EUROPE Wednesday July 25 2012

Jul 24 prev %chg

S&P 500 1329.25 1350.52 1.57
Nasdaq Comp 2855.15 2890.15 1.21
Dow Jones Ind 12522.94 12721.46 1.56
FTSEurorst 300 1018.61 1024.27 0.55
Euro Stoxx 50 2151.54 2179.31 1.27
FTSE 100 5499.23 5533.87 0.63
FTSE All Share UK 2857.63 2873.37 0.55
CAC 40 3074.68 3101.53 0.87
Xetra Dax 6390.41 6419.33 0.45
Nikkei 8488.09 8508.32 0.24
Hang Seng 18903.2 19053.47 0.79
FTSE All World $ (u) 200.99
COMMODITIES
Jul 24 prev chg
Oil WTI $ Sep 88.50 88.14 0.36
Oil Brent $ Sep 103.42 103.26 0.16
Gold $ 1,577.40 1,584.75 7.35
price yield chg
US Gov 10 yr 103.16 1.40 0.03
UK Gov 10 yr 122.74 1.46 0.02
Ger Gov 10 yr 104.78 1.24 0.06
Jpn Gov 10 yr 100.56 0.74 0.01
US Gov 30 yr 111.16 2.47 0.04
Ger Gov 2 yr 100.12 0.06 0.01
Jul 24 prev chg
Fed Funds E 0.14 0.13 0.01
US 3mBills 0.10 0.10 0.01
Euro Libor 3m 0.31 0.32 0.01
UK 3m 0.76 0.76
Prices are latest for edition
Jul 24 prev
$ per 1.208 1.212
$ per 1.553 1.551
per 0.778 0.781
per $ 78.2 78.4
per 121.4 121.6
$ index 82.4 82.4
SFr per 1.201 1.201
Jul 24 prev
per $ 0.827 0.825
per $ 0.644 0.645
per 1.285 1.280
per 94.53 95.00
index 84.5 84.3
index 85.51 85.76
SFr per 1.543 1.537
STOCK MARKETS CURRENCIES INTEREST RATES
Google agrees outline deal with
EU to avoid long antitrust battle
By Alex Barker
in Brussels
Google has agreed the outlines
of a settlement with Europes
top competition authority, in a
deal that would spare the US
search giant from formal anti-
trust charges for allegedly abus-
ing its dominance.
In a big test for how Google
handles the mounting regula-
tory scrutiny it is facing world-
wide, the company offered to
make significant changes to its
business to avoid a lengthy EU
legal battle and the threat of
multibillion-dollar fines.
While the deal must still be
finalised, the talks have cleared
an important hurdle that could
save Google from the sort of
decade-long fight in Brussels
that dogged the likes of Micro-
soft and Intel.
The details of the concessions
are still unclear, but they
address four specific concerns
laid out publicly in an earlier
warning by the EU to Google.
The breakthrough came after
Google said it would in principle
extend the remedies it had
offered to make for PC-based
search to cover mobile search
services too. Joaqun Almunia,
the EUs competition commis-
sioner, made this a key demand
in the final days of talks, reflect-
ing the growing popularity of
smartphones.
Mr Almunia concluded that
Googles proposed concessions
were a sound basis for moving
to advanced talks on a pre-
charge settlement, people
involved in the talks said.
A two-year Brussels investiga-
tion had identified concerns
with the way Google favours its
own products in search results
and demotes potential competi-
tors, copies content from
rivals without permission, shuts
out competition with its adver-
tising agreements with other
websites and restricts advertis-
ers from moving online ad cam-
paigns to rival search engines.
The Google proposal covers all
of these areas. It is likely that
Brussels will keep open a sepa-
rate investigation into the
alleged dominance of Googles
Android mobile phone and tab-
let operating system.
The 20-strong group of compa-
nies that complained about
Google including Microsoft,
Expedia and TripAdvisor have
pushed Brussels to take tough
action against the internet
group and will probably make
their concerns clear if the reme-
dies are seen as cosmetic.
Google said it continued to
work co-operatively with the
commission. Mr Almunias
office declined to comment.
Google is still under investiga-
tion in the US, Korea and India.
Austria 3.50 Malta 3.30
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Czech Rep Kc120 Oman OR1.50
Denmark DKr30 Pakistan Rupee 130
Egypt E19 Poland Zl 16
Estonia 4.00 Portugal 3.50
Finland 3.80 Qatar QR15
France 3.50 Romania Ron17
Germany 3.50 Russia 5.00
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Greece 3.50 Serbia NewD420
Hungary Ft880 Slovak Rep 3.50
India Rup85 Slovenia 3.50
Italy 3.50 South Africa R28
Jordan JD3.25 Spain 3.50
Kazakhstan US$5.20 Sweden SKr34
Kenya Kshs300 Switzerland SFr5.70
Kuwait KWD1.50 Syria US$4.74
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THE FINANCIAL TIMES
LIMITED 2012 No: 37,988

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, New York, Chicago, San Francisco,
Dallas, Orlando, Washington DC,
Johannesburg, Tokyo, Hong Kong,
Singapore, Seoul, Abu Dhabi, Sydney
Small EU banks warn
on fallout from rules
Small European banks are
warning that EU rules aimed
at staving off crises at bigger
banks could wreak havoc on
their capital costs. Page 11
Spain fears rise
Spains economy minister
flew to Berlin for talks about
the eurozone crisis with his
German counterpart, as the
former Spanish central bank
governor warned of a
collapse in confidence.
Page 2; Editorial Comment,
Page 6; Martin Feldstein, Page 7;
Markets, Page 20;
www.ft.com/euro
Damascus squeezed
The conflict in Damascus has
tightened an already severe
economic squeeze on Syrias
capital, sending business
plummeting during the holy
month of Ramadan. Page 3;
www.ft.com/syria
Germany feels strain
Germanys private sector
shrank in July at the fastest
rate in more than three
years, supporting suggestions
that the eurozone was in
recession. Page 2
Online tax resisted
A move to make all online
retailers levy sales tax
continues to face resistance
from some lawmakers in the
US Congress even as it is
backed by Amazon. Page 4
UPS cuts outlook
Bellwether package-delivery
group UPS missed analysts
quarterly results estimates
and cut its 2012 profit
forecast, citing fears among
its customers that the US
economy is slowing. Page 11
D Bank misses goals
Deutsche Bank has revealed
a steep fall in quarterly
profits, missing market
expectations with its first
results reported under co-
chief executives Anshu Jain
and Jrgen Fitschen. Page 11
Taliban defections
Thirteen Afghan police
officers have defected to the
Taliban after poisoning seven
comrades, officials in Farah
province said. Page 4
China growth hopes
The manufacturing sector in
China is clawing its way
back towards growth, says a
survey that suggests policies
to support the economy are
starting to work. Page 2
Liberals fight back
A pro-Republican group of
fund managers is backing
efforts to legalise same-sex
marriage in four states that
will vote on the issue, as the
partys socially liberal donors
try to regain ground. Page 4;
David Frum, Page 7
4G auction nears
The airwaves needed for next
generation 4G mobile
broadband are set to be sold
in a multibillion-pound UK
auction at the end of the
year after long delays.
www.ft.com/uk; Lex, Page 10
Train deal expected
The largest and most
ambitious train procurement
programme undertaken in
the UK is expected to be
signed off this week after a
delay of more than three
years. www.ft.com/uk
Fingers crossed
London will have to rely on
luck to avoid serious transport
problems during the Olympics,
according to the man
overseeing the capitals
preparations for the
International Olympic
Committee. Gilbert Felli said
London was one of the most
difficult cities in the world to
hold the games, given its
narrow streets. We all cross
our fingers, Mr Felli said.
Report, Page 3
By Ben Fenton in London
Two former newspaper editors
in Rupert Murdochs media
empire were charged with
involvement in phone hacking
yesterday after prosecutors
decided there was enough evi-
dence to implicate them and six
others in a scandal that has
rocked the UK establishment.
The eight people charged with
a total of 19 offences include
Rebekah Brooks, former chief
executive of News International,
and Andy Coulson, a former edi-
tor of the News of the World
who also served as director of
communications for David Cam-
eron, UK prime minister.
It was the most significant
stage yet in a criminal investi-
gation that has been running for
18 months.
News Corp has so far paid out
at least $257m in legal fees and
settlements over the hacking
scandal, which led to the clo-
sure of the News of the World
and the resignation of Mrs
Brooks and other senior execu-
tives.
Prosecutors alleged that News
of the World journalists targeted
up to 600 people, including Milly
Dowler, a British teenager who
was murdered in 2002, Holly-
wood stars Brad Pitt and Ange-
lina Jolie, and Lord Prescott,
the former UK deputy prime
minister.
Mrs Brooks, Mr Coulson and
five other News of the World
executives were accused of con-
spiracy to hack phones under
the Regulation of Investigatory
Powers Act.
Stuart Kuttner, the News of
the Worlds former managing
editor, and former news editors
Ian Edmondson, Greg Miskiw,
Neville Thurlbeck and James
Weatherup, were also charged.
All seven also face a general
charge of conspiracy to hack
phones between October 2000
and August 2006 while Glenn
Mulcaire, a private detective
who worked for the News of the
World, was charged with con-
spiracy to hack the phones of
four individuals.
The defendants are all due to
appear before magistrates in
London on August 16. All deny
the charges.
Mrs Brooks, who is also a
close friend of the prime minis-
ter, was defiant. I am not
guilty of these charges, she
said in a statement. I did not
authorise, nor was I aware of,
phone hacking under my editor-
ship. I am distressed and angry
that [prosecutors] have reached
this decision when they knew
all the facts and were in a posi-
tion to stop the case at this
stage.
Mr Coulson said he was disap-
pointed by the decision to prose-
cute and would fight the allega-
tions in court.
The charges come 18 months
after Scotland Yard set up Oper-
ation Weeting to investigate
phone hacking involving the
News of the World. In announc-
ing the charges, Alison Levitt
QC, the principal leading
adviser to the Crown Prosecu-
tion Service, said she had
decided there was a realistic
prospect of conviction and it
was in the public interest to pro-
ceed.
www.ft.com/phonehacking
Hacking
charges for
Murdoch
lieutenants
UK prosecutors cite 19 charges in total
World Markets
World Business Newspaper
News Briefing
The camera maker that
didnt hear filmwas dead
Business Life, Page 8
Time for a radical Fed
Bernanke is too cautious. Sebastian Mallaby, Page 7
Rosneft
out to buy
stake in
TNK-BP
By Courtney Weaver and
Charles Clover in Moscow
State oil company Rosneft yes-
terday declared an interest in
acquiring oil major BPs 50 per
cent stake in TNK-BP, its
Russian joint venture, in a move
that pits the Kremlin against
some of the countrys most
powerful oligarchs.
Analysts estimate that BPs
stake is worth between $25bn
and $30bn. Rosneft has long
been understood to be interested
in it, but any move to acquire it
sets up a potential clash
between the state oil company
headed by Igor Sechin, an ally
of president Vladimir Putin, and
the AAR consortium of oli-
garchs, BPs current partners in
TNK-BP, who want to buy the
stake themselves.
Mr Sechin said Rosneft
considered TNK-BP an attrac-
tive commercial proposition.
AAR expressed formal
interest in BPs stake last week
and, given its aggressive record,
the group is unlikely to surren-
der without a legal battle.
AAR declined to comment on
Rosnefts announcement.
Valery Nesterov, an energy
analyst at Troika Dialog in Mos-
cow, said Rosnefts announce-
ment upped the stakes for the
AAR investors, forcing them to
potentially shell out more
money for BPs stake or risk
having Rosneft as a co-investor,
an undesirable scenario given
the two groups fraught history.
AAR butted heads with
Mr Sechin last year after it suc-
cessfully blocked a landmark
exploration deal that BP had
struck with Rosneft. For the
AAR shareholders its probably
the worst possible outcome to
be 50-50 partners with Rosneft,
Mr Nesterov said.
Rosneft could try to first buy
out BP and then AAR to obtain
control of TNK-BP, analysts
said. Rosneft would then gain
control of 40 per cent of Russias
oil production, according to
Renaissance Capital, the bank.
Lex, Page 10
Mayors march Protest by Italian officials
Mayors from Italys regions, wearing their tricolour sashes, protest in Rome yesterday against
the governments spending cuts Sicilian accord, Page 2 Bloomberg
2

FINANCIAL TIMES WEDNESDAY JULY 25 2012
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WORLD NEWS
Without leaping to
premature judgments, it
seems unlikely just now
that the official response
to the eurozone crisis will
be held up as a model for
future governments to
follow.
The International
Monetary Funds role got
a blast of disdain last
week with the publication
of a resignation letter
from 20-year fund veteran
Peter Doyle, obtained by
CNN, accusing the
organisation of failing to
warn about the crisis
because of persistent pro-
European bias and
analytical risk aversion.
Not only did the IMF
fail to sound the alarm in
advance, but the renewed
turmoil in Spain and the
rising probability of a
full-blown bailout lend
urgency to the accusation
that the funds financial
involvement in the
rescues for Greece,
Ireland and Portugal have
hampered its ability to
speak frankly in public
about the eurozone since.
It would not be the first
time that the IMF has
suppressed disquiet about
countries whose rescue
programmes are
manifestly failing, the
most notorious example
being the funds
disastrous lending to
Argentina in the years
before that countrys 2001
sovereign debt default.
The IMFs reluctance to
be blamed for
precipitating a crisis
encourages it to keep the
money flowing even at
the cost of longer-term
damage to its legitimacy.
On top of that are the
conflicted interests among
IMF shareholder countries
that are political allies or
financial creditors of the
borrower government.
Following the 2001
Argentine default, for
example, a group of
shareholder governments
led by Spain, Italy and
France bounced the IMFs
management into
restarting lending to
Argentina, to the private
fury of some fund staff.
In theory there is a
clear organisational
differentiation between
IMF staff and
management including
the managing director,
currently Christine
Lagarde on one side,
and the funds executive
board of its shareholder
countries on the other. In
practice, a culture of
consensus often seeps
across the divide. Most
board votes are
unanimous, and
management will not
propose a course of action
without knowing in
advance that the board
will support it. Thus the
analysis of the entire
institution can be pushed
towards playing it safe.
In the case of the
eurozone, the potential for
institutional over-
optimism is even higher,
and not just because the
IMF board is dominated
by Europeans. The fund
is a junior financing
partner in the eurozone
rescues, and pulling the
plug would incur the
wrath of its fellow
troika members the
EU and the European
Central Bank as well as
the borrower country.
True, the IMF did begin
last year to throw its
weight around more in
the Greek rescue,
insisting on more realistic
growth forecasts and
pushing for more EU
rescue money and/or a
deeper writedown for
private creditors. But
overall it is hard to
dissent from Mr Doyles
conclusion that the
second global reserve
currency is on the brink,
and that the fund for the
past two years has been
playing catch-up and
reactive roles in the last-
ditch efforts to save it.
Spain is a good
opportunity for the IMF
to find a new calling in
Europes crisis, one
involving handing out
fewer financial sweeteners
to governments and more
unpalatable truths about
banks. Given that the
eurozone as a whole has
no external financing
constraint and does not
need foreign currency, it
was always debatable
whether it needed the
funds money at all. Like
Ireland, Spain principally
has a banking problem,
not a sovereign debt
problem, and needs
money directly to
recapitalise its banks, for
which IMF resources
cannot be used.
One of the IMFs
moderate recent successes
in speaking up involved
its warning last autumn
that Europes banks would
need a lot more capital.
At present, the
eurozone needs outside
money much less than it
needs an organisation
with technical
competence and an ability
to point out unpleasant
realities. If Spain asks for
a full-blown international
bailout, the IMF should
be very wary of joining a
rescue in which its
private misgivings have
to be suppressed for the
sake of public unity.
IMF must use
voice to deliver
harsh truths on
eurozone woes
Spain is a good
opportunity for
the IMF to find a
new calling in
Europe
GLOBAL INSIGHT
Alan Beattie
in Washington
By Miles Johnson in Madrid,
Quentin Peel in Berlin and
Peter Spiegel in Brussels
Luis de Guindos, Spains
economy minister, flew to
Berlin yesterday for talks
with Wolfgang Schuble,
his German counterpart, on
the eurozone crisis, as the
former governor of the
Spanish central bank
warned of a collapse in
confidence in the markets.
Officials in both Berlin
and Madrid cautioned that
the talks were to provide a
general exchange of
views on the current situa-
tion, rather than agree any
new initiatives to tackle the
crisis. They insisted that
the meeting had been
planned since before the
sharp sell-off of Spanish
debt at the end of last week.
Yet the talks took place
against a background of ris-
ing tension in the eurozone
markets, with Spain paying
its second highest interest
rate on short-term debt
since the euro was
launched, and Italy facing
its highest yield gap against
German benchmark bonds
over 530 basis points since
Mario Monti became prime
minister last November.
At the same time German
bunds sank, with yields
pushing up from near
record lows on Monday,
after Moodys, the rating
agency cut the outlook on
Germanys triple A credit
status to negative.
In Greece, troika offi-
cials from the International
Monetary Fund, the Euro-
pean Commission and the
European Central Bank
arrived in Athens to inspect
how far the Greek govern-
ment has fallen behind on
targets agreed as part of its
rescue programme. Worries
in Germany about a big
new financing gap emerg-
ing in Athens prompted
leading figures in all three
parties in the coalition gov-
ernment headed by Angela
Merkel, chancellor, to reject
any suggestion of a third
rescue programme winning
approval in Germanys par-
liament later in the year.
In Madrid, the govern-
ment faced a furious
onslaught from Miguel
ngel Fernndez Ordez,
former central bank gover-
nor, in the Spanish parlia-
ment. In the first half of
the year we have witnessed
a collapse in confidence in
Spain, he said. Now we
are not only worse than
Italy, but worse than Ire-
land, a country that has
been rescued.
Mr de Guindos was due to
have dinner with Mr Schu-
ble in Berlin before flying
on to Paris for talks with
Pierre Moscovici, French
finance minister, today. He
was expected to spell out
more details of Spains
65bn austerity programme,
and how it will implement
the 100bn bank rescue.
But in Brussels, Spanish
officials further muddied
the waters by releasing a
statement that was sup-
posed to have been agreed
with France and Italy, call-
ing for quicker implementa-
tion of short-term rescue
measures agreed at last
months European summit.
Additional reporting by
Guy Dinmore in Rome
Editorial Comment, Page 6
Comment, Page 7
Berlin hosts talks on Spain crisis
De Guindos reveals
austerity plan details
Borrowing costs
also rise for Italy
By James Wilson
in Frankfurt
Germanys private sector
shrank in July at the fastest
rate in more than three
years, according to a survey
that underscored the spread
of the eurozone crisis to the
blocs strongest economies
and cemented the likelihood
that the region has slipped
into recession.
A eurozone index of pur-
chasing managers showed
activity across the regions
private sector contracting
for a sixth successive
month. Markit, compiler of
the survey, said its prelimi-
nary data suggested the eu-
rozone downturn showed
no sign of letting up at the
start of the third quarter.
The downturn in activity
in Germany, the largest
economy in the eurozone,
was sharper than expected,
after the Bundesbank, the
German central bank, said
on Monday that the country
was likely to have grown
moderately in the second
quarter.
Howard Archer, of IHS
Global Insight, said Ger-
many was being increas-
ingly dragged down by the
problems elsewhere in the
eurozone and slowing glo-
bal economic activity.
Germanys relative eco-
nomic vigour helped the
eurozone avoid a fall in
gross domestic product in
the first quarter of the year.
Official data for the second
quarter are due next
month. The surveys rein-
force suspicion that the
eurozone is headed for fur-
ther clear GDP contraction
in the third quarter after a
highly probable drop in the
second quarter, Mr Archer
said. He said the data sug-
gested the European Cen-
tral Bank might again have
to cut interest rates.
This month the ECB
made a quarter-point cut in
its main policy rate, bring-
ing the rate to a historic
low of 0.75 per cent.
Evelyn Herrmann, Euro-
pean economist at BNP
Paribas, said: The German
economy as a whole turns
out to be much less resil-
ient to the contraction and
stress elsewhere in the
eurozone than survey indi-
cators had suggested over
the past year.
French output also fell,
although activity in the
services sector rose margin-
ally for the first time since
March. Chris Williamson,
chief economist at Markit,
said this was likely to be
due to a post-election set-
tling down of business and
could prove temporary.
Data in the eurozone
index are consistent with
GDP falling at a quarterly
rate of around 0.6 per cent,
which is similar to the rate
of decline we expect to see
for the second quarter, Mr
Williamson said.
The composite eurozone
purchasing managers index
across manufacturing and
services was unchanged
at 46.4, according to prelimi-
nary estimates, where a
reading below 50 signals a
contraction. Germanys
composite PMI fell from 48.1
to 47.3, with manufacturing
even weaker at 43.3, mark-
edly worse than analysts
had expected.
German private sector data signal regional recession
Index of purchasing
managers gloomy
Manufacturing survey raises hopes on China growth
Chinas manufacturing
sector is clawing its way
back towards growth in July,
according to a survey that
suggests policies to support
the economy are starting to
work, writes Simon
Rabinovitch in Beijing.
HSBC said its purchasing
managers index for July
was on track to rise from
48.2 last month to 49.5,
which would mark a five-
month high. But, in
remaining below the 50
threshold, the flash PMI
figure the earliest piece of
monthly economic data for
China indicates that
factory activity is still
contracting at a mild pace.
Earlier easing measures
are starting to work, said
Qu Hongbin, head of Asian
research at HSBC. That
said, the below-50 July
reading implied demand still
remaining weak and
employment under
increasing pressure. This
calls for more efforts to
support growth and jobs.
The Chinese economy
grew 7.6 per cent in the
first half of the year, its
slowest since early 2009 at
the peak of the global
financial crisis. The
government has tried to
arrest the slowdown by
spending more and easing
monetary policy. Many
analysts believe these
measures will help the
economy towards a recovery
in the second half.
Yet investors remain
sceptical about how strong
the recovery will be. The
countrys benchmark stock
index, the Shanghai
Composite Index, has been
on a three-month slide,
bringing it close to its
lowest level in three years.
Although shifting its policy
footing to a pro-growth
stance, the government has
been reluctant to deploy a
large-scale stimulus as it did
in late 2008. The critical
factor in restraining its
response has been relative
stability in the labour
market.
But while showing
improvement on most
fronts, the HSBC PMI
pointed to a deterioration in
the jobs market, with its
employment sub-index
declining. A rise in
unemployment would put
pressure on the government
to do more to shore up
growth.
This weeks relentless rise
in the amount Spain must
pay to borrow money in the
markets has once again
raised questions about
whether Madrid will
quickly need a full-scale
bailout from its EU part-
ners.
But senior officials say no
such plan is in the offing
and several key European
decision makers have
already left for the summer
holiday, with no immediate
plans to return.
The reason for such inac-
tion is both practical and
political, according to offi-
cials involved. On the politi-
cal front, finance ministers
agreed last week to a
100bn bank bailout plan
that will not be fully imple-
mented until September,
when individual banks are
identified for rescue and,
potentially, liquidation.
Many officials believe it
would be wrong to redraft
the rescue plan before it
has had a chance to work.
If you give Spain a full
bailout, the markets know
they can force policy mak-
ers to do it in Italy, said
one person briefed on the
deliberations.
Practically, there are
even more troubling hur-
dles to an immediate res-
cue. The most obvious is a
lack of available funds.
Eurozone leaders planned
that a new 500bn rescue
fund would be in place this
month, but difficulties in
Germany where the con-
stitutional court will not
decide until September
whether the new fund is
legal has delayed its
implementation.
As a result, any potential
rescue would have to be
mounted by the eurozones
current 440bn fund, the
European Financial Stabil-
ity Facility, which is get-
ting close to depletion. Add
the planned 100bn for
Spanish banks to existing
Greek, Irish and Portuguese
bailouts and the fund has
only about 150bn left
hardly enough to meet
Madrids borrowing needs
over the next three years,
which most analysts esti-
mate at more than twice
that.
Short of a full-scale bail-
out, leaders have limited
options. The most obvious
would be to use the EFSF to
buy Spanish sovereign
bonds, a limited influx of
cash that analysts believe
would calm markets.
Although Angela Merkel,
the German chancellor, and
Italian premier Mario Monti
have disagreed over the
conditions that would be
attached to such bond
assistance, there are signs
Madrid may be heading in
that direction.
To qualify, Spain must
have a strategy in place to
bring its debt and deficit
levels back to EU limits a
plan Mariano Rajoy, Span-
ish prime minister,
unveiled two weeks ago.
Given the cap on EFSF
funds available, its effec-
tiveness could be limited,
since markets would know
such purchases could not be
sustained indefinitely.
But Mujtaba Rahman, an
analyst at Eurasia Group, a
risk consultancy, said EFSF
bond buying could free the
European Central Bank up
to restart its own dormant
bond purchase programme,
giving the eurozone the
big bazooka it has long
sought. If market stress
continues, Merkel and
Monti will pressure Rajoy
to request the EFSF [bond
programme] help to calm
things down. Such a move
could also provide cover for
ECB bond-buying if its
losses are guaranteed.
Short of such ECB action,
leaders may be forced to
revisit last months summit,
where markets were briefly
heartened by an agreement
to eventually move aid to
Spanish banks off Madrids
national debt books. But
the timeline for such a
move was called into doubt.
Last month, senior offi-
cials considered short-
circuiting the process by
getting the Spanish govern-
ment to pass legislation
handing over its bank
supervision to the ECB.
German officials signalled
their readiness to allow the
EFSF to inject funds
directly into Spanish banks
under the scenario, since it
would allow them to imme-
diately have more control
over the financial institu-
tions. But officials said the
plan was rejected by Mario
Draghi, ECB president, who
said the central bank was
not yet prepared to take
over such responsibilities.
Officials have not yet
indicated the plan is back
on the table. But with a tur-
bulent summer on the hori-
zon, it could quickly move
back into the debate.
Policy makers
patient despite
Spanish pain
News analysis
Officials see political
and practical
reasons for inaction
as talk grows of a
full-scale bailout,
writes Peter Spiegel
The Spanish flag on display outside the European parliament in Brussels. Madrid is to get 100bn for a bank bailout AFP
HSBC PMI data point to a
decline in the jobs market
ECB resists Madrids plea for help
Spains insistence that the
European Central Bank can
stop the dangerous spike in
its borrowing costs is
unlikely for now to
bring a policy response from
the central bank, where the
line has long been that it
should not be expected to
bail out troubled
governments, write James
Wilson, Robin Wigglesworth
and Claire Jones.
As the guardian of the
euro, though, the ECB may
ultimately have to blink if
market pressure mounts to
the point of endangering the
single currency area.
Safeguarding the euro is
part of our mandate, said
Mario Draghi, the ECB
president, in an interview
with Le Monde at the
weekend, even as he
rejected the idea that the
bank could resolve nations
financial problems.
Madrid would like the ECB
to resume its large-scale
buying up of government
bonds on secondary
markets, a tool to drive
down the yields on the
bonds and hence Spains
borrowing costs.
But bond-buying the
so-called securities market
programme that began in
2010 is now a last resort
for the ECB, which has
spent more than 210bn on
such purchases without
arresting the crisis. The
programme has been frozen
since early this year and the
central banks view is that
any bond-buying could and
should be done by the
bailout funds that eurozone
leaders called into being to
support troubled countries.
Ken Wattret, chief
eurozone market economist
at BNP Paribas, said: Not
so long ago, with yields at
these kind of levels I would
have assumed that the ECB
would have reactivated the
SMP. But you now have an
alternative. The use of the
EFSF [an EU rescue fund] is
more plausible now.
What else could the ECB
offer? More than 1tn in
long-term loans to the
banking sector helped ease
a credit crunch in the
eurozone six months ago.
However, Erik Nielsen, chief
economist at UniCredit, said
the ECB was unlikely to see
more long-term loans to
banks as the answer to the
recent spike in sovereign
borrowing costs.
My feeling is that first
they will be putting
enormous pressure on Spain
to accept a full bailout with
IMF and EU resources that
will take them out of the
markets, Mr Nielsen said.
210bn
Sum spent buying bonds
without arresting the crisis
Sicilian accord
Italy has imposed a
binding recovery plan on
Sicily in a move to pre-
empt the threat of a string
of defaults by over-
spending local authorities,
writes Guy Dinmore in
Rome. The deal, negotiated
yesterday between Mario
Monti, prime minister, and
Raffaele Lombardo, Sicilys
governor, effectively
imposes bailout conditions
on the island just as the
European Commission and
its international partners
have done with Greece.
In full, www.ft.com/europe
FINANCIAL TIMES WEDNESDAY JULY 25 2012

3
WORLD NEWS
The conflict across Damascus has
tightened an already severe economic
squeeze on the Syrian capital, shaking
a key supply route, trapping workers
at home and sending business plum-
meting during the Muslim holy month
of Ramadan.
Fuel queues have snaked through
the city this week and shops have
been shuttered, as violence disrupted
traffic and supplies on the main road
linking the capital to the other key
cities of Homs, Hama and Aleppo.
After a week of the heaviest clashes
seen in Damascus and Aleppo, the
biggest city and a crucial commercial
centre, Syrians in the capital are
braced for the fighting to tighten the
economic pressure already exerted by
international sanctions and plunging
output.
It is out of control, said one pro-
regime businessman, in a sign of the
heat being felt by a merchant class
long loyal to the regime. This is their
[rebel fighters] main target: to cause
chaos in the country.
Shelling by President Bashar al-As-
sads forces and battles with opposi-
tion gunmen have laid waste to some
areas of Damascus and had an impact
far beyond the conflict zones. While
some areas are reasonably busy,
streets are near-deserted in some dis-
tricts and much quieter than normal
in others especially at night, when
the city centre is pocked with check-
points manned by the army and gov-
ernment militiamen.
Queues at gas stations have become
commonplace, testing the already
frayed nerves of Damascenes scared
about the way the conflict that has
engulfed the rest of the country for 16
months has finally arrived on their
doorstep.
Dozens of cars blocked two of the
three road lanes outside a station in
the sprawling Mezzeh district, where
only two of the eight pumps were
operating and one of the workers said
they were short of both petrol and
staff. Nearby, blue gas cylinders lined
the pavements edge and women in
black abayas shaded themselves with
bits of cardboard, as they awaited a
delivery of the canisters many Syrians
use for cooking. One young woman in
the petrol queue said she was angry at
the situation, as she had had to leave
her sick father at home to trawl round
four gas stations looking for fuel.
Another onlooker blamed Mr Assads
regime for the problems. They are
thieves who fill their pockets, he
said. He is going to fall.
The government this week blamed
the petrol shortage on an unspecified
logistical problem that it said would
be solved soon.
One reason for disruption to sup-
plies of fuel and other goods, residents
and analysts say, is the increasing
violence around the main road
leading to the cities to the north
and the countrys sliver of coast in
the north-west. Earlier this week, a
burnt-out tanker straddled the central
reservation of the highway on the
outskirts of Damascus, an apparent
casualty of attacks that residents of
the capital say are becoming increas-
ingly frequent in the area near the
citys rebellious north-eastern sub-
urbs.
On Monday, unidentified gunman
opened fire on a company workers
bus on that section of road, killing
two men and critically injuring sev-
eral others, according to executives of
the business, who asked for it not to
be identified.
David Butter, an economic analyst
and former head of Middle East
research at the Economist Intelli-
gence Unit, said there were reports
that the lack of state security on high-
ways had triggered the creation of a
small industry for black market
operators filling up canisters from
tankers along the side of the road.
While the critical Damascus-Beirut
highway remains open, people in
Aleppo say fighting in the surround-
ing countryside has severely dis-
rupted to roads north to Turkey,
south to Hama and west to the coast.
In the centre of Damascus, the
fighting has left many businesses
short-staffed, as employees whose
commute goes through or near con-
flict zones stay at home.
While the government bombard-
ment of rebel-held areas has driven
thousands from their homes, many
also sleep at friends or relatives
houses to avoid potentially risky
journeys at night. At the Dama
Rose hotel, one woman explained
the reason for her overnight stay
in two words: hot zone, the term
many Syrian use to describe conflict
areas.
The ripple effect of the clashes has
also killed commerce in many areas
that would expect to be extra lively
during Ramadan, when Muslims tradi-
tionally cook big feasts to break their
fast and lead vigorous nocturnal
social lives.
In Damascuss old city, a butcher
named Adnan lamented that hed had
only five customers by late afternoon
on the first day of Ramadan, com-
pared with the hundreds he would
expect during peacetime. Usually I
dont have time to serve all the peo-
ple, he said. So I can say people are
afraid.
A rumoured bread shortage over the
weekend led to big queues at bakeries,
a spending cap per customer and a
brief black market that led one
Damascene to pay 100 pounds for a
packet costing 15 at the counter. The
situation seemed back to normal yes-
terday but, with most Damascenes
expecting the fighting to continue, no
one is ruling out a repeat.
Conf lict tightens squeeze on Syrian economy
Damascus
Fighting has disrupted
traffic and supplies on the
main road linking the
capital to other key cities,
write Michael Peel and
Abigail Fielding-Smith
Main picture:
Syrian rebels hunt
for snipers in
Selehattin, near
Aleppo. Top right:
an image from
amateur video
showing a Syrian
tank on fire in
Aleppo. Right: an
image released by
SNN purports to
show damage
after shelling in
the al-Qadam
district of
Damascus AFP; AP
ONLINE
Latest news plus
comment and
analysis on the
Syria conflict
www.ft.com/
syria
Clinton sees rebel havens as vital footholds in ascent to power
Syrian rebels are making
territorial gains that will
eventually become havens
and provide a base for
further operations against
government forces, Hillary
Clinton, the US secretary of
state, has said, write FT
Reporters and Reuters.
We have to work closely
with the opposition, because
more and more territory is
being taken and it will
eventually result in a safe
haven inside Syria that will
then provide a base for
further actions by the
opposition, Mrs Clinton said
in Washington yesterday.
She said that despite
opposition gains, it was not
too late for President Bashar
al-Assad of Syria to begin
planning for political change.
We do believe that it is not
too late for the Assad
regime to commence with
planning for a transition, to
find a way that ends the
violence by beginning the
kind of serious discussions
that have not occurred to
date, she said.
It was also important for
Syrias armed opposition to
make clear that it was
fighting for all Syrians and
not to seek reprisals that
could lead to more violence,
Mrs Clinton said.
Fierce fighting continued
yesterday for a fourth day in
Syrias commercial capital
Aleppo, as international
condemnation mounted over
the regimes threat to use
chemical and biological
weapons. The state news
agency said government
forces fought with rebels in
the districts of Salaheddine
and Sukkari and inflicted
heavy losses.
The Britain-based Syria
Observatory reported heavy
fighting after midnight in
several districts, as well as
shelling by regime forces.
Some areas saw protests
calling for the governments
fall early in the morning.
Rebels announced at the
weekend that they intended
to liberate Aleppo, but
regime forces appeared to
have reasserted control over
Damascus after a week of
fighting.
Laurent Fabius, the French
foreign minister, echoed
western leaders anger at
the prospect that Syrias
government might use
chemical weapons. Any use
of chemical arms is
completely unacceptable . . .
These weapons are under
strict surveillance by the
international community, he
told France 2 television.
Mr Fabius also said the
Arab Leagues offer of a
safe exit would not save Mr
Assad from punishment.
Israels army chief warned
that direct intervention in
the conflict for example,
to destroy the stockpile of
chemical weapons could
drag Israel into a wider
conflict than planned.
Speaking to a parliamentary
committee, Lieutenant
General Benny Gantz
appeared keen to damp
speculation over a possible
Israeli air strike on Syrian
military sites to prevent
advanced weapons from
reaching militant groups.
By Roger Blitz and
Vanessa Kortekaas
London will have to rely on
luck to avoid serious trans-
port problems during the
Olympics, the man oversee-
ing the capitals prepara-
tions for the International
Olympic Committee has
warned.
As transport and security
shortcomings continue to
tax organisers in the run-up
to Fridays opening cere-
mony, Gilbert Felli, the
IOCs executive director,
said the UK capital was
one of the most difficult
cities in the world to host
an Olympics, because of its
narrow streets.
We all cross our fin-
gers, Mr Felli told the FT.
Its not going to be easy.
The organisers had done
what they had to do, add-
ing: Now we need to make
sure we have a bit of luck.
Games competition
begins today with a
womens football match in
Cardiff, against a backdrop
of last-minute security and
transport concerns.
David Cameron, prime
minister, yesterday ordered
the deployment of a further
1,200 troops to protect ven-
ues to add to the 17,000
already billeted the latest
acknowledgment of the fail-
ure of private security com-
pany G4S to deliver enough
guards. Paul Deighton,
chief executive of the Lon-
don organising committee
[Locog], said the decision to
call up the additional troops
was not a reflection of fur-
ther problems arising with
G4S, but rather an effort to
be prepared.
You cant be absolutely
certain about anything with
a temporary workforce, he
said, referring to the pool of
workers from which G4S
Olympic security personnel
is being recruited.
It was a big disappoint-
ment so close to the games
that G4S had failed to pro-
vide the 10,400 guards it
was contracted by Locog to
supply, he said. The com-
pany is now expected to
deliver 7,000 venue guards.
A big test of Londons
capacity to cope comes
today when the games
lanes, reserved for athletes,
officials, sponsors and the
media, come into force.
Londons creaking trans-
port system has already
come under strain this
week. Malfunctions on the
Tube and rail networks
caused delays on Monday
evening as 40,000 people
descended on the Olympic
stadium in Stratford for a
rehearsal for the opening
ceremony. These included a
track failure on the Central
line, one of the key Under-
ground lines serving the
Olympic Park.
Ministers sought to play
down the problems. Things
do go wrong, said Justine
Greening, transport secre-
tary, noting that other lines
serving the park had
worked normally.
Peter Hendy, Londons
transport commissioner,
said the system was able to
cope with parts of the net-
work being out of action.
Theres a huge amount of
redundancy in the system,
he said.
He and Boris Johnson,
London mayor, have con-
sistently warned London
commuters to avoid central
London during the games.
The mayor told the FT he
was absolutely confident
the transport network
would cope well.
But Mr Johnson added:
There may be times when
people will experience
delays, congestion. There
may be moments when
youd be well advised to go
and have a beer and wait
for the situation to ease off
a bit. Ms Greening urged
Olympic sponsors to use the
public transport network to
get to the games, instead of
chauffeur-driven cars.
Notebook, Page 6
Follow the games on:
www.ft.com/olympics
London needs a bit of luck to avoid
transport problems during Olympics
A big test of Londons capacity to cope comes today when
the games lanes come into force Reuters
4

FINANCIAL TIMES WEDNESDAY JULY 25 2012
WORLD NEWS
Republican challenger
Mitt Romney accused the
Obama administration yes-
terday of leaking informa-
tion for political gain
about the raid that killed
Osama bin Laden.
Describing the behav-
iour as contemptible, Mr
Romney used a foreign
policy address to claim
that the White House was
endangering national secu-
rity with selective leaks
and to call for a full inves-
tigation.
Mr Romneys speech to a
conference of Veterans of
Foreign Wars in Reno was
billed as the start of a
week when Mr Romney
would flesh out his foreign
policy ideas, including
during visits to the UK,
Israel and Poland.
Instead, Mr Romneys
main point of political
attack in his speech was
over the alleged leak of
information to the media
about incidents such as
the bin Laden killing and
the Stuxnet computer
virus that damaged Irans
nuclear programme.
The Romney campaign
leapt on comments on
Monday by Senator
Dianne Feinstein, the
Democrat who heads the
Senate intelligence com-
mittee. Asked about the
spate of recent leaks, she
said: I think the White
House has to understand
that some of this is com-
ing from their ranks.
The bin Laden raid has
become a particularly
important issue in the
election because it has
helped insulate the Obama
campaign against the tra-
ditional Republican charge
that Democrats are weak
on foreign policy and
defence issues.
The White House has
denied it was behind any
of the leaks.
Geoff Dyer, Washington
Romney calls for probe
into bin Laden death leaks
National security
Lee Myung-bak, the South
Korean president, has
apologised to the public
after his brother was
arrested in a graft inquiry.
The president delivered
the apology two weeks
after Lee Sang-deuk, his
76-year-old elder brother
and close political ally,
was arrested over allega-
tions which he denies
that he had accepted
$500,000 from two bank
chairmen seeking political
influence.
Mr Lee, who is entering
the final months of his
presidency, yesterday
expressed pride in
myself over his efforts to
crack down on political
corruption, but that said
recent events had caused
him embarrassment.
I started off with my
very own belief that I
would be involved in clean
politics, Mr Lee said.
However, my whole
world seemed to be col-
lapsing as disappointing
and regrettable incidents
occurred to people closest
to me. I can barely hold
my head up with embar-
rassment and sorrow.
South Korean prosecu-
tors are investigating
whether any of the money
allegedly received by his
brother had been used to
fund Mr Lees 2007 election
campaign.
A spokesman for the
president said he did not
want to respond to this
suggestion to avoid influ-
encing the investigation.
One person close to Mr
Lee said the apology was
intended to make clear
his sincerity to the
Korean people.
The person added that
the presidents statement
that the scandal was all
my fault should not be
seen as any kind of admis-
sion of guilt.
Simon Mundy, Seoul
Lee apologises for brother
over corruption scandal
South Korea
Ghanas president, John
Atta Mills, died in hospital
in Accra yesterday, aged
68.
Mr Mills had been suffer-
ing from throat cancer,
but his death was unex-
pected. The presidents
office said he died a few
hours after being taken ill.
It is with a heavy
heart . . . that we announce
the sudden and untimely
death of the president of
the Republic of Ghana,
his office said in a state-
ment.
Mr Mills, who had cele-
brated his 68th birthday
on Saturday, won a closely
fought election in late
2008, and was due to run
for a second term in
December. Rumours about
his health have circulated
in Ghana in recent
months.
Under his watch, Ghana
commenced oil production,
and the economy is grow-
ing strongly. The country
has seen two peaceful
changes of power in the
past 12 years, something
rare on the continent.
Mr Mills had medical
checks in the US last
month. A presidential aide
told Reuters that Mr Mills
had complained of pain on
Monday evening, and died
on Tuesday afternoon
after being taken to hospi-
tal.
An academic before
entering politics, Mr Mills
ran unsuccessfully for the
presidency in 2000 and
2004. Last year he was cho-
sen as the National Demo-
cratic Congresss candi-
date for the 2012 poll after
fending off a challenge
from Nana Konadu Agye-
mang-Rawlings, wife of
former military ruler and
president Jerry Rawlings,
who founded the party.
Xan Rice, Lagos
Ghana president dies just
hours after being taken ill
John Atta Mills
Mohamed Morsi, Egypts
Islamist president, has
asked Hisham Kandil, the
little-known irrigation
minister, to form a new
government.
His administration will
have to navigate serious
economic challenges after
months of instability and
protests.
The appointment of Mr
Kandil, who earned his
masters degree and doc-
torate from the University
of Carolina in the US and
who is unknown outside
his field of managing
water resources, puts an
end to weeks of conjecture
and leaks on the identity
of the new prime minister.
There had been specula-
tion that a high-profile
finance or economics spe-
cialist would be chosen to
head the government, to
help Egypt put its econ-
omy on a sounder footing
and boost the credibility of
the cabinet among
domestic and international
investors.
The benchmark EGX30
index of the Egyptian
stock exchange fell 1 per
cent after the announce-
ment. Egypt is hoping to
secure a $3.2bn loan from
the International Mone-
tary Fund once it has a
government in office that
can commit itself to a
programme of economic
reform.
Heba Saleh, Cairo
Egypts irrigation minister
named as next premier
Hisham Kandil
Hisham Kandil: serious
economic challenges
By Matthew Garrahan
in Los Angeles
A group of wealthy pro-
Republican hedge fund
managers is backing efforts
to legalise same-sex mar-
riage in four US states that
will vote on the issue in
November, as the partys
more socially liberal donors
try to regain ground ceded
to social conservatives.
The campaign to win
same-sex ballots in Maine,
Maryland, Minnesota and
Washington has received
financial support from Paul
Singer, the hedge fund bil-
lionaire who is one of the
partys biggest donors, and
Cliff Asness, the founder of
AQR Capital Management.
Dan Loeb, the activist
investor who recently
shook up the management
of Yahoo and Seth Klar-
man, the founder of
Baupost, the private equity
group, are also backing the
campaign. The four men
have donated money to
Freedom to Marry, a non-
profit group that aims to
legalise same-sex marriage,
and have also contributed
to American Unity, a super-
political action committee
started by Mr Singer which
will give financial support
to Republican congressional
candidates that back mar-
riage equality.
Ken Mehlman, the head
of public affairs at KKR, the
private equity group and
the former chairman of the
Republican National Com-
mittee is also backing the
same-sex marriage cam-
paign.
Supporting the right of
adults to marry the person
that they love is consistent
with Republican and con-
servative principles, Mr
Mehlman told the Financial
Times. With recent poll
data showing a surge in
support for same-sex mar-
riage, the Republican party
needed to stay relevant
with voters, he added. A
party that ignores reality
and demographic change is
a party that loses a lot of
elections and becomes less
relevant.
Republ i can- control l ed
state governments have
been more vocal in their
opposition to legalising
same-sex marriage than
those controlled by Demo-
crats. But there are signs
this is changing: last year,
the Republican-controlled
state legislature in New
York legalised same-sex
marriage. Mr Singer he
has a gay son Steven
Cohen, the billionaire hedge
fund manager, and Mr
Asness were among the
Republican donors that
backed the New York cam-
paign.
I dont think were going
to suddenly convince the
socially conservative wing
of the party to agree with
us, said Mr Asness. But
offering financial support to
candidates who are pro-
same-sex marriage will
give support and lend some
courage to those in the
party who are in the middle
on the issue.
Same-sex marriage is a
cross-party issue, added Mr
Loeb. We want to see free-
dom for everyone and as a
means to get there we want
to give Republican legisla-
tors the cover they need to
vote with their hearts as
opposed to some other
basis.
Mr Singer, a key fund-
raiser for George W. Bush
and, more recently, for Mitt
Romney, has given nearly
$10m to gay rights causes
and started American Unity
with a $1m donation.
Messrs Singer, Mehlman,
Asness and Klarman have
together donated more than
$1.5m to Freedom to Marry,
representing about 20 per
cent of the groups budget.
Legalising gay marriage
generated $259m in benefits
for New York City in the
past year, including hotel
stays, Michael Bloomberg,
mayor, said yesterday.
In the 12 months since
New Yorks legislature
passed the marriage equal-
ity act, the city has issued
8,200 licences for same-sex
marriage, more than 10 per
cent of the total, according
to a new survey by the
citys tourism agency.
Rich donors back gay marriage
Pro-Republicans
support ballots
Cash for campaigns
in four states
By Barney Jopson
in New York
A move to make all online
retailers levy sales tax con-
tinues to face resistance
from some lawmakers in the
US Congress even as it is
backed by Amazon, which
wants to avoid being singled
out by individual states that
are forcing it to collect.
Laws that let US internet
retailers avoid collecting
the tax from customers are
the most incendiary politi-
cal issue in the sector, the
source of rifts between
online and bricks-and-mor-
tar stores and between big
businesses and small rivals.
The perceived tax loop-
hole gives online stores an
unfair advantage over
bricks-and-mortar rivals
which are losing shoppers to
Amazon and others and
denies states much-needed
revenue, according to law-
makers who want to close it.
But at a hearing yester-
day, the proponents of a bill
that would give all states
the right to levy online
sales tax were met with
challenges over whether it
would constitute a new tax,
would be feasible, and
would stifle the growth of
new start-ups.
Steve Womack, a Republi-
can Congressman sponsor-
ing a House bill, said small
bricks-and-mortar retailers
were crying out for help
as they saw customers use
their stores as showrooms
to test out goods then
bought them tax-free online
on their smartphones.
In short, this bill levels
the playing field in the
world of retail sales, he
said. It would not create a
new tax but would simply
update the imposition of an
existing tax to the internet
era, he stressed.
But Elton Gallegly, a
Republican member of the
judiciary committee, voiced
the concerns of some in his
party when he said: When
you have to pass a law to
tax somebody on a tax
theyre not paying, to me
thats a new tax.
Even the supporters of
twin bills in the House and
Senate, which both have
Republican and Democratic
sponsors, concede they are
unlikely to reach a vote
before Novembers US elec-
tion.
William Fox, a professor
at the University of Tennes-
see, has estimated that
state and local governments
this year could forgo more
than $11bn in potential tax
revenue from ecommerce.
Mr Womacks district in
north-west Arkansas is
home to Walmart, the
worlds biggest retailer by
sales, which has helped fund
vociferous lobbying against
online retailers along with
bricks-and-mortar peers
including Target, Best Buy,
Home Depot and Sears.
Amazon, the worlds big-
gest online retailer by sales,
has been increasingly sup-
portive of the federal bills as
states including California,
Texas and New Jersey force
Amazon to start collecting
sales tax while leaving its
online peers untroubled.
It has, however, turned
the state moves to its
advantage by deciding to
build distribution centres
which it previously resisted
because they would have
triggered the tax by giving
it a physical presence in
order to accelerate its deliv-
ery speeds.
Amazons online peers
remain opposed to the pro-
posed legislation. Patrick
Byrne, chief executive of
Overstock, an online
retailer, said: Tax is not
just a tithe to the gods. Its
a payment for services. And
a Walmart in Dubuque,
Iowa, puts greater strain on
services than we do by
mailing a box there.
The Amazon economy:
www.ft.com/amazon
Congress split over move to close online sales tax loophole
When Erskine Bowles, a
former White House chief of
staff, stepped up to the
podium of the National
Press Club last week, he
first sought to capture the
vintage wit of his missing
deficit-fighting partner.
Im going to quote my
hero, Al Simpson, he said,
referring to the former sen-
ator from Wyoming who,
with Mr Bowles, has been
on a two-man mission to get
Congress to compromise
and curb the US debt.
Mr Bowles cracked one of
Mr Simpsons favourite
jokes about it being so
cold even lawyers had their
hands in their pockets
eliciting laughter in the
small briefing room. Then
he turned serious.
In spite of record low bor-
rowing costs, the US was
facing the most predictable
economic crisis in history,
he said. Its debt was a can-
cer destroying the country
from within, and the US
political system needed to
act quickly. We had hoped
that common sense would
overrule politics and people
in this town would be hard
at work on this now. But it
looks like politics is going
to overrule common sense
and nothing is probably
going to happen until after
the election, Mr Bowles
said.
Mr Bowles is a Democrat
from North Carolina who
worked under Bill Clinton;
Mr Simpson who could
not attend last weeks event
is a Republican. Despite
many setbacks, their
double act of folksy humor,
stark warnings and budget-
ary knowhow in the service
of American fiscal rectitude
is alive and kicking.
Two years ago, they were
tapped by President Barack
Obama to lead an 18-
member bipartisan commis-
sion on the USs public
finances. They recom-
mended $4tn in deficit
reduction over 10 years,
proposing cuts in all areas
of the federal budget,
including the Pentagon and
popular government pen-
sion and healthcare
schemes.
They also suggested gen-
erating more revenue
through a plan to lower
income tax rates for all
Americans while ending
many tax breaks and deduc-
tions.
Every single person with
half a brain knows you
have to do something, and
everyone knows you have
to hit everybody, Mr Simp-
son said in an interview
yesterday. Their plan comes
with a lot of pain and
heartburn and BO [body
odour], he said.
In December 2010, their
report received 11 votes,
falling short of the 14-
member supermajority
required for an automatic
vote in Congress.
Yet far from throwing in
the towel, Mr Bowles, 66,
and Mr Simpson, 80, have
kept up the pressure. They
have continued to meet law-
makers and the White
House to cajole them into
an agreement. They claim
to have more than 40 sena-
tors on their side, though
support is less enthusiastic
in the House of Representa-
tives, where only 38 of 435
members voted for their
plan in March.
Mr Simpson accepts the
wonderful juxtaposition of
cowardice and greed in US
politics, but says their com-
mission broke through the
ice cap and, undeterred,
the pair has toured the
country in an effort to get
more grassroots support.
As the US faces a fiscal
cliff with $600bn in
spending cuts and tax
increases due to hit in 2013
they are redoubling their
efforts for a grand bar-
gain. Their new campaign
called Fix the Debt is
backed by top figures from
both parties, including Bob
Zoellick, former president
of the World Bank. One of
their goals is to use social
media to get 10m signatures
in favour of a big deal.
Judd Gregg, the former
Republican senator from
New Hampshire, is co-chair-
man of the effort and a fan
of Mr Bowles and Mr Simp-
son. They play off each
other so well, says Mr
Gregg. He says progress is
two steps forward and
three steps backwards but
the US usually does what is
right and when a big defi-
cit deal happens it will mir-
ror the Simpson-Bowles
plan. They sent out the
memo thats going to con-
trol the meeting, Mr Gregg
says.
But what to some is
charming straight talk, to
others on both the right
and the left can be offen-
sive, and the pair espe-
cially Mr Simpson has got
into trouble.
After Mr Simpson said
Grover Norquist, the anti-
tax conservative cam-
paigner, had captured the
minds of most Republi-
cans, Mr Norquist told Reu-
ters: Al Simpson is trying
to sell a tax increase to a
country thats overtaxed
and where the government
spends too much money.
Mr Simpson has also
clashed with senior groups.
He was forced to apologise
in 2010 after saying Social
Security was a milk cow
with 310m tits, and this
year a furore erupted after
he vented at protesters
from a California retirees
association, calling them
greedy geezers.
The pair is now pushing
for at least a framework of
a big debt deal in the lame
duck session of Congress
between the November elec-
tion and the end of the year
details to be filled in by
July 4 2013. And they
believe the American peo-
ple are way ahead of their
politicians in wanting defi-
cit compromise.
They understand that
the problem is real and the
solutions are painful. There
is no easy way out, Mr
Bowles said.
But if we do it, the
future of this country is
very, very bright.
Deficit-cutting duo step up mission to fix US debt
Politics
Simpson and
Bowles turn to the
grass roots to back
their plan for small
government, writes
James Politi
Double act
Erskine Bowles, left, and
Alan Simpson are seeking to
cajole fellow lawmakers into
backing their agenda AP
It looks like politics
is going to overrule
common sense and
nothing is probably
going to happen
until after the
election
Erskine Bowles
Every person with
half a brain knows
you have to do
something, and
everyone knows
you have to hit
everybody
Alan Simpson
People understand
the problem is real
and the solutions
are painful. There is
no easy way out
Erskine Bowles
White House move on fiscal cliff
The White House sought to
rally support behind its plan
to avert the fiscal cliff by
releasing a study showing
the average US family of
four would face a tax rise
of $2,200 if no deal was
reached, writes James
Politi in Washington.
The report by the Nat-
ional Economic Council also
said the expiration of Bush-
era tax cuts for the richest
Americans would generate
nearly $1.2tn in deficit
reduction over the coming
decade, including savings
on interest payments.
Congress is gearing up
for symbolic votes on the
fiscal cliff that Republicans
and Democrats are staging
in an effort to reinforce the
election-year positions on
taxes and spending. But
neither is expected to move
the US any closer to an
agreement on how to avoid
the scheduled tax increases
and spending cuts looming
in 2013 that could send the
US economy into a new
recession.
The Democratic-controlled
Senate will vote this week
on the plan backed by
Barack Obama, US
president, to extend middle-
class tax cuts, but not those
for the wealthy, for a year.
Senate leaders and the
Obama administration hope
for the fewest possible
defections from their party.
FINANCIAL TIMES WEDNESDAY JULY 25 2012

5
Healthcare
Drugs that treat
tiny numbers of
sufferers have
transformed an
industry struggling
to secure long-
term growth but
high prices are
putting them
under threat.
By Andrew Jack
Uncommon complaints
W
hen Nick Sireau noticed
his newborn childs nap-
pies had turned black,
doctors initially told him
he was eating too much red cabbage.
It took months before he was diag-
nosed with an extremely rare disease:
alkaptonuria. A decade later, there is
finally hope that recent research
could lead to a treatment just as
concern rises over the costs involved.
In the past, nothing was being
done, says Mr Sireau, who has
become a leading campaigner because
his two sons are among just 90
patients in the UK with alkaptonuria.
Identified more than a century ago as
one of the worlds first known genetic
disorders, it causes calcified heart
valves and severe arthritis by middle
age, treatable only by painkillers and
joint surgery. One patient had spent
40 years going from doctor to doctor
and was only diagnosed three days
before he died, he says. We have
had to build the science. Now were
preparing to launch a clinical trial for
a drug in November.
Alkaptonuria is one of thousands of
such debilitating and long-neglected
orphan conditions, from Pompe dis-
ease to cystic fibrosis. Each affects as
few as a handful of patients in any
one country.
Work to combat these rare illnesses,
while expensive in an age of austerity,
is challenging the traditional model
of the pharmaceutical industry. The
knowhow required to fight orphan
diseases has been at the forefront of
efforts to identify, develop and moni-
tor treatment of far more common
maladies.
While companies in the past tackled
certain illnesses such as types of
cancer with broad catch-all medi-
cines, regulators are increasingly
unwilling to approve such blockbust-
ers as blunt instruments. Instead they
are demanding remedies more tailor-
made to particular individuals. Many
widespread illnesses are now being
approached as if they were orphan
diseases, with drug companies pushed
to produce treatments for far smaller
subgroups of sufferers.
Still, despite these advantages for
patients, work on orphan drugs could
be under threat. Prices present an
important drawback. The pursuit of
orphan drugs has sparked a gold rush
among large pharmaceutical compa-
nies entering a once-obscure field as
they seek new sources of income and
fresh business models for long-term
survival.
A single patient with an orphan dis-
ease can often cost between 100,000
and 400,000 a year. The US, EU and
Japan have incentives in place to fos-
ter work on orphan drugs but authori-
ties in several rich nations, feeling the
pressure of economic crisis, are begin-
ning to question the cost. Some of
their concern is that pharmaceutical
companies are exploiting the system.
Once an expensive drug is developed
for a tiny number of patients, regula-
tors complain it can be slightly modi-
fied and sold equally expensively
to a larger group.
Authorities in rich nations are step-
ping up scrutiny. In the UK, the
National Institute for Health and Clin-
ical Excellence, which has rejected a
number of costly therapies, will exam-
ine them systematically from 2013.
Orphan drugs are a success, but
they are becoming too successful,
says Ad Schuurman, international
head at CVZ, the Dutch healthcare
insurance board, which last year
spent 260m on orphan treatments
and has started to reassess their pric-
ing and reimbursement. There are
too many loopholes for companies to
play the game. What they are doing is
not forbidden but was not what was
intended.
Traditionally, rare diseases
defined in Europe as those affecting
no more than five people in every
10,000 and mostly genetic disorders
have touched too few patients to lure
investment.
But following similar moves in
Japan and the US, the EU put in place
legislation at the turn of the millen-
nium, providing research funds and
stimulating the drafting of new
national plans for support and diagno-
sis. Most important, it created incen-
tives granting 10 years of exclusivity
to the manufacturer of any orphan
drug receiving regulatory approval,
providing a monopoly from which
they can reap the rewards unless a
still better treatment comes along.
Its very clear the legislation has
made a tremendous difference over
the past decade, says Yann Le Cam,
head of Eurodis, an EU-wide orphan
disease patients group. Its really
stimulated research, led to 1,500 drug
applications and provided wonderful
hope for patients.
So far more than 70 orphan drugs
have been approved in Europe. Last
week the European Medicines Agency
approved the western worlds first
gene therapy, Glybera, which treats
lipoprotein lipase deficiency, a disease
that prevents the body from absorbing
the fat in food, causing severe inflam-
mation of the pancreas.
Drug companies share patients
enthusiasm for incentives that boost
work on orphan diseases. A decade
ago just a few specialists were work-
ing in the field, including Genzyme, a
Boston-based biotechnology company
that led the way with pioneering
treatments for Fabry disease, which is
caused by enzyme deficiency and
results in pain, kidney failure and
increased risk of stroke.
Now many larger pharmaceutical
companies are becoming involved.
In the past, many companies
assumed there was no way you could
get a return on your money, says
David Meeker, Genzymes chief execu-
tive. Now there is the realisation
that there is a business model for
orphan drugs that can work. They see
that the best business is one that
treats [rare] diseases successfully
rather than selling [conventional]
drugs to large numbers of people,
some of whom dont need them.
I
nvestors are also taking note.
Orphan development companies
represent a new paradigm in the
drug sector, with a lower cost,
focused development process and a
rapid upside for investors in a pro-
tected environment. Pharma are now
beginning also to recognise this as
they struggle to replace their lost bil-
lions as their revenue leaders go off
patent, says Mungo Park, head of
need rather than the size of the mar-
ket. We dont know how big the mar-
ket will be but if we find a molecule
that works first in an orphan disease,
it may be expandable.
Rare diseases are at the forefront of
drug development in other ways.
Funding and activism brings patients
together with networks of specialist
doctors and researchers. That acceler-
ates understanding of the illnesses,
lowers the cost of recruiting people
into clinical trials and helps boost
uptake for proved medicines.
From a regulatory perspective,
orphan diseases have helped pioneer
more rapid conditional approvals
based on limited data. In exchange,
companies must monitor patients
progress rigorously after a drug is
authorised, with possible modifica-
tions in use or withdrawal of the
treatment as its impact emerges.
T
he final great attraction was
price. Even countries that in
the past were relatively rapid
in prescribing and reimburs-
ing new orphan drugs are now review-
ing their policies. Wills Hughes-
Wilson from Swedish Orphan Biovit-
rum, which develops drugs for dis-
eases including alkaptonuria, says:
Our concern is not the legislation
but the payers downstream. Govern-
ments were quite scared of patients a
few years ago. Thats gone.
From the Netherlands Mr Schuur-
man is leading efforts to reform Euro-
pean incentives. He says drugs origi-
nally authorised for one orphan desig-
nation that have since been approved
for others boost total sales while
the price remains unchanged. Other
treatments developed by government
institutes or widely manufactured in
hospital pharmacies have been
handed to a single company that
funded fresh clinical trials, boosting
the price.
Angus Russell, chief executive of
Shire, another developer of orphan
drugs, says: When you consider the
alternatives of having patients often
requiring permanent care, the costs
are not exorbitant. We are only mak-
ing returns 2-3 per cent above our cost
of capital. If it was any lower, I would
have no case to make to my share-
holders and would have to close
down.
But others within industry concede
that the situation needs to change.
Moncef Slaoui, head of research at
GSK, who says that the costs of
orphan drug development are rela-
tively low and the benefits they pro-
vide for the rest of his business high,
says: We would like to introduce
more responsible pricing.
Mr Le Cam agrees that some orphan
drugs appear overpriced, notably for
enzyme replacement therapies. But he
says the costs of treatments remain
justifiable, with one recent estimate
suggesting their cumulative costs
would peak at 4.6 per cent of total EU
pharmaceutical expenditure by 2016.
When society doesnt care for its citi-
zens because of a downturn, everyone
is in danger, he says.
Fresh efforts by industry and policy
makers alike are now under discus-
sion to enhance EU networks. This
could strengthen research and boost
uptake of treatments in exchange for
lower prices. If they fail, orphan drugs
risk sparking a backlash just as they
begin to deliver.
FT Graphics
ANALYSIS
Availability of 60 orphan drugs, 2010 (%)
Sources: Eucerd; Eurordis; US census; Global Genes Project
Number of European orphan drugs applications* Estimated number of people affected by rare
diseases, 2011
Submitted
0 20
2000 02
0
20
40
60
80
100
120
140
160
04 06 08 10 11
40 60 80
France
Netherlands
Denmark
Italy
Hungary
Belgium
Spain
Romania
Greece
350m
Obscure cures
7bn
World population
Affected by rare diseases
Approvals
*
To Committee on Orphan Medicinal Products at EMA
Companies have too
many loopholes. What
they do is not
forbidden but was not
what was intended
Innovator Capital, a specialist invest-
ment bank.
The proof of growing mainstream
interest includes the $20bn purchase
of Genzyme by Sanofi of France at the
start of 2011. Last week, GlaxoSmith-
Kline strengthened its commitment
by signing a partnership with Amicus,
a specialist US company with its own
portfolio of next-generation experi-
mental drugs for Fabry disease.
Many of these companies are look-
ing for knowhow from orphan drugs
that will have broad firepower in tak-
ing on other maladies.
Many ailments previously thought
of as a single disease such as breast
or colon cancer have multiple vari-
ants, and drugs to treat them only
work in small subsets of patients
with specific genetic mutations.
Giving them to others is not only
costly and ineffective, but can cause
complications and unnecessary side
effects. As a result, many new oncol-
ogy treatments are now being
approved only with companion diag-
nostics to identify patients in whom
they will work.
Novartis initially launched drugs
for orphan diseases led by Gleevec for
blood cancer, but has expanded them
to other uses. Joe Jimenez, chief exec-
utive, says: We allocate resources
based on the level of unmet medical
On the web
To read news, comment and analysis
on the pharmaceuticals industry, go to
www.ft.com/pharmaceuticals
Development
Risks and rich rewards in rare disorders
Europes regulators took a pioneering
step last week when they approved
the western worlds first gene therapy,
which looks likely to benefit patients
but cause taxpayers to wince.
UniQure, a small Dutch
biotechnology company, won
authorisation to market Glybera,
offering hope to people with
lipoprotein lipase deficiency, a rare
genetic disease that prevents the
breakdown of fat and causes severe
pain and inflammation of the
pancreas. The authorisation remains
subject to final ratification this year by
the European Commission.
The company decided to invest in
the drug despite scientific uncertainty,
and to win investor backing, thanks to
the prospect of exclusivity at high
prices offered by the EUs orphan drug
legislation. The framework helped up
enormously, says Jrn Aldag, the
chief executive. We would not have
engaged otherwise. Its like game theory
the winner takes all.
The European Medicines Agencys
experts were themselves split on the
decision. They initially rejected the
application, which reflecting the
rareness of the condition was based
on results from just 27 people. Glybera
was finally approved only on condition
that it can be prescribed to a subset of
lipoprotein lipase deficiency patients
who have suffered repeated
pancreatitis. Its effects must also be
closely monitored by the company and
the results provided to regulators to
show long-term efficacy and safety.
Health systems across the EU may
soon be similarly divided over the drug,
now that they must decide whether
they are willing to pay for it, with
Mr Aldag indicating that it is likely to
be priced at more than 1.2m per
patient, making it the most expensive
medical treatment in the world.
He stresses the high costs of
development the drug has been
tested for nearly a decade without yet
generating any income. And the costs
can be offset only by sales to the few
patients with a disease affecting just
one person in every 1m-2m.
Mr Aldag also points out that the
treatment will reduce the expense of
emergency admissions for patients. He
adds that it needs to be administered
only once, compared with other
orphan drugs such as Cerezyme, an
enzyme replacement therapy required
for life and costing 250,000 a year.
He says UniQure intends to propose
a pioneering annuity approach to
charging health systems for the drug,
staggering payments over the five
years for which it has been proved to
work. Such financial innovation may
prove as important as the scientific
breakthroughs that led to the
treatment in the first place.
Speed read
Patients premium With a single
course of treatment commonly costing
up to 400,000 a year, some question
the economics of rare drugs
Noble goal Countries that offered
incentives to combat unusual diseases
now fear some pharmaceutical
companies are exploiting the system
On the market Seventy orphan drugs
have been approved in Europe, helped
by EU incentives introduced at the turn
of the millennium
6

FINANCIAL TIMES WEDNESDAY JULY 25 2012
Without fear and without favour
Wednesday July 25 2012
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
Thin end of the
wedge for Farage?
From Mr Ian Gordon.
Sir, With reference to Very
British eurosceptic gains viral
following (July 24): if Ukip leader
Nigel Farage disobeys No Smoking
signs, what other, more significant,
rules is he also transgressing?
Ian Gordon,
Camberley, Surrey, UK
Exquisite fit: we can all learn from the Sky cycling teams productivity Reuters
Correction
Morgan Stanley is cutting 700
jobs, taking the total to 4,000 for the
year, rather than making a further
4,000 job cuts as incorrectly stated in
an article on July 20 and in some
editions on July 21.
Monti tirelessly explains what Italy needs to do and why
From Ms Amelia Torres.
Sir, Your headline Monti is
running out of time to tell Italy the
truth (July 23) and the article itself
completely misrepresent what Mario
Monti has been saying and doing.
First, and contrary to what you
say, Prime Minister Monti did not
claim a victory after the last
European Union summit. Rather, he
expressed satisfaction that the
summit for the first time produced a
comprehensive response in terms of
creating a more solid architecture for
economic and monetary union,
allowing room for growth and trying
to stabilise financial markets. The
task of enforcing this result is still
going on, but it remains a good one
for the eurozone and beyond.
Second, if the Italian people have
accepted an unprecedented number
of sacrifices and reforms in only
eight months, its also because
Mr Monti tirelessly explains that
there is no easy way to reduce the
countrys debt and increase its
growth potential. We must do it, he
says, because it is in Italys interest
and that of future generations, who
have all too often been overlooked
in the past. Not (only) because
Europe says so. As Mr Monti said
last week: We must do everything
that is possible, as we are doing
right now with a great sense of
responsibility by citizens and
political forces, to get out of the
difficulties on our own.
Amelia Torres,
Press Counsellor to the Italian
Prime Minister
Artist buyback scheme should follow music deal
From Mr Martin Mills.
Sir, The proposed sale of EMI
Music to Universal will lead to the
creation of an unacceptably
dominant behemoth and should, I
believe, be blocked outright in the
interests of an open and competitive
market, of artistic diversity and of
consumer choice.
If, however, the European Union
decides to go down the remedies
road hard though it is to imagine
how any could be sufficiently
constraining my opinion is that
there is one place they should start
with possible divestments and that is
with artists.
If there is any adequate
compensation and counterbalance for
the creation of the controlling entity
that would result from this deal, it
should be that any artist signed to
any Universal or EMI label, currently
or historically, should have the
opportunity when the companies
combine to buy their rights back at
discounted market value.
This would create a happy single
moment of opportunity for artists
and allow those who so wished to
regain control of their masters and
utilise the services of the
independent sector to distribute their
music, thus strengthening the music
community and mitigating some of
the worst potential effects of the
acquisition.
Universal should not fear this,
given what they have said about
their motives and artist
relationships.
Martin Mills,
Chairman and Founder,
Beggars Group,
London SW18, UK
Singh is right
to be cautious
on Indian reform
From Mr Steven Wilkinson.
Sir, Your helpful advice to Indian
prime minister Manmohan Singh
(Putting Delhi back on its growth
track, editorial July 23) on steps he
should take to re-energise the Indian
economy correctly points out that
many Indians are unhappy with low
growth and also that the large
subsidies for such things as fuel and
fertiliser are a drag on the economy.
But your argument that a reduction
in these subsidies and the strong
embrace of further reform will
necessarily have a good effect on the
Congress partys electoral fortunes is
too optimistic.
Many Indian voters, whether one
likes it or not, identify reform as a
real threat and are unwilling to
trade the protected jobs and
subsidies they have now for promises
of more economic uncertainty and
(possibly) more jam tomorrow. That
surely helps to explain why, in polls,
the need for macroeconomic and
regulatory reform consistently seems
much less pressing to Indian voters
than it does to the FTs editors, even
though voters say they care a lot
about jobs and inflation. The current
coalition politicking in New Delhi, of
course, magnifies the power of the
many who oppose reform.
It is all very well for the FT to
complain that Congress has been too
cautious in the face of resistance
from its coalition partners, but this
caution simply reflects Congress
leaders probably accurate
assessment that their partners are
not bluffing when they threaten to
bring the government down if it
pushes through with things such as
retail liberalisation and subsidy
reductions.
Steven Wilkinson,
Yale University,
New Haven, CT, US
Being able to run
again is one of the
best incentives
From Mr Noah Johnson and
Mr Ariel Kattan.
Sir, It was quite refreshing to hear
Jon Huntsmans acknowledgment
that the US government has
essentially become a mechanism for
companies to enrich themselves at
the expense of the taxpayer (True
conservatives despise Americas
crony capitalism, July 19). We were
impressed that he accurately
attributes these problems to both
parties equally, and by his call on
Republicans to drop their futile
fatwa against ObamaCare (they have
now voted to repeal it 33 times).
Perhaps this reasonableness is what
made him unqualified to run for
president.
Where we disagree with Mr
Huntsman is in his solutions. He
suggests that term limits for
Congress, sensible campaign finance
reform and stopping the revolving
door for those in Congress and the
White House are remedies for our
current political malaise.
As residents of California, we have
seen the unfortunate effects of term
limits. Being able to run again is one
of the primary incentives for
politicians to do a good job. When
politicians cannot run again their
incentive ends up being to line their
pockets or secure deals for their
friends or future employers at the
publics expense before their last
term is up. Furthermore, legislators
gain invaluable experience the longer
they serve, becoming experts in a
given policy area and skilled at
manoeuvring through the maze that
is Capitol Hill. Term limits would
force Congressmen to rely more on
lobbyists for legislation while doing
little to solve the problems that
people wrongly attribute to long
stints in Congress. It is our
campaign finance system that is at
the root of these problems.
Mr Huntsman speaks of sensible
campaign finance reform. We do not
need sensible reform, we need an
overhaul. If we want a political
system where our elected officials
dont spend 50 per cent of their time
soliciting donations and are not
corrupted by those donations, then
we should stop the problem at its
source: political donations. With a
population of more than 300m, if
every man, woman and child
contributed $10 during tax time (with
parents paying for children under 18)
that would create an election fund of
$3bn, more than enough to fund each
election cycle. Politicians should not
be able to accept money, period.
Lastly, the most important place to
close the revolving doors is not
Congress or the White House, but
the agencies and regulators. Isnt the
regulated becoming the regulator the
definition of conflict of interest?
Thank you, Mr Huntsman, for
being honest about the problems we
face as a country. Now try to be a
little more serious about reforming
the system and perhaps you can
rally support from the rational
people that make up the majority of
the electorate.
Noah Johnson,
Pasadena, CA, US
Ariel Kattan,
Washington, DC, US
Temperature trend hidden by hot 1998
From Prof Richard Green.
Sir, Would you have published
Peter Lloyds claim (Letters, July 23)
that there has been no change in
global temperatures since 1997 if
he had shown you the relevant
data?
In 1998 there was an El Nio event
and it was an exceptionally warm
year, which has not been surpassed
in the Hadley Centres records for
global average surface temperatures
(although the Berkeley Earth Surface
Projects land surface data show
higher temperatures in the last few
years see www.berkeleyearth.org).
Nine of the 11 years since 2001 have
been warmer than any year in the
20th century apart from 1998; the
other two are beaten only by 1997.
A modest understanding of data
would have told Mr Lloyd that it is
not unusual to see some outliers
around a trend.
Richard Green,
Alan and Sabine Howard Professor
of Sustainable Energy Business,
Imperial College London, UK
Mumbai Notebook
An Olympic race
from the bottom
Eighty-one proud Indian athletes will
limber up for London 2012s opening
ceremony this Friday, the countrys
biggest ever contingent. Each will
have their eyes on individual
successes. But some may have a
larger prize in mind: losing, finally,
their countrys place atop the
podium of global sporting
underachievement.
Indias is a uniquely inept record.
It boasts only 20 medals from more
than a century of participation, more
than half in field hockey. In only
two other disciplines athletics and
wrestling has an Indian graced the
winners rostrum more than once.
Athens 2004 produced just a single
silver, in double trap shooting. Yet
this was a considerable improvement
over the previous three contests,
which yielded none at all.
The question of why this nascent
superpower, with its fast-growing
economy and billion-plus population,
is quite so athletically incapable
remains unsurprisingly controversial
here. Some feel their country is
unfairly victimised, noting that
neither Bangladesh nor Pakistan
fare much better. Others veer
uncomfortably towards physiology or
social status: it is not uncommon to
hear body size, or upper-caste views
on physical exertion, as excuses.
Attitudes towards sport are more
persuasive. There is a Hindi phrase
Kheloge kudo ge banoge kharab,
padho ge likho ge banoge nawab
which translates roughly as fool
around and youll be a flop but study
hard to come out on top. On this
account, parents are to blame.
Then there is always cricket and
the pull it exerts on the nations
sporting psyche. Indians often
lament the lack of white outfits and
red balls in the Olympics, as if the
whole thing was designed to exclude
events at which their country excels
a list to which one might add yoga,
chess or algebra.
Yet in truth this most inglorious
record probably flows from the
same mix of grinding poverty and
administrative bungling that dulls
Indias promise more generally. An
academic paper a few years back
made this point, noting that few here
can effectively participate in sport,
held back by everything from hunger
and disease to dismal facilities.
The latter point rings especially
true in Mumbai, a city of more than
15m with only a handful of
municipal swimming pools. Things
are said to be little better for the
Olympians themselves, with plenty
of stories about pistol shooters
lacking practice bullets, or cyclists
forced to pedal on streets outside
crumbling velodromes.
Yet despite the frequently corrupt
and feudal manner in which Indian
sport is run, there are signs of hope.
Four years ago in China the country
won its first individual gold, in pistol
shooting. This time, some whisper
that Indias largest contingent may
turn out to be its best, with a female
archer tipped for gold and a handful
of marksman, pugilists and wrestlers
competitive elsewhere.
I think we might improve
substantially, says Ayaz Menon, a
sports writer based in Mumbai who
is flying to London this week. In
Beijing we won three. So even if we
win six it will be a big boost. The
countrys best hope of an athletics
medal comes, appropriately enough,
in the 20km walk. As India tries to
move beyond sporting ignominy, it
knows better than most that not
every race is a sprint.
The f lying Sikh
Indias faint athletic hopes carry
special poignancy for one man:
82-year-old Milkha Singh, known as
the flying Sikh. Born in Pakistan,
Mr Singh lost his parents during
partition in 1947 and fled to India as
a refugee and orphan. There he set
out, so the legend goes, on a mostly
self-taught path to become one of the
worlds best 400m runners. His
efforts culminated in heartbreak at
the 1960 Olympics in Rome, where he
came fourth after a photo finish.
Even in failure, however, he won
the love of his countrymen, part of
the reason his life story is now being
made into a Bollywood movie. He
recently said his last desire was
to see an Indian come home from
London with an athletics gold. And
while the omens here are not all
that promising, this is India land
of epic myths and improbable filmic
endings, where there is always hope.
Shooting for his biopic was
recently postponed for the summer,
allowing actors to escape the
midyear heat. But perhaps it was
also the director hoping against hope
that Indias athletes could pull off a
truly unlikely feat, sufficient to give
this octogenarian hero his final wish.
Bollywood movies always have a
happy ending, after all.
james.crabtree@ft.com
As if the Greeks didnt have
enough to worry about
James Crabtree
Reforming British
banking after Libor
Only incisive measures can restore confidence in the City
The ripples from the Libor scandal
are still spreading through Brit-
ains financial system. Following
the forced resignation of Bob Dia-
mond, Barclays chief executive,
the regulators and in particular,
the Bank of England are under
growing pressure to explain why
they did not spot the misconduct
that was happening on their collec-
tive watch.
The reputation of the City of
London has been dented both
domestically and abroad. Ameri-
cans in particular have once again
been quick to cast London as some
sort of financial wild frontier.
Disillusion with the banks also
remains high. Much of the public
believes that financial liberalisa-
tion has brought little or no bene-
fit at all to the ordinary citizen.
The banks are seen as having
taken little interest in the real
economy, preferring to exploit con-
sumers for their own narrow finan-
cial benefit.
But all these accusations, while
strongly felt, are at least partly
undeserved. If British regulators
were asleep while Libor was
manipulated, American watchdogs
were scarcely alert. Not all invest-
ment banking activity was damag-
ing, and the profits and overseas
earnings it generated helped to
finance public services. There is a
danger that in the current mood of
revulsion, these considerations are
forgotten.
This does not mean, however,
that Britain can avoid a detailed
re-examination of what went
wrong in the City. Lord Turner,
chairman of the Financial Author-
ity, has given a speech on how
he would like the British banking
system to change that offers a
useful jumping-off point for such
an analysis.
The speech, it should be admit-
ted, was not necessarily a wholly
selfless exercise. This autumn, the
government has to decide who to
choose to replace Sir Mervyn King
as the next governor of the Bank
of England. Lord Turners speech
alongside another one he gave this
month on the future of monetary
policy are widely seen as a way
of throwing his hat in the ring for
the succession.
Lord Turner may have addressed
the grand sweep of the reforms
that are necessary from pruden-
tial policy, industry structure and
conduct supervision to the culture
and values of the banks. But many
of the practical changes he pro-
posed were hardly revolutionary.
While willing to entertain changes
to the structure of the industry
along the lines proposed by the
Independent Commission on Bank-
ing, he showed little interest in the
full-fledged separation of retail and
investment banking that this
newspaper has advocated.
He had more to say on the future
of supervision. For example, his
suggestion that Britain should reg-
ulate more heavily the wholesale
selling of financial products makes
sense. While it is true that in
wholesale transactions both par-
ties are typically quite sophisti-
cated, when a pension fund is mis-
sold a product the final victim is a
less knowledgeable policyholder.
For this reason it is right that the
regulators should be given the
powers to ban products for the
wholesale market, just as they will
in the case of retail investors.
On questions of culture and
enforcement, it would have been
good to hear Lord Turner call for a
more muscular approach. If the
UK is to restore confidence in the
City of London as a national asset,
policy makers must take a tougher
line on enforcement.
Where critics are right is in
claiming that the British system
lacks sufficiently severe penalties
for wrongdoing. It is simply absurd
that no one of any significance has
been prosecuted for any of the
scandals that have been uncovered
since the crisis. When organisa-
tions are unwilling to reform
themselves, then the penalties of
wrongdoing need to be stiffened to
the point where bankers conclude
that it is no longer in their interest
to break the rules.
Politics is adding
to Spanish woes
Madrid shares the blame for the latest bond market panic
With a public debt burden well
below the eurozone average, Spain
can be forgiven for feeling frus-
trated that its sovereign borrowing
costs keep climbing to new peaks.
There are no underlying eco-
nomic reasons to feel differently
about Spain now than a week ago.
Over the weekend, the regions of
Murcia and Valencia requested
financial aid from Madrid and
more seem set to follow, including
large and independent-minded
Catalonia but the amounts are
trifling. Even if the entire 18bn
liquidity fund set up by the central
government to help the regions is
deployed, this will still amount to
less than 2 per cent of Spains
annual economic output.
Then there are technical snags
that are driving up yields. One is
that it is summer and trading is
thin, amplifying any impulsiveness
by volatile traders. Trading plat-
forms also feed negative spirals
when they react to yield rises by
demanding more collateral, thus
making it less attractive to hold
the bonds in question. Both are
flaws of the bond markets, not of
the Spanish economy or Madrids
economic policy.
But it is no strategy for prime
minister Mariano Rajoys govern-
ment to complain about unfair
treatment by markets, as it has an
unfortunate propensity to do. Polit-
ical leadership is about how well
you play the hand you have been
dealt. Mr Rajoy took office last
December with the economic deck
stacked against him, but he has
managed better than might have
been feared. His political cards, in
contrast, were stronger than those
of any other eurozone leader, yet
he has fumbled away his aces in
one unforced error after another.
In its economic policies bank
restructuring, fiscal consolidation,
and labour market reform
Madrid has done more than most
eurozone members, but then its
problems have also been bigger
than most. It has not gone far
enough on cleaning out the bank-
ing system: while the eurozone
decision ultimately to inject com-
mon funds straight into Spanish
banks is of critical importance,
deeper writedowns, including of
senior unsecured bondholders,
must be put on the table. Mean-
while, Madrid has been attempting
to cut deficits too fast unfathom-
ably, it has persisted even when
both the European Commission
and many Spanish citizens ask for
a more moderate pace of cuts.
But on the whole, Spain has
adopted good policies. Economic
mismanagement is not the basis of
the latest bond market panic; polit-
ical mismanagement is. Mr Rajoys
Partido Popular won the last elec-
tion with a landslide and a man-
date for reform. That strength has
eroded as cacophonous messages, a
fumbled political approach to aus-
terity, and unfair impacts of bank
collapses increasingly alienate vot-
ers, the regions, foreign govern-
ments and global investors. If Mr
Rajoy does not soon regain mar-
kets confidence in his political
leadership, it may be lost forever.
Madrid is not alone in fumbling
the politics of the eurozone debt
crisis. As much as anything hap-
pening in Spain, investors worry
about the lack of common purpose
in the eurozone. The deal to move
towards banking union may turn
out to be the exception; but after
so many false starts, investors are
justified in waiting for proof that
the plan will be implemented.
While they wait, Madrid should
stick with the policies it is pursu-
ing but intensify its work on the
banking sector. If high yields per-
sist, Spain can bear it for a while
no one should buy the kabbalism
according to which a certain level
of yields marks the entrance to a
black hole. The eurozone needs to
convince investors it will be able
to act if panic persists, which it
can best do by giving the new res-
cue fund a banking licence.
But the best remedy against
panic is reassurance. A greater
sense of political competence in
Madrid and of decisiveness in
Brussels would do wonders.
It is no strategy for
Mariano Rajoy to
complain about unfair
treatment by markets
MORE ON FT.COM
Business blog
Londons Olympic legacy?
www.ft.com/businessblog
Fair-weather
Facebook fans
From Prof Robert Shaw.
Sir, Your report Facebook treads
a fine line with its advertisers (July
24), on tensions between Facebook
and its advertisers, is timely. Recent
research by the Ehrenberg-Bass
Institute on the top 200 brands (by
Facebook fan numbers) studied
whether fans, after the initial like,
bother to engage with the brand. The
study found that, in a given week,
fewer than 0.5 per cent of fans
engage with the brand and only 1 in
200 brands had more than 2 per cent
engagement. It found that passion
brands such as Nike, Chanel and
Harley-Davidson have no more than
average Facebook engagement levels.
It concludes that having a Facebook
conversation with a brand is not a
top priority for consumers.
Robert Shaw,
Professor of Marketing Metrics,
Cass Business School,
London EC1, UK
Sky show how to be good Europeans
From Dr David Schofield.
Sir, We can all learn from how the
Sky teams successes in productivity,
long-termism and innovation fit so
exquisitely with established European
infrastructure and institutions.
David Schofield,
London N10, UK
Our game cant
find the referees
From Mr Justin Tooth.
Sir, I wholly support William
Pecks proposal for Winchester
College Football as an Olympic sport
(Letters, July 24), but I will comment
on his remark about the ever-
increasing list of changing rules.
Until recently the rules were both
ancient and constant, well befitting
the Olympic spirit. Indeed, there
were only three rules (combinations
of offside and catching) that could be
infringed while the ball was in play.
However, these rules were so
fiendishly complicated that in any
generation not more than three men
alive were considered properly
qualified to referee. Modern attempts
to clarify our game with additional
codification have not made the
interpretation any easier. This may
prove a restriction for the wider
Muggle world.
Justin Tooth,
London W3, UK
FINANCIAL TIMES WEDNESDAY JULY 25 2012

7
COMMENT
Sebastian Mallaby
less effective. The current Operation
Twist is the limpest of all.
Unless the Fed can rekindle the
shock value of the first round, more
quantitative easing is unlikely to
work. Success depends on a whole
range of actors deciding that the Fed
is determined to accelerate recovery
rather than repeat a tired trick that
they have seen before. Banks, having
sold Treasuries, must choose to
reinvest the proceeds in riskier
assets rather than just adding to
their huge cash piles. Corporations,
facing lower borrowing costs, must
resolve that this is the moment to
invest. Consumers, seeing rising
stock and bond markets, must
summon the confidence to spend. If
the Fed wont take the risk of going
beyond what it has tried already,
private actors wont take risks
either. Monetary policy is like faith
healing. The patient must believe.
Quantitative easing that fails to
spark risk-taking could actually
make things worse. A Fed that is
both active and ineffectual is the
worst thing for confidence, and
indefinite purchases of Treasuries
threaten to upset the way markets
work. As the IMFs Manmohan Singh
argues, the Feds appetite for safe
assets is draining the financial
A rapid fall in the euro can save Spain from collapse
$1.21). If it falls an additional 15 per
cent it would reach near parity with
the dollar and would still be about
20 per cent above the euros historic
low of 84 cents.
A lower value of the euro would
reduce the prices of eurozone exports
and raise the cost of imports,
reducing or eliminating the current
account deficits of the peripheral
European countries, since about half
their trade is with countries outside
the eurozone. The weaker euro
would also boost Germanys net
exports, raise German wages and
prices, and reduce the trade
imbalance within the eurozone.
The increase in peripheral country
net exports would also raise their
gross domestic product, thus
reversing their recessions that were
caused by higher taxes and cuts in
government spending. That would
make it politically easier to achieve
the needed fiscal consolidations. And
shifting from recession to growth
would raise business incomes and
employment, reducing the volume of
bad loans and mortgage defaults now
hurting the banks.
In recent weeks I have discussed
the case for a declining euro with
current and former eurozone officials.
I expected they would just say that I
am a long-time eurosceptic who is
always critical of the euro. But the
opposite happened. These eurozone
experts all agreed that a lower value
of the euro is necessary for the
survival of the single currency.
The continuing decline of the euro
reflects the markets perception that
the euro must fall or the eurozone
will collapse. Investors also recall
how rapidly a currency can fall: the
euro fell by nearly 30 per cent
against the dollar in about a year
and the British pound declined by
25 per cent during six months in 2008.
The decline of the euro can
therefore occur without specific
action by the European Central
Bank. But a further shift by the ECB
towards a looser monetary policy
would speed the euros decline.
While the improvement in the
eurozones net exports would have a
negative effect on American net
exports, the impact on the US
economy would be relatively small,
since US trade with eurozone
countries equates to less than 5 per
cent of US GDP. There is no reason
to expect any policy reaction by
Washington to prevent a weaker
euro. The US has no tradition of
exchange market intervention and
interest rates are already so low that
no further reductions would be
possible even if the US Federal
Reserve wanted to do that. Moreover,
both President Barack Obama and
Fed chairman Ben Bernanke have
recently emphasised the risk to the
US of a collapse of the eurozone.
I believe now, as I did 20 years
ago, that imposing a single currency
on a heterogeneous group of
countries is a mistake. Europe lacks
the kind of geographic mobility and
automatic interstate transfers that
allow the US to operate with a single
currency. While the creation of the
eurozone was an economic mistake,
however, allowing it to dissolve now
would be very costly to governments,
investors and citizens.
A rescued eurozone would still face
the problem inherent in the single
currency: an inappropriate monetary
policy in different countries at
different times. But the other
problems of the euro may not
continue. The bond markets will
prevent the excess borrowing by
governments and private individuals
that occurred in the past decade.
And the peripheral countries are
beginning to take the necessary
reform steps that could reduce the
differences in productivity and unit
labour costs that have contributed to
widening trade deficits.
A new start for the euro is still
well worth trying.
The writer is a professor at Harvard
University and former chairman of
the Council of Economic Advisers
Martin Feldstein
After the Lehman Brothers crisis,
Ben Bernankes Federal Reserve
demonstrated creativity and nerve.
Unfortunately, that reputation is no
longer justified. Todays Fed
confronts slowing growth, high
unemployment and well-anchored
inflation expectations. And yet it
hesitates. Paradoxically, its image as
a risk-taker inhibits its ability to be
genuinely bold.
Back in 2008-2009, the Fed took
real risks with its balance sheet
risks that private actors shunned.
It bought portfolios of toxic
securities. It lent to manufacturers.
It backstopped money-market funds.
But today the Feds supposedly
audacious unconventional policies
consist of buying Treasury securities.
These are the safest possible
instruments and there is no shortage
of private actors lining up to buy
them. Prices are screaming out this
message. Interest rates on 10-year
Treasuries are at a record low.
Because of Mr Bernankes
reputation for boldness, he is
frequently accused of creating money
wildly. When he appeared last week
before Congress, he was rebuked
by Republicans for his presumed
recklessness, while Democrats
appeared to feel he was pushing
policy as far as he could. But there
is nothing particularly wild about
the Feds money printing. Its purpose
is merely to effect a change in
private balance sheets. Banks sell
their Treasuries to the Fed in
exchange for newly minted dollars
(in the case of quantitative easing)
or for shorter-term government
securities (in the case of the current
Operation Twist). Given that risk-free
government securities are treated as
cash equivalents by financial
institutions, this is not radical.
Most assessments of quantitative
easing find that it has worked. In
May, a paper by two Federal Reserve
Board economists calculated that
the Feds asset purchases had
lowered 10-year Treasury rates by
1 percentage point. Last year the
San Francisco Fed estimated, a bit
heroically, that output might be
3 per cent higher at the end of 2012
than it would have been otherwise.
But these positive verdicts conceal
a less uplifting message. The first
round of quantitative easing was
most powerful it was the largest,
and its novelty inspired shock and
awe. The second round, from
November 2010 to June 2011, was
system of an essential lubricant.
Traders use Treasuries as
downpayments on derivatives
positions; investment funds use
them as collateral when they borrow.
Because Treasuries circulate so
rapidly through the financial system,
Mr Singh suggests that $1m of them
in private hands will stimulate more
growth than $1m of cash.
And so the Fed faces a dilemma.
With inflation below target and
unemployment far above the neutral
rate, there is a clear case for
stimulus. But the familiar tools of
stimulus seem unlikely to work.
So the markets expect next weeks
Fed policy meeting to produce more
equivocation. The better way forward
would be to come up with new tools.
One possible measure is to cancel
interest on excess reserves. At
present, the Fed pays 25 basis points
to banks that deposit cash with it, a
perverse reward for keeping money
inert. Eliminating that incentive
might steer cash into the real
economy. But it would also drive
cash into the money markets, where
returns would soon fall to zero or
lower. Money market funds would be
hard-pressed to avoid breaking the
buck again. Panic might follow.
That leaves a second option: the
Fed could couple more quantitative
easing with a formal announcement
of a higher inflation target. Some
Fed leaders are open to this. Charles
Evans, the Chicago Fed president,
has floated the idea of a 3 per cent
target, effective until unemployment
falls below 7 per cent. A higher
inflation target would lead markets
to understand the Fed is committed
to quantitative easing of game-
changing magnitude, inducing the
behavioural shifts needed to make
the policy succeed. Financiers would
embrace risk assets rather than safe
ones with real returns that would
be clearly negative. Companies,
expecting more growth, would step
up investments. Consumers, seeing
the real value of their debts eroding,
would probably spend more.
The Bernanke Fed has been
pilloried for pursuing wild
quantitative easing at the risk of
inflation. The truth is that it has
pursued cautious quantitative easing
without risking inflation. The time
has come for some fresh thinking. A
Fed that can escape the myth of its
audacity might be able to do more.
The writer is a senior fellow at the
Council on Foreign Relations and an
FT contributing editor
Show some real audacity at the Fed
T
he possible break-up of the
eurozone is now openly
discussed by policy officials
and financial executives. The interest
rate on Spanish government debt has
soared above 7 per cent, reflecting its
lack of progress in reducing its fiscal
deficit and those of Valencia and
other regional governments. Greece
is likely to fail its inspection by the
troika, the trio of international
lenders keeping it afloat, bringing it
closer to a eurozone exit by the
autumn. Even Germany is under
financial pressure because the
Bundesbank has so much explicit
and potential exposure to peripheral
European countries.
The recent eurozone summits ended
with nothing of substance. Meanwhile,
financial markets may already be in
the process of producing a solution.
The declining value of the euro holds
the key to the eurozones survival.
The euro has fallen in the past
year by 15 per cent relative to the
US dollar (from $1.44 to less than
The GOP should reform not repeal Obamacare
Meanwhile, Obamacare leaves
Medicare, the scheme for the elderly,
almost untouched. This reliance on
existing programmes has dangerous
effects. Since most of the patients
a typical doctor sees are Medicare
patients (the elderly being the
biggest consumers of medicine),
Medicares incentives shape the
whole practice of US healthcare.
Medicare pays a set fee for each
service. This piece of 1960s-vintage
programme design induces doctors to
think of healthcare as a series of
individually billable procedures.
The exchanges offered an
alternative vision: a marketplace
operated by the states in which
providers would compete to offer
programmes to ensure their clients
health and wellbeing. Individuals
would choose from a regulated menu
of such programmes. This managed
competition model should be
extended rather than eliminated.
2) Emancipate the states.
Opponents of the ACA won an
important victory in their otherwise
unsuccessful Supreme Court
challenge: a majority of the justices
agreed there are limits to the federal
ability to impose rules upon state-
run schemes such as Medicare.
The ACA promised states extra
federal funds to support Medicaid.
It also minutely detailed how state
insurance exchanges must operate.
But federal funding promises can
be rescinded. And constitutional
issues aside, if the states are to run
healthcare exchanges, they should be
allowed to run them their own way.
This is not just a matter of principle,
but also pragmatism: there will be a
lot of trial and error on the way to a
distinctively American system of
universal coverage, and its best if
errors are made in only a few places.
3) Focus on controlling costs
through competition, not limiting
enrolment.
Healthcare costs the US about 17 per
cent of national income. That is far
in excess of the industrial world
norm of 12-13 per cent, for which
those countries not only cover all of
their populations but also generally
enjoy better health outcomes.
Americans misunderstand where
the money goes. They believe they
go to the doctor more often, stay in
hospital longer and take more pills
than their European counterparts.
None of that is true. Americans pay
more because US providers doctors,
hospitals, pharmaceutical companies
all charge more. Elsewhere in the
US economy, relentless competition
forces prices down. Like higher
education, healthcare has been
shielded from the howling winds of
price competition, leaving many
Republicans wrongly to feel that
universal coverage must wreck US
finances. But leaving 15 per cent of
the US uninsured is a false economy.
Subjecting providers to fierce price
discipline is the true economy.
4) Tax everybody, not just the rich.
The ACA purports to finance itself
with a rise in the Medicare payroll
tax on rich individuals and a tax on
investment income. In other words,
it will load virtually all the costs for
a big new entitlement programme on
less than 1 per cent of taxpayers.
That is dangerous policy. If
potential beneficiaries feel that more
healthcare spending in no way
impinges on them, they will always
want more. All must become more
cost-conscious, and if more of those
costs are paid through taxes, then
those taxes should apply broadly so
as to force such consciousness: a
value added tax, perhaps, or new
energy taxes, rather than taxes on
investment and upper incomes.
These are healthcare reforms
Republicans can actually achieve
and achieve in time to prevent
Obamacare from hardening into
another one of Americas ossified,
unchangeable interest-group realities.
The writer is a contributing editor
at Newsweek/Daily Beast and a
former speech writer for President
George W. Bush
R
epeal and replace has been
the Republican slogan against
the giant Democratic health
reform enacted in 2010.
But replace with what?
The reform, for all its many, many
faults, did one important thing:
extend health insurance coverage to
almost all Americans. A Republican
alternative should aspire to do the
same. That statement is
controversial in todays GOP. It
should not be. Universal coverage
need not mean higher costs, nor
more statism. But how to get there
while meeting Republican concerns?
Here are four ideas for the next
Republican Congress and president:
1) Treat the healthcare exchanges in
Obamacare as part of the solution,
not part of the problem.
The majority of Americans to receive
coverage under the Affordable Care
Act will receive it not from
healthcare exchanges but via a huge
expansion of Medicaid, the
government scheme for the poor.
David Frum
With Federal Reserve holdings of
US Treasuries rapidly increasing ...
US Treasury securities held by the Federal Reserve
($bn)
2003 04 05 06 07 08 09 10 11 12
... banks respond by holding
more cash ...
Bank holdings of excess reserves ($bn)
2003 04 05 06 07 08 09 10 1112
0
500
1000
1500
Sources: Federal Reserve Bank of St Louis; Federal Reserve Bank of San Francisco; Bloomberg
... the impact on interest
rates diminishes ...
% points
-1.0
-0.8
-0.6
-0.4
-0.2
-0.0
QE1 QE2 Maturity Extension
Programme
10-year Treasury
bond yield
BBB corporation yield
30-year mortgage-
backed securities yield
Cumulative change of key interest rates over the
announcement days of the three past large scale asset
purchase programmes
while stable long-term inflation
expectations suggest room for action
Five-year forward break-even rate (%)
2008 09 10 11 12
0
1.0
2.0
3.0
0
500
1000
1500
I expected they would say
that I am a eurosceptic
who is always critical of
the euro. But the
opposite happened
Cnoocs bid for
Nexen is a sign
the US is
missing out on
Chinese
investment,
says Yukon
Huang
ft.com/a-list
I
n 1906, the great statistician
Francis Galton observed a
competition to guess the weight
of an ox at a country fair. Eight
hundred people entered. Galton,
being the kind of man he was, ran
statistical tests on the numbers. He
discovered that the average guess
(1,197lb) was extremely close to the
actual weight (1,198lb) of the ox. This
story was told by James Surowiecki,
in his entertaining book The Wisdom
of Crowds.
Not many people know the events
that followed. A few years later, the
scales seemed to become less and
less reliable. Repairs were expensive;
but the fair organiser had a brilliant
idea. Since attendees were so good at
guessing the weight of an ox, it was
unnecessary to repair the scales. The
organiser would simply ask everyone
to guess the weight, and take the
average of their estimates.
A new problem emerged, however.
Once weight-guessing competitions
became the rage, some participants
tried to cheat. They even sought
privileged information from the
farmer who had bred the ox. It was
feared that if some people had an
edge, others would be reluctant to
enter the weight-guessing
competition. With only a few
entrants, you could not rely on the
wisdom of the crowd. The process of
weight discovery would be damaged.
Strict regulatory rules were
introduced. The farmer was asked to
prepare three monthly bulletins on
the development of his ox. These
bulletins were posted on the door of
the market for everyone to read. If
the farmer gave his friends any
other information about the beast,
that was also to be posted on the
market door. Anyone who entered
the competition with knowledge
concerning the ox that was not
available to the world at large would
be expelled from the market. In this
way, the integrity of the weight-
guessing process would be
maintained.
Professional analysts scrutinised
the contents of these regulatory
announcements and advised their
clients on their implications. They
wined and dined farmers; once the
farmers were required to be careful
about the information they disclosed,
however, these lunches became less
fruitful.
Some brighter analysts realised
that understanding the nutrition and
health of the ox was not that useful
anyway. What mattered were the
guesses of the bystanders. Since the
beast was no longer being weighed,
the key to success lay not in
correctly assessing its weight, but
rather in correctly assessing what
other people would guess. Or what
others would guess others would
guess. And so on.
Some, such as old Farmer Buffett,
claimed that the results of this
process were more and more divorced
from the realities of ox-rearing. He
was ignored, however. True, Farmer
Buffetts beasts did appear healthy
and well fed, and his finances were
ever more prosperous: but, it was
agreed, he was a simple countryman
who did not really understand how
markets work.
International bodies were
established to define the rules for
assessing the weight of the ox.
There were two competing standards
generally accepted ox-weighing
principles and international
ox-weighing standards. However,
both agreed on one fundamental
principle, which followed from the
need to eliminate the role of
subjective assessment by any
individual. The weight of the ox was
officially defined as the average of
everyones guesses.
One difficulty was that sometimes
there were few, or even no, guesses
of the oxens weight. But that
problem was soon overcome.
Mathematicians from the University
of Chicago developed models from
which it was possible to estimate
what, if there had actually been
many guesses as to the weight of the
animal, the average of these guesses
would have been. No knowledge of
animal husbandry was required, only
a powerful computer.
By this time, there was a large
industry of professional weight
guessers, organisers of
weight-guessing competitions and
advisers helping people to refine
their guesses. Some people suggested
that it might be cheaper to repair
the scales, but they were derided:
why go back to relying on the
judgment of a single auctioneer
when you could benefit from the
aggregated wisdom of so many clever
people?
And then the ox died. Among all
this activity, no one had remembered
to feed it.
john.kay@johnkay
John Kay
The parable
of the ox or
why it is hard
to castrate a
bull market
Some analysts felt that
understanding the oxs
health and nutrition was
not useful since it was no
longer being weighed
R
IG
H
T

T
H
IN
K
IN
G
FT comment series by eminent
Republican politicians and
writers: www.ft.com/rightthinking
8

FINANCIAL TIMES WEDNESDAY JULY 25 2012
Private
equity to
presidency
is a leap
I
s a former private equity boss
the right man to take on the
worlds biggest government job?
US voters will decide this
November in the presidential
election, but in the meantime it is
worth examining whether the skills
that made Mitt Romney $250m are
the same as those required by the
leader of the free world.
Stating the obvious, private equity
is so-called because it does not
operate in the public arena. It is a
pure capitalist pursuit in which
investors buy companies and try to
sell them for a capital gain. There
is an intense focus on returns for
shareholders and rather less concern
for citizens as a whole. Generally
speaking, corporate social
responsibility, sustainability,
disclosure and environmental issues
are not as much a priority as they
are to public companies, charities
and government.
Buyout houses such as Mr
Romneys Bain Capital use debt to
acquire companies, and in doing so
pay less corporation tax than might
otherwise have been the case. These
companies are run to maximise
profits for the owners, rather than
for the creation of jobs. Of course
private equity can be healthy for an
economy, but as a career it is
probably at the opposite extreme
from the public services in terms of
motivations. Attention is not directed
towards the common wealth, but
enriching the management, buyout
partners and their institutional
backers. That is the nature of the
game. To argue otherwise is bogus.
Most private equity leaders are
fairly discreet and prefer to keep
their activities and wealth hidden
from the media. Rather the opposite
of the life any politician must be
willing to lead this is, after all,
the age of complete transparency.
Because private equity deals take
time to mature and carry is hard
to value, many of the industrys
tycoons are worth much more than
their magazine rich-list rankings
suggest. And those who rise to the
top in the profession need to be
ferociously interested in
accumulating money. By contrast,
I would suggest that those who
succeed best in politics are much
more interested in prizes such as
fame and power and perhaps, who
knows, even a belief in doing good.
Private equity is not about
courting popularity. It is about
picking winners and making those
assets sweat. Commercial risk in
leveraged buyouts is usually
amplified because of borrowings.
From time to time such deals fail
and restructuring or even
bankruptcy ensues. Private equity
transactions often involve hard
decisions factory closures, lay-offs,
disposals, cuts in capital expenditure
and so forth. These choices are
usually for the general good of the
enterprise, but can lead to collateral
damage.
But the public and the media are
unforgiving of public figures who
state the difficult facts arguably we
prefer charm over honesty. Perhaps
that explains why the disreputable
New Labour project won three
elections, despite taking Britain to
war under false pretences and almost
bankrupting the country.
Private companies are not
democracies they are quasi-
dictatorships. Owners choose who
the managers are, whether to pay
a dividend, when to sell a business
all the really big stuff.
Orders in corporations owned by
private equity can be carried out
swiftly that is why the model
works. Meanwhile, the president
answers to the people, and must
co-operate with his cabinet,
Congress, the media and armies of
interest groups. Laws take years to
enact. Politics mostly moves slowly,
after much compromise and debate.
I accept Mr Romney was a
governor of Massachusetts for four
years, a Mormon bishop and ran the
2002 Winter Olympics in Salt Lake
City, so he is not a complete
stranger to high office in the public
arena. After all, his father was a
politician and he has won the
Republican nomination. But all that
is chicken feed compared to the
challenge of winning the White
House and then doing a decent job
if he seizes the trophy.
No doubt he is a great delegator,
salesman, talent-spotter and a highly
confident, likeable individual. But
having spent many years in the
private equity industry, Ive never
met a senior partner who shows
even a fragment of the selfless
devotion to public service that being
the president must surely entail.
Im no fan of Barack Obama but to
me, Mr Romneys candidacy simply
lacks all credibility.
lukej@riskcapitalpartners.co.uk
The writer runs Risk Capital Partners,
a private equity firm, and is chairman
of StartUp Britain
Private
equity is
not about
courting
popularity.
It is about
picking
winners
Luke Johnson
The entrepreneur
The business traveller
Using a smartphone to summon a taxi
Thanks to smartphone
apps, hailing a cab in
major cities has become
much easier. Which are
the most useful?
Depends where you are . . .
Taxi apps are a relatively
new phenomenon and tend
to be confined to certain
cities and countries. Hailo,
which bills itself as the
black cab app, is used by
about 5,000 London cab
drivers. Weve got about
25 per cent of the black
cab fleet, says Ron
Zeghibe, Hailo chairman.
The app shows you where
the nearest cabs are and
allows the cabby to accept
you as a fare via your
phone. The app is also
available in Dublin.
Meanwhile, those visiting
Germany might wish to
download MyTaxi. This
Hamburg-based start-up
shows users the nearest
taxi and allows them to
book and pay via their
mobile device.
It is available in a number
of cities in Germany (and
even on the North Sea
island of Sylt) and Austria.
The company says 20 per
cent of German taxis
currently use the system.
. . . and what you want
Uber is a San Francisco-
based start-up that has
generated a lot of buzz.
One reason is that the
company has an eye for
marketing. This month
it ran a one-day experiment
allowing users to summon
an ice-cream truck on
demand.
It has also caught the
public imagination by
sending smart town cars
rather than cabs, although
it has recently added less
expensive vehicles in an
attempt to broaden its
appeal. Uber now offers
services in more than a
dozen North American
cities as well as in Paris
and London.
Other apps to look out for
Kabbee, the London
minicab price comparison
and booking app; Australias
Taxi Pro; San Francisco-
based Cabulous and Taxi
Magic.
All are available on
Android and iPhone, with
some availability or planned
availability on other
platforms.
Rhymer Rigby
Judgment call
He and his friends fell in love with
the high-contrast photos with their
odd bright colours and dark edges. It
tapped into both the fascination with
the eastern bloc and the spread of
high-street photo labs that slashed
processing costs, making experiment-
ing with photos affordable.
The friends registered Lomographic
Society International an ironic,
important-sounding name as a non-
profit organisation to qualify for free
exhibition space for their photographs
in Vienna. To fund this, they went
east to source more cameras to sell.
As they were about to begin formal
An old-fashioned start-up
T
here is a generational divide
around the smell, feel and
sound of winding a roll of
35mm film into a camera, says
Matthias Fiegl, co-founder of the Aus-
trian analogue camera maker Lomog-
raphy. But it doesnt fall in where you
might imagine.
Its a funny thing that we didnt
expect at all, he explains, as he plays
with one of a dozen plastic cameras.
When you ask a 30-to-40-year-old
about Lomography, they say: You
can do this with digital Instagram is
so cool. But with young people, they
grow up with digital. Then they see
film and they say: This is so new.
The slogan of Lomography is The
future is analogue. But as the com-
pany reaches its 20th anniversary and
$40m in annual turnover, the three
co-founders admit they are surprised
by their customer demographics.
Some companies have the problem
that their audience is getting older,
ageing with the founders, says Mr
Fiegl, sitting in the Vienna head office
alongside his co-owners, his wife Sally
Bibawy and childhood friend Wolf-
gang Stranzinger. We have the oppo-
site problem. Lomographys getting
even younger and younger, and we
are getting older and older.
The answer has been to hire youth-
ful workers from among Lomogra-
phys customer community. Most of
its 350 employees are in their 20s.
Lomographys cameras have devel-
oped a kind of cult following as users
encouraged to call themselves Lom-
ographers explore the creative pos-
sibilities of analogue. At your childs
birthday, youd better use a digital
camera, says Mr Stranzinger. But
Lomography has built a business out
of showing customers how to create
photos that a digital camera cannot
so far such as making ghost images
with double exposures or shooting
with expired film.
Last year, Lomography sold 500,000
cameras and 2m rolls of film. The
founders believe the way the company
will continue to thrive is by staying a
quirky, niche business while film
giants such as Agfa and Kodak strug-
gle. Thats why in the past five years
we had annual growth rates of 30 per
cent, says Mr Stranzinger.
To protect the cameras from obso-
lescence as filmmakers and photo labs
wind up operations, Lomography now
makes film for all its cameras and has
also set up processing outlets world-
wide.
Mr Fiegl was the first to think of
the potential business opportunity. In
1991 he visited a Prague camera shop
and noticed a pocket camera made by
Leningrad Optical and Mechanical
Enterprise or Lomo, which specialised
in military optics. After the Berlin
Wall fell, eastern Europeans wanted
the latest devices from overseas elec-
tronics makers, so the 1984 Lomo
Kompact Automat was a bargain
price of 10 roubles. Mr Fiegl bought 10
units.
Picture imperfect:
from left,
Matthias Fiegl,
Sally Bibawy,
and Wolfgang
Stranzinger, shot
this year in Vienna
with a Lomo
LC-Wide camera
A team in Hong Kong now develops
new models based on vintage designs
or ideas from Lomographys carefully
nurtured customer community. The
company depends on a new product a
year to generate interest its latest
is the Lomokino, a hand-cranked
camera that makes movies on 35mm
film. With no formal advertising
spending, the company markets itself
by sponsoring crowd-sourced photo
exhibitions, such as one currently
at the Museum of London, or produc-
ing books, such as a city guide
series.
A
t the same time, despite this
evangelism for analogue,
Lomography has developed a
digital strategy. It pioneered
photosharing on its website in 1998,
six years before Flickr launched and a
fifth of its sales come from the web-
site, which has 25 versions in different
languages.
The trio did, however, ask Insta-
gram to rename a popular filter on
the mobile photo app called Lomo
as Lo-fi. Ive joked that maybe if
[Instagram] kept it as Lomo with
30m people always using the Lomo
filter it would give us a big audience
from a branding perspective, says Mr
Fiegl. On the other hand, people
could also say: Why use an analogue
camera when you could do it with a
mobile device?
One answer is that analogue films
very unpredictability is still prized.
The three founders believe the retro
effects possible on Instagram are, in
fact, nudging curious app users into
Lomography shops to try the real
thing. The network of stores initiated
five years ago in hip neighbourhoods
from Shanghai to Shoreditch to Chi-
cago, where the 36th one opens soon,
accounts for nearly a third of sales.
With workshops, exhibitions and
meeting spaces, the shops help nur-
ture the sense of community that
Lomography has sought since the
original conceit that customers were
buying a lifetime membership to the
Lomographic Society. The camera just
happened to come included.
The Lomography business focus
Your product does not
have to be new to be
novel. It might have been
around for a long time, as
with the analogue Lomo
Kompact Automat. Open
the eyes of your customers
by explaining in detail the
greatness and benefits of
an old product, says
Lomography co-founder
Wolfgang Stranzinger.
Deploy surprise.
The market is usually
conservative and only
reflects what people already
know. You must go one
step further and surprise
them with great ideas, he
says.
The new Lomokino hand-
cranked movie camera is
one example.
Be cautious with investors
and venture capital.
Try as much as possible
and as long as possible
to stay a majority
shareholder of your
company. If you can build
up your business with bank
loans or family money you
really stay your own boss,
Mr Stranzinger advises.
careers Mr Stranzinger for a law
firm, Mr Fiegl for Austrias Green
party, Ms Bibawy as an architect
they exhibited in Moscow and New
York as a final opportunity to travel.
Back in Vienna, they were greeted by
scrolls of faxes with thousands of
requests for Lomo cameras from peo-
ple who had seen them featured on
television coverage of the exhibitions.
The career plans went on hold and the
non-profit became a formal business,
Lomography although the co-found-
ers encourage the Lomographic Soci-
ety International moniker to maintain
the sense of community among its
customers.
Armed with a bank loan, they nego-
tiated an exclusive contract with
Lomo to sell the cameras worldwide.
The St Petersburg company was
happy to unload its old stock and
spare parts until a management con-
sultancy advised it to close the cam-
era division altogether. They said
Its finished. It doesnt make sense for
us, recalls Mr Stranzinger. So, we
were a young company with one prod-
uct and this product was not available
any more . . . One year in, we had the
first real mega-crisis.
So, with the help of the Austrian
consulate they organised a meeting
with Ilya Klebanov, the director of
Lomo, and the deputy mayor for inter-
national economic relations in the
city: Vladimir Putin. He was talka-
tive and making jokes, Mr Fiegl says
of Mr Putin, who deployed the fluent
German he had honed as a KGB agent
in Dresden.
Mr Putin decided developing the
camera would be good for St Peters-
burgs image and offered the factory a
tax break if the Austrians paid more.
The 300 workers were rehired and pro-
duction resumed until 2005, when Lomo
said it would no longer make the cam-
era and handed over the blueprints.
Lomography then found Chinese
engineers who would try to replicate
the designs. At first, they had to be
convinced not to correct the cameras
quirks. Within 18 months, however,
the camera was back on stream but
made in China.
Last week, David Bagley, HSBCs chief compliance
officer, resigned from his post while giving testimony
at a US Senate hearing.
Even if it is well planned, is such a public forum the
best way to announce a major resignation?
Is it a good idea
to resign in a very
public forum?
The problem
The PR James Tate
Political, media and public clamour
for senior resignations is increasingly
common but, even when these calls
are valid, many organisations ignore
them until action is unavoidable and
reputations have already been
damaged.
A public resignation provides a
powerful response to criticism and in
this instance might indicate a serious
intent on behalf of HSBC to improve
its compliance and mend the
reputational damage it has suffered.
Yet in terms of HSBCs long-term
reputation, the overhaul of the
banks compliance structure also
announced at the hearing is
more significant. But to what extent
is this obscured by the noise of a
resignation on camera?
The writer is managing director
of the Henley Group International
The consultant Stephen Brooks
Even though large corporate failures
are rarely the fault of one person,
politicians and the media have
become focused on ensuring that
whenever something goes wrong,
someone pays with their job.
So I admire David Bagley for
taking responsibility for a failure in
controls. By taking the initiative and
offering his high-profile resignation
before the public clamour for a
senior-level departure became too
loud, the business can shut down
the story and save the rest of the
company a lot of grief and
reputational damage.
Yet while these public resignations
clearly appease the bloodlust of the
press, whether they help the
business to address the underlying
problem or serve the interests of its
customers is far less clear.
The writer is specialist in people
management and organisational
change at PA Consulting Group
A public
resignation
provides a
powerful
response to
criticism
Public
resignations
clearly
appease the
bloodlust of
the press
The PR Malcolm Gooderham
There are several things to consider.
First, a resignation demonstrates a
degree of accountability. This is
refreshing and has the potential to
improve corporate reputation.
Second, the more integrated the
announcement the better, otherwise
it risks leaving the brand looking
detached. Third, a crisis can be the
making of a brand, as companies are
judged both by how they handle such
situations and by their results.
Underlying this is the need to
try to lead the story, rather than
letting critics do it for you. This is
not a comfortable position for some
executives. However, waiting to see
what happens is not shrewd but an
example of weak leadership and will
undermine the brand.
The writer is founder of TLG
This is
refreshing
and has the
potential to
improve
corporate
reputation
The advice
BUSINESS LIFE
We were a young
company with one
product and this
product was not
available any more
Entrepreneurship
The chance discovery of
a Soviet-era camera led
Lomographys founders
to a build a business
around analogue film,
writes DArcy Doran
FINANCIAL TIMES WEDNESDAY JULY 25 2012

9
Rubens Flap (1999), for example,
she trebles the image of her naked
torso, allowing one face to blur into
another, and segmenting her bellies
and breasts into diaphanous panels.
She gestures at the multiple images
we have of ourselves; at the gap
between our real body and our
fantasies of its ideal.
Her decision to concentrate on
paintings of women makes Saville
both heir and heretic to a tradition
that stretches back to Titian by way
of Rubens, Ingres, Picasso and Freud.
The women painted by those
geniuses were essentially objects of
the gaze repositories of the
spectators desires and fears rather
than animated by their own.
Savilles models, however, are
autonomous subjects, and nowhere
more strikingly than in her vast
close-ups of female faces.
Atonement Studies: Central Panel
(Rosetta) (2005-06) shows a blind
girl, her eyes an ice-blue glaze, her
head tipped awkwardly to one side.
Yet the energy and precision of
Savilles mark-making lift Rosetta
beyond pathos to make her a subject
of pure presence.
Most recently, Saville has
concentrated on large-scale drawings
of mothers and children in pencil,
charcoal and pastel on paper. Two of
her drawings, including one that
impeccably reproduces the figures of
the Virgin and St Anne in
Leonardos National Gallery cartoon,
are on show in the Old Masters room
in the Ashmolean Museum. The
others are hung together in a single
gallery at Modern Art Oxford.
Although Saville often uses herself
as a model, her habit of reaching
back to the Renaissance lends her
figures an archetypal majesty.
Traced and retraced in ghostly
doublings Saville terms these, with
a nod to the Old Masters, pentimenti
the females naked bellies thrust
into the foreground, the childrens
limbs squirm with the boundless
athleticism of babyhood. Often their
sturdy monumentality is struggling
to emerge from swooping scribbles
that recall Leonardos efforts to cull
movement out of a still image.
ARTS
The BBC Proms countdown to the
Olympics is nearing its climax. The
cycle of the Beethoven symphonies
by Daniel Barenboim and the West-
Eastern Divan Orchestra has reached
its midpoint on the way to
Symphony No.9, timed so that the
humanitarian hymn of Schillers
Ode to Joy rings out as the
opening ceremony is unfolding at the
Olympic stadium.
The idea was a good one. Not only
does Barenboims orchestra of young
players drawn from across the Middle
Eastern divide underline the political
theme of peace and harmony, but the
performances are also putting
forward a potent, unified artistic
message.
It is remarkable that an orchestra
which only comes together for a
month or two each year can play
with such a strong corporate feel for
sound and style. Barenboims
Beethoven has not changed from the
days of conductors such as
Furtwngler and Klemperer in his
youth and the West-Eastern Divan
players replicate their depth of sound
in all its fullness. In the Symphony
No.6, Pastoral, that meant a glowing
sunshine warmth.
Each programme in the cycle has
contrasting works by Boulez at the
centre. On Monday, these were two
that the West-Eastern Divan players
have performed before Mmoriale,
in which Guy Esheds plangent solo
flute dominated a small, rather
anaemic-sounding chamber group in
this vast hall, and the agitated
Messagesquisse, in which Hassan
Moataz El Mollas solo cello
performed feats of nimble virtuosity.
Then back to Beethoven. A
portentous delivery of the opening
fate motif in the Symphony No.5
announced a performance on a
grandiose scale. Where period
instrument performers tend to drive
through the symphony with
unrelenting intensity, Barenboim is a
master at knowing where to slacken
the pace, where to build up the
power, and his young musicians
never wavered from the path he set.
Again there were good solo
contributions, not least the piccolo
who stood for her final minutes of
glory an extraordinary moment in
the spotlight. Perhaps Barenboim has
other surprises in store before this
cycle is out.
www.bbc.co.uk/proms
We live in an age where the body
has never mattered more nor
counted less. If the record prices
fetched by Lucian Freuds late
paintings werent sufficient, the
runaway success of a posthumous
exhibition of his work at the
National Portrait Gallery this spring
proved how much we long to look at
images of human flesh at its most
natural and flawed. Yet beyond the
doors of art institutions the pact
between technology, commerce and
narcissism puts us at risk of
becoming airbrushed, synthetic
shadows of our real selves.
Two exhibitions being held in
Oxford are a dazzling reminder that
how we feel about our flesh depends
on our time as much as on
ourselves; and that great artists are
of their moment but also push
boundaries to revitalise our world.
Born in Cambridge in 1970, Jenny
Saville grew up in a world where
painting had never been less
fashionable. While her YBA
contemporaries were flitting between
media on the basis that what
counted was the philosophy behind a
work rather than its manual
realisation, Saville stayed faithful to
Willem de Koonings observation
that: Flesh was the reason oil paint
was invented. Rather than the
concept-factory Goldsmiths, she
enrolled at Glasgow School of Art,
an old-fashioned institution that
demanded its students practise life
drawing for two hours a day.
But Saville is a child of her time.
While Freud, to whom she is often
compared, eschewed conceptual
tricksiness, she loves to show her
subjects doubled, in mirrors or
divided. In her early self-portrait
Art history
in the f lesh
Two exhibitions shed light on our shifting
attitudes to the body through the ages
Striking: Rubens
Flap and Hyphen
at the Jenny
Saville exhibition
in Oxford; below,
A warrior
subduing a
monster (c.1593)
by Agostino
Carracci, from
Heroic
Nakedness
Geraint Lewis
CLASSICAL MUSIC
West-Eastern Divan
Orchestra/Barenboim
BBC Proms, Royal Albert Hall,
London

Richard Fairman
At times, this dialogue with the
past tips Saville into mannerism. But
lets not quibble. By borrowing the
essentialism of Renaissance sacred
iconography, Saville interrogates
what it means to be female and
fertile in the 21st century yet evades
her epochs distorting mythologies.
Rewind 400 years and a different
but equally compelling vision of the
body prevailed. Winnowed from the
collection of the Christ Church
Picture Gallery, a small but
sumptuous cache of Renaissance and
Baroque Italian drawings maps an
era when outer beauty was held up
as a mirror of inner perfection.
It was the rediscovery of classical
sculpture by artists such as
Donatello that sparked the
Renaissance celebration of nudity.
Once Michelangelo had painted his
flawless Adam on the ceiling of the
Sistine Chapel, there was no doubt
that male pulchritude was the ideal.
The soggy limbs and flabby bellies
of the female deities present in a
small selection of drawings here
reveal that what men desired in
women, even goddesses, was physical
passivity. Men, however, could be
heroes. A clutch of 16th-century
drawings by the likes of Agostino
and Annibale Carracci, Baccio
Bandinelli and Tintoretto show male
nudes summoned out of pencil,
charcoal, ink and chalk with grace
and charisma. Highlights are hard to
choose, although for a spiralling
energy that defies its single
dimension, Tintorettos charcoal
drawing of Samson slaying the
Philistine is hard to rival.
Is there a difference between our
present obsession with gym-sleek,
Botoxed beauty and Christ Churchs
glorious celebration of neo-Platonic
nakedness? Lets hope so. If not,
Jenny Saville is our best chance of a
more dignified future tense.
Jenny Saville at Modern Art Oxford
and The Ashmolean Museum, Oxford,
both until September 16
www.modernartoxford.org.uk,
www.ashmolean.org
Heroic Nakedness: Exploring the
Body Through the Eyes of
Renaissance and Baroque Artists,
Christ Church Picture Gallery,
Oxford, until October 15
www.chch.ox.ac.uk
ARTS
ONLINE
For more reviews
and features, plus
videos, slideshows
and podcasts, visit
www.ft.com/arts
Formulaic:
Dominique
Reymond and
Xavier Gallais
in La
Mouette
Boris Horvat
Seagull laid low by silliness
THEATRE
La Mouette
Cour dhonneur du Palais des
Papes, Avignon

Laura Cappelle
life out of Chekhovs words. The
diction is grandiloquent, often
counterintuitive, sometimes outright
grating; none of the complex
relationships at the heart of the play
gain enough momentum to sustain
interest. Only Marie-Sophie Ferdane,
a modern and intense though uneven
Nina, Xavier Gallais, delectably
pedantic as Trigorin, and Dominique
Raymond, the epitome of high-pitched
melodrama as Arkadina, emerge as
more than cardboard characters.
As far as the rest goes, the words
of Arkadina after her sons play
apply: There is a pretension to novel
forms of art, but I personally cant
see any.
www.festival-avignon.com
When hardened Avignon theatre-
goers start leaving in droves before
the first interval, you know the going
is about to get rough. So it did with
a new production of Chekhovs La
Mouette (The Seagull), one of the big
events of this years Avignon
Festival. It was director Arthur
Nauzyciels debut in the Cour
dhonneur, and something evidently
went terribly wrong in the transition
to this history-steeped space. First-
time nerves or not, the opening night
amounted to a slow-motion car crash
of proportions nearly as epic as the
Palais des Papes.
But gratitude, first, to the one
saving grace of the evening: the
superb live music by Winter Family
and Matt Elliott, used as background
to the scenes and between the acts.
The staging itself, a four-hour affair,
achieves the feat of never ringing
true, never telling us anything
interesting about Chekhov.
Nauzyciels take on the seagull motif
is far too formulaic and literal for the
plays complex imagery. His great
trick is seagull helmet masks, which
the actors don intermittently
throughout. The effect is plain silly:
early on, a long, silent ball scene has
the entire cast wearing them and
awkwardly waving their arms about
like an army of penguin flight
attendants.
No other prop materialises, and
Nauzyciel is left with far too much
space to fill on the wide stage. The
austere stone sets, which have an air
of UFO wreckage about them, provide
little in the way of specific settings,
and the mandatory black-tie attire is
elegant but meaningless. Much of the
text is declaimed facing the audience,
with static, overly artificial body
language. There are moments of
invention a flutter of the hands to
signify writing, for instance but
they are too few and far between to
take on real meaning.
The cast puts up a valiant fight,
but the direction manages to suck all
Fuji Rock Festival
Happening
What: Japans largest
outdoor music event
When: July 27-29
Where: Naeba Ski Resort,
Niigata, Japan
Details: Contrary to its
name, the Fuji Rock Festival
is held on a ski resort on the
eastern slope of Mount
Takenoko, but the title has
stuck since the events first
year, when it was staged
close to Mount Fuji. Now in
its 16th year, the three-day
festival has a reputation for
attracting big acts and this
year more than 100,000
revellers are expected to
flock to the mountain.
Theres a distinct 1990s
flavour to this years line-up.
Fridays headliners are the
Stone Roses, whose recent
comeback was much
anticipated but whose gigs at
Heaton Park, Manchester, in
June met mixed reactions:
the FTs pop critic Ludovic
Hunter-Tilney wrote that they
were dismaying proof that
their time is no longer now;
many hometown fans begged
to differ.
Feuding ex-Oasis band
members the Gallagher
brothers appear on separate
nights. Liam Gallaghers band
Beady Eye appear on Friday,
while Noel Gallaghers High
Flying Birds headline on
Saturday. And taking the top
slot on Sunday are
Radiohead, whose lead singer
Thom Yorke this month
urged fans in Spain to
protest against financial
mismanagement by the
countrys banks an
outspoken stance at a
festival sponsored by Bilbaos
BBK bank.
Weekend passes have sold
out, but tickets remain for
Friday and Saturday and can
be purchased on the day.
www.fujirockfestival.com
VISUAL ARTS
Jenny Saville
Modern Art Oxford/Ashmolean
Museum, Oxford
Heroic Nakedness
Christ Church Picture Gallery,
Oxford
Rachel Spence
Michael Kiwanuka appears on Sunday David Wolff-Patrick
10

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. 14,065 Set by CINEPHILE
1 2 3 4 5 6 7 8
9 10
11 12
13
14
15 16 17
18
19 20 21
22 23
24 25
26 27 S U R P R S E C R U T C H
P E A T E H
R E S O L V E D S P R O U T
L W C U R H
T A L L Y A B U N D A N C E
E R R R
R E C O R D B L A T A N T
C N B T S O
A R T S A N S K E T C H
R T E A E C
D S S D E N T F A R G O
N D C O T M
N O R W A Y S H O R T A G E
A E T E U T
L N G E R F L A M E N C O
JOTTER PAD
A at the beginning of a clue always
has the same meaning
ACROSS
1 To be a visitor, put down your
name and ID (4,4)
5 Change second of three in
Macbeth? (6)
9 Danger here of hepatitis
suggested? (4,4)
10 Name of Welshman detailed by
investigator (6)
11 Motorway part, southeast Italian
(8)
12 Very sad time with trashy paper in
charge (6)
14 A in theory Bach composed (5,5)
18 A with money about to invest in
the horses? (6,4)
22 Breakfast time to break fast with
sad song (6)
23 Spoil one in the set (8)
24 Books in pleasant spot (6)
25 Political economist frst with
lawyers to create some pressure
(8)
26 A stink about record being
returned (6)
27 Synthetic material not for fat boy,
say? (8)
DOWN
1 Pillar in paper (6)
2 A revolutionary force for students
(6)
3 Leap years beginning? (6)
4 Verbal opposition to succeed with
detective story writer (10)
6 Military doctor gets medal for
clothing (8)
7 Slider puts old coat round
standard on pole (8)
8 A ladys at sea in London (8)
13 Revolutionary oriental Jew that
eats dairy produce (6,4)
15 Effect of fre largely over glass in
Russian city (8)
16 Drug chic up here to catch car
(4,4)
17 Top 50 in boat (8)
19 A years opening under orchestra
(6)
20 A centre of revolution with some
bleeding (6)
21 Edict of French and native
American (6)
SOLUTION 14,064
Authers Note
Video: how worried are
investors about Spanish
bonds? John Authers
talks to Michael
Metcalfe of State Street
Global Markets
www.ft.com/authersnote
Fallacies about
working hours
Blog: Martin Wolf, FT
chief economics
commentator, on why it
is nonsense to suggest
people in countries hit
hard by the economic
crisis work less
www.ft.com/wolfexchange
Most read
1
2
3
4
5
Pat Buchanan: America needs no
more neo-imperial nonsense
Olympians trade data for tracking
devices
Gillian Tett: We have entered the
world of disaster economics
Eurozone countries hit back at
Moodys
Moodys warns eurozone core
TODAY ON FT.COM
THE LEX COLUMN
Wednesday July 25 2012
Regular daily smokers
(as % of EU population aged 15+)
Up in smoke
FTSE World indices
(rebased)
Sources: WHO; Thomson Reuters Datastream
2007 10 09 08 11 12
40
60
80
100
120
140
160
Tobacco
World
0
24
26
28
30
1998 2000 02 04 06 09
Killer returns
It is all getting very heated in the
tobacco sector. The UK government
is consulting on whether to ban
branding from tobacco packaging, so
both the pro- and antismoking
lobbies are campaigning hard. Those
in favour say the measure will make
smoking less attractive to young
people; those against say it will
increase counterfeiting. All eyes are
on Australia, where a similar rule is
due to come into force in December.
The tobacco companies are rattled
Japan Tobacco has spent 2m on
advertising to spread its views. A
trading update from rival Imperial
Tobacco yesterday showed why.
Although net revenues rose 3 per
cent in the nine months to June,
sales from Imperials core brands
(such as JPS and Gauloises Blondes)
grew 13 per cent. As in other
consumer industries, premium
brands are the way to keep revenues
and margins growing. But it is these
brands that are most threatened by
plain packaging. If consumers
cannot differentiate among brands
they are likely to trade down to
cheaper products, forcing tobacco
companies to cut prices or lose
market share. The big danger is that
the UK could be followed by other
European countries.
This is not the first time that the
industry has been hit by regulation
advertising, smoking in public
places and retailer displays have all
been banned or restricted. And
while the number of smokers is
declining in developed markets, the
industry has been able to advance
largely due to growth in emerging
markets. According to Euromonitor,
the global tobacco market grew 37
per cent between 2006 and 2011.
Investors have bought into those
defensive attractions, pushing share
prices higher. Imperial Tobacco and
Japan Tobacco are up by 200 per
cent over the past 10 years, while
British American Tobacco is up 400
per cent. Plain packaging does not
pose an immediate threat to the
sectors allure but the strength of
the industry reaction to the
proposal suggests that investors
should take more than a passing
interest in the outcome of the UK
consultation.
Rosneft/BP
Those of us who like our Russian
intrigue with a twist are spoiled by
TNK-BP. Rosnefts announcement
yesterday that it is a possible buyer
of BPs 50 per cent stake in the oil
and gas joint venture makes life
complicated for the oligarchs who
own the other 50 per cent, and very
interesting for BPs shareholders. If
chief executive Bob Dudley plays his
cards right, BP could yet salvage its
strategic position in Russia.
For the moment, the man to watch
is not Mr Dudley but Igor Sechin,
Rosnefts chief executive and former
Russian deputy prime minister. In
that capacity, and in his role as the
oil companys then chairman, he was
the architect of the Rosneft/BP deal
to explore in the Arctic. When signs
first emerged last year that TNK-BP
was on the brink of disintegrating,
Rosneft and BP jointly made a $32bn
offer for the oligarchs stake, which
was rejected. BP and Rosneft seem
fated to work together in Russia. Do
not rule out the likelihood that they
could make another offer.
True, BP says that its stake in
TNK-BP is for sale (it is worth up to
$30bn). But that is a big step for the
UK company the joint venture
accounted for 29 per cent of BPs
production and 27 per cent of its
reserves in 2011. BP without Russia
is a diminished force in the global
oil and gas league. A renewed offer
for the oligarchs stake would be
easily financed by both companies:
they had $38bn of operating cash
flow between them in 2011. True, too,
that the oligarchs, led by Mikhail
Fridman, have expressed interest in
buying half of BPs stake in TNK-BP.
But owning 75 per cent rather than
the current 50 per cent is unlikely to
bring him and his colleagues much
extra value.
If BP can settle its Gulf of Mexico
liabilities at reasonable cost, it will
need to start rebuilding. Russia
ought to be part of that. Rosneft may
yet offer BP the chance to reverse its
Napoleon-like retreat from Moscow.
European insurers
Talk about cogs within cogs. When
eurozone sovereigns need cash, they
turn to local banks, which use the
bonds as collateral for three-year
money from the European Central
Bank, or to insurers. Banks once
looked to insurers, too, for equity or
more often debt funding. But
now insurers have their own worries.
They have mostly fared better than
lenders, precisely because they are
not structured like banks. The FTSE
Eurofirst 300 insurance index has
returned 70 per cent since its 2009
low, 40 percentage points more than
banks. But the eurozone shambles is
now punishing insurers for their
sovereign and bank debt exposure.
Peripheral eurozone sovereign debt
accounts for more than 60 per cent
of Generalis tangible net asset value
and almost 50 per cent at Mapfre of
Spain, according to Deutsche Bank.
Italys largest insurer held only 3 per
cent of outstanding Italian sovereign
debt at end-2011, on Bloomberg data,
but 46bn is still a big number, even
if it is less than at lender Intesa
Sanpaolo (but more than UniCredit).
Generali is merely matching yield to
the returns policyholders expect. It
would face surrenders if it did not.
Overall, solvency is not yet a
concern. The European insurance
supervisor has, however, highlighted
the risk of a prolonged period of low
interest rates and depressed equity
prices. Low yields are a more acute
problem for insurers in the core of
the eurozone: depressed discount
rates increase liabilities. Hence the
introduction in Sweden of a floor on
rates, since followed by Denmark
and the Netherlands. More liabilities
in turn force insurers to scramble for
high-yield, long-duration assets.
If they have to be in the sector at
all, investors are better off with the
likes of Allianz of Germany, with a
more diversified portfolio, or Dutch
insurer Aegon. Both have lowish
peripheral exposure. Allianz trades
below peers at 1 times tangible book
value, Aegon a third of that.
4G spectrum
Organising an auction to achieve a
predetermined result without
distorting competition is tricky.
Small wonder, then, that the rules
for bidding on fourth-generation
mobile spectrum in the UK were
months in the making, before being
finally unveiled yesterday.
The problem is that
telecommunications regulator Ofcom
wants to ensure that four operators
remain in the market when these
new superfast 4G services come on
stream. This desire, though, has been
a lobbyists charter. For more than a
year, the UKs four existing mobile
players have jockeyed for advantage,
hinting at legal action if they did not
like the auction set-up. The smallest
operator Hutchison Whampoas 3
was already aggrieved over an
earlier decision that allowed rivals to
reuse 2G spectrum (which it did not
have) for 3G services, and wanted
the 4G auction to redress this. Bigger
fry, such as Telefnicas O2, were
opposed to having any spectrum set
aside for a fourth rival.
The final result is a compromise:
spectrum will be reserved for a
fourth operator but 3, which turned
its first profit last year since its
launch, does not get everything it
wanted. One of the licences will also
carry an obligation to provide indoor
mobile broadband coverage to 98 per
cent of the population. The regulator
must now cross its fingers and hope
this is sufficiently finely balanced to
prevent judicial review applications
or state aid complaints. Customers
and taxpayers should hope so, too.
The UK is the last developed
market in Europe to conduct a sale
of 4G spectrum and an end-2012
auction would allow services to come
on stream in 2013. But any hitches
could leave the country lagging
behind badly. Meanwhile, sums
Chinese search
If Chinas economy has slowed, one
would not know it from a quick
glance at the performance of Baidu.
Revenues at the countrys biggest
internet search engine by share of
advertising sales were up 60 per cent
from a year earlier in the second
quarter net income was 70 per cent
higher. More of that is forecast for
the next three months.
Notably, small and medium-sized
enterprises one of Chinas most
beleaguered sectors is driving that
growth. Baidu added 31,000
advertising customers over the
quarter, most of them SMEs. After
all, more targeted search advertising
is a good use of marketing budgets
shrinking under slowing exports and
rising labour costs.
Still, there are signs that margin
pressure is growing for Baidu. The
fact that the search giant is tapping
Chinas smaller cities to support
much of its customer growth
translates into smaller advertising
budgets. Ad spend per customer
picked up by a third from a year
earlier last quarter, but this was the
lowest growth since the start of 2010.
A bigger challenge to margins is
mobile internet search, which has
surpassed desktop search for the first
time. Even upbeat estimates show
that Baidu holds half of the mobile
search market, compared with its
four-fifths share of desktop search.
Ad revenues at the former are lower
since browsing on a mobile is less
likely to result in a purchase. Google
can sympathise the shift to mobile
search has been accompanied by a
fall in cost-per-click to advertisers.
Baidu trades on 19 times forward
earnings, a 40 per cent premium to
Google. That might be justified for
now search advertising expenditure
is growing four times faster in China
than the global average. Googles
retreat to Hong Kong in 2010 means
Baidu is still in the best place to
capture that. But gone are the days
when that growth came hand in
hand with fat margins.
raised in the auction are likely to
outstrip the 1.4bn reserve: PwC, for
instance, reckons 3bn-4bn. That is
a shadow of the 3G auctions 22bn,
but still handy in straitened times.

11
Companies and sectors in this issue
Companies
3....................................................10
AT&T.......................................12,22
Adaro............................................12
Aegon...........................................10
Allianz.......................................... 10
Altria ......................................12,22
Amazon......................................... 4
Andreessen Horowitz............... 14
Anglo American....................12,22
Anglo Irish Bank........................14
Apollo Group..............................22
Apple..................................12,14,22
BBVA........................................... 22
BP.............................................. 1,10
Baidu............................................10
Banco Santander......................22
BofA Merrill Lynch.................... 12
Barclays ..................................... 12
BayernLB.....................................14
Billabong......................................12
BlackRock....................................21
Blum Capital...............................12
British American Tobacco .....10
Calpers.........................................21
Calstrs..........................................21
Chevron....................................... 12
Churchill Mining.........................21
Cisco Systems...........................22
Colonial First State ................. 12
Croda ......................................... 22
DeVry...........................................22
Deutsche Bank........................... 11
DuPont................................... 13,22
eBay...............................................4
Elan.............................................. 22
Ericsson.......................................14
Expedia...........................................1
ExxonMobil..................................12
Facebook.....................................14
Fiat................................................13
Ford.............................................. 13
Freeport-McMoRan................... 21
General Motors..........................13
Generali ....................................... 10
Genus.......................................... 22
Glencore......................................22
Google............................................ 1
Henderson Global Investors...20
Hewlett-Packard........................ 14
Home Depot.................................4
Honda...........................................13
Huawei .........................................14
Hutchison Whampoa................10
Hyundai........................................13
ITV ..............................................22
Imperial Tobacco................. 10,14
Infosys..........................................12
Intel.................................................1
Intesa Sanpaolo.........................10
Intrepid Mines .......................... 21
Japan Tobacco.......................... 10
Juniper Networks......................22
Li Ning......................................... 12
Macarthur Coal..........................12
Man Group................................. 22
Manchester United ................. 20
Mapfre......................................... 10
MetroPCS................................... 22
Microsoft........................................1
Moody......................................... 20
Newmont ................................... 21
Nippon Steel...............................12
Nissan.......................................... 13
Norddeutsche Landesbank..... 14
OMV............................................. 12
Peabody Energy........................22
Peugeot ....................................... 13
Posco........................................... 12
Provident Financial ...................22
Raytheon..................................... 21
Reed Elsevier..............................14
Reliance....................................... 12
Repsol..........................................22
Richemont.................................. 22
Rio Tinto................................ 12,22
Rosneft......................................1,10
Royal Bank of Scotland...........14
SAP..............................................22
Sears..............................................4
Standard Life Investment.......20
Swatch........................................ 22
TNK-BP.....................................1,10
TPG...............................................12
Target............................................ 4
Tata Consultancy Services......12
Tata Motors .............................. 13
Telefnica....................................10
Telenor.........................................12
Toyota..........................................13
TripAdvisor....................................1
UPS..........................................11,22
UniCredit..................................... 10
VMware....................................... 22
Vale...............................................12
Verizon.........................................12
Volkswagen.................................13
Volvo............................................ 13
Walmart.........................................4
Washington Post.......................22
Wipro............................................12
Wolters Kluwer .......................... 14
Xstrata .......................................22
Sectors
Automobiles................................13
Banks.......................................11,14
Gen Financial..............................12
Media...................................... 10,14
Mobile & Telecoms...................10
Nonlife Insurance...................... 10
Oil & Gas.................................... 10
Personal Goods......................... 12
Tobacco..................................10,12
Tough start for Deutsche Banks
co-chiefs after profits fall steeply
By James Wilson in Frankfurt
Deutsche Bank has revealed a
steep fall in quarterly profits,
missing market expectations
with its first results reported
under new co-chief executives
Anshu Jain and Jrgen
Fitschen.
Germanys largest bank by
assets said it would take extra
steps to cut its risks because of
the lower than expected income,
which affects its plans to reach
capital targets through its
retained earnings.
Deutsche said net income was
about 700m in the three
months to the end of June com-
pared with 1.2bn in the same
period a year ago. Analysts had
expected about 1bn.
In figures released ahead of
their expected publication next
week, Deutsche said quarterly
revenues were down from
8.5bn a year ago to 8bn.
The bank also said costs rose
because a weaker euro made its
US and UK operations more
expensive. The bank is set to
cut about 1,000 staff from its
investment bank.
The worlds biggest invest-
ment banks have been hit by
steep declines in fixed-income
trading and Deutsche, which did
not reveal the results of its indi-
vidual units, is likely to have
been similarly affected. In the
first quarter its net income fell
one-third and revenues 12 per
cent compared with the same
period in 2011.
Deutsche said it would still
reach a core tier one capital
ratio target of 7.2 per cent for
the start of next year, a figure
simulated to meet new Basel III
rules for global banks.
Lower full-year net income
projections will be mitigated by
additional de-risking measures,
the bank said.
Jon Peace, analyst at Nomura,
said: It looks as though the
currency effects on the cost side
have brought down the bottom
line, but you would have also
expected revenues to provide an
offset and they havent.
Deutsche said pre-tax profits
would be 1bn compared with
1.8bn last year. Shares closed
down 0.2 per cent in Frankfurt
at 23.47.
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 30
News Briefing
Source: Thomson Reuters Datastream
Italian government bonds
10-year yield (%)
4
5
6
7
Jul 24 2012
6.594 Jan 2 2012
6.892
Italys 10-year bond yields are
on the rise again, Page 22
AT&T mobile boost
Strong mobile results help
US telecoms group report
rise in earnings. Page 12
Volvo orders fall
Truckmaker looks at cut
in production after a
slump in orders. Page 13
Billabong return
Australian surfwear group
receives fresh takeover
bid from TPG. Page 12
Anglo American deal
Miner agrees to buy
controlling A$540m stake
in Revubo project. Page 12
NordLB structure plans
German Landesbanken set
to unveil method to comply
with regulation. Page 14
Anglo Irish charges
Former chief executive to
go on trial over claims he
helped investors buy bank
shares. Page 14
Apps boost for journals
Tablets transform dusty
business of scientific and
medical journals. Page 14
DuPont earnings drop
One of the worlds biggest
chemicals companies
records drop in profits for
second quarter. Page 13
Inside Business
Indonesia must now start
to make its good
fortune pay. Page 12
Hunt on for yields
Many US funds see greater
risk-taking as the only way
to boost returns. Page 21
Bunds under pressure
Concerns about who will
foot the bill for solving the
eurozone crisis. Page 20
Fears threaten IPOs
Renewed eurozone fears
threaten to close window
for US listings. Page 20
Insight
Uncertainty means death
of risk on, risk off
behaviour. Page 20
Markets & Investing
Companies
Wednesday July 25 2012
Running on empty European carmakers under severe pressure Page 13
Small banks fear rules squeeze
By Brooke Masters in London
Small European banks are
warning that tough EU rules
aimed at staving off future tax-
payer rescues of bigger banks
could wreak havoc with their
capital costs and force them to
cut back lending.
The European parliament is
determined to avoid a repeat of
the financial crisis when
bondholders generally avoided
losses, even as governments
pumped in taxpayer funds to
stabilise failing banks.
Some MEPs are seeking to
rewrite bank safety rules requir-
ing any debt instrument that
counts toward regulatory capi-
tal requirements to have a con-
tractual bail-in, a clause that
specifies a writedown or conver-
sion into equity in times of
stress.
Anything that does not have
such a requirement would cease
to count, with 10 per cent phas-
ing out each year starting in
January 2013.
The combination is likely to
hit smaller banks, UK building
societies and London subsidiar-
ies of non-EU banks particularly
hard because they rely far more
heavily on this kind of debt,
known as hybrid tier one or
tier two capital, than bigger
institutions.
One bank chief estimated 30
per cent of his capital would
have to be renegotiated or
replaced and another put the
figure at 22 per cent and said his
cost of capital could triple
because so much existing
debt was issued when investors
were willing to accept lower
returns.
Politicians keep beating the
drum about increased lending to
[small and medium-sized busi-
nesses], yet they show little
understanding of the invidious
position of many smaller banks
who may have to improve their
capital bases on very short
notice, said John Ahern, part-
ner at the Jones Day law firm.
A large number of banks
access to the capital market is
limited.
The proposal is aimed at
ensuring that EU banks comply
with the global Basel III
reforms requiring bail-in.
Banks should not be able to
count funding as tier two capi-
tal if the regulator does not
have the tools to convert it into
equity, said Vicky Ford, the
MEP who is sponsoring the
requirement as an amendment
to the EU capital rules. This is
a key principle.
She added: If smaller banks
need a grandfathering period or
if there are specific circum-
stances or instruments that give
concern, then we should talk
about practicalities and timing.
Critics of the EU proposal say
that the US has achieved the
same result with a law that
gives regulators a blanket
power to bail-in all capital, no
matter what individual con-
tracts say.
The European Commission
has said it intends to move this
way.
Editorial Comment, Page 6
.
Crackdown on bigger
lenders could hit costs
Brussels sets out to
avoid repeat of crisis
UPS cuts
forecast as
customers
fear US
slowdown
By Shannon Bond in New York
UPS, the bellwether package
delivery company, has cut its
2012 profit forecast, blaming
worries among its customers
that the US economy is slowing.
The company reported second-
quarter results yesterday that
missed analysts estimates
largely as a result of weakness
in its international operations.
However, the concerns over
the US outlook prompted the
cut to the profit outlook.
Economies around the world
are showing signs of weakening
and our customers are increas-
ingly nervous, Scott Davis,
chief executive, told analysts on
a conference call.
He said slowing demand from
UPS business customers indi-
cated that expectations for the
US economy might still be too
bullish.
We think current second-half
economic forecasts for the US
are too high and that GDP
growth will likely be closer to
1 per cent, he said.
Mr Davis said many of UPSs
business customers were con-
cerned about the risks from the
fiscal cliff a set of spending
cuts and tax increases set to
kick in at the end of the year.
Analysts and executives have
warned that some businesses
are holding back on hiring and
new investment for fear that
demand will drop sharply, all of
which would risk sending the
US back into recession.
As we get closer to the fiscal
cliff, there is more uncertainty
out there than ever, Mr Davis
said.
The company cut its forecast
for full-year earnings about
5 per cent to between $4.50 and
$4.70 a share, down from an ear-
lier estimate of $4.75 to $5.00 a
share. The new range represents
an increase of 3 to 8 per cent
over 2011 adjusted results.
In the three months ending
June 30, net income rose 2.2 per
cent to $1.12bn, or $1.15 a share,
from $1.09bn, or $1.09 a share, a
year ago. That was below Wall
Street forecasts of $1.17 a share.
UPS stock fell nearly 5 per
cent to $74.12 at midday
yesterday in New York.
Ben Hartford, analyst at Rob-
ert W. Baird, said: Certainly
the weakness that were seeing
in the domestic US economy is
consistent with other trans-
ports second-quarter reporting.
We saw it with FedEx, we saw it
with domestic truckers. Thats
clearly the near-term headwind
that UPS is facing.
Revenue of $13.35bn was 1.2
per cent higher than last years
$13.19bn but missed analysts
expectations of $13.7bn.
The results showed a sharp
divergence between domestic
and international businesses.
Revenue from the US package
segment rose 4 per cent to
$8.1bn as Americans sent more
parcels.
However, business-to-business
shipping, which makes up about
60 per cent of UPSs revenues,
has been slowing.
International package revenue
dropped 4 per cent to $3bn as
growth in intra-European
exports was offset by double-
digit declines in Asian exports
to the US and Europe.
Mixed package: delivery groups results showed sharp divergence between domestic and international businesses AP
In the market for credit default
swaps, France holds the yellow
jersey.
In theory, if France defaulted
tomorrow and bond creditors
received nothing, a net $23bn
would be paid out to those
investors who bought such
swaps, which in effect insure
against such an event. This
would be far more than for any
other single entity, whether a
sovereign or a corporation.
By twists of fortune, credit
derivatives on France occupy a
peculiar position, being a cheap
way to take a view on the
eurozone turmoil. After France
comes Germany with $22bn and
Italy with $20bn.
It wasnt always this way.
Three years ago France had a
mere $8bn the same amount
that CDSs referencing Greece
had. What is at the root of this
odd growth spurt?
Viewed through the prism of
the crisis enveloping the
eurozone, the currency union is
only as strong as its weakest
triple A member. That is a
designation France has already
been stripped of by Standard &
Poors. While Moodys added
several triple A sovereigns to
its negative watch list on
Monday, France has been on it
since February.
To understand how
intimately tied the fate of the
eurozone is to Frances
fortunes, one only needs a
reminder that it is
guaranteeing 22 per cent of
Europes bailout fund.
The survival of the union
no doubt depends on what
happens in Spain and Italy,
but hedging against those
sovereigns with credit
derivatives is expensive. Spain
CDSs trade at 642 bps and Italy
at 570 bps. France, by contrast,
tends to move in tandem with
both of these and is a bargain
at 186 bps.
Even the ban on shorting
sovereigns with CDSs seems
unlikely to damp appetite given
that their use as a hedge is
exempt. As such, France seems
certain to continue to act as a
bellwether for the health of the
union and retain the yellow
jersey through all the stages of
the crisis.
James Mackintosh is away
www.ft.com/shortview
The Short View
Lisa Pollock
12

FINANCIAL TIMES WEDNESDAY JULY 25 2012
Contracts & Tenders
By Paul Taylor in New York
AT&Ts second-quarter
results, like those of rival
Verizon Communications,
have highlighted the impact
of Apples likely launch of a
new iPhone this year and
what one analyst has
dubbed the wireless
Goldilocks thesis slower
subscriber growth but
lower smartphone subsi-
dies, higher bills and
expanding margins.
Particularly strong
results from AT&Ts mobile
business helped the com-
pany, the largest US tele-
coms group by revenues,
report an 8.7 per cent
increase in second-quarter
earnings.
Margins in AT&Ts
mobile unit soared as
consumers delayed purchas-
ing new and heavily subsi-
dised smartphones and
postponed handset
upgrades, ahead of the
expected launch of a new
iPhone in the autumn.
Like Verizon, AT&T
changed its upgrade policy
early last year forcing sub-
scribers to wait longer
before being entitled to
upgrade their handsets.
However, shares in the
group slipped 2.8 per cent to
$34.39 in early-afternoon
trade in New York after
reaching a high of more
than $36 earlier this month,
as analysts raised concerns
about whether an improve-
ment in profit margins
could be sustained.
In the second quarter,
slower sales of heavily sub-
sidised smartphones cou-
pled with fewer customer
defections boosted margins
in the mobile business
while strong growth in its
internet video services unit
U-verse IPTV and a
return to growth in its
enterprise business helped
overall results.
AT&T reported a profit of
$3.9bn, or 66 cents a share,
up from $3.6bn, or 60 cents,
a year earlier, better
than analysts had expected.
Revenue grew 0.3 per cent
to $31.6bn and operating
margins expanded to 21.6
per cent from 19.6 per cent.
The results include those
of AT&Ts Advertising Solu-
tions unit which was sold to
Cerberus Capital Manage-
ment in early May. Exclud-
ing the results of Advertis-
ing Solutions, AT&Ts con-
solidated revenues grew 2
per cent.
Operating income was
$6.8bn, up from $6.2bn, and
AT&Ts operating income
margin expanded to 21.6 per
cent, compared with 19.6
per cent in the year-earlier
quarter, the best in four
years.
AT&Ts mobile unit
recorded strong wireless
data revenue growth,
record low churn and best-
ever service margins in the
second quarter.
Total wireless revenues,
which include equipment
sales, were up 4.8 per cent
year on year to $16.4bn.
Mobile data revenues
increased $1bn to
$6.4bn, or 18.8 per cent
higher than the year-earlier
quarter.
Improved operating effi-
ciencies, fewer handset
upgrades and further reve-
nue gains from the com-
panys 43m high-value
smartphone subscribers
helped AT&T expand its
mobile operating income
margin to 30.3 per cent from
26.9 per cent in the year-ear-
lier quarter.
The company sold 5.1m
smartphones during the
quarter, including 3.7m
Apple iPhones.
AT&T
boosted
by mobile
division
MOBILE & TELECOMS
Earnings up 8.7%
in second quarter
Margins aided as
buyers await iPhone
Anglo American has bol-
stered its coking coal busi-
ness, agreeing to buy a con-
trolling stake in the
Revubo project in northern
Mozambique for A$540m
(US$556m).
Anglo will acquire a 58.9
per cent stake in the
project, which adjoins Rio
Tinto and Vales metallurgi-
cal coal projects in the
Moatize basin, from the
estate of the Australian
mining entrepreneur, Ken
Talbot, who died in 2010.
The early-stage Revubo
project, which is estimated
to have 1.4bn tonnes of cok-
ing and thermal coal
resources, is a joint venture
with Nippon Steel of Japan
and South Koreas Posco.
While the project is sev-
eral years away from pro-
duction, according to ana-
lysts at Bank of America
Merrill Lynch, Anglos part-
ners in the project could be
logical buyers of the mines
output when producing.
Shares in Anglo Ameri-
can, which is due to report
interim results on Friday,
slipped 0.7 per cent in Lon-
don trading to 19.34.
Cynthia Carroll, chief
executive of Anglo, said the
deal was consistent with
the groups commitment to
grow our global metallurgi-
cal coal business.
Mr Talbot, who also
founded Macarthur Coal
and was one of Australias
richest men, died in an Afri-
can air crash with other
mining executives.
Helen Thomas
Anglo American to buy
majority stake in coal site
MINING
Chevron has been banned
from bidding for explora-
tion licences by Iraqs fed-
eral government following
its acquisition of oil inter-
ests in the semi-autono-
mous Kurdistan region of
the country last week.
In a statement, Iraqs oil
ministry said Chevrons
investment in the Kurdis-
tan region of Iraq was ille-
gal and illegitimate as it
announced the disqualifi-
cation of Chevron com-
pany from doing business
in the south and centre of
the country and barred it
from signing any deals
with the federal oil ministry
and its companies.
The move follows a stand-
off between Iraqs federal
government and the govern-
ment in the Kurdish sector
of northern Iraq over the
control of oil production
and exports from the region.
Chevron, the second-larg-
est US oil group by market
capitalisation, announced
last Thursday that it was
acquiring 80 per cent stakes
and operational control of
two blocks north of Erbil in
Iraqs Kurdish region from
Reliance of India. OMV of
Austria remains junior
partner in the fields.
The decision to risk a
backlash from Baghdad
comes eight months after
rival ExxonMobil revealed
it had become the first of
the supermajor oil compa-
nies to sign contracts with
the Kurdistan Regional
Government to explore for
oil and gas in the sector.
Concerns over the legality
of deals struck directly with
the KRG government and
disputed by Baghdad, along-
side the federal govern-
ments control of the pipe-
line network largely used
for the exporting of Iraq oil,
has prompted most major
oil companies to avoid buy-
ing potentially stranded
assets in the region.
Michael Kavanagh
Iraq bans Chevron bids
after Kurdish acquisitions
OIL & GAS
Ken Talbot died in an African
air crash in 2010
Altria said yesterday that
its second-quarter profits
tripled as the maker of
Marlboro cigarettes in the
US successfully increased
prices and sold more
smokeless products.
Altrias net earnings
jumped from $444m or 21
cents a share in the second
quarter of last year to
$1.2bn or 60 cents a share in
the latest quarter. Revenues
rose 9.6 per cent year on
year to $6.5bn.
The results beat Wall
Street analysts expecta-
tions and Altrias shares
rose slightly in midday
trading.
Bonnie Herzog, tobacco
analyst at Wells Fargo, said
the results were solid but
warned that promotions
planned to bolster Marlboro
sales during the second half
of the year could cut into
profit margins.
Cigarette companies have
been under pressure due to
smoking bans, tax increases
and the economic down-
turn. Altria and other
tobacco companies have
been selling more alterna-
tive smokeless products.
During the second quar-
ter, Altrias cigarette and
cigar sales volumes
increased 0.1 per cent year
on year. Sales of smokeless
products were up 7.6 per
cent.
Alan Rappeport
See Lex
Smokeless products help
Altria to triple its prof its
TOBACCO
Wipro, Indias third-largest
software services company
by market capitalisation,
posted a muted outlook for
revenue growth in the com-
ing quarter, deepening
slowdown concerns among
information technology
exporters who suffer weak
conditions in the US and
Europe.
Shares in the outsourcing
group fell nearly 3 per cent,
even as net quarterly profit
rose 18 per cent to $284m
compared with the same
period last year.
But revenue for the Ban-
galore-based company is
projected to grow at only
between 0.3 and 2.3 per cent
for the quarter ending in
September, well below ana-
lysts expectations, and sub-
stantially below the indus-
try average of between 11
and 14 per cent.
The weak projection
comes a week after Wipros
rival Infosys, Indias sec-
ond-largest IT outsourcer
by revenue, cut its full-year
revenue growth outlook,
raising worries about the
future of the sector.
Wipro and Infosys have
struggled in recent years to
keep up with market leader
Tata Consultancy Services,
which this month posted
strong first-quarter results,
while warning of industry-
wide difficulties ahead.
TK Kurien, Wipros chief
executive, told the Finan-
cial Times that IT compa-
nies would have to target
the right markets. Compa-
nies will have to play at
both the value and scale
ends of the spectrum, he
said.
Kanupriya Kapoor
Wipros muted outlook
highlights India IT fears
SOFTWARE
Telenor, the Norwegian tel-
ecoms company, yesterday
reported strongly improved
second-quarter performance
in its troubled Indian unit
Uninor, which narrowed its
losses 35 per cent to
NKr625m ($102m) and
expanded revenues by
almost 50 per cent to
NKr1bn.
The news came as Tel-
enor showed solid overall
performance, with group
revenues up 4 per cent to
NKr25.4bn and earnings
before interest, tax, depreci-
ation and amortisation 8
per cent ahead at NKr7.8bn
on the back of subscriber
growth in the Nordic region
and Asia.
Telenor announced a
share buyback scheme of
3 per cent of outstanding
shares. But Uninor, whose
licence was revoked along
with more than 100 others
by Indias supreme court
this year, continued to cast
a shadow on Telenors pros-
pects.
With a decision by the
Indian authorities on the
terms of a new licensing
round still pending, Telenor
stripped Uninor from its
group full-year earnings
forecast.
With almost 34m sub-
scribers across India, Uni-
nor represents about
one-fifth of Telenors total
customer base.
The Norwegian company
has warned that the licens-
ing debacle might trigger
its complete withdrawal
from India. It has taken a
NKr4.2bn writedown on its
Indian business.
However, Telenor yester-
day signalled that it was
continuing its efforts to
bring the Indian operations
to profitability, with a strat-
egy that would cut costs
and reduce the risk of the
Indian investment.
Clare MacCarthy
Quarterly loss narrows at
Telenors Uninor division
MOBILE & TELECOMS
0.3%-2.3%
Wipros projected growth for
quarter ending in September
Billabong, the struggling
Australian surfwear
company, has received a
fresh takeover bid from US
private equity group TPG,
sending its stock price up
by a fifth, writes Neil Hume
in Sydney.
The Gold Coast-based
company said yesterday that
TPG had lodged a reduced
offer of A$700m
(US$719m), or A$1.45 a
share, in cash plus A$100m
of net debt. It is conditional
on due diligence, a board
recommendation and
financing.
In a sign the bid will be
accepted by investors, two
of Billabongs biggest
institutional shareholders
Perennial Investment
Partners and Colonial First
State have agreed to sell
more than half of their
combined 20 per cent
holding to TPG. Billabong
shares rose 19.5 per cent to
A$1.31 in Sydney yesterday.
Billabong in February
rebuffed an A$850m, or
A$3.30 a share, offer from
TPG, with founder and
largest shareholder Gordon
Merchant saying he would
not entertain an offer even
at A$4 a share.
Mr Merchant has since
backtracked after Billabong
issued another profit
warning and launched a
heavily discounted A$225m
equity fundraising that
almost doubled the number
of shares in issue.
TPGs latest proposal
allows Mr Merchant to roll
all or part of his respective
16 per cent shareholdings
into the buyout vehicle.
Billabong said it would
update the market after it
had considered the proposal.
Billabong has its work cut
out for it over the coming
years to reinvigorate its
central brand . . . [and]
operational performance is
likely to get worse before it
gets better, said Nick Berry,
analyst at Nomura.
Shares in Billabong have
fallen almost 80 per cent
over the past year as sales
have declined in Europe,
Canada and Australia and its
brand has lost some of its
cachet with young shoppers.
The company has replaced
its chief executive of 10
years, Derek ONeill, with
Launa Inman, the former
head of discount retailer
Target Australia, while
chairman Ted Kunkel plans
to leave after the companys
annual meeting in October.
Billabong has lowered
profits forecasts and expects
earnings before interest, tax,
depreciation and
amortisation for the year to
June 2013 of A$83m-
A$88m, down from $120m-
$125m last financial year.
Billabong is being advised
by Goldman Sachs, while
TPG is working with
Macquarie Group.
Additional reporting by
Henny Sender
Down the tube? Analysts say Billabong has its work cut out to reinvigorate its brand Getty
TPG in cutback Billabong offer
COMPANIES ROUND-UP
Indonesia must start to make its good fortune pay
When Jakarta-based Saratoga Capital
sought to raise $400m for its new private
equity fund in recent months, investors
generously offered $1.3bn instead.
Brazil has slowed dramatically, China
continues to look weak despite interest
rate and reserve requirement cuts, Indias
growth has fallen to multi-year lows and
Russia remains dependent on volatile oil
prices for its prosperity.
But investors continue to love Indonesia.
That reflects the countrys rich resource
base, its growing middle class and the
hope that it can finally attract
manufacturing from elsewhere in the
region.
Wage inflation has raised costs
dramatically in China, while in the wake
of last years floods in Thailand, foreign
investors such as the Japanese have
embraced a Thailand plus one strategy
in south-east Asia.
That is all to Indonesias benefit. But
although investors still have Indonesia
fever, their optimism is about to be tested.
A report by Morgan Stanleys Asia
economist Chetan Ahya highlights the risk
that a further drop in commodity prices
would disturb macro stability, given the
adverse impact on terms of trade,
deterioration in the current account,
depreciation of the exchange rate and the
potential reversal of carry trade in local
currency bonds resulting in balance of
payments stress.
Many of the commodities Indonesia
provides to the rest of Asia are vulnerable
to recession. Rubber and tin, for example,
are affected when growth slows in
Indonesias trading partners. Most
important, the price of coal, Indonesias
main export and the original catalyst for
the boom in this country of 240m, is down
35 per cent, potentially a big problem for
over-indebted companies such as the
Bakrie familys corporate empire. Demand
is expected to continue to fall especially
from China, which has more coal than it
needs. But because Indonesia is a lower
cost producer than, say, Australia, many
analysts believe Indonesia is less
vulnerable than other exporters.
The optimism also extends to soft
commodities, such as palm oil, the
cheapest cooking oil in the food chain. If
there is a recession, the argument goes,
people will switch to the lowest cost oil,
increasing demand.
Consumption, meanwhile, now accounts
for two-thirds of gross domestic product in
Indonesia. And while 15 years ago,
consumption was basically a Jakarta/Java
phenomenon, it is now also booming in
the outer islands of Kalimantan, Sumatra
and Sulawesi.
Part of the bullish case rests on the fact
that household credit as a percentage of
GDP is low and banks loan to deposit
ratio, while edging up in recent years, has
room to grow.
But the cost of capital is also going up.
Indonesias current account deficit is
expected to widen. Consumption is sucking
in imports, while earnings from
commodity exports are turning down, a
trend that is likely to continue.
Two years ago, when foreign investors
first fell in love with the country, the
stock market took off and foreigners
accounted for 30 per cent of demand for
government debt, Indonesia should have
put its infrastructure house in order. It did
not. So, when an inch of rain falls on the
capital, lack of drainage means the streets
flood almost instantly. Public
transportation is non-existent. The country
lacks adequate power. That in turn makes
the case for manufacturing challenging.
Signs of stress are beginning to surface.
For example, Saratoga Capitals co-founder
Edwin Soeryadjaya, a scion of possibly the
most respected business family in the
country, notes that many small coal
groups have been seeking an infusion of
capital. Companies catering to consumers
are also looking for cash, he notes.
All these negatives are compounded by a
regulatory regime that adds a big dose of
uncertainty to the mix. Some of it is both
understandable and well intentioned. To
ask palm oil processors to refine their oil
before exporting it makes sense. But if
they dont have capacity to do so, they
export less and squeeze the farmers.
Uncertainty around banking rules is also
troubling. The central bank has announced
new rules limiting bank ownership to 40
per cent, a limit that can be revised
upwards if corporate governance is good.
In part, that is a legacy of the Asian
financial crisis of 1997-98 during which the
bank arms of local conglomerates extended
too much credit to their related
companies. But judging corporate
governance is highly subjective and the
effect will be to discourage investment.
Indonesia has always been a lucky
country. But it shouldnt take its luck for
granted.
Henny Sender is the Financial Times
Chief International Finance Correspondent
henny.sender@ft.com
www.ft.com/insidebusiness
COMPANIES
Henny
Sender
INSIDE BUSINESS
on Asia
AT&T
Source: Thomson Reuters Datastream
Share price ($)
Jul 2011 Jul 2012
26
28
30
32
34
36
FINANCIAL TIMES WEDNESDAY JULY 25 2012

13
COMPANIES
The continents woes leave groups redlining, write Chris Bryant, James Boxell and Eric Sylvers
Europes carmakers running on empty
Signs of the acute stress caused by
plunging sales and excess production
capacity in Europes mass-market car
sector have come thick and fast in
recent weeks.
Peugeot said it would close a plant
in France and axe thousands of jobs;
General Motors ousted the head of its
European arm in the middle of its
restructuring; and Fiats chief execu-
tive warned he might have to close a
factory in Italy. Speculation mounted
that Ford could also close a plant
after it warned that international
losses would triple in the second quar-
ter, largely because of Europe.
Sales figures published last week by
ACEA, the industry association,
uncovered a primary cause for this
alarm but the full extent of the pain
will not be known until European car-
makers report their results for the
second quarter in the coming days.
Investors will focus then not only
on the deepening losses but on the
rate of cash-burn at some of these
hard-hit carmakers.
Peugeots admission that it is burn-
ing through cash at a rate of 200m a
month shone a spotlight on a Euro-
pean industry that is paying workers
and suppliers for labour and parts
that are not needed. Peugeot has
warned of operating losses of about
700m in the first half. It reports
second-quarter results today.
The liquidity situation at some of
these mass-market players is becom-
ing severe, says Arndt Ellinghorst at
Credit Suisse. Its not about losing
money, per se. Rather, its a question
of if and when the balance sheet
breaks.
While Peugeots politically unpopu-
lar decision to shut its Aulnay plant
near Paris is seen by investors as a
vital first, some query whether it will
be enough, or even if the company
can remain viable over the next year
or two.
Most analysts agree that the French
group, which manufactures Peugeots
and Citrons, has enough cash to sur-
vive for the next year at least, helped
by disposal proceeds and a 1bn
rights issue.
But there are doubts about whether
Philippe Varin, chief executive, can
deliver on a promise to restore free
cash flow by 2014 without making
deeper cuts at home.
Closing Aulnay and slimming
down jobs is in my mind probably not
enough to restore cash flow, says
Max Warburton at Bernstein
Research. They are selling cars at
almost zero gross margin.
Peugeots shares have declined
75 per cent in a year, sparking specu-
lation that short sellers have targeted
the stock. If they continue to fall
sharply, the French government could
be forced to step in.
Fiat, which reports second-quarter
results on July 31, is increasingly a
tale of two unequal parts. The strug-
gling European operations suffer from
overcapacity in Italy. But in the US,
Chrysler, which accounts for almost
60 per cent of Fiats revenue, is grow-
ing with the expanding market.
Fiat posted an 866m trading profit
in the first quarter, which excludes
interest, taxes and one-off items, but
the company managed to only break
even without Chryslers contribution.
Rating agency Standard & Poors
downgraded the company in April
because of rising net debt and expec-
tations of significant negative free
operating cash flow. It kept a stable
outlook due to Fiats counterbalanc-
ing overseas cash generation.
Fiats available liquidity rose to
21.4bn at the end of March and prob-
ably increased further in the second
quarter as the company kept a strict
control of costs.
GM lost $256m in Europe in the first
quarter, as it struggled to turn round
its Opel/Vauxhall brand. It is expected
to spill red ink again when it reports
results on August 2. Berthold Huber,
head of the powerful IG Metall union,
warned in a Financial Times inter-
view last week that Opel/Vauxhall
risked breaching a loan facility
granted by its parent. GM cant allow
that to happen, he said. GM declined
to comment.
Adam Jonas at Morgan Stanley esti-
mates that even in an average year,
Opels free cash flow would be nega-
tive $600m-$700m, but says closing
Opel/Vauxhall is not a viable option
due to the high cost and damage to
GMs brand. GM had $31.5bn in cash
and market securities at its automo-
tive unit at the end of the first quar-
ter. Management called off a planned
sale of Opel in 2009 and since then the
company has lost $2.8bn in Europe.
Cost-cutting efforts continue apace
but there are few quick-fix solutions
for the continents carmakers.
The negative publicity surrounding
possible plant closures is exacerbating
declines in market share that in
turn have triggered a pricing war.
Low-cost rivals such as Hyundai
and Kia increased European sales by
11 per cent and 28 per cent respec-
tively during the first half of this
year, while Volkswagen, Europes big-
gest carmaker by sales, has also
gained market share.
Maryann Keller, who has analysed
the industry for four decades,
describes attempts to fix Opel as a
lost cause. Their brand is being
compromised by their very attempt to
fix it . . . Its an untenable situation
with no easy answer.
Bankruptcies helped save the US
car sector, but France does not have
anything like the Chapter 11 proce-
dure or, it seems, the political will to
consider big capacity reductions
But analysts say it would be wrong
to write off the likes of Peugeot just
yet. For this company, it is about
survival, says Mr Warburton. But
car companies have an amazing habit
of coming back from the brink.
Britain gets into gear
European unit car sales, H1 2012 (Annual % change)
Feeling the pinch
PSA
Group
Brands
Renault
Group
GM
Group
Fiat
Group
13.9% 17.1% 10.8% 17.1%
Peugeot
Citron
Renault
Dacia
19.6%
12.2% 5.9%
Opel/Vauxhall
15.0%
Chevrolet
14.0%
Alfa Romeo
31.2%
Fiat
17.9%
Jeep
Lancia/Chrysler
0.5%
15.2%
Source: Acea
35.9%
Its not
about losing
money, per
se. Rather,
its a
question of
if and when
the balance
sheet
breaks
By Clare MacCarthy
in Copenhagen
Volvo, the worlds second-
largest truckmaker, has
said it might cut production
after a slump in orders in
the second quarter largely
caused by a weakening of
confidence in the US.
Current lower demand
means that we are manufac-
turing at a pace which is
slightly too high, said Olof
Persson, chief executive.
The companys global
order intake of 53,000 trucks
was 19 per cent lower than
during the same quarter
last year while North Amer-
ican new orders plunged
47 per cent to 15,314.
The Swedish company
blamed the US decline on
the macroeconomic outlook,
which had led customers to
adopt a more cautious
stance.
Analysts said the figures
showed that the slowdown
that has blighted parts of
the European heavy vehicle
market has now spread to
North America.
The earnings report
revealed pronounced
regional variations across
Europe. Volvo noted that
the deterioration in south-
ern Europe had spread to
France, affecting its
Renault Truck brand, while
demand in central and
northern Europe remained
roughly stable. The end
result was a 13 per cent
drop in new European truck
orders to 21,538 units in the
second quarter.
Volvo held firm its full-
year forecasts for the over-
all size of the European and
US truck markets at 230,000
trucks and 250,000 trucks
respectively, despite uncer-
tain economic conditions.
Looking further ahead,
Volvos ability to retain or
expand its share of the
European market will hinge
on the success of the new
engine it announced this
month to meet emissions
rules being introduced in
Europe in 2014.
Volvo said yesterday that
the environment-friendly
engine, which reduces emis-
sions of nitrogen oxides
by 77 per cent, would be
used in Volvo-branded
trucks in 2013.
Though the truck busi-
ness weighed on Volvo dur-
ing the second quarter as
operating income dropped
19 per cent year on year to
SKr4.1bn ($587m), the con-
struction equipment opera-
tion, its second-largest busi-
ness area, proved resilient.
Operating income in this
segment surged 35 per cent
to SKr2.6bn because, Volvo
said, of a strong product
mix and good cost control.
But Volvo was cautious
on the outlook for its con-
struction business, despite
the advance in second
quarter profitability. It said
it would trim production
rates in European and Chi-
nese plants because of
weakening construction
growth and stiffer price
competition.
Overall, group operating
income for the period came
in at SKr7.34bn, down 4 per
cent on the same quarter a
year earlier.
Volvo considers scaling back truck output after US orders plunge
TRUCKS
By Hal Weitzman in Chicago
DuPont, one of the worlds
biggest chemicals compa-
nies, recorded a drop in
profits in the second quar-
ter of the year and signalled
that its full-year earnings
could fall short of Wall
Streets expectations if
demand is hit by increasing
concerns over the health of
the global economy.
Sales fell in some of the
diversified manufacturers
biggest divisions. However,
revenues rose 13 per cent
from last year at its agricul-
ture unit, the biggest con-
tributor to its earnings,
which includes Pioneer, a
maker of genetically modi-
fied seeds.
The companys other
industrial divisions manu-
facture basic products that
go into a broad range of
consumer goods, including
paint and plastics, as well
as producing well-known
brands such as Kevlar,
Teflon and Corian.
DuPont reported second-
quarter net income of
$1.18bn or $1.25 a share,
down from $1.22bn or $1.29
a share in the same period
last year. Excluding
extraordinary items, the
company earned $1.48 per
share, exceeding analysts
average forecasts of about
$1.46 per share.
Revenue was $11.28bn, up
from $10.26bn last year and
broadly in line with Wall
Street expectations.
The company said it
expected full-year profits
at the lower end of a
range of $4.20 to $4.40 a
share, suggesting it could
miss Wall Street consensus
forecasts of about $4.25 a
share.
Ellen Kullman, DuPont
chief executive, said: Our
agriculture, food and bio-
science businesses are per-
forming exceptionally well
globally, and our advanced
materials businesses are
achieving solid results
despite slower growth in
some key markets and con-
tinued weakness in
Europe.
Ms Kullman rebuffed que-
ries about the potential dis-
posal of DuPonts perform-
ance coatings business,
which is widely thought to
have been up for sale since
last year.
The company has never
publicly acknowledged that
it is in discussions with pos-
sible buyers.
Asked by an analyst on
the conference call about
the progress of the discus-
sions, Ms Kullman refused
to be drawn. Im not sure
where that question is com-
ing from, the chief execu-
tive said.
If we have anything to
announce about any of our
businesses or product lines,
we will make sure we
include you.
Sales at the performance
coatings division which
primarily sells products to
paint suppliers to the big
US car manufacturers such
as Ford and General Motors
declined 1.5 per cent
in the quarter from last
year.
DuPont shares were down
2.2 per cent at $47.66 yester-
day afternoon in New York.
Agriculture unit f lourishes for DuPont
CHEMICALS
Sales fell in some of the groups biggest divisions Keystone
The British car industry, in contrast
to much of continental Europe,
presents a picture of rude health,
writes Peter Marsh.
According to Garel Rhys, a veteran
industry watcher, the sectors
renaissance indicates how British
manufacturing as a whole has
gradually reinvented itself to make
more design-intensive, higher-value
products.
It shows how unwise it is to write
off an industry, says Prof Rhys,
former director of the Centre for
Automotive Industry Research at
Cardiff Business School.
Last year 1.46m cars were
produced in Britain, compared with
1.1m in 2009 in the immediate
aftermath of the financial crisis.
This year the number is expected
to climb to 1.5m, of which about
80 per cent are likely to be exported.
While this number is still well
below the 1.9m record output in
1999, Britain has gradually increased
the average value of each vehicle it
produces, by about 30 per cent in
inflation-adjusted terms over the past
15 years, according to Prof Rhys.
In the 12 months to the end of
May, Britain had a trade surplus of
car exports minus imports of 212m,
as opposed to a deficit of 1bn in
2011 and 7.5bn in 2007.
If the trend is maintained for the
whole of 2012, it will be the first year
since the 1970s that Britain has
registered a trade surplus for this
segment of manufacturing.
David Bailey, an automotive expert
at Coventry Business School, says
Britain is now the worlds second-
biggest maker of what he calls
premium cars those with a high
design component. Germany is the
biggest.
It is a far cry from the 1980s,
when after years of poor
management and dismal industrial
relations the sector looked set for
oblivion.
Most of the cumulative 20bn
investment in the industry during the
past two decades has come from the
foreign companies that now run
almost all of Britains car factories,
including Nissan, Toyota and Honda
of Japan and Tata Motors of India,
owner of Jaguar Land Rover.
Yesterday, Jaguar Land Rover said
it would create a further 1,100 jobs
at its Castle Bromwich plant in the
West Midlands, to support the launch
of new models, including the Jaguar
XF Sportbrake.
www.ft.com/lombard
MORE ON
FT.COM
For further news
and analysis on
the automobile
sector go to
www.ft.com/
automobiles
1.5m
Number of cars Britain is expected
to produce this year
14

FINANCIAL TIMES WEDNESDAY JULY 25 2012
COMPANIES
Legal Notices
Sean FitzPatrick, the
former chief executive and
chairman of Anglo Irish
Bank, has been charged
with unlawfully providing
assistance to investors to
enable them to buy the
banks shares after one of
the biggest fraud investiga-
tions in Irish history.
The 64-year-old business-
man was arrested at Dublin
airport yesterday and
brought to court where he
faced 16 charges related to
loans provided by Anglo
Irish to 15 investors, which
included some of the coun-
trys best-known business-
men.
The charges duplicate
those made by Irish prose-
cutors in court on Monday
against Willie McAteer and
Pat Whelan, two other
former senior Anglo Irish
executives. The legal action
follows a three-and-a-half-
year investigation into the
bank, which is at the centre
of an economic crisis that
ultimately forced Dublin to
accept an 67.5bn bailout
from the EU and Interna-
tional Monetary Fund.
Mr FitzPatrick, who was
one of Irelands most influ-
ential business leaders,
faces trial in the autumn
along with Mr McAteer and
Mr Whelan. All three face
up to five years in jail on
each charge, if convicted.
Mr FitzPatrick, at the
helm of Anglo Irish for
more than 20 years, trans-
formed a small commercial
bank into an aggressive
lender to property develop-
ers by injecting tens of mil-
lions of euros into projects
in Ireland, the UK and
other countries.
Lending by the bank
helped to fuel Irelands
property bubble, which ini-
tially enabled the bank to
achieve record profits and
rapid growth. At the height
of the Celtic Tiger economy
in 2007, the Anglo Irish
share price peaked at 17,
giving the bank a market
capitalisation of 13bn.
When the Irish property
bubble burst and Lehman
Brothers collapsed in 2008,
investors lost faith in Anglo
Irish and began to question
the health of Irelands
entire banking system. Dub-
lin issued a bank guarantee
in an attempt to shore up
confidence in its lenders
but this only tied the for-
tunes of the state to that of
its banks.
Anglo Irish was national-
ised in January 2009 and is
expected to cost Irish tax-
payers 30bn. Irelands
other big banks have
required an extra 34bn in
state funding.
No public inquiry has yet
been held into Irelands
banking crisis but a com-
mission of investigation led
by former Finnish civil
servant Peter Nyberg con-
cluded Irelands main banks
suffered from a herd
instinct in chasing Anglo
Irishs profit margins.
The fraud investigation at
Anglo Irish has centred on
alleged financial irregulari-
ties, which came to light
when the bank was nation-
alised. These include: secret
loans provided to investors
to buy the banks own
shares; the temporary
movement of deposits of
7.75bn by Irish Life & Per-
manent on to Anglo Irishs
books to make the bank
appear stronger than it was;
and non-disclosed loans to
key executives.
Prosecutors have issued
charges against the three
former executives in rela-
tion to the loans provided
by the bank for its share
support scheme.
Anglo has already dis-
closed in its 2008 annual
report that it lent 451m in
2008 to 10 longstanding cli-
ents, including high-profile
developers Paddy McKillen
and Gerard Gannon. The
charges also relate to loans
issued to the five children
of Sean Quinn, formerly
Irelands richest man and
now a bankrupt because of
debts owed to Anglo Irish.
Last week, Mr Quinns
son, Sean Quinn Jr, was
jailed for contempt of court
when it was ruled that he
hid assets from Anglo Irish
in breach of a court order.
Irish prosecutors are still
considering whether to
press other charges. David
Drumm, who was chief
executive of Anglo Irish in
2008 and has since moved to
the US, has been a subject
of investigation.
Mr FitzPatrick has been
arrested three times during
the fraud investigation and
been declared bankrupt
over property-related debts.
FitzPatrick takes
place on Anglo
Irish charged list
BANKS
News analysis
Former chief and
chairman faces 16
counts over loans
to buy bank shares,
says Jamie Smyth
Former Anglo Irish chief Sean FitzPatrick leaves Dublin District Court yesterday after being charged PA
By Patrick Jenkins
in London
One of Germanys biggest
Landesbanken is poised to
unveil a capital instrument
that may prove to be a blue-
print for other state-owned
banks struggling to comply
with tough regulatory capi-
tal demands.
Norddeutsche Landes-
bank is expected to reveal
today that it has struck a
deal to have a 15bn portfo-
lio of assets part-guaranteed
by its two state owners
the Lnder governments of
Lower Saxony and Saxony
Anhalt.
The structure, which is
set to be approved by EU
competition authorities,
echoes in miniature the
Asset Protection Scheme
created by the UK govern-
ment to guarantee a portfo-
lio nearly 20 times larger at
Royal Bank of Scotland.
In order to secure
approval, however, NordLB
has had to pay a stiff price
in the form of a coupon of
nearly 6.3 per cent on the
700m middle tranche of
the guaranteed assets that
the state is taking on. The
bank would have to absorb
the first loss and the risk
on the rest of the assets.
The facility, which will
cost NordLB 44m a year to
service, will add about half
a percentage point to its
capital ratio.
The European Banking
Authority said recently that
the measures the bank was
taking to boost its capital
although it did not detail
them were an acceptable
way to comply with its
new minimum core tier
one capital requirement of
9 per cent.
Under EU rules the
assets, comprising more
than 5,000 separate loans,
had to be a fair reflection of
the broader NordLB bal-
ance sheet largely good
quality loans, rather than
creating the kind of bad
bank that has been forced
on some failing Landes-
banken.
The instruments broader
relevance could be in its
apparent solution to the
quandary facing unlisted
banks of how to create the
kind of contingent capital
instruments that some
listed banks have used to
reach higher regulatory
capital targets. Cocos con-
tingent convertible bonds
used by banks such as
Credit Suisse convert
from debt to equity when
capital ratios breach a pre-
defined trigger level. The
guarantee on the NordLB
instrument could similarly
be called if capital ratios
fall below 9 per cent.
After a torrid time for
NordLB and other Landes-
banken, the capital innova-
tion was the second piece of
good news for the bank
within a month. Two weeks
ago, it launched the first
German covered bond of a
portfolio of aviation loans.
The 500m bond equates to
a quarter of the banks
annual lending commit-
ment to the sector.
NordLB set to strike asset deal
BANKS
States to guarantee
part of portfolio
Possible blueprint
for unlisted banks
This weeks $1.3bn sale of
little-known cloud comput-
ing start-up Nicira has
given a new twist to the
venture capital industrys
most intriguing soap opera:
can newcomer Andreessen
Horowitz crash its way into
the top ranks of one of
finances most elite clubs?
Set up by Marc Andrees-
sen, who made his name as
co-creator of the first
widely used web browser,
and long-time business part-
ner Ben Horowitz, the
three-year-old business sits
among the discreet, low-rise
office buildings on Sand
Hill Road in Silicon Valley.
But its arrival in the studi-
ously low-key venture capi-
tal ghetto has been any-
thing but calm.
Theyve been very
aggressive in attacking the
VC business without any
restraints, says Steve Har-
rick, a partner at Institu-
tional Venture Partners.
Privately, rivals chaff at
the firms heavy self-promo-
tion and accuse it of driving
up prices by overpaying for
its investments in the latest
faddish consumer internet
companies, from Pinterest
to Airbnb. They also claim
AH is over-expanding,
spreading its partners time
too thinly to make them of
much real use to the entre-
preneurs they are backing.
Mr Andreessen himself
sits on 10 different boards,
including those of Hewlett-
Packard, Facebook and
eBay though the firm says
this gives him a broad view
of the tech industry that is
highly valuable to entrepre-
neurs looking to start their
own companies.
Mondays announcement
of the sale of cloud comput-
ing company Nicira should
go some way towards
silencing the doubters. The
$17.7m that AH put into the
company has translated
into a stake that sold for
nearly $300m, according to
one person familiar with
the deal, making it one of
the biggest venture capital
wins of the year so far.
Add in the fourfold return
over just 18 months from its
$65m investment in Skype,
along with a $250,000 stake
in Instagram that netted
$78m when the company
was sold to Facebook, and
AH will soon have returned
more than double its initial
fund of $300m to investors
in its first three years.
In a business where
investment returns nor-
mally take years to be real-
ised, that counts as a spec-
tacular start, though it will
still be a long time before
the eventual performance of
the fund can be tallied.
For two serial entrepre-
neurs with no previous
finance experience, to get
even this far has taken the
kind of disruptive approach
associated with the compa-
nies backed by venture cap-
italists than the firms them-
selves.
The challenge for anyone
trying to break into the
start-up financing world is
that the profits are concen-
trated disproportionately in
a few hands, says Mr
Horowitz. On average, out
of thousands of tech start-
ups each year, only about 15
account for roughly 97 per
cent of the gains, he adds:
If youre not one of the top
five to 10 firms then youre
probably going to lose
money.
To get its foot in the door
with the best entrepreneurs
and give itself a shot at the
handful of blow-out deals,
AH set out to promote itself
aggressively, taking advan-
tage of the fact that its top
rivals usually shun public-
ity. It was viewed as not
quite the right thing to do,
says Margit Wennmachers,
co-founder of Silicon Valley
public relations group Out-
cast Communications, who
was hired for the task. With
the media-friendly Mr
Andreessen on tap, AH has
since gone on to monopolise
much of the public discus-
sion about venture capital
and the state of the start-up
world adding to the angst
of its rivals.
Thriving on self-
promotion has its risks.
The opportunity to write a
take-down story is omni-
present, says Mr Horowitz.
But its worked better than
we thought it would so far.
Other venture capital firms,
including the blue-blooded
Kleiner Perkins, have
scrambled to respond by
boosting their own market-
ing skills.
Mr Horowitz claims there
is more to this than just the
smoke and mirrors of good
marketing. To crack a pri-
vate finance business that
operates as a cottage indus-
try in small informal part-
nerships, AH set out to sys-
tematise the sort of support
venture capitalists claim to
give entrepreneurs, from
their network of contacts to
the experience in marketing
and hiring. In this, it copied
the firm that changed the
way Hollywoods talent
agencies work, he says: We
borrowed the whole idea,
step for step, from CAA.
Ultimately, it will be the
success of their first batch
of investments that will
determine whether AH is
here to stay. Responding to
complaints that it overpaid
to invest in Pinterest, one
of the hottest among the
latest crop of new start-ups,
at a valuation of $200m, Mr
Horowitz points out that
the company later raised a
round of capital that valued
the image curation site at
$1.5bn. Did we pay a lot for
Pinterest? It doesnt seem
so in retrospect, he says.
AH tries to
break into
elite venture
capital club
GENERAL FINANCIAL
News analysis
The group has
promoted itself as
it aims to get in on
the best deals, says
Richard Waters
Marc Andreessen sits on 10 different boards Bloomberg
It will be the success
of their first batch
of investments that
will determine if
AH is here to stay
By Andrew Edgecliffe-
Johnson in New York
Tablets are starting to
transform the dusty busi-
ness of scientific and medi-
cal journals, boosting
renewal rates and advertis-
ing revenues while giving
publishers valuable new
data on which articles and
advertisements are being
read.
Nancy McKinstry, chief
executive of Wolters Klu-
wer, said the Dutch pub-
lisher was shifting develop-
ment spending to mobile
applications and analytics,
having seen big increases in
usage in the six months
since it launched its first
tablet applications.
Surveys suggest that 40
per cent of the print prod-
uct is read, but with iPad
apps we know for a fact
that 65 per cent of the prod-
uct is read, Ms McKinstry
said. The more customers
use the product, the more
they renew, she added.
Tablet apps have become
an integral part of our prod-
uct offering and a real
driver [of revenues], said
Michael Hansen, chief exec-
utive of Elsevier Health Sci-
ences, part of Reed Elsevier.
Applications using video,
audio and animations are
also boosting advertising
revenues, which account for
about 30 per cent of Wolters
Kluwers journal revenues.
The company is seeing
users spending between 10
and 45 seconds watching
video ads the equivalent
of a 30-second [TV] ad, Ms
McKinstry said.
Pharmaceutical ad spend-
ing is down 16 per cent year
on year, she said, but Wol-
ters Kluwer was faring bet-
ter than rivals. I think its
a way to potentially rejuve-
nate the ad model in
pharma, she said.
Professionals tablet
usage has prompted more
sweeping change in some
business-to-business pub-
lishing categories than in
consumer-facing media.
Karen Abramson, chief
executive of Wolters Klu-
wers medical research busi-
ness, cited Manhattan
Research data showing that
62 per cent of US clinicians
own a tablet and 89 per cent
use a tablet or smartphone
between patient consulta-
tions.
Reed Elsevier, which
claims about 15 per cent of
the scientific, technical and
medical publishing applica-
tions in Apples App store,
has seen mobile users
access video three times as
much as PC users.
It reinforces the business
model in the sense that if
you can show usage, you
clearly have a much better
basis for your subscription
renewals, Mr Hansen said,
adding that usage of the
apps on Apple devices
is outstripping other
platforms by at least 10 to
one.
Publishers said they still
saw a future for print jour-
nals, typically provided
free with membership sub-
scriptions to medical socie-
ties.
Tablets lift scientif ic and medical journals ad revenues
MEDIA
More news at
FT.com
Imperial Tobacco
revenues buoyed up
Price increases and a
focus on promoting its
premium cigarette brands
have buoyed revenues at
Imperial Tobacco, in spite
of volumes continuing
their decline at the FTSE
100 tobacco group.
Smokers cutting back on
their habit dragged down
volumes of cigarettes and
loose-cut tobacco 3 per
cent in the nine months to
June 30 year-on-year,
slowing from the 4.1 per
cent decline reported in
the first half.
Huawei challenging
for vendor top position
Huawei is challenging
Ericsson to become the
worlds largest telecom
equipment vendor by sales
following a push by the
Chinese company. Huawei
said that its revenue in
the first six months
was Rmb102.7bn, up
5.1 per cent compared
with the same period in
2011.
Disc drive makers face
antitrust allegations
Europes antitrust
watchdog has served
formal charges against 13
optical disc drive makers
for allegedly forming a
worldwide cartel, a breach
of EU law that could be
punished with heavy fines.
ft.com/companies
Businesses for sale
FT BUSINESS Tuesday, Friday & Saturday Business for Sale, Business
Opportunities, Business Services, Business Wanted, Franchises
Classified Business Advertising:
UK: +44 20 7873 4563 | US: +1 212 641 6500 | ASIA: +852 2905 5554
FINANCIAL TIMES WEDNESDAY JULY 25 2012

15
MARKETS | MANAGED FUNDS SERVICE
Fund Bid Offer D / ield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www acpi com
FSA Recognised
ACPI India Fixed In o e UCITS Fund GBP 83 2 0 30 0 00
Emerg Mkts Fixed Income Fund USD $ 64 0 37 0 00
Global Equity Fund USD $ 87 82 0 87 0 00
Global Fixed Income Fund USD $ 0 0 0 4 0 00
Global Fixed Income Fund EUR 35 34 0 8 0 00
ACPI FM Limited (JER)
Regulated
Global Credit Fund USD $ 2 2 2 2 0 00 0 00
Multi Strategy Fund USD $ 85 09 0 79 0 00
Equity Alpha Fund USD $ 0 98 0 99 0 00 0 00
Focused Equity Fund USD $ 9 40 9 4 0 0 0 00
Multi Asset Fund USD $ 0 42 0 42 0 0 0 00
Hedge Equity Fund USD $ 6 6 0 5
International Bond Fund USD $ 8 8 8 8 0 02 0 00
Select Unit Trust Bal nced Fund USD $ 34 35 0 04 0 00
ACPI
Other International Funds
Global Credit Fund USD $ 03 0 02 0 00
Global Credit Fund EUR 03 0 02 0 00
India Fixed Income Fund USD $ 9 20 0 09 0 00
Select Fund USD $ 42 67 3 0 00
Strategic Opportunities Fund USD $ 2 59 0 27 0 00
Absolute Return Fund Trust
Other International
Euro Class 835 72 8 5
ACTIVE TRADING FUND (IRL)
Regulated
Active Trading Fund USD $ 945 95 5 65 0 00
Active Trading Fund EUR 944 3 5 5 0 00
Active Trading Fund GBP 946 89 5 66 0 00
Adelante Exotic Debt Fund Limited (GSY)
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Regulated
Adelante Exotic Debt Fund Limited $ 8 67 2 32 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) 24 65 30 88 0 79 0 00
AC Risk Parity 7 Fund (GBP A) 25 50 3 78 0 8 0 00
AC Risk Parity 7 Fund (USD A) $ 23 90 30 0 0 78 0 00
AC Risk Parity 2 Fund (EUR A) 46 89 54 23 73 0 00
AC Risk Parity 2 Fund (GBP A) 0 20 5 7 32 0 00
AC Risk Parity 2 Fund (USD A) $ 57 40 65 27 83 0 00
AC Spectrum Fund (EUR A) 02 08 07 8 0 89 0 00
AC Spectrum Fund (GBP A) 0 36 06 43 0 88 0 00
AC Spectrum Fund (USD A) $ 00 37 05 39 0 02 0 00
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 30 05 3 96 0 28 0 00
American Asset Growth I $ 3 8 3 8 0 30 0 00
American Century Sicav (LUX)
JPM customer service: 352 46 268 5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 0 46 0
ACI Conc Gbl Grwth Eq I Acc $ 0 52 0
ACI Gbl Grwth Equity Acc F $ 0 66 0 09 0 00
ACI Gbl Grwth Equity I Acc F $ 0 86 0 0 0 00
ACI US AllCap Grwth Eq A Acc $ 0 52 0 0
ACI US AllCap Grwth Eq I Acc $ 0 58 0 0
Amundi Funds (LUX)
5 Allee Scheffer L 2520 Luxembourg 44 (0)20 7074 9332
www amundi funds com
FSA Recognised
Absolute Var 2 EUR 96 84 0 03 0 00
Bd Euro Corporate AE Class R EUR 6 27 0 03 0 00
Bd Global AU Class R USD $ 23 37 0 3 0 00
Eq Emerging Europe AE Class R EUR 27 38 06 0 00
Eq Emerging World AU Class R USD $ 83 35 2 4 0 00
Eq Greater China AU Class R USD $ 437 49 0 00
Eq Latin America AU Class R USD $ 548 54 8 0 00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 433 59 3 5
AEF Ltd Eur (Est) 434 30 3 33
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 6 2 0 25 0 00
Arisaig Asia Consumer Fund Limited $ 43 6 0 75 0 00
Arisaig Latin America Consumer Fund $ 26 32 0 27 0 00
ARN INVESTMENT SICAV (LUX)
2, rue Eugne Ruppert, L 2453 Luxembourg
Regulated
ARN Newly Indus Ec Fd A C $ 80 77 2 5 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 5
Artemis Gbl Hedge Fd Ltd USD $ 50 09 0 55
Artemis UK Hedge Fd Ltd EUR 49 68 4 80
Artemis UK Hedge Fd Ltd GBP 64 7 5 25
Artemis UK Hedge Fd Ltd USD $ 55 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 7 30
FSA Recognised
Artisan Global Funds plc
Artisan Emerging Markets Fund AUDA$ 9 24 0 4
A tis E e i M ets Fu d Cl ss I EUR 7 99 0 8 0 00
A tis E i M ts Fu d Cl ss I USD $ 7 6 0 8 0 00
A tis Glob l V lue Fu Cl ss I USD A $ 0 35 0 3 0 00
Artisan Value Fund Class I USD Acc $ 0 70 0 0 0 00
Ashburton Fund Managers Limited (JER)
7 Hilary Street, St Helier, Jersey JE4 8SJ 0 534 5 2000
FSA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt Fund PC 2 33 5 2 448 0 7
Sterling Asset Mgt Fund PC Class I 2 7 9 9 0 00
Euro Asset Mgt Fund PC 2 38 2745 62
Global Euro Asset Manage ent Fund PC I 96 60 9 7 0 00
Sterling Total Return Bond Fund PC 6 22 6 3364 2 5
Dollar Total Return Bond Fund PC $ 0 49 0504 2 22
Sterling Intl Eq Fund PC 9 205 5 5 0 00
Dollar Intl Eq Fund PC $ 8 9709 9 4 94 7 0 00
Americas Eq Fund PC $ 8870 98 4 2 0 00
Americas Eq Feeder PC 677 226 2 0 00
European Eq Fund PC 4 425 4 3496 2 0 00
European Eq Feeder PC 0343 0860 2 0 00
European Eq Feeder PC Class I 90 235 9 9 9 0 00
Japan Eq Fund PC $ 2 0427 2 448 27 0 00
Japan Eq Feeder PC 00 6 05 7 0 00
Chindia Eq Feeder PC 0 9769 0257 0 00 0 00
Chindia Eq Feeder PC Class I 66 9 6 0 29 0 0 36 0 00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Asset Management Fund 3 88 52 5 2 9 0 00
$ Asset Management Fund $ 30 3 5 95 2 27 0 00
Euro Asset Management Fund 443 5 53 9 0 00
Multi Asset Cautious Fund GBP 0735 272 2 0 50
Multi Asset Cautious Fund GBP Class I 99 96 4 9 9 2 2 0 46
Multi Asset Balanced Fund EUR 0 97 7 0203 0 09
Multi Asset Balanced Fund GBP 242 804 0 7
Multi Asset Balanced Fund USD $ 0929 475 0 38
Multi Asset B lan ed Fund GBP Class I 7 4 4 7 0 36
Multi Asset B lan ed Fund USD Class I $ 95 882 7 0 52
Multi Asset B lan ed Fund EUR Class I 98 323 9 7 0 48
Multi Asset Aggressive Fund GBP 0 58 0666 2 0 5
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0 7775 0 8 64 2 0 00
Chindia Eq Class I $ 2 97 7 7 2 0 00
Ashburton Money Market Fds Limited
Money Market 3 95 3 95 0 000 0 25
$ Money Market $ 7 3 7 3 0 0002 0 0
EUR Money Market 820 820 0 0005 0 0
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 0 05 0 32 8 02
Local Currency Debt Pflo $ 28 5 09 0 00
Russian Debt Portfolio $ 69 3 99 0 00
Ashmore Asian Recovery $ 29 99 0 80 0 00
Multi Strategy $ 7 5 0 36 0 00
Emerging Mkts Global Inv Pfolio $ 8 3 0 6 0 00
Fund Bid Offer D / ield
Emerging Mkts Corporate High Yield $ 22 87 2 90 0 00
Turkish Debt Fund Ltd $ 96 37 4 0 0 00
Ashmore Sicav (LUX)
2 rue Albert Borschette L 246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 00 8 2 67 0 00
EM Mkts Corp Debt USD F $ 0 49 0 28 4 42
EM Mkts Debt NOK F NK 09 30 0 59 2 2
EM Mkts Debt GBP F 4 59 0 62 4 22
EM Mkts Inv Grade Corp Debt USD F $ 6 04 0 27 0 00
EM Mkts Loc Ccy Bd USD F $ 52 5 0 00
EM Mkts Loc Ccy Money Mkt USD F $ 98 33 02 0 00
EM Mkts Sov Debt USD F $ 3 0 65 0 00
EM Mkts Sov Inv Grade Debt USD F $ 7 50 0 5 0 00
Emerging Markets Debt Inst USD $ 76 62 0 75 9 68
Emerging Markets Debt Inst EUR 04 77 0 44 26 72
Emerging Markets Debt Retail USD $ 99 75 0 54 5 87
Emerging Markets Debt Retail EUR 54 22 0 84 6 67
Local Currency GBP F 02 67 0 0 30
Local Currency Inst EUR F 97 50 0 82 82
Local Currency Inst USD F $ 82 96 0 75 09
Local Currency Retail EUR F 96 48 03 0 38
Local Currency Retail USD F $ 06 58 3 0 56
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 345 50 9 4 0 00
Aspect Diversified EUR 207 0 02
Aspect Diversified GBP 04 5 6 00
Aspect Diversified CHF SFr 99 5 5 79 0 00
Aspect Diversified Trends USD $ 07 69 0 95 0 00
Aspect Diversified Trends EUR 07 62 0 97 0 00
Aspect Diversified Trends GBP 0 48 0 0 00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2 20 38 3 0 00
American One $ 965 06 2 2 0 00
Bond Global 90 98 2 9 0 00
Eurocroissance 565 00 2 0 00
Far East $ 550 73 2 20 0 00
Atlantis Investment Mgmt (Ireland) Ltd (IRL)
No t e T st Geo ge Co t Tow se d St eet D Re of e a d
FSA Recognised
Atlantis Asian Fund USD F $ 5 64 0 0 0 00
Atlantis Asian Fund GBP 7 97 0 00 0 00
Atlantis Asian Fund EUR 8 88 0 0 0 00
Atlantis China Fd F $ 5 64 0 02 0 00
Atlantis Japan Opps Fund USD H $ 23 0 00 0 00
Atlantis J pan Opportunities Fund GBP 25 0 07 0 00
Atlantis J pan Opportunities Fund EUR 2 90 0 09 0 00
Atlantis New China Fortune Fund $ 0 86 0 00 0 00
Atlantis China Healthcare Fund H $ 6 0 0 0 00
Atlas Capital SA
Other International Funds
First European Growth Inc USD Class $ 26 94 0 7 0 00
First European Growth Inc CHF ClassSFr 263 49 6 0 00
First USD Composite Inc $ 595 34 2 25 0 00
First EURO Composite Inc 08 33 0 27 0 00
For Atti a Institutional Multi Manager Pl Fds see MM Institution l Fds Pl
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund Share Class A Acc $ 0 28 9 0 00
$ Income Fund Share Class B Acc $ 9 5 23 0 00
$ Income Fund Share Class G Acc 039 2 0 9 2 4 0 00
$ High Yield Fund Share Class A Acc $ 08 0 2 22 0 00
BNP Paribas Investment Partners (LUX)
0, Harewood Avenue, London NW 6AA
Investors Services (44) 020 7595 6762
FSA Recognised
BNP Paribas Insticash
BNP Paribas Insticash EUR F 6 59 0 00 0 00
BNP Paribas Insticash GBP F 28 37 0 00 0 00
BNP Paribas L1
BNPP L Bd Asia ex Japan F $ 43 05 0 22 0 00
BNPP Bd B st S l cti W ld E i F $ 228 82 0 52 0 00
BNPP Bd B st S l cti W ld Em gi g I c 42 85 0 79 8 86
BNPP L Bd Currencies World F 562 8 8 37 0 00
BNPP L Bd Europe Emerging F 577 78 4 02 0 00
BNPP L Bd World F 330 30 0 24 0 00
BNPP L Bd World Emerging F $ 0 9 5 6 40 0 00
BNPP L Bd World Emerging Inc 48 6 0 57 0 00
BNPP L B Wo l E e i Co po te I $ 07 08 0 30 0 00
BNPP L Bd World Emerging Local F $ 64 97 99 0 00
BNPP L Bd World Emerging Local Inc 04 84 0 44 6 57
BNPP L Bd World High ield F 84 36 0 9 0 00
BNPP L Dyn World Inc 87 49 0 4 0 00
BNPP L Eq Asia Emerging F $ 80 75 0 28 0 00
BNPP L Eq Best Sel Asia ex Japan F 386 7 0 24 0 00
BNPP L Eq Best Sel Euro F 296 8 02 0 00
BNPP L Eq Best Sel Europe F 40 4 3 48 0 00
BNPP L Eq Best Sel Europe Inc 87 88 86 4 9
BNPP L Eq Best Sel Europe ex UK F 97 32 2 54 0 00
BNPP L Eq Best Sel Europe ex UK Inc 87 63 96 2 67
BNPP L Eq Best Sel USA F $ 296 58 3 32 0 00
BNPP L Eq China F $ 256 45 0 57 0 00
BNPP L Eq Euro F 2 69 5 75 0 00
BNPP L Eq Europe F 392 02 0 02 0 00
BNPP L Eq Europe Emerging F 093 38 0 0 00
BNPP L Eq Europe Growth F 30 75 0 77 0 00
BNPP L Eq High Div Pacific F 57 79 0 5 0 00
BNPP L Eq India F $ 84 34 29 0 00
BNPP L Eq India Inc 65 63 2 36
BNPP L Eq Indonesia F $ 2 7 36 73 0 00
BNPP L Eq Pacific ex Japan F 53 5 0 02 0 00
BNPP L Eq Russia F 95 89 3 28 0 00
BNPP L Eq Russia Inc 04 32 3 7 2 9
BNPP L Eq Turkey F 223 52 4 45 0 00
BNPP L Eq USA Growth F $ 57 50 86 0 00
BNPP L Eq USA Small Caps F $ 09 96 57 0 00
BNPP L Eq World Emerging F $ 508 7 9 87 0 00
BNPP L Eq World Energy F 598 93 6 98 0 00
BNPP L Eq World Health Care F 479 9 3 84 0 00
BNPP L Eq World Materials F 77 24 40 0 00
BNPP L Eq World Utilities F 07 96 22 0 00
BNPP L Green Future F 65 43 0 87 0 00
BNPP L Green Future Inc 64 30 0 62 2 93
BNPP L Green Tigers F 28 88 0 43 0 00
BNPP L Opportunities USA F $ 84 05 04 0 00
BNPP L Opportunities USA Inc 5 03 0 5 2 5
BNPP L Opportunities H USA Inc 35 78 0 45 2 50
BNPP L Opportunities World F 95 0 83 0 00
BNPP L Real Est Securities Eur F 56 04 3 47 0 00
BNPP L Real Est Securities Eur Inc 4 04 2 53 3 9
BNPP L Real Est Securities Wrld Inc 58 07 2 3 0 00
BNPP L V350 F 04 56 0 24 0 00
BNPP L V350 H Inc 94 95 0 23 8 76
BNPP L Wrld Commodities F $ 89 20 58 0 00
BNPP L World Volatility Inc 96 6 0 07
Parvest
Bond Euro 84 2 0 94 0 00
Bond Euro Medium Term 65 2 0 59 0 00
Bond USA High ield $ 96 30 0 38 0 00
Bond USD Inc $ 27 6 0 9 3 22
Bond World Corporate Inc $ 05 02 0 7 3 72
Bond World Emerging $ 387 44 2 07 0 00
Bond World Inflation Ld 37 95 0 27 0 00
Commod Arbitrage F $ 97 2 0 8 0 00
Equity Australia A$ 603 8 0 23 0 00
Equity Brazil Inc $ 03 04 2 63 4 5
Equity BRIC $ 7 00 3 66 0 00
Equity Japan Inc 8 5 00 3 00 2 69
Equity Japan Small Cap Inc 2882 00 62 00 69
Equity Latin America Inc $ 5 58 64 3 37
Equity Russia Opp Inc $ 65 97 2 30 2 3
Equity South Korea Inc $ 76 54 2 8 55
Equity USA Inc $ 57 93 0 67 2 2
Equity USA Mid Cap $ 23 80 2 59 0 00
Equity USA Value Inc $ 69 42 0 84 2 5
Flexible Bond Europe Corp 4 82 0 3 0 00
Flexible Bond Wrld Inc $ 9 25 0 02 3 0
Multi Strat FX 0 93 0 0 0 00
Real Estate Securities Europe 63 89 34 0 00
Step 80 Wrld Emerging EUR F 94 62 0 24 0 00
Step 90 EURO F 3 6 6 9 0 00
Wrld Agriculture F 2 76 2 27 0 00
Wrld Agriculture USD F $ 9 58 86 0 00
BNP Paribas
Other International Funds
Campbell FME Large $ 338 6 5 68 0 00
Fund Bid Offer D / ield
BNP GLF USD $ 222 3 0 0 0 00
BNY Mellon Global Funds (IRL)
60 Queen Victoria Street EC4V 4LA 44 (0) 3 305 3 3
FSA Recognised
Asian Eqty A USD F $ 2 85 0 00 0 00
BNY Mellon Absolute Return Equity 02 0 00 0 00
BN Mellon Asian Equity Fund $ 3 25 0 00 0 00
BN Mellon Brazil Equity $ 3 0 03 0 00
BNY Me on Eme g ng Mar ets oca C rency nv stment G ade Debt F nd $ 0 94 0 0 0 00
BNY Me o Eme g g Ma kets Co o ate De t F d $ 02 28 0 33
BN Mellon Euroland Bond Fund 62 0 0 0 00
BNY Mellon Global Equity Higher In o e $ 07 0 0
BN Mellon Global Property Secs 22 0 00 0 00
BN Mellon Global Bond Fund $ 2 39 0 00 0 00
BN Mellon Global Equity Fund $ 48 0 00 0 00
BNY Mellon Global High Yield Bond 48 0 00 0 00
BNY Mellon Global Opportunities Fund $ 76 0 0 0 00
BNY Mellon Global Real R turn EUR Fund 7 0 00 0 00
BN Mellon Global Real Return $ 23 0 00 0 00
BNY Mellon Long Te Glob l Equity GBP 35 0 02 0 00
BN Mellon UK Equity Sterling 57 0 0 0 00
BN Mellon US Equity Fund $ 08 0 0 0 00
Emerging Mkts Debt C USD F $ 94 0 0 0 00
Emerging Mkts Debt LC C USD F $ 60 0 0 0 00
Evolution Global Alpha C EUR F 97 99 0 67 0 00
Global Dynamic Bond Fund C USD F $ 09 0 00 0 00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 00 0 00 0 34
Global Liquidity EUR 00 0 00 0 8
Barclays Investment Funds (CI) Ltd (JER)
39 Broad Street St Helier Jersey JE2 RR Channel Isl nds 0 53 8 2800
FSA Recognised
Bond Funds
Sterling Bond F 0 45 0 00 3 55
Baring International Fd Mgrs (Ireland) (IRL)
N t T st G g C t T w s d St t D i R f a d 7
FSA Recognised
ASEAN Frontiers A GBP Inc 06 60 0 42 0 65
Asia Growth A GBP Inc H 34 9 0 00 0 00
Australia A GBP Inc 68 84 0 00 2 2
Dyna i E erging M rkets A GBP A F 9 88 0 06
Eastern Europe A GBP Inc 55 35 0 85 0 24
E erging Mkt Debt LC A GBP Hedged In 04 0 4 4 48
Emerging Opportunities A GBP Inc H 9 39 0 7 0 00
Europa A USD Inc H $ 34 30 0 52 22
Glb Aggregate Bond A USD Inc H $ 3 0 04 89
Glb Emerging Markets A GBP Inc H 8 72 0 7 0 32
Glb Select A GBP Inc H 8 05 0 00 0 00
Glb Resources A GBP Inc H 3 48 0 07 0 00
High Yield Bond A GBP Hedged Inc H 7 02 0 02 7 05
Hong Kong China A GBP Inc 454 68 2 6 0 00
India Fund Class A GBP Inc 9 9 0 00
International Bond A GBP Inc F 8 00 0 04 2 34
Latin America A USD Inc H $ 42 3 0 07 55
MENA A GBP Inc F * 9 07 0 04 42
B i Gl b l Mi i Fu d Cl ss A GBP I c 6 93 0 07
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A Share A GBP Inc 5 70 0 4 0 00
Barings (Luxembourg) (LUX)
FSA Recognised
Russia A GBP Inc F 33 47 37 0 00
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 353 542 2907 Enquiries: 00 4420 7648 4300
FSA Recognised
Bedlam Global A 64 04 64 04 38 0 00
Bedlam Global B 7 6 7 6 40 0 00
Bedlam Emerging Markets A 2 3 27 2 3 27 95 0 00
Bedlam Emerging Markets B 2 3 96 2 3 96 89 0 00
Bedlam Europe A 6 09 6 09 2 37 0 00
Bedlam Europe B 2 8 2 8 2 44 0 23
Bedlam Japan A 78 78 78 78 0 46 0 00
Bedlam Japan B 78 34 78 34 0 44 0 00
Bedlam UK A 20 58 20 58 87 0 42
Bedlam UK B 22 57 22 57 85 68
Bedlam Global Income Fund 85 30 85 30 0 6 4 47
Blackmore Capital Management Limited (GSY)
Regulated
Branded Comm Opps Fd Class A 04 0 00 0 00
Branded Comm Opps Fd Class B 2 0 00 0 00
Branded Comm Opps Fd Class C 24 0 00 0 00
Branded Comm Opps Fd Class D $ 0 0 0
Branded Comm Opps Fd Class E 0 0 00
BlackRock (JER)
Regulated
BlackRock UK Property 34 32 0 06 4 5
BLK Intl Gold & General $ 8 52 8 97 0 08 0 00
Blairmore Funds PLC
Other International Funds
Smith & Williamson Investment Management
Administrators - BNP Paribas
NAV $ 0 36 0 4 0 00
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors Initial Ser A $ 26 05 0 86 0 00
Blakeney Investors S08/08 $ 7 35 0 24 0 00
Blakeney Investors S /08 $ 6 0 37 0 00
Blakeney Investors S 0/09 $ 9 66 0 32 0 00
Blakeney Investors S04/ 0 $ 9 06 0 30 0 00
Blakeney Investors S09/ 0 $ 9 33 0 3 0 00
Blakeney Investors S / 0 $ 8 94 0 30 0 00
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 02 5 0 63
BlueBay Em Mkt Bd B USD $ 274 84 48 0 00
BlueBay Em Mkt Corp Bd B $ 56 52 44 0 00
BlueBay Em Mkt Sel Bd B USD $ 6 24 8 0 00
BlueBay Emg Mkt Loc Ccy Bd B USD $ 68 00 2 5 0 00
BlueBay Gbl Convert Bd I USD $ 55 7 0 78 0 00
BlueBay Gbl High ield Bd B $ 2 0 0 23 0 00
BlueBay High ield B EUR 274 8 0 28 0 00
BlueBay High ield Corp Bd B 7 86 0 4 0 00
BlueBay Inv Grd B EUR 48 65 0 36 0 00
BlueBay Inv Grd B Euro Gov Bd Fund 4 46 0 98 0 00
BlueBay Inv Grd I Euro Agg Bd Fund 4 8 0 74 0 00
BlueBay Inv Grd Libor Fd B 9 00 0 02 0 00
BlueBay Struct Fds: High Inc Loan Fd 67 83 0 04 0 00
BlueBay Struct Fds: High Yield Enh Fd 83 65 0 33 0 00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 2 4 0 9 0 00
Bluebay Macro Fd A $ 2 57 2 69 0 00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 5 03 5 03 05 0 00
BONHOTE
Other International Funds
Bo te A e at ve M t A t age SD) C asse E R) 0 00 38 00 0 00
Bo te A te at ve M t Pe fo ma ce SD) C asse E R) 88 00 0 00
Braemar Group PCC Limited (GSY)
Regulated
Ground Rents Class A 06 0 00 0 00
Ground Rents Class B 0 0 00 0 00
UK Agricultural Class A 0 0 03 0 00
UK Agricultural Class B 8 0 03 0 00
Student Accom Class A 42 0 00 0 00
Student Accom Class B 0 00 0 00
CG Portfolio Fund Plc (IRL)
No t e T st Geo ge Co t Tow se d St eet D Re of e a d
FSA Recognised
Real Return Cls A 97 68 97 68 0 25 42
CG Dollar Fund 43 5 43 5 0 08 07
Capital Value Fund Cls V 9 6 9 6 0 09 0 7
CG Portfolio Fund Ltd (CYM)
Regulated
NAV 2 252 9 0 74
CP Global Asset Mgmnt P/ Ltd. (CYM)
86A, Telok Ayer Street, Singapore 068632, Tel 65 6222 5366
Regulated
CP Multi Strategy Curren y Fund (USD) $ 0 94 4 80
CACEIS (Switzerland) SA
Tel: 4 22 360 94 00 www caceis ch
Other International Funds
Dynamic Ratchet Bond Fund Japan 32 00 00 0 00
Heartwood Wealth Management Limited (IRL)
Regulated
Heartwood Caut Multi Asset B Acc 22 68 0 36 0 00
Fund Bid Offer D / ield
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 5 97 0 03 0 00
Cap Int All Ctry Eq B 3 30 0 03 0 00
Cap Int All Ctry Eq B $ 6 0 0 06 0 00
Cap Int All Ctry Eq BD 0 35 0 0 0 0
Cap Int Emerg Asia Eq B SFr 7 66 0 6 0 00
Cap Int Emerg Asia Eq B 6 38 0 3 0 00
Cap Int Emerg Asia Eq B $ 7 73 0 9 0 00
Cap Int Emerg Asia Eq Bd 4 98 0 09 0 00
Cap Int Global Equity B $ 5 00 0 05 0 00
Cap Int Global Equity BD 9 40 0 0 0 2
Cap Int Global Equity B SFr 4 89 0 03 0 00
Cap Int Global Equity B 2 40 0 03 0 00
Cap Int European Eq BD 7 23 0 02 08
Cap Int European Eq B 0 02 0 04 0 00
Cap Int European Eq B SFr 2 03 0 04 0 00
Cap Int European Eq B $ 2 3 0 07 0 00
Cap Int Japan Equity B 6 72 0 05 0 00
Cap Int Japan Equity B $ 8 3 0 05 0 00
Cap Int Japan Equity B SFr 8 07 0 06 0 00
Cap Int Japan Equity BD 5 2 0 05 0 00
Cap Int AsiaP ex Jp Eq B SFr 4 43 0 0 0 00
Cap Int AsiaP ex Jp Eq B 2 02 0 0 0 00
Cap Int AsiaP ex Jp Eq B $ 4 54 0 03 0 00
Cap Int Asia Pex Jp Eq BD 8 97 0 0 0 3
Cap Int Em Mkts Fund BD 48 9 0 86 0 34
Cap Int Em Mkts Fund B SFr 77 20 65 0 00
Cap Int Em Mkts Fund B 64 28 38 0 00
Cap Int Em Mkts Fund B $ 77 89 2 00 0 00
Growth and Income Funds
Cap Int Glb Growth Inc BD 8 6 0 00 0 64
Cap Int Glb Growth Inc B 57 0 02 0 00
Cap Int Glb Growth Inc B SFr 3 89 0 02 0 00
Cap Int Glb Growth Inc B $ 4 00 0 04 0 00
Cap Int Eur Growth Inc B 5 45 0 02 0 00
Cap Int Eur Growth Inc B SFr 8 56 0 03 0 00
Cap Int Eur Growth Inc B $ 8 70 0 05 0 00
Cap Int Eur Growth Inc BD 9 0 00 55
Cap Int US Growth Inc B 3 76 0 03 0 00
Cap Int US Growth Inc B SFr 6 53 0 04 0 00
Cap Int US Growth Inc B $ 6 66 0 06 0 00
Cap Int US Growth Inc BD 0 63 0 00 0 9
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 8 0 0 0 00
Cap Int Em Mk Tot Opp B 9 30 0 0 0 00
Cap Int Em Mk Tot Opp B $ 27 0 6 0 00
Cap Int Em Mk Tot Opp Bd 7 0 0 05 2 20
Cap Int Gbl Abs Inc Grow B $ 0 26 0 3 0 00
Income Funds
Cap Int Em Mkts Debt B SFr 3 5 0 06 0 00
Cap Int Em Mkts Debt B 25 0 05 0 00
Cap Int Em Mkts Debt B $ 3 63 0 2 0 00
Cap Int Em Mkts Debt Bd 8 23 0 0 4 03
Cap Int Em Mk LocCur Dbt B $ 0 90 0 4 0 00
Cap Int Em Mk US$ Debt B $ 0 69 0 06 0 00
Cap Int Euro Bond B SFr 6 46 0 08 0 00
Cap Int Euro Bond B 8 65 0 05 67
Cap Int Euro Bond B $ 6 58 0 06 0 00
Cap Int Euro Bond BD 3 70 0 07 0 00
Cap Int Glb H Inc Opp B SFr 3 29 0 2 0 00
Cap Int Glb H Inc Opp B 26 05 0 0 0 00
Cap Int Glb H Inc Opp B $ 3 53 0 08 0 00
Cap Int Glb H Inc Opp BD 3 0 0 06 5 04
Cap Int Global Bond B SFr 9 68 0 06 0 00
Cap Int Global Bond B 6 39 0 04 0 00
Cap Int Global Bond B $ 9 84 0 02 0 00
Cap Int Global Bond BD 0 67 0 04 9
Luxembourg C pital Intern tional 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 9679 9 2 5 27
CATCo Re Opps Fund C shares $ 87 0 0 38 4 56
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 7 0 0000
CATCo Re Fund Ltd Series B $ 4 0 0000
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 259 57 99 0 00
Cedar Rock Capital Fd Plc 262 4 30 0 00
Cedar Rock Capital Fd Plc 220 69 9 40 0 00
The Charlemagne Fund (CYM)
Regulated
NAV EUR 240 0 2 87
NAV USD $ 238 0 2 97
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 342 0 00 0 00
Charlemagne New Frontiers R $ 2 33 0 06 0 00
Magna Umbrella Fund PLC
Magna Africa R 9 24 0 6 0 00
Magna Eastern European R 8 0 0 30 0 00
Magna Emerging Mkts Div Fd R Acc 0 75 0 6 0 00
Magna Emerging Mkts Div Fd R Dist 9 99 0 5 5 93
Magna Global Emerging Markets R 8 4 0 20 0 00
Magna Latin American R 9 78 0 7 0 00
Magna Mena R * 62 0 0 0 00
Magna New Frontiers R 8 33 0 08 0 00
Magna Turkey R 9 92 0 8 0 00
Magna Undervalued Ass Fd R 9 33 0 0 00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 00 0 00 0 0
Chartered Asset Management PTE Ltd
Other International Funds
CAM GTF Limited $ 49 3 3493 4 7 0 00
CAM GTi Limited $ 999 5 80 90 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
C ey e Co ve tibles Absolute Retu Fu 2 2 3 0 00
C ey e Co ve tibles Absolute Retu Fu $ 09 8 27 0 00
C ey e Co ve tibles Absolute Retu Fu 086 8 28 0 00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 24 33 0 25 0 00
Cheyne High In o e Cre it Fund EUR Inst 20 58 6 49
Cheyne Real Estate Debt Fund Class A 4 0 24
Cheyne Long/Short Credit Fund $ 70 35 6 25 0 00
City Financial Asian Absolute Growth Fund(CYM)
Regulated
Asian Absolute Growth Class A $ 98 50 0 5 0 00
Asian Absolute Growth Class C $ 02 9 0 0 0 00
City of London Inv Mgmt Co Ltd (IRL)
2nd Floor, Guild House, Guild Street, Dublin 00 353 448 5033
FSA Recognised
The Em Mkt V lue & Growth GBP Inst 0 35 0 9 0 00
The Em Mkt Value & Growth GBP Ret 0 20 0 8 0 00
The Emerging World USD Retail A $ 56 6 29 0 00
The Emerging World USD Instl $ 59 90 36 0 00
The Natural Resources USD Retail A F $ 5 40 0 8 0 00
The Natural Resources USD Instl $ 5 53 0 8 0 00
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L 80 0 Strassen Lux 00 352 3 783
FSA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 20 5 0 6 28
CMI Pacific Basin Enhanced Equity $ 38 55 0 05 2 4
Single Country Equity Sub Funds
CMI German Equity F 42 73 0 60 60
CMI Japan Enhanced Equity F 2082 68 8 75 46
CMI UK Equity 9 98 0 05 94
CMI US Enhanced Equity F $ 50 57 0 46 0 6
Index Tracking Sub Funds
Euro Equity Index Tracking 2 74 0 5 3 94
Japan Index Tracking 388 58 72 62
Fund Bid Offer D / ield
UK Eqty Index Tracking 2 73 0 07 3 00
US Eqty Index Tracking $ 38 0 0 32 0 8
Managed Sub Funds
Global Bond 66 0 00 43
Global Network Mgd Global Mxd 94 0 0 0 82
Global Equity 94 0 02 0 60
Bond Sub Funds
CMI Euro Bond F 4 56 0 27 3 26
CMI Japanese Bond 3 86 47 0 5
CMI UK Bond 8 28 0 05 2 54
CMI US Bond $ 4 00 0 02 88
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25 62 0 00 0 80
CMI Stlg Currency Reserve 5 02 0 00 0 72
CMI US Dllr Currency Reserve $ 9 96 0 00 0 00
CMI Access 80% Gu F 5 52 0 0 0 00
CMI Fund Managers (IoM) (IOM)
Cleri l Medi al Hse Vi toria Road Douglas IoM IM99 LT 0 62 625599
FSA Recognised
CMI High Income PLC 0 5079 0 5403 2 2 98
CMI Sterling Roll Up PLC 3 0438 3 2378 22 0 00
Maximum Permitted Charge 8 5%
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 3 67 0 27 2 44
Europ RealEstate Sec IX 6 57 0 32 0 00
Gbl RealEstate Sec I $ 8 6 0 2 72
Gbl RealEstate Sec IX $ 9 66 0 2 0 00
Comgest SA (LUX)
7 square Edouard VII 75009 Paris, www comgest com
FSA Recognised
Comgest Asia F $ 3026 6 46 2 0 00
Comgest Europe F SFr 32 9 27 7 0 00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 20 2 55 4 33 0 00
Comgest Far East Limited (KYG)
Other International Funds
C F E ON X FUND $ 40 0 00 0 00
Comgest SA (FRA)
7 square Edouard VII 75009 Paris
FSA Recognised
Comgest Magellan 58 00 26 9 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 34 0 3 30 03
Comgest Gth Emerging Mkt DIS F $ 26 84 0 69 0 8
Comgest Gth Europe DIS F 2 88 0 30 0 00
Comgest Gth GEM PC DIS F 9 88 0 3 0 28
Coupland Cardiff Funds Plc (IRL)
3 /32 St James's Street, London, SW A HD
FSA Recognised
CC Asia Alpha Fd Cls A Euro 2 59 2 59 0 26 0 00
CC Asia Alpha Fd Cls B USD $ 2 25 2 25 0 25 0 00
CC Asia Alpha Fd Cls C GBP 2 07 2 07 0 24 0 00
CC Japan Alpha Fd Cls A Euro 4 58 4 58 0 06 0 00
CC Japan Alpha Fd Cls B GBP 4 94 4 94 0 06 0 00
CC Japan Alpha Fd Cls C JP 47 72 47 72 6 2 0 00
CC Asian Evolution Fd Cls A USD $ 2 96 2 96 0 0 00
CC Asian Evolution Fd Cls B GBP 2 2 2 2 0 0 0 00
CC Asian Evolution Fund Cls C USD A $ 4 8 4 8 0 4 0 00
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P O Box 4935, Guild St, IFSC Dublin 00 353 642 8400
FSA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser F 79 38 2 2
Cont EUR Spec Equity Ser 2 F 82 5 2 8 0 58
Cont EUR Spec Equity Ser 5 F 82 26 2 8 0 82
UK Equity Index Programme Ser F 2 67 0 47 2 99
UK Equity Index Programme Ser 2 F 2 95 0 48 3 37
UK Equity Index Programme Ser 5 F 22 4 0 48 3 6
UK Specialist Eqty Pro Ser F 5 58 0 33 0 6
UK Specialist Eqty Pro Ser 2 F 5 84 0 33 05
UK Specialist Eqty Pro Ser 5 F 5 86 0 34 29
US Equity Index Programme Ser F $ 46 09 0 42 0 57
US Equity Index Programme Ser 2 F $ 46 97 0 42 0 9
US Equity Index Programme Ser 5 F $ 47 2 0 42 3
Contl Eurp Eqty Index Prog Ser F 244 04 6 6 2 43
Contl Eurp Eqty Index Prog Ser 2 F 248 76 6 28 2 73
Contl Eurp Eqty Index Prog Ser 5 F 249 3 6 28 2 99
US Sovereign Bond Index Prog Ser F $ 24 82 0 04 54
US Sovereign Bond Index Prog Ser 2 F $ 24 90 0 03 73
US Sovereign Bond Index Prog Ser 5 F $ 25 23 0 04 98
Co t e ta E Sove e g Bo d dex P og Se F 7 47 0 78 3 02
Co t e ta E Sove e g Bo d dex P og Se F 7 90 0 78 3 7
p Sp ci list Eq ity P g mm S i s F 28 8 00 6 00
p Sp ci list Eq ity P g mm S i s F 3093 00 00 0 80
p Sp ci list Eq ity P g mm S i s F 3 0 00 00 07
Swiss Equity Pro Ser F SFr 205 79 4 23 0 33
Swiss Equity Pro Ser 2 F SFr 2 0 34 4 32 0 9
Swiss Equity Pro Ser 5 F SFr 2 0 60 4 3 0 45
Pac Basin Eqty Pro Ser F $ 45 97 0 0 3
Pac Basin Eqty Pro Ser 2 F $ 47 04 0 00 58
Pac Basin Eqty Pro Ser 5 F $ 47 33 0 0 85
UK Sovereign Bond Index Prog Ser F 4 82 0 00 2 9
UK Sovereign Bond Index Prog Ser 2 F 4 87 0 00 3 09
UK Sovereign Bond Index Prog Ser 5 F 4 99 0 0 3 35
Swiss Franc Pro Ser F SFr 05 23 0 06 58
Swiss Franc Pro Ser 2 F SFr 06 44 0 07 76
Coutts Equator Emerging Markets F $ 30 58 0 27 33
Coutts Equator Emerging Markets 2 F $ 30 66 0 27 46
Coutts Equator Emerging Markets 5 F $ 30 7 0 28 73
Gl bal I v stm t G ad P g amm USD S F $ 09 40 0 22 2 96
Gl b l I v stm t G d P g mm EUR S F 07 67 0 9 2 96
Gl b l I v stm t G d P g mm GBP S F 3 24 0 8 2 96
Gl b l I v stm t G d P g mm CHF S FSFr 00 06 0 7 2 96
Gl bal I v stm t G ad P g amm USD S F $ 0 45 0 22 3
Gl b l I v stm t G d P g mm EUR S F 08 92 0 20 3
Gl b l I v stm t G d P g mm GBP S F 2 5 0 9 3
Gl b l I v stm t G d P g mm CHF S FSFr 00 73 0 6 3
Gl b l I v stm t G d P g mm GBP S F 2 66 0 7 3 36
UK Specialist Equity Income Ser F 8 3 0 3 2 94
UK Specialist Equity Income Ser 2 F 8 7 0 3 4 29
UK Specialist Equity Income Ser 5 F 8 7 0 3 4 52
Absolute Rt Multi Asset P o Se GBP F 9 72 0 07
Absolute Rt Multi Asset P o SER 2 GBP F 9 85 0 08
Absolute Rt Multi Ass t P o SER 2 USD F $ 9 80 0 07
Absolute Rt Multi Asset P o SER 2 EUR F 9 83 0 08
Absolute Rt Multi Asset P o SER 5 GBP F 9 90 0 08
Absolute Rt Multi Ass t P o SER 5 USD F $ 9 92 0 08
Absolute Rt Multi Asset P o SER 5 EUR F 9 99 0 08
Absolute Rt Multi Asset P o SER 9 GBP F 9 94 0 08
Absolute Rt Multi Ass t P o SER 9 USD F $ 9 88 0 08
Absolute Rt Mut i Asset P o Se 9 EUR F 9 65 0 08
** 30 day average yield
Coutts (IRL)
Regulated
Coutts Liquidity Fund Plc
Dollar Ser $ 00 0 00 0 05
Dollar Ser 3 $ 68 97 0 00 0 05
Dollar Ser 4 $ 67 38 0 00 0 0
Dollar Ser 5 $ 00 0 00 0 20
Sterling Ser 00 0 00 0 32
Sterling Ser 3 60 26 0 00 0 32
Sterling Ser 4 58 75 0 00 0 22
Sterling Ser 5 00 0 00 0 47
Euro Ser 00 0 00 0 02
Euro Ser 3 73 69 0 00 0 02
Euro Ser 4 7 87 0 00 0 0
Euro Ser 5 00 0 00 0 0
Crdit Andorrn Asset Management (LUX)
www creditandorra com
FSA Recognised
Crediinvest SICAV Money Market Eur I 23 0 00 0 00
Crediinvest SICAV Money Market Usd A $ 0 02 0 00 0 00
Crediinvest SICAV Fixed Income Eur 0 23 0 03 0 00
Crediinvest SICAV Fixed Income Usd $ 0 37 0 02 0 00
Crediinvest SICAV Spanish Value 72 54 58 0 00
Crediinvest SICAV International Value 54 22 3 22 0 00
Crediinvest SICAV Big Cap Value 2 79 0 24 0 00
Crediinvest SICAV US Multistrategy $ 2 2 0 4 0 00
Crediinvest SICAV Sustainability 99 0 0 00
Fund Bid Offer D / ield
Daiwa Europe Fund Mgrs Ireland Ltd (IRL)
Regulated
Monthly Dividend High ield $ 7 0 0 0 0 00
Daiwa Gaika MMF
AU$ Portfolio A$ 0 0 0 00
US$ Portfolio $ 0 0 0 00
Euro Portfolio 0 0 0 00
Canadian Dllr Pfolio C$ 0 0 0 00
New Zealand Dllr Pfolio NZ 0 0 0 00
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 0 49 0 03 0 00
Monthly Dividend EUR Bd 9 90 0 04 0 00
Monthly Dividend CAD Bd C$ 0 59 0 02 0 00
Mthly Div US Preferred Secs $ 7 23 0 04 0 00
Daiwa Equity Fund Series
New Major Economies $ 0 02 0 23 0 00
Global CB $ 9 73 0 06 0 00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 369 0 370 50 2 40 0 00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 27 39 0 22 0 00
Davis Value B $ 24 2 0 20 0 00
Davis Global A $ 9 90 0 24 0 00
Davis Global B $ 7 62 0 2 0 00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 66 39 0 2 0 00
CABEI Central America Fund $ 953 0 3 06 0 00
Dodge & Cox Worldwide Funds (IRL)
Buckingham Palace Road Victoria, London SW W 0SR
www dodgeandcox worldwide com 020 7340 8695
FSA Recognised
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 0 26 0 7 0 00
GBP Accumulating Share Class 0 87 0 2 0 00
EUR Accumulating Share Class 2 70 0 8 0 00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 9 7 0 9 0 00
EUR Accumulating Share Class 9 42 0 6 0 00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 0 86 0 2 0 00
GBP Accumulating Share Class 0 88 0 06 0 00
EUR Accumulating Share Class 6 0 2 0 00
Dominion Fund Management Limited
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Guernsey Channel Islands United Kingdom G 3PU
( ) i v st s vic s@d i i fu ds c www d i i fu ds c
Other International Funds
Dominion CHIC Fd DC Class 26 0 06 0 00
Dominion CHIC Fd IC Class 27 0 06 0 00
Dominion CHIC Fd DC Class 9 78 0 04 0 00
Dominion CHIC Fund GBP R Class 96 67 0 53
Dominion CHIC Fd IC Class 9 80 0 04 0 00
Dominion CHIC Fd US$ DC Class $ 8 77 0 07 0 00
Dominion CHIC Fd US$ IC Class $ 8 78 0 07 0 00
Dominion CHIC Fund GBP R Class 96 67 0 53
DX EVO UTION PCC IMITED DXE () FUND 99 27 99 27 0 30
DX EVO UTION PCC IMITED DXE (US ) FUND $ 00 55 00 55 00
Dragon Capital Management
90 Me Linh Point 2 Ngo Duc Ke District Ho Chi Minh City Vietnam
Fund information dealing and administration: funds@dragoncapital com
Other International Funds
Vietnam Enterprise Investments (VEIL) $ 2 3 0 03 0 00
Vietnam Growth Fund (VGF) $ 4 75 0 2 0 00
Edinburgh Partners Limited (IRL)
2 Charlotte Square, Edinburgh, EH2 4DJ 353 673 7627
Dealing Fax only 353 607 978
FSA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR F 66 0 04 2 24
European Opportunities I GBP F 29 0 03 2 30
European Opportunities I USD F $ 2 0 0 06 2 30
European Opportunities A EUR F 63 0 04 69
Global Opportunities I USD F $ 2 0 02 2 7
Global Opportunities I GBP F 0 78 0 0 2 7
Global Opportunities I EUR F 00 0 02 2 2
Global Opportunities A GBP F 0 74 0 0 63
P E p Opp t iti s F d Cl ss I EUR 06 0 03
EFG Hermes
DIFC The Gate Building West Wing Level 6 PO BOX 30727 Dub i UAE
Contact: Telephone 9 4 363 4029 Email AMsales@EFG HERMES com
Other International Funds
The EFG Hermes Egypt Fund $ 25 82 0 04 0 00
MENA F xed come F d td C ass A S C ass ) $ 032 0 55 0 00
Middl E st & D v l pi Af ic Fu d (Fi l) $ 8 52 0 0 0 00
Saudi Arabia Equity Fund SR 7 48 0 2 0 00
Egerton Capital European Fund Plc (IRL)
Regulated
Egerton Capital Equity Fund Plc 67 79 48 0 00
Egerton European Dollar Fund Ltd
Other International Funds
European Dollar USD NAV A $ 3 39 35 0 00
Egerton European Dollar USD NAV B $ 3 95 25 0 00
European Dollar USD NAV C $ 8 48 34 0 00
Egerton European Equity Fund Ltd
Other International Funds
NAV A 56 08 0 57
NAV B 56 37 0 65 0 00
NAV C 58 52 0 70 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 08 0 37 0 00
Ennismore European Smlr Cos NAV 80 75 0 77 0 00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 300 04 0 77 0 00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equi Russi Opp tu iti s Fu d Li it d $ 55 5 3 80 0 00
Ermitage Group Funds
Other International Funds
European Absolute Fd EUR (Est) 29 73 0 00
European Absolute B EUR (Est) 99 2 0 00
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 2 64 0 3 0 72
Smaller Cos Cls Two Shares 5 53 0 09 0 60
Smaller Cos Cls Three Shares 7 68 0 05
Smaller Cos Cls Four Shares 0 38 0 06 0 95
Eurobank EFG Fund Management Company (Lux) S.A. (LUX)
Regulated
(LF) Absolute Return 6 0 00 0 00
(LF) Absolute Return II 0 26 0 06 0 00
(LF) Balanced Active Fund (RON)RON 3 25 0 6 0 00
(LF) Balanced Polish Fund (PLN) Zty 6 62 0 0 0 00
(LF) Eq Dynamic Polish (PLN) Zty 5 4 0 7 0 00
(LF) Eq Flexi Style Greece 0 73 0 06 0 00
(LF) Turkish Equities 2 9 0 05 0 00
(LF) Eq Emerging Europe 0 88 0 03 0 00
(LF) Global Equities 0 77 0 0 0 00
(LF) Greek Equities 0 6 0 0 0 00
(LF) Greek Government Bond 6 02 0 48 0 00
(LF) Cash Fund 0 0 00 0 00
(LF) Cash Fund (PLN) Zty 0 0 00 0 00
(LF) Cash Fund (RON) RON 4 05 0 07 0 00
(LF) Income Plus $ $ 7 0 00 0 00
(LF) Money Mkt Fund Res 0 04 0 00
(LF) FOF Balanced Blend 09 0 00 0 00
(LF) FOF BRIC 0 79 0 0 0 00
(LF) FOF Equity Blend 0 86 0 0 0 00
(LF) FOF Real Estate 0 2 0 08
(LF) FOF New Frontiers
Fund Bid Offer D / ield
Federated International Funds Plc (u) (IRL)
c/o BN M, Guild House, Guild Street IFSC, Dublin , Ireland
FSA Recognised
Federated High Income Advantage
USD Institutional Service Series $ 33 6 0 0 0 00
EUR Institutional Series H 2 45 0 53 0 00
Federated US Bond Fund
Euro Shares Instl Series F 43 26 0 0 0 00
Federated Short-Term US Treasury Securities
Institutional Serv Series $ 00 0 00 0 00
Institutional Series H $ 00 0 00 0 00
Federated Short-Term US Govt Securities Fund
Institutional Serv Series $ 00 9 7 0 00
Investment Series $ 00 0 00 0 0
Investment Gth Series $ 68 92 0 00 0 00
Institutional Series H H $ 00 0 00 0 0
Federated Short-Term US Prime Fund
Institutional Service Series $ 00 0 00 0 00
Institutional Series $ 00 0 00 0 4
Investment Dividend Ser H $ 00 0 00 0 00
Institutional Services Dividend Ser H $ 00 0 00 0 00
Institutional Shares Accumulating F $ 07 53 0 00 0 00
Federated Short-Term Euro Fund
Institutional Series H 00 0 00 0 30
Institutional Service Series H 00 0 00 0 4
Institutional Series Accumulating H 9 86 0 00 0 00
I stitutio l Se vice Se ies Accu ul ti H 4 7 0 00 0 00
Federated Short Term Sterling Liquidity Fund
Institutional Series H 00 0 00
Institutional Service Dividend Series H 00 0 00
Federated Strategic Value Equity Fund
Class A Shares F $ 8 7 0 09 2 87
Class C Shares F $ 8 6 0 09 2 87
FIL Fund Management (LUX)
2a, rur Albert Borschette, BP 2 75, L 02 , Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A GBP 9 64 0 20 0 00
China Focus A GBP 2 94 0 05 0 00
China Opportunities A GBP 0 92 0 02 0 02
Global Financial Services A GBP 0 27 0 00 0 00
Global Health Care A GBP 0 30 0 00 0 00
Global Industrials A GBP 0 56 0 0 0 00
Global Inflation Linked Bd A GBP Hdg 25 0 00 04
Global Real Asset Securities 24 0 0 0 00
Global Technology A GBP 0 4 0 00 0 00
Global Telecomms A GBP 0 23 0 00 83
India Focus A GBP 2 87 0 04 0 00
Latin America A GBP 2 06 0 03 0 25
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 603 6460
FSA Recognised
American Fund USD Class $ 50 56 0 52 0 00
American Fund GBP Hedged 27 45 0 45 0 00
Latin American Fund USD Class $ 7 0 33 0 00
Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Total Return Fund PCC Ltd
Fitzwilliam Opprtunity Dollar $ 5 57 3 29 0 00
Fitzwilliam Opprtunity Sterling 28 86 3 29 0 00
The TRF Commodity Plus Dollar Fund $ 2 89 2 06 0 00
The TRF Commodity Plus Sterling Fund 9 49 2 07 0 00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 28 32 0 7 0 00
Fiduciary International Ireland Limited (IRL)
PMorgan House International Finan ial Servi es Centre Dublin Ireland
Other International Funds
Franklin Templeton Emerging Market Debt Opportunities Fund Plc
Frk Templeton Emg Mkts Debt Opp CHFSFr 8 86 0 27 6 0
Frk Templeton Emg Mkts Debt Opp GBP 0 70 0 7 5 98
Frk Templeton Emg Mkts Debt Opp EUR 3 24 0 9 6 03
Frk Templeton Emg Mkts Debt Opp USD $ 8 36 0 35 6 6
Franklin Templeton Investment Funds (LUX)
26 Bld Royal L 2449 Luxembourg 00 352 466667 2 2
www franklintempleton co uk UK freephone 0 800 305 306
FSA Recognised
Class A Dis
Frk Gbl R Estate (USD) A Dis $ 8 8 0 08 0 8
Frk High ield $ 6 89 0 02 6 42
Frk High ield (Euro) 5 88 0 02 6 00
Frk Income $ 30 0 08 4 40
Frk US Government $ 9 85 0 00 2 57
Frk US Liquid Reserve Inc $ 9 7 0 00 0 00
Frk US Total Return $ 3 0 0 2 2
Frk US Low Duration Fd $ 9 70 0 0 0 50
Tem Asian Bond $ 3 65 0 08 2 49
Tem Asian Growth $ 28 7 0 68 0 07
Tem Emerging Markets $ 3 3 0 69 0 00
Tem Emg Mkts Bd $ 9 5 0 3 5 38
Tem Emg Mkts Balanced AQdis $ 8 53 0 6 45
Tem Euro Gov Bond 9 55 0 05 79
Tem Euro Liquid Reserve 4 40 0 00 0 88
Tem Europ Corp Bond Fd F 0 6 0 02 2 8
Tem European Total Return 8 64 0 05 2 90
Tem Global $ 2 58 0 49 0 59
Tem Global (Euro) 30 0 22 0 20
Tem Global Aggregate Bond Fd F $ 9 73 0 04 53
Tem Global Balanced $ 7 38 0 30 73
Tem Global Bond $ 9 83 0 6 2 7
Tem Global Bond (Euro) 0 3 0 02 2 29
Tem Global Equity Income $ 7 76 0 7 3 5
Tem Global High ield Fd F $ 9 74 0 05 5 48
Tem Global Income $ 22 0 6 2 09
Tem Global Smaller Cos $ 24 07 0 60 0 23
Tem Global Total Return $ 6 9 0 4 4 20
Tem Latin America $ 67 65 40 0 37
Class A Acc
Frk Asia Flex Cap Fd $ 66 0 30 0 00
Frk Biotech Discovery $ 3 98 0 23 0 00
Frk Euroland Core Fund 59 0 33 0 00
Frk European Growth 0 43 0 25 0 00
Frk European Sml Mid Cap Gth 8 80 0 43 0 00
Frk Global Conver Securities $ 9 28 0 06
Frk Global Growth $ 0 59 0 22 0 00
Frk Global Sml Mid Cap Gth $ 9 44 0 43 0 00
Frk Gold and Precious Mtls Fd F $ 7 06 0 23 0 00
Frk India $ 20 22 0 59 0 00
Frk MENA Fund $ 4 33 0 02 0 00
Frk Mutual Beacon $ 48 4 0 54 0 00
Frk Mutual Euroland Fd 0 90 0 33 0 00
Frk Mutual European EUR 6 24 0 46 0 00
Frk Mutual Gbl Disc $ 2 60 0 22 0 00
Frk Natural Resources Fd F $ 8 35 0 4 0 00
Frk Real Return Fd F $ 0 4 0 03 0 00
Frk Strategic Income Fd $ 3 45 0 03 0 00
Frk Technology $ 6 79 0 09 0 00
Frk Tem Global Gth & Val $ 7 4 0 36 0 00
Frk Tem Japan 4 2 99 7 59 0 00
Frk Templeton Gbl Equity Strategies Fd $ 8 74 0 8 0 00
Frk Templeton Gbl Fundamental Strat Fd $ 0 03 0 5 0 00
Frk U S Focus Fund $ 9 67 0 2 0 00
Frk US Equity $ 6 06 0 5 0 00
Frk US Opportunities $ 7 34 0 0 0 00
Frk US Sml Mid Cap Gth F $ 2 36 0 3 0 00
Frk Wrld Perspective Fd $ 3 46 0 25 0 00
Tem Africa $ 9 76 0 3
Tem Asian Sml Comp Fd $ 26 5 0 32 0 00
Tem BRIC $ 3 67 0 39 0 00
Tem China $ 20 6 0 52 0 00
Tem Eastern Europe 20 37 0 57 0 00
Tem Emerging Mkts Sml Comp Fd $ 7 7 0 2 0 00
Tem Euro S Term Money Mkt Fd 0 2 9 0 0 0 00
Tem Euroland 29 0 34 0 00
Tem European EUR 3 25 0 36 0 00
Tem Frontier Mkts Fund $ 4 58 0 2 0 00
Tem Growth (Euro) 0 0 0 8 0 00
Tem Korea $ 4 84 0 3 0 00
Tem Thailand $ 6 77 0 40 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 74 0 09 0 00
GAM Star Asia Pacific Eqty USD Acc F $ 9 40 0 9 0 00
GAM Star Asian Eqty USD Ord Acc F $ 69 0 29 0 00
GAM Star Cap Appr US Eqty USD Inc F $ 0 57 0 5 0 00
GAM Star Cat Bond USD Acc $ 0 4 0 05
GAM Star China Equity USD Acc F $ 5 27 0 39 0 00
GAM Star Composite Abs Rtn EUR A F 0 50 0 03 0 00
GAM Star Cont European Eqty GBP A F 2 7 0 05 0 00
Fund Bid Offer D / ield
GAM Star Cred Opportunities EUR Acc 0 00 0 05
GAM Star Cred Opportunities GBP Acc 9 29 0 04
GAM Star Cred Opportunities USD Acc $ 9 68 0 03
GAM Star Discretionary FX USD Acc F $ 0 20 0 06 0 00
GAM Star Dyn mic Gbl Bd USD Acc H $ 0 69 0 04 0 00
GAM St E e i Asi USD Cl ss ACCU $ 37 0 27
GAM St E e M et R tes USD A F $ 2 0 0 0 00
GAM St E M t Tot R t USD Acc F $ 2 0 0 2 0 00
GAM Star European Eqty USD Acc F $ 5 0 46 0 00
GAM Star GAMCO US Equity Acc F $ 9 42 0 0 00
GAM Star GEO USD Acc F $ 6 87 0 4 0 00
GAM Star Global Conv Bond USD A F $ 0 0 07 0 00
GAM St Gl b l Eq I fl ti Fcs USD II Acc F $ 27 44 2 0 0 00
GAM Star Global Rates USD Acc F $ 30 0 03 0 00
GAM Star Global Selector USD Acc F $ 57 0 0 00
GAM Star Japan Eqty USD Acc F $ 9 36 0 5 0 00
GAM Star Keynes Quant Strat USD A F $ 0 63 0 6 0 00
GAM St No th of South EM Equity A F $ 9 76 0 24
GAM Star Technology USD Acc F $ 0 90 0 3 0 00
GAM Star Trading Acc F $ 9 4 0 03 0 00
GAM Star US All Cap Eqty USD Acc F $ 8 93 0 0 00
GAM St r Worldwide Eqty USD Acc F $ 23 8 22 60 99 0 00
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 09 58 0 00 0 00
GAM Asia Equity Inc $ 565 4 5 06 0 0
GAM Asia Eqty Hdg Inc USD Open $ 208 27 4 66 0 00
GAM Capital Appreciation Eqty USD $ 283 79 4 4 0 00
GAM Composite Abs Rtn Access Acc 97 82 0 09 0 00
GAM Composite Abs Rtn GBP Listed 43 44 0 0 0 00
GAM Composite Abs Rtn GBP Open 2 3 23 0 8 0 00
GAM Diversity Inc USD Open $ 659 68 3 38 0 00
GAM Diversity II Inc USD Open $ 20 32 0 96 0 00
GAM Diversity III USD Open $ 6 69 0 55 0 00
GAM Euro Special Bd EUR Open 30 05 0 0 00
GAM Eurp Eqty Hedge USD Open $ 227 50 2 8 0 00
GAM GAMCO Equity $ 006 0 2 02 0 00
GAM Global Diversified USD Inc $ 243 98 4 22 0 57
GAM Interest Trend Inc $ 309 96 0 97 0 00
GAM Japan Equity Inc $ 932 02 5 5 0 00
GAM Multi Diversified EUR 02 3 0 53 0 00
GAM Multi Emg Mkts USD Open $ 6 4 24 0 26 0 00
GAM Multi Europe II USD Open $ 5 64 0 57 0 00
GAM Multi Europe USD Open $ 478 85 2 28 0 00
GAM Asia Pacific Equity Inc $ 22 6 2 94 0 5
GAM Selection Hedge Inc $ 2993 33 38 89 0 00
GAM Singapore/Malaysia Equity $ 2562 03 52 83 3
GAM Sterling Special Bond Inc 252 68 0 3 36
GAM Trading Inc USD Op $ 005 3 5 39 0 00
GAM Trading II GBP 25 XL 05 99 0 69 0 00
GAM Trading II Inc USD Op $ 326 83 76 0 00
GAM Trading III Inc USD Op $ 67 75 0 85 0 00
GAM Trading IV Inc USD Op $ 59 55 0 86 0 00
GAM Trading V Inc USD Op $ 33 43 0 72 0 00
GAM US Dollar Special Bond Inc $ 644 94 97 0 00
GAM Worldwide $ 203 3 52 82 0 52
GAMut Investments Inc T Class $ 8 08 0 45 0 00
GLC Ltd
Other International Funds
GLC Diversified USD (Final) $ 65 7 4 79 0 00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 88 58 92 43 4 40 0 00
Generali International Limited
PO B x G a i H s Hi z St t St P t P t G sy GY PA 7
International Insurances
Global Multi Strategy Managed $ 3 76 4 05 0 02 0 00
UK Multi Strategy Managed 3 70 3 99 0 0 0 00
EU Multi Strategy Managed 2 8 2 35 0 0 0 00
Global Bond USD $ 3 48 3 76 0 02 0 00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5 5 0 04 0 00
Griffin Umbrella Fund (IRL)
Regulated
European Opportunities Fund A 28 75 0 79 0 00
European Opportunities Fund B 97 7 0 60 0 00
R aissa c East E p a A l cati F d 386 74 2 0 00
Renaissance Eastern European Fund A 46 09 9 46 0 00
Renaissance Eastern European Fund B 99 79 0 57 0 00
Renaissance Ottoman Fund 2 46 0 98 0 00
HPB Assurance Ltd
PO B 79 IOMA H s H p St t D gl s Isl f M IM99 PU 2
International Insurances
Holiday Property Bond Ser 0 58 0 0 0 00
Holiday Property Bond Ser 2 0 64 0 0 0 00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St Helier, Jersey JE HS 0 534 606520
FSA Recognised
Intl Sterling Income 2 d 0792 2 0 03
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 0 03 38 24
Hamon Investment Group
Other International Funds
Asian iTech $ 5 0 0 48 0 00
Asian Market Leaders USD $ 22 0 0 69 0 00
Asian Market Leaders GBP 0 0 24 0 00
Greater China USD $ 7 93 0 9 0 00
Greater China GBP 3 2 0 05 0 00
Oriental Long Short $ 79 79 5 0 00
Selected Asian P'folio $ 45 5 45 6 02 0 00
Haussmann Hldgs NV Curacao
Other International Funds
Haussman $ 20 6 08 3 97
Haussmann Holdings NV Cls C 836 68 4 83 0 6
Henderson Fund SICAV (LUX)
6 Boulevard d'Avran hes L 60 Luxembourg Gr nd Du hy of Luxembourg
FSA Recognised
Indian Equity GBP Inc 662 00 2 00 0 00
Heritage Wealth SIF
Other International Funds
Heritage Wealth SIF Bal EUR 99 37 0 05 0 00
Heritage Wealth SIF Bal USD $ 97 4 0 27 0 00
Heritam Sicav
Other International Funds
Eastern European Heritage EUR 90 86 3 99 0 00
Energy Fund $ 95 69 4 56 0 00
European Opportunities Fd EUR 04 44 2 37 0 00
USA Growth $ 4 58 3 57 0 00
Hermes Investment Funds Plc (IRL)
H m s v stm t Ma ag m t imit d P ts k St t d E HZ 7 7
FSA Recognised
Global Emerging Markets Fund 75 75 0 02 0 00
Global Equites Selection Fund F 26 26 0 0 0 00
Japan Equity Fund F 09 09 0 00 0 00
Pan European S all Cap Co panies Fund 8 8 0 00 0 00
Quant Global Equity Fund 6 6 0 0 0 00
Sourcecap European Alpha Fund F 5 5 0 0 0 00
Sour e ap Europe Ex UK Cls Z GBP A 08 08 0 0
UK Smaller Companies Fund 9 9 0 00 0 00
UK Small and Mid Cap Companies Fund 2 48 2 48 0 00 0 00
Global Investment Grade Z GBP Acc 0 0 0 00 0 00
Glob l Hi Yi l Bo Fu Cls Z GBP A 0 00 0 00
IKANO Funds (LUX)
Regulated
All seasons Fd 3 0 03 0 00
European Equity 9 52 0 24 0 00
Global Equity 7 79 0 2 0 00
IT Asset Management
Other International Funds
IT Funds Info Tech UK Dist 5 55 4 9 0 00
Impax Asset Management (IRL)
Norfolk House, 3 St James's Square, London, SW 4JR
FSA Recognised
Env Mkts (Ire) Stl A 55 0 02 0 00
Env Mkts (Ire) Stl B 49 0 02 0 00
Env Mkts (Ire) Euro A 36 0 02 0 00
Env Mkts (Ire) Euro B 06 0 02 0 00
Env Mkts (Ire) USD A $ 26 0 02 0 00
Env Mkts (Ire) USD B $ 0 02 0 00
Asian Env Mkts (Ire) Stl A 0 72 0 0 0 00
Asian Env Mkts (Ire) Stl B 0 7 0 0 0 00
Asian Env Mkts (Ire) USD A $ 0 8 0 02 0 00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www invil mu
Other International Funds
NAV 4 5 0 00 0 00
Intrinsic Value Investors (IVI) LLP (IRL)
Hat & Mitre Court 88 St ohn Street London EC M EL (0)20 566 2 0
FSA Recognised
IVI European Fund EUR 58 0 2 0 00
IVI European Fund GBP 2 54 0 7 0 00
Full fund performance data at
www.ft.com/funds
16

FINANCIAL TIMES WEDNESDAY JULY 25 2012
MANAGED FUNDS SERVICE
Fund Bid Offer D / ield
Invesco (LUX)
Dublin 00 353 439 8 00 Hong Kong 00852 3 9 8282
FSA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 5 3 0 02 4 64
I v sc Asia C s m D ma d F d A i c m $ 0 64 0 00 0 35
Invesco Asia Infrastructure (A) $ 2 39 0 03 0 90
Invesco Asia Opportunities Equity A $ 80 3 0 02 0 00
Invesco Absolute Return Bond Fund A 2 90 0 00 0 00
Inves o Balan ed Risk Allo ation Fund A 3 84 0 0 0 00
Invesco Capital Shield 90 (EUR) A 29 0 03 0 00
Inves o Emerging Europe Equity Fund A $ 9 46 0 9 0 00
I v sc Em gi g c l C ci s D bt A I c $ 0 55 0 0 5 69
Invesco Emerging Mkt Quant Eq A $ 0 3 0 08 0 00
Invesco Energy A $ 22 89 0 03 0 00
Invesco Euro Corporate Bond Fund (A) 4 05 0 06 0 00
Invesco Euro Inflation Linked Bond A 4 87 0 0 00
Invesco Euro Reserve A 322 58 0 00 0 00
Invesco European Bond A 5 75 0 03 0 00
Invesco European Growth Equity A 6 08 0 06 0 00
I v sc Gl b l Abs l t R t F d A Cl ss 0 74 0 03 0 00
Invesco Global Bond A Inc $ 5 46 0 02 2 0
Invesco Global Equity Income Fund A $ 4 87 0 2 0 00
Inves o Global In Re l Est te Se A ist $ 8 5 0 03 3 2
Inves o Global Inv Grd Corp Bond A Dist $ 0 95 0 05 3 4
Invesco Global Leisure A $ 9 96 0 05 0 00
Invesco Global Smaller Comp Eq Fd A $ 33 34 0 20 0 00
Invesco Global Structured Equity A $ 30 30 0 04 05
I vesco Glob l Tot l Ret (EUR) Bo d Fu d A 48 0 04 0 00
Invesco Gold & Precious Metals A $ 8 2 0 7 0 00
Invesco Greater China Equity A $ 30 4 0 0 00
Invesco India Equity A $ 3 56 0 08 0 00
Invesco Japanese Equity Adv Fd A 690 00 6 00 0 00
Invesco Japanese Value Eq Fd A 576 00 2 00 0 00
Invesco Latin American Equity A $ 9 09 0 6 0 00
Inves o Nippon Small/Mid Cap Equity A 483 00 2 00 0 00
I v sc P E p Eq it A EUR C p NAV 06 0 09 0 00
Inves o Pan European High In ome Fd A 0 79 0 07 4 92
Inves o Pan European S all Cap Equity A 2 07 0 07 0 00
Inves o P n Europe n Stru tured Equity A 0 43 0 04 0 00
Invesco UK Investment Grade Bond A 0 95 0 0 3 35
Invesco US Structured Equity A $ 4 23 0 0 0 00
Invesco US Value Eq Fd A $ 2 0 0 0 0 00
Invesco USD Reserve A $ 87 02 0 00 0 00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 439 8 00 Hong Kong 00 852 2842 7200
FSA Recognised
Invesco Stlg Bd A QD F 2 4 0 0 5 23
Invesco Asian Equity A $ 5 3 0 00 0 44
Invesco ASEAN Equity A $ 95 04 0 27 0 36
Invesco Bond A $ 29 95 0 09 94
I v s o Co ti e t l Eu p S ll C p E ty A $ 06 93 0 37 0 52
Invesco Emerging Markets Equity A $ 3 93 0 26 0 00
Invesco Emerging Markets Bond A $ 22 7 0 2 5 2
Invesco Continental European Equity A 4 45 0 05 36
Invesco Gilt A 4 56 0 0 2 66
Inves o Global Small Cap Equity A NAV $ 79 0 0 47 0 00
Invesco Global High Income A NAV $ 3 04 0 05 5 90
Invesco Gbl R/Est Secs A GBP F F 6 23 0 02
Invesco Global Health Care A $ 74 3 0 54 0 00
Invesco Global Select Equity A $ 0 04 0 02 0 00
Invesco Jap Eqty Core A $ 5 0 00 0 29
Invesco Japanese Equity A $ 3 67 0 06 0 00
Invesco Korean Equity A $ 2 03 0 27 0 00
Invesco PRC Equity A $ 38 32 0 22 0 00
Invesco Pacific Equity A $ 33 99 0 2 0 39
Invesco Global Technology A $ 0 58 0 05 0 00
Invesco UK Eqty A 5 28 0 04 96
Invest AD
Client services: 97 2 692 6 0 clientservices@InvestAD com
Other International Funds
Invest AD Iraq Opportunity Fund $ 83 36 4 86
Invest AD UAE Total Return Fund AED 66 02 0 40 0 00
Invest AD Emerging Africa Fund $ 96 43 0 00 0 00
Invest AD GCC Focus Fund * $ 98 09 0 0 00
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd JP Morgan Hse IFSC Dub 00 353 6 2 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 90 0 00
Euro Liquidity I Inc EUR * 00 0 00 0 7
Short Dated Bd A Acc GBP * 3 05 0 00
Short Dated Bd I Acc GBP * 3 94 0 00
Sterling Liquidity A Acc GBP * 3 6 0 00
Sterling Liquidity I Inc GBP * 00 0 00 0 52
US$ Liquidity A Acc USD * $ 95 0 00
US$ Liquidity I Inc USD * $ 00 0 00 0 30
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L 855 Luxembourg Enquiries 020 7597 800
FSA Recognised
Investec Global Strategy Fund
Africa Opps A Acc USD $ 7 32 0 23 0 47
American Equity A Acc USD $ 4 54 0 5
American Equity A Inc USD $ 67 98 0 7
Asia Pacific Eq A Acc USD $ 22 34 0 45 0 89
Asia Pacific Eq A Inc USD $ 22 0 44 0 95
Asian Equity A Acc USD $ 7 4 0 33 0 48
Asian Equity A Inc USD $ 25 4 0 48 0 44
Continental Europe n Equity A In USD $ 297 47 6 88 0 98
Continental European Equity A A USD $ 2 44 0 29 0 96
EAFE A Inc USD $ 3 58 0 27 0 44
Emrg Mkts Blended Debt A Acc USD $ 2 48 0 7 5 56
Emrg Mkts Blended Debt A Inc USD $ 9 70 0 5 5 63
Emrg Mkts Corp Debt A Acc USD $ 2 22 0 05 3 58
Emrg Mkts Curr A Acc USD $ 9 28 0 5 2 48
Emrg Mkts Curr Alpha A Acc USD $ 9 49 0 05
Emrg Mkts Equity A Acc USD $ 5 53 0 35
Emrg Mkts Hard Curr Debt A Inc USD $ 22 0 0 2 3 3
Emrg Mkts Local Curr Debt A Acc USD $ 26 73 0 27 6 64
Emrg Mkts Local Curr Debt A Inc USD $ 9 37 0 20 6 76
E M ts Lo l Cu Dy Debt A A USD $ 20 40 0 22 6 20
E g M ts Lo l Cu Dyn Debt A In USD $ 8 82 0 2 6 23
E e in M ets Multi Asset A A USD $ 20 05 0 27
E er ing Mar ets Multi Ass t A In USD $ 9 90 0 26
Enhanced Gbl Energy A Acc USD $ 6 07 0
Enhanced Nat Resources A Acc USD $ 8 65 0 03
Euro Money A Acc EUR 69 07 0 00 0 20
Euro Money A Inc EUR 26 2 0 00 0 20
Global Bond A Acc USD $ 99 90 0 05 48
Global Bond A Inc USD $ 45 53 0 02 5
Global Contrarian Equity A Acc USD $ 20 34 20 34 0 26
Global Dynamic A Acc USD $ 9 72 49
Global Dynamic A Inc USD $ 9 03 48
Global Energy A Acc USD $ 6 23 0 05 0 29
Global Energy A Inc USD $ 285 0 89 0 20
Global Energy Long Short A Acc USD $ 6 58 0 2
Global Equity A Acc USD $ 2 07 3 49
Global Equity A Inc USD $ 209 30 3 46
Global Franchise A Acc USD $ 30 6 0 40 0 72
Global Franchise A Inc USD $ 29 83 0 39 0 74
Global Gold A Acc USD $ 8 44 0 46
Global Gold A Inc USD $ 66 45 65
Global N tural Resources A Acc USD $ 9 55 0 09
Global Natural Resources A Inc USD $ 9 54 0 09
Global Opp Equity A Inc USD $ 23 4 0 33 0 22
Global Strat Equity A Acc USD $ 4 6 0 23
Global Strat Equity A Inc USD $ 79 48 26
Global Strategic Inc A Acc USD $ 25 83 0 07 4
Global Strategic Inc A Inc USD $ 20 86 0 05 4 5
Global Strat Managed A Acc USD $ 9 49 0 75 0 6
Global Strat Managed A Inc USD $ 40 06 0 33 0 7
High Income Bond A Acc GBP Hdg 65 45 0 7 6 80
High Income Bond A Inc GBP Hdg 6 53 0 05 7 05
Inv Grade Corp Bond A Acc USD $ 20 64 0 0 4 28
Inv Grade Corp Bond A Inc USD $ 29 64 0 0 4 32
Latin Amer Corp Debt A Acc USD $ 23 86 0 05 6 30
Latin Amer Corp Debt A Inc USD $ 9 49 0 05 6 34
Latin Amer Eq A Acc USD $ 8 28 0 30 0 84
Latin Amer Sm Cos A Acc USD $ 20 80 0 37
Managed Currency A Acc USD $ 27 48 0 39
Managed Currency A Inc USD $ 34 39 0
Multi Asset Protector Fund A Acc USD $ 8 65 0 06
Sterling Money A Acc GBP 56 44 0 00 0 8
Sterling Money A Inc GBP 9 96 0 00 0 8
UK Equity A Acc GBP 0 06 0 2 49
Fund Bid Offer D / ield
UK Equity A Inc GBP 56 5 5 5
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
Glob l Co odities & Resour es A USD $ 28 59 0 3
Investec Professional Funds PCC Ltd
Global Diversified Growth I USD $ 20 5 0 29
Global Diversified Growth A USD $ 28 39 0 4
Investec Premier Funds PCC Ltd
Africa A USD $ 8 46 0 52
Pan Africa A USD $ 24 89 0 55
J O Hambro Capital Mgmt Ltd (IRL)
4 Ryder Street, London SW 6QB, United Kingdom
Phone: 0845 450 972
FSA Recognised
Asia ex Japan EUR Retail 26 0 00
Asia ex Japan GBP Retail 4 0 00
Asia ex Japan USD Retail $ 4 0 00
Asia ex Japan SMC EUR Retail 20 0 0
Asia ex Japan SMC GBP Retail 08 0 0
Asia ex Japan SMC USD Retail $ 08 0 0
All Europe Dynamic Growth EUR Ret il 0 95 0 00 0 00
All Europe Dynamic Growth GBP Ret il 0 87 0 00 0 00
Continental European Ret GBP 94 0 02 2 30
Continental European Ret EURO H 82 0 02 0 36
Emerging Markets Retl Inc NAV 0 93 0 00 0 00
Emerging Mkts EUR Retl Inc NAV 02 0 00 4
Emerging Markets USD Retail $ 09 0 00 0 00
European Select Values Ret GBP H 2 54 0 02 0 33
European Select Values Ret EURO H 30 0 0 0 3
European Retail GBP H 77 0 02 39
European Retail EURO H 0 64 0 00 23
G o a Eme g g Ma kets O o t t es GBP Reta 0 80 0 0 0 00
G o a Eme g g Ma kets O o t t es USD Reta $ 0 77 0 0 0 00
G o a Eme g g Ma kets O o t t es EUR Reta 0 93 0 0 0 00
Global Opportunities Fund Euro Retail 04 0 00
Global Opportunities Fund Ster ing Reta l 0 0 00
Global Opportunities Fund USD Retail $ 00 0 0
Global Select Retail EUR 33 0 0 0 00
Global Select Retail GBP 30 0 0 0 00
Japan Hedged Retail GBP 0 8 0 00 53
Japan Ret GBP 27 0 00 0 98
Japan Ret EURO 09 0 00 0 57
Japan Ret JP 50 80 0 48 0 0
UK Growth Retail GBP 64 0 0 78
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret A Net Acc 49 77 0 32
Diversified Real Ret A Net Inc 49 77 0 32
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L 2633 Senningerberg Luxembourg
Tel (352) 34 0 (Other funds)
Fax (352) 34 0 8000 (Others funds)
www jpmorgan com/assetmanagement
FSA Recognised
Equity US
JF America Eq A (dist) USD ( ) F $ 48 03 28
JF US Smaller Co A (dist) USD ( ) $ 5 77 0 40
JPM Brazil Equity A (acc) EUR ( ) F 60 52 60
JPM Brazil Equity A (dist) USD ( ) F $ 8 8 0 27
JF US Value A (dist) USD ( ) $ 3 54 0 26
JPM Am Eq A (acc) USD ( ) F $ 80 0 3
JPM Am Eq A (dist) USD ( ) $ 89 52 2 39
JPM Am Eq A (acc) EUR Hdg ( ) F 7 25 0 9
JPM Am L Cap A (acc) EUR ( ) F 2 00 0 8
JPM Am L Cap A (acc) USD ( ) F $ 2 28 0 27
JPM Am L Cap A (dist) USD ( ) F $ 0 9 0 24
JPM US Aggr Bd Aacc EUR (hdg) ( ) 79 25 0 6
JPM US Smaller Co A (acc) USD ( ) F $ 0 58 0 27
JPM US Smaller Co A (dist) USD ( ) $ 07 58 2 73
JPM H US STEEP A (acc) EUR ( ) F 9 70 0 3
JPM US Value A (acc) EUR Hdg ( ) F 7 46 0 5
JPM H US STEEP A (inc) EUR ( ) F 9 57 0 3
JPM H US STEEP A (acc) USD ( ) F $ 73 0 23
JPM US Dyn A (acc) EUR ( ) 7 08 0 2
JPM US Dyn A (acc) USD ( ) F $ 0 25 0 24
JPM US Dyn A (dist) USD ( ) $ 4 3 0 33
JPM US Growth A (acc) EUR Hdg ( ) F 7 20 0 20
JPM US Growth A (acc) USD ( ) F $ 2 46 0 35
JPM US Growth A (dist) GBP ( ) F 6 9 0 0
JPM US Growth A (dist) USD ( ) F $ 6 67 0 9
PM US S l ct A ( cc) EUR Hd ( ) F 6 86 0 7
JPM US Sele t 30 30 A (a ) USD ( ) F $ 9 74 0 24
JPM US Sele t 30 30 A ( ist) GBP ( ) F 6 66 0 0
JPM US Sele t 30 30 A (dist) USD ( ) F $ 9 9 0 24
JPM US Sm Cap Grth A (acc) EUR ( ) F 72 66 38
JPM US Sm Cap Grth A (dist) GBP ( ) F 9 35 0 4
JPM US Sm Cap Grth A (acc) USD ( ) F $ 3 82 0 35
JPM US Sm Cap Grth A (dist) USD ( ) $ 95 3 2 39
JPM US Value A (dist) GBP ( ) F 4 30 0 3
JPM US Value A (acc) USD ( ) F $ 2 40 0 23
JPM US Value A (dist) USD ( ) F $ 5 49 0 30
JPM US Dyn 30 30 A (a ) EUR Hdg ( ) 6 85 0 5
JPM US DYN 30/30 A (acc) USD ( ) F $ 9 74 0 20
JPM US DYN 30/30 A (dist) GBP ( ) F 7 94 0 09
JPM US DYN 30/30 A (dist) USD ( ) F $ 20 75 2 53
Equity Asia
JF ASEAN Equity A (acc) SGD ( ) F S$ 5 54 0 23
JF Asia Al A (acc) USD ( ) $ 8 0 45
JF Asia P ExJapEq A (dist) GBP ( ) F 5 95 0 25
JF Asia P ExJapEq A (acc) USD ( ) F $ 6 04 0 40
JF Asia P ExJapEq A (dist) USD ( ) $ 40 78 04
JF Asia P ExJapEq A (acc) SGD ( ) F S$ 43 0 24
JF China A (acc) USD ( ) F $ 22 85 0 57
JF China A (acc) SGD ( ) F S$ 9 64 0 20
JF China A (dist) HKD ( ) F K 8 66 0 22
JF China A (dist) USD ( ) $ 37 04 0 92
JF Greater China A (acc) SGD ( ) F S$ 97 0 25
JF Greater China A (acc) USD ( ) F $ 8 8 0 48
JF Greater China A (dist) HKD ( ) F K 0 00 0 26
JF Greater China A (dist) USD ( ) F $ 23 47 0 60
JF Hong Kong A (acc) USD ( ) F $ 5 2 0 35
JF Hong Kong A (dist) HKD ( ) F K 9 08 0 2
JF Hong Kong A (dist) USD ( ) F $ 39 65 0 93
JF India A (acc) SGD ( ) F S$ 34 0 3
JF India A (acc) USD ( ) F $ 20 30 0 64
JF India A (dist) GBP 64 57 0 6
JF India A (dist) USD ( ) $ 59 73 88
JF Korea Eq A (acc) USD ( ) F $ 8 93 0 24
JF Korea Eq A (acc) EUR ( ) F 7 39 0 5
JF Korea Eq A (dist) USD ( ) F $ 9 30 0 25
JF Singapore A (acc) SGD ( ) F S$ 5 50 0 26
JF Japan Eq A (acc) EUR ( ) F 4 89 0 04
JF Japan Eq A (dist) GBP ( ) F 5 86 0 03
JF Japan Eq A (acc) JP ( ) 4 4 00 7 00
JF Japan Eq A (acc) USD ( ) F $ 7 06 0 0
JF Japan Eq A (dist) USD ( ) $ 7 85 0 26
JF Japan Sm Cap A (acc) USD ( ) F $ 6 52 0 09
JF Japan Sm Cap A (dist) USD ( ) $ 6 22 0 09
JF Pacific Eq A (acc) EUR ( ) F 8 85 0 3
JF Pacific Eq A (dist) GBP ( ) F 67 0 5
JF Pacific Eq A (acc) USD ( ) $ 2 00 0 26
JF Pacific Eq A (dist) USD ( ) $ 56 44 22
JF Singapore A (acc) USD ( ) F $ 25 0 0 5
JF Singapore A (dist) USD ( ) F $ 32 37 0 67
JF Taiwan A (acc) EUR ( ) F 4 6 0 27
JF Taiwan A (acc) USD ( ) F $ 3 56 0 34
JF Taiwan A (dist) HKD ( ) F K 0 40 0 26
JF Taiwan A (dist) USD ( ) F $ 72 0 30
JPM Japan Dyn A (acc) JP ( ) F 35 00 8 00
JPM Japan Dyn A (dist) JP ( ) F 348 00 8 00
JPM Japan 50 Eq A (a ) EUR (hdg) (2) F 69 44 37
Equity Emerging Markets
JPM Brazil Equity A (acc) USD ( ) F $ 8 46 0 27
JPM Brazil Equity A (acc) SGD ( ) F S$ 0 22 0 29
JF Eastern Europe Eq A (dist) EUR ( ) F 27 76 0 9
JF Latin Am Eq A (dist) USD ( ) F $ 37 05 09
JPM Eastern Europe Eq A (a ) EUR ( ) F 7 06 0 56
JPM Eastern Europe Eq A (a ) USD ( ) F $ 04 07 4 08
JPM Eastern Europe Eq A (dist) EUR ( ) 4 49 36
JPM Em Eur MEA Eq A (acc) EUR ( ) F 5 99 0 5
JPM Em Eur MEA Eq A (acc) USD ( ) F $ 8 00 0 69
JPM Em Eur MEA Eq A (dist) USD ( ) F $ 50 84 94
PM E Eur MEA Afr Eq A ( ) SGD ( ) F S$ 92 0 4
JPM Em MEA Eq A (acc) SGD ( ) F S$ 30 0 7
JPM Em Mkt Alpha Pl A (dist) GBP ( ) F 6 30 0 3
JPM Em Mkt Alpha Pl A (a ) USD ( ) F $ 3 9 0 4
JPM Em Mkt Alpha Pl A (dist) USD ( ) F $ 2 77 0 40
PM E M t Co p B A ( ) EUR H ( ) F 95 5 0 22
JPM Em Mkt Corp Bd A (acc) USD ( ) F $ 2 8 0 26
JPM Em Mkt Debt A (acc) USD ( ) F $ 6 96 0 2
JPM Em Mkt Eq A (dist) GBP ( ) F 29 73 0 63
JPM Em Mkt Eq A (acc) EUR ( ) F 2 98 0 32
JPM Em Mkt Eq A (acc) USD ( ) F $ 9 68 0 60
JPM Em Mkt Eq A (dist) USD ( ) $ 27 5 0 84
JPM Em Mkt Infra Eq A (acc) EUR ( ) F 4 68 0 35
Fund Bid Offer D / ield
JPM Em Mkt Infra Eq A (acc) USD ( ) F $ 7 08 0 22
PM E M ts C y Alpha A (a ) EUR ( ) F 9 70 0 08
PM E M ts L l Cu Dbt A ( ist) EUR( ) F 0 94 0 65
JPM Em Mkts Lo C y Debt A (div) EUR 09 05 0 64
PM E M ts c Ccy D bt A (dist) GBP ( ) F 85 99 0 23
PM E M ts c Cc D bt A ( t ) USD ( ) F $ 4 95 0 8
JPM Em Mkts Eq A (acc) SGD ( ) F S$ 2 4 0 32
JPM Em Mkt Sm Cap A (acc) EUR ( ) F 7 45 0 3
JPM Em Mkt Sm Cap A (dist) GBP ( ) F 5 32 0 07
JPM Em Mkt Sm Cap A (acc) USD ( ) F $ 8 98 0 22
JPM Europe Conv Eq A (dist) EUR ( ) F 8 22 0 50
JPM Latin Am Eq A (acc) USD ( ) F $ 27 46 0 8
JPM Latin Am Eq A (dist) USD ( ) $ 5 22 5
JPM Latin Am Eq A (acc) SGD ( ) F S$ 83 0 29
JPM Russia A (acc) USD ( ) F $ 0 99 0 48
JPM Russia A (dist) USD ( ) F $ 0 79 0 47
Equity Europe
JF Euroland Eq A (dist) USD ( ) F $ 5 84 0 24
JF Europe Dynamic A (dist) EUR ( ) 3 2 0 39
JF Europe Eq A (dist) USD ( ) F $ 29 95 03
JF Europe Sm Cap A (dist) EUR ( ) F 9 7 0 28
JF Germany Eq A (dist) EUR ( ) F 8 56 0 77
JPM Euroland Eq A (acc) EUR ( ) F 8 54 0 3
JPM Euroland Eq A (dist) EUR ( ) 26 95 0 97
JPM Euroland Eq A (inc) EUR ( ) F 4 78 0 8
JPM Europe Conv Eq A (acc) EUR ( ) F 2 83 0 35
JPM Europe Dyn A (dist) EUR ( ) F 48 0 34
JPM Europe Dyn A (acc) EUR ( ) F 2 52 0 37
JPM Europe Dyn A (dist) GBP ( ) F 3 6 0 36
PM Eu ope Dy Me C p A ( ) EUR ( ) 8 54 0 27
PM E p Dy M g C p A ( cc) USD ( ) F $ 7 9 0 30
PM Eu p Dy M C p A (i c) EUR ( ) F 6 82 0 2
PM E p Dy M g C p A (dist) EUR ( ) F 6 58 0 20
PM Eu ope Dyn S C p A ( ist) EUR ( ) F 0 44 0 33
JPM Europe Dyn S Cap A (a ) EUR ( ) 7 24 0 54
JPM Europe Eq A (acc) EUR ( ) F 9 75 0 28
JPM Europe Eq A (dist) EUR ( ) 30 3 0 86
JPM Europe Eq A (cap) USD ( ) F $ 29 0 39
JPM Europe Focus A (acc) EUR ( ) F 8 52 0 27
JPM Europe Focus A (acc) USD ( ) F $ 9 5 0 37
JPM Europe Focus A (dist) EUR ( ) F 7 42 0 24
JPM Europe Mi ro Cap A (a ) EUR ( ) F 0 23 0 27
JPM Europe Mi ro Cap A (dist) EUR ( ) F 0 7 0 27
JPM Europe 30/30 A (acc) EUR ( ) F 8 9 0 27
JPM Europe 30/30 A (acc) USD ( ) F $ 0 8 0 42
JPM Europe Sel 30 30 A (a ) EUR ( ) F 7 4 0 24
PM Europe Sel 30 30 A (a ) USD ( ) F $ 9 69 0 38
PM Europe Sel 30 30 A (dist) EUR ( ) F 9 63 0 32
PM Europe Sel 30 30 A (dist) GBP ( ) F 5 2 0 5
JPM Europe Sm Cap A (acc) EUR ( ) F 77 0 35
JPM Europe Sm Cap A (dist) EUR ( ) 32 64 0 95
JPM Europe Sm Cap A (dist) GBP ( ) F 2 62 0 32
JPM Europe Strat Grth A (a ) EUR ( ) F 2 36 0 38
JPM Europe Strat Grth A (dist) EUR ( ) F 7 73 0 23
JPM Europe Strat Grth A (dist) GBP ( ) F 00 0 30
JPM Europe Strat Val A (dist) EUR ( ) F 9 85 0 33
JPM Europe Strat V l A (acc) EUR ( ) F 8 73 0 29
JPM Europe Strat Val A (dist) GBP ( ) F 74 0 34
JPM Europe 30/30 A (dist) EUR ( ) F 7 60 0 24
JPM Europe 30/30 A (dist) GBP ( ) F 5 96 0 7
JPM Germany Eq A (dist) EUR ( ) F 7 34 0 3
JPM Germany Eq A (acc) EUR ( ) F 4 28 0 59
JPM Global Dyn A (acc) SGD ( ) F S$ 3 08 0 32
JPM Global Div A (div) USD ( ) $ 03 09 2 38
JPM High Eur STEEP A (dist) GBP ( ) F 8 6 0 27
JPM High Eur STEEP A (acc) EUR ( ) F 0 54 0 36
JPM High Eur STEEP A (acc) USD ( ) F $ 2 77 0 53
JPM High Eur STEEP A (inc) EUR ( ) F 0 02 0 34
JPM H US STEEP A (dist) GBP ( ) F 69 0 2
JPM UK Eq A (acc) GBP ( ) F 0 87 0 26
JPM UK Eq A (dist) GBP ( ) 6 96 0 7
Equity Global
JF Gbl Dyn A (dist) USD ( ) F $ 2 4 0 35
JF Gbl Eq (USD) A (dist) USD ( ) F $ 33 88 0 9
JPM Gbl Dyn A (dist) GBP ( ) F 2 06 0 23
JPM Gbl Dyn A (acc) USD ( ) F $ 9 0 32
JPM Gbl Dyn A (dist) USD ( ) F $ 3 7 0 37
JPM Gbl Dyn A (acc) EUR ( ) F 6 93 0 5
JPM Gbl Dyn A (acc) CHF (hdg) ( ) FSFr 09 62 2 88
JPM Gbl Dyn A (acc) EUR Hdg ( ) F 4 98 0 2
JPM Gbl Dyn A (acc) SGD (Hdg) ( ) F S$ 0 75 0 28
JPM Gbl Dyn A (inc) EUR ( ) F 7 06 0 6
JPM Gbl Eq (USD) A (acc) EUR ( ) F 73 93 53
JPM Gbl Eq (USD) A (acc) USD ( ) F $ 0 08 0 27
JPM Gbl Eq (USD) A (a ) EUR Hdg ( ) F 5 73 0 4
JPM Gbl Eq (USD) A (dist) USD ( ) $ 9 58 0 53
JPM Gbl Eq (USD) A (dist) EUR Hdg ( ) F 5 45 0 3
JPM Gbl Focus A (acc) EUR ( ) F 5 46 0 43
JPM Gbl Focus A (dist) EUR ( ) 20 82 0 57
PM G Rea Estate Sec USD) A acc) EUR Hdg ) F 5 8 0 05
PM G Rea Estate Sec (USD) A (acc) USD ( ) F $ 8 76 0 09
PM G Rea Estate Sec USD) A c) EUR Hdg ) F 5 36 0 05
JPM Gbl Sel Eq A (acc) USD (2) F $ 42 86 4 04
JPM Gbl Sel Eq A (dist) USD (2) F $ 96 93 2 74
JPM Gbl Soc Resp A (acc) USD ( ) F $ 8 96 0 25
JPM Gbl Soc Resp A (dist) USD ( ) F $ 5 36 0 5
Equity Sector
JF Europe Tech A (dist) EUR ( ) F 4 97 0 5
JF Pacific Tech A (acc) EUR ( ) F 93 0 24
JF Pacific Tech A (acc) USD ( ) F $ 3 62 0 36
JF Pacific Tech A (dist) USD ( ) F $ 8 84 0 24
JF Pacific Tech A (dist) GBP ( ) F 0 7 0 8
JF US Tech A (dist) USD ( ) F $ 93 0 07
JPM Europe Tech A (acc) EUR ( ) F 4 24 0 42
JPM Europe Tech A (dist) EUR ( ) F 9 9 0 27
JPM Europe Tech A (dist) GBP ( ) F 6 84 0 8
JPM Gbl Cons Trends A (acc) EUR ( ) F 2 83 0 27
JPM Gbl Cons Trends A (a ) USD ( ) F $ 5 2 0 4
JPM Gbl Corp Bond A (div) EUR Hdg ( ) 77 77 0 08
JPM Gbl Focus A (acc) CHF (hdg) ( ) FSFr 27 7 4 07
JPM Gbl Focus A (acc) EUR Hgd ( ) F 7 83 0 25
JPM Gbl Nat Resources Fd ( ) F S$ 5 02 0 56
JPM Gbl Natural Res A (dist) EUR ( ) F 4 28 0 50
JPM Gbl Natural Res A (acc) EUR ( ) F 6 57 0 59
JPM Gbl Natural Res A (acc) USD ( ) F $ 2 27 0 5
JPM H US STEEP A (a ) EUR Hdg ( ) F 2 62 0 25
JPM US Tech A (acc) EUR ( ) F 03 4 3 28
JPM US Tech A (dist) GBP ( ) F 74 0 05
JPM US Tech A (acc) SGD ( ) S$ 2 49 0 42
JPM US Tech A (acc) USD ( ) F $ 3 8 0 50
JPM US Tech A (dist) USD ( ) F $ 6 66 0 26
Equity Africa
JPM Africa Eq A (acc) EUR ( ) F 7 37 0 43
JPM Africa Eq A (acc) USD ( ) F $ 9 83 0 30
JPM Africa Eq A (dist) GBP ( ) F 6 98 0 5
JPM Africa Eq A (inc) EUR ( ) F 70 02 73
Bonds Broad Market
JPM Agg Bd A (acc) USD ( ) F $ 85 0 0
JPM Euro Agg Bd A (acc) EUR ( ) F 33 0 04
JPM Gbl Agg Bd A (acc) USD ( ) F $ 2 43 0 0
JPM Gbl Agg Bd A (dist) USD ( ) $ 3 49 0 0
PM Gbl C t Et B l c d A ( cc) EUR ( ) F 02 33 52
PM Gbl Conv (EUR) A (a ) CHF Hdg ( ) FSFr 20 52 0 6
PM Gbl Conv (EUR) A ( ist) GBP H ( ) F 27 0 08
JPM Gbl Div A (acc) EUR ( ) F 84 28 43
JPM Gbl Div A (div) EUR Hdg ( ) 74 7 57
Bonds Extended Market
JPM EU Gov Bd A (acc) EUR ( ) F 94 0 08
JPM Gbl Conv (EUR) A (acc) EUR ( ) F 56 0 09
JPM Gbl Conv (EUR) A (dist) EUR ( ) F 0 02 0 07
( ) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Umbrella Fund (LUX)
Rue Aldringen, L 8 Luxembourg 00 352 468 93626
FSA Recognised
Europe Convertible Bd A (Dis) D EUR F 80 0 07 58
Europe Convertible Bd B (Cap) 3 09 0 07 0 00
Global Convertible A (Dis) F $ 6 97 0 06 0 77
Global Convertible B (Cap) F $ 9 84 0 07 0 00
Global Convertible A Hdg GBP(Dis) F 05 0 03 0 73
Glob l Convertible B Hdg GBP (Cap) F 2 8 0 04 0 00
Global Convertible Hdg A (Cap) F $ 6 37 0 05 0 80
Global Convertible B Hdg (Dis) F $ 9 7 0 05 0 00
Global Convertible A Hdg EUR(Dis) F 3 6 0 03 0 74
Glob l Convertible B Hdg EUR (Cap) F 4 53 0 04 0 00
Global Convertible A Hdg CHF (Dis) FSFr 9 8 0 05 0 6
Global Convertible B Hdg CHF (Cap) FSFr 2 57 0 05 0 00
Jubilee Financial Products LLP
Other International Funds
ubilee E e i Eu ope Mo e tu Fu 99 8
Swiss & Global Asset Management (LUX)
funds@swissglobal am com, www jbfundnet com
Regulated
JB BF ABS EUR/A 74 59 0 0 3 36
JB BF Absolute Ret Def EUR/A 05 69 0 02 2 80
Fund Bid Offer D / ield
JB BF Absolute Ret Def GBP/A 05 3 0 0 2 67
JB BF Absolute Ret EM CHF SFr 00 25 0 07 0 00
JB BF Absolute Ret EM EUR/A 03 8 0 08 3 05
JB BF Absolute Ret EM USD/A $ 0 94 0 08 2 8
JB BF Absolute Ret Pl EUR/A 05 59 0 0 3 47
JB BF Absolute Ret Pl GBP/A 42 0 0 3 25
JB BF Absolute Ret Pl USD/A $ 55 0 02 2 83
JB BF Absolute Return GBP/A 08 07 0 0 2 60
JB BF Absolute Return GBP/B 23 08 0 02 0 00
JB BF Absolute Return EUR/A 02 90 0 02 2 83
JB BF Absolute Return USD/A $ 04 98 0 02 2 73
JB BF Cred Opportunities EUR/B 49 87 0 43 0 00
JB BF Credit Opportunities USD $ 05 00 0 30 0 00
JB BF Dollar USD/A $ 6 84 0 7 3 96
JB BF Dollar Med Term USD/A $ 22 52 0 06 2 63
JB BF EM Infl Linked CHF/A SFr 98 95 4 08
JB BF EM Infl Linked EUR/A 99 90 5 07
JB BF EM Infl Linked GBP/A 98 44 0 5
JB BF EM Infl Linked USD/A $ 00 2 5 68
JB BF Emerging EUR/A 36 5 4 5
JB BF Emerging USD/A $ 56 26 22 4 85
JB BF Euro Government EUR/A 05 59 0 67 4 9
JB BF Euro EUR/A 2 96 0 36 4 33
JB BF Global Convert EUR/A 64 75 0 38 39
JB BF Global High ield EUR/A 05 34 0 6 6 84
JB BF Global High ield GBP/A 99 58 0 5 62
JB BF Global High ield USD/A $ 4 52 0 9 6 07
JB BF Inflation Linked CHF/B SFr 05 68 0 7 0 00
JB BF Local Emerging CHF/A SFr 00 3 3 53
JB BF Local Emerging EUR/A 00 90 33 5
JB BF Local Emerging GBP/A 2 68 44 3 85
JB BF Local Emerging USD/A $ 35 27 73 4 75
JB BF Swiss Franc CHF/B SFr 87 36 0 05 0 00
JB BF Total Return CHF SFr 03 28 0 4 0 00
JB BF Total Return EUR/A 45 73 0 06 3 77
JB Commodity EUR/A 73 87 24 47
JB Commodity EUR/B 85 22 43 0 00
JB Commodity USD/A $ 83 76 42 36
JB Commodity USD/B $ 96 66 64 0 00
JB EF Abs Ret Europe EUR/A 09 24 0 35 0 09
JB EF Abs Ret Europe EUR/B 09 23 0 35 0 00
JB EF Asia USD/A $ 07 8 0 8 0 54
JB EF Biotech USD/A $ 42 07 2 27 0 07
JB EF Black Sea EUR/A 30 05 0 58 0 7
JB EF Black Sea USD/A $ 27 24 0 64 0 38
JB EF Central Europe EUR/A 90 06 4 66 0 42
JB EF Chindonesia USD/A $ 80 44 0 0 0 2
JB EF Chindonesia USD/B $ 80 52 0 0 0 00
JB EF Energy Transition EUR/B 7 06 82 0 00
JB EF Energy Transition USD/B $ 72 2 2 0 00
JB EF Euro Large Cap EUR 90 96 2 56 0 00
JB EF Euroland Value EUR/A 90 00 3 8 65
JB EF Europe Sel Fd EUR/A 52 4 43 0 57
JB EF Europe S&Mid Cap EUR/A 0 87 3 4 0 30
JB EF Europe EUR/A 60 08 4 48 22
JB EF Global EUR/A 65 93 0 73 0 62
JB EF German Value EUR/A 46 56 4 90 73
JB EF Gl Emerging Mkts EUR/A 70 92 72 0 57
JB EF Health Opport USD/A $ 5 42 90 0 09
JB EF Health Opport USD/B $ 5 47 90 0 00
JB EF Japan JP /A 0 5 00 22 00 0 25
JB EF Luxury Brands EUR/A 54 58 2 85 0 39
JB EF Luxury Brands USD/A $ 26 7 2 88 0 30
JB EF Luxury Brands GBP/B 90 42 34
JB EF Special Val EUR/A 99 70 39 56
JB EF Swiss S&Mid Cap CHF/B SFr 357 3 8 8 0 00
JB EF US Leading USD/A $ 283 46 2 8 0 28
JB EF US Value USD/A $ 7 43 20 0 42
JB Ms Africa Opp EUR/B 94 0 3 45
JB Ms Global Sel EUR/B 96 24 2 09 0 00
JB Strategy Balanced CHF/B SFr 32 5 0 52 0 00
JB Strategy Balanced EUR 32 40 0 59 0 00
JB Strategy Balanced USD/B $ 2 4 0 55 0 00
JB Strategy Inc CHF/B SFr 2 90 0 24 0 00
JB Strategy Inc EUR/B 43 99 0 34 0 00
JB Strategy Inc USD/B $ 33 9 0 38 0 00
JB Strategy Growth CHF/B SFr 79 58 0 56 0 00
JB Strategy Growth EUR 93 87 0 8 0 00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Multi Strategy E (Est) 6 5 72 0 00
Kairos Multi Strategy E2 (Est) 209 88 7 0 00
Kairos Multi Strategy E3 (Est) 6 06 03 0 00
Kairos Multi Strategy D (Est) $ 2 9 73 0 00
Kairos Multi Strategy D2 (Est) $ 269 6 0 00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH 2 9SA
0800 45 44 22 www kamescapital com
Authorised Funds
Ethical Cautious Managed A Acc 6 0 00 2 24
Ethical Cautious Managed A Inc 02 0 00 2 27
Ethical Corporate Bond A Acc 67 0 0 4 0
Ethical Corporate Bond A Inc 04 0 00 4 0
Ethical Equity A Acc 06 0 00 27
High ield Bond A Acc 0 99 0 00 6 2
High ield Bond A Inc 0 53 0 00 6 2
Inflation Linked A Acc 26 0 0
Investment Grade Bond A Acc 3 0 0 3 85
Investment Grade Bond A Inc 04 0 00 3 85
Sterling Corporate Bond A Acc 0 58 0 00 4 48
Sterling Corporate Bond A Inc 0 28 0 00 4 47
Strategic Assets A Acc 0 95 0 00 48
Strategic Bond A Acc 59 0 00 4 6
Strategic Bond A Inc 2 0 00 4 6
UK Equity Absolute Return A Acc 08 0 00
UK Equity A Acc 66 0 0 0 82
UK Equity Income A Acc 43 0 0 4 40
UK Equity Income A Inc 27 0 0 4 53
UK Opportunities A Acc 0 00 0 82
UK Smaller Companies A Acc 55 0 00 0 35
Kames Capital VCIC (IRL)
North Wall Quay, Dublin , Ireland 35 3 62 24493
FSA Recognised
Absolute Return Bond B GBP Acc 0 24 0 00
High ield Global Bond A GBP Inc 5 08 0 0 5 97
High ield Global Bond B GBP Inc 0 57 0 02 6 47
Investment Grade Global Bd A GBP Inc 5 23 0 0 2 76
Strategic Global Bond A GBP Inc 0 48 0 0 2 95
Strategic Global Bond B GBP Inc 5 94 0 00 3 45
Key Asset Management
Other International Funds
Key Hedge (Est) $ 407 72 0 99 0 00
Key Europe Inc (Est) 69 06 0 35 0 00
Key Recovery (Est) $ 72 2 0 03 0 00
Key Global Inc (Est) $ 554 92 0 2 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 6 0 00 0 00
Sterling Income Bond 4 54 0 0 2 83
Euro Income Bond 87 0 06 2 52
International Bond 73 89 0 6 0 00
Bond & Equity 4 60 0 03 4 44
International Equity 52 47 0 97 0 00
All Weather Sterling 26 0 00 0 00
All Weather Euro 4 0 00 0 00
All Weather US Dollar $ 2 0 0 0 00
Sterling Conservative Strategy 0 4 0 02 0 00
Euro Conservative Strategy 0 9 0 0 0 00
US Dollar Conservative Strategy $ 9 96 0 02 0 00
Sterling Dynamic Strategy 25 0 05 0 00
Euro Dynamic Strategy 9 64 0 04 0 00
US Dollar Dynamic Strategy $ 9 93 0 09 0 00
Sterling Progressive Strategy 47 0 05 0 00
Euro Progressive Strategy 9 87 0 00 0 00
US Dollar Progressive Strategy $ 0 0 0 07 0 00
Trojan 0 85 0 03 0 00
Kleinwort Benson (CI) Fd Svcs Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd Range
E it M ti Ass t G wt F d A I c m S a s 05 06 0 0 0 00
E ite M ti Asset G wt F d A Rei vest S a es 05 06 0 0 0 00
Elite Multi Asset Growth Fund C Sh res 0 0 0 09 0 00
E te M t Asset Co se vat ve F d A come S a es 05 06 0 00 0 00
E te M t Asset Co se vat ve F d A Re vest S a es 05 06 0 00 46
Elit M lti Ass t C s v tiv F d B S s 03 03 0 00 49
Fund Bid Offer D / ield
Elit M lti Ass t B l c d F d C I st S s 29 29 0 0
E te M t Asset Ba a ced F d A come S a es 27 27 0 0 0 00
E te M t Asset Ba a ced F d A Re vest S a es 27 27 0 0 0 00
E ite Multi Asset Balan ed Fund B Shares 23 23 0 0 0 00
E ite M ti Asset Co se vative F d C st S a es 07 07 0 00
E te M t Asset Ba a ced SD F d A come S a es $ 04 04 0 0 0 00
E e M t Asset Ba a ced USD F d B S a es S s ) $ 03 03 0 4
Elite Sterling Income Fund 80 88 0 4 3 69
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) $ 75 38 2 72 0 69
BMF Emerging Markets Eq Pr dis(A) $ 77 09 52 0 84
BFM European Equity A dis(A) 0 97 2 33 94
BFM Intl Large Cap A dis(A) $ 59 40 25 80
BW Global Opp Fixed Inc A dis (M) $ 6 68 0 53 2 0
CBA US Aggressive Growth A dis(A) $ 0 60 67 0 00
CBA US Appreciation A dis(A) $ 05 68 0 88 0 00
CBA US Fundamental Value A dis(A) $ 8 98 0 73 0 08
CBA US Large Cap Growth A dis(A) $ 04 67 4 0 00
LM Batterymarch Gbl Equity Fd $ 90 48 89 0 29
GC Global Equity A dis(A) $ 80 78 27 0 22
LM CM Growth A dis(A) $ 80 40 0 92 0 00
LM CM Opportunity A dis(A) $ 6 92 4 0 00
LM CM Value A dis(A) $ 06 97 0 99 0 00
LM Permal Gl Absolute A dis(A) $ 98 58 0 32 0 00
LMHK China Fund A dis $ 85 26 75 0 43
PCM US Equity A cap $ 92 93 86
Roy e Europ Smaller Companies A a 3 08 74 0 94
Royce Global Smaller Companies A dis $ 05 22 50 0 00
Royce Smaller Companies A dis(A) $ 68 09 2 25 0 00
Royce US Small Cap Opp A dis(A) $ 277 0 5 24 0 00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 3 84 0 47 86
WA Asian Opportunities A dis(D) $ 20 64 0 32 2 49
WA Brazil Equity A dis(A) $ 62 43 2 25 3 05
WA Div Strategic Income A dis(D) $ 93 33 0 07 3 44
WA Emerging Markets Bd A dis(D) $ 24 2 0 79 4 63
WA Euro Core Plus Bd A dis(D) 9 80 0 45 66
WA Euro High ield A dis (D) 94 7 0 42 7 74
WA Gl Blue Chip Bd A dis(M) $ 08 0 0 04 75
WA Gl Core Plus Bd A dis(D) $ 06 0 0 26 2 8
WA Gl Credit Abs Ret Fd A dis $ 02 73 0 08 0 00
WA Gl Credit Cl A dis (D) $ 06 3 0 5 2 0
WA Global High ield A dis(D) $ 83 08 0 25 7 05
WA Global Inf Linked A dis(D) $ 08 22 0 22 3 27
WA Gl Multi Strategy A dis(D) $ 24 96 0 37 3 84
WA Inflation Mgmt A dis(A) $ 9 77 0 04 47
WA UK Core Plus Bond A dis (D) 09 60 0 08 2 6
WA UK Infl Linked Plus A dis (D) 7 2 0 6 43
WA UK Long Duration A dis (D) 3 89 0 9 2 02
WA US Adjustable Rate A cap $ 98 68 0 02 0 00
WA US Core Bond A dis(D) $ 00 79 0 08 2 03
WA US Core Plus Bond A dis(D) $ 9 0 04 72
WA US High ield A dis(D) $ 82 85 0 7 6 92
WA US Short Term Govt A dis(D) $ 0 95 0 0 06
Money Market Funds
WA US Money Market A dis(D) $ 00 0 00 0 03
Legg Mason Luxembourg Funds (LUX)
45 Rue du Kiem, L 8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg Markets Eq A Ord $ 272 26 7 95 0 00
LM Eurold Eq A Euro Cap 88 03 2 57 0 00
Money Funds
LM Eurold Cash A Euro Cap 35 72 0 00 0 00
Asset Allocation Funds
LM M Man Bal A Cap Euro 22 94 34 0 00
LM M Man Bal A Cap USD $ 6 7 0 0 00
LM M Man Cons A Cap Euro 9 75 05 0 00
LM M Man Cons A Cap USD $ 22 60 0 60 0 00
LM M Man Perf A Cap Euro 24 43 67 0 00
LM M Man Perf A Cap USD $ 3 80 29 0 00
Legg Mason UK Funds (1200)F (UK)
PO Box 0649, Chelmsford, CM99 2BD
Dealing & Enquiries: 0844 620 00 3
www leggmason co uk
Authorised Inv Funds
Equity Funds
US Equity Income A Inc 0 50 0 60
Liongate Capital Management (CYM)
www liongate com
Regulated
Liongate Multi-Strategy Fund
Class A (Est) $ 39 3 8 25
Class B (Est) 689 98 66 0 00
Class C (Est) 59 5 96
Class D (Est) 9 0 00
Class E (Est) SFr 565 8 6 60 0 00
Class F (Est) SKr 950 57 8 85 0 00
Liongate Commodities Fund
Class A (Est) $ 055 3 7
Class B (Est) 022 82 0 34 0 00
Class C (Est) 984 0 0 4 0 00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 58 70 04 0 00
LG Asian Plus Ltd $ 56 74 0 99 0 00
LG Asian Smaller Cos $ 94 66 56 0 00
LG India Fd Ltd $ 50 2 0 63 0 00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 3 2 Esplanade St Helier Jersey JE4 8ZU 0 534 845555
FSA Recognised
Lloydstrust Gilt 2 00 2 79
Lloyds TSB Offshore Funds Ltd
Capital Growth 7450 9 8
Euro High Income 5660 4 60
European 5 8 20 2 04
High Income 0 8568 5 73
International 3 32 0 2 0 27
North American 0600 2 0 00
Sterling Bond 4000 4 3
UK 5 8750 64
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 3 30 2 60
Monthly Share 2700 9 2 60
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 2 0 0 20
Euro 53 0 60
New Zealand Dollar NZ 2 0 0080
Sterling Class 52 38 0 0 0000
US Dollar Class $ 60 8520
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 0490 7 2 89
Growth Strategy 2080 37
Aggressive Strategy 2560 0 38
Global USD Growth Strategy $ 0 9753 7
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W S 3AB
FSA Recognised
Lombard Odier Funds
798 Europe Eq L/S CHF C A SFr 0 55 0 08
798 Europe Eq L/S EUR C A 0 62 0 08
798 Europe Eq L/S USD C A $ 0 58 0 07
798 Optimum Trend (EUR) P A 8 0 02 0 00
798 Optimum Trend (USD) P A $ 36 0 02 0 00
All Roads (CHF) PA SFr 6 37 0 2
All Roads (USD) PA $ 0 22 0 08
All Roads (GBP) PA 0 36 0 08
All Roads (EUR) PA 0 40 0 08
Alpha Japan (EUR) P A F 5 98 0 0 00
Alpha Japan (CHF) P A F SFr 7 57 0 4 0 00
Alpha Japan (JP ) P A F 69 00 3 00 0 00
Alpha Japan (USD) P A F $ 8 48 0 5 0 00
Alternative Beta P A F SFr 3 78 0 82 0 00
Alternative Beta P A F 75 87 0 55 0 00
Alternative Beta P A F $ 2 45 0 8 0 00
BBB BB Bond CHF F SFr 3 83 0 03 0 00
BBB BB Bond EUR P 0 77 0 02 0 00
BBB BB Bond GBP F 9 42 0 02 0 00
BBB BB Bond USD F $ 5 27 0 03 0 00
Clean Tech P A F 5 52 0 04 0 00
Commodities (CHF) P A SFr 8 29 0
Commodities (EUR) P A 8 35 0
Commodities (USD) P A $ 8 42 0
Convertible Bd P A 4 0 0 07 0 00
Convertible Bd Asia P A F SFr 2 8 0 04 0 00
Fund Bid Offer D / ield
Convertible Bd Asia P A F 3 52 0 04 0 00
Convertible Bd Asia P A F $ 3 48 0 04 0 00
Emerging Consumer (CHF) P A SFr 6 0 07
Emerging Consumer (EUR) P A 30 0 07
Emerging Consumer (USD) P A $ 0 0 08
Emerging Eq Risk Par (EUR) 8 8 0 6 0 00
Emerging Eq Risk Par (USD) $ 6 93 0 7 0 00
Emerging Market Bd P A $ 22 29 0 4 0 00
Emerging Loc Curr &Bds P Dyn Hdg FSFr 9 55 0 06
Emerging Loc Curr &Bds P A F SFr 0 67 0 09 0 00
Emerging Loc Curr &Bds P A F 2 79 0 0 0 00
Emerging Loc Curr &Bds P A F $ 0 76 0 3 0 00
Euro Credit Bd PA F 43 0 02 0 00
Euro Government Bd PA F 09 0 05 0 00
Euro Inflation Linked Bd PA F 25 0 07 0 00
Euro Resp Corp Bd PA 6 62 0 02 0 00
Europe High Conviction PA 7 24 0 5 0 00
Eurozone Small&Mid Caps F 32 25 0 98 0 00
Generation Global (CHF) P A F SFr 8 53 0 2 0 00
Generation Global (EUR) P A F 72 0 6 0 00
Generation Global (USD) P A F $ 9 67 0 8 0 00
Global Energy (USD) P A F $ 9 29 0 4 0 00
Golden Age (CHF) P A F SFr 3 87 0 23 0 00
Golden Age (EUR) P A 9 38 0 5 0 00
Golden Age (USD) P A F $ 2 95 0 2 0 00
Government Bd (USD) P A $ 20 49 0 02 0 00
Invst Gde A BBB (CHF) P A SFr 2 59 0 0 0 00
Japan Small & Mid Caps P A 52 00 30 00 0 00
Money Market (EUR) P A 2 29 0 00 0 00
Money Market (GBP) P A F 0 2 0 00 0 00
Money Market (USD) P A F $ 0 28 0 00 0 00
Neuberger B US Core(USD)P A $ 9 25 0 0 00
Sands US Growth (USD) PA $ 0 8 0 0
Selective Gbl P A 72 98 0 65 0 00
Tactical Alpha (CHF)P A SFr 9 94 0 08 0 00
Tactical Alpha (EUR)P A 0 3 0 08 0 00
Tactical Alpha (USD)P A $ 4 46 0 2 0 00
Technology P A 9 77 0 6 0 00
Technology P A $ 4 65 0 26 0 00
Total Return Bond (EUR) P A 2 3 0 03 0 00
Total Return Bond (USD) P A $ 7 73 0 04 0 00
William Blair Gbl Gth P A F $ 9 53 0 20 0 00
William Blair Gbl Gth P A F 0 54 0 8 0 00
Wld Gold Expertise P A F SFr 23 43 0 67 0 00
Wld Gold Expertise P A 8 30 0 52 0 00
Wld Gold Expertise P A $ 23 0 73 0 00
Lombard Odier Funds II
Balanced (EUR) P A F 07 5 0 46 0 00
Conservative (EUR) P A F 05 5 0 22 0 00
LO Selection
Balanced (CHF) P A F SFr 99 65 0 4 0 00
Balanced (EUR) P A F 08 5 0 46 0 00
Conservative (CHF) P A F SFr 00 57 0 2 0 00
Conservative (EUR) P A F 06 00 0 24 0 00
Conservative (USD) P A F $ 99 3 0 28 0 00
Global Allocation (GBP) P A F 8 44 0 04 0 00
Growth (CHF) P A F SFr 98 37 0 87 0 00
Growth (EUR) P A F 09 90 0 96 0 00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 0 80 0 85 0 00 3 3
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 08 92 3 46 0 86
Corporate Bond 25 30 290 00 6 66 3 54
Global Basics 2 60 03 2250 0 2 88 0 09
Global Leaders 2552 08 2 5 2 82 48
High ield Corporate Bond 93 65 960 46 77 6 3
Macro Episode Fund Limited 93 94 97 85 0 27
Optimal Income Fund 28 55 33 9 0 44 3 82
R c v y F d imit d A P ticip ti g S s 97 29 0 34 0 67 0 85
R c v y F d imit d I P ticip ti g S s 97 25 0 30 0 67 62
Strategic Corporate Bond Fund 26 00 3 25 0 58 3 42
UK Growth 3 5 90 7 44 99
UK Select Fund 874 4 9 0 56 6 23 93
Other International Funds
M&G Property Fund Retail 6 54 6 88 0 00 4 29
M&G Property Fund A Inc 6 54 6 54 0 00 4 82
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A 8 56 0 04 0 00
Asia ex Japan A $ 20 34 0 47 0 00
China Equity Fd A $ 8 08 0 6 0 00
Continental European Eqty A 0 97 0 23 0 00
Emer Mkts Debt Lo Curr Fd A $ 3 99 0 7 0 00
Emerging Markets Debt A $ 3 57 0 23 0 00
Emerging Markets Eq A $ 70 0 27 0 00
European Concentrated A 9 0 25
European Core Eq A 9 05 0 47 0 00
European Res A 9 89 0 47 0 00
European Smaller Companies A 28 57 0 65 0 00
European Value A 22 8 0 5 0 00
Global Bond A $ 30 0 05 0 00
Global Conc A $ 23 32 0 4 0 00
Global Energy Fund A $ 3 89 0 22 0 00
Global Equity A $ 30 36 0 56 0 00
Global Equity A 5 9 0 3 0 00
Global Multi Asset A $ 4 52 0 7 0 00
Global Res A $ 8 84 0 3 0 00
Global Total Return A 3 6 0 4 0 00
High ield A $ 22 00 0 06 0 00
High ield Fund A 3 2 0 05
Inflation Adjusted Bond A $ 5 27 0 00 0 00
Japan Equity A $ 7 6 0 06 0 00
Latin American Equity Fd A $ 9 6 0 40 0 00
Limited Maturity A $ 3 9 0 0 0 00
Prudent Wealth Fd A $ 42 0 0 00
Research Bond A $ 5 80 0 00 0 00
UK Equity A 6 6 0 3 0 00
US Conc Growth A $ 0 20 0 0 0 00
US Government Bond A $ 6 90 0 02 0 00
Value A $ 4 25 0 7 0 00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 583 5 9 5 52 0 00
Japanese Equity Fd Cl A Initial Ser 7 9 7 33 0 00
MMIP US EQUITY C ASS A 7 S i s $ 865 97 868 54 5 22 0 00
Pacific Basin Fd Cl A Initial Ser $ 2 56 2 00 42 26 0 00
UK Equity Fd Cl A Series 0 09 9 25 64 08 0 00
Diversified Absolute Rtn Fd USD Cl AF2 $ 80 36 9 24 0 00
Diversified Absolute Return Stlg Ce l AF2 93 9 9 63 0 00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 0 27 0 47
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 803 58 9 60 0 00
Man AHL Diversified Plc $ 93 6 55 0 00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 34 3 4 25 0 00
B Shares USD Nav (Final) $ 34 3 4 25 0 00
Manulife Global Fund (LUX)
3 Z A Bourmicht, L 8070 Bertrange, Luxembourg
www manulife com hk
FSA Recognised
American Growth Fund A $ 8 58 0 7 0 00
Asia Total Return Fund (Class AA) F $ 0 99 0 00 2 77
Asia Value Dividend Equity Fund AA F $ 2 0 00 36
American Growth Fund AA F $ 06 0 0 0 00
Asian Equity Fund A $ 2 37 0 00 0 56
Asian Equity Fund AA F $ 0 76 0 00 0 9
Asian Small Cap Equity Fund AA F $ 45 0 00 0 28
China Value Fund A $ 6 02 0 03 0 34
China Value Fund AA F $ 88 0 0 0 04
Dragon Growth Fund A $ 34 0 0 0 59
Dragon Growth Fund AA F HK 6 47 0 04 0 04
Emerging Eastern Europe Fund AA F $ 73 0 0 0 06
Emerging Eastern Europe Fund A $ 4 05 0 02 0 9
Em gi g Ma k ts I f ast ct F d C ass AA $ 0 94 0 0
European Growth Fund A $ 7 75 0 04 9
European Growth Fund AA F $ 0 55 0 00 0 77
Global Contrarian Fund AA F $ 0 78 0 00 0 00
Global Property Fund AA F $ 0 84 0 00 0 4
Global Resources Fund AA F $ 0 92 0 00 0 00
Healthcare Fund AA F $ 2 0 00 0 00
India Equity Fund AA F $ 0 89 0 00 0 00
International Growth Fund A $ 3 0 02 0 00
International Growth Fund AA F $ 0 72 0 00 0 00
Japanese Growth Fund A $ 2 44 0 0 0 00
Japanese Growth Fund AA F $ 0 63 0 00 0 04
Latin America Equity Fund AA F $ 08 0 0 0 76
Russia Equity Fund AA F $ 0 57 0 00 0 00
Strategic Income AA F $ 5 0 00 3 89
Taiwan Equity Fund AA F $ 6 0 0 0 63
Turkey Equity Fund AA F $ 0 83 0 0 0 27
US Bond Fund AA F $ 26 0 00 3 46
U S Special Opportunities Fund AA F $ 0 87 0 00 5 64
Fund Bid Offer D / ield
US Small Cap Equity Fund AA F $ 0 85 0 0 0 00
US T eas y f at o P otected Sec t es F d AA F $ 39 0 00 0 76
Marlborough International Management Limited(GSY)
Fi st F T d H s B dag St P t P t G s y CI GY DB 7
FSA Recognised
Marlborough North American Fund Ltd 2 03 2 24 0 37 0 00
Marlborough Tiger Fund Ltd F 24 34 24 58 0 64 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) $ 575 78 2 3 0 00
European Hedge Fd (C) (Est) $ 292 53 24 0 00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 50 0 2 08
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 42 3 0 03
Global Energy & Resources Fund $ 94 39 0 00
Metage Capital
Other International Funds
MGS $ 98 64 0 00
MEMO $ 435 79 0 00 0 00
MEMV $ 99 54 0 00
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions 5 22 3 56 0 00
Mirabaud France Actions 27 77 3 6 0 00
MitonOptimal Offshore (GSY)
www MitonOptimal com
Regulated
Core Diversified Fund (USD) $ 06 08 0 02 0 00
Core Diversified Fund (EUR) 89 87 0 05 0 00
Core Diversified Fund (GBP) 97 78 0 04 0 00
Core Diversified USD E Class $ 98 4 0 08
Core Diversified GBP E Class 97 94 0 0
Core Diversified SGD E Class S$ 97 82 0 0
Global Real Estate Fund $ 94 80 2 0 00
International Diversified $ 97 88 0 22 0 00
International Beta Equity $ 98 39 0 43 0 00
International Equity $ 93 06 0 3 0 00
Managed Flexible US$ Fund $ 98 44 0 63 0 00
Offshore Global (GBP) 90 73 0 49 0 00
Offshore Global (USD) $ 84 56 0 46 0 00
Offshore Special Situations (GBP) 33 89 0 50 0 00
Offshore Special Situations (USD) $ 23 69 0 50 0 00
Offshore Special Situations (EUR) 03 93 0 43 0 00
Offshore Special Situations ( EN) 2 49 5 0 00
Rhodium USD $ 92 44 0 02 0 00
Rhodium GBP 90 92 0 06 0 00
Rhodium AUD A$ 94 36 0 02 0 00
Rhodium SGD S$ 90 04 0 07 0 00
Rhodium THB THB 920 8 0 47 0 00
Special Situations USD E Class $ 00 55 0 4
Special Situations GBP E Class 00 84 0 38
Special Situations SGD E Class S$ 00 29 0 42
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 7 37 0 5 0 00
MW Japan Fd Ltd B $ 7 80 0 6 0 00
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L 2633 Senningerberg Luxembourg (352) 34 64 6
www morganstanleyinvestmentfunds com
FSA Recognised
US Advantage A F $ 34 73 0 68 0 00
Absolute Return Currency A F 25 5 0 27 0 00
Asian Equity A F $ 37 4 2 0 00
Asian Property A F $ 5 56 0 33 0 00
Asian Property AX F 9 5 0 0 32
Diversified Alpha Plus A F 27 80 0 23 0 00
Emerg Europ Mid East & Africa Eq A F 55 69 43 0 00
Emerging Markets Debt A F $ 77 36 0 5 0 00
Emerging Markets Domesti Debt AX F 6 00 0 04 5 77
Emerging Markets Equity A F $ 33 27 00 0 00
Euro Bond A F 3 36 0 05 0 00
Euro Corporate Bond AX F 20 67 0 03 4 75
Euro Liquidity A F 2 88 0 00 0 00
Euro Strategic Bond A F 36 33 0 7 0 00
European Currencies High Yield Bd A F 6 7 0 08 0 00
European Equity Alpha A F 29 82 0 96 0 00
European Property A F 20 9 0 56 0 00
European Small Cap Value A F 36 8 0 09 0 00
Eurozone Equity Alpha A F 6 78 0 27 0 00
Global Brands A F $ 70 53 7 0 00
Global Convertible Bond A F $ 34 48 0 24 0 00
Global Property A F $ 2 0 0 46 0 00
Indian Equity A F $ 2 42 0 6 0 00
Latin American Equity A F $ 59 65 97 0 00
Short Maturity Euro Bond A F 9 58 0 04 0 00
US Growth A F $ 38 00 0 97 0 00
US Growth AH F 26 54 0 68 0 00
US Growth AX F 24 52 0 40 0 00
US Property A F $ 52 89 0 56 0 00
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 39 52 0 72 0 00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House 25 Dowgate H ll London EC R 2YA 00 20 32 6 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 82 74 82 74 0 03 0 00
ASG Laser Fund I/A (USD) H $ 05 05 4 8 0 00
Harris Associates Global Value Fund H 60 60 2 05 0 00
H is Associ tes US L e C p V lue Fu d $ 43 59 43 59 56 0 00
oom s Say es Eme g g De t & C e c es F d A $ 52 95 52 95 7 0 00
mis S yl s Gl b l C dit F d I/A (USD) H $ 37 0 37 0 0 27 0 00
Loomis Sayles US Large Cap Value $ 0 60 0 60 0 23 0 00
V u Nelso US S ll C p V l Fu IA $ 8 34 8 34 2 07 0 00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House 25 Dowgate Hill London EC R 2YA ( )20 32 6 9000
Regulated
oom s Say es G o a O o t st Bo d F d S/D GBP 0 65 0 65 0 02 6 2
Loomis Sayles Multise tor In Fd I USD $ 2 88 2 88 0 06 5 87
Loomis Sayles Inst High Inc Fd I USD $ 7 93 7 93 0 03 0 40
mis Say es G a O t ist B d Fd USD $ 3 86 3 86 0 03 6 65
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin
00353 642 8400
FSA Recognised
Series 10
Abs lut Rt Multi Ass t P SER GBP F 9 84 0 07
Nemesis Fund Plc (IRL)
Regulated
N m sis C dit Opp t iti s Advis EUR Acc 09 68 0 2 0 00
Ne esis Eu ope n V lue EUR A viso A 65 25 2 62 0 00
Nemesis Global Value Fund 92 35 58 0 00
Nemesis Inflation Advisor EUR Acc 04 7 89 0 00
Nemesis USA Value USD Advisor Acc $ 97 69 8 0 00
Nevsky Capital LLP (IRL)
5 Berkeley Square, London W J 5BB 44 (0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 70 3 2 69 0 00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 52 90 39 0 00
Nevsky Fund Plc GBP Acc 59 00 25 0 00
Nevsky Fund Plc USD Acc $ 68 65 32 0 00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pacific Equity Fund USD Class A $ 94 33 59 2 47
Asia Pacific Equity Fund EUR Class B 92 33 6 2 64
Asia Pacific Equity Fund GBP Class C 93 40 59 2 58
Fund Bid Offer D / ield
As a Pac f c Eq ty F d CNY USD Hedged C ass F $ 96 28 84 2 48
Asia Pacific Equity Inc D Class D SFr
Asia Pacific Equity Inc SGD Class DS$ 05 27 77
Asia Pacific Equity Inc USD I Class D $ 05 9 78
Dynamic European Equity EUR Cls D 09 2 3 05
Dynamic European Equity GBP Cls D 6 33 3 5
Dynamic European Equity USD Cls D $ 09 36 2 94
Global Fixed Income USD $ 20 64 0 20 0 00
Global Fixed Income USD CNY Hedged $ 06 65 0 40
Total Return Bond USD Cls $ 47 60 0 27 0 00
Total Return Bond EUR Cls 39 90 0 26 0 00
Total Return Bond GBP Cls 56 09 0 28 0 00
T t l R t B d F d C di D l Cl ss C$ 02 6 0 8 0 00
Total Return Bond Fund CHF SFr 06 64 0 20 0 00
Total Return Bond Fund INR Hdg R $ 04 37 42
Total Return Bond Fund USD $ 0 68 0 43
Total Return Bond Fund USD I $ 07 63 0 20
Total Return Bond GBP Distributor Class 09 60 0 20 4 34
US Growth Class A USD $ 0 67 6 0 00
US Growth Class B EUR 07 29 8 0 00
US Growth Class C GBP 09 38 5 0 00
US Growth Class D CHF SFr 09 62 20 0 00
US Growth Class I USD $ 99 69 05
Wealthy Nations Bond USD Cls A $ 2 0 7 4 93
Wealthy Nations Bond EUR Cls B 08 60 0 7 5 25
Wealthy Nations Bond GBP Cls C 0 5 0 7 5 03
Wealthy Nations Bond CHF Cls DSFr 07 99 0 8
Wealthy Nations Bond EUR Cls D 08 4 0 9
Wealthy Nations Bond GBP Cls D 7 0 8 4 97
Wealthy Nations Bond CHF Cls ESFr 07 46 0 7 4 96
We lthy Nations Bond INR Hdg Cls D $ 04 27 6
Wealthy N tions Bond INR Hdg I Cls D $ 04 70 7
Wealthy Nations Bond NOK Cls DNK 09 36 0 7
Wealthy Nations Bond USD Cls D $ 08 54 0 7
Wea t y Nati s B d USD CNY Hedged C ass F $ 09 2 0 35 4 76
Wealthy Nations Bond SGD Class GS$ 56 79 0 30 4 66
Wealthy Nations Bond Class H S$ 03 74 0 6 3 42
Wealthy Nations Bond Class I $ 06 58 0 35 3 5
New Capital Alternative Strategies
All Weather Fd USD Cls $ 09 79 2 6
All Weather Fd EUR Cls 00 43 2 35 0 00
All Weather Fd GBP Cls 07 04 2 43 0 00
Tactical Opps USD Cls $ 88 5 05 0 00
Tactical Opps EUR Cls 73 32 0 90 0 00
Tactical Opps GBP Cls 8 4 0 98 0 00
NewSmith Investment Funds Plc (IRL)
Regulated
NewSmith UK Equity 8 0 0 0 00
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 89, St Helier, Jersey, JE4 9RU 0 534 709 30
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 5435 2 2 2
Global Equity 3957 9 93
Global Balanced 456 2 2 8
Global Balanced (Accumulation) 2563 2 4
Bridge 3035 2 2 08
Sterling Fixed Interest Class 0 8468 3 94
Global Fixed Interest Class 0263 22 4 70
Diversified Assets 0 5 2 98
Special Situations 0 9864 3 53
Nordea 1, SICAV (LUX)
E Mail: nordeafunds@nordea lu, Phone: 352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 4 98 0 00 0 00
European Alpha Fund F 7 52 0 05 0 00
European Value Fund 36 29 0 35 0 00
Far Eastern Equity Fund $ 6 4 0 00 0 00
Latin American Equity Fund 4 0 07 0 00
Nordic Equity Fund 50 90 0 36 0 00
North American Growth Fund H $ 8 3 0 00 0 00
North American Value Fund $ 29 66 0 03 0 00
European High ield Bond Fund F 2 34 0 05 0 00
Global Stable Equity Fund F 9 69 0 02 0 00
Her les Long Short MI Fund AP EUR F 5 32 0 8 0 00
Northwest Investment Management (HK) Ltd
t Fl Ki wic C t 2 H llyw d R d C t l H K 52 90
Other International Funds
Northwest $ class $ 82 2 30 87 0 00
Northwest China Opps $ class $ 23 2 6 7 37 0 00
Northwest China Opps class 2293 30 7 5 0 00
Northwest Warrant $ class $ 450 65 56 88 0 00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 6 83 0 02 0 53
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 9 42 0 30 00
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 9 70 0 29 0 88
OasisCresGl Income Class A $ 0 77 0 04 2 63
OasisCresGl LowBal D ($) Dist $ 0 35 0 08 0 00
OasisCresGl Med Eq Bal A ($) Dist $ 9 84 0 0
Oasis Crescent Gbl Property Eqty $ 7 54 0 3 58
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 28 67 0 00
OEI Mac Inc B 57 07 34 0 00
OEI MAC Inc USD $ 550 9 45 0 00
Odey European Inc EUR 627 04 0 24 0 00
Odey European Inc A GBP 237 36 0 0 00
Odey European Inc B GBP 34 72 0 06 0 00
Odey European Inc USD $ 29 90 0 25 0 00
Giano Capital EUR Inc 398 84 42 0 00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 90 58 2 58 0 00
Odey OEAF GBP D Class 0 23 2 49
Odey Pan European 205 78 5 98 0 00
Odey Pan European GBP D 29 05 3 28 0 00
Odey Allegra STG A 84 24 64 0 00
Odey Allegra USD $ 97 7 2 70 0 00
Odey Allegra European EUR 44 73 4 2 0 00
Odey Allegra European EUR I F 4 77 4 04 0 00
Odey Allegra European USD $ 34 85 4 4 0 00
Odey Allegra European GBP 62 0 4 0 0 00
Odey Allegra European GBP I 60 68 0 52
Odey Allegra International GBP Class 25 2 45 0 00
Odey Allegra International GBP D Inc F 3 34 2 22 0 00
Odey Allegra International Euro Class 02 50 2 39 0 00
Odey Allegra International Euro I Class 94 50 2 20 0 00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 07 77 0 00
Odey Odyssey Fund GBP I 93 6 0
Odey Giano European Fund GBP 07 54 0 00
Odey Odyssey Fund GBP R 9 29 0 0
Odey Giano European Fund USD $ 08 50 0 02
Odey Odyssey Fund USD $ 93 46 0 0
Odey Odyssey Fund EUR 82 34 0 09
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODE OPPORTUNIT CHF SFr 00 69 0 76 0 00
ODE OPPORTUNIT CHF I SFr 00 82 0 75 0 00
ODE OPPORTUNIT EUR 7 63 0 89 0 00
ODE OPPORTUNIT EUR I 75 83 32 0 00
ODE OPPORTUNIT GBP I R 93 8 45 0 00
ODE OPPORTUNIT GBP R 24 90 0 95 0 00
ODE OPPORTUNIT NOK NK 06 05 0 83 0 00
ODE OPPORTUNIT NOK I NK 08 34 0 84 0 00
ODE OPPORTUNIT USD $ 24 9 0 93 0 00
ODE OPPORTUNIT USD I $ 84 6 38 0 00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 386 28 5 5
Full fund performance data at
www.ft.com/funds
FINANCIAL TIMES WEDNESDAY JULY 25 2012

17
MANAGED FUNDS SERVICE
Fund Bid Offer D / ield
Optima Fund Management
Other International Funds
Optima Fd NAV $ 74 07 0 0 00
Opti a Dis retionary Ma ro Fund Li ited $ 82 0 23 0 00
The Dorset Energy Fd Ltd NAV $ 4 28 2 52 0 00
Platinum Fd Ltd $ 64 52 00 0 00
Platinum Fd Ltd EUR 2 83 0 20 0 00
Platinum Japan Fd Ltd $ 3 89 0 72 0 00
Optima Emerging Markets Fd Ltd $ 3 98 0 03 0 00
Optima Partners Global Fd $ 73 0 00 0 00
Optima Partners Focus Fund A $ 23 0 05 0 00
C tty k II imit d U st ict d USD Acc NAV $ 2 6 2 0 6
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 5 3 3 05 0 00
Orbis Optimal (US$) $ 7 20 0 25 0 00
Orbis Optimal (Euro) 24 0 0 05 0 00
Orbis Optimal ( en) 952 00 2 00 0 00
Orbis Leveraged (US$) $ 0 46 0 49 0 00
Orbis Leveraged (Euro) 36 26 0 6 0 00
Orbis Leveraged ( en) 867 00 4 00 0 00
Orbis Japan Equity (US$) $ 22 39 0 20 0 00
*Orbis Prices as of July 9th
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity ( en) 2 00 9 00 0 00
Orbis Japan Equity (Euro) 4 56 0 2 0 00
Orbis Asia ex J pan Investor Shares $ 6 40 0 04 0 00
Orbis Global Equity Investor Shares 92 38 94 0 00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 42 76 3 57 0 00
Orbit Euro Strategies 24 66 2 44 0 00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 3 0 0 08 0 00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 00 0 00 0 05
Intl Dollar Reserve B $ 00 0 00 0 02
Intl Dollar Reserve Bear $ 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 $ 52 65 0 98 0 00
Macro Holdings Ltd $ 05 47 58 0 00
Fixed Income Holdings N V $ 423 60 3 0 65
LUX Advantage Multi Strategy Fund $ 35 3 5 9
LUX Natural Resources $ 295 36 7 4
Strategic Allocation A $ 250 32 4 73
Pictet (LUX)
3 BLD RO AL L 20 6 Luxembourg
Tel: 004 58 323 3000
FSA Recognised
Pictet Absl Rtn Glo Cons I EUR F 07 45 0 8 0 00
Pictet Absl Rtn Glo Cons P EUR F 05 25 0 7 0 00
Pictet Absl Rtn Glo Cons Pdy EUR F 02 39 0 7 0 62
Pictet Absl Rtn Glo Div I EUR F 23 38 0 26 0 00
Pictet Absl Rtn Glo Div P EUR F 8 75 0 25 0 00
Pictet Absl Rtn Glo Div Pdy EUR F 5 2 0 25 0 30
Pictet Absl Rtn Glo Div R EUR F 5 05 0 26 0 00
Pictet AbsRetGloDiv HI CHF F SFr 78 79 0 38 0 00
Pictet AbsRetGloDiv HI GBP F 03 83 0 22 0 00
Pictet AbsRetGloDiv HI JP F 9 29 00 0 00
Pictet AbsRetGloDiv HI USD F $ 56 0 0 33 0 00
Pictet AbsRetGloDiv HP CHF F SFr 72 05 0 38 0 00
Pictet AbsRetGloDiv HPdy GBP F 96 98 0 2 0 23
Pictet AbsRetGloDiv HP USD F $ 50 3 0 32 0 00
Pictet Agriculture I EUR F 47 23 79 0 00
Pictet Agriculture I USD F $ 78 09 2 34 0 00
Pictet Agriculture P EUR F 43 39 75 0 00
Pictet Agriculture P dy EUR F 43 40 74 0 00
Pictet Agriculture P dy GBP F 90 30 0 00
Pictet Agriculture P dy USD F $ 73 44 2 29 0 00
Pictet Agriculture R EUR F 40 26 72 0 00
Pictet Agriculture R USD F $ 69 66 2 25 0 00
Pictet Agriculture P USD F $ 73 44 2 29 0 00
Pictet Asian Equities Ex Japan I USD F $ 64 09 0 8 0 00
Pi tet Asian Equities Ex Japan P USD F $ 52 87 0 7 0 00
Pi t t Asi n Equities Ex p n P y USD F $ 49 75 0 7 0 6
Pi tet Asian Equities Ex J pan HI EUR F 07 6 0 2 0 00
Pi tet Asian Lo al Curren y Debt I EUR F 28 30 0 04 0 00
Pi tet Asian Lo al Curren y Debt I USD F $ 55 9 0 0 00
Pi tet Asian Lo al Curren y Debt P EUR F 23 3 0 04 0 00
Pictet Asn Lcl Ccy Dbt Pdy USD F $ 30 9 0 09 2 79
Pictet Asn Lcl Ccy Dbt Pdy GBP F 85 74 0 08 2 74
Pictet Biotech P USD $ 358 36 7 30 0 00
Pictet Biotech P dy GBP F 230 94 2 88 0 00
Pictet Biotech HP EUR F 267 20 5 47 0 00
Pictet Biotech I USD F $ 39 07 7 96 0 00
Pictet Biotech P dy USD F $ 358 2 7 30 0 00
Pictet CHF Liquidity P F SFr 24 37 0 00 0 00
Pictet Clean Energy I EUR F 50 89 0 63 0 00
Pictet Clean Energy I USD F $ 6 56 0 82 0 00
Pictet Clean Energy P EUR F 48 74 0 59 0 00
Pictet Clean Energy P USD F $ 58 95 0 78 0 00
Pictet Clean Energy P dy USD F $ 58 95 0 78 0 00
Pictet Clean Energy P dy GBP F 38 03 0 44 0 00
Pictet Convertible Bonds I EUR F 94 45 0 2 0 00
Pictet Convertible Bonds P EUR F 92 44 0 2 0 00
Pictet Convertible Bonds P dy EUR F 92 25 0 0 50
Pictet Convertible Bonds R EUR F 90 42 0 0 00
Pictet Digital Communication I EUR F 25 07 52 0 00
Pictet Digital Communication I USD F $ 5 29 2 00 0 00
Pictet Digital Communication P EUR F 4 7 40 0 00
Pictet Digital Communication P USD $ 38 0 83 0 00
Pi tet Digital Co uni tion P dy USD F $ 33 9 77 0 00
Pi tet Digital Co u i ation P dy GBP F 86 96 0 0 00
Pictet Digital Communication R EUR F 05 57 29 0 00
Pictet Eastern Europe I EUR F 337 28 82 0 00
Pictet Eastern Europe P EUR F 325 2 40 0 00
Pictet Eastern Europe P dy EUR F 324 83 39 0 00
Pictet Eastern Europe P dy GBP F 253 75 7 95 0 00
Pictet Em Lcl Ccy Dbt HI EUR F 28 42 56 0 00
Pictet Em Lcl Ccy Dbt HP EUR F 23 47 5 0 00
Pictet Em Lcl Ccy Dbt I EUR F 60 4 28 0 00
Pictet Em Lcl Ccy Dbt I USD F $ 94 37 2 36 0 00
Pictet Em Lcl Ccy Dbt P EUR F 54 5 22 0 00
Pictet Em Lcl Ccy Dbt P USD F $ 86 83 2 27 0 00
Pictet Em Lcl Ccy Dbt Pdy USD F $ 42 72 5 60
Pictet Em Lcl Ccy Dbt Pdy GBP F 94 3 0 40 5 5
Pictet Emerging Markets I USD F $ 484 98 4 68 0 00
Pictet Emerging Markets P USD $ 457 27 4 4 0 00
Pictet Emerging Markets P EUR F 378 03 3 26 0 00
Pictet Emerging Markets P dy USD F $ 452 57 4 37 0 00
Pi tet Emerging Markets Index I USD F $ 223 5 92 0 00
Pi tet E erging Markets Index IS USD F $ 222 33 7 94 0 00
Pi t t E e i M ets I ex P y USD F $ 20 5 5 35 78
Pi tet Emerging Markets Index R USD F $ 2 68 7 56 0 00
Pictet Emerging Markets Index P USD $ 2 8 29 5 79 0 00
Pi t t E e in M ets In ex R y GBP F 33 34 3 69 46
Pictet EUR Bonds HI CHF F SFr 609 02 2 78 0 00
Pictet EUR Bonds HP CHF F SFr 585 6 2 68 0 00
Pictet EUR Bonds I F 452 33 2 07 0 00
Pictet EUR Bonds P F 434 99 2 00 0 00
Pictet EUR Bonds P dy F 297 98 37 3 40
Pictet EUR Corporate Bonds HI USD F $ 95 47 0 49 0 00
Pictet EUR Corporate Bonds HI CHF FSFr 230 38 0 56 0 00
Pictet EUR Corporate Bonds HP USD F $ 86 94 0 46 0 00
Pictet EUR Corporate Bonds HP CHF FSFr 220 35 0 55 0 00
Pictet EUR Corporate Bonds I F 7 25 0 42 0 00
Pictet EUR Corporate Bonds P F 63 7 0 4 0 00
Pictet EUR Corporate Bonds P dy F 02 60 0 25 3 78
Pictet EUR Government Bonds P dy F 03 0 0 68 3 43
Pictet EUR High ield HI CHF F SFr 252 97 6 0 00
Pictet EUR High ield HP CHF F SFr 239 94 53 0 00
Pictet EUR High ield I F 86 75 9 0 00
Pictet EUR High ield P F 77 2 3 0 00
Pictet EUR High ield P dy F 85 8 0 54 6 23
Pi tet EUR Inflation Linked Bonds P dy F 06 74 0 86 38
Pi t t EUR S o t Mi Te Bo s HI CHF FSFr 75 0 43 0 00
Pictet EUR S o t Mid Te Bo ds HP CHF FSFr 09 66 0 43 0 00
Pictet EUR Short Mid Term Bonds P F 25 76 0 50 0 00
Pictet EUR Short Mid Term Bonds I F 27 97 0 5 0 00
Pi tet EUR Short Mid Ter Bonds P dy F 89 74 0 35 3 38
Pictet EUR Sov Sht Mon Mkt EUR I 03 46 0 00 0 00
Pictet EUR Sov Sht Mon Mkt EUR P 02 99 0 00 0 00
Pictet EUR Sov Sht Mon Mkt EUR Pdy 00 29 0 0 0 7
Fund Bid Offer D / ield
Pictet European Sust Eq P EUR F 42 6 3 75 0 00
Pictet Europe Index I EUR F 0 4 2 75 0 00
Pictet Europe Index IS EUR F 0 06 2 74 0 00
Pictet Europe Index P EUR 08 94 2 72 0 00
Pictet Europe Index P dy EUR F 93 23 2 32 2 72
Pictet Europe Index R dy GBP F 76 63 62 2 63
Pictet Euroland Index P dy EUR F 66 62 82 3 55
Pictet Euroland Index R dy GBP F 55 7 30 3 39
Pi tet European Equity Sele tion I EUR F 465 94 3 2 0 00
Pi tet European Equity Sele tion P EUR F 444 2 59 0 00
Pictet Eu Equities Sel Pdyistr F 4 3 84 5 0 66
Pictet Europe Index R EUR F 05 74 2 63 0 00
Pictet European Sust Eq I EUR F 48 64 3 9 0 00
Pictet European Sust Eq Pdy EUR F 27 85 3 37 74
Pictet Generics I USD F $ 46 73 6 0 00
Pictet Generics P USD F $ 37 76 52 0 00
Pictet Generics P dy GBP F 88 86 0 83 0 00
Pictet Generics P dy USD F $ 37 72 52 0 00
Pi tet World Government Bonds P USD $ 85 97 0 39 0 00
Pi tet Wo l Gove n ent Bon s P y USD $ 43 29 0 30 2 45
Pictet Global Emerging Debt P USD F $ 308 3 4 0 00
Pi tet Global Emerging Debt P dy USD F $ 80 90 0 82 4 99
Pi tet Glob l E e ging Cu en ies I EUR F 86 56 0 60 0 00
Pi tet Glob l E e in Cu en ies I USD F $ 05 35 7 0 00
Pictet Glob l E e i Cu e cies HI EUR F 66 40 0 74 0 00
Pict t Gl b l E i Cu ci s HP EUR F 65 08 0 73 0 00
Pi tet Glob l E e i Cu e ies P EUR F 84 83 0 60 0 00
Pi tet Glob l E e i Cu e ies P USD F $ 03 22 6 0 00
Pictet Global Em Ccy Pdy USD F $ 95 46 07 2 80
Pictet Global Emerging Debt HP EUR F 220 4 0 0 00
Pictet Global Emerging Debt HP CHF FSFr 356 57 63 0 00
Pictet Global Emerging Debt HI EUR F 23 00 05 0 00
Pictet Global Emerging Debt HI CHF FSFr 376 29 7 0 00
Pictet Global Emerging Debt I USD F $ 325 27 48 0 00
Pi tet Glob l Me t e Sele tio I USD F $ 49 46 2 8 0 00
Pi tet Glob l Me t e Sele tio I EUR F 23 57 68 0 00
Pictet Glob l Me t e d Selectio P USD F $ 44 87 2 2 0 00
Pi tet Glob l Me t e S le tio P CHF FSFr 43 86 97 0 00
Pi tet Glob l Me t e S le tio P EUR F 9 78 64 0 00
Pictet Glo Megatrend Sel Pdy EUR F 9 77 63 0 00
Pictet Glo Megatrend Sel Pdy GBP F 93 46 22 0 00
Pictet Glo Megatrend Sel Pdy USD F $ 44 87 2 2 0 00
Pi tet Glob l Me t e Sele tio R EUR F 5 82 58 0 00
Pictet Glob l Me t e d Selectio R USD F $ 40 09 2 06 0 00
Pictet Greater China I USD F $ 347 23 39 0 00
Pictet Greater China P USD F $ 324 96 30 0 00
Pictet Greater China P dy USD F $ 3 5 47 26 0 27
Pictet Greater China P dy GBP F 202 84 0 48 0 27
Pictet High Dividend Sel I EUR F 4 45 0 96 0 00
Pictet High Dividend Sel P CHF F SFr 35 03 0 00
Pictet High Dividend Sel P EUR F 2 43 0 94 0 00
Pictet High Dividend Sel P USD F $ 36 23 7 0 00
Pictet High Dividend Sel Pdm GBP F 80 97 0 38 4 3
Pictet High Dividend Sel Pdm USD F $ 24 76 56 4 2
Pictet High Dividend Sel Pdy EUR F 06 8 0 89 3 92
Pictet High Dividend Sel R EUR F 0 86 0 93 0 00
Pictet High Dividend Sel Rdm EUR F 0 44 0 86 4 05
Pictet Indian Equities I USD F $ 280 0 63 0 00
Pictet Indian Equities P USD F $ 262 49 0 59 0 00
Pictet Indian Equities P dy USD F $ 262 49 0 59 0 00
Pictet Indian Equities P dy GBP F 69 35 0 65 0 00
Pictet Japan Index I JP F 2 6 5 35 8 0 00
Pictet Japan Index IS JP F 306 5 35 8 0 00
Pictet Japan Index P JP F 65 95 35 45 0 00
Pictet Japan Index P dy JP F 666 32 98 73
Pictet Japan Index R dy GBP F 56 03 0 25 49
Pictet Japanese Equities Opp P JPY F 002 5 0 00
Pictet Japanese Equities Opp I JPY F 200 53 8 5 0 00
Pi tet Japanese Equities Opp P dy JPY F 3969 80 62 0 00
Pi tet Japanese Equity Sele tion I JPY F 6622 88 2 42 0 00
Pi tet apanese Equity Sele tion P PY F 6320 5 20 56 0 00
Pictet Japanese Eq Sel Pdy GBP F 5 59 0 5 0 37
Pictet Japanese Eq Sel Pdy JP F 6236 8 20 28 0 38
Pictet LATAM Lc Ccy Dbt Pdy GBP F 75 06 0 2 6 64
Pictet LATAM Lc Ccy Dbt I EUR F 26 35 0 80 0 00
Pictet LATAM Lc Ccy Dbt I USD F $ 5 78 60 0 00
Pictet LATAM Lc Ccy Dbt P EUR F 22 66 0 78 0 00
Pictet LATAM Lc Ccy Dbt P USD F $ 47 35 55 0 00
Pictet LATAM Lc Ccy Dbt Pdy USD F $ 2 67 9 6 66
Pictet LATAM Lc Ccy Dbt R EUR F 9 5 0 76 0 00
Pictet LATAM Lc Ccy Dbt R USD F $ 43 6 52 0 00
Pictet MENA HP EUR F * 28 2 0 9 0 00
Pictet MENA I USD F * $ 46 82 0 32 0 00
Pictet MENA P USD F * $ 45 23 0 30 0 00
Pictet MENA P EUR F * 37 32 0 0 0 00
Pictet MENA Pdy USD F * $ 44 25 0 29 47
Pictet Pacific Ex Japan Index P USD F $ 297 2 0 48 0 00
Pictet Pacific Ex Japan Index I USD F $ 300 50 0 48 0 00
Pictet Pacific Ex J pan Index IS USD F $ 300 07 0 50 0 00
Pi tet Pa ifi Ex Jap n Index P dy USD F $ 243 64 0 39 3 87
Pictet Pacific Ex Japan Index R USD F $ 289 63 0 49 0 00
Pi tet Pa ifi Ex Japan Index R dy GBP F 7 78 0 57 3 5
Pictet Premium Brands I EUR F 05 60 96 0 00
Pictet Premium Brands I USD F $ 27 73 2 50 0 00
Pictet Premium Brands P EUR 96 45 78 0 00
Pictet Premium Brands P USD F $ 6 67 2 27 0 00
Pictet Premium Brands P dy EUR F 96 39 79 0 00
Pictet Premium Brands P dy GBP F 75 22 35 0 00
Pictet Russian Equities P USD F $ 57 24 2 66 0 00
Pictet Russian Equities P dy GBP F 36 88 4 0 00
Pictet Russian Equities I EUR F 49 07 2 07 0 00
Pictet Russian Equities I USD F $ 59 46 2 76 0 00
Pictet Russian Equities P EUR F 47 24 99 0 00
Pictet Russian Equities P dy USD F $ 57 20 2 66 0 00
Pictet Security I EUR F 02 89 55 0 00
Pictet Security I USD F $ 24 45 2 00 0 00
Pictet Security P EUR F 98 07 48 0 00
Pictet Security P USD F $ 8 62 92 0 00
Pictet Security P dy USD F $ 8 62 92 0 00
Pictet Security P dy GBP F 76 53 0 00
Pictet Security R EUR F 94 20 43 0 00
Pictet Security R USD F $ 3 95 84 0 00
Pictet Small Cap Europe I EUR F 590 30 6 00 0 00
Pictet Small Cap Europe P EUR F 554 34 5 05 0 00
Pictet Small Cap Europe P dy EUR F 547 02 4 85 0 3
Pictet ST MoneyMkt I 40 7 0 0 0 00
Pictet ST MoneyMkt ICHF SFr 25 36 0 00 0 00
Pictet ST MoneyMkt P 37 84 0 00 0 00
Pictet ST MoneyMkt PCHF SFr 92 23 0 00 03
Pictet ST MoneyMkt IUSD $ 33 99 0 00 0 00
Pictet ST MoneyMkt PUSD $ 3 92 0 00 0 00
Pictet ST MoneyMkt Pdy $ 84 65 0 00 0 58
Pictet ST MoneyMkt Pdy 96 26 0 00 8
Pictet Timber HP EUR F 7 90 03 0 00
Pictet Timber I USD F $ 2 58 60 0 00
Pictet Timber I EUR F 93 07 23 0 00
Pictet Timber P USD F $ 09 04 55 0 00
Pictet Timber P EUR F 90 5 9 0 00
Pictet Timber P dy USD F $ 04 20 49 0 88
Pictet Timber P dy GBP F 67 23 0 85 0 89
Pi tet US Equity G owth S le tion I USD F $ 23 66 48 0 00
Pi tet US E uity G owt Sele tio P USD F $ 9 0 43 0 00
Pictet US Eq Gr Sel Pdy USD F $ 9 0 43 0 00
Pi tet US E uity G owt Sele tio R USD F $ 5 46 39 0 00
Pictet US High ield HI CHF F SFr 29 66 0 3 0 00
Pictet US High ield HI EUR F 87 23 0 08 0 00
Pictet US High ield HP CHF F SFr 27 6 0 3 0 00
Pictet US High ield HP EUR F 85 85 0 08 0 00
Pictet US High ield I USD F $ 30 3 0 3 0 00
Pictet US High ield P USD F $ 28 06 0 2 0 00
Pictet US High ield P dy USD F $ 5 9 0 5 59
Pictet US High ield R USD F $ 26 33 0 3 0 00
Pictet USA Index P USD $ 2 89 02 0 00
Pictet USA Index I USD F $ 4 22 02 0 00
Pictet USA Index IS USD F $ 5 34 04 0 00
Pictet USA Index P dy USD F $ 06 79 0 96 0 87
Pictet USA Index R USD F $ 0 26 00 0 00
Pictet USA Index R dy GBP F 69 69 0 08 0 65
Pictet USD Government Bonds I F $ 620 04 0 98 0 00
Pictet USD Government Bonds P F $ 598 79 0 95 0 00
Pictet USD Government Bonds P dy F $ 403 4 0 63 2 92
Pictet USD Short Mid Term Bonds I F $ 27 54 0 00 0 00
Pictet USD Short Mid Term Bonds P F $ 25 44 0 00 0 00
Pi tet USD Short Mid Ter Bonds P dy F $ 98 53 0 00 73
Pictet USD Sov ST Mon Mkt I $ 02 24 0 0 0 00
Pictet USD Sov ST Mon Mkt P $ 0 86 0 00 0 00
Pictet USD Sov ST Mon Mkt Pdy $ 00 33 0 00 0 02
Pictet Water HP USD F $ 2 9 67 2 8 0 00
Pictet Water HR USD F $ 204 00 2 03 0 00
Pictet Water I EUR F 84 82 83 0 00
Pictet Water I USD F $ 223 56 2 43 0 00
Pictet Water P EUR 68 99 68 0 00
Pictet Water P USD F $ 204 4 2 24 0 00
Pictet Water P dy EUR F 66 7 66 0 4
Pictet Water P dy GBP F 30 64 22 0 5
Pictet Water R USD F $ 89 83 2 08 0 00
Pictet Water R EUR 56 94 56 0 00
Pi tet World Government Bonds I EUR F 58 74 0 33 0 00
Pi tet World Govern ent Bonds I USD F $ 9 74 0 39 0 00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd Nations House 03 Wigmore St London W U QS
http://gisnav pimco funds com
Dealing: 353 24 7 00
PIMCO Funds: 44 (0)20 7872 3 6
FSA Recognised
Co oditi sPLUS sp St te y I st Acc $ 0 39 0 8 0 00
Fund Bid Offer D / ield
Diversified Income Inst Acc $ 7 57 0 03 0 00
Emerging Local Bond Inst Acc $ 3 95 0 6 0 00
Emerging Markets Bond Inst Acc $ 37 30 0 20 0 00
E e i M ets Co p B Fu I st A F $ 2 56 0 03 0 00
Emerging Markets Curr Fd Inst Acc $ 3 2 0 2 0 00
EuriborPLUS Inv Acc 53 0 00 0 00
Euro Bond Inst Acc 8 47 0 07 0 00
Euro Credit Inst Acc 2 67 0 02 0 00
Euro Income Bond Inst Acc F 0 67 0 03 0 00
Euro Liquidity Inst Dist 00 0 00 0 47
Euro Long Average Duration Inst Acc 6 94 0 0 0 00
Euro Real Return Inst Acc 2 25 0 06 0 00
Euro Ultra Long Duration Inst Acc 22 40 0 22 0 00
FX Strategies Inst Acc 0 88 0 00 0 00
Global Advantage Inst Acc $ 2 62 0 05 0 00
Global Bond Inst Acc $ 24 34 0 04 0 00
Global Bond Ex US Inst Acc $ 6 39 0 05 0 00
Global High ield Bond Inst Acc $ 6 78 0 05 0 00
Gl b l I v st t G d C dit I st I c $ 2 08 0 0 3 92
Global Multi Asset Inst Acc $ 3 58 0 3 0 00
Global Real Return Inst Acc $ 7 36 0 02 0 00
High ield Bond Inst Acc $ 23 48 0 06 0 00
Low Average Duration Inst Acc $ 4 26 0 00 0 00
PIMCO EqS Pathfinder Eur Fd Inst A F 0 8 0 22 0 00
PIMCO EqS Pathfinder Fd Inst Acc F $ 0 83 0 9 0 00
So i lly Resp E e M ts B F I st A F $ 2 44 0 06 0 00
StocksPLUS{TM} Inst Acc $ 4 07 0 5 0 00
Total Return Bond Inst Acc $ 25 80 0 0 0 00
UK Corporate Bond Inst Acc 4 8 0 0 0 00
UK Long Term Corp Bnd Inst Inst Acc 5 32 0 02 0 00
UK Sterling Inflation Linked Inst Acc 8 27 0 09 0 00
UK St li g g Av g D ti I st Acc 8 45 0 0 0 00
UK St li w Av Du ti I st Acc 3 70 0 00 0 00
UK Total Return Bond Inst Acc 3 67 0 0 0 00
Unconstrained Bond Inst Acc $ 95 0 02 0 00
US Govern ent Money M rket Inst In $ 00 0 00 0 05
Pioneer Alternative Inv Mgmt Ltd (IRL)
Regulated
Pioneer Long Short Europ Eqty EUR 580 0 40
Pioneer Long Short Europ Eqty USD $ 609 5 56
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 5 35 0 9 0 00
Pioneer AssetMaster $ 859 0 3 54 0 00
Pioneer Div Fund I EUR 00 49 0 54
Pioneer Div Fund I USD $ 00 7 0 53
The Meteor Opps I $ 3 64 0 54 0 00
The Meteor Opps I 32 40 0 64 0 00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund A $ 59 35
Platinum All Star Fund A (Est) $ 96 6
Platinum Dynasty $ 97 55
Platinum Essential Resources $ 9 38 0 06
Platinu Low Volatility Fund SICAV (Est) $ 9 58
Platinum Nordic SKr 503 08
Platinum Maverick Enhanced $ 67 52
Platinum Gold Advantage (Est) 44
Platinum Global Dividend UCITS Fund $ 72 89 0 68 0 00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 227 22 227 22 4 70 0 68
European Market Neutr l Fund Cls I Euro 9 30 9 30 0 02
Fin n ials In ome Fund Cls B2 GBP A 0 0 0 00 0 00
Financial Opps I USD $ 8 44 0 8 0 00
GEM Growth I USD $ 9 00 0 2 0 00
GEM Income I USD $ 9 88 0 22 0 00
Global Insurance I GBP 2 3 0 0 0 00
Global Technology I USD $ 4 0 23 0 00
Healthcare Opps I USD $ 6 55 0 23 0 00
Japan I JP 989 7 3 95 0 00
North American I USD $ 0 85 0 85 0
UK ARF I GBP 9 9 0 04 0 00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 08 44 37 0 00
European Market Neutral Fund A EUR 99 07 0 99 0 00
European Conviction A EUR 46 0 2 35 0 00
European Forager A EUR 47 23 0 75 0 00
Policy Selection Limited
Other International Funds
Assured USD A $ 9 89 06 0 00
Assured USD B $ 05 89 0 83 0 00
Assured USD C $ 4 6 0 97 0 00
Assured USD D $ 07 55 0 89 0 00
Assured F USD $ 72 93 0 45 0 00
Assured GBP B 99 9 5 77 0 00
Assured GBP C 94 0 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' $ 30 9 0 26 0 00
Emerging Markets Active $ 26 07 0 44
Luxcellence Em Mkts Tech $ 663 54 0 3 0 00
Em Mkts Strategy Developing $ 67 45 72 0 00
Em Mkts Strategy Small Cap $ 956 44 2 99 0 00
P i Disc v y F ds F ti Ma k ts F d $ 0 2 38 9 39
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 343 29 347 25 4 0 94
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 20 44 4 47 0 00
RPF D $ 2 03 0 26 0 00
PQF A Shares $ 50 30 508 34 7 70 0 00
PQF B Shares $ 455 53 459 33 7 00 0 00
PCF $ 375 23 379 4 85 0 00
CAPF $ 8 4 0 03 0 00
Prusik Investment Management LLP (IRL)
Enquiries 0207 493 33
Regulated
Prusik Asian Equity Income B Dist $ 08 0 0 06 4 40
Prusik Asia A $ 5 7 0 4 0 00
Prusik Asian Smaller Cos A $ 34 38 0 04
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 9 9
PCG C 7 67 8
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putna New Flag Euro High Yield Pl E 929 84 4 36 6 0
Putna New Flag Euro High Yield Pl M 846 70 4 0 5 38
R & H Fund Services (Jersey) Ltd (JER)
Regulated
C b I t ti l Equity G wt Li it d 2 7 0 20 0 46
BDP Limited
Bond Fund GBP 9 73 0 09 5 93
Income Fund Sterling 3 02 0 02 8 85
The Discretionary Pfolio 08 0 6 34
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 77 0 00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 37 53 2 99 3
Canadian Equity Class B C$ 42 48 9 0 7
European Equity Class B 30 29 3 83 0 74
Intl Ex North America Equity Class B $ 99 00 2 55 2 76
UK Bond Class B 07 75 0 09 2 9
UK Equity Class B 45 73 3 66 22
US Dollar Capital Growth Class $ 77 0 7 0 05
US Equity Class $ 6 48 05 0 00
For RMF Investment Management Funds see Man Investments
Robeco Asset Management (LUX)
Coolsingel 20, 30 AG Rotterdam, The Netherlands
tel (3 ) 0 224238 www robeco com
FSA Recognised
Asia Pacific Equities (EUR) 9 0 37 0 00
Fund Bid Offer D / ield
Chinese Equities (EUR) 50 98 0 4 0 00
Em Stars Equities (EUR) 44 39 0 03 0 00
Emerging Markets Equities (EUR) 32 82 5 0 00
Flex o Rente (EUR) 09 73 0 02 0 00
Glob Consumer Trends Equities (EUR) 87 67 05 0 00
High ield Bonds (EUR) 04 20 0 49 0 00
Lux O Rente (EUR) 29 0 0 05 0 00
Natural Ress Equities (EUR) 84 35 25 0 00
New World Financials (EUR) 29 96 0 70 0 00
SAM Sust Agrib Eq D 08 68 6 0 00
US Premium Equities (EUR) 57 26 0 00
US Premium Equities (USD) $ 23 90 38 0 00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 00 353 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Cont Eur Spec Equity Ser 3 82 08 2 7 0 58
RBSG UK Equity Index Programme Ser 3 22 22 0 48 3 37
RBSG UK Specialist Eqty Ser 3 5 83 0 34 05
RBSG UK Sove ei Bo I ex P o Se 4 94 0 00 3 09
RBSG Contl Eurp Eqty Index Prog Ser 3 248 84 6 28 2 74
RBSG J pan Spe ia ist Equity Prog Ser 3 3096 00 00 0 80
RBSG US Equity Index Programme Ser 3 $ 47 05 0 43 0 9
RBSG Pacific Basin Eqty Ser 3 $ 47 38 0 00 58
RBSG Emerging Markets Ser 3 $ 30 66 0 27 46
RBSG G o a vestme t G ade Bo d GBP Se es 22 24 0 20 3 08
RBSG G o a vestme t G ade P og amme GBP S 2 6 0 9 3
RBSG U Sove e g Bo d dex P og amme Se es 60 0 0 3 06
Absolute Rtn Multi Asset Prog SER 3 GBP 9 84 0 07
** 30 day average yield
Royal London Asset Mgmt (Ireland) Ltd (IRL)
PO Box 9428, Dublin , Ireland 08456 040404
FSA Recognised
Royal London Asset Management Bond Funds PLC
Sterling Extra ield Bond A 0 98 0 00 8 3
Sterling Extra ld Bd B 0 97 0 00 7 80
Russell Investment Company Plc (IRL)
Russell Investment Group 0 Regent St Ldn SW Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 9 58 0 55 0 00
Cont Eur Eq F F 056 29 29 66 0 00
Cont Eur Eq SH I F 77 60 2 5 0 00
Cont Eur Eq A 22 46 0 63 0 00
Emerg Mkts Eq B $ 9 00 0 48 0 00
Global Bond B $ 20 54 0 04 0 00
Japan Equity B 736 46 5 4 0 00
Pacific Basin B $ 20 0 49 0 00
UK Index Linked I 8 4 0 06 0 00
US Bond B F $ 6 99 0 0 0 00
US Equity B $ 0 08 0 0 00
US Equity EH A F 06 50 7 0 00
World Equity II B F $ 8 64 0 6 0 00
RIC - OMIGSA
Acadian Emerging Markets Eq Ucits A 9 24 0 3 0 00
Acadian European Eq Ucits I 8 04 0 20 2 0
Acadian Gbl Eq Ucits A 9 9 0 0 0 00
Emerg Markets EQ Ucits B $ 8 89 0 22 0 00
Global Aggreg Bd Fd $ 8 0 0 04 0 33
Global Bond B F $ 8 65 0 00 0 22
Global Credit Fund A F $ 2 58 0 03 0 37
Global Currency Fd A $ 67 0 04 0 5
US Growth Equity A F $ 4 79 0 8 0 03
Value Global Equity F $ 8 78 0 33 0 00
Russell Investment Company II PLC (IRL)
Russell Investment Group 0 Regent St Ldn SW Y 4PE 020 7024 6000
FSA Recognised
Euro Fixed Inc I ACC F 8 94 0 0 0 00
Pan European Eq I F 3 6 0 3 0 00
UK Equity Plus B F 2 52 2 53 0 00
US Growth I Acc F 0 78 0 04 0 00
US Quant B F $ 3 9 0 3 0 00
World Equity B $ 4 73 0 27 0 00
World Equity I F 7 06 0 8 0 00
World Equity SH B F 0 93 65 0 00
Russell Multi-Manager Fds Plc (IRL)
Regulated
GBL 35 Multi MNGR A $ 33 66 0 8 0 00
GBL 35 Multi MNGR B $ 30 56 0 79 0 00
GBL 50 Multi MNGR A $ 33 34 4 0 00
GBL 50 Multi MNGR B $ 28 67 0 0 00
GBL 70 Multi MNGR A $ 29 46 5 0 00
GBL 70 Multi MNGR B $ 24 00 44 0 00
GBL 90 Multi MNGR A $ 4 22 74 0 00
GBL 90 Multi MNGR B $ 7 25 78 0 00
GBL Defensive A $ 0 78 0 22 0 00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 6 26 6 26 0 24 2 67
SVG UK Focus Fd Cls A 5 83 5 83 0 24 2 8
SVG European Focus Fd Cls A 4 90 4 90 0 06 85
SVG European Focus Fd Cls R 4 90 4 90 0 06 06
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 228 89 2 03 0 00
S W Mitchell Class B Shares USD $ 227 45 2 26 0 00
Sabre Fund Management Limited
46 48 Grosvenor Gardens, London SW W 0EB
Other International Funds
Sabre Style Arbitrage Fund Li ited USD $ 82 3 0 92
Sabre Style Arbitrage Fund Li ited Euro 78 9 0 99
SAM (LUX)
Tel 4 44 653 0 0 www sam group com
Regulated
SAM Smart Energy Fund GBP/A 3 4 0 0 74
SAM Smart Materials Fund GBP/A 97 3 55 0 44
SAM Sust Climate Fund GBP/A 55 75 0 37 0 62
SAM Sust Global Active Fd EUR/B 6 3 39 0 00
SAM Sust Healthy Liv Fd EUR/B 08 05 33 0 00
SAM Sust Water Fund GBP/A 4 98 0 0 60
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 02 93 07 9 0 06 3 29
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 0 48 745 00
FSA Recognised
Offshore Cash 7 99 7 99 0 0000200 0 00
Offshore Cash B F 79 9 79 9 0 0000200 0 00
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
Regulated
Emerging Markets $ 33 864 34 6 0 8 5 0 00
Institutional Developing Markets Fund A $ 26 084 26 327 0 6 0 0 00
Institution l Developing Markets Fund B $ 25 995 26 238 0 6 0 0 00
SEB Asset Management S.A. (LUX)
www seb se 352 26 68 2595
Regulated
SEB Ethical Europe Fund 2 04 2 06 0 0 0 00
SEB Europe Fund 3 03 3 06 0 0 0 00
SEB European Equity Small Cap 30 28 3 58 3 82 04
SEB Asset Selection Fund EUR 3 78 4 47 0 06 0 00
SEB Russia Fund 9 37 9 37 0 0 0 00
SEB Eastern Europe ex Russia 2 50 2 52 0 02 0 00
SEB Eastern Europe Small Cap Fund 2 45 2 47 0 00 0 00
SEB Key Hedge Fund (Est) 00 70 0 9 0 00
SEB Key Europe Equity L/S (Est) 92 34 0 0 0 00
SEB Key Select C 9 70 9 79 0 00 0 00
SEB Key Select I 9 9 9 9 0 0 0 00
SEB Nordic Fund 6 3 6 37 0 06 0 00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 38 57 2 0 00
LTIF Classic 238 26 3 95 0 00
LTIF Em Mkt Value 79 75 32 0 00
Fund Bid Offer D / ield
LTIF Natural Resources 93 23 63 0 00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 87 30 60 0 00
LTIF Stability Inc Plus SFr 87 30 60
SKAGEN Funds (NOR)
PO Box 60, 400 Stavanger, Norway
Tel (47) 5 2 38 58 www skagenfunds com
FSA Recognised
SKAGEN Global 05 75 0 22 0 00
SKAGEN Kon Tiki 67 72 0 22 0 00
SKAGEN Vekst 66 64 0 57 0 00
SKAGEN Tellus 5 09 0 06 0 00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B Asia $ 566 67 0 00
C International $ 359 93 6 20
G Emerging Mkts $ 020 36 86 0 00
H Japan $ 77 8 0 49 0 00
SR Phoenicia Inc
Phoenicia A $ 36 58 0 87
Smith & Williamson Investment Fds (IRL)
2/ 3 Exchange Place, IFSC, Dublin 00 353 6 2 6476
FSA Recognised
MM Cautious Growth Fund F 4 97 0 0 0 00
M diu D t d C p t B d Fu d Cl ss A 00 0 00
M diu D t d C p t B d Fu d Cl ss B 00 0 00
Cash Fund F 00 0 00 0 67
Short Dated Corporate Bond F 07 0 00 3 67
Boulder Investment F 58 0 03 0 00
Enterprise A F 53 63 0 0 00
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 274 44 2 8 0 00
Mid Ocean World Inv $ 4 3 60 89 0 00
Pancurri Investment Ltd (Est) $ 0 0 53 48 0 00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K (Est) $ 94 88 0 72 0 00
Global Opportunity Ser K (Est) $ 90 87 0 88 0 00
State Street Global Advisors Ltd Fds (IRL)
20 Churchill Place, London E 4 5HJ
Marketing: 44(0)20 3395 6000, Dealing: 00353 242 540
FSA Recognised
State Street Global Advisors Liquidity Plc
USD Liquidity $ 00 0 00 0 30
GBP Liquidity 00 0 00 0 65
EUR Liquidity 00 0 00 0 27
State Street Global Advisors Fixed Income plc
Abs Ret Global Bd II Cls B $ 0 52 0 0 0 00
Abs Ret Global Bd II Cls I F $ 9 85 0 0 0 00
World Brd Inv Grd Bd SGD S$ 2 33 0 0 0 00
World Brd Inv Grd Bd Cls B F $ 2 20 0 03 0 00
EMU Govt Bd Cls B 4 8 0 0 0 00
EMU Govt Bd Cls I 4 04 0 0 0 00
EMU Govt Long Bd II Cls I 3 22 0 4 0 00
Euro Brd Inv Grd Bd Cls B 84 0 00
Euro Brd Inv Grade Bd Cls I 2 52 0 0 0 00
Euro Corp Bd Cls B 3 52 0 00
Euro Inflation Link Bd Cls I 26 0 0 0 00
Euro Corp Bd Cls I 4 84 0 03 0 00
Gbl Inflation Link Bd Cls I F $ 2 3 0 08 0 00
UK Govt Bd Cls B 8 6 0 00 0 00
UK Govt Bd Cls I 8 03 0 00 0 00
US Corp Bd Cls I $ 6 48 0 03 0 00
US Govt Bd Cls B $ 6 3 0 02 0 00
US Govt Bd Cls I $ 6 9 0 02 0 00
World Brd Inv Grd Bd Cls I $ 6 69 0 04 0 00
World Govt Bd Index Cls B $ 6 0 04 0 00
World Govt Bd Index Cls I $ 5 97 0 04 0 00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 376 3 0 00 0 00
Stenham Universal EUR 8 45 0 00 0 00
Stenham Universal GBP 29 42 0 00 0 00
Stenham Universal II USD $ 4 74 26 0 00
Stenham Universal II GBP 38 75 0 00
Stenham Universal II EUR 23 0 0 00 0 00
Stenham Growth USD $ 67 4 0 00
Stenham Trading Port $ 03 8 0 00
Stenham Quadrant USD A $ 368 99 0 00
Stenham Quadrant USD B (Est) $ 367 0 5 25
Stenham Asia EUR 88 7 0 00
Stenham Asia GBP 90 8 0 00
Stenham Asia USD $ 2 82 0 00
Stenham Gold USD $ 270 02 3 0
Stenham Multi Strategy EUR 98 93 0 00
Stenham Multi Strategy GBP 02 33 0 00
Stenham Multi Strategy USD $ 03 9 0 00
Stenham Global Resources EUR 00 40 0 00
Stenham Global Resources GBP 05 22 0 00
Stenham Global Resources USD $ 06 66 0 00
Stenham Managed Fund EUR 93 04 0 00
Stenham Managed Fund GBP 96 76 0 00
Stenham Managed Fund USD $ 97 0 00
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 0 93 2 9 0 00
Wonda Bond & Currency Fund (JPY) 7 2 0 00
Fine Wine Geared Fund 0 5 0 05 0 00
Japanese Synthetic Warrant 93 79 9 75
apan Synth ti Warrant Fund USD Class $ 54 0 5
Asia Synthetic Warrant Fund $ 4 53 0 34 0 00
Renminbi Bond Fund CHF Cls A SFr 09 04 0 64
Renminbi Bond Fund CHF Cls B SFr 08 94 0 64
Renminbi Bond Fund CNH Cls A CNH 09 22 0 57
Renminbi Bond Fund CNH Cls B CNH 09 09 0 56
Renminbi Bond Fund Euro Cls B 09 0 67
Renminbi Bond Fund GBP Cls B 09 4 0 60
Renminbi Bond Fund SGD Cls B S$ 09 0 0 55
Renminbi Bond Fund USD Cls B $ 09 09 0 55
Renminbi Bond Fund EN Cls B 9 5 28
Renminbi Bond Fund USD Class $ 50 80 0 77 3 94
Renminbi Bond Fund GBP Class 45 78 0 80 3 98
Renminbi Bond Fund SGD Class S$ 44 75 0 73 4 08
Renminbi Bond Fund EN Class 76 00 0 00
Renminbi Bond Fund EUR Class 00 65 0 62 4 08
Poland Geared Growth 0 72 0 07 0 00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 7 7 25 00 0 00
Strat Blue Star Resources Fd EUR 930 02 7 40 0 00
Strat Blue Star Resources Fd USD $ 3 8 8 0 00
Strat Evarich Japan Fd Ltd JP 2997 0 00
Strat Evarich Japan Fd Ltd USD $ 530 82 2 4 0 00
Strat Fd Ltd Gbl Opps Fd USD $ 283 9 28 84 0 00
Strat Fd Ltd Gbl Opps Fd EUR 2 05 82 23 48 0 00
Strat Global Innovation fd Ltd EUR 59 83 7 8 0 00
Strat Global Innovation fd Ltd USD $ 86 88 6 98 0 00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 686 29 09 0 00
St te i Chin P nd Fund Hedged EURO 65 25 06 0 00
St t ic C i P d Fu d H d d St li 598 6 6 49 0 00
Strategi US Mo e tu and Value Fund $ 53 23 5 82
Ni G wt (UC TS) F d PY C ass A s a es 4 0 00
N o G owt UC TS) F d PY C ass C D s s a es 7 9 0 00
N o G owt UC TS) F d PY C ass B Acc s a es 2 9 0 00
St ateg c E o Bo d F d D st t g C ass S a es 05 6 0 95 0 73
St ateg c E o Bo d F d Acc m at g C ass S a es 5 90 00 0 00
St ateg c Eme g g E o e F d Hedged E o C ass 935 77 7 97 0 00
St te i E e i Eu ope Fu USD Cl ss $ 943 43 8 04 0 00
Strategic Europe Value Euro Class 09 83 2 20 0 00
TT International (CYM)
Regulated
TT Eu ope Lo S o t Fee e SP Cl ss A 02 92 0 46
TT Eu ope Lo S o t Fee e SP Cl ss B $ 02 44 0 47 0 00
TT Eu ope Lo S o t Fee e SP Cl ss C 03 5 2 7
TT Eq ity Mac F d E F d SP C ass A 93 70 0 53 0 00
TT Eq ity Mac F d E F d SP C ass B $ 84 98 0 00 0 00
TT Eq it M c F d EUR F d SP Cl ss C 86 0 0 00 0 00
TT Financials Long/Short Fd A $ 50 33 4 82
TT Financials Long/Short Fd B 49 66 5 0 00
TT Finan ials Long Short Fund Ltd Class F 95 35 3 8 0 00
TT te at o a F d Feede Seg egated Po fo o C ass A 88 24 38 0 00
TT te at o a F d Feede Seg egated Po tfo o C ass B $ 90 47 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 2 0 58 0 00
TT Md Ca E o e o g / S o t F d td C ass C 09 80 0 30 0 00
TT International (IRL)
Regulated
TT European Eqty Fd Class A 6 0 3 8 3
TT UK Equity Fd 6 32 0 35 2 86
TT Europe Ex UK Equity Fd 6 72 0 4 23
Eurozone Equity Fund 7 98 0 00 08
TT te at o a As a Pac f c Eq ty F d C ass A $ 0 78 0 28 60
Fund Bid Offer D / ield
TT I t ati al Em gi g Ma k ts Eq ity F d $ 7 9 0 9 0 95
Tarchon Capital Management (CYM)
Regulated
Tarchon Multistrategy (A2) 30 75 0 8 0 00
Tarchon MS (2x) (A4X) 25 32 0 09 0 00
Tarchon MS (2x) (A4W) 06 82 0 04 0 00
Tarchon Asia 96 42 0 4 0 00
Tarchon Equity EUR 46 88 2 26 0 00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 5 60 4 05 0 00
UK Corporate Bond 300 09 2 6 0 00
Gilt 30 06 0 00
Global Eq (Ex Japan) Index Fund 0 89 0 0 0 00
Global Eq (ex Japan) Class HJ4 0 93 0 0 0 00
Global Eq (ex Japan) Class JP5 0 68 0 0 0 00
Global Eq Ex Japan Index Fund (Hedge) 0 62 0 0 0 00
Gbl Govt Bond (Ex Japan) Index 0 83 0 0 0 00
Gbl Govt Bond (ex Japan) Class JP4 0 8 0 0 0 00
Japan Equity Index Fund 0 47 0 00 0 00
Japan Equity Class JP3 0 57 0 00 0 00
The National Investor (TNI)
www tni ae
Other International Funds
UAE Blue Chip Fund AED 4 72 0 02 0 00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 994 2 6 02 0 00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 976 83 5 36 0 00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 25 08 0 0 00
Traditional Funds (IRL)
State St eet te ati a ( e a d) imited N 7 Si R ge s ?s Q ay D i e a d
P : 9 Fa : 9 Email:TRCI v st S vic s@stat st t c m
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 0 20 0 0 0 00
BSI Bond Opportuinty Fund USD Acc $ 0 8 0 0 0 00
BSI Bond Opportunity Fund CHF AccSFr 9 93 0 0 0 00
Credit Select A EUR Dis 0 25 0 0 57
Credit Select A EUR Acc 0 9 0 0 0 00
E o ea A so te Ret F d C ass A O d E o Acc 9 62 0 38 0 00
E p a Abs l t R t Cls A N w E Acc 0 68 0 2 0 00
High Income USD Dis $ 9 56 0 00 7 9
High Income Cls A New USD Dis $ 7 27 0 0 8 02
High Income Cls A New USD Acc $ 0 82 0 0 0 00
Global Bd () GBP Dis 3 56 0 04 0 25
Global Bd () GBP Acc 5 75 0 05 0 00
Global Bd () Acc 4 64 0 03 0 00
Global Bd () Dis 2 88 0 03 0 24
Global Bd ($) Acc $ 94 0 0 0 00
Global Bd ($) Dis $ 0 47 0 0 0 3
Global Credit A EUR Dis 9 86 0 0 2 08
Global Credit A EUR Acc 0 7 0 02 0 00
Real Estate Securities Cls A GBP Acc 0 0 8 0 00
Real Estate Securities Cls A GBP Dist 0 65 0 7 80
Water & Agriculture Abs Rtn USD Acc $ 88 0 05 0 00
Water & Agriculture Abs Rtn USD Dis $ 0 50 0 04 0 00
Emerging Asia B USD Acc $ 7 58 0 20 0 00
Emerging Asia B USD Dis $ 7 57 0 20 0 00
Global Emerging Markets USD Acc $ 2 67 0 36 0 00
Global Emerging Markets USD Dist $ 40 37 5 0 24
Global High ield A Euro Acc 0 77 0 02 0 00
Global High ield A Euro Dis 0 5 0 0 0 48
Global E erging Mkt Abs Rtn A USD A $ 8 62 0 08 0 00
Global E erging Mkt Abs Rtn B USD A $ 8 69 0 08 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) 434 5059
Fax 353 (0) 670 85
thameshedge@ntrs com
Other International Funds
Hillside Apex Cls A $ 2 9 3 56 05 0 00
Hillside Apex Cls B 627 79 28 0 00
Hillside Apex Cls C 58 7 26 0 0 00
Hillside Apex Cls D 36 42 6 8 0 00
Warrior Cls A (Final) $ 2356 2 62 0
Warrior Cls B (Final) 698 5 48 35
Warrior Cls C (Final) 880 52 50 8
Warrior Cls F (Final) $ 98 2 25 85
Warrior Cls G (Final) 965 92 2 40
Warrior Cls H (Final) 973 45 26 38
Warrior Cls I (Final) NK 99 8 96 2 0 00
Warrior II Class A (Final) $ 2 2 30 66 0 00
Warrior II Class B (Final) 63 32 33 0 00
Warrior II Class C (Final) 2 26 3 2 0 00
Warrior II Class D (Final) NK 49 79 0 00
Warrior II Class F (Final) $ 92 6 24 08
Warrior II Class G (Final) 905 29 25 39
Warrior II Class H (Final) 9 95 24 93
Warrior II Class I (Final) NK 9 7 0 00
Sentinel Cls A (Final) $ 05 88 4 02 0 00
Sentinel Cls B (Final) 0 5 25 54 0 00
Sentinel Cls C (Final) 380 58 32 2 0 00
Longstone Cls A 296 3 3 0 00
Longstone Cls B $ 2 8 2 86 0 00
Longstone Cls C 309 29 2 78 0 00
Property Growth & Inc Cls A GBP Inc 0 63 0 2 4 70
Property Growth & Inc Cls A GBP Acc 3 9 0 6 0 00
Property Growth & Inc Cls B EUR Inc 0 9 0 2 4 7
Property Growth & Inc Cls B EUR Acc 3 35 0 5 0 00
Property Growth & Inc Cls C NOK IncNK 72 87 0 82 4 68
Property Growth & Inc Cls D Aus AccA$ 2 03 0 24 0 00
Property Growth & Inc Cls D Aus IncA$ 6 49 0 2 4 3
Africa Focus Class A USD (Final) $ 0 65 4 69 0 00
Isis Cls A $ 898 83 3 88 0 00
Isis Cls B 2688 9 0 30 0 00
Isis Cls C 92 22 90 0 00
Isis Cls D NK 7 8 78 0 00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 2 56 0 6 2 20
B Share NAV (Susp) 2 56 0 6 2 20
The Glanmore Property Dollar Fund
NAV (Susp) $ 6 0 08 0 00
B Share NAV (Susp) $ 0 0 00
The Glanmore Property Euro Fund Limited
NAV (Susp) 04 0 05 0 00
B Share NAV (Susp) 0 75 0 0 0 00
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 0 43 0 03 0 00
B Share NAV 06 0 07 0 00
Toscafund (CYM)
Regulated
Tosca $ 83 79 0 7 0 00
Tosca Mid Cap GBP 5 76 2 0 0 00
Tosca Opportunity B USD $ 68 4 4 42 0 00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 207 76 0 25 0 00
International B $ 267 2 0 23 0 00
International C 9 76 0 07 3 30
Pacific A 243 63 09 0 00
Pacific B $ 307 29 34 0 00
TreeTop Global Sicav
Global Opp A 95 27 0 8 0 00
Global Opp B $ 97 9 06 0 00
Global Opp C 22 98 0 46 0 00
Sequoia Equity A 86 29 0 58 0 00
Sequoia Equity B $ 88 6 0 89 0 00
Sequoia Equity C 03 37 0 22 0 00
Sequoia Pacific Equity A 56 26 0 20 0 00
Sequoia Pacific Equity B $ 60 26 0 02 0 00
Sequoia Pacific Equity C 76 44 0 57 0 00
Fund Bid Offer D / ield
UBS AG (LUX)
29 , Route d'Arion P 9 , L 20 0 Luxembourg
www ubs com/funds
FSA Recognised
UBS (CH) Equity Fund Gold (USD) P $ 433 6 2 04 0 00
UBS (CH) Equity Fund Energy (USD) P $ 283 4 5 27 0 6
UBS G a Eme gi g Ma ket Va e F c s P USD $ 00 69 3 07 0 00
UBS (Lu ) B d Fu d C v t Eu p P cc 23 32 70 0 00
UBS ( u ) B d Fu d Eu Hi Yi ld P cc 37 66 0 64 0 00
BS x) Bo d F d F Cyc e As a Bo d SD) P acc $ 7 80 0 3 0 00
BS x Bond S CAV As an oca C ency Bond SD P acc $ 0 7 0 22 0 00
UBS ( x) Bo d S CAV Co ve t G o a (EUR) P acc 0 06 0 06 0 00
BS x) Bo d S CAV S o t D at o g e d SD) P acc $ 05 72 0 03 0 00
UBS ( ) B d SICAV USD Hig Yi ld P cc $ 2 7 63 0 49 0 00
BS x Eme g ng Econom es F nd G oba Bonds SD P acc $ 8 5 36 53 0 00
BS x Emerg ng Econom es F nd G oba Short Term SD P acc $ 2820 83 26 9 0 00
BS x) Eq ty F d As a Co s m t o SD) P acc $ 95 3 0 36 0 00
UBS ( x) Eq ty F d G eate C a (USD) P acc $ 67 40 0 3 0 00
UBS ( x) Eq ity F d H a t Ca (USD) P acc $ 27 7 93 0 00
UBS ( u ) Equity SICAV Russi (USD) P cc $ 98 87 4 7 0 00
UBS ( x) Eq ty S CAV USA G owt (USD) P acc $ 6 08 0 2 0 00
BS x Key Se ect on S C V G oba ocat on Foc s E rope E R P acc 9 7 0 08 0 00
UBS ( u ) SICAV All R u d (USD) P cc $ 34 92 56 0 00
Pls contact your adviser for funds in other currencies or for add
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 82 59 4 38 0 00
UOB Greater China $ 94 87 4 90 0 00
UOB Paradigm Fund Class A (Eur) 34 66 7 0 00
UOB Paradigm Fund Class B (USD) $ 68 67 2 5 0 00
UOB Paradigm Fund Class C $ 08 68 39 0 00
UOB Paradigm Fund Class D $ 06 25 36 0 00
UOB US Equity Fund $ 43 35 92 0 00
UOB Global Opportunities Fund $ 00 76 5 0 00
UOB Strategic Allocation Fund USD $ 99 83 0 66 0 00
Unicapital Investments (LUX)
Regulated
Investments II 7 93 9 64 0 00
Investments III 78 8 3 4 0 00
Investments IV European Private Eq 470 87 494 42 0 98
Investments IV Global Private Eq 7 6 6 75 97 0
Value Partners Hong Kong Limited (IRL)
www valuepartners com hk / vpl@vp com hk
Regulated
VP Absolute Greater China Classi Fund $ 9 48 0 05
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www veritas asset com
353 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 220 33 0 63 0 77
Veritas Asian Fund A GBP H 265 95 0 3 0 73
Veritas Asian Fund A EUR H 2 2 2 0 07 0 59
Veritas China Fund A USD $ 97 76 0 3 0 2
Veritas China Fund A GBP 98 56 0 32 0 3
Veritas China Fund A EUR 97 5 0 32 0 29
Veritas Global Equity In o e Fund D USD $ 8 67 0 73
Veritas Global Equity In o e Fund D EUR 89 9 0 58
Veritas Global Equity In o e Fund D GBP 48 9 0 58
Veritas Global Focus Fund D USD $ 8 73 0 9
Veritas Global Focus Fund D EUR 5 64 0
Veritas Global Focus Fund D GBP 20 46 0 6
Veritas Global Focus Fund A GBP 20 0 0 6 9
Veritas Global Focus Fund A EUR 9 9 0 07 7 26
Veritas Global Focus Fund A USD $ 8 26 0 8 9
Veritas Global Focus Fund C GBP 20 44 0 6 0 00
Veritas Global Focus Fund C EUR 5 63 0 0 00
Veritas Global Focus Fund C USD $ 8 73 0 9 0 00
Veritas Global Equity In o e Fund A GBP 46 54 0 57 4 64
Veritas Global Equity In o e Fund A EUR 89 84 0 58 4 35
Veritas Global Equity In o e Fund A USD $ 7 22 0 73 4 68
Veritas Global Equity In o e Fund C GBP 48 9 0 58
Veritas Global Equity In o e Fund C EUR 93 02 0 59
Veritas Global Equity In o e Fund C USD $ 8 62 0 74
Veritas Global Real Return Fund A USD $ 7 9 0 2 42
Veritas Global Real Return Fund A GBP 9 39 0 07 95
Veritas Global Real Return Fund A EUR 9 94 0 0 77
Retail
Veritas Asian Fund B USD $ 55 5 0 44 0 8
Veritas Asian Fund B GBP 94 30 0 0 0 22
Veritas Asian Fund B EUR 54 88 0 05 0 07
Veritas China Fund B USD $ 02 79 0 33 0 00
Veritas China Fund B GBP 95 99 0 32 0 00
Veritas China Fund B EUR 97 44 0 35 0 00
Veritas Global Focus Fund B USD $ 3 8 0 3 6
Veritas Global Focus Fund B GBP 5 26 0 2 6
Veritas Global Focus Fund B EUR 00 0 07 2 45
Veritas Global Equity In o e Fund B GBP 37 20 0 54 4 63
Veritas Global Equity In o e Fund B EUR 77 24 0 55 4 37
Veritas Global Equity In o e Fund B USD $ 8 34 0 74 4 69
Veritas Global Real Return Fund B USD $ 6 68 0 3 28
Veritas Glob l Real Return Fund B GBP 9 28 0 07 65
Veritas Glob l Real Return Fund B EUR 0 94 0 07 52
Veritas Asset Management (UK) Limited
www veritas asset com
Other International Funds
Real Return Asian Fund USD (Est) 2 9 00 0 04 0 00
Real Return Asian Fund GBP (Est) 23 00 0 02 0 00
Real Return Asian Fund EUR (Est) $ 226 96 0 04 0 00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 44 00 3 40
Waverton Investment Funds Plc (1600)F (IRL)
waverton investments@citi com
FSA Recognised
Asia Pacific B USD $ 6 20 0 00 5
European Fund B Eur H 7 92 0 03 0 97
Global Bond Fund Cls A $ 9 53 0 04 5 03
Global Equity Fund B GBP H 5 30 0 03 0 00
JOHIM Equity Fund GBP 0 26 0 2 0 00
JOHIM Sterling Bond Fund A GBP 0 08 0 02 5 2
UK Abs Fund GBP 9 93 0 00 0 00
UK Fund B GBP H 9 64 0 06 2 4
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi Sector 09 09 0 24 0 00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza Colmore Circus Birmingham B4 6AT 0044 2 2320726
FSA Recognised
Assetmaster Growth Fund 52 0 02 0 00
Assetmaster Cautious Fund 29 0 0 0 00
Assetmaster Balanced Fund 24 0 02 0 00
Assetmaster Intl Growth Fund 50 0 02 0 00
Multi Strategy Fund H 72 0 0 0 00
Chameleon Capital H 05 0 00 0 00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 8 5 84 0 00 0 00
Winton Futures EUR Cls C 229 78 0 00 0 00
Winton Futures GBP Cls D 248 86 0 00 0 00
Winton Futures GBP Cls F 95 97 0 00
Winton Evolution USD Cls F (Est) $ 35 6 09 0 00
Winton Evolution EUR Cls H (Est) 0 0 5 0 64 0 00
Winton Evolution GBP Cls G (Est) 0 6 3 0 86 0 00
Winton Futures JP Cls E 7 0 00 0 00
World Trust Fund (LUX)
Regulated
Shares NAV 2 04 0 02 0 00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 975 79 59 59 0 00
Xanthos Equities USD $ 020 80 9 99 0 00
Xanthos Investment Partners USD $ 2 22 85 2 9 0 00
Yuki International Limited (IRL)
Tel 44 207 269 0203 www yukifunds com
Regulated
Yuki Mizuho Umbrella Fund
uki Mizuho General Japan III 3 9 00 6 00 0 00
Yuki Mizuho Japan Dynamic Growth 32 6 00 2 00 0 00
uki Mizuho Japan General 6 2 00 8 00 0 00
uki Mizuho Japan Excellent 00 5 20 00 2 00 0 00
uki Mizuho Japan Growth 622 00 22 00 0 00
uki Mizuho Japan Income 6 63 00 2 00 0 00
Fund Bid Offer D / ield
uki Mizuho Japan Large Cap 38 00 3 00 0 00
uki Mizuho Japan Low Price 8908 00 55 00 0 00
uki Mizuho Japan Pure Gwth 5322 00 2 00 0 00
uki Mizuho Japan Small Cap 5 0 00 35 00 0 00
uki Mizuho Japan Value Select 398 00 23 00 0 00
YMR Umbrella Fund
MR N Growth 2 00 5 00 0 00
Yuki Chugoku Umbrella Fund
uki Chugoku Japan General 595 00 23 00 0 00
uki Chugoku Japan Low Price 533 00 20 00 0 00
Yuki 77 Umbrella Fund
uki 77 General 398 00 22 00 0 00
Yuki Hokuyo Umbrella Fund
uki Hokuyo Japan General 3 30 00 8 00 0 00
uki Hokuyo Japan Income 8 00 4 00 0 00
Yuki Hokuyo Japan Small Cap Fund 22 00 25 00 0 00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 868 00 4 00 0 00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 88 47 2 0 00
Zebedee Capital Partners LLP (CYM)
Regulated
Ze edee Foc s F d m ted C ass A EURO S a es 6 4 0 56 0 00
Ze edee F c s F d imited C ass B USD S a es $ 87 3 0 79 0 00
Zebedee Fo us Fund Li ited Class A USD $ 6 8 0 68 0 00
Data Provided by Morningstar
www morn ngstar co uk
Da a as shown is or in orma ion purposes only No
o er is made by Mornings ar or his publica ion
Full fund performance data at
www.ft.com/funds
Guide to Data
The fund prices quoted on these pages are
supplied by the operator of the relevant fund.
Details of funds published on these pages,
including prices, are for the purpose of
information only and should only be used as a
guide. The Financial Times Limited makes no
representation as to their accuracy or
completeness and they should not be relied
upon when making an investment decision.
The sale of interests in the funds listed on
these pages may, in certain jurisdictions, be
restricted by law and the funds will not
necessarily be available to persons in all
jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by
Morningstar. For other queries contact
reader.enquiries@ft.com +44 (0)207 873
4211.
The fund prices published in this edition
along with additional information are also
available on the Financial Times website,
www.ft.com/funds. The funds published on
these pages are grouped together by fund
management company.
Prices are in pence unless otherwise
indicated. The change, if shown, is the change
on the previously quoted figure (not all funds
update prices daily). Those designated $ with
no prefix refer to US dollars. Yield percentage
figures (in Tuesday to Saturday papers) allow
for buying expenses. Prices of certain older
insurance linked plans might be subject to
capital gains tax on sales.
Guide to pricing of Authorised Investment
Funds (compiled with the assistance of the
IMA. The Investment Management Association,
65 Kingsway, London WC2B 6TD. Tel: +44
(0)20 7831 0898.)
OEIC: Open-Ended Investment Company.
Similar to a unit trust but using a company
rather than a trust structure.
Different share classes are issued to reflect
a different currency, charging structure or type
of holder.
Selling price:Also called bid price. The price
at which units in a unit trust are sold by
investors.
Buying price: Also called offer price. The
price at which units in a unit trust are bought
by investors. Includes managers initial charge.
Single price: Based on a mid-market
valuation of the underlying investments. The
buying and selling price for shares of an OEIC
and units of a single priced unit trust are the
same.
Treatment of managers periodic capital
charge: The letter C denotes that the trust
deducts all or part of the managers/operators
periodic charge from capital, contact the
manager/operator for full details of the effect of
this course of action.
Exit Charges: The letter E denotes that an
exit charge may be made when you sell units,
contact the manager/operator for full details.
Time: Some funds give information about
the timing of price quotes. The time shown
alongside the fund managers/operators name
is the valuation point for their unit trusts/OEICs,
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18

FINANCIAL TIMES WEDNESDAY JULY 25 2012
American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Jul 24/Pence)
3i 192.20 .8 284.30 166.10 4.2 3064
AberAsM 247.70 +2.9 287.80 164.80 3.9 15.2 7845
ABG 338.10 +21.1 624 301.40 3.6 9.9 1059
Admiral 1.13k 21 1.54k 772.16 6.7 13.8 379
Aegis 235.90 .1 237.24 112.19 1.4 28 8854
Aggreko 1.96k +53 2.35k 1.52k 1.1 20.4 892
Alliance 351.30 1.1 383.80 308 2.4 36.1 337
AMEC 1.06k +4 1.19k 733 2.9 16.4 1192
Amlin 368.10 +5.3 408.20 269 6.2 1532
AngloAmer@ 1.93k 14 3.11k 1.91k 2.7 6.1 3910
Antofagsta@ 1.05k +18 1.43k 851.53 2.7 11.2 3007
ARM 484.80 +3.5 647.50 442.23 0.7 49.7 5928
AscBrFd 1.25k 4 1.3k 935.50 2 18 991
Ashmore 313.20 1.2 429.90 300.30 4.7 11.4 1414
AstraZen @ 2.93k 15.5 3.12k 2.45k 6.8 7.4 3282
Aviva 269.80 5.4 422.03 251.10 9.6 46.5 18033
Babcock 844.50xd 2.5 893.50 559.50 2.7 20 833
BAE SYS 304.20 +.5 334.50 241 6.2 7.2 4890
BalfourB 285 5 312.50 214.89 4.8 11.6 1014
Barclays @ 150.60 1.95 287.45 133.90 4 4.7 66602
Berkeley 1.37k 2 1.45k 1.01k 14.1 184
BG @ 1.24k 17 1.55k 1.02k 1.2 11.8 7298
BHP Bltn 1.77k +7.5 2.38k 1.62k 4.4 6.3 9431
BlckRckWld 540 1 783.50 536.50 2.6 36.7 291
Booker Grp 88.55 1.2 93.75 62.60 2.6 18.6 2161
BP @ 427.85 2.7 554 359.90 5 5.6 31260
BrAmTob @ 3.31k 2 3.45k 2.27k 3.8 19.5 3818
BritLand 525xd +1 606 443.40 4.1 17.4 3381
BSkyB @ 677.50 5 775 613.83 3.5 13.2 1939
BT @ 217.40 2.2 235.30 157.50 3.8 8.9 22041
Bumi 305.30 +3.2 1.16k 280.60 189
Bunzl 1.08k +5 1.12k 651 2.4 18.5 861
Burberry 1.25kxd +2 1.61k 1.03k 2 20.2 1069
bwin.party 112.40 1.5 177 98.50 2.8 9.3 1168
CairnEng 270.30 6.7 443.22 245.20 3587
Cap&Count 213.10 +1.1 218 155 0.7 11.5 1191
Capita 677.50 4 775 600 3.2 16.2 2710
CapShopCn 323.80 .8 390.90 283.20 4.2 1179
Carillion 235.50 2.6 375.10 235.10 7.2 7.8 1328
Carnival 2.09k 10 2.38k 1.6k 3.4 15.8 567
CatlinGrp 426.70 .5 451.60 331.20 5.9 4.1 753
Centrica @ 312 3.7 330.70 248.40 4.9 21.6 14300
Cobham 230.70 2.3 242.70 163.60 3.5 13.3 2085
Compass @ 647.50xd 7 682 498.20 3.1 16.4 7492
Cookson 596 +2.5 755 385.90 3.6 8.9 1284
CRH 1.14k 8 1.41k 9.03 4.3 16.6 1776
Croda 2.36k +135 2.39k 1.5k 2.3 18.7 1228
Daily Mail 432.25 1 475.40 336.30 4 8.8 573
Diageo @ 1.66k 6 1.71k 1.08k 2.5 25.7 2480
Drax Group 518.50 +4 589 444.70 5.4 7.1 1687
DrwntLdn 1.89k 7 1.95k 1.39k 1.4 32.1 139
easyJet 531 9.5 567.64 303.35 8.7 10.1 946
ENRC 363.60 2.4 806 361.50 5.3 3.7 2785
EssarEngy 112.50 .2 387 99.80 1023
EVRAZ 215.50 2.6 465.40 213.10 5.6 9.3 2400
Experian 934 +1.5 1.01k 652 2.2 22.5 1515
Ferrexpo 176.70 2.4 491.77 175.20 2.4 2.8 1639
FirstGrp 205.40xd +1.2 371 184.70 11.5 4.5 1688
For & Col 299.20 .2 319.30 259 2.7 44.4 294
Fresnillo @ 1.36k +3 2.21k 1.26k 5.4 16.8 502
G4S 244.50 +2.9 293.40 214.20 3.5 15.7 10447
GKN 200.70 1.3 240 153 3 11.2 7126
GlaxoSmh @ 1.45k 16.5 1.5k 1.16k 4.9 14.9 11341
Glencore @ 301.65 7.2 488.80 289.35 3.2 6.8 8586
Halma 395.70xd 2.9 434.30 257 2.5 18 848
Hammersn 459 +1.7 485.90 339.20 3.1 26.6 2369
Hargr Lans 552.50 +4.5 597.54 387.17 3.5 24.6 463
HikmaPhm 654.50 7 780 536.50 1.4 21.7 172
Hiscox 419.40 1.6 442.60 334.60 4.1 8.4 258
Hochschild 421.10 .5 557.50 364.74 1 12.9 102
HSBC @ 510.60 4 624.90 456.35 5.7 8.4 38685
Hunting 730 4 977 527 2.1 24.5 223
IAG 145.40 3.2 242.70 130.97 5122
ICAP 301.10 6.1 489.30 299.97 7.3 8.3 3077
IG Group 441.50 +.3 552 379.15 5.1 11.7 1228
ImgnTech 483 +6.5 734 285 80 600
IMI 786 2 1.13k 625 3.8 12.6 1379
ImpTob @ 2.45kxd 2.63k 1.92k 4 14.2 5061
Inchcape 361.50 +1.1 426.60 261.10 3 11.1 1498
Informa 369.90 +.1 453.40 311.90 4.5 17.2 1374
Inmarsat 468.90 5.1 560.50 287.50 6.2 8.4 968
InterC Htls 1.52k 9 1.58k 939 2.3 13.7 718
Intertek 2.69k 12 2.82k 1.68k 1.3 27.7 641
Invensys 241xd +.5 318.80 166.80 1.8 16 3400
Investec 375.50 2.4 511 308.90 4.5 12 1210
ITV 70.40 1.6 91.25 30 2.3 11 20320
JardineL 710.50 5.5 775 562 3.4 18 127
JohnsoM 2.12k +8 2.43k 1.48k 7.3 14.3 430
Kazakhmys 668 6.5 1.39k 642 3 3.9 1846
Kenmr 33.07 .43 62.55 30.11 52.5 5123
Kingfshr 254.10 3.8 317 204.10 3.5 9 10354
Ladbrokes 158 +2.5 183 113.30 4.9 10.8 5733
LandSecs 764.50xd +2 877 608 3 16.8 2536
Leg&Gen 124.30 1 136.30 86.15 5.1 10 21562
LlydsBkg @ 28.76 .53 46.47 21.64 148403
Logica 104.50 122.30 57.45 4.2 51.3 11569
Lonmin 662.50 .5 1.34k 658 1.6 12.1 1162
LSE 947.50 20.5 1.1k 751 3 11.6 1136
Man 72 +2.85 243.90 61.10 21.9 15.5 70609
Marks&Sp 319 3.1 389.80 296.20 5.3 8.7 5428
Meggitt 381.60 5.2 415.60 299.60 2.8 15.6 2361
Melrose 210xr +7 253.66 150.70 3.5 14.2 10661
Mlnm&Cth 473.60 +1.3 521.79 365.65 3.5 8.6 133
Mondi 541.50 1 631.69 407.20 4.2 12.8 1433
Morrison 271 3 339.70 260.50 3.9 10.1 9794
Natl Grid @ 641xd 4 695.36 545.50 6.1 11.4 11664
NewWldRes 305 +10 882 265.40 5.9 63
Next 3.19kxd 11 3.29k 2.11k 2.8 12.2 717
Old Mutl 151.90 1.6 167.22 100.08 3.8 13.8 13918
Pearson 1.26k 9 1.29k 1k 3.3 18.4 1825
Pennon 766.50 8 797 384.57 3.5 16.2 1364
Persimn 617 1 750 361.30 1.6 14.7 1236
Petrofac 1.4k 11 1.78k 1.05k 2.5 13.7 1622
Petropvlsk 380.90xd 3 918 286.60 3.2 4.2 3259
PolymtIntl 795 7.5 1.2k 747.50 1.8 15.6 294
PremOil 387 +3.3 452.70 272 8.5 3991
Providnt 1.3k +124 1.32k 908.50 5.3 13.5 1524
Prudential @ 733 +.5 802 494.50 3.4 12.5 7600
PZ Cusns 305 16.7 386.90 282.49 2.2 21.6 985
RBS @ 196.60 1.3 371.08 172.79 12127
ReckittB @ 3.46k 40 3.69k 2.96k 3.6 14.5 1623
Reed Els @ 506 7 671.21 323.90 4.3 14.4 3813
Rentokil 71.25 .05 96.30 57.55 1.9 14.9 3432
Resolution 205 4.4 294.80 189.80 9.7 13.4 2332
REXAM 438 +.4 445.70 295.10 3.3 12.4 2888
Rightmove 1.56k +4 1.64k 986.50 1.2 35.5 88
RioTinto @ 2.79k 32.5 4.5k 2.64k 3.2 5.4 6113
RIT Cap 1.24kxd 7 1.38k 1.08k 2.3 118
RndgldRs 5.42k +5 7.72k 4.48k 0.5 20.4 300
RollsRyc @ 841.50 +6 894.29 518.64 1.9 18.6 5078
Rotork 2.13k 7 2.27k 1.43k 1.7 23 288
RSA Ins 107.30 .7 137.40 97 8.5 7.7 10354
RylDShlA @ 2.17k 16 2.46k 1.76k 4.4 7.5 1941
RylDShlB 2.25k 15 2.93k 1.77k 4.7 7.8 1950
SABMiller @ 2.66k 13 2.73k 1.86k 2.4 22.4 2613
Sage 281.40 +1.4 313.40 225.10 3.7 14.3 3659
Sainsbry 312.50 2 321.80 258 5.2 11.2 5100
SchrdrsNV 1.02k 19 1.39k 941.50 3.8 8.8 51
Schroders 1.27k 14 1.67k 1.16k 3.1 10.9 415
ScottMort 642 2.5 766 523.50 2 49.3 142
SEGRO 227.20 +1.5 315.40 193.90 5.9 7.3 1239
Serco 565.50 +6.5 572.50 454.70 1.5 15.5 1326
SevernTr 1.69kxd 19 1.79k 1.3k 7.9 19.4 1003
Shaftbry 535 +2.5 550 424 1.7 320
Shire @ 1.89k +22 2.32k 1.71k 0.5 18.7 2230
SmithNph 651 2.5 665 501 1.9 15.3 2065
Smiths 1.06k 9 1.2k 851.50 3.5 16.3 965
Spectris 1.48k 22 1.93k 1.03k 2.3 13.5 450
Spirax S 1.93k +29 2.36k 1.59k 2.5 16.1 150
SportsDirect 290 +1.7 315.99 187.93 16 187
SSE @ 1.36k 12 1.45k 1.18k 5.9 19.6 2682
St Jms Pl 318.20 4 388.40 282.40 2.5 14.5 141
Stagech 276.30 7.7 293.20 206.96 2.8 9.9 2727
StandardLf 229.30 .3 252.92 162.70 6 17.5 4782
StandCh @ 1.43k 28.5 1.66k 1.14k 3.8 11.2 5490
TalkTalk 176.60xd 1.5 194.70 116.10 5.1 12.4 670
Tate&Lyl 647xd 3 729.53 498.90 3.8 12.2 1870
Taylor Wmpy 43.50 .4 54.80 27.65 0.9 22.1 14180
TelecityG 833 +8 861.50 424.30 35.1 362
TemptnEm 513xd 5.5 666.50 491 1.1 65 284
Tesco @ 315.55 2.95 413.05 294.50 4.7 9.5 24737
TravisPkn 970.50 7 1.13k 675 2.1 11.5 401
TUI Travel 173 211.50 134.10 6.6 7.9 1878
Tullow @ 1.37k 3 1.61k 879.50 0.9 23.8 2640
UBM 588.50 2 643.50 406.70 4.5 17.8 511
Unilever 2.16k +5 3.04k 1.81k 3.6 17.1 3215
UtdUtils 691.50xd +.5 698 529 4.6 14.8 3980
Vedanta 832.50 2.5 1.88k 823.50 4.7 24.1 1475
Vodafone @ 177.45xd 1.75 187 150.54 5.1 12.3 65309
Weir 1.53k +2 2.25k 1.33k 2.2 11.4 1006
Whitbrd 2.05k 3 2.13k 1.34k 2.5 13.6 563
WillimH 292 +2.7 294.50 133.50 3.3 12.3 5578
Wolseley 2.24k +5 2.59k 1.39k 2.2 17.2 867
Wood (J) 737 +8 803 460.60 1.3 46.1 815
WPP 790.50 1.5 884.50 561.50 3.1 11.3 3503
Xstrata @ 798.60 14.2 1.38k 648 3.2 6.6 4566
NYSE
(Jul 24 / 4:00pmClose/US$)
3M @ 88.24 1.12 95.53 68.65 2.6 14.6 594
AbbottLb @ 63.93xd .71 66.80 46.30 3.1 20.7 975
Accenture @ 57.26 .49 65.89 47.40 2.4 14.8 1152
ACE @ 69.18 .71 77.42 56.91 2.4 10.3 476
AdvMicroD 4.05 .1 8.34 4 1936
AEP @ 41.44 .25 42.21 33.09 4.5 12.4 645
AES Corp 12.10 .35 14.01 9 16.6 1888
Aetna 37.08xd .16 51.14 33.43 1.8 7.2 498
AFLAC @ 42.02 .39 50.33 31.27 3.1 8.4 864
AgilentTec 35.61xd 1.08 46.72 28.71 0.6 11.4 692
AGL Res 39.82 +.09 57.72 36.59 4.6 23.8 273
Airgas 80.26 1.56 92.99 58.17 1.7 20.1 171
AirProd @ 78.83xd .75 92.78 72.26 3.1 14.8 295
Alcoa 8.01 .13 15.78 7.97 1.5 2960
Allergan @ 83.88 .9 97.09 69.40 0.2 25.8 662
Allstate 33.72 .43 35.42 22.27 2.6 16.1 1021
Altria @ 35.57 +.08 36.05 23.20 4.6 21.3 2056
Amer Intl @ 30.54 .14 35.04 19.18 40.6 2.8 934
Ameren Cp 33.32 .18 34.10 25.56 4.8 281
AmerExpr @ 55.65xd .08 61.42 41.30 1.4 13.1 1509
Amerip Fin 48.41 .75 58.68 36.02 2.3 10.6 507
Amertitrad 15.21 .15 20.76 13.43 1.6 14 1000
AmerTwrA @ 69.18 .76 73.03 45.77 1.1 52.7 582
AmsrceBrgn 38.22 .43 42.32 34.35 1.3 14.5 441
Anadarko @ 68.91 1.38 88.68 56.42 0.5 1421
AOL 27.51 .06 28.94 10.06 487
Aon Cp 46.17 .5 52.61 39.74 1.3 16.1 282
Apache @ 82.67xd 1.25 129.25 73.13 0.8 7.8 561
ArcherDan @ 26.70 .17 33.98 23.69 2.6 13.4 989
AT&T @ 34.63xd .75 36.20 27.29 5.1 50 6442
AutoZone 376.26 1.37 399.10 266.55 17 31
AvalnbyCom 145.81 1.16 151.11 107.58 2.6 71.4 132
AvonProds 15.26 +.08 28.62 14.89 6 16.9 1077
BakerHu @ 45.15 1.08 80.99 37.09 1.3 10.8 1352
Ball 40.83 .51 43.70 29.69 0.8 15.4 253
BankAm @ 7.04 .05 10.09 4.92 0.6 7.7 14869
Bard (C R) 102.67xd 1.3 108.30 81.90 0.7 27 82
Baxter @ 54.95 .51 62.18 47.56 2.4 13.5 460
BB &T @ 31.64xd +.15 32.74 18.92 2.3 13.2 936
Beam 60.32 .24 64 39.33 1.3 45.3 193
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 73.18 .85 86.95 69.59 2.4 13.4 174
BerkHatA @ 125 6k +146 127.99k 99k 17.3
BerkHB 83.69 +.1 85.35 65.35 17.3 1094
Best Buy 18.12 .56 29.76 17.54 3.6 1319
BkNYMeln @ 20.40 .13 25.96 17.10 2.5 11.1 1589
BlackRock @ 164.54 2.31 207.30 137.03 3.5 13.2 174
Blackstone 13.91 +.3 17.75 10.51 3.7 741
Block 16.06 .27 17.45 12.54 4.7 13.4 763
Boeing @ 72.08 .83 77.83 56.01 2.4 12.5 665
BorgWrnr 60.53 2.25 87.40 54.59 0.6 12.8 436
BostonPrp 108.41xd .66 112.09 81.52 2 56.9 133
BostonSci 5.19 .07 7.55 5.01 15.3 1460
BrisMySq @ 34.73xd .24 36.34 25.69 3.9 15.6 1721
Brwn FmnB 92.67 .66 97.99 62.14 1.5 26 43
Cameron 44.36 1.05 58.49 38.38 20.1 790
Campbell 32.50xd .35 34.57 29.69 3.6 14 434
CapOne @ 55.03 .27 58.69 35.94 0.4 9.2 973
CardinalH 42.13 .35 46.23 37.55 2.1 14.2 625
Carefsn 24.10 .57 27.66 22.01 15.1 441
Carmax 27.01 .2 35.17 22.80 15.3 591
Carnival @ 31.88 .4 37.31 28.52 3.1 17.7 1002
Caterpillar @ 81.44xd .14 116.95 67.55 2.3 10.3 1887
CBRE Gp 15.31 .47 23.80 12.30 21.9 417
CBS @ 30.91 +.04 35 17.99 1.3 14.4 1125
Centrpnt 20.55 .42 21.47 17.11 3.9 11.5 948
CenturyLk @ 40.61 .41 41.84 31.17 7.1 42.3 764
CharlesSch@ 12.16 .06 15.53 10.56 2 18.3 2409
ChesapEgy 16.83xd .61 35.75 13.32 2.1 6.9 3190
Chevron @ 106.30 1.65 112.28 86.68 3.1 7.8 1648
ChipMexG 294.36 11.65 442.34 271.60 35.8 208
Chubb @ 68.84 .95 74.40 55.66 2.3 11.7 446
Cigna 41.23 +.09 52.90 38.82 0.1 9 1072
Citigroup @ 25.24 .1 40.09 21.40 0.2 7.3 6435
ClisNat 42.64 1.68 99.60 42.18 4.2 3.8 835
Clorox 72.28xd .37 73.85 63.07 3.4 18 132
CMS Egy 24.11 .28 24.66 16.96 3.9 18.7 537
CNAFin 26.58 .05 31.50 21.25 1.9 11.2 85
CnstelBdA 28.46 +.16 29.48 16.43 13.5 682
Coach @ 57.02 .98 79.64 45.70 1.7 17 614
Coca Cola @ 76.65 .23 79.36 63.34 2.6 20.3 1254
CocaCoEnt 27.54 +.01 30.73 23.03 2.1 12.2 919
ColgPalm @ 102.11xd .68 106.04 78.62 2.4 20.4 565
Comerica 29.84 .27 34 21.48 1.5 12.5 516
CompSci 22.49 .32 37.17 22.19 3.6 554
ConagraFds 23.82 .19 27.34 22.20 4 22.7 998
ConocPhil @ 54.64xd .41 59.67 44.71 4.8 6 2028
ConsEdsn 29.47 1.34 54.95 26.42 1.6 12.6 1039
ConsolEd 63.57 +.01 63.99 49.21 3.8 18.4 368
CooperInd 69.67 +.36 71.73 41.16 1.7 17.7 395
Corning @ 12.06 .06 17.35 11.51 2.5 7.5 1576
CoventryHlt 31.92 +.11 36.69 25.78 0.8 7.7 492
Covidien @ 50.62 .74 56.20 41.35 1.8 12.7 1043
CSX @ 21.65 .24 25.69 17.69 2.4 12.1 1734
Cummins @ 86.86 .6 129.51 79.53 2 8.5 409
CVS @ 44.60xd .21 48.68 31.31 1.4 16.7 1308
Danaher @ 50.12xd .68 56.45 39.34 0.2 16.2 756
DardenR 49.22xd .68 55.83 40.71 3.6 13.7 458
Davita 94.80 .33 100.19 59.14 17.4 214
Deere @ 73.86xd 1.29 89.69 59.92 2.4 10.2 938
DenburyRs 14.41 .44 21.36 10.20 8.2 1181
DevonEngy @ 56.88 1.47 84.40 50.74 1.4 10.9 669
DiamOfsh 63.99 .81 72.80 51.19 5.5 10.7 421
DiscvrFin 34.25 .25 35.79 20.53 1.1 7.9 914
Disney @ 48.16 +.18 49.92 28.20 1.2 17.3 2059
DominRes @ 53.01 .49 54.69 44.50 3.8 21.3 343
Dover 51 1.23 67.56 43.65 2.5 11.3 351
DowChem @ 30.06xd .37 36.90 20.61 3.6 16.2 1326
DrPepper 43.32 .18 44.39 34.37 3 15.9 210
DTE Engy 59.38 .79 61.25 43.22 4 14.6 319
DukeEner @ 65.29xa .21 70.35 50.61 4.6 19.5 669
DuPont @ 47.74 .97 54.53 37.11 3.5 12.8 1477
Eaton 41.01 +.44 53.21 33.10 3.5 9.8 1310
Ecolab @ 65.42 1.19 68.96 43.81 1.2 38.5 411
EdsnInt 45.33xd .31 46.81 32.65 2.9 294
EdwLifesc 98.65 1.84 105 61.59 49.2 127
EMC @ 25.35 +.55 30 19.84 19.4 4651
Emerson @ 45.35 .95 55.65 39.50 3.4 14.5 765
Entergy 71 74 57.60 4.7 13.4 363
EntPrdPrt 54.13 .52 54.97 36.51 4.6 20.7 171
EOG Res @ 95.50xd 1.7 119.90 66.82 0.7 20.1 442
EqResPrp @ 63.41 .54 65.72 48.48 2.5 293
EQT 55.38 .89 71 43.70 1.6 19.4 317
EsteeLdrA 52.41 .05 65.53 40.76 1 24.6 395
Exelon @ 38.88 .36 45.45 36.27 5 12.8 1704
ExxonMob @ 84.53 .68 87.94 67.03 2.3 10.2 2781
Fedex @ 87.68 1.58 97.19 64.08 0.6 13.7 772
FidltyNFn 18.47 .22 19.69 14.04 2.9 11 420
FirstEgy @ 49.40 .5 50.65 38.80 4.5 18.2 489
Flowsrve 110.05 1.32 122.43 67.07 1.2 14.5 84
Fluor 47.03 .67 67.99 44.16 1.2 13.3 309
FMC Tech 40.27 .51 55.17 34.50 23.6 496
Ford @ 9.04 .13 13.44 8.95 1.7 1.9 6675
ForestLabs 33.71 .57 38.74 28.47 11.7 467
Franklin @ 107.37 1.42 130.86 85.92 2.8 12.4 196
Freeport @ 31.70xd .92 56.78 28.85 3.5 9.6 2538
GAP 28.93 .24 29.54 15.15 1.6 17.6 1092
GenDyn @ 63.39xd .53 74.49 54.73 3.1 9.2 524
GenElectr @ 19.96xd .13 20.84 14.03 3.3 16.1 8423
GenMills @ 37.92xd .29 41.06 34.64 3.3 16.1 729
GenMot @ 19.03 .27 29.84 18.85 3.9 5.5 1235
GenuineP 62.85 .44 66.50 46.11 3 16.4 274
GoldmSchs@ 94.48 +1.32 139.25 84.28 1.7 14.1 1126
Goodrich 127.16 +.01 127.25 80.12 1.1 20.3 158
Grainger 198.82 5.42 221.79 124.35 1.4 20.4 176
Halliburton @ 31.54 +.03 57.77 26.29 1.1 9.3 3389
HarleyDavid 42.39 .85 54.31 31.50 1.3 16.5 483
Harris 39.94 .8 45.78 32.68 3.1 41.6 90
Hartford 15.92 .16 23.96 14.60 2.5 29.4 805
HCP 45.75 +.25 46.23 29.01 4.3 30.2 460
Heinz 54.35 .37 55.48 48.17 3.6 19.1 505
Helm&Pyn 44.23 1.01 73.38 35.59 0.6 9.6 423
Hershey 70.38 .44 72.93 53.83 2.1 24.2 116
Hess @ 43.92 .49 74.87 39.67 0.9 11.3 1076
Hew Pack @ 17.98 .32 37.69 17.81 2.8 7 4064
Hillshire 25.58 .52 30.38 21.23 9 8.6 445
HlthCare 60.85 61.89 41.15 4.8 78 551
HomeDep @ 51.17 +.21 53.24 28.13 2.2 19.3 1857
Honywell @ 56.67 .77 62 41.22 2.6 21.3 713
HormelFd 27.92xd .15 30.70 25.88 2.1 16 389
HortonDR 18.66 .41 19.35 8.03 0.8 44.7 1073
Hospira 33.63 .72 53.33 26.92 215
Host H&R 14.18 .45 17.25 9.78 1.6 1816
Humana 72.07xd .37 96.45 65.21 1.4 8.9 434
IBM @ 190.31 .52 210.69 157.14 1.6 13.8 677
IllinoisTool @ 52.28 1.29 58.26 39.13 2.8 13.6 970
IngersollR 39.90 .45 45.61 25.86 1.4 15.7 731
Int.Paper 31.41 .7 36.50 21.56 3.3 11.3 771
Intercont 132.41 +1.24 142.75 102.57 18.4 72
Interpubl. 11.17 .17 12.56 6.75 2.1 12 1281
IntlFl&Fr 53.34 .61 63.77 51.21 2.3 16.6 108
IntlGmeT 14.71 .17 19.14 13.12 1.6 16.7 843
INVESCO 20.72 .49 26.94 14.52 2.6 12.8 1219
IronMount 31.19 .31 34.84 27.10 3.3 28.7 304
JacobsE 36.38 .9 48.15 30.75 13 133
JMSmckr 75.02 .86 81.93 66.44 2.6 18.6 118
John&John@ 67.35 .76 69.70 59.08 3.5 21.4 2357
JohnsonCn @ 23.52 .99 39.92 23.37 3 9.4 1826
JPMrgnCh @ 34.74xd +.3 46.49 27.85 3.2 7.8 4532
JuniperNtw 14.81 .41 32.17 14.01 25.6 2163
Kellogg @ 46.54 .61 56.39 46.33 3.7 13.8 771
Keycorp 7.84 +.07 8.82 5.59 2 8.8 3253
Kimb Clark @ 83.50 1.2 86.25 61.01 3.4 19.4 738
Kimco Real 18.80 .1 20.25 13.55 4 62.3 905
KindMnE 83.11 1.54 90.60 63.43 5.7 175
KohlsCp 48.05 .75 56.65 42.14 2.4 11.2 763
Kroger 21.10 .17 25.20 20.99 2.2 19.4 1247
L3 Comms 68.28xc .35 79.50 55.91 2.9 7.4 239
LabCpAmer 84.39 +.05 95.30 74.62 14.4 217
LasVegasSd@ 38.40 .7 62.08 36.09 1.3 20.3 1721
Lennar 30.26xd .58 31.90 12.14 0.5 12.7 871
Leucadia 21.13 .18 34.79 19.58 1.2 10.7 263
Lilly (E) @ 41.99 1 84 44.67 33.75 4.7 10.9 3022
Lim.Brands 44.71 .98 51.84 31.45 8.7 17 607
LincolnNat 19.35xd .44 27.62 13.76 1.5 41.5 680
Lockheed @ 87.79 +.88 92.24 66.39 4.6 10.6 517
Loews 40.29 .18 41.79 32.91 0.6 15.4 230
Lorilliard 135.30 .99 141.07 97.44 4.2 16.9 185
Lowes @ 25.77xd 32.29 18.07 2.3 18 1631
LSI 5.93 .14 9.20 4.76 23.9 1089
M&TBkCp 84.46 +.27 89.37 66.41 3.3 15.2 132
Macys 34.42 .61 42.17 22.67 1.7 11.3 1200
MarathonOil@ 25.44 .51 35.49 19.13 2.5 10.8 1015
Marriott 35.05 .75 40.44 24.03 1.2 54.7 1289
MarshMcL @ 31.65xd .46 34.67 25.30 2.8 17.6 574
MarthnPet 44.42 1.44 47.48 26.35 2.1 6.4 843
Masco Cp 13.64xd .3 14.68 6.60 2.2 978
Mastercard@ 409.55xd 6.43 466.96 293.01 0.2 25.7 143
McDonalds @ 88.05 .89 102.22 82.02 3.2 16.5 1863
McGrawH 45.51 .55 50 34.96 2.2 16.3 411
McKesson @ 92.72 1.11 97.21 66.63 0.9 16.6 304
Mdwstvco 27.91 .69 29.75 20.27 3.6 20.7 385
MeadJohnN 73.13 +.19 88.72 60.68 1.5 28.5 437
Medtronic @ 37.33xd .38 40.78 30.18 2.6 11.6 1146
Merck @ 42.71 .56 44.37 29.47 3.8 18.9 3618
MetLife @ 28.69 .46 41.97 25.61 2.6 5.4 1456
MGMRsts 9.39 .38 16 7.40 1.8 1998
Mohawk 69.59 1.69 75.41 39.93 0 25.2 105
MolsonB 40.52 .25 46.36 37.96 3.2 11.2 178
Monsanto @ 85.06xd .34 87.77 58.90 1.4 21.3 584
Moodys 35.74 .06 43.04 26.79 1.7 13.9 344
MorganStly@ 12.63 .01 23.88 11.59 1.6 10.3 3361
Mosaic @ 56.96 .53 74.31 44.43 0.8 12.9 1094
MotorolaSol 45.32 .57 52.78 38.36 1.9 27.4 659
MurphyOil 50.90 1 70.27 40.41 2.2 13.4 813
Nabors 14.01 .14 27.62 11.06 10.5 1419
NewelRbm 17.42 .14 19.49 10.88 2 38.9 657
NewmontM@ 44.33 .17 72.41 43.24 3 41.9 897
NextEraE @ 69.25 .7 70.94 49 3.3 13.7 300
Nike @ 92.97 +.12 114.76 76.98 1.5 19.6 563
NiSource 25.12 .19 25.79 17.96 3.7 25.1 594
NobleCp 34.91 .99 41.71 27.34 1.7 16.4 1003
NobleEgy 84.23 1.73 105.43 65.94 1 22.1 366
Nordstrom 51.77 .34 57.75 37.28 1.9 16.2 283
NorfolkS @ 71.96 .23 78.49 57.57 2.5 12.4 468
Northrop 64.20 +.44 65.57 49.20 3.2 8.3 481
NtlOilVarc @ 67.80 .77 87.72 47.97 0.7 13.1 943
Nucor 37.12xd .73 45.75 29.83 3.9 20.5 802
NYSE Eurnxt 25.31 .07 35.45 21.80 4.7 12 598
OccidPet @ 83.75 1.21 108.09 66.40 2.5 10 743
Omnicom 48.30 .19 52.19 35.27 2.4 14.2 471
ONEOK 43.33 .62 89.62 39.32 2.7 27.2 268
ParkHn 76.01 .75 91.44 59.32 2 10.5 304
PeabdyEngy 20.57 2.59 61.21 20.30 1.7 5.5 3287
Penney 21.01 +.17 43.18 19.06 2.9 1895
Pepsico @ 68.79 .55 70.88 58.50 3.1 19.3 999
Pzer @ 23.36 .24 23.86 16.63 3.7 18.9 5936
PG&E @ 44.44 .46 45.81 36.85 4.1 20.5 480
Phillips66 35.01xd +.11 37.67 28.75 0.6 5.1 364
PhilMorris @ 87.70 .29 91.39 60.45 3.5 17.4 1319
PinnWstCp 52.86 .36 53.86 37.28 4 17.3 106
PionrNat 86.94 1.77 119.19 58.71 0.1 15.4 378
PlumCreek 39.44 .55 42.10 33.04 4.3 34.7 273
PNCFin @ 57.37xd .24 67.88 42.70 2.6 11.8 686
PP&L 28.63 .23 30.27 25 5 10.1 845
PPG Inds 108.57 2.18 114.59 66.47 2.1 18.8 310
Praxair @ 104.69 1.59 116.92 88.64 2 18.9 288
PrecParts @ 160.99 1.19 179.45 136.23 0.1 19.1 308
PrinFinGp 25.11 .21 29.95 20.48 1.4 11.4 461
ProctGmbl @ 64.04xd .35 67.95 57.56 3.4 19.7 1475
ProgreOh 19.51 .35 23.41 16.88 2.1 15.3 998
Prologis 31.35 .08 36.60 21.74 3.6 743
Prudential @ 45.47 .36 65.16 42.45 3.2 11.2 850
PublicSVC 32.53 .11 35.48 27.98 4.3 11.5 624
PublStor @ 145.08 .39 149.22 102.25 2.8 46.2 229
QEP Res 28.51 .49 45.20 23.56 0.3 14.6 315
QuestDg 57.25 .25 63.98 45.15 1.1 13.1 232
RalphLrn 145.09 2.17 182.48 105.11 0.7 20.3 148
RangeRes 60.69 .81 77.24 51.56 0.3 364
Raytheon @ 55.30xd .44 56.92 38.36 3.4 9.9 396
Red Hat 51.46 1.18 62.72 31.77 66.6 368
Reg.Financ. 6.65 +.26 6.98 2.83 0.6 52.9 6793
RepSrv 27.11 .01 31.31 24.72 3.2 17.6 831
ReynoldsAm@ 45.36 .38 46.61 31.82 5.1 20 669
Rockwell 65.16 .71 84.62 50.37 2.7 12.9 397
RockwlColl 47.21 1.97 61.46 43.83 2.2 11.9 763
RoperInd 93.73xd 2.08 103.49 64.93 0.6 20.7 132
Safeway 15.27 +.01 23.16 14.73 4 8.4 1353
SAIC 10.89xd +.01 16.68 10.31 2.2 1174
Salesforce @ 126.74 4.26 164.75 94.09 854
Schlmbrg @ 67.94 1.61 95.53 54.79 1.6 17 2634
ScrippsNtwk 52.90 .49 57.75 35.46 0.8 17.6 201
Sempra 68.78 .65 70.83 44.79 3.1 12.5 142
SherWil 131.54 +.39 133.97 69.47 1.2 26.4 181
SimonProp @ 157.57 +1.63160.74 99.80 2.4 31.2 355
SouthCpr @ 30.82 .44 36.87 22.34 6.6 10.6 373
Southern @ 47.11 .52 48.44 35.73 4.1 19 1078
SpectraEn @ 29.66 .42 32.26 22.81 3.8 17 700
SprintNext 3.44 .13 5.27 2.10 1.5 4787
Starwood 49.63 1.09 60.80 35.79 1 16.1 591
StateSt @ 39.43 .29 47.15 29.89 2.1 10.7 707
StJudeMed 36.32xd .5 48.94 32.13 2.4 14.4 1015
Stryker @ 50.75xd 57.14 43.73 1.6 13.9 426
Suntrust 22.76 .18 25.93 15.79 0.9 15.3 1097
SWAirl. 8.65 .06 10.40 7.15 0.3 19.5 2611
SwestEgy 32.14 +.43 49.24 25.63 18.5 1573
Sysco 28.48xd .07 31.43 25.10 3.8 14.6 707
TargetCp @ 60.55 +.11 62.18 45.28 2.1 14 652
TE Conn 31.32 .37 37.68 26.62 2.4 11.5 291
Teradata 65.55 .82 79.88 43.19 29.7 154
Teva 40.50 .23 47.75 35 2.4 12.6 429
Textron 25.21 .68 29.18 14.67 0.3 18.2 791
TheTrvelers@ 60.92 .82 65.27 45.98 2.9 11 798
ThrmoFshr @ 49.79 .91 64.80 43.40 0.8 17.9 822
Tiany 54.70 .46 82.56 49.73 2.2 16 326
TimeWrnr @ 37.88 +.39 39.49 27.63 2.6 13.9 2321
TimeWrnrC@ 83.38 .74 86.30 57.19 2.5 15.9 292
TJX @ 44.01 .2 45.39 25.08 1 23.8 731
Torchmrk 50.40xd .42 51.99 32.78 1.1 10 192
TotalSys 23.68 .02 25 15.81 1.6 19.9 454
TrnsOcean 45.22 1.05 65.38 38.22 5.2 604
TycoInt @ 51.20 .43 57.74 37.40 2 16.9 1039
UnionPac @ 116.79 .5 123.51 77.73 1.9 15.1 620
UNUMGrp 18.36 .39 25.59 18.28 2.4 25.7 1153
UPS B @ 74.36 3.59 81.79 60.75 2.9 18.8 2841
USBancorp@ 33.47 +.05 33.99 20.10 1.9 12.3 2058
UtdHlthcre @ 54.88 +.37 60.75 41.32 1.3 11.1 1273
UtdTech @ 71.94 1.34 87.87 66.88 2.7 12.6 687
ValeroE 25.19 .46 28.68 16.40 2 9.3 1824
VarianMedS 55.64 1.15 71.94 49.16 15.8 279
Ventas 65.22 +.04 66.02 43.26 3.7 50.6 295
Verizon @ 43.77xd .58 46.40 32.28 4.6 43.7 2374
VF Cp 148.41 1.71 156.09 101.75 1.9 17.9 224
Visa @ 122.67 1.8 130.98 76.29 0.7 20.1 481
Vornado 81.56 .8 97.72 68.43 3.4 42.1 296
VulcanMat. 42.74 1.22 48.08 25.06 0.1 128
Walgreen @ 34.10 +.18 40.16 28.53 2.8 11.8 2972
WalMart @ 72.15 +.3 73.45 48.31 2.2 15.5 1086
WasteMng 32.52 .4 36.35 27.76 4.3 16.1 1136
WatersCp 75.71 +.12 97.65 70.89 16.2 405
Weatherfd 12.80 .3 22.76 10.85 28 2780
Wellpoint @ 61.42 .39 74.73 56.61 1.8 8.4 472
WellsFargo @ 33.25 .19 34.59 22.62 1.7 11 4224
WestUnion 17.27 +.32 20.53 14.55 2.1 9 2768
Weyerhsr 22.81 .24 23.84 14.82 2.6 47 1192
Whirlpool 62.25 5.06 79.36 45.22 3.2 15.7 656
WilliamsCp @ 30.95 .52 34.63 17.89 3.6 23.5 1719
WiscnsnE 40.52 .26 41.30 27.01 2.9 18.5 593
XcelEngy 28.73 .19 29.32 21.20 3.7 17.1 601
Xerox Cp 6.49xd .24 10.03 6.44 2.6 7.2 2775
XL Grp 20.29 .18 22.99 17.70 2.2 701
Xylem 23.66 +.01 28.83 22.67 1.3 16.6 199
Yum!Brands@ 62.74xd .38 74.43 47.17 1.8 19.6 666
ZimmerHld 60.82xd 1.09 66.41 47.01 0.6 14.8 390
NASDAQ
(Jul 24 / 4:00pmClose/US$)
ActivBlz 11.60 .34 14.40 10.40 1.6 13.9 7776
Adobe 30.02 .63 34.78 22.67 16.5 2830
Amazon @ 223.04 2.97 246.71 166.97 4930
Amgen @ 76.38 1.16 80.25 47.66 1.8 17.7 3781
AnalogDev 36.70 .3 40.82 29.23 3 15.9 1646
ApolloGp 27.81 1.11 58.29 26.43 6.7 6614
AppldMat 10.38 .11 13.94 9.70 3.3 10.2 9898
Apple @ 600.92 2.91 644 353.02 0.4 14.7 15913
Autodesk 31.33 .47 42.69 22.99 24.8 2203
BedBathB 60.93 1.07 75.84 48.75 14.4 2043
Biogen @ 139.48 +.25 147.49 84.22 27.4 1256
BMCSware 38.75 .55 52.04 31.62 16.7 1498
Broadcom @ 30.77 .21 39.66 27.59 1.2 21.9 6754
CAInc 25.43 .23 28 18.61 2.4 13.3 3552
Celgene @ 64 1.78 80.42 51.70 19.9 3570
CH Rob 56.25 .33 81.46 55.35 2.3 20.9 1343
CheckPnt 47.27 .6 65 43.18 17.1 2188
Cisco @ 15.12xd .95 21.30 13.60 1.9 11.2 100188
Citrix 76.76 1 01 87.99 50.21 41.5 1908
CmcstASp 30.97xd .03 32.25 19.11 1.8 4408
CME Group @ 51.11xa .01 60.92 44.45 4 10.5 1680
Cognizant @ 55.65 .84 78 53.54 18.8 1880
ComcastA @ 31.40xd +.03 32.78 19.46 1.8 19.5 13564
Costco @ 94.08 .31 96.43 70.22 1.1 26.3 1251
Dell @ 11.57 .24 18.36 11.47 0.7 6 21132
DirectTV @ 46.94 .32 52.27 39.82 12.7 3686
EBay @ 43.52 .72 45.48 26.86 15.3 10677
ElectArt 11.54 .28 26.13 11.28 53.5 2977
Expedia 46.32 .06 50.66 22.44 1 15 3145
ExpIntWsh 36.71 .58 50.81 35.97 1.4 21.2 2658
ExpScripts @ 56.63 .38 59.50 34.47 23 2589
Facebook 28.45 .3 45 25.52 11385
Fifth 3rd 13.69 +.18 14.73 9.13 2.3 8.8 13180
First Solar 14.07 .16 124 11.43 2398
Fiserv 69.20 .47 72.93 48.75 19.3 464
Fossil 67.50 +1.24 139.20 62.77 14.4 1709
Garmin 37.03 +1.19 50.67 29.23 4.6 14.1 1785
GileadSci @ 51.10 .79 56.50 34.45 15.4 6451
Google @ 607.57 7.94 670.25 480.60 18 1944
Hasbro 34.96 .23 40.78 31.36 3.8 13.5 2164
Intel @ 25.01 .26 29.27 19.16 3.4 10.6 32880
Intuit 56.76 .33 62.33 39.87 1.1 23.6 2552
IntuitSrg @ 472.48 4.99 594.89 320 33.6 476
KLATenc. 48.10 .13 55.43 33.20 3 10.9 1798
Kraft Food @ 39.02 .19 40.29 31.88 3 19.6 10237
LibIntCpA 18.40 +.16 19.80 12.44 18.5 4947
LifeTch 41.86 .9 51.50 35.30 18.5 2601
LinearTec 30.12 .44 34.50 25.79 3.3 14.2 3175
Marvell 10.65 .06 16.86 10.27 0.6 11.6 7748
Mattel 34.47 +.13 34.68 22.70 3.4 15.5 3874
MaximInt 25 .11 30 20.85 3.5 18.7 2925
MicronT 5.73 +.11 9.16 3.97 31946
Microsoft @ 29.15 .13 32.95 23.79 2.7 14.6 46749
Netapp 31.24 +.64 51.04 27.79 19.8 9570
NewsCorpA@ 21.75 .07 22.94 13.55 0.8 15.6 13351
NewsCorpB 21.94 .06 23.09 13.99 0.8 3176
NII Hldgs 7.77 .27 43.49 7.64 11.9 4168
NorthnTst 44.82 .25 48.31 33.20 2.6 17 1085
Nvidia 12.84 .14 16.90 11.47 15.6 8502
Oracle @ 29.32xd .34 33.81 24.75 0.8 14.9 23347
PACCAR 37.98 +.21 50.74 31.57 2 11.7 5506
Paychex 31.98 .2 33.40 25.12 4 21.2 2189
Prclne.cm @ 665.58 3.53 774.96 411.26 30.1 627
Qualcomm @ 56.79 .54 68.87 45.98 1.6 19.1 8560
RschMt 6.93 +.07 33.54 6.56 1.6 19935
SeagateT 26.46 .1 32.55 9.05 3.3 6.1 6619
Sears Hld 48.36 1.22 85.90 28.89 577
SiriusXM 2.04 .04 2.41 1.27 29 16526
SLMCp 15.30 .16 16.89 10.92 2.9 9.4 5002
Staples 12.31 .17 16.93 11.94 3.4 8.8 14613
Starbucks @ 50.48 .12 62 34.01 1.3 29.3 5962
Symantec 13.18 .24 19.81 13.06 8.4 5931
T.RowePr 60.68 .44 66 44.68 2.1 20.5 1404
TexasInstr @ 26.57 .25 34.24 24.44 2.6 19.4 11766
VertexPhm 48.37 1.41 66.10 26.50 36.3 1800
ViacomB @ 45.28 .32 51.02 35.13 2.3 11 3202
WestDigtl 31.77 .51 44.43 22.75 7.5 4350
WynnRes 93 2.02 165 92.02 7.5 18.1 2629
Xilinx 30.63 .1 37.74 26.55 2.7 16.4 4664
Yahoo @ 15.43 .33 16.79 11.09 17.4 19450
Other International Stocks
AUSTRALIA
(Jul 24/Aust$)
AMP 3.86 +.01 4.79 3.61 8.8 14.7 5057
ANZ @ 22.75 .07 24.05 17.63 8.3 10.6 3339
BHP Biltn @ 30.93 +.38 43.76 30.09 4.8 7.8 13445
Brambles 6.21 +.02 7.55 5.76 4.5 19.7 5484
CCAmatil 13.51 .08 13.84 10.04 5.5 17.3 1413
CmwBkAu @ 54.78 +.04 55.90 42.30 8.5 12.8 2394
CSL @ 40.30 .2 41.40 26.12 2 23.1 801
FortescMet @ 4.04 .01 6.74 3.84 2.8 8.8 40009
Leighton 15.97 +.05 26.65 15.21 3.8 485
MacQuarie 24.30 .16 30.17 19.94 5.8 11.6 1663
NatAusBk @ 23.66 .03 26.56 19.64 10.7 11.1 3332
NewcrestM@ 21.18 +.24 41.04 20.89 2.5 14.4 2715
NewsCorpA 21.10 .05 22.21 12.87 0.7 17
NewsCorpB 21.25 .15 22.42 13.32 0.7 18.9 816
Orica 24.63 .07 28.27 21.34 4.9 14.5 724
OriginEgy 11.62 +.14 15.34 11.43 6.1 10.7 2144
QBE InsGrp 13.67 17.41 9.88 6.7 21.4 1497
RioTinto 51.76 +.24 83.33 50.93 3.7 17.3 3526
Santos 10.32 +.08 14.63 10.04 4.1 12.2 3140
Stockland 3.20xd +.01 3.54 2.52 7.5 11.9 4859
Suncorp 8.30 +.05 8.85 6.03 6.9 17.1 2656
Telstra @ 3.86 .03 3.97 2.69 10.4 13.6 41318
Wesfarm @ 32.22 +.12 33.38 26.04 6.9 19.3 2338
Westeld @ 9.76 .04 9.93 7.21 5 14.7 3910
WestdRT 2.99 .02 3.03 2.18 5.5 9.4 12381
Westpac @ 22.62 +.07 23.55 17.84 10.2 11.4 6752
WoodsdPt @ 32.95 +.62 39.96 29.76 4.5 17.6 2397
Woolworth @ 28.13 +.24 28.18 23.21 6.3 17.8 2431
AUSTRIA
(Jul 24/Euro)
Andritz 41.75 +.15 43.05 25.76 2.6 17.6 83
ErsteGrBnk 13.86 .31 34.30 10.40 449
Immon 2.48 +.04 2.85 1.92 10.1 6.5 1129
OMV 23.69 +.39 29.21 20.81 4.6 6.6 155
Raieisen 23.66 .85 36 14.16 4.4 4.4 126
Strabag 18.95 .01 24.30 16.52 3.2 14.1 7
TelekAust 6.65 .08 9.35 6.61 5.7 470
Verbund 14.91 .34 29.98 14.82 3.7 14.3 280
Vienna Ins 29.85 .49 38.50 24 3.7 3.1 37
Voestalp 20.29 +.14 37.30 18.10 3.9 10.2 148
BELGIUM/LUX
(Jul 24/Euro)
Ageas 1.50 .02 1.81 1.08 5.3 4908
AnBshInBv@ 63.33 +.27 65.15 33.85 1.9 20.5 1587
Belgacom 23.31 +.01 24.75 20.66 9.4 9.8 743
Colruyt 35.85 .36 37.50 26.74 2.7 16.4 202
Dexia 0.20 .01 2.09 0.13 485
Dlhaiz 27 .41 51.41 25.59 6.5 8 423
GBL 51.99 .01 60.40 47.44 5 155
KBC 14.57 .23 26.20 7.65 0.1 1208
SES 19.27 .29 19.82 16 4.6
Solvay 79.91 +.81 111.40 60.86 3.8 30.2 332
UCB 40.57 +.46 41.20 25.71 2.5 31.1 168
BRAZIL
(Jul 24 / 3:00pmClose/Real)
Ambev @ 74.84xd 1.07 83.71 43.98 0.3 28.2 694
BcoBrad 24.18xd +.36 28.61 21.13 4 624
BcoSantdr 0.14xd 0.18 0.12 0.7 707
BM&FBovsp 10.75xd +.19 12.65 7.55 5.2 19.7 7083
BncBrasil @ 19.78 +.23 29.79 18 8.5 4.8 4488
Bradesco @ 29.32xd +.25 33.31 25.12 3.6 10.1 9256
BrasilFds 28.10xd .27 38.67 25.75 4.1 21.5 1879
Cielo @ 61.93 .02 64.11 31.78 3 20.7 782
Eletrobras 13.37 .04 19.52 12.62 67 611
GerdauPf 17.04 .28 19.40 10.85 1.9 13.9 6179
ItauHldFin @ 30.17xd +.97 38.94 25.15 3.8 10 14911
ItuasaPf @ 8.95 +.32 11.49 7.37 4.3 7 10144
JBS 5.11 .06 8.50 3.42 1826
OGX Petro @ 5.09 .16 18.41 4.78 23486
PetrobasPf 18.81 .15 25.89 17.42 3.9 7.8 17999
Petrobras @ 19.27 .18 28.26 18.05 3.8 5.4 3250
SiderNacO 9.67 .12 19.55 9.54 8.5 4.4 5518
SouzaCruz @ 29.18xd .16 30.24 16.15 3.6 27.4 1061
UsinasMin 5.60 .11 14.24 5.57 19.3 11.7 3774
ValRio @ 35.94 1.74 50.40 35.61 14.6 7420
ValRioPrf 35.36 1.52 45.41 34.51 7.7 5.5 29378
CANADA
(Jul 24 / 4:00pmClose/Can $)
Agnico E 38.35 +1.14 72.51 31.50 1.9 539
Barrick @ 33.76 .37 55.36 33.62 1.9 7.5 4361
BCE @ 41.79 +.49 43 34.99 5.1 14.2 1256
BkMontrl @ 57.34 .2 62.10 53.15 4.9 10.7 1198
BkNvaS @ 51.15xd .24 57.26 47.54 4.2 11.3 2056
Brookeld @ 33.17 .4 35 25.91 1.7 10.8 333
Cameco 21.96 .39 27.05 17.25 1.8 17.7 501
CanadPcR 75.06xd +.06 79.29 46.01 1.7 18.9 442
CanImp @ 71.57xd +.05 78.29 67.32 5 10.3 985
CanNatRs @ 27.67 1.11 41.64 25.58 1.4 11.5 2517
CanNatRy @ 87.31 +.47 89.24 63.72 1.6 15.3 854
CanOilSd 20.32 .25 28.50 18.17 6.2 8.6 977
CenovusE @ 32.10 1.15 39.64 28.85 2.6 13.1 1788
Enbridge @ 41.36 +.24 41.59 28.27 2.6 36.7 937
Encana 20.77 .76 28.87 17.25 3.9 2004
Goldcorp @ 33.66xd +.19 55.93 32.34 1.5 17.8 2584
GtWesLif @ 20.87 .28 25.28 19.15 5.9 9.9 289
HuskyE @ 24.84 .28 27.19 20.63 4.8 11 591
ImpOil @ 42.75 .21 49.26 34.15 1.1 10.1 570
KinrossG 7.90 .13 18.17 7.15 1.8 2827
Loblaw 31.92 .15 39.67 31.11 2.6 12.6 156
Manulife @ 10.29 .01 15.94 10.18 5.1 2074
NatBkCan 73.05xd 1.08 81.27 63.27 4.1 8.3 924
Nexen 26.42 +.07 26.70 14.20 0.8 27.3 18667
Potash @ 45.09xd .62 59.45 38.31 0.9 13.1 1824
Power Cp 22.26 .38 27.42 20.90 5.2 9.8 398
PowerFn @ 24.11xd .43 30.15 23.62 5.8 10.4 245
ResMot 7.08 +.11 32.71 6.66 1.6 2214
RogCmB @ 39.01 +1.77 40.22 34.25 3.8 13.8 3265
RylBkC @ 50.82xd .7 59.13 43.30 4.4 10.6 2317
Suncor En @ 29.76 .54 39.55 23.97 1.5 10.2 2943
SunLfFin 20.26 .56 27.38 17.92 7.1 1420
TalismEnrgy 11.83 +.03 19.57 9.72 2.3 13.6 7022
TeckResB @ 29.41 .39 50.93 27.39 2.7 7.2 1972
TelusCorp @ 62.17 +.1 63.72 49.47 3.7 16.4 281
ThmReut @ 28.14 .61 33.52 26.10 4.6 1417
TntoDom @ 78.43xd .62 85.85 68.13 3.6 11.9 1389
TransCan @ 44xd .21 44.75 37 3.9 20.3 1041
Weston Ltd 59.07 +.21 71.73 57 2.4 12.5 78
CHINA
(Jul 24/Renminbi)
AgricBkCh 2.44 .02 2.77 2.43 5.4 6 42578
Air China 6.24 .09 10.56 5.75 1.9 13.1 12510
AluCorpCh 3.04 .04 6.83 2.99 6784
AlumCpCh 6.04 10.89 5.99 8151
AnhuiCC 19.54 .08 39.45 17.90 2.2 7.2 7971
BaoshanStl 4.11 5.88 4.08 4.9 10.7 15950
Bk China 2.68 .02 3.10 2.67 5.8 6.1 17534
BkofComms 4.16 .05 5.10 4.15 2.4 4.8 51054
ChCiticBk 3.78xd .03 4.79 3.77 5.3 5.1 10033
ChCoalEgy 7.53 .04 11.03 7.37 2.9 10.1 9025
ChConstBk 3.89 .05 4.95 3.89 6.1 5.6 19801
China Life 19.83 +.31 20.36 14.71 1.2 35.1 13495
ChinaUncm 3.71 +.02 5.77 3.41 0.9 46.4 64717
ChMinsheng 5.80 .02 6.85 5.06 5.2 5 52040
ChMrchBk 9.59 .1 13.10 9.54 4.4 5.3 59762
ChPacIns 22.97 +.16 23.80 17.70 1.5 35.8 18538
ChShBldIn 4.90 +.24 8.88 4.51 1.4 16.3 57701
ChShenEgy 21.97 +.01 30.60 21.71 4.1 9.6 6628
ChStCnsEng 3.21 3.82 2.85 2.5 7 34933
ChYgtzPwr 6.56 +.06 7.14 6 3.9 14.5 13060
Citic Sec 12.27 .03 13.99 9.04 3.5 10.4 82269
Daqin Rail 6.05xd +.02 8.05 5.98 6.4 7.7 17659
InCBkChina 3.68 .04 4.48 3.67 5.5 6.1 23071
IndstrlBk @ 11.94 .02 14.68 11.85 3.1 4.7 26785
Moutai @ 249.38 +6.8 266.08 170.90 1.6 26.3 3437
Ping An 44.93xd +.14 46.85 33.35 0.9 17.9 15741
Saic Motor @ 12.51 +.11 17.91 11.97 2.4 7 12282
ShangPort 2.53 +.01 3.92 2.50 4.7 13.1 6936
ShngPdgBk@ 7.46 +.01 9.75 7.41 4 4.8 48389
ShznVanke 9.33 +.12 9.95 6.88 1.4 10.5 33038
Sinopec 6.07 +.05 7.93 5.75 4.9 8.4 17691
WulianYnb @ 35.83 +.23 40.80 29.82 1.4 19.1 28431
CZECH REP
(Jul 24/Koruna)
Cez 706.50xd +6.5 878 662 6.4 9.8 462
KomercBnk 3.4k 34 4.03k 2.71k 4.7 13.5 39
TelCzRep 385 +4.9 435 364.50 10.4 14.5 315
DENMARK
(Jul 24/Kr)
Carlsberg B 481.40 +11.4 536.50 315.50 1.1 14.9 911
DanskeBk 86.40 .2 105.30 61.15 48.8 508
MoellerMA 38.5k +400 46.2k 30.12k 2.6
MoellerMB@ 40.2k +400 48.16k 31.62k 2.5 11.5 5
NovoB @ 885.50 1.5 903.50 507 1.6 28.8 286
Novozym 148.80 .6 180 135.20 0.7 23.7 383
TDC 41.25 .29 48.97 36.90 5.5 10 1605
VestaWind 25.13 .08 127 24.95 1073
WilDemant 556.50 +3.5 596.50 351.50 27 44
DUBAI
(Jul 24/US$)
DPWorld 10.30 .4 12.54 9.33 2.3 12.6 96
FINLAND
(Jul 24/Euro)
Fortum @ 12.91 .28 19.36 12.81 7.7 7.2 2078
Kone Corp 50.65 +.5 52.45 33.78 2.8 20.1 682
Metso 26.18 +.17 38.90 19.72 6.5 10.6 471
Neste Oil 7.96 .05 10.72 6.14 4.4 12.6 547
Nokia @ 1.47 +.05 5.19 1.33 13.6 32123
OtkmpA 0.64 .02 2.15 0.64 4327
SampoA 20.51 .21 22.19 16.85 5.9 11.1 588
StorEnsR 4.43 .06 6.28 3.73 6.8 18.5 8805
UPMKym 8.43 .04 11.39 7.34 7.1 10.9 1612
Wartsila 23.82 .21 31.33 15.50 3.8 16.8 777
FRANCE
(Jul 24/Euro)
Accor 24.59 +.32 31.32 16.68 2.6 595
ADP 61.74 +.21 64.88 49.76 2.9 17.6 55
AirFrn KLM 3.66 .01 9.84 3.01 1994
AirLiquide @ 87.01 1.3 93 73.55 2.6 17.6 1009
Alcatel 0.91 .01 3.64 0.88 1.4 25340
Alstom 24.99 +.18 39.79 21.82 3.2 10 1606
AXA @ 8.90 .29 14.20 7.88 7.8 5.1 16436
BNP Parib @ 26.46 .5 48.15 22.72 4.5 5.2 6512
Bouygues 19.15 .42 28.69 18.82 8.4 6.2 1014
CapGemini 26.69 +.65 39.55 21.98 3.7 10.1 1168
Carrefour 13.39xd +.03 22.41 12.87 3.9 23.5 4581
Casino 62.52 .28 75.94 51.35 2.4 14.1 267
ChristianD@ 109 +1 119.70 79.10 2.4 15.3 43
CNP 7.60 .11 14.11 7.52 10.1 5.5 470
CredAgric 2.94 .1 9.30 2.84 15478
Danone @ 48 .87 54.96 41.92 2.9 17.3 2548
DassaultSy 76.05 +.51 77.31 49.07 0.9 31.2 170
EADS @ 28.45 +.52 31.69 19.05 1.6 19.6 1499
EDF @ 15.30 .56 27.55 14.80 7.5 9.4 2929
Eiage 21.27 .29 41.20 15.81 5.6 9 122
Eramet 84.21 +.05 210.40 75.95 2.7 11.4 12
Essilr @ 68.75 .21 75.52 46.89 1.2 28.2 896
FranceTele @ 10.23 .25 14.57 9.45 13.7 7 8915
GDF Suez @ 16.77 .37 24.13 15.62 8.9 9.3 4886
Gecina 69.99 +.06 97.83 52.51 6.3 50.8 51
Hermes @ 222.55 +.4 285.49 206.10 0.9 39.2 30
JC Decaux 17.94 .2 23.48 14.63 2.5 18.7 100
Klepierre 26 +.18 27.68 18.57 5.6 34.2 138
Lafarge 34.55 +.45 40.39 22.29 1.4 17.1 1015
Lagardere 21.13 .29 28.15 16.03 6.2 302
Legrand 25.97 .09 28.65 22.19 3.6 14.3 700
LOreal @ 93.52 .6 97.19 68.83 2.1 22.7 509
LVMH @ 119 +.3 136.80 94.16 2.2 19 819
Michelin 49.62 .6 65.09 40.20 4.2 6.1 1249
Natlxis 1.77 .03 3.34 1.68 5.6 5.1 8051
PernodRic @ 84.92 +.57 87.32 56.09 1.8 18.9 484
Peugeot 6.24 .27 27.04 5.71 2.8 5948
PPR @ 107.40 .65 136.90 90.50 3.3 13.7 216
Publicis 39.11 +.17 43.30 29.10 1.8 12.1 1064
Renault 32.90 .06 43.83 22.07 3.5 4.3 1950
Safran 27.05 .15 30.50 20.18 2.3 22.9 1054
Sano @ 61.10 .33 63.46 42.85 4.3 12.9 2860
Schneider @ 41.85 +.36 54.25 35 4.1 12.4 1993
SocGen @ 15.40 .24 37.56 14.32 5.3 6173
Sodexo 59.45 +.24 62.35 46.57 2.5 18.2 373
StGobn @ 26.06 .1 42.57 25.77 4.8 10.7 1970
STMicro 3.76 .15 6.50 3.64 8.8 5175
SuezEnvir 8.06 .18 13.34 8.05 8.1 12.2 1308
Technip 84.58 .49 89.71 52.85 1.9 17.8 577
Thales 25.77 29.99 21.61 3 9.9 174
Total @ 34.83 .56 42.97 29.40 6.5 6.5 5145
UnibailR @ 149.55 +2.3 161 123.30 5.3 11.4 427
Vallourec 34.29 .11 87 25.69 3.8 11.7 761
VeoliaEnv 8.42 .18 18.29 7.80 8.3 3648
Vinci @ 32.46 .42 41.51 28.46 5.5 9.2 2665
Vivendi @ 14.50 .22 17.09 12.01 6.7 11.3 4050
GERMANY
(Jul 24/Euro)
Adidas 59.03 +.66 64.30 42.42 1.7 16.5 864
Allianz @ 74.16 1.74 94.94 56.16 6.1 11 3395
AxelSprg 35.92 .02 39.87 24.44 4.7 13.4 126
BASF @ 55.99 .25 68.63 42.19 4.5 9.3 3129
Bayer @ 56.56 .38 60.44 35.36 2.9 16.5 2203
Beiersdorf 53.45 +.15 55.67 38.26 1.3 48.6 452
BMW @ 55.18 1.46 73.95 43.49 4.2 7.1 2775
Celesio 13.75 +.06 15.85 9.18 1.8 366
Commerzbk 1.13 2.83 1.12 44549
Daimler @ 36.13 .31 53.35 29.02 6.1 6.5 4656
Deut Bank @ 23.47 .05 39.51 20.79 3.2 6.3 9478
Deut Brse 40 .16 54.27 35.65 8.3 9.5 878
Deut Tlkm @ 8.83 .08 10.94 7.69 7.9 63.1 11385
DeutPstbk 27.49 +.14 31.50 19.81 49
DeutsPost @ 13.96 .19 14.98 8.90 5 12.4 5706
E.ON @ 16.23 .34 19.65 12.50 6.8 6624
Fielmann 71.34 +.34 80.85 60 3.5 24.1 12
FraPort 45.07 +.1 58.07 37.06 2.8 17.9 94
Fresenius 84.12 +.68 88.03 58.80 1.1 31 314
FresMedC @ 57.48 +.24 59.25 42.56 1.2 42 526
GEAGrp 21.71 +.29 26.83 15.61 2.5 14 612
Hann.Rck 46.93 .16 48.85 28.58 4.5 6.9 196
HeidCmnt 36.01 .05 46.68 23.92 1 22.1 741
Henkel 56.40 +.23 58.23 36.52 1.4 19.7 517
Hochtief 36.44 .26 58.70 35.60 166
Inneon 5.37 .04 7.99 4.89 2.2 11.2 6206
K & S 38.32 .06 56.84 30.14 3.4 15.1 791
LANXESS 53.11 +.17 64.40 31.34 1.6 8.3 339
Linde @ 117.05 .4 136.90 94.63 2.1 17 622
Lufthansa 9.61 .03 14.75 7.88 2.6 45.7 3298
MAN @ 78.70 .17 103 50.78 2.9 228
Merck KG 78.92 .62 87.45 55.92 1.9 38.1 196
Metro 20.23 .27 39.83 19.94 6.7 12 1058
MTUAero 58.37 .98 64.80 40.01 2.1 16.1 213
MuenchRkv@ 108.35 1.2 118.35 77.80 5.8 7.9 796
Porsche 39.99 .65 58.80 30.24 1.9 339
Puma 211.50 +1.4 277.05 189 0.9 14 12
RWE @ 30.38 .49 37.95 21.22 6.6 14.6 3381
Salzgitter 27.78 .37 53.51 27.47 1.6 8.7 141
SAP @ 50.77 +1.72 54.44 32.64 1.5 17.4 4955
Siemens @ 67 .26 94.13 62.13 4.5 14.5 2436
SMASolar 26.08 +.5 78.03 21 5 4.9 48
Suedzucker 27.17 +.15 28.94 19.16 2.6 10.1 301
ThyssenKr 13.92 .24 32.24 11.45 3.2 4058
Volkswgn @ 126.80 1.3 137 82.35 2.4 4 87
WackerChm 52.10 +.54 141.50 50.21 4.2 11.5 105
GREECE
(Jul 24/Euro)
Alpha Bk 1.02 +.03 3.62 0.42 1117
BkPiraeus 0.20 + 1.05 0.16 2181
Coca Cola 13.86 .33 18.65 10.81 3.6 20.1 102
EFGEbk 0.60 +.01 3.21 0.29 746
HelPetro 5.17 .02 6.89 3.94 8.7 23.5 22
HelTel 2.10 +.05 6.06 1.09 2.6 912
NatBkG 1.12 +.02 5.40 0.90 2019
OPAP 4.90 +.04 11.96 3.50 14.7 3.1 666
PublPwrC 2.32 +.07 9.60 1.13 783
TitanCem 12.43 +.04 15.41 9.32 1.5 8
HONG KONG
(Jul 24/H.K.$)
AgricBkCh @ 2.97 .02 4.30 2.26 5.4 5.9 38583
AIA @ 26.75 +.05 29.90 19.84 1.2 25.9 14887
Bk China @ 2.82 +.01 3.68 2.20 6.7 5 163031
Bk of EAsia 26.15 .35 32.50 21.85 3.6 13.3 1220
BkofComm@ 4.84 .05 6.96 4.15 2.5 4.6 13770
BOC HK @ 23.50 +.05 24.45 14.24 5 12.2 6726
CathayPcA 12.70 .14 18.88 11.76 4.1 9.1 2722
ChConstBk @ 4.81 .03 6.62 4.41 6 5.6 133948
ChinaLife @ 20.80xd .2 26.85 17 1.3 26 25610
ChinaMob @ 86.70 +.75 89.85 68.20 3.8 11.2 11801
ChinaRes 19.36 .6 35.50 19.32 2.4 16.4 2608
ChinaTele 3.75 +.07 5.28 3.23 2.3 14.9 52908
ChMerch 23.70 .1 29.20 19 2.9 10.5 1987
ChngKong @ 99 1.5 122.40 79.10 3.2 5 3170
ChOvLnd&In 16.94 .2 19.16 9.99 1.9 9.2 12485
ChResLand 14.88 .02 16.82 7.28 1.8 10.1 6168
ChResPwr 16.32 +.04 16.66 10.82 1.8 17.2 3306
ChRongshng 1.35 .04 5.17 1.34 2 4.5 4696
ChShenEgy@ 27.40 .4 40.20 24.15 4 9.5 9299
ChUncHK @ 10.40 +.02 17.64 9.45 1.2 39.1 26421
Citic Pac 10.94 .14 17.36 10.26 4.1 4.3 3183
CKI Hld 49.25 +.2 50 40.35 3.2 13.7 1237
CLP @ 64.85 .25 75.20 62.10 3.9 16.8 1094
CNOOC @ 14.82 .62 18.20 11.20 3.6 7.6 106267
EspritAsia 8.96 .02 24.20 7.55 2.9 2477
GentSingap 1.30 +.01 1.95 1.29 0.8 17.1 35089
HangLung 25.95 .25 30.50 20.85 3.5 23.7 2981
HangSeng @ 105.30 .7 124.30 84.40 4.9 12.1 810
HendersLd 43.50 .65 50.85 33.20 2.3 5.8 1125
HKChGas @ 17.58 +.1 18.60 15.02 2.7 24.8 4199
HKExch @ 101.50 .5 165 99.15 4.2 21.9 1843
HSBC 62.05 1.05 78.60 56 5.7 9.7 21382
Hutchison @ 68.40 .85 93.10 53.60 3 5.2 3836
In&CmBkCh@ 4.12 .01 6.06 3.46 6 5.3 155373
Li & Fung @ 13.72 .06 20.15 10.82 3.9 20.9 7148
Telmex L 10 .01 10.73 9.11 5.5 12.6 275
TlvCPO 59.80 .45 60.48 46.43 0.6 23.9 4075
Walmex @ 37.20 +.21 45.15 29.26 1.2 29.6 12725
NETHERLANDS
(Jul 24/Euro)
Aegon 3.37 .08 4.57 2.59 14.1 9523
Ahold 9.46 +.06 11.07 7.62 4.2 10.2 5327
Akzo N 43.97 +.87 46.16 29.25 3.3 29.5 1564
ArcelorMit @ 11.74 .01 23.09 10.47 5.3 20.1 6431
ASML Hld @ 45.20 .12 46.14 21.22 1 12.9 2427
Boskalis 25.43 .3 31.36 20.67 4.7 10.3 289
Corio 34.51 .04 44.31 28.26 8 18.7 393
DSM 38.45 .21 44.72 29.84 3.8 8.1 938
Fugro 50.94 +.08 55.92 34.01 2.9 14 323
Heineken @ 42.67 +.35 44.42 30.40 1.9 17.5 775
ING @ 4.70 .11 8.14 4.21 3.5 22314
KPN 6.79 .54 10.32 6.35 12.5 8.3 25159
Philips @ 17 .03 17.76 12.01 4.1 47.2 4998
PostNL 3.17 +.06 5.77 1.98 17 0.6 2559
Randstad 22.70 +.09 32.14 19.59 5.5 24.1 622
ReedElsvr 9.16 .04 9.77 7.38 4.8 15.5 3007
Robeco 23.60 .3 24.22 18.30 2.5 57.6 54
RylDShlA 27.89 .1 29.18 20.12 4.6 7.5 4118
Unilever @ 26.76 +.14 27.29 20.96 3.4 16.5 5181
WoltKluw 12.47 .29 15.47 11.39 5.5 31.2 1604
NEW ZEALAND
(Jul 24/NZ $)
AucklndAir 2.46 +.01 2.62 2.08 5.3 31.1
ContactE 4.81 .05 5.79 4.60 8 23.9
FletchrBld 5.81 8.32 5.73 7.8 14.7
Telc.of NZ 2.53 .02 2.68 1.78 14.5 6.2
NORWAY
(Jul 24/Kroner)
AkerSol 84.80 +.05 100.50 50.10 4.6 9.4 550
DNB @ 60.45 .15 80.80 51.25 3.3 7.7 1558
NorskHyd 24.57 .78 40.78 23.76 3.1 23 10343
Orkla 41.40 +.32 48.84 36.48 6 79.6 1693
Roy.Carib. 147 +2 199.20 111.60 1.7 9.8 354
Seadrill 232.60 .3 236.80 137.04 8.2 19.5 1071
Statoil @ 142.10 1.9 162.80 108.10 4.6 5.8 3049
Subsea 7 119.70 .1 147.69 94.73 3.1 14.6 1458
Telenor @ 99.10 +1.5 106.80 78.80 5 33 2580
YaraIntl 276 4.6 314 200.50 2.5 6.2 1005
POLAND
(Jul 24/Zloty)
BkPekao 134.80 1.2 164.80 115.10 4 11.9 725
BRE Bank 280 3.2 321.80 203.30 10.4 15
ING Bank 76.40 .1 91.10 61.75 10.6 4
KGHM 111.40xd 1.3 193.40 102.40 25.4 2.1 1015
PGNIG 3.93 +.03 4.39 3.25 26.2 3675
PKN Orlen 35.99 +.59 47.50 30.33 6.1 778
PKO Bank 31.44 +.34 42.28 27.95 4 10 2707
PZU 336.90 +4.6 381.50 283.10 6 12.2 286
Telek.Pol 16.10 +.27 18.56 14.30 9.3 11 1191
PORTUGAL
(Jul 24/Euro)
B.EspSanto 0.47 .02 1.62 0.43 9894
BCPort 0.09 + 0.34 0.07 12209
BncoBPI 0.48xr .01 1.02 0.34 2494
BRISA 2.72 + 3.59 2.19 11.4 2589
Cimpor 3.74 +.01 5.70 2.93 4.4 13.2 221
EDP 1.77 .05 2.54 1.63 10.5 5.7 4451
GalpEnerg 10.04 .24 16.10 8.33 2 20.1 652
JeronimoM 12.46 .3 16.07 10.66 2.2 22.2 814
PortTlcm 3.29 .11 6.34 3 9.9 10.6 3178
Sonae 0.42 0.69 0.37 8 8.3 1746
RUSSIA
(Jul 24/Rouble)
Bank VTB @ 0.05xd 0.09 0.05 1.6 6.2 35689270
GazProm @ 145.80xd 2.57 204.67 136.54 6.2 2.6 36081
GMK Noril @ 4.96kxd +1 7.86k 4.68k 4 7.4 217
Gzprmneft @ 148.50xd 1.6 169.39 106.05 4.9 4.1 314
Lukoil @ 1.78kxd 20.6 1.94k 1.5k 4.2 4.4 1353
MTS 225.52xd +1.03 244.70 168.25 6.5 9.4 491
Novatek @ 345 +2 442.73 269.66 1.7 8.6 1213
NovoSteel 50.72xd .68 110.20 46.59 3.9 7 4956
Rosneft @ 197.53xd .72 244.51 171.04 1.7 5 9185
RusHydro 0.80xd .01 1.40 0.72 1 7.2 395401
SbankR @ 84.45 1.55 104.10 60.91 2.5 5.7 139889
Severstal 343.50xd 7.3 544 310.10 4 6 1545
Surgnfgz @ 25.93xd .26 33.89 20.41 2.3 3.9 27200
SINGAPORE
(Jul 24/S$)
Capitalnd 2.89 +.01 3.17 2.18 2.8 11.3 6052
DBS @ 14.58 +.14 15.73 10.81 3.8 10.8 3816
Jard Math @ 51.70 +.01 59 42.06 2.4 5.4 166
Jard Str @ 31.19 +.38 34.30 23.70 0.7 4.9 508
Keppel 11.19 +.13 11.67 7.02 3.9 8.3 4642
OCBC @ 9.36 +.06 10.09 7.68 3.2 13.2 4219
SIALtd 10.67 .13 13.96 10.05 1.9 38 1529
Sing Tech 3.28 .01 3.31 2.61 4.7 18.2 1841
SingTel @ 3.46 +.01 3.51 2.84 4.6 13.8 17974
UOB @ 19.42 +.24 21 14.42 3.1 5.2 1759
WilmarInt @ 3.59 +.03 6.05 3.37 1.7 12.5 5405
SOUTH AFRICA
(Jul 24/Rand)
Absa 136.57 +.59 164.50 123.19 5 10.1 1018
AngGold 270.74 +7.04 391.82 251.99 1.4 57 635
Anglo 257.31 +1.01 350.05 253.87 2.7 50.4 3939
AngloPlat @ 410.25 +3.13 609.50 400.06 0.5 215
ArclrMttal 47.29 +.19 75.74 46.53 1.2 673
Firstrand 26.96 +.2 28.19 17.10 3.3 10.4 6109
GoldFields 102.40 +1.77 145.43 95.51 3.2 9.2 1247
Harmony 75.44 +.74 116.09 71.59 1.3 16 794
Implats 126.45 +1.58 189.50 124.02 4.4 9.5 1113
Kumba Iron@ 540.80 4.71 599.50 415.25 59580.7 0 239
MTN @ 146.83 +3.67 149.35 126.65 5.1 13.1 5955
Naspers N @ 449.49 +7.34 479.72 319.03 0.7 58.4 668
NedbankGrp 177.87 +.82 184.67 126.47 3.4 13 760
OldMut 20 .05 20.97 12.10 17.4 11702
SAB Mllr 350.68 +.7352.72 226.51 2.5 725
Sanlam 35.74 .22 37.22 24.14 3.6 13.4 4936
Sasol @ 341.94 1.59 411.50 300.50 4.6 7.9 961
Stanbank @ 111.46 +1 118.78 87.75 3.8 14.7 1942
Telkom 17.73 .15 36.74 17.16 8.2 1817
Vodacom @ 92.83 .36 110.89 80.1314202.8 0 981
SOUTH KOREA prices in 000s
(Jul 24/Won)
HyundaiHvy@ 219.50 +1 423 212.50 1.8 6.8 468
HyundaiMot@ 223 +4 272.50 161.50 0.8 7.4 488
HyundEng 57.80 2.2 89.90 49.60 0.9 10.2 1163
HyundMobis@ 292.50 +6.5 401 261.50 0.6 8.9 342
HyundStl 78.50 .5 139 74.20 0.6 10.4 672
IndBkKor 11.75 18.65 11.05 4.9 5.5 402
KB Financial 33.40 54.50 33 2.2 5.6 1503
Kia Motors @ 76 +1.8 84.80 58.10 0.8 16.8 1254
Korea T&G 85.10 +1.2 88 63 3.8 13 209
KoreaEP 25.70 +.55 28.10 19.60 1483
KoreaExch 7.65 9.58 6.63 30.8 3 438
KT Corp 33.15 +1.6 40.60 27.55 6 6.3 2067
LG Chem @ 298.50 3.5 492.50 261.50 1.3 11.7 564
LG Corp 54.60 .2 81.60 50.10 1.8 9.8 246
LG Display 22.10 +.45 31.45 17.30 1400
LG Elect 57.30 +.7 94.30 52.59 0.3 1035
LotteShop 280 +2 493.50 273.50 0.5 8.9 43
NHN 268.50 2.5 275 168.50 0.2 25.6 184
Posco @ 362.50 +3 480 341 2.8 8.8 157
ShinhanFin @ 34.20 +.1 53.20 33.75 2.2 5.9 1445
Shinsegae 187 3 351 184.50 0.4 0.5 40
SK Hynix @ 20.80 +.45 30.95 15.50 7106
SK Innov 143 1 227 117 2 4.6 519
SKTelecom 141 +8 167 120 6.7 7.2 461
SmsungCT 61.80 .7 90 57.10 0.8 23.3 673
SmsungEl @ 1.17k +8 1.42k 672 0.5 11.3 290
SmsungEM 101.50 +1 112.50 59.20 0.7 23.6 320
SmsungEPf 745 +11 826 460 0.7 16
SmsungFre 208.50 4 248.50 195 1.8 11.6 133
SmsungSDI 139 .5 176 99.90 1.1 17.2 159
WooriFin 10.55 +.15 14.40 8.47 2.4 3.7 1474
SPAIN
(Jul 24/Euro)
Abertis 9.40 .25 12.67 9.20 10.5 7.6 2425
Acciona 30.47 3.14 73.80 30.42 10.3 9.9 331
Acerinox 7.88 +.07 11.65 7.47 7 26.4 548
ACS 10.84 .57 30.65 10.41 17.8 3.5 1441
Banesto 2.11 +.01 5.42 1.90 12.2 87
Bankinter 2.11 .12 5.41 2.09 7.9 9.9 1017
BanPoplr 1.29 .04 3.79 1.25 31.5 4.7 5249
BBVArg @ 4.43 .19 7.66 4.31 8.6 7.3 43265
BcoSabdll 1.34 +.05 2.70 1.19 3.1 10.8 6230
BcoSantdr @ 4.04 .19 7.74 3.98 16.3 7.8 49158
BcoValen 0.12 1.54 0.09 855
CaixaBnk 2.36 +.05 4.38 2.01 10 10.4 2328
CorFinAlba 26.87 2.1 38.95 22.10 3.7 5.6 13
DIA 3.70 .04 3.93 2.36 2.9 22.8 1915
EbroFood 12.40 .33 15.39 11.67 3.6 12.4 266
Enagas 13.07 .43 16.59 12.46 7.6 8.5 1438
Endesa 11.63 .72 21.69 11.43 5.2 5.6 383
FCC 7.15 .54 20.75 7.10 18.2 7.6 449
GAMESA 1.06 .06 5.40 1.03 0.6 15.4 2017
GasNatur 8.56 .34 14.98 8.36 8.1 6.2 2440
Grifols 23.45 +.8 23.77 10.24 773
GrpFerrov 8.40 .16 9.77 7.25 5.4 5.9 1453
IAG 1.86 .04 2.75 1.51 19.4 1710
Iberdrola @ 2.67 .16 5.94 2.65 1.1 5.8 52358
Inditex @ 77.90 1.74 83.81 52.04 2.1 23.9 1030
IndraSis 6.95 +.3 14.02 6.08 9.8 6.9 1227
Mapfre 1.35 .12 2.74 1.35 11.1 4.3 8627
MedsetEsp 3.77 .03 6.68 3.23 3.7 16.4 1978
OHL 15.19 .67 24.70 14 3.7 6.7 379
RedElectCp 30.69 1.26 40.46 29 7.2 8.7 685
Repsol @ 10.96 .85 24.23 10.91 9.8 5.8 10227
TechReun 32.21 .35 33.85 21.50 4.2 12.6 375
Telefonica @ 8.63 .39 16.28 8.60 10.4 8.7 22745
ZardoyaO 8.99 +.17 10.48 8.09 5.4 17.3 133
SWEDEN
(Jul 24/Kroner)
AlfaLaval 114 70 +.3 147 101.90 2.8 15.3 615
AssaAbloy 197.40 +.2 210.70 128.60 2.3 18.1 559
AstraZen 316 70 1.6 329.80 260.70 6.8 7.3 573
AtlasCpcoA@ 144.60 +1.3 175.60 112.30 3.5 12.5 2541
ElctxB 146.50 .4 155 93.15 4.4 17.7 1718
EricssonB @ 59.75 +.2 83.70 55.90 4.2 12.7 5769
H & M @ 240.40 1.9 253.50 178.80 4 23.4 1514
IndVardenA 92.45 1 109.20 69.80 4.9 269
InvestorB 135.40 +1.2 152.10 110.20 4.4 1199
Kinnevik 137.10 155.20 113.10 4 44.5 369
NordeaBk @ 60.15 .5 68.85 46.80 3.6 10 4258
Sandvik @ 90.70 +.4 108 70.60 3.6 16.8 3025
ScaniaA 115 .6 140 88.10 4.3 7
ScaniaB 114.80 .9 142.20 89.35 4.4 11.9 1168
SEB 48.06 .34 51.70 30.72 3.6 9.8 4111
SkanskaB 98.55 .25 125.90 84.35 6.1 13.5 1579
SKF B 133.40 +1.5 174.80 118.30 4.1 11.5 2474
SSABA 54.20 +.25 91.40 46.59 3.7 11.9 2105
SvenCellB 115.90 +1.6 122.90 76.45 3.6 1930
SvenskaHn@ 228.40 +.3 239.30 147.40 4.3 11 1064
Swedbank @ 112.50 1 117.60 65.55 4.7 12.4 1763
SwedMatch 283.60 +1.8 294.50 202.40 2.3 20.7 573
Tele2B 112.50 1.3 134.18 102.30 11.6 11.6 1158
TeliaSonra @ 43.48 +.07 48.95 40.60 6.6 10.5 6429
VolvoA 79.55 +1.05 105.70 64.50 3.8 201
VolvoB @ 79.35 +.5 105.70 63.95 3.8 9.1 13035
SWITZERLAND
(Jul 24/Frs)
ABB Ltd @ 15.81 +.14 20.28 14.40 4.1 12.5 6041
Actelion 42.15 +.35 44.25 28.16 1.9 17.3 622
Adecco 40.04 .22 51.25 31.98 4.5 11.9 485
Baloise 61.15 .45 82.15 58.30 7.4 44.6 190
CredSuisse@ 16.20 .22 30.48 16.15 4.6 28.9 8136
GAMHldgs 10.50 .05 13.80 9.23 4.8 621
Givaudan 937 +3 970 684.50 2.3 34 9
Holcim @ 53.05 .3 63.50 42.11 1.9 63.9 730
JulBaerGp 34.95 .02 39.23 26.07 2.9 24.1 427
Kuhn&Nag 105 +1.2 125 90.90 3.7 25.1 146
Logitech 8.82 .09 10.81 5.80 23.2 1428
Lonza Grp 43.86 .76 70.50 32.81 4.9 14.8 232
Nestle @ 58.05 .15 59.55 43.50 3.4 19.6 4576
NobelBiocr 8.80 .06 16.65 7.76 1.7 22 470
Novartis @ 56.15 +.1 56.45 38.91 4 16.7 4101
Pargesa 57.20 +.1 74.10 51.05 4.5 24.9 47
Richemont@ 53 +.6 59.95 36.46 1 16 1663
Roche @ 167.20 .5 173 115.10 4.1 15.5 866
Roche Br 173.50 .8 179 120.30 3.9 38
Schindler 112.50 +.9 117.60 79.25 1.8 23.8 8
SchndlerPC 113.50 +1.2 119 78.10 1.8 67
SGS SA 1.91k +10 1.96k 1.23k 3.4 27.3 8
Sonova 90.15 +.3 104.60 57.30 1.3 24.3 99
SwatchGpI @ 369.90 +8.2 439.70 288.50 1.6 18.7 308
SwatchGpN 64.90 +1.5 76.65 51.60 1.8 97
Swiss Re @ 59 .4 61.90 34.70 5.1 5.2 643
Swisscom @ 379.90 +.9 388.40 323.10 5.8 29.6 99
SwissLife 87 +.05 125.20 74.35 10.3 4.6 216
Syngent @ 318.10 2.7 338.30 211.10 2.5 19.6 340
Transocean@ 45.47 .31 54.30 36.02 5.2 249
UBS @ 9.87 +.08 14.18 9.34 1 11.9 12637
ZurichFin @ 209.70 3.5 246.80 144.30 8.1 8 543
TAIWAN
(Jul 24/T$)
Acer 25.95 .65 46.15 25.85 26
Au Optrncs 9.68 .32 18 9.31 113
CathayFin 28.85xd +.05 45.20 27.80 1.7 26.5 8
ChimeiInn 9.45 .41 17.50 9.18 66
ChinaSteel 26.70 .2 31.50 26.60 3.8 31 24
Chinatst Fin 17.35xd 25.03 15.45 2.3 10.6 10
ChnghwTl @ 88.80xd .5 104.50 87.50 6.1 15.4 9
CompalElc 27.05 +.2 38.20 25.50 5.2 12.5 7
DeltaElc 97.40xd .6 109.50 63 3.6 20.3 8
FormoC&F 75.70xd .1 107.50 73.30 5.3 23.9 3
FormPlastic@ 78.80xd 112 73.60 5.1 18.9 5
FubonFnH 30.45 +.1 46.48 27.60 3.3 10.1 11
HonHaiPrc @ 85.60 1 117 61.50 1.7 11.1 26
HTC 280.50xd 6.5 986 275.50 14.2 4.6 13
MediaTek 243.50xd 348 221 3.7 21.1 6
Mega Fin 23.15 +.05 28.97 17.60 3.7 13.3 19
NanYaPlast 54.90xd +.9 82.10 50.20 3.8 40.1 5
Quanta Cmp 74.10 .2 86.40 48.10 5.4 12.6 6
TaiwanMob 97xd +1 102 76.85 6.4 18.9 5
TaiwanPet @ 82.40 .6 112 76.60 2.4 1
TaiwanSem@ 74.80xd +.5 89.80 62.20 4 14.8 40
Utd Micro 12.35xd +.05 15.75 10.15 4 20.9 22
THAILAND
(Jul 24/Baht)
Adv Info 204 +4 215 110.50 4.1 24.43809900
Bangkk Bk 192.50 +4.5 201 123.50 3.1 12.1 3226600
PTT @ 321 5 369 236 3.3 8.5 4177600
PTT Exp @ 155.50 2 187 130.50 3.6 9.96646800
SiamCem 315 4 387 236 4 15.71649000
SiamComBk@ 149 +2 159.50 93.75 2.3 14.36208800
TURKEY
(Jul 24/Tk Lira)
Akbank 6.44 +.06 7.52 5.28 1.6 11.1 17692
KOC Hold. 6.48 +.06 7.22 4.97 1.9 8 2028
Sabanci 7.44 8.02 5.10 1.3 8.6 1193
TGaBan 6.82 +.12 7.76 5.44 2.1 8.4 34513
Trk.Isbank 4.74 +.1 5.01 3.14 2.5 8.9 42999
TrkHalkBk 13.80 +.35 14.65 9.15 121.5 8.2 5587
Turkcell 9.48 +.2 9.96 7.18 15.3 3488
TurkTelek 7 +.02 8.60 6.24 7.7 10.4 1619
YapiKred 3.51 +.03 4.18 2.48 7 31213
MTR @ 26.20 .3 28 22.45 2.9 10.3 1197
NewWorld 9.65 .14 10.96 6.13 0.2 4.6 4925
PetroChina @ 9.42 .13 11.92 8.59 4.2 10.4 52716
PowerAst 60.20 64.80 52.55 3.8 13.7 2463
SHK Props @ 94.30 .8 122 85.30 3.5 5 2916
Sino Land 12.62 .28 14.16 8.48 3.3 7.7 2621
Sinopec @ 6.84 .04 9.67 6.22 5.3 7.3 42483
Swire Pacic 89.65 1.35 93.60 61.82 7.2 4.2 1097
SwirePac B 17.78 .12 18.30 12.10 7.3 4.2 98
Tencent @ 226.80 .6 248.80 139.80 0.3 32.5 1910
WharfHld 42.85 .45 59 33.15 2.5 4.2 3022
Wheelock 29.35 .4 33.54 17.87 1.7 2.6 645
INDIA
(Jul 24/Rupee)
BharatHvy 21770 2.1 405 197.80 2.9 7.5 504
BhrtiAirtel @ 308.15 +4.3 444.70 280.10 0.3 27.5 193
CairnInd 323.20 +2.8 400.95 250 6.8 305
CoalIndia 356.20 +1 408.40 293.75 0.1 15.2 81
GAIL 342.65 +4.3 476.50 303.10 2.5 9.8 27
HDFC Bk @ 574.15xd +.45 593.55 400.45 0.7 24.5 70
HsngDevFin@ 674.45xd 2 65 725.70 600.85 1.6 23.2 1116
ICICI Bk @ 916.05 +3.6 1.08k 641 1.8 13.8 216
IndianOil 269.90 .25 344.50 239 1.9 15.5 27
Infosys @ 2.17k 16.8 2.98k 2.16k 2.2 14 69
ITC @ 250.50xd +1 260.20 185.20 0.9 31.1 148
JindalS&P 414 70 +.5 663.40 410.15 0.4 9.8 156
Larsen&T 1.35k 19.95 1.86k 971 1.2 17.6 276
MMT C 708.90 +3.3 1.01k 438.55 40
NatlThmPr 152.80 .75 190.30 138.95 2.6 12.8 2282
NMDC 188.20 .05 259.95 136.15 2.4 10.3 15
OilNatGas @ 284.40 +3.35 303.90 240.10 3.4 8.6 119
RelianceIn @ 724.55 +5.8 902 671 0.8 12.5 225
SBI NewA @ 2.09k +2.25 2.53k 1.58k 1.7 8.7 422
SteelAuthr 88.80 2.25 135 73 2.3 10.3 363
Sterlite 102.10xd +2.55 176.45 86.10 2 7.1 748
TAMO 216xd 320.60 137.65 1.9 3.2 1146
TataCnslty @ 1.21kxd 4.8 1.29k 897.13 2.1 20.5 102
TataSteel 397xd 2.5 595.90 332.35 3 7.4 701
Wipro @ 346xd 10.45 452.50 310.20 1.7 14.6 400
INDONESIA prices in 000s
(Jul 24/Rupiah)
AdaroEgy 1.36 .01 2.70 1.18 4.9 8.5 21294
Astra Int @ 6.35 .05 7.97 5.50 3.1 14.2 32503
Bk Negara 3.78 .05 4.60 2.98 1.6 11.5 10874
BkCentAsia@ 7.65 .1 8.85 6.75 1.5 16.8 8163
BkMandiri 7.40 8.15 5.10 1.4 14.4 17170
BkRakyat @ 6.35 .05 7.25 5 1.9 9.5 24544
Gudang Grm 57.50 .3 67 46.90 1.7 22.1 915
Telkom 8.75 .2 9.15 6.60 4.2 14.8 15619
Unilever 22.40 .3 25.50 14 2.4 39.5 1698
IRELAND
(Jul 24/Euro)
Aer Lingus 1.05xd +.01 1.18 0.52 2.9 8.1 213
BkofIrelnd 0.09 0.16 0.07 11660
CRH 14.69 +.01 16.93 10.28 4.3 17.7 917
Elan Crp 9.79 1.31 12.01 6.09 2132
GraftonGrp 2.70 3.45 2.25 2.8 10 57
Ind News 0.23 +.01 0.38 0.20 3.2 70
Irish Lf 0.02 0.08 0.02 47
Kerry Gp 35.26 .49 37.46 23.65 0.9 17.1 219
Ryanair 3.89 .04 4.52 2.76 10.8 2562
ITALY
(Jul 24/Euro)
A2A 0.29 .02 1 0.29 4.5 27345
Acea 3.97 .34 7 3.61 7.1 22.2 52
Atlantia 9.57 .28 13 8.70 7.4 7.6 2538
Autogrill 6.14 .23 9.45 6.12 4.6 13.9 1487
BcaCarige 0.50 .01 1.58 0.50 14 4.4 2027
BcaMilano 0.32 0.65 0.25 10.3 32137
BcaPEmilR 2.88 .22 8.36 2.88 1 3.6 1319
BcoPoplre 0.81 .04 1.70 0.79 9738
BcPSondrio 3.85 6.85 3.76 2.3 11 182
BuzziUnicm 7.04 .22 9.49 5.45 0.7 573
Campari 5.31 .01 5.95 4.83 1.3 19 892
CredEmil 2.70 .04 4.22 2.30 3.7 8.3 92
Edison 0.88 1 0.72 4.8 3746
ENEL @ 2.03 .1 4.22 2.02 12.8 4.6 67755
ENI @ 15.25 .42 18.72 11.83 6.8 7 15660
ERG 5.14 .07 9.60 4.28 7.8 9.4 92
Exor 16.62 .35 22.40 13.27 2 6.7 441
Fiat 3.70 .13 7.66 3.25 3.3 22115
Fiat Ind 7.20 9.69 4.77 2.6 11.6 4585
Finmecnca 2.67 .04 7.45 2.56 5201
Generali @ 8.56 .32 14.09 8.16 2.3 16.3 7674
IntSanPSvg 0.70 .02 1.41 0.68 3.3 4916
IntSPaolo @ 0.88 .04 1.72 0.85 159472
Italcementi 3.12 .02 6.10 3.08 3.8 141
Lottomatica 15.06 .35 16.10 10.22 4.7 12.4 421
Luxottca 27.04 .09 28.49 17.88 1.8 26.6 747
Meddiolan. 2.20 .12 3.76 2.16 5 9.1 1657
Mediaset 1.19 .06 3.20 1.14 8.4 8.1 6582
Mediobnca 2.43 .18 6.73 2.41 7 37.6 4592
MontePsS 0.16 .01 0.55 0.14 13.2 57338
Parmalat 1.42 .04 1.92 1.27 7 12 1492
Pirelli&C 7.37 +.4 9.83 4.80 3.7 7.1 6756
Prysmian 12.06 .05 14.32 9.07 1.7 1085
Saipem @ 34.90 +.18 39.87 23.31 2 16.3 1905
Saras 0.79 .01 1.51 0.66 2623
Snam 3.10 .08 4.12 3.07 7.7 13.8 9379
TelcmItalR 0.52 + 0.80 0.51 10.4 6.5 18516
TelecmItal @ 0.61 .02 0.96 0.61 7.1 83326
TERNA 2.57 .08 3.21 2.36 8.2 13.5 7369
TODS 71.30 +.15 96.40 60.45 3.5 16.2 126
UBI Banca 1.84 .13 4.12 1.82 2.7 5623
UniCred @ 2.33 .1 8.65 2.20 8.5 57809
JAPAN prices in 000s
(Jul 24/Yen)
Aeon 0.94 1.11 0.90 2.5 10.7 2816
Ajinomoto 1.11 1.13 0.85 1.4 17.1 1678
AozoraBk 0.18 +.01 0.26 0.15 5 7.5 4484
Asahi Glass 0.45 .01 0.95 0.45 5.8 8.9 7387
AstellasPh @ 3.60 .02 3.88 2.70 3.5 17.2 3187
Bridgestne @ 1.71 2.09 1.58 1.3 8.3 1806
Canon @ 2.70 .04 4.02 2.69 4.4 12.4 8406
ChubuElec 0.98 .03 1.58 0.98 6.1 2976
Chugai Ph 1.53 + 1.58 1.13 2.6 18.6 627
CntJpRwy @ 638 +8 704 596 1.5 7.6 4
DaikinInd 2.04 +.03 2.83 1.84 1.8 11.3 2264
DaiNpPrnt 0.59 0.91 0.55 5.4 23.5 2084
DaiSankyo 1.31 .01 1.63 1.23 4.6 18.5 1854
DaiwaSec 0.26 + 0.36 0.23 2.3 37.7 8145
Denso @ 2.39 .02 2.86 2 1.9 14.1 1549
EastJpRwy @ 4.99 +.07 5.50 4.26 2.2 12.2 1301
Eisai 3.43 .01 3.54 2.83 4.4 17.2 763
Fanuc @ 12.37 +.08 15.63 9.99 1.7 19 658
FastRetail @ 15.84 +.11 19.15 11.95 1.4 21.3 470
FujiFilmH 1.30 2.48 1.29 2.7 10.3 2219
Fujtsu 0.34 0.48 0.32 3 11.7 8290
Hitachi @ 0.44 .01 0.56 0.36 1.8 10.3 22065
Honda Mt @ 2.42 .02 3.30 2.13 2.5 8.9 3346
Hoya 1.69 +.01 1.94 1.54 3.8 11.9 824
Inpex @ 440 +1 615 420.50 1.6 9.8 8
Itochu 0.81 .01 0.97 0.68 5.5 4.3 6561
JapanTob @ 2.39xa .01 2.48 1.54 2.1 15 2389
JFE 1.02 .01 2.18 1.01 2 7.4 3502
JX Hldgs 0.36 .01 0.58 0.35 4.5 5.6 7156
KansaiEP 0.65 .04 1.46 0.65 9.3 10865
Kao Corp 2.17 2.30 1.95 2.8 19 1453
KDDI Cp @ 528 3 668 473.50 3 9.5 8
Keyence 19.11 .09 20.58 16.44 0.3 77.5 83
KirinHldgs 0.89 +.01 1.15 0.87 3 18.8 3150
Komatsu @ 1.67 +.02 2.51 1.45 2.5 8.6 5104
Kubota 0.71 0.83 0.56 2.1 14.1 2602
Kyocera 6.16 .08 8.45 6.06 2 12.3 801
Kyushu EP 0.69 .02 1.36 0.69 7.3 2134
Marubeni 0.50 0.65 0.37 4 4.2 11562
MitsubElec @ 0.59 .01 0.94 0.58 2 10.6 7329
MitsubEst @ 1.38 .02 1.58 1.12 0.9 38.2 3876
MitsubHvy 0.30 0.41 0.29 2 20.1 20485
Mitsubishi @ 1.52 .01 2.14 1.39 4.3 5 4636
MitsubTk @ 0.36 0.45 0.32 3.4 7.6 51690
Mitsui @ 1.13 .01 1.49 1.01 4.9 5 6509
MitsuiFud 1.43 .02 1.68 1.09 1.5 22.9 4412
MitsuiSmIns 1.26 +.02 2.04 1.14 4.3 10 2097
Mizuho @ 0.12 0.15 0.10 5 6.8 115315
Murata Mfg 3.94 .07 5.36 3.79 2.5 18.5 17
NEC 0.10 + 0.19 0.10 13 26352
Nintendo 8.29 .15 14.86 8.27 1.2 58.7 15
NipponStl @ 0.15 0.27 0.15 1.7 12.3 32324
Nissan Mt @ 0.72 0.91 0.61 2.8 7.9 15114
Nitto Denko 3.27 .05 3.87 2.65 3.1 11.4 824
NKSJ 1.49 .02 2.22 1.39 5.4 25.7 1201
Nomura 0.25 + 0.42 0.22 2.4 24 21548
NTT @ 3.63 .02 4.09 3.27 3.9 8.4 1879
NTT Data 240.40 +1.3 294.20 213.30 2.5 17.7 7
NTTDCMo @ 129.40 1.4 149.10 123.30 4.3 10.1 51
Orix 7.12 .04 8.64 5.48 1.3 7.9 757
Panasonic @ 0.51 +.01 0.94 0.50 2 25 22444
Resona 0.31 0.42 0.28 3.9 5.5 9117
Ricoh 0.53 + 0.88 0.53 4.7 12 13008
Rohm 2.74 .02 4.66 2.70 2.2 31.1 5
Secom 3.70 .01 4.19 3.33 2.4 13.7 577
SekisuiHse 0.75 0.82 0.64 2.7 12 2271
Seven & I @ 2.50 +.02 2.57 1.97 2.5 14.2 3008
Sharp 0.29 .01 0.79 0.28 3.5 82352
ShnEtsuCh @ 4.06 .04 4.88 3.47 2.5 16.4 964
SMC Cp 12.94 +.1 14.87 9.99 1 15 195
Softbank @ 2.83 .08 3.21 2.05 1.4 9.8 7442
Sony @ 0.92 2.08 0.91 2.7 30.7 12273
SonyFinH 1.22 .01 1.55 1.02 1.6 14.3 883
SumitChm 0.21 .01 0.40 0.21 4.4 9.8 13192
SumitoEle 0.88 .01 1.21 0.75 2.2 9.6 2441
SumitomMI 0.11 0.20 0.11 1.8 23.7 7897
Sumitomo @ 1.07 .01 1.28 0.88 4.7 5.2 3951
SumitomoF@ 2.38 +.01 2.93 2 4.2 7 5858
Suzuki Mt 1.39 +.02 2.07 1.36 1.1 10 2623
T&D Hld 0.77 + 1.06 0.66 2.9 14.6 1484
Takeda Ph @ 3.58 +.01 3.79 3.02 5 18.2 1812
TDK 2.80 .04 4.84 2.40 2.9 9.1 2300
Terumo 3.09 .04 4.55 2.76 1.3 17 1141
Tohoku EP 0.58 .02 1.11 0.58 1556
TokioElPw 0.13 + 0.56 0.12 8772
TokioMrne @ 1.81 .01 2.39 1.65 2.8 13.3 1514
Tokyo Elcn 3.53 +.01 4.95 3.33 2.3 19.9 1400
TokyoGas 0.40 .01 0.42 0.31 2.3 16.4 6436
Toshiba @ 0.26 .02 0.42 0.26 3.1 8.2 55529
Toyota @ 2.88 .04 3.64 2.33 1.7 7869
Toyota Ind 2.05 .01 2.64 1.95 2.4 11.3 345
WstJpnRwy 3.39 +.05 3.53 3.04 2.7 13.3 1170
Yahoo Jpn @ 26.06 28.20 21.65 1.3 14.4 75
YokohaBk 0.35 0.42 0.34 2.9 8.6 3439
MALAYSIA
(Jul 24/Ringgit)
AxiataGp 5.84 .01 6.23 4.43 3.2 20.9 18944
CIMB Grp @ 7.85 +.01 8.55 6.56 2.8 14.1 10252
Digi.com 4.41 .01 4.54 2.86 5 25.8 7624
Genting 9.30xd .03 11.32 8.37 0.9 12.6 2672
Genting Mly 3.46 .04 4.12 3.01 2.5 15.3 3030
IOI Corp. 5.30 .03 5.55 3.75 3 17.6
KL Kpng 23.70xd .28 26.76 15.30 3.6 17.4 705
MalayBnkng@ 8.75 9 7.35 7.7 12.9 7802
Maxis 6.56 .09 6.92 5.16 4.9 19.2 4030
MISC 4.64 .03 8 3.86 5.4 829
PetChem 6.49 .02 7.06 5.23 2.5 14.4 4046
PetGas 17.96 .02 18.20 12.02 2.2 25.1 420
PPB Grp 15.20 .3 17.98 15.16 1.5 20.2 213
Public Bk 14.34 14.46 11.68 3.3 13.7 3703
Public BkF 14.30 .04 14.40 11.74 3.3 2575
SimeDarby @ 9.93 .01 10.26 7 3.2 13.7 9824
TelekmMala 6.17 .01 6.31 3.75 8 17.3 11997
Tenaga Nsl 6.69 .03 6.86 4.89 0.7 13.3 4361
YTL Power 1.84 2.08 1.53 3 10.1 2496
MEXICO
(Jul 24 / 3:00pmClose/Peso)
AmerMvl @ 17.83 .24 18.80 13.48 0.6 15 39687
CemxCPO 9.17 .05 10.63 3.13 10.2 30552
FEMSAUBD@ 115.95 .35 123 74.20 0.8 28.3 1257
GrpElektra @ 610.98 2.01 1.48k 407 0.3 5.7 258
GrpMexico @ 36.69 .39 43.63 30.42 4.5 7737
Inbursa 33.99 .12 34.98 21.40 1 35.3 1166
Tuesday stock close Days
traded ms price change
Cisco Systems 100.2 15.12 0.95
Microsoft 46.7 29.15 0.13
Intel 32.9 25.01 0.26
Oracle Corp 23.3 29.32 0.34
Dell 21.1 11.57 0.24
RschMt 19.9 6.93 +0.07
Yahoo 19.4 15.43 0.33
Huntington 18.5 6.30 +0.10
Baidu 16.5 114.95 +7.85
Apple 15.9 600.92 2.91
BIGGEST MOVERS
Tuesday Close Days Days
price change chng%
Ups
Avery Dennison 30.31 2.07 +7.33
Baidu 114.95 7.85 +7.33
Ryder SystemInc 36.73 2.07 +5.97
Regions Finan 6.65 0.26 +4.07
Downs
Lexmark Intl 16.78 2.44 12.70
Peabody Energy 20.57 2.59 11.18
Whirlpool 62.25 5.06 7.52
Cisco Systems 15.12 0.95 5.91
Based on the constituents of the S&P500 and the Nasdaq 100 index
Tuesday stock close Days
traded ms price change
LlydsBkg 98.2 28.76 0.53
Vodafone 65.3 177.45 1.75
Man 49.6 72.00 +2.85
Barclays 46.4 150.60 1.95
HSBC 23.4 510.60 4.00
BP 20.0 427.85 2.70
Tesco 14.7 315.55 2.95
BT 13.8 217.40 2.20
Leg&Gen 13.1 124.30 1.00
Aviva 11.8 269.80 5.40
BIGGEST MOVERS
Tuesday Close Days Days
price change chng%
Ups
Providnt 1,297.00 124 +10.57
IPF 255.60 19.40 +8.21
ABG 338.10 21.10 +6.66
Croda 2,364.00 135 +6.06
Downs
Ocado 71.70 4.05 5.35
PZCusns 305.00 16.70 5.19
C&WComm 30.77 1.68 5.18
AZElecMat 268.70 14.30 5.05
Based on the constituents of the FTSE 350 index
Tuesday Turnover close Days
Euro/ms price change
Allianz SE 251.8 74.16 1.74
SAP 251.6 50.77 +1.72
Eni 238.8 15.25 0.42
Deutsche Bank 222.4 23.47 0.05
BcoSantdr 198.5 4.04 0.19
Telefonica 196.3 8.63 0.39
BBVA 191.7 4.43 0.19
Total 179.2 34.83 0.56
BASF 175.2 55.99 0.25
Sano 174.7 61.10 0.33
BIGGEST MOVERS
Tuesday Close Days Days
price change chng%
Ups
Nokia 1.47 +0.05 +3.52
SAP 50.77 +1.72 +3.50
Cap Gemini 26.69 +0.65 +2.48
CaixaBank 2.36 +0.05 +2.34
Downs
Mapfre S.A. 1.35 0.12 8.29
KPN 6.79 0.54 7.34
Repsol Ypf 10.96 0.85 7.16
Mediobanca 2.43 0.18 6.75
Based on the constituents of the FTSEurorst 300 Eurozone index
Tuesday stock close Days
traded ms price change
Mizuho Fin 115.3 121
Sharp Corporat 82.4 289 5
Toshiba 55.5 261 15
MUFG 51.7 358 1
ALL NIPPON AW 39.5 187 +6
Nippon Steel 32.3 150 1
Mazda Motor 30.7 90 1
NEC 26.4 100 +3
Panasonic 22.4 510 +10
Hitachi 22.1 443 12
BIGGEST MOVERS
Tuesday Close Days Days
price change chng%
Ups
ALL NIPPON AW 187 6 +3.31
NEC 100 3 +3.09
Keisei Elec Ry 707 20 +2.91
Kawasaki Kisen 109 3 +2.83
Downs
Toshiba 261 15 5.43
Kansai Elec P 646 37 5.42
IHI 156 7 4.29
Taiyo Yuden 616 24 3.75
Based on the constituents of the Nikkei 225 index
Jul 24
3088
764
2224
100
104
96
Lexmark Intl
Share Price
Jun 24 2012/2012 Jul 24
Prov Fin
Share Price
Jun 24 2012/2012 Jul 24
Mapfre S.A.
Share Price
Jun 24 2012/2012 Jul 24
Toshiba
Share Price
Jun 24 2012/2012 Jul 24
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Jul 23
3096
706
2294
96
106
97
Jul 20
3097
1000
1990
107
147
42
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
2.44
Change
on day
124.0
Change
on day
0.12
Market data provided by
Market data provided by
Change
on day
15.00
n MAJOR MARKET VOLUMES
5 day
Jul 24 Jul 23 average
NYSE 691 742 783
NASDAQ 1577 1583 1692
UK 2413 2878 3453
France 196 253 233
Germany 169 272 207
Japan 1288 1022 1188
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Jul 24 Days Days
Open Close high low
DJ Ind 12720.93 12619.59 12730.09 12521.84
Nasdaq Cmp 2894.95 2862.99 2896.56 2847.22
S&P 500 1350.52 1337.42 1351.53 1329.24
FTSE E300 1024.73 1018.61 1028.77 1017.53
FTSE 100 5533.87 5499.23 5556.63 5486.99
FTSE All Sh 2873.37 2857.63 2884.19 2852.19
CAC 40 3114.09 3074.68 3119.75 3074.68
XETRADAX 6420.82 6390.41 6456.00 6378.00
Topix 718.69 717.67 721.75 714.29
Nikkei 8497.99 8488.09 8517.52 8446.18
Hang Seng 19078.14 18903.20 19124.96 18854.32
SMI 6205.39 6174.89 6211.70 6165.89
AEX 314.10 311.74 314.39 311.74
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
Businesses
for sale
FT BUSINESS
Classified Business Advertising:
UK: +44 20 7775 4909
US: +1 212 641 6500
ASIA: +852 2905 5554
FINANCIAL TIMES WEDNESDAY JULY 25 2012

19
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
Jul 24
INTEREST RATES - OFFICIAL
Euro 0.24 0.12 0.15 0.05 0.26 0.06 0.48 0.32 0.72 0.62 1.03 0.87
Danish Krone 0.03 0.07 0.01 0.19 0.10 0.35 0.37 0.03 0.40 0.20 0.70 0.50
Sterling 0.65 0.50 0.48 0.38 0.60 0.50 0.90 0.80 1.20 1.10 1.32 1.15
Swiss Franc 0.51 0.01 0.05 0.15 0.52 0.02 0.15 0.07 0.30 0.10 0.75 0.25
Canadian Dollar 1.35 0.85 1.20 0.90 1.37 1.09 1.56 1.21 1.75 1.40 2.45 1.95
US Dollar 0.22 0.12 0.23 0.13 0.26 0.16 0.62 0.37 0.60 0.50 1.07 0.99
Japanese Yen 0.08 0.02 0.18 0.03 0.15 0.03 0.35 0.15 0.50 0.30 0.75 0.45
Singapore $ 0.01 0.01 0.19 0.06 0.31 0.06 0.37 0.22 0.38 0.13 0.50 0.25
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
Jul 24
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.16250 0.004 0.007 0.004 0.24420 0.44810 0.72640 1.06150
Euro Libor* 0.02800 0.009 0.026 0.234 0.11429 0.31393 0.61836 0.95421
Libor* 0.52438 0.001 0.004 0.020 0.56850 0.76900 1.04313 1.52463
Swiss Fr Libor* 0.01000 0.004 0.02700 0.06800 0.17400 0.37440
Yen Libor* 0.09871 0.003 0.006 0.14286 0.19571 0.33443 0.55229
Canada Libor* 1.00000 0.003 0.001 1.09600 1.29800 1.56600 2.03650
Euro Euribor 0.17 0.44 0.72 0.99
Sterling CDs 0.53 0.77 1.05 1.53
US$ CDs 0.20 0.50 0.80 1.35
Euro CDs 0.00 0.18 0.50 0.77
US onight repo 0.21 0.080
Fed Funds e 0.14 0.010 0.050 0.030
US 3mBills 0.11 0.010 0.015 0.025
SDR int rate 0.08 0.010 0.010 0.050
EONIA 0.113 0.002 0.001 0.212
EURONIA 0.0059 0.011 0.006 0.144
RONIA 0.4576 0.001 0.021 0.001
SONIA 0.4583 0.006 0.002 0.024
LA7 Day Notice 0.35 0.30
Interbank 0.54 0.39 0.55 0.45 0.57 0.47 0.80 0.72 1.08 1.00 1.57 1.49
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are xed at 11amUK time. Other data sour
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Jul 24
INTEREST RATES - MARKET
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 108.4 108.4 106.2
Canada 111.1 111.4 110.2
Denmark 103.7 103.8 105.4
Japan 186.6 186.0 179.3
NewZealand 107.5 107.5 108.3
Norway 106.6 106.6 107.1
Sweden 86.4 86.1 83.7
Switzerland 142.1 142.3 143.8
UK 84.5 84.3 83.1
USA 82.4 82.4 82.3
Euro 85.51 85.76 88.53
Mth ago Jul 24 Jul 23 Mth ago Jul 24 Jul 23
FX - EFFECTIVE INDICES
Overall () 1093 256.18 0.14 2.59 5.63 2.28 15.09
Overall ($) 3262 216.08 0.13 1.52 4.25 1.52 4.25
Overall () 2276 181.95 0.47 0.75 5.07 0.74 7.79
Global Ination Lkd 97 236.06 0.44 0.29 2.61 0.43 3.54
Gilts () 33 263.54 0.21 2.12 4.29 1.70 17.28
Corporates () 703 243.99 0.04 3.92 9.95 3.89 10.70
Corporates ($) 2111 231.14 0.12 2.28 7.52 2.28 7.52
Corporates () 1196 182.47 0.15 1.91 7.81 2.07 7.38
Treasuries ($) 156 211.65 0.14 1.28 2.98 1.28 2.98
Eurozone Sov () 261 249.18 0.01 3.60 8.61 3.52 11.34
ABF Pan Asia unhedged 541 179.89 0.71 0.14 4.06 0.10 7.70
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 74 111.20 0.16 3.26 6.73 3.60 12.18
Euro Corporate () 294 104.76 0.28 1.36 3.87 1.68 8.35
Euro Emerging Mkts () 11 93.11 0.10 1.36 2.63 1.77 8.56
Eurozone Govt Bond 234 99.69 0.80 0.17 2.62 0.12 6.61
Emerging Markets 5Y 276.18 12.86 22.03 24.16 343.80 231.12
Nth Amer Inv Grade 5Y 113.25 2.03 0.40 6.10 127.34 86.80
Nth Amer High Yld 5Y 599.93 9.35 4.66 26.98 658.30 569.71
Nth Amer HiVol 5Y 214.76 4.35 0.48 6.90 239.06 175.25
Europe 5Y 178.64 4.46 11.82 9.45 183.79 113.80
Crossover 5Y 685.05 11.73 20.22 7.44 752.14 554.75
HiVol 5Y 272.65 5.24 12.73 13.05 274.36 164.40
Japan 5Y 185.33 1.80 4.92 2.15 218.75 151.17
SovXCEEMEA5Y 278.74 1.24 20.30 23.77 358.70 258.33
SovXWestern Europe 5Y 282.13 3.40 20.25 12.48 326.70 261.88
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
Jul 24
Jul 24
Jul 24
Jul 23
Jul 23
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 Jul 24
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB 103.45 3.42 0.72 3.21
Kazkommerts Int 04/14 7.88 B+ B2 B 98.65 8.74 0.03 0.37 8.47
Bertin 10/16 10.25 BB B1 100.42 10.12 0.00 0.26 9.63
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 101.33 4.66 0.08 0.03 4.75
Kazkommerts Int 02/17 6.88 B+ B2 B 82.00 12.24 0.47 0.50 12.01
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB 112.44 2.98 0.06 0.35 2.70
Peru 02/15 9.88 BBB Baa3 BBB 120.75 1.47 0.02 0.06 1.19
Brazil 03/15 7.88 BBB Baa2 BBB 116.50 1.42 0.01 0.07 1.13
Mexico 09/16 11.38 BBB Baa1 BBB 140.88 1.21 0.01 0.42 0.66
Argentina 01/17 11.38 27.81 57.83 0.03 0.77 57.28
Philippines 01/19 9.88 BB+ Ba2 BB+ 144.38 2.42 0.01 0.58 1.53
Brazil 01/20 12.75 BBB Baa2 BBB 169.94 2.45 0.02 0.34 1.55
Colombia 02/20 11.75 BBB Baa3 BBB 162.94 2.56 0.05 0.39 1.66
Russia 03/30 7.50 BBB Baa1 BBB 120.75 3.76 0.00 0.23 3.21
Mexico 08/31 8.30 BBB Baa1 BBB 162.75 3.69 0.03 0.49 2.28
Indonesia 02/37 6.63 BB+ Baa3 BBB 128.00 4.69 0.20 0.35 2.22
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 114.55 1.45 0.10 0.06 1.46
Poland 02/16 3.63 A A2 A 107.79 1.34 0.07 0.56 1.21
Turkey 03/16 5.00 BB Ba1 BB+ 106.15 3.16 0.28 0.32 3.03
Mexico 02/20 5.50 BBB Baa1 BBB 116.73 2.99 0.32 2.16
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%21 143.14 0.30 0.27 1.02 1.96 5.2 65.7 6
Fr 2.25%20 115.93 0.24 0.15 4.83 1.41 20.0 191.7 13
Swe 0.25%22 104.85 0.11 0.09 2.27 1.30 14.8 243.0 5
UK 2.5%16 344.04 1.85 1.83 0.67 2.19 8.0 347.8 19
UK 2.5%24 334.87 0.53 0.55 1.52 2.36 6.8 347.8 19
UK 2%35 198.47 0.00 0.04 0.06 2.73 9.7 347.8 19
US 0.625%21 113.24 0.80 0.79 1.64 2.03 35.8 914.8 33
US 3.625%31 158.97 0.10 0.09 3.13 2.12 16.8 914.8 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Di between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts ination factor is applied to price, for other markets it is applied to par
amount.
Jul 23 Jul 23 Jul 20
BONDS - INDEX-LINKED
Spread Spread
Bid vs vs
Yield Bund T Bonds Jul 24
Spread Spread
Bid vs vs
Yield Bund T Bonds
Australia 2.76 +1.52 +1.35
Austria 2.07 +0.84 +0.67
Belgium 2.81 +1.57 +1.40
Canada 1.58 +0.35 +0.18
Denmark 1.03 0.20 0.37
Finland 1.50 +0.27 +0.10
France 2.27 +1.04 +0.87
Germany 1.24 0.17
Greece 27.92 +26.68 +26.51
Ireland 6.27 +5.04 +4.87
Italy 6.61 +5.37 +5.20
Japan 0.74 0.50 0.67
Netherlands 1.73 +0.49 +0.32
New Zealand 3.27 +2.03 +1.86
Norway 1.71 +0.48 +0.31
Portugal 10.76 +9.52 +9.35
Spain 7.63 +6.39 +6.22
Sweden 1.24 +0.00 0.17
Switzerland 0.51 0.73 0.90
UK 1.46 +0.22 +0.05
US 1.40 +0.17
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 Jul 24
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 101.00 1.49 0.40 0.27 1.34
Bank of America 01/13 4.88 A Baa2 A 101.60 1.43 0.01 0.35 1.29
Goldman Sachs 07/13 4.75 A A3 A 103.14 1.47 0.11 0.85 1.30
Hutchison 03/33 01/14 6.25 A A3 A 106.67 1.70 0.03 0.03 1.48
Misc Capital 07/14 6.13 BBB Baa2 107.03 2.37 0.74 0.85 2.15
BNP Paribas 06/15 4.80 A Baa3 A 103.51 3.52 0.00 0.54 3.23
GE Capital 01/16 5.00 AA+ A1 110.99 1.70 0.03 0.23 1.42
Erste Euro Lux 02/16 5.00 AAA 102.72 4.16 0.88 1.50 3.82
Credit Suisse USA 03/16 5.38 A+ A1 A 112.08 1.89 0.06 0.69 1.40
SPI E&G Aust 09/16 5.75 A A1 A 110.42 3.05 0.02 0.18 2.48
Abu Dhabi Nt En 10/17 6.17 A A3 115.63 2.93 0.00 0.40 2.31
Swire Pacic 04/18 6.25 A A3 A 117.76 2.86 0.13 0.68 2.31
ASNA 11/18 6.95 A Baa2 A 113.15 4.51 0.03 0.02 3.62
Codelco 01/19 7.50 A A1 A+ 127.95 2.75 0.05 0.02 1.85
Bell South 10/31 6.88 A WR A 126.93 4.73 0.03 0.35 3.32
GE Capital 01/39 6.88 AA+ A1 136.80 4.49 0.08 0.48 2.02
Goldman Sachs 02/33 6.13 A A3 A 106.85 5.56 0.12 0.28 3.09
Euro
CCCI 10/12 6.13 NR A1 A 99.42 8.67 0.40 0.88 8.25
Amer Honda Fin 07/13 6.25 A+ A1 105.10 0.94 0.03 0.21 1.02
SNS Bank 02/14 4.63 BBB+ Baa2 BBB+ 100.26 4.43 0.12 0.23 4.48
JPMorgan Chase 01/15 5.25 A A2 A+ 109.37 1.36 0.01 0.37 1.42
Hutchison Fin 06 09/16 4.63 A A3 A 110.75 1.91 0.07 0.53 1.78
Hypo Alpe Bk 10/16 4.25 A1 102.20 3.68 0.09 0.38 3.55
GE Cap Euro Fdg 01/18 5.38 AA+ A1 116.72 2.11 0.07 0.61 1.69
Unicredit 01/20 4.38 BBB+ Baa2 A 89.01 6.25 0.32 0.27 5.45
ENEL 05/24 5.25 BBB+ Baa1 A 94.12 5.96 0.21 0.60 4.55
Yen
Citi Group 15 09/12 1.11 A Baa2 A 100.01 1.04 0.01 0.16 0.94
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.75 1.18 0.22 1.08
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.10 0.32 0.00 0.09 0.21
Nomura Sec S 3 03/18 2.28 100.44 2.19 0.00 0.03 1.95
Sterling
Slough Estates 09/15 6.25 A 110.77 2.65 0.01 0.58 2.36
ASIF III 12/18 5.00 A+ A2 A 103.50 4.31 0.01 0.18 3.47
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 Jul 24
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 6.25 107.13 2.36 0.02 0.04 0.19 2.05
07/22 5.75 125.92 2.76 0.05 0.06 0.35 2.22
Austria 07/14 4.30 108.05 0.20 0.09 0.17 0.29 1.53
04/22 3.65 113.75 2.07 0.18 0.11 0.25 1.28
Belgium 03/14 4.00 105.93 0.43 0.20 0.27 0.42 2.02
09/22 4.25 112.60 2.81 0.31 0.24 0.48 1.45
Canada 08/14 2.25 102.62 0.94 0.02 0.02 0.12 0.57
06/22 2.75 110.60 1.58 0.03 0.03 0.22 1.35
Denmark 11/14 2.00 105.31 0.29 0.01 0.01 0.16 1.90
11/21 3.00 117.36 1.03 0.06 0.01 0.41 2.03
Finland 09/14 3.13 106.67 0.01 0.02 0.03 0.28 1.48
04/21 3.50 116.20 1.50 0.10 0.01 0.43 1.69
France 04/14 4.00 106.58 0.22 0.11 0.19 0.18 1.34
02/17 1.75 103.31 1.01 0.23 0.16 0.38 1.45
04/22 3.00 106.31 2.27 0.19 0.12 0.34 1.13
04/41 4.50 124.67 3.18 0.15 0.04 0.29 0.82
Germany 06/14 100.12 0.06 0.01 0.01 0.20 1.45
04/17 0.50 100.90 0.31 0.07 0.01 0.34 1.71
07/22 1.75 104.78 1.24 0.07 0.01 0.35 1.59
07/44 2.50 107.70 2.16 0.10 0.04 0.09 1.40
Greece 02/23 2.00 15.90 27.92 1.91 3.29 1.24 13.18
02/33 2.00 11.50 25.60 2.60 3.57 2.26
Ireland 04/16 4.60 97.50 5.35 0.17 0.00 1.04 7.93
10/20 5.00 92.00 6.27 0.07 0.05 0.85 5.71
Italy 07/14 4.25 98.51 5.13 0.84 1.10 1.06 1.23
06/17 4.75 93.69 6.38 0.78 0.90 1.01 1.60
09/22 5.50 92.68 6.61 0.40 0.49 0.78 1.20
09/40 5.00 77.03 6.97 0.35 0.52 0.72 1.03
Japan 07/14 0.10 100.00 0.10 0.00 0.00 0.01 0.06
06/17 0.20 100.10 0.18 0.01 0.01 0.05 0.21
06/22 0.80 100.56 0.74 0.01 0.03 0.10 0.36
06/32 1.70 102.27 1.55 0.00 0.04 0.12 0.31
Netherlands 01/14 1.00 101.45 0.01 0.04 0.03 0.16 1.47
07/22 2.25 104.73 1.73 0.14 0.06 0.37 1.45
New Zealand 04/15 6.00 109.42 2.39 0.08 0.07 0.13 1.08
04/23 5.50 120.03 3.27 0.09 0.10 0.19 1.88
Norway 05/17 4.25 113.93 1.25 0.03 0.01 0.49 1.30
05/23 2.00 102.80 1.71 0.03 0.03 0.47 1.56
Portugal 06/14 4.38 94.25 7.76 0.16 0.31 0.86 8.01
04/21 3.85 62.10 10.76 0.29 0.28 1.18 0.48
Spain 07/14 4.75 96.06 6.92 0.95 2.06 2.28 3.06
01/22 5.85 88.21 7.63 0.36 0.82 1.26 1.84
Sweden 05/14 6.75 110.46 0.78 0.03 0.02 0.07 1.39
06/22 3.50 120.84 1.24 0.04 0.02 0.27 1.57
Switzerland 01/14 4.25 106.61 0.32 0.08 0.02 0.06 0.54
05/22 2.00 114.30 0.51 0.03 0.04 0.07 1.03
UK 03/13 4.50 102.67 0.19 0.02 0.11 0.13 0.35
01/17 1.75 105.67 0.47 0.03 0.10 0.28 1.15
03/22 4.00 122.74 1.46 0.03 0.04 0.27 1.65
12/42 4.50 132.66 2.88 0.04 0.00 0.09 1.25
US 06/14 0.25 100.06 0.22 0.01 0.01 0.09 0.17
06/17 0.75 100.97 0.55 0.03 0.05 0.20 0.96
05/22 1.75 103.16 1.40 0.05 0.06 0.26 1.56
05/42 3.00 111.16 2.47 0.08 0.09 0.28 1.79
BONDS - BENCHMARK GOVERNMENT
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All Cap 7335 341.88 1.7 0.4 2.2 430.14 4.0 2.8 Oil & Gas 177 405.78 1.7 4.7 4.6 555.31 2.9 3.1
Oil & Gas Producers 127 370.38 1.8 3.8 5.7 513.36 4.0 3.2
Oil Equipment & Services 41 420.55 1.1 9.7 2.8 535.41 4.0 2.3
Basic Materials 296 434.43 2.9 2.1 8.4 579.70 6.7 3.1
Chemicals 109 483.64 2.4 1.5 3.2 655.90 5.2 2.8
Forestry & Paper 15 147.08 2.2 0.6 5.4 213.56 3.1 3.7
Mining 78 851.45 3.3 4.8 17.5 1106.41 16.2 3.2
Industrials 514 218.54 1.6 0.2 1.5 281.46 3.2 2.7
Construction & Materials 111 319.18 2.8 0.7 3.2 431.10 1.1 3.0
Aerospace & Defense 28 295.06 1.7 0.3 3.8 377.56 5.2 2.5
General Industrial 52 153.34 0.6 1.7 4.3 209.33 6.3 3.1
Electronic & Electrical Equipment 72 221.63 1.8 2.0 3.8 266.65 5.1 2.2
Industrial Engineering 105 467.00 1.6 2.6 4.2 593.66 2.5 2.6
Industrial Transportation 89 385.12 1.8 0.5 3.2 495.04 4.7 2.6
Support Services 57 200.55 1.8 0.8 4.2 248.41 5.9 2.9
Consumer Goods 356 306.30 1.7 0.7 3.9 401.19 5.7 2.6
Automobiles & Parts 87 254.57 2.2 3.7 0.0 322.47 1.7 2.3
Beverages 46 440.16 1.1 3.2 11.3 582.11 12.8 2.4
Food Producers 87 410.91 1.9 0.3 0.2 556.40 2.2 2.8
Leisure Goods 21 110.84 1.9 7.7 15.5 135.63 14.2 2.0
Personal Goods 64 440.98 1.6 0.3 4.2 561.13 5.6 2.2
Tobacco 13 986.98 1.6 3.5 12.6 1668.86 15.3 3.7
Health Care 145 261.12 1.3 1.7 7.2 338.52 9.3 2.7
Health Care Equipment & Services 58 342.82 1.9 2.2 7.1 377.63 8.0 1.3
Pharmaceuticals & Biotechnology 87 202.83 1.1 2.9 7.2 270.68 9.7 3.1
Consumer Services 348 244.69 1.5 1.2 7.9 298.70 9.3 2.1
Food & Drug Retailers 50 199.82 1.7 0.9 1.2 250.94 0.7 2.8
General Retailers 112 337.07 0.9 2.4 12.4 403.13 13.6 1.9
Media 80 168.10 2.0 2.4 11.7 206.12 13.2 2.1
Travel & Leisure 106 249.46 2.0 2.0 2.9 307.04 4.2 2.2
Telecommunication 94 144.48 1.3 2.0 1.1 221.24 5.0 5.4
Fixed Line Telecommuniations 44 124.32 1.0 0.0 1.2 204.89 3.4 6.7
Mobile Telecommunications 50 149.89 1.7 4.1 3.6 211.85 6.8 4.1
Utilities 158 225.15 1.6 0.3 3.6 359.69 0.7 4.7
Electricity 112 236.95 1.5 0.6 6.0 375.97 3.4 4.6
Gas Water & Multiutilities 46 254.10 1.8 0.0 0.4 413.78 3.7 4.9
Financials 615 146.00 2.0 0.9 3.8 205.79 6.0 3.4
Banks 235 143.36 2.1 2.4 1.1 212.82 3.5 3.9
Nonlife Insurance 65 130.49 1.8 0.8 2.6 168.27 5.0 3.0
Life Insurance 46 122.78 3.9 0.6 1.2 170.20 3.0 3.2
Technology 170 112.03 1.4 1.6 6.8 125.83 7.7 1.5
Software & Computer Services 66 177.87 1.5 0.4 6.5 196.05 7.3 1.3
Technology Hardware & Equipment 104 90.26 1.3 2.4 7.0 102.51 8.0 1.6
Jul 23
Countries & regions
FTSE Global Large Cap 1235 308.36 1.7 0.4 2.3 394.40 4.2 3.0
FTSE Global Mid Cap 1638 429.02 1.8 0.2 1.7 522.82 3.3 2.4
FTSE Global Small Cap 4462 457.22 1.9 0.2 2.2 543.63 3.4 2.2
FTSE All World (Large/Mid Cap) 2873 200.99 1.7 0.4 2.2 266.11 4.1 2.9
FTSE World (Large/Mid Cap) 2469 352.12 1.7 0.4 2.3 626.09 4.1 2.9
FTSE Global All Cap ex UK 7009 347.05 1.6 0.4 2.4 431.89 4.1 2.8
FTSE Global All Cap ex USA 5372 363.27 2.5 0.3 2.0 477.98 0.3 3.5
FTSE Japan Large Cap 172 237.64 1.5 1.7 2.4 276.41 1.3 2.7
FTSE Japan Mid Cap 278 322.27 1.7 1.0 6.2 367.62 5.2 2.1
FTSE Japan Small Cap 740 375.22 1.9 1.2 2.5 439.11 1.2 2.4
FTSE Japan (Large/Mid Cap) 450 96.83 1.6 1.6 3.2 126.93 2.0 2.6
FTSE North America Large Cap 276 299.98 0.9 1.2 7.3 365.43 8.7 2.4
FTSE North America Mid Cap 414 437.69 1.0 1.1 4.4 509.73 5.4 1.9
FTSE North America Small Cap 1534 456.48 1.4 1.1 2.9 519.39 3.8 1.6
FTSE All World North America 690 199.74 0.9 1.2 6.7 250.22 8.0 2.3
FTSE All World Dev ex North Am 1390 181.42 2.5 0.6 2.5 255.68 0.1 3.7
FTSE Asia Pacic Large Cap ex Japan 423 531.55 2.4 1.4 2.6 715.12 4.7 3.3
FTSE Asia Pacic Mid Cap ex Japan 446 652.39 2.4 0.6 1.8 858.27 3.8 3.4
FTSE Asia Pacic Small Cap ex Japan 1233 486.79 2.4 0.7 1.0 630.94 2.6 3.2
FTSE Latin Americas All Cap 208 1156.96 2.1 0.9 3.2 1544.66 1.3 3.3
FTSE Middle East Africa All Cap 208 657.48 3.0 0.7 0.7 886.40 2.8 3.5
FTSE UKAll Cap 326 291.71 2.9 0.2 0.2 408.74 2.4 3.8
FTSE USAAll Cap 1963 331.83 1.0 1.1 7.2 396.82 8.3 2.1
FTSE Europe All Cap 1403 298.71 3.0 1.2 3.7 411.04 0.7 4.1
FTSE Eurobloc All Cap 672 252.41 3.2 3.5 9.2 353.44 5.8 4.6
FTSE RAFI All World 3000 Index 3016 4179.05 1.9 0.9 2.1 4774.58 0.1 3.5
FTSE RAFI US 1000 Index 997 5826.96 0.9 0.7 4.8 6798.94 6.2 2.4
FTSE EDHEC Risk Ecient All W 2873 223.60 1.7 0.4 2.6 278.12 4.4 2.7
FTSE EDHEC Risk Ecient Dev Eur 515 200.01 2.9 1.0 2.3 266.92 0.4 3.6
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 Aliates, 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 Classication 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 7335 341.88 1.7 0.4 2.2 430.14 4.0 2.8
FTSE Global All Cap ex Eurobloc 6663 354.44 1.6 0.8 3.5 438.87 5.1 2.7
FTSE All World Developed 2080 311.84 1.6 0.4 2.6 394.77 4.4 2.9
FTSE Developed All Cap 5699 325.54 1.6 0.4 2.5 408.77 4.2 2.8
FTSE Developed Large Cap 840 292.65 1.6 0.5 2.8 374.07 4.7 3.0
FTSE Developed Europe Large Cap 200 267.68 2.8 1.2 4.9 377.11 1.8 4.3
FTSE Developed Europe Mid Cap 315 342.94 3.2 1.4 1.7 451.72 0.9 3.3
FTSE Developed Europe Small Cap 746 447.62 3.3 1.5 1.0 576.49 3.5 3.3
FTSE All World Asia Pacic ex Japan 869 415.30 2.4 1.1 2.4 594.94 4.5 3.3
FTSE All Emerging All Cap 1636 646.15 2.6 0.1 0.1 835.49 2.3 3.4
FTSE All Emerging Large Cap 395 622.42 2.7 0.0 1.6 807.31 0.8 3.4
FTSE All Emerging Mid Cap 398 774.00 2.3 0.2 4.3 1004.80 6.4 3.1
FTSE All Emerging Small Cap 843 631.10 2.3 0.7 7.3 793.67 9.0 3.1
FTSE All World All Emerging Europe 80 412.75 4.2 0.5 0.6 533.99 3.0 3.9
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 200 252.9 0.6 1.5 4.3 9.35 356.3
FTSE Dev Eur M Cap 315 325.5 0.1 0.4 3.3 9.87 428.8
FTSE Dev Eur S Cap 746 425.7 0.1 0.3 3.3 11.69 548.3
FTSE Dev Europe 515 164.9 0.5 0.8 4.2 5.87 243.5
FTSEurorst 80 80 2863.0 1.2 33.7 5.2 121.95 4146.8
FTSEurorst 100 100 3047.0 0.8 24.5 4.7 99.82 4394.6
FTSEurorst 300 313 1018.6 0.6 5.7 4.2 32.51 1596.3
FTSEurorst 300 Ezone 166 888.7 1.1 9.6 4.8 35.66 1395.4
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. `FTSEurorst and `Eurorst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurorst indices vest in FTSE and Euronext N.V.
FTSEurorst 300 Supersectors
Oil & Gas 19 320.1 0.9 2.8 4.5 7.82 444.1
Chemicals 14 704.0 0.5 3.4 3.1 21.76 887.9
Basic Resources 14 506.4 0.4 2.3 3.3 9.39 606.2
Construction & Materials 12 308.7 0.6 1.8 4.2 11.51 400.5
IndustrialGoods&Services 55 440.3 0.4 1.6 3.5 13.75 542.8
Automobiles & Parts 9 453.2 1.2 5.7 4.0 18.27 545.3
Food & Beverage 17 613.7 0.0 0.1 2.8 12.59 769.1
Personal&HouseholdGds 19 631.5 0.3 2.0 2.8 13.66 781.7
Health Care 18 400.1 0.3 1.3 3.7 12.28 517.7
Retail 15 299.7 0.7 2.1 3.9 9.22 379.1
Media 10 259.3 0.7 1.8 4.2 8.59 352.5
Travel & Leisure 8 354.9 0.1 0.5 2.6 8.10 457.4
Telecommunications 13 264.9 1.4 3.9 8.3 14.50 419.0
Utilities 22 280.2 2.0 5.7 7.4 15.00 417.7
Banks 28 116.0 1.3 1.5 4.6 4.03 156.2
Insurance 19 222.9 1.5 3.5 5.4 10.76 306.2
Financial Services 5 264.2 0.1 0.3 4.8 11.94 357.0
Technology 11 203.2 1.6 3.2 2.6 5.05 240.5
Jul 24
EQUITY INDICES - FTSE EUROPEAN
Argentina Merval 2390.73 2436.79
Australia ALL ORDINARIES 4161.21 4159.17
S&P/ASX200 Res 3763.02 3731.86
S&P/ASX200 4133.23 4128.94
Austria ATX 1893.41 1898.49
Belgium BEL 20 2176.53 2186.76
BEL Mid 3421.51 3437.83
Brazil Bovespa 52507.26 53033.96
Canada S&P/TSXMet & Min 795.74 808.55
S&P/TSX60 654.86 659.37
S&P/TSXComp 11470.35 11545.54
Chile IGPAGen 20785.62 17849.19
China Shanghai A 2247.87 2242.42
Shanghai B 228.61 228.55
Shanghai Comp 2146.59 2141.40
Shenzhen A 934.63 927.05
Shenzhen B 611.01 612.28
FTSE A200 6495.39 6468.17
FTSE B35 7804.03 7812.39
Colombia CSE Index 13560.01 13576.66
Croatia CROBEX 1670.99 1676.63
Cyprus CSE M&P Gen 117.13 117.18
Czech Republic PX 878.70 875.50
Denmark OMXC Copenhagen 20 464.37 463.21
Egypt EGX30 4819.33 (c)
Estonia OMXTallinn 638.70 637.49
Finland OMXHelsinki General 4934.05 4941.63
France CAC 40 3074.68 3101.53
SBF 120 2371.89 2389.77
Germany M DAX 10454.00 10426.54
XETRADax 6390.41 6419.33
TecDAX 748.63 745.26
Greece Athens Gen 586.64 586.04
FTSE/ASE 20 210.49 209.58
Hong Kong Hang Seng 18903.20 19053.47
HS China Enterprise 9217.23 9271.60
HSCC Red Chip 3690.41 3722.69
Hungary Bux 17084.51 16956.07
India BSE Sens 16918.08 16877.35
S&P CNX500 4079.30 4069.05
Indonesia Jakarta Comp 3992.11 4009.79
Ireland ISEQ Overall 3071.80 3132.32
Jul Jul
24 23
Israel Tel Aviv 100 966.57 959.52
Italy FTSE MIB 12362.51 12706.36
FTSE Italia Mid Cap 16208.89 16210.00
FTSE Italia All Sh 13427.41 13760.08
Japan Nikkei 225 8488.09 8508.32
Topix 717.67 720.62
S&PTopix 150 601.19 604.48
2nd Section 2234.85 2244.93
Jordan Amman SE 4413.84 4414.11
Kenya NSE 20 3845.93 3844.61
Latvia OMXRiga 382.73 381.42
Lithuania OMXVilnius 346.10 342.52
Luxenbourg Luxembourg General 780.47 782.53
Malaysia FTSE Bursa KLCI 1632.57 1636.17
Mexico IPC 40794.10 40947.55
Morocco MASI 9779.58 9846.62
Netherlands AEX 311.74 312.93
AEXAll Share 493.09 494.95
New Zealand NZX50 3460.70 3465.36
Nigeria SE All Share 23169.24 23381.05
Norway Oslo All Share 461.35 463.42
Pakistan KSE 100 14512.07 14527.25
Philippines Manila Comp 5159.74 5139.40
Poland Wig 39201.16 38982.82
Portugal PSI General 1874.57 1916.92
PSI 20 4485.42 4591.92
Romania BET Index 4512.43 4526.02
Russia RTS 1310.73 1323.96
Micex Index 1362.54 1376.52
Singapore FTSE Straits Times 2998.44 2982.49
Slovakia SAX 192.44 194.03
Slovenia SBI TOP 515.67 516.98
South Africa FTSE/JSE All Share 33998.45 33814.83
FTSE/JSE Top 40 29868.42 29682.27
FTSE/JSE Res 20 45699.71 45367.25
South Korea Kospi 1793.93 1789.44
Kospi 200 236.65 235.75
Spain Madrid SE 602.56 624.34
IBEX35 5956.30 6177.40
Sri Lanka CSE All Share 4874.36 4881.77
Sweden OMXStockholm30 1021.77 1021.81
OMXStockholmAS 316.71 316.86
Switzerland SMI Index 6174.89 6180.44
Taiwan Weighted Pr 7008.35 7028.73
Thailand Bangkok SET 1187.64 1185.11
Turkey ISE 100 61303.26 60736.81
UK FTSE 100 5499.23 5533.87
FT30 1913.00 1921.80
FTSE All Share 2857.63 2873.37
FTSE techMARK 100 2264.27 2264.10
FTSE4Good UK (u) 4601.62
USA S&P 500 1332.31 1350.52
FTSE Nasdaq 5000 7591.84 7670.83
Nasdaq Cmp 2860.94 2890.15
Nasdaq 100 2563.65 2589.93
Russell 2000 769.36 778.90
NYSE Comp. 7559.96 7670.54
Wilshire 5000 13984.10 13985.35
DJ Industrial 12551.70 12721.46
DJ composite 4306.49 4360.26
DJ Transport 4914.01 5012.59
DJ Utilities 480.63 485.87
Venezuela IBC (c) 246719.22
Vietnam VNI 415.63 421.99
Cross Border Stoxx 50 2378.54 2392.19
Euro Stoxx 50 2151.54 2179.31
DJ Global Titans $ 180.26 182.68
Euronext 100 ID 599.93 603.77
FTSE Multinatls $ (u) 1100.83
FTSE Global 100 $ 972.55 983.43
FTSE4Good Glob $ (u) 4066.74
FTSE E300 1018.61 1024.27
FTSEurorst 80 2863.01 2896.75
FTSEurorst 100 3046.98 3071.49
FTSE Latibex Top 4869.60 4862.30
FTSE Eurotop 100 2110.46 2123.42
FTSE Gold Min $ (u) 2530.14
FTSE All World (u) 200.99
FTSE World $ (u) 352.12
MSCI All World $ (u) 1212.05
MSCI ACWI Fr$ (u) 305.84
MSCI Europe (u) 1022.17
MSCI Pacic $ (u) 1904.62
S&P Global 1200 $ 1345.07 1358.80
S&P Europe 350 1026.54 1031.08
S&P Euro 914.43 924.58
Country Index Jul Jul
24 23
Jul Jul
24 23
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ocial 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 7.0 7.0 7.0 7.0 7.2 6.9
Australia 4.9 13.3 4.8 13.5 4.9 13.2
Austria 3.1 10.9 3.0 11.1 3.0 11.2
Belgium 2.3 16.8 2.2 17.2 2.3 17.7
Brazil 4.0 10.8 4.0 10.9 4.0 10.9
Bulgaria 3.1 9.8 3.1 9.8 3.1 10.0
Canada 3.2 13.6 3.1 13.7 3.1 13.6
S&P/TSX 3.4 13.0 3.4 13.0 3.4 13.0
Chile 2.9 17.7 2.9 18.1 2.9 18.0
China 4.6 6.8 4.4 7.0 4.6 6.8
Colombia 2.8 14.6 2.8 14.7 2.8 14.6
Cyprys 1.2 56.3 1.1 59.8 1.1 60.8
Czech Rep. 5.9 11.9 5.8 12.0 5.7 12.2
Denmark 1.8 18.7 1.8 19.1 1.8 18.8
Finland 5.8 13.3 5.7 13.7 5.6 14.0
France 4.2 11.5 4.1 11.8 4.1 11.7
Germany 3.6 11.5 3.5 11.9 3.5 11.7
DAX30 4.1 11.1 4.1 11.1 4.1 11.1
Greece 2.7 9.7 2.5 10.4 2.6 10.2
Hong Kong 3.1 10.2 3.0 10.4 3.1 10.3
Hang Seng 3.8 9.4 3.8 9.4 3.8 9.4
Hungary 3.7 12.7 3.6 13.0 3.6 12.8
India 1.7 16.4 1.6 16.7 1.6 16.7
Indonesia 2.4 16.3 2.4 16.6 2.4 16.4
Ireland 1.2 17.6 1.2 18.0 1.2 18.0
Israel 4.7 10.8 4.6 10.9 4.7 10.8
Italy 5.3 11.2 5.1 11.5 11.3 11.9
Japan 2.6 13.2 2.5 13.5 2.5 13.6
Topix 2.4 12.5 2.4 12.5 2.4 12.5
Luxemburg 4.1 8.6 4.1 8.7 4.1 8.5
Malaysia 3.2 15.8 3.1 15.8 3.1 15.8
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.1 19.4 4.1 19.2 4.2 18.9
Mexico 1.6 17.4 1.6 17.4 1.6 17.4
Netherland 3.1 14.3 3.0 14.6 3.1 14.4
AEX 3.9 9.0 3.9 9.0 3.9 9.0
New Zealand 4.4 13.7 4.4 13.6 4.4 12.9
Norway 4.6 9.8 4.5 10.0 4.6 9.9
Pakistan 6.2 10.3 6.1 10.3 6.2 10.2
Peru 5.1 37.1 5.2 36.4 5.2 36.3
Philippines 2.0 19.5 2.0 19.7 2.0 19.9
Poland 5.0 8.1 4.9 8.4 4.8 8.4
Portugal 5.8 13.5 5.6 14.0 5.5 14.4
Romania 6.6 7.3 6.4 7.5 6.4 7.5
Russia 4.0 5.3 3.9 5.5 3.8 5.5
Singapore 3.1 9.3 3.0 9.4 3.1 9.3
Slovenia 4.5 9.8 4.5 9.8 4.5 9.7
South Africa 3.6 13.6 3.6 13.7 3.7 13.6
South Korea 1.5 12.1 1.5 12.4 1.5 12.3
Spain 8.6 9.2 8.5 9.3 8.2 9.6
Ibex 35 8.7 10.0 8.7 10.0 8.7 10.0
Sri Lanka 2.9 12.0 2.9 12.0 2.9 12.0
Sweden 4.1 13.3 4.0 13.5 4.0 13.2
Switzerland 3.4 16.2 3.4 16.5 3.4 16.3
Taiwan 3.7 16.2 3.6 16.5 3.7 16.3
Thailand 3.5 14.2 3.4 14.6 3.4 14.7
Turkey 2.4 10.2 2.4 10.4 2.3 10.5
UK 3.7 10.5 3.6 10.7 3.6 10.8
USA 2.2 14.8 2.2 14.8 2.2 14.9
Dow Jones 2.8 14.1 2.8 14.1 2.8 14.1
S&P 500 2.6 14.5 2.6 14.5 2.6 14.5
Venezuela 13.7 4.7 13.7 4.7 13.6 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
Jul 23 Jul 20 Jul 23 Jul 20
STOCK MARKET - RATIOS
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 19.93 1.31 18.62 48.00 13.66
VXD 18.43 1.54 16.89 42.64 12.11
VXN 22.20 1.59 20.61 47.23 15.76
VDAX 24.50 0.38 24.12 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.
Jul 24
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.
0.07 0.13
0.02 0.10
0.06 0.14
0.14 0.22
0.25 0.33
0.39 0.47
0.54 0.62
0.68 0.76
0.80 0.88
0.90 0.98
1.05 1.15
1.18 1.28
1.30 1.40
1.35 1.45
1.37 1.47
0.40 0.43
0.42 0.45
0.48 0.51
0.60 0.63
0.76 0.79
0.95 0.98
1.12 1.15
1.27 1.30
1.41 1.44
1.53 1.56
1.74 1.77
1.94 1.97
2.10 2.13
2.19 2.22
2.24 2.27
0.28 0.34
0.27 0.33
0.27 0.33
0.29 0.35
0.33 0.39
0.38 0.44
0.45 0.51
0.53 0.59
0.62 0.68
0.72 0.78
0.89 0.97
1.13 1.21
1.38 1.46
1.48 1.56
1.52 1.60
0.60 0.63
0.80 0.84
0.81 0.85
0.87 0.92
1.01 1.06
1.17 1.22
1.36 1.41
1.54 1.59
1.71 1.76
1.87 1.92
2.12 2.19
2.36 2.45
2.60 2.73
2.73 2.86
2.80 2.93
0.64 0.68
0.64 0.68
0.71 0.75
0.85 0.89
1.03 1.07
1.20 1.24
1.36 1.40
1.50 1.54
1.62 1.66
1.72 1.76
1.90 1.94
2.07 2.11
2.14 2.18
2.17 2.21
2.20 2.24
Jul 24
INTEREST RATES - SWAPS
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Lie, 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 88.50 0.36
Brent Crude Oil Sep 103.42 0.16
RBOB Gasoline Aug 2.8248 0.0581
Heating Oil Aug 2.8244 +0.0055
Natural Gas Aug 3.187 +0.070
Ethanol u Aug 2.596 0.055
Uranium 50.15 nc
Carbon Emissions Jul 7.14 +0.07
Diesel (French) 917.25 10.25
Unleaded (95R) 989.00 9.50
Copper 7403.00 +14.00
Lead 1852.00 6.50
Nickel 15680.00 +55.00
Tin 17725.00 765.00
Zinc 1804.50 1.50
Aluminium 1871.50 +11.00
AluminiumAlloy 1765.00 +25.00
Gold 1583.25 +11.00
Silver (US Cents) 2693.00 2.00
Platinum 1395.00 +2.00
Palladium 569.00 +4.00
Corn u Sep 790.00 24.00
Wheat u Sep 878.75 34.00
Soyabeans u Aug 1649.25 49.25
Soyabeans Meal u Aug 509.80 13.20
Cocoa v Sep 1540 14
Cocoa Sep 2.209 0
Coee (Robusta) v Jul 2141 9
Coee (Arabica) Sep 175.45 9.65
White Sugar v Oct 638.20 7.40
Sugar 11 Oct 23.49 0.40
Cotton Oct 70.29 1.06
Orange Juice Sep 109.80 +0.40
PalmOil Dec 977.50 17.50
Live Cattle Aug 118.800 +0.200
Feeder Cattle Aug 137.675 +2.025
Lean Hogs Aug 92.925 0.400
Bulk Commodities
Iron Ore (Platts) Aug 116.50 1.50
Iron Ore (TSI) 122.90 0.70
globalCOAL RB Index 85.75 nc
Baltic Dry Index 1003 19
% Chg % Chg
Mnth Year
S&P GSCI Spt 633.47 13.3 8.9
DJ UBS Spt 143.68 12.4 12.2
R/J CRB TR 299.21 11.9 13.4
Rogers RICIX TR3628.99 12.5 10.9
M Lynch MLCX Spt 541.15 12.7 8.3
UBS Bberg CMCI TR1282.15 9.3 12.0
LEBA EUA Carbon 7.53 0.7 40.3
LEBA CER Carbon 3.20 15.6 67.7
LEBA UK Power 42.41 0.3 10.6
Jul 23
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 gures 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) 4.5660 0.0023 5.5180 0.0119 7.0894 0.0106
Australia (A$) 0.9739 1.1769 0.0031 1.5121 0.0015
Bahrain (Dinar) 0.3770 0.4556 0.0012 0.5854 0.0006
Bolivia (Boliviano) 6.9100 8.3508 0.0221 10.7289 0.0107
Brazil (R$) 2.0406 0.0013 2.4660 0.0081 3.1683 0.0011
Canada (C$) 1.0197 0.0021 1.2323 0.0007 1.5832 0.0049
Chile (Peso) 492.950 0.3000 595.730 1.2139 765.379 1.2294
China (Yuan) 6.3858 0.0006 7.7173 0.0212 9.9149 0.0089
Colombia (Peso) 1796.35 4.7500 2170.89 0.0073 2789.10 10.1520
Costa Rica (Colon) 499.920 0.1150 604.154 1.4604 776.202 0.9535
Czech Rep. (Koruna) 21.1233 0.0104 25.5275 0.0550 32.7971 0.0489
Denmark (DKr) 6.1557 0.0162 7.4392 0.0000 9.5577 0.0347
Egypt (Egypt ) 6.0670 0.0015 7.3320 0.0176 9.4200 0.0118
Hong Kong (HK$) 7.7576 0.0005 9.3750 0.0242 12.0448 0.0128
Hungary (Forint) 239.181 1.5642 289.050 1.1300 371.364 2.7970
India (Rs) 56.1650 0.2450 67.8754 0.1171 87.2046 0.4671
Indonesia (Rupiah) 9475.00 20.0000 11450.5 6.0860 14711.4 45.7085
Iran (Rial) 12285.0 5.0000 14846.4 45.3705 19074.3 11.2863
Israel (Shk) 4.0681 0.0249 4.9163 0.0172 6.3163 0.0449
Japan (Y) 78.2200 0.1800 94.5289 0.4684 121.448 0.1579
One Month 78.1908 0.0028 94.5273 121.392 0.0041
Three Month 78.1251 0.0036 94.5295 0.0009 121.275 0.0038
One Year 77.7582 0.0080 94.5217 0.0154 120.710 0.0021
Kenya (Shilling) 84.4500 0.1000 102.058 0.1491 131.121 0.2860
Kuwait (Dinar) 0.2822 0.0001 0.3411 0.0007 0.4382 0.0007
Malaysia (M$) 3.1780 0.0075 3.8407 0.0010 4.9344 0.0166
Mexico (New Peso) 13.6786 0.1428 16.5305 0.1291 21.2380 0.2427
New Zealand (NZ$) 1.2678 0.0005 1.5322 0.0047 1.9685 0.0012
Nigeria (Naira) 160.680 0.1950 194.182 0.7505 249.480 0.0534
Norway (NKr) 6.0979 0.0028 7.3693 0.0161 9.4679 0.0138
Pakistan (Rupee) 94.4600 0.0650 114.155 0.3810 146.663 0.0456
Peru (New Sol) 2.6361 0.0195 3.1857 0.0319 4.0929 0.0260
Philippines (Peso) 42.0650 0.0100 50.8356 0.1467 65.3122 0.0496
Poland (Zloty) 3.4818 0.0125 4.2078 0.0041 5.4061 0.0249
Romania (New Leu) 3.8248 0.0027 4.6223 0.0155 5.9386 0.0017
Russia (Rouble) 32.7660 0.0388 39.5978 0.0579 50.8742 0.1109
Saudi Arabia (SR) 3.7503 0.0000 4.5322 0.0119 5.8229 0.0059
Singapore (S$) 1.2604 0.0007 1.5232 0.0050 1.9569 0.0008
South Africa ( R) 8.5019 0.0491 10.2746 0.0324 13.2005 0.0895
South Korea (Won) 1146.18 0.4750 1385.15 4.2434 1779.61 1.0398
Sweden (SKr) 6.9586 0.0141 8.4094 0.0393 10.8042 0.0111
Switzerland (SFr) 0.9938 0.0026 1.2010 0.0000 1.5430 0.0056
Taiwan (T$) 30.1075 0.0440 36.3849 0.0431 46.7464 0.1149
Thailand (Bt) 31.7750 0.0100 38.4001 0.1138 49.3355 0.0338
Tunisia (Dinar) 1.6348 0.0029 1.9756 0.0017 2.5382 0.0071
Turkey (Lira) 1.8250 0.0034 2.2055 0.0017 2.8336 0.0082
UAE (Dirham) 3.6731 0.0001 4.4389 0.0116 5.7030 0.0059
UK (0.6441)* () 1.5527 0.0016 0.7784 0.0028
One Month 1.5525 0.0000 0.7787 0.0000
Three Month 1.5523 0.0000 0.7795 0.0000
One Year 1.5524 0.0002 0.7831 0.0001
Ukraine (Hrywnja) 8.0810 0.0020 9.7659 0.0234 12.5470 0.0156
Uruguay (Peso) 21.8700 0.0200 26.4300 0.0457 33.9565 0.0649
USA ($) 1.2085 0.0032 1.5527 0.0016
One Month 1.2089 0.0000 1.5525 0.0000
Three Month 1.2100 0.0001 1.5523 0.0000
One Year 1.2156 0.0003 1.5524 0.0002
Venezuela (Bolivar Fuerte) 4.2947 5.1901 0.0138 6.6681 0.0066
Vietnam (Dong) 20880.0 30.0000 25233.5 30.4650 32419.3 78.8980
Euro (0.8275)* (Euro) 1.2085 0.0032 1.2848 0.0047
One Month 1.2089 0.0000 1.2842 0.0000
Three Month 1.2100 0.0001 1.2830 0.0000
One Year 1.2156 0.0003 1.2771 0.0001
SDR 0.6675 0.0003 0.8066 0.0017 1.0363 0.0015
Jul 24
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 1129.83 0.0156 0.61 1.84
HFRXEqual Weighted Strategies Index 1115.60 0.0119 0.53 1.53
HFRXAbsolute Return Index 949.01 0.0323 0.13 0.26
HFRXMarket Directional Index 1029.85 0.0008 1.96 0.79
Equity Hedge
HFRXEquity Hedge Index 1017.85 0.1674 0.55 1.74
HFRXEH: Equity Market Neutral Index 933.44 0.1201 0.08 4.89
HFRXEH: Fundamental Growth Index 1444.13 0.1529 0.04 2.48
HFRXEH: Fundamental Value Index 946.74 0.1855 1.01 2.47
Event Driven
HFRXEvent Driven Index 1348.07 0.0028 0.13 3.12
HFRXED: Distressed Restructuring Index 977.71 0.1579 0.55 3.61
HFRXED: Merger Arbitrage Index 1512.10 0.1358 0.23 1.23
HFRXED: Special Situations Index 1081.33 0.0543 0.13 0.85
Macro
HFRXMacro/CTAIndex 1170.30 0.4098 2.21 0.36
HFRXMacro: Systematic Diversied CTAIndex 1629.91 0.9715 4.11 0.71
Relative Value
HFRXRelative Value Arbitrage Index 1150.19 0.1052 0.18 1.94
HFRXRV: FI Convertible Arbitrage Index 687.00 0.1579 0.86 4.87
HFRXRV: Multi Strategy Index 1795.64 0.1616 0.61 1.43
HFRI Monthly Strategy Indices USD (Jun 2012)
HFRI Fund Weighted Composite Index 10585.05 0.24 1.87
HFRI Fund of Funds Composite Index 4863.59 0.38 1.09
HFR INDICES
Index Value Dtd % Mtd % Ytd % July 20
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
Open Sett Change High Low Est. vol. Open int. Jul 23
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.
Mini Nasdaq Sep 2579.25 34.00 366,777
CAC 40 Aug 3153.00 3102.00 3166.50 3086.00 156,293 270,369
DAX Sep 6546.00 6427.00 206.50 6575.50 6371.00 176,960 173,560
AEX Aug 316.00 311.20 316.00 309.50 44,970 69,772
MIB 30 Sep 12900.00 12709.00 355.00 12900.00 12360.00 36,414 30,764
IBEX 35 Aug 6130.00 6184.70 6218.00 5889.00 31,016 45,949
SMI Sep 6245.00 6177.00 101.00 6257.00 6168.00 30,786 151,962
FTSE 100 Sep 5580.50 5487.50 122.50 5585.00 5466.00 104,059 625,086
Hang Seng Jul 19269.00 18988.00 682.00 19278.00 18955.00 82,838 83,803
Nikkei 225 Sep 8480.00 8510.00 160.00 8500.00 8410.00 13,756 303,436
Topix Sep 717.00 719.50 14.00 718.00 711.00 2,892 382,380
KOSPI 200 Sep 237.50 235.90 5.30 237.90 234.45 284,608 107,705
DJIA Sep 12565.00 12645.00 128.00 12685.00 12520.00 12,655
DJ Euro Stoxx Sep 2202.00 2181.00 57.00 2211.00 2160.00 1,520,973 2,819,036
S&P 500 Sep 1343.70 14.50 227,010
Mini S&P 500 Sep 1343.75 14.50 2,809,562
Nasdaq 100 Sep 2579.25 34.00 8,387
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 6.037 0.812 76.71 5.980 6.824 0.975 0.632 0.981
Denmark DKr 1.656 10 1.344 127.1 9.906 11.30 1.614 1.046 1.625
Euro Euro 1.232 7.439 1 94.53 7.369 8.409 1.201 0.778 1.209
Japan Y 1.304 7.870 1.058 100 7.796 8.896 1.270 0.823 1.278
Norway NKr 1.672 10.09 1.357 128.3 10 11.41 1.630 1.056 1.640
Sweden SKr 1.465 8.846 1.189 112.4 8.763 10 1.428 0.926 1.437
Switzerland SFr 1.026 6.194 0.833 78.71 6.136 7.002 1 0.648 1.006
UK 1.583 9.558 1.285 121.4 9.468 10.80 1.543 1 1.553
USA $ 1.020 6.156 0.827 78.22 6.098 6.959 0.994 0.644 1
Jul 24
EXCHANGE CROSS RATES
20

FINANCIAL TIMES WEDNESDAY JULY 25 2012
MARKETS & INVESTING
Uncertainty means decline of risk on, risk off behaviour
Market cycles are frequently characterised
by investor herding behaviour, and
investor positions currently show a high
degree of uncertainty over the direction
of markets.
This uncertainty is justified given the
confusion over four key risks in markets:
whether US political gridlock in early 2013
will lead to a fiscal contraction and
recession; the extent to which China is
slowing; whether events in the Middle
East will lead to an oil price spike; and
how the eurozone crisis will evolve.
All these are skewed towards prolonged
mediocre economic activity or recession.
There is, therefore, clear logic to investors
chasing negative yields for short-dated
bonds in perceived havens such as
Germany, the Netherlands, Denmark and
Switzerland and accepting historically low,
but positive, yields in markets such as
France, Belgium, Austria and Finland.
The safer debt characteristics of many
emerging economies have also led to
investor flows into US dollar and euro-
denominated emerging debt, with 3-year
Brazilian debt in US dollars trading on a
yield of 1.5 per cent and four-year Turkish
paper in euros yielding less than 3 per
cent. There has also been a shift in capital
flows into corporate debt with investment-
grade spreads close to 100 basis points.
By contrast, speculative positions in gold
have reversed sharply given concerns over
deflation and, excluding weather-affected
soft commodities, most commodity prices
remain under downward pressure due to
recession risk. Emerging debt exposure
has avoided investment in local currencies,
given the devaluation of many emerging
currencies as their central banks ease
monetary policies.
As reflected in bank bond yields trading
over corporate issues and by the depressed
price to book and price/earnings ratios
of the financial sector, investors are
taking a very cautious approach to bank
risk. Equity exposures are low except for
positions in high dividend defensive
sectors and the rally in equity markets
since mid-June has not been characterised
by a major shift in portfolios. Clearly
positions have been eliminated where
investors are uncertain over fiscal or
political outcomes and recent pressure on
Spanish spreads indicates a near total
investor exit.
The overriding themes of investor
behaviour are a fear of recession and
deflation, an acceptance of negative or
low yields in haven markets and an
intolerance to any asset class where
either risks are opaque or where there
is no trend improvement in risk.
But a number of factors suggest that
capital flows may change over the coming
months. In response to weak economic
data from March 2012 onwards, monetary
policies in G4 nations are likely to be
eased further, with quantitative easing in
the US and a further round of very cheap
loans in the eurozone. The European
Financial Stability Facility may embark on
a round of sovereign bond purchases.
Chinese and Brazilian policy is clearly
focused on monetary and fiscal easing to
improve growth prospects. The fall in
commodity prices and lower inflation
should start to boost consumption and,
consequently, after a period of poor
economic data, macro indicators should
show a pick-up over the next three
months. Chinese growth could move
back to an 8 per cent-plus annualised
rate, while German and northern
European data should surprise to the
upside. The International Monetary Fund
has upgraded its forecast for German
growth, which should be boosted by higher
wage settlements, stronger consumption
and the weaker euro.
Risk off, risk on behaviour is unlikely
to persist and capital flows should benefit
undervalued assets that are under-owned
and where risk/reward is improving.
Emerging market equities are undervalued
relative to historic norms and, versus
developed markets, growth and corporate
earnings prospects should improve. The
recent emerging equities rally should start
a reversal in underperformance.
Valuations are attractive in Russia, Korea,
China, Brazil and Poland.
Likewise, improved consumption, easy
monetary policy and the weak euro should
encourage flows into cyclical sectors in
northern Europe. High dividend yields and
increased share buybacks should help. But
concerns over US fiscal policy could
reverse US equities outperformance, while
the recessions in southern Europe and
slow pace in resolving the eurozone crisis
will prevent renewed flows into Europes
stressed economies.
Slowing growth, an overvalued currency
and deteriorating fiscal position will
prevent a recovery in the Japanese
market. As deflation risk decreases,
investors will reduce their exposure to
bonds with negative real yields.
Asset class performance is likely to
diverge sharply, with investors switching
into higher-yielding assets, but where the
security of that yield is strong, risk less
vulnerable to political shock and growth
prospects improving.
Robert Parker is senior adviser to
Credit Suisse
Speculators rush to take grain gains
concerned with locking in
gains than holding firm for
possible further price
gains, said Richard Feltes,
vice-president of research at
brokers RJ OBrien in Chi-
cago.
Agricultural commodities
also faced selling prompted
by overall risk-off trading
By Emiko Terazono
Wetter weather in the north
of the US cornbelt as well
as continued uncertainty
about the global economic
outlook prompted profit-
taking in grains and soya-
beans as speculative inves-
tors rushed to lock in gains
after recent price rallies.
Investors and traders liq-
uidated bullish positions
after scattered thunder-
showers provided much
needed precipitation in the
north and eastern part of
the US Midwest, the main
corn-growing region.
Benchmark corn, soya-
bean and wheat prices fell
by their daily limits.
Although the showers were
unlikely to improve the
moisture deficit of the
soil and forecasts for the
western part of the region
showed further dryness,
investors were much more
Soyabean price
Source: Thomson Reuters Datastream
Front-month (cents per bushel)
Jun Jul 2012
1300
1400
1500
1600
1700
1800
enough to bring a major
turnround in soil moisture
for the Midwest cornbelt as
a whole, although the show-
ers should gradually
reduce the severely dry
areas from nearly two-
thirds of the belt at the
moment to less than half of
the belt. It added that rain
potential in the western
part of the Mississippi Delta
region, where soyabeans
are primarily grown,
remained below average.
With the corn price jump-
ing 50 per cent, soyabeans
35 per cent and wheat 55
per cent since the start of
June, analysts said the prof-
it-taking was hardly sur-
prising. Although the possi-
bility of a further deteriora-
tion of crop conditions was
strong, they said investors
might be reluctant to test
recent highs without con-
crete data.
www.ft.com/commodities
Twitter: @ftcommodities
US IPOwindownarrows on Europe fears
company. Manchester
United is expected to
advance its IPO plans in the
coming days as the English
football club hopes to raise
$300m with an attempt to
list its shares in early
August.
But Wall Streets so-called
fear gauge, the Vix index,
has jumped more than
21 per cent since Monday
when yields on Spanish 10-
year bonds touched a fresh
euro-era high.
US bankers said they
were keeping a close eye on
the Vix and eurozone devel-
opments as they determine
when to bring private com-
panies to market.
By midday in New York,
the Vix sat near the 20 level
but still off from its high for
the year when it moved
above 26 at the start of June.
The Vix is something
that we cant ignore, said
Brian Reilly, Barclays head
of US equity capital mar-
kets. A Vix of 18 or 19 isnt
By Arash Massoudi
in New York
Resurgent eurozone fears
are threatening to close a
window for initial public
offerings in the US.
Europes woes have sent
a widely watched measure
of US market volatility
higher just as weak equity
capital markets in New
York look to rebound
from the fallout from Face-
books much-criticised pub-
lic debut in May.
The US IPO market had
been showing signs of life
as companies ready to go
public look to list before the
window closes in mid-Au-
gust through to the US
Labour holidays in early
September, a traditional
markets lull.
This week, eight compa-
nies plan to raise nearly
$900m and list their shares
on US exchanges, according
to data from Renaissance
Capital, an IPO advisory
necessarily a problem. What
is important is the trend
because the Vix measures
expectations of volatility.
A Vix that is spiking
higher typically indicates
that the buyside is becom-
ing more risk-averse and
thats something that could
impact on the decision to
launch an IPO.
Four companies success-
fully priced and listed their
shares last week.
The largest of those offer-
ings, Palo Alto Networks,
raised $260.4m. Shares in
the internet security com-
pany have risen 26 per cent
from its IPO price.
On the defensive: Wolfgang Schubles finance ministry was quick to counter Moodys warnings Reuter
Core government bonds and credit default swaps now showing increasing signs of stress
Sources: Thomson Reuters Datastream; Markit
10-year government bond yields (%)
2 24 Jul 2012 2 24 Jul 2012
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
Germany
UK
Finland
Netherlands
Austria
France
Five-year sovereign CDS (basis points)
40
60
80
100
120
140
160
180
200
Bailout jitters put
German Bunds
under pressure
Germanys borrowing costs
may be below those of the
US that safest of havens
but that has not spared Ber-
lin from being given a nega-
tive outlook by Moodys,
the credit rating agency.
Late on Monday, Moodys
put the triple A ratings of
Germany, the Netherlands
and Luxembourg on review
for a downgrade, citing the
rumbling eurozone crisis,
and the increasing likeli-
hood that greater collective
support for other euro area
sovereigns, most notably
Spain and Italy, will be
required.
Although Finland was
spared due to its unique
credit profile, it was the
negative outlook for Ger-
many the regions largest
and strongest economy
that raised eyebrows.
The German finance min-
istry, run by Wolfgang
Schuble, was quick to
counter Moodys warnings,
saying in a statement that
it would through solid eco-
nomic and financial policy,
defend its safe haven sta-
tus and continue to respon-
sibly maintain its anchor
role in the eurozone.
Although investors have
long been concerned that
Germany will somehow
have to foot most of the bill
of any comprehensive solu-
tion to the eurozone crisis,
most expect that to be some
way off, given Berlins
reluctance, and have
pushed German bond yields
to record lows this year.
The recent strength of
German Bunds, and of
other relatively highly
rated European government
bonds, came under pressure
on Monday and yesterday
partially as a response to
the Moodys move but also
because of the grim mood
pervading markets.
In essence Moodys is
asking who pays the bill for
any eurozone bailout, says
Richard Batty, an invest-
ment director at Standard
Life Investment. With Ger-
many the strongest and
largest economy in Europe,
inevitably they will be
forced to contribute.
Yet investors are wary of
predicting that Moodys
negative outlook on Ger-
many could mark a turning
point in safe haven trade.
This has meant investors
fleeing equity markets and
the bonds of Europes
periphery and piling into
most highly rated securities
such as German Bunds.
Germany losing its triple
A rating would be a blow,
but would it really matter
to most investors? Not
really, most already know
that Germany will have to
pay for any clean-up of the
crisis, says Jim Irvine,
head of fixed income at
Henderson Global Inves-
tors. I wouldnt want to
call the end of the safe
haven trade quite yet.
Although Germanys com-
posite 10-year bond yield
edged up 8 basis points on
Monday to 1.25 per cent, it
is still not far from record
lows. The two-year bond
yield is still firmly negative.
Past predictions that Ger-
man bond yields have bot-
tomed out have also proven
premature. The 10-year
bond yield hit a record low
of 1.127 per cent on June 1,
before rising to 1.64 per cent
by June 20, as investors
started to price in the cost
of a comprehensive euro-
zone rescue in some form.
But since then, Berlins
borrowing costs have fallen
to near-record lows again as
investors sought the rela-
tive safety of Bunds.
Investors say that in a
world where even the US
does not command a triple
A from all agencies, having
the top grade is not neces-
sary to be considered a rela-
tively safe investment.
For example, Standard &
Poors, another major rat-
ing agency, stripped France
and Austria of triple-A
grades in mid-January, but
the bonds of both countries
have rallied strongly since.
In fact, investors are cur-
rently more concerned
about the prospect of Italy
and Spain losing their
investment grades, than a
slight trimming of the rat-
ings of the eurozones
stronger members. Many
funds and central banks
can only buy the debts of
countries rated investment
grade, and a downgrade to
junk could erode their
potential buying base.
That could force some
funds out of their position,
and hurt these markets fur-
ther, Mr Irvine warns.
Nonetheless, investors
and strategists agree with
Moodys broader assess-
ment that the eurozone cri-
sis and the likely solution
of bailouts and debt mutual-
isation are in the long run
likely to weigh on the cred-
itworthiness of stronger
European countries.
This is the rating agen-
cies trying to be ahead of
the game for once, says
Michelle Bradley, a ratings
strategist at Credit Suisse.
It reflects the fact that at
some point there needs to
be more credit risk priced
into these government
yields to reflect the cost of
bailouts. At the moment
any credit risk is swamped
by safe haven inflows, but
it cannot last forever.
News analysis
Moodys action
highlights concerns
about who will foot
the bill for solving
the eurozone crisis,
writes Robin
Wigglesworth
which has put other com-
modity markets and risky
assets under pressure.
CBOT September corn fell
by its daily limit of 40 cents,
or 4.9 per cent, to $7.74 a
bushel, while CBOT August
soyabeans retreated 70
cents, or 4.1 per cent, to
$16.28 a bushel. Soya-
beans have fallen 7.3 per
cent over the past two days
while corn has retreated 6.1
per cent. CBOT September
wheat was down 5 per cent
to $8.67 a bushel after fall-
ing by its daily limit of 60
cents.
Although analysts said
that the damage to the corn
crop was unlikely to be
reversed as the pollination
process had occurred a few
weeks ago, showers could
help soyabeans, which
develop later in the season.
Commodity Weather
Group, a meteorological
consultancy, said that the
rains were still not likely to
be widespread or heavy
But at least one company
has scrapped its plans.
Fender, the guitar maker,
cancelled its offer last week
as it said economic condi-
tions had stopped it reach-
ing its desired valuation.
The number of IPOs in
the US lags behind the
activity of a year ago,
according to the Renais-
sance data.
Mary Ann Deignan, head
of Americas equity capital
markets at Bank of America
Merrill Lynch, said prevail-
ing market conditions had
ensured that only certain
types of companies could
consider going public.
Investors have shown a
willingness to look through
the noise of earnings sea-
son, the weakness of the
global economy and even
the threat of the US fiscal
cliff to buy growth and
yield. IPOs need to possess
at least one of these quali-
ties to successfully list in
the US markets today.
A Vix spiking higher
typically indicates
that the buyside
is becoming more
risk-averse
There needs to be
more credit risk
priced into these
government yields
to reflect the cost
of bailouts
COMMODITIES
Robert
Parker
INSIGHT
By Mary Watkins in London
Spain was again forced to
pay more to borrow in a
3bn auction of short-term
government debt yesterday
as wider investor angst
over the fate of the euro-
zone also forced Italian and
German yields higher.
The Spanish Treasury
sold 1.63bn of three-month
bills at an average yield of
2.434 per cent, compared
with 2.362 per cent at the
last auction, and 1.42bn of
six-month bills at an
average yield of 3.691 per
cent, up from 3.237 per cent.
The Spanish auction
came just hours after
Moodys lowered its outlook
on triple-A rated Germany,
the Netherlands and Lux-
embourg from stable to neg-
ative.
Worries over Italy also
resurfaced, putting the
countrys 10-year yield
under pressure. It rose 23bp
to 6.56 per cent.
Yields on 10-year Spanish
debt hit a euro era high of
7.62 per cent, while five-
year bonds were trading at
7.57 per cent. Germanys
benchmark Bund yields
rose 7bp to 1.24 per cent.
Richard McGuire, senior
fixed-income strategist at
Rabobank, said that while
the bill auction went rea-
sonably well and yields on
short-term debt were some
way from the highs of
November 2011, Spains
interest costs are already at
levels that will prove unsus-
tainable over the long
term.
The risk is that Spain is
entering Ponzi game condi-
tions, Mr McGuire said,
where the government is
forced to issue new debt to
pay for existing obligations.
Highlighting continued
worries over the immediate
risks to the eurozone, the
Spanish yield curve par-
tially inverted at one point.
Yields on Spanish five-
year bonds briefly rose
above those of equivalent
10-year bonds, indicating
that investors believe that
the short-term economic
outlook for the country is
unsustainable.
Spanish
borrowing
costs keep
increasing
The overriding themes of
investor behaviour are a fear
of recession and deflation
FINANCIAL TIMES WEDNESDAY JULY 25 2012

21
MARKETS & INVESTING
Investors search
for yield in a
low-interest world
In the summer of 2007, the
California Public Employ-
ees Retirement System, the
largest public pension fund
in the US, announced that
an effervescent 19 per cent
return for the previous 12
months had taken its assets
to a record $250bn.
Five years on and invest-
ment gains for the states
prison guards, firefighters,
janitors and other govern-
ment workers have been
less than pedestrian: they
are in effect zero.
Payments to retirees have
eroded the asset base,
meanwhile, leaving Calpers
with $233bn, according to a
preliminary annual report
released last week.
It is in this environment,
with the vast majority of
corporate and public pen-
sion plans deep underwater,
that investors confront a
world in which interest
rates are below 1 per cent
in about 20 different coun-
tries. Yields on US Treasur-
ies have touched fresh his-
toric lows this week.
Larry Fink, head of
BlackRock, the worlds larg-
est money manager by
assets under management,
puts the problem in blunt
terms: Extraordinary low
yield levels cannot meet the
long-term return expecta-
tions for anyone.
Yet public and corporate
pension funds assume that
their assets will, over the
long run, produce returns
of about 7.5 per cent a year.
Foundations and endow-
ments typically spend 5 per
cent a year. With holdings
of bonds that historically
earned almost 3 per cent
above the rate of inflation
now a drag on portfolios,
they need higher returns
from other investments.
Christopher Ailman, chief
investment officer of the
$120bn California State
Teachers Retirement Sys-
tem, says that when Ben
Bernanke, chairman of the
Federal Reserve, announced
that interest rates would be
on hold into 2014 he called
an all-hands-on-deck meet-
ing to discuss ways to add
additional income to the
portfolio.
A large pension fund such
as Calstrs is like an ocean
liner where the ultimate
destination is set, he says,
as it must remain invested
in all the main asset
classes, including govern-
ment bonds.
Mr Ailman can only make
course corrections, so the
pension fund has tried to do
this where it can, for
instance by writing covered
call options that sacrifice
some upside to stock hold-
ings in return for premium
income upfront. It has also
looked for opportunities in
credit, such as bank loans
and infrastructure invest-
ment, while the funds
extensive real estate portfo-
lio is tilting towards build-
ings with leases in places
that generate income.
of banking and finance at
Harvard, says that in this
environment the only way
to hit return targets is
through greater risk-taking
for example, through
higher allocations to equi-
ties and equity-like assets.
But for most institutions,
he says that such an
approach is a losers
game. Calpers is a case in
point. The pension fund has
$5.1bn invested in hedge
funds, but the five-year
In times of uncertainty,
investors relish the familiar.
This, and the US economys
relative outperformance
against its European peers,
explain why the S&P 500
has outperformed most other
global stock benchmarks
over the past 12 months.
According to Bloomberg
data, ahead of yesterdays
US open the S&P was flat
over that time, while in dollar
terms the European Stoxx
600 was off 21.8 per cent,
similar to the MSCI Emerging
Market (EM) indexs 20.8 per
cent loss.
But in a note issued this
week, Morgan Stanley argues
EM equities are set to
outperform with analysts
citing four factors.
First, sentiment is too
bearish toward EM stocks
relative to the US, partly a
result of the latters best
house in a bad block
cachet. Second, investors are
underestimating the positive
impact of more EM policy
easing.
Next, a year-on-year 7.7 per
cent slip in EM earnings is in
the market while US earnings
continue to rise. This may
reverse in 2013. Finally, EM
valuations are cheap relative
to historic trends.
A caveat. MS accepts it is
possible EM easing may not
work and food inflation could
tie central banks hands.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
Many US funds see
greater risk-taking
as the only way to
boost returns, write
Dan McCrum and
Michael Mackenzie
annual return from its
Absolute Return Strategy is
0.7 per cent better than its
overall portfolio but far
worse than that claimed for
the average hedge fund and
nowhere near its long-term
return requirement.
Furthermore, at the heart
of the question of returns is
the cause of low rates them-
selves: economic uncer-
tainty. Stephen Walsh, chief
investment officer for West-
ern Asset Management,
says that the firm would
like to buy more bonds with
higher yields, but the
unpredictable situation in
Europe keeps it holding
more long-dated govern-
ment debt than justified by
fundamentals. We feel the
need to hold on to some
insurance for bad outcomes
despite very low yields.
Others take the opposite
view. Don Lindsey, chief
investment officer for
George Washington Univer-
sity endowment, says
bonds are the worst possi-
ble investment on a five-
year view. He holds no
government debt, one-third
in property, and, of the rest,
85 per cent is in public and
private equity.
Yet almost every investor
says low rates confound tra-
ditional investment theory.
There isnt supposed to be
such a thing as a negative
interest rate, says Mr Ail-
man.
Aug 3 2011 The Swiss National
Bank surprises markets by
cutting rates as close to zero as
possible, and increases the
supply of francs in attempt to
weaken the Swiss currency
10-year government bonds
Source: Thomson Reuters Datastream
Yield (%)
2007 08 09 10 11 12
0
1
2
3
4
5
US
Germany
Switzerland
UK
Dec 16 2008
The US Federal
Reserve cuts its
benchmark rate to
the lowest ever level,
a range of zero to
0.25 per cent. It has
remained there
since, and is
expected to remain
unchanged into 2014
Jul 6 2012 The European
Central Bank cuts rates to 0.75
per cent, the lowest in the
history of the eurozone as the
continent is again threatened
by recession
Mar 5 2009
The Bank of England cuts base
rates to 0.5 per cent, a record
low, as it also announces a
75bn programme of asset
purchases
The race to zero
Ben Bernanke Fed chairman Mario Draghi ECB president
Mervyn King BoE governor
Philipp Hildebrand
Then SNB chairman
FT Graphic
Indonesian mining: Growing disputes damp prospects
beyondbrics, the FTs emerging markets hub
Prospecting for gold in
emerging markets is never
straightforward, writes
Ben Bland.
But even veterans at
Australias Intrepid Mines
received an unpleasant
surprise last Thursday
morning when
representatives of new
investors landed by
helicopter at its large mine
site in Indonesia, asserted
their ownership and sent all
the workers home.
This is one of the worlds
best undeveloped copper
and gold projects, and the
biggest exploration project in
Indonesia, Brad Gordon,
Intrepid chief executive,
told beyondbrics. This was a
complete shock to us.
The dispute, which saw
the junior miners Australia
and Canada listed shares
tumble more than 50 per
cent on Monday, will add
to the growing uncertainty
that is looming over the
mining sector in Indonesia,
which has been hit by a
fresh wave of resource
nationalism and legal
uncertainty.
International mining groups
such as Freeport-McMoRan,
which operates one of the
worlds largest copper and
gold mines in Papua, and
Newmont are holding off on
multibillion-dollar investments
until they have renegotiated
terms with the government.
Another junior miner,
UK-listed Churchill Mining,
recently brought an
international arbitration claim
against the Indonesian
government for damages,
alleging that it had been
forced out of a $1.8bn coal
project by well-connected
local investors.
Mr Gordon said Intrepids
problems were different in
that it is in dispute with its
Indonesian joint venture
partners rather than the
government.
The mining licences for
the groups Tujuh Bukit
project in eastern Java are
held by Indo Multi Niaga. The
Indonesian company has a
co-operation agreement with
Intrepid that gives it an
80 per cent economic
interest in the project.
Intrepid recently discovered
that new shareholders had
taken control of IMN, and Mr
Gordon said the new
investors had flown to the
mine site on Thursday to
send more than 600 workers
home.
Beyondbrics was unable to
reach IMNs original or new
shareholders for comment.
With $95m already
invested and the project at
least 30 months from
entering production, Intrepid
and its investors have much
to lose.
In 2010 we were the
second-best performer on
the Australian Securities
Exchange, so weve gone
from market darlings to
zero, said Mr Gordon. The
companys market
capitalisation is now
equivalent to its cash
position, giving no value to
its Indonesian project.
The signs arent good, he
added, but well do our best
to engage with the new
shareholders to come to an
amicable solution.
The latest dispute involving
a foreign miner in Indonesia
will do little to reassure
investors.
www.ft.com/beyondbrics
Intrepid Mines
Source: Thomson Reuters Datastream
Share price (A$)
11 24 Jul 2012
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
Such pursuit of income
has been adopted at all lev-
els of the market. Jack
Ablin, chief investment
officer at Harris Private
Bank, says it is focused on
hybrid strategies that can
generate at least 5 per cent
returns with some credit
and volatility risk in
exchange for yield. Bonds
are an expensive luxury but
they are the only asset class
that provides a guaranteed
return on a specific date
and thats what retirees
need, he says.
Mr Ablin has steered cli-
ents towards real estate
investment trusts, preferred
stock and master limited
partnerships for infrastruc-
ture and pipelines, while
also advocating high divi-
dend-yielding stocks in the
telecommunications and
utilities sectors.
The popularity of such
tactics is apparent in mar-
ket moves: the S&P Tele-
coms sector, with an aver-
age dividend yield of 4.8 per
cent, is the best performing
main group in the broad
market this year, with a
gain of 13.5 per cent.
Yet chasing income raises
the risk that investors are
piling into crowded trades
that may reverse with a
change in sentiment. Even
if not, it may serve to pull
down yields elsewhere.
As an illustration, JPMor-
gan estimates that if US
corporate pension plans
increased holdings of long-
dated corporate debt from
15 per cent of their portfo-
lios to 60 per cent, the
roughly $1tn increase in
demand for long bonds
would be greater than the
existing supply.
Andr Perold, chief
investment officer for High-
Vista Strategies, a hedge
fund, and former professor
Trading post
Jamie Chisholm
Equity benchmarks
Source: Thomson Reuters Datastream
Indices (rebased)
Jul 2011 Jul 2012
70
80
90
100
110 MSCI Emerging Markets
S&P 500
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Extraordinary low
yield levels cannot
meet the long-term
return expectations
for anyone
By Ajay Makan in London
Demand from US corporate
pension funds for safe
investments is putting pres-
sure on the supply of long-
term debt from creditwor-
thy US companies, accord-
ing to investment banks.
Corporate pension funds
have been selling equities
and looking to buy long-
term debt to pare back on
risk. But creditworthy debt
issuers have fallen as
banks, in particular, have
suffered ratings down-
grades.
Demand for highly rated
long-term US corporate debt
is likely to exceed supply
for years, according to pen-
sion fund advisers at Mor-
gan Stanley and Goldman
Sachs, meaning the prices
of such debt will stay high
and yields low, limiting
returns for pension funds.
Even if short-term inter-
est rates start to rise, we
expect the yield on highly
rated long-duration corpo-
rate debt to remain low,
said Scott McDermott, a
managing director at Gold-
man Sachs Asset Manage-
ment. The universe of eli-
gible issuers has shrunk
and there is an overhang of
demand.
US defined benefit corpo-
rate pension funds, which
hold $2.3tn of investments,
have reallocated 7.4 per
cent of assets from equities
to fixed income since the
financial crisis, according to
Morgan Stanley.
Pension investors tend to
favour 10- and 30-year
bonds, which are a good
match for their open-ended
obligations to retirees. But
the supply of highly rated
debt has been hit by bank
downgrades.
Last year, financial insti-
tutions issued $99bn of
investment grade debt with
maturities of at least 10
years against $151bn in
2007.
Mr McDermott expected
$150bn of demand for high-
quality, long-maturity cor-
porate debt from pension
funds each year for the the
next few years but no
more than $125bn of such
debt to be issued each year.
The excess demand is
likely to keep the yields on
highly rated long-term debt
low, even if yields on other
debt start to rise.
But Goldman is advising
pension funds to buy long-
term debt, even if it means
locking in low returns. We
are concerned that too
many pension investors are
waiting to purchase these
bonds, until some hypothet-
ical time when rates rise
enough [but] that could be
a long time coming, said
Mr McDermott.
Last week Goldman reo-
pened an existing debt issue
and Morgan Stanley sold
$2bn in 30-year bonds.
While strong demand and
low yields for long-term
debt will eat into returns
for some corporate pension
funds, they allow compa-
nies with investment grade
ratings to finance pension
fund contributions cheaply,
or purchase annuities from
life insurers to meet pen-
sion obligations.
Highly rated companies
have an inherent advantage
as issuing these scarce
bonds could cheapen the
overall cost [of pension
funding], Caitlin Long,
head of global pension solu-
tions at Morgan Stanley,
told clients in a presenta-
tion on funding strategies.
US defence contractor
Raytheon, which has an A3
rating from Moodys, issued
$1bn of debt late last year
including 30-year bonds to
fund pension contributions.
Additional reporting by
Vivianne Rodrigues
US pension funds pressure debt supply
22

MARKETS
Wednesday July 25 2012
Source: Thomson Reuters Datastream
10-year yield (%) CBOE Vix index
US implied equity volatility Spanish government bonds
Jun Jul 2012
14
16
18
20
22
24
26
28
Jan Jul 2012
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
Wall Streets fear
gauge climbed towards
its long-term average of
20.53, after recording its
biggest one-day gain for
a month on Monday, as
worries over Europe
continued
Spains 10-year
government bond yield
touched a fresh euro-era
high above 7.5 per cent
a level that many
observers believe to
be unsustainable
Eurozone concerns outweigh China boost
By Vivianne Rodrigues
in New York
Global equity markets came
under pressure for a third
session as lingering con-
cerns about the eurozone
debt crisis outweighed signs
of improvement in Chinas
manufacturing sector.
Investors continued to
focus on the prospect of
Spain requiring a full sover-
eign bailout as its govern-
ment bond yields stayed at
levels viewed by many as
unsustainable.
The debt-laden country
was forced to pay more to
borrow in a 3bn auction of
short-term government debt
yesterday.
The Spanish debt auction
came just hours after
Moodys lowered its outlook
on triple A-rated Germany,
the Netherlands and Lux-
embourg.
The rating agency said
late on Monday night that it
had moved the outlook on
all three countries from
stable to negative,
reflecting the increased risk
that Greece might exit the
euro and growing expecta-
tions that troubled coun-
tries such as Spain may
need greater financial sup-
port from the eurozone core
countries.
Ten-year Spanish bond
yields rose to a euro-era
peak of 7.62 per cent.
Romes borrowing costs
were also elevated, with the
10-year yield rising 23 basis
points to 6.56 per cent the
highest level this year as
stocks in Milan touched a
euro-era low.
And the recent strength
of German government
bonds showed signs of run-
ning out of steam following
Moodys action, with the
Bund yield rising 6bp to
1.24 per cent.
By contrast, demand for
US Treasuries remained
solid, with the 10-year yield
slipping a further 3bp to
1.40 per cent.
Evidence that the euro-
zone economy was strug-
gling for traction came in
the shape of Markits euro-
zone composite purchasing
managers index, which
showed that the regions
private sector contracted in
July for a sixth successive
month.
Risks of a deep recession
in the euro area have
increased and the manufac-
turing sector is badly hit by
diving foreign demand,
said Annalisa Piazza at
Newedge Strategy.
There was a glimmer of
hope on the macroeconomic
front in China, however.
A survey yesterday
showed that manufacturing
sector activity in the coun-
try was at its strongest level
in five months, a result that
supported the Shanghai
stock market, which gained
0.2 per cent.
However, the improved
tone did not spread to other
equity markets. Better
than expected manufactur-
ing data from China lifted
the mood but only had a
shortlived impact on global
markets, said Omer Esiner,
chief market analyst at
Commonwealth Foreign
Exchange.
The FTSE All-World
equity index, down more
than 3 per cent since last
Friday, fell 0.8 per cent.
On Wall Street, the S&P
500 was 1.4 per cent lower at
midday, weighed down by
poorly received results and
guidance from UPS and
Texas Instruments.
One of the highlights of
the US earnings season was
expected after the close of
trading, with Apples earn-
ings release.
In Europe, meanwhile, the
FTSE Eurofirst 300 shed
another 0.6 per cent.
On currencies, the euro
resumed its downward
trend and by midday in
New York was 0.4 per cent
lower against the dollar at
$1.2061 a fresh two-year
low.
Meanwhile, the dollar
index, often watched as a
gauge of broader investor
tension, was down 0.1 per
cent.
Initial strength in indus-
trial commodities usually
closely correlated to the
outlook for future Chinese
demand faded as the glo-
bal session progressed.
Copper reversed an initial
advance to trade 0.6 per
cent lower at $3.36 a pound.
Oil prices were little
changed, with Brent crude
trading fractionally higher
at $103.30 a barrel.
Gold was a shade lower,
with the precious metal
trading down 0.1 per cent at
$1,575 an ounce.
GLOBAL OVERVIEW
Spanish yields at
euro-era record
Lowered Moodys
outlook hits Bunds
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
Jun Jul 2012 Jun Jul 2012 Jun Jul 2012 Jun Jul 2012
1300
1320
1340
1360
1380
1400
5400
5500
5600
5700
5800
980
1000
1020
1040
1060
8400
8600
8800
9000
9200
Latest
Change
on day
-0.90%
Change
on day
-0.63%
Change
on day
-0.55%
Change
on day
-0.24%
Euro edges nearer $1.20 level
CURRENCIES
By David Keohane
The euro fell further yester-
day after rating agency
Moodys lowered its outlook
for triple A-rated Germany,
the Netherlands and Lux-
embourg from stable to
negativeand Spanish bor-
rowing costs continued to
tick up.
The single currency
dropped 0.5 per cent against
the dollar to a fresh two-
year low of $1.2040, moving
closer to the psychologi-
cally important $1.20 level.
It also lost 0.5 per cent
against sterling to 0.7765
as pressure continued to
build on the eurozone.
Concerns over a potential
Greek exit remain elevated
as the struggling country
will only receive funds in
September if it can secure a
favourable report after this
weeks visit from the Euro-
pean Union, International
Monetary Fund and Euro-
pean Central Bank.
Meanwhile, Markits flash
eurozone composite pur-
chasing managers index
survey, which registered its
sixth straight month of con-
traction, supported the view
that the region as a whole
is in the midst of a rela-
tively deep recession.
The euro has now lost
more than 10 per cent
against the dollar since its
2012-high of $1.3486 in late
February and nearly 20 per
cent since May 2011 when it
stood at $1.4939.
The dollar index, which
measures the strength of
the US unit against a bas-
ket of currencies, gained 0.4
per cent and has enjoyed
contrasting fortunes to the
euro. It has climbed 7.6 per
cent since its 2012-low on
February 29 and more than
15 per cent since May 2011.
The euro also fell a further
0.8 per cent against the Jap-
anese yen to Y94.24.
Markets are looking at
further intervention by Jap-
anese authorities but flash
Chinese PMI data, which
came in slightly better than
expected and buoyed risk
appetite, kept the yen in
check.
Japanese authorities have
raised their level of verbal
intervention recently but
RBC analysts said that
while the risk of actual
intervention had risen, it
was not as elevated as gen-
erally perceived.
Citi recommended moni-
toring the renminbi-yen
pair for clues to interven-
tion and argued that a level
of Rmb12 against the yen
might be a trigger it now
stands at Rmb12.2.
www.ft.com/currencies
Pressure on education providers
as DeVry plunges on poor outlook
By Martha Poon and Anora
Mahmudova in New York
DeVry was the worst hit
US stock after the
for-profit education com-
pany revealed higher than
expected operating costs
and weakening student
enrolment.
The company also
announced that it would
cut more than 500 jobs or
more than 5 per cent of its
workforce.
The stock, which has
already lost nearly 70 per
cent of its market capitali-
sation in the past 12
months, plummeted a fur-
ther 24.9 per cent to $20.70.
DeVrys negative June
quarter earnings pre-an-
nouncement serves as fur-
ther confirmation, as if it
were needed, of the ongoing
fundamental pressures in
the education space, said
Peter Appert, analyst at
Piper Jaffray.
Particularly noteworthy
was the companys
acknowledgment of
increased tuition discount-
ing and significant further
margin compression, he
added. We expect to hear
more of the same as indus-
try results are reported over
the next several weeks.
Other for-profit education
providers traded lower in
sympathy.
Direct rival Apollo Group
declined 6 per cent to $27.20
while the Washington Post
Company, which owns Kap-
lan, slid 2.7 per cent to
$346.08.
US equities were lower by
midday trading although
strong data from China
muted increasing worries
over the debt crisis in
Europe.
Commenting on the latest
state of US earnings season,
Phil Orlando, chief equities
strategist at Federated,
said: Overall earnings are
still coming in better than
expected. We are about a
quarter of the way done
with earnings reports and
profits are up 2 per cent
year over year and reve-
nues are in line with expec-
tations.
But the nervousness on
Wall Street was reflected by
the CBOE Vix index, a
measure of implied volatil-
ity, jumping more than 20
per cent in past two ses-
sions.
The S&P 500 index moved
1.4 per cent lower to
1,332.16, the Dow Jones
Industrial Average dropped
1.4 per cent to 12,549.89
while the Nasdaq Compos-
ite index slipped 1.1 per
cent to 2,858.39.
All sectors were in nega-
tive territory with losses led
by telecommunications and
energy stocks.
In earnings news, Pea-
body Energy slumped 9.8
per cent to $20.80 after the
company failed to meet
expectations and cut back
its third-quarter outlook.
The coal producer has shed
66 per cent of its market
capitalisation over the past
12 months.
DuPont, one of the
worlds largest chemical
manufacturers slipped 1.8
per cent to $48.83 after it
reported decreased profits
in the second quarter.
Investors responded to
the news that the group,
which has been hit by glo-
bal economic woes, might
not meet expectations for
its full-year earnings.
We think second-quarter
2012 earnings were better
than investor expectations,
although a more cautious
outlook may leave investors
less satisfied, said PJ
Juvekar of Citi Research.
AT&T, the largest US tel-
ecoms company by reve-
nues, reported an 8.7 per
cent rise in second-quarter
earnings, beating analyst
estimates, but the stock fell
2.8 per cent to $34.46.
In contrast, wireless pro-
vider MetroPCS was among
the leaders on Wall Street,
rising 4.5 per cent to $6.52.
Shares of VMware, one of
the fastest growing soft-
ware companies, fell 2 per
cent to $87.44 after it
announced a 1.3bn cash and
stock purchase of Nicira
Networks, a Silicon Valley
start-up that has yet to gen-
erate any significant reve-
nue. The deal has been lik-
ened to Facebooks acquisi-
tion of Instagram.
Direct rival Juniper Net-
works slipped 3 per cent to
$14.75 in reaction to the
news.
Another big mover in
technology was Cisco Sys-
tems, which dropped 5.8 per
cent to $15.14 after it
announced a plan to lay off
1,300 staff members about
2 per cent of its global
workforce.
Shares in Altria, the
maker of Marlboro ciga-
rettes, traded fractionally
down at $35.48. The stock
price has risen more than
30 per cent over the past 12
months but response to the
companys earnings report
was muted.
While volumes for both
the smokeless and smoka-
ble segments were fairly
healthy, price and product
mix was weaker than we
were looking for, said Viv-
ien Azer at Citi Research.
UPS fell 3 per cent to
$78.17 after the package
delivery companys second-
quarter results missed Wall
Street estimates.
Apple shares were up 0.6
per cent to $600.12. The
company will report earn-
ings after the closing bell.
WALL STREET
Key indicators
Source: Thomson Reuters Datastream
DeVry
Share price ($)
Jul 2011 Jul 2012
20
30
40
50
60
70
Days
Indices Close change
S & P 500 1329.25 21.27
DJ Industrials 12522.94 198.52
Nasdaq Comp 2855.15 35
Russell 2000 766.53 12.37
VIX 20.42 +1.80
US 10 yr Treas Bd 1.44 +0.01
US 2 yr Treas Bd 0.22 +0.01
US equities
Wall Street suffered another
day of significant losses as
some disappointing domestic
corporate earnings and
guidance, plus mounting
concerns about the eurozone,
undermined the mood among
investors
UK equities
The FTSE 100 closed below
the 5,500 level for the first
time this month as investors
continued to fret about the
outlook for Spain. Mining
stocks were among the days
biggest fallers while ITV fell
before releasing results
European equities
The mood among equity
investors remained subdued
by persistent worries about
the outlook for Spain. The
Milan bourse, meanwhile,
retreated to its lowest
level since the introduction
of the euro
Asian equities
The Nikkei edged back to a
six-week low while Hong
Kong closed at its worst level
for a month, hit by a 4 per
cent fall for shares in Cnooc
after the oil group
announced plans to acquire
Nexen of Canada
By Conor Sullivan in London
Elan, the Irish drugmaker,
suffered the biggest fall
among FTSE Eurofirst 300
stocks after reports that an
Alzheimers drug being
developed by Pfizer and
Johnson & Johnson, in
which the Irish company
has a financial interest, had
failed to prove effective in a
trial. The stock lost 11.3 per
cent to 9.85.
By contrast, IT stocks put
in strong performances.
SAP led the way with a rise
of 3.5 per cent to 50.77
after the maker of business
software said that it was on
track to meet full-year prof-
its targets. Rival company
Software gained 11 per cent
to 25.98, after saying it
expected to meet its margin
targets.
The FTSE Eurofirst 300
index fell by 0.6 per cent to
1,018.61 as financial stocks
particularly in Italy and
Spain suffered substantial
losses. In Milan the FTSE
MIB sank 2.7 per cent to
12,362.51 its lowest euro-
era level with banks and
utilities among the worst
performers.
Meanwhile, Banco
Santander and BBVA, the
Spanish banks, saw further
falls as Madrids borrowing
costs continued to creep
upwards. Santander was off
4.5 per cent to 4.04 while
BBVA fell 4.2 per cent to
4.43. The Ibex index
slumped 3.6 per cent to
5,956.3.
In Paris, the Cac 40 fell
0.9 per cent to 3,074.68 and
the Dax slid 0.5 per cent to
6,390.41 in Frankfurt.
Few investors were
tempted to buy into equi-
ties yesterday amid politi-
cal and economic uncer-
tainty, said Angus Camp-
bell of Capital Spreads.
Fears that the regions
economy was contracting
were supported by a survey
showing weak sentiment
among German purchasing
managers. It suggested that
Europes largest economy
may shrink in the third
quarter.
Repsol lost 7.2 per cent to
10.96 after Hugo Chvez,
Venezuelas president, said
that the company should
think carefully and seek
a friendly agreement with
this brother nation of ours,
[Argentina].
Buenos Aires nationalised
YPF, a unit of Repsol, ear-
lier this year and the com-
pany is suing for $10bn in
compensation.
Repsol has big invest-
ments [in Venezuela] and
we want it to continue hav-
ing them, said Mr Chvez.
Swatch, the watchmaker,
gained 2.3 per cent to
SFr369.9 after its earnings
beat estimates. Peer Rich-
emont advanced 1.2 per
cent to SFr53.0.
LONDON
Elan suffers side-effects after
Alzheimers drug setback
EUROPE
Elan
Source: Thomson Reuters Datastream
Share price ()
Apr Jul 2012
9.5
10.0
10.5
11.0
11.5
12.0
Glencore leads the
FTSE 100 fallers
and 4 per cent weaker for
August.
Croda jumped 6.1 per cent
to 23.64. Earnings from the
chemicals maker beat fore-
casts after it raised prices.
After a mixed update,
Aberdeen Asset Manage-
ment bounced 1.2 per cent
to 247.7p.
Man Group rose 4.1 per
cent to 72p after outlining
plans to save $100m.
Better interim results
than expected lifted Provi-
dent Financial 10.6 per cent
to 12.97, with the money
lenders credit card busi-
ness offsetting subdued con-
sumer credit demand. Inter-
national Personal Finance
added 8.2 per cent to 255.6p
after announcing a 25m
share buyback.
Rank Group was steady
at 116p even after a Select
Committee report called for
a cut to bingo tax. PZ Cuss-
ons lost 5.2 per cent to 305p
as a cautious outlook over-
shadowed the soap makers
full-year results.
Genus, the animal breed-
ing specialist, eased 0.9 per
cent to 13.37 on a down-
grade to sell.
By Bryce Elder
London-listed miners hit
their lowest levels for
nearly three years on con-
cerns that the earnings sea-
son would trigger down-
grades.
Expectations had not yet
captured the squeeze on
profitability from falling
metals prices and rising
costs, said Credit Suisse.
Anglo American ended
down 0.7 per cent at 19.34,
its lowest since October
2009. Glencore led the FTSE
100 fallers, off 2.3 per cent
to 301.7p. Xstrata lost 1.8 per
cent to 798.6p and Rio Tinto
fell 1.2 per cent to 27.91.
The wider market slipped
for a third day, with the
FTSE 100 losing 0.6 per
cent, or 34.64 points, to
5,499.23. Fewer than a bil-
lion blue-chip shares
changed hands, down 35 per
cent on the recent average.
ITV slipped 2.2 per cent to
70.4p ahead of earnings
tomorrow. Buyers suggest
that advertising sales are
down 6 per cent for July
Markets update