7.1 7.7 1584
Grifols 22.34 -.31 25.94 10.24 - 42.6 1037
GrpFerrov 9.05 -.03 9.77 7.25 5 6.3 1222
IAG 1.92 -.03 2.32 1.51 - 15 1403
Iberdrola @ 3.10 -.05 5.49 2.63 1 6.3 19430
Inditex @ 87.50 -1 91.37 52.04 1.8 26.8 986
IndraSis 7.32 -.04 12.64 6.08 9.3 8.7 373
Mapfre 1.83 +.06 2.74 1.29 8.2 6.5 10316
MedsetEsp 4.07 -.04 5.60 3.23 3.4 25.9 326
OHL 17.75 -.12 24.15 14 3.2 6.6 282
RedElectCp 31.88 -.7 39.75 29 6.9 9.3 333
Repsol @ 14.42 -.15 24.23 10.90 7.4 9.6 4768
TechReun 36.83 -1.69 38.66 21.50 3.7 15.3 247
Telefonica @ 10.10 - 15.96 7.90 - 10.6 15019
ZardoyaO 8.84 -.12 10.48 8.09 5.5 17.2 96
SWEDEN
(Aug 9/Kroner)
AlfaLaval 121.30 +1.5 147 101.90 2.7 16.2 916
AssaAbloy 210 +1.2 211.40 128.60 2.1 18.6 585
AstraZen 313.90xd -1.2 329.80 260.70 6.8 7.2 552
AtlasCpcoA@ 159.50 +.5 175.60 112.30 3.1 13.8 1259
ElctxB 156.70 +1 158.60 93.15 4.1 18.9 1575
EricssonB @ 64.90 +.2 74.70 55.90 3.9 13.8 4592
H & M @ 250 +.1 257.30 178.80 3.8 24.3 1863
IndVardenA 98.40 +1.1 109.20 69.80 4.6 - 46
InvestorB 142.80 -.2 152.10 110.20 4.2 - 1026
Kinnevik 141.80 +.5 155.20 113.10 3.9 46 587
NordeaBk @ 64.50 - 66.95 46.80 3.3 10.7 4058
Sandvik 97.10 +.85 108 70.60 3.3 17.9 2799
ScaniaA 120.30 +.3 140 88.10 4.2 - 8
ScaniaB 122.20 +1.4 142.20 89.35 4.1 12.7 975
SEB 49.86 +.07 51.70 30.72 3.5 10.1 5072
SkanskaB 103.90 +.4 125.90 84.35 5.8 14.2 693
SKF B 147.30 +1.8 174.80 118.30 3.7 12.7 1710
SSABA 57.75 +.15 76.60 46.59 3.5 14.3 2586
SvenCellB 116 +1.2 122.90 76.45 3.6 - 1325
SvenskaHn@ 241.70 +.4242.80 147.40 4 11.6 793
Swedbank @ 120 +1 120.50 65.55 4.4 13.2 2084
SwedMatch 285.30 +1.6 294.50 202.40 2.3 20.8 353
Tele2B 115 -1.1 134.18 102.30 11.3 11.9 1059
TeliaSonra @ 45.77 -.06 48.81 40.60 6.2 11 7172
VolvoA 88.70 +1.4 100.50 64.50 3.4 - 180
VolvoB @ 88.50 +1.1 100.40 63.95 3.4 10.2 6531
SWITZERLAND
(Aug 9/Frs)
ABB Ltd @ 17.46 -.06 20.20 14.40 3.7 14.3 4357
Actelion 44.85 -.02 45.19 28.16 1.8 18.5 280
Adecco 44.25 -.57 49.52 31.98 4.1 13.2 663
Baloise 67.95 +.4 76.85 58.30 6.6 49.6 112
CredSuisse@ 17.07 +.02 27.63 15.97 4.4 31.6 5406
GAMHldgs 11.70 +.4 13.80 9.23 4.3 - 722
Givaudan 934.50 +10.5 970 684.50 2.4 25.7 27
Holcim @ 61.15 +.55 63.50 42.11 1.6 73.7 896
JulBaerGp 35.57 -.16 39.23 26.07 2.8 24.5 335
Kuhn&Nag 109.20 +.3 125 90.90 3.5 26.1 87
Logitech 8.45 +.27 10.81 5.80 9.6 35.2 1910
Lonza Grp 44.45 -.06 62.35 32.81 4.8 15.4 149
Nestle @ 61.05 +1.4 61.80 43.50 3.2 20.6 8994
NobelBiocr 9.03 +.06 13.56 7.76 1.7 22.6 492
Novartis @ 57.45 - 58.05 38.91 3.9 17.1 2850
Pargesa 61.30 +.35 70.65 51.05 4.2 35.6 24
Richemont@ 61.05 +1.05 61.20 36.46 0.9 18.4 2133
Roche @ 174.10 +.8 175.50 115.10 3.9 17.8 946
Roche Br 179.90 +2.3 180.80 120.30 3.8 - 13
Schindler 117 +1.3 117.60 79.25 1.7 24.8 12
SchndlerPC 117.30 +1.3 119 78.10 1.7 - 58
SGS SA 1.93k -10 1.98k 1.23k 3.4 27.6 11
Sonova 92 +.05 104.60 57.30 1.3 24.8 95
SwatchGpI @ 404.30 +4.5 439.70 288.50 1.4 20.5 164
SwatchGpN 70.90 +.45 76.50 51.60 1.6 - 81
Swiss Re @ 60.50 -1.4 62.50 34.70 5 5.3 2128
Swisscom @ 391.20 -1.4 396.50 323.10 5.6 31.3 96
SwissLife 98 +.6 116.40 74.35 9.2 5.2 144
Syngent @ 338.10 +1.3 339.90 211.10 2.4 19.6 120
Transocean 47.76 +.61 54.30 36.02 4.8 - 321
UBS @ 10.58 -.02 13.60 9.34 0.9 15.6 7106
ZurichFin @ 226 +1 246.80 144.30 7.5 8.6 299
TAIWAN
(Aug 9/T$)
Acer 26.65 +.55 46.15 25.45 - - 19
Au Optrncs 8.92 +.14 18 8.19 - - 64
CathayFin 29.60 +.6 38.14 26.48 1.6 28.5 27
ChimeiInn 9.30 +.11 17.50 8.48 - - 57
ChinaSteel 26.75xa +.35 31.03 25.20 3.7 31.5 25
Chinatst Fin 18.55xd +.4 22.54 15.45 2.2 11.4 40
ChnghwTl @ 89.80xd +1.2 104.50 87.50 6.1 15.6 12
CompalElc 28xd +.4 35.80 25.50 5 13 18
DeltaElc 100.50xd +1.5 102 63 3.5 20.9 6
FormoC&F 80.50 -.6 93.70 73.30 5 25.4 7
FormPlastic 84.50 -.4 94.50 73.60 4.7 20.3 10
FubonFnH 30.80xd +.32 41.46 26.29 3.1 10.2 45
HonHaiPrc @ 91 +3.7 117 61.50 1.7 11.8 77
HTC 245 +9 851 230.50 16.4 5 15
MediaTek 282xd - 348 221 3.2 24.4 13
Mega Fin 23.70xa +.4 26.18 17.34 3.5 13.8 63
NanYaPlast 60.90 +1.4 72.80 50.20 3.5 44.5 11
Quanta Cmp79.60xd +3.4 86.40 48.10 5 13.6 18
TaiwanMob 105 - 106.50 76.85 6 19.8 8
TaiwanPet @ 88.90 +.6 99.50 76.60 2.3 - 4
TaiwanSem@ 82.30 +1.8 89.80 62.20 3.7 16.2 54
Utd Micro 12.85 +.1 15.75 10.15 3.9 21.8 44
THAILAND
(Aug 9/Baht)
Adv Info @ 206 +3 215 110.50 4.1 24.64251700
Bangkk Bk 196 - 201 123.50 3.1 12.32462000
PTT @ 336 -2 369 236 3.2 8.92942700
PTT Exp @ 152.50xd -.5 187 130.50 3.7 10.43649500
SiamCem 334xd +1 365 236 3.4 19.2 1440300
SiamComBk@ 158.50 +1.5 161 93.75 2.2 15.2 4686000
TURKEY
(Aug 9/Tk Lira)
Akbank 6.72 -.04 7.52 5.28 1.6 12 14018
KOC Hold. 7.02 -.04 7.26 4.97 1.7 8.7 3039
Sabanci 7.92 -.1 8.22 5.10 1.3 9.1 3755
TGaBan 7.12 +.04 7.76 5.44 2 8.8 53436
Trk.Isbank 5.20 - 5.50 3.14 2.3 9.8 38760
TrkHalkBk 15.10 -.05 16.70 9.15 109.1 9 5402
Turkcell 9.70 -.15 10.55 7.18 - 11.1 3532
TurkTelek 7.16 - 8.60 6.24 7.6 10.7 999
YapiKred 3.93 -.08 4.18 2.48 - 8.5 23912
MTR @ 27.70 +.25 28 22.45 2.7 10.9 1766
NewWorld 10.40 +.22 10.96 6.13 0.2 4.9 12908
PetroChina @ 9.81 +.06 11.92 8.59 4.1 10.8 92844
PowerAst 60.95 +.4 64.40 52.55 3.8 13.9 3238
SHK Props @ 101.90 +1.7 122 85.30 3.3 5.4 7530
Sino Land 13.82 +.18 14.16 8.48 3 8.4 7995
Sinopec @ 7.39 +.06 9.67 6.22 5 7.9 79691
Swire Pacic@ 95.90 +1.5 96.35 61.82 6.8 4.5 1629
SwirePac B 18.30 +.24 18.50 12.10 7.1 4.3 780
Tencent @ 239.60 +4 248.80 139.80 0.3 34.4 3090
WharfHld 46.85 -.1 52.20 33.15 2.3 4.6 4011
Wheelock 29.90 +.65 32.50 17.87 1.7 2.7 1497
INDIA
(Aug 9/Rupee)
BharatHvy 230.85 -.6 364 197.80 2.8 8 376
BhrtiAirtel @ 256.85 -17.55 417 254.50 0.4 25.6 3021
CairnInd 319.50 -6.15 400.95 250 - 6.7 765
CoalIndia 352.45 +7 403.85 293.75 0.1 15 280
GAIL 369.20 +2.65 470.65 303.10 2.4 12.3 33
HDFC Bk @ 604.85 +7.35606.85 400.45 0.7 25.8 104
HsngDevFin@ 694.90xd -26.2 725.70 600.85 1.6 17.9 84
ICICI Bk @ 953.05 -4.95 998.50 641 1.7 13.6 311
IndianOil 252.15 -3.9 344.50 239 2 14.5 102
Infosys @ 2.28k -2.9 2.98k 2.1k 2.1 14.7 75
ITC @ 265.85 +3.95266.75 185.20 0.8 34.4 375
JindalS&P 407.90 -3.5 663.40 390.05 0.4 11.1 105
Larsen&T 1.42k +12.6 1.72k 971 1.2 19 242
MMT C 775.70 -19.5 1.01k 438.55 - - 519
NatlThmPr 169.90 +1.8 190.30 138.95 2.4 14.5 95
NMDC 182.15 -2.15 259 136.15 2.5 9.9 20
OilNatGas @ 280 -1.4 303.90 240.10 3.5 8.5 102
RelianceIn @ 780.30 -10.35 902 671 0.8 13.5 388
SBI NewA @ 1.97k -89.15 2.47k 1.58k 1.8 8.2 957
SteelAuthr 85.55xd -1.05 123 73 2.3 10.4 158
Sterlite 109.20xd +3.55 141.90 86.10 1.8 8.4 1291
TAMO 239.35xd -2.1 320.60 137.65 1.7 5.5 3929
TataCnslty @ 1.26k +8.05 1.29k 897.13 2 21.3 42
TataSteel 406.30xd -2.05 520.70 332.35 3 7.5 615
Wipro @ 345.75 -4.35 452.50 310.20 1.7 14.5 58
INDONESIA prices in 000s
(Aug 9/Rupiah)
AdaroEgy 1.54 +.04 2.45 1.18 4.3 9.6 12014
Astra Int @ 7.15 +.1 7.97 5.50 2.8 15.3 51547
Bk Negara 3.78 - 4.48 2.98 1.7 11 37067
BkCentAsia@ 8 +.15 8.50 6.75 1.4 17.2 14511
BkMandiri @ 8.30 +.3 8.45 5.10 1.3 14.8 21652
BkRakyat 7.05 +.1 7.25 5 1.7 9.9 58245
Gudang Grm51.25xd +.6 67 46.90 2 21 1882
Telkom @ 9.15 +.15 9.30 6.60 4.1 15.5 24877
Unilever @ 24.80 +.2 25.50 14 2.2 42.8 2042
IRELAND
(Aug 9/Euro)
Aer Lingus 1.07 - 1.18 0.52 2.8 8.2 50
BkofIrelnd 0.10 0.16 0.07 - - 12959
CRH 15.92 +.25 16.93 10.28 3.9 19.2 2805
Elan Crp 9.11 +.16 12.01 6.09 - 16.3 303
GraftonGrp 2.98 -.02 3.45 2.25 2.5 11 229
Ind News 0.21 -.02 0.35 0.20 - 3 49
Irish Lf 0.02 0.08 0.02 - - 436
Kerry Gp 38.50 +2.2 38.54 23.65 0.8 20.9 564
Ryanair 4.03 -.03 4.52 2.76 - 11.2 831
ITALY
(Aug 9/Euro)
A2A 0.37 0.99 0.29 3.5 - 91622
Acea 4.38 6.19 3.61 6.4 20 27
Atlantia 11.25 +.01 12.44 8.70 6.3 8.3 1215
Autogrill 6.74 +.11 8.86 5.99 4.2 17.3 885
BcaCarige 0.60 +.01 1.58 0.50 11.7 5.5 1355
BcaMilano 0.36 0.65 0.25 8.9 - 21753
BcaPEmilR 3.92 +.07 8.36 2.80 0.8 4.9 1056
BcoPoplre 1.02 +.03 1.70 0.79 - - 18414
BcPSondrio 4.19 -.01 6.85 3.76 2.2 12 307
BuzziUnicm 8.38 +.07 9.49 5.45 0.6 57 730
Campari 5.52 -.04 5.82 4.83 1.3 19.7 1212
CredEmil 2.91 - 4.22 2.30 3.4 9 95
Edison 0.89 1 0.72 4.8 - 916
ENEL @ 2.46 + 3.85 2.02 10.6 6.8 38953
ENI @ 17.90 -.16 18.72 11.83 5.8 9.5 13110
ERG 5.59 +.04 9.60 4.28 7.2 - 236
Exor 18.90 +.16 20.34 13.27 1.8 7.6 245
Fiat 4.22 +.04 5.90 3.25 - 25.1 16389
Fiat Ind 8.34 +.03 8.85 4.77 2.2 13.4 3759
Finmecnca 3.18 +.01 5.74 2.56 - - 3988
Generali @ 10.80 -.01 13.70 8.16 1.9 18.7 4703
IntSanPSvg 0.89 1.39 0.68 - 4.2 4408
IntSPaolo @ 1.12 1.65 0.85 - - 139164
Italcementi 3.49 +.08 6.10 3.08 3.4 - 301
Lottomatica 15.84 -.11 16.39 10.22 4.5 12 413
Luxottca 28.67 -.04 29.58 17.88 1.7 26.4 699
Meddiolan. 3.06 +.03 3.76 2.16 3.6 12 1012
Mediaset 1.42 +.02 2.88 1.14 7.1 15.5 20868
Mediobnca 3.02 +.15 6.53 2.34 5.6 46.7 10898
MontePsS 0.18 + 0.49 0.14 11.4 - 66538
Parmalat 1.75 -.01 1.86 1.27 5.7 13.2 1301
Pirelli&C 8.79 - 9.83 4.80 3.1 8.2 2815
Prysmian 13.45 +.03 14.32 9.07 1.6 25.7 2043
Saipem @ 38.20 -.05 39.87 23.31 1.8 17.5 1027
Saras 0.94 +.03 1.31 0.66 - - 1258
Snam 3.24 -.03 3.82 3.07 7.4 15.1 9652
TelcmItalR 0.61 -.01 0.80 0.51 8.8 7.7 11814
TelecmItal @ 0.73 -.01 0.96 0.60 5.9 - 103861
TERNA 2.76 -.03 3.06 2.36 7.6 16.7 6070
TODS 84.60 -.15 88.30 60.45 3 18 440
UBI Banca 2.38 -.01 4.12 1.82 2.1 - 5022
UniCred @ 2.97 + 7.59 2.20 6.6 - 82588
JAPAN prices in 000s
(Aug 9/Yen)
Aeon 0.96 +.01 1.11 0.90 2.4 10.9 4220
Ajinomoto 1.14 -.01 1.15 0.85 1.4 17.5 2605
AozoraBk 0.21 0.26 0.15 4.3 8.7 6384
Asahi Glass 0.51xd + 0.82 0.42 5.1 12 7494
AstellasPh @ 3.87 +.01 3.92 2.70 3.2 18.5 1929
Bridgestne @ 1.89xd +.02 2.09 1.58 1.5 8.9 2908
Canon @ 2.72xd -.01 4.02 2.31 4.4 14.5 13252
ChubuElec 0.97 +.02 1.58 0.80 6.2 - 4287
Chugai Ph 1.57xd +.01 1.58 1.13 2.5 18 1002
CntJpRwy @ 672 +9 704 596 1.4 7.7 4
DaikinInd 2.07 +.03 2.59 1.84 1.7 11.4 1749
DaiNpPrnt 0.57 + 0.87 0.55 5.6 22.9 3126
DaiSankyo 1.31 +.01 1.63 1.23 4.6 18.6 1769
DaiwaSec 0.29 + 0.36 0.23 2 42.3 8395
Denso @ 2.66 +.03 2.85 2 1.7 13.7 1585
EastJpRwy @ 5.21 +.04 5.50 4.26 2.1 12.8 923
Eisai 3.60 +.06 3.60 2.83 4.2 18.1 1706
Fanuc @ 12.57 +.22 15.63 9.99 1.7 19.3 1225
FastRetail @ 17.61 +.39 19.15 11.95 1.2 23.6 727
FujiFilmH 1.38 +.02 2.14 1.25 2.5 10.9 2416
Fujtsu 0.31 +.01 0.45 0.29 3.2 10.8 15595
Hitachi @ 0.46 0.56 0.36 1.7 10.6 25172
Honda Mt @ 2.56xd +.02 3.30 2.13 2.5 9.5 4263
Hoya 1.78 +.04 1.94 1.54 3.6 12.5 1522
Inpex @ 468 +6.5 611 418.50 1.5 10.2 7
Itochu 0.84 +.01 0.97 0.68 5.2 4.4 5014
JapanTob @ 2.53xa +.05 2.53 1.61 2 15.9 3799
JFE 1.11 +.04 1.91 0.96 1.8 8.5 8107
JX Hldgs 0.41 +.02 0.54 0.35 3.9 10.2 16539
KansaiEP 0.68 +.02 1.46 0.53 8.8 - 17033
Kao Corp 2.22 +.03 2.25 1.95 2.7 19.5 1870
KDDI Cp @ 553 +9 668 473.50 2.9 10.2 10
Keyence 20.43xd +.44 20.43 16.44 0.2 23.9 171
KirinHldgs 0.96xd - 1.09 0.86 2.8 19.3 2847
Komatsu @ 1.70 +.01 2.51 1.45 2.5 10.6 6023
Kubota 0.76 - 0.83 0.56 2 15.1 5762
Kyocera 6.61 +.04 8.03 6 1.8 14.7 1653
Kyushu EP 0.70 +.03 1.34 0.55 7.1 - 4885
Marubeni 0.53 +.01 0.65 0.37 3.7 4.4 11133
MitsubElec @ 0.66 + 0.86 0.57 1.8 11.7 6242
MitsubEst @ 1.41 +.01 1.58 1.12 0.8 39.1 4383
MitsubHvy 0.34 + 0.41 0.29 1.8 22.7 13530
Mitsubishi @ 1.59 +.02 2.04 1.39 4.1 5.3 5552
MitsubTk @ 0.37 0.45 0.32 3.2 7.9 62077
Mitsui @ 1.20 +.02 1.44 1.01 4.6 5.3 6785
MitsuiFud @ 1.53 +.01 1.68 1.09 1.4 24.6 3810
MitsuiSmIns 1.29 +.03 1.85 1.14 4.2 10.2 1458
Mizuho @ 0.13 0.15 0.10 4.6 7.3 128048
Murata Mfg 3.83 +.02 5.16 3.61 2.6 21.6 30
NEC 0.11 + 0.18 0.10 - 14.7 9862
Nintendo 8.60 +.23 13.62 8.06 1.2 60.9 18
NipponStl 0.17 + 0.25 0.14 1.5 - 43659
Nissan Mt @ 0.78 - 0.91 0.61 2.6 8.6 13206
Nitto Denko 3.63 +.03 3.67 2.65 2.8 12.6 997
NKSJ 1.53 +.01 2.05 1.39 5.2 26.4 994
Nomura 0.28 + 0.42 0.22 2.1 26.9 30347
NTT @ 3.76 +.05 4.09 3.27 3.7 8.6 2146
NTT Data 244.90 -.1 294.20 213.30 2.4 18.1 8
NTTDCMo @ 132.80 +1 149.10 123.30 4.2 10.3 44
Orix 7.36 - 8.54 5.48 1.2 8.1 808
Panasonic @ 0.58 +.01 0.84 0.48 1.7 28.3 18786
Resona 0.32 + 0.42 0.28 3.8 5.7 11043
Ricoh 0.63 +.03 0.85 0.49 4 14.2 8698
Rohm 2.78 + 4.31 2.68 2.2 31.5 14
Secom 3.83 +.04 4.19 3.33 2.3 14.2 774
SekisuiHse 0.74 - 0.82 0.64 2.7 12 2907
Seven & I @ 2.55 +.03 2.58 1.97 2.4 14.5 2568
Sharp 0.19 + 0.79 0.18 5.2 - 71008
ShnEtsuCh @ 4.26 +.07 4.88 3.47 2.3 17.5 1340
SMC Cp 13.23 +.21 14.20 9.99 1 15.3 522
Softbank @ 3.19 +.07 3.20 2.05 1.3 11 5512
Sony 0.92 +.01 1.83 0.86 2.7 46.3 14173
SonyFinH 1.28 +.03 1.55 1.02 1.6 15 851
SumitChm 0.22 + 0.37 0.20 4.1 12.2 12500
SumitoEle 0.95 + 1.17 0.75 2 10.3 3032
SumitomMI 0.12 + 0.18 0.10 1.6 - 14979
Sumitomo @ 1.10 +.01 1.28 0.88 4.5 5.3 3703
SumitomoF@ 2.54 +.02 2.93 2 3.9 7.5 4207
Suzuki Mt 1.51 +.02 2.07 1.33 1 10.9 1575
T&D Hld 0.80 +.01 1.06 0.66 2.8 15.2 2589
Takeda Ph @ 3.69 +.01 3.79 3.02 4.9 18.8 1550
TDK 3.38 +.06 4.84 2.40 2.4 10.9 2006
Terumo 3.40 +.04 4.18 2.76 1.1 18.7 689
Tohoku EP 0.57 +.01 1.11 0.46 - - 4708
TokioElPw 0.16 + 0.46 0.12 - - 9858
TokioMrne @ 1.83 +.01 2.35 1.65 2.7 13.4 2754
Tokyo Elcn 3.92 +.13 4.95 3.31 2 50.6 1943
TokyoGas 0.42 + 0.42 0.31 2.2 12.2 7367
Toshiba 0.27 + 0.38 0.24 2.9 8.5 32912
Toyota @ 3.21 +.05 3.64 2.33 1.6 - 7600
Toyota Ind 2.26 +.03 2.61 1.95 2.2 13.4 474
WstJpnRwy 3.43 +.02 3.53 3.04 2.6 13.4 626
Yahoo Jpn @ 29.03 +.56 29.46 21.65 1.2 15.6 95
YokohaBk 0.37 + 0.42 0.34 2.7 9 3965
MALAYSIA
(Aug 9/Ringgit)
AxiataGp 5.98 -.01 6.23 4.43 3.2 21.4 14267
CIMB Grp @ 7.91 +.06 8.41 6.56 2.8 14.3 7168
Digi.com 4.67 -.02 4.79 2.89 4.7 27.3 6111
Genting 9.02 +.15 11.32 8.37 0.9 12.2 14351
Genting Mly 3.38 +.1 4.12 3.01 2.6 14.9 6375
IOI Corp. 5.15 -.02 5.55 3.75 3.1 17.1
KL Kpng 23.74 +.2 26.76 15.30 3.6 17.4 446
MalayBnkng@ 8.95 +.08 9 7.35 7.6 13.2 6526
Maxis 6.63 - 6.92 5.16 4.8 19.4 2204
MISC 4.39 +.06 7.30 3.86 5.7 - 1092
PetChem 6.59 +.03 7.03 5.23 2.4 14.6 2431
PetGas 19.14 +.04 19.30 12.02 2.1 26.8 391
PPB Grp 14.02 +.1 17.98 13.70 1.6 18.6 261
Public Bk 14.44xd +.04 14.46 11.68 3.3 13.8 3862
Public BkF 14.44xd +.06 14.50 11.74 3.3 - 1730
SimeDarby @ 9.81 - 10.26 7 3.3 13.5 6047
TelekmMala 5.87xa +.01 6 3.56 8.5 16.4 4591
Tenaga Nsl 6.94 -.03 7.01 4.89 0.7 13.7 4451
YTL Power 1.79 +.02 2.01 1.53 3.1 9.8 605
MEXICO
(Aug 9 / 3:00pmClose/Peso)
AmerMvl @ 17.08 -.18 18.80 13.48 1.2 16.2 50187
CemxCPO 9.53 +.04 10.63 3.13 9.8 - 21083
FEMSAUBD@ 114.78 +.34 123 74.20 1.6 25.9 1224
GrpElektra 621.72 -4.28 1.48k 407 0.3 64.4 214
GrpMexico @ 39.81 +.23 42.55 30.42 4.1 - 5278
Inbursa 31.97 -.53 36.79 21.40 1 34.6 592
Thursday stock close Days
traded ms price change
Cisco Systems 57.4 17.69 +0.53
News Corp 29.8 23.65 -0.08
RschMt 27.9 7.81 +0.19
Intel 22.6 26.66 +0.06
Microsoft 21.2 30.47 +0.14
NVIDIA 18.1 14.72 +0.49
E TRADE Fin 17.5 8.57 +0.55
SeagateT 13.6 33.09 +0.44
Oracle Corp 13.2 31.35 +0.19
Dell 12.3 12.39 +0.09
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
MBIA 10.09 1.33 +15.18
E TRADE Fin 8.57 0.55 +6.86
KB Home 10.75 0.65 +6.44
CONSOL Energy 33.06 1.96 +6.30
Downs
Dean Foods 16.69 -0.77 -4.41
Integrys En 58.76 -2.39 -3.91
Best BUY 19.10 -0.76 -3.83
Sears Holdings 50.61 -1.77 -3.38
Based on the constituents of the S&P500 and the Nasdaq 100 index
Thursday stock close Days
traded ms price change
Vodafone 161.5 189.90 -1.35
LlydsBkg 99.7 31.60 +0.04
BP 55.4 448.90 -2.05
HSBC 52.6 566.00 +2.70
Barclays 30.9 178.95 -
Tesco 28.9 328.55 +1.50
BT 21.2 216.30 -5.40
Aviva 18.8 316.70 -1.50
Glencore 14.4 344.80 +6.90
StandCh 14.0 1,363.00 +47.50
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
ImgnTech 554.00 26.50 +5.02
Grainger 97.00 4 +4.30
Daejan 3,323.00 132 +4.14
StandCh 1,363.00 47.50 +3.61
Downs
Heritage 164.00 -13 -7.34
AMEC 1,103.00 -56 -4.83
Petra 104.80 -5.20 -4.73
Ocado 73.00 -3 -3.95
Based on the constituents of the FTSE 350 index
Thursday Turnover close Days
Euro/ms price change
Siemens AG 259.3 73.94 -0.11
BcoSantdr 254.2 5.31 -0.03
Unicredit 245.3 2.97 +0.00
Eni 234.7 17.90 -0.16
Deut Tlkm 229.5 9.21 -0.19
RylDtchShA 203.6 28.91 +0.30
Allianz SE 201.5 86.56 +0.18
ING 186.3 5.82 +0.14
Bayer AG 179.5 63.00 -0.12
BASF 179.2 60.99 +0.05
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Nokia 2.28 +0.14 +6.45
Kerry Gp 38.50 +2.15 +5.92
Aegon NV 4.24 +0.23 +5.60
Mediobanca 3.02 +0.15 +5.30
Downs
Porsche 42.89 -2.03 -4.52
Commerzbank 1.23 -0.05 -4.21
GasNatrl 9.87 -0.34 -3.33
RedElect 31.88 -0.70 -2.15
Based on the constituents of the FTSEurorst 300 Eurozone index
Thursday stock close Days
traded ms price change
Oki Elec Ind 148.6 81 -41
Mizuho Fin 128.0 131 -1
Sharp Corporat 71.0 191 +3
MUFG 62.1 374 -1
Nippon Steel 43.7 166 +3
Toshiba 32.9 271 +4
Mazda Motor 30.6 94 -1
Nomura Hldg 30.3 282 +4
MisuiOsk 25.7 234 -1
Hitachi 25.2 457 -1
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
DOWAHOLDINGS 551 51 +10.20
Toho Zinc 272 21 +8.37
TOKYO DOME 239 11 +4.82
RICOH 630 27 +4.48
Downs
Oki Elec Ind 81 -41 -33.61
NIKON 2086 -184 -8.11
Unitika 39 -1 -2.50
Hitachi Zosen 87 -2 -2.25
Based on the constituents of the Nikkei 225 index
Aug 9
3096
1569
1399
128
159
13
MBIA
Share Price
Jul 9 2012/2012 Aug 9
HeritageO
Share Price
Jul 9 2012/2012 Aug 9
Nokia
Share Price
Jul 9 2012/2012 Aug 9
Oki Electric Ind
Share Price
Jul 9 2012/2012 Aug 9
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Aug 8
3073
1515
1432
126
147
17
Aug 7
3088
1922
1046
120
203
13
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
1.33
Change
on day
-13.00
Change
on day
0.14
Market data provided by
Market data provided by
Change
on day
-41.00
n MAJOR MARKET VOLUMES
5 day
Aug 9 Aug 8 average
NYSE 446 636 641
NASDAQ 1508 1875 1706
UK 3076 2882 2774
France 150 161 181
Germany 233 161 189
Japan 1510 1708 1378
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Aug 9 Days Days
Open Close high low
DJ Ind 13174.73 13161.97 13200.23 13125.09
Nasdaq Cmp 3009.86 3016.75 3022.69 3007.30
S&P 500 1402.26 1402.51 1405.95 1398.80
FTSE E300 1096.06 1101.01 1102.03 1094.14
FTSE 100 5845.92 5851.51 5860.16 5828.44
FTSE All Sh 3031.41 3035.23 3038.46 3023.45
CAC 40 3454.25 3456.71 3464.29 3421.60
XETRADAX 6979.41 6964.99 6989.15 6891.49
Topix 744.55 751.84 752.23 743.41
Nikkei 8870.81 8978.60 9004.81 8862.17
Hang Seng 20149.20 20269.47 20300.03 20149.20
SMI 6478.02 6505.29 6524.55 6475.99
AEX 333.64 334.66 334.93 332.16
n NYSE RISES AND FALLS
%
Cyprus Popular Bank 3.00
Investec Bank (UK) 0.50
ADVERTISED BASE
For further information on any of these
rates please contact each bank directly.
LENDING RATES
www.ft.com/ir
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 21:26 User: watsonl Page Name: WSM1 USA, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012
21
MARKET DATA
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.75
0.75 05-07-2012 1.00 1.00 1.50
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Aug 9
INTEREST RATES - OFFICIAL
Euro 0.13 - 0.03 0.25 - 0.15 0.25 - 0.15 0.34 - 0.24 0.61 - 0.51 0.99 - 0.79
Danish Krone 0.12 - -0.12 -0.05 - -0.35 0.15 - -0.35 0.35 - -0.15 0.40 - 0.20 0.58 - 0.38
Sterling 0.70 - 0.45 0.64 - 0.49 0.80 - 0.52 0.88 - 0.71 1.11 - 0.94 1.29 - 1.12
Swiss Franc 0.51 - 0.01 0.10 - 0.01 0.02 - -0.23 0.05 - -0.20 0.11 - -0.01 0.75 - 0.25
Canadian Dollar 1.35 - 0.85 1.06 - 0.96 1.11 - 1.01 1.31 - 1.21 1.57 - 1.47 2.45 - 1.95
US Dollar 0.25 - 0.15 0.25 - 0.15 0.49 - 0.24 0.69 - 0.44 0.74 - 0.49 1.45 - 1.20
Japanese Yen 0.52 - 0.02 0.10 - 0.04 0.13 - 0.07 0.22 - 0.16 0.32 - 0.20 0.65 - 0.59
Singapore $ 0.13 - 0.02 0.19 - 0.06 0.31 - 0.06 0.31 - 0.06 0.38 - 0.13 0.56 - 0.37
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Aug 9
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15340 -0.003 -0.007 -0.017 0.23925 0.43750 0.72165 1.04650
Euro Libor* 0.02500 - - -0.213 0.09000 0.23107 0.53336 0.85250
Libor* 0.51563 -0.004 -0.006 -0.022 0.55000 0.71150 0.96813 1.44525
Swiss Fr Libor* 0.00600 - -0.001 -0.004 0.01500 0.05200 0.16000 0.36600
Yen Libor* 0.10300 0.004 0.006 0.001 0.14214 0.19500 0.32943 0.54729
Canada Libor* 0.99900 - -0.001 0.004 1.09300 1.28800 1.56700 2.05050
Euro Euribor - - - - 0.14 0.36 0.64 0.91
Sterling CDs - - - - 0.46 0.87 0.88 1.21
US$ CDs - - - - 0.20 0.50 0.80 1.35
Euro CDs - - - - -0.05 0.18 0.50 0.77
US onight repo 0.31 0.060 0.050 -0.010
Fed Funds ef 0.13 -0.010 - -0.040
US 3mBills 0.12 0.010 0.020 0.040
SDR int rate 0.07 - -0.020 -0.050
EONIA 0.123 0.012 0.011 -0.206
EURONIA -0.0166 -0.020 -0.019 -0.193
RONIA 0.4125 -0.024 -0.013 -0.097
SONIA 0.4500 -0.006 -0.005 -0.018
LA7 Day Notice 0.35-0.30
Interbank 0.53-0.35 0.54-0.44 0.56-0.46 0.73-0.63 1.01-0.91 1.50-1.39
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Aug 9
INTEREST RATES - MARKET
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 111.0 110.6 107.6
Canada 114.1 113.7 111.1
Denmark 103.7 103.8 104.6
Japan 183.9 184.4 182.3
NewZealand 109.7 109.9 108.9
Norway 107.9 108.2 106.0
Sweden 88.5 88.3 84.9
Switzerland 142.6 142.7 143.1
UK 83.8 83.8 83.7
USA 81.4 81.2 82.4
Euro 86.35 86.53 87.05
Mth ago Aug 9 Aug 8 Mth ago Aug 9 Aug 8
FX - EFFECTIVE INDICES
Overall () 1093 254.77 -0.14 -0.63 5.05 0.96 12.42
Overall ($) 3262 214.69 -0.15 -0.61 3.58 -0.61 3.58
Overall () 2276 184.53 0.09 0.36 6.56 1.45 7.65
Global Infation-Lkd 97 238.48 -0.04 0.05 3.67 1.58 3.71
Gilts () 33 261.29 -0.19 -0.83 3.40 0.34 13.53
Corporates () 703 244.86 0.01 -0.02 10.34 2.74 11.14
Corporates ($) 2111 231.02 -0.22 -0.31 7.47 -0.31 7.47
Corporates () 1196 184.44 0.18 0.61 8.98 1.71 8.90
Treasuries ($) 156 209.42 -0.14 -0.85 1.89 -0.85 1.89
Eurozone Sov () 261 183.34 0.05 0.37 6.06 1.47 7.42
ABF Pan-Asia unhedged 541 173.70 0.10 0.33 4.96 1.88 5.49
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 74 110.80 -0.39 1.85 5.35 2.26 10.79
Euro Corporate () 290 105.58 0.09 1.17 4.49 1.53 9.01
Euro Emerging Mkts () 11 93.79 0.06 1.28 3.81 1.75 9.82
Eurozone Govt Bond 237 101.74 0.02 1.31 2.34 1.63 6.35
Emerging Markets 5Y 245.87 1.83 -2.83 -22.57 343.80 231.12
Nth Amer Inv Grade 5Y 102.82 -0.46 -2.69 -8.67 127.34 86.80
Nth Amer High Yld 5Y 548.46 -5.58 -21.25 -39.67 658.30 548.46
Nth Amer HiVol 5Y 191.92 -0.96 -8.57 -21.72 239.06 175.25
Europe 5Y 145.46 -3.76 -21.12 -26.54 183.79 113.80
Crossover 5Y 574.94 -1.82 -70.04 -102.18 752.14 554.75
HiVol 5Y 231.57 -3.23 -23.00 -28.99 274.36 164.40
Japan 5Y 193.72 -3.90 9.50 16.28 218.75 151.17
SovXCEEMEA5Y 236.64 4.42 -12.16 -56.57 358.70 226.81
SovXWestern Europe 5Y 245.47 -3.78 -16.94 -39.29 326.70 245.47
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Aug 9
Aug 9
Aug 9
Aug 8
Aug 8
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Aug 9
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 103.45 3.42 - -0.56 3.21
Kazkommerts Int 04/14 7.88 B+ B2 B 98.90 8.59 0.00 -0.54 8.24
Bertin 10/16 10.25 BB B1 - 102.18 9.59 -0.32 -0.56 8.97
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.40 4.58 -0.04 -0.06 4.67
Kazkommerts Int 02/17 6.88 B+ B2 B 83.68 11.72 0.07 1.54 11.43
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 113.19 2.59 -0.02 -0.65 2.32
Peru 02/15 9.88 BBB Baa3 BBB 120.50 1.43 0.01 -0.13 1.15
Brazil 03/15 7.88 BBB Baa2 BBB 116.25 1.40 0.02 -0.09 1.01
Mexico 09/16 11.38 BBB Baa1 BBB 140.25 1.24 0.24 -0.21 0.51
Argentina 01/17 11.38 27.81 58.06 0.06 0.68 57.38
Philippines 01/19 9.88 BB+ Ba2 BB+ 144.31 2.39 -0.01 -0.49 1.25
Brazil 01/20 12.75 BBB Baa2 BBB 170.13 2.38 0.03 -0.17 1.24
Colombia 02/20 11.75 BBB- Baa3 BBB- 164.00 2.41 -0.04 -0.49 1.27
Russia 03/30 7.50 BBB Baa1 BBB 122.38 3.49 0.01 -0.41 2.77
Mexico 08/31 8.30 BBB Baa1 BBB 164.25 3.60 0.03 -0.41 1.91
Indonesia 02/37 6.63 BB+ Baa3 BBB- 132.31 4.45 0.04 -0.41 1.69
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 114.50 1.37 -0.02 -0.18 1.35
Poland 02/16 3.63 A- A2 A- 108.71 1.05 -0.04 -0.71 0.86
Turkey 03/16 5.00 BB Ba1 BB+ 106.00 3.18 0.13 -0.10 2.99
Mexico 02/20 5.50 BBB Baa1 BBB 117.75 2.84 - -0.44 1.74
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET
Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 140.88 -0.12 -0.09 -1.16 2.02 5.2 64.8 6
Fr 2.25%20 117.93 0.00 0.00 0.36 1.62 20.0 174.5 12
Swe 0.25%22 104.58 -0.09 -0.11 -0.26 1.55 14.8 241.9 5
UK 2.5%16 343.52 -1.82 -1.79 0.08 2.24 8.0 353.5 20
UK 2.5%24 334.05 -0.51 -0.46 0.02 2.45 6.8 353.5 20
UK 2%35 200.31 -0.04 0.00 1.00 2.81 9.7 353.5 20
US 0.625%21 112.41 -0.72 -0.76 -0.70 2.16 35.8 895.7 33
US 3.625%31 157.26 -0.02 -0.05 -0.92 2.27 16.8 895.7 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Aug 8 Aug 8 Aug 7
BONDS - INDEX-LINKED
Spread Spread
Bid vs vs
Yield Bund T-Bonds Aug 9
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.26 +1.84 +1.57
Austria 1.96 +0.53 +0.26
Belgium 2.52 +1.10 +0.83
Canada 1.81 +0.38 +0.12
Denmark 1.20 -0.23 -0.50
Finland 1.52 +0.09 -0.18
France 2.11 +0.69 +0.42
Germany 1.42 - -0.27
Greece 24.32 +22.89 +22.62
Ireland 6.13 +4.70 +4.43
Italy 5.87 +4.45 +4.18
Japan 0.81 -0.62 -0.89
Netherlands 1.72 +0.29 +0.02
New Zealand 3.73 +2.31 +2.04
Norway 2.09 +0.67 +0.40
Portugal 9.95 +8.52 +8.26
Spain 6.92 +5.50 +5.23
Sweden 1.48 +0.05 -0.22
Switzerland 0.60 -0.83 -1.09
UK 1.62 +0.20 -0.07
US 1.69 +0.27 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Aug 9
US$
Verizon Global 09/12 7.38 CALL CALL CALL 104.74 1.01 - - 0.89
Abu Dhabi Nt En 10/12 5.62 A- A3 - 100.45 3.27 1.88 1.58 3.14
Bank of America 01/13 4.88 A- Baa2 A 101.46 1.37 -0.01 -0.37 1.23
Goldman Sachs 07/13 4.75 A- A3 A 103.31 1.13 -0.15 -0.96 0.95
Hutchison 03/33 01/14 6.25 A- A3 A- 106.90 1.41 -0.32 -0.43 1.23
Misc Capital 07/14 6.13 BBB Baa2 - 105.61 3.03 0.78 0.60 2.75
BNP Paribas 06/15 4.80 A Baa3 A 103.39 3.54 -0.04 0.21 3.14
GE Capital 01/16 5.00 AA+ A1 - 110.43 1.82 0.04 -0.04 1.42
Erste Euro Lux 02/16 5.00 AAA - - 99.94 5.01 0.02 -0.66 4.54
Credit Suisse USA 03/16 5.38 A+ A1 A 111.38 2.04 0.01 -0.35 1.41
SPI E&G Aust 09/16 5.75 A- A1 A 109.73 3.19 0.04 0.06 2.44
Abu Dhabi Nt En 10/17 6.17 A- A3 - 116.25 2.78 0.04 -0.36 1.99
Swire Pacifc 04/18 6.25 A- A3 A 117.41 2.90 -0.11 -0.12 2.15
ASNA 11/18 6.95 A- Baa2 A 114.37 4.29 0.03 -0.31 3.15
Codelco 01/19 7.50 A A1 A+ 127.67 2.77 0.00 0.00 1.61
Bell South 10/31 6.88 A- WR A 123.53 4.96 0.01 -0.07 3.27
GE Capital 01/39 6.88 AA+ A1 - 132.74 4.70 0.04 -0.12 1.92
Goldman Sachs 02/33 6.13 A- A3 A 107.18 5.54 0.01 -0.36 2.78
Euro
CCCI 10/12 6.13 NR A1 A 99.50 8.93 0.02 -4.19 8.47
Amer Honda Fin 07/13 6.25 A+ A1 - 105.10 0.67 0.14 -0.39 0.68
SNS Bank 02/14 4.63 BBB+ Baa2 BBB+ 100.62 4.18 -0.09 0.51 4.21
JPMorgan Chase 01/15 5.25 A A2 A+ 109.51 1.23 -0.03 -0.31 1.26
Hutchison Fin 06 09/16 4.63 A- A3 A- 111.63 1.67 -0.01 -0.56 1.48
Hypo Alpe Bk 10/16 4.25 - A1 - 102.26 3.66 -0.07 -0.09 3.46
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 116.53 2.12 -0.05 -0.23 1.59
Unicredit 01/20 4.38 BBB+ Baa2 A- 93.31 5.49 -0.32 -0.35 4.53
ENEL 05/24 5.25 BBB+ Baa1 BBB+ 98.21 5.46 -0.08 -0.50 3.87
Yen
Citi Group 15 09/12 1.11 A- Baa2 A 100.01 1.03 - -0.03 0.93
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.73 1.16 0.01 -0.07 1.05
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.08 0.30 - -0.06 0.20
Nomura Sec S 3 03/18 2.28 - - - 100.10 2.26 0.01 0.05 2.00
Sterling
Slough Estates 09/15 6.25 - - A- 110.42 2.71 -0.01 -0.27 2.31
ASIF III 12/18 5.00 A+ A2 A 104.08 4.20 -0.03 -0.22 3.25
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Aug 9
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 06/14 6.25 105.82 2.97 -0.06 0.16 0.51 -0.65
07/22 5.75 120.95 3.26 -0.03 0.21 0.30 -1.20
Austria 07/14 4.30 108.05 0.10 -0.02 -0.07 -0.09 -0.92
04/22 3.65 114.80 1.96 -0.04 0.05 -0.15 -0.90
Belgium 03/14 4.00 105.95 0.31 -0.05 -0.05 -0.13 -1.75
09/22 4.25 115.30 2.52 -0.05 -0.13 -0.29 -1.69
Canada 08/14 2.25 102.11 1.16 0.00 0.05 0.18 0.37
06/22 2.75 108.43 1.81 -0.04 0.07 0.12 -0.67
Denmark 11/14 2.00 105.04 -0.23 -0.04 0.04 -0.05 -1.20
11/21 3.00 115.71 1.20 -0.04 0.02 0.06 -1.32
Finland 09/14 3.13 106.53 -0.01 -0.01 0.01 -0.07 -0.82
04/21 3.50 116.00 1.52 -0.05 0.03 -0.03 -1.13
France 04/14 4.00 106.54 0.14 -0.03 0.03 0.08 -0.87
02/17 1.75 104.34 0.77 -0.05 -0.02 -0.26 -1.31
04/22 3.00 107.71 2.11 -0.05 0.01 -0.26 -0.99
04/41 4.50 127.29 3.06 -0.05 -0.01 -0.28 -0.61
Germany 06/14 - 100.10 -0.05 -0.03 0.01 -0.04 -0.77
04/17 0.50 100.54 0.38 -0.06 0.00 0.04 -1.01
07/22 1.75 102.99 1.42 -0.06 0.04 0.10 -0.85
07/44 2.50 105.32 2.26 -0.05 0.02 0.08 -0.79
Greece 02/23 2.00 19.80 24.32 -0.65 -1.86 -1.90 9.16
02/33 2.00 15.60 20.77 -0.81 -2.10 -2.32 -
Ireland 04/16 4.60 99.10 4.87 0.05 -0.18 -0.48 -4.70
10/20 5.00 92.90 6.13 0.09 0.06 -0.14 -3.94
Italy 07/14 4.25 101.62 3.38 0.08 -0.43 -0.74 -0.38
06/17 4.75 99.56 4.91 -0.03 -0.37 -0.49 0.28
09/22 5.50 97.82 5.87 -0.11 -0.05 -0.17 0.52
09/40 5.00 83.23 6.38 -0.13 -0.17 0.02 0.33
Japan 08/14 0.10 100.01 0.09 0.01 - -0.01 -0.05
06/17 0.20 100.02 0.20 0.01 0.01 -0.01 -0.14
06/22 0.80 99.95 0.81 0.02 0.02 0.00 -0.21
06/32 1.50 98.01 1.63 0.02 0.03 0.00 -0.15
Netherlands 01/14 1.00 101.42 0.00 -0.01 0.01 -0.03 -0.76
07/22 2.25 104.83 1.72 -0.06 0.04 -0.02 -0.98
New Zealand 04/15 6.00 108.43 2.70 -0.03 0.07 0.16 -0.26
04/23 5.50 115.43 3.73 0.08 0.20 0.20 -0.77
Norway 05/17 4.25 112.70 1.47 -0.03 0.12 0.04 -0.71
05/23 2.00 99.15 2.09 0.02 0.14 0.13 -0.63
Portugal 06/14 4.38 98.30 5.36 -0.92 -2.36 -2.17 -7.42
10/23 4.95 67.10 9.95 -0.18 -1.16 -0.38 -0.90
Spain 07/14 4.75 100.95 4.23 0.23 -0.86 -0.87 0.74
01/22 5.85 92.69 6.92 0.01 0.17 -0.02 1.69
Sweden 05/14 6.75 109.82 0.98 -0.02 -0.01 0.21 -0.65
06/22 3.50 118.33 1.48 0.02 0.07 0.15 -0.78
Switzerland 01/14 4.25 106.46 -0.36 0.00 0.01 -0.15 -0.42
05/22 2.00 113.29 0.60 -0.01 0.13 0.05 -0.56
UK 03/13 4.50 102.47 0.21 0.06 0.04 -0.06 -0.31
01/17 1.75 105.07 0.59 0.03 0.08 -0.03 -0.61
03/22 4.00 121.01 1.62 0.04 0.11 0.03 -1.03
12/42 4.50 130.72 2.96 -0.01 0.04 -0.06 -0.94
US 07/14 0.13 99.70 0.28 0.01 0.04 0.00 0.02
07/17 0.50 98.88 0.73 0.02 0.08 0.09 -0.36
08/22 1.63 99.39 1.69 0.06 0.15 0.15 -0.65
05/42 3.00 104.97 2.75 0.04 0.14 0.09 -0.91
BONDS - BENCHMARK GOVERNMENT
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7327 360.05 0.0 3.4 7.6 453.51 9.6 2.7 Oil & Gas 176 431.07 0.0 7.0 1.4 590.95 3.3 3.0
Oil & Gas Producers 127 393.74 0.1 6.4 0.3 546.76 2.3 3.1
Oil Equipment & Services 40 444.66 -0.7 10.6 8.7 566.74 10.1 2.2
Basic Materials 296 465.14 0.4 2.0 -1.9 621.03 -0.1 2.9
Chemicals 109 510.04 0.0 3.7 8.8 692.11 11.1 2.7
Forestry & Paper 15 151.38 0.2 0.8 -2.7 219.88 -0.2 3.6
Mining 78 927.49 0.7 1.3 -10.1 1205.37 -8.7 3.0
Industrials 513 230.62 -0.1 3.2 7.1 297.16 9.0 2.6
Construction & Materials 111 341.15 0.0 3.0 3.4 461.20 5.8 2.9
Aerospace & Defense 27 304.81 -0.2 2.3 7.2 390.04 8.7 2.5
General Industrial 52 161.51 -0.3 5.3 9.9 220.58 12.1 2.9
Electronic & Electrical Equipment 72 235.33 -0.3 3.0 10.2 283.36 11.7 2.0
Industrial Engineering 105 505.07 0.3 3.1 3.7 642.10 5.5 2.5
Industrial Transportation 89 399.21 -0.4 2.2 7.0 513.33 8.6 2.5
Support Services 57 209.21 0.2 1.9 8.7 259.33 10.5 2.7
Consumer Goods 356 320.85 0.0 2.7 8.8 420.62 10.8 2.5
Automobiles & Parts 87 274.97 -0.1 2.9 8.1 348.52 9.9 2.2
Beverages 46 459.44 -0.3 3.0 16.1 608.33 17.9 2.3
Food Producers 87 426.99 -0.1 1.7 4.1 578.90 6.3 2.7
Leisure Goods 21 115.10 0.7 -4.6 -12.2 140.91 -10.9 2.0
Personal Goods 64 467.24 -0.3 4.7 10.4 594.72 12.0 2.1
Tobacco 13 1012.05 0.1 1.7 15.4 1711.56 18.2 3.6
Health Care 145 269.29 0.0 3.5 10.6 349.71 12.9 2.6
Health Care Equipment & Services 59 354.18 0.9 1.6 10.7 390.22 11.6 1.3
Pharmaceuticals & Biotechnology 86 209.07 -0.3 4.2 10.5 279.59 13.3 3.0
Consumer Services 348 255.52 -0.2 3.4 12.7 312.11 14.3 2.1
Food & Drug Retailers 50 208.79 0.5 3.6 3.3 262.28 5.3 2.7
General Retailers 112 351.18 0.1 4.1 17.1 420.48 18.5 1.8
Media 80 180.69 0.2 6.7 20.1 221.62 21.7 2.0
Travel & Leisure 106 252.41 -1.6 -1.7 4.1 310.79 5.4 2.2
Telecommunication 94 152.39 -0.1 5.1 6.6 233.65 10.9 5.2
Fixed Line Telecommuniations 44 130.59 -0.3 3.8 3.8 215.52 8.8 6.4
Mobile Telecommunications 50 158.79 0.0 6.4 9.8 224.70 13.2 3.9
Utilities 158 231.53 -0.2 0.7 -0.9 370.74 2.3 4.6
Electricity 112 239.78 0.0 -1.0 -4.9 381.74 -1.9 4.6
Gas Water & Multiutilities 46 267.40 -0.4 3.2 5.7 435.78 9.2 4.6
Financials 615 155.82 0.1 3.7 10.7 219.86 13.2 3.3
Banks 235 154.63 0.2 4.4 9.1 229.91 11.9 3.7
Nonlife Insurance 65 138.02 0.1 3.3 8.5 178.04 11.1 2.9
Life Insurance 46 133.07 0.0 4.3 9.7 184.48 11.7 3.0
Technology 170 118.64 0.1 4.0 13.1 133.46 14.3 1.4
Software & Computer Services 66 186.26 0.0 4.1 11.6 205.46 12.5 1.2
Technology Hardware & Equipment 104 96.32 0.2 3.9 14.2 109.62 15.4 1.5
Aug 8
Countries & regions
FTSE Global Large Cap 1235 325.33 0.0 3.8 7.9 416.60 10.1 2.9
FTSE Global Mid Cap 1636 451.60 0.0 3.1 7.1 550.79 8.8 2.3
FTSE Global Small Cap 4456 476.55 0.1 1.3 6.5 567.18 7.9 2.1
FTSE All-World (Large/Mid Cap) 2871 211.96 0.0 3.7 7.8 280.95 9.9 2.8
FTSE World (Large/Mid Cap) 2467 371.42 0.0 3.8 7.9 661.20 9.9 2.8
FTSE Global All Cap ex UK 7003 365.09 0.0 3.3 7.7 454.73 9.6 2.7
FTSE Global All Cap ex USA 5368 387.76 0.0 3.7 4.6 510.91 7.2 3.4
FTSE Japan Large Cap 172 246.50 0.4 -1.9 1.2 286.91 2.5 2.6
FTSE Japan Mid Cap 278 333.22 1.3 -1.6 -3.0 380.12 -2.0 2.1
FTSE Japan Small Cap 740 386.15 1.1 -2.6 0.4 451.97 1.7 2.3
FTSE Japan (Large/Mid Cap) 450 100.38 0.6 -1.9 0.4 131.66 1.6 2.5
FTSE North America Large Cap 275 310.78 0.0 3.4 11.1 378.95 12.7 2.3
FTSE North America Mid Cap 413 457.55 0.1 3.4 9.2 533.29 10.3 1.8
FTSE North America Small Cap 1532 473.99 0.0 1.3 6.9 539.65 7.8 1.6
FTSE All-World North America 688 207.28 0.0 3.4 10.8 259.91 12.2 2.2
FTSE All-World Dev ex North Am 1389 195.12 0.0 4.4 4.8 275.36 7.6 3.5
FTSE Asia Pacifc Large Cap ex Japan 424 564.41 0.3 3.6 8.9 760.24 11.3 3.2
FTSE Asia Pacifc Mid Cap ex Japan 446 677.74 0.0 -0.6 5.8 893.42 8.1 3.3
FTSE Asia Pacifc Small Cap ex Japan 1232 503.39 0.3 -0.7 4.4 654.69 6.4 3.1
FTSE Latin Americas All-Cap 208 1226.54 0.9 4.1 2.6 1638.99 4.7 3.2
FTSE Middle East Africa All-Cap 208 704.97 -0.5 3.7 8.0 950.42 10.2 3.4
FTSE UKAll Cap 324 311.02 0.1 4.4 6.9 437.77 9.7 3.6
FTSE USAAll Cap 1959 344.27 0.1 3.1 11.2 412.05 12.5 2.0
FTSE Europe All Cap 1399 325.39 -0.4 6.2 4.9 448.52 8.3 3.8
FTSE Eurobloc All Cap 671 281.62 -0.9 7.4 1.3 394.51 5.2 4.2
FTSE RAFI All-World 3000 Index 3012 4448.46 0.1 3.7 4.3 5088.84 6.7 3.3
FTSE RAFI US 1000 Index 996 6068.79 0.3 3.2 9.1 7087.79 10.7 2.3
FTSE EDHEC-Risk Efcient All-W 2871 233.46 0.0 2.5 7.2 290.66 9.1 2.6
FTSE EDHEC-Risk Efcient Dev Eur 514 214.58 -0.4 5.1 4.8 286.74 7.8 3.4
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index
Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of
Research Afliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010-
0063942-A1, WO 2005/076812, WO 2007/078399A2, WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is
basing its sector indices on the Industrial Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2012. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7327 360.05 0.0 3.4 7.6 453.51 9.6 2.7
FTSE Global All Cap ex Eurobloc 6656 371.04 0.1 3.0 8.3 459.98 10.1 2.6
FTSE All-World Developed 2077 328.67 0.0 3.8 8.1 416.54 10.1 2.8
FTSE Developed All-Cap 5690 342.69 0.0 3.5 7.9 430.76 9.8 2.7
FTSE Developed Large Cap 839 308.48 0.0 3.9 8.4 394.78 10.5 2.9
FTSE Developed Europe Large Cap 200 292.73 -0.3 6.5 4.0 413.29 7.7 4.0
FTSE Developed Europe Mid Cap 314 370.32 -0.6 5.5 6.2 488.09 9.0 3.1
FTSE Developed Europe Small Cap 743 476.55 -0.4 4.2 7.6 614.38 10.3 3.2
FTSE All-World Asia Pacifc ex Japan 870 439.66 0.3 3.0 8.4 630.66 10.8 3.2
FTSE All Emerging All-Cap 1637 682.84 0.2 2.3 5.7 884.36 8.3 3.2
FTSE All Emerging Large-Cap 396 661.15 0.2 3.0 4.6 858.56 7.2 3.3
FTSE All Emerging Mid-Cap 398 808.62 0.1 0.8 9.0 1052.21 11.4 2.9
FTSE All Emerging Small-Cap 843 652.00 0.2 -0.5 10.8 823.20 13.1 3.0
FTSE All-World All Emerging Europe 80 454.08 -0.2 6.5 9.3 587.46 13.3 3.7
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 200 273.9 0.4 1.1 4.0 9.97 386.7
FTSE Dev Eur M Cap 314 346.8 0.5 1.7 3.1 10.09 457.0
FTSE Dev Eur S Cap 743 446.2 0.5 2.1 3.2 12.16 575.2
FTSE Dev Europe 514 178.1 0.4 0.7 3.8 6.22 263.4
FTSEurofrst 80 80 3221.0 0.2 7.4 4.6 123.12 4667.1
FTSEurofrst 100 100 3321.7 0.3 11.4 4.3 109.11 4804.4
FTSEurofrst 300 312 1101.0 0.5 5.0 3.9 34.62 1728.8
FTSEurofrst 300 Ezone 166 991.8 0.3 2.5 4.3 36.03 1557.9
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2012. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 343.2 0.3 1.2 4.2 9.79 478.8
Chemicals 14 760.4 0.4 2.8 2.9 22.38 959.9
Basic Resources 14 562.9 0.8 4.5 2.9 9.39 673.8
Construction & Materials 12 336.9 0.6 2.1 3.8 11.51 437.0
IndustrialGoods&Services 55 476.9 0.4 1.7 3.2 13.81 588.1
Automobiles & Parts 9 511.6 -0.2 -1.2 3.6 18.27 615.6
Food & Beverage 17 642.4 1.1 6.8 2.6 14.30 807.1
Personal&HouseholdGds 19 673.7 1.4 9.5 2.6 14.64 835.2
Health Care 18 415.4 0.3 1.1 3.6 13.64 539.2
Retail 15 326.0 0.5 1.7 3.5 9.22 412.4
Media 10 275.9 0.5 1.4 4.0 9.14 375.8
Travel & Leisure 8 377.6 0.0 0.0 2.4 8.10 486.7
Telecommunications 13 283.9 -0.5 -1.6 7.7 15.20 450.3
Utilities 22 304.5 -0.6 -2.0 6.8 15.87 455.4
Banks 28 131.2 0.6 0.7 4.1 4.19 176.8
Insurance 19 254.0 0.7 1.7 4.7 10.76 348.8
Financial Services 5 279.9 0.5 1.4 4.6 11.94 378.3
Technology 11 222.4 1.1 2.3 2.4 5.05 263.2
Aug 9
EQUITY INDICES - FTSE EUROPEAN
Argentina Merval 2453.20 2458.81
Australia ALL ORDINARIES 4330.06 4332.91
S&P/ASX200 Res 4050.06 3991.45
S&P/ASX200 4308.28 4312.56
Austria ATX 2060.19 2052.97
Belgium BEL 20 2351.98 2340.44
BEL Mid 3539.92 3547.78
Brazil Bovespa 58641.48 58950.98
Canada S&P/TSXMet & Min 869.80 861.53
S&P/TSX60 675.06 671.77
S&P/TSXComp 11843.57 11781.04
Chile IGPAGen 20142.55 20200.61
China Shanghai A 2277.33 2263.60
Shanghai B 218.19 216.67
Shanghai Comp 2174.10 2160.99
Shenzhen A 952.14 937.60
Shenzhen B 581.81 581.39
FTSE A200 6592.11 6536.03
FTSE B35 7524.07 7519.90
Colombia CSE Index 13526.57 13283.02
Croatia CROBEX 1692.96 1687.73
Cyprus CSE M&P Gen 107.56 108.30
Czech Republic PX 924.60 914.80
Denmark OMXC Copenhagen 20 492.22 487.71
Egypt EGX30 4960.98 4994.91
Estonia OMXTallinn 667.90 669.23
Finland OMXHelsinki General 5443.98 5371.33
France CAC 40 3456.71 3438.26
SBF 120 2642.32 2630.04
Germany M-DAX 11064.24 11053.79
XETRADax 6964.99 6966.15
TecDAX 786.37 786.97
Greece Athens Gen 612.29 611.50
FTSE/ASE 20 221.16 221.36
Hong Kong Hang Seng 20269.47 20065.52
HS China Enterprise 9962.17 9867.76
HSCC Red Chip 3945.30 3907.98
Hungary Bux 17889.44 17906.08
India BSE Sens 17560.87 17600.56
S&P CNX500 4190.15 4201.60
Indonesia Jakarta Comp 4131.17 4090.71
Ireland ISEQ Overall 3227.60 3197.38
Aug Aug
9 8
Israel Tel Aviv 100 996.06 998.94
Italy FTSE MIB 14654.11 14665.30
FTSE Italia Mid Cap 15378.24 15263.08
FTSE Italia All-Sh 15580.07 15597.39
Japan Nikkei 225 8978.60 8881.16
Topix 751.84 745.64
S&PTopix 150 633.12 627.11
2nd Section 2229.06 2227.30
Jordan Amman SE 4434.74 4430.71
Kenya NSE 20 3823.49 10.95
Latvia OMXRiga 382.10 381.73
Lithuania OMXVilnius 349.29 350.56
Luxenbourg Luxembourg General 828.40 822.48
Malaysia FTSE Bursa KLCI 1642.52 1635.92
Mexico IPC 40826.26 40851.18
Morocco MASI 9878.38 9852.33
Netherlands AEX 334.66 332.04
AEXAll Share 522.04 518.25
New Zealand NZX50 3583.61 3581.79
Nigeria SE All Share 23178.87 23166.58
Norway Oslo All Share 484.36 479.60
Pakistan KSE 100 14759.59 14744.14
Philippines Manila Comp 5256.61 5308.67
Poland Wig 41976.63 41254.00
Portugal PSI General 2047.15 2026.54
PSI 20 4870.09 4831.24
Romania BET Index 4682.29 4689.00
Russia RTS 1445.98 1444.79
Micex Index 1453.03 1450.96
Singapore FTSE Straits Times (c) 3052.25
Slovakia SAX 196.86 196.84
Slovenia SBI TOP 508.38 509.77
South Africa FTSE/JSE All Share (c) 35494.64
FTSE/JSE Top 40 (c) 31251.68
FTSE/JSE Res 20 (c) 47749.20
South Korea Kospi 1940.59 1903.23
Kospi 200 258.08 252.84
Spain Madrid SE 719.02 722.91
IBEX35 7110.20 7150.20
Sri Lanka CSE All Share 4851.88 4889.87
Sweden OMXStockholm30 1083.67 1079.95
OMXStockholmAS 334.48 332.88
Switzerland SMI Index 6505.29 6458.00
Taiwan Weighted Pr 7433.70 7319.80
Thailand Bangkok SET 1217.70 1214.13
Turkey ISE 100 64501.13 64698.63
UK FTSE 100 5851.51 5845.92
FT30 2038.70 2042.90
FTSE All Share 3035.23 3031.41
FTSE techMARK 100 2367.76 2359.12
FTSE4Good UK (u) 4859.37
USA S&P 500 1400.40 1402.22
FTSE Nasdaq 5000 8016.35 8015.58
Nasdaq Cmp 3011.23 3011.25
Nasdaq 100 2712.51 2714.02
Russell 2000 801.38 800.16
NYSE Comp. 8011.05 8018.24
Wilshire 5000 14588.19 14560.57
DJ Industrial 13143.43 13175.64
DJ composite 4445.67 4452.29
DJ Transport 5045.65 5075.57
DJ Utilities 482.97 483.19
Venezuela IBC 248276.33 248276.33
Vietnam VNI 426.98 423.57
Cross-Border Stoxx 50 2565.23 2556.34
Euro Stoxx 50 2437.04 2432.28
DJ Global Titans $ 192.26 192.42
Euronext 100 ID 658.30 654.26
FTSE Multinatls $ (u) 1165.61
FTSE Global 100 $ 1034.37 1034.43
FTSE4Good Glob $ (u) 4321.71
FTSE E300 1101.01 1096.05
FTSEurofrst 80 3220.99 3213.58
FTSEurofrst 100 3321.72 3310.36
FTSE Latibex Top 5033.30 4987.40
FTSE Eurotop 100 2280.08 2270.22
FTSE Gold Min $ (u) 2763.42
FTSE All World (u) 211.96
FTSE World $ (u) 371.42
MSCI All World $ (u) 1276.09
MSCI ACWI Fr$ (u) 322.42
MSCI Europe (u) 1095.22
MSCI Pacifc $ (u) 1994.34
S&P Global 1200 $ 1433.18 1432.60
S&P Europe 350 1109.38 1104.06
S&P Euro 1022.18 1019.72
Country Index Aug Aug
9 8
Aug Aug
9 8
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 7.6 7.0 7.6 7.1 7.3 6.8
Australia 4.7 13.8 4.7 13.8 4.8 13.7
Austria 3.2 11.6 3.2 11.6 3.0 11.3
Belgium 2.2 17.5 2.2 17.6 2.2 17.3
Brazil 3.8 12.6 3.9 11.5 4.0 11.3
Bulgaria 3.0 10.2 3.0 10.2 3.0 10.1
Canada 3.1 14.7 3.1 14.8 3.1 14.2
S&P/TSX 3.3 13.5 3.3 13.3 3.4 13.0
Chile 2.9 17.5 3.0 17.4 3.0 17.4
China 4.3 7.3 4.3 7.3 4.3 7.3
Colombia 2.3 14.7 2.2 14.9 2.8 14.9
Cyprys 1.3 48.2 1.3 48.7 1.3 49.1
Czech Rep. 5.7 11.9 5.7 11.9 5.8 12.0
Denmark 1.7 19.6 1.7 19.6 1.8 19.3
Finland 5.3 15.7 5.3 15.4 5.5 14.9
France 3.9 13.5 3.8 13.5 4.0 12.6
Germany 3.4 12.3 3.4 12.3 3.5 12.0
DAX30 3.8 12.2 3.8 12.2 4.1 11.1
Greece 2.7 10.1 2.6 10.2 2.7 9.9
Hong Kong 2.9 11.1 3.0 11.1 3.0 10.4
Hang Seng 3.6 10.0 3.7 10.0 3.8 9.4
Hungary 3.5 13.2 3.5 13.1 3.5 13.0
India 1.6 16.8 1.6 16.8 1.6 16.6
Indonesia 2.3 16.3 2.3 16.3 2.3 16.7
Ireland 1.2 16.5 1.2 16.5 1.2 16.5
Israel 4.6 11.1 4.6 11.1 4.6 11.0
Italy 4.7 13.8 4.7 13.8 4.9 12.1
Japan 2.5 13.8 2.5 13.7 2.5 13.2
Topix 2.5 10.9 2.5 10.9 2.4 12.5
Luxemburg 4.0 8.8 4.0 8.8 4.1 8.7
Malaysia 3.1 15.8 3.1 15.7 3.1 15.8
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.3 18.8 4.3 18.7 4.3 18.7
Mexico 2.1 18.8 2.0 19.0 1.7 19.0
Netherland 2.9 14.4 2.9 14.5 2.9 14.4
AEX 3.6 10.4 3.6 10.3 3.9 9.0
New Zealand 4.3 14.1 4.3 14.2 4.3 13.9
Norway 4.4 10.5 4.4 10.6 4.5 10.3
Pakistan 6.2 10.5 6.3 10.4 6.2 10.4
Peru 5.2 36.8 5.2 36.9 5.2 36.8
Philippines 2.0 20.0 2.0 20.0 2.0 19.9
Poland 4.7 9.0 4.7 8.9 4.8 8.5
Portugal 5.5 14.9 5.5 14.9 5.7 14.2
Romania 6.4 7.5 6.3 7.6 6.3 7.7
Russia 3.8 5.6 3.8 5.6 3.9 5.5
Singapore 3.0 10.7 3.0 10.8 3.0 9.5
Slovenia 4.5 9.6 4.5 9.7 4.5 9.7
South Africa 3.5 14.3 3.5 14.4 3.5 14.3
South Korea 1.4 13.0 1.4 12.9 1.4 12.8
Spain 5.6 11.3 5.5 11.4 5.9 10.3
Ibex 35 6.1 11.5 6.0 11.6 8.7 10.0
Sri Lanka 2.9 12.0 2.9 12.0 2.9 12.1
Sweden 3.9 14.8 3.9 14.8 3.9 14.6
Switzerland 3.3 17.2 3.3 17.2 3.3 16.5
Taiwan 3.6 16.8 3.6 16.8 3.6 16.8
Thailand 3.1 14.6 3.1 14.6 3.2 14.5
Turkey 2.3 10.7 2.3 10.7 2.3 10.7
UK 3.5 11.8 3.5 12.3 3.6 11.4
USA 2.2 15.3 2.2 15.3 2.2 14.9
Dow Jones 2.7 13.9 2.7 13.9 2.8 14.1
S&P 500 2.5 14.9 2.5 14.8 2.6 14.5
Venezuela 13.7 4.7 13.8 4.7 13.7 4.7
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Aug 8 Aug 7 Aug 8 Aug 7
STOCK MARKET - RATIOS
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 15.38 0.06 15.32 47.56 13.66
VXD 14.05 -0.10 14.15 42.64 12.11
VXN 16.63 -0.34 16.97 47.23 15.76
VDAX 19.09 0.13 18.96 31.78 17.73
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Aug 9
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising from the reliance on or use of the
information.
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and Ask rates as of close of London business. and Yen quoted on a semi-annual actual/365 basis
against 6 month Libor with the exception of the 1Year GBP rate which is quoted annual actual against
3M Libor. Euro/Swiss Franc quoted on an annual bond 30/360 basis against 6 month Euribor/Libor.
Source: ICAP plc.
0.08 0.14
0.06 0.14
0.09 0.17
0.17 0.25
0.27 0.35
0.41 0.49
0.56 0.64
0.70 0.78
0.82 0.90
0.93 1.01
1.07 1.17
1.21 1.31
1.30 1.40
1.35 1.45
1.37 1.47
0.41 0.44
0.47 0.50
0.56 0.59
0.72 0.75
0.93 0.96
1.14 1.17
1.34 1.37
1.51 1.54
1.66 1.69
1.80 1.83
2.01 2.04
2.23 2.26
2.40 2.43
2.49 2.52
2.55 2.58
0.28 0.34
0.26 0.32
0.27 0.33
0.29 0.35
0.34 0.40
0.41 0.47
0.49 0.55
0.58 0.64
0.68 0.74
0.78 0.84
0.97 1.05
1.22 1.30
1.48 1.56
1.58 1.66
1.62 1.70
0.64 0.67
0.84 0.88
0.87 0.91
0.96 1.01
1.11 1.16
1.29 1.34
1.48 1.53
1.67 1.72
1.85 1.90
2.01 2.06
2.24 2.31
2.48 2.57
2.69 2.82
2.80 2.93
2.85 2.98
0.56 0.60
0.58 0.62
0.69 0.73
0.85 0.89
1.06 1.10
1.26 1.30
1.44 1.48
1.59 1.63
1.73 1.77
1.84 1.88
2.03 2.07
2.20 2.24
2.26 2.30
2.28 2.32
2.29 2.33
Aug 9
INTEREST RATES - SWAPS
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Sep 93.36 0.01
Brent Crude Oil Sep 113.22 1.08
RBOB Gasoline Sep 3.0008 +0.0204
Heating Oil Sep 3.0450 +0.0291
Natural Gas Sep 2.945 +0.012
Ethanol u Sep 2.626 +0.048
Uranium 49.25 nc
Carbon Emissions Aug 7.10 -0.09
Diesel (French) 979.50 +8.00
Unleaded (95R) 1079.50 -0.50
Aluminium 1903.00 -4.50
AluminiumAlloy 1765.00 -5.00
Copper 7508.00 -17.00
Lead 1900.00 -1.00
Nickel 15505.00 -40.00
Tin 18125.00 +25.00
Zinc 1855.00 +2.00
Gold 1615.00 +1.75
Silver (US Cents) 2802.00 +18.00
Platinum 1411.00 +9.00
Palladium 585.00 nc
Corn u Sep 810.75 nc
Wheat u Sep 913.00 +13.75
Soyabeans u Aug 1694.50 +64.50
Soyabeans Meal u Aug 538.70 +16.80
Cocoa v Sep 1666 -13
Cocoa Sep 2.463 nc
Cofee (Robusta) v Sep 2166 -13
Cofee (Arabica) Sep 166.45 -4.05
White Sugar v Oct 581.50 -7.70
Sugar 11 Oct 20.80 -0.29
Cotton Oct 75.59 +0.09
Orange Juice Sep 114.65 nc
PalmOil Dec 977.50 nc
Live Cattle Aug 121.425 -0.425
Feeder Cattle Aug 139.100 -0.675
Lean Hogs Aug 91.875 +0.300
Bulk Commodities
Iron Ore (Platts) Sep 115.25 -1.50
Iron Ore (TSI) 114.80 -0.10
globalCOAL RB Index 91.12 +0.30
Baltic Dry Index 790 -22
% Chg % Chg
Mnth Year
S&P GSCI Spt 658.72 6.2 2.0
DJ UBS Spt 143.99 2.8 -7.8
R/J CRB TR 304.66 3.8 -6.8
Rogers RICIX TR 3717.27 4.8 -2.9
M Lynch MLCX Spt 560.04 5.4 2.0
UBS Bberg CMCI TR1308.36 3.1 -5.4
LEBA EUA Carbon 7.28 -12.2 -33.1
LEBA CER Carbon 2.99 -27.1 -60.5
LEBA UK Power 40.34 -9.0 -11.7
Aug 8
COMMODITIES
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on
the internet at http://www.FT.com/marketsdata
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 4.5988 0.0025 5.6606 -0.0190 7.1899 -0.0078
Australia (A$) 0.9450 -0.0013 1.1632 -0.0062 1.4774 -0.0045
Bahrain (Dinar) 0.3770 - 0.4641 -0.0018 0.5894 -0.0010
Bolivia (Boliviano) 6.9100 - 8.5056 -0.0331 10.8035 -0.0176
Brazil (R$) 2.0169 -0.0091 2.4826 -0.0210 3.1533 -0.0193
Canada (C$) 0.9918 -0.0032 1.2208 -0.0087 1.5506 -0.0075
Chile (Peso) 474.250 -2.5000 583.754 -5.3656 741.466 -5.1244
China (Yuan) 6.3590 -0.0025 7.8273 -0.0336 9.9420 -0.0201
Colombia (Peso) 1787.90 0.2500 2200.73 -8.2731 2795.29 -4.1677
Costa Rica (Colon) 500.725 -0.0650 616.344 -2.4837 782.860 -1.3784
Czech Rep. (Koruna) 20.3835 0.0505 25.0900 -0.0355 31.8686 0.0270
Denmark (DKr) 6.0471 0.0236 7.4433 0.0000 9.4542 0.0214
Egypt (Egypt ) 6.0838 0.0023 7.4885 -0.0264 9.5117 -0.0120
Hong Kong (HK$) 7.7557 -0.0005 9.5465 -0.0378 12.1256 -0.0206
Hungary (Forint) 224.754 0.4887 276.650 -0.4750 351.392 0.1921
India (Rs) 55.3250 0.0400 68.0996 -0.2161 86.4979 -0.0784
Indonesia (Rupiah) 9471.50 - 11658.5 -44.2287 14808.2 -22.5874
Iran (Rial) 12282.5 23.0000 15118.5 -30.5349 19203.1 4.6976
Israel (Shk) 3.9900 0.0015 4.9113 -0.0173 6.2382 -0.0079
Japan (Y) 78.6750 0.3150 96.8411 0.0117 123.004 0.2926
One Month 78.6557 0.0021 96.8447 0.0026 122.957 0.0026
Three Month 78.6011 0.0044 96.8546 0.0044 122.852 0.0065
One Year 78.2331 -0.0050 96.8259 0.0286 122.208 -0.0028
Kenya (Shilling) 83.8000 -0.3000 103.149 -0.7729 131.017 -0.6834
Kuwait (Dinar) 0.2825 0.0002 0.3478 -0.0011 0.4417 -0.0004
Malaysia (M$) 3.1045 -0.0020 3.8214 -0.0174 4.8538 -0.0110
Mexico (New Peso) 13.1005 -0.0889 16.1254 -0.1728 20.4820 -0.1726
New Zealand (NZ$) 1.2315 0.0045 1.5158 -0.0003 1.9253 0.0039
Nigeria (Naira) 158.750 -1.3000 195.405 -2.3684 248.198 -2.4406
Norway (NKr) 5.9218 0.0339 7.2891 0.0134 9.2584 0.0380
Pakistan (Rupee) 94.0350 -0.0300 115.748 -0.4885 147.019 -0.2868
Peru (New Sol) 2.6165 -0.0008 3.2207 -0.0136 4.0908 -0.0080
Philippines (Peso) 41.7700 -0.0150 51.4147 -0.2190 65.3053 -0.1301
Poland (Zloty) 3.3003 0.0050 4.0624 -0.0098 5.1599 -0.0006
Romania (New Leu) 3.6920 0.0162 4.5445 0.0024 5.7722 0.0161
Russia (Rouble) 31.6628 0.0890 38.9737 -0.0420 49.5032 0.0587
Saudi Arabia (SR) 3.7502 0.0000 4.6161 -0.0180 5.8633 -0.0096
Singapore (S$) 1.2439 0.0002 1.5311 -0.0058 1.9447 -0.0030
South Africa ( R) 8.0796 -0.0747 9.9452 -0.1311 12.6320 -0.1376
South Korea (Won) 1125.55 -2.7000 1385.44 -8.7390 1759.74 -7.0984
Sweden (SKr) 6.6972 0.0041 8.2436 -0.0271 10.4708 -0.0107
Switzerland (SFr) 0.9757 0.0037 1.2010 -0.0002 1.5255 0.0032
Taiwan (T$) 29.9290 -0.0425 36.8396 -0.1962 46.7925 -0.1428
Thailand (Bt) 31.5200 -0.0050 38.7980 -0.1575 49.2800 -0.0882
Tunisia (Dinar) 1.6158 0.0018 1.9889 -0.0055 2.5263 -0.0012
Turkey (Lira) 1.7826 -0.0010 2.1942 -0.0099 2.7869 -0.0062
UAE (Dirham) 3.6730 -0.0001 4.5211 -0.0177 5.7425 -0.0095
UK (0.6396)* () 1.5635 -0.0026 0.7873 -0.0018 - -
One Month 1.5632 - 0.7876 - - -
Three Month 1.5630 0.0000 0.7884 0.0000 - -
One Year 1.5621 0.0001 0.7923 0.0002 - -
Ukraine (Hrywnja) 8.0990 0.0080 9.9691 -0.0290 12.6624 -0.0081
Uruguay (Peso) 20.6800 0.0300 25.4551 -0.0622 32.3322 -0.0057
USA ($) - - 1.2309 -0.0048 1.5635 -0.0026
One Month - - 1.2313 - 1.5632 -
Three Month - - 1.2322 0.0000 1.5630 0.0000
One Year - - 1.2377 0.0004 1.5621 0.0001
Venezuela (Bolivar Fuerte) 4.2947 - 5.2863 -0.0206 6.7145 -0.0110
Vietnam (Dong) 20860.0 -5.0000 25676.6 -106.301 32613.6 -61.0155
Euro (0.8124)* (Euro) 1.2309 -0.0048 - - 1.2702 0.0029
One Month 1.2313 - - - 1.2697 -
Three Month 1.2322 0.0000 - - 1.2685 0.0000
One Year 1.2377 0.0004 - - 1.2622 -0.0004
SDR - 0.6632 0.0013 0.8163 -0.0016 1.0368 0.0003
Aug 9
COMMODITIES www.ft.com/commodities
CURRENCIES www.ft.com/currencydata
INTEREST RATES www.ft.com/bonds&rates
INTEREST RATES www.ft.com/bonds&rates
Global
HFRXGlobal Hedge Fund Index 1132.98 0.1645 0.35 2.13
HFRXEqual Weighted Strategies Index 1117.07 0.1746 0.21 1.66
HFRXAbsolute Return Index 950.40 0.1252 0.51 0.41
HFRXMarket Directional Index 1034.93 0.2989 0.67 1.29
Equity Hedge
HFRXEquity Hedge Index 1024.94 0.1178 0.70 2.45
HFRXEH: Equity Market Neutral Index 932.29 -0.1438 0.03 -5.00
HFRXEH: Fundamental Growth Index 1443.66 0.2192 0.10 2.45
HFRXEH: Fundamental Value Index 957.49 0.0595 0.76 3.63
Event Driven
HFRXEvent Driven Index 1355.81 0.3143 0.45 3.72
HFRXED: Distressed Restructuring Index 976.50 0.2693 -0.02 3.48
HFRXED: Merger Arbitrage Index 1505.56 0.1163 0.00 0.79
HFRXED: Special Situations Index 1090.13 0.1929 0.60 1.67
Macro
HFRXMacro/CTAIndex 1161.84 -0.0986 -0.01 -0.36
HFRXMacro: Systematic Diversifed CTAIndex 1603.93 -0.4850 -0.76 -2.29
Relative Value
HFRXRelative Value Arbitrage Index 1154.64 0.2937 0.18 2.34
HFRXRV: FI-Convertible Arbitrage Index 689.94 0.4884 0.12 5.32
HFRXRV: Multi-Strategy Index 1798.17 0.2673 0.07 1.58
HFRI Monthly Strategy Indices - USD (Jul 2012)
HFRI Fund Weighted Composite Index 10689.87 - 1.05 2.88
HFRI Fund of Funds Composite Index 4895.38 - 0.70 1.75
HFR INDICES
Index Value Dtd % Mtd % Ytd % August 7
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
Open Sett Change High Low Est. vol. Open int. Aug 8
North American Latest. Contracts shown are among the 25 most traded based on estimates of
average volumes in 2004. CBOT volume, high & low for pit & electronic trading at settlement.
Previous days Open Interest. Osaka contract. Eurex contract.
DJIA Sep 13068.00 13120.00 +1.00 13150.00 13065.00 - 10,982
DJ Euro Stoxx Sep 2437.00 2432.00 -5.00 2440.00 2413.00 890,112 2,741,914
S&P 500 Sep 1398.20 1398.20 +1.20 1398.20 1397.90 1 222,409
Mini S&P 500 Sep 1398.50 1398.25 +1.25 1398.50 1397.75 981 2,802,895
Nasdaq 100 Sep - 2706.75 -3.25 2707.00 - - 9,415
Mini Nasdaq Sep 2707.25 2706.75 -3.25 2707.50 2706.75 49 392,451
CAC 40 Aug 3451.00 3441.00 -13.00 3454.00 3420.50 90,805 291,143
DAX Sep 6958.50 6961.00 -3.50 6972.00 6907.50 107,511 170,352
AEX Aug 333.00 332.25 -0.85 333.00 330.20 24,540 83,515
MIB 30 Sep 14620.00 14661.00 +6.00 14720.00 14470.00 20,759 34,103
IBEX 35 Aug 7186.00 7145.80 -50.10 7237.00 7042.00 9,144 38,054
SMI Sep 6455.00 6448.00 -7.00 6465.00 6424.00 18,001 165,841
FTSE 100 Sep 5791.00 5822.00 +28.00 5832.50 5775.00 69,881 627,654
Hang Seng Aug 20130.00 20050.00 +37.00 20197.00 19945.00 50,626 84,991
Nikkei 225 Sep 8860.00 8870.00 +70.00 8900.00 8820.00 9,381 316,762
Topix Sep 745.50 747.00 +3.50 747.00 742.50 1,501 396,822
KOSPI 200 Sep 252.30 254.05 +2.55 256.55 252.20 294,667 108,077
EQUITY INDEX FUTURES
C$ DKr Euro Y NKr SKr SFr $
Danish Kroner, Norwegian Kroner And Swedish Kroner per 10; Yen per 100Source: FT derived from
WM Reuters.
Canada C$ 1 6.097 0.819 79.33 5.971 6.753 0.984 0.645 1.008
Denmark DKr 1.640 10 1.343 130.1 9.793 11.08 1.614 1.058 1.654
Euro Euro 1.221 7.443 1 96.84 7.289 8.244 1.201 0.787 1.231
Japan Y 1.261 7.686 1.033 100 7.527 8.512 1.240 0.813 1.271
Norway NKr 1.675 10.21 1.372 132.9 10 11.31 1.648 1.080 1.689
Sweden SKr 1.481 9.029 1.213 117.5 8.842 10 1.457 0.955 1.493
Switzerland SFr 1.016 6.198 0.833 80.63 6.069 6.864 1 0.656 1.025
UK 1.551 9.454 1.270 123.0 9.258 10.47 1.525 1 1.563
USA $ 0.992 6.047 0.812 78.68 5.922 6.697 0.976 0.640 1
Aug 9
EXCHANGE CROSS RATES
AUGUST 10 2012 Section:Stats Time: 9/8/2012 - 20:48 User: watsonl Page Name: CURRTAB USA, Part,Page,Edition: EUR, 21, 1
22
FINANCIAL TIMES FRIDAY AUGUST 10 2012
MARKETS & INVESTING
Californian schools could serve up a nasty fiscal shock
A decade ago, San Diego county in
California was at the cutting edge of some
dangerous financial games.
As the housing boom got under way,
bankers and mortgage brokers became
adept at flogging subprime loans to
households across the area using
innovative structures. That episode, of
course, ended in tears, not just in San
Diego but elsewhere in America.
Now, some new financial games have
come to light involving a dangerous
cocktail of innovation and debt. This time,
it is not private households involved but
public sector bodies specifically, schools.
The issue at stake revolves around some
exotic bonds issued by San Diego
educational authorities in recent years.
Once upon a time (think six long decades
ago), US school authorities used to finance
themselves primarily by using taxes. Then
they started to issue a swelling volume of
bonds to supplement those taxes.
But as the fiscal situation in California
has deteriorated, voters have become so
upset they have imposed various fiscal
straitjackets on educational boards. Worse,
property tax revenues, which have been
used to fund schools, have declined as the
housing market has crashed.
That has left schools in a bind. So, local
financial advisers have offered some
innovative solutions. Last year, Poway
Unified, one San Diego educational
district, issued some $105m worth of
capital appreciation bonds to finance
previously planned investment projects.
These are similar to zero-coupon bonds,
meaning the district does not need to start
repaying interest or capital until 2033.
As a result, Poways local authority has
been able to promise to keep local taxes
unchanged while completing previously
promised investments (building projects,
computers and so on).
But, there is a big catch: to compensate
for this payment deferral, these bonds are
paying double-digit interest rates and
cannot be redeemed early. When the bond
is repaid in 2051, the total bill will be
more than 10 times the initial loan.
The Poway local authorities insist this
still makes sense. After all, they argue,
their children cannot wait for new schools
until tax revenues grow again. But the
danger is clear. Though these bonds shield
taxpayers (and politicians) from
expenditure today, they create a headache
later. At best, this is a case of kicking the
can down the road; at worst, a case of the
government dancing with loan sharks.
It is difficult to tell just how many other
capital appreciation bonds exist. As the
Securities and Exchange Commission
pointed out last week, the $2,700bn
municipal bond market is alarmingly
opaque. In the Poway case, the details
came to light because of some excellent
investigative reporting by Joel Thurtell, a
blogger, and Will Carless, a reporter at the
Voice of San Diego, a local news group.
Carless has unearthed similar but
slightly less extreme schemes at other San
Diego school authorities, such as
Oceanside Unified (which borrowed $30m
but will need to repay $280m), Escondido
Union (borrowed $27m, faces $247m
repayments) and San Diego Unified
(borrowed $164m, will repay $1.2bn).
However, the really big unknown is the
degree to which this reflects a bigger,
national pattern. Optimists might argue
California is an extreme example; after all,
its fiscal woes are among Americas worst.
In some regions such as Michigan, state
entities are banned from capital
appreciation bonds, and even where these
bonds are not explicitly banned, there are
corners of America where local officials
are trying to inject a new level of
responsibility into their finances, often
with a zeal that puts Washington to
shame. Rhode Island is a case in point.
Yet, as a report from Dick Ravitch and
Paul Volcker last month pointed out, the
overall picture for local finances is dire.
They estimate, for example, that the level
of underfunding for local public pension
schemes is about $3tn-$4tn.
While some regions are trying to tackle
this, many others are burying their heads
in the sand, hoping that either the
problem remains under wraps until they
leave office, or that a combination of
growth, inflation and Federal bailouts
provides a future fix.
So I, for one, salute the efforts of local
media groups such as the Voice of San
Diego to scrutinise these opaque local
financial structures. I also applaud the
moves the SEC is making (albeit very
belatedly) to force that murky muni bond
world to become more transparent to
investors and taxpayers alike.
The tragedy is that this scrutiny is
probably too late to save San Diego
residents from a nasty future fiscal shock,
not to mention those other US taxpayers
who may discover (as with subprime) that
what starts in California ends up pointing
to a wider pattern, which haunts us all.
gillian.tett@ft.com
Gas jumps above $3 on inventory data
atures for the relevant week
lower than the previous
seven days and the same
week in 2011, the inventory
figure could be an anomaly,
said analysts.
The level of gas invento-
ries is a gauge of demand
but it also affects prices as
the underground storage
By Emiko Terazono
Natural gas prices, which
had fallen back in the past
week on forecasts of cooler
weather, jumped 6 per cent
due to a lower than
expected rise in weekly
inventories.
Nymex September gas ral-
lied above the key $3 per
million British thermal
units level, and was trading
up 4.4 per cent at $3.061 per
mBtu after hitting $3.12.
The US governments
data surprised traders as
the increase of gas in stor-
age at 24 billion cubic feet
had been sharply lower
than the widely forecast
30bn cu ft level.
The data indicated that
the supply and demand sit-
uation was tighter than the
market expected, said
Shiyang Wang, analyst at
Barclays in New York.
But with summer temper-
Natural gas price
Source: Thomson Reuters Datastream
$ per mmBtu
Jan Aug 2012
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
facilities was at a record
high for the time of the
year after topping 3tn cu ft
for the first time ever dur-
ing the month of June, the
agency said.
The $3 per mBtu level is
regarded by analysts as the
level when utilities switch
power generation from nat-
ural gas to coal and
with cooler temperatures
expected over the next
week, many experts fore-
cast lower prices.
Ms Wang at Barclays said
that prices needed to
decline to avoid a situation
where gas inventories reach
storage capacity. The bank
is forecasting an average
$2.70 per mBtu for the third
quarter, with the price aver-
aging $3 per mBtu for the
three months to December,
rising with increased
demand because of colder
temperatures.
www.ft.com/commodities
Twitter: @ft.commodities
Man United IPO enjoys robust demand
person close to the deal.
The IPO in New York
comes after previous
attempts to list at up to
$1bn in Hong Kong and Sin-
gapore failed to attract suf-
ficient demand, while inves-
tors objected to the planned
dual voting share structure.
The US market for IPOs
is deep in terms of liquidity
and certainty of execution,
said Scott Cutler, co-head of
US listings at NYSE Euron-
ext.
He said attracting Man-
chester United to the NYSE
showed that the exchange
occupied a strong position
in the IPO market.
The New York flotation
represents 10 per cent of the
company and the smaller
size is seen helping offset
some of the less attractive
aspects surrounding the
deal, say analysts.
Manchester Uniteds dual
class voting structure will
enable the Glazer family to
retain control through
By Michael Mackenzie
and Joseph Cotterill
in New York
Bankers were expected to
close the book of orders for
the flotation of Manchester
United by midday in New
York yesterday, with the
largest US sports club and
team initial public offering
set to price later in the day.
The English football club
is looking to list on the New
York Stock Exchange today
at between $16 and $20 a
share and raise around
$330m, at the high end of
the price range.
It stands to mark the larg-
est sports team and club
listing on record, surpass-
ing World Wrestling Federa-
tions $190m IPO in 1999,
says Thomson Reuters.
The closing of the
order book at noon rather
than at the conclusion of
business yesterday indi-
cated that demand for the
shares was robust, said a
shares that have 10 times
more voting power than the
publicly traded class A
shares.
Also, the company has
indicated that it may pro-
vide limited financial disclo-
sure for US investors as it
is raising capital as an
emerging growth com-
pany under the recently
passed US legislation,
Jumpstart Our Business
Startups, or Jobs Act.
The law means a com-
pany can be exempted from
attesting to its internal
financial controls and will
not be required to file quar-
terly reports or release
Concerns
grow over
prospects
for sterling
For a countrys currency to
leap when its central bank
cuts growth forecasts to
zero is counter-intuitive.
But that is precisely what
happened on Wednesday
when Sir Mervyn King, gov-
ernor of the Bank of Eng-
land, revised predictions for
gross domestic product
growth this year from 0.8
per cent to 0.
Much of the move in ster-
ling on Wednesday was a
knee-jerk response from
currency traders after Sir
Mervyn cast doubt on the
prospect of another rate cut
in the UK.
But sterling is not popu-
lar because of its yield,
which is paltry. Rather, the
pounds strength is all
about the euro, where it sits
close to a four-year high on
haven demand from inves-
tors worried about the euro-
zone debt crisis. The UKs
triple A rating also helps.
Sterlings performance
against the US dollar, how-
ever, tells a different story.
The pound has fallen nearly
7 per cent against the US
currency from its high in
April this year of $1.63.
In fact, there are growing
questions over how much
longer the UKs poor eco-
nomic fundamentals can be
ignored by the currency
markets. Bond investors
have warned that the UKs
cherished triple A rating
could be at risk if the econ-
omy does not improve. Last
week, Moodys, the rating
agency, maintained the rat-
ing but kept the country on
negative outlook, following
second-quarter GDP growth
that was far weaker than
expected, falling 0.7 per
cent.
Many currency investors
are negative on the pound,
arguing that Britains slug-
gish economic growth and
loose monetary policy make
it an unattractive proposi-
tion.
Sterling has one of the
unlikeliest set of credentials
as a safe haven but never-
theless there is clear sup-
port for it, says Nigel Sil-
lis, head of fixed income
and currency research at
Barings, the asset manager.
We think sterling is still
expensive.
Some of the caution on
sterling is showing through
if not in the euro
exchange rate, then in
cable market parlance
for the exchange rate with
the dollar. The pound has
been range trading at a
lower level against the dol-
lar since the start of June,
moving between $1.54 and
$1.57.
Doubt is also being cast
on the pounds reaction to
events in the eurozone. Mr
Sillis believes the pound
could be vulnerable,
whether the eurozone crisis
improves or worsens.
An upturn in the euro-
zones fortunes could
remove the haven prop sup-
porting the pound. Equally,
a turn for the worse could
only serve to highlight the
UKs close trade links with
Europe: yesterday, data
revealed the UKs trade def-
icit hit a record high,
driven by falling exports
both in and outside the
eurozone.
Matthew Cobon, a cur-
rency manager at Thread-
needle, the asset manager,
is now buying the euro
against the pound in the
belief sterling is overval-
ued. We get the impression
that the safe haven bid is
running a little thin here
and hence a period of ster-
ling weakness may be on
the cards, he says.
On a longer term view,
investors fret about the
effect of the Banks mone-
tary easing on the pound.
Axel Merk, chief invest-
ment officer of Merk Invest-
ments in the US, has had no
sterling in his hard cur-
rency fund since 2009 after
the Bank of England ini-
tially embarked on quanti-
tative easing, or emer-
gency bond-buying.
Other investors have
started to turn to Norway
and, in particular, Sweden
as alternative European
currency havens.
The Swedish krona is at a
12-year high against the
euro amid stronger than
expected economic growth,
while the Norwegian krone
is at its strongest level
against the euro since the
start of 2003 following
strong figures on the coun-
trys manufacturing indus-
try this week.
Harmonic Capital, the
London-based hedge fund,
is among investors shorting
sterling to buy both the
Norwegian and Swedish
currencies due to the diver-
gence in economic funda-
mentals between the north-
ern European nations.
For now, however, the
huge uncertainty over the
eurozone makes many
investors reluctant to bet
heavily against the pound.
Speculators cut their ster-
ling shorts again last week,
even as many were predict-
ing a further round of mon-
etary easing in the UK
before the year is out, data
from the Commodity
Futures Trading Commis-
sion in the US show.
But the combination of
slowing economic growth, a
negative rating outlook and
the prospect of further mon-
etary easing by the Bank
mean the prospects of cable
breaking out of its recent
range look limited.
We feel that the pound
may struggle to make head-
way against the US dollar
from here on, given the
growing number of negative
issues that are now hanging
over the currency, says
Neil Mellor, foreign cur-
rency strategist at BNY
Mellon.
News analysis
Many forex dealers
argue that Britains
sluggish growth
and loose monetary
policy make the
pound unattractive,
writes Alice Ross
capacity is capped at about
4.1tn cu ft.
Gas prices fell to a decade
low in April as storage facil-
ities appeared at risk of
reaching capacity because
of excess supply from shale
gas production and the
warm winter weather.
Prices rebounded on high
electricity demand because
of hotter than normal sum-
mer weather and the rise in
gas in underground storage
during April-June 2012 was
the lowest since 2000, said
the US Energy Information
Administration.
The slow start to the so-
called injection season
when gas is shifted to
underground storage during
the summer months, when
demand is usually lower,
for use in winter reflected
a large increase in natural
gas use by the US electric
sector for power generation,
said the EIA.
But the amount of total
gas in underground storage
information under gener-
ally accepted accounting
principles for five years.
In the Manchester United
prospectus, the company
said it was an emerging
growth company as
defined under the Jobs Act.
Manchester United added:
We have not taken advan-
tage of any of these reduced
reporting burdens in this
prospectus, although we
may choose to do so in
future filings and if we do,
the information that we
provide shareholders may
be different than you might
get from other public com-
panies in which you hold
equity.
The listing of the shares
at a midpoint of $18 a share
is also seen as being high,
as it implies an enterprise
value to earnings before
interest, tax, depreciation
and amortisation of 24
times, a very expensive val-
uation according to Morn-
ingstar.
In the prospectus,
the football club
said it was an
emerging growth
company
COMMODITIES
Gillian
Tett
INSIGHT
By Alice Ross
and Robin Wigglesworth
Swedens finance minister
has hit back at investors
who are increasingly view-
ing the countrys currency
as the latest refuge from
the eurozone crisis, saying
yesterday it was too early
to call the krona a haven.
The Swedish krona has
been the best performing
big currency against the US
dollar and the euro in the
past month as investors
have expressed a preference
for European countries with
stronger growth prospects.
Anders Borg, the Swedish
finance minister, said the
strengthening of the krona
was part of normal market
movements given that
Sweden was a stable coun-
try with a budget surplus.
He added that it was too
early to say whether the
krona had become a haven.
It remains to be seen
how long this [the strength-
ening of the krona] will
last, he said.
The comments, made by
Mr Borg at a press confer-
ence, helped the Swedish
krona hit a 12-year high
against the euro at under
SKr8.23, as investors
responded by cutting any
expectations the country
might act to weaken its cur-
rency.
Figures released at the
end of July showed that the
Swedish economy was
growing much faster than
expected, with second-quar-
ter gross domestic product
figures showing a rise of 1.4
per cent, up from a pre-
dicted gain of 0.3 per cent.
The krona has also bene-
fited from strong demand
from central bank reserve
managers seeking highly
rated assets. The Swiss
National Bank is thought to
have been a key buyer of
the krona in recent weeks
as it seeks to recycle euros
it has bought defending the
Swiss franc.
Foreign currency analysts
said it could be too early to
tell whether the krona was
a true haven currency. The
Swedish krona has tradi-
tionally weakened against
the euro when the euro falls
against the dollar.
Sweden
says its
krona no
haven yet
When the bond is repaid in
2051, the total bill will be more
than 10 times the initial loan
Sterling
Source: Thomson Reuters Datastream
Against the dollar
($ per )
Against the euro
( per )
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2010
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011
Jan Feb Mar Apr May Jun Jul Aug
2012
1.2
1.4
1.6
1.8
1.00
1.10
1.20
1.30
Pounds transatlantic contrast
May 2010
The pound hits a two-year low against
the dollar on risk aversion at the start of
the eurozone crisis
April 2011
Sterling reaches its strongest level against
the dollar since 2009 as the efect of the
second round of quantitative easing in the
US takes its toll
May 2012
Pound makes rapid gains against the euro
even as it falls against the dollar on
concerns Greece could leave the eurozone
July 2011
Sterling reaches its lowest level against the euro in
more than a year after Greece approves an
austerity package in return for international aid
23 July 2012
Sterling reaches its highest level
against the euro in nearly four years
1.3
1.5
1.05
1.15
1.25 1.7
$$$$$$$
$$$$$$$$
Ben Bernanke US Federal Reserve chairman
Jean-Claude Trichet the then European Central
Bank president
AUGUST 10 2012 Section:Markets Time: 9/8/2012 - 19:19 User: murtaghj Page Name: LSE USA, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES FRIDAY AUGUST 10 2012
23
MARKETS & INVESTING
Investors eye
bigger Draghi
toolbox for euro
Investors picking over
Mario Draghis comments
after last weeks European
Central Bank meeting have
been left wondering not
what is on the table to save
the eurozone, but what is
not.
Financial markets have
been cheered by the pros-
pect that the ECB may
consider buying short-term
government debt, albeit on
the condition that ailing
governments such as Spain
and Italy first ask for help
from the eurozones rescue
funds. The impact is
already being seen in lower
sovereign borrowing costs
that are filtering down to
banks and companies.
But in his quest to do
whatever it takes to save
the euro, and given that
financial market fragmen-
tation remains a key con-
cern for the ECB, Mr
Draghi may find it easier to
use more unusual even
emergency measures
aimed at banks and compa-
nies first.
When funding markets
dried up last year, the ECB
took the unprecedented
step of offering banks
access to cheap three-year
loans under its longer-term
refinancing operations
(LTRO). Banks tapped
about 1tn from the LTRO
in December and February
and some investors believe
a third, three-year LTRO is
on the cards, possibly even
before the end of the year.
Alberto Gallo, head of
European macro credit
research at RBS, says the
ECB could even increase
the maturity of existing
LTRO to five years. That
would provide banks with a
closer match to the maturi-
ties on their loans to cus-
tomers.
Huw Pill, chief European
economist of Goldman
Sachs, says: If you want to
help small and medium
sized companies in Spain
and Italy, you need to go
through the banks. When
Spanish banks were having
trouble getting access to
unsecured term funding in
September and October last
year, the ECB stepped in
with the LTRO.
The LTRO addressed
liquidity problems, brought
down funding costs for
banks and galvanised pub-
lic debt markets into action.
But as accessing the ECB
funding required collateral,
it also tied up banks assets.
Some are unconvinced by
the need for another LTRO
given that it has so far not
resulted in banks lending
more to the real economy
and that liquidity is no
longer the main issue for
banks.
Another LTRO would
only help at the margin,
says Alastair Ryan, banking
analyst at UBS: Italian
banks dont need it. And it
would provide no benefit
for Spanish banks other
than allowing them to swap
three-month debt for three-
year debt.
But as long as capital
remains scarce and banks
have to meet strict capital
adequacy ratios, banks are
unlikely to resume lending.
Recapitalising the banks
directly is one solution but,
as seen in Spain, expensive.
Mr Gallo suggests
another option would be for
the European Stability
Mechanism, the successor
bailout fund to the Euro-
pean Financial Stability
Facility, to purchase
directly bank securities, in
addition to sovereign debt,
with support from the ECB.
I t coul d be a
gamechanger, says Mr
Gallo, helping increase
bank capital ratios, with
taxpayers only taking on
debt rather than equity
risk, as in the Spanish bank
recapitalisations.
The ECB could also use
more effectively its pro-
gramme to buy banks cov-
ered bonds, debt backed by
a pool of collateral, usually
mortgages. Analysts,
though, say that seems
unlikely given that some
banks have been buying
back debt and repackaging
it to pledge as collateral
with the ECB.
More likely is that the
ECB makes it easier for
lenders to access the cen-
tral banks facilities by loos-
ening credit criteria for the
third time in five months.
The ECB could reduce the
haircut applied to securi-
ties pledged as collateral in
monetary policy operations
to protect the bank in the
event of a default.
To be really flexible,
those haircuts potentially
could be zero, meaning that
they could, for example,
offer three-year unsecured
funding, says Mr Pill. The
ECB could also accept a
broader range of collateral.
Such measures could be tar-
geted at supporting new
lending, rather than just
refinancing existing loans,
he adds.
The ECB could go further,
bypassing banks and buy-
ing the short-term, publicly
traded debt of large Spanish
and Italian companies, a
number of which now carry
a higher rating than their
sovereign but are strug-
gling to raise debt in public
debt markets.
Mr Pill says measures
directed at banks or corpo-
rates only offer a short-term
palliative to eurozone
woes. To be really effective,
they need to be used in par-
allel with measures directed
at the sovereign.
Philippe Bodereau, head
of European credit research
at Pimco, agrees. If you
look at the various options
LTRO 3, buying covered
bonds, buying unsecured
debt or corporate bonds
these are not top of the list.
It is more important that
the ECB deals with the sov-
ereign issue, he says.
But while the market is
focused on the ECB buying
short-term debt, it is condi-
tional on Spain or Italy first
applying for a full bailout,
which they are reluctant to
do.
Draghi has opened the
box to say he could do any
and all of these [measures]
to ensure the survival of
the eurozone, says Ian Kel-
son, head of global fixed
income at T Rowe Price
International. But in the
short term, he says, it
might be easier for the ECB
to launch another LTRO or
ease collateral rules.
A notable outperformer in
yesterdays session was
South Koreas Kospi index,
which jumped 2 per cent to
close at a threemonth high.
The Bank of Korea kept
rates unchanged but more
easing of policy is expected.
Seouls benchmark is one
of the most sensitive to
global sentiment. It fell 9.2
per cent in the first three
weeks of May as eurozone
worries spooked investors.
The S&P 500 fell 5.9 per
cent. Wall Street has
recovered much of that
ground over the past 10
weeks or so, while the Kospi
has condensed its rally into
an 11session burst as Asian
confidence blossomed.
Seouls latest surge came
on strong volume as stock
options on the Kospi expired
and as foreign investor
buying hit a 13month record,
according to Reuters.
Perhaps those non
domestic traders recognise
the Korean economys
bellwether status.
The chart shows the
percentage change over a
year of Korean exports by
value and the same method
for looking at the Datastream
World equity index.
Korean sales abroad clearly
have a tight correlation to
global stocks. Canny
investors should keep a close
eye on Korean port traffic.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
ECB might find it
easier to use more
unusual measures
aimed at banks and
companies, writes
Mary Watkins
...but Spanish banks become more dependent on the ECB
Sources: Goldman Sachs; UBS
Spanish banks gross and net euro system borrowing (bn)
Jan 2011 Jul 2012
0
50
100
150
200
250
300
350
400
450
Gross
Net
Italian and Spanish bank funding benefits from LTRO...
Secured funding rates for European banks (%)
Jul 2010 2011
Jul
2012
0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
Germany
France
Italy
Spain
EM hard currency bonds: new highs
beyondbrics, the FTs emerging markets hub
Few asset classes have
benefited more from this
years market turmoil than
emerging markets hard
currency debt, writes Pan
Kwan Yuk in New York.
With yields on US and UK
bonds hovering near zero
and Germanys twoyear
paper offering negative yield,
investors on the hunt for
better returns have piled into
the asset class with gusto.
In the first seven months
of this year, investors put a
record $18.8bn into funds
dedicated to EM hard
currency bonds, according to
EPFR Global, a data provider.
This shatters the previous
high of $14.79bn received for
the whole of 2010. Expect
the trend to continue as the
hunger for yield gets worse
and worse, says Cameron
Brandt, analyst at EPFR.
Last weeks statement
from the US Federal Reserve
that it would keep interest
rates low for at least another
two years can only provide
further impetus for investors,
says Pablo Goldberg, HSBC
global head of emerging
market research. Equities
continue to be volatile and
returns on socalled safe
assets yield nearly nothing.
Inflows into hard currency
bonds will continue.
EM debt as a whole has
benefited from this dash for
returns but it is investment
grade hard currency
dollardenominated bonds
that have garnered the most
attention. Investment grade,
because investors appetite
for risk is subdued. Hard
currency, because with many
EM currencies such as the
Brazilian real weakening
against the dollar, the upside
to local currency bonds has
diminished, especially when
you factor in inflation.
As Aziz Sunderji, EM
corporate debt strategist at
Barclays, says: The EM
bond market has become a
twotier market as investors
become more riskaverse.
The market is wide open for
big, investmentgrade
multinational companies like
Amrica Mvil, but not for
highyield companies. You
cannot blame them. The
overall blended yield of
JPMorgans EMBI Global
Diversified index of dollar
denominated emerging
market sovereign and
corporate debt hovering at
a near record low of 4.72 per
cent still offers an attractive
alternative to the paltry
returns offered by short
dated twoyear bonds from
the US, the UK and Germany .
In many cases, the risk
profile of an investmentgrade
EM bond is not that different
from an investmentgrade US
bond, except the EM bond
offers better returns, says
Shamaila Khan, head of
emerging markets corporate
debt at AllianceBernstein.
That helps explain why
investment grade issues this
year from the likes of
Petrobras have being
oversubscribed while junk
issuers have had a harder
time. But as more people
jump on the EM hard
currency bandwagon, wont
that drive yield down further?
Yes, says Mr Goldberg, but
he adds: Valuation is a
relative concept. Yields on
EM hard currency bonds are
at record lows. But if you
compare that to the
alternative available, where
else could you invest?
www.ft.com/beyondbrics
By Michael Stothard
Two high-grade European
corporate bond issues this
week have provided a shot
in the arm for the slow
summer debt markets. They
have provided some relief,
too, for investors looking
for lower-risk investments.
Procter & Gamble issued
1bn of ten-year bonds yes-
terday, which priced at 25
basis points above mid-
swaps. It was the com-
panys first euro issuance
since October 2007, when it
issued a similar sum at
50bp over mid-swaps.
The order book on the
issue reached 6bn, mean-
ing that the issue was six
times subscribed.
Bankers said this was
because of the low supply of
high-grade debt in the sum-
mer months and also repre-
sented demand for rela-
tively safe investments
amid recent wider market
turbulence.
Also this week German
car manufacturer Volkswa-
gen issued 250m of three-
year debt at 110bp over gilt
yields. Wells Fargo yester-
day made its first venture
into the euro bond market
since 2008 issuing 1.5bn of
10-year debt at 85bp over
mid-swaps.
The last few months
have seen investors keen to
put their money into high-
quality corporates amid low
sovereign yields and choppy
equity markets, said Jean-
Marc Mercier, head of debt
syndication at HSBC. Amid
worries over the fate of the
eurozone, as well as weaker
economic data from China
and the US, the rate of
investment-grade corporate
bond issues per month in
Europe this year has been
averaging its highest since
2009.
According to data from
Dealogic, there has been an
average of $39bn worth of
issuance in investment
grade European corporates
per month so far in 2012,
compared with an average
of $24bn in 2011 and $23bn
in 2010.
In 2009 the rate hit $48bn
per month, up from $19bn
before the crisis in 2007.
Wells Fargo is rated A2
by Moodys, its sixth-high-
est investment grade, while
the agency rates P&G Aa3,
its fourth-highest invest-
ment grade ranking.
Suki Mann, head of credit
strategy at Socit Gn-
rale, said the flurry of deals
was also partly due to com-
panies looking to capitalise
on a period of desperation
in the corporate bond mar-
kets.
This is a bit of opportun-
istic financing in August
fuelled by unseasonally
high demand against the
usual low supply in
August, he said.
There is so much money
out there that wants to be
invested, he added.
Theres been plenty of
issuance this year but,
quite clearly, not enough.
P&G and VW bond issues lift
European debt market spirits
Petrobras: a favourite of
riskaverse EM investors
Trading post
Jamie Chisholm
South Korean bellwether
Source: Thomson Reuters Datastream
Annual % change
200002 04 06 08 10 12
-60
-40
-20
0
20
40
60
80 South Korea exports
World equities
More news at
FT.com
Not Greece again
FT Alphaville poll reveals
that 28 per cent of
finance professionals are
sick of being asked about
Grexit
www.ft.com/alphaville
Rogue algos
Video: The errant Knight
Capital algorithm reignites
the debate on technology
standards in trading
www.ft.com/tradingroom
Serbias tough choices
With a sharply depreciating
currency and shrinking
economy, Serbia is set to
restart talks with the IMF
www.ft.com/beyondbrics
Hard currency
Podcast with FT currency
correspondent Alice Ross
www.ft.com/podcasts
Follow us on Twitter:
@FTAlphaville
Markets Live
Read Paul Murphy and
Bryce Elder every weekday
from 11am
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Financial markets have welcomed the prospect that the ECB may consider buying shortterm government debt Bloomberg
AUGUST 10 2012 Section:Markets Time: 9/8/2012 - 18:49 User: murtaghj Page Name: ICNCOMMS USA, Part,Page,Edition: EUR, 23, 1
24
MARKETS
Friday August 10 2012
Source: Thomson Reuters Datastream
Asia-Pacific equities
MSCI index
May Aug 2012
105
110
115
120
125
Government bonds
10-year yield (%)
May Aug 2012
1.0
1.2
1.4
1.6
1.8
2.0
US Treasury
German Bund
Regional benchmark
stock indices extended a
threemonth high in Asia
as Chinese data backed
views policy makers
would add stimulus to lift
growth in the worlds
secondlargest economy
Demand for toptier
government debt fell as
global stocks extended
gains. The yield on the
10year Treasury note
is trading at its highest
since midJune
Hopes for monetary stimulus drive gains
By Vivianne Rodrigues
in New York and
Jamie Chisholm in London
Hopes for additional mone-
tary stimulus to struggling
economies helped support
investor sentiment and sent
most global stocks higher
while demand for top-tier
government bonds fell.
Data in the US showed an
unexpected decline in
weekly jobless claims,
which helped offset in part
a string of lacklustre eco-
nomic indicators in Europe
this week.
Paul Dales, a senior US
economist at Capital Eco-
nomics, said the fall in US
initial jobless claims last
week suggests that [US]
labour market conditions
are fairly stable.
Also on the data front, a
report yesterday showed
that the annual rate of fac-
tory output in China slowed
to 9.2 per cent in July,
lower than forecast and the
weakest in more than three
years.
But hopes for fresh stimu-
lus measures from Beijing
were given a boost as
Chinas inflation also
slowed for a fourth month,
which may free the
Peoples Bank of China to
ease monetary policy
aggressively.
The response among
regional stocks in Asia
was positive with the
Shanghai Composite climb-
ing 0.6 per cent and Hong
Kongs Hang Seng adding
1 per cent.
The slightly weaker eco-
nomic data [in China] had a
positive effect on asset
prices given expectations
for further easing, analysts
at Brown Brothers Har-
riman noted.
Stocks also rose in
Europe, where the worlds
largest food company,
Nestl, posted sales growth
that beat estimates.
The FTSE Eurofirst 300
index gained 0.5 per cent
and the FTSE All-World
equity index rose 0.1 per
cent to touch a three-month
high.
On Wall Street, the bench-
mark S&P 500 index
reversed earlier gains and
was slightly lower but still
managed to maintain the
1,400 level.
Global stocks have risen
about 8 per cent since the
start of June and are up
more than 3 per cent in just
the past five sessions.
As demand for equities
remained supported, inves-
tors sold US Treasuries and
German Bunds.
The yield on the 10-year
Treasury note climbed 4
basis points to 1.72 per cent,
a fresh two-month high,
while the yield on equiva-
lent German Bunds rose 5bp
to 1.45 per cent.
The US Treasury con-
cluded the third leg of its
quarterly refunding pro-
gramme with the sale of
$16bn in 30-year bonds. An
auction of US 10-year notes
on Wednesday was met
with tepid demand.
Pressure on the eurozone
peripheral debt sector
also eased, contributing to
the global rally.
Spanish 10-year yields
dipped 2bp to 6.84 per cent
and Italian equivalents fell
8bp to 5.81 per cent.
In spite of the better tone
on markets, the euro
resumed declines and by
midday in New York was
trading 0.6 per cent lower at
$1.2288.
The Australian dollar and
other growth-sensitive cur-
rencies were buoyed, with
the Aussie moving closer to
$1.06 for the first time since
mid-March.
But the Japanese yen fell
as the Bank of Japan left
monetary policy unchanged,
as forecast.
US economic data was
relatively firm in tone while
another factor helping the
greenback today are higher
US Treasury yields, said
Vassili Serebriakov, a cur-
rency strategist at Wells
Fargo.
Higher US yields appear
to be particularly relevant
for the yen, which remains
sensitive to relative US-Ja-
pan rate differentials, he
added
On commodities markets,
copper, which is considered
a gauge of future industrial
activity, rose 0.3 per cent to
$3.43 a pound.
Oil prices also got a boost,
with Brent prices rising for
a fifth session. Brent crude
added 30 cents to $112.44 a
barrel.
Gold also rose, the pre-
cious metal trading 0.2 per
cent higher at $1,613.80 an
ounce.
GLOBAL OVERVIEW
Shares climb aided
by US jobless fall
Selloff for Bunds
and US Treasuries
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE 100 index FTSE Eurofirst 300 index S&P 500 index Nikkei 225 Average
Jul Aug 2012 Jul Aug 2012 Jul Aug 2012 Jul Aug 2012
1320
1340
1360
1380
1400
5500
5600
5700
5800
5900
5400 1000
1020
1040
1060
1080
1100
8400
8600
8800
9000
8200
Change
on day
+0.10%
Change
on day
+0.45%
Change
on day
+1.10%
Latest
Change
on day
-0.18%
Yen falls as risk appetite rises
CURRENCIES
By Alice Ross
The yen hit its weakest
level against the dollar in
nearly three weeks amid a
rise in risk appetite in Asia,
shrugging off a lack of pol-
icy action from the Bank of
Japan at the end of a two-
day meeting.
The US currency rose 0.3
per cent to Y78.57 as the
yen responded to broader
developments in Asia, with
positive job figures in Aus-
tralia and economic data in
China improving risk senti-
ment in the region.
The Bank of Japan was
widely expected to buy no
further government bonds
this month under its mone-
tary easing programme.
However, government
officials have been warning
the yen is too strong. The
currency has neared Y78
against the dollar in recent
weeks amid general con-
cerns over global growth, a
level widely believed to
have prompted verbal inter-
vention from the BoJ at the
start of June.
With the core G10 cen-
tral banks in a policy eas-
ing and balance sheet
expansion mode, we think
the yen is likely to remain
supported versus the dollar
and the euro, said analysts
at Credit Suisse.
Policy response from
Japan remains a risk, but
the BoJ appears to have lit-
tle appetite for major quan-
titative easing at this point
and intervention will be dif-
ficult to justify internation-
ally at these levels.
The Australian dollar hit
a session high in early trad-
ing of $1.0612 against the
US currency, its strongest
level since March, after
employment rose by more
than expected in July.
The Aussie was also
helped by lower inflation
figures in China that
increased expectations of
monetary easing in the
worlds second-largest econ-
omy and helped spur risk
appetite in the region.
By the end of London
trading, the Aussie was flat
at $1.0566 as risk aversion
took hold of the currency
market later in the session.
Sterling fell 0.3 per cent
against the dollar to $1.5603,
having made strong gains
against other big currencies
the previous day after the
Bank of England signalled
that a further rate cut was
unlikely.
The euro hit its lowest
level all week, losing 0.8 per
cent to hit $1.2266 against
the US dollar.
www.ft.com/currencies
News Corp reaches f iveyear peak
as investors shrug off writedown
By Ajay Makan in London
and Martha Poon
in New York
News Corp shares touched
their highest level in five
years as investors took a
$2.8bn writedown of the
companys newspaper busi-
ness in their stride.
After-market traders had
sent the stock down more
than three percentage
points on Wednesday
evening following the
announcement.
But the widely traded
class A shares climbed as
much as 1.4 per cent to
$24.05 in early trading yes-
terday. By midday in New
York, the stock had
retreated but was down just
0.3 per cent to $23.66.
Attention overnight had
focused on the scale of the
writedown in the publish-
ing business, which is to be
demerged from News Corps
entertainment business.
But some analysts
remained upbeat. [It is]
worth noting the company
still hit their 2012 full-year
guidance and also delivered
a robust guidance outlook
for 2013, Jason Bazinet at
Citigroup told clients.
Despite strong data show-
ing an unexpected fall in
unemployment insurance
claimants and a narrowing
trade deficit, broader mar-
kets were generally flat in
the morning.
Just after midday, the
S&P 500 was off 0.1 per cent
to 1,400.74, the Dow Jones
Industrial Average down 0.2
per cent to 13,146.15 and the
technology-heavy Nasdaq
Composite index up frac-
tionally at 3,012.28.
E Trade Financial rose 6.2
per cent to $8.52 after the
online share trading com-
pany announced the exit of
its chief executive.
E Trade has faced pres-
sure from shareholders,
including Chicago-based
hedge fund Citadel, to
explore a sale as shares
have fallen 30 per cent in
the past year amid subdued
US equity trading volumes.
Michael Tarkan, an analyst
at Topeka Capital Markets,
said the departure of Steven
Freiberg, who will be tem-
porarily replaced by chair-
man Frank Petrilli, would
rekindle takeover talk.
But Mr Tarkan warned:
A potential acquirer would
also likely have to provide a
sizeable capital infusion to
mark the companys loan
portfolio to current market
value, potentially putting
off suitors.
Energy drink company
Monster Beverage fell 7.7
per cent to $62.58 as second-
quarter revenue and earn-
ings missed analyst expec-
tations and it said its gross
margin, a measure of profit-
ability, was down on the
same period last year.
However, Mark Astra-
chan, at Stifel Nicolaus,
maintained his buy rec-
ommendation, telling cli-
ents: We believe [the slow-
down in sales] is more a
function of timing than
materially slowing end-
demand.
Windstream Corporation
declined 8.9 per cent to $9.16
as the internet providers
expenses rose sharply, more
than offsetting higher reve-
nues and pushing quarterly
earnings down 2 per cent
compared with the same
period in 2011.
Nomura analysts high-
lighted losses in the con-
sumer business, which
Mike McCormack said
could signal increasing
competition, which may
lead to aggressive pricing or
higher capital spending.
Kohls shares dropped 1.8
per cent to $51.10 after the
department store chain
reported weaker than
expected sales and a 20 per
cent slide in net income. It
also lowered guidance for
the third quarter.
Paul Lejuez, a retail sec-
tor analyst at Nomura, said:
Kohls strategy for the sec-
ond half of 2012 is to bring
in more inventory units as
management is willing to
sacrifice gross margins to
take back market share.
But we think having
more units in the store is a
risky strategy that could
result in more markdowns
than planned.
Seagate Technology and
Western Digital, makers of
hard disc drives, made
gains after Lazard Capital
analysts initiated coverage
on the sector with buy
recommendations on both.
The sector was hit hard
last year when widespread
flooding in Thailand dis-
rupted supply chains, while
the increasing popularity of
solid state drives threaten
to eat into sales.
But Edward Parker at
Lazard told clients that the
sectors two largest compa-
nies by market share could
prosper as smaller rivals
struggle. Despite ongoing
signs of weakening demand
and the receding of peak
margins, we believe consoli-
dation and the aftermath of
the floods in Thailand have
changed the pricing dynam-
ics of the industry.
Western Digital rose 1.6
per cent to $42.53 and Sea-
gate 0.1 per cent to $32.75.
Semiconductor stocks
Advanced Micro Devices
and Micron Technology fell
1.3 per cent and 1.5 per cent
to $4.34 and $6.79 respec-
tively. Rival Nvidia, due to
report results after yester-
days close, was 0.5 per cent
higher at $14.30.
WALL STREET
Key indicators
Source: Thomson Reuters Datastream
News Corp
Share price ($)
2007 08 09 10 11 12
5
10
15
20
25
Days
Indices Close change
S & P 500 1400.40 -1.82
DJ Industrials 13143.43 -32.21
Nasdaq Comp 3011.23 -0.02
Russell 2000 801.38 +1.22
VIX 15.62 +0.30
US 10 yr Treas Bd 1.72 +0.07
US 2 yr Treas Bd 0.28 +0.01
US equities
The benchmark S&P 500
was little changed, but
still maintaining the 1,400
points mark. ETrade
Financial jumped 6 per cent
as the online broker
announced the departure
of its chief executive
UK equities
Gains in shares of British
Sky Broadcasting, the UKs
biggest pay television
provider, helped stocks
extend a fourmonth high.
Standard Chartered rose for
a second day after tumbling
heavily earlier this week
European equities
Nestl reported sales growth
that beat estimates and rose
2.4 per cent. Insulin maker
Novo Nordisk climbed 1.3 per
cent after saying 2012
revenue would jump, and
Spains nationalised lender
Bankia surged 19 per cent
Asian equities
Japanese stocks extended
a threeday rally, with
exporters such as Fanuc
and TDK leading gains.
But camera maker Nikon
fell more than 8 per cent
after cutting its profit
outlook, citing the strong yen
By Alexandra Stevenson
A clutch of companies
reporting forecast-beating
results helped to build
momentum in the markets.
The FTSE Eurofirst 300
inched closer to a year
high, gaining 0.5 per cent to
close at 1,101.01. The
Europe-wide index peaked
in March at 1,106.79.
Better than expected sec-
ond-quarter profits at
Aegon, the Dutch insurer,
sent its shares to the top of
the index. The company
reported net profits of
254m against a consensus
forecast of 166m.
The reported figure was
37 per cent down on last
years, but the insurer
attributed it to a one-off
charge for policies in the
Netherlands. Its shares rose
5.6 per cent to 4.24.
Subsea 7 also surpassed
expectations in its second-
quarter results.
Its shares climbed 5.1 per
cent to a five-month high of
NKr135 after the seabed-to-
surface engineer reported
adjusted earnings before
interest, tax, depreciation
and amortisation of $326m
against a consensus fore-
cast of $294m.
Nestl, the worlds big-
gest food group by sales,
said its first-half profits
rose 8.9 per cent year-on-
year, buoyed by demand
from emerging markets.
The news sent the stock
up 2.4 per cent to SFr61.05.
Meanwhile, phonemaker
Nokia announced it would
divest its Qt software busi-
ness for an undisclosed sum
and sell hundreds of wire-
less patents.
Its shares climbed 6.5 per
cent to 2.29. In Germany,
concern that the financial
crisis was eating into Com-
merzbanks net income
helped to turn sentiment
against the lender.
Stephan Engels, chief
financial officer, warned
that macroeconomic condi-
tions could continue to put
operating profits under
pressure, adding to disap-
pointment surrounding
Commerzbanks first-half
results. Its shares dropped
4.2 per cent to 1.23.
Stronger than expected
earnings in the second
quarter at Deutsche Tele-
kom failed to lift its price.
While ebitda was
unchanged year-on-year at
4.7bn, revenue dipped by
0.7 per cent to 14.4bn.
Its shares declined 2 per
cent to 9.21 while the
wider Xetra Dax index in
Frankfurt fractionally slid
0.02 per cent to 6,964.99.
Spains part-nationalised
lender Bankia climbed 19.3
per cent to 1.51. It has
gained 64 per cent since last
Friday, when the govern-
ment hinted it could ask for
a sovereign bailout.
LONDON
Forecastbeating earnings
f igures help boost sentiment
EUROPE
Bankia
Source: Thomson Reuters Datastream
Share price ()
Jan Aug 2012
0
1
2
3
4
FTSE 100 closes in
on its high for year
$250bn of Iranian sanctions
breaches. It regained a fur-
ther 3.6 per cent to 13.63,
extending the previous ses-
sions 7.1 per cent rise.
Banks made the biggest
contribution at sector level
to the London benchmark
indexs modest overall rise
of 5.59 points, taking it to
5,851.51, up 0.1 per cent, and
close to its high of 5,956.58
set in March.
Resource stocks also ral-
lied, helping the overall
gains for the index stick.
Commodities trader Glen-
core led the pack, up 2 per
cent to 344.8p.
Amec made the biggest
single loss on the index as
analysts voiced concern
about falling margins. It
lost 4.8 per cent to 11.03,
the biggest single fall on
Londons main index.
Ocado, the delivery serv-
ice for Waitrose groceries,
was among the biggest los-
ers on the FTSE 250, down 4
per cent at 73p.
Overall, Londons mid-cap
index rose 0.2 per cent to
11,459.66, a rise of 24 points
taking it to its best close
since late April.
By Michael Hunter
Wide-ranging broker com-
ment on UK banks caught
investors interest as mod-
est gains took the FTSE 100
nearer its year high.
Analysts at Citigroup
took a look across the sec-
tor after the recent run of
second-quarter earnings
news from the big lenders
exceeded expectations.
Citi named Barclays as
its top pick in the sector
and lifted its price target on
the stock from 300p to 330p,
saying upgrades of up to
11 per cent to its earnings
forecasts were mainly
driven by its investment
banking unit, Barclays Cap-
ital. It closed flat at 179p.
Royal Bank of Scotland
fell 1.3 per cent to 226p after
Citi trimmed its target on
the stock from 235p to 230p.
Citi repeated its buy
rating on shares in Stand-
ard Chartered and was san-
guine about the dangers
posed to the UK bank by
allegations from a US regu-
lator that it had funded
Markets update
AUGUST 10 2012 Section:Markets Time: 9/8/2012 - 19:30 User: whiteg Page Name: WSM2 ASI, Part,Page,Edition: EUR, 24, 1