The Art of Investing in Smaller Companies – P 30

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Emerging Proﬁt from Wine Markets How looking beyond the China and India are catching blockbuster vintages can the US, but are they worth deliver corking returns investing in? – Page 36 – Page 50

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> Unit Trusts 1 | >| The Last Word | Peter Elston

behaviour of, say, numbers or Hubris is the greatest challenge planets or elementary particles or rocks or plants or people. Our new columnist argues that being a non- Successful investing, on the other conformist and not following the crowd can be hand, necessitates disagreement. The Aging bull The Empire Trust For me to give myself a chance uncomfortable but can also produce good returns of beating my competitors, and thus the market, the last thing I should do is agree with them. I The bull market might be The British Empire Trust I am not exactly sure how I have one was just lucky. Probably seek out where they are huddled ended up as a chief investment best to assume you were lucky. together, such as government getting older but there is is one the UK’s most o cer. Looking forward at the There is no downside to doing Unit Trusts bond positioning currently, investment landscape, I generally this, and it does not and do precisely the Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield only see potential for things to cost anything - what still opportunities – Page 18 consistent ITs – page 44 opposite. go wrong. Looking back at my a great investment! It “It is possible £ £ £ £ £ % % £ £ £ £ £ % % This however requires career, my investment mistakes is possible that there FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD that there was one to be completely Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk dominate my memories. Many, was skill involved, but £ £ £ £ £ % % £ £ £ £ £ % % skill involved, but comfortable being apart perhaps even most, of them were let this inflate your FTSE 100 99 - 103 - 117 - 137 - 180 --- Old Mutual Asian Equity Inc R GBP Acc 104 29 108 80 140 61 132 70 - - 0.94 - from the crowd. This a long time ago, but they still portfolio not your head. let this inflate is hard, as it is human FTSE All Share 99 - 104 - 119 - 142 - 190 --- Old Mutual Invesco Perpt Asian U2 GBPAcc 103 37 119 29 169 5 - - - - - 1.29 haunt me, both in my waking The uncertainty in your portfolio not nature to want to conform Old Mutual Pacific Equity R GBP Acc 104 33 108 82 139 63 150 40 - - 1.02 - hours and in my sleep. I’m a investing manifests itself your head” (IA) ASIA PACIFIC EXCLUDING JAPAN and be part of a group. worrier - managing people’s hard in the largely random Pictet-Asian Equities Ex Japan I USD 106 14 127 9 163 13 187 8 222 32 1.08 - There is a famous saying Aberdeen Asia Pac Eq Enh Idx B GBP Acc 102 49 115 45 ------2.50 earned savings is an austere and movement of stock Principal Asian Equity I Acc USD 102 47 121 25 153 25 155 35 236 22 1.74 - in Japanese, Deru kugi great responsibility, second only prices. It can however Aberdeen Asia Pacific Equity I 101 62 113 59 132 79 133 68 239 18 1.12 1.05 wa utareru, which means ‘A Robeco Asian Stars Equities F £ 103 40 115 48 ------1.01 - to undertaking. also relate to something equally Aberdeen Global Asia Pac Eq X Acc GBP 101 63 113 63 132 80 133 69 229 27 1.27 - protruding nail gets hammered Furthermore, my career fundamental – no one can agree Royal London Asia Pac ex Jpn Tracker Z 101 68 109 77 140 58 142 53 211 41 1.05 2.69 down’ - a stern warning to non- Aberdeen Global Asn Smllr Coms X Acc GBP 99 83 107 84 122 89 117 75 297 6 1.42 - progression has hardly been whether investing is an art or a Santander Pacific Basin (Ex Jpn) Eqs A 103 43 113 61 148 33 165 21 215 39 1.05 1.91 conformists. You will also find Allianz Total Return Asian Equity C Inc 99 86 120 28 138 64 165 22 237 21 1.24 1.25 conventional. Although I spent science. Some say it is one, some that many animals operate in Schroder Asian Alpha Plus Z Acc 105 23 125 14 162 16 171 18 334 1 0.96 0.85 long stints at two big firms, I the other, some both. Some Aviva Investors Apac Eq MoM 1 2 GBP Inc 102 54 113 56 139 62 145 48 178 52 1.31 1.23 groups too, while the dissidents Schroder Asian Income Maximiser Z Acc 100 80 107 83 138 65 140 58 - - 0.96 7.13 also spent a number of years in even say it is neither! I perish. AXA Rosenberg Asia Pacific ex Japan Z 102 55 115 47 142 48 142 52 226 29 1.09 1.58 between on an Indonesian island challenge you to think Schroder Asian Income Z Acc 100 76 110 71 142 50 154 37 333 2 0.95 3.70 I think I have my father to Baillie Gifford Pacific B Acc 108 6 132 2 155 22 187 7 261 13 0.79 0.38 trying to build a food business. of another pursuit Schroder Instl Pacific I Acc 101 58 109 78 137 68 135 64 249 14 0.51 2.74 thank for any humility I might Baring ASEAN Frontiers I GBP Acc 113 1 122 21 142 52 135 65 - - 1.25 - How can such neuroticism and where there is such Scottish Widows Pacific Growth A 102 51 113 57 141 54 143 49 202 46 1.65 1.37 have and my school boarding www.whatinvestment.co.ukWhat FOR Investment A WEALTHIER FUTURE Issue 423 June 2018 £4.50 wanderlust constitute suitable uncertainty. Baring Eastern I GBP Inc 110 3 134 1 169 6 192 4 235 23 1.02 0.15 house for turning me into SLI Asian Pacific Growth Plat 1 Acc 103 42 116 41 146 38 164 24 241 16 - 1.21 CIO material? For what it is something of a rebel. Boarding BGF Asian Dragon D2 104 28 117 36 158 18 185 9 - - 1.09 - When the editor and I were worth, I think SLI Pacific Basin Trust 104 31 118 33 146 40 161 26 232 25 0.86 1.16 schools generally are horrific BlackRock Asia D Acc GBP 104 35 117 38 152 26 - - - - - 0.90 discussing this opportunity to investing is ‘art’ not Smith & Williamson Oriental Growth B 107 7 127 8 173 1 178 16 - - - 1.22 institutions – it is I believe pen The Last Word column, he ‘science’. Science BlackRock Asia Special Situations D Acc 101 59 117 39 162 15 - - - - - 1.03 completely wrong for children SSgA Asia Pacific ex-Japan Eq Tracker 101 67 109 79 141 56 137 63 218 33 0.90 - Britain’s recalled a presentation at which involves broad Emerise Pacific Rim Equity R/A USD 104 27 109 73 130 84 114 76 154 56 1.80 - to be apart from their parents Stewart Investors Asia Pacific B Acc GBP 100 71 105 90 134 72 165 23 300 5 1.04 1.05 a well-known and respected agreement – but they can also nurture F&C Pacific Growth 2 100 78 110 70 144 45 156 34 167 54 1.10 1.81 Buffetts fund manager was asked to about the T. Rowe Price Asian ex-Japan Eq Q GBP 104 32 119 31 146 37 157 33 235 24 1.17 - How can you profit traits that are useful in certain Fidelity Asia Focus W-Acc-GBP 105 15 123 19 156 20 159 28 237 20 1.19 - from the UK managers name what he thought was the T. Rowe Price Asian Opps Eq Q GBP 106 13 123 20 158 19 - - - - 1.17 - professions. I learned at the age inspired by the biggest challenge investors faced. Fidelity Asia Pacific Opps W GBP Acc 104 30 116 43 167 10 - - - - - 0.93 legendary American of thirteen to despise my lazy Templeton Asian Growth W(acc)GBP 101 61 110 67 130 85 125 74 201 47 1.34 - Inflation? Growth? Valuations? Fidelity Asia W Acc 105 20 124 17 165 12 183 12 279 9 - 0.89 investor and nasty boarding masters. Threadneedle Asia Z Acc GBP 104 25 122 22 150 29 170 19 216 37 0.91 1.43 – P 14 Politics? “Hubris”, came the Ever since, I have had what I Fidelity Asian Dividend W Acc 103 44 110 69 145 42 - - - - - 1.82 simple and immediate response. I Vanguard Pac ex-Jpn Stk Idx GBP Acc 100 81 105 92 133 76 131 71 - - 0.30 4.18 think is a healthy disdain for Fidelity Asian Special Sits A-Dis-GBP 102 48 120 26 158 17 182 13 279 10 1.93 - could not agree more. Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55 authority, whether the authority There is so much uncertainty Fidelity Emerging Asia W Acc 104 26 121 24 154 24 188 6 - - - 0.47 that is embedded in the crowd Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55 in the world of investing that 105 21 124 16 152 27 180 15 - - 1.21 - or otherwise. At other times, I Fidelity Emerging Asia W-Acc-GBP Waverton Asia Pacific A USD 97 91 111 65 142 47 148 43 208 44 1.51 0.64 it is foolish to think you have have completely accepted it – my Fidelity Index Pacific ex Japan P Acc 99 84 104 93 132 77 - - - - - 2.79 it sussed. In Ancient Rome, a Average/Total 102 97 116 97 146 91 156 78 234 57 1.15 1.81 prison record, or rather lack of it, slave would whisper repeatedly, Fidelity Instl Pacific ex Japan 101 60 105 89 132 78 145 47 227 28 0.90 1.41 speaks for itself! (IA) ASIA PACIFIC INCLUDING JAPAN “Remember, you are mortal”, in Fidelity Instl South East Asia 102 56 115 44 149 30 159 30 283 7 0.94 1.53 Perhaps it is this unusual the ears of victorious generals Aberdeen Asia Pacific and Japan Eq I Acc 103 5 112 6 135 7 140 7 239 4 - 0.75 and somewhat contradictory First State Asia All-Cap B Acc GBP 103 36 114 53 ------0.56 returning to Rome and its combination that has made First State Asia Focus B Acc GBP 105 19 118 34 ------0.81 Baillie Gifford Developed As Pac B Acc 109 1 115 4 159 4 186 3 243 3 0.73 0.91 The Aging bull The Empire Trust adoring crowds. A few years of The bull market might be The British Empire Trust me feel lucky in my chosen GAM Multistock Asia Focus Equity USD B 107 8 123 18 169 8 183 11 - - 1.90 - GAM Star Asia-Pacific Eq Instl EUR Acc 105 4 111 7 147 6 163 6 175 6 1.76 - getting older but there is is one the UK’s most good investment performance still opportunities – Page 18 consistent ITs – page 44 profession. GAM Star Asian Equity Instl GBP Acc 98 89 113 62 140 59 141 55 164 55 1.32 - IP Pacific Z Acc 106 3 117 3 160 3 194 1 307 1 - 1.05 or a run of good stock picks can JPM Pacific Equity A (dist) GBP 103 6 119 2 164 2 184 4 237 5 1.80 0.04 make one feel invincible, while Peter Elston is the chief investment GlobalAccess Pacific Rim exJpn M Acc GBP 109 5 130 4 142 51 - - - - - 0.82 the reality may well be that o cer of Seneca Investment GS Asia Equity R Acc USD 109 4 128 6 166 11 184 10 216 38 1.15 - Matthews Asia Funds Asia Dividend I GBP 102 7 114 5 153 5 168 5 - - 1.22 - Guinness Asian Equity Income Y GBP Acc 100 73 115 46 156 21 ------Smith & Williamson Far East Inc&Gr B 108 2 122 1 174 1 194 2 289 2 - 1.70 The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Average/Total 105 7 116 7 156 7 176 7 249 6 1.38 0.89 Investment Managers Limited and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable eorts to ensure the accuracy Halifax Far Eastern C 102 53 114 49 144 44 148 44 213 40 1.57 1.86 of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment. Seneca Investment Managers Limited (0151 Hermes Asia Ex Japan Equity F GBP Acc 102 52 119 30 169 7 233 1 - - 0.85 - (IA) CHINA/GREATER CHINA 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered o ce at 10th Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18/107 HSBC Asian Growth Retail Acc 102 45 117 37 148 31 148 42 186 50 1.79 0.36 Aberdeen Global Chinese Eq X Acc GBP 106 23 116 35 145 33 134 32 216 11 1.24 - HSBC Pacific Index Accumulation C 101 64 109 75 141 57 141 56 216 36 0.31 2.45 Allianz China Equity RT GBP 105 34 120 31 153 28 177 24 - - - - 82 WhatInvestment May 2018 www.whatinvestment.co.uk Invesco Asia Consumer Demand A USD SD 106 10 125 11 147 36 160 27 - - 2.02 0.06 Baillie Gifford Greater China B Acc 106 21 136 3 189 2 229 3 - - 1.13 0.70 Investec Asia ex Japan I Acc Net 103 38 125 13 154 23 176 17 280 8 1.00 1.20 Baring China Select I GBP Inc 105 31 120 32 154 26 168 27 - - 1.44 0.01 IP Asian Equity Income Z Acc 98 90 106 87 131 81 140 61 - - - 3.75 Baring Hong Kong China I GBP 106 26 126 24 156 23 178 23 198 15 1.23 - IP Asian Z Acc 103 39 120 27 171 4 191 5 303 3 - 1.21 Fidelity China Consumer W Acc 107 17 129 15 165 15 218 5 - - - 0.56 iShares Pacific ex Jpn Eq Idx (UK) D Acc 101 66 109 74 141 53 142 51 - - 0.19 2.77 Fidelity China Focus Y-Dis-GBP 105 27 123 30 167 14 210 7 - - 1.16 1.09 Janus Henderson Asian Div Inc UT I Acc 100 72 111 64 137 66 143 50 217 34 1.11 5.32 First State All China B Acc USD 113 1------Janus Henderson AsiaPac Cptl Gr I Acc 101 69 117 40 146 39 159 29 238 19 1.08 0.82 First State Greater China Gr B Acc GBP 110 9 125 25 163 17 187 18 340 1 1.06 1.05 Janus Henderson Instl APexJpn IdOpp IAcc 100 75 108 81 140 60 139 62 217 35 0.83 2.47 GAM Multistock China Evolution Eq USD B 107 16 128 19 188 3 - - - - 1.92 - JOHCM Asia ex-Japan A GBP Inc 96 94 110 72 136 69 157 32 - - 1.01 0.91 GAM Star China Equity Instl GBP Acc 105 33 123 29 156 22 179 22 - - 1.04 - JOHCM Asia ex-Japan Sm & Md-Cp A £ I 93 96 97 96 124 88 149 41 - - 1.21 0.48 GS China Opportunity Equity R Inc GBP 109 12 130 12 162 19 189 16 - - 1.15 0.63 JPM Asia Growth C Net Acc 105 16 130 5 172 3 181 14 248 15 0.93 - Guinness Best of China X GBP Acc 105 32 125 27 ------1.24 - Jupiter Asia Pac Inc L GBP Q Inc 95 95 104 94 125 86 134 66 - - 1.94 4.13 HSBC Chinese Equity Retail Acc 104 36 126 22 152 29 173 25 194 18 1.78 0.19 Jupiter Asian I Acc 100 79 107 85 137 67 151 39 202 45 - 0.68 Each month you’ll receive: HSBC GIF Chinese Equity AD 105 29 128 18 156 24 184 19 198 16 1.91 0.33 Jupiter Asian Income I GBP Acc 96 92 105 91 ------3.91 Invesco PRC Equity A USD AD 112 2 137 2 177 6 193 13 224 9 2.21 - L&G Asian Income Trust I Acc 99 85 106 88 134 71 140 60 239 17 - 3.97 IP HK & China Z Acc 106 22 129 16 164 16 207 9 276 4 - 0.91 L&G Pacific Index Trust I Acc 101 65 109 76 141 55 142 54 225 31 0.38 2.92 Janus Henderson China Opps I Acc 110 8 135 6 179 5 230 2 271 5 1.09 0.82 Legg Mason IF MC Asia Pac X Acc £ 100 77 113 55 148 32 147 46 208 43 - 1.26 Janus Henderson Hrzn China A2 USD 111 7 134 7 177 9 221 4 332 2 1.95 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 99 87 110 68 133 73 147 45 - - 1.20 1.19 JPM Greater China A (dist) USD 109 13 133 8 163 18 192 14 268 6 1.78 0.13 ● Legg Mason MC Asia Pacific X USD Dis(A) 101 70 114 54 144 43 140 59 186 51 1.25 1.26 Expert jargon-freeJPM Hong Kong A (dist) USD 106guidance25 125 26 151 30 168 28 217 10 1.80 0.91 on investing for growth or income LF Canlife Asia Pacific C Acc 105 22 118 35 130 83 134 67 200 48 0.89 1.18 Jupiter China I Acc 107 19 119 33 147 32 169 26 197 17 1.02 1.04 Liontrust Asia Income I Inc 102 57 110 66 142 49 154 38 - - 1.25 4.52 Legg Mason IF MC China X Acc £ 107 20 131 10 172 12 188 17 - - - 0.40 M&G Asian GBP I Acc 99 88 106 86 133 74 141 57 226 30 0.99 1.45 Legg Mason MC Greater China A USD Dis(A) 105 28 127 20 169 13 190 15 215 12 1.60 - Marlborough Far East Growth P Inc 103 41 114 50 163 14 158 31 210 42 - 1.94 Matthews Asia Funds China Div I USD Acc 109 11 124 28 177 7 201 11 - - 1.50 - Matthews Asia Fds As Ex Jp Div I GBP Acc 112 2 128 7 ------1.50 - Matthews Asia Funds China I GBP 112 4 135 4 175 10 182 21 - - 1.50 - Matthews Asia Funds Asia Small Co I GBP 102 50 113●60 130 82 - - - - 1.72 - Matthews Asia Funds China Sm Coms I Acc 111 5 132 9 186 4 218 6 - - 1.71 - Matthews Asia Funds Pacific Tiger I GBP 105 24 116 42 145 41 168Our20 - - 1.34 - Neptuneselection China C Acc GBP 107 18 127 21 158 21 162 29 208 of13 - 0.84 the best-performing funds MFS® Meridian Asia Pacific ex-Jpn W1 USD 100 74 114 51 148 34 154 36 231 26 0.94 - Neuberger Berman China Eq USD A Acc 112 3 144 1 190 1 235 1 - - 2.11 - Mirabaud Equities Asia ex Japan A USD 104 34 121 23 151 28 163 25 175 53 2.21 - New Capital China Equity GBP Ord Acc 110 10 130 13 115 34 149 30 - - 1.37 - Mirae Asset Asia Great Consumer Eq R GBP 107 9 132 3 143 46 - - - - 0.96 - Old Mutual Henderson China Opps U2 £ Acc 111 6 135 5 177 8 - - - - - 0.68 Mirae Asset Asia Sector Leader Eq R GBP 105 17 125 15 147 35 - - - - 0.97 - Pictet-Greater China I GBP 106 24 129 14 160 20 183 20 241 8 1.05 - New Capital As Pac Eq Inc GBP Ord Inc 106 12 119 32 115 90 111 77 - - 1.31 3.84 Schroder ISF Greater China C Acc USD 105 30 126 23 174 11 205 10 289 3 1.32 - Newton● Asian Income Instl W Acc 96 93 103 95 125 87 129 73 273 11 0.83 4.52 SLI China Equities A Acc GBP 108 14 129 17 153 27 193 12 - - 2.06 - Newton Oriental Inst WNews Acc 100 82 114 52 133 75 129of72 187 49 0.89 0.72the latest alternative investment opportunities © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 46 113 58 135 70 - - - - - 1.26 not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Old Mutual Asia Pacific R GBP Acc 105 18 125 12 168 9 196 3 267 12 1.01 1.31 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. SUBSCRIBE FOR £29.99* – SAVING● Our 45% ON THEpick SHOP PRICE of the promising shares To take advantage of this offer, visit

www.whatinvestment.co.ukWhat FORInvestment A WEALTHIER FUTURE Issue 421 March 2018 £4.50 www.whatinvestment.co.uk/ subscribe or call 020 7250 PLUS regular special7055. Please use coupon sections on investment trusts,ISAs What Investment code: wi-ﬁrst-year-offer Main coverline 20 WhatInvestment May 2018 to this style www.whatinvestment.co.uk Secondary coverline runs across here to this style Ipsapit veruptat que esequati ditiandita cusape de fugiquundellut erchica tureceat – P 14 and saving for children

Second story headline here Third story Maion repero omnihil rehen headline here quundellut erchica tureceat Maion repero omnihil rehen quam otasperovit – P 23 quundellut erchica tureceat quam otasperovit – Subscribe todayP 23 and receive 12 issues for £39.99* To take advantage of this offer, visit www.whatinvestment.co.uk/subscribe or call 020 7250 7055. Please use coupon code: WI-FIRST-YEAR-OFFER What Investment Helping you plan your ﬁ nancial security * £39.99 for the ﬁ rst year, rising to the standard subscription rate (currently £45 per year) thereafter >| Contents: Features July 2018

COVER STORY Hidden gems and how to ﬁ nd them Three Unicorn Asset Management fund managers o er the beneﬁ t of their considerable experience in investing in smaller companies Page 30

FEATURES 12 Investment 48 Alternatives Each month you’ll receive: Trusts World Cup sticker albums ● Expert jargon-free guidance on investing for growth or income With Britain’s oldest are a collectable asset. We ● Our selection of the best-performing funds investment vehicles o er a mathematician’s ● News of the latest alternative investment opportunities growing in popularity, guide to fi lling your album we highlight three to for a fi h less than any ● Our pick of the promising shares watch out for previous estimate PLUS regular special sections on investment trusts,ISAs and saving for children 36 Emerging 50 Wine Markets Let fi ne wine investor The bull and bear case; Vin-X add some fi zz to your plus the arguments for portfolio with our guide to adding China and India vintage diversifi cation to your portfolio

www.whatinvestment.co.uk WhatInvestment July 2018 3 We strive to go deeper.

Murray Income Trust ISA and Share Plan Investing for income growth is a skill. Sometimes, an investment that seems great on paper may not be so good when you look beneath the surface. Murray Income Trust searches for high-quality income opportunities by getting to know in depth every company in whose shares we invest. We meet management face-to- face. We ask tough questions – and we only invest when we get to the bottom of how a business works. So when we include a company in Murray Income Trust, you can be sure we’ve done the legwork. Please remember, the value of shares and the income from them can go down as well as up and you may get back less than the amount invested. No recommendation is made, positive or otherwise, regarding the ISA and Share Plan. The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained. We recommend you seek financial advice prior to making an investment decision.

Request a brochure: 0808 500 4000 murray-income.co.uk

Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen AB10 1YG, which is authorised Please quote and regulated by the Financial Conduct Authority in the UK. Telephone calls may be recorded. aberdeen-asset.co.uk MINC WI 33

121032645_IT_ADVERT_MINC_WI_33.indd 1 16/05/2018 15:03 We strive to go deeper. >| Contents: Regulars July 2018

Murray Income Trust News and views 80 Investment Clubs ISA and Share Plan Our regular look at one 6-9 News investment club and how they Investing for income growth is a skill. Sometimes, GrowthInvest adds dedicated an investment that seems great on paper may not invest, plus analysis of their IHT and Alternatives areas be so good when you look beneath the surface. portfolio and holdings by the to its platform Share Centre Murray Income Trust searches for high-quality income 10 Tax Planning 82 Last Word opportunities by getting to know in depth every company in whose shares we invest. We meet management face-to- When is leverage appropriate? Page 6 Peter Elston, chief investment face. We ask tough questions – and we only invest when (And who is it appropriate for?) ocer and fund manager at we get to the bottom of how a business works. 15 Investment Trusts Seneca Investments, applies a gambler’s tools to investment So when we include a company in Murray Income Trust, India equity investment trust aims you can be sure we’ve done the legwork. to raise £100m Please remember, the value of shares and the income from 18 Outlook Performance data them can go down as well as up and you may get back less M&G’s leading bond managers 54 Unit Trusts & than the amount invested. No recommendation is made, on the outlook for inflation and Investment Trusts positive or otherwise, regarding the ISA and Share Plan. interest rates Page 10 Morningstar data covering the The value of tax benefits depends on individual 21 Trends performances of all unit trusts circumstances and the favourable tax treatment for What can artificial intelligence over 6 months, one year, three ISAs may not be maintained. We recommend you seek do for your portfolio? years and ten years, showing the financial advice prior to making an investment decision. 22 Offers value of your holdings and where your fund ranks across others in Request a brochure: Our panel of leading wealth 0808 500 4000 the same sector murray-income.co.uk managers look at some of the new funds launched in recent weeks 76 Exchange Traded Funds and analyse where they might fit Page 21 (ETFs) into your portfolio Morningstar analysis of the 26 Opinion & Editorial performance of a range of ETFs covering the main investment The advent of Blockchain markets around the world technology and the impact of such decentralised services on existing 79 Cash Savings/Investment financial systems and regulatory Moneyfacts analysis of the latest oversight savings, cash ISA and NS&I Smaller companies, emerging account and bond rates market equities and wine. Read Page 82 what the editor thinks these diverse alternatives have to o er

121032645_IT_ADVERT_MINC_WI_33.indd 1 16/05/2018 15:03 >| News SCOTTISH AMERICAN INVESTMENT COMPANY

Daniel Rodwell UK Crowd funding UK | | GrowthInvest 1854 Media

GrowthInvest introduces it made perfect sense British Journal IHT to the platform for us to bring a range of Photography of products onto the platform.” owner seeks Daniel Rodwell Jonathan Gain, CEO of Stellar Asset funds through Management, one of the EIS structure first IHT providers to launch on GrowthInvest The owner of the oldest saidd: “Interest in IHT photographic magazine in the products using Business world, the British Journal of relief has never been Photography, is seeking to raise higher, and we are funds using the tax ecient pleased to be working structure EIS, which has been with the GrowthInvest approved by HMRC. team to make our 1854 Media, so named because SAINTS HAS GROWN ITS products available in the original magazine was DIVIDEND EVERY YEAR a successful platform launched in 1854, is using funds FOR THE LAST 38 YEARS. environment, one in to grow the brands digital and which technology is being exhibition business. used intelligently to help Investor rewards include free facilitate investments.” BJP subscriptions and entry to its GrowthInvest, the advised investments Andrew Aldridge, awards, and special first edition independent platform across all product groups, Partner at Deepbridge reprints of BJP. for investors in the tax and comes with a suite of Capital, added: Its rapidly growing new ecient investment analytical and reporting “GrowthInvest seeks to agency, Studio 1854, creates arena, has announced the dashboards. provide access to range standout visual content for global launch of dedicated IHT This strengthens an of tax-ecient products brands, while commissioning and Alternatives areas on already compelling on one platform and photographers and filmmakers DESIGNED TO DELIVER the platform. solution for investors therefore it makes a great from our audience This will sit alongside and advisers looking to deal of sense for the The business plan is forecasting AN INCOME THAT GOES the existing range of EIS find an intelligent single Deepbridge IHT Service more than a 3x return on & SEIS funds option for their to join the panel so there investment, and its award- and portfolios, tax ecient is access to our full range winning Portrait of Britain has THE DISTANCE. VCTs and “The use of portfolios of propositions via the been seen by millions and just direct single and goes GrowthInvest platform.” closed 50% up year on year company Business Relief live in direct Jack Rose, Head of The British Journal of SAINTS (The Scottish American Investment Company) is designed investments. products within response to Tax Ecient Products, Photography has been defining to generate an infl ation-beating income from your investments that won’t The new Inheritance demand from LightTower Partners and curating the medium since weaken in the long term. It aims to deliver a winning combination of growth, IHT service the adviser commented: “A platform 1854, making it the third oldest tax planning income and dependability. will cover marketplace. that holds an investor’s magazine in the world in any both unlisted is becoming Daniel entire tax ecient sector, with The Economist being Our analysis centres on the sustainability and long-term growth of a fi rm’s and AIM IHT increasingly Rodwell, portfolio in one place the oldest. cash fl ow. This naturally leads SAINTS to invest in high quality global products, widespread Managing makes life simpler.” companies with strong balance sheets. The desired outcome is a dependable and the Director of Rodwell is a founding For more information visit accompanying amongst GrowthInvest investor in GrowthInvest https://bit.ly/2yqDIC1. and growing income stream alongside the prospect of capital growth. Alternatives the adviser said: “We are (originally Seed EIS It’s a solution that could be well suited to investors enjoying a long and section will marketplace” delighted to Platform) and has happy retirement. initially be broadening been Chairman of the DANIEL RODWELL Please remember that changing stock market conditions and currency exchange launch with the platform Investment Committee a selection of product range, since June 2012. He rates will affect the value of your investment in the fund and any income from it. secured bonds. and have done became Managing The level of income is not guaranteed and you may not get back the amount invested. As with the EIS & so in response to demand Director in late 2014. For an investment that aims to deliver the classic “one-two” of income VCT areas, key product from both advisers and During his tenure, he together with growth, call or visit information and data and their clients. has overseen numerous 0800 917 2112 www.saints-it.com documentation, including “The use of Business investment rounds into A Key Information Document is available by contacting us. Long-term investment partners links to available 3rd Relief products within SEIS and EIS qualifying party information and Inheritance tax planning companies. research. is becoming increasingly The platform can widespread amongst the For more information visit facilitate both direct and adviser marketplace, and www.growthinvest.com. Your call may be recorded for training or monitoring purposes. The Scottish American Investment Company P.L.C. is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an affi liate 6 WhatInvestment July 2018 www.whatinvestment.co.uk of Baillie Gifford & Co Limited, which is the manager and secretary of The Scottish American Investment Company P.L.C. SCOTTISH AMERICAN INVESTMENT COMPANY

SAINTS HAS GROWN ITS DIVIDEND EVERY YEAR FOR THE LAST 38 YEARS.

DESIGNED TO DELIVER AN INCOME THAT GOES THE DISTANCE.

SAINTS (The Scottish American Investment Company) is designed to generate an infl ation-beating income from your investments that won’t weaken in the long term. It aims to deliver a winning combination of growth, income and dependability. Our analysis centres on the sustainability and long-term growth of a fi rm’s cash fl ow. This naturally leads SAINTS to invest in high quality global companies with strong balance sheets. The desired outcome is a dependable and growing income stream alongside the prospect of capital growth. It’s a solution that could be well suited to investors enjoying a long and happy retirement. Please remember that changing stock market conditions and currency exchange rates will affect the value of your investment in the fund and any income from it. The level of income is not guaranteed and you may not get back the amount invested. For an investment that aims to deliver the classic “one-two” of income together with growth, call 0800 917 2112 or visit www.saints-it.com A Key Information Document is available by contacting us. Long-term investment partners

Your call may be recorded for training or monitoring purposes. The Scottish American Investment Company P.L.C. is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an afﬁ liate of Baillie Gifford & Co Limited, which is the manager and secretary of The Scottish American Investment Company P.L.C. >| News

Rachel Griffin UK Charlotte Nelson UK | | Old Mutual Moneyfacts HM Treasury and CMA plans Cash ISAs boost product to investigate pre-paid funeral numbers to six-year high costs gain industry support Moneyfacts UK Savings Trends Treasury Report data shows that the total number of savings products in FTSE 100 financial services Rachael the market has increased by 154 year-on-year, making group Old Mutual has joined Grin June’s 1,791 products the highest number on the market the list of major companies since November 2012. supporting moves by the Charlotte Nelson, Finance Expert at Moneyfacts, said: Treasury and one of the “June saw yet another rise in the number of products in financial regulators to look the savings market, which has resulted in the number of into the funeral sector. deals reaching a near six-year high. The Treasury’s consultation “Interestingly, the increase in numbers was largely on pre-paid funeral plans fuelled by a boost in products in the ISA market. The and the Competition Market number of ISA deals has increased to 409, which is the Authority’s investigation first time the Moneyfacts UK Savings Trends Treasury follow increasing concern Report has seen the number of ISAs surpass the 400 about the lack of regulation “Funeral plans are popular mark since May 2012, when it stood at 418. in the sector and the rising in part because of the probate “While the consumer demand data shows a drop in cost. process. Under this process interest in ISAs aer the end of ISA season, this has yet Rachael Grin, tax and money from the deceased’s to deter providers, as the numbers keep ticking up. This financial planning expert at estate has to go through seems to be a clear indication that ISAs are still core Old Mutual Wealth, agrees probate first so tax is paid products in savings providers’ minds. Alongside this, the that funeral plans need before it is distributed, which fact that there are fewer providers in this market means to become regulated, and can take several months it is far easier to compete here than in the non-ISA says the probate process or even years to complete. market, where competition for the top spot is fierce.” may change as a result of However, for those who are Nelson continued: “Yet again, it is the challenger the review of inheritance nervous about funeral plans banks that are driving the product numbers forward, tax by the Oce of Tax there are alternatives, like a as they look to expand their dominance beyond their Simplification. life assurance policy. usual home (fixed rate bonds). Building societies She said: “The grieving “Last year, The Protection are also in on the action, as they look to keep loyal process generally doesn’t Distributors Group launched customers on their books when their accounts reach include panic about money a ‘Funeral Pledge’ which maturity. problems, but with the commits insurers to pay out “All these extra products have started to have a small average funeral costs an advance on all valid life e ect on rates as well, with the average one-year fixed reaching £3,800 in 2017 and assurance claims, when they rate ISA rising from 1.19% last month to 1.22% in June, many costing more than that, sign up. This means money the first time it has risen above 1.20% since June 2016. this is becoming a very real can be paid directly to a The non-ISA market saw a similar rise, with the average issue for many families. funeral company to cover long-term fixed rate bond increasing by 0.02% to 1.76%. The announcements costs, with no need to wait for “While any positive news is always welcome, savers from the Treasury and probate. Most major insurers will not be able to deny that the reluctance of the main the Competition Markets including Old Mutual Wealth banks to get involved is starting to wear them down. Authority show that ocial have signed up.” In fact, figures from UK Finance show that a significant bodies have noted that people She added: “The Oce £8.2bn of ISA savings has been moved out of high street are oen very vulnerable in of Tax Simplification is banks, which marks a fall of 5% in just one year.” these situation and providers considering the probate and the government need to process as part of its review Total number of live savings products ensure they are doing all they of inheritance tax and it will 2000 can to protect people. be intriguing to see if they Grin said: “The CMA’s decide to make changes to investigation and the the system. The rationale for 1500 Treasury’s consultation the process is it ensures that are taking a close look at IHT is paid before assets are pre-paid funeral plans. distributed, which avoids 1000 Scammers have latched onto tax needing to be recovered these plans over the past later. Changing the system year as an opportunity to may prove to be complicated 500 swindle people out of their and put more of an onus on money and we welcome the the executor of an estate to 0 suggestion that the sector ensure that beneficiaries pay Nov-12 Jun-16 Jun-17 Jun-18 become regulated by the FCA. up.” Source: Moneyfacts Treasury Reports 8 WhatInvestment July 2018 www.whatinvestment.co.uk >| News

SRI | UK | Products Triple Point launches Impact EIS Private investment specialist targets investors seeking returns from the property market while making a positive social impact across key sectors such as health and environment

Triple Point, which provides their investments to have a innovative investment positive impact on society solutions for private and as well as produce financial institutional investors, has returns.” The review launched its Impact EIS also said that the Impact service. Investing market required The Impact EIS’s strategy further development to cater is to target investments in for retail investors. commercially successful The government has companies that earn a made clear that it supports property market return for the expansion of the Impact investors whilst making a Investing sector and is positive social impact. backing moves to facilitate The Triple Point Impact further retail investment EIS is initially raising £10m into Impact Investing and o ers investors a by encouraging greater portfolio of between 8 and transparency, a more robust 12 fast-growing companies governance framework across four key sectors – and better measurement the environment, health, return to support companies contribution into account of outcomes so investors inequality and children and that make a positive impact, when analysing prospective can be clear on the positive young people. which is what many socially investments provides impact their investments The funds raised will aim responsible funds o er.” fundamental critical insight have made. to provide scale-up capital Triodos, the sustainable into a company’s viability Active for 14 years, Triple for revenue-generating bank, recently found and potential long-term Point has over £800m in companies, which have the that nearly two thirds of business performance.” assets under management potential to achieve returns UK citizens would prefer Triple Point sees Impact and invests in tax-ecient of 5-10 times. their money to support Investing as a subset of VCT and EIS products. The The capital should be companies that are not only commercial investing that firm has supported 44 EIS deployed over 12-18 months profitable, but that also have happens to be sustainable and 18 VCT qualifying and the target is to exit a positive impact on society and make a positive impact. companies in that time, and investors four to seven years and the environment. One of the rationales of has in the past two years aer allotment. The o er is Academic research also impact investing is that the returned £130m to investors. available all year round, for backs up this investment long-term risk adjusted Belinda Thomas, Head of a minimum investment of approach. Research from returns will be superior Sales and Investor Relations £25,000. Triple Point seeks Friede, Busch and Bassen, because the investment at Triple Point, commented: to align its interests with authors of the Sustainable approach is in tune with the “The Triple Point Impact EIS, its investors and maximise Journal of Finance, showed forces shaping the global looks to back companies returns by limiting the costs in a recent study titled, ‘ESG economy. This is because that maximise financial for investee companies and and financial performance’, it takes into account the returns while also having a not charging arrangement that in 90% of 2,200 peer risks and opportunities for positive impact on society. fees. reviewed research papers businesses of transitioning The Impact EIS is the Belinda Thomas, Head there was a positive or to a more sustainable, low fruition of several years of Sales and Investor neutral correlation between carbon economy where of development and is a Relations at Triple Point, the two. companies will increasingly response to growing demand said: “Increasingly, investors Thomas said: “What be penalised for their from investors for principled want to do well from doing is also important to negative social impacts. investment products. good. No longer is it enough understand is that this A government review “Its Impact Investment for many investors that the approach is not simply commissioned last year, strategy reflects and investment schemes they catering to the investment led by Elizabeth Corley, capitalises on the commit to, such as ethical philosophy of a cohort chair of Allianz Global macro forces shaping funds, just avoid social of more progressive Investors, reported that global growth, with the damage. Nor are they happy individuals. In fact, “there is growing interest opportunity for superior to give up a fair market taking positive societal among individuals for long-term returns.”

www.whatinvestment.co.uk WhatInvestment July 2018 9 >| Tax Planning

When is leverage appropriate? (And who is it appropriate for?) Tony Mudd, Divisional Director Tax &Technical Support at St James’s Place, argues that, while not all debt is bad, investors need to consider if debt has already been embedded and the risks accounted for

“When you combine ignorance experience suggests that bigger and leverage, you get some pretty is not necessarily better – at least interesting results…” –Warren in the renewables space. For Bu ett. example, ROC schemes typically Just using the word ‘leverage’ have greater exposure to power tends to ignite excited, anguished price movements than FIT debate within the world of schemes. investment. Questions about asset For me, though, an obvious price volatility, the over-pricing truth emerges. If returns are of real assets, and the direction of ‘only’ going to be 3–5%, why on monetary policy gatecrash any earth would you want to risk informed discussion. But one this relatively modest return simple question is sometimes – compared with other riskier curiously absent amongst the assets – by using debt, given the noise: is leverage appropriate for potential of increased volatility? the average end client? Some providers don’t use In the world of tax-ecient leverage, but their returns tend investing and Business Relief to be viewed through the same services, this to me seems hugely cash-producing assets are in e ect prism as those that do –surely important and oddly lacking. How parked in a standard limited this is not a fair way to judge comfortable are investors with company that pays out an income them? Should we not include structures that have embedded of between 3 and 5% per annum potential risk-adjusted returns as leverage – or do they even realise to its end investors, aer charges a yardstick? their investment returns are and Corporation Tax. Again, my guess is that the predicated on the “judicious” use This isn’t exactly a king’s risk-intolerant (at the risk of of debt to boost returns? ransom compared to other risk generalisation, older) IHT investor assets, but for many investors its sometimes doesn’t realise the A four-letter word predictable cash flows and tax- risks of using leverage. Let’s step back and eciency makes absolute They may for instance fail to consider for one moment sense. But dig into these realise that debt magnifies the who the average customer My guess is financially engineered e ect of valuation movements. If actually is. They are likely that the risk- vehicles and one quickly renewable energy values fall, the to be in their 70s and intolerant encounters that many NAV impact is magnified by the 80s. They are looking to IHT investor providers have layered on presence of debt. minimise their future sometimes debt to get returns up to By contrast, if the opposite IHT charge but they’ve that 3–5% level. occurs, investors should probably spent their entire doesn’t realise experience high returns. life paying o debt. the risks of using Judging returns I would also argue that a risk- Ask most of those over leverage Why do managers intolerant IHT investor should 65 in debt whether they’d use leverage? In my be more concerned about losing want to embark on a view, debt is used most capital than achieving high financial journey with leverage obviously to increase returns – returns and therefore should wish baked into the structure, and which, self-evidently, will occur to reduce their risk position by I think we’d know the answer. only if debt costs are lower than being in an un-leveraged service. ‘Debt’ is a nasty four-letter word the return. Debt isn’t evil, and leverage for the vast majority of clients. Debt is also used to achieve can make sense in some While we’re in reflective scale faster. High levels of debt circumstances, especially where mode, let’s by contrast consider enable the manager to buy consenting adults are in the room, the “average” BR investment bigger assets, or more assets than who understand what can go service, for example in the field of would otherwise be possible with wrong if everything doesn’t quite renewable energy assets. Valuable, 100% equity funding. However, go to plan.

10 WhatInvestment July 2018 www.whatinvestment.co.uk TESTINGNAPPIES. THELENGTHS WE’LL GO TO FORA BETTER INVESTMENT. LET’STALKHOW.

It may soundodd that nappyabsorptioncould have an impact This information is not apersonal on one of theinvestmenttrustsfromour global range,but it did. recommendation for anyparticularinvestment. When researchingtwo manufacturersinAsia, we questionedwhy If you areunsureabout thesuitabilityof an one of them had decliningsales.Managementtold us it wasa investment you shouldspeak to an authorised marketingissue,but wasitsomethingmorefundamental? financial adviser.The value of investmentsand the income from them cangodownaswell as We ran an independenttestand foundtheirnappy just didn’t up and you mayget back less than youinvest. hold water, whichput them outofthe running. Hands-on local Pastperformance is not areliableindicator of researchhelpedusmakeabetterinvestmentdecision. future results. Overseas investments aresubject Our381 investmentprofessionals across the globealwaysdig to currency fluctuations. Investments in small and emerging deeper by cross-checking facts, asking the difficult questions markets can be more volatile than other overseas markets. Some andsometimeseventesting nappies. We believe this gives us trusts invest more heavily than others in small companies, which stronger insightsacross theregionsand marketsour investment can carry ahig her risk because their share prices may be more trusts cover. volatile than those of larger companies. The trusts may also use financial derivative instruments, which may expose them to a Fidelity’srange of investment trusts higher degree of risk and can cause investments to experience •FidelityAsian Values PLC larger than average price fluctuations. Research professionals •FidelityChinaSpecialSituations PLC include both analysts and associates. Source: Fidelity International, •FidelityEuropeanValues PLC 31 December 2017. Data is unaudited. •FidelityJapaneseValues PLC Let your investment benefitfrom ourrobustresearch. •FidelitySpecialValues PLC Visit fidelity.co.uk/researchorspeaktoanadviser.

The latestannual reports and factsheets canbeobtained from our websiteatwww.ﬁdelity.co.uk/its or by calling 0800 41 41 10.The full prospectusmay also be obtained from Fidelity. FidelityInvestment Trusts aremanaged by FIL InvestmentsInternational.Issued by Financial AdministrationServicesLimited,authorised and regulatedbythe Financial ConductAuthority. Fidelity, FidelityInternational,the FidelityInternational logo and Fsymbol aretrademarks of FIL Limited.UKM0418/21881/SSO/0618

Job No: 56387-1 Publication: WhatInvestment Size: 297x210 Ins Date: 01.06.18 Proof no: 1 Tel: 0207291 4700 >| Investment Trusts

Investment Trusts: Three to watch Tony Youseﬁan, investment trust analyst at FundCalibre, takes a look at the reasons for the growing popularity of Britain’s oldest investment vehicles and highlights three of the most interesting offerings

Investment trusts have a small between the share price and the premium as the underlying assets but very loyal following. It is net asset value (whether the are valued so infrequently. In small most likely because they are share is trading at a discount or a 2017, however, they became very not as widely available on fund premium) is also important. popular, as they were o ering a a platforms as their open-ended At first glance, you could be higher yield than most other asset counterparts. But in performance forgiven for assuming that a trust classes. The premium then rose terms, as a result of their ability trading on a discount is a bargain even higher. Only then, were they to gear (borrow money in order – aer all you are paying less for it deemed to be more expensive to invest more), they more oen than the ‘true’ value. In the same than usual. than not are able to outperform. way you might assume that if you And just because a trust is Hence loyalty from those who do are buying a share at a premium, trading at a discount, it doesn’t take the plunge. it is expensive. automatically mean it will turn But interest in Britain’s oldest However, you need to see into a premium one day and investment vehicles is finally what is ‘normal’ for that trust and reward you with extra returns. starting to creep up. We polled the sector and also decide if there are Some trusts also always seem users of our fund research website other short-term factors that may to trade at a discount. So it is a couple of years ago and the be influencing it. important to see if this discount is results showed a strong interest in For example, infrastructure larger or smaller than the long- learning about, and investing in, trusts nearly always trade at a term average. investment trusts. So we decided to widen our research to include them. We are agnostic about the structure of an investment – we just want to find the most skillful managers running them.

Discounts vs premiums When you are researching and investing in a trust, as opposed to an open-ended fund, there are some extra considerations: Is the board truly independent and challenging the manager? How much gearing has the manager taken on and at what cost? Is it trading at a discount or a premium? The latter is worth expanding on. When you buy and sell an Launched in 1891, this is one of investment trust you are doing so 1. City of the longest-running investment using the share price, just as you trusts in UK. It is a ‘dividend would a ‘normal’ stock like BP or hero’ having seen its dividend Lloyds. So to me this is the most London grow in each of the past 51 important return to consider. But consecutive years. understanding the relationship For the past 26 years it has

12 WhatInvestment July 2018 www.whatinvestment.co.uk >| Investment Trusts

been managed by Job Curtis of Janus Henderson Investors. It aims to provide growth in income and capital by investing in predominantly in the UK’s larger companies. Curtis’ investment process is thorough and conservative, which has helped the trust deliver steady returns over an extremely long period of time. Maintaining dividend income is of the utmost importance to the board and company’s ability to pay, and over time increase, its dividends has a high priority in Curtis’ stock selection process. Over his tenure, Curtis has dipped into the revenue reserve stands at around 14%. on seven separate occasions to 2. TR Around a third of the trust maintain the trusts dividend is currently invested in British growth. Property companies, with its other The revenue reserve is a tool major geographical areas being exclusive to investment trusts Germany (24%), France (20%), which is designed to be used at Scandinavia (15%) and Spain times when income payments This trust invests in the shares (10%). may be under threat. In the good of property companies in the This reflects Marcus’s view years – like the past five – the UK and mainland Europe and that European economies are manager adds to it with surplus will also hold a small number of growing at a faster pace than the cash so that there is a back-stop physical properties in Britain. UK. In the UK he has therefore when times are harder. Its history dates back to invested in properties and Other than in exceptional 1904, although it became a property companies that can circumstances, the trust’s gearing real estate specialist vehicle in do well even in a lower growth is not allowed to exceed 20%. 1982. It has been run by Marcus environment: self-storage, At the moment it stands at 8.5% Phayre-Mudge since 2004. student accommodation and and has been funded by 32-year Phayre-Mudge is part of one social housing, for example. borrowing at 2.94%, which Curtis of the largest In Europe, took out last autumn. “It makes pan-European he has both sense to get borrowing while it is real estate “Italians still like long-term and this cheap,” he said. equity teams to go shopping short-term “I firmly believe that the in London and and Amazon themes in play: stock market can return more he is extremely hasn’t quite “While 20% of than 2.94% per annum for experienced, made it yet” UK retail sales shareholders over the next three having qualified are online in the decades, so it is worth borrowing as a chartered UK, just 2% are the money to invest more.” surveyor and online in Italy. Curtis believes that the worked in property investment “Italians still like to go shopping continued rise of the UK stock since 1992. and Amazon hasn’t quite made market is in no small part due to Phayre-Mudge has a it yet. So shopping centres in the the fact that the yield is around structured but pragmatic north of Italy are a short-term 3.5% compared with just 1.5% process. He analyses how investment I like,” he said. for UK government bonds and economic policies will a ect “In Germany I’m invested in 0.5% for cash. Income investors property as an asset, as well as the biggest owner of apartment have no-place else to go. individual property companies. buildings. In contrast to the With ongoing Brexit He makes full use of all the UK, there is only 15% home- uncertainty in the UK, Curtis members of his team to ensure ownership in Germany – most feels companies with a global every investment opportunity people rent instead. With the focus are a better option right receives in-depth attention in his German economy enjoying now. As a consequence, nine search for well-run businesses. almost full employment and of the top ten holdings in the The maximum gearing wage inflation, it means the trust are global in nature – only allowed on the trust is 25% of tenants are unlikely to default Lloyds has a UK domestic focus. the portfolio value. It currently on their payments.”

www.whatinvestment.co.uk WhatInvestment July 2018 13 >| Investment Trusts

back to Japan and, with them, a di erent way of thinking. “Japan is still an inecient market. There are too many middle-men and a number of sectors operate in multi- layers. This makes costs high. So there is still huge scope for disruption.” When he meets a prospective company, the first question he asks is: “What problem are you trying to solve?” Sectors that are particularly interesting to the team include Japan’s emerging services industry, which is expanding fast, due to government deregulation and corporate outsourcing, as well as 3. Baillie Gifford traditional areas like retail and finance where niche Shin Nippon opportunities can be found. Praveen has a three- to five-year time horizon when selecting stocks and does not The ‘baby’ of my selection is to get a long-dormant economy rely on short-term valuations. Baillie Gi ord Shin Nippon, back on track. He is happy to hold some which was launched as recently Coupled with this there stocks that may be classed as as 1985. Shin Nippon means is also a increasing crop of overvalued by other managers, ‘new Japan’ and this trust young, dynamic Japanese as long as they meet his focuses on Japan’s smaller entrepreneurs willing to take investment quality criteria. companies that are acting as risks. disrupters and o er innovative “They are either western- Past performance is not a reliable growth opportunities. Gearing educated or have spent time guide to future returns. You may is currently around 12%. These working abroad, and have not get back the amount originally factors combine to put it at the seen how other countries and invested, and tax rules can change higher end of investors’ risk businesses operate,” Praveen over time. Tony Yousefian’s views scale. commented. are his own and do not constitute The quality of Baillie Gi ord’s “They are bringing things financial advice. in-house research and its specialist Japan equity team are two factors hugely in this trust’s favour. Praveen Kumar took it on in December 2015; however, A long tradition he has been a core member of The independent research company Fund Calibre has looked at three very different investment trusts providing the team since 2011 and the investors with exposure to property, Japanese equities and a global portfolio. It assesses where the companies group’s thorough company may sit in a client’s portfolio and the broad outlook for the asset classes they invest in. research methodology is infused The author Tony Yousefian, who has over 30 years of investing experience on behalf of private and professional in his approach. investors, also explains some of the vagaries of investment trusts, such as discounts and premiums, who may Praveen believes that a ‘new be confusing. Japan’ is emerging in more ways than one: ‘Abenomics’ – the The three trusts analysed have been selected because they are amongst the oldest companies in their sectors. name given to Prime Minister This year is the 150th anniversary of the first ever investment trust, Foreign & Colonial, which is also the first Abe’s set of reforms, have played ever collective investment fund in the world. their role over the past few years, In the original prospectus to accompany the issue of the F&C trust it spoke about bringing ‘diversification’ to as they have enabled some the ordinary man in the street. significant structural changes to take place: a mix of measures to One of the trusts analysed here, City of London, is nearly as old as the F&C trust at 147 years, and it has had introduce inflation back into the the same fund manager for over a quarter of a century, which is a theme of the investment trust sector in system, government spending general. and growth strategies designed

14 WhatInvestment July 2018 www.whatinvestment.co.uk >| Investment Trusts

India equity investment trust aims to raise £100m Ashoka India Equity Investment Trust will be a high conviction, long-only investment trust, investing mainly in securities listed in India

The Ashoka India Equity political will to carry out major Investment Trust plc has reforms; (b) moderate inflation announced its intention to and commodity prices, auguring launch its initial public o ering well for a relatively stable interest on the premium segment of rate regime; and (c) a structural the main market of the London shi in household saving patterns Stock Exchange. from less productive physical The company will target an assets to financial assets. issue of £100m by means of a The company will not charge placing, o er for subscription and an annual management fee but intermediaries o er of ordinary instead is entitled to receive a shares. performance fee (paid in the In addition the company can company’s shares) subject to issue up to 200 million further delivering outperformance ordinary shares and/or C shares versus the MSCI India IMI Index in the 12 months from the date of total return (in sterling) over the publication of the Prospectus. medium-term (measured over Ashoka India Equity consecutive, discrete performance Investment Trust will be a high periods of three years). The conviction, long-only investment company will also have an annual trust, investing mainly in redemption facility in order to securities listed in India and listed demographics, domestic assist with discount control. securities of companies with a consumption and investment, Finally, directors’ fees will be paid significant presence in India. The but also has the institutional in shares. company will adopt a benchmark infrastructure of a mature Peel Hunt is acting as sole agnostic approach and, once democracy evident by an sponsor, placing agent and will fully invested, it is expected to independent central bank, act as the Company’s corporate be invested in approximately election commission and broker. 20 to 40 investments, limiting judiciary. investment to only those The Indian economy has been High conviction Indian companies considered to be high growing at approximately 7% pa equity opportunities conviction opportunities. for more than a decade and is Commenting on the new trust, The company was founded by expected to grow at similar pace Chairman of Ashoka India Prashant Khemka aer 17 years of going forward. This growth is Equity Investment Trust plc, leadership roles at Goldman Sachs driven by a number of structural Andrew Watkins, said: Asset Management. Prashant factors such as improving “The Company is targeting was CIO and Portfolio Manager demographics and domestic high conviction Indian equity of GS India Equity from March consumption demand for goods opportunities that present the 2007 to March 2017, and also for and services, infrastructure potential for long-term capital the GS Global Emerging Markets developments, and increasing growth.” (GEM) Equity from June 2013 liberalisation of the economy. Khemka believes that India to March 2017. He was directly Khemka believes that such presents a compelling investment responsible for managing $5.0bn growth, combined with a stable opportunity, combining in assets at Goldman Sachs Asset democratic form of government, consistent economic growth Management. provides attractive investment with attractive demographics opportunities across various and a stable regulatory and legal Multi-generational sectors of the economy. framework. investment opportunity The company’s focus will be It is the Board’s belief that the Khemka believes that the on portfolio companies that can track record of the investment economic evolution of India is make a secular and steady long- advisory team in delivering alpha, at a stage where it presents a term return for investors. Khemka alongside its well-resourced multi-generational investment believes that India currently local presence and experience opportunity. India not only enjoys a benign economic of the market, makes it strongly o ers strong domestically environment supported by: (a) positioned to capitalise on the driven growth led by attractive a stable government with the market opportunity.

www.whatinvestment.co.uk WhatInvestment July 2018 15 Partner Content Is Japan set to become a stock picker’s paradise? As host nation for the Rugby World Cup in 2019 and the 2020 Olympics, there’s a buzz about Japan that is already being reﬂected in recent stock market performance. But what is the long term performance outlook and how can investors tap into fundamentals that are propelling the Japanese market forward? Nicholas Price, portfolio manager of the Fidelity Japan Trust Plc, talks to WhatInvestment’s Lawrence Gosling about how the environment for stock picking in Japan has changed and how investors can beneﬁt

While the Tokyo Stock Exchange ﬁnished 2017 at its highest year-end level in over 25 years, investing in Japan has not always been an easy ride. So what is your starting point when looking to invest in a company? Nicholas Price (NP): I’m generally looking for signs of change. This can be a change in fundamentals such as a company developing a new service that addresses market needs, as well as any trends in the competitive environment, such as M&A activity. From a tactical perspective I also take sentiment into account, in particular changes in the economic cycle can provide an opportunity to take advantage of any disparities between company fundamentals and market valuations. I tend to focus on companies which I believe have a 3-4 year runway of growth and where the return on equity is north of 10% or higher and also where the management has reasonable shareholder interests in mind.

You have been investing in the Japanese market for over 25 years, are you beginning to see changes, particularly in corporate mindsets, that could indicate more consistent long term performance? Nicholas NP: Certainly, shareholder- at managing balance sheets. the last 10-15 years, we’ve seen Price, portfolio friendly management has not However, improvements are this adjustment process that is manager of the always been the case in Japan, slowly driing through. For reversing the situation. Fidelity Japan but we are now seeing a change example, share buybacks are up In the early to mid-90s the Trust Plc in the right direction. Generally about 20% year-on-year. operating margin for the Tokyo speaking, Japanese companies I’ve been in Japan since Stock Price Index (Topix), are good at managing their 1991 when companies had excluding ﬁnancials, was businesses and proﬁt and loss relatively low margins and around about 2%; today it’s accounts, but they are weak pretty high multiples. But over over 6%, which means earnings

16 WhatInvestment July 2018 www.whatinvestment.co.uk Partner Content

in the market have risen by UK equivalent, which is showing objectives with how I actually approximately 3 to 4 times. strong growth. manage the portfolio. It was called Over that period valuations There’s also Makita which the Japanese Values Plc, but in have come down yet companies is one of the largest power tool reality it’s more growth focused are more profitable. Return on manufacturers in the world. It’s so the name change was to make equity (ROE) is much better currently expanding into the it more understandable and and now Japan’s price/earnings gardening market and working transparent for investors. ratios are among the lowest in on increasing environmentally- In addition, as from 1 July Europe, US and Asia Pacific. friendly tools with bigger battery 2018, the Trust will move capacity. to a variable management Over the last five years, there’s been It’s a good story as over a fee designed to better align a focus on how successful Prime 3-5 year period, it’s a move that shareholder interests with the Minister Shinzo Abe – Abenomics – can increase Makita’s market investment style. While there’s has been in revitalising the Japanese penetration by 50%-60%. Another no change in how I manage economy. What impact does this have company in the portfolio is ‘no the portfolio, the introduction on how you as an investor? brand quality goods’ label Muji of additional flexibility also NP: The trust is really built which is a company I’ve been increases the percentage of from the bottom-up, so it’s following for 20 years and is unlisted companies I can invest not trying to digest any macro expanding globally, including into in from 5% to 10%, which will be e ects as a primary process. China. useful as more opportunities to But I would say the overall So I don’t particularly focus arise. economic environment in Japan on particular sectors, but I is reasonable right now. like stories where there is core What sort of opportunities do the small, There’s a buoyant property growth that o ers additional mid-sized and unlisted market in Japan market in Tokyo and 98% of new growth opportunities. In total offer? graduates found employment I have around 90 holdings in NP: It’s an interesting part of the in the latest employment cycle. the portfolio. But in terms of market and being on-the-ground While there’s been a slight concentration, the top 10 holdings has huge advantages in terms of increase in inflation, wages due account for approximately 40% of the company selection process. to a tight employment market the portfolio. As almost half of the companies have risen slightly faster so we’ve in the mid and small-cap sector seen a real increase in Japanese Typically, how long do you hold a stock are not covered by analysts, incomes. and do you have a price target? there’s a huge opportunity to turn Japan is also hosting the NP: Some of the names in the top over stones and find interesting Rugby World Cup in 2019 and 10, such as medical portal, M3, ideas and link that information in the 2020 Olympics, so, barring an have been in the portfolio for 2-3 with global research. I undertake external shock, Japan’s economy years. roughly 300 company contacts is reasonably underpinned going At the same time if a stock’s a year myself and obviously forward. fundamentals don’t work out we do a lot more than that as a Certainly, inbound tourism has as expected I’m relatively quick company. been growing about 15-20% over to sell. I operate a strong sell In the unlisted market section, the last couple of years, mainly discipline and am a natural a good example is Raksul, an due to Chinese tourists taking trimmer of stocks as they go up. online printing and delivery advantage of more relaxed visa It means I tend to hold a core start up. This was a pre-IPO we regulations, which is helping to of stocks, but then as other stocks invested in 2 years ago. It just sustain consumer spending. hit their target prices or the went public in May, which saw fundamentals change, I can take us double our initial investment. Does the trust focus on any particular cash o the table or reduce the However, we have been quite market sectors and how is this portfolio’s position. selective in what we’ve invested reflected in the portfolio’s holdings? in as generally speaking the NP: If anything I tend to lean The trust has been performing well, market is a little bit hot with towards services and high yet you have recently made changes venture capital. turnover models where there including changing the name from I will use the portfolio’s new is a high degree of free cash Fidelity Japanese Values Plc to Fidelity flexibility to invest in unlisted flow and structural growth Japan Trust Plc. What’s the thinking securities when the market cools opportunities. Examples include behind the changes and how do o a bit and valuations become Recruit Holdings which is the changes benefit investors? interesting. For investors, there’s number one online job site in NP: The point of the change a big opportunity to benefit from Japan which also owns Indeed, its was to try and align the fund’s this going forward.

This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Please note that the views expressed may no longer be current and may have already been acted upon. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. The value of investments can go down as well as up so investors may get back less than they invest. Past performance is not a guide to the future. Overseas investments are subject to currency fluctuations. The investment trust can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Where this is the case, their use may lead to higher volatility in the Net Asset Value and Share Price. Some investment trusts, like Fidelity Japan Trust PLC, invest more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies. The latest annual reports and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Issued by Financial Administration Services Limited, authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. UKM

www.whatinvestment.co.uk WhatInvestment July 2018 17 >| Outlook

Where next for inflation and interest rates? At a recent meeting with members of the M&G retail fixed income team WhatInvestment asked a number of the group’s leading bond managers what they thought about the outlook for inflation and interest rates are around the world, plus what the challenges investors looking for additional yield in areas like emerging market debt face

Ben Lord, manager of the M&G UK inflation linked corporate bond fund What is the attraction of inflation-linked bonds currently with inflation generally so modest? While inflation remains relatively subdued on a global scale we continue to find attractive value in parts of the index-linked bond market. For example, we have recently been increasing our exposure to US Treasury-Inflation Protected Securities (TIPS) which we believe are placed to benefit from an expected pick-up in US inflation. TIPS continue to price in a fairly benign inflation outlook, with five-year breakeven rates suggesting that US inflation will average just above 2% over this timeframe. Given the rapidly tightening US labour market and building wage pressures, coupled with the inflationary impact of the recent fiscal stimulus measures, we think this represents attractive value. Stefan Isaacs, deputy head of In contrast, we have been reducing our exposure to retail fixed interest at M&G index-linked gilts given the likelihood that UK inflation will fall back towards its 2% target as the earlier weakness With the exception of a few high profile names, not many companies in sterling falls out of the equation. have gone bust, should we be worried about that, or are companies However, this needs to be balanced against the impact financially stronger? of higher oil prices, while a tight UK labour market could Default rates remain very low by historical standards and, eventually start to feed through to some real wage growth. barring any unexpectedly severe economic downturn, it Taking all these factors into account, UK breakeven rates is dicult to envisage a scenario where defaults increase appear fairly-priced. significantly over the next couple of years. Companies Given the uncertain outlook for UK inflation over the have taken the opportunity to re-finance much of their medium- to longer-term, index-linked gilts continue to debt at low rates and over longer maturities, which means serve a useful role within a well-diversified fixed income they should not be immediately exposed to any future portfolio. increase in borrowing costs. While certain sectors have been experiencing issues – notably in the retail space – these seem to be mainly structural in nature rather than a sign of a deeper malaise. Although leverage is creeping up in the US, we think companies are generally still being conservatively managed and debt levels relative to earnings do not appear excessive. This is an environment where we want to take credit risk while keeping a low exposure to interest rates. However, with credit spreads still quite tight across many areas of the market it pays to be selective. We are currently finding good value in the primary market, where we are oen able to capture a more attractive yield compared to what can be found on an equivalent bond trading in the secondary market. Another area of focus are European corporate bonds that have not been included within the ECB’s bond-buying programme – these issues tend to have been less distorted by central bank buying and trade at a more attractive price; they should also be less a ected by any unwinding of QE.

18 WhatInvestment July 2018 www.whatinvestment.co.uk >| Outlook

Wolfgang Bauer, manager of the M&G absolute return bond fund Should investors be worried about the politics in Europe currently and what can the ECB do to ‘calm’ markets, if, indeed, they need calming? The sharp sell-o in Italian government bonds at the end of May served as a reminder of how market sentiment can shi very rapidly when politics is concerned. Since the first round of the French election last April, markets had arguably become too complacent in this respect, perhaps best reflected in the relentless tightening in the spread between Italian government bonds and bunds. However, as the prospect of a populist coalition with a strongly anti-EU agenda took shape, market sentiment made a dramatic U-turn, with BTPs seeing their biggest monthly sell-o in more than a decade. While the situation has since stabilised, it’s probably fair Claudia Calich, manager of the to say that political risk in the eurozone periphery is likely to remain an ongoing feature of the region. However, it is M&G emerging market debt fund episodes of volatility such as these that can create attractive Can investors still get a good yield on emerging market bonds and opportunities for active investors. The sell-o in Italian what are the risk investors should be aware of? assets quickly spread to other parts of the markets – such as The outlook for higher US interest rates and inflation has European financials and corporate hybrids – creating some remained a key theme that has dampened returns across attractive entry points to add exposure. the global bond markets in the year-to-date. Against this Against a backdrop of steadily improving economic backdrop, yields have risen among many segments of the fundamentals and very low corporate default rates, we core government bond markets, notably US Treasuries. believe that European investment grade credit continues to While markets are right to assess the implications o er a good source of value. of such factors, other considerations continue to be While the ECB confirmed that it would be stopping its supportive towards the outlook for emerging market bond buying programme by the end of the year, last week’s (EM) bonds. These include synchronised global economic announcement was fairly dovish overall, with the ECB growth activity, despite some evidence of soer data ruling out any rate hikes for the first half of 2019. recently, and firmer markets for commodity prices, With European interest rates likely to remain in negative notably for oil. territory for some time yet, European credit should continue In addition, EM bonds continue to o er an attractive to see a strong demand from yield-seeking investors. pick-up in yield versus their developed market counterparts, with interest rates remaining especially low in Europe and the UK. We would also note that the higher yields available from EM bonds relative to their developed market counterparts are solid real yields in many cases. While attention should continue to focus on US monetary tightening, we would note that the higher US interest rate environment is less challenging for many EM economies than in previous cycles. This is largely due to the improvements they have made to their current accounts, as well as lower overall levels of US dollar- denominated debt. That said, US rate increases may still cause headwinds for those emerging economies that are more dependent on US dollar funding. Also relevantly, the rate hikes by the Fed have so far been gradual and widely anticipated. A more aggressive stance towards inflation, with the Fed liing rates more than expected this year, may start adversely impacting EM technical flows. “Political risk in the eurozone In addition to the pace of normalisation of US monetary periphery is likely to remain an policy, the risks in the EM outlook include idiosyncratic ongoing feature of the region. country stories such as in Argentina, Turkey, and Russia. However, it is episodes of volatility When considering the opportunities, we would note such as these that can create that EM fundamentals are stabilising, and we believe default risk has diminished. In our view, the huge attractive opportunities for active diversity of both the EM government and corporate bond investors” universes provides another favourable consideration.

www.whatinvestment.co.uk WhatInvestment July 2018 19 We strive to explore further.

Aberdeen Investment Trusts ISA and Share Plan We believe there’s no substitute for getting to know your investments face-to-face. That’s why we make it our goal to visit companies – wherever they are – before we invest in their shares and while we hold them. With a wide range of investment companies investing around the world – that’s an awfully big commitment. But it’s just one of the ways we aim to seek out the best investment opportunities on your behalf. Please remember, the value of shares and the income from them can go down as well as up and you may get back less than the amount invested. No recommendation is made, positive or otherwise, regarding the ISA and Share Plan. The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained. We recommend you seek financial advice prior to making an investment decision.

Request a brochure: 0808 500 4000 invtrusts.co.uk

121032646_IT_ADVERT_G_WIS_18.indd 1 16/05/2018 15:07 >| Trends We strive What can artificial intelligence do for your portfolio? to explore Ben Peters, portfolio manager of the Evenlode Global Income Fund, examines the opportunties and risks that AI technology represents for investors further. Once the stu of science me generic Mexican-style testing, something an want, and perhaps suggest fiction, artificial intelligence chips”. Who knows what individual could never do, things that they had never (AI) is fast becoming part of might come back? Perhaps and suggest tests to carry thought of. our day-to-day reality. you’ll be more certain of the out on a patient exhibiting I have heard from start-up Aberdeen Investment Trusts On a recent trip to outcome by asking: “Alexa – particular symptoms. The companies that propose to ISA and Share Plan California’s Silicon Valley, get me some Doritos”. NLP capabilities are provided o er services that aggregate I learnt more about The fear stalking by IBM’s Watson, which information for businesses We believe there’s no substitute for getting to know your tackling the challenges and consumer goods companies famously won the US game or research departments investments face-to-face. That’s why we make it our goal opportunities presented is having brand o erings show Jeopardy against that produce ever increasing to visit companies – wherever they are – before we invest by AI – and the technology diminished, as searches human contestants. amounts of data. Not only do in their shares and while we hold them. required to unleash its become AI-enabled. Other applications they stitch the data together, potential across the business In the next stage of the surround medical research. by using deep-learning AI With a wide range of investment companies investing world. internet of things, AI might Intel have recently teamed techniques, they can show around the world – that’s an awfully big commitment. What is clear is consumers observe our corn chip up with Novartis to use AI businesses where there are But it’s just one of the ways we aim to seek out the and companies will be consumption behaviour, in image recognition on unexpected correlations best investment opportunities on your behalf. universally touched by the anticipate our need for cells – a crucial function in in their information. This new technologies – and a snack, and fill up the identifying potential new might lead to more novel Please remember, the value of shares and the firms must consider the cupboard with our favourite molecules for development insights and rapid business income from them can go down as well as up and opportunities and risks brand before we know we into novel drugs. AIs have development. you may get back less than the amount invested. associated with AI. want it. learnt to recognise cats on No recommendation is made, positive or otherwise, To help investors Thus, we will need YouTube, but the images in Realising electric regarding the ISA and Share Plan. understand the shape of sources of reassurance where the cellular data are much dreams change, we assess how four decisions are made for us, more detailed. Intel have The IT sector itself is at the The value of tax benefits depends on individual major sectors might feel the which might be provided by provided the hardware, front line of this innovation. circumstances and the favourable tax treatment impact. familiar brand names. Novartis the biomedical As people dream up for ISAs may not be maintained. We recommend knowhow. applications for AI, IT you seek financial advice prior to making an Brands could The future of medical Combining analysis of firms react by developing dominate care investment decision. biomarkers, genomics, and products to cope with the the AI world Treating people’s physical indications for an increasing demands on Request a brochure: Consumers are moving ailments requires a deep individual with information the hardware and soware 0808 500 4000 weekly shops from in-store understanding of human gathered on specific remedies that run AI applications. invtrusts.co.uk to online, and our research anatomy, physiology and could lead to tailored Intel has been building out suggests investors should be pharmacology. treatment and prevention its product set so that it in the top couple of brands. Oen quick decisions programmes. Big data could can o er solutions to data PepsiCo’s market shares are demanded in chaotic be used to deliver precisely centres at the heart of AI online are bigger than those situations where physicians targeted medicine. training and processing. in-store, and its Frito-Lay are not in full knowledge of Cisco must help networks snacks division derives 90% the facts. A patient presents Deep learning can deal with the increasing of its sales from brands that chest pains in a busy drive innovation amount of data trac that are number one or two in emergency room – what do More generally, there is AI will generate. It can also their sub-category. This data the professionals do? Even a need to navigate ever use AI itself to help manage suggests brand awareness in the controlled world increasing amounts of networks and optimise is paramount in the digital of medical imaging and data. Media companies performance, as Oracle has world. diagnostics there is room for like Wolters Kluwer have done in its own field with We can imagine a future interpretation and error. transformed themselves the ‘self-driving database’. where we can order what we AI may aid healthcare from providers of printed Apple must develop Siri to like via a digital assistant and professionals in making information to digital compete with Alexa and have it delivered by drone in decisions. One start-up deliverers of data and tools. Google Assistant, and has a matter of minutes. This is company we heard from Wolters Kluwer in healthcare, a joint initiative with IBM Amazon’s vision of Alexa. proposes to use natural Relx in scientific research Watson to put together tools Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Now consider a thought language processing (NLP) and Thomson Reuters in law for developers to be able to experiment: imagine you are to read all of the literature might all be able to deploy AI create AI-based applications Investments. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen AB10 1YG, which is authorised Please quote peckish and ask “Alexa – get on medical diagnostic to help users find what they on the iOS operating system. and regulated by the Financial Conduct Authority in the UK. Telephone calls may be recorded. aberdeen-asset.co.uk G WIS 18 www.whatinvestment.co.uk WhatInvestment July 2018 21

121032646_IT_ADVERT_G_WIS_18.indd 1 16/05/2018 15:07 >| Offers Funds to Watch Our independent panel examines the latest funds and what they have to offer investors. Each product has been analysed to assess its overall value for money based on cost, terms and conditions and investment potential

SYZ OYSTER Continental VT RM Alternative European Income Income Fund Darius McDermott of Chelsea WhatInvestment’s Editor-in-chief Financial Services looks at where a Lawrence Gosling examines a highly new passive fund in the infrastructure defensive alternatives fund with a sector may offer investors focus on capital preservation and income generation The SYZ OYSTER Continental European VT RM Alternative Income Fund (RMAI), an actively managed Income fund was open-ended fund investing in defensive, income producing launched in March. alternative assets has been launched by RM Funds, the It looks to generate specialist alternative investment manager. a yield at least 10% The UCITS V fund, which targets 5% annual income higher than the MSCI distribution, o ers investors a single route to a diversified, Europe ex UK index highly selected and defensive portfolio of alternative, (currently 3.13%) predominantly listed, income producing assets. and is run by Mike The diversified portfolio will invest in securities across Clements, who is head specialist real estate, alternative lending and infrastructure. of European equities With a focus on capital preservation and income generation, and also manager of the fund o ers investors interest rate and inflation protection OYSTER Continental in a low yield and rising interest rate environment. The fund European Selection will select investments with low correlation to the wider equity fund – a fund he has and fixed income markets. Investments are underpinned by managed successfully contracted cash flows and tangible assets. since 2014 when The fund, available on most investment platforms will be he joined SYZ from managed by RM Funds, with all fund charges capped at 0.85%. Franklin Templeton. Pietro Nicholls, Principal Investment Manager of RM Michael had a Funds, said: “The fund is designed to be a single investment very strong record that o ers investors exposure to an actively managed at Franklin and has a strong track record at SYZ. He is a diverse portfolio of alternative income-producing assets good manager with a good team. The new fund will have which traditionally have been seen as defensive, less a very similar approach to the established Selection fund, volatile and uncorrelated with the wider equity and fixed investing in European companies of all sizes and run in income markets to generate reliable and stable income well a true contrarian manner. However, as the new fund is insulated from increases in market volatility and macro- aimed at investors seeking an income, as well as capital economic conditions. VT RM Alternative Income will o er growth, the fund will also invest in companies that deliver investors stable income, with reliable returns and downside a sustainable and growing dividend. risk protection from low yields, the rising interest rate Mike’s style is to invest in top-quality companies that environment, increasing economic uncertainty and Brexit. have long-term competitive advantages – strong brands, “Our investment team have spent years at the coal face of the strong market share, possibly a technical edge and pricing alternatives sector, with in-depth knowledge of the portfolio power. Ideally a company that does one thing and does investments. We are confident in our firm’s ability to construct it well, but where the share price may reflect short-term and manage a portfolio of investments that will produce pressures, or negative sentiment towards the company or consistent returns in challenging market conditions.” the sector in which the company operates. RM Funds is a trading name of RM Capital. RM Capital It’s how he goes about finding those stock ideas that specialises in alternative credit fund management, capital sets him apart: he really thinks outside the box and markets and advisory, sales & trading, and foreign exchange. his ideas are far from obvious, which results in a very Founded in 2010, with oces in Edinburgh, and London, it di erent portfolio composition. has transacted in excess of £50bn of bonds and loans since its The AMC is 0.75%. I rate it 4 out of 5. inception.

22 WhatInvestment July 2018 www.whatinvestment.co.uk >| Offers

BlackRock Advantage Series BlackRock Investment Management has enlarged its active equity range with the launch of six ‘human and machine’ funds

BlackRock Investment Management has expanded its constructed from a range of techniques to reflect the vast active equity platform with the launch of the Advantage array of options and information available to investors. Series of alpha products . The Advantage range, and expansion of our product The range consists of six funds, including one global spectrum, bolsters our active equity franchise and our and five regional exposures: World, US, Emerging Markets, unique ability to deliver di erentiated returns for our Pan-European, Europe ex-UK, Asia ex-Japan. Built for clients.” the core of an investor’s portfolio, the funds are aimed at investors seeking long term capital growth and consistent The team outperformance of the benchmark. BlackRock, as of March 31, 2018, managed approximately All six Advantage funds screen the social and $6.317trn in assets on behalf of investors worldwide, environmental footprints of the companies in which they making it the largest fund manager as measured by asset invest. under management. The ongoing charges range from 30 basis points, BlackRock’s Systematic Active Equity team consists of 0.30%, for the US fund to 60 basis points, or 0.60%, for the 80+ investment professionals globally managing $105bn emerging markets fund. in assets (as at 31 March 2018).This includes more than 20 The introduction of the Advantage Series in Europe PhDs in computer science, Economics and Finance and follows a successful launch of the range in the U.S. in 2017. physics and engineering The funds are managed by BlackRock’s 80+ strong Harnessing the power of human and machine, (in an Systematic Active Equity (SAE) team, in San Francisco approach that can be referred to as human(machine)) the and London, using a variety of innovative technologies, goal of SAE is to provide investors with alpha by using data including Big Data and machine learning, the funds and technology to improve insight. The process builds on systematically pick stocks. more than 30 years of experience and innovation based on in-depth research into the drivers of equity markets and ‘Investment signals’ forecasting relative returns using proprietary models and The team also creates “investment signals” from an array of advanced data analytics to unlock opportunities. alternative data sources, including earnings calls, internet trac and satellite images, to better inform their investment decisions. These signals are combined to create portfolios that seek Case study consistent, di erentiated sources of outperformance above the funds’ benchmarks. The human(machine) in practice Ra aele Savi, Co-Head of Systematic Active Equity at BlackRock, said: “The pace of change in the world today is BlackRock’s SAE team uses their investment and technological expertise accelerating. The way people interact, transact, work and to create a variety of signals that work together within a model that helps consume is unrecognisable from even a decade ago. With determine whether to buy and sell a stock. our new BlackRock Advantage series, we are building on One such signal the team created measures consumer foot traffic to that change and unlocking the opportunities presented forecast company sales. by big data including internet search, the geolocation of smartphones and satellite images. As pioneers in The team uses geolocation capabilities within smartphones to measure quantitative investment, we are excited to bring this the traffic. This investment signal on consumer activity works with many product o ering to a broader range of clients and to help macro, sentiment and fundamental signals within SAE’s model to render an them meet their investment objectives.” investment decision on stocks. Here’s an example of how this signal worked: A global fast-food chain with more than 14,000 US locations had ‘Quantitative active’ strategy remodelled store locations and revamped its menu. All the while, SAE’s The Advantage Series is part of the four suites that comprise models were monitoring the firm’s progress. BlackRock’s Active Equities platform: Systematic Alpha The signals detecting foot traffic at restaurant locations began to reflect (which includes the Advantage Series), High Conviction, significantly rising consumer activity. SAE’s macro models identified that the Specialised Outcomes and Thematic. The funds sit in firm had locations in U.S. regions where economic activity was heating up. the ‘quantitative active’ strategy area of the investment spectrum, with index strategies at one end and higher Meanwhile, algorithms monitoring the sentiment of sell-side analysts started conviction alpha seeking strategies at the other. The product identifying that they were becoming more positive. As a result, SAE started set allows investors to rethink the way they allocate their building a position in the company’s stock. portfolio risk or fee budget and access di erentiated sources Months later, the company reported a better-than-expected quarterly of returns. earnings report, sending its stock higher. The SAE model had gained a head Michael Gruener, Head of EMEA Retail at BlackRock, start on the company’s prospects as result of investment signals created by said: “Demand has evolved beyond a binary call for the SAE’s team’s investment and technology expertise: human (machine). active or index investment solutions. Portfolios are now

www.whatinvestment.co.uk WhatInvestment July 2018 23 >| Stock Picks

Stocks to celebrate summer Juliet Schooling Latter, research director, FundCalibre

Summer is o en cited as a bit the companies I invest in),” he of a damp squib for investors, owns include Johnnie Walker, explained. as people jet o on holiday and Guinness and Baileys. “My investment case take a hiatus from investing “We believe Diageo has a was based on Britvic’s their money. Remember the good long-term growth story,” underappreciated international adage: “Sell in May, go away, Kinder said. “It has a diverse potential, something which was come back on St Leger Day”? brand o ering with pricing quickly addressed a er it signed But which stocks are full of power and is positioned to do a bottling and distribution hot air, and which should be far well in growth markets such as agreement with Pepsi Americas more than a summer fl ing for China and India. for Fruit Shoot. Later acquisitions investors? “Recently its reserve brands of Brazilian juice businesses Four FundCalibre Elite Rated (luxury spirits) have been Bela Ischia Alimentos and Ebba managers give their thoughts on growing faster than the group as have also provided good cost and the companies which, come rain a whole. revenue synergies.” or shine, have stood the test of “The company’s program time in their portfolios over the to improve e ciency and years. productivity means that it can continue to invest in marketing DIAGEO and drive growth in the Threadneedle UK premium brands which should Extended Alpha in turn also improve their When the jackets margin mix.” come o , it’s British tradition to hit BRITVIC the beer garden. JOHCM UK Dynamic UNILEVER Chris Kinder, who Alex Savvides, who runs the M&G Global Dividend runs the Elite Rated Elite Rated JOHCM UK Dyanmic Stuart Rhodes, manager of Threadneedle UK Extended fund, holds FTSE 250 beverage the Elite Rated M&G Global Alpha fund, has alcoholic company Britvic. The company Dividend fund, holds British- beverages company Diageo in is home to 27 so drink brands Dutch consumer goods his list of top 10 holdings. including J20, Pepsi Max, 7UP company Unilever in his list The £18.1bn company owns and Tango – perfect for the of top 10 holdings. The FTSE brands which are responsible designated driver not able to 100 company owns several for key summer cocktail enjoy Diageo’s o erings. delicious brands to keep you ingredients such as Smirno , “I have held Britvic in my cool this summer including Ben Captain Morgan, Gordons and, portfolio since 2013 a er the & Jerry’s, HB Ireland’s Ice Cream for a Tequila Sunrise, Don arrival of a new CEO and Magnum. Julio. (o en the Rhodes said: “Unilever has Not only is Diageo a catalyst for the a genuine growth story which signifi cant constituent of the positive change di erentiates the company from FTSE 100 index, it also pays I look for in its peers. While many consumer out two dividends per year and staples businesses have seen yields 2.31%*. their growth rates deteriorate, It has comfortably Unilever has continued to outperformed the index over deliver. one, three and fi ve years; over “The company has a strong the last decade, it has more than brand portfolio, a broad tripled the FTSE with a return of distribution capability with a 276.28%†. signifi cant presence in emerging Other brands that Diageo markets, and a disciplined

24 WhatInvestment July 2018 www.whatinvestment.co.uk >| Stock Picks

management team committed to returning generous amounts Growth stocks to watch of cash to shareholders.” The mantra of my favourite chartist was: “the trend is your friend, until it comes to a bend”. It looked like we might have hit a bend when the AIM index had a setback in February and March which saw it break below its long-term moving average. That loss of momentum proved short-lived. The chart now looks more like a nice consolidation over the Winter, setting us up for the recent move into new high ground. So the trend remains upwards and the market continues to be led by good quality growth stocks. It still feels right to stick to this theme. Value stocks, those on lower p/e ratios and higher yields, are still fi nding life hard. This is where we see the profi t warnings and trading disappointments. And when these happen a low rating o ers little defence. For example, distributor Connect Group still halved in ANTA SPORT price following its recent warning, despite scoring highly on every Guinness Global Equity valuation metric. Connect is an extreme case but there are plenty of Income milder ‘value traps’ out there. Why is this? All of that alcohol and ice I think the reason is the absence of a traditional economic cycle. cream is bound to take its toll We have been chugging along for years at a modest growth rate, and, with trips to the beach without a slowdown or acceleration of note. That means value on the cards, there’s always a stocks, which are typically more dependent on the cycle, haven’t desire (no matter how fl eeting) had the benefi t of a following wind. The lack of a recession and to get down the gym and tone continued ultra-low interest rates also means weak companies have up for the summer months. survived and unproductive capacity has remained in the system. Matthew Page, so-manager We are seeing this in the way returns are held down in competitive of the Elite Rated Guinness industries like retail. Global Equity Income fund, So it’s no surprise that growth stocks, which don’t rely on the hold Chinese sporting goods general economic background, have prospered and seen their company ANTA Sports, which ratings expand. There should be more to investing than just owns brands such as Fila, NBA identifying ‘good’ companies; but for now that’s most of the battle. and Japanese sports fashion Nasstar (AIM: NASA) shares have moved o a three year plateau brand Descente. around the 8p level, refl ecting what looks like a decisive move into “The company should profi tability. The company provides hosting and cloud computing continue to benefi t from rising services for business customers. It has grown by acquisition to disposable incomes, particularly provide a complete range of services covering telephony, data, cyber of the Chinese middle class,” security, network management and support. Management has he reasoned. “It is the o cial concentrated on integrating the acquisitions and 2017 saw a single Olympic team sponsor for team and brand providing a complete o ering. The focus now is on Beijing 2022. adding customers and putting more volume on the platform, with “ANTA Sport invests in plenty of consolidation opportunities still available. innovative apparel and footwear As revenue builds margins should reach 25 per cent by the end of technology, while boasting a next year from the current 23 per cent. Helped by acquisitions the healthy cash fl ow and low levels 2018 sales base of £26 million is almost double the level prevailing of debt.” three years ago and the company has moved into a net cash position. Broker fi nnCap has a 15p target price. * Source: www.dividenddata. We recommended logistics specialist Xpediator (AIM: XPD) co.uk/dividendyield. in April’s GCI and our positive stance was confi rmed by a recent py?market= se100. Correct as of conversation with its entrepreneurial founder Stephen Blyth. 30 May 2018. The company has a good road logistics business into Central and † Source: FE Analytics. Total Eastern Europe but is keen to expand its network by adding air return in sterling terms. Correct and sea freight capability. So the purchase of Anglia Forwarding as of 30 May 2018. comes as no surprise. This brings a valuable asset in the form of an o ce at Heathrow as well as a presence in the Midlands and at the Past performance is not a reliable Felixstowe container port. There’s also a cross-dock facility in Essex guide to future returns. You which Xpediator is already using. Anglia is also a member of the may not get back the amount United Shipping Group consortium which provides Xpediator with originally invested, and tax access to a US network. Blyth said there’s a lot more M&A to come as rules can change over time. The he adds to Xpediator’s capabilities. The prospective p/e of 14 looks managers’ views are their own attractive given the growth prospects. and do not constitute fi nancial David Thornton, Editor, Growth Company Investor advice.

www.whatinvestment.co.uk WhatInvestment July 2018 25 >| Opinion

Gabriel Dusil | Adel Ecosystem’s co-founder & General Manager Crypto trading for everyone

For centuries, the exchanges of London, New York, assets without the vulnerabilities of centralised control. Frankfurt and Tokyo have dominated the buying and There are those who argue that introducing middle- selling of equities, commodities and other asset classes. men into the crypto supply-chain would help to facilitate Although technology has improved over the years and widespread adoption. people can engage with these markets from the comfort But crypto liberalists prefer to eliminate their function, of their own home, the core premise of a centralised even if they serve to increase ease-of-use, stability, exchange has remained the same. reliability and other features that may not be easily The dawn of Blockchain has the potential to radically accessible in their absence. disrupt the way traditional exchanges operate and the Exchange services, for example, can be viewed as a way in which clearing services carry out their functions. classic middle-man service, directly The ‘Distributed Ownership’ nature of blockchain in conflict with this core ideology. could be transformative through the e ective use of These intermediary services inevitably distributed ledgers. “Brownouts become the catalyst to global adoption Given cryptocurrencies didn’t even exist a decade and service where cryptocurrency trading needs to ago (unlike their traditional fiat exchanges which have blackouts are a reach mass-market potential. operated for more than 200 years), existing exchanges reflection of the Furthermore, decentralised are less evolved and unable to execute in heavy trading exchanges can be accessible to anyone conditions, compared to more established equities. immaturity in in the world. Challenges however, Brownouts and service blackouts are a reflection of crypto markets” remain in the areas of market volatility, the immaturity in crypto markets. Many exchanges regulatory compliance, and security experience service disruptions because they haven’t best practices before this can take place. create an ideal load balancing architecture or high There are also legal issues, as availability contingencies. investors su er when an exchange is shut down due to Despite these initial discrepancies, the design of non-compliance. Decentralised Cryptocurrency Exchanges (DCX) could The issue here is the single point of failure when provide insight into the future of equity trading and how centralised services store large sums of wealth, and people engage with markets to claim ownership of their sensitive information. Until relevant legal structures assets. and safeguards are created, mainstream consumers will hesitate to trust the Blockchain as a repository for their Regulation vs decentralisation money. As it stands today, centralised exchanges are governed Then there is looming threat of protecting personal by laws and regulations in the countries where they are wealth from hackers, phishing attacks, malware, and zero- registered. Participants have to abide by a set of rules day attacks, adding further fear, uncertainty and doubt. that may forsake the control of their assets, use of private data, or even risk devastating security breaches. It’s no A new political and economic force coincidence that crypto liberalists avoid centralised In many ways the discussion regarding regulatory platforms when building blockchain infrastructures. oversight and protective legal controls cuts to the core of Decentralised platforms, on the the Blockchain debate. other hand, are still at the starting gate, Crypto libertarians dream of a world free from big in terms of development maturity. brother, and are willing to accept the risks that come Regardless, they have the with that. Will there be a balanced equilibrium of foundations to be adaptable and scale “Decentralised regulations that protect consumers in the ‘Wild West’ of well, due to their inherent distributed exchanges can virtual currencies? Will governments allow their central architecture. be accessible to banks be sidelined as virtual currencies grow from Instead of having the oversight of anyone in the infancy to maturity? national governments and regulatory The relationship between free markets and collective bodies, they are governed by world” responsibility has been one of the driving economic communities, and can adapt to exceed and political forces in history. the resilience of the most advanced The advent of Blockchain technology has contributed centralised platforms. yet another dimension. By definition, this technology isn’t hardened from The impact of decentralised services on existing an IT or security perspective, compared to mainstream financial systems and regulatory oversight remains to be exchanges. For example, Nasdaq can process one seen. million transactions per second (tps), where most crypto In the meantime, stakeholders have never had a greater exchanges struggle to process up to 100,000 tps – however opportunity to take ownership of their financial future, DCXs o er a viable alternative that enables tradable even if that path remains volatile.

26 WhatInvestment July 2018 www.whatinvestment.co.uk >| Editorial What Investment

Alternatives with something for all Email format: fi rstname. [email protected] Editorial Editor-in-chief Welcome to the latest edition of We have something for all of Lawrence Gosling 0207 250 7027 your ‘new look’ WhatInvestment you with these areas. Subscriptions [email protected] magazine and thank you to so For long-standing investors the 0207 250 7010 many of you for getting in touch theme of the UK-based smaller Advertising with us following the changes to companies is a well-known one Sales Manager: the June issue. but the sector has evolved and Andrew Dodds 0207 250 7033 The changes we made were we have interviews with three Design and production drastic in many cases and we experienced fund managers from Phil Turton gave you no notice in May the Unicorn investment group Vitesse Events of what was to come, so we which has specialised in the area. Events Manager appreciate your patience. In particular the senior Jenna Read 0207 250 7250 The June issue was unfortunately littered manager Chris Hutchison has been investing Vitesse Media Plc Chief Executive Offi cer with a number of errors, so my apologies for in the sector for 30 years and in that time Simon Stillwell 020 7250 7010 those, and I am genuinely grateful to those he has seen the arrival and evolution of the Chief Operating Offi cer who pointed them out. AIM market, which is now home to high James Robson 020 7250 7010 Without the interaction of our readers we growth companies such as Fever Tree and Group Editorial Director would not know whether we are doing the ASOS, as well as tiddlers. Lawrence Gosling 0207 250 7027 right things or not, and I think on the while So the sector is not an homogenous one What Investment is published by we are heading in the right direction. but o ers a range of investing opportunities Vitesse Media Plc, Vitesse Media, We have tried to make the magazine for investors either looking for individual 14 Bonhill Street, London, EC2A more readable by changing the size of some equities or funds. With the longer term 4BX, Tel: 020 7250 7010. of the Morningstar statistics on unit trusts e ects of Brexit still unclear, smaller Average monthly circulation - and investment trusts to make it easier to companies could well be more insulated January to December 2017: 7,240 check the value of your investments. against some of the fall out. We will endeavour to do a similar job At the other end of the risk spectrum are Advice to Readers: with the performance tables of the Exchange emerging market equities which also o er Information carried in What Traded Funds in future issues, and we are growth opportunities and exposure to fast Investment is checked for accuracy, but we recommend that you make investigating how to get more data on the growing economies but that may well be enquiries and, if necessary, take performance of the constituent companies more volatility in the short term. legal advice before entering into any of the FTSE 100 in response to some The term emerging markets is somewhat transactions.ISSN 0263 953X. © Vitesse subscribers. misleading in my opinion, with China and Media Plc. All rights reserved in respect of all The magazine is heading towards its 35th India in the top fi ve economies by size in the articles, drawings, photographs, etc published in What Investment anywhere anniversary this coming October and we world, and it is likely that within the next in the world. Reproduction or imitations have attempted to guide you through all the fi ve years one or both of them will take the of these are expressly forbidden without permission of the publishers. Editorial stockmarket corrections, crashes and mania US’s position as the world largest economy. contributions requiring an answer should that has taken place in that time. As an investor can you a ord to not to be accompanied by a stamped self- addressed envelope. Conditions of sale We will carry on doing this with the have any exposure to these countries? and supply: this periodical is sold subject core objective of trying to help you have a If emerging markets feels a bit racy then to the following conditions, namely that it shall not, without the prior written consent wealthier future whether you have large or perhaps an exposure to wine might be of the publishers, be lent, resold, hired out or otherwise disposed of in a mutilated modest amounts to invest. a more palatable alternative and we are condition or in any unauthorised cover by At the heart of successful investing grateful to Vin-X, the wine experts, for its way of trade. All advertising is subject to the terms of is patience – it is not about chasing the analysis of some of the opportunities. our current rate card. latest investment fads – it is about taking I hope you enjoy the issue and if you have Printed in England by Stephens & George considered long term decisions but it is also any thoughts or observations please get in Ltd. News agency distribution by Select about being open-minded to di erent ideas. touch with me directly. I genuinely want to Publisher Services Ltd,PO Box 6337, With that in mind this issue has a theme hear from you. Bournemouth BH1 9EH, Tel: 01202 586848 of three core alternative investment ideas – smaller companies, emerging market Lawrence Gosling equities and wine. Editor-in-chief, WhatInvestment

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SUBSCRIBE FOR £39.99* – GET 12 ISSUES FOR THE PRICE OF 10 To take advantage of this offer, visit www.whatinvestment.co.ukWhat FORInvestment A WEALTHIER FUTURE Issue 421 March 2018 £4.50 www.whatinvestment.co.uk/ subscribe or call 020 7250 7055. Please use coupon What Investment code: wi-ﬁ rst-year-offer Main coverline www.whatinvestment.co.uk to this style WhatInvestment July 2018 27 Secondary coverline runs across here to this style Ipsapit veruptat que esequati ditiandita cusape de fugiquundellut erchica tureceat – P 14

Second story headline here Third story Maion repero omnihil rehen headline here quundellut erchica tureceat Maion repero omnihil rehen quam otasperovit – P 23 quundellut erchica tureceat quam otasperovit – P 23 Conventional wisdom has been around for ages, but people forget to challenge what it means. Or why we continue to repeat it. At Orbis, we’ve always questioned common thinking to avoid sleepwalking into Watched common results. Watched pots do eventually boil, and they’ve served our clients well. Ask your financial adviser for details or visit Orbis.com pots do boil

As with all investing, your capital is at risk. Past performance is not a reliable indicator of future results.

Orbis Investments (U.K.) Limited is authorised and regulated by the Financial Conduct Authority Conventional wisdom has been around for ages, but people forget to challenge what it means. Or why we continue to repeat it. At Orbis, we’ve always questioned common thinking to avoid sleepwalking into Watched common results. Watched pots do eventually boil, and they’ve served our clients well. Ask your financial adviser for details or visit Orbis.com pots do boil

As with all investing, your capital is at risk. Past performance is not a reliable indicator of future results.

Orbis Investments (U.K.) Limited is authorised and regulated by the Financial Conduct Authority >| Cover Feature

Hidden gems and how to ﬁnd them Three Unicorn Asset Management fund managers oer the beneﬁt of their considerable experience in investing in smaller companies. Interviews by Lawrence Gosling

CHRIS HUTCHINSON Such funds tend to deliver higher total returns over the long Director and Senior Fund Manager, term. This is because a portfolio made up smaller companies Unicorn Asset Management o ering these characteristics, will tend to operate with lower Smaller companies are always of smaller quoted companies, stock specific risk, lower volatility, perceived as a higher risk sector of the that not only delivers superior lower bankruptcy risk, and lower market, do you agree with that? total returns over the longer maximum drawdown. No – a private investor, who term, but which can also o er a In other words, such invests directly in individual demonstrably lower level of risk. smaller company funds can smaller quoted companies, may An investor who is looking for be statistically and historically well be taking on a higher level exposure to smaller companies, at proven to be less risky than many of risk relative to his mate who an acceptable level of risk, should large cap portfolios, especially prefers to invest only in large cap focus their attention on finding over long term holding periods. companies. funds that invest in smaller The additional risk in this companies that are sustainably What do you look for when you are circumstance is dicult to profitable, have a track record of looking for a company to invest in? quantify. However, when it comes consistently growing those profits, Proper businesses, selling to investing in funds, the picture are cash generative and that products and services that their changes. It is perfectly possible to maintain strong balance sheets customers really need and from construct a diversified portfolio with low levels of debt. which they derive a tangible

30 WhatInvestment July 2018 www.whatinvestment.co.uk >| Cover Feature

benefit. Businesses that are simple A more important indicator that many investors appear to to understand, that are profitable, of true alignment arises where shy away from AIM stocks simply that generate cash and that return management teams, owners, because they believe them to be growing levels of dividend to or founders, own a meaningful inherently more risky. This tends shareholders. equity stake in the business and to leave the field more open for I try and avoid investing in are prepared to retain that stake AIM specialists such as Unicorn. highly geared businesses, highly even when that business has There are some fantastically acquisitive businesses and matured suciently to support a high quality businesses listed those businesses that are very stock market listing. on AIM and they are normally capital intensive. I also exclude I am a big believer listed there for very sound companies that operate in sectors in putting your money reasons. The trick lies in where I have little expertise. where your mouth is, “Smaller knowing how to separate which is why, at Unicorn, the wheat from the cha . Is there a difference between how the investment team all company funds you look at micro cap and small cap invest in Unicorn funds. can be proven Are their sectors of AIM which companies? It is also why we like the to be less risky you avoid because of past Not really – other than when management teams of than many large experience? assessing the suitability of the businesses we invest cap portfolios” Yes. For example, I don’t potential investments for our in to hold a meaningful invest in junior mining or Venture Capital Trust (VCT), the personal equity stake in oil & gas stocks. I simply Unicorn AIM VCT. their businesses don’t have the experience The businesses that qualify for or expertise to properly assess the this fund are subject to complex How much does your experience/age potential value of a hole in the and restrictive rules regarding play a part in analysing the market? ground in Kazakhstan. their eligibility for inclusion Gathering valuable experience is In life generally and in and, as a result, they tend to be the one obvious advantage of the investment specifically, I have at a less mature stage in their inevitable ageing process. learned the value of ‘sticking to development. I have been involved in my knitting’. There are plenty of Small Cap investing for over 20 specialists who can give investors What are the market cap thresholds for years and, although I still make exposure to more exotic stocks you with these two sectors? mistakes from time to time, I like and sectors and who would The Unicorn Outstanding British to think that experience has at almost certainly do a better job Companies fund (one of the funds least taught me to avoid making of it than I could ever reasonably that I manage at Unicorn), is an the same mistake more than once. hope to. ‘All Companies’ fund. This means The current bull market in One of my favourite quotes that I am not restricted by the equities has now been going about investment comes from size of the companies that I can on for over nine years, which the legendary US investor, Peter consider for inclusion. potentially leaves some younger Lynch who argues that you In reality however, a company fund managers with a slightly should always “know what you with a market value of around lopsided view on investing. own and know why you own it”. £50m is about the smallest size I Anyone under the age of I adopted this simple philosophy would consider for inclusion in about 30, simply has no a long time ago because I this Fund. Of the 30 investments experience of a proper “In life know it works. currently held, only two are bear market or how to generally and actually below £100m in size, survive it with their fund Is the AIM market with the smallest having a value performance still relatively in investment misunderstood i.e. do people today of over £55m. intact. I am long enough specifically, I think it is just full of energy By contrast, the Unicorn AIM in the tooth to have been have learned the stocks and they miss the VCT will occasionally invest in through two savage value of ‘sticking wider opportunities? businesses that are under £5m in market corrections and to my knitting’ ” Perhaps – certainly AIM value at the point of investment. have direct experience of has a reputation for how to insulate investors being at the frontier of Director’s buying is often said to be a from the worst e ects of a market UK investing and there can be good signal for small cap investors – crash. a misconception, oen fuelled does that hold true/consistent for you? by the media, that it is a sort of Not so much – all too oen When looking at AIM are you looking lawless ‘Wild West’, populated it turns out that director for the same characteristics as you are only by unscrupulous bandits. purchases relate to the exercise with the broader small & micro-cap For sure, there have been of attractively priced options sectors? some high profile scandals over and these ‘purchases’ are quite Yes – to me AIM is just the name the years, but in reality AIM’s oen followed by disposals at full given to an index. reputation for being an extremely market price. It actually works in my favour high risk market is undeserved.

www.whatinvestment.co.uk WhatInvestment July 2018 31 >| Cover Feature

What have been your best investments IPO on AIM and what convinced Annual revenues are now in over the years in the small cap market me to invest was not just the excess of £35m, profit growth has and why? talent, the passion and the been extremely consistent, while I have numerous examples of determination of the CEO, John the cash generative nature of the really successful investments, Macarthur or the commercial business remains intact, meaning many of which I have held potential o ered by the soware, that the business now sits on consistently in the funds I but it was also that every aspect of net cash balances of over £18m, manage since I joined Unicorn in the business had been organised despite self-financing a number of 2005. and structured to allow selective acquisitions and The most obvious example it to scale into something “AIM has a maintaining a healthy and would be an investment in much bigger and really growing dividend income Abcam, a world leading provider successful over time. reputation for stream to shareholders. of protein research tools to the Despite the share price being at the pharmaceutical research market. going nowhere for several frontier of UK What have been your worst Abcam was valued at £57m when years, I never failed to be investing and and what did you learn? it first listed on AIM 12 years ago impressed by the quality there can be a The worst investments I and it is now worth over £2.5bn. of management at our have made have ended up Abcam has been a constituent regular meetings and misconception” going bust and therefore of the funds I manage throughout was fortunate to have have resulted in total this period, albeit that I have the opportunity to invest capital loss. had to regularly lock in capital further capital at later dates. Thankfully, this has not profits through partial disposals My last investment was happened oen, with the most on numerous occasions in order in August 2008 and, since recent example being in 2016, to prudently manage the risk then the business has grown when an unquoted investment in associated with over-exposure. phenomenally. a high street fashion retailer was Perhaps my most satisfying Today, Tracsis employs over forced into administration. investment however (albeit not 700 sta , has developed world The lessons I have learnt from yet the best in terms of total leading technologies, operates investment failures include being return), would be Tracsis, a internationally, and provides wary of low margin businesses leading provider of soware and solutions to multiple strands of that are under-capitalised, services for the trac data and the transportation sector. oen have far too much debt transportation industry. and which face significant I first invested in this business competition and therefore have when it floated on AIM in no pricing power. November 2007. At IPO, Tracsis This type of business will raised net proceeds of £1.58m, almost always struggle to of which the Unicorn AIM VCT create meaningful and lasting contributed £600,000, giving the shareholder value, especially business an initial market value if the management teams are of just £7mn. handsomely financially rewarded, The investment decision was despite not owning, or paying tricky, because there was little for, a meaningful personal equity trading history to analyse, the stake in the businesses they run. CEO at 32 years old was quite young and therefore relatively Finally, why should investors have part inexperienced and, if I remember of their portfolio devoted to the sector, rightly, the business consisted and what sort of percentage would of three full time employees, that be? together with ownership of a In general terms, no-one should piece of interesting intellectual automatically reject small property in the form of sta companies as an investment scheduling soware, which was option, but for those who are being sold into a small number cautious by nature and/or for of train operating companies. whom personal circumstances Revenues for the financial year dictate a cautious approach, ended 31 July 2007 were £700,000 then probably a 10% allocation and so on valuation grounds of their total equity exposure alone, our stake in the business could sensibly be deployed into did not come cheap. a diversified portfolio of small Therefore, in order to get cap stocks in a fund run by an Chris Hutchinson, Unicorn comfortable with the business, experienced fund management Asset Management I went to visit Tracsis before its firm with a proven track record.

32 WhatInvestment July 2018 www.whatinvestment.co.uk >| Cover Feature

What is the importance of dividends in your analysis? Is it possible to create a sustainable stream of dividends from a portfolio of smaller company stocks? Dividends are exceptionally important to us. We believe the smaller companies space o ers a fantastic hunting ground to uncover some real dividend heroes. Some of the best dividend track records on the market can be found further down the market cap spectrum.

How far up the market cap scale do ‘ﬁsh’? We don’t exclude any companies over a certain size, however we consistently ﬁnd the best opportunities further down the market cap scale.

How has the introduction of fund managers having to pay for investment research affected the coverage of smaller companies? Does that create a challenge or opportunity for you as active managers? Why? We haven’t noticed a big Fraser Mackersie (right) and Simon Moon, di erence yet, but we feel this Unicorn Asset Management will inevitably lead to lower levels of coverage over the long FRASER MACKERSIE & term. One of the key attractions of SIMON MOON investing in small companies is the lower levels of broker and Co-Managers, research coverage – we feel any reduction of this could present Unicorn UK Income Fund more mis-priced opportunities.

What is more important for you as This should give a company Where are the sectors/areas of the investors – the business model of a the ability to deliver markets you have had the company or its management? and grow over our most investing success? The thing that ﬁrst gets you longer term investment “One of the We have a large number interested is the business horizon. key attractions of world leading model, then you meet the of investing in industrial companies company and make a call on How do you judge price/ in the UK, accordingly the management. value in a stock? small companies we’ve found continued There’s no point having a Our primary valuation is the lower success investing in this good business model if there’s measure is dividend levels of broker area. not a management team in yield – with a real focus and research place capable of delivering. on the quality and coverage” What’s the most important sustainability of the investing lesson you have You look for the sustainability of dividend payments. learnt so far in your careers? business models – what does that Clearly strong cash ﬂow Don’t over complicate mean in reality? needs to be in place to things and meet as many For longevity we look for a support these meaningful, companies as you can – even if strong end market and a strong regular payments to you’ve held a stock for a long position within that market. shareholders. time you can always learn more.

www.whatinvestment.co.uk WhatInvestment July 2018 33 ADVERTISING FEATURE ADVERTISING FEATURE

through to insurance linked assets and Risk factors you should consider special opportunities such as healthcare prior to investing: royalties and aircraft leasing. Brooks believes that the ability to invest • The value of investments and the income in illiquid investments is a key benefit of from them can fall and investors may get back the investment trust structure, less than the amount invested. The investment differentiating Aberdeen Diversified places capital at risk and there is no guarantee that the performance target will be achieved Income and Growth Trust from the over any time period. open-ended funds managed by him and his team. This allows the trust to access to • Past performance is not a guide to future results. some really attractive investment opportunities in areas such as farmland, • Investment in the Company may not infrastructure, insurance-linked, private be appropriate for investors who plan to withdraw their money within 5 years. equity and property where double digit annual percentage returns can be on offer. • The Company may borrow to finance further These longer term investments are investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset complemented by opportunistic Mike Brooks, lead manager of the Aberdeen Value (NAV) meaning that any movement in investments in specialist investment trusts Diversified Income & Growth Trust the value of the company’s assets will result in accessing areas such as social housing and a magnified movement in the NAV. healthcare royalties. The investment objective of Aberdeen • The Company may accumulate investment These alternative assets are held alongside Diversified Income and Growth Trust positions which represent more than mainstream asset classes such as equities targets a total portfolio return of LIBOR normal trading volumes which may make it difficult to realise investments and may and emerging market bonds where Brooks (the London Interbank Offered Rate, lead to volatility in the market price of the and Foster outsource stock selection to which is roughly equivalent to the base Company’s shares. asset class specialists within Aberdeen interest rate) plus 5.5 per cent per annum¹ • There is no guarantee that the market price Standard Investments. (net of fees) over rolling five year periods. of the Company’s shares will fully reflect their This spread provides the diversification that The annualised dividend based on the underlying Net Asset Value. smooths the variability of returns, compared annual results to 30th September 2017 was • As with all stock exchange investments the to equities, but without reducing the income 5.24p per share. Brooks notes that this gives value of the Company’s shares purchased will and growth objectives of the trust. investors an attractive yield of around 4 - immediately fall by the difference between the Brooks says the trust tends to have a very 4.5% whilst still leaving significant scope buying and selling prices, the bid offer spread. e free ‘lunch’ of If trading volumes fall, the bid-offer spread low exposure to cash, preferring to be as for capital growth and a rising dividend can widen. fully invested as possible to enhance the payout over time. benefits of diversification. Over the longer The trust now has net assets of £433m • Yields are estimated figures and may fluctuate, there are no guarantees that future diversication term he is aiming to have only 0.5% cash in (as at 28 February 2018) and the Ongoing dividends will match or exceed historic Mike Brooks and Tony Foster, managers of the Aberdeen Diversified Income the trust. Charge is 0.6%. The Board operates a dividends and certain investors may be subject He adds: ‘If some multi-asset managers discount control policy which sees a to further tax on dividends. Derivatives may and Growth Trust, believe investors may achieve lower risk and a good level be used, subject to restrictions set out for have a negative view of the world then the repurchase of shares at a 5% discount to the Company, in order to manage risk and of income by investing in a truly diversified portfolio of assets only way they can express that is through the Net Asset Value, subject to normal generate income. The market in derivatives having high cash holdings. However, that market condition. can be volatile and there is a higher than average risk of loss. can be a blunt investment compared to Mike Brooks and Tony Foster are part of ne of the oldest maxims in the He points to the first ten years of this terms, rose in value by 30% during the year. other investments such as insurance linked an experienced Diversified Assets team that • The Company may invest in alternative world of investing is ‘there is century from 2000 to 2010 where the He says it’s also important to try and assets. Cash can often be a drag on returns. benefits from the breadth and depth of investments (including direct lending, commercial property, renewable energy and no such thing as a free lunch, return from equities was lower than cash, so insulate portfolios against different Similarly, Brooks and Foster tend to avoid experience that Aberdeen Standard mortgage strategies). Such investments may except diversification.’ a traditionally diversified portfolio of bonds scenarios of risk through diversification. He commodities as part of the trust because to Investments has across a wide range of be relatively illiquid and it may be difficult It is an expression which was coined by and equities would not have served points to the sell-off in February this year achieve positive returns they would have to traditional and alternative asset classes. The for the Company to realise these investments O over a short time period, which may make Nobel Prize winning economist Harry investors very well from a growth or when most equity markets fell in value successfully time investment in and out of team manages a range funds and has been it difficult to realise investments and may Markowitz but Mike Brooks and Tony income perspective. Also the inflation because of concerns about valuation or if areas like gold or oil, which is very difficult awarded 4 multi-asset manager of the year lead to volatility in the market price of the Foster, managers of the Aberdeen shock in the early 1970s was bad for both markets became spooked about the prospect as they take a longer term view of market awards from leading pension fund Company’s shares. u Diversified Income and Growth Trust, bonds and equities. of rapidly rising inflation then other asset conditions. Additionally, there is no income publications over the past year². • Investing globally can bring additional returns believe many multi-asset portfolios are not a But by using a full range of asset classes a classes would sell-off. to be derived from holding most and diversify risk. However, currency exchange true mix of asset classes with many just much smoother, ideally positive return can Brooks and Foster use a mixture of liquid commodities such they add little to the Find out more at – rate fluctuations may have a positive or negative impact on the value being a simple mix of equities and bonds. be achieved, he says, pointing out that the and illiquid asset classes to give the trust the income objective of the trust. www.aberdeendiversif ied.co.uk Brooks says some investors believe year of 2008 which saw the start of the flexibility to achieve the target level of diversification is achieved just by having a Global Financial Crisis as being a good income and maintain the longer term split of bonds and equities in a portfolio, example of the true benefits of growth objective. Other important information: Issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1YG. Registered in Scotland No. 108419. An investment trust should be considered only as part of a balanced portfolio. Under no circumstances should and there have been periods of history diversification. The portfolio had, at the end of December this information be considered as an offer, investment recommendation or solicitation to deal in investments. Aberdeen Standard Investments is a brand of the investment businesses of where that has worked well, but there have In 2008 emerging market equities fell in 2017, 12 asset allocation categories ranging Aberdeen Asset Management and Standard Life Investments. been times when such a simple mix of value in sterling terms by 30% but emerging from private equity, listed equities, emerging ¹This is an internal performance target which the Investment Manager aims to achieve as at the date of this document. This target is not based on past performance, may be subject to change and cannot be guaranteed. Investors should always refer to the investment objective and restrictions as stated in the latest prospectus. ² Please visit the website for the full list of investment investments has let investors down. markets bonds, as measured also in sterling market debt, property and infrastructure trust awards -www.invtrusts.co.uk/en/investmenttrusts/education-and-resources/awards

34 WhatInvestment July 2018 www.whatinvestment.co.uk

46 www.WhatInvestment.co.uk www.WhatInvestment.co.uk 47 ADVERTISING FEATURE ADVERTISING FEATURE

www.whatinvestment.co.uk WhatInvestment July 2018 35

46 www.WhatInvestment.co.uk www.WhatInvestment.co.uk 47 >| Emerging Markets

Key points We are in the midst Emerging markets: of a synchronised global recovery, The bull vs bear case which usually EPOCH INVESTMENT PARTNERS’ KEVIN augurs well for the HEBNER OUTLINES THE PRIMARY BULL AND earnings outlook and performance BEAR ARGUMENTS FOR INVESTING IN EMs of emerging market The cyclical argument in favour deteriorated conspicuously. (EM) equities. of EMs (Figure 1) is well known Following the Tax Cuts and However, the US is and frequently cited. However, Jobs Act of 2017, the US budget undoubtedly late- we are concerned that, aer deficit is set to skid even further 106 months of expansion, the into negative territory, especially cycle, and several US is already late-stage, so worrisome give that it is dark clouds have much closer to the end than occurring against a backdrop of the beginning of this cycle. an extremely low savings rate. recently appeared Still, provided the global PMI The fiscal binge means even on the horizon. remains moderately above the more borrowing from abroad, 50 breakeven mark, EPS growth and a further widening of the benefits from a nice tailwind overall current account deficit. The cyclical and EM equities usually perform This has created a stubborn argument regarding well. structural headwind for the USD EM equities would whose e ect will be felt for years The weaker USD to come. be more compelling provides a nice tailwind To be more specific, the if the USD continued for EM equities US federal budget deficit is to weaken, as As the cycle matures, the USD projected to almost double typically weakens as growth from its 2014 – 2016 average of often occurs in the accelerates even more in 2.8% of GDP to 5.3% in 2019. late stages of the overseas economies, leading This would constitute the worst capital to flow abroad in search budget deficit ever, excluding cycle. This is doubly of opportunities with higher periods of war and recession. relevant today as expected returns. Acting in the Further, the US personal savings US fiscal imbalances same direction is a problematic rate (% of pdi) has collapsed development that is quite from 6.3% in late-2015 to 3.2% have deteriorated unique to this cycle, which is today (for context, the post-1960 conspicuously. that US fiscal imbalances have average is 8.2%).

Figure 1: The performance of EM equities is Figure 2: The net international investment highly correlated (75%) with the global PMI position of the US has deteriorated EM equities typically produce positive returns when the America’s negative NII position is without precedent. A global PMI is above 51 worry, given the US’s host of other ﬁscal imbalances

100 60 2,000 20 GFC 80 10 0 60 0 50 -2,000 40 -10 20 -4,000 -20 0 40 -6,000 -30 -20 MXEF (yoy,lhs) -8,000 -40 -40 Global manfacturing US net international investment position ($bn, rhs) %of GDP (rhs) PMI (index, rhs) -50 -60 30 -10,000 2003 2006 2009 2012 2015 2018 1980 1990 2000 2010

Source: JP Morgan, NBER, Bloomberg, Epoch Investment Partners Source: Bloomberg, Bureau of Economic Analysis, Epoch Investment Partners

36 WhatInvestment July 2018 www.whatinvestment.co.uk >| Emerging Markets

With government revenues the USD is the dominant set to plummet and the international funding currency, Key points households savings rate so that a weakening greenback One of our key extraordinarily low, the US will means more USD borrowing investment themes need to attract more and more by non-residents. In EMs, foreign capital. This means there is a lot more borrowing is “Tech is the new a lower greenback over the in USDs (by governments, macro,” a topic medium-term appears more corporations and households), we have written likely than not. than there is lending. Additionally, the This implies that anyone extensively about.

US trade balance is “ ‘Tech is the who has borrowed This theme is approaching historical new macro’ in USD to finance relevant here as deficits. It averaged domestic assets would -$42 bn per month in is one of our see a strengthening EMs in Asia are 2016, but this has fallen key investment of their balance sheet the best place, to -$56bn, quickly themes” due to the weaker USD. outside of the US, approaching its worse Empirically, a weaker level ever (-$66bn in USD is associated with for investors who August 2006, toward more cross-border bank wish to gain tech the end of the housing bubble). lending, increased capex growth Further, the net international and EM equity outperformance. exposure. investment position has degenerated to levels never seen EM Asia is a much EMs almost in any major economy (Figure better place to gain 2). tech exposure than always trade at a While currency markets are Europe or Japan valuation discount to amongst the most dicult to Moving on from the dollar, developed markets forecast, the current confluence “Tech is the new macro” is one of USD negatives is striking of our key investment themes (DMs), a discount indeed. and a topic we have written that doesn’t appear The likelihood of a weaker extensively about during the to be justified by USD is important because EM last year. Although we have equities and the greenback are emphasised that the acceleration fundamentals and highly negatively correlated in innovation is disrupting all is likely to narrow (Figure 3). A recent publication sectors (retail, media, finance, from the BIS (“The dollar transportation, healthcare…), it going forward. exchange rate as a global risk is creating many opportunities factor”, January 2018) explains in tech. This is important as, one of the primary reasons outside of the US, EMs in Asia why this relationship is so are the best place for investors remarkably strong. In particular, who wish to gain tech exposure

Figure 3: The performance of EM equities is Figure 4: EMs have a much higher weighting negatively correlated (-86%) with the USD in Tech than do DMs The USD faces a number of headwinds, a situation that EMs are the second best place, after the US, to gain is usually positive for EM equities tech exposure

150 80 80 Recession 70

120 60

90 100 40 Recession 30

60 20 EM vs DM (index, lhs)

USD (index, inverted, rhs) sector weight in select indices (%) Tech 10 30 120 0 1997 2002 2007 2012 2017 Europe Japan ChinaEMUSDMIndia Korea Taiwan

Source: Bloomberg, NBER, Epoch Investment Partners Source: MSCI

www.whatinvestment.co.uk WhatInvestment July 2018 37 >| Emerging Markets

(Figure 4). Moreover, the EM perceived as carrying more Key points IT sector trades at a significant macro risk. It is certainly Many investors fret discount to its DM equivalent plausible that some investors about EM exposure (Figure 5), in spite of possessing fret about EM exposure because similar fundamentals (dividend of painful memories from the because of painful yield, EPS growth, FCF yield, crises in the ‘80s and ‘90s. memories from the RoE…). However, over the last two crises in the ‘80s decades most EMs (especially EMs almost always those with the highest weight and ‘90s. However, trade at a valuation in the MSCI index) have over the last discount to DMs dramatically improved their decade most EMs In fact this observation macroeconomic stability, regarding the valuation discount possess fewer imbalances and have dramatically in EMs applies more broadly are much less crisis-prone. improved their to the overall market, and not Latin America su ered from macroeconomic just to the IT sector (Figure a series of debt crises for much 6). Further, this EM vs DM of the 1990s and into the early stability, possess markdown doesn’t appear to 2000s (e.g. Mexico’s “Tequila” fewer imbalances, be justified by fundamentals crisis in 1994, Brazil’s in 1999 (Figure 7), suggesting it is likely and Argentina’s from 1999 – and are less crisis- to narrow going forward and 2002), while the Asian crisis prone. constituting an additional hit from 1997 to 1998 (most reason to be constructive on EM dramatically a ecting Korea, equities over the medium-term. Indonesia and Thailand) and As a consequence, However, this argument was closely followed by we believe the doesn’t apply to all “Over the last the Russia financial crisis “emerging” vs sectors. For example, of 1998 and Turkey in fundamentals suggest two decades 2000. “developed” at least four EM sectors most EMs have However, since then market dichotomy (industrials, consumer dramatically almost all of the major is less meaningful. discretionary, consumer improved their financial crises have staples and telecoms) emanated from DMs Similarly, given the macroeconomic appear expensive relative stability” rather than EMs. For huge differences to their DM analogues. example, the tech bubble collapse of 2000 – 2002, across countries, Greater macro stability the GFC of 2007 – 2009 and the we don’t believe and convergence of EM European sovereign debt crisis the “emerging and DM inflation from 2010 – 2012. One reason why EM equities The greater macro stability market” category is might trade on a lower multiple of most EMs reflects enhanced especially useful. than DMs is because they are monetary policy credibility,

Figure 5: The EM IT sector trades at a 26% Figure 6: The net international investment PE discount to its DM counterpart position of the US has deteriorated The IT sector in EMs trades at a much lower multiple, a The trailing PE for EM equities is only 82% of that for markdown that is difﬁcult to justify DMs

3.5 2.0 Asian Recession Recession Asian Recession Recession crisis crisis 3.0 EM/DM PE (ratio) EM IT/DM IT 1.5 2.5 PE (ratio) Mean (dashed Mean (dashed line +/- 1SD 2.0 line +/- 1SD around mean) around mean) 1.0 1.5

1.0 0.5 0.5

0.0 0.0 1995 2000 2005 2010 2015 1995 2000 2005 2010 2015

Source: Bloomberg, NBER, Epoch Investment Partners Source: Bloomberg, NBER, Epoch Investment Partners

38 WhatInvestment July 2018 www.whatinvestment.co.uk >| Emerging Markets

as well as increased balance EM equities punching Key points sheet resilience (including well below its weight a shi from debt-based to As a consequence of the Additionally, over equity-based financing), which improvements in macro stability coming years and has reduced the frequency of and competitiveness, we believe decades we expect EM crises. Improved central the “emerging” vs “developed” bank policy has helped lead market dichotomy is much less the EM share of to a dramatic decline in EM meaningful for investors today global market cap, inflation, which has converged that it was previously. Similarly, to the low level experienced by given the huge di erences currently 12%, to at DMs (Figure 8). across countries, we don’t least triple, so that it China has certainly been a believe the “emerging market” converges with the big part of this convergence category is an especially useful trend, with its headline and core one. EM share of global inflation rates over the last 12 EMs now contribute 37.4% GDP. years averaging a tame 2.3% and to global GDP when measured 1.2%, respectively, well below the on a USD-basis (the figure is current target of 3.0%. much higher, 59.4%, on a PPP- Still, there are The structural improvement basis which takes into account three key risks to in EMs can also be seen in the the low price in less developed investing in EMs. World Competitiveness rankings countries of non-tradeables like assembled by the World haircuts). One is a trade war Economic Forum, as well as the Additionally, EMs which, although Digital Competitiveness rankings contribution to global GDP compiled by IMD. growth is 58.9% when a low probability The former shows “In contrast to measured in USD event, would dramatic improvement their contribution (and 71.6% using inflict the most over the last decade to global growth, PPP). Moreover, the by countries such as contribution from EMs damage on Asian China and India, as well EMs account has been growing by 0.5 economies, as well as Poland and Russia for only 12.1% of to 1.0 ppts per year over as the tech and (although positions global market the last decade or so. have deteriorated for cap” While this cannot keep materials sectors. a few EMs, specifically increasing indefinitely, South Africa and Brazil). the contribution from Similar trends over the decade EMs is likely to keep rising at a to 2017 are evident in the digital similar pace for at least another ranking, with China being decade. the standout improver (and In sharp contrast to their Russia doing better than many contribution to global growth, investors realise). EMs account for only 12.1% of

Figure 7: The dividend yield of EM equities is Figure 8: The difference between EM and almost identical to that of DMs G10 core inﬂation has narrowed to just 1.0% Dividend yield is one of several fundamentals on the The macroeconomic stability of EMs has improved basis of which EMs appear similar to DMs markedly over the last two decades % 5 % 20 Asian Recession Recession Asian crisis crisis Headline CPI: EM-G10 (yoy) Core CPI: EM-G10 (yoy) 4 15

3 10

2 5 DM dividend yield EM dividend yield 1 0 1995 2000 2005 2010 2015 2000 2005 2010 2015

Source: Bloomberg, NBER, Epoch Investment Partners Source: Bloomberg, Goldman Sachs, Epoch Investment Partners

www.whatinvestment.co.uk WhatInvestment July 2018 39 >| Emerging Markets

global market cap (Figure 9). Trade: What are the Risks?” Key points While it might take a generation WhatInvestment, February The second risk to approach convergence and 2017; “The Case for Trade concerns the for the bulk of this gap to close, Remains Overwhelming, But it seems reasonable to expect dislocated workers need more transition from QE that over coming decades the help,” WhatInvestment, May to QT, which should EM share of global market cap 2016; and “A Really Bad Idea,” eventually tighten will at least triple. This would go WhatInvestment, February 2009.) a long way towards narrowing financial conditions the enormous disparity The winds of and USD liquidity. between the huge role change This normally leads EMs play in global “Recent actions The second risk concerns GDP growth and their the transition from QE to higher volatility understated role in global from the Trump to QT, which should and credit spreads, financial markets. administration eventually tighten all of which are have increased financial conditions and Three key risks to the chance of a USD liquidity. typically bearish for investing in EMs policy error” Given that one of the EM equities. Having considered purposes of QE was to several of the key cyclical dampen market volatility and structural bull (thereby encouraging Third, the leverage arguments, we now turn to investors to move out the risk of the Chinese three bearish developments. curve), it seems reasonable to The first concerns the expect the transition to QT to corporate sector possibility of a trade war. result in higher volatility. With has soared over Although this is low probability this we would expect credit the last decade, event and in nobody’s interest, spreads to widen, a series of recent actions from the Trump developments which are typically although many of administration have increased bearish for EM equities (Figures the worst offenders the chance of a policy error 10 and 11). (For a more detailed are SOEs which (out of either D.C., Beijing or discussion please see our paper, Brussels) that could escalate “The Winds of Change: The bear an implicit in something truly ugly. Such Transition from Quantitative government a development would inflict Easing to Quantitative the most damage on Asian Tightening,” December 2017.) guarantee. economies and markets, as well EM credit spreads have become as the tech and materials sectors. extremely tight, due to the e ect (We keep our discussion here of QE policies in the G4. The short as we have previously possibility of markedly higher written extensively on this spreads constitutes a significant topic. Please see: “Trump and risk to EM equities.

Figure 9: EM % share of global market Figure 10: EM investment grade spreads and capitalisation, GDP and GDP growth the VIX are 86.5% correlated The EM share of global market cap is only 12%, leagues With the transition from QE to QT, we expect volatility to below its share of global GDP and global GDP growth move higher, with credit spreads eventually following

% 60 8 60 Mkt cap GDP (PPP) Recession Recession GDP (USD) GDP growth (USD) 7 50 50 6 40 40 5

30 4 30

3 20 20 2 10 10 1 EMG IG OAS (%, lhs) VIX (%, rhs) 0 0 0 1990 2000 2010 2000 2005 2010 2015

Source: Bloomberg, Epoch Investment Partners Source: Bloomberg, NBER, Epoch Investment Partners 40 WhatInvestment July 2018 www.whatinvestment.co.uk >| Emerging Markets

China’s debt binge: In a Beijing has the fiscal capacity to league of its own keep any problems contained and Key points The third risk concerns the prevent contagion to the broader Finally, regardless of leverage of the Chinese corporate economy. whether investors sector, which has soared since the GFC. In fact, China accounted Implications for are considering for 82% of the overall increase Investors opportunities in DMs in corporate debt in EMs over This note has outlined the or EMs, we believe the last decade. As a result, its primary bull and bear arguments corporate debt to GDP ratio has for investing in EMs. However, they should focus rocketed to over 160%, while regardless of whether investors on companies that that for EMs ex-China remains are identifying opportunities in have demonstrated moderate and below 60% DMs or EMs, we believe (Figure 12). they should focus on an ability to produce However, there are three companies that: (a) have free cash flow reasons why we shouldn’t “We shouldn’t be demonstrated an ability on a sustainable be overly concerned about to produce free cash flow China’s binge. overly concerned on a sustainable basis; basis and First, the other two about China’s and (b) possess superior possess superior sectors of the economy binge” managements with a have been relatively proven track record managements with restrained, with household of allocating that cash a proven track debt at 44% of GDP flow wisely between record of allocating (vs 80% in the US) and return of capital options government debt at 56% of GDP and reinvestment/acquisition that cash flow wisely (vs the US at 109%). opportunities. between return Second, EM debt crises are Epoch has always favored of capital options oen triggered by problems companies that consistently paying down external or “hard generate free cash flow and and reinvestment/ currency” debt. However, possess competent capital acquisition very little of the debt burden allocation policies. In today’s opportunities. of Chinese non-financial challenging investment corporations is external environment we believe (representing only 6% of domestic these principles are ever more GDP). important, and most certainly Finally, many of the worst hold true whether investing in o enders are SOEs, which bear an developed or emerging markets. implicit government guarantee. Even though Chinese SOEs make Kevin Hebner is the managing a lot less money and are much director of Epoch Investment deeper in debt than other firms, Partners

Figure 11: EM equities performance is correlat- Figure 12: Chinese corporates have gone on ed with EM investment grade credit spreads a credit splurge over the last decade EM credit spreads have become extremely tight, due No need to worry? The four most dangerous words in to the effect of QE policies in the G4 investing are: “This time is different”

100 0.0 200 Recession Recession China EMs ex China 80 0.5 EMs US % of GDP 60 1.0 150

40 1.5

20 2.0 100

0 2.5

-20 3.0 50

-40 EM equity (yoy, %, lhs) 3.5 EM IG OAS (%, inverted, rhs) -60 4.0 0 2000 2005 2010 2015 2009 2012 2015

Source: Bloomberg, NBER, Epoch Investment Partners Source: Bloomberg, BIS, Epoch Investment Partners www.whatinvestment.co.uk WhatInvestment July 2018 41 >| Emerging Markets

Preparing for a Chinese future China’s phenomenal growth in the past decade is well known to investors, but, argues Andrew Mattock, Portfolio Manager at Matthews Asia, this is often not adequately reﬂected in many portfolios

Capturing the growth of the world’s second-largest economy, China equities can serve as a core, strategic holding for long-term investors. Yet many investors remain underallocated, despite China’s enormous economic output. China currently makes up roughly 31% of the MSCI Emerging Markets (EM) Index, so some investors may think they have adequate China exposure through their EM allocation. Investors oen allocate less than 10% of an overall portfolio, however, to emerging markets. Against this backdrop, China may represent only 1% to 3% of a portfolio that is considered to be globally diversiﬁed. What’s more, many active EM managers are underweight China relative to the benchmark, so investors might have less exposure to China than they intend. Given that the size of China’s economy could surpass that of the US within a decade, many investors may need to increase their weight toward China to better align portfolios with long- term goals.

Tipping point for benchmarks Finding the right weight for China in global portfolios requires assessing the true size of China’s economic engine – and the related investment opportunity. Benchmarks have not kept up with China’s growth. By deﬁnition, benchmarks look

42 WhatInvestment July 2018 www.whatinvestment.co.uk >| Emerging Markets

backward, while investors look squarely ahead. In China today, venture capital, listed equities Key points and corporate debt all are attracting significant inflows. In • Benchmarks have not kept up with China’s growth. By definition, benchmarks look backward, while 2017, China attracted US$38bn investors look squarely ahead. In China today, venture capital, listed equities and corporate debt all are in venture capital, making it attracting significant inflows. one of the world’s largest VC • Earnings growth in China today is fed by innovation-driven businesses with secular staying power. As markets, second only to the US.* China’s growing middle class flexes its spending muscle, the country’s economy is increasingly dominated The Shenzhen delta, China’s by newer, more consumer-driven sectors, including information technology (IT), light industrials, consumer Silicon Valley, is home to a staples, discretionary and health care. significant number of start- • China’s A-share market is still largely driven by retail investors, creating potential for higher volatility than ups serving China’s domestic markets dominated by institutional investors. Investors will also need a keen understanding of the differences markets. Local VC flows are between state-owned enterprises (SOEs) and the private sector as the private sector has historically done a being driven by a Chinese better job of allocating capital and generating attractive shareholder returns. innovation boom, accompanied by record patent filings and • As the spending power of China’s middle class continues to grow, sectors such as health care, travel and increased R&D spending by leisure and consumer services will play a much greater role in fuelling China’s economic engine. businesses in China’s private sector. In the case of listed equities, This means China would markets, including China’s bond index provider MSCI plans to e ectively become its own asset markets, reveals how China begin including mainland China class, similar to Japan – a change is slowly entering developed stocks (known as A-shares) into that would likely be reflected market benchmarks. the MSCI Emerging Markets in institutional asset allocation Index in phases. On June 1, models as well. For investors Where to invest in 2018, MSCI added 234 large- with time horizons of five to China: New sectors cap A-shares to the Index, and 10 years or longer, increasing drive earnings growth over time may gradually add allocations to China now, Earnings growth in China today securities with a current market particularly to dedicated China is fed by innovation-driven cap totaling US$7.5trn.† equity strategies, can help them businesses with secular staying At current market values, shi portfolios toward what power. As China’s growing fuller inclusion of large-cap commonly used benchmarks middle class flexes its spending A-shares would make China may look like in the future. muscle, the country’s economy an estimated 42% of the MSCI Turning to China’s fixed is increasingly dominated by Emerging Markets Index, income markets, the inclusion of newer, more consumer-driven even using a fairly limited list Chinese bonds in the Bloomberg sectors, including information of A-shares. China’s weight Barclays Global Aggregate Index technology (IT), light industrials, in MSCI’s regional indexes (Global Agg), once fully realized consumer staples, discretionary could grow even larger if MSCI next year, will make the renminbi and health care. eventually includes mid-cap the fourth-largest currency in the These new sectors are driving A-shares and any large-cap benchmark aer the US dollar, a surge in corporate earnings. A-shares with greater than 30% the euro and the yen. Earnings for all industrials were foreign ownership, both Significantly, the up 21% in 2017, vs 8.5% in 2016. of which are currently Global Agg is a developed And these earnings reflect an excluded. “Allocations to market index, not an increase in consumer spending. Fuller inclusion of China now can emerging markets index. We have been surprised China A-shares into shift portfolios Based on critical factors by the speed at which the regional indices will toward what in bond investing such smartphone, the internet and likely reshape those commonly used as default risk, China is a 3G/4G technologies seemed indices in the foreseeable solidly developed fixed to have come at the right time future. Over the next benchmarks may income market. for China. Just when China five to 10 years, for look like in the The bond rating was developing a consumption example, China could future” agencies of Moody’s, S&P and service-led economy, the become more than 50% and Fitch currently rank internet speeded that transition. of the MSCI Emerging China’s bond market as The earnings story today is Markets Index. By that point, A1, A+ and A+, respectively.‡ about the market composition we expect that the Index would Chinese government bond changing. The old industrials are either need to be renamed for its yields are also relatively low, becoming less important while largest constituent (China), or reflective of a low risk, inflation the new industrials are taking be reconstituted so that China is and illiquidity premium. Thus, on a bigger role from a macro spun o . a holistic look at China’s capital perspective.

www.whatinvestment.co.uk WhatInvestment July 2018 43 >| Emerging Markets

As bottom-up, fundamental which SOEs to own (and which staples as US and EAFE (Europe, investors, we see the to avoid) and which private Australasia and the Far East) emergence of sectors such as IT, enterprises are most promising. investment strategies. pharmaceuticals and consumer Thus, we believe a bottom- Looking ahead, we expect discretionary. The composition up, fundamental approach to earnings growth in China change is important for the investing in China is essential. to be increasingly driven by earnings turn and we believe An active approach to security innovation and consumer- earnings are on more solid selection can help manage risks driven sectors. footing than in previous cycles. in markets, such as China, that As the spending power of Earlier, we saw the earnings are still inherently inecient. China’s middle class continues to cycle in China as cyclical in In our view, corporate grow, sectors such as health care, nature. Now, we are beginning to governance is a good place to start travel and leisure and consumer see less cyclicality in the cycle, in a discussion of risk management services will play a much greater part due to consumer spending. because many risks stem from role in fueling China’s economic weakness in governance oversight engine. Accordingly, we believe Managing the risks of at the company level. Important that an e ective way to capture rapid growth questions related to governance the future of China’s growth is China’s rapid economic growth include: through a dedicated allocation means the country will continue • Who are the owners of the to China that employs an active to play an expanding role firm and what is the track approach to security selection. in global benchmarks. This record of its management Given China’s growth growth presents both risks and team in creating and potential, we believe investors opportunities for investors. returning shareholder value? can benefit from considering Indexes tracking China’s • Are a company’s margins China strategies that are equity markets tend to be or working capital turnover forward-looking by design, skewed toward some of the significantly di erent than the seeking to capture China’s largest companies, creating other peers in the industry? future, rather than its past. concentration risk for investors • Do cash flows tell the same At Matthews Asia, we have using index funds or exchange story as earnings? been investing in China for traded funds (ETFs) tracking • Do companies report large more than 20 years. During that cap-weighted indexes. Both EM amounts of cash on their time we have seen dramatic and China benchmarks alike books and yet make below- transformations. As we look to have a history of significant market interest income out of the next 20 years of investing in stock-specific concentration risk. the cash? China, we will continue to employ Consider the example of • Do suppliers and customers a flexible, bottom-up approach state-owned banks in the mid/ confirm what a company is across our China strategies. late-2000s dominating the publicly reporting about its indexes. Fast forward to today, business? * The Wall Street Journal, “Silicon and private, entrepreneurial MSCI currently ranks Valley Powered American Tech information technology China’s corporate governance Dominance—Now It Has a companies now represent some practices as being in line with Challenger,” April 12, 2018. of the biggest names in the the median for its All Country † MSCI, “MSCI Equity Indexes May indexes. World Index.§ Even in fully 2018 Index Review”. In addition, China’s A-share developed markets, governance ‡ Country rating for China’s bond market is still largely driven issues continue to occasionally market as of May 15, 2018. Source: by retail investors, creating bedevil investors. Examining Tradingeconomics.com. potential for higher volatility governance structures is an § MSCI, Corporate Governance in than markets dominated especially important benefit of China, September 2017. by institutional investors. active management in a rapidly Investors will also need a keen growing market such as China. understanding of the di erences between state-owned enterprises A dedicated allocation About the author (SOEs) and the private sector as to China For more than two decades, Andrew Mattock, CFA, has the private sector has historically A dedicated allocation to China been managing investment strategies that seek to capture done a better job of allocating can help investors fine-tune and the growth of Asia equities. He has been Lead Manager of capital and generating attractive recalibrate how they gain access the Matthews China Strategy since April 2015. A Chartered shareholder returns. to the world’s fastest-growing Accountant, Andrew lives in the Bay Area Key components of an active economy, while improving and frequently travels to China to meet approach to security selection global diversification. management teams of our portfolio companies, may include determining As a core portfolio holding, as well as their vendors, suppliers and which A-shares to own, which China equities can comfortably customers. mega-cap names to own, sit alongside such portfolio

44 WhatInvestment July 2018 www.whatinvestment.co.uk >| Emerging marketsMarkets

Choices, choices… Where would you invest? The case for India

The European Union has 28 It has a large, tech savvy For example, over the next member countries. population, in fact India is now five years there are plans to India is made up of 29 states one of the leading IT nations in build more than 50,000 miles But there the similarities end. the world. of new roads. To put this into What is ‘real’ India like from It also has an increasingly context, there are just over 1800 an investment perspective? wealthy middle class. miles of motorway in the whole India has now moved beyond All this creates high energy of the UK. being an emerging economy. and a massive need for new But there are many It is now ocially designated a and expanded infrastructure. opportunities beyond this. The ‘growth’ economy by Goldman A demand for homes, hotels, middle class in India wants to Sachs. The reasons are simple. hospitals, schools, transport and spend their wealth to improve Today, India is the second so on. their lifestyle, so the want goods largest country in the world by It is increasingly very and services that are in demand population, with 1.35 billion. di erent from the way the all over the world. They are expected to overtake country is depicted in films like There are also opportunities China within 5 years. Slumdog Millionaire. to export best practice for It is the fih largest economy infrastructure development in the world and has an average What are the in the UK to India, and then GDP growth of 6.5% since 2010, opportunities? implement the construction and a forecast GDP growth of The biggest opportunities are there. 7.4% in 2018. likely to be in the areas of Many multi-national It is a country where there is construction and technology. firms have recognised these a massive trend to urbanisation. There is a need for millions opportunities, and are setting Ten million people are leaving of a ordable homes; and there up new operations in India. It the countryside, to live in towns needs to be a road and rail is forecast that by 2020 India and cities, every year, and it is network in oreder to support will be one of the top three forecast to continue at this rate these new, growing centres of manufacturing countries in the for the next 30 years. population. world.

www.whatinvestment.co.uk WhatInvestment July 2018 45 >| Emerging Markets

How important is the was invited to give the opening Should you invest in politics of the country? address at the World Economic India as a whole, or in Led by Prime Minister Modi, the Forum in Davos in January particular states? government is playing a crucial 2018. India covers 3 million square role in driving economic reforms miles, and 1600 languages are across India. Is corruption an spoken. It is a federal country, In 2017 Modi’s government issue that can affect with many variations. introduced the Goods and investors’ return? The di erences between Services Tax, a common taxation Yes, it can be an issue. In fact the states are reﬂected through system across all 29 states. This government see it as a major their wealth. The south (Kerala, makes trade across di erent issue, and it is driving a number Maharashtra an Goa) and states so much simpler. of their reforms. north (around Delhi) The year before that there Corruption can mean “India is facing a are wealthier that the was a massive demonetisation that it takes longer to transformation East (Bengal) and the programme, to remove most of set up a business than hinterland (Rajasthan, the cash from the economy, so it should, and hence into a consumer Madhya Pradesh). But limiting opportunities for the longer to create value society, and is these variations can also ‘black’ economy. for stakeholders. It creating huge be a strength. There are other developments takes longer to get demand” The sheer variety to curb tax evasion and authorisation for and diversity create corruption. buildings and use of land, a resilience against The impact of the work of the and to deal with bureaucracy. economic shocks, and there government in the economy But culturally this is now are investment opportunities was recognised when Modi changing. throughout the country. Reforms that count… 10 numbers that illustrate the changes the Indian government is making to strengthen the economy, improve efﬁdiency, reduce corruption and attract more investment

1. India has signed tax treaties with 140 countries. Other measures implemented in the battle against corruption include the withdrawal of large denomination notes and the the introduction of Aadhaar, a unique biometric identity number covering over 1 billion people.

2. The corporate tax regime is being simpliﬁed, with the headline rate of corporation tax being cut to 25%.

3. Power shortages are being addressed, with the generative capacity of both traditional and renewable sources of energy being scaled up, with the latter expected to generate 175GW of electricity by 2022.

4. Around 843 million people are expected to reside in India’s urban areas by 2050. To prepare for this, the government’s Smart Cities Mission programme plans to invest $1.2trn in transportation, energy and public security over the next 20 years.

46 WhatInvestment July 2018 www.whatinvestment.co.uk >| Emerging Markets

should be in India? of a focus on short What are the emerging Of course it depends on the term returns? areas in India that investor’s risk proﬁle, Investing in India is still at the could provide but if you consider that higher end of the risk spectrum, investment “It could be the Indian population is but this has to be tempered with opportunities? argued that it is around four times that of the vast scale, and wide range of India is facing a riskier to your Europe, and GDP growth opportunities that India has to transformation into a wealth not to be of India is likely to be in o er. consumer society, and is excess of three times that Economic trends and sheer creating huge demand invested in India” of European countries demand are driving growth, in each sector of the this year, Indian is an so it could be argued that it is economy. exciting place for investors. riskier to your wealth not to be The retail market was $630bn It is now arguable that an invested in India. in 2015, and is expected to reach investor should now have 5-10% It is certainly better to take $1trn by 2020. The tech market of their portfolio invested in a longer term view, and let the is forecast to have a $350bn India. economic forces deliver returns, market value by 2025. The rather than chase the short term residential real estate sector will Is India a risk market, returns. be worth $2trn by 2025, and the or is there a greater commercial sector $1.5trn by risk of investor’s that date. missing out on the country’s What percentage of potential an investor’s portfolio because The Tejas, India’s indigineous 5. Rules governing foreign direct investment ﬁghter. One foreign direct investment are being relaxed, of many programmes reinforcing India’s ranking as the world’s 3rd now open to foreign largest host to foreign investors. This liberalisation is of particular note in investment previously highly protected sectors such as aerospace and defence.

6. It is estimated didgital payments in India will total $500bn by 2020, contributing 15% of GDP.

7. A government priority is to enhance the ease of doing business in India. Progress in the this respect can be seen by the countries elevation by 12 places in the World Bank’s last Doing Business survey.

8. In a drive to ensure every household has access to at least one bank account, over 300 million new accounts have been opened since 2014.

9. Working to encourage competition in the banking industry, the Reserve Bank of India has issued 21 new banking licences in the spaceof three years.

10. Inﬂation has dropped from a peak of around 12% to just 2% in the last ﬁve years.

www.whatinvestment.co.uk WhatInvestment July 2018 47 >| Alternatives

With the Russia 2018 Football World Cup underway, the thoughts of millions of The mathematician’s schoolboys and girls turn to squeezing more pocket money out of their parents to complete guide to World their World Cup sticker albums. But mums and dads can rest a little easier in the knowledge that Cup sticker albums a mathematical model has now been developed for the cheapest way yet devised to complete their AN OXFORD GRADUATE WORKING AS AN collection. Sammy Ford, a consulting ACTUARY HAS COME UP WITH A FORMULA actuary with a degree in mathematics from Balliol College, FOR FILLING THE FAMOUS PANINI STICKER Oxford, has calculated that filling ALBUM FOR A FIFTH THE COST OF ANY a Panini album could cost as little as £161.65 – around a fih of PREVIOUS ESTIMATE previous estimates. She did this by building a model that assumes collectors swapping with friends and buying the last 50 stickers needed to complete the 682-strong set directly from the company. She said: “Armed with this information, those determined to fill their albums should be able to do so in the most cost-ecient way possible. “I’m sorry if this takes the fun out of it but I’m sure many parents – and adult collectors – will be more interested in how much money they can save.”

Fun with actuaries Ford, who works for actuarial consultancy APR, based in Edinburgh and London, originally had the idea of working out the cost as a recruitment exercise for the company, where graduate applicants are set questions like this because they relate to rules of probability and outcome relevant to the insurance industry. She was encouraged by the company, which has several Panini enthusiasts, to develop the idea further. As well as pictures of the 32 squads of players competing in Russia from next week, there are special stickers for national badges, team group shots and host city posters, making a total of 682 stickers needed to ﬁll the book. In theory collectors would only have to buy 137 packets of

48 WhatInvestment July 2018 www.whatinvestment.co.uk >| Alternatives

stickers, at a total cost of £109.60, That gave her a total expected to complete the collection, but number of packets needed (e_0) Panini World Cup this assumes they never got any of about 966.4, or a cost of £773.12 duplicates. Allowing for the fact that stickers in numbers collectors can buy up to 50 Pay attention, here The fi rst World Cup album had 250 stickers, compared stickers directly from Panini at 250 comes the maths bit… a cost of 22p each, the average with 682 for Russia 2018. Were you to strike lucky and Ford began with a basic set of cost plummets to £294.20 for get packs with no duplicates, it would cost you £63.90 assumptions: that stickers are individual collectors assuming to fi ll your album for Mexico ’70. sold in packets of fi ve, costing 80p they order the last 50 stickers in Last year, a completed Mexico 70 album was sold for each, that no packet contains the this way rather than the fi rst 50. £5,050 £5,050 at auction and a completed Mexico 86 album same sticker twice, and that all “This might seem counter- recently sold for £811. stickers are equally likely to be in intuitive, given that 50 stickers a single packet. represent far less than a tenth Earlier this year, Professor Harper, from Cardiff She then moved to the end of of the book and yet buying £773 University’s School of Mathematics estimated it would the problem and supposed that these directly saves over 60% on cost the average collector £773.60 to fi ll this year’s she had all but one of the stickers. expected cost,” she says. World Cup album. In each new packet, she had a “This happens because the 5/682 probability of getting the more stickers you have, the less Italian Gianni Bellini has the world’s biggest Panini sticker 3,000 one missing so, on average, from and less likely it becomes that the collection with 3,000 completed albums. that point she’d need to buy 682/5 next sticker will be new. The last = 136.4 more packets. sticker alone takes us an average She expressed as e_681, the of 136 packets to fi nd.” Panini generates up to £650m from sticker sales during expected number of packets £650M a World Cup year. But 2018 being the fi rst time Italy has needed given she currently held Swapsies failed to qualify for a World Cup since Panini stickers 681 unique stickers., She’d also These numbers still assume have been around may hit sales in their home country. know that e_682 = 0, because at that all collectors operate that point she held all the stickers. independently, rather than assuming the conspiracy theorists The next step was to think working together on the are right and that shinies have about what would happen if she playground principle known as a relative probability of 0.5 held 680 stickers. At that point, ‘the swapsie’. compared with the rest of the there were three possibilities for Factoring swapsies into the stickers, Ford ran 2,000 further her next packet of stickers: she’d equation makes the maths simulations to arrive at a fi nal get no new stickers, or just one di cult and so it was to cover this average cost of £161.65. new sticker or she’d get both the scenario that Ford developed her The other key point is that each missing stickers. model. of these cost saving measures also Knowing that all stickers are Based on fi ve friends signifi cantly reduces the volatility equally likely, then Pr(k,i) could swapping fairly to maximise each of the overall cost. So while be expressed as the probability of person’s chances, Ford ran her without swapping or buying the getting i new stickers in the next model through 1,000 di erent last remaining stickers directly packet given she already held k simulations, bringing the average you could spend anywhere unique stickers. cost down to £329.40 even if you between £500 and £1,500 (or So from 680 stickers, her don’t order any individual stickers more if you were really unlucky), expected number of packets to directly from Panini. Of course under this fi nal scenario the completion could be expressed as: the more friends you swap with, range of possible costs is much the cheaper it gets. narrower, with all but the luckiest e_680 =1+Pr_(680,0) ×e_680 Panini insists all stickers in the and unluckiest spending between +Pr(680,1) ×e_681 +Pr(680,2) collection are printed in equal £154.36 and £170.04. ×e_682 quantities and while Ford didn’t APR partner Gary Heslop said: dispute this there are plenty of “As well as being a bit of fun, Given what she knew already, claims online that the 50 national these models have similarities to she was able to solve this for e680 association and tournament those that solve more important and to repeat this approach for k = badges – known to collectors as problems that actuaries work on. 679, 678, all the way back to k = 0 ‘shinies’ – are more di cult to “Swapping stickers can be using the following formula: fi nd. As you’d expect, if this were compared to insurers pooling true it would make the whole risks, and buying stickers directly e_k =1+∑ i=0,5 Pr(k,i) ×e_k+i thing even more expensive. from the supplier overlaps with Combining all those factors, the principles of reinsurance.” Or equivalently: assuming fi ve collectors were sharing their swapsies, that the A spreadsheet of Ford’s complete e_k =1/[1−Pr(k,0)] × (1+∑ i=1,5 Pr fi nal 50 stickers were bought workings is available at https://bit. (k,i) ×e_k+i ) directly from Panini and even ly/2Mv6hkX.

www.whatinvestment.co.uk WhatInvestment July 2018 49 Wine has significantly outperformed Equities, Gold and Property over the period since 1986 and shows beyond doubt, on performance alone, all investors Does vintage should be at least considering an investment in fine wine. Whilst it appears that the best performers have been improving in quality over recent years, the diversification clear and unambiguous results of our investigation show that during di erent phases of the market from 2008- 2016, di erent groups have been the best offer better performers. This emphasises the need for a broad portfolio, varied not only just by region but also by vintage, and by extension quality. This returns? is an investment strategy long advocated by Vin-X. What is ‘vintage’ when applied to wine? Simply put it is the year in which the grapes are harvested. The overall quality of a vintage is generally measured by the market by the relative number of high scores achieved by key wines from notable critics. The larger number of higher scores per year indicates an overall better quality, or ‘Prime’ vintage, and so can be applied to an average, ‘Mid’, and lower number – ‘O Prime’ vintage. The excellent wines in Mid and O vintages are still highly desirable, but there are less of them. Wine has proved a better investment than more Prime vintages can therefore mainstream assets in recent decades, but does add a premium to wine values, they command greater euphoria looking beyond the obvious produce corking by the industry at harvest and the returns? Fine wine investor Vin-X investigates key tastings thereaer, but does that mean prices are inflated and do similarly scored wines from prolonged slow decline. Some performers for 16 of these 25 Mid and O vintages o er better Vin-X clients saw prices rise in wines, with mid ranking vintages value and enhance portfolio excess of 100% within a few being superior for a further six of performance over the long term? months as the market rose. these wines. Our study aims to answer this We saw the upwards Even when a Mid vintage question. movements from 2008-2011, all hadthe absolute best We have defined O -vintages the wines considered rose by a performance, the corresponding using the vintage charts at minimum of nearly 21%, and in O vintages still outperformed www.erobertparker.com. almost all instances Mid and O the Prime vintages. vintages outperformed Prime It is generally accepted that The Bull and the Bear; vintages. Only three wines saw during 2008-2011 the best wines performance between the best performance in their to hold were O vintages of the 2008 and 2014 best vintages: Beychevelle; Cos first growths and their second The 2008-2014 period saw d’Estournel and Leoville-Poyferre. wines; and it’s widely held that explosive growth in the values As the market rose we can see Lafite and Carruades Lafite were of fine wine, followed by a that O vintages were the best the best wines to hold. Is this

50 WhatInvestment July 2018 www.whatinvestment.co.uk growths and towards second vintages as the market rose and growth wines like Montrose, the poorest performer as the Leoville-Poyferre and Pontet- market fell. Canet was a shrewd one. Before their category upgrade, The average and median falls price performance by Pavie seen by these “second tier” wines and Angelus is by no means were significantly smaller than remarkable. The best showing is for the first growths even if we by those wines with strong brand correct for Pavie and Angelus recognition, particularly for the reclassification and remove them Chinese and Asian markets. from consideration. Duhart-Milon we have already Non first growths have discussed, Beychevelle’s a significantly smaller success is attributed to standard deviation in “During 2008- the dragon boat on its the bull market of 2008- 2011 the best label amplifying its appeal 2011 than first growths, to the Chinese market, ie there is a tighter wines to hold and Pontet-Canet whose clustering of performance were Off price movements were figures. vintages of the generally attributed to a In contrast in the bear first growths” dramatic improvement in market of 2011-2014 quality. the first growths show a As the market rose we lower standard deviation can again clearly see that than super seconds and Right among these wines O vintages Bank wines, although the were the best to hold, in eight of di erence is much smaller. the 13 wines O vintages were Comfortably the best wines the best performers, and as the from this selection to hold market fell the same was true, in as the market fell were Pavie seven wines the O -vintages were and Angelus, this is perhaps superior. explained by their 2012 upgrade The outlook for Prime vintages in the St. Emilion classification did improve as the market fell, to join Cheval Blanc and Ausone however, in all four chateaux as the region’s “Grand Cru Classe where the Prime vintages were A” wines. the best performers some sort Anyone who was initially of externality impacted on the sceptical of the impact of this prices. paper change was demonstrably Aside from Pavie and Angelus’ incorrect. upgrades both Pontet-Canet and Duhart-Milon Rothschild’s Montrose received 100 and 99 movements show clearly the point scores from Robert Parker attraction and danger in the period under of focusing too heavily examination7. on brand association. “Vin-X’s decision Perhaps the biggest Although it has some surprise to a casual good Robert Parker in 2011 to move observer of the fine wine assumption correct? If so does it scores (97 for the 2009, our focus market is the relatively hold for the period 2011-2014? 96 for the 2010, 94 for away from first poor performance of The best wines to hold as the 2008) that place it growths was a Latour across this period. the market rose became the at the top table in terms shrewd one” Considered by most poorest wines to hold as the of pure quality, demand second only to Lafite, and market fell. As the market fell, for the wine and its price by a significant number its the performance of Lafite and moved up largely due superior in both quality Carruades was certainly inferior to its Rothschild brand name and image, Latour was in fact the to their classmates, however association. poorest performing first growth as we should again note that the On these relatively weak the market rose, and the second di erential is significantly foundations, and aer such poorest as the market fell. A reduced compared to the upside, explosive growth, there was little significant portion of this can, we and dramatically outweighed by to support Duhart-Milon’s prices believe, be attributed to Latour previous gains. once the market turned. As a choosing to make the 2011 en Vin-X’s decision in 2011 to result, it was the best performer primeur campaign their last, now move our focus away from first across Prime, Mid and O only releasing wines in the bottle

www.whatinvestment.co.uk WhatInvestment July 2018 51 First Growths Second Wines Super Seconds Right Bank Other Conclusions Haut-Brion Clarence Haut Brion Beychevelle Angelus La Mission Haut-Brion Our previous reports on the Lafite-Rothschild Carruades Lafite Cos d’Estournel Cheval Blanc fine wine market have shown that it is demonstrably a better Latour Forts de Latour Ducru Beaucaillou Pavie performing asset than many Margaux Pavillon Rouge Duhart-Milon more mainstream investments. Mouton-Rothschild Petit Mouton Leoville Las Cases In this report we have seen Leoville-Poyferre how important stock selection is Lynch-Bages to ensuring the best performance possible. Montrose Over the periods examined the Pichon-Baron best performers were as follows: Pichon-Lalande • 2008-2011: O vintage First Pontet-Canet growths and their second wines; when they deem them ready to the movements from the lowest • 2011-2014: O vintage super drink. point in the months around seconds and Right Bank wine, The relatively poor December 2015 until the end of particularly Angelus and Pavie; performance for Prime vintage August 2016, and is the data set • 2014-2016: Mid vintage first Cheval Blanc is worth comment of most practical use in portfolio growths and their second and context. planning and asset allocation, wines; The Prime vintages of Cheval particularly if we take as a given • 2016: Mid vintage first growths Blanc are distorted by the the importance of momentum to and their second wines. performance of the 2005 vintage investors. The best wines to hold in 2008 in particular. This wine was so This period of data includes were far from the best wines widely expected to receive 100 the release of the 2015 vintage to hold in autumn 2016, and points on its initial bottle score which was certainly very strong although the best performing that its actual 96 point score given although, in the absence of final producers are the same as in in April 2008 saw prices plummet bottle scores, we have yet to tell if 2008-2016, there was a very from £8,000 per bottle to £5,400 it is to be considered among the di erent picture in 2011-014. over the course of the following prime vintages considered in this These dramatic shis 12 months, bottoming out at analysis. in performance show the £5,000 in early 2010, but seeing This period of data also importance of holding a good little growth over the bull market. includes significant broader spread of wines both in terms market turmoil surrounding the of vintages as well as producers Stability and recovery: UK’s 2016 EU referendum and its in your portfolio, and being Performance from 2014 immediate consequences. prepared to make changes when to 2016 With the shape of post EU necessary. There are key trends in the trade policy yet to be Diversification across vintage, bull and bear market that “The best determined we cannot producer and region has always applied quite clearly and showing is by comment on the likely been, and remains, Vin-X’s advice. in a majority of instances: wines with strong future impact of Brexit, Insofar as it is possible to • first growths (and their only to say that at the predict the future, Vin-X expects second wines) were brand recognition, moment the prospect an increasing move towards best ton the way up; particularly for of this change has had a Prime vintages, as the “new” • second growths were the Chinese and significant and negative market in China, which had such better on the way down; Asian markets” impact on the value a dramatic impact on wine prices • O vintages were better of sterling on foreign between 2008 and 2011, becomes in all instances. exchange markets and more normalised and quality This tells us that the market thus a positive impact on the sensitive. is acting more normally and, value of wine investments We also believe that the while obviously some wines still purchased in sterling. retirement of Robert Parker Jr. perform better than others, it As well as showing that from the day-today business of is not being led in quite such a none of the wines under tasting wine has yet to be really dramatic fashion by a small group review have fallen in value in felt in the price of wine. of very high performing wines. 2016. This clearly reinforces We feel that it is a reasonable the key finding from the 2014- assumption, that with no single Current trends in 2016 data; O vintages are no voice holding the power over a growing market: longer the wines to have, with the market that Parker once did, Performance in 2016 best performance being seen his 100 point-scored wines will Our final and perhaps most almost exclusively from Mid become increasingly valuable in important data set looks just at vintages. the coming years.

52 WhatInvestment July 2018 www.whatinvestment.co.uk >| What the stats tell you

Understanding the statistics INVESTMENT FUND PERFORMANCE INFORMATION, SUCH AS THAT LISTED IN WHAT INVESTMENT, CAN BE VERY USEFUL. HOWEVER, THE CHALLENGE IS TO MAKE SURE THAT YOU UNDERSTAND THIS INFORMATION AND USE IT TO MAKE INFORMED>| Unit Trusts INVESTMENT 1 DECISIONS. ALL DATA AS AT 31 MAY 2018

The information shows how much a hypothetical £100 would Unit Trusts be worth if it was invested in the fund over the specifi ed time period. 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Asia Pacific This Equity helps I 102 15 111 59 129 71 136 66 228 26 1.12 1.04paidPictet-Pacific out. Ex Japan Index I GBP 101 40 104 94 127 75 129 71 - - 0.29 - to provideAberdeen Global an accurateAsia Pac Eq X Acc GBP 102 20The111 performance66 128 74 136 67is 218also33 1.27 - Principal Asian Equity I Acc USD 100 65 117 24 137 38 157 34 229 23 1.74 - Aberdeen Global Asn Smllr Coms X Acc GBP 100 62 104 92 121 88 116 78 296 5 1.41 - Robeco Asian Stars Equities F £ 99 78 112 50 ------1.01 - pictureAllianz Totalfor Returninvestors Asian Equity by C Inc 98 83shown114 39 126on a78 bid-to-bid165 22 232 22 1.24 1.28 Royal London Asia Pac ex Jpn Tracker Z 100 53 109 73 136 48 143 54 203 45 1.05 2.71 showingAviva Investors the returnApac Eq MoM they 1 2 GBP Inc 100 71basis.111 64 Funds131 66 can148 either42 175 be54 1.31 1.24 Santander Pacific Basin (Ex Jpn) Eqs A 102 11 114 40 140 33 165 23 217 34 1.05 1.90 AXA Rosenberg Asia Pacific ex Japan Z 101 28 115 32 132 61 144 53 221 29 1.09 1.58 Schroder Asian Alpha Plus Z Acc 100 57 119 18 155 8 174 17 332 1 0.96 0.86 wouldBaillie have Gifford Pacificachieved B Acc if they 101 41single124 2 or150 dual12 185 priced.8 266 13 0.79 0.39 Schroder Asian Income Maximiser Z Acc 100 63 109 76 136 45 139 64 - - 0.96 6.96 hadBaring been Eastern invested. I GBP Inc Some 100 67 123Dual3 153priced10 189 funds4 228have25 1.02 0.55 Schroder Asian Income Z Acc 100 52 111 62 140 34 152 39 328 2 0.95 3.67 Barings ASEAN Frontiers I GBP Acc 105 2 115 31 137 40 125 76 - - 1.25 - Schroder Instl Pacific I Acc 102 12 107 84 132 60 133 69 238 17 0.51 2.77 fundsBGF Asianhave Dragon hefty D2 charges, 100 68two114 prices;42 142 27 the185 price9 237 at 18 1.09 - Scottish Widows Pacific Growth A 100 69 111 65 133 57 144 50 190 50 1.65 1.39 whichBlackRock act Asiaas Da Acc drag GBP on 101 42which114 37 the141 fund31 units - - are - - - 0.78 SLI Asian Pacific Growth Plat 1 Acc 98 89 112 52 132 63 159 29 228 24 - 1.15 BlackRock Asia Special Situations D Acc 102 19 113 47 146 19 - - - - - 0.95 SLI Pacific Basin Trust 99 72 114 41 132 59 156 35 220 30 0.86 1.19 theirEmerise overall Pacific performance, Rim Equity R/A USD 103 8bought,108 79 123 called85 119 the77 offer148 58 1.80 - Smith & Williamson Oriental Growth B 100 54 121 10 157 6 173 18 - - - 1.26 andF&C this Pacific is Growthrefl ected 2 in the 101 44 109 77 137 39 157 33 169 56 1.10 1.83 SSgA Asia Pacific ex-Japan Eq Tracker 101 35 109 74 135 51 140 61 213 38 0.90 - Fidelity As Pacific Opps W GBP Acc price, and the price at 100 61 114 38 160 2 - - - - - 1.11 Stewart Investors Asia Pacific B Acc GBP 101 30 109 75 134 54 168 20 310 3 1.04 1.02 Fidelity Asia Focus W-Acc-GBP 104 4 121 12 145 21 163 26 237 19 1.19 - performance data. which they are sold, called T. Rowe Price Asian ex-Japan Eq Q GBP 99 81 113 48 137 37 158 32 239 16 1.17 - Fidelity Asia W Acc 103 7 122 4 154 9 187 6 284 7 - 0.73 The performance data T. Rowe Price Asian Opps Eq Q GBP 100 59 115 28 147 16 - - - - 1.17 - Fidelity Asian Dividend W Acc 103 6the111 bid58 139price.35 The - offer - - - - 2.31 Templeton Asian Growth W(acc)GBP 96 97 107 82 123 87 127 74 199 48 1.34 - in WhatFidelity AsianInvestment Special Sits A-Dis-GBPis 101 49 115 35 144 23 183 12 269 12 1.93 - price is higher than the bid Threadneedle Asia Z Acc GBP 102 18 119 16 141 30 168 19 214 35 0.91 1.02 Fidelity Emerging Asia W Acc 102 9 118 20 145 22 187 7 - - - 0.52 produced by Morningstar, Vanguard Pac ex-Jpn Stk Idx GBP Acc 101 33 104 93 127 76 128 72 - - 0.30 4.23 Fidelity Emerging Asia W-Acc-GBP 102 14price,118 19 with147 17the177 difference16 - - 1.21 - Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55 whichFidelity is Index a global Pacific ex Japan P Acc 101 43 105 90 128 73 - - - - - 3.43 effectively being an Veritas Asian A GBP 102 16 121 11 158 5 203 2 299 4 1.17 0.55 Fidelity Instl Pacific ex Japan Acc 101 23 104 96 129 69 143 55 219 32 0.90 1.42 investment research fi rm. Waverton Asia Pacific A USD 99 82 108 80 135 50 147 44 221 28 1.51 0.81 Fidelity Instl South East Asia Acc 102 10initial115 33 charge141 32 163which27 283new 8 0.94 1.51 Average/Total 100 100 113 100 137 94 156 80 230 59 1.14 1.82 ThisFirst data State Asiashows All-Cap how B Acc GBPfunds 99 74investors112 53 -pay. ------0.57 haveFirst performed State Asia Focus overB Acc GBP6 102 17 115By29 showing - - performance - - - - - 0.82 (IA) ASIA PACIFIC INCLUDING JAPAN GAM Multistock Asia Focus Equity USD B 101 27 119 17 147 15 180 14 - - 1.90 - Aberdeen Asia Pacific and Japan Eq I Acc 101 6 110 7 130 7 139 7 228 5 - 0.75 months,GAM Star 1 Asian year Equity and Instl 3 GBP years. Acc 97 92data111 56on120 a bid-to-bid90 146 46 166basis,57 1.32 - Baillie Gifford Developed As Pac B Acc 108 1 118 1 152 2 181 2 240 3 0.73 0.89 It isGlobalAccess sensible Pacific to look Rim exJpn at M Acc GBP 101 45it119 is assumed15 132 62 that - there - - is - - 0.81 GAM Star Asia-Pacific Eq Instl EUR Acc 101 4 112 6 134 6 153 6 171 6 1.76 - GS Asia Equity R Acc USD 101 39 121 13 147 14 183 11 203 46 1.15 - IP Pacific Z Acc 102 2 117 3 150 4 185 1 296 1 - 1.06 performanceGuinness Asian Equityover Income different Y GBP Acc 98 85no110 initial68 136 charge46 - and, - while - - - - JPM Pacific Equity A (dist) GBP 99 7 114 4 151 3 172 3 228 4 1.80 0.04 timeHalifax periods Far Eastern and C by using 100 58this112 may49 135 not49 be148 realistic41 206 43 1.57 1.86 Matthews Asia Funds Asia Dividend I GBP 101 5 113 5 144 5 160 5 - - 1.22 - Hermes Asia Ex Japan Equity F GBP Acc 98 87 116 27 149 13 234 1 - - 0.85 - Smith & Williamson Far Eastern Inc&Gr B 102 3 118 2 158 1 170 4 278 2 - 1.98 theseHSBC fi Asiangures Growth investors Retail Acc 102 22for115 new36 136 investors,43 152 38 it 184does52 1.79 0.36 Average/Total 102 7 114 7 146 7 166 7 240 6 1.38 0.94 HSBC Pacific Index Accumulation C 101 50 110 70 136 47 143 56 209 39 0.31 2.44 may be able to spot any provide a fair comparison (IA) CHINA/GREATER CHINA Invesco Asia Consumer Demand A USD SD 101 37 119 14 141 29 159 30 253 14 2.02 0.06 short-termInvestec Asia trends, ex Japan I Accwhich Net 101 24between122 6 144 single24 179 and15 271dual11 1.00 1.20 Aberdeen Global Chinese Eq X Acc GBP 104 7 113 36 129 24 139 34 211 11 1.24 - couldIP Asian act Equity as Incomea buying Z Acc 97 93priced106 88 funds.126 80 142 59 - - - 3.77 Allianz China Equity RT GBP 102 18 120 29 121 31 184 21 - - - - IP Asian Z Acc 101 36 117 23 161 1 192 3 292 6 - 1.22 Baillie Gifford Greater China B Acc 98 36 126 9 164 1 227 3 - - 1.13 0.73 opportunity,iShares Pacific anex Jpn indication Eq Idx (UK) D Accto 101 46 110 So,71 by137 showing41 144 49 - - 0.19 2.77 Barings China Select I GBP Inc 97 37 111 37 121 30 169 30 198 16 1.44 0.01 sellJanus or aHenderson time to Asian rebalance Div Inc UT I Acc 101 25performance111 61 132 64 over141 60 different213 37 1.11 5.28ABarings single Hong priced Kong China fund I GBP is Acc usually bought101 23 121 and25 sold126 at27 the183 same22 200 price,14 1.23 - Janus Henderson AsiaPac Cptl Gr I Acc 99 76 112 54 144 25 164 25 233 21 1.08 0.82whichFidelity China refl Consumerects the W Accmid-point of102 the 20buying123 18 and141 selling13 220 price5 - of -the - 0.45 a portfolio.Janus Henderson Rebalancing Instl APexJpn IdOpp IAcc 99 73timescales,108 78 135 53 with143 charges57 209 40 0.83 2.47 Fidelity China Focus Y-Dis-GBP 104 9 123 19 135 18 219 6 - - 1.06 1.10 is whereJOHCM Asia profi ex-Japan ts are A GBP Inc 93 98included100 98 127 and77 income142 58 - - 1.01 0.97fund’sFirst State assets. All China B Acc USD 106 3 125 11 ------0.49 JOHCM Asia ex-Japan Sm & Md-Cp A £ I 92 99 96 99 116 92 140 62 - - 1.21 0.49 First State Greater China Gr B Acc GBP 102 16 120 27 141 14 182 24 318 1 1.06 1.07 takenJPM fromAsia Growth funds C Net which Acc 101 29reinvested,122 5 160 using3 182 13bid-to-243 15 0.93 - GAM Multistock China Evolution Eq USD B 99 30 120 28 142 12 - - - - 1.92 - haveJupiter performed Asia Pac Inc Lwell GBP Q andInc 98 90bid104 pricing,95 120 89 investors140 63 will - - 1.94 3.85 GAM Star China Equity Instl GBP Acc 102 19 118 31 117 33 183 23 - - 1.04 - Jupiter Asian I Acc 97 94 104 91 129 70 155 36 205 44 - 0.68 GS China Opportunity Equity R Inc GBP 101 24 125 10 130 22 197 13 - - 1.15 0.65 reinvestedJupiter Asian in Income those I GBP which Acc 99 79have106 86 information - - - on - a - - - 3.72 Guinness Best of China X GBP Acc 100 26 117 33 ------1.24 - haveL&G under-performed. Asian Income Trust I Acc 100 64like-for-like107 81 131 65 basis136 65 on234 which20 - 3.95 HSBC Chinese Equity Retail Acc 100 29 123 17 121 29 176 25 182 19 1.78 0.20 L&G Pacific Index Trust I Acc 101 48 110 72 136 44 144 52 219 31 0.38 2.83 HSBC GIF Chinese Equity AD 99 35 123 15 123 28 186 19 195 17 1.91 0.34 Legg Mason IF MC Asia Pac X Acc £ 100 70to113 compare43 142 28 all154 investment37 207 42 - 1.47 Invesco PRC Equity A USD AD 100 28 126 7 136 16 185 20 220 9 2.22 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 100 55funds110 69 133 58 146 47 - - 1.20 1.16 IP HK & China Z Acc 101 22 123 20 139 15 200 11 272 4 - 0.92 Legg Mason MC Asia Pacific X USD Dis(A) 99 75 113 45 136 42 146 45 185 51 1.25 1.25 Janus Henderson China Opps I Acc 103 12 127 6 151 4 228 2 268 5 1.09 0.85 LF Canlife Asia Pacific C Acc 101 51 115 30 118 91 130 70 197 49 0.89 1.20 Janus Henderson Hrzn China A2 USD 101 21 124 13 143 11 219 7 308 2 1.95 - Liontrust Asia Income I Inc 100 66 111 63 130 68 148 43 - - 1.25 4.53 JPM Greater China A (dist) USD 99 33 122 22 136 17 187 18 252 7 1.78 0.13 M&G Asian GBP I Acc 98 84 106 89 125 83 144 51 214 36 0.99 1.45 JPM Hong Kong A (dist) USD 102 17 119 30 127 26 169 29 210 12 1.80 0.94 Marlborough Far East Growth P Inc 101 34 115 34 146 18 165 21 202 47 - 1.94 Jupiter China I Acc 99 32 118 32 117 32 171 27 194 18 1.02 1.07 Matthews As Fds As Ex Jp Div I GBP Acc 105 3 124 1 ------1.50 - Legg Mason IF MC China X Acc £ 104 4 126 8 147 7 192 15 - - - 0.24 www.whatinvestment.co.ukMatthews Asia Funds Asia Small Co I GBP 105 1 113 46 124 84 151 40 - - 1.72 - Legg Mason MC Greater China A USD Dis(A)WhatInvestment101 25 121 24 146 9 July191 162018215 10 53 1.60 - Matthews Asia Funds Pacific Tiger I GBP 101 32 111 60 135 52 164 24 - - 1.34 - Matthews As Funds China Sm Coms I Acc 106 2 131 3 152 2 219 8 - - 1.71 - MFS® Meridian Asia Pacific ex-Jpn W1 USD 99 77 111 55 142 26 159 31 222 27 0.94 - Matthews Asia Funds China Div I USD Acc 103 15 120 26 144 10 199 12 - - 1.50 - Mirabaud Equities Asia ex Japan A USD 97 91 116 26 133 56 162 28 170 55 2.21 - Matthews Asia Funds China I GBP 107 1 134 2 146 8 188 17 - - 1.50 - Mirae Asset Asia Great Consumer Eq R GBP 103 5 121 8 128 72 - - - - 0.96 - Neptune China C Acc GBP 104 5 124 12 130 21 170 28 204 13 - 0.84 Mirae Asset Asia Sector Leader Eq R GBP 101 26 118 21 138 36 - - - - 0.97 - Neuberger Berman China Eq USD A Acc 104 10 135 1 151 3 237 1 - - 2.11 - New Capital As Pac Eq Inc GBP Ord Inc 102 21 112 51 107 93 107 79 - - 1.38 3.91 New Capital China Equity GBP Ord Acc 99 31 116 34 89 35 151 33 - - 1.30 - Newton Asian Income Instl W Acc 98 88 102 97 126 81 125 75 271 10 0.83 4.42 Nomura Fds China I USD 100 27 116 35 115 34 165 31 179 20 1.59 - Newton Oriental Inst W Acc 96 96 107 83 133 55 127 73 180 53 0.89 0.73 Old Mutual Henderson China Opps U2 £ Acc 104 8 127 5 148 6 222 4 - - - 0.70 Nomura Fds Asia ex Japan High Cnv I USD 100 56 122 7 152 11 - - - - 1.40 - © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Nomura Fds Asia High Dividend I USD 100 60 111 67 126 79 - - - - 1.10 - Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 13 111 57 131 67 - - - - - 1.26 guarantee of future results.

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Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk £ £ £ £ £ % % £ £ £ £ £ % % FTSE 100 107 - 106 - 124 - 141 - 185 --- Old Mutual Asia Pacific R GBP Acc 106 23 121 4 164 4 198 3 291 9 1.01 1.28 FTSE All Share 107 - 107 - 124 - 145 - 197 --- Old Mutual Asian Equity Inc R GBP Acc 100 94 108 78 130 83 140 67 - - 0.94 - (IA) ASIA PACIFIC EXCLUDING JAPAN Old Mutual Invesco Perpt Asian U2 GBPAcc 100 92 109 71 159 9 - - - - - 1.31 Old Mutual Pacific Equity R GBP Acc 98 98 107 86 128 84 151 47 - - 1.02 - Aberdeen Asia Pac Eq Enh Idx B GBP Acc 105 36 112 42 ------2.46 Pictet-Asian Equities Ex Japan I USD 103 60 117 18 155 13 188 6 224 33 1.08 - Aberdeen Asia Pacific Equity I 104 48 108 81 132 76 136 71 235 26 1.12 1.04 Pictet-Pacific Ex Japan Index I GBP 105 31 109 68 135 68 145 62 - - 0.29 - Aberdeen Global Asia Pac Eq X Acc GBP 104 51 108 83 131 79 135 72 224 32 1.27 - Principal Asian Equity I Acc USD 104 47 115 28 142 43 157 38 235 25 1.74 - Aberdeen Global Asn Smllr Coms X Acc GBP 103 59 104 96 123 90 116 78 305 5 1.41 - Robeco Asian Stars Equities F £ 103 66 110 61 ------1.01 - Allianz Total Return Asian Equity C Inc 103 68 114 32 134 70 172 20 252 17 1.24 1.09 Royal London Asia Pac ex Jpn Tracker Z 103 61 108 77 141 50 150 49 208 48 1.05 2.67 Aviva Investors Apac Eq MoM 1 2 GBP Inc 103 65 111 55 136 65 155 39 183 54 1.31 1.21 Santander Pacific Basin (Ex Jpn) Eqs A 106 14 114 35 145 33 172 21 228 30 1.05 1.72 AXA Rosenberg Asia Pacific ex Japan Z 106 22 115 27 139 58 153 44 223 35 1.09 1.53 Schroder Asian Alpha Plus Z Acc 106 16 117 20 164 5 180 15 352 1 0.96 0.82 Baillie Gifford Pacific B Acc 104 42 120 7 152 17 183 14 276 13 0.79 - Schroder Asian Income Maximiser Z Acc 104 49 108 80 139 59 145 58 - - 0.96 6.83 Baring Eastern I GBP Inc 102 84 120 9 151 20 188 7 240 24 1.02 0.54 Schroder Asian Income Z Acc 105 33 110 59 143 36 158 35 335 2 0.95 3.60 Barings ASEAN Frontiers I GBP Acc 104 53 111 52 138 61 121 77 - - 1.25 - Schroder Instl Pacific I Acc 106 15 111 45 139 56 147 56 244 21 0.51 2.68 BGF Asian Dragon D2 104 52 113 38 146 31 185 11 248 20 1.09 - Scottish Widows Pacific Growth A 104 40 111 51 140 53 152 46 201 50 1.65 1.35 BlackRock Asia D Acc GBP 103 67 113 39 144 34 - - - - - 0.77 SLI Asian Pacific Growth Plat 1 Acc 102 83 113 37 140 55 162 32 241 23 - 1.10 BlackRock Asia Special Situations D Acc 104 56 111 53 149 25 - - - - - 0.94 SLI Pacific Basin Trust 103 71 114 33 141 46 161 33 233 27 0.86 1.15 Emerise Pacific Rim Equity R/A USD 108 4 113 36 132 77 131 76 152 58 1.80 - Smith & Williamson Oriental Growth B 101 87 119 13 158 10 176 18 - - - 1.23 F&C Pacific Growth 2 106 10 110 60 147 29 169 22 183 53 1.10 1.73 SSgA Asia Pacific ex-Japan Eq Tracker 104 50 110 63 142 44 149 54 215 40 0.90 - Fidelity Asia Focus W-Acc-GBP 109 2 120 8 152 15 166 26 251 18 1.19 - Stewart Investors Asia Pacific B Acc GBP 99 97 105 91 133 73 163 31 309 4 1.04 1.04 Fidelity Asia Pacific Opps W GBP Acc 107 7 114 29 169 1 - - - - - 1.04 T. Rowe Price Asian ex-Japan Eq Q GBP 104 38 112 41 144 35 163 30 261 15 1.17 - Fidelity Asia W Acc 106 9 119 12 160 7 191 4 302 6 - 0.71 T. Rowe Price Asian Opps Eq Q GBP 105 32 114 34 152 16 - - - - 1.17 - Fidelity Asian Dividend W Acc 105 24 110 62 143 37 - - - - - 2.27 Templeton Asian Growth W(acc)GBP 102 82 106 90 130 82 131 75 212 46 1.34 - Fidelity Asian Special Sits A-Dis-GBP 103 63 112 40 149 23 180 16 280 12 1.93 - Threadneedle Asia Z Acc GBP 105 34 117 19 147 30 175 19 226 31 0.91 0.99 Fidelity Emerging Asia W Acc 107 8 116 24 150 22 189 5 - - - 0.50 Vanguard Pac ex-Jpn Stk Idx GBP Acc 105 30 109 67 135 69 143 65 - - 0.30 4.07 Fidelity Emerging Asia W-Acc-GBP 105 27 117 21 151 19 179 17 - - 1.21 - Veritas Asian A GBP 108 3 123 1 168 2 219 2 324 3 1.17 0.52 Fidelity Index Pacific ex Japan P Acc 104 37 108 73 135 67 - - - - - 3.31 Veritas Asian A GBP 108 3 123 1 168 2 219 2 324 3 1.17 0.52 Fidelity Instl Pacific ex Japan Acc 106 17 107 87 133 72 152 45 223 34 0.90 1.37 Waverton Asia Pacific A USD 103 57 109 72 142 40 145 60 231 28 1.51 0.81 Fidelity Instl South East Asia Acc 105 28 114 30 147 28 168 24 294 7 0.94 1.47 Average/Total 104 100 112 100 142 94 160 80 240 59 1.14 1.81 First State Asia All-Cap B Acc GBP 104 54 110 57 ------0.55 First State Asia Focus B Acc GBP 106 18 115 26 ------0.79 (IA) ASIA PACIFIC INCLUDING JAPAN GAM Multistock Asia Focus Equity USD B 107 6 118 15 157 12 188 10 - - 1.90 - Aberdeen Asia Pacific and Japan Eq I Acc 103 6 107 7 134 7 142 7 234 5 - 0.74 GAM Star Asian Equity Instl GBP Acc 105 25 111 46 124 88 148 55 177 57 1.32 - Baillie Gifford Developed Asia Pac B Acc 110 1 116 2 155 3 188 1 245 3 0.73 0.92 GlobalAccess Pacific Rim exJpn M Acc GBP 103 73 118 17 136 63 - - - - - 0.79 GAM Star Asia-Pacific Eq Instl EUR Acc 103 4 113 4 136 6 163 6 171 6 1.76 - GS Asia Equity R Acc USD 104 39 121 3 154 14 185 12 219 38 1.15 - IP Pacific Z Acc 102 7 111 5 148 4 184 2 295 1 - 1.06 Guinness Asian Equity Income Y GBP Acc 99 95 109 65 140 54 ------JPM Pacific Equity A (dist) GBP 105 2 116 3 160 2 183 4 243 4 1.80 0.04 Halifax Far Eastern C 104 44 111 48 142 42 157 37 214 42 1.57 1.81 Matthews Asia Funds Asia Dividend I GBP 103 5 110 6 145 5 165 5 - - 1.22 - Hermes Asia ex-Japan Equity F GBP Acc 106 11 116 23 161 6 234 1 - - 0.85 - Smith & Williamson Far East Inc&Gr B 104 3 117 1 164 1 183 3 286 2 - 1.90 HSBC Asian Growth Retail Acc 104 45 111 50 143 39 155 40 192 52 1.79 0.35 Average/Total 104 7 113 7 149 7 172 7 246 6 1.38 0.93 HSBC Pacific Index Accumulation C 103 64 108 75 141 51 150 50 213 45 0.31 2.98 (IA) CHINA/GREATER CHINA Invesco Asia Consumer Demand A USD SD 106 21 118 16 147 27 160 34 271 14 2.02 0.06 Investec Asia ex Japan I Acc Net 106 12 120 6 152 18 188 9 294 8 1.00 1.14 Aberdeen Global Chinese Eq X Acc GBP 109 15 115 37 135 25 144 34 223 12 1.24 - IP Asian Equity Income Z Acc 99 96 102 97 128 85 142 66 - - - 3.73 Allianz China Equity RT GBP 108 19 119 33 126 31 188 22 - - - - IP Asian Z Acc 100 93 109 69 160 8 188 8 289 10 - 1.23 Baillie Gifford Greater China B Acc 103 37 124 20 170 1 233 2 - - 1.13 0.56 Barings China Select I GBP Inc 104 36 118 35 129 30 170 30 218 14 1.44 0.24 iShares Pacific ex Jpn Eq Idx (UK) D Acc 103 58 108 74 141 47 151 48 - - 0.19 2.73 Barings Hong Kong China I GBP Acc 107 30 122 29 133 28 187 23 216 16 1.23 - Janus Henderson Asian Div Inc UT I Acc 105 35 107 84 132 75 145 63 219 37 1.11 5.13 Fidelity China Consumer W Acc 109 17 124 21 148 14 223 7 - - - 0.42 Janus Henderson AsiaPac Cptl Gr I Acc 102 77 111 56 149 26 165 29 242 22 1.08 0.81 Fidelity China Focus Y-Dis-GBP 109 16 123 25 142 20 219 9 - - 1.06 1.06 Janus Henderson Instl APexJpn IdOpp IAcc 103 72 107 85 140 52 150 53 213 43 0.83 2.32 First State All China B Acc USD 119 2 132 4 ------0.47 JOHCM Asia ex-Japan A GBP Inc 92 99 97 99 124 87 137 70 - - 1.01 0.98 First State Greater China Gr B Acc GBP 109 11 124 19 149 13 189 21 338 1 1.06 1.01 JOHCM Asia ex-Japan Sm & Md-Cp A £ I 102 76 104 93 119 92 145 64 - - 1.21 0.45 GAM Multistock China Evolution Eq USD B 108 20 123 26 152 11 - - - - 1.92 - JPM Asia Growth C Net Acc 104 43 119 11 167 3 185 13 260 16 0.93 - Jupiter Asia Pac Inc L GBP Q Inc 102 81 104 95 123 89 139 68 - - 1.94 3.75 GAM Star China Equity Instl GBP Acc 111 7 121 31 125 32 186 24 - - 1.04 - Jupiter Asian I Acc 100 90 105 92 131 78 154 41 213 44 - 0.66 GS China Opportunity Equity R Inc GBP 109 14 125 15 136 24 202 12 - - 1.15 0.61 Jupiter Asian Income I GBP Acc 103 70 106 88 ------3.62 Guinness Best of China X GBP Acc 105 34 121 32 ------1.24 - L&G Asian Income Trust I Acc 106 19 108 79 136 62 145 61 248 19 - 3.84 HSBC Chinese Equity Retail Acc 105 32 123 23 131 29 183 25 198 19 1.78 0.19 L&G Pacific Index Trust I Acc 103 62 108 76 141 49 150 51 220 36 0.38 2.80 HSBC GIF Chinese Equity AD 107 28 126 10 135 27 194 18 215 17 1.91 0.33 Legg Mason IF MC Asia Pac X Acc £ 101 88 111 54 145 32 157 36 215 41 - 1.46 Invesco PRC Equity A USD AD 105 33 125 16 142 18 181 26 235 9 2.22 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 101 89 106 89 135 66 146 57 - - 1.20 1.16 IP HK & China Z Acc 110 10 126 12 150 12 205 11 299 4 - 0.85 Legg Mason MC Asia Pacific X USD Dis(A) 102 78 111 47 142 45 150 52 192 51 1.25 1.27 Janus Henderson China Opps I Acc 108 21 127 8 163 2 231 3 284 5 1.09 0.81 Janus Henderson Hrzn China A2 USD 107 24 124 17 155 8 227 6 338 2 1.95 - LF Canlife Asia Pacific C Acc 106 20 117 22 122 91 138 69 211 47 0.89 1.15 JPM Greater China A (dist) USD 106 31 126 11 145 17 194 17 280 7 1.78 0.13 Liontrust Asia Income I Inc 105 29 112 44 136 64 154 42 - - 1.25 4.39 JPM Hong Kong A (dist) USD 107 27 121 30 135 26 174 27 227 11 1.80 0.92 M&G Asian GBP I Acc 102 80 104 94 127 86 145 59 219 39 0.99 1.43 Jupiter China I Acc 108 23 118 34 122 34 171 29 206 18 1.02 1.02 Marlborough Far East Growth P Inc 104 41 111 49 150 21 167 25 206 49 - 1.92 Legg Mason IF MC China X Acc £ 108 22 126 9 156 7 199 14 - - - 0.22 Matthews Asia Fds As Ex Jp Div I GBP Acc 104 55 119 10 ------1.50 - Legg Mason MC Greater China A USD Dis(A) 107 25 123 22 155 9 197 15 235 10 1.60 - Matthews Asia Funds Asia Small Co I GBP 110 1 118 14 131 80 153 43 - - 1.72 - Matthews As Funds China Sm Coms I Acc 123 1 141 1 162 3 227 4 - - 1.71 - Matthews Asia Funds Pacific Tiger I GBP 103 69 110 58 139 57 168 23 - - 1.34 - Matthews Asia Funds China Div I USD Acc 112 5 126 14 147 16 202 13 - - 1.50 - MFS® Meridian Asia Pacific ex-Jpn W1 USD 106 13 112 43 149 24 166 27 231 29 0.94 - Matthews Asia Funds China I GBP 113 3 133 3 154 10 194 19 - - 1.50 - Mirabaud Equities Asia ex Japan A USD 102 79 114 31 142 41 166 28 181 56 2.21 - Neptune China C Acc GBP 110 9 126 13 140 21 174 28 223 13 - 0.80 Mirae Asset Asia Great Consumer Eq R GBP 107 5 122 2 138 60 - - - - 0.96 - Neuberger Berman China Eq USD A Acc 111 6 135 2 161 4 249 1 - - 2.11 - Mirae Asset Asia Sect Ldr Eq R GBP Cap 103 74 115 25 143 38 - - - - 0.97 - New Capital China Equity GBP Ord Acc 104 35 123 24 94 35 160 33 - - 1.30 - New Capital As Pac Eq Inc GBP Ord Inc 101 86 109 66 107 93 110 79 - - 1.38 3.94 Nomura Fds China I USD 107 29 117 36 124 33 169 31 195 20 1.59 - Newton Asian Income Instl W Acc 101 85 101 98 132 74 133 73 283 11 0.83 4.30 Old Mutual Henderson China Opps U2 £ Acc 109 13 127 6 160 5 227 5 - - - 0.67 Newton Oriental Inst W Acc 100 91 108 82 141 48 132 74 183 55 0.89 0.70 Nomura Fds Asia ex Japan High Cnv I USD 102 75 121 5 158 11 - - - - 1.40 - © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Nomura Fds Asia High Dividend I USD 105 26 109 64 130 81 - - - - 1.10 - Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Old Mutual Aberdeen Asia Pac U2 GBP Acc 104 46 109 70 134 71 - - - - - 1.24 guarantee of future results.

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Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Pictet-Greater China I GBP 107 26 127 7 147 15 189 20 252 8 1.05 - Scottish Widows European Gr A 100 58 101 62 129 70 148 78 155 69 1.63 1.16 Schroder ISF Greater China C Acc USD 110 8 122 28 157 6 221 8 301 3 1.32 - Scottish Widows Eurp Sel Gr A 106 8 108 12 134 38 146 81 159 65 1.63 0.52 SLI China Equities A Acc GBP 108 18 123 27 136 23 194 16 - - 2.06 - SLI European Equity Growth Plat 1 Acc 101 34 103 38 132 48 154 61 196 32 - 2.05 Templeton China W(acc)GBP 113 4 124 18 142 19 166 32 217 15 1.54 - SLI European Equity Income Plat 1 Acc 99 70 102 50 131 56 151 69 - - - 2.75 Threadneedle China Opps Z Acc GBP 109 12 128 5 138 22 216 10 280 6 1.46 0.92 SLI European Ethical Equity Plat 1 Acc 101 32 104 30 136 33 157 51 159 67 - 1.57 Average/Total 109 37 124 37 143 35 197 34 249 20 1.49 0.62 SLI European Trust 100 56 102 49 130 61 148 79 180 44 0.86 1.54 SLI European Trust II Ret Acc 98 85 98 94 122 92 141 89 168 58 1.77 1.55 (IA) EUROPE EXCLUDING UK Smith & Williamson European Equity B 105 13 108 17 134 42 171 21 207 22 0.87 1.28 7IM European Equity Value C Inc 101 33 108 11 130 65 - - - - - 2.72 SSgA Europe ex UK Equity Tracker 99 75 101 76 131 57 155 60 168 57 0.90 - Aberdeen European Equity Enh Idx B Acc 99 60 102 61 135 34 - - - - - 2.21 Stonehage European All Cap Equity B Inc 96 106 94 109 128 73 154 65 299 4 1.97 - Aberdeen European Equity I 107 5 109 9 137 28 151 70 172 52 1.10 0.93 SVM Continental Europe Instl 100 44 103 35 138 23 181 7 208 21 1.23 - Aberdeen Global Eurp Eq Ex UK X Acc GBP 107 4 109 7 135 36 151 74 170 54 1.11 - T. Rowe Price Continental Eurp Eq C GBP 101 36 101 63 ------Allianz Continental European C Acc 105 14 107 20 143 11 171 23 232 9 0.97 0.88 T. Rowe Price Continental Eurp Eq Q GBP 100 49 101 72 131 54 164 35 - - 0.82 - Allianz European Equity Income C Inc 98 95 100 85 125 84 150 75 - - - 3.19 Threadneedle European Sel Z Acc GBP 100 46 103 43 133 47 161 41 264 6 0.82 1.09 Artemis European Growth I Acc 100 50 106 22 137 26 170 24 166 60 0.85 1.57 Threadneedle European Z Acc GBP 101 29 103 33 127 78 153 66 196 33 - 1.41 Artemis European Opportunities I Acc 101 27 104 27 139 21 173 17 - - 1.63 1.47 TM Sanditon European A Acc 96 100 96 105 122 89 - - - - - 1.78 Aviva Investors Euro Eq MoM 1 2 GBP Inc 99 63 103 45 129 71 157 50 167 59 1.06 1.27 Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 99 71 101 69 131 53 156 55 - - 0.25 2.50 Aviva Investors Euro Eq MoM 2 2 GBP Inc 107 6 103 36 156 4 177 12 193 36 1.07 1.44 Waverton European Capital Gr R GBP Inc 103 21 108 16 143 13 - - - - - 0.23 Aviva Investors European Eq 2 GBP Acc 100 48 102 56 137 30 176 14 217 16 0.84 1.19 Waverton European Dividend Gr L GBP Inc 103 22 108 15 148 8 185 6 203 27 - 2.49 AXA Framlington European Z GBP Acc 98 89 97 104 124 87 148 76 196 31 0.75 1.64 Average/Total 100 111 103 109 133 100 163 89 199 71 1.00 1.77 AXA Rosenberg European Z 96 104 98 99 124 88 151 71 145 71 1.08 1.77 Baillie Gifford European B Acc 103 19 105 25 154 5 181 8 279 5 0.75 1.13 (IA) EUROPE INCLUDING UK Barclays Europe (ex-UK) Alpha R Acc GBP 96 103 98 101 119 96 145 82 - - - 1.90 Allianz Europe Equity Gr Sel RT GBP 102 24 102 33 134 18 175 6 - - - - Baring European Growth I GBP Inc 100 54 107 19 139 18 171 22 180 43 0.87 1.44 Allianz Europe Equity Growth P GBP 105 10 104 20 139 9 168 9 - - 0.72 0.77 BlackRock Continental Euro D Acc 103 16 109 8 138 25 168 28 251 7 0.92 1.37 Amundi SICAV II Euroland Equity R GBP ND 100 40 102 32 137 11 158 19 199 16 0.95 - BlackRock Continental Eurp Inc D Acc 96 101 100 89 132 50 164 36 - - 1.10 3.91 Amundi SICAV II Eurp EqTgt Inc R GBP DSA 96 51 95 52 116 44 - - - - 0.94 7.42 BlackRock European Dynamic D Acc 103 20 109 10 146 9 186 5 317 3 0.93 1.11 Amundi SICAV II Top Eurp Plyrs R GBP ND 101 33 101 39 120 41 144 37 192 20 0.96 - BlackRock Systm Continen Euro D GBP Acc 99 81 102 46 132 49 - - - - - 1.76 BGF European Value D2 99 44 99 46 123 36 151 29 201 15 1.06 - Castlefield B.E.S.T Sust Eurp Gen Inc 99 59 ------Candriam Quant Equities Europe C Acc EUR 102 20 104 26 130 22 150 30 159 31 1.91 - Comeragh European Growth B EUR Acc 98 86 99 90 ------Capital Group Eurp Gr & Inc (LUX) Bh $ 103 17 98 47 124 35 - - - - 1.81 - EdenTree Amity European B 96 102 98 100 135 35 166 32 214 17 0.92 1.91 Carmignac Pf Grande Europe W GBP Acc 104 13 105 17 ------1.86 - F&C European Growth & Income 2 Acc 102 25 108 14 139 20 172 20 229 11 0.87 2.40 Fidelity European Dynamic Gr W-Acc-GBP 107 6 108 8 152 1 179 4 241 5 1.16 - Fidelity European Opportunities W Acc 101 30 102 59 132 51 162 39 177 46 - 0.82 Fidelity Instl Pan European Acc 100 42 100 40 125 32 151 28 193 19 0.88 1.78 Fidelity European W Acc 102 24 104 28 134 41 159 44 177 47 - 1.55 GAM Multistock Euroland Value Eq GBP R 96 52 106 15 142 8 171 8 163 29 0.98 - Fidelity Index Europe ex UK P Acc 99 72 101 75 129 68 - - - - - 2.15 GAM Multistock Europe Focus Equity EUR B 103 19 103 28 130 21 142 40 142 34 1.85 - FP Argonaut European Alpha R GBP Acc 98 90 103 31 113 98 151 73 189 38 - 1.16 GAM Star (Lux) - Eurpn Momentum IAcc 106 8 111 2 144 5 188 3 229 9 2.52 - FP Argonaut European Income Opp R Acc 103 17 114 2 ------4.19 GAM Star European Equity Instl EUR Acc 103 18 104 21 135 13 161 16 209 12 1.70 - FP CRUX European I GBP Acc 100 55 102 51 ------1.39 GS Europe CORE® Equity R Inc GBP 102 25 105 16 145 4 178 5 191 21 0.68 1.87 FP CRUX European Special Sit A Acc GBP 99 66 102 55 140 16 168 30 - - - 0.61 Hermes European Alpha Equity F GBP Acc 104 11 101 37 129 25 149 32 - - 0.86 - Franklin European Opportunities W Acc 99 74 102 57 127 80 151 72 164 62 1.05 3.04 IFSL Trade Union Unit Trust 104 15 104 23 121 37 134 43 146 32 1.10 1.45 GAM Star Continental Eurp Eq Instl £ Acc 101 26 101 73 137 29 163 37 206 24 1.06 - JOHCM European Concentrated Value B EUR 98 46 100 41 ------GlobalAccess Eurp ex-UK Alpha M Acc GBP 100 39 101 65 106 99 148 77 - - - 1.55 JOHCM European Select Val A GBP 97 49 97 50 130 23 162 14 281 2 1.45 0.82 Guinness European Equity Income X GBPAcc 97 96 95 107 134 39 - - - - 1.24 - JPM Europe Equity Plus A perf (dist) GBP 100 34 103 30 128 26 161 15 223 10 1.82 1.47 Halifax European C 99 65 101 67 131 55 159 47 171 53 1.53 1.19 JPM Europe Strategic Growth A (dist) GBP 105 9 108 7 145 3 193 1 229 8 1.80 0.54 Hermes Europe ex-UK Equity F GBP Acc 106 9 111 4 152 7 178 11 - - 0.89 - JPM Europe Strategic Value A (dist) GBP 98 47 100 42 128 27 151 26 145 33 1.80 2.50 HL Multi-Manager European A Acc 100 40 105 26 138 24 - - - - - 0.54 Jupiter European Growth D GBP Acc 107 4 111 3 147 2 191 2 303 1 0.95 - HSBC European Growth Accumulation C 95 108 98 95 122 93 143 85 169 55 - 2.15 Jupiter European Opps D EUR Acc 100 38 102 35 124 33 152 25 204 14 0.95 - HSBC European Index Accumulation C 99 69 101 68 130 62 157 49 175 49 0.28 2.59 Legg Mason QS MV Eurp Eq G&I A EUR DisA 100 37 98 49 121 38 142 39 141 35 1.92 2.24 HSBC GIF Euroland Equity AD 95 109 97 103 128 76 152 67 148 70 1.86 1.08 LO Funds Europe High Convc EUR NA 100 36 102 34 136 12 168 10 229 7 1.00 - IP European Equity Income Z Acc 97 98 98 97 127 79 170 26 198 30 - 3.41 M&G European Strategic Value GBP I Acc 102 23 104 19 134 17 165 12 204 13 0.92 1.63 IP European Equity Z Acc 98 94 98 98 132 52 179 9 205 26 - 2.02 M&G Pan European Dividend GBP I Acc 97 50 98 48 124 34 149 31 - - 0.93 3.15 IP European ex UK Enh Idx Z Acc 99 79 101 77 ------2.52 M&G Pan European Select GBP I Acc 100 41 106 13 135 15 159 17 180 25 0.92 1.40 IP European Opportunities Z Acc 101 28 102 53 128 74 165 33 223 14 - 1.51 MFS® Meridian Blnd Rsrch Eurp Eq WH1 GBP 102 27 103 29 116 45 132 45 - - 0.98 - iShares Continen Eurp Eq Idx (UK) D Acc 99 80 101 71 130 64 156 56 - - 0.17 2.38 MFS® Meridian European Core Eq W1 GBP 104 12 107 10 ------1.01 - Janus Henderson European Focus I Acc 101 31 100 83 127 82 168 29 207 23 - 1.35 MFS® Meridian European Research WH1 GBP 104 16 105 18 111 48 134 44 - - 0.97 - Janus Henderson European Gr I Acc 100 53 102 60 137 27 173 18 238 8 1.08 1.43 MFS® Meridian European Value W1 GBP 104 14 106 12 143 6 172 7 252 4 1.16 - Janus Henderson European Sel Opps I Acc 100 51 100 84 125 85 160 43 213 18 1.10 1.34 New Capital Dynamic Eurp Eq GBP Ord Inc 102 21 103 27 111 49 159 18 - - 1.45 2.62 Janus Henderson Instl Eurp Idx Opp I Acc 99 73 101 70 130 59 156 53 174 50 0.79 2.13 Old Mutual European Equity U1 GBP Acc 97 48 97 51 110 50 - - - - 1.29 - JOHCM Continental European A GBP 99 68 102 47 130 58 166 31 222 15 0.84 1.47 Overstone UCITS European Eq A EUR 111 1 112 1 135 14 158 20 176 26 - 0.76 JPM Europe C Net Acc 100 52 103 41 136 32 170 25 191 37 0.93 - Pictet-European Equity Sel I EUR 101 30 107 9 142 7 147 34 161 30 0.92 - JPM Europe Dynamic (ex-UK) C Net Acc 98 83 101 64 136 31 178 10 212 19 0.93 - Pictet-European Sustainable Eqs P dy EUR 99 43 99 44 126 28 151 27 169 28 1.18 1.38 Jupiter European I Acc 109 1 117 1 153 6 200 3 330 1 1.04 0.40 Polar Capitlal European Income I Acc 94 53 94 53 119 43 ------Jupiter European Income I Acc 99 78 102 52 130 63 155 59 184 42 - 2.86 Principal European Equity I Acc USD 106 7 109 5 137 10 165 11 196 17 1.13 - Jupiter European Special Sits I Acc 100 57 99 91 126 83 154 62 205 25 1.05 1.08 Schroder ISF Eurp Eq Yld Z Acc EUR 107 5 109 4 134 16 156 21 184 22 1.08 - L&G European Index Trust I Acc 99 76 101 74 130 66 155 57 175 48 0.31 2.56 Seilern Stryx Europa EUR U R (Founders) 110 2 106 14 129 24 155 23 - - - - L&G European Trust I Acc 105 12 108 13 135 37 173 19 194 35 - 0.97 SLI European Equity Uncons D Acc EUR 101 31 100 43 114 46 139 41 181 24 0.99 - Lazard European Alpha C Acc 99 64 103 39 130 60 161 42 188 40 - 1.54 SLI Pan-European Trust 102 22 104 24 125 31 147 35 176 27 0.78 2.12 Lazard European Equity C Acc GBP 99 67 103 37 133 45 - - - - 1.28 - SVM All Europe SRI B Acc 100 39 106 11 133 19 163 13 262 3 1.23 - Legg Mason IF MC Eurp Eq Income X Acc £ 98 92 99 92 121 94 142 86 164 63 - 3.43 T. Rowe Price European Eq Q EUR 102 26 101 38 120 40 148 33 182 23 0.78 - LF Canlife European C Acc 99 82 101 78 128 75 157 52 159 68 - 1.68 Threadneedle Pan European Z Acc GBP 101 28 104 22 126 29 155 22 230 6 - 1.38 LF Miton European Opportunities B Acc 108 2 113 3 ------0.73 Threadneedle Pan Eurp Eq Div Z Inc GBP 98 45 99 45 120 42 144 38 196 18 1.14 3.79 Liontrust European Growth I Inc 107 7 103 32 156 3 176 13 226 13 1.02 1.95 Threadneedle Pan Eurp Focus Z Acc GBP 101 29 104 25 120 39 155 24 210 11 0.92 1.36 Liontrust European Income Instl Acc 96 105 98 102 122 91 144 83 159 66 - 3.93 Vanguard SRI European Stock GBP Acc 100 35 101 36 125 30 146 36 - - 0.35 2.64 Liontrust Eurp Enh Inc Instl Hdg Acc 97 97 100 86 104 100 143 84 - - - 4.32 Virgin Climate Change 109 3 109 6 113 47 137 42 116 36 1.96 - Liontrust Sust Fut Eurp Gr 2 Net Acc 101 35 102 58 133 44 164 34 198 29 0.79 1.39 Winton European Equity I GBP Acc 101 32 102 31 131 20 ------M&G European Index Tracker GBP A Acc 98 84 100 82 128 77 154 63 169 56 0.70 2.05 Average/Total 102 53 103 53 129 50 157 45 197 36 1.21 2.05 M&G Pan European Smaller Coms GBP I Acc 100 45 105 24 133 43 158 48 165 61 0.93 1.08 (IA) EUROPEAN SMALLER COMPANIES Man GLG Continental Eurp Gr Prf Acc C 108 3 110 6 165 2 233 1 329 2 1.06 0.53 Marlborough European Multi-Cap P Inc 103 18 103 44 186 1 220 2 227 12 - 0.98 Aberdeen European Smlr Coms Eq I Acc 111 1 113 5 148 16 170 17 211 16 - 0.59 MFS® Meridian Continen Eurp Eq WH1 GBP 105 15 106 21 120 95 142 87 - - 1.02 - Amundi SICAV II Eurpn Potential R GBP ND 104 15 107 18 132 20 - - - - 0.95 - MGTS AFH DA European Equity I GBP Acc 100 38 ------Baring Europe Select I GBP Inc 103 17 106 21 157 9 205 10 318 4 0.79 0.94 Montanaro European Income £ Inc 105 11 107 18 ------0.83 2.49 BNY Mellon Small Cap Euroland GBP W Acc 105 11 109 13 ------0.93 1.25 Neptune European Opportunities C Acc GBP 96 107 103 40 140 17 162 40 179 45 - 1.68 Carmignac Pf Euro-Entrprs W GBP Acc 101 21 108 14 ------Newton Continental European Inst W Acc 99 62 103 34 134 40 163 38 - - 0.83 1.45 F&C European Small Cap R EUR Acc 99 24 98 24 121 21 161 18 230 14 1.20 - Old Mutual European Eq ex UK R GBP Acc 95 110 94 108 117 97 142 88 161 64 0.98 2.14 F&C European SmallCap Ex UK C Acc GBP 100 23 100 23 133 19 - - - - - 1.39 Old Mutual Henderson European U2 GBP Acc 100 47 100 88 125 86 151 68 - - - 1.70 IP European Small Companies Z Acc 104 14 108 17 143 18 195 13 181 17 - 0.81 Old Mutual Threadneedle Eurp Sel U2 £Acc 100 43 103 42 133 46 159 45 - - - 1.19 Janus Henderson European Smr Coms I Acc 103 16 110 10 175 1 237 1 275 10 1.08 0.72 OYSTER Continental Eurp Sel R GBP D 99 61 98 96 143 12 - - - - 1.28 1.47 JPM Europe Dynamic Sm Cp A perf(dist)EUR 108 4 113 4 168 4 212 8 282 9 1.80 1.08 Polar Cptl Eurp Ex UK Inc I GBP Acc 95 111 96 106 ------JPM Europe Small Cap A (dist) GBP 105 8 109 11 156 10 210 9 244 12 1.80 1.52 Robeco QI Continental Eurp Cnsrv Eqs F £ 98 93 99 93 ------0.68 - JPM Europe Smaller Companies C Acc 105 10 111 9 172 3 229 3 231 13 0.93 - Royal London Europe ex UK Tracker Z Acc 99 77 101 79 129 67 - - - - - 2.20 Lazard European Smaller Coms C Acc 102 20 108 15 153 12 220 6 292 8 - 1.13 Royal London European Growth 105 10 110 5 140 15 174 15 188 41 1.57 - M&G Pan Eurp Sel Smllr Coms GBP I Acc 101 22 102 22 148 15 179 16 229 15 0.94 0.90 Royal London European Growth M Acc 98 87 101 66 129 72 154 64 210 20 0.70 1.73 MFS® Meridian European Smlr Coms W1 EUR 105 9 106 19 145 17 191 14 329 3 1.22 - Royal London European Opps M Acc 98 91 100 81 127 81 147 80 - - - 1.54 Mirabaud Eqs Eurp Ex-Uk S&M D GBP Acc 105 13 111 7 ------0.98 - Russell Inv Continental Eurp Eq I 100 37 102 54 139 19 169 27 189 39 0.93 2.00 Mirabaud Eqs Pan Eurp S&M D GBP Acc 107 5 115 2 ------0.96 - Santander Europe (Excluding UK) Eqs A 98 88 100 80 129 69 156 54 173 51 1.04 2.20 Old Mutual Eurp ExUK Sm Coms R GBP Acc 97 25 97 25 153 13 - - - - 0.95 - Schroder European Alpha Income Z Acc 100 42 102 48 139 22 193 4 - - 0.92 1.44 Pictet-Small Cap Europe I GBP 102 18 106 20 149 14 189 15 265 11 1.12 - Schroder European Alpha Plus Z Acc 100 41 105 23 144 10 159 46 202 28 0.92 2.05 Schroder European Sm Cos Z Acc 108 2 114 3 163 7 230 2 292 7 0.94 0.76 Schroder European Recovery Z Acc 97 99 100 87 122 90 155 58 195 34 0.85 2.03 SLI Europe ex UK Smlr Coms Plat £ Acc 102 19 108 16 163 8 218 7 312 6 - 1.13 Schroder European Z GBP Acc 102 23 104 29 141 14 174 16 230 10 0.77 1.37 SLI European Smaller Coms D Acc EUR 108 3 113 6 164 6 222 4 400 1 0.97 - www.whatinvestment.co.uk WhatInvestment July 2018 55 >| Unit Trusts 3

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val£ Rnk Val £Rnk Val £Rnk Val £Rnk Val % %Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % T. Rowe Price Eurp Smlr Coms Eq Q GBP 106 6 115 1 174 2 221 5 - - 1.12 - MI Momentum Focus 4 A Acc 101 101 102 114 116 113 129 99 - - - 1.27 Threadneedle Eurp Smlr Coms Z Acc GBP 105 12 109 12 165 5 204 11 340 2 1.05 0.78 MI Momentum Focus 5 A Acc 102 79 103 106 119 99 136 89 - - - 1.45 Threadneedle Pan EurpSmlrComs Z Acc GBP 105 7 111 8 154 11 196 12 314 5 0.93 0.75 Neptune Global Alpha C Acc GBP 111 2 126 1 135 13 196 1 201 21 0.72 0.45 Average/Total 104 25 108 25 154 21 205 18 279 17 1.09 0.98 Newgate GBP Inc 102 74 103 110 121 96 134 92 165 64 1.34 1.05 (IA) FLEXIBLE INVESTMENT Newton Multi-Asset Growth Inst W Acc 104 15 107 47 130 32 164 12 195 26 0.67 1.36 Newton Multi-Asset Income Inst W Acc 101 95 101 129 128 40 - - - - 0.98 3.72 7IM AAP Adventurous C Acc 103 30 107 34 118 104 146 62 178 47 0.61 1.23 Newton SRI for Charities GBP Inc 103 25 105 76 126 59 146 61 - - 0.83 2.18 7IM Adventurous C Acc 103 49 106 51 118 105 149 40 190 35 1.58 0.64 Nomura Fds Diversified Growth I GBP 99 145 100 140 ------1.00 - Aberdeen Capital Trust Inc 104 19 106 70 126 56 145 64 175 50 1.63 1.14 Old Mutual Cirilium Adventurous R 102 59 ------Aberdeen Multi-Mgr Equity Mgd Ptfl I Acc 101 109 105 87 125 68 148 45 189 37 - 0.63 Old Mutual Cirilium Dyn R GBP Acc 101 90 105 79 128 39 158 19 - - 1.24 1.17 ACPI Balanced UCITS USD Retail Acc 102 51 102 115 131 25 146 55 196 25 - - Old Mutual Foundation 5 R GBP Acc 100 127 105 73 123 82 - - - - - 1.61 ACPI Horizon UCITS EUR Retl 101 102 102 113 ------Osprey Sterling Inc 100 126 100 135 130 29 162 14 236 2 1.14 0.74 Acumen Adventurous X Acc 101 116 104 93 ------1.41 PIMCO GIS Strat Inc E USD Acc 101 110 100 134 125 63 - - - - 1.75 - AHFM Defined Returns B GBP Acc 104 16 107 46 124 71 ------Premier Liberation No. VII Class C Acc 102 62 106 63 130 30 151 36 170 56 1.86 1.46 Allianz Global Fdmtl Strat RT2 H GBP 95 156 97 151 107 128 ------Premier Multi Asset Global Gr C Inc 101 89 106 67 136 10 167 5 - - 1.98 0.59 Amundi SICAV II Pio Flex Opps R GBP ND 104 14 108 19 130 34 - - - - 0.99 - P-Solve Inflation Plus A Inc 100 136 103 108 117 106 132 93 175 49 1.75 - Architas MA Active Dynamic A Acc 101 93 106 53 132 23 150 39 209 14 1.71 0.64 Pyrford Glbl Tot Ret(Sterling)B GBP Acc 100 129 98 147 ------Architas MA Active Growth A Acc 102 55 107 35 131 28 152 30 206 19 - 0.66 Rathbone Dragon Trust £ Acc 103 33 109 17 134 17 164 13 208 16 0.89 0.56 Artemis Strategic Assets I Acc 104 5 105 74 110 123 120 109 - - 0.82 - RBS INV Adventurous Growth 102 73 105 82 124 75 147 49 - - 2.06 0.26 Aviva Investors Multi-Mgr Flexible 2£Acc 100 130 105 86 126 57 153 29 208 15 1.64 0.38 RHFS Diversified Strategy C Acc 102 58 107 32 127 47 ------Barclays Wealth Global Mkts 5 R Acc GBP 102 67 107 36 126 61 143 70 - - 1.08 1.90 River & Mercantile Dyn Asst Allc B Acc 100 137 103 103 116 115 - - - - - 0.87 Capital Group EM Ttl Opps (LUX) Z 99 142 99 143 120 97 118 112 193 31 1.02 - S&W ILEX Trust Acc 100 122 101 127 112 121 120 110 120 75 1.60 2.96 Capital Group Glb Abs Inc Gr (LUX) Z 100 138 99 144 124 78 139 81 - - 0.90 - S&W Starhunter Managed Acc 101 99 104 98 115 117 127 101 171 55 1.73 0.30 Capital Group Global Allc (LUX) Z 102 54 103 105 136 12 - - - - 0.90 - Sarasin FoF Global Equity P Acc 101 86 107 39 121 92 153 28 - - 1.60 1.10 Carmignac Patrimoine A EUR Acc 99 144 98 148 115 118 116 115 172 54 1.79 - Sarasin FoF Global Growth P Acc 101 115 105 77 116 110 - - - - 1.37 1.16 Carmignac Pf Emerg Patrim F GBP Acc Hdg 96 155 97 150 104 132 108 117 - - 1.19 - Sarasin Global Equity Real Return P Acc 102 76 107 37 126 54 135 90 143 72 1.24 1.61 Carmignac Pf Patrimoine F GBP Acc Hdg 100 133 98 145 97 138 118 114 - - 1.16 - Schroder Dynamic Multi Asset Z Acc 100 124 104 95 109 126 125 104 158 68 0.50 1.66 Carvetian Capital Income 103 43 112 7 103 134 135 91 179 45 1.15 0.21 Schroder MM Diversity Tactical Z Acc 100 125 101 128 113 119 130 97 - - 1.42 0.44 Carvetian Generation Income 101 107 105 89 104 131 130 98 166 60 1.14 0.85 Sentinel Enterprise B Acc 104 17 109 16 125 67 136 87 157 69 - 0.40 Cavendish International B Inc 103 24 108 31 129 37 151 34 215 12 0.88 0.78 Smith & Williamson MM Global Invmt B 103 27 108 27 129 36 154 27 165 65 - 1.81 CF Purisima EAFE Total Return PCG B nc 98 150 102 117 124 74 142 74 165 63 1.80 0.37 Spectrum Income Fund O Acc 100 140 104 99 ------2.89 City Financial Multi Asset Dyn I Acc 103 47 101 118 108 127 - - - - - 0.34 Standard Life Wealth Acer Fund 101 85 101 124 118 102 137 86 157 70 1.15 1.68 Close Growth Portfolio X Acc 103 28 105 90 116 111 144 66 - - 0.95 1.10 Standard Life Wealth Bridge Inc 101 87 101 126 120 98 141 76 169 58 0.83 1.59 Close Managed Growth X Acc 103 21 108 24 126 55 150 37 - - 1.12 0.89 Standard Life Wealth Merlin 102 72 101 120 119 101 139 82 167 59 1.21 1.27 Close Strategic Alpha X Acc 104 7 110 8 127 50 157 20 - - 1.82 0.25 SVS Brown Shipley Dynamic I Acc 102 60 107 48 121 95 143 72 - - 2.08 1.18 Close Tactical Select Passive Gr X Acc 103 44 106 55 126 58 147 54 - - 0.66 1.34 SVS Church House UK Managed Growth A Acc 103 37 104 102 121 94 146 56 207 17 1.59 0.97 Courtiers Total Return Growth 104 13 108 26 132 21 164 11 185 42 2.01 - SVS Heritage Balanced A Acc 102 52 105 84 ------Discovery Managed Growth B GBP Acc 101 113 106 50 124 79 147 48 157 71 - 0.16 TB Elite Strategic A Accumulation 102 69 106 52 ------EF Brompton Global Opps B GBP Acc 101 96 106 58 127 48 149 41 - - 1.90 0.61 TB Enigma Dynamic Growth B Acc GBP 101 105 ------F&C Managed Growth 1 Acc 103 38 106 57 127 49 146 58 169 57 1.89 0.48 TB Wise Multi-Asset Growth B Acc 102 65 109 13 141 3 161 16 216 8 1.53 0.96 F&C MM Navigator Select C Acc 101 100 105 72 128 41 155 23 187 40 - - TB Wise Multi-Asset Income B Inc 101 108 100 137 133 19 169 4 232 3 1.46 5.29 F&C Multi Man Invest Trust Fd C Net Acc 104 6 112 6 135 15 165 10 194 29 - 0.43 TC Centre Multi Mgr Advnturs A Acc 102 78 106 65 133 20 148 44 172 53 3.00 - Family Investments Child Trust 103 48 104 101 122 87 140 78 179 44 1.47 1.45 The Norfolk Trust 102 71 100 132 125 66 144 67 197 24 0.93 1.45 Fidelity MltAsst Open Adv Y Acc 102 83 105 81 124 80 138 83 - - - 0.39 The Notts Trust 102 68 100 133 124 70 143 69 195 27 0.88 1.42 Fidelity Multi Asset Adventurous Y Acc 103 22 106 69 123 81 147 50 - - - 0.35 Thesis Elfynn Trust Acc 104 18 108 23 130 35 147 51 - - - 0.74 Fidelity Multi Asset Allctr Advtrs Y Acc 101 118 103 109 122 88 140 79 - - - 1.19 Thesis Palm 101 117 106 60 128 38 146 60 - - 1.33 0.36 First State Diversified Gr B Acc GBP 98 148 98 146 ------1.50 Thesis Thameside Managed 102 63 106 63 122 85 140 80 178 46 2.01 0.55 FP 8AM Focussed A Inc 103 34 107 45 126 60 131 94 - - 2.50 - Threadneedle Managed Eq Z Acc 103 40 106 61 128 42 151 32 203 20 - 0.84 FP Brunswick Growth Portfolio C Acc GBP 103 45 108 20 135 14 157 21 - - 2.47 - TM Balanced Growth Fund 99 141 102 111 117 108 125 103 166 61 2.07 1.29 FP Mattioli Woods Adventurous E GBP Inc 103 36 ------TM Cerno Select C Acc 101 98 101 122 113 120 - - - - - 0.45 FP Mattioli Woods Cautious E GBP Inc 100 134 ------TM Fulcrum Diversified Growth C GBP 101 120 105 78 101 135 118 113 - - 1.48 - FP Mattioli Woods Growth E GBP Inc 101 94 ------Troy Spectrum O Acc 101 92 105 91 132 24 147 47 216 10 1.49 0.49 FP Tatton Oak Advanced B 101 91 105 83 123 83 146 63 - - 1.51 1.40 Troy Trojan O Inc 99 143 98 149 116 114 120 107 186 41 1.03 0.44 GAM Star Dynamic Growth Instl GBP Acc 104 11 110 10 127 46 147 53 - - 1.96 - UBS Targeted Return C 99 146 101 123 106 129 120 108 135 74 1.45 1.32 GAM Star Growth Institutional GBP Acc 103 29 108 25 121 93 143 73 - - 1.68 - Unicorn Mastertrust B 103 23 110 11 143 2 177 2 254 1 1.75 0.88 HC Kleinwort Hambros Growth A Acc 101 103 101 119 119 100 127 102 - - 1.83 0.81 VT Grosvenor Adventurous A GBP Acc 102 53 107 44 ------1.12 HC Sequel Growth Trgt Ret Strat B £ Acc 100 121 104 97 116 109 - - - - - 0.21 VT Tcam Growth Net Acc 103 31 107 38 122 89 - - - - - 0.67 HC Verbatim Multi-Index Portfolio 6 A 102 61 105 80 125 65 141 77 - - 0.80 1.07 VT Thistledown Income Z GBP Net Acc 101 97 102 116 131 26 154 25 - - - 1.57 Hermes Multi-Asset Inflation F GBP Acc 98 149 100 130 100 137 ------VT Ursus Arctos 1 Net GBP Inc 105 4 112 4 139 6 - - - - - 0.96 HL Multi-Manager High Income A Acc 102 75 104 100 ------4.03 WAY Global Red Active Portfolio Tr E Acc 101 112 106 68 124 73 146 59 190 36 - - HL Multi-Manager Strategic Assets A Acc 101 104 100 131 ------0.58 WAY MA Growth Portfolio E Acc 100 135 105 85 124 69 144 65 174 52 2.17 - IFSL Brooks Macdonald Strat Growth A GBP 104 20 109 15 124 76 - - - - - 0.71 Zurich Horizon Multi-Asset V Z Acc 104 9 108 18 140 5 - - - - - 0.64 IFSL Brunsdon Adventurous Gr C Acc 103 39 107 41 125 64 141 75 - - - 0.74 Average/Total 102 156 105 151 123 138 144 118 187 75 1.41 1.05 IFSL Select Z Acc GDP 103 42 106 62 127 51 148 43 189 38 - 1.14 Investec Global MA Ttl Ret I GBP Acc 98 152 102 112 124 77 155 22 200 23 0.85 0.78 (IA) GLOBAL IP Managed Growth Z Acc 101 106 104 96 130 33 161 15 217 7 - 1.14 Aberdeen Ethical World Equity I Acc 103 156 106 198 128 217 136 218 175 140 1.12 0.83 Janus Henderson Mlt-Mgr Active I Acc 103 35 106 56 126 52 151 35 161 66 - 0.58 Aberdeen Global World Equity X Acc GBP 100 265 102 266 126 228 135 222 194 122 1.19 - JPM Diversified Growth C Net Acc 99 147 103 107 126 53 158 18 212 13 0.93 - Aberdeen World Eq Enh Idx Net B Acc 105 89 110 80 143 86 - - - - - 1.84 Jupiter Merlin Growth I Acc 104 10 106 54 127 45 154 24 220 5 1.81 0.30 Aberdeen World Equity I 100 262 102 265 126 221 135 219 193 124 1.13 0.72 L&G Multi Manager Growth Trust I Acc 103 46 106 49 122 84 137 85 159 67 1.73 0.82 Acumen Equity X Acc 102 225 ------L&G Worldwide Trust I Acc 103 41 106 71 125 62 152 31 188 39 0.82 1.50 Allianz Best Styles Global AC Eq C Acc 103 197 108 153 ------1.73 LF Bentley Global Growth A Acc 100 132 100 139 110 124 128 100 - - 3.02 - Allianz Best Styles Global Eq RT GBP 102 209 107 165 137 149 ------LF Bentley Sterling Balanced Acc 100 131 99 142 104 133 115 116 138 73 2.30 - Allianz Global AC Eq Inigts W Acc GBP 108 38 113 45 149 46 209 15 - - - - LF Canlife Portfolio VII C Acc 104 8 108 28 122 86 - - - - - 1.72 Allianz Global Small Cap Equity RT GBP 108 39 115 31 142 93 ------LF Catalyst Trust Acc 101 84 107 33 131 27 159 17 221 4 0.94 0.72 Ardevora Global Equity A GBP Acc 108 34 115 33 159 15 217 12 - - - - LF Cautela Retail Acc 102 77 100 138 100 136 107 118 - - - 0.89 Ardevora Global Long Only Eq C GBP Acc 108 37 114 38 159 13 ------LF IM Global Strategy A Acc 103 26 108 21 139 7 166 8 - - 1.49 0.68 Artemis Global Growth I Acc 103 180 112 56 141 101 196 25 227 72 1.00 1.59 LF Miton Worldwide Opportunities B Acc 102 80 108 29 144 1 165 9 190 34 1.58 0.10 Artemis Global Select I Acc 106 70 112 60 148 50 183 58 - - 1.17 0.67 LF Odey Continental European I Acc 101 119 109 12 136 11 154 26 192 33 1.08 0.77 Artemis Instl Global Capital IN Acc 103 177 113 53 141 102 196 21 230 69 0.82 1.66 LF Odey Opus I Acc 112 1 112 5 115 116 137 84 200 22 1.08 0.44 Aviva Investors Intl Idx Tr 2 £ Acc 103 159 108 146 143 83 177 78 245 53 0.50 1.65 LF Prudential Dyn Focs 60-100 Port A Acc 102 66 104 92 ------1.32 AXA Framlington Global Thematics Z Inc 106 56 112 55 143 89 183 59 194 123 - 0.64 LF Prudential Dynamic 60-100 Port P Acc 102 56 105 75 121 90 143 71 - - - 1.21 AXA Rosenberg Global Z 103 166 110 90 142 94 174 85 207 101 1.06 1.71 LF Ruffer Equity & General C Acc 102 82 107 42 117 107 131 96 216 9 - 0.04 Baillie Gifford Gbl Discovery B Acc 121 2 133 2 167 8 243 3 481 1 0.88 - LF Ruffer Japanese C Acc 104 12 115 2 127 43 175 3 - - 1.23 0.23 Baillie Gifford Global Alpha Gr B Acc 107 47 114 43 161 10 202 17 - - 0.68 0.41 LF Stewart Ivory Investment Markets Acc 102 70 103 104 124 72 151 33 194 28 1.16 2.52 Baillie Gifford Global Select B Acc 111 16 120 13 ------0.38 LF Waverton Portfolio B Inc 102 81 105 88 127 44 148 46 206 18 1.85 0.98 Baillie Gifford International B Acc 107 45 114 39 163 9 205 16 311 16 0.69 0.36 Liontrust Sust Fut Absolute Gr 2 Net Acc 106 3 113 3 139 9 167 7 218 6 0.85 0.38 Baillie Gifford UK and Worldwide Eq B 109 26 ------LO Funds All Roads EUR NA 98 151 104 94 132 22 121 106 - - 0.72 - Barclays Global Core R Acc GBP 102 221 107 174 136 157 157 173 - - - 1.81 M&G Fund of Invest Trust Shares A Acc 103 32 110 9 141 4 167 6 193 30 1.20 0.41 Barings Global Div Champions I GBP Acc 100 268 101 271 ------0.85 - M&G Managed Growth GBP I Acc 101 111 108 22 139 8 150 38 174 51 1.04 1.08 Barings Global Leaders A GBP Inc 104 134 106 194 135 162 158 172 186 133 2.15 - Man GLG Stockmarket Managed Profl Acc C 103 50 107 40 118 103 147 52 183 43 0.93 1.12 BlackRock Consensus 100 D Acc 103 157 107 168 138 131 169 113 - - 0.27 1.80 Margetts Opes Income R GBP Acc 100 128 101 125 116 112 131 95 178 48 0.90 2.61 BlackRock Global Equity D Acc 96 290 96 283 123 236 147 201 182 136 0.92 1.82 Margetts Venture Strategy Fd R GBP Acc 101 114 107 43 134 16 146 57 216 11 0.93 0.78 BlackRock Global Equity D GBP Acc 105 86 107 159 134 174 162 146 - - 0.24 2.31 MFS® Meridian Diversified Income WH1 GBP 97 153 100 136 105 130 - - - - 1.05 - BlackRock Overseas Equity I Acc GBP 104 131 109 126 146 66 184 56 260 41 0.24 1.37 MFS® Meridian Global Total Ret WH1 GBP 97 154 101 121 109 125 123 105 - - 1.19 - BNY Mellon Global Leaders GBP W Acc 104 112 107 179 ------0.89 0.47 MGTS Clarion Explorer Portfolio R Acc 102 57 109 14 134 18 148 42 193 32 1.33 0.29 BNY Mellon Long-Term Global Eq Int W Acc 106 68 110 83 147 56 176 81 274 28 0.81 0.79 MGTS Frontier Adventurous R Acc 100 123 106 59 130 31 144 68 - - 1.60 0.56 Brown Advisory Global Leaders C USD Acc 109 30 118 14 158 16 - - - - 0.75 - MI Charles Stanley Multi Asst5 Adv A£Acc 101 88 108 30 ------0.88 Candriam Quant Equities MF Glb C Acc EUR 104 125 108 136 141 105 170 108 209 99 1.96 - MI Downing Diversified Global Mgrs A Acc 102 64 106 66 121 91 136 88 165 62 1.75 - Capital Group New Pers (LUX) Z 106 48 111 63 151 37 191 33 300 19 0.80 - MI Momentum Focus 3 A Acc 100 139 100 141 111 122 119 111 - - 3.22 1.11 Carmignac Investissement A EUR Acc 105 81 103 250 118 249 135 220 183 135 2.00 - 56 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 4

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Carmignac Pf Invmt F GBP Acc Hdg 106 57 104 241 99 255 136 217 - - 1.17 - L&G Global 100 Index Trust I Acc 103 168 108 148 146 64 172 96 240 60 0.32 2.29 Davy Discovery Equity M GBP Acc 106 55 112 61 ------L&G Global Equity Index I Acc 104 141 108 134 142 95 171 100 - - 0.87 1.64 Davy Ethical Equity U GBP Acc 104 105 108 127 ------L&G Global Health&PharmaIdx Tr I Acc 103 161 105 218 126 222 185 51 387 5 0.32 1.40 Davy Global Brands Equity M Acc 102 232 100 273 ------L&G International Index Trust I Acc 104 143 109 125 145 73 178 73 252 48 0.39 1.78 Dimensional International Core Eq Acc 104 148 109 111 145 72 181 62 257 45 0.46 1.45 Lazard Global Eq Franchise A Acc USD 104 138 107 164 ------Dimensional International Val Acc 102 206 108 137 139 129 171 101 207 102 0.57 1.67 Lazard Global Equity Select A Acc USD 105 96 110 81 145 75 170 105 - - 1.61 - Dodge & Cox Worldwide Global Stk GBP Acc 101 257 102 262 138 134 178 75 255 47 0.68 - Lazard Global Lstd Infras Eq A Acc GBP 95 291 98 277 127 219 181 64 - - 1.06 - Dominion Global Trends - Managed GBP I 105 74 107 170 138 132 143 208 ---- Lazard Global Managed Vol A Acc USD 102 237 104 239 141 110 179 69 - - - - Dominion Global Trends Lxy Cnsmr GBP I 111 14 108 141 122 239 128 223 200 116 -- Lazard Global Strategic Eq A Acc USD 105 80 109 114 139 126 161 156 ---- EdenTree Amity International B 104 144 108 139 131 194 145 205 225 75 0.83 1.84 Lazard Managed Equity A Acc 106 61 109 103 133 180 165 133 224 77 1.05 1.40 EF Brompton Global Equity B GBP Acc 102 231 108 144 137 148 164 137 - - 1.71 0.17 Lazard Thematic Global A Acc USD 105 99 110 82 134 172 161 158 ---- Electric & General Net Income A 99 279 97 281 135 160 162 151 - - - 1.54 Legg Mason CB Glb Equity A USD Dis(A) 98 281 100 274 119 245 138 215 177 138 1.90 0.38 F&C Global Thematic Opps 1 Acc 106 53 114 42 133 177 167 125 187 132 2.43 - LF Adam Worldwide Acc 103 178 106 204 131 201 155 180 233 66 1.37 1.46 F&C Institutional Global Eq 4 Inc 102 229 109 117 142 91 193 30 255 46 0.03 2.06 LF Blue Whale Growth R Sterling Acc 111 17 ------F&C MM Navigator Boutiques C Acc 102 212 107 172 134 170 167 121 223 79 - 0.05 LF Canlife Global Equity C Acc 104 135 103 251 137 145 170 104 236 65 0.81 1.25 F&C Responsible Global Equity 2 106 63 113 47 148 49 187 45 265 36 0.80 0.68 LF Macquarie Global Infras Secs B Acc 98 285 97 278 123 237 148 195 200 115 1.13 2.10 Fidelity Allocator World Y Acc 103 170 108 138 139 128 171 98 - - - 0.95 Lindsell Train Global Equity B GBP Inc 113 10 120 12 178 3 245 2 - - - 0.78 Fidelity Global Cnsmr Inds W-Acc-GBP 110 24 111 74 155 21 190 39 353 10 1.17 - Liontrust Sust Fut Glbl Gr 2 Net Acc 106 54 114 37 143 84 175 84 219 84 0.85 0.44 Fidelity Global Financial Svcs W-Acc-GBP 99 273 109 98 140 111 165 132 217 90 1.16 - LO Funds Emerging Hi Convc USD NA 104 137 112 57 143 85 142 209 - - 1.15 - Fidelity Global Focus W Acc 109 32 112 58 151 36 189 41 269 35 - 0.33 LO Funds Golden Age USD NA 104 118 108 155 130 205 177 77 - - 1.00 - Fidelity Global Health Care W-Acc-GBP 105 73 106 202 120 243 182 60 333 13 1.17 - M&G Global Dividend GBP I Acc 105 79 111 70 141 109 156 176 - - 0.91 1.91 Fidelity Global Industrials W-Acc-GBP 108 40 108 130 143 80 146 202 174 141 1.19 - M&G Global Listed Infras GBP I Acc 100 266 ------Fidelity Global Special Sits W Acc 103 176 109 104 149 40 199 20 225 74 - 0.64 M&G Global Recovery GBP I Acc 104 111 111 72 139 122 169 112 - - 0.93 0.98 Fidelity Index World P Acc 104 122 108 132 143 82 179 68 - - - 1.77 M&G Global Select GBP I Acc 102 208 106 200 138 136 160 167 224 76 0.92 0.85 Fidelity Instl Global Focus Acc 106 58 111 67 149 41 187 44 276 26 0.90 0.56 M&G Global Themes GBP I Acc 101 250 106 193 137 146 141 213 154 145 0.91 0.97 Fidelity Open World Y Acc 102 201 107 171 138 143 163 141 - - - 0.16 Majedie Global Equity X GBP Acc 104 117 109 99 143 88 - - - - - 0.56 Fidelity Undiscovered Talent Y Acc 101 246 105 217 130 203 - - - - - 1.53 Majedie Global Focus X GBP Acc 102 220 107 161 137 147 - - - - - 0.60 Fidelity WealthBuilder Y Acc 102 205 105 212 130 204 160 161 215 92 - 1.05 Margetts Intl Strategy R GBP Acc 102 216 108 150 135 165 160 163 219 88 0.74 0.63 First State Glbl Lstd Infras B Acc GBP 97 287 96 284 136 154 174 86 242 56 0.95 3.10 Margetts Opes Growth R GBP Acc 102 233 107 189 135 167 158 171 192 125 0.88 0.37 First State Global Resources B Acc GBP 110 22 115 34 130 202 111 228 87 148 0.89 1.14 Marlborough Global P Acc 102 204 108 143 133 179 164 138 187 131 - 0.02 FP CRUX Global B Inc 104 133 107 178 135 164 164 136 246 52 1.29 0.99 McInroy & Wood Smaller Comps Pers Inc 109 27 115 29 154 27 194 28 344 11 - 1.02 FP Octopus Global Growth B 103 175 109 116 138 142 154 185 - - 1.49 0.49 MFS® Meridian Global Concntr W1 GBP 101 253 103 253 ------1.26 - FP Octopus International Equity B Acc 103 164 109 105 140 114 173 89 - - 0.93 0.99 MFS® Meridian Global Energy WH1 GBP 107 43 110 85 97 256 92 230 - - 1.00 - FP Russell Invsmts Intl Gr Assts C Acc 101 248 109 106 135 161 176 79 - - 1.07 0.56 MFS® Meridian Global Equity Inc WH1 GBP 97 286 105 233 ------0.95 - FP SCDavies Global Equity A Acc GBP 101 241 105 221 136 158 162 155 - - 1.81 - MFS® Meridian Global Equity W1 GBP 101 238 103 257 139 125 170 109 269 33 1.14 - FP WHEB Sustainability C 107 46 112 54 142 90 183 57 - - 1.05 - MFS® Meridian Global Rsrch Focus W1 USD 103 150 107 173 141 100 172 95 214 93 0.94 - FP WM Global Corp Autonomies I GBP Acc 103 189 106 211 144 79 - - - - - 1.02 MFS® Meridian Managed Wealth WH1 GBP 100 270 101 272 ------1.00 - Fundsmith Equity T Acc 106 52 111 64 176 4 237 4 - - 1.17 0.54 MI Charles Stanley UK & Intl Gr A Acc 102 207 103 259 124 230 148 196 - - 1.49 1.69 GAM Global Diversified Instl GBP Acc 97 288 98 276 120 244 144 207 210 98 1.09 - MI Metropolis Value A Acc 102 223 105 213 153 32 186 48 - - 1.47 0.36 GAM International Growth & Val X Acc 101 244 105 225 124 235 147 198 ---- MI Thornbridge Global Opps C Acc 104 108 110 88 149 42 160 166 - - 0.91 1.24 GAM Multistock Luxury Brands Eq GBP Ra 120 3 127 5 160 12 162 150 - - 1.27 0.46 Mirabaud Equities Global Focus D GBP Acc 110 21 117 16 142 92 - - - - 1.24 - GAM Star Comps Glbl Eq GBP Acc 103 186 107 167 131 196 159 168 - - 1.90 - Morgan Stanley UK Global Brands I GBP 104 129 104 248 152 34 180 66 358 8 1.00 0.90 GAM Star Global Quality Instl GBP Inc 100 261 102 263 132 189 159 170 - - 1.16 0.91 MS INVF Emerging Leaders Equity Z 99 280 98 275 128 211 128 224 - - 0.96 - GAM Star Worldwide Equity Ord GBP Acc 101 255 105 222 125 229 149 193 190 128 1.62 - MS INVF Global Brands I 104 106 104 243 152 33 179 70 357 9 0.95 - GS GIVI Gl Eq GrMkts Tilt R Acc $ Snap 103 181 107 166 139 124 168 117 - - 0.50 - MS INVF Global Opportunity Z 119 5 130 3 208 1 332 1 - - 0.90 - GS Glb Sm Cp CORE® Eq R Inc GBP Snap 109 29 117 18 155 24 201 18 336 12 0.85 0.48 MS INVF Global Quality I 106 64 104 238 149 47 - - - - 0.95 - GS Glbl Eq Ptnrs ESG R Inc USD Snap 104 110 107 169 130 206 155 183 - - 1.00 0.35 MT Total Return 103 155 107 163 132 187 162 152 240 61 0.65 0.66 GS Global CORE® Eq R Acc USD Snap 107 42 114 36 159 14 213 13 283 23 0.75 - NatWest International Growth NAV 103 184 105 219 124 233 151 189 201 112 - 1.15 GS Global Equity Ptnrs R Inc GBP 103 187 107 185 131 195 167 122 229 70 0.99 0.29 Neptune Global Equity C Acc GBP 109 33 122 7 137 144 170 103 164 142 - 0.55 GS Global Millennials Eq R Inc USD 109 31 109 96 139 127 172 94 - - 1.15 - Neptune Global Smaller Coms C Acc GBP 117 6 130 4 138 138 160 164 163 143 2.50 0.44 GS Strategic Global Equity R Inc GBP 104 128 108 140 132 188 162 149 279 25 1.05 0.46 New Capital Glbl Eq Convict USD Ord Acc 108 35 117 17 149 43 - - - - 1.95 - Guinness Alternative Energy X 111 15 115 28 103 254 124 227 - - 1.24 - Newton Global Equity Inst W Acc 102 230 105 228 135 166 166 127 206 103 0.80 0.99 Guinness Global Energy X 116 8 120 11 112 253 107 229 - - 1.24 - Newton Global Opportunities Inst W Acc 103 160 104 236 136 153 170 106 209 100 0.83 0.89 Guinness Global Innovators Y GBP ACC 105 75 116 27 158 18 223 7 397 2 0.99 - NFU Mutual Global Growth C 102 217 105 229 146 67 155 182 196 120 - 0.88 Guinness Global Money Managers X 99 272 109 109 116 252 162 154 - - 1.24 - Nomura Fds Global High Conviction I USD 105 84 107 160 ------1.25 - Halifax Ethical C 103 151 106 190 128 214 156 178 202 110 1.52 0.67 Old Mutual Ethical R GBP Acc 100 267 104 237 137 150 164 139 201 114 - 0.82 Halifax Fund of Invmt Trusts C 104 121 109 121 138 141 168 116 204 109 1.51 0.33 Old Mutual Fidelity Glbl Foc U2 GBP Acc 105 76 110 84 148 52 185 49 - - - 0.73 Halifax Intl Gr C 104 114 109 119 138 137 163 144 220 82 1.51 0.76 Old Mutual Global Best Ideas R GBP Acc 106 69 107 184 126 226 150 192 197 118 - 0.08 Harris Associates Global Eq R/A USD 100 269 106 206 132 192 155 181 223 78 2.15 - Old Mutual Global Equity R GBP Acc 106 50 113 49 158 17 218 10 316 14 1.14 0.38 HC Charteris Global Macro A Acc 108 36 105 230 119 248 - - - - - 1.92 Old Mutual Voyager Glbl Dyn Eq R GBP Acc 102 235 107 188 118 250 139 214 - - 1.06 0.67 Heriot Global A Acc 105 88 111 73 140 118 162 153 - - - 1.52 Old Mutual World Equity U1 GBP Acc 106 49 113 52 155 23 - - - - 1.36 - Hermes Global Equity ESG F GBP Acc 104 136 108 157 141 108 - - - - 0.73 - Old Mutual World Index U2 GBP Acc 103 153 108 133 145 71 - - - - - 1.39 Hermes Global Equity F GBP Acc 105 82 110 92 145 74 186 47 - - 0.66 - Orbis OEIC Global Equity Standard 101 247 108 149 154 30 189 42 305 17 - - Hermes Global Small Cap Equity F GBP Acc 107 41 115 30 155 22 - - - - 1.15 - Overstone UCITS Smaller Coms A USD 117 7 118 15 130 208 179 67 259 44 - 0.75 HL Multi-Manager Special Sits A Acc 103 183 106 192 135 163 166 130 222 81 1.49 0.56 Pictet - Global Envir Opps I dy GBP 103 193 110 78 149 45 185 53 - - 1.22 - HSBC FTSE All-World Index C Acc 104 147 108 131 142 96 - - - - - 1.87 Pictet-Clean Energy I dy GBP 103 200 106 191 120 242 160 165 120 147 1.20 0.05 IFSL Ravenscroft Huntress GlbBlueChpBInc 98 284 ------Pictet-Global Megatrend Sel I dy GBP 105 78 111 66 143 87 187 46 - - 1.21 - Investec Glb Quality Eq Inc I Inc-2 Net 99 276 97 280 ------2.77 Pictet-Premium Brands I dy GBP 111 18 117 20 138 135 148 194 284 22 1.20 0.09 Investec Global Dynamic I Acc Net GBP 105 90 111 69 133 176 173 92 252 50 0.87 1.04 Pictet-Security I dy GBP 106 67 110 79 144 78 196 23 372 6 1.20 - Investec Global Equity I Acc Net GBP 103 169 109 113 132 191 168 118 232 68 0.88 1.10 Pictet-Water I dy GBP 98 282 103 260 143 81 169 111 241 58 1.20 0.46 Investec Global Franchise I Net Acc 102 213 103 258 147 57 176 80 - - 0.85 2.28 Polar Cptl Atmtn & Artfcl Intllgnc I Acc 105 98 ------Investec Global Special Sits I Net Acc 104 109 114 35 154 29 195 27 302 18 0.91 0.54 Premier Global Alpha Growth C Acc 105 71 116 26 148 51 192 31 239 62 1.27 0.92 Investec Global Strat Eq I Acc Net GBP 104 120 113 50 140 115 191 34 260 42 0.86 0.71 Principal Global Equity I Acc USD 104 139 108 158 133 185 162 148 212 94 1.28 - IP Global Equity Z Acc 103 171 109 93 136 152 169 114 - - - 1.47 Purisima Global Total Return A 102 210 108 156 146 62 179 71 225 73 1.32 0.53 IP Global ex UK Core Equity Index 104 123 108 145 144 77 181 63 263 38 0.72 1.42 Rathbone Global Opportunities I Acc 110 19 116 25 160 11 213 14 275 27 - 0.14 IP Global ex UK Enhanced Index 104 104 110 87 146 69 185 50 279 24 0.37 1.67 RBS International Growth 1 103 184 105 219 124 233 151 189 201 112 1.63 1.15 IP Global Opportunities Z Acc 104 115 111 71 146 63 185 52 274 29 - 0.94 River and Mercantile Glbl Hi Alpha B Acc 105 91 110 89 ------0.92 IP Global Smaller Companies Z Acc 102 203 109 100 147 60 185 54 313 15 - 0.66 River and Mercantile World Recovery B 103 172 109 124 141 99 196 24 - - 1.25 0.67 Janus Henderson Glb Research A USD Acc 105 72 109 110 129 209 163 143 211 95 2.50 - Robeco BP Global Premium Equities F £ 101 251 105 227 ------0.81 - Janus Henderson Global Equity I Acc 107 44 109 95 153 31 219 9 368 7 - 0.19 Royal London GMAP Dyn M GBP Acc 104 130 107 175 ------1.74 Janus Henderson Global Sust Eq I Acc 106 60 114 40 145 76 196 22 269 34 - 0.50 Russell Inv Global List Infras I GBP 97 289 97 282 127 218 147 197 - - 1.76 2.71 Janus Henderson Instl Gl 50/50IdOpp 3Acc 104 127 107 187 133 186 160 162 218 89 0.39 2.39 Russell Inv World Equity I 102 219 108 135 146 65 181 65 263 39 1.01 0.61 Janus Henderson Mlt-Mgr Global Sel I Acc 102 228 106 199 131 200 153 186 160 144 - 0.99 RWC Global Horizon R GBP Cap 104 146 106 205 150 39 - - - - 1.16 - Janus Henderson World Select I Acc 105 97 109 118 131 198 162 145 219 85 0.85 0.77 S&W Aubrey Global Conviction 120 4 134 1 176 5 217 11 270 32 1.75 - JOHCM Glbl Smaller Companies A USD Inc 110 25 115 32 148 54 - - - - 1.24 - Sanlam FOUR Global Equity A GBP 101 242 103 254 119 246 141 211 - - 0.97 - JOHCM Global Opportunities A GBP Inc 101 243 101 270 140 113 178 74 - - 0.83 2.47 Sanlam FOUR Stable Global Eq A GBP Acc 99 274 97 279 122 240 - - - - 1.01 - JOHCM Global Select A GBP 113 9 120 10 133 183 190 38 - - 0.79 0.84 Sanlam Global Best Ideas A GBP Acc 99 278 104 245 128 212 125 226 140 146 1.56 0.78 JPM Global Dynamic A (dist) GBP 105 93 110 77 138 140 167 123 210 97 1.80 0.28 Sanlam Global Financial A GBP 99 277 106 201 149 48 150 191 240 59 1.60 1.59 JPM Global Focus A (dist) USD 101 245 105 226 135 168 165 135 247 51 1.80 0.87 Sanlam Global High Quality C GBP Acc 101 258 104 240 157 19 - - - - 0.64 - JPM Global Unconstrained Eq C Net Acc 103 167 105 215 134 175 170 107 217 91 0.93 0.73 Sarasin IE Global Eq Opps GBP P Acc 103 182 108 147 134 171 156 174 - - - 2.00 JPM Multi-Manager Growth C Net Acc 104 116 111 68 140 120 171 97 191 126 0.83 - Sarasin IE Global Eq Opps USD P$ Acc 104 145 108 128 136 156 156 177 - - - 1.96 Jupiter Ecology I Acc 103 199 106 209 133 184 167 124 197 117 0.79 0.68 Sarasin Responsible Glb Eq Stg Hdg P Acc 103 196 111 75 119 247 147 200 - - 0.98 1.47 Jupiter Fund of Investment Trusts I Acc 105 85 113 48 139 123 172 93 206 104 - 1.01 Sarasin Responsible Global Equity P Acc 105 94 109 102 138 133 162 147 - - 1.00 1.49 Jupiter Global Elgy Gr D EUR A Inc Dist 103 191 106 195 132 190 161 157 175 139 0.79 0.65 Sarasin Thematic Global Eq Stg Hdg P Acc 103 190 110 76 116 251 141 212 - - 0.98 1.49 Jupiter Global Managed I Acc 101 259 103 252 128 213 155 184 205 107 0.99 1.57 Sarasin Thematic Global Equity P Acc 104 132 109 122 134 173 156 175 196 119 0.97 1.53 Jupiter Global Value L GBP A Inc 112 13 122 8 155 25 177 76 - - 1.84 0.53 Schroder Global Alpha Plus Z Acc 104 140 106 196 141 107 178 72 - - - 0.44 Jupiter Merlin Worldwide Portfolio I Acc 103 152 108 151 131 199 153 187 210 96 1.81 - Schroder Global Equity I Acc 105 77 112 62 146 68 182 61 259 43 0.53 1.09 Kames Global Equity GBP B Acc 106 65 121 9 154 26 192 32 189 129 1.30 0.37 Schroder Global Healthcare Z Acc 106 66 106 203 126 227 190 36 394 3 0.93 0.45 Kennox Strategic Value Institutional Acc 104 124 104 247 127 220 137 216 - - - 2.56 Schroder Global Recovery Z Acc 100 264 104 235 ------1.45

www.whatinvestment.co.uk WhatInvestment July 2018 57 >| Unit Trusts 5

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk £ £ £ £ £ % % £ £ £ £ £ % % Schroder ISF Global Energy Z Acc EUR 122 1 116 24 97 257 75 231 - - 1.07 - GlobalAccess Glbl Shrt Dur Bd M Dis GBP 99 99 99 67 104 118 107 105 - - - 2.11 Schroder ISF Global Eq Alp Z Acc EUR 104 102 110 91 141 106 168 115 228 71 1.06 - GlobalAccess Global Govt Bd M Dis GBP 99 81 99 82 101 134 108 104 - - - 0.22 Schroder ISF Global Eq Yld Z Acc EUR 105 87 114 44 145 70 188 43 262 40 1.06 - GS Euro Short Dur Bd Plus R Acc EUR 99 87 100 38 124 45 - - - - 0.45 - Schroder ISF Global Smlr Coms C Acc USD 105 101 109 120 147 58 194 29 297 20 1.34 - GS Glbl Crdt (Hdg) R Inc GBP Hdg 98 120 99 73 104 116 112 90 176 39 0.65 2.57 Schroder MM International Z Acc 101 252 104 249 133 181 163 140 252 49 1.36 0.53 GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 99 83 99 85 104 115 112 89 - - 0.75 1.64 Schroder QEP Glbl Active Val Z Acc 103 195 105 214 133 178 160 159 220 83 0.77 1.73 GS Glbl Hi Yld R Inc GBP Hdg 98 108 99 62 105 110 112 84 - - 0.80 5.46 Schroder QEP Global Core Eq A Acc 104 142 107 176 141 103 175 82 - - 0.37 1.85 GS Global Fixed Inc (Hdg) R Inc GBP Hdg 99 72 100 52 104 111 112 91 - - 0.60 1.64 Scot Wid MM International Eq A 102 224 106 207 138 139 166 128 238 63 1.83 0.27 GS Global Fixed Income R Acc USD 101 13 99 89 123 49 121 38 188 27 0.60 - Scottish Widows Global Growth G Acc 105 95 109 97 140 119 163 142 - - - 1.13 GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 99 80 101 22 107 101 112 92 - - 0.95 3.83 Scottish Widows Global Sel Gr A 100 263 102 267 124 231 135 221 178 137 1.62 0.47 GS US Fixed Income R Acc USD 101 22 96 140 119 76 124 28 208 17 0.60 - Scottish Widows Intl Eq Tracker I Acc 103 174 108 154 142 97 171 99 222 80 0.61 - IP Global Bond Z Acc 100 60 98 96 113 88 112 82 170 46 - 2.00 Scottish Widows Opportunity A 103 173 106 197 128 215 155 179 205 106 2.00 0.50 iShares Overseas Corp Bd Idx (UK) D Acc 99 89 97 121 123 50 124 27 - - 0.17 2.75 Seilern Stryx World Growth USD U I 112 11 116 22 170 7 235 5 388 4 - - iShares Overseas Govt Bd Idx (UK) D Acc 100 34 98 115 124 48 119 50 - - 0.18 1.05 SKAGEN Global A 102 234 105 231 133 182 142 210 201 111 1.00 - Janus Henderson Flexible Inc I USD Inc 100 39 96 142 117 82 122 36 219 10 0.76 2.79 SKAGEN Kon-Tiki A 101 240 104 242 130 207 127 225 185 134 1.79 - Janus Henderson High Yield I USD Inc 101 8 99 90 126 39 132 12 253 5 0.87 5.84 SLI Gbl Smaller Cos Pltfm 1 Acc 112 12 125 6 184 2 222 8 - - - - Janus Henderson Hrzn Euro Corp Bd H2 EUR 99 92 102 6 128 26 118 53 - - 0.81 - SLI Global Equities A Acc GBP 101 256 103 261 124 232 152 188 - - 1.49 - Janus Henderson Instl Overseas Bd A Inc 100 49 97 134 120 65 111 94 159 54 1.20 0.12 SLI Global Equity Uncons Plat 1 Acc 101 249 104 244 129 210 166 126 232 67 - 0.41 Janus Henderson US Sh-Trm Bd I USD Inc 102 6 97 127 116 83 117 58 183 31 0.76 1.68 SLI International Trust 103 163 107 180 140 116 189 40 273 31 0.14 1.47 JPM Global (ex-UK) Bond C Grs Acc 99 64 101 23 105 107 114 76 133 66 0.58 0.33 Standard Life Wealth Falcon Acc 102 218 102 268 121 241 146 203 205 105 1.55 0.50 L&G Global Inflation Lnkd Bd Idx I Acc 99 65 100 31 103 122 - - - - - 1.71 Stewart Investors Wldwd Ldrs B Acc GBP 105 92 104 234 148 53 173 91 237 64 0.92 0.41 Lazard Global Fixed Income A Acc USD 100 32 98 116 119 75 114 74 - - 1.12 - Stewart Investors Wldwd Sustbl B Acc GBP 103 161 103 256 149 44 175 83 - - - 0.32 Legg Mason BW Glb FI X USD Dis(S) 101 20 98 92 119 70 117 60 196 20 0.88 2.56 Stewart Investors Worldwide Eq B Acc GBP 103 165 104 246 147 55 166 129 - - 2.41 0.11 Legg Mason BW Glb Oppc FI A USD Dis(M) 100 47 98 106 120 66 117 59 - - 1.42 2.36 Stonehage Fleming Global Eqs II B Inc 100 260 105 232 126 225 145 204 190 127 1.70 1.64 Legg Mason IF WA Glb Mlt Strat Bd X Inc 97 139 99 78 106 105 110 97 142 63 - 5.53 Stonehage Fleming Global Equities B Inc 100 271 105 224 126 223 145 206 187 130 1.87 0.82 Legg Mason WA Asian Opps X USD Dis(M) 100 43 99 79 121 61 116 66 - - 0.86 3.82 Stonehage Flmg GlbBest IdeasEq C GBP Inc 103 179 108 141 147 59 ------LF Canlife Global Bond C Acc 99 85 98 93 122 56 122 35 - - - 2.59 SVM World Equity Instl 105 100 109 108 137 151 165 131 243 55 1.98 - LF Canlife Global High Yield Bond C Acc 98 118 100 48 108 96 114 75 182 33 - 4.63 SVS Church House Esk Global Equity A Acc 101 239 105 216 135 159 ------Loomis Sayles Global Opp Bd R/D GBP 100 46 98 103 122 58 115 70 181 34 1.50 1.17 T Bailey Growth Inst Acc 102 202 110 86 138 130 167 120 219 86 1.74 - Loomis Sayles Multisector Inc R/D GBP 101 15 98 109 121 59 125 25 217 11 1.36 2.69 T. Rowe Price Global Fcs Gr Eq C GBP 110 23 116 23 ------M&G European Corporate Bond GBP I Acc 98 114 101 26 128 27 117 56 175 41 0.66 1.52 T. Rowe Price Global Focused Gr Eq Q GBP 110 20 117 19 172 6 230 6 245 54 0.92 - M&G European High Yield Bond GBP I Acc 98 131 101 25 133 13 124 29 192 24 0.93 3.25 T. Rowe Price Global Growth Eq Q GBP 109 28 117 21 157 20 200 19 - - 0.92 - M&G Global Government Bond GBP I Acc 99 69 99 91 129 20 122 32 209 15 0.73 2.85 Templeton Growth W Acc 102 215 105 223 126 224 159 169 204 108 0.85 1.58 M&G Global Macro Bond GBP I Acc 100 36 97 125 120 64 120 39 201 18 0.81 1.71 Threadneedle Glb Extnd Alp Ins Acc GBP 106 62 112 59 150 38 195 26 - - 1.43 0.03 Man GLG Corporate Bond Profl Acc C 98 130 96 141 120 63 123 30 244 6 0.69 2.64 Threadneedle Global Select Z Acc GBP 106 59 114 41 154 28 190 37 264 37 0.89 0.46 Marlborough Global Bond P Inc 99 73 99 60 118 79 126 21 211 13 - 3.41 TM UBS (UK) - Global Equity C Acc 103 158 107 181 131 193 - - - - - 0.96 MFS® Meridian Global Credit WH1 GBP 97 145 99 80 104 113 100 114 - - 0.75 - Troy Trojan Global Eq O Acc 103 188 103 255 141 98 173 90 274 30 1.11 0.66 MFS® Meridian Global High Yield WH1 GBP 98 136 99 58 108 97 - - - - 0.90 - UBS (Lux) ES Gl Opp Uncons$ Q-acc 105 83 113 51 ------1.10 - MFS® Meridian Inflation Adjstd Bd W1 USD 102 4 97 129 117 80 115 72 183 32 0.75 - UBS FTSE RAFI Developed 1000 Index J Acc 102 222 107 162 ------2.41 MFS® Meridian US Corporate Bond WH1 GBP 97 146 98 114 ------0.75 - UBS Global Equity Allocation J Acc 103 194 107 186 ------0.31 MFS® Meridian US Government Bond W1 USD 101 19 96 144 116 85 120 40 193 22 0.71 - UBS Global Optimal C 104 103 109 101 136 155 168 119 219 87 - 0.68 MFS® Meridian US Total Return Bd WH1 GBP 98 129 98 104 102 126 - - - - 0.75 - UBS MSCI World Minimum Vol Idx J Acc 101 254 102 264 ------2.21 Mirabaud Global Hi Yld Bds DH GBP Acc 97 141 98 95 107 99 119 47 - - 0.80 - Vanguard FTSE Dev Wld ex UK Eq Idx Acc 103 149 109 115 146 61 184 55 - - 0.30 1.52 Mirabaud Global Strategic Bd AH GBP Inc 98 137 98 108 101 133 - - - - 1.39 2.65 Vanguard FTSE Glb All Cap Idx Inv A £Acc 104 126 109 107 ------MS INVF Euro Corporate Bond I 98 125 101 11 131 17 122 33 190 26 0.65 - Vanguard Glbl Small-Cap Idx GBP Acc 106 51 113 46 151 35 191 35 - - 0.40 1.21 New Capital Glbl Val Crdt GBP Ord Acc 98 134 99 63 105 109 112 87 152 60 1.11 - Vanguard Global Equity A GBP Acc 104 113 109 94 ------0.82 New Capital Wealthy Nat Bd GBP Inst Inc 95 149 96 143 103 123 111 95 - - 1.33 4.48 Vanguard LifeStrategy 100% Equity A Acc 104 107 108 129 140 117 171 102 - - 0.33 1.70 Newton International Bond Inst W Acc 101 27 98 113 123 52 118 55 176 40 0.57 1.52 Vanguard SRI Global Stock GBP Acc 103 154 108 152 141 104 174 88 - - 0.40 1.53 Nomura Fds Asia High Yield Bond I USD 99 93 97 136 132 15 - - - - 1.25 - Veritas Global Focus A GBP 99 275 101 269 139 121 174 87 294 21 1.12 0.08 Nomura Fds Asia Investment Grd Bd I USD 100 63 96 139 125 42 - - - - 0.90 - Veritas Global Focus A GBP 99 275 101 269 139 121 174 87 294 21 1.12 0.08 Nomura Fds Global Dynamic Bond I USD 103 1 101 10 127 31 - - - - 0.82 - Virgin Global Share 103 198 107 177 131 197 - - - - - 0.93 Nomura Fds Global High Yield Bd I USD 101 12 100 45 133 11 - - - - 0.98 - VT Gravis Clean Energy Income C GBP Acc 98 283 ------Nomura Fds US High Yield Bond I USD 103 2 100 40 136 5 150 3 - - 0.61 - VT Greystone Global Growth R Acc 103 192 109 123 140 112 169 110 242 57 - 0.25 Nordea 1 - Flexible Fixed Income BC EUR 99 95 100 46 ------0.88 - VT Price Value A GBP Acc 102 226 109 112 ------1.05 Old Mutual GlbStratBd (IRL) S GBP Inc 99 90 97 131 115 87 107 106 - - 2.04 2.04 VT Redlands Equity A GBP Acc 102 211 107 183 ------0.01 Old Mutual Global Strat Bd P GBP Acc 99 100 101 28 102 124 96 121 162 51 0.62 1.94 Waverton Global Equity A GBP 102 236 106 208 135 169 160 160 195 121 1.53 0.24 OYSTER European Corporate Bds R GBP D HP 98 117 100 30 101 130 - - - - 0.90 1.85 Waverton Tactical Equity A GBP 102 214 107 182 123 238 147 199 - - 1.34 - Pictet-Asian Local Ccy Debt I GBP 101 25 99 65 124 46 120 41 215 12 0.94 - Wesleyan International Growth X Acc 104 119 111 65 ------0.58 Pictet-EUR Bonds HI USD 101 10 99 75 125 40 - - - - 0.65 - Winton Global Equity I GBP Acc 102 227 106 210 128 216 165 134 ---- Pictet-EUR High Yield I 98 135 102 7 133 12 127 19 208 16 0.84 - Average/Total 104 292 109 285 139 258 170 232 239 149 1.11 1.01 Pictet-EUR Short Term High Yield I EUR 99 71 101 16 129 21 116 64 - - 0.73 - (IA) GLOBAL BONDS Pictet-Latin Amer Lcl Ccy Dbt I GBP 96 148 95 146 121 60 98 120 161 52 0.94 - Pictet-US High Yield I dm GBP 101 11 98 110 123 53 125 26 - - 0.83 5.81 Aberdeen Euro Corporate Bond I Acc 98 110 101 21 127 30 115 71 178 37 - 1.01 PIMCO GIS Credit Abs Ret E USD Acc 101 14 99 88 122 57 122 34 - - 1.80 - Aberdeen Global Corporate Bd Trkr B Acc 98 126 ------PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 101 9 105 1 136 4 150 2 284 1 0.46 - Aberdeen Global SelEuro HYBd X MInc GBP 99 86 102 5 136 3 127 20 180 36 0.89 4.59 PIMCO GIS Euro Bond E EUR Inc 98 103 101 12 126 37 118 52 163 49 1.36 - Acumen Bond X Acc 98 107 ------PIMCO GIS Euro Credit E EUR Acc 99 88 101 19 128 29 117 57 - - 1.36 - Allianz Flexi Asia Bond PQ H2 GBP 97 142 99 81 106 104 - - - - 0.86 3.73 PIMCO GIS Euro Income Bond E EUR Inc 98 113 101 27 130 19 116 61 - - 1.39 3.64 Amundi SICAV II Euro High Yield R GBP ND 98 128 102 8 134 8 128 17 - - 0.79 - PIMCO GIS Euro Low Dur E EUR Acc 98 109 99 70 119 67 103 109 - - 1.36 - Amundi SICAV II Glbl Aggt Bd R GBP ND 100 45 97 128 115 86 112 86 185 29 0.59 - PIMCO GIS Euro Short-Term E EUR Acc 98 116 99 86 117 80 99 117 117 69 1.15 - Amundi SICAV II Pio Global HY R GBP ND 100 37 99 72 127 34 131 14 241 8 0.76 - PIMCO GIS Glb AdvRlRt Ins GBPPrtly H Inc 98 105 97 138 104 119 99 119 - - 0.69 2.74 Amundi SICAV II Pio Strat Inc R GBP ND 100 41 97 130 122 54 129 16 243 7 0.82 - PIMCO GIS Glb Bd Ex-US E USD Inc 103 3 100 51 126 38 136 9 234 9 1.39 0.46 Aviva Investors Glbl Agg MoM 1 2 GBP Inc 99 84 99 68 101 131 108 102 118 68 0.80 2.51 PIMCO GIS Glb Bd R GBP Hedged Inc 99 75 100 29 106 103 116 67 165 48 0.76 1.32 Aviva Investors Global HY Bd Amh GBP Inc 98 112 99 83 105 108 112 88 - - 1.48 7.09 PIMCO GIS Glbl Advtg Ins GBP Prtly H Acc 100 59 101 20 112 89 115 69 - - 0.70 - AXA Global Short Duration Bond Z GBP Acc 100 55 100 33 ------1.34 PIMCO GIS Glbl Rl Ret R GBPH Acc 100 52 100 41 108 92 113 79 155 57 0.76 - AXA US Short Duration Hi Yld Z Net Acc 100 53 100 36 104 117 109 99 - - 0.77 3.89 PIMCO GIS Low Avrg Dur R GBPH Inc 99 94 99 87 99 137 101 112 - - 0.75 0.90 Baring Strategic Bond I GBP Inc 100 56 100 35 101 135 101 111 159 55 0.80 1.13 PIMCO GIS Ttl Ret Bd R GBPH Inc 98 133 98 99 102 128 105 108 - - 0.77 1.95 Barings International Bond I GBP Inc 101 17 98 102 119 72 112 93 171 44 1.08 0.80 Robeco High Yield Bonds FH £ 99 102 101 17 116 84 - - - - 0.68 - Candriam Bds Crdt Opps C EUR Cap 98 121 100 53 126 35 116 65 172 43 2.01 - Royal London Global Index Linked M 100 48 100 49 109 91 115 73 - - - 1.18 Candriam Bds Euro High Yld C EUR Cap 98 124 101 13 135 6 132 13 211 14 1.26 - Royal London International Govt Bd M Inc 99 82 99 61 103 120 110 98 - - - 1.20 Candriam Bds Global Hi Yld C EUR Cap 97 143 99 64 133 14 125 24 187 28 1.23 - Royal London Shrt Dur Glb Idx Lnkd Inc M 100 62 99 55 ------0.83 Candriam Bds Total Ret C EUR Cap 99 97 100 43 119 73 112 85 144 62 0.95 - Russell Inv Global Bond I Income 101 18 99 84 123 51 120 42 198 19 0.79 2.52 Capital Group Euro Bond (LUX) Ch CHF 100 31 ------0.10 - Schroder ISF EURO Corp Bd Z Acc EUR 98 104 102 4 134 9 128 18 193 23 0.58 - Capital Group GlbHi Inc Opps (LUX) Z 100 44 98 98 131 16 131 15 258 4 0.90 - Schroder ISF Glb Crdt Dur H C Acc EUR H 98 115 100 32 125 43 108 103 134 65 0.74 - Capital Group Global Bd (LUX) Z 101 28 97 124 121 62 119 49 177 38 0.60 - Schroder ISF Glb InflLnkdBd C Acc EUR 99 77 99 77 128 28 113 77 157 56 0.66 - Capital Group US Corp Bd (LUX) Z 100 57 97 137 127 33 138 7 - - - - Schroder ISF Glbl Corp Bd Z Acc USD 101 24 98 119 ------0.58 - Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 99 78 100 47 107 98 126 23 - - 0.84 - Schroder ISF Glbl Hi Yld C Acc USD 101 16 98 94 130 18 143 5 277 3 0.80 - Courtiers Investment Grade Bd Retl R 100 35 97 132 ------1.07 Scottish Widows Cautious A Acc 99 70 100 41 107 102 116 63 154 59 1.50 1.03 Dimensional Global Short Dated Bd Acc 99 76 99 76 102 125 106 107 132 67 0.33 1.37 Scottish Widows International Bd A Acc 101 21 97 135 119 68 113 80 161 53 1.36 - Dodge & Cox Worldwide Global Bd GBP Inc 100 40 98 101 125 41 - - - - 0.50 3.59 SLI European Corporate Bd D Acc EUR 98 106 101 14 128 24 119 48 183 30 0.54 - F&C Global Bond 2 Acc 99 91 99 66 105 106 116 68 171 45 0.32 1.04 SLI Global Bond A Acc GBP 100 51 97 133 118 77 112 81 - - - - Fidelity Global Infl-Link Bd Y-Dis-GBP H 100 54 100 37 102 127 99 118 - - 0.51 0.48 SLI Global Corporate Bond D Acc USD 100 30 97 120 124 44 135 10 - - - - FP Octopus Fixed Income B Acc 98 127 98 117 104 114 109 101 - - 1.08 2.24 SLI Global High Yield Bond D Acc USD 100 38 98 111 127 32 134 11 - - 0.73 - FP SCDavies Global Fixed Inc A Acc GBP 98 119 97 126 96 139 99 116 - - 1.50 2.66 SLI Global Index Linked Bond Plat 1 Acc 100 58 99 74 108 94 112 83 145 61 - 0.93 GAM Multibond Total Return Bond EUR B 97 138 99 59 119 74 101 113 137 64 1.09 - SLI Shrt Dur Glbl Idx-Lnkd Bd Plat 1 Acc 99 66 99 71 103 121 - - - - - 0.68 GAM Star Cat Bond Institutional GBP Acc 102 7 101 15 108 95 119 46 - - 1.37 1.90 Smith & Williamson Glbl Inf-Lkd Bd X Inc 100 33 100 39 108 93 109 100 - - - 0.27 GAM Star Credit Opps (EUR) Instl EUR Acc 97 144 104 2 142 1 150 4 - - 1.13 - T. Rowe Price Euro Corporate Bond Q EUR 98 111 101 18 129 23 119 45 175 42 0.57 - GAM Star Credit Opps (USD) Instl USD Acc 98 123 98 100 133 10 159 1 - - 1.13 - T. Rowe Price Eurpn Hi Yld Bd Q EUR 98 122 100 50 136 2 137 8 - - 0.75 - GAM Star Dynamic Global Bd Instl USD Acc 101 26 97 123 126 36 118 54 - - 0.85 - T. Rowe Price Global Aggregate Bd Q EUR 102 5 99 57 124 47 121 37 191 25 0.62 - GAM Star MBS Total Return Instl GBP Acc 101 23 102 3 110 90 - - - - 1.20 - T. Rowe Price Global HY Bd Q USD 100 29 98 112 128 25 139 6 279 2 0.71 - GlobalAccess Glbl Infl Lnkd Bd M Dis GBP 100 61 99 69 107 100 110 96 - - - 1.74 58 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 6

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARSRnk Val TER YIELDRnk FUND Val6 MONTHS Rnk Val 1 YEARRnk Val 3 YEARSRnk Val 5 YEARSRnk Val 10 YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % T. Rowe Price US Aggregate Bond Qh GBP 98 132 98 107 ------0.57 - Templeton Em Mkts Smlr Coms W(acc)GBP 103 14 106 67 134 53 166 4 228 5 1.65 - Templeton Global Bond W(Mdis)GBP-H1 97 140 98 97 97 138 100 115 154 58 1.00 6.90 Templeton Global Emerging Markets W Acc 97 90 107 53 145 22 128 61 118 35 1.20 0.64 Templeton Global Total Ret Bd W Acc H3 97 147 98 118 101 132 103 110 - - 0.80 5.45 Threadneedle Global EM Eq Z Acc GBP 101 50 107 61 126 74 130 57 159 25 0.93 1.02 Threadneedle Dollar Bond Z Inc GBP 99 68 96 145 118 78 123 31 194 21 - 2.37 UBS Emerging Markets Equity Income C Acc 98 74 105 72 125 79 124 65 - - - 3.94 Threadneedle European Bd Z Inc GBP 99 74 100 34 122 55 119 44 180 35 0.64 0.43 UBS Global Em Markets Equity C Acc 102 29 115 6 155 2 159 11 171 20 - 1.15 Threadneedle Eurp Corp Bd Z GBP 99 101 101 24 129 22 118 51 166 47 - 0.79 UBS Global Emerging Markets Opp Q GBP 102 20 116 4 162 1 163 6 - - 0.98 - Threadneedle Eurp HY Bd Z Acc GBP 99 96 102 9 135 7 126 22 - - - 4.07 Vanguard Emerg Mkts Stk Idx GBP Acc 102 30 110 30 135 48 139 41 - - 0.40 1.83 Threadneedle Global Bd Z Inc GBP 100 42 97 122 119 69 116 62 163 50 - 1.71 Vanguard Global Emerging Markets A Acc 101 46 109 36 ------0.76 TM UBS (UK) - Global Fixed Income E Acc 99 98 98 105 101 136 - - - - - 1.40 Average/Total 101 93 108 93 137 86 141 75 177 36 1.21 1.43 Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 99 67 99 56 102 129 - - - - - 0.91 (IA) GLOBAL EMERGING MARKETS BOND Vanguard Global Bond Index GBPH Acc 99 79 100 44 104 112 113 78 - - 0.20 1.61 Waverton Global Strategic Bond A USD 100 50 99 54 119 71 119 43 - - 1.28 5.26 Aberdeen Emerging Markets Bond I Acc 96 48 98 21 110 34 111 18 - - - 5.89 Average/Total 99 149 99 146 117 139 118 121 185 69 0.88 2.37 Amundi SICAV II Emerg Mkts Bd R GBP ND 99 4 99 11 134 1 142 2 256 3 0.77 - Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 99 13 97 28 116 25 98 26 - - 0.84 6.15 (IA) GLOBAL EMERGING MARKETS Baillie Gifford Emerging Mkts Bd B Inc 96 36 93 50 117 20 91 37 - - 0.76 6.67 7IM Emerging Markets Equity Value C Inc 101 47 103 80 ------2.57 Barings EM Debt Blnd Ttl Ret C GBP Acc 95 51 98 20 ------1.17 - Aberdeen Emerging Markets Equity I Acc 98 84 98 91 125 77 122 67 217 6 1.20 1.07 BNY Mellon EM Dbt Lcl Ccy GBP C Inc 98 16 96 46 116 26 93 34 149 14 1.19 6.14 Aberdeen Global Em Mkts Eq X Acc GBP 98 82 98 92 126 76 121 68 212 7 1.30 - BNY Mellon Em Mkts Corp Dbt GBP W Acc H 96 46 99 4 111 31 120 10 - - 0.82 4.46 Aberdeen Global EM Smlr Coms X Acc GBP 100 51 98 90 120 83 110 74 263 2 1.47 - Candriam Bds Em Dbt Lcl Ccis C USD Cap 98 18 96 42 117 22 100 24 - - 1.36 - Aberdeen Global Emerging Mkts Quant Eq B 103 17 110 29 140 32 143 31 153 28 0.84 1.77 Candriam Bds Em Mkts C USD Cap 97 27 98 23 132 3 139 3 287 1 1.28 - Allianz Emerging Markets Equity C Acc 104 5 114 10 142 27 157 13 130 32 1.19 1.42 Fidelity Emerging Mkt Dbt A-Acc-EUR 99 11 96 35 127 7 134 5 265 2 1.66 - Artemis Global Emerging Mkts I Acc GBP 104 10 113 12 148 17 - - - - 1.00 1.98 First State Emerg Mkts Bd B Hdg Acc GBP 96 47 98 19 108 37 116 13 - - - 5.73 Aviva Investors EM Eq MoM 1 2 GBP Inc 102 19 114 9 149 14 157 15 269 1 1.33 0.27 GAM MultiBond EM Infl Lnkd Bd GBP R 94 52 95 48 100 44 88 38 - - 1.07 - AXA Framlington EmerG Markets Z GBP Acc 98 80 105 71 136 43 134 54 160 24 0.90 0.65 GAM MultiBond EM Opportunities Bd GBP Ra 95 50 98 17 105 41 - - - - 0.99 6.13 Baillie Gifford Em Mkts Gr B Acc 98 86 112 22 148 16 167 3 204 8 0.83 0.57 GAM Multibond Emerging Bond USD B 97 29 94 49 126 10 129 7 253 4 1.61 - Baillie Gifford Em Mkts Lead Coms B Acc 98 87 109 45 152 5 164 5 182 14 0.87 0.63 GAM Multibond Local Emerging Bond GBP R 97 32 99 5 104 43 93 35 - - 1.32 - Barings Global Emerging Mkts I GBP Acc 101 40 114 7 149 13 155 17 181 15 1.28 - GlobalAccess Emerging Mkt Dbt M Dis GBP 96 45 98 14 108 38 113 17 - - - 4.37 BlackRock Emerging Markets D Acc 104 4 114 8 143 24 144 29 180 16 0.92 0.86 GS EM Corp Bd R Inc GBP Hdg 97 30 99 6 109 36 116 12 - - 0.95 4.63 BMO LGM Glbl EmMkts Gr and Inc B USD Acc 105 3 106 65 142 30 141 33 - - 1.05 1.03 GS Em Mkts Dbt Blnd R Inc GBP 97 26 98 12 115 27 108 20 - - 0.95 5.16 Candriam Eqs L Em Mkts C EUR Cap 102 33 113 15 142 26 150 23 171 21 2.06 - GS Em Mkts Dbt R Inc GBP Hdg 96 44 98 24 110 35 115 15 - - 1.00 5.27 Carmignac Pf Emerg Discv W GBP Acc 98 77 103 78 135 50 - - - - 1.30 - GS Emerging Mkts Dbt Lcl R Inc GBP 98 17 97 26 118 19 95 31 159 13 0.95 5.89 Carmignac Pf Emergents W GBP Acc 93 93 100 88 122 81 - - - - 1.15 - HSBC GIF Global Em Mkts Local Dbt AD 99 9 96 36 115 28 100 25 167 12 1.61 2.32 Dimensional Emerging Mkts Core Eq Acc 101 42 107 55 136 44 141 36 196 9 0.78 1.74 Invesco Emerging Markets Bd A USD SD 97 34 96 38 126 8 129 6 234 6 1.27 5.33 Eaton Vance Intl (IRL) Prmtrc EM I2 GBP 101 41 103 76 127 73 126 63 - - 1.06 - Investec Em Mkts Blnded Dbt I Acc GBP 99 6 99 9 125 12 116 14 - - - 5.65 Edinburgh Partners Emerging Opps I £ Inc 97 88 100 89 126 75 - - - - 1.00 1.46 Investec EmMkts Lcl Ccy Dbt I Acc GBP 100 1 99 8 118 18 97 29 169 11 0.95 6.38 F&C Emerging Markets 2 102 22 104 75 139 36 132 55 230 4 0.84 0.93 IP Global Emerging Mkts Bd Z Acc 98 15 97 30 ------4.69 Fidelity Index Emerging Markets P Acc 101 43 109 38 135 49 - - - - - 1.93 JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 98 20 96 39 114 29 93 36 - - 1.30 5.68 Fidelity Instl Emerg Mkts W Acc 101 48 111 25 140 33 160 10 - - - 0.80 JPM Emerging Markets Debt A (dist) GBP 98 25 96 40 126 11 - - - - 1.45 4.81 FP Henderson Rowe FTSE RAFI Em Mkt B 103 13 108 48 138 39 138 46 - - - 2.59 L&G Em Mkts Govt Bd (Lcl Ccy) Idx I Acc 100 3 97 27 ------5.04 GAM Multistock EM Equity GBP R 100 61 110 33 139 37 - - - - 1.10 - L&G Em Mkts Govt Bd (US$) Idx I Acc 96 37 93 51 125 13 128 8 - - - 4.39 GAM Star Emerging Equity Instl GBP Acc 100 55 112 21 150 9 155 16 - - 1.38 - Legg Mason WA EM TR Bd A USD Dis(D) 97 33 96 44 120 14 118 11 213 8 1.92 4.27 GlobalAccess Emerging Mkt Eq M Acc GBP 98 73 109 41 116 86 116 71 - - - 1.04 Loomis Sayles Em Debt & Ccies R/D USD 98 24 96 41 117 24 95 33 147 16 1.60 6.05 GS EM CORE Eq R Inc GBP Close 103 11 114 11 146 19 158 12 - - 0.87 1.42 M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 99 14 98 18 ------GS Emerging Markets Eq R Inc GBP 100 62 113 19 148 15 168 2 185 11 1.10 0.51 M&G Emerging Markets Bond GBP I Acc 99 12 98 15 133 2 142 1 244 5 0.94 5.18 Hermes Global Emerging Mkts F GBP Acc 101 49 111 23 149 11 177 1 - - 1.13 - MFS® Meridian Em Mkts Dbt Lcl Ccy WH1GBP 97 35 99 10 100 45 - - - - 1.15 - HSBC GIF Global Emerging Mkts Eq AD 102 34 109 43 134 56 134 52 119 34 1.91 0.57 MFS® Meridian Emerging Mkts Dbt WH1 GBP 95 49 97 25 106 40 110 19 - - 1.10 - Investec Emerg Markets Equity I Net Acc 101 39 112 20 135 51 141 34 - - 0.97 1.03 Mirabaud Global Emerg Mkt Bd DH GBP Acc 96 40 ------IP Global Emerging Markets Z Acc 98 75 107 57 141 31 154 19 185 10 - 1.21 Neuberger Berman EM Corp Dbt GBP I Acc 96 39 99 7 108 39 - - - - 1.10 - iShares Emerging Mkts Eq Idx (UK) D Acc 102 36 108 50 131 63 139 39 - - 0.27 2.21 Neuberger Berman EM Dbt Blnd GBP I Acc 98 22 99 3 ------1.00 - Janus Henderson Emerg Mkts Opps I Acc 99 67 101 83 133 57 138 42 135 30 - 1.14 Neuberger Berman EM DbtHrdCcy GBP I Acc 96 43 100 2 ------1.00 - JOHCM Emerging Markets GBP A 99 71 109 47 134 54 141 35 - - 1.40 0.76 Nomura Fds Emerging Market LC Debt I USD 96 41 96 37 119 16 - - - - 1.29 - JOHCM Global Emerging Mkts Opps GBP A 100 65 108 49 134 55 154 18 - - 1.04 1.09 Old Mutual Em Mkt Debt U1 GBP Inc 97 31 96 47 126 9 - - - - 0.97 6.48 JPM Em Mkts Small Cap A (dist) perf GBP 103 12 109 44 143 23 162 7 257 3 2.03 0.97 Pictet-Emerging Local Ccy Dbt I dy GBP 99 7 97 32 117 23 95 32 172 9 0.94 5.63 JPM Emerging Markets B Net Acc 100 56 109 37 149 10 145 26 183 13 1.18 - Pictet-Global Emerging Debt I GBP 98 19 96 45 127 6 - - - - 0.83 - JPM Emerging Markets Income C Net Acc 102 18 106 62 131 61 130 58 - - 0.87 2.25 PIMCO GIS Em Asia Bd E USD Inc 99 5 97 31 113 30 105 22 - - 1.50 5.01 Jupiter Global Emerging Markets I Acc 96 92 103 81 136 47 152 21 - - 1.11 0.85 PIMCO GIS Em Mkts Bd Instl GBPH Acc 96 38 98 16 111 32 114 16 170 10 0.79 - L&G Global Emerging Markets Index I Acc 101 37 108 52 130 67 139 40 - - 0.49 2.11 PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 98 21 100 1 105 42 107 21 - - 0.95 4.79 Lazard Developing Markets C Acc 100 57 110 31 151 7 140 37 - - - 0.33 PIMCO GIS Emerg Lcl Bd E USD Acc 99 8 96 34 117 21 96 30 - - 1.89 - Lazard Developing Markets Eq C Inc USD 101 44 111 28 152 6 135 50 - - 1.26 0.50 Russell Inv EMkt Dbt Lcl Ccy I GBP 99 10 97 33 119 17 97 28 - - - 4.20 Lazard Emerging Markets A Acc 98 85 101 85 131 66 128 60 178 17 1.06 1.84 SLI Emerging Market Debt Plat 1 Acc 98 23 97 29 127 5 134 4 - - - 3.84 Lazard Emerging Markets Eq A Inc USD 98 83 101 86 129 69 124 64 172 19 1.29 1.68 Templeton Emerging Mkts Bd W(Qdis)GBP-H1 96 42 98 22 110 33 101 23 - - 1.12 10.17 Lazard Emerging Mrkts Core Eq A Acc USD 99 69 109 42 128 70 135 51 - - 1.39 - Threadneedle EM Bd Z Inc GBP 97 28 96 43 128 4 127 9 226 7 - 6.16 Lazard Emerging World C Acc GBP 100 60 107 56 127 72 ------Threadneedle EM Local Z Inc GBP 100 2 98 13 119 15 98 27 148 15 0.90 8.45 Lazard MENA A Acc USD 115 1 119 1 146 20 - - - - 2.29 - Average/Total 97 52 97 51 117 45 111 38 204 16 1.16 5.49 Legg Mason IF MC Emerg Mkts X Acc £ 102 32 118 2 155 3 147 25 159 26 - 0.59 (IA) GLOBAL EQUITY INCOME Legg Mason QS Em Mkts Eq A USD Acc 100 54 103 79 120 85 115 73 111 36 1.97 - Aberdeen World Equity Income I Acc 97 48 98 45 120 35 116 32 - - - 3.65 M&G Global Emerging Markets GBP I Acc 100 59 105 70 133 58 129 59 - - 0.99 1.21 Amundi SICAV II Glb Eq Trgt Inc R GBP DM 99 40 101 34 124 33 - - - - 0.95 6.99 Magna Emerging Markets Div B GBP Inc 102 23 107 58 131 65 127 62 - - 1.40 3.57 Aptus Global Financials B Acc 103 13 110 3 131 22 174 3 - - - 4.40 Man GLG Unconstrained Emerg Mkt Eq C£Acc 96 91 103 77 ------1.10 Architas Global Equity Income A Inc 100 30 ------Marlborough Emerging Markets Trust P Inc 102 31 107 60 140 35 144 28 169 22 - 1.75 Artemis Global Equity Income I Inc GBP 105 2 109 6 ------0.96 3.11 MFS® Meridian Emerging Mkts Eq WH1 GBP 102 27 113 16 122 82 115 72 128 33 1.35 - Artemis Global Income I Inc 106 1 110 5 135 12 182 2 - - 0.99 3.39 MI Somerset Emerg Mkts Div Gr A Acc 99 68 104 74 130 68 138 44 - - 1.30 2.17 Aviva Investors Global Eq Inc 2 GBP Acc 104 6 108 9 136 9 169 4 201 9 1.14 2.60 MI Somerset Glbl Em Mkts Screened A Acc£ 99 72 101 84 ------2.28 Baillie Gifford Global Inc Growth B Inc 103 12 105 19 142 4 167 6 220 6 0.70 2.72 MI Somerset Global Emerg Mkts B Acc 100 64 102 82 136 42 138 45 - - 1.35 1.55 BlackRock Global Income D Acc 96 50 96 50 131 20 153 20 - - - 2.95 Mirabaud Equities Glbl Em Mkts D GBP Acc 100 63 113 17 142 28 - - - - 1.00 - Courtiers Glbl (ex UK) Eq Inc Retl R 102 20 103 23 ------2.33 Neptune Emerging Markets C Acc GBP 104 6 118 3 155 4 161 8 - - - 0.83 Davy Defensive Equity Income H GBP Acc 98 47 98 47 ------Neuberger Berman Em Mkts Eq USD A Acc 100 53 111 26 143 25 142 32 - - 2.30 - Davy Global Equity Income U GBP Acc 98 46 100 39 ------Newton Emerging Income Inst W Acc 98 81 95 93 120 84 108 75 - - - 3.48 Epoch Global Eq Shld Yld A Instl GBP Inc 96 51 97 49 ------2.78 Newton Global Emerging Mkts Int W Acc 97 89 105 69 145 21 161 9 - - - 0.46 Fidelity Global Dividend W Acc 100 36 99 42 135 15 167 8 - - - 2.83 NFU Mutual Global Emerging Markets C 104 9 107 54 140 34 131 56 - - - 1.03 Fidelity Global Enhanced Income W Inc 99 38 99 43 134 16 - - - - - 4.95 Old Mutual Global Em Mkts R GBP Acc 98 76 109 35 136 45 153 20 - - 1.37 - GAM Multistock Global Equity Inc EUR B 101 28 104 20 125 30 158 16 168 13 1.50 - Old Mutual JPM Emerging Mkts U2 GBP Acc 100 58 109 34 149 12 150 24 - - - 0.83 GlobalAccess Global Equity Inc M Acc GBP 99 42 106 15 112 39 130 31 - - - 2.59 Pictet-Emerging Markets I USD 99 70 106 66 132 59 136 49 134 31 1.06 - Guinness Global Equity Income Y GBP Acc 104 7 105 18 137 8 163 15 - - 0.99 - Pictet-Emerging Markets Index I GBP 102 28 110 32 135 52 138 43 - - 0.38 - HSBC Global Equity Income C Inc 101 24 104 22 ------2.43 Pictet-Emerging Mkts High Div I dm GBP 101 45 106 64 125 78 122 66 - - 1.07 4.25 Investec Global Dividend I Acc Net GBP 104 10 108 11 140 6 - - - - - 2.19 PIMCO GIS RAE Fdml EM E USD Acc 104 8 109 39 ------1.60 - IP Global Equity Income Z Acc 102 19 107 13 135 14 164 11 - - - 3.04 Polar Capital Emerging Markets Inc I Acc 102 35 101 87 123 80 118 69 - - 1.27 - Janus Henderson Global Eq Inc I Inc 100 31 103 27 133 17 164 10 201 10 1.05 3.28 Principal Emerging Markets Eq I Acc USD 102 21 113 18 137 41 136 48 158 27 1.74 - JPM Global Equity Income C Net Acc 103 14 107 14 138 7 164 12 - - 0.93 0.93 Robeco Emerging Stars Equities F £ 98 79 105 73 ------1.72 - Jupiter Global Equity Income I Acc 99 37 103 29 131 23 152 22 - - - 2.78 Robeco QI Emerging Cnsrv Eqs F £ 105 2 108 51 128 71 - - - - 0.85 - Kames Global Equity Income GBP C Inc 103 11 108 8 142 5 - - - - 0.66 3.44 Russell Inv Emerging Markets I 103 16 109 46 136 46 140 38 175 18 1.40 0.90 Lazard Global Equity Income C Acc 102 16 103 28 121 34 135 30 193 12 - 5.06 RWC Global Emerging Markets R GBP Acc 104 7 115 5 ------1.38 - Lazard Global Equity Income C Acc GBP 102 18 102 32 ------Sarasin IE Systematic EM Div GBP A Acc 100 52 105 68 131 62 116 70 - - - 2.30 Legg Mason IF CB Glbl Eq Inc X Inc 100 32 103 25 128 27 163 13 227 5 - 3.25 Schroder Global Emerg Mkt Z Acc 101 38 111 24 146 18 151 22 184 12 0.95 1.23 Legg Mason IF MC Glb Eq Inc X Acc £ 100 34 102 30 127 28 140 26 - - - 3.54 Schroder ISF QEP Glbl Em Mkts Z Acc GBP 103 15 107 59 132 60 134 53 - - 1.11 - Legg Mason IF RARE Gbl Infras Inc X Inc 95 54 90 53 ------4.72 Schroder QEP Glbl EMM Z GBP Acc 102 25 106 63 131 64 - - - - - 2.17 LF Canlife Global Equity Income C Acc 101 25 102 31 135 11 154 19 - - - 3.30 Scottish Widows Emerg Markets A 102 26 109 40 138 40 137 47 142 29 1.73 0.97 LF Miton Global Infrastructure Inc B Acc 96 53 93 52 ------3.07 SLI Global Emerging Mrkt Eq Inc Plat 1 A 99 66 113 14 142 29 144 30 - - - 1.71 Liontrust Global Income I Inc 105 3 107 12 129 26 149 24 197 11 0.90 4.90 SLI Global Emerging Mrkt Eq Plat 1 Acc 98 78 111 27 139 38 145 27 - - - 1.12 Mirabaud Global Equity Hi Inc D GBP Acc 104 8 110 4 130 25 - - - - 1.02 - T. Rowe Price Emerging Mkts Eq Q GBP 102 24 113 13 150 8 157 14 165 23 1.17 - www.whatinvestment.co.uk WhatInvestment July 2018 59 >| Unit Trusts 7

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Morgan Stanley Glb Brands Eq Inc I Inc 101 21 100 40 ------3.70 (IA) JAPANESE SMALLER COMPANIES Neptune Global Income C Acc GBP 102 15 109 7 112 40 137 28 - - - 2.75 Newton Global Income Inst W Acc 101 27 101 38 143 2 167 7 235 2 0.79 2.89 Aberdeen Global Jpn SmlrComs X Acc GBP 108 5 117 5 159 7 217 5 381 4 0.93 - Old Mutual Global Equity Inc R GBP Inc 105 4 113 2 ------0.00 2.67 Baillie Gifford Jap Small Co B Acc 116 1 133 1 220 2 290 1 517 1 0.61 0.23 Old Mutual Newton Global Inc U2 GBP Acc 101 26 101 37 143 3 165 9 - - - 3.45 BGF Japan Small & MidCap Opps D2 109 4 122 4 173 4 199 6 320 6 1.07 - Pictet-High Dividend Selection I dm GBP 100 35 99 44 125 31 136 29 - - 0.98 3.83 BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 114 2 126 3 196 3 - - - - 0.92 0.39 Premier Global Infrastructure Inc C Inc 96 52 96 51 125 32 153 21 137 14 1.25 5.27 IP Japanese Smaller Companies Z Acc 112 3 131 2 222 1 238 2 340 5 - - Sarasin Global Dividend P Acc 101 23 104 21 135 13 - - - - - 2.74 Janus Henderson Hrzn Jpn Smr Coms H2 USD 100 7 110 7 172 5 234 3 425 3 1.75 - Sarasin Global Dividend Stg Hdg P Acc 100 29 106 16 118 36 - - - - - 2.70 M&G Japan Smaller Companies GBP I Acc 101 6 111 6 163 6 224 4 454 2 0.94 0.77 Sarasin Global Higher Div P Acc 99 39 101 35 132 19 163 14 228 4 - 3.31 Average/Total 109 7 121 7 187 7 234 6 406 6 1.04 0.46 Sarasin Global Higher Div Stg Hdg P Acc 98 45 103 26 114 37 146 25 - - - 3.31 (IA) MIXED INVESTMENT 0-35% SHARES Schroder Global Equity Income Z Acc 105 5 113 1 146 1 182 1 260 1 0.90 3.15 7IM AAP Income C Acc 101 20 101 31 109 28 120 19 154 10 1.25 3.01 SLI Global Equity Income Plat 1 Acc 99 43 100 41 127 29 155 18 219 7 - 1.70 7IM AAP Moderately Cautious C Acc 100 26 102 16 105 42 117 30 151 12 0.65 1.32 TB Saracen Global Income and Growth BAcc 101 22 103 24 132 18 157 17 - - 1.02 2.52 7IM Cautious C Acc 101 23 101 25 105 41 - - - - - 1.28 The TM Overstone UCITS Eq Inc I Acc 104 9 108 10 135 10 168 5 - - - 2.96 7IM Moderately Cautious C Acc 100 39 101 34 104 44 116 31 155 9 1.36 1.81 Threadneedle Glbl Eq Inc Z Inc GBP 100 33 102 33 131 21 150 23 231 3 0.88 3.43 7IM Personal Injury C Acc 100 24 101 24 106 39 116 33 - - 0.72 1.49 Trojan Global Income O Acc 98 44 98 46 ------3.07 Architas MA Active Moderate Income A Acc 100 38 99 48 112 16 122 15 157 8 1.57 2.77 UBS Global Enhanced Equity Income C Acc 97 49 101 36 114 38 - - - - - 6.87 Architas MM Monthly High Inc A Acc 99 54 99 47 110 27 120 21 147 13 0.94 4.48 Vanguard Global Equity Income A GBP Acc 102 17 106 17 ------2.95 AXA Defensive Distribution Z Acc Net 102 5 101 28 113 10 123 13 140 16 1.02 0.84 Veritas Global Equity Income A GBP 99 41 98 48 130 24 139 27 218 8 1.13 3.69 Barclays Wealth Global Mkts 1 R Acc GBP 100 36 102 17 107 34 113 37 - - 0.93 1.39 Veritas Global Equity Income A GBP 99 41 98 48 130 24 139 27 218 8 1.13 3.69 BlackRock Consensus 35 D Acc 101 12 100 40 120 1 131 2 - - 0.29 1.62 Average/Total 101 55 103 54 130 41 155 33 210 15 0.99 3.37 City Financial Multi Asset Divs I Acc 101 22 98 53 100 45 117 28 145 15 - 3.53 (IA) JAPAN Coram Global Defensive A GBP 99 53 99 50 106 38 ------Aberdeen Global Japanese Eq X Acc GBP 100 61 106 68 141 31 174 30 250 12 0.92 - EF Brompton Global Cnsrv B GBP Acc 100 27 102 7 115 7 - - - - 1.84 1.17 Aberdeen Japan Eq Enh Idx Net B Acc 102 41 109 60 138 46 - - - - - 1.67 Fidelity Mlt Asst Allctr Defesv Y Acc 100 51 99 49 107 36 116 34 - - - 0.99 Aberdeen Japan Equity I 100 60 106 67 141 33 173 32 262 10 1.11 0.82 Fidelity MltAsst Income Y Acc 100 49 99 51 112 15 126 5 175 2 - 3.26 Allianz Japan Equity RT GBP 97 72 107 65 147 18 180 21 209 29 - - Fidelity MltAsst Open Def Y Acc 100 32 100 39 111 18 120 22 - - - 0.89 Aviva Investors Japan Eq MoM 1 2 GBP Inc 100 62 109 62 134 55 168 41 184 38 1.32 0.60 Fidelity Multi Asset Defensive Y Acc 101 11 101 36 109 29 120 18 - - 1.10 0.77 AXA Framlington Japan Z Inc 101 51 114 24 169 6 213 7 251 11 - 0.35 FP New Horizon Cautious B Inc 100 29 98 55 106 40 113 36 122 21 1.69 0.65 AXA Rosenberg Japan Z 102 37 113 27 147 19 177 26 177 43 1.08 1.19 FP New Horizon Inc B Inc 100 46 98 54 105 43 113 38 135 19 1.75 2.69 Baillie Gifford Japanese B Acc 105 15 119 10 167 8 214 5 322 3 0.68 0.78 FP Russell Invsmts Multi Asst Gr I C Acc 100 28 100 38 ------1.47 Baillie Gifford Japanese Inc Gr B £ Inc 108 9 119 9 ------1.84 GAM Star Defensive Instl GBP Acc 101 21 103 3 110 22 121 16 - - 1.69 - Baring Japan Growth I GBP Acc 102 44 112 34 152 14 179 24 193 35 - 0.79 GS Wealthbuilder MACnsv R Inc GBP PtH 100 50 101 26 111 19 - - - - 0.85 1.93 BGF Japan Flexible Equity D2 103 24 111 39 145 26 168 40 187 37 1.07 - IFSL Brooks Macdonald Def Inc A Inc 100 42 100 43 109 30 121 17 161 7 2.09 2.61 BNY Mellon Japan All Cap Eq GBP W Acc 103 19 111 37 148 17 - - - - 0.92 0.28 IFSL Brunsdon Cautious Gr C Acc 101 18 102 6 115 6 123 12 - - - 1.93 Capital Group Japan Equity (LUX) Z 103 21 113 26 143 29 180 22 232 20 0.90 - Investec Diversified Income I Acc GBP 101 14 102 8 110 24 119 24 164 6 0.86 3.34 Fidelity Index Japan P Acc 102 42 110 48 138 45 - - - - - 1.63 Janus Henderson Mlt-Mgr Divers I Inc 100 37 101 29 108 33 118 26 135 18 - 2.65 Fidelity Instl Japan Acc 101 49 117 12 146 21 184 14 221 24 0.88 0.39 JPM Global Macro Balanced C Net Acc 99 55 105 1 107 35 124 11 126 20 0.83 0.36 Fidelity Japan Smaller Companies W Acc 101 54 117 13 164 9 214 6 337 2 - 0.25 Jupiter Distribution I Acc 99 52 99 52 110 26 126 6 171 4 0.90 2.66 Fidelity Japan W Acc 103 27 110 55 133 59 160 51 161 48 - 0.44 Jupiter Merlin Conservative I Acc 101 8 102 18 113 12 119 25 - - 0.95 2.91 First State Japan Focus B Acc GBP 111 4 128 2 ------0.06 L&G Mixed Investment 0-20% I Acc 100 47 100 42 ------2.01 GAM Multistock Japan Equity JPY R 102 29 111 46 140 36 174 31 242 16 1.15 - L&G Mixed Investment 0-35% I Acc 100 33 101 27 113 14 127 4 - - - 2.22 GAM Star Japan Equity Instl GBP Acc 105 11 115 21 168 7 216 4 212 26 1.67 - L&G Mixed Investment Inc 0-35% I Acc 100 45 100 44 ------3.36 GlobalAccess Japan M Acc GBP 98 69 115 18 107 64 - - - - - 0.54 LF Canlife Managed 0%-35% B Acc 103 1 102 4 ------0.77 GS Japan Equity Ptnrs R Inc GBP Hdg 103 25 123 5 ------1.15 0.10 LF Canlife Portfolio III C Acc 102 3 102 12 113 11 - - - - - 1.95 GS Japan Equity R Inc GBP Snap 105 13 115 19 145 24 180 23 211 28 0.89 0.47 LF Miton Defensive Multi Asset B Acc 100 43 102 21 110 25 114 35 152 11 1.38 1.67 Halifax Japanese C 101 52 108 64 133 58 160 50 179 41 1.53 0.86 LF Prudential Dyn Focs 0-30 Port P Acc 100 25 102 5 118 3 125 9 176 1 - 2.57 HSBC Japan Index C Acc 102 36 111 44 140 38 173 35 198 32 0.23 1.59 LF Prudential Dynamic 0-30 Port P Acc 100 31 102 14 113 13 125 7 - - - 2.14 HSBC MERIT Japan Equity Instl A Acc 102 43 110 53 138 48 167 42 181 39 0.56 1.24 Libero Cautious B Acc 101 10 100 41 110 23 120 20 - - - 0.79 IP Japan Z Acc 100 58 106 70 130 61 160 52 239 17 - 1.19 MI Charles Stanley Monthly Hi Inc Acc 100 35 99 46 107 37 116 32 171 3 1.10 4.33 iShares Japan Equity Index (UK) D Acc 102 31 111 42 140 37 177 25 - - 0.17 1.53 Old Mutual Cirilium Consrv R GBP Acc 100 48 101 33 116 4 128 3 - - 1.09 1.92 Janus Henderson Instl Jpn Idx Opps A Acc 102 40 110 49 136 51 163 47 - - 1.70 1.06 Royal London Cautious Managed A £ Acc 102 6 102 10 ------1.89 Janus Henderson Japan Opps I Acc 97 70 102 72 139 44 182 19 232 19 0.87 0.69 Royal London GMAP Defensv M GBP Acc 101 13 102 11 ------1.31 JOHCM Japan Dividend Growth A GBP Inc 99 66 106 69 127 63 - - - - 0.77 2.57 Royal London Sustainable Mgd Gr C Acc 101 7 102 13 118 2 135 1 - - - 2.94 JOHCM Japan GBP A 100 57 113 32 139 43 161 49 232 21 0.84 0.82 Sarasin IE GlobalSar Income GBP P Acc 100 44 100 45 108 32 117 29 - - - 2.36 JPM Japan C Net Acc 113 3 125 3 174 4 230 3 297 6 0.93 - SVS Brown Shipley Cautious I Acc 101 9 101 37 ------1.78 JPM Japan Select Equity A (dist) JPY 104 18 113 30 139 40 164 46 176 44 1.80 0.01 Thesis Optima Income B Acc 101 15 102 23 109 31 120 23 147 14 - 2.38 Jupiter Japan Income I Acc 109 8 121 8 157 11 192 9 242 15 - 1.67 Threadneedle Managed Bond Fcs Z Acc 101 16 101 32 114 9 124 10 169 5 - 1.42 Jupiter Japan Select D USD Acc 109 6 121 7 154 13 181 20 - - 0.87 - TM UBS (UK) - Global Yield C Acc 100 40 101 30 111 17 - - - - - 2.22 L&G Japan Index Trust I Acc 102 35 110 47 139 42 171 37 200 31 0.27 1.46 UBS Global Yield Allocation J Acc 100 41 102 20 ------0.70 Lazard Japanese Strategic Eq C Inc GBP H 93 73 111 35 106 65 - - - - - 0.86 Vanguard LifeStrategy 20% Eq A Grs Acc 101 17 102 15 114 8 125 8 - - 0.29 1.40 Legg Mason IF Japan Equity X Acc 117 1 135 1 260 1 295 1 741 1 - - VT Greystone Conservative Managed R Acc 100 34 102 9 111 20 118 27 - - - 1.22 Legg Mason IF MC Japan Alpha X Acc £ 100 59 114 23 149 16 159 53 211 27 - 0.73 VT Grosvenor Cautious A GBP Acc 101 19 102 19 ------1.70 LF Canlife Japan C Acc 102 38 109 59 131 60 149 57 209 30 0.88 0.97 VT Tcam Income Gross Inc 102 4 103 2 116 5 122 14 - - - 2.42 LF Morant Wright Japan B Acc 99 67 110 50 145 25 188 11 263 9 1.17 0.84 WAY Global Cautious Portfolio E Acc 100 30 102 22 111 21 112 39 138 17 1.68 - LF Morant Wright Nippon Yield B Acc 100 63 111 43 151 15 190 10 - - 1.41 2.35 Wesleyan Low Risk/Rwd Gr X Acc 103 2 101 35 ------1.52 Lindsell Train Japese Eq B GBP QutdInc 116 2 125 4 197 2 243 2 315 4 - 1.19 Average/Total 100 55 101 55 110 45 121 39 152 21 1.15 1.98 M&G Japan GBP I Acc 98 68 110 54 139 41 188 12 278 7 0.92 1.02 (IA) MIXED INVESTMENT 20-60% SHARES Man GLG Japan CoreAlpha Profl Acc C 102 46 109 57 136 53 182 17 265 8 0.91 1.43 7IM AAP Balanced C Acc 101 51 104 22 110 117 128 64 166 36 0.60 1.39 Matthews Asia Funds Japan I GBP Acc 104 16 116 17 161 10 - - - - 1.50 - 7IM Balanced C Acc 101 53 103 30 109 121 128 65 168 31 1.47 1.29 MFS® Meridian Japan Equity A1 USD 103 20 109 56 138 49 169 39 190 36 2.05 - 7IM Sustainable Balance C Acc 102 27 102 57 115 67 133 29 156 50 1.57 1.84 Neptune Japan Equity C Acc GBP 100 56 112 33 ------0.80 Aberdeen Diversified Income I Acc 99 133 100 135 111 102 124 81 180 19 - 4.67 Neptune Japan Opportunities C Acc GBP 97 71 114 22 106 66 153 55 308 5 - 0.76 Aberdeen MM Diversity D Acc 101 62 102 101 111 108 121 95 145 58 1.87 0.63 Nomura Fds Japan High Conviction I GBP 109 7------Aberdeen Multi-Mgr Cautious Mgd I Acc 100 122 101 109 115 62 129 59 166 35 - 1.79 Nomura Fds Japan Strategic Value R JPY 103 28 113 28 ------0.85 - Aberdeen Multi-Mgr Multi Asset Dist I 100 130 101 108 114 69 130 56 154 51 - 3.40 Old Mutual Schroder Tokyo U2 GBP Acc 102 48 111 38 140 34 182 18 - - - 1.14 Acumen Conservative X Acc 99 132 101 121 115 59 - - - - - 1.20 Overstone UCITS Japanese Eq A USD 99 64 106 66 133 57 174 29 181 40 - 0.30 Acumen Income X Acc 99 136 100 136 ------3.39 Pictet-Japan Index I GBP 102 34 110 52 137 50 167 44 - - 0.29 - Architas MA Active Interm Inc A Acc 101 66 101 117 118 30 133 32 - - - 2.66 Pictet-Japanese Equity Opps I GBP 100 55 109 58 146 22 183 16 244 14 0.98 - Artemis Monthly Distribution I Inc 100 103 102 59 127 4 157 1 - - - 4.05 Pictet-Japanese Equity Sel I GBP 101 53 109 61 136 52 - - - - 0.91 - Aviva Investors Distribution 2 GBP Inc 102 34 101 115 115 65 131 45 193 7 0.83 3.37 Polar Capital Japan I Inc 103 22 116 14 146 23 171 38 - - 1.22 - Aviva Investors Multi-Mgr 20-60% 2 £Acc 99 142 101 116 113 88 130 54 186 9 1.39 0.85 Polar Capital Japan Value S 102 39 113 31 141 30 176 27 - - 1.02 - AXA Distribution Z Acc 103 10 102 91 115 68 129 61 172 29 1.03 2.09 Principal Japanese Equity I Acc USD 99 65 106 71 127 62 153 56 172 47 1.50 - AXA Ethical Distribution Z Acc 101 49 101 110 115 52 135 21 164 39 1.05 1.51 Royal London Japan Tracker Z Acc 102 33 111 45 140 39 176 28 233 18 1.03 1.50 AXA Global Distribution Z Acc 102 28 105 6 129 2 146 3 205 4 1.02 0.91 Russell Inv Japan Equity I 105 12 116 15 155 12 185 13 222 23 0.99 0.13 AXA IM Lifetime Distribution A GBP Inc 103 6 104 19 124 7 - - - - - 3.54 RWC Nissay Japan Focus R GBP Acc Unhdg 109 5 122 6 186 3 - - - - 1.25 - Barclays Multi-Asset High Inc R Dis GBP 100 120 103 41 113 89 120 101 - - 1.45 3.52 Santander Japan Equities A 102 32 110 51 135 54 162 48 176 45 1.03 0.69 Barclays Multi-Asset Income R Acc GBP 99 138 102 98 112 100 118 107 - - - 2.91 Schroder Tokyo Z Acc 101 50 111 41 141 32 183 15 245 13 0.92 0.98 Barclays Wealth Global Mkts 2 R Acc GBP 101 97 103 42 113 95 123 89 - - 1.00 1.75 Scottish Widows Japan Gr A 102 45 108 63 134 56 159 54 174 46 1.65 0.57 Barclays Wealth Global Mkts 3 R Acc GBP 101 59 105 4 118 25 132 42 - - 1.11 1.91 SLI Japanese Equity Growth Plat 1 Acc 104 17 115 20 146 20 173 33 197 33 - 0.40 BlackRock Consensus 60 D Acc 102 25 102 90 120 14 134 25 - - 0.27 1.80 SLI Japanese Trust 102 30 113 29 145 27 172 36 215 25 0.86 0.55 BlackRock Global Multi Asset Inc D Acc 98 148 100 130 110 111 121 94 153 52 - 4.33 SSgA Japan Equity Tracker 103 23 111 36 140 35 173 34 196 34 0.90 - City Financial Multi Asset Bal I Acc 103 7 102 106 102 132 124 83 143 60 - 2.45 T. Rowe Price Japanese Equity C GBP 105 14 116 16 ------Close Conservative Portfolio X Acc 102 30 103 39 112 101 130 55 - - 0.94 1.55 T. Rowe Price Japanese Equity Q EUR 106 10 117 11 172 5 203 8 228 22 0.92 - Close Diversified Income Port X Acc 100 128 98 144 111 107 122 92 - - 0.83 3.60 Threadneedle Japan Z Acc GBP 102 47 114 25 143 28 165 45 178 42 - 0.56 Close Managed Conservative X Acc 101 78 102 85 115 60 130 49 - - 1.13 1.91 Vanguard Japan Stock Index GBP Acc 103 26 111 40 138 47 167 43 - - 0.30 1.50 Close Managed Income X Acc 100 109 101 118 115 61 131 46 - - 1.18 3.29 Average/Total 103 73 113 72 145 66 180 57 235 48 1.02 0.92 Close Tactical Select Passv Cnsrv X Acc 102 37 102 58 119 24 134 23 - - 0.68 1.58 Coram Global Balanced A GBP 99 141 99 142 112 97 ------

60 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 8

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Courtiers Total Return Cautious Risk 102 23 103 33 115 54 132 36 152 53 1.88 - TB Doherty Distribution B Acc 99 134 100 133 ------3.54 Discovery Balanced B GBP Inc 101 69 105 3 117 34 134 27 175 27 - 3.30 TC Centre Multi Mgr Cau A Inc 100 114 101 124 113 91 127 68 157 49 2.00 1.24 EF Brompton Global Balanced B GBP Acc 101 79 104 16 121 13 - - - - 1.90 0.97 Thesis Optima Balanced B Acc 102 15 103 40 112 98 129 62 161 45 - 2.40 EF Brompton Global Inc B GBP Inc 101 74 103 37 119 20 135 20 - - 1.89 3.52 Threadneedle Glbl Mlt Ast Inc Z Inc 101 47 103 38 121 11 - - - - - 2.96 EF FACET Balanced Discretionary C Acc 101 57 104 15 108 125 120 100 - - 2.00 1.62 Threadneedle Managed Eq and Bond Z Acc 102 41 102 97 118 31 133 34 182 15 - 1.33 EF FACET Cautious Discretionary C Acc 100 104 103 53 108 127 119 105 - - 1.85 1.86 TM UBS (UK) - Global Balanced C Acc 101 93 102 60 117 40 - - - - - 1.14 Elite Income Tust B Acc 101 90 102 63 113 94 127 67 159 47 2.10 1.78 TM UBS (UK) - UK Balanced C Acc 101 58 102 73 116 42 - - - - - 1.47 F&C MM Navigator Distribution C Inc 101 67 102 88 114 76 131 47 228 1 - 4.67 UBS Global Balanced Allocation J Acc 101 94 103 52 ------1.06 F&C MM Navigator Moderate C Acc 101 72 104 26 119 19 139 13 180 20 - 1.79 Vanguard LifeStrategy 40% Equity A Acc 102 39 103 36 120 17 136 19 - - 0.30 1.29 Fidelity Mlt Asst Allctr Strat Y Acc 100 118 100 131 111 104 123 87 - - - 0.97 Vanguard Target Retirement 2015 Acc 102 43 103 29 ------1.24 Fidelity MltAsst Bal Inc Y Acc 99 131 99 140 114 74 - - - - - 3.21 Virgin Bond, Gilt and UK Share 104 3 102 79 113 85 - - - - - 0.95 Fidelity MltAsst Open Str Y Acc 101 87 102 99 116 46 127 66 151 54 - 1.02 Volare Cautious A GBP Acc 101 71 103 31 ------Fidelity Multi Asset Strategic Y Acc 102 14 103 55 115 64 131 48 179 22 1.19 0.96 VT Greystone Cautious Managed R Acc 101 46 102 78 118 28 132 35 164 42 - 3.10 FP New Horizon Balanced Inc & Gr B Inc 101 84 99 139 115 56 133 33 180 21 0.98 1.53 Waverton Cautious Income P GBP Inc 101 68 102 102 116 48 - - - - - 4.03 FP Russell Invsmts Mlt Asst Gr II C Acc 101 77 102 82 ------1.49 WAY Global Blue Managed Portfolio E Acc 100 106 104 23 117 36 130 51 164 41 - - FP Russell Invsmts Mlt Asst Gr III C Acc 102 45 104 17 113 86 126 71 - - - 1.42 WAY MA Cautious Portfolio E Acc 100 116 102 69 114 82 126 76 - - 1.88 - FP Russell Invsmts Multi Asset Inc C Inc 99 140 99 141 108 128 119 104 - - - 3.05 Wesleyan Moderate Risk/Rwd Gr X Acc 103 5 102 61 ------1.41 FP Tatton Oak Cautious Growth B 100 113 101 123 113 83 128 63 - - 1.39 1.27 Zurich Horizon Multi-Asset I Z Acc 102 16 101 125 116 44 - - - - - 1.13 FP Tatton Oak Distribution B Acc 100 126 97 146 105 130 118 108 - - 1.30 2.23 Zurich Horizon Multi-Asset II Z Acc 103 9 104 14 123 10 - - - - - 0.90 GAM Star Cautious Institutional GBP Acc 102 32 104 11 114 81 130 53 - - 1.64 - Average/Total 101 148 102 146 115 133 129 110 171 61 1.29 2.19 GS Glbl Inc Buldr R Inc GBP-Prtly Hdg 98 146 101 122 115 55 - - - - 0.90 3.33 (IA) MIXED INVESTMENT 40-85% SHARES GS Wealthbuilder MABal R Inc GBP PtH 100 100 104 24 118 33 - - - - 0.90 1.74 Halifax Cautious Managed C 103 8 102 65 114 77 126 75 166 38 1.50 2.05 7IM AAP Moderately Adventurous C Acc 103 53 106 32 115 117 139 63 178 49 0.63 1.35 HC Sequel Cau Trgt Ret Strat B £ Acc 100 123 101 120 110 113 - - - - - 1.10 7IM Moderately Adventurous C Acc 102 82 105 64 114 118 140 58 183 35 1.50 0.75 HC Sequel Cautious Inc Strat Retl £ Inc 98 147 98 145 108 126 - - - - - 4.07 Aberdeen Multi-Asset I 103 25 103 119 119 87 131 98 182 39 1.49 1.70 HC Verbatim Multi-Index Portfolio 3 A 101 52 102 104 114 80 126 74 - - 0.80 1.09 Aberdeen Multi-Mgr Balanced Mgd I Acc 101 135 103 112 119 82 139 62 181 43 - 1.09 HC Verbatim Multi-Index Portfolio 4 A 102 36 103 48 118 29 134 24 - - 0.80 1.13 Acumen Progressive X Acc 101 137 104 85 118 95 - - - - - 0.98 HL Multi-Manager Equity & Bond A Acc 101 96 101 119 113 84 133 31 176 24 1.39 2.66 Architas MA Active Prog A Acc 102 83 105 46 127 19 143 38 191 28 1.63 1.94 HSBC Open Global Distribution C Acc 100 112 100 128 118 26 133 28 180 17 1.43 3.83 Aviva Investors Multi-Mgr 40-85% 2 £Acc 100 153 103 114 121 64 143 43 197 20 1.52 0.45 IFSL Brooks Macdonald Cautious Growth A 102 44 102 62 117 39 133 30 157 48 2.75 1.54 AXA Framlington Managed Balanced Z Acc 103 37 104 101 122 50 143 44 198 18 - 1.33 IFSL Ravenscroft Huntress Balanced B Inc 101 85 ------Baillie Gifford Managed B Acc 107 2 110 4 140 3 161 4 246 1 0.47 1.43 Insight Global Multi-Strategy Inst W Acc 100 111 102 86 111 106 125 79 - - - 0.72 Barclays Dividend and Growth I Acc GBP 100 152 104 96 112 125 131 102 - - 1.65 2.52 Investec Cautious Managed I Acc Net 101 65 102 95 113 93 120 99 187 8 0.84 0.60 Barclays Multi-Impact Growth R Acc GBP 101 121 ------IP Distribution Z Acc 100 129 99 137 108 124 122 90 185 10 - 4.46 Barclays Wealth Global Mkts 4 R Acc GBP 102 91 106 22 123 44 138 73 - - 1.05 1.80 IP European High Income Z Acc 99 135 101 113 126 6 144 5 209 2 0.91 3.22 BlackRock Balanced Growth D Acc 103 41 104 76 121 65 139 66 164 60 - 2.27 IP Global Distribution Z Acc 99 137 103 35 115 53 - - - - - 3.82 BlackRock Balanced Managed A Acc 104 19 106 33 121 60 138 77 163 62 1.59 0.26 Janus Henderson Cautious Mgd I Acc 103 4 102 89 110 109 127 69 179 23 - 3.17 BlackRock Consensus 70 D Acc 102 73 103 129 122 46 138 72 - - 0.26 1.81 Janus Henderson Mlt-Mgr Distr I Inc 101 91 102 68 113 92 126 77 180 18 - 2.90 BlackRock Consensus 85 D Acc 103 51 104 92 126 20 147 26 - - 0.23 2.08 Janus Henderson Mlt-Mgr Inc & Gr I Inc 101 81 103 46 114 73 130 52 181 16 - 2.16 BNY Mellon Dynamic Total Ret USD A Acc 100 151 97 154 112 126 - - - - 2.21 - JPM Multi-Asset Income C Net Acc 99 139 102 94 109 122 123 88 - - 0.83 1.81 Carvetian FENIX Balanced Income 100 148 101 142 96 133 121 112 155 66 1.13 1.75 Jupiter Enhanced Distribution GBP Inc 99 145 99 143 ------3.44 City Financial Multi Asset Growth I Acc 102 102 100 151 104 132 - - - - - 1.56 Jupiter Merlin Income I Acc 103 12 103 47 114 79 124 82 182 13 1.61 2.83 Climate Assets B GBP Acc 101 128 103 128 127 14 149 15 - - 1.36 1.98 Kames Diversified Monthly Inc GBP B Inc 100 101 102 66 117 37 - - - - - 5.05 Close Balanced Portfolio X Acc 103 35 105 66 115 111 140 52 - - 0.86 1.45 Kames Ethical Cautious Managed GBP B Acc 101 80 102 72 110 120 137 17 199 5 - 2.01 Close Managed Balanced X Acc 103 48 106 38 121 59 142 46 - - 1.37 1.24 L&G Distribution Trust I Acc 102 33 101 114 110 114 123 86 164 43 0.67 3.22 Close Tactical Select Passive Bal X Acc 102 80 105 73 124 32 144 36 - - 0.65 1.42 L&G Mixed Investment 20-60% I Acc 100 105 101 111 115 58 - - - - - 1.96 Consistent Practical Investment A Acc 102 70 104 103 124 36 147 22 205 12 1.11 3.31 L&G Mixed Investment Inc 20-60% I Acc 100 107 100 129 ------3.27 Coram Global Opportunities A GBP 100 150 100 148 116 107 ------L&G Multi Manager Income Trust I Acc 100 108 103 51 114 78 124 85 169 30 1.75 2.60 Courtiers Total Return Balanced Risk 103 54 106 40 123 42 148 19 171 55 1.90 - LF Canlife Portfolio IV C Acc 103 11 103 34 117 41 - - - - - 1.91 EdenTree Higher Income B 104 8 106 35 121 63 139 69 220 5 0.83 4.15 LF Miton Cautious Multi Asset B Acc 100 121 104 25 118 31 126 72 167 34 0.99 2.32 EF Brompton Global Growth B GBP Acc 101 123 106 39 122 48 - - - - 1.92 0.86 LF Prudential Dyn Focs 10-40 Port A Acc 101 99 102 64 ------1.58 EFA Eden SRI A GBP Acc 102 99 104 108 115 116 - - - - - 1.99 LF Prudential Dyn Focs 20-55 Port P Acc 101 64 103 28 119 23 134 26 175 25 - 2.16 Elite Balanced Trust B Acc 102 88 105 55 119 88 139 64 165 59 2.05 0.31 LF Prudential Dynamic 10-40 Port P Acc 101 61 103 45 115 63 129 57 - - - 1.66 F&C MM Navigator Progressive C Acc 101 118 105 70 123 41 149 16 182 38 - 0.96 LF Prudential Dynamic 20-55 Port P Acc 101 55 103 43 116 43 132 39 - - - 1.46 Family Balanced International B 102 95 103 127 119 83 137 83 - - 1.15 1.60 LF Ruffer Total Return C Acc 101 70 101 126 107 129 121 98 205 3 - 1.43 Fidelity MltAsst Inc & Gr Y Acc 99 154 99 152 116 110 - - - - - 3.06 LF Seneca Diversified Income B Inc 100 102 102 87 119 22 134 22 145 59 - 4.93 Fidelity MltAsst Open Gr Y Acc 101 109 104 104 121 61 132 96 156 65 - 2.21 Liontrust Sust Fut Defesv Mgd 2 Net Inc 103 13 106 2 121 12 - - - - - 1.98 Fidelity MoneyBuilder Balanced Y Inc 102 84 97 155 111 129 130 103 201 16 - 4.14 M&G Episode Allocation GBP I Acc 100 119 104 21 117 38 136 18 196 6 0.84 1.09 Fidelity Multi Asset Allctr Growth Y Acc 100 143 101 141 113 123 127 108 - - - 1.08 M&G Episode Income GBP I Acc 101 76 104 10 118 27 139 11 - - 0.74 2.73 Fidelity Multi Asset Growth Y Acc 103 40 104 100 117 102 135 93 - - 1.32 0.80 Margetts Providence Strategy R GBP Acc 102 31 102 96 113 90 127 70 172 28 0.62 2.74 FP New Horizon Growth B Inc 101 132 101 143 117 101 137 81 143 71 2.39 0.18 Marlborough Cautious P Inc 101 54 104 20 115 57 132 38 160 46 - 1.77 FP Russell Invsmts Mlt Asst Gr IV C Acc 102 96 105 68 ------1.22 MGTS Clarion Prudence Portfolio R Acc 102 42 102 93 110 110 122 91 163 44 2.32 1.20 FP Russell Invsmts Multi Asst Gr V C Acc 102 87 105 50 ------1.12 MGTS Frontier Cautious R Acc 102 22 102 74 110 119 121 96 168 33 1.36 2.35 FP Tatton Oak Capital Growth B 101 134 102 131 119 86 138 71 - - 1.45 1.46 MGTS Future Money Income R Acc 102 35 102 67 114 70 132 43 - - 0.90 2.58 GAM Star Balanced Institutional GBP Acc 102 72 106 36 117 104 136 89 - - 1.66 - MGTS Future Money Real Growth R Acc 102 24 103 50 114 71 129 58 - - 0.87 1.47 GS Wealthbuilder MAGr R Inc GBP PtH 101 107 107 21 123 40 - - - - 1.00 1.34 MGTS Future Money Real Value R Acc 101 60 102 103 110 118 121 93 - - 0.91 1.24 HC Kleinwort Hambros Multi Ast Bal A Acc 101 124 103 117 115 112 125 109 146 70 1.72 - MI Charles Stanley Multi Asst2 Cau A£Acc 101 86 102 56 ------1.24 HC Sequel Bal Trgt Ret Strat B £ Acc 100 145 102 139 112 127 - - - - - 0.83 MI Hawksmoor Vanbrugh C Acc 101 63 105 9 124 9 139 8 - - - 1.32 HC Sequel Glbl Trgt Inc Strat A £ Acc 99 155 102 136 117 99 143 42 188 31 1.92 2.31 MI Miton Cautious Mthly Inc A Acc units 100 124 103 44 114 75 129 60 - - - 3.76 HC Verbatim Multi-Index Portfolio 5 A 102 76 104 91 122 49 138 75 - - 0.80 1.09 Old Mutual Cirilium Bal R GBP Acc 100 115 102 76 120 16 138 15 - - 1.24 1.89 HL Multi-Manager Balanced Managed A Acc 101 110 103 115 124 35 145 32 187 32 1.46 1.03 Old Mutual Foundation 3 R GBP Acc 100 125 103 32 117 35 - - - - - 2.11 HSBC Ash Institutional A Acc 102 105 102 138 117 105 136 87 181 44 0.83 1.66 Old Mutual Voyager Diversified R GBP Acc 100 127 100 127 101 133 109 110 149 57 - 1.56 HSBC Balanced Acc C 101 127 102 132 118 98 136 88 168 56 - 2.28 PIMCO GIS Glbl Mlt-Asst Instl GBP H Acc 100 117 105 8 108 123 119 106 - - 0.95 - IFSL Brooks Macdonald Balanced A Acc 103 29 107 11 121 70 139 70 174 53 2.14 1.13 Premier Diversified Income D GBP INC 101 82 ------IFSL James Hambro Barnham Broom 103 31 107 12 124 31 145 31 - - - 0.72 Premier Liberation No. IV Class C Acc 102 40 103 27 120 15 141 7 168 32 1.41 1.93 IFSL James Hambro Harrier Bal A Inc 102 94 105 57 ------0.51 Premier Liberation No. V Class C Acc 102 26 104 13 124 8 145 4 185 11 1.34 1.51 IFSL James Hambro Harrier Cap Gr Inc 103 60 106 29 123 37 142 47 - - - 0.60 Premier Multi Asset Cnsrv Gr C 101 95 102 77 110 112 120 103 133 61 1.03 0.47 IFSL James Hambro Penrhos GBP Inc 103 50 106 26 122 55 140 60 203 14 1.61 1.74 Premier Multi-Asset Distribution C Inc 101 50 102 80 116 45 143 6 182 14 1.43 4.03 IFSL James Hambro Rires 103 49 107 15 126 24 147 24 164 61 1.42 0.70 Premier Multi-Asset Monthly Inc C Inc 102 29 102 75 115 51 139 10 - - - 4.59 IP Global Balanced Index 103 43 105 69 125 26 151 11 212 7 0.70 1.82 RBS Collective Stakeholder Invest 104 2 102 83 113 87 126 78 166 37 1.50 1.34 IP Managed Income Z Acc 100 142 101 147 120 76 146 29 204 13 - 2.49 RBS INV Cautious Growth 101 98 101 112 112 99 125 80 - - 1.90 0.75 Janus Henderson Instl Gl Rpnsb Mgd I Acc 104 9 107 17 123 43 158 8 217 6 0.85 1.32 RBS INV Income 101 48 103 49 115 66 131 44 - - 2.00 1.87 Janus Henderson Mlt-Mgr Managed I Acc 102 64 104 80 120 73 142 50 149 68 - 0.82 Royal London GMAP Bal M GBP Acc 102 21 104 18 ------1.35 Jupiter Distribution and Growth I Inc 98 156 97 153 110 130 135 90 182 37 1.06 3.95 Royal London Sustainable Div C Inc 104 1 106 1 129 1 153 2 - - - 1.72 Jupiter Merlin Balanced I Acc 104 11 106 30 127 16 148 18 211 8 1.66 1.97 Sarasin FoF Global Strategic Gr P Acc 101 92 102 71 113 96 130 50 - - 1.35 1.75 L&G Mixed Investment 40-85% I Acc 102 104 104 106 122 47 - - - - - 2.57 Sarasin Globalsar Strategic P Acc 101 88 102 84 116 47 132 40 149 55 - 2.05 L&G Multi Manager Balanced Trust I Acc 102 89 106 41 118 97 131 101 162 63 1.77 0.94 Sarasin IE GlobalSar Strategic EUR A Acc 99 143 102 100 128 3 - - - - - 1.88 Lazard Managed Balanced A Acc 104 7 107 9 126 22 150 12 201 15 0.86 1.95 Sarasin IE GlobalSar Strategic GBP P Acc 101 89 102 81 116 49 132 37 - - - 1.88 LF Canlife Balanced C Acc 103 52 103 116 121 71 140 56 177 50 - 1.45 Sarasin IE GlobalSar Strategic USD P Acc 101 56 100 132 126 5 139 9 - - - 2.07 LF Canlife Portfolio V C Acc 103 26 105 67 119 84 - - - - - 1.70 Schroder Mixed Distribution Z Acc 102 17 105 7 120 18 137 16 - - 1.17 5.10 LF Canlife Portfolio VI C Acc 104 13 106 28 121 69 - - - - - 1.77 Schroder MM Diversity Income Z Acc 102 20 102 105 110 116 120 102 - - 1.40 3.22 LF Odey Portfolio Sterling Instl Acc 109 1 109 6 109 131 125 110 - - - 0.16 Schroder MM Diversity Z Acc 100 110 99 138 104 131 112 109 - - 1.21 0.64 LF Prudential Dyn Focs 40-80 Port A Acc 101 119 104 109 ------1.39 Scottish Widows Balanced A 101 73 103 54 116 50 132 41 175 26 2.00 0.48 LF Prudential Dynamic 40-80 Port P Acc 102 92 104 81 118 91 138 76 - - - 1.32 Sentinel Income B Acc 101 75 102 92 ------2.64 LF Resilient MM Balanced Managed X Acc 103 59 104 82 122 54 140 55 - - 2.64 1.27 SLI Dynamic Distribution Plat 1 Acc 102 18 104 12 111 103 138 14 184 12 - 3.18 LF Ruffer European C Acc 103 32 106 37 113 122 138 74 200 17 - 0.29 Standard Life Wealth Phoenix B Inc 102 38 101 107 114 72 124 84 149 56 0.89 1.97 LF Seneca Diversified Growth B Acc 101 129 105 71 121 66 143 40 172 54 - 2.79 SVS Brown Shipley Income I Acc 102 19 102 70 111 105 126 73 - - 1.93 2.80 Libero Balanced B Acc 103 33 104 74 121 68 139 68 - - - 1.93 T Bailey Dynamic Inst Inc 101 83 105 5 119 21 139 12 164 40 1.79 1.09 Libero Strategic B Acc 103 47 104 110 117 103 131 100 - - - 0.44 TB Doherty Cautious Managed B GBP Acc 99 144 100 134 110 115 121 97 - - - 0.60 Liontrust Sust Fut Cau Mgd 2 Net Inc 103 38 107 16 124 34 - - - - - 2.00 Liontrust Sust Fut Mgd 2 Net Inc 105 5 110 5 131 8 161 3 211 9 0.85 1.26 www.whatinvestment.co.uk WhatInvestment July 2018 61 >| Unit Trusts 9

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk Val Rnk £ £ £ £ £ % % £ £ £ £ £ % % M&G Episode Growth GBP I Acc 102 97 107 10 121 58 143 41 180 45 0.94 1.57 Allianz US Equity C Acc 104 89 109 90 147 77 189 69 301 47 0.87 0.45 Man GLG Balanced Managed Profl Acc C 101 117 105 48 116 109 142 48 182 36 0.92 1.27 Amundi SICAV II Pio US Fdml Gr R GBP ND 104 92 108 96 150 60 208 24 - - 0.93 - Margetts Select Strategy R GBP Acc 102 77 104 86 121 67 140 57 191 27 0.68 1.27 Artemis US Equity I Acc GBP 108 27 113 32 159 20 - - - - 1.00 0.14 Marks & Spencer Worldwide Mgd Acc 102 103 103 124 125 27 145 34 193 25 1.66 0.78 Artemis US Extended Alpha I Acc GBP 106 44 110 67 169 9 - - - - 2.47 - Marlborough Balanced P Acc 102 69 105 53 126 21 142 49 165 58 - 1.08 Artemis US Select I Acc GBP 111 17 118 14 166 11 - - - - 0.86 0.07 Marlborough Extra Income P Inc 100 144 103 120 118 92 145 30 206 11 - 3.81 Aviva Investors US Eq Inc 2 GBP Acc 101 124 104 130 141 103 173 96 - - 0.88 2.39 McInroy & Wood Balance Pers Inc 104 18 104 79 126 25 142 45 226 4 1.00 1.10 Aviva Investors US Eq MoM 1 2 GBP Inc 105 62 111 58 152 52 204 35 322 29 1.03 0.48 McInroy & Wood Income Pers Inc 102 93 100 150 114 120 127 107 189 29 - 2.95 Aviva Investors US Equity Inc II 2 £ Acc 101 128 103 133 139 106 - - - - - 2.41 MFM Hathaway Inc 102 68 109 7 136 5 160 5 239 2 1.59 1.44 AXA Framlington American Growth Z Acc 113 9 119 11 155 32 219 13 362 12 0.72 - MGTS Clarion Meridian Portfolio R Acc 102 63 105 72 119 78 137 80 189 30 2.32 0.99 AXA Rosenberg American Z 104 94 110 71 151 57 198 53 300 49 1.05 0.88 MGTS Future Money Dynamic Growth R Acc 103 58 105 63 120 74 139 61 - - 0.87 0.93 Baillie Gifford American B Acc 127 1 135 1 212 1 266 2 434 5 0.67 - MI Charles Stanley Multi Asst 4 Gr B Acc 101 112 105 45 113 124 129 105 - - 0.98 1.07 BGF US Basic Value D2 103 114 107 112 129 119 165 102 270 69 1.05 - MI Charles Stanley Multi Asst3 Mod A£Acc 101 131 104 90 ------0.74 BlackRock US Dynamic D Acc 104 91 113 38 158 22 206 26 312 38 0.94 0.61 MI Hawksmoor Distribution C Acc 101 111 105 62 127 15 147 23 - - - 3.29 BlackRock US Opportunities D Acc 105 85 108 103 134 112 189 72 300 48 - 0.89 NatWest Balanced 101 125 103 122 118 89 135 91 174 51 - 0.86 BNY Mellon US Equity Income GBP W Inc 103 108 108 99 ------2.11 Neptune Balanced C Acc GBP 107 3 114 1 128 12 148 17 179 47 - 0.39 Boston Company US Opps Inst W Acc 111 16 120 8 148 75 201 44 296 50 - 0.29 Newton Global Balanced Expt 1 Acc 103 42 104 102 126 23 146 27 211 10 0.55 1.62 Brown Advisory US Flexible Eq B $ Acc 108 25 116 21 154 40 - - - - 0.93 - Newton Multi-Asset Balanced Inst W Acc 102 100 101 144 118 96 131 99 179 46 0.67 2.07 Brown Advisory US Mid-Cap Gr USD C Acc 111 15 114 27 ------Old Mutual Cirilium Mod R GBP Acc 101 140 104 111 125 29 148 20 - - 1.24 1.51 Brown Advisory US Sust Gr USD C Acc 111 14 119 9 ------Old Mutual Foundation 4 R GBP Acc 100 146 104 88 121 62 - - - - - 1.41 Candriam Quant Equities USA C Cap USD 102 117 107 106 142 94 180 86 262 72 1.91 - Old Mutual Managed R GBP Acc 101 120 104 89 118 93 139 67 196 22 1.16 1.81 Candriam Sust North America C USD Cap 101 129 101 135 129 117 160 104 235 75 2.16 - Orbis OEIC Global Balanced Standard 102 85 105 58 142 2 165 2 - - - - Capital Group AMCAP (LUX) Z 110 22 116 20 154 36 214 16 389 9 - - Premier Diversified D Inc 104 6 111 2 138 4 156 9 - - 1.43 1.31 Capital Group Inv Co of Amer(LUX) Z 104 90 108 93 148 74 197 57 313 34 0.80 - Premier Liberation No. VI Class C Acc 102 66 105 49 128 11 150 13 196 21 1.66 1.65 Dodge & Cox Worldwide US Stock A GBP 104 105 109 91 153 43 205 32 312 39 0.70 - Premier Multi-Asset Growth&Inc C Inc 101 106 105 47 128 10 159 6 230 3 - 2.34 Eaton Vance Intl (IRL) US Value I2 USD 103 110 108 102 ------1.25 - RBS Balanced Acc 101 125 103 122 118 89 135 91 174 51 1.56 0.86 F&C North American 2 105 68 113 34 152 54 209 22 346 17 0.81 0.98 RBS INV Balanced Growth 102 90 104 98 120 75 140 53 - - 1.97 0.44 Fidelity American Special Sits W Acc 103 115 103 132 136 109 193 65 313 36 - 0.58 Rosetta Andromeda Growth Net GBP Inc 103 44 104 75 122 51 137 82 179 48 - 1.03 Fidelity American W Acc GBP 106 46 107 105 139 107 182 83 280 64 - 0.37 Rosetta Andromeda Income Net GBP Inc 101 115 100 149 111 128 121 111 - - - 2.95 Fidelity Index US P Acc 105 60 110 66 155 33 205 31 - - - 1.50 Royal London GMAP Adventurous M GBP Acc 104 12 108 8 ------1.53 Fidelity Instl America 104 98 106 117 141 101 194 63 320 30 0.88 0.58 Royal London GMAP Gr M GBP Acc 103 28 106 34 ------1.68 Franklin Mutual Shares W Acc 100 134 98 136 129 118 164 103 215 76 1.04 1.53 Royal London Sustainable World C Acc 106 4 111 3 145 1 183 1 - - - 0.99 Franklin US Opportunities W Acc 113 10 117 17 155 30 220 11 - - 0.83 - S&W New Sarum Real Return Fund A Inc 102 71 105 52 124 30 136 84 - - - 1.57 GAM Multistock Health Innovt Eq USD B 105 80 113 42 111 124 217 14 536 1 1.80 - Sarasin FoF Global Diversified Gr P Acc 101 138 104 105 115 115 - - - - 1.29 1.68 GAM North American Growth Instl GBP Acc 104 93 111 51 146 80 177 92 352 14 0.98 - Sarasin IE GlobalSar Dynamic GBP P Acc 101 133 103 113 119 85 141 51 - - - 1.90 GAM Star Capital Apprec US Eq Instl £Acc 105 63 109 89 125 121 166 101 282 62 2.16 - Sarasin IE GlobalSar Dynamic USD P Acc 102 86 102 133 130 9 151 10 - - - 1.95 GAM Star GAMCO US Equity Instl GBP Acc 101 131 110 78 141 95 - - - - 1.19 - Schroder Managed Balanced Z Acc 103 39 105 56 122 53 140 59 186 34 - 1.66 GAM Star US All Cap Equity Instl GBP Acc 107 33 111 55 150 64 190 68 - - 1.14 - Schroder MM Diversity Balanced Z Acc 100 141 101 145 114 121 130 104 - - 1.36 0.60 GlobalAccess US Value M Acc GBP 98 137 107 107 115 123 143 106 - - - 0.95 Scottish Friendly Managed Growth 101 116 104 87 119 79 149 14 149 69 1.46 - GS US CORE® Equity R Inc Snap GBP 108 30 115 24 159 21 211 19 331 23 0.75 0.52 Scottish Widows Progressive A 102 65 105 59 123 39 146 28 195 23 2.00 0.50 GS US Equity R Inc GBP 105 69 108 101 136 111 177 91 269 70 0.95 0.35 Sentinel Growth B Acc 102 81 103 130 ------1.24 GS US Focused Growth Equity R Inc GBP 114 6 118 15 156 28 205 28 311 41 1.15 - Sentinel Universal B Acc 101 122 104 107 124 33 144 37 197 19 - 1.93 Halifax North American C 105 65 110 72 149 73 196 61 310 42 1.51 0.25 SLI Global Advantage Plat 1 Acc 103 46 106 27 125 28 147 21 195 24 - 1.35 Hermes US All Cap Equity F GBP Acc 105 87 108 104 149 72 - - - - 1.44 - SLI Multi-Asset Trust Ret Acc 104 17 104 99 120 77 139 65 181 41 1.00 1.94 HSBC American Index C Acc 105 61 110 69 154 37 203 38 335 22 0.18 1.47 Smith & Williamson MM Endurance Bal B 101 108 102 134 114 119 133 95 167 57 - 1.66 HSBC MERIT US Equity Institutional A Acc 105 59 111 59 151 55 199 48 338 21 0.54 1.13 Standard Life Wealth Bal Bridge 102 101 102 140 120 72 135 94 160 64 0.83 3.13 Investec American I Acc Net GBP 109 23 117 16 165 13 211 21 286 60 0.85 0.44 SVS Brown Shipley Balanced I Acc 103 55 105 65 117 106 - - - - - 1.79 IP US Enhanced Idx Z Acc 106 42 113 40 ------1.35 SVS Brown Shipley Growth I Acc 103 36 106 23 119 80 143 39 - - 1.97 1.13 IP US Equity Z Acc 105 74 110 84 142 93 182 81 272 68 - 0.42 SVS Church House Balanced Eq Inc A Inc 104 10 103 126 116 108 136 86 182 40 1.57 3.01 iShares North American Eq Idx (UK) D Acc 106 56 111 63 152 47 199 50 - - 0.17 1.50 TB Doherty Active Managed B GBP Acc 100 147 102 135 115 113 132 97 - - - 0.14 iShares US Equity Index (UK) D Acc 106 51 111 61 154 38 204 37 - - - 1.45 TB Doherty Balanced Managed B GBP Acc 100 149 101 146 115 114 129 106 - - - 0.51 Janus Henderson Instl NA Idx Opps A Acc 105 70 110 74 149 69 189 71 295 51 1.76 0.99 TC Centre Multi Mgr Bal A Inc 102 78 105 51 123 38 137 79 152 67 2.50 1.33 Janus Henderson INTECH US Cor A USD Acc 104 96 110 79 150 61 198 55 313 35 1.72 - Thesis Optima Growth B Acc 103 22 105 61 117 100 140 54 181 42 - 1.04 Janus Henderson US Forty A USD Acc 109 24 117 18 152 53 214 15 280 65 2.21 - Threadneedle Managed Eq Focused Z Acc 102 61 104 97 122 52 144 35 192 26 - 1.16 Janus Henderson US Growth I Acc 110 20 111 48 139 108 178 89 302 46 1.09 0.31 TM UBS (UK) - Global Growth C Acc 102 98 104 83 122 45 - - - - - 1.18 Janus Henderson US Research A USD Acc 107 39 111 62 140 105 183 79 266 71 2.28 - TM UBS (UK) - UK Growth C Acc 102 79 104 94 122 56 136 85 - - - 1.52 Janus Henderson US Strat Val I USD Inc 103 113 107 113 144 87 173 97 272 67 1.32 0.33 TM UBS (UK) - UK Income Focus C Acc 102 75 103 118 118 94 - - - - - 3.03 JOHCM US Small Mid Cap Equity A GBP Inc 110 18 116 22 153 45 - - - - 1.25 - UBS Global Allocation (UK) C Acc 102 67 104 93 119 81 138 78 186 33 - 1.73 JPM America Equity A (dist) USD 106 50 112 46 154 39 197 56 317 32 1.71 0.49 UBS Global Growth Allocation J Acc 101 113 104 77 ------1.30 JPM America Equity C Net Acc 106 48 111 50 157 25 ------Vanguard Global Balanced A GBP Acc 101 136 103 121 ------1.77 JPM US Equity Income C Net Acc 103 111 108 95 147 76 187 74 - - 0.93 0.95 Vanguard LifeStrategy 60% Equity A Acc 103 56 105 60 127 18 147 25 - - 0.31 1.42 JPM US Select C Net Acc 105 66 109 88 149 66 202 41 357 13 0.93 - Vanguard LifeStrategy 80% Equity A Acc 103 20 107 14 133 7 158 7 - - 0.29 1.54 JPM US Select Equity Plus A (dist) GBP 105 77 110 80 145 84 195 62 328 26 1.80 0.78 Vanguard Target Retirement 2020 Acc 102 74 104 78 ------1.19 Jupiter North American Income I Acc 101 126 106 121 146 82 178 90 313 37 1.04 1.84 Vanguard Target Retirement 2025 Acc 103 57 105 54 ------1.23 L&G US Index Trust I Acc 106 55 111 52 154 35 203 39 340 20 0.25 1.46 Vanguard Target Retirement 2030 Acc 103 45 105 43 ------1.26 Lazard US Equity Concntr C Acc USD 105 71 106 116 ------Vanguard Target Retirement 2035 Acc 103 34 106 31 ------1.35 Legg Mason CB Growth A USD Dis(A) 105 78 109 85 141 100 189 70 198 78 2.19 - Vanguard Target Retirement 2040 Acc 103 27 106 24 ------1.29 Legg Mason CB US Agrsv Gr X USD Dis(A) 108 26 107 108 128 120 179 87 319 31 1.12 - Vanguard Target Retirement 2045 Acc 103 21 107 18 ------1.26 Legg Mason CB US Apprec X USD Dis(A) 103 116 107 109 145 83 183 78 287 57 1.11 0.26 Vanguard Target Retirement 2050 Acc 103 23 107 19 ------1.25 Legg Mason CB US Lg Cp Gr X USD Acc 110 21 117 19 167 10 231 9 410 7 1.10 - Vanguard Target Retirement 2055 Acc 103 24 107 20 ------1.30 Legg Mason IF CB US Eq Inc X Inc 101 127 105 125 145 86 176 93 - - 1.05 1.71 Virgin Bond, Gilt, UK and Overseas Share 104 15 104 95 122 57 - - - - - 1.12 Legg Mason IF CB US Eq X Acc 101 130 104 129 130 116 171 98 209 77 - 0.25 Volare Balanced A GBP Acc 101 114 104 84 ------Legg Mason IF MC Nth Am X Acc £ 110 19 114 29 146 78 196 60 258 74 - 0.52 Volare Growth A GBP Acc 102 62 106 25 ------LF Canlife North American C Acc 105 73 105 127 153 44 186 75 322 28 0.81 0.58 Volare Strategic Income A GBP Inc 101 139 102 137 ------3.69 LF Miton US Opportunities B Acc 107 38 113 36 161 18 211 20 - - - 0.08 VT Greystone Balanced Managed R Acc 101 130 105 44 127 16 145 33 - - - 1.09 Loomis Sayles US Equity Leaders N/A GBP 105 79 113 35 173 8 235 7 - - - 0.13 Wesleyan Moderate High Rk/Rwd Inc X Acc 104 16 103 125 ------2.63 Loomis Sayles US Research R/A USD 104 99 109 86 146 79 185 76 294 53 1.70 - Zurich Horizon Multi-Asset III Z Acc 103 30 106 42 128 13 - - - - - 1.11 M&G North American Dividend GBP I Acc 108 31 115 26 160 19 199 47 308 43 0.91 0.96 Zurich Horizon Multi-Asset IV Z Acc 104 14 107 13 134 6 - - - - - 1.18 M&G North American Value GBP I Acc 106 52 111 53 154 34 204 33 305 45 0.91 0.87 Average/Total 102 156 104 155 121 133 141 112 186 71 1.31 1.53 Majedie Asset Mgmt US Equity Z GBP Acc 104 101 107 114 136 110 ------(IA) MONEY MARKET Marlborough US Multi-Cap Income P Inc 104 100 112 44 149 68 184 77 282 63 - 1.16 MFS® Meridian US Concentrated Gr WH1 GBP 105 84 114 31 131 115 166 100 - - 1.19 - Aberdeen Sterling Money Market I Acc 100 3 100 3 101 3 101 4 107 4 0.37 0.26 MFS® Meridian US Value WH1 GBP 96 138 103 131 117 122 149 105 - - 1.00 - Aviva Investors Cash 2 GBP Acc 100 5 100 5 101 4 101 5 103 8 0.28 0.20 MGTS AFH DA North American Eq I GBP Acc 102 122 ------F&C Short Duration Bond 4 100 1 100 1 102 1 103 1 104 7 0.08 0.49 Morgan Stanley US Advantage I Acc GBP 114 5 119 10 ------ILF GBP Liquidity 1 100 9 100 6 100 8 101 8 105 6 0.20 0.13 MS INVF US Advantage I 115 3 121 5 179 5 252 6 520 2 0.90 - IP Money Z Acc 100 2 100 2 101 2 102 2 108 2 - 0.33 MS INVF US Growth Z 120 2 128 2 195 2 286 1 - - 0.86 - Janus Henderson Instl Cash Retail Acc 100 8 100 8 101 7 101 7 108 3 0.37 0.13 Neptune US Income C Acc GBP 106 47 110 81 150 59 194 64 - - - 2.09 Janus Henderson Money Market UT Acc 100 7 100 7 101 6 101 6 106 5 0.32 0.10 Neptune US Opportunities C Acc GBP 107 32 115 25 141 98 182 84 293 54 - 0.33 LF Canlife Sterling Liquidity I Acc 100 4------New Capital US Growth GBP Ord Acc 108 29 120 7 133 113 200 46 - - 1.22 - NFU Mutual Deposit C 100 10 100 9 100 9 99 9 - - - 0.36 Old Mutual JPM US Gr Advtg A GBP Acc 112 11 120 6 166 12 213 17 - - - - Premier UK Money Market B Inc 100 6 100 4 101 5 101 3 108 1 - 0.20 Old Mutual North American Eq R GBP Acc 106 43 113 33 163 16 233 8 371 10 0.90 0.18 Average/Total 100 10 100 9 101 9 101 9 106 8 0.27 0.24 Old Mutual Schroder US Mid Cap U2 GBPAcc 102 121 106 120 150 63 206 27 - - - 0.15 (IA) NORTH AMERICA Old Mutual US Equity Income R GBP Acc 106 40 108 98 144 89 175 94 - - 1.25 - 7IM US Equity Value C Inc 106 57 116 23 146 81 - - - - - 1.58 OYSTER US Selection R GBP D 104 103 113 39 162 17 - - - - 1.34 0.84 Aberdeen Global North Amer Eq X Acc GBP 105 75 110 82 141 96 170 99 260 73 0.98 - Pictet-USA Index I GBP 105 88 110 73 153 46 201 43 - - 0.29 - Aberdeen North American Equity I 105 76 110 76 143 91 174 95 279 66 1.12 0.67 PIMCO GIS StocksPLUS E USD Acc 104 97 110 83 151 58 198 52 328 25 1.45 - Aberdeen Northern Amr EqEnhIdx Net B Acc 106 45 112 45 150 62 - - - - - 1.38 Polar Capital North American I 105 86 111 54 157 23 207 25 - - 0.97 - ACS US Equity Tracker T1 GBP Acc 106 49 111 56 155 29 - - - - - 1.62 Principal US Equity I Acc USD 106 41 113 37 144 90 191 67 287 58 1.10 - Allianz Best Styles US Equity RT GBP 105 83 110 70 151 56 ------Robeco BP US Large Cap Equities F £ 102 118 109 87 141 102 181 85 - - 0.80 -

62 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 10

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Robeco QI US Conservative Equities F £ 100 136 105 128 ------0.68 - Sarasin IE Glbl Real Estt Eq GBP P Acc 101 45 101 46 124 16 146 14 - - - 2.96 Royal London US Growth 105 64 108 100 140 104 193 66 287 59 1.55 - Sarasin IE Sust Glb Rl Est Eq USD P Acc 102 43 102 43 125 15 144 15 - - - 2.80 Royal London US Tracker Z Acc 105 58 110 68 153 42 202 42 340 19 0.23 1.27 Schroder Glbl Cities Real Estt Inc Z Acc 100 51 98 50 129 9 133 32 - - 0.98 4.02 Russell Inv US Quant I 104 104 110 75 149 70 201 45 323 27 1.83 0.42 Schroder Global Cities Real Estt Z Acc 102 42 103 39 127 11 143 18 201 8 1.18 1.13 Sanlam FOUR US Dividend Income A GBP Acc 102 123 108 92 157 24 - - - - 1.10 - Scot Wid MM Global Rel Est Sec A Inc 101 46 100 47 122 19 140 22 195 9 1.90 2.08 Santander United States Equities A 107 34 112 47 152 49 205 30 330 24 1.03 0.46 SKAGEN m2 A 107 4 113 2 145 3 139 23 - - 0.76 - Schroder QEP US Core I Acc 105 72 111 60 152 50 198 51 350 15 0.32 1.41 SLI Global Real Estate Plat 1 Acc 100 50 103 42 122 20 130 36 95 26 - 3.83 Schroder US Eq Inc Maximiser Z Acc 104 102 107 110 ------4.89 SLI Global REIT Plat 1 Acc 100 49 104 35 99 45 120 41 125 25 - 2.28 Schroder US Mid Cap Z Acc 102 120 106 122 149 67 205 29 349 16 - 0.05 SLI UK Real Estate Acc Feeder P 1 Acc 103 25 107 16 ------3.20 Scottish Widows American Growth A 106 54 110 77 149 71 188 73 317 33 1.62 0.22 SLI UK Real Estate Inc Feeder P 1 Inc 103 24 107 17 ------3.26 Seilern Stryx America USD U I 112 12 119 12 185 3 258 4 415 6 1.31 - SLI UK Real Estate Platform 1 Acc 103 23 107 14 109 38 130 37 142 19 - 2.57 SLI American Eqty Unconstrained Plat 1 A 101 125 103 134 141 99 196 59 295 52 - 0.35 Threadneedle UK Prpty Authrsd Invmt INI 103 21 106 22 115 33 143 17 145 17 - 4.19 SLI American Equity Income Pltfrm 1 Acc 104 106 106 119 ------0.90 Threadneedle UK Prpty Authrsd Tr INI 103 19 106 23 115 32 143 16 144 18 - 4.18 SLI North American Trust 103 107 105 124 144 88 198 54 306 44 0.84 0.59 TM Hearthstone UK Residential D 100 48 103 36 111 36 135 28 - - - 0.76 Smith & Williamson North American Eq B 107 36 114 28 149 65 182 82 288 56 0.86 0.52 Average/Total 103 52 105 51 120 46 143 42 170 26 1.37 2.76 SSgA North America Equity Tracker 105 82 111 65 152 48 199 49 312 40 0.90 - (IA) PROTECTED T. Rowe Price US Blue Chip Eq Q GBP 114 4 123 4 179 6 253 5 438 4 0.82 - T. Rowe Price US Equity C GBP 103 112 106 118 ------Investec Multi Asset Protector A Acc Net 100 3 102 3 109 2 124 2 - - 2.08 0.15 T. Rowe Price US Equity Q GBP 103 109 106 115 152 51 202 40 - - 0.82 - MFS® Meridian Prudent Wealth W1 GBP 106 1 106 1 ------1.28 - T. Rowe Price US Large Cap Gr Eq Q GBP 113 7 123 3 182 4 261 3 460 3 0.82 - Scottish Widows Capital Protected 21 103 2 104 2 124 1 136 1 - - - - T. Rowe Price US Large Cp Val Eq C GBP 101 132 106 123 ------Average/Total 103 3 104 3 117 2 130 2 - - 1.68 0.15 T. Rowe Price US Large Cp Val Eq Q GBP 100 135 105 126 141 97 179 88 284 61 0.82 - (IA) SHORT-TERM MONEY MARKET Threadneedle Amer Extnd Alpha Ins AccGBP 108 28 114 30 163 15 212 18 407 8 0.81 - Baillie Gifford Cash A Inc 100 7 100 7 100 6 101 6 104 6 0.16 0.05 Threadneedle American Sel Z Acc GBP 107 35 111 57 156 27 204 34 343 18 0.82 0.30 BlackRock Cash D Acc 100 5 100 6 100 5 101 3 105 2 0.31 0.02 Threadneedle American Z Acc GBP 107 37 112 43 156 26 209 23 366 11 0.81 0.46 Fidelity Cash Y Acc 100 4 100 4 101 3 101 4 104 3 - 0.20 Threadneedle US Eq Inc Z Inc GBP 104 95 108 97 145 85 183 80 - - - 2.53 JPM Sterling Liquidity Agency (dist.) 100 6 100 5 101 4 101 2 104 5 0.25 0.13 UBS S&P 500 Index C Acc 105 81 111 64 155 31 - - - - - 1.43 L&G Cash Trust I Acc 100 3 100 3 101 2 101 1 105 1 0.21 0.25 UBS US Equity C Acc 106 53 108 94 142 92 197 58 291 55 - 0.25 Royal London Short Term Money Mkt Y Acc 100 1 100 1 101 1 101 5 104 3 - 0.28 UBS US Growth C Acc 112 13 118 13 165 14 226 10 - - - - Scottish Widows Cash A Acc 100 9 100 9 100 8 99 8 101 8 0.61 - Vanguard US Equity Index Acc 105 67 111 49 154 41 204 36 - - 0.20 1.41 SLI Short Term Money Market 100 8 100 8 100 7 100 7 102 7 0.63 - VT De Lisle America B GBP 100 133 113 41 176 7 219 12 - - 1.33 0.11 Wesleyan Risk Averse A Acc 100 2 100 2 ------0.28 VT Tyndall North American A GBP Net Acc 113 8------Average/Total 100 9 100 9 100 8 101 8 104 8 0.36 0.17 Winton US Equity I GBP Acc 102 119 107 111 132 114 ------Average/Total 106 138 111 136 150 124 198 106 319 78 1.09 0.91 (IA) SPECIALIST Aberdeen Eastern European Equity I Acc 98 189 97 206 125 112 106 145 80 107 1.27 1.70 (IA) NORTH AMERICAN SMALLER COMPANIES Aberdeen Financial Equity I Inc 102 106 111 35 142 41 162 37 155 56 - 0.99 Artemis US Smaller Cos I Acc GBP 113 2 120 3 172 2 - - - - 1.00 - Aberdeen Global Indian Equity X Acc GBP 102 91 103 125 140 50 191 18 315 9 1.39 - Brown Advisory US Smaller Cos $ B 109 6 113 11 160 5 211 3 371 7 0.93 - Aberdeen Latin American Equity I Acc 91 228 96 213 133 77 93 175 - - 1.30 1.65 F&C US Smaller Comp Fd C Net Inc 108 8 112 12 151 8 187 10 385 6 - 0.10 Aberdeen Multi-Mgr Ethical I Acc 101 125 106 79 136 65 165 35 201 38 - 0.17 GlobalAccess US Sm & Md Cp Eq M Acc GBP 104 14 116 7 128 15 169 12 - - - - Acumen Strategic X Acc 102 92 ------GS US Sm Cp CORE® Eq R Inc GBP Snap 112 3 123 2 162 3 206 5 402 4 0.85 0.24 Allianz China Strategic Bond P H2 GBP 96 210 98 187 94 217 98 166 - - 0.55 4.13 Hermes US Smid Equity F GBP Acc 104 16 108 15 149 10 195 8 - - 0.87 - Allianz German Equity P GBP 101 126 105 85 147 25 174 29 - - 1.01 0.68 Janus Henderson US Venture A USD Acc 111 5 118 4 147 11 207 4 389 5 2.50 - Allianz Global Agricultural Trds RT GBP 95 218 104 101 110 173 129 88 - - - - JPM US Smaller Companies C Acc 119 1 134 1 178 1 227 1 422 2 0.93 - Allianz Income and Growth RM H2 GBP 103 75 109 51 117 145 134 80 - - - 6.02 Jupiter US Small and Midcap Coms I Acc 112 4 118 5 139 14 ------Allianz Renminbi Fixed Income P H2 GBP 104 67 109 48 106 185 110 137 - - 0.60 3.38 Legg Mason IF Royce US Smlr Coms X Acc 106 11 114 9 145 13 169 13 261 10 - 0.27 Artemis Global Energy I Acc 121 1 121 6 126 110 84 185 - - 0.87 0.99 Legg Mason RY US SmCp Opp X USD Acc 106 12 118 6 161 4 191 9 362 8 1.20 - Aviva Investors Glbl Convert Ia GBP Inc 104 57 102 130 126 105 133 82 199 39 0.81 0.45 Neuberger Berman US Sm Cap USD A Acc 104 15 110 13 150 9 182 11 - - 1.99 - AXA Framlington Biotech GBP Z Acc 112 13 117 13 102 199 213 7 565 2 0.80 - Schroder US Smaller Comp Z Acc 105 13 110 14 153 7 201 6 339 9 - - AXA Framlington Financial Z GBP Acc 100 157 108 59 133 79 166 34 165 51 - 0.65 T. Rowe Price US Smaller Coms Eq C GBP 108 9 114 10 ------AXA Framlington Health Z Inc 105 52 104 99 115 151 184 23 362 5 - 0.36 T. Rowe Price US Smlr Coms Eq Q GBP 108 7 115 8 158 6 212 2 443 1 1.12 - Baillie Gifford Diversified Gr B1 Acc 101 128 102 131 111 169 122 108 - - 0.86 0.57 Threadneedle Amer Smlr Coms Z Acc GBP 107 10 108 16 145 12 201 7 407 3 - 0.15 Baillie Gifford Multi Asset Gr B1 Acc 100 143 102 132 ------1.38 Average/Total 108 16 116 16 153 15 197 13 378 10 1.27 0.19 Baring German Growth I GBP Acc 99 167 105 84 152 10 184 21 265 17 0.81 0.99 Baring Global Agriculture I GBP 103 71 107 63 122 125 136 74 - - 1.07 0.68 (IA) PERSONAL PENSIONS Baring Korea I GBP Acc 106 47 113 26 134 74 152 51 180 45 0.93 0.35 LF Tracker Pension Acc 104 2 105 2 119 2 137 2 175 2 1.00 - Baring Russia R GBP Inc 100 152 105 90 162 4 122 105 82 104 1.98 0.34 Virgin Money Pension Bond and Gilt 100 3 99 3 108 3 116 3 160 3 1.00 1.22 Barings Australia I GBP Acc 107 35 111 36 130 85 128 93 153 58 1.32 - Virgin Pension Growth 106 1 105 1 121 1 139 1 179 1 1.00 2.56 Barings Eastern Europe I GBP Acc 98 183 102 143 140 52 106 144 81 105 1.24 - Average/Total 104 3 103 3 116 3 130 3 171 3 1.00 1.89 Barings Frontier Markets I GBP Inc 96 206 98 191 124 116 137 72 - - 1.75 1.11 Barings Global Resources I GBP Acc 105 54 113 29 123 121 118 116 67 117 1.25 - Barings Latin America I GBP Acc 96 208 98 198 112 165 85 182 80 109 1.29 - (IA) PROPERTY BGF Emerging Europe D2 100 147 103 114 134 72 117 120 98 88 1.37 - Aberdeen European Property Share I Acc 106 8 109 5 129 7 172 4 201 7 - 2.84 BGF India D2 99 168 105 88 148 22 211 9 253 22 1.22 - Aberdeen Property Share I Acc 107 3 111 4 118 26 169 5 188 11 - 2.00 BGF Latin American D2 97 198 102 140 126 103 98 165 101 85 1.34 - Aberdeen UK Property A Inc 103 31 106 28 105 41 135 29 129 24 1.48 2.14 BGF New Energy D2 103 86 104 96 135 70 158 45 99 87 1.32 - Aberdeen UK Property Feeder UT I Acc 103 27 106 24 ------2.58 BGF World Agriculture D2 98 185 104 108 113 159 126 96 - - 1.32 - Aviva Inv UK Prpty Fdr Acc 6 GBP Acc 102 36 ------1.39 BGF World Energy D2 114 8 118 10 113 163 100 155 95 94 1.31 - Aviva Inv UK Prpty Fdr Inc 6 GBP Inc 102 35 107 19 104 43 131 35 - - - 2.77 BGF World Mining D2 112 12 125 2 141 43 105 146 62 118 1.31 - Aviva Investors Asia Pacific Prpty I£Acc 101 44 99 49 162 1 141 21 - - 1.23 - BlackRock Dynamic Allocation D GBP Acc 101 118 104 100 104 189 - - - - - 0.47 Aviva Investors European Prpty I GBP Inc 91 52 86 51 98 46 84 42 - - 1.50 1.34 BlackRock Dynamic Diversified Gr D Acc 101 120 104 102 104 191 114 129 134 70 - 1.08 Aviva Investors UK Property 6 GBP Acc 102 37 108 11 105 42 132 34 - - - 2.67 BlackRock Gold and General D Acc 95 213 87 224 126 107 98 164 81 106 1.16 0.01 F&C Global Real Estate Securities 3 Acc 103 29 103 37 129 6 - - - - - 1.07 BlackRock Managed Volatility 102 103 102 144 112 164 124 104 - - - 1.88 F&C Property Growth & Income I Acc 104 14 107 12 122 18 164 6 179 14 - 4.14 BlackRock Managed Volatility I C 102 96 102 134 115 149 127 95 - - 0.24 1.78 F&C Real Estate Securities B GBP Acc 108 1 112 3 143 4 198 2 - - 1.38 - BlackRock Managed Volatility II C 102 93 103 118 118 142 131 84 - - 0.24 1.68 F&C UK Property 2 inc 102 33 105 30 115 31 134 30 - - 1.19 2.85 BlackRock Managed Volatility III C 103 85 104 103 120 129 136 75 - - 0.26 1.48 F&C UK Property Feeder 1 GBP Acc 102 34 105 32 ------2.16 BlackRock Market Advantage D GBP Acc 101 131 103 112 108 179 ------Fidelity Global Property W Acc 103 26 103 41 125 13 151 9 204 5 - 1.97 BlackRock Ntrl Resources Gr & Inc D Acc 109 25 117 14 135 66 129 89 - - - 2.03 First State Asian Prpty Secs B Acc GBP 106 6 106 21 126 12 138 24 180 13 1.53 2.72 Blackrock UK Managed Volatility I C £Acc 103 88 101 152 109 174 - - - - - 1.11 First State Glbl Prpty Secs B Acc GBP 104 18 104 34 121 21 148 11 226 1 1.11 2.51 Blackrock UK Managed Volatility II C£Acc 103 84 102 141 111 170 - - - - - 1.24 GlobalAccess Global Prpty Secs M Acc GBP 100 47 107 20 109 37 - - - - - 2.52 Blackrock UK Managed Volatility IIIC£Acc 104 66 104 106 113 160 - - - - - 1.98 HC Charteris Property A Acc 103 20 100 48 102 44 125 40 - - 2.29 4.13 BNY Mellon Brazil Equity GBP W Acc 103 82 107 65 150 16 98 160 109 81 1.02 0.81 HSBC Global Property C Acc 102 38 103 38 119 24 142 20 186 12 1.59 2.46 Candriam Eqs L Australia C AUD Cap 106 43 110 39 137 62 138 71 181 44 1.85 - iShares Glb Prpty Secs Eq Idx (UK) D Acc 102 39 102 45 128 10 147 12 - - - 2.58 Candriam Eqs L Biotech C USD Cap 104 61 112 30 109 175 215 6 738 1 1.83 - Janus Henderson Hrzn AsPac Pty Eqs H2USD 106 7 106 26 125 14 129 39 192 10 1.90 - Capital Group New World (LUX) Z 104 59 110 45 141 48 151 54 198 40 1.02 - Janus Henderson Hrzn Glbl Pty Eqs H2 USD 105 9 106 27 137 5 147 13 213 2 1.27 - Carmignac Emergents A EUR Acc 93 224 99 168 121 127 120 112 151 60 1.76 - Janus Henderson Hrzn PanEurpPtyEqs H2EUR 108 2 115 1 147 2 204 1 211 3 1.39 - Carmignac Pf Commodities W GBP Acc 113 11 122 5 137 63 - - - - 1.15 - Janus Henderson UK Pty PAIF Feeder I Acc 104 13 108 9 112 35 138 26 137 21 - 2.98 Carmignac Pf L-S Eurp Eqs F GBP Acc 105 50 118 11 ------Janus Henderson UK Pty PAIF I Acc 104 12 108 8 112 34 138 25 137 20 - 2.65 Consistent UT Inc 100 139 95 216 100 204 118 119 146 64 1.13 4.79 Kames Property Inc Feeder(Acc) GBP B Acc 102 32 105 31 115 29 - - - - - 4.26 Eaton Vance Intl (IRL) PrGl DefEq I2£Acc 101 132 ------Kames Property Income GBP B Gross Acc 103 28 106 25 118 28 - - - - - 5.03 EF Tellsons Endeavour RF GBP Acc 102 105 102 129 111 172 - - - - - 0.76 L&G Global Real Estate Div Idx L Dist 102 41 102 44 ------3.22 F&C High Income 101 130 102 137 103 197 104 151 108 82 1.72 5.52 L&G UK Property Feeder I Acc 105 10 109 6 121 22 152 7 167 15 - 2.47 F&C Overseas Equity-Linked UK Gilt 3 104 69 108 54 133 76 207 11 - - 0.39 1.01 L&G UK Property I Acc 105 11 109 6 121 23 152 7 167 15 - 2.17 F&C Overseas Equity-Linked UK Inf 3 102 104 107 69 136 64 209 10 - - 0.39 0.06 M&G Feeder of Property GBP I Acc 104 17 107 18 108 40 133 33 130 23 1.34 2.32 F&C UK Equity-Linked Gilt 3 109 20 106 82 139 59 179 25 - - 0.37 1.05 M&G Property Portfolio GBP I Acc 104 16 107 15 108 39 133 31 131 22 1.39 2.45 F&C UK Equity-Linked Inflation 3 107 33 104 107 141 44 179 24 - - 0.43 0.06 MGTS St Johns High Income Property Acc 103 30 105 33 115 30 130 38 - - - 5.49 Fidelity Emerg Eur Mid East&Africa W Acc 97 195 103 126 126 102 131 86 173 48 - 1.66 MS INVF Global Property IX 103 22 103 40 122 17 142 19 202 6 1.05 1.92 Fidelity India Focus Y-Dis-GBP 102 102 107 75 145 33 202 15 - - 1.22 - Old Mutual Glbl Prpty Secs R GBP HPt Inc 102 40 107 13 118 27 137 27 - - - 1.99 Fidelity Latin America W-Acc-GBP 95 215 99 170 125 114 92 176 110 79 1.23 - Premier Pan Europe Prop Share C Acc 106 5 108 10 119 25 180 3 206 4 1.04 3.27 FP Brunswick Diversified Port B Acc GBP 101 112 102 133 115 152 126 97 133 71 1.79 0.80 Principal Glb Propty Secs I Acc USD 104 15 106 29 129 8 149 10 - - 1.18 - www.whatinvestment.co.uk WhatInvestment July 2018 63 >| Unit Trusts 11

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % FP Octopus Dynamic Mixed Asset B Acc 102 110 103 127 119 135 136 77 - - 0.82 1.54 Newton Multi-Asset Divers Ret Inst W Acc 101 127 101 159 116 148 128 91 153 59 0.71 2.17 FP Russell Invsmts Real Assets C GBP Acc 100 156 101 148 108 178 108 139 - - 1.24 1.19 Old Mutual BlackRock Gold&Gen U2 GBP Acc 95 219 87 225 125 115 96 171 - - - 0.21 FP SCDavies Global Alts A Acc GBP 99 173 99 172 98 211 102 153 - - 2.06 - Old Mutual Finacl Cntgnt Cptl R £ H Acc 96 207 ------FP WM Global Trend B Acc GBP 97 204 98 193 114 155 118 117 - - - 0.61 Old Mutual Gold & Silver R GBP Acc 106 42 94 218 ------Franklin India W(acc)GBP 99 170 101 156 139 56 205 12 290 10 1.13 - Old Mutual JPM Natural Res U2 GBP Acc 114 9 122 4 144 38 112 135 - - - 1.26 GAM Multibond ABS EUR B 100 151 101 150 125 113 107 140 124 73 1.10 - Pictet - Emerging Europe P dy GBP 95 217 98 189 130 88 95 174 80 108 1.82 1.09 GAM Star Alpha Technology USD Inc 112 14 108 60 147 28 161 39 - - 1.61 - Pictet Absolute Ret Fxd Inc HI GBP 99 176 99 173 102 200 - - - - 0.68 - GAM Star India Equity Instl GBP Acc 104 64 109 50 147 26 ------Pictet-Biotech I dy GBP 104 58 109 49 102 202 184 22 339 8 1.20 - GAM Systematic Alt Rsk Pre GBP Acc 98 188 98 185 100 206 111 136 - - 0.99 - Pictet-Health I dy GBP 103 79 103 115 107 184 187 20 345 6 1.22 - GS BRICs Eq R Inc GBP 103 77 120 8 150 13 170 31 147 63 1.23 0.78 Pictet-India Index I GBP 99 158 103 116 134 73 161 38 - - 0.42 - GS Glbl Strat Inc Bd R Inc GBP Hdg 100 153 98 181 99 209 100 158 - - 0.85 2.10 Pictet-Indian Equities I GBP 103 89 104 110 147 27 216 5 224 26 1.05 - GS Glbl Strat Macro Bd R Inc GBP Hdg 99 175 98 197 105 188 - - - - 0.86 3.32 Pictet-NutritionI I dy GBP 103 76 107 62 129 90 143 63 - - 1.21 0.09 GS Global Currency Plus R Inc GBP Hdg 97 205 96 210 96 213 97 168 - - 0.95 - Pictet-Russia Index I GBP 107 36 116 17 150 15 112 132 - - 0.46 - GS India Equity R Inc GBP 98 186 105 86 150 14 236 2 344 7 1.10 0.15 Pictet-Russian Equities I GBP 105 51 110 41 168 2 132 83 97 89 1.16 - GS N-11® Equity R Inc GBP 94 220 95 217 106 186 97 169 - - 1.21 1.01 Pictet-Timber I dy GBP 111 15 121 7 153 8 168 33 - - 1.21 0.28 GS NA Engy & Engy Infras Eq R Acc USD 114 7 111 38 90 218 - - - - 1.15 - PIMCO GIS Capital Scs E USD Acc 99 163 98 195 128 95 - - - - 1.69 - GS Strat Abs Ret Bd I R Inc GBP Hdg 100 145 100 163 102 201 102 152 - - 0.50 1.63 PIMCO GIS Cmdty Real Ret E USD Inc 108 31 107 70 104 190 79 188 71 115 1.64 0.17 GS Strat Abs Ret Bd II R Inc GBP Hdg 100 155 98 183 101 203 100 156 - - 0.75 2.13 PIMCO GIS Glb Lw Dur Rl Rt Ins USD Acc 102 100 98 194 119 136 - - - - 0.49 - GS US Mortgg Bckd Secs R Acc USD 101 122 97 208 119 138 126 99 211 30 0.70 - PIMCO GIS Infl Strat E USD Acc 102 109 97 204 108 176 104 150 - - 2.10 - GS US RlEstt Bal R Acc USD 100 138 102 135 135 67 151 53 - - 1.10 - PIMCO GIS Uncons Bd E USD Acc 102 99 99 178 120 130 118 118 - - 1.80 - HL Multi-Mgr Asia and Emerging Mkt A Acc 98 190 102 136 129 89 - - - - - 0.74 PIMCO Sel Uncons Bd Retl GBPH Acc 99 174 99 175 100 207 98 162 ---- HSBC GIF Brazil Equity AD 93 223 96 211 119 134 71 190 59 119 2.16 0.88 Polar Capital Biotech I USD Inc 118 3 125 1 146 30 ------HSBC GIF BRIC Markets Equity AD 100 141 108 53 145 36 149 56 135 69 1.86 0.66 Polar Capital Financial Opports R Inc 100 136 106 76 127 97 155 47 - - 1.76 1.91 HSBC GIF GEM Debt Total Return M1D 99 169 93 219 114 156 120 113 213 29 1.35 1.75 Polar Capital Glbl Convert I Acc 108 29 107 68 129 93 ------HSBC GIF Indian Equity AD 95 216 99 176 130 86 159 44 142 66 1.91 - Polar Capital Global Ins R Acc 98 182 102 128 152 11 189 19 - - 1.47 - HSBC GIF Latin American Equity M1D 98 180 101 161 118 141 85 183 91 99 1.40 1.18 Polar Capital Healthcare Opports I Inc 110 18 115 18 126 109 237 1 - - 1.22 - HSBC GIF Russia Equity AD 107 34 111 34 155 6 120 114 84 103 2.16 1.21 Principal Preferred Secs I Acc USD 99 162 98 196 130 84 146 59 285 12 0.50 - Invesco Asia Infrastructure A USD SD 104 63 108 55 126 108 136 73 150 61 2.02 0.75 RWC Enhanced Income Fund R GBP Acc 106 45 104 95 114 157 124 103 - - 1.16 - Invesco Global Health Care A USD AD 104 70 104 98 105 187 154 49 278 13 2.43 - RWC Global Convertibles Fund R GBP Acc 100 137 101 146 103 195 121 111 161 54 1.11 - Invesco India Equity A USD AD 103 83 107 73 151 12 224 4 257 20 2.12 - RWC Income Opportunities Fund R GBP Acc 106 40 106 80 120 128 140 69 - - 1.11 - Invesco Korean Equity A USD AD 91 227 86 226 90 219 130 87 176 47 2.37 - Sarasin Food & Agriculture Opps P Acc 110 19 114 22 149 20 157 46 188 42 0.99 1.26 Investec Diversified Gr I Acc Net 97 203 100 164 103 194 117 121 158 55 1.00 1.46 Schroder Diversified Growth I Acc 100 134 104 109 108 181 124 102 162 52 0.80 1.30 Investec Enhanced Natural Res I Acc Net 108 30 113 25 133 80 116 126 131 72 0.00 1.27 Schroder GAIA Egerton Equity A Dis GBP 104 60 109 52 146 29 145 60 - - 2.44 - Investec Global Energy I Acc Net GBP 111 16 110 43 102 198 86 179 87 101 0.89 1.83 Schroder ISF Asian Ttl Ret C Acc USD 104 65 115 20 159 5 173 30 414 3 1.33 - Investec Global Gold I Acc Net GBP 104 56 102 142 141 46 105 148 94 95 0.87 - Schroder ISF Emerging Europe C Acc EUR 102 111 108 56 155 7 128 92 136 68 1.36 - Investec Short Dated Bond I Acc GBP 100 154 100 165 100 205 101 154 109 80 - 0.12 Schroder ISF Eurp Div Mxmsr Z Acc EUR 105 55 108 61 129 94 141 67 167 50 1.07 - Investec Target Return Bd I Acc GBP 96 209 97 205 96 215 95 172 101 84 0.77 1.52 Schroder ISF Glb Em Mkt Opps C Acc USD 102 97 111 33 147 23 152 52 209 33 1.35 - Investec UK Total Return I Acc Net 102 94 104 105 113 162 124 101 167 49 0.74 1.61 Schroder ISF Glbl Div Mxmsr Z Dis GBP 103 90 108 58 137 61 161 41 210 32 1.08 6.93 IP Emerging European Z Acc 101 124 109 46 152 9 131 85 105 83 - 2.46 Schroder ISF Indian Equity C Acc USD 102 95 107 67 149 18 195 17 259 19 1.38 - IP Global Financial Capital Z Acc 97 196 103 120 116 147 139 70 - - - 4.66 Schroder ISF Latin American C Acc USD 98 191 101 147 124 117 88 178 93 97 1.36 - IP Latin American Z Acc 96 212 99 180 114 154 80 187 95 92 - 1.81 Schroder ISF Wealth Presv C Acc EUR 98 192 98 186 127 101 104 149 142 65 1.04 - Janus Henderson Diversified Alts Y Acc 102 107 103 124 119 137 134 81 - - - 2.07 Schroder Small Cap Discovery Z Acc 100 142 103 117 127 99 148 57 - - - 0.79 Janus Henderson Global Fncls I Acc 104 68 113 27 133 78 161 40 185 43 1.09 1.10 Scottish Widows Latin Amer A Acc 91 229 95 214 131 82 95 173 95 93 1.81 0.99 Janus Henderson Latin American H Acc 100 146 101 153 138 60 - - - - 0.99 1.30 SKAGEN Vekst A 102 101 105 89 135 69 140 68 148 62 1.85 - Janus Henderson Secured Lns Y Acc GBP 101 113 103 119 111 168 119 115 154 57 1.04 3.15 SLI Enhanced-Diversification Plat 1 Acc 101 115 107 71 108 180 ------JOHCM UK Opportunities A GBP Acc 103 80 100 162 117 143 142 66 218 27 0.79 3.36 Smith & Williamson Artfcl Intllgnc Z GBP 117 4------JPM Africa Equity A perf (dist) GBP 108 28 112 32 111 171 109 138 - - 1.80 0.96 Smith & Williamson Global Gold & Res B 101 119 88 223 127 100 98 163 97 90 - - JPM Brazil Equity A (dist) USD 89 232 95 215 118 139 72 189 - - 1.79 1.74 Stewart Investors AsiaPac Ldrs B Acc GBP 106 44 107 66 133 75 159 43 288 11 0.89 1.12 JPM Emerging Europe Equity C Net Acc 94 222 98 184 129 92 96 170 79 110 0.93 - Stewart Investors AsiaPac Sust B Acc GBP 106 48 111 37 139 54 178 26 370 4 1.00 0.70 JPM Emerging Middle East Eq A (dist) USD 115 6 110 40 117 144 113 131 136 67 1.80 1.39 Stewart Investors Glbl EM Ldrs B Acc GBP 102 108 104 93 135 68 143 62 269 15 0.91 1.49 JPM Global Convert (EUR) A (dist) GBP H 101 117 104 104 103 192 121 109 - - 1.55 1.26 Stewart Investors Glbl EM Sust B Acc GBP 105 53 107 64 134 71 148 58 - - 1.03 0.84 JPM India A (dist) USD 100 148 103 121 131 83 163 36 211 31 1.79 0.45 Stewart Investors Global EM B Acc GBP 103 72 104 97 132 81 136 76 263 18 1.06 1.01 JPM Korea Equity A (dist) USD 105 49 110 42 149 17 155 48 207 35 1.80 0.07 Stewart Investors Indian Sbctnt B AccGBP 107 37 112 31 149 19 229 3 - - - 0.08 JPM Latin America Equity A (dist) USD 90 230 93 221 114 153 85 184 94 96 1.79 0.97 Stewart Investors Latin Amer B Acc GBP 99 179 99 167 143 39 112 133 - - 1.14 1.37 JPM Natural Resources C Net Acc 114 10 123 3 141 45 112 134 78 111 0.93 - Stonehage UK Equity Income B Inc 107 32 107 72 124 119 142 65 203 37 1.65 4.72 JPM Russia A (dist) USD 103 74 106 78 147 24 113 130 69 116 1.80 2.69 T. Rowe Price Frontier Markets Eq Q GBP 98 193 101 160 139 58 - - - - 1.27 - Junior Gold P Acc 116 5 105 87 139 57 85 181 ---- T. Rowe Price Glbl Natrl Res Eq Q EUR 106 46 110 44 126 106 125 100 114 76 0.85 - Junior Oils P Acc 107 38 101 151 81 220 54 192 34 120 -- T. Rowe Price Global Natrl Res Eq C GBP 106 41 109 47 ------Jupiter Emerging European Opps I Acc 99 171 103 122 140 49 106 142 76 112 1.21 2.17 TC South River Gold and Prec Mtls B Acc 95 214 81 227 125 111 ------Jupiter Financial Opportunities I Acc 109 21 117 12 142 42 168 32 242 23 1.00 0.93 Templeton BRIC A(acc)USD 101 129 117 15 145 32 149 55 117 74 2.49 - Jupiter Global Financials D GBP Acc 108 26 114 24 148 21 178 27 256 21 1.01 - Templeton Frontier Markets W(acc)GBP 97 200 97 203 124 118 126 98 - - 1.74 - Jupiter India I Acc 91 226 92 222 141 47 202 14 274 14 1.12 0.50 Templeton Latin America W(acc)GBP 96 211 99 177 128 96 91 177 91 98 1.41 - Jupiter India Select D USD Acc 92 225 93 220 145 37 203 13 266 16 0.99 - Threadneedle Latin America Z Acc GBP 94 221 96 209 113 161 81 186 86 102 - 1.97 Jupiter International Fincls I Acc 109 24 114 21 145 34 176 28 - - 1.02 1.52 VT Gravis UK Infras Inc C GBP Acc 100 135 96 212 ------5.53 Jupiter New Europe L GBP A Inc 98 184 102 139 139 55 106 143 96 91 1.64 1.82 VT Halo Global Asian Cnsmr B £ Net Acc 108 27 114 23 145 35 - - - - - 1.25 Kames Diversified Growth GBP B Acc 101 123 105 83 112 167 122 107 - - 0.56 2.72 VT SG UK Defined Return Assets A Acc 103 81 ------LF Bentley Sterling Income Inc 100 149 98 192 99 208 98 161 112 78 2.30 1.42 Waverton Alternatives A GBP Inc 99 172 97 202 96 214 - - - - - 0.52 LF Bentley USD Balanced Acc 101 116 100 166 117 146 129 90 177 46 2.39 0.39 WAY Global Momentum E Acc 97 197 98 188 115 150 122 106 - - 1.55 0.67 LF Canlife Global Infrastructure C Acc 97 199 99 174 123 122 143 61 - - - 2.32 Average/Total 102 232 104 227 125 220 133 192 171 120 1.25 1.56 LF Canlife Global Resource C Acc 118 2 118 9 129 91 115 128 ---- (IA) TARGETED ABSOLUTE RETURN LF Canlife Strategic Return C Acc 99 177 102 138 112 166 ------LF Canlife Total Return C Acc 100 133 107 74 107 182 115 127 75 113 - 1.31 7IM Real Return C Acc 99 65 100 54 107 29 131 8 - - - 0.97 LF Ruffer Gold C Acc 109 23 104 92 174 1 127 94 88 100 - 0.08 Aberdeen Target Return Bd I Acc 101 28 101 48 101 59 98 65 114 19 - 1.14 LF Ruffer Pacific C Acc 101 121 106 81 107 183 153 50 235 24 - 0.93 Absolute Insight Credit B2p2 GBP 100 57 102 35 101 62 111 36 - - 2.84 - LF Waverton Alternatives II B Inc 99 164 98 190 96 212 100 157 - - 2.63 0.73 Absolute Insight Currency B3p GBP 99 77 96 100 92 82 96 67 - - 0.95 - LF Woodford Income Focus A Sterling Acc 99 160 97 201 ------5.42 Absolute Insight Emerg Mkt Debt B3p GBP 98 90 100 62 100 64 103 55 - - 1.22 - LO Funds Absolute Return Bd EUR NA 99 161 101 149 121 126 99 159 115 75 0.72 - Absolute Insight Eq Mkt Netrl B3p GBP 101 31 101 37 103 51 106 48 - - 1.10 - LO Funds Cmdty Risk Premia USD NA 109 22 113 28 120 131 97 167 - - 1.00 - Absolute Insight W 100 56 100 56 100 65 105 50 135 12 - 0.87 Loomis Sayles Strat Alpha Bd H-N/D GBP 100 140 101 155 103 193 105 147 - - 1.00 2.70 Artemis Pan-Eurp Abs Ret I Hdg Acc GBP 100 50 101 45 116 12 - - - - 3.08 0.14 M&G Global Convertibles GBP I Acc 99 159 98 199 122 124 135 78 208 34 0.92 1.70 Artemis US Absolute Return I Hdg Acc GBP 100 38 101 42 111 20 - - - - 1.30 - Magna Africa G EUR Acc 98 181 97 200 103 196 - - - - 2.13 - Aviva Investors Mlt-Strat Trgt Inc 2£Inc 97 97 96 101 99 72 - - - - - 4.71 Marlborough ETF Commodity P Acc 110 17 115 19 113 158 86 180 71 114 -- Aviva Investors Mlt-Strat Trgt Ret 2£Acc 99 64 98 95 99 68 - - - - - 0.71 Marlborough ETF Global Growth P Acc 97 194 98 182 119 133 134 79 161 53 - 0.91 Baring Multi Asset I GBP Acc 101 27 103 21 112 18 124 16 - - 0.79 2.11 Matthews Asia Funds India I GBP 103 73 108 57 140 51 211 8 - - 1.50 - Barings Dynamic Absolute Ret I GBP H Acc 99 85 99 79 ------1.01 - McInroy & Wood Emerging Mkts Pers Inc 98 187 101 154 123 120 116 124 214 28 1.50 1.48 BlackRock Absolute Return Bond D Acc 100 51 101 43 104 43 106 47 - - - 1.54 MFS® Meridian Latin American Eq WH1 GBP 90 231 99 179 98 210 68 191 - - 1.35 - BlackRock Emerging Mkts Abs Alpha D Acc 105 5 94 103 99 69 ------MI TwentyFour AM Monument Bond I Acc 101 114 103 113 108 177 116 125 - - 1.01 2.17 BlackRock European Absolute Alpha D Acc 101 34 105 16 106 31 115 26 - - 0.97 - Mirabaud Convertible Bds Eurp A EUR Acc 97 201 97 207 119 132 117 123 - - 2.04 - BlackRock Glbl Long/Short Eq D Acc 102 13 108 8 ------Mirae Asset India Sector Leader Eq R GBP 99 178 104 94 142 40 - - - - 1.10 - BlackRock UK Absolute Alpha D 99 73 99 71 105 34 125 14 125 17 0.93 0.25 MS INVF Global Balanced Income IR 99 166 101 145 127 98 - - - - 0.99 5.88 BNY Mellon Absolute Ret Bd EUR X Acc 97 103 98 92 123 5 107 43 - - 0.07 - MS INVF Global Fixed Income Opps I 102 98 101 157 126 104 - - - - 0.65 - BNY Mellon Absolute Ret Eq GBP U Acc 101 20 102 29 106 33 112 31 - - 0.96 3.64 Neptune India C Acc GBP 97 202 99 169 139 53 197 16 230 25 1.77 0.01 Castlefield Real Return Instl 99 60 100 66 107 28 114 28 141 10 2.23 0.61 Neptune Latin America C Acc GBP 99 165 104 91 145 31 107 141 113 77 - 1.15 City Financial Absolute Eq I GBP Acc 85 112 86 110 107 27 165 1 295 1 1.24 - Neptune Russia & Greater Russ C Acc GBP 107 39 117 16 164 3 121 110 99 86 - 3.99 F&C Global Equity Market Neutral C Acc 96 106 107 12 ------Neuberger Berman AbsRetMltStrt GBP I Acc 100 150 101 158 95 216 - - - - 1.95 - FP Argonaut Absolute Return R GBP Acc 97 99 113 3 90 85 137 4 - - - 0.64 Neuberger Berman Divers Ccy USD A Acc 103 87 99 171 118 140 117 122 - - 1.20 - FP Octopus Global Strategies B 99 75 100 61 102 56 107 44 - - 1.62 0.63 Neuberger Berman Gb Dy AstAllc GBP I Acc 100 143 103 123 ------0.95 - FP Pictet Multi Asset Portfolio A Acc 101 17 103 24 ------0.49 Newton 50/50 Global Equity Expt 1 Acc 103 78 103 111 122 123 142 64 190 41 0.55 1.82 GAM MultiBond Absolute Ret Bd Def GBP R 99 68 100 65 100 63 100 62 - - 0.94 - Newton Maiden GBP Inc 104 62 106 77 130 87 160 42 207 36 0.45 1.84 GAM MultiBond Absolute Ret Bd GBP R 99 72 99 76 101 60 100 61 116 18 1.37 - GAM MultiBond Absolute Ret Bd Pls GBP R 99 80 98 84 103 54 101 58 125 16 1.58 - 64 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 12

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % GAM Multistock Abs Ret Eurp Eq GBP Rh 98 88 98 87 97 77 104 52 - - 0.74 - Polar Capital Global Tech I Inc 115 4 128 1 216 1 303 1 - - 1.69 - GAM Star (Lux) - Convert Alpha I EUR Acc 97 101 99 73 128 1 115 25 148 9 1.40 - T. Rowe Price Global Tech Eq C GBP 110 9 120 8 ------GAM Star (Lux) - Emerging Alpha I £ Acc 101 16 104 17 100 67 - - - - 1.59 - T. Rowe Price Global Tech Eq Qd GBP 111 7 120 7 ------1.01 - GAM Star (Lux) - European Alpha I GBP 104 8 109 7 106 30 116 21 - - 1.53 - Average/Total 110 16 116 16 169 12 233 12 385 10 1.25 0.70 GAM Star Discretionary FX GBP Acc 99 81 92 108 80 91 93 69 - - 3.88 - (IA) UK ALL COMPANIES GAM Star Emerging Market Rates Instl£Inc 98 93 100 63 105 37 108 42 - - 1.25 0.41 GAM Star Global Rates GBP Acc 95 107 92 107 86 88 91 70 - - 3.13 - 7IM UK Equity Value C Inc 109 11 110 52 125 83 - - - - - 3.71 GAM Star Keynes Quants Strats Instl£ Acc 99 62 101 44 94 79 111 35 - - 5.46 - Aberdeen Global UK Eq X SInc GBP 105 190 103 226 113 214 127 228 186 140 0.98 2.04 Gemini Principal Asset Allc A £ Acc 100 53 98 88 98 75 ------Aberdeen Responsible UK Equity I Acc 108 42 108 82 127 68 143 154 200 105 - 1.82 GS Global Absolute Ret R Inc GBP Hdg 98 95 99 78 ------1.00 0.23 Aberdeen UK All Share Tracker C Acc 106 129 106 143 122 118 142 166 - - - 3.21 H2O Multireturns N/D GBP 98 94 107 11 120 7 - - - - - 1.76 Aberdeen UK Eq Enh Idx B GBP Acc 107 71 108 88 ------3.33 Hermes Absolute Ret Crdt F GBP Hdg Acc 99 74 99 67 103 53 - - - - 0.94 - Aberdeen UK Equity I Acc 105 175 103 220 114 206 129 223 190 125 1.10 2.09 IFSL Brooks Macdonald Def Cap A Acc 101 25 101 46 112 16 125 15 164 2 - 1.31 Aberdeen UK Equity Index Managed B Acc 105 183 106 149 122 126 141 171 - - - 3.39 Insight Global Absolute Ret Inst W Acc 99 78 101 38 104 42 116 22 - - - 1.27 Aberdeen UK Mid-Cap Equity I Acc 106 99 105 184 124 99 157 89 267 30 - 1.25 IP Global Targeted Income Z Acc 98 96 97 98 ------3.50 Allianz UK Mid Cap C Acc 109 25 113 18 133 33 178 27 277 21 - 0.80 IP Global Targeted Returns Z Acc 99 84 98 93 104 40 - - - - - 1.30 Allianz UK Opportunities C Acc GBP 109 28 112 31 135 28 163 64 187 136 - 1.27 Janus Henderson Credit Alpha Y Acc 100 44 100 53 93 81 96 66 - - 1.52 0.39 Architas MM UK Equity A Acc 104 217 105 189 120 155 143 160 178 155 1.25 1.72 Janus Henderson Eurp Abs Ret I Acc 101 30 100 57 104 39 132 6 - - 1.11 1.01 Ardevora UK Equity A GBP Acc 112 3 115 9 136 25 177 29 - - - - Janus Henderson Mlt-Ast AbsRet I Acc 100 37 100 60 104 45 109 39 - - - 1.36 Artemis Capital I Acc 107 89 112 27 126 69 166 57 205 95 0.94 2.22 Janus Henderson UK Absolute Return I Acc 101 33 102 36 109 23 129 12 - - 1.08 0.16 Artemis Instl UK Special Sits IN Acc 104 206 103 216 116 190 151 109 225 63 0.77 2.09 JPM Gbl Macro Opportunities C Net Acc 102 12 116 1 118 9 144 2 - - 0.93 - Artemis UK Select I Acc 104 222 109 61 126 75 162 66 240 47 0.84 1.78 JPM Unconstrained Bond C Grs Acc 99 70 100 55 105 35 108 41 - - 0.68 1.33 Artemis UK Special Situations I Acc 104 208 104 204 117 188 145 143 214 79 0.81 2.17 Jupiter Absolute Return I Acc 101 29 99 77 110 21 115 23 - - 0.84 - Artorius A GBP Acc 105 197 112 25 139 17 198 10 - - - 0.23 Jupiter Strategic Reserve I Acc 98 86 99 80 99 71 104 53 - - - 1.58 Aviva Investors UK Eq MoM 1 2 GBP Inc 109 12 113 19 141 13 190 13 349 8 1.03 1.16 Kames Absolute Return Bond GBP B Acc 100 39 100 52 103 49 106 45 - - 0.68 - Aviva Investors UK Eq MoM 2 2 GBP Inc 107 81 107 98 124 103 131 216 124 194 1.03 2.62 Kames UK Equity Absolute Ret GBP B Acc 96 105 95 102 91 84 99 64 - - 0.82 - Aviva Investors UK Eq MoM 3 2 GBP Inc 105 169 103 224 115 197 136 192 167 178 1.07 2.18 L&G Multi-Asset Target Return I Acc 100 36 103 23 ------2.92 Aviva Investors UK Equity 2 GBP Acc 104 219 105 186 126 77 158 85 240 46 0.82 2.54 LF Odey Absolute Return Sterling I Acc 103 10 110 5 104 44 125 13 - - 5.06 - Aviva Investors UK Growth 2 GBP Acc 107 88 112 32 130 51 154 96 229 57 0.82 1.63 Liontrust GF EurpStratEq C3 H Instl Acc£ 106 3 105 15 116 11 ------Aviva Investors UK Index Tracking 2 £Inc 106 98 106 134 123 112 143 157 186 139 0.23 3.37 M&G Absolute Return Bond GBP I Acc 100 55 101 50 ------1.58 Aviva Investors UK Opportunities 2 £ Acc 107 90 109 59 120 152 149 113 216 74 0.78 2.32 M&G Global Target Return GBP I Acc 101 35 103 26 ------0.59 AXA Framlington UK Growth Z GBP Acc 106 140 105 193 116 194 146 129 196 110 0.72 2.11 Man GLG Alpha Select Alt IL GBP Acc 105 4 113 2 123 4 141 3 - - 1.35 - AXA Framlington UK Mid Cap Z Acc 104 213 107 102 129 55 179 24 - - 0.93 1.27 Man GLG European Alpha Alt IN H GBP 105 6 108 9 103 47 106 46 - - 1.65 - AXA Framlington UK Select Opps Z Inc 104 215 105 188 113 213 142 165 222 67 - 0.73 Man GLG UK Absolute Value Profl CX £ Acc 104 9------Baillie Gifford UK Equity Alpha B Acc 112 2 119 2 138 19 160 75 239 48 0.69 1.16 MI Activus Investment Z GBP Acc 100 52 102 27 ------0.01 Baillie Gifford UK Equity Focus B GBPAcc 109 15 ------Newton Global Dynamic Bd Inst Inc 99 71 99 68 103 50 106 49 161 3 0.81 2.86 Barclays UK Alpha R Acc GBP 107 65 105 172 119 166 149 116 202 102 - 2.04 Newton Managed Targeted Ret Inst W Acc 101 26 99 74 111 19 - - - - 0.77 1.30 Barclays UK Alpha S2 R Acc GBP 107 70 105 178 119 168 148 122 - - - 2.09 Newton Real Return Inst W Acc 99 66 98 94 103 52 110 37 149 8 0.79 2.33 Barclays UK Core R Acc GBP 107 83 105 182 125 86 143 155 184 142 - 2.08 Nordea 1 - GBP Diversified Return BC GBP 97 100 98 90 ------0.99 - Barclays UK Lower Cap R Acc GBP 104 212 109 71 139 15 194 12 - - - 1.03 Old Mutual AR Govt Bd R GBP Acc 105 7 107 10 ------0.75 - Barclays UK Opportunities R Acc GBP 107 51 107 99 129 53 164 63 245 42 - 1.89 Old Mutual Glb Eq Abs Rt R GBP Hdg Acc 101 24 110 6 119 8 131 7 - - 1.92 - BlackRock UK D Acc 110 10 111 42 134 31 162 68 180 150 0.92 1.51 Old Mutual Strat Abs Ret Bd F2 GBP H Acc 99 69 101 40 102 57 95 68 - - 0.92 - BlackRock UK Equity D Acc 107 63 107 94 130 48 158 81 - - - 1.84 Old Mutual Style Pre Abs Ret F GBPH Acc 99 83 99 72 ------BlackRock UK Focus D Acc 110 8 106 145 124 104 153 100 - - - 1.48 Old Mutual UK Opportunities R GBP Acc 97 102 98 85 91 83 101 57 - - - - BlackRock UK Special Situations D Acc 108 31 113 20 135 29 156 92 247 41 0.92 1.45 Old Mutual UK Specialist Eq R GBP Acc 98 92 105 14 ------3.52 - Castlefield B.E.S.T UK Opps Instl 107 50 107 117 114 207 142 164 146 190 2.31 1.55 OYSTER Absolute Return GBP R GBP D 99 63 100 51 103 46 - - - - 0.80 1.19 Castlefield CFP SDL UK Bufftlgy Inst Inc 108 45 118 5 169 4 225 4 - - - 1.09 Premier Defensive Growth C Inc 99 61 99 70 102 55 110 38 - - - - Cavendish Opportunities B Inc 107 66 107 113 132 40 170 44 299 14 0.83 1.45 Premier Multi Asset Absolute Ret C Acc 100 41 102 32 106 32 114 27 137 11 1.20 - CF Purisima UK Total Return A PCG 104 225 102 231 114 205 131 215 192 119 1.46 1.93 Royal London Abs Ret Govt Bd M GBP Acc 100 46 100 59 100 66 ------CFP SDL Free Spirit General (Acc) 106 115 118 6 ------RWC Core Plus B EUR 99 82 101 41 124 3 114 30 131 13 1.00 - Dimensional UK Core Equity GBP Acc 108 49 108 85 125 88 148 119 205 97 0.36 2.50 RWC Europe Absolute Alpha Fund R GBP 108 1 106 13 98 74 118 18 - - 1.35 - Dimensional UK Value Acc 107 69 111 38 119 163 135 200 167 180 0.54 2.45 RWC US Absolute Alpha R GBP 107 2 111 4 112 17 129 10 - - 1.36 - EdenTree Amity UK B 104 228 104 200 117 183 149 115 229 56 0.87 2.13 Sanlam FOUR Multi Strat A GBP Acc 101 23 102 30 112 15 - - - - 1.01 - EdenTree UK Equity Growth B 105 172 111 43 126 76 171 40 300 13 0.84 1.71 Sarasin IE Systm Abs Ret-UK GBP I Acc 102 15 98 86 ------2.10 F&C FTSE All-Share Tracker 2 Inc 106 131 106 144 122 121 143 158 190 129 0.38 3.40 Schroder Absolute Return Bond Z GBP Acc 99 67 100 58 102 58 102 56 127 15 0.92 1.12 F&C Institutional UK Eq 4 107 57 103 219 124 100 144 150 191 122 0.02 2.93 Schroder European Eq Abs Ret P2 Acc Euro 101 32 98 89 118 10 100 59 - - 1.01 - F&C Responsible UK Equity Gr 2 106 107 109 57 128 56 166 56 221 70 0.81 1.93 Schroder ISF Asian Bd Ttl Rt Z Acc USD 101 22 99 75 ------0.93 - F&C UK Alpha 2 107 58 102 233 119 167 134 205 171 170 0.86 1.92 Schroder ISF EM Dbt Abs Rt Z Acc EUR H 97 98 99 81 127 2 103 54 128 14 1.08 - F&C UK Mid-Cap C Net Acc 108 29 108 73 128 58 187 16 335 9 - 1.50 Schroder Multi-Asset Total Return Z Acc 100 59 102 28 ------Family Asset Trust 106 117 105 170 119 165 136 191 162 185 1.03 2.75 Schroder UK Dynamic Abs Ret P2 GBP Acc 101 21 104 20 121 6 133 5 - - 1.25 - Family Charities Ethical Tr Inc 106 151 105 187 115 201 128 224 129 192 1.46 2.34 SLI Abs Ret Glb Bd Strats A Acc GBP 99 76 98 96 99 70 100 60 - - - - Fidelity FAST UK Y-ACC-GBP 104 210 104 201 125 80 159 78 - - 1.28 - SLI Global Absolute Ret Strat Plat 1 Acc 97 104 97 97 94 80 105 51 153 5 - 1.32 Fidelity Index UK P Acc 107 91 107 107 124 94 145 137 190 126 - 2.59 Smith & Williamson Defensive Growth B 102 11 104 19 115 13 122 17 151 6 - 0.66 Fidelity Instl UK Acc 104 220 101 239 117 182 145 136 201 104 0.87 2.05 Smith & Williamson Enterprise C 100 48 102 31 109 22 129 11 157 4 0.93 - Fidelity MoneyBuilder Growth Y Inc 105 174 103 221 111 221 143 159 191 121 0.68 2.21 SVS Church House Tenax AbsRt Strts A Acc 100 58 100 64 108 25 118 19 151 7 1.35 0.29 Fidelity Special Situations W Acc 106 150 107 97 132 35 164 60 249 40 - 1.56 T. Rowe Price Dynamic Glbl Bd Qh GBP 98 87 98 91 ------0.67 - Fidelity UK Opportunities W Acc 107 72 108 84 139 16 182 22 - - - 1.34 Threadneedle Abs Ret Bd Ins Acc GBP 99 79 98 82 85 89 89 71 106 20 0.70 1.74 Fidelity UK Select W Acc 103 236 103 213 122 120 157 90 216 76 - 1.63 Threadneedle Crdt Opps Inst Acc GBP H 100 47 101 49 105 36 111 34 - - 0.70 1.52 FP CRUX UK B Inc 105 165 105 192 125 82 153 101 202 101 1.18 1.84 Threadneedle Dynamic Rl Ret Z Acc 101 19 104 18 114 14 - - - - - 0.77 FP Octopus UK Equity B Acc 105 184 106 160 121 139 144 148 - - 1.11 1.48 Threadneedle Global Opps Bd Z Acc 98 89 98 83 88 86 - - - - - 1.69 FP Russell Invsmts UK Growth Assts C Acc 107 78 108 87 120 160 144 149 - - 1.07 2.11 Threadneedle UK Abs Alpha Z Acc GBP 100 43 99 69 103 48 117 20 - - 0.93 - Franklin UK Managers' Focus W Acc 106 102 107 112 126 71 182 21 258 34 0.83 1.91 Tideway Real Return A GBP Acc 98 91 101 39 104 38 111 32 - - - - Franklin UK Mid Cap W Acc 108 33 114 14 127 62 178 26 353 7 0.82 1.89 TM Fulcrum Divers Cor Abs Ret C GBP Acc 100 45 103 25 98 73 ------Franklin UK Opportunities W Acc 104 223 104 210 120 161 146 128 185 141 0.55 3.35 TM Fulcrum Diversified Abs Ret C GBP Acc 100 40 103 22 98 76 111 33 - - - - Franklin UK Rising Dividends W Acc 104 216 103 230 127 64 159 76 204 98 0.55 3.33 TM Sanditon European Sel GBP A Acc 94 110 91 109 85 90 ------GAM UK Diversified Instl GBP Acc 102 250 100 250 106 239 133 210 199 106 1.12 - TM Sanditon UK Select A NET Acc 102 14 93 105 87 87 ------GlobalAccess UK Alpha M Acc GBP 107 75 105 174 119 164 - - - - 0.72 1.93 Vontobel Ttfr Abs Ret Crdt G GBP 100 42 102 34 ------0.45 - GlobalAccess UK Opportunities M Acc GBP 108 47 108 91 128 59 161 72 - - 0.81 1.92 VT icf Absolute Return Portfolio F GBP 100 54 101 47 104 41 108 40 - - 2.06 - GVQ Opportunities A GBP Inc 103 238 100 249 ------1.76 VT iFunds Absolute Return Green A Acc 93 111 93 106 101 61 114 29 - - - - GVQ UK Focus I GBP Inc 105 180 102 237 113 209 162 70 276 22 1.00 1.93 VT iFunds Absolute Return Indigo A Acc 94 109 94 104 95 78 99 63 - - - - Halifax Special Situations C 105 195 102 235 111 220 120 232 128 193 1.51 1.36 VT iFunds Absolute Return Orange A Acc 95 108 96 99 108 24 130 9 - - - 0.81 Halifax UK FTSE 100 Idx Track C 106 111 106 156 120 150 135 199 164 183 1.53 2.76 WAY Absolute Return Portfolio E Acc 101 18 102 33 108 26 115 24 - - 1.04 1.89 Halifax UK FTSE AllSh Idx Track C 106 156 106 161 120 148 139 182 176 157 1.50 2.62 Winton Absolute Return Futures I GBP Acc 100 49 ------Halifax UK Growth C 106 97 107 111 121 138 141 174 175 159 1.51 2.28 Average/Total 100 112 101 110 104 91 113 71 146 20 1.37 1.32 HL Multi-Manager UK Growth A Acc 103 235 105 179 127 65 - - - - - 1.61 HL Select UK Growth A Acc 108 39 107 120 ------1.75 HSBC Common For Growth Income 103 239 100 251 109 231 128 225 180 149 0.75 4.13 (IA) TECHNOLOGY AND TELECOMMUNICATIONS HSBC FTSE 100 Index Accumulation C 106 120 106 138 122 124 140 180 179 154 0.17 3.74 Aberdeen Global Technology Eq X Acc GBP 106 13 111 13 150 9 187 9 303 9 0.95 - HSBC FTSE 250 Index C Acc 106 143 107 105 123 116 164 61 261 33 0.18 2.45 AXA Framlington Global Technology Z Acc 116 3 125 3 197 3 291 2 552 1 - - HSBC FTSE All Share Index C Acc 107 93 107 110 124 96 146 135 192 118 0.17 3.56 Close FTSE TechMark X Acc 106 14 104 15 121 11 175 11 331 7 1.04 1.21 HSBC MERIT UK Equity I A Inc 106 103 107 109 121 142 142 168 187 134 0.53 2.95 Fidelity Gbl Technology W-Acc-GBP 108 11 118 10 199 2 280 3 457 3 1.16 - HSBC UK Focus R Acc 103 241 99 253 109 233 128 226 172 167 1.54 2.95 Fidelity Global TeleComms W-Acc-GBP 93 16 89 16 108 12 126 12 167 10 1.18 - HSBC UK Freestyle Retail Acc 102 244 100 246 109 232 126 231 152 189 1.69 3.72 GAM Star Technology Instl GBP Acc 120 1 122 4 173 7 235 7 - - 1.71 - HSBC UK Growth & Income C Acc 103 242 101 243 110 227 131 219 174 164 1.00 3.72 Invesco Global Technology A USD AD 113 5 119 9 167 8 225 8 320 8 1.99 - Investec UK Alpha I Inc Net 106 118 105 183 122 119 169 47 234 52 0.87 2.22 Janus Henderson Global Technology I Acc 111 8 122 5 191 4 259 5 462 2 1.03 0.01 Investec UK Special Situations I Acc Net 105 181 103 215 115 195 134 203 241 44 0.85 2.11 L&G Global Technology Index Trust I Acc 112 6 121 6 189 5 268 4 421 5 0.32 0.88 IP High Income Z Acc 101 253 96 256 107 235 139 181 208 90 - 3.31 MFM Techinvest Technology A Acc 108 12 105 14 135 10 187 10 381 6 1.74 - IP Income Z Acc 100 255 96 257 105 240 136 194 201 103 - 3.24 Neptune Global Technology C GBP Acc 117 2 128 2 ------IP UK Companies Z Acc 105 189 102 236 110 226 147 124 221 68 - 2.69 Pictet - RoboticsI GBP 104 15 116 11 ------1.20 - IP UK Enhanced Index No Trail 109 19 110 48 128 57 156 93 216 75 0.41 3.48 Pictet-Digital I dy GBP 109 10 115 12 181 6 259 6 455 4 1.21 - IP UK Focus Z Acc 105 170 106 137 120 154 160 74 270 25 - 2.68 www.whatinvestment.co.uk WhatInvestment July 2018 65 >| Unit Trusts 13

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % IP UK Growth Z Acc 105 200 106 153 116 192 155 95 226 61 - 2.61 Royal London UK FTSE4Good Tracker 106 142 106 154 118 180 136 196 168 176 1.50 2.16 IP UK Strategic Income Z Acc 100 256 97 255 105 241 140 178 225 64 - 2.92 Royal London UK Growth 104 207 107 119 120 157 146 130 182 144 1.53 1.47 iShares 100 UK Equity Index (UK) D Acc 106 116 106 135 123 114 141 173 - - - 3.31 Royal London UK Mid-Cap Growth Instl M 106 149 111 39 125 81 176 32 369 5 0.74 1.40 iShares Mid Cap UK Equity Idx (UK) D Acc 106 133 107 101 123 107 165 59 - - 0.19 2.47 Royal London UK Opportunities M Acc 106 105 106 139 113 208 145 146 202 99 0.72 2.46 iShares UK Equity Index (UK) D Acc 106 121 106 123 124 106 145 138 195 114 0.16 3.16 RWC UK Focus R GBP Acc 109 22 110 47 126 72 168 50 - - 1.06 - Janus Henderson Instl Hi Alp UK Eq I Acc 104 218 105 180 117 186 152 102 202 100 0.77 3.83 S&W Revera UK Dynamic Ret Acc 105 204 108 79 113 211 151 107 - - 1.55 1.59 Janus Henderson Instl MainstrmUKEq I Acc 105 203 106 158 118 177 148 121 196 111 0.54 3.51 Sanlam FOUR Active UK Equity A 106 136 107 95 109 230 131 218 175 161 0.95 - Janus Henderson Instl UK Eq Trck A Inc 106 152 105 166 119 162 138 188 173 165 1.04 2.57 Santander N&P UK Growth RI 107 68 105 167 120 153 132 213 172 168 1.30 2.78 Janus Henderson Instl UK Idx Opps I Acc 106 119 106 136 123 109 145 144 194 116 0.52 3.05 Santander Stockmarket 100 Trcr Gr RA 106 141 106 155 121 132 138 186 179 153 0.35 3.51 Janus Henderson UK Alpha I Acc 106 145 111 36 134 32 183 19 167 179 1.06 2.33 Santander UK Equities A 106 128 106 157 119 172 137 190 171 171 1.01 2.62 Janus Henderson UK Index I Acc 106 132 106 142 122 122 143 156 190 128 0.44 2.74 Santander UK Growth RA Acc 107 73 106 152 120 147 133 207 171 172 1.26 2.82 Janus Henderson UK Responsible Inc I Inc 103 232 103 229 115 202 156 91 225 62 0.84 3.81 Sarasin Charity Thematic UK Eq GBP A Acc 103 233 104 196 111 223 127 227 - - 0.95 3.54 Janus Henderson UK Tracker A Acc 106 138 106 162 121 141 136 198 167 177 1.22 2.52 Sarasin UK Equity P Acc 102 246 102 234 110 228 126 229 - - 0.96 3.25 JOHCM UK Dynamic A Acc 107 56 110 54 131 45 170 45 - - 1.00 3.40 Schroder Core UK Equity Z Acc 107 74 105 176 115 199 129 222 179 152 0.84 3.41 JOHCM UK Growth GBP A 105 163 109 65 117 187 149 117 252 38 0.81 1.41 Schroder MM UK Growth Z Acc 105 168 104 208 115 196 136 195 186 138 1.40 1.70 JPM UK Dynamic C Net Acc 109 16 111 37 130 50 168 51 222 66 0.93 1.21 Schroder Prime UK Equity I Acc 107 59 107 122 121 133 150 112 212 84 0.51 2.69 JPM UK Equity Core E Net Acc 105 159 106 150 125 85 151 106 196 109 0.40 - Schroder Recovery Z Acc 109 14 111 41 126 73 157 86 305 12 0.92 1.89 JPM UK Equity Growth C Net Acc 108 35 110 50 131 43 170 43 - - 0.93 - Schroder Responsible Value UK Eq I Acc 113 1 112 28 131 46 155 94 255 37 0.77 2.60 JPM UK Equity Plus C Net Acc 109 17 112 30 ------Schroder UK Alpha Plus Z Acc 106 114 105 191 118 181 143 163 219 71 0.90 2.11 JPM UK Strategic Equity Income C Net Acc 105 158 108 90 124 89 154 99 197 108 0.93 1.85 Schroder UK Equity Z Acc 108 41 104 205 118 176 150 110 208 91 0.91 2.41 Jupiter Growth & Income I Acc 99 257 98 254 103 242 133 209 221 69 1.01 3.62 Schroder UK Mid 250 Z Acc 105 185 111 45 120 149 162 69 240 45 0.91 1.54 Jupiter Responsible Inc Fd I Acc 101 252 100 247 106 236 136 193 180 148 - 3.61 Schroder UK Opportunities Z Acc 105 178 106 125 116 191 132 211 295 15 0.82 2.20 Jupiter UK Alpha I Acc 105 196 101 244 106 237 139 183 208 88 0.86 2.70 Scot Wid MM UK Equity Focus A Acc 106 112 107 96 121 135 147 127 175 162 1.81 1.00 Jupiter UK Growth I Acc 109 26 101 241 100 244 141 172 206 94 1.03 1.75 Scot Wid MM UK Equity Growth A Acc 107 76 107 92 116 193 142 167 181 147 1.82 0.96 Jupiter UK Special Situations I Acc 107 86 105 181 127 63 158 80 262 32 0.78 2.19 Scottish Friendly UK Growth 105 182 109 66 124 98 162 67 212 81 1.56 - Kames Ethical Equity GBP B Acc 102 248 105 175 113 210 152 103 217 73 0.82 1.97 Scottish Widows UK All Share Track I Acc 106 137 106 140 122 130 142 169 190 124 0.35 3.14 Kames UK Equity GBP B Acc 104 224 105 173 119 174 145 141 187 135 0.82 2.13 Scottish Widows UK Growth A 106 104 107 118 119 169 133 206 157 187 1.61 2.07 Kames UK Opportunities GBP B Acc 105 176 105 169 113 212 146 133 187 133 1.10 1.64 Scottish Widows UK Select Gr A 104 226 102 238 111 224 113 233 135 191 1.61 1.22 L&G (A&L) Capital Growth Acc 106 154 105 165 119 170 136 197 172 166 1.42 2.56 Scottish Widows UK Tracker G Acc 106 147 105 168 120 158 133 208 - - - 2.77 L&G (N) Tracker Trust I Acc 106 134 106 133 123 113 145 145 186 137 - 3.36 Slater Growth P Acc 103 234 109 62 136 24 216 6 452 1 0.80 0.72 L&G Ethical Trust I Acc 105 188 104 199 111 222 148 123 196 112 0.32 2.71 Slater Recovery P Acc 105 186 114 12 149 10 208 7 268 28 - 0.64 L&G Growth Trust I Acc 111 5 109 64 144 12 187 17 211 85 0.79 1.01 SLI UK Eq Unconstrained Plat 1 Acc 109 20 119 1 115 200 158 84 361 6 - 1.80 L&G UK 100 Index Trust I Acc 106 127 106 147 122 123 140 179 181 146 0.24 3.68 SLI UK Equity General Trust Retl Acc 106 146 107 103 117 185 134 202 166 181 0.84 1.35 L&G UK Alpha Trust I Acc 93 260 99 252 118 179 146 134 257 36 0.80 1.73 SLI UK Equity Growth Plat 1 Acc 108 44 110 49 117 184 138 185 162 184 - 2.42 L&G UK Index Trust I Acc 106 126 106 129 123 110 145 142 194 115 0.23 3.34 SLI UK Equity High Alpha Plat 1 Acc 109 21 113 15 122 127 157 87 273 23 - 2.52 L&G UK MID Cap Index I Acc 106 108 107 104 ------2.56 SLI UK Equity Recovery Plat 1 Acc 111 4 113 16 153 9 182 20 - - - 1.23 L&G UK Select Equity I Acc 107 64 105 190 125 84 152 104 194 117 - 2.74 SLI UK Ethical Plat 1 Acc 106 123 111 44 132 37 168 52 243 43 - 1.27 L&G UK Special Situations Trust I Acc 104 229 106 151 135 27 178 28 - - 0.83 1.05 SLI UK Opportunities Plat 1 Acc 107 82 112 33 127 66 173 37 205 96 - 0.60 Lazard UK Omega C Acc 105 194 108 78 122 117 164 62 233 54 - 2.41 Smith & Williamson UK Equity Gr B 106 130 107 100 124 91 174 33 215 77 - 1.35 Lazard UK Omega Equity C Acc GBP 106 153 108 77 122 128 - - - - 0.97 - SSgA UK Equity Tracker 107 85 106 128 124 102 145 147 190 127 0.70 - Legg Mason IF QS UK Equity X Acc 105 173 103 222 112 215 140 177 176 158 - 3.22 Stonehage Core UK Equity B Inc 105 177 101 240 109 229 130 220 174 163 1.90 - LF Canlife UK Equity C Acc 108 48 107 93 107 234 - - - - - 2.08 SVM UK Growth Instl 107 92 113 21 131 47 174 35 273 24 1.16 - LF IM UK Growth A Inc 105 167 107 115 124 93 143 161 - - 1.44 2.47 SVM UK Opportunities Instl 108 36 111 35 137 20 176 31 268 27 1.09 - LF Lindsell Train UK Equity Acc 108 40 110 46 140 14 187 15 403 2 0.83 1.77 TB Evenlode Income B Inc 107 87 106 124 137 22 173 36 - - - 2.47 LF Miton UK Value Opps B Instl Acc 103 240 106 131 132 36 203 9 - - - 1.54 TB Saracen UK Alpha B Acc 109 18 114 11 131 44 184 18 197 107 1.44 1.68 LF Woodford Equity Income C Sterling Acc 96 259 89 258 101 243 - - - - - 3.33 TC Delmore Growth & Income A Inc 105 191 101 242 112 217 131 217 164 182 2.17 3.34 Liontrust FTSE 100 Tracker R Inc 106 148 105 163 121 140 137 189 177 156 0.46 3.20 Threadneedle Ethical UK Equity Z Acc 104 214 103 225 ------1.54 Liontrust Macro UK Growth I Acc 104 230 104 198 106 238 140 176 - - - 3.23 Threadneedle UK Extnd Alpha Ins Acc GBP 104 221 104 211 123 115 158 82 212 83 1.17 2.23 Liontrust Special Situations I Inc 109 13 112 24 144 11 180 23 388 4 0.92 1.60 Threadneedle UK Growth & Inc Z Inc 107 84 103 227 125 87 157 88 235 50 - 3.39 Liontrust Sust Fut UK Gr 2 Net Acc 108 43 110 56 132 41 174 34 227 60 0.85 1.25 Threadneedle UK Institutional Ins Acc 106 144 105 185 123 108 149 114 208 89 0.78 2.41 Liontrust UK Ethical 2 Net Acc 106 101 110 51 129 52 172 39 218 72 - 1.62 Threadneedle UK Mid 250 Z Acc GBP 102 243 108 74 125 79 171 41 284 19 0.87 0.96 Liontrust UK Growth I Inc 109 23 108 72 137 21 169 49 234 51 0.92 2.07 Threadneedle UK Overseas Earn Z Inc 107 94 104 195 126 70 - - - - - 2.47 M&G Index Tracker GBP A Acc 105 179 106 146 122 131 143 153 191 123 0.46 3.09 Threadneedle UK Select Z Inc GBP 104 211 104 209 120 151 158 79 209 87 - 2.18 M&G Recovery GBP I Acc 107 55 108 83 120 156 126 230 171 169 0.91 1.26 Threadneedle UK Z Inc GBP 105 193 103 212 124 101 154 97 223 65 - 2.42 M&G UK Select GBP I Acc 106 157 105 171 115 203 143 162 192 120 0.91 1.34 TM Sanditon UK A GBP Acc 108 32 100 248 ------2.73 Majedie UK Equity X Acc 106 124 105 194 120 159 151 105 250 39 0.78 2.48 TM UBS (UK) - UK Eq C Acc 105 192 106 141 124 95 - - - - - 2.10 Majedie UK Focus X Acc 110 9 108 80 124 92 170 46 284 20 1.53 1.54 UBS UK Opportunities C Acc Net 109 24 109 63 132 39 159 77 175 160 - 2.78 Man GLG UK Select Professional Acc C 107 62 109 69 114 204 148 118 - - 0.90 1.12 Unicorn Outstanding British Co Instl 106 155 108 89 128 60 158 83 308 11 1.18 1.38 Man GLG Undervalued Assets Profl Acc C 107 53 115 7 136 23 - - - - - 1.85 Unicorn UK Growth A 105 166 113 17 172 3 206 8 292 16 1.97 0.68 Marks & Spencer UK 100 Comp Acc 106 135 106 159 121 143 135 201 170 173 1.03 3.09 Vanguard FTSE 100 Index A GBP Acc 106 96 106 126 ------2.51 Marks & Spencer UK Selection Acc 102 247 101 245 110 225 132 214 155 188 1.61 3.59 Vanguard FTSE U.K. All Shr Idx UT Acc 107 60 107 116 124 90 145 139 - - 0.15 3.36 Marlborough UK Multi-Cap Growth P Inc 107 80 115 8 155 6 197 11 324 10 - 0.64 Virgin UK Idx Tracking Trust 106 113 105 164 120 145 138 184 179 151 1.00 2.68 MFM Bowland 107 52 119 4 173 2 227 2 268 29 2.09 0.92 VT Cape Wrath Focus GBP A Net Acc 106 106 104 206 ------0.90 MFM UK Primary Opportunities P Inc 105 171 106 132 136 26 162 65 169 175 - 1.96 VT Castlebay UK Equity A Accumulation 105 164 109 68 119 175 - - - - - 2.97 MFS® Meridian UK Equity W1 GBP 104 209 103 218 119 171 134 204 214 78 1.00 - VT Munro Smart Beta UK A Acc Retail 105 160 106 127 119 173 132 212 161 186 2.40 4.20 MGTS AFH DA UK Multi-Cap Gr I GBP Acc 106 109 ------VT Sorbus Vector A 111 7 114 13 ------0.53 MI Brompton UK Recovery Trust Acc 108 46 110 53 130 49 162 71 233 53 2.55 0.53 VT Strategic Value Net Inc 111 6 114 10 ------3.39 MI Charles Stanley Equity A Acc 103 237 102 232 112 216 129 221 212 82 1.60 1.85 Wesleyan UK Growth X Acc 108 38 110 55 ------2.64 MI Chelverton UK Equity Growth B Acc 108 30 119 3 187 1 - - - - - 0.93 Average/Total 106 261 107 259 123 245 154 233 217 194 0.97 2.23 Mirabaud UK Equity High Alpha A GBP Acc 101 254 107 114 120 146 138 187 183 143 1.48 - Montanaro UK Income STG Unhedged 105 187 108 75 134 30 177 30 291 17 0.23 3.36 (IA) UK EQUITY AND BOND INCOME NatWest Growth NAV 106 122 107 121 131 42 171 42 285 18 - 2.03 Cavendish UK Balanced Income B 100 10 101 7 114 7 140 6 - - 0.63 4.83 Neptune UK Mid Cap C Acc GBP 97 258 103 217 112 218 168 54 - - - 1.80 HSBC Monthly Income C Acc 102 7 101 8 112 9 130 8 168 7 - 3.87 Neptune UK Opportunities C Acc GBP 102 251 103 228 112 219 146 132 230 55 - 2.06 Jupiter Monthly Income I Acc 102 8 103 5 125 1 149 2 202 3 0.97 4.35 Newton UK Equity Inst W Acc 105 198 103 214 121 137 150 111 170 174 0.79 3.13 LF Canlife UK Equity and Bond Inc C Acc 105 2 104 2 119 3 143 4 183 5 0.80 3.92 Newton UK Opportunities Inst W Acc 104 205 104 203 125 78 160 73 228 58 0.80 1.88 LF IM UK Equity & Bond Income A Acc 104 4 103 4 114 8 130 9 137 9 1.57 3.57 NFU Mutual UK Growth C 106 110 109 67 127 61 144 152 188 131 - 2.19 M&G UK Income Distribution GBP I Acc 103 5 103 3 118 4 143 3 205 2 0.91 3.67 Old Mutual Artemis UK Spec Sits U2 £ Acc 105 199 104 207 117 189 147 126 - - - 2.12 Royal London UK Income with Growth 102 9 100 10 110 10 129 10 175 6 1.53 4.21 Old Mutual Equity 1 A GBP Acc 108 37 112 26 154 7 226 3 269 26 1.10 0.89 Scottish Widows High Reserve A Acc 105 3 104 1 117 6 132 7 163 8 1.36 3.95 Old Mutual Newton UK Opps U2 GBP Acc 105 201 104 202 122 129 142 170 - - - 1.90 Threadneedle Managed Eq Inc Z Inc 103 6 101 9 117 5 142 5 201 4 - 3.73 Old Mutual UK Alpha R GBP Acc 107 79 109 70 118 178 145 140 188 130 1.08 3.00 Threadneedle Mthly Etr Inc Z Inc GBP 105 1 102 6 122 2 152 1 228 1 - 3.67 Old Mutual UK Dynamic Eq R GBP Inc 106 100 112 23 159 5 230 1 - - 2.30 - Average/Total 103 10 102 10 117 10 139 10 185 9 1.11 3.98 Old Mutual UK Equity R GBP Acc 102 245 103 223 115 198 147 125 210 86 0.95 2.33 Old Mutual UK Index R GBP Acc 106 139 106 148 121 136 141 175 182 145 - 3.09 Old Mutual UK Mid Cap R GBP Acc 108 34 112 29 154 8 224 5 397 3 0.85 0.94 (IA) UK EQUITY INCOME Old Mutual Woodford Eq Inc U2 GBP Acc 91 261 82 259 90 245 - - - - - 2.90 Aberdeen UK Equity Income I Acc 102 73 97 79 109 75 123 78 184 42 1.10 3.75 Polar Capital UK Value Opports I GBP Acc 105 202 108 86 ------Allianz UK Equity Income C Inc 109 6 112 6 120 34 144 57 196 35 - 3.91 Premier Ethical C Inc 103 231 108 76 127 67 178 25 257 35 0.99 1.72 Ardevora UK Income A GBP Inc 107 17 105 31 116 57 150 34 - - - 3.51 Premier UK Growth C Inc 109 27 107 108 122 125 167 55 213 80 1.03 2.24 Artemis Income I Inc 107 16 108 13 124 14 153 21 235 8 0.79 4.00 Rathbone UK Opportunities I Inc 105 161 111 40 126 74 165 58 - - 0.81 2.24 Aviva Investors UK Equity Income 2 £ Acc 105 41 105 35 123 16 152 22 - - 0.81 4.09 RBS Growth 1 104 227 104 197 124 105 154 98 228 59 1.30 1.84 AXA Framlington Blue Chip Eq Inc Z £ Acc 105 40 102 60 115 61 144 56 - - - 3.92 River & Mercantile UK Eq Hi Alpha B 107 67 111 34 132 38 173 38 264 31 0.82 2.22 AXA Framlington Monthly Income Z GBP Inc 103 67 105 30 127 10 172 5 174 47 - 4.24 River & Mercantile UK Eq L/T Rec B 107 54 113 22 139 18 189 14 - - 1.17 1.84 Barclays UK Equity Income R Acc GBP 107 10 108 16 121 24 151 27 - - - 3.96 River and Mercantile UK Dynamic Eq B Acc 102 249 105 177 129 54 168 53 207 93 1.19 2.01 Barclays UK Equity Income S2 R Acc GBP 107 12 107 17 121 28 151 28 - - - 3.98 Royal London FTSE 350 Tracker Z Acc 105 162 106 130 123 111 144 151 195 113 0.12 3.09 BlackRock UK Income D Acc 105 39 103 57 120 32 155 19 221 15 0.92 3.73 Royal London Sustainable Leaders C Acc 107 95 109 58 133 34 169 48 237 49 - 1.73 Castlefield B.E.S.T. Sust Inc Instl 97 87 95 85 102 80 127 76 157 54 2.87 3.90 Royal London UK All Share Tracker Z Acc 106 125 107 106 124 97 146 131 - - 0.13 3.04 Courtiers UK Equity Income Retl R 104 43 107 19 ------2.26 Royal London UK Dividend Growth M 107 61 109 60 121 134 151 108 207 92 - 2.42 F&C Responsible UK Income 2 104 48 105 34 120 39 152 25 208 27 0.85 3.66 Royal London UK Equity M Acc 107 77 108 81 121 144 148 120 188 132 0.53 2.69 F&C UK Equity Income 2 107 14 105 33 125 12 139 65 174 49 1.85 4.10

66 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 14

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Fidelity Enhanced Income W Inc 102 75 95 84 106 79 126 77 - - - 6.84 SLI UK Gilt Plat 1 Acc 102 16 100 18 111 16 119 17 164 11 - 0.37 Fidelity MoneyBuilder Dividend Y Inc 102 72 96 83 111 71 136 69 200 34 0.67 4.59 Threadneedle Sterling Bond Z Inc 102 13 100 17 112 13 121 14 160 14 - 1.08 FP Miton Income B Acc 106 31 104 45 119 40 152 26 205 30 0.93 4.30 Threadneedle UK Fixed Interest Z Acc 102 9 100 12 112 8 122 7 173 4 - 0.86 Franklin UK Equity Income W Acc 105 38 104 41 126 11 159 14 221 16 0.54 4.07 Vanguard UK Govt Bd Idx GBP Acc 103 6 101 4 113 5 125 5 - - 0.12 1.29 GAM UK Equity Income Instl Acc 104 51 ------Vanguard UK Lg Dur Gilt Idx A Grs Acc 104 2 102 2 123 1 148 1 - - 0.15 1.75 Halifax UK Equity Income C 107 20 106 24 119 42 138 66 172 51 1.54 4.24 Average/Total 103 27 100 27 112 25 124 24 171 18 0.46 1.43 HC Kleinwort Hambros Equity Income A Acc 103 68 102 59 112 70 133 72 184 39 2.30 3.82 HL Multi-Manager Income & Growth A Acc 104 54 104 49 117 52 149 37 213 21 1.32 3.92 (IA) UK INDEX-LINKED GILTS HL Select UK Income Shares A Acc 103 60 97 82 ------4.07 AXA Sterling Index Linked Bond Z Net 102 7 97 12 124 3 144 2 216 2 0.33 - HSBC Income Accumulation C 103 70 101 68 111 72 130 74 179 46 - 4.02 Baillie Gifford Act Idx-Lk Glt Pls B Inc 101 12 98 3 123 4 138 13 - - 0.42 1.44 Insight Equity Income Booster Inst W Acc 103 63 103 50 118 48 142 60 - - - 7.33 F&C Institutional Active Index Lnkd3£Acc 101 11 97 13 123 5 143 4 - - - 0.04 Insight Equity Income Inst W Acc 107 19 106 21 121 29 150 33 217 18 - 4.03 HSBC Index-Linked Gilt index Acc C 102 8 98 7 ------1.63 Investec UK Equity Income I Net Acc 104 44 101 67 122 22 - - - - - 2.72 iShares Index Lkd Gilt Idx (UK) D Acc 102 5 98 8 124 2 145 1 - - 0.29 0.35 IP Income & Growth Z Acc 103 64 99 75 113 65 142 59 167 52 - 3.68 Janus Henderson Index-Linked Bond I Acc 101 10 97 14 123 8 141 7 217 1 0.54 - Janus Henderson UK Eq Inc&Gr I Inc 104 52 101 65 113 64 149 39 230 11 0.82 3.70 L&G All Stocks IdxLnk Gilt Idx Tr I Acc 102 9 98 10 121 11 140 10 204 7 - - JOHCM UK Equity Income A GBP Acc 108 8 113 4 128 8 163 10 311 3 0.80 4.03 M&G Index-Linked Bond GBP I Acc 102 3 98 6 122 9 140 8 212 4 0.56 - JPM UK Equity Income C Net Acc 105 36 108 12 ------Newton Index Lkd Gilt Exempt 2 Acc 102 4 98 4 124 1 143 3 214 3 0.25 2.47 JPM UK Higher Income C Net Acc 106 21 108 14 120 35 146 47 189 37 0.93 2.32 Royal London Index Linked M Acc 102 1 99 2 123 6 141 6 210 5 - 0.25 Jupiter Income Trust I Acc 107 15 107 20 129 6 159 13 201 33 0.94 3.52 Schroder All Mats Idx Lnkd Bd I Acc 102 2 98 5 122 10 140 9 205 6 0.28 0.21 Kames UK Equity Income GBP B Inc 104 57 103 51 122 19 149 38 - - 1.11 4.39 Scottish Widows UK Idx Lnkd Trkr I Acc 100 14 98 9 121 12 138 12 203 8 0.37 0.24 L&G UK Equity Income I Acc 104 45 103 56 115 59 138 67 - - 0.88 4.55 Threadneedle UK Index Lnkd Ins Acc 101 13 97 11 121 13 138 11 199 9 - 0.39 Lazard Multicap UK Income A Acc 104 53 106 26 122 23 152 23 212 24 1.01 3.98 Vanguard UK Infl-LnkdGltIdx A Grs Acc 102 6 99 1 123 7 142 5 - - 0.15 - LF Canlife UK Equity Income C Acc 106 30 104 46 117 49 143 58 174 48 0.93 3.64 Average/Total 102 14 98 14 123 13 141 13 209 9 0.35 0.78 LF Livingbridge UK Multi Cap Inc C £ Acc 109 5------LF Miton UK Multi Cap Inc B Acc Instl 104 56 106 23 132 5 188 2 - - 0.82 3.80 Liontrust Macro Equity Income I Acc 102 74 103 54 110 73 140 64 203 31 - 5.05 (IA) UK SMALLER COMPANIES M&G Charifund GBP Inc 103 62 105 37 121 31 152 24 206 29 0.47 4.65 Aberdeen UK Smaller Companies Eq I Acc 109 10 116 9 137 36 183 36 298 27 - 1.30 M&G Dividend GBP I Acc 101 77 97 80 112 67 134 70 181 45 0.91 3.50 Aberforth UK Small Companies Acc 106 31 107 44 128 43 184 35 290 29 0.86 2.53 Majedie UK Income X Acc 111 3 112 5 120 37 175 4 - - 0.79 4.24 Artemis UK Smaller Companies I Acc 108 21 114 21 161 13 205 23 242 39 0.84 1.84 Man GLG UK Income Professional Acc C 108 7 113 3 136 2 178 3 218 17 0.91 4.91 Aviva Investors UK Smaller Coms 2 £ Acc 109 11 115 18 133 39 178 37 335 18 1.13 0.88 Marlborough Multi Cap Income P Acc 103 69 105 29 117 51 168 6 - - - 4.18 AXA Framlington UK Smlr Coms Z GBP Acc 104 40 113 26 154 18 234 10 352 14 0.88 0.53 MGTS Ardevora UK Income Instl Net Acc 107 11 106 22 118 46 156 17 - - 1.31 3.43 Baillie Gifford British Smlr Coms B Acc 107 26 106 45 127 44 163 45 334 19 0.69 0.61 MI Chelverton UK Equity Income B Acc 106 29 111 7 136 3 189 1 323 2 1.00 4.15 BlackRock UK Smaller Companies D Acc 109 14 117 8 158 14 205 22 329 20 0.92 0.89 MI Downing Monthly Income Acc 99 86 101 66 110 74 140 61 - - 1.93 4.71 Castlefield B.E.S.T Sust UK SmComs Instl 100 48 113 28 154 19 192 30 259 35 2.77 - NatWest Equity Income NAV 104 47 104 42 121 26 148 43 233 9 - 4.07 Cavendish AIM B 110 8 124 3 189 4 255 4 318 23 0.89 0.22 Neptune Income C Acc GBP 106 23 109 9 127 9 150 35 193 36 - 3.63 Dimensional UK Smlr Coms Acc 107 27 108 39 124 46 169 44 296 28 0.66 2.07 Neptune Quarterly Income C Acc GBP 104 58 105 28 109 76 132 73 173 50 1.00 3.65 Elite Webb Cap Smaller Co Inc & Gr B Acc 110 9 127 2 146 26 224 15 - - - 1.54 Newton UK Income Inst W Acc 104 55 103 55 121 25 146 49 147 55 0.79 3.75 F&C UK Smaller Companies 2 107 25 116 10 148 23 210 20 360 12 0.85 1.04 NFU Mutual UK Equity Income C 107 13 104 40 122 18 145 52 - - - 4.19 Fidelity UK Smaller Companies W Acc 106 30 108 41 138 35 193 29 - - - 1.31 Old Mutual Artemis Income U2 GBP Acc 106 26 107 18 121 30 150 32 - - - 3.47 FP Octopus UK Micro Cap Growth P Acc 114 3 119 7 164 12 199 27 252 36 - - Old Mutual Newton UK Income U2 GBP Acc 104 50 103 53 122 21 146 50 - - 0.71 3.80 Franklin UK Smaller Companies W Acc 107 24 114 22 142 29 211 19 209 41 0.83 1.00 Old Mutual UK Equity Income R GBP Acc 103 61 106 27 112 66 147 46 214 20 0.94 4.02 Halifax Smaller Coms C 109 12 115 13 135 37 173 41 250 37 1.51 0.75 Premier Income C Inc 101 78 102 64 117 53 151 30 213 22 0.88 4.34 Investec UK Smaller Companies I Inc Net 107 23 115 14 142 30 198 28 397 9 0.85 1.50 Premier Monthly Income C 101 80 102 63 117 54 150 36 216 19 0.95 4.37 IP UK Smaller Companies Eq Z Acc 105 36 110 32 152 21 212 17 310 24 - 0.85 Premier Optimum Income C Inc 101 83 101 70 119 45 156 18 211 25 1.44 7.28 Janus Henderson UK Smaller Coms I Acc 108 20 115 17 144 28 204 24 365 11 0.82 1.30 Rathbone Blue Chip Income And Gr I Inc 97 88 89 86 106 78 130 75 182 44 0.90 4.00 Janus Henderson UK&Irish Smr Coms I Acc 106 34 109 36 128 42 158 46 213 40 - 1.07 Rathbone Income I Inc 103 65 99 77 118 47 149 40 208 28 0.81 3.78 JPM UK Smaller Companies C Acc 110 7 115 19 139 32 176 38 266 34 0.93 - RBS Equity Income 1 104 46 104 43 121 27 148 44 233 10 1.32 4.06 Jupiter UK Smaller Companies Fd I 114 2 131 1 195 2 252 6 326 22 - 0.71 River & Mercantile UK Equity Income B 105 42 105 32 120 33 150 31 - - 0.93 3.59 Kames UK Smaller Companies GBP B Acc 108 18 114 23 138 34 186 33 329 21 1.10 1.39 Royal London UK Equity Income M 105 37 104 48 124 13 165 8 - - 0.68 3.83 L&G UK Smaller Companies Trust I Acc 106 32 110 33 126 45 175 40 299 26 - 1.23 Santander Dividend Income RI 106 28 104 44 116 55 148 41 - - - 5.18 Lazard UK Smaller Companies C Inc 105 39 111 31 129 41 176 39 266 33 - 1.67 Santander Enhanced Income II 106 32 105 38 120 38 144 54 - - 0.80 5.63 LF Livingbridge UK Micro Cap C Acc 111 6 121 5 155 17 257 2 - - - 0.35 Santander Equity Income II 106 24 105 39 119 44 153 20 211 26 0.68 5.10 LF Miton UK Smaller Companies B Acc 108 17 115 16 145 27 232 11 - - - 0.59 Schroder Income Fd Z Acc 113 1 114 2 129 7 163 9 274 4 0.91 3.32 Liontrust UK Micro Cap I Acc 111 5 115 15 ------0.11 Schroder Income Maximiser Z Acc 110 4 111 8 122 17 148 42 225 13 0.91 6.53 Liontrust UK Smaller Companies I Inc 108 22 114 25 171 7 242 7 496 2 - 0.22 Schroder UK Alpha Income Z Inc 101 79 100 71 112 69 140 63 239 6 0.86 4.68 M&G Smaller Companies GBP I Acc 103 45 108 42 139 33 171 43 267 32 0.91 1.29 Scot Wid MM UK Equity Income A Acc 104 49 103 52 117 50 144 53 184 41 1.81 4.27 Marlborough Nano Cap Growth P Acc 115 1 120 6 171 6 - - - - - 0.25 Scottish Widows UK Equity Income A Acc 106 22 106 25 119 43 136 68 157 53 1.36 4.08 Marlborough Special Situations P Acc 106 33 112 30 156 16 222 16 402 8 - 0.90 Slater Income P Inc 105 35 105 36 119 41 168 7 - - - 4.43 Marlborough UK Micro Cap Growth P Acc 106 29 115 12 167 9 237 8 472 3 - 0.65 SLI UK Equity High Inc Plat 1 Acc 106 27 108 10 115 60 146 48 184 40 - 3.72 MFM Techinvest Special Situations A Acc 109 13 109 37 176 5 254 5 244 38 1.84 - SLI UK Equity Income Uncons Plat 1 Acc 103 66 108 11 114 62 158 16 222 14 - 3.94 MGTS AFH DA UK Smaller Coms I GBP Acc 108 16 ------Smith & Williamson UK Equity Inc B 101 82 99 76 107 77 140 62 186 38 - 4.10 MI Discretionary Unit Inc 106 28 106 46 168 8 235 9 302 25 0.42 0.75 SVS Albion Olim UK Equity Acc 101 81 102 61 120 36 144 55 212 23 1.50 3.67 MI Downing UK Micro-Cap Growth B 97 49 94 48 123 47 184 34 - - 2.04 0.23 TB Guinness UK Eq Inc Y Clean Income 100 84 98 78 ------3.51 Old Mutual UK Smaller Coms R GBP Acc 105 35 114 24 165 10 225 13 395 10 1.05 0.57 TB Saracen UK Income B Acc 111 2 116 1 138 1 - - - - - 4.10 Old Mutual UK Smlr Coms Foc R GBP Inc 104 42 113 27 203 1 285 1 522 1 1.56 - Threadneedle UK Eq Inc Z Inc GBP 107 18 103 58 123 15 160 12 238 7 - 3.84 River & Mercantile UK Eq Sm Cos B Acc 102 46 110 35 147 25 231 12 441 5 0.95 0.93 Threadneedle UK Equity Alpha Inc Z Inc 105 33 100 72 115 58 151 29 226 12 0.88 4.06 Royal London UK Smaller Companies M 103 44 108 40 129 40 190 31 289 30 - 1.07 Threadneedle UK Monthly Inc Z Inc 103 59 99 74 112 68 146 51 202 32 - 4.40 Schroder Instl UK Smaller Cos I Acc 105 37 112 29 153 20 212 18 404 7 0.52 1.49 Troy Trojan Income O Acc 102 76 97 81 116 56 147 45 240 5 1.05 3.91 Schroder UK Dynamic Smaller Coms Z Acc 104 43 105 47 147 24 188 32 420 6 0.86 0.37 UBS UK Equity Income C Acc Net 107 9 108 15 135 4 158 15 184 43 - 3.68 Schroder UK Smaller Companies Z Acc 104 41 108 38 150 22 210 21 347 16 0.91 0.88 Unicorn UK Ethical Income B Inc 103 71 101 69 ------4.29 Scottish Widows UK Smlr Coms A 108 19 114 20 135 38 171 42 272 31 1.61 0.67 Unicorn UK Income B Inc 99 85 100 73 122 20 161 11 345 1 0.89 4.11 SLI UK Smaller Companies Pltfrm 1 Acc 109 15 116 11 164 11 202 25 356 13 - 0.69 Vanguard FTSE U.K. Eq Inc Idx Acc 106 25 104 47 113 63 134 71 - - 0.25 4.63 TB Amati UK Smaller Companies B 111 4 124 4 193 3 256 3 453 4 1.39 0.62 VT Odd Real Income GBP A Acc 105 34 102 62 ------3.31 Threadneedle UK Smaller Coms Z Inc 100 47 107 43 157 15 224 14 349 15 - 0.66 Average/Total 105 88 104 86 119 80 149 78 209 55 1.04 4.14 Unicorn UK Smaller Companies A 105 38 110 34 141 31 201 26 336 17 1.86 1.08 Average/Total 107 49 113 48 151 47 207 46 333 41 1.12 0.94 (IA) UK GILTS Aberdeen Sterling LD Govt Bd I GBP Acc 104 5 100 5 123 3 146 2 217 2 - 1.21 (IA) UNCLASSIFIED SECTOR Allianz Gilt Yield C Inc 102 8 100 6 112 6 119 19 173 5 0.53 1.24 Abbotsford GBP Acc 102 118 104 91 124 54 144 50 182 56 1.22 1.10 Aviva Investors UK Gilts MoM 1 2 GBP Inc 102 23 99 20 109 23 118 21 143 18 0.78 1.26 Aberdeen Diversified-Core Advnts I Acc 100 266 106 48 128 32 - - - - - 1.55 Franklin UK Gilt W Inc 102 19 100 9 ------1.02 Aberdeen Diversified-Core Cau I Acc 98 286 100 253 113 169 - - - - - 0.69 HSBC Gilt & Fixed Interest C Acc 102 10 100 8 111 19 119 18 157 16 - 2.57 Aberdeen Diversified-Core Cnsrv I Acc 101 204 100 225 104 248 - - - - - 0.82 HSBC UK Gilt Index C Acc 102 14 100 15 112 12 121 13 - - 0.17 2.56 Aberdeen Diversified-Core Gr I Acc 99 278 103 147 119 110 - - - - - 1.96 Invesco Gilt A GBP QD 102 18 99 25 111 18 121 11 164 12 0.89 0.85 Aberdeen Sterling Bond I GBP Acc 101 163 100 264 109 211 119 187 162 81 - 1.29 iShares Over 15 Yrs Gilts Idx (UK) D Acc 105 1 102 1 ------2.29 Aberdeen Sterling Govt Bd I GBP Acc 102 114 99 267 110 204 118 203 167 73 - 0.65 iShares UK Gilts All Stks Idx (UK) D Acc 102 11 100 10 112 7 122 6 - - 0.16 1.59 Aberdeen Sterling Idx-Lnkd Bd I GBP Acc 102 121 98 283 123 69 139 78 205 26 - 0.55 Janus Henderson Instl Lg Datd Gilt I Acc 104 4 100 7 120 4 141 4 212 3 0.54 1.60 Aberdeen Sterling Shrt Term Gov Bd I Acc 100 251 99 271 101 259 101 237 125 123 - 0.13 Janus Henderson Instl UK Gilt I Acc 102 22 99 27 110 20 118 22 165 10 0.54 1.18 Arbor GBP Inc 104 34 106 40 125 48 140 73 158 90 1.56 0.27 L&G All Stocks Gilt Index Trust I Acc 102 15 100 16 112 10 121 10 166 8 - 1.36 Architas Diversified Real Assets D Acc 100 236 99 277 108 220 - - - - - 2.86 LF Canlife UK Government Bond C Inc 102 25 99 22 109 22 116 23 151 17 - 1.54 Architas MA Active Reserve A Acc 100 259 98 280 108 224 119 190 148 108 1.22 2.44 M&G Gilt & Fixed Interest Inc GBP I Acc 102 24 99 23 111 14 121 8 170 6 0.66 0.57 Architas MA Passive Prudent A Acc 102 103 102 167 116 128 131 114 - - 0.65 0.92 Newton Long Gilt Exempt 2 Acc 104 3 101 3 123 2 145 3 218 1 0.25 1.54 Architas MM Divers Prot 85 R Net Acc 100 267 101 214 102 253 104 233 - - 0.02 - Old Mutual Gilt A GBP Acc 102 20 99 24 110 21 118 20 160 15 0.69 2.71 Architas MM Diversified Protector 70 100 255 102 177 109 216 117 208 - - 2.39 - Royal London Short Dur Gilts M GBP Inc 100 27 99 21 102 25 - - - - - 0.39 Architas MM Diversified Protector 80 99 276 101 208 105 243 109 229 - - 2.20 - Royal London UK Government Bond M Acc 102 21 99 19 111 17 119 16 165 9 - 2.63 Artemis Instl Equity Income IN Acc 106 4 107 20 122 80 151 27 236 6 0.78 3.51 Santander Sterling Government Bond IA 102 17 100 14 112 11 121 12 - - - 1.07 Aviva Investors UK Credit MoM 1 2 £ Inc 100 247 99 266 109 215 120 185 145 113 - 3.60 Schroder Gilt & Fixed Interest Acc 102 7 100 13 111 15 119 15 161 13 0.56 2.28 Baillie Gifford Active Gilt Plus B Inc 102 92 100 252 112 186 118 200 167 71 0.42 1.22 Scottish Widows Gilt G Acc 102 26 99 26 109 24 116 24 - - - 0.45 Baillie Gifford Active Lng Glt Pls B Inc 105 18 101 215 122 82 141 65 216 19 0.43 1.65 Scottish Widows UK Fix-Int Trkr I Acc 102 12 100 11 112 9 121 9 167 7 0.37 1.39

www.whatinvestment.co.uk WhatInvestment July 2018 67 >| Unit Trusts 15

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ TER % YIELD % FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ % TER YIELD % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Baring Dynamic Capital Growth I GBP Inc 100 220 102 162 109 212 124 167 151 101 - 2.44 LF Greenmount Inc 100 227 105 74 126 41 132 113 181 58 1.61 0.81 Baring Targeted Return A GBP Inc 101 162 103 127 111 189 127 146 157 91 0.90 3.47 LF Heartwood Balanced Multi Asset I Acc 102 130 103 128 114 157 126 151 - - 1.22 0.84 BlackRock Growth and Recovery A Acc 108 1 117 1 157 1 208 1 275 1 1.03 0.67 LF Heartwood Cautious Multi Asset I Acc 101 186 102 186 110 208 118 199 - - 1.23 1.03 Carmignac Pf Sécurité F GBP Acc Hdg 100 262 100 232 104 244 110 225 - - 0.75 - LF Heartwood Defensive Multi Asset I Acc 100 240 100 238 105 242 110 224 - - 1.29 0.37 Carmignac Sécurité A EUR Acc 99 285 100 251 124 61 108 230 147 111 1.03 - LF Heartwood Growth Multi Asset I Acc 103 63 105 65 119 109 138 84 - - 1.39 0.41 Carvetian Capital Hendom Income 103 71 106 50 123 67 134 100 205 27 1.54 1.05 LF Heartwood Income Multi Asset I Inc 101 199 101 189 109 218 118 195 - - 1.27 2.93 Cazenove Caversham Inc 102 119 103 124 123 77 139 77 202 31 1.01 1.28 LF Heartwood Income Plus Multi Ast I Inc 103 74 104 94 114 156 130 127 - - 1.26 3.48 CF Aquarius 102 141 105 87 122 85 138 87 163 76 1.40 0.96 LF KB Feelgood Trust £ Inc 101 172 101 196 117 125 130 126 159 86 1.12 0.75 CF Broden 103 65 106 55 125 46 144 48 195 39 1.29 0.59 LF New Institutional World Inc 102 109 ------CF Buxton Acc 101 167 101 202 110 205 126 150 229 12 0.64 1.10 LF New Villture Inc 101 203 102 172 115 148 125 164 144 115 1.35 0.24 CF Circus 101 164 104 102 122 81 138 81 163 77 1.26 0.62 LF Robin A Acc 101 214 103 154 115 145 126 153 159 85 0.95 0.08 CF Crystal Fund 98 287 97 286 120 103 125 163 201 33 1.11 0.96 LF Ruffer Absolute Return O Acc 101 200 100 231 106 239 119 191 201 35 1.53 1.36 CF Dartmoor Fund 101 174 103 158 111 188 127 142 185 51 1.48 - M&G (Lux) Em Mkts Inc Opps CH GBP Acc 99 273 107 34 ------CF Davids 101 197 101 198 113 166 130 121 155 95 1.35 0.29 M&G Episode Macro GBP T-H Acc 100 225 105 68 112 178 134 99 - - 2.51 - CF Drygate 101 148 104 115 114 158 130 128 180 59 1.43 2.02 Marlborough Defensive Fund P Inc 100 252 101 221 101 257 99 240 - - - 1.07 CF Gulland 102 115 104 101 127 39 153 24 216 18 1.29 0.81 Marten Fund 102 133 102 174 121 96 129 134 182 57 1.74 3.51 CF Holly Fund 105 8 101 219 112 180 84 242 83 129 1.20 1.39 MGTS AFH Tactical Core R Acc 102 140 101 201 113 164 126 155 - - - 1.68 CF Lorimer Trust 104 21 108 17 126 43 146 40 209 22 0.81 1.68 MGTS IBOSS 1 R Acc 101 206 102 183 ------0.65 CF Mermaid 99 274 99 269 106 238 124 166 220 17 1.33 0.95 MGTS IBOSS 2 R Acc 101 183 103 144 ------0.84 CF New Grande Motte GBP 100 237 103 133 123 65 141 67 203 29 1.33 0.89 MGTS IBOSS 4 R Acc 101 179 104 105 ------0.89 CF New Viaduct Inc 103 54 107 26 128 29 154 20 - - 1.40 0.41 MGTS IBOSS 6 R Acc 101 159 105 84 ------0.87 CF The Mulberry 101 173 103 118 121 94 135 94 147 110 1.38 0.56 MI Charles Stanley MltAst 1 Defesv B Acc 100 233 101 220 107 233 108 231 - - 0.88 1.87 Chestnut Fund Inc 100 229 102 171 113 162 122 177 - - - 0.66 Navajo GBP Acc 104 27 107 22 132 22 153 23 207 24 1.48 0.16 Elite Specialist Portolio Instl Inc 97 291 96 287 102 255 104 234 - - 1.35 1.59 New Capital Swiss Sel Eq CHF Ord Acc 107 2 106 46 153 2 - - - - 1.69 - F&C MM Lifestyle Balanced B Inc 103 59 107 21 124 59 149 34 - - 1.19 1.77 OHP Fund 102 85 106 47 131 25 147 37 - - 1.53 0.37 F&C MM Lifestyle Cautious B Inc 103 68 106 44 121 98 143 57 - - 1.19 1.74 Old Mutual Cirilium Adventurous Pasv R 102 83 ------F&C MM Lifestyle Defensive B Inc 102 96 104 107 116 132 136 93 - - 1.19 1.60 Old Mutual Cirilium Bal Pasv R GBP Acc 101 189 103 142 123 73 139 75 - - 0.85 0.82 F&C MM Lifestyle Foundation B GBP Inc 101 165 102 179 112 183 - - - - - 1.37 Old Mutual Cirilium Consrv Pasv R GBPAcc 100 241 101 191 115 146 125 160 - - 0.85 0.56 F&C MM Lifestyle Growth B Inc 103 53 109 9 127 40 150 30 - - 1.19 1.66 Old Mutual Cirilium Dyn Pasv R GBP Acc 103 66 106 41 132 21 153 22 - - 0.85 0.97 Fidelity Diversified Growth A 101 170 104 116 114 152 127 149 151 99 1.18 1.93 Old Mutual Cirilium Mod Pasv R GBP Acc 102 111 105 83 128 31 147 39 - - 0.85 0.96 Fidelity Inst Lng Bd Inc 105 19 101 217 123 76 147 38 233 8 0.33 2.06 Old Mutual Creation Advnturs R GBP Acc 102 127 ------Fidelity Instl Europe ex UK Acc 101 193 101 203 123 66 152 25 184 53 0.89 1.09 Old Mutual Creation Balanced R GBP Acc 100 269 100 244 107 236 118 201 152 98 - 1.44 Fidelity Instl Index Linked Bond Inc 102 117 98 284 124 53 145 45 224 13 0.33 0.21 Old Mutual Creation Cnsrv R GBP Acc 99 275 99 265 106 240 116 211 150 105 - 1.46 Fidelity Instl Select Emerg Mkt Acc 98 288 109 7 141 4 155 19 - - 1.16 0.69 Old Mutual Creation Dynamic R GBP Acc 101 190 103 160 110 203 127 145 158 88 - 1.30 Fidelity Instl Select Gbl Eqs Acc 103 46 107 38 135 16 172 3 232 9 0.88 0.94 Old Mutual Creation Moderate R GBP Acc 100 238 101 197 108 227 123 172 155 94 - 1.35 Fidelity Instl Sterl Core Pls Bd Inc 103 72 100 255 121 86 143 56 222 15 0.49 2.48 Old Mutual Equity 2 A GBP Acc 104 29 103 156 116 135 136 92 200 36 1.08 2.76 Fidelity Instl UK Gilt Inc 102 80 100 254 113 174 123 171 182 55 0.32 1.61 Old Mutual Generation Trgt 3 R GBP Inc 99 283 100 259 103 251 110 226 - - - 2.20 Fidelity Target 2020 A Acc 102 129 102 176 112 179 126 157 154 96 1.95 0.45 Old Mutual Generation Trgt 4 R GBP Inc 99 284 100 262 103 250 116 210 - - - 2.53 Fidelity Target 2025 A Acc 102 108 103 123 118 121 136 91 168 69 1.90 0.51 Old Mutual Generation Trgt 5 R GBP Acc 100 270 101 212 ------2.23 Fidelity Target 2030 A Acc 102 122 104 95 124 57 149 33 189 49 1.88 0.56 Prestney GBP Inc 101 152 103 132 121 89 130 119 150 104 1.32 1.59 Folla Inc 103 49 107 35 121 88 144 49 147 109 1.14 0.93 Rathbone Active Income and Growth Inc 103 51 106 43 122 78 139 80 - - - 2.29 FP 8AM Tactical Growth A Inc 104 23 107 36 124 60 133 110 - - 1.97 1.26 Rathbone Global Alpha Instl GBP Acc 105 12 109 12 132 20 - - - - - 0.65 FP Active Portfolio Overlay C Acc 103 60 107 29 ------0.92 0.82 Rathbone Heritage Inst Inc 102 87 103 126 128 33 158 16 - - - 1.26 FP Aggressive Portfolio Overlay C Acc 104 38 109 13 ------0.77 Rathbone Sussex Growth 106 6 113 2 137 8 164 12 222 16 1.62 0.51 FP Apollo Multi Asset Adven D GBP Acc 100 258 105 72 112 182 127 144 - - 2.45 - Rathbone Sussex Income 104 22 109 8 122 84 146 42 229 11 1.26 3.18 FP Apollo Multi Asset Bal D GBP Acc 100 264 105 82 117 126 125 161 - - 1.97 0.13 Royal London Cash Plus M Inc 100 234 100 228 101 256 102 235 - - - 0.34 FP Apollo Multi Asset Cau D GBP Acc 100 254 105 80 116 136 127 141 - - 2.15 0.25 Royal London Duration Hedged Credit Z 101 194 103 122 108 221 115 216 - - - 3.06 FP Balanced Portfolio Overlay C Acc 102 94 105 76 ------1.01 Royal London Enhanced Cash Plus Y Acc 100 223 101 223 103 252 - - - - - 1.04 FP CAF Alternative Strategies A Acc 99 281 100 257 101 258 109 228 - - 1.47 0.77 Royal London Sustainable Mgd Inc C Acc 101 212 101 222 113 171 124 165 - - - 3.21 FP CAF Fixed Interest A Acc 98 289 98 282 104 245 109 227 - - 1.00 2.39 S&W Bay 106 5 110 3 141 5 163 14 232 10 0.84 1.61 FP CAF International Equity A Acc 103 42 110 5 141 3 176 2 - - 1.17 0.78 S&W Beech 105 10 106 53 114 154 129 133 201 34 0.84 2.27 FP CAF UK Equity A Acc 105 15 105 64 120 100 146 43 - - 1.24 1.92 S&W Brighton Rock 104 24 103 130 121 90 146 41 192 44 1.57 0.80 FP Cautious Portfolio Overlay C Acc 102 142 103 153 ------1.27 S&W Daisybelle 99 277 99 270 107 235 125 158 - - 1.16 0.78 FP Defensive Portfolio Overlay C Acc 101 216 101 213 ------1.34 S&W Devonshire Trust 104 25 104 106 111 194 127 143 - - 1.35 1.81 FP Frontier MAP Balanced C 97 290 100 242 104 246 113 218 - - 1.43 1.13 S&W Endeavour II Acc 102 97 105 81 127 36 144 53 236 7 1.67 1.15 FP Luceo 3 A Acc 101 181 101 192 ------1.34 S&W Enterprise Trust 104 28 104 98 124 56 138 85 144 116 1.31 2.17 FP Luceo 4 A Acc 101 146 103 135 ------1.08 S&W Gryphon Dover Net Inc 103 48 100 243 106 241 120 183 144 114 2.00 3.65 FP Luceo 5 A Acc 102 123 104 93 ------1.31 S&W Gryphon East River Net Inc 101 187 102 169 121 97 129 131 151 100 1.71 1.31 FP Luceo 6 A Acc 102 77 106 42 ------1.34 S&W Gryphon Peapod Net Inc 102 135 103 125 125 49 137 88 180 60 1.74 1.25 FP Luceo 7 A Acc 103 61 107 32 ------1.53 S&W Headway 102 93 106 39 122 79 135 95 159 84 1.49 0.06 FP Russell Invsmts Defensive Assts C Acc 99 272 100 261 102 254 102 236 - - 0.88 2.69 S&W Jetwave Trust Acc 104 26 109 14 127 35 149 31 193 43 1.40 2.42 FP Shenkman Hansa High Yield 95 292 100 230 131 27 121 179 - - - 3.68 S&W Knotts Investment Inc 105 20 105 75 114 149 134 105 203 28 1.02 2.17 Hawthorn Portfolio A Inc 101 188 103 157 111 190 - - - - - 0.91 S&W Lancaster 103 45 105 85 121 91 138 83 159 87 1.96 0.95 HC Stirling House Balanced Acc 100 222 101 194 115 138 129 130 - - - 0.34 S&W Langham Trust 102 131 102 164 114 155 114 217 141 117 1.92 0.24 HC Stirling House Dynamic Acc 101 184 104 100 123 71 141 68 - - - 0.29 S&W Magnum 103 41 105 77 118 118 144 52 195 41 1.03 2.04 HC Stirling House Growth Acc 100 235 102 166 118 116 137 89 - - - 0.25 S&W Marathon Inc 107 3 109 15 127 34 150 28 211 21 1.31 1.51 HC Stirling House Monthly Income Ret Acc 100 249 99 278 107 237 112 222 - - - 3.01 S&W MF 105 11 110 4 135 17 157 18 206 25 1.92 1.36 HC Verbatim Portfolio 3 B Acc 101 205 102 185 115 142 128 138 - - 1.32 0.76 S&W Millennium Inc 103 43 105 66 124 58 131 118 138 119 1.42 2.48 HC Verbatim Portfolio 4 B Acc 101 169 103 137 116 130 134 103 - - 1.33 1.14 S&W Milne 101 149 103 152 116 131 128 135 151 103 1.33 1.19 HC Verbatim Portfolio 5 Growth B Acc 101 157 104 109 121 93 139 76 - - 1.33 0.85 S&W Norton 102 104 102 163 115 137 128 137 167 72 1.40 1.42 HC Verbatim Portfolio 5 Income B Inc 99 280 100 263 116 134 134 104 - - 1.22 3.54 S&W Quercus Unit Trust 100 224 100 249 103 249 113 219 - - 1.35 1.62 HC Verbatim Portfolio 6 B Acc 101 177 105 89 120 99 135 98 - - 1.35 0.92 S&W Skye Inc 105 14 109 10 112 181 154 21 245 4 0.63 2.70 HC Verbatim Portfolio 7 B Acc 101 151 105 63 126 44 142 61 - - 1.34 0.92 S&W Staffordshire Portfolio 105 16 106 58 129 28 140 70 157 92 1.18 1.51 HSBC Common For Income Income 102 90 100 240 112 185 121 178 169 68 0.50 2.68 S&W Stellar 100 228 104 108 121 95 141 64 177 66 1.05 1.45 HSBC Global Strategy Adventurous AC 102 89 ------S&W The Rosslyn Net Inc 102 75 104 110 115 144 133 108 - - - 0.84 HSBC Global Strategy Balanced C Acc 102 125 105 79 128 30 148 35 - - 0.82 1.58 S&W Thoroughbred 104 39 106 61 119 112 142 59 192 45 1.46 1.24 HSBC Global Strategy Cautious C Acc 100 219 101 190 114 150 124 169 - - 0.72 1.73 S&W Witch General Inc 104 36 107 30 120 105 141 66 190 47 1.25 1.10 HSBC Global Strategy Dynamic C Acc 102 84 107 28 137 10 164 10 - - 0.94 1.36 S&W Worldwide 101 217 102 180 116 133 127 148 162 79 2.03 0.49 HSBC World Selection Advent Port Acc C 102 76 108 19 139 7 - - - - - 1.25 Santander Atlas Income Portfolio II 100 263 99 272 108 226 130 125 - - 2.15 4.62 HSBC World Selection Balanced C Acc 102 139 104 92 123 70 143 55 - - 1.22 1.59 Santander Balanced International Trg RA 102 82 104 112 121 92 139 79 183 54 1.50 0.72 HSBC World Selection Cautious C GBP Acc 100 256 100 224 109 214 118 198 - - 1.18 1.11 Santander Bond Monthly Income RI 100 265 98 285 107 232 116 212 146 112 1.06 1.56 HSBC World Selection Conser Port Acc C 100 271 101 211 113 168 - - - - - 1.60 Santander Global Emerging Shares RA 100 257 107 27 132 19 133 111 151 102 2.17 0.39 HSBC World Selection Dynamic C Acc 103 55 107 23 133 18 160 15 - - 1.27 1.52 Santander Investment Income Port XI 100 250 98 281 110 206 118 197 - - - 3.91 HSBC World Selection Income C Acc 100 248 100 250 113 173 124 170 - - 1.25 3.62 Santander Investment Income RI 100 231 99 276 109 213 118 204 159 83 0.58 2.61 IFSL Galatea Opportunity Instl GBP Acc 101 191 103 136 107 230 117 207 - - - 0.24 Santander Investment Portfolio XA 100 244 99 274 109 219 117 206 - - - 2.02 IFSL James Hambro Master 102 79 106 57 120 101 138 82 195 40 0.86 1.61 Santander Max 100% Shares Portfolio XA 103 69 108 18 139 6 168 6 - - - 0.62 IFSL Tilney Bestinvest Agrsv Gr Cln Acc 103 67 106 60 123 75 143 58 - - - 0.55 Santander Max 30% Shares Income Port XI 101 154 100 258 108 225 - - - - - 3.19 IFSL Tilney Bestinvest Defensive Cln Acc 101 155 103 161 110 209 119 189 - - - 1.28 Santander Max 30% Shares Portfolio XA 100 221 100 247 108 222 - - - - - 1.88 IFSL Tilney Bestinvest Growth Clean Acc 102 86 105 88 119 114 138 86 185 52 - 0.49 Santander Max 50% Shares Portfolio XA 101 208 101 206 115 147 129 132 - - - 1.42 IFSL Tilney Bestinvest Inc & Gr Cln Acc 101 153 103 159 113 163 130 129 168 70 - 1.55 Santander Max 60% Shares Income XI 102 101 101 216 111 193 127 147 - - - 3.66 IFSL Tilney Bestinvest Inc Clean Acc 101 161 102 165 112 187 125 159 165 75 - 1.97 Santander Max 70% Shares Portfolio XA 101 156 103 141 118 120 134 101 - - - 1.34 Insight Inv UK Broad Mkt Bd Gross P 101 176 100 245 115 141 126 154 180 61 0.37 1.93 Santander Max 70% Shares RA 102 88 103 148 120 106 134 102 172 67 1.34 1.96 Insight UK Govt Long Mat Bd P2 105 17 101 205 123 63 146 44 224 14 0.38 1.36 Santander Multi Index 1 RA 101 180 100 229 ------1.94 Janus Henderson Diversified Gr A Acc 101 175 103 149 110 207 120 184 - - 1.72 0.12 Santander Multi Index 2 RA 101 160 102 182 ------1.68 Janus Henderson Instl Abs Ret Bd Y Acc 100 230 100 236 99 262 100 239 113 125 0.69 0.95 Santander Multi Index 3 RA 102 124 103 139 ------1.81 Janus Henderson Instl Hi Alp Crdt I Acc 100 261 100 233 111 195 121 180 - - 0.68 2.60 Santander Sterling Bond A 100 243 99 275 109 217 117 205 153 97 1.02 2.10 Janus Henderson Instl Hi Alp Gilt Y Acc 102 106 99 268 111 191 118 202 - - 0.68 1.28 Schroder Instl Growth I Acc 101 215 99 279 98 263 98 241 99 128 0.47 - Janus Henderson Mlt Ast Crdt I Acc GBPH 101 185 103 151 111 196 120 182 - - - 2.40 Schroder Managed Wealth Z Acc 101 202 101 188 118 119 127 140 149 107 - 1.10 Janus Henderson UK Strategic Inc UT Inc 100 260 96 288 113 165 130 123 141 118 1.70 4.06 Schroder Stlg Broad Mkt Bd I Acc 102 138 100 241 114 151 126 152 189 48 0.32 2.50

68 WhatInvestment July 2018 www.whatinvestment.co.uk >| Unit Trusts 16

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ TER % YIELD % FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ % TER YIELD % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Scottish Widows Adventurous Gr D Acc 103 58 106 54 125 47 144 51 - - 1.82 0.82 BlackRock Volatility Strategy I C Acc 102 28 103 42 123 19 140 25 - - - 1.58 Scottish Widows Adventurous Solu G Acc 102 81 105 78 122 83 145 47 - - - 1.06 BlackRock Volatility Strategy II C Acc 103 19 105 26 125 16 146 13 - - - 1.78 Scottish Widows Bal Solution G Acc 101 166 103 155 113 170 128 136 - - - 1.50 BlackRock Volatility Strategy III C Acc 103 7 107 9 127 8 151 6 - - - 1.83 Scottish Widows Balanced Gr D Acc 103 70 104 103 116 129 133 107 - - 1.76 1.16 BlackRock Volatility Strategy IV C Acc 104 5 108 2 127 7 - - - - - 2.07 Scottish Widows Balanced Growth A 102 100 103 146 117 127 128 139 166 74 1.65 1.30 BMO Universal MAP Balanced C Acc 104 2------Scottish Widows Cau Solution G Acc 100 239 101 209 107 231 118 196 - - - 2.19 BMO Universal MAP Cautious C Acc 103 6------Scottish Widows Cautious Gr D Acc 101 210 101 195 110 210 121 181 - - 1.77 1.54 BMO Universal MAP Growth C Acc 105 1------Scottish Widows Corporate Bd Trkr W Acc 101 209 100 234 113 172 - - - - - 2.75 Carmignac Pf Capital Plus F GBP Acc Hdg 101 63 103 53 104 83 111 76 - - 0.75 - Scottish Widows Defensive Solution G Acc 100 253 100 226 107 234 116 214 - - - 1.99 FP 8AM Multi-Strategy I A Inc 98 98 100 87 107 81 114 74 - - 2.86 1.08 Scottish Widows Discovery Solution G Acc 101 201 102 175 110 201 124 168 - - - 1.78 FP 8AM Multi-Strategy II A Inc 100 81 103 44 117 47 129 50 134 12 2.06 1.68 Scottish Widows Diversified 101 196 102 178 112 177 118 193 - - 1.86 0.50 FP 8AM Multi-Strategy III A Inc 102 35 106 16 120 32 138 30 - - 2.70 0.74 Scottish Widows Dynamic Income A Acc 101 145 102 181 113 167 123 175 162 78 1.40 1.82 FP 8AM Multi-Strategy IV A Inc 101 56 105 25 122 24 145 14 - - 3.20 0.51 Scottish Widows Dynamic Solution G Acc 102 98 105 90 120 107 140 71 - - - 1.37 IFSL Sinfonia Adventurous Growth A Acc 102 29 105 27 123 22 142 21 - - 2.12 0.83 Scottish Widows Environmental Inv G 105 9 103 134 115 140 139 74 - - - 1.11 IFSL Sinfonia Balanced Managed A Acc 102 33 104 33 121 31 139 28 - - 1.96 1.10 Scottish Widows Ethical G Acc 105 13 106 49 119 113 141 69 - - - 0.94 IFSL Sinfonia Cautious Managed A Acc 101 49 102 66 118 44 131 45 - - 1.84 0.73 Scottish Widows Managed Income A Acc 100 232 100 247 110 200 116 209 156 93 1.40 1.47 IFSL Sinfonia Income and Growth A Acc 102 36 103 47 118 41 135 37 - - 1.93 1.48 Scottish Widows Momentum Income A Acc 101 213 100 237 110 202 118 194 158 89 1.39 1.67 IFSL Sinfonia Income Portfolio A Acc 101 60 100 86 114 61 122 61 - - 1.85 0.68 Scottish Widows Progressive Gr D Acc 104 37 106 62 123 74 142 60 - - 1.77 1.04 IP Balanced Risk 10 Z Acc 102 24 107 5 117 50 130 47 - - - 0.80 Scottish Widows Stockmarket Gr A 104 32 106 52 124 52 142 62 178 64 1.67 1.27 IP Balanced Risk 8 Z Acc 102 34 106 14 113 63 124 60 - - - 0.64 Scottish Widows Strategic Growth A 103 57 105 69 124 62 140 72 179 63 1.63 1.28 Janus Henderson Core 3 Income I Inc 100 91 100 90 109 74 117 72 - - - 3.59 Scottish Widows Strategic Solution G Acc 102 113 104 111 115 143 133 109 - - - 1.46 Janus Henderson Core 4 Income I Inc 100 94 100 91 112 69 120 64 - - - 4.18 Sentinel Defensive B Acc 99 279 100 235 104 247 113 220 134 120 - 0.22 Janus Henderson Core 5 Income I Inc 99 95 100 88 114 59 127 55 - - - 4.33 Smith & Williamson Cash 100 242 100 239 100 260 101 238 105 127 0.73 0.07 Janus Henderson Core 6 Inc&Gr I Inc 100 82 101 70 118 42 134 40 - - - 3.81 Smith & Williamson Eagle 102 78 107 24 124 55 145 46 177 65 2.17 0.43 L&G Multi-Index 3 I Acc 101 76 101 71 112 67 - - - - - 1.89 Smith & Williamson Forest 104 31 109 11 137 9 166 7 208 23 1.70 1.08 L&G Multi-Index 4 I Acc 101 70 102 64 115 54 - - - - - 1.94 Smith & Williamson Orchard 103 64 107 33 136 15 163 13 202 32 2.20 0.56 L&G Multi-Index 5 I Acc 101 45 104 40 120 36 - - - - - 2.09 Smith & Williamson Plain Andrews UT GBP 99 282 101 218 114 159 119 192 130 122 1.47 1.02 L&G Multi-Index 6 I Acc 102 27 105 24 123 21 - - - - - 2.18 SVS Capital Balanced Scheme Acc 103 62 106 59 123 72 - - - - - 0.68 L&G Multi-Index 7 I Acc 103 13 106 11 126 14 - - - - - 2.18 SWIP Asset Allocator A Acc 102 126 102 184 107 229 111 223 - - 2.06 0.12 L&G Multi-Index Income 4 I Acc 101 73 101 80 ------3.30 SWIP IPS Growth P Net Inc 103 52 106 45 126 42 150 29 - - 1.00 1.64 L&G Multi-Index Income 5 I Acc 101 54 102 67 ------3.82 SWIP IPS Higher Income P Net Inc 100 245 101 210 111 197 119 186 - - 1.02 3.28 L&G Multi-Index Income 6 I Acc 101 43 103 54 ------3.50 SWIP IPS Income P Net Inc 100 268 100 227 108 228 115 215 - - 0.95 2.37 Rathbone Multi Asset Enhanced Gr S Acc 103 15 107 4 129 6 152 4 - - - 1.02 SWIP Managed Growth 4 L Net GBP Acc 101 178 102 187 115 139 - - - - - 2.50 Rathbone Multi Asset Strategic Gr S Inc 103 17 105 22 122 23 141 23 - - - 1.38 SWIP Managed Growth 6 L Net GBP Acc 102 95 103 117 120 102 - - - - - 2.41 Rathbone Multi Asset Total Return S Inc 101 64 101 82 110 73 119 66 - - - 1.52 The Alkerton Trust Income I/A 102 128 103 138 118 115 132 112 - - 1.28 3.15 Rathbone Strategic Income Portfolio Acc 101 50 101 68 ------3.11 The Aurinko Acc 102 105 104 99 119 111 137 90 194 42 1.44 1.38 Santander Atlas Portfolio 3 IA 100 83 101 79 109 75 118 68 147 11 - 1.66 The Beamish 101 192 103 120 108 223 113 221 109 126 0.44 0.31 Santander Atlas Portfolio 4 IA 101 67 102 59 114 58 127 52 162 7 - 1.71 The Cranmer Investment 102 107 103 129 112 176 123 173 180 62 2.34 1.29 Santander Atlas Portfolio 5 IA 101 48 104 36 116 52 132 44 166 3 - 1.33 The Jay 101 150 103 119 110 199 133 106 162 80 1.08 0.43 Santander Atlas Portfolio 6 IA 102 39 105 23 121 30 138 32 - - - 1.35 The Kingfisher Fund Acc 100 246 100 245 100 261 105 232 ---- Santander Atlas Portfolio 7 IA 102 25 107 7 125 18 145 16 179 2 - 1.10 The Mishka Fund 101 198 100 260 110 198 116 213 118 124 1.68 1.93 SLI MyFolio Managed I Plat 1 Acc 100 85 101 78 108 79 118 69 - - - 1.37 The Monoux 102 110 105 67 136 12 166 8 256 2 1.39 0.36 SLI MyFolio Managed II Plat 1 Acc 101 72 102 57 112 66 127 53 - - - 1.25 The New Floco Inc 101 182 104 97 132 23 169 5 245 5 1.21 0.63 SLI MyFolio Managed III Plat 1 Acc 101 51 104 34 116 53 135 35 - - - 1.21 The New Jaguar Inc 102 112 105 71 131 24 172 4 251 3 1.35 0.43 SLI MyFolio Managed Income I Plat 1 Acc 100 87 101 81 109 76 117 73 - - - 1.74 The Oenoke Acc 103 73 106 51 127 38 149 32 188 50 1.42 1.07 SLI MyFolio Managed Income II Plat 1 Acc 100 88 101 72 110 71 122 62 - - - 1.70 The Pendennis Acc 103 44 107 25 127 37 148 36 191 46 1.29 1.22 SLI MyFolio Managed Income III Plat1 Acc 101 75 103 48 113 62 129 49 - - - 1.90 The Windrush Inc 102 99 103 140 113 161 130 122 213 20 1.53 0.61 SLI MyFolio Managed Income IV Plat 1 Acc 101 57 104 39 115 56 133 41 - - - 2.03 Thesis Abaco GBP 101 168 105 86 120 108 135 97 133 121 1.05 - SLI MyFolio Managed Income V Plat 1 Acc 101 58 104 31 120 37 140 26 - - - 1.96 Thesis Darin A Inc 104 35 109 16 136 13 158 17 202 30 1.47 1.49 SLI MyFolio Managed IV Plat 1 Acc 102 40 106 17 120 35 144 17 - - - 1.22 Thesis Eden Investment Inc 102 143 103 121 117 124 131 115 - - 1.85 1.33 SLI MyFolio Managed V Plat 1 Acc 102 32 106 12 123 20 151 7 - - - 1.01 Thesis Headway A Inc 102 136 103 143 118 117 131 117 150 106 1.57 1.39 SLI MyFolio Market I Plat 1 Acc 101 74 101 69 111 70 121 63 - - - 1.53 Thesis Lion Growth Inc 106 7 110 6 136 11 164 9 198 37 1.89 0.12 SLI MyFolio Market II Plat 1 Acc 101 55 103 50 116 51 131 46 - - - 1.42 Thesis Ord Acc 103 56 107 31 136 14 164 11 - - 1.19 0.54 SLI MyFolio Market III Plat 1 Acc 102 37 105 29 121 28 140 27 - - - 1.62 Thesis PM A Acc 102 120 103 145 125 50 143 54 - - 1.39 0.52 SLI MyFolio Market IV Plat 1 Acc 102 21 106 13 127 9 149 9 - - - 1.66 Threadneedle Managed Bond Z Acc 101 207 101 207 114 153 123 174 160 82 - 1.94 SLI MyFolio Market V Plat 1 Acc 103 11 107 6 132 3 156 1 - - - 1.50 TM New Court A 2011 Inc 100 226 102 170 112 184 123 176 - - - 0.40 SLI MyFolio Multi-Man Inc I Plat 1 Acc 100 93 101 84 108 78 113 75 - - - 1.71 TM Oak 103 50 105 73 131 26 152 26 197 38 1.26 0.70 SLI MyFolio Multi-Man Inc II Plat 1 Acc 100 89 101 73 110 72 119 65 - - - 1.78 TM Opus Inc 101 147 104 104 125 45 135 96 - - - 0.79 SLI MyFolio Multi-Man Inc III Plat 1 Acc 100 79 102 58 114 60 125 57 - - - 2.18 TM Private Portfolio Trust A2000 Inc 101 211 103 150 113 160 126 156 - - - 0.51 SLI MyFolio Multi-Man Inc IV Plat 1 Acc 101 68 103 49 115 55 128 51 - - - 2.31 Trojan Ethical Income O Acc 102 134 101 199 ------3.00 SLI MyFolio Multi-Man Inc V Plat 1 Acc 101 65 104 41 119 38 135 38 - - - 2.17 VT AJ Bell Passive Adventurous I Acc 104 30 107 37 ------1.68 SLI MyFolio Multi-Man IV Plat 1 Acc 101 44 105 20 121 29 143 19 - - - 0.67 VT AJ Bell Passive Balanced I Acc 104 40 104 96 ------1.81 SLI MyFolio Multi-Man V Plat 1 Acc 102 38 106 15 125 17 149 8 - - - 0.59 VT AJ Bell Passive Cautious I Acc 102 132 101 204 ------1.38 SLI MyFolio Multi-Manager I Plat 1 Acc 100 90 101 77 108 80 117 71 - - - 0.56 VT AJ Bell Passive Moderately Adv I Acc 104 33 106 56 ------1.75 SLI MyFolio Multi-Manager II Plat 1 Acc 100 80 102 56 113 64 126 56 - - - 0.69 VT AJ Bell Passive Moderately Cau I Acc 102 91 102 168 ------1.78 SLI MyFolio Multi-Manager III Plat 1 Acc 101 66 104 35 117 48 134 39 - - - 0.75 VT Multi-Asset DRP III Retail Acc 101 195 99 273 111 192 119 188 - - 0.29 1.38 SVS Cornelian Cautious D Acc 101 71 102 65 113 65 127 54 164 5 1.24 1.80 VT Multi-Asset DRP IV Retail Acc 101 171 100 256 112 175 - - - - 0.33 1.70 SVS Cornelian Cautious RMP G GBP Acc 101 59 101 76 ------1.68 VT Multi-Asset DRP V Retail Acc 101 144 101 193 117 123 130 124 - - 0.25 2.14 SVS Cornelian Defensive D Acc 100 84 100 85 109 77 119 67 - - 1.61 1.63 VT Multi-Asset DRP VI Retail Acc 102 137 102 173 120 104 - - - - 0.29 2.21 SVS Cornelian Defensive RMP G GBP Acc 100 77 100 89 ------1.39 VT Multi-Asset DRP VII Retail Acc 102 102 103 131 121 87 131 116 - - 0.32 2.22 SVS Cornelian Growth D Acc 102 42 104 32 122 27 143 18 188 1 1.21 1.46 VT Multi-Asset DRP VIII Retail Acc 101 158 104 113 123 64 125 162 - - 0.47 1.95 SVS Cornelian Growth RMP G GBP Acc 102 31 104 38 ------1.83 VT Rossie House Portfolio B Inc 102 116 105 70 124 51 - - - - - 1.34 SVS Cornelian Managed Growth D Acc 101 52 103 45 118 43 136 33 - - 1.31 1.80 VT Vanneck Equity B GBP Acc 103 47 104 114 123 68 141 63 - - - 4.19 SVS Cornelian Managed Gwth RMP G GBP Acc 101 47 102 60 ------1.89 WAY Green Portfolio Elite E Acc 101 218 101 200 118 122 130 120 - - 2.47 0.03 SVS Cornelian Managed Income D GBP Acc 101 53 103 46 117 49 - - - - - 3.24 Average/Total 102 292 103 288 117 263 132 242 178 129 1.27 1.43 SVS Cornelian Progressive D Acc 102 30 106 18 127 10 152 5 - - 1.36 1.28 SVS Cornelian Progressive RMP G GBP Acc 103 18 105 21 ------1.88 Average/Total 101 98 103 92 118 83 134 76 162 12 1.46 1.64 (IA) VOLATILITY MANAGED 7IM Dynamic Planner Portfolio 4 C Acc 103 20 ------(IA) £ CORPORATE BOND 7IM Dynamic Planner Portfolio 5 C Acc 103 14 ------7IM Dynamic Planner Portfolio 6 D Acc 103 10 ------Aberdeen Corporate Bond I GBP Acc 100 72 99 65 112 41 124 32 175 29 - 2.71 Allianz RiskMaster Cnsrv Mlt Asst C Acc 100 78 101 83 117 45 125 58 - - - 1.13 Aberdeen Sterling SD Corp Bd I GBP Inc 100 42 100 29 ------1.53 Allianz RiskMaster Growth Mlt Asst C Acc 101 62 103 52 126 13 140 24 - - - 1.33 Aviva Investors Corporate Bd 2 GBP Inc 100 39 99 74 110 63 120 55 177 26 0.72 2.96 Allianz RiskMaster Mod Mlt Asst C Acc 101 61 102 63 120 33 132 43 - - - 1.30 Aviva Investors Monthly Inc Pls R3 £ Acc 100 69 99 73 111 48 124 26 170 38 - 3.31 Architas MA Blended Growth A Acc 103 9 107 8 130 5 146 12 157 9 1.53 1.00 AXA Sterling Corporate Bond Z Net Acc 101 18 101 14 115 10 124 34 148 53 0.54 3.04 Architas MA Blended Interm A Acc 102 26 104 37 122 25 136 34 162 8 1.13 1.48 AXA Sterling Crdt Shrt Dura Bd Z Net Acc 100 31 100 30 104 81 107 76 - - 0.43 1.30 Architas MA Blended Moderate A Acc 102 41 102 61 119 40 132 42 163 6 1.11 1.49 AXA £ Buy and Maintain Crdt Z Acc Net 100 19 99 69 112 31 122 45 - - - 2.60 Architas MA Blended Prog A Acc 103 8 106 19 127 11 142 20 165 4 1.23 1.46 Baillie Gifford Investment Grd Bd B Inc 101 2 100 43 112 26 124 36 168 42 0.30 2.95 Architas MA Blended Reserve A Acc 101 46 101 74 115 57 124 59 152 10 1.02 2.23 Baillie Gifford Invm Grd Lng Bd B Inc 101 6 99 84 115 11 132 7 218 3 0.27 3.11 Architas MA Passive Dynamic A Acc 103 16 108 3 133 2 147 11 - - 0.65 1.72 Barclays Sterling Corporate Bd R Acc GBP 100 27 100 49 110 55 123 40 165 46 - 3.12 Architas MA Passive Growth A Acc 104 3 108 1 135 1 153 3 - - 0.65 1.52 BlackRock Corporate Bond 1-10 Year D Acc 100 52 100 36 111 50 120 58 - - 0.17 2.87 Architas MA Passive Interm A Acc 103 12 105 28 125 15 141 22 - - 0.65 1.63 BlackRock Corporate Bond D Acc 101 15 101 12 115 13 127 14 196 12 0.58 2.99 Architas MA Passive Moderate A Acc 102 23 103 43 122 26 138 31 - - 0.65 1.48 BNY Mellon Global Credit GBP W Acc H 98 88 99 70 105 76 - - - - 0.53 2.04 Architas MA Passive Prog A Acc 104 4 107 10 131 4 149 10 - - 0.65 1.62 Close Bond Income Portfolio X Acc 100 43 102 3 113 21 122 46 - - 0.54 3.98 Architas MA Passive Reserve A Acc 102 22 103 55 119 39 135 36 - - 0.65 1.34 EdenTree Amity Short Dated Bond B 100 46 ------Aviva Investors Multi-asset I R3 GBP Acc 99 97 99 92 105 82 117 70 - - - 0.75 F&C Corporate Bond C Net Inc 100 49 100 40 112 38 124 31 172 32 - 3.59 Aviva Investors Multi-Asset II R3 £ Acc 99 96 101 75 112 68 129 48 - - - 0.69 F&C Institutional All Stks Corp Bd 3£Acc 101 13 100 33 113 20 126 17 - - - 2.71 Aviva Investors Multi-asset III R3 £ Acc 100 92 102 62 117 46 139 29 - - - 0.69 F&C Institutional Lng Dtd Corp Bd3£Acc 101 1 99 62 120 2 141 2 - - - 3.01 Aviva Investors Multi-Asset IV R3 £ Acc 100 86 103 51 120 34 145 15 - - - 0.73 F&C Responsible Sterling Bond C Net Inc 100 44 100 56 111 52 121 52 172 33 - 2.88 Aviva Investors Multi-Asset V R3 GBP Acc 101 69 105 30 126 12 155 2 - - - 0.49 Fidelity Instl UK Corporate Bond Inc 100 32 100 45 113 24 126 19 190 16 0.42 2.85 www.whatinvestment.co.uk WhatInvestment July 2018 69 >| Unit Trusts 17

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val % Rnk % Val £Rnk Val £Rnk Val Rnk £ Val £Rnk Val £Rnk % % Fidelity Instl UK Lng Corp Bd Inc 101 11 99 75 119 4 136 4 226 2 0.42 2.99 Old Mutual Threadneedle HY Bd U2 GBP Acc 100 9 102 8 112 13 126 7 - - - 4.58 Fidelity MoneyBuilder Income Net Y 100 45 100 50 111 49 122 48 183 20 0.57 3.26 PIMCO GIS Glbl Hi Yld Bd R GBPH Inc 98 33 100 32 108 25 117 22 - - 0.80 4.75 Fidelity Short Dated Crprate Bd Y Acc 100 22 101 20 ------3.96 PIMCO GIS US Hi Yld Bd R GBPH Inc 99 22 100 26 110 19 118 19 - - 0.80 5.30 Franklin UK Corporate Bond W Inc 100 59 99 81 ------2.61 Royal London Global High Yield Bd M Inc 99 23 100 30 109 22 119 17 - - - 4.94 GlobalAccess Global Corp Bd M Dis GBP 98 87 99 77 105 79 112 69 - - - 2.26 Royal London Shrt Dur Glbl HY Bd M Inc 101 1 101 16 106 29 113 26 - - - 5.37 GS Sterling Credit R Acc GBP 101 17 100 46 112 32 125 24 - - 0.65 - Schroder High Yld Opportunities Z Acc 100 2 104 1 121 2 141 1 214 1 0.82 6.27 Halifax Corporate Bd C 100 67 100 51 109 67 117 64 140 55 1.01 3.29 Scottish Widows High Income Bd Acc 98 34 99 35 103 33 108 29 152 18 1.63 5.30 HSBC Corporate Bond C Acc 100 60 99 64 112 27 125 21 166 43 - 3.27 SLI Higher Income Plat 1 Acc 100 11 102 13 112 10 126 6 180 8 - 3.30 HSBC Sterling Corp Bd Idx Acc C 100 24 99 66 ------2.23 T. Rowe Price Global High Inc Bd Qdh GBP 98 32 101 21 ------0.77 5.47 Insight Corporate Bond Inst W Acc 99 84 99 76 114 17 125 22 168 40 - 2.34 Threadneedle HY Bd Z Inc GBP 100 7 102 9 112 11 125 10 183 5 - 4.68 IP Corporate Bond Z Acc 100 65 101 8 110 62 119 59 178 25 - 3.07 Average/Total 99 37 101 36 111 33 121 30 177 18 0.85 4.82 iShares Corporate Bond Index (UK) D Acc 100 21 100 57 112 33 124 35 - - 0.17 2.40 Janus Henderson All Stocks Credit I Acc 100 30 100 53 111 43 122 44 178 24 0.55 2.78 (IA) £ STRATEGIC BOND Janus Henderson Instl Lg Datd Crdt I Inc 101 9 98 87 117 5 134 5 211 5 0.55 3.00 Aberdeen Sterling Opps Corp Bd I Acc 100 34 100 43 110 36 115 47 - - - 2.92 Janus Henderson Sterling Bond UT I Acc 101 12 100 31 112 28 124 29 164 48 - 2.73 Aberdeen Strategic Bd I Acc 99 46 102 21 109 47 120 36 - - - 3.20 JPM Sterling Corporate Bond C Grs Acc 100 75 99 80 112 36 125 20 192 14 0.68 1.27 Aberdeen World Opportunistic Bond I Acc 98 77 100 54 105 62 112 57 - - - 3.03 Jupiter Corporate Bond I Acc 100 80 99 61 109 65 120 54 171 35 - 2.11 Allianz Strategic Bond C Inc 99 54 99 78 104 68 114 52 160 28 0.91 1.23 Kames Ethical Corporate Bond GBP B Acc 100 48 100 42 110 54 122 47 168 41 0.58 3.02 Architas MM Strategic Bond A Acc 99 47 100 45 110 37 114 51 149 35 1.07 3.14 Kames Investment Grade Bond GBP B Acc 100 71 101 16 112 34 126 18 192 15 0.81 2.68 Artemis High Income I Inc 100 33 102 10 113 11 132 6 195 4 0.69 5.69 Kames Sterling Corporate Bond GBP B Acc 100 70 100 39 110 56 121 51 175 28 0.58 2.92 Artemis Strategic Bond I Quarterly Acc 100 40 102 18 113 12 127 13 181 13 0.58 3.78 L&G Fixed Interest Trust I Acc 100 53 99 59 113 25 125 23 187 17 0.34 3.13 Aviva Investors Higher Inc Pls 2 GBP Inc 99 50 99 63 110 30 125 15 179 15 0.62 4.27 L&G Managed Monthly Income Trust I Acc 100 34 100 41 114 16 127 15 193 13 0.44 3.22 Aviva Investors Managed Hi Inc 2 GBP Inc 99 67 99 72 109 44 122 29 177 17 0.63 4.62 L&G Short Dated Stlg Corp Bd Idx I Acc 100 28 100 24 107 71 - - - - - 2.02 Aviva Investors Strategic Bd 2 GBP Inc 99 65 99 73 106 57 120 33 - - 0.73 3.33 L&G Sterling Corporate Bond Index I Acc 101 10 99 68 111 44 122 42 - - - 2.18 AXA Framlington Managed Income Z GBP Acc 101 12 103 8 116 5 134 4 - - - 3.53 L&G Sterling Income I Acc 100 66 101 6 111 47 123 38 165 45 - 3.33 AXA Sterling Strategic Bond Z Net 102 3 100 51 112 16 122 28 144 37 0.51 1.62 LF Canlife Corporate Bond C Acc 100 61 100 52 111 42 121 50 182 22 0.81 3.72 Baillie Gifford Sterling Agg Bd C Acc 101 6 100 42 ------1.77 LF Canlife Short Duration Corp Bd C Acc 100 47 100 25 ------2.50 Baillie Gifford Stlg Agg Pls Bd C Acc 102 4 101 34 ------2.48 Liontrust Sust Fut Corp Bd 2 Grs Inc 99 82 100 48 114 18 126 16 182 21 0.60 3.79 Baillie Gifford Strategic Bond B Inc 100 22 102 19 114 8 128 9 204 3 0.55 3.47 M&G Corporate Bond GBP I Acc 100 64 101 17 112 29 123 37 200 8 0.66 2.98 Barclays Sterling Bond R Acc GBP 101 7 100 47 113 13 124 20 - - - 2.07 M&G Global Corporate Bond GBP I-H Acc 97 89 99 83 107 70 - - - - 0.77 2.31 BlackRock Fixed Inc Global Opps D Acc 100 30 101 30 103 69 105 67 157 30 - 2.24 M&G Short Dated Corp Bd GBP I Inc 100 51 101 13 105 77 111 73 120 56 0.55 1.56 BlackRock Sterling Strategic Bd D £ Acc 100 24 102 20 ------2.15 M&G Strategic Corporate Bond GBP I Acc 100 57 101 7 112 37 122 43 210 6 0.66 2.86 BNY Mellon Global Oppc Bd GBP I Acc H 98 78 98 82 95 75 - - - - 0.78 4.02 Marlborough Bond Income P Inc 100 37 101 9 111 45 124 30 173 31 - 3.53 City Financial Divers Fxd Intr R Acc 100 43 97 84 100 73 - - - - - 6.29 Morgan Stanley UK Sterling Corp Bd I Acc 100 55 100 35 112 35 125 25 198 10 0.60 2.57 Close Select Fixed Income X Inc 100 25 102 13 115 7 122 26 - - - 4.11 Newton Long Corp Bd Exempt 1 Acc 101 3 99 79 116 7 132 8 199 9 0.26 2.95 EdenTree Amity Sterling Bond B 100 29 103 7 111 25 124 17 180 14 0.78 4.44 Old Mutual Bond 2 A GBP Acc 100 73 100 47 110 61 118 62 160 51 0.99 3.90 F&C Extra Income Bond C Net Inc 99 58 101 25 110 29 123 25 166 24 - 3.64 Old Mutual Corporate Bond R GBP Acc 100 40 100 26 110 57 121 49 171 34 0.74 2.24 F&C Institutional Aggt Fxd Intr 3 £ Acc 101 8 100 49 112 15 124 18 - - - 1.99 Old Mutual Fidelity Mnybldr Inc U2 £ Acc 100 33 100 23 112 40 - - - - - 3.34 F&C Strategic Bond Fd C Net Inc 99 45 99 70 101 71 107 65 145 36 - 1.26 Old Mutual Invesco Perpt Corp Bd U2 £Acc 100 68 101 21 110 60 119 61 - - - 2.57 Fidelity Extra Income Net Y 100 28 101 29 112 14 125 16 188 8 0.78 3.59 PIMCO GIS GlInGd Crdt R GBPH Inc 98 86 100 55 106 73 114 68 - - 0.76 3.00 Fidelity Strategic Bond Net Y 98 74 99 62 105 63 115 48 181 12 0.68 2.18 PIMCO GIS UK Corporate Bd Instl GBP Acc 100 58 100 34 114 14 130 10 203 7 0.46 - GAM Star Credit Opps (GBP) Instl GBP Acc 98 76 104 5 122 4 151 1 - - 1.14 - PIMCO GIS UK L/T Corp Bd Instl GBP Acc 101 16 100 28 119 3 141 1 239 1 0.46 - GS Stlg Broad Fxd Inc Plus R Acc GBP 103 1 100 46 115 6 127 11 190 5 0.34 - Premier Corporate Bond Monthly Income C 100 74 101 18 105 78 116 65 155 52 1.00 3.41 HC Kleinwort Hambros Fixed Income A Acc 100 31 99 74 104 67 109 62 - - 1.12 1.90 Rathbone Ethical Bond I Inc 100 78 102 1 116 8 132 6 197 11 0.70 4.10 Hermes Multi-Strategy Credit F GBP Acc H 98 71 99 61 108 49 - - - - 0.79 - RBS Extra Income 1 100 62 99 85 108 68 118 63 169 39 1.04 2.24 HL Multi-Manager Strategic Bond A Acc 99 51 100 41 109 46 116 45 - - 1.27 2.93 Royal London Corporate Bond M Acc 101 7 101 5 115 12 129 11 187 18 - 3.73 HSBC Global High Income Bond C Acc 98 80 99 56 ------3.04 Royal London Corporate Bond Monthly Inc 100 76 99 60 111 51 120 57 160 50 1.04 3.67 Insight Infl-Lnkd Corp Bd Inst W Acc 99 59 100 38 112 21 116 46 - - - 1.98 Royal London Inv Grade SD Credit Inc Z 100 29 101 11 ------2.28 IP Monthly Income Plus Z Acc 99 61 101 28 110 32 123 22 190 6 - 4.71 Royal London Sterling Credit M Acc 101 14 101 10 114 15 128 12 - - - 3.66 IP Tactical Bond Z Acc 99 60 99 67 104 65 112 56 - - - 2.53 Santander Corporate Bond IA 100 56 99 82 110 53 120 56 - - - 3.53 Janus Henderson Fxd Intr MthInc I Inc 97 81 100 44 112 19 127 10 164 25 0.78 4.99 Schroder All Maturities Corp Bd Z Acc 100 41 99 58 113 23 124 28 - - 0.46 3.95 Janus Henderson Preference & Bond I Acc 98 69 101 33 111 24 125 14 170 20 0.68 4.42 Schroder Instl Long Dated Corp Bd I 101 5 99 72 121 1 140 3 213 4 0.27 4.28 Janus Henderson Strategic Bond I Inc 99 63 100 40 108 48 122 27 177 16 0.68 3.75 Schroder Sterling Corporate Bond Z Acc 101 4 102 2 117 6 128 13 184 19 0.61 3.95 JPM Global Bond Opportunities C Grs Acc 99 52 101 24 108 50 - - - - - 3.83 Scottish Widows Corporate Bd G Acc 99 85 98 86 109 64 119 60 - - - 2.33 Jupiter Strategic Bond I Acc 99 66 100 52 109 45 120 34 - - 0.73 3.74 SLI AAA Income Plat 1 Acc 100 20 99 67 107 69 115 66 147 54 - 1.75 Kames Strategic Bond GBP B Acc 100 26 102 17 106 56 113 55 167 22 - 2.30 SLI Corporate Bond Plat 1 Acc 100 63 100 44 110 59 123 39 171 37 - 3.29 L&G Dynamic Bond Trust I Acc 96 83 98 80 97 74 105 68 188 7 0.64 6.41 SLI Ethical Corp Bond Plat 1 Acc 100 77 99 63 111 46 123 41 171 36 - 2.49 Lazard Sterling Glb Hi Qual Bd A Inc GBP 101 13 100 36 112 18 124 19 168 21 0.60 2.18 SLI Investment Grade Corp Bd Plat 1 Acc 100 81 99 71 110 58 120 53 165 44 - 2.99 Legg Mason IF BW Glbl Inc Optr X Inc 99 57 100 39 110 41 117 41 - - 1.10 3.98 SLI Short Duration Credit Plat 1 Acc 100 54 101 15 106 72 112 71 161 49 - 1.66 Legg Mason IF WA Retirement Inc Bd X Inc 99 44 100 55 108 53 109 64 133 39 - 3.34 Smith & Williamson Fxd Interest B 101 8 100 32 109 66 114 67 164 47 - 2.20 Legg Mason WA Mcr OppBd X GBPH Acc 95 84 99 57 111 26 - - - - 1.26 - SVS Brown Shipley Sterling Bond I Acc 99 83 98 88 100 82 110 74 - - 0.77 2.79 LF IM Bond A Inc 101 10 98 81 104 66 113 54 - - 1.54 1.79 SVS Church House Invmt Grd Fxd Intr Acc 100 79 100 54 106 74 112 70 174 30 1.05 2.05 Loomis Sayles Strategic Inc H-N/DG GBP 98 68 100 50 112 17 119 38 - - - 4.43 Threadneedle Stlg MLD Corp Bd InsGrsInc£ 100 23 99 78 115 9 130 9 - - - 2.50 M&G Optimal Income GBP I Acc 99 48 102 15 112 22 121 31 211 2 0.91 1.84 Threadneedle Stlg SD Corp Bd Ins Inc £ 100 36 100 22 106 75 111 72 - - - 1.73 M&G UK Inflation Lnkd Corp Bd GBP I Acc 100 42 100 37 105 64 107 66 - - 0.66 - Threadneedle UK Corp Bd Ins Inc 100 38 100 37 113 22 124 33 176 27 0.55 2.91 Man GLG Strategic Bond Profl Acc C 93 85 97 85 101 72 111 59 - - 0.83 4.19 Threadneedle UK Social Bd Z Acc£ 100 35 100 38 112 39 - - - - - 2.54 Marks & Spencer High Income Acc 98 75 99 75 108 51 115 49 149 34 1.00 4.14 TwentyFour Corporate Bond GBP Acc 100 50 102 4 114 19 ------MI TwentyFour AM Dynamic Bond I Acc 100 39 102 9 111 27 130 7 - - 1.10 4.77 Vanguard UK Inv Grd Bd Idx GBP Acc 100 26 100 27 112 30 124 27 179 23 0.20 2.53 Muzinich Global Tact Crdt HGBP Acc A 98 73 99 71 106 58 - - - - 1.26 - Vanguard UK Short-Term IG Bd Idx GBP Acc 100 25 101 19 105 80 110 75 - - 0.20 1.29 NatWest High Yield NAV 100 35 99 65 110 33 123 23 185 10 - 2.96 Average/Total 100 89 100 88 111 82 123 76 179 56 0.58 2.82 Newton Global Dynamic Bd Inc Inst W Inc 99 62 99 64 ------3.41 NFU Mutual Gilt & Corp Bond C 101 9 99 59 112 23 123 21 171 18 - 2.77 (IA) £ HIGH-YIELD Old Mutual Bond 1 A GBP Inc 100 21 103 6 110 38 127 12 166 23 1.08 6.35 Aberdeen Eurpn High Yld Bond I Acc 100 3 103 3 114 5 128 3 - - - 5.57 Old Mutual Fidelity Strat Bd U2 GBP Acc 98 70 99 58 105 60 116 44 - - - 2.28 Aberdeen Global High Yield Bond I Acc 99 25 101 18 107 28 114 25 153 17 - 5.30 Old Mutual Monthly Income Bd R GBP Acc 97 82 98 79 103 70 112 58 141 38 0.85 4.15 Aviva Investors High Yield Bd 2 GBP Inc 98 31 99 34 109 23 126 5 - - 0.74 4.78 Old Mutual Voyager Strat Bd R GBP Inc 98 72 99 68 105 61 109 63 157 29 - 3.91 AXA Global High Income Z Net Acc 99 28 100 28 108 26 117 21 180 7 0.80 4.98 PIMCO GIS Divers Inc Dur H Ins GBP H Acc 99 49 101 22 110 31 114 53 - - 0.69 - AXA Pan European High Yield Bond Z Acc 100 12 102 10 113 8 127 4 161 15 - 4.44 PIMCO GIS Divers Inc R USD Inc 100 20 98 83 127 1 134 5 251 1 0.87 3.82 Baillie Gifford High Yield Bond B Inc 99 19 102 5 113 9 126 9 207 3 0.38 3.84 PIMCO Sel UK Income Bond R GBP Inc 100 38 100 53 106 59 111 61 - - - 4.10 Barings Dev and EM HY Bd I GBP H Inc 98 29 100 25 104 31 108 30 154 16 1.25 6.84 Rathbone Strategic Bond Instl Inc 100 19 102 14 113 10 121 30 - - 1.28 2.96 Barings Global High Yield Bond D GBP Acc 99 24 101 23 ------0.71 - RBS High Yield 1 100 35 99 65 110 33 123 23 185 11 1.05 2.96 BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 100 4 102 4 ------4.55 Royal London Ethical Bond M Acc 101 11 101 23 114 9 128 8 152 33 - 3.68 Eaton Vance Intl (IRL) US HY Bd I2 GBP 99 17 100 27 110 17 122 15 - - 0.82 - Royal London Global Bd Opp Z GBP 100 18 104 4 ------5.60 F&C Maximum Income Bond C Net Inc 99 26 102 12 111 15 124 13 173 10 - 4.60 Royal London GMAP Cnsrv M GBP Acc 101 16 100 48 ------1.80 Fidelity Global High Yield Y Acc 99 16 102 11 116 3 124 12 - - 0.87 3.62 Royal London Short Dur Crdt M GBP Inc 101 15 102 16 111 28 - - - - - 3.95 GlobalAccess Global Hi Yld Bd M Dis GBP 100 10 101 22 110 18 116 24 - - - 4.97 Royal London Sterl Extra Yld Bd A 102 2 107 2 123 3 139 3 186 9 0.88 5.55 GS Europe High Yield Bd Base Inc EUR 98 35 101 14 132 1 - - - - 1.35 3.22 Sanlam Strategic Bond P GBP Acc 102 5 107 1 124 2 141 2 - - 0.44 - Hermes Global High Yld Crdt F GBP Acc H 98 37 101 24 110 21 - - - - 0.82 - Santander Strategic Bond IA 99 53 101 26 110 40 119 37 - - - 4.43 Investec Monthly High Income I Acc GBP 98 36 100 33 114 7 121 16 172 11 0.75 4.10 Sarasin Sterling Bond I Acc 101 14 99 60 112 20 120 35 170 19 0.86 3.65 IP High Yield Z Acc 99 18 103 2 112 12 125 11 207 2 - 5.85 Schroder Strategic Bond Z Acc 100 23 102 11 109 42 118 40 - - - 2.98 JPM Global High Yield Bond C Grs Acc 99 14 101 15 110 20 118 20 165 13 0.73 4.18 Schroder Strategic Credit Z GBP Acc 100 37 101 27 110 39 116 43 154 31 - 4.20 Kames High Yield Bond GBP B Acc 99 20 101 20 107 27 118 18 191 4 0.81 4.67 Scottish Widows Strategic Income A Acc 100 41 99 77 110 35 120 32 162 27 1.38 3.05 Kames Short Dated HY Glbl Bd GBPH B Acc 99 13 ------0.61 - SLI Strategic Bond Plat 1 Acc 99 55 100 35 108 52 118 39 - - - 2.42 L&G High Income Trust I Acc 98 30 102 7 114 6 126 8 164 14 0.42 6.58 Threadneedle Strategic Bond Z Inc 100 27 101 32 109 43 117 42 163 26 - 3.49 M&G Global Fltng Rt Hi Yld GBP I-H Acc 100 5 101 19 109 24 - - - - 0.83 3.46 Tideway GBP Credit A GBP Acc 100 32 102 12 ------M&G Global High Yield Bond GBP I Acc 100 8 101 17 111 16 123 14 182 6 0.81 4.01 Tideway GBP Hybrid Capital A GBP Acc 99 64 104 3 ------Marlborough High Yield Fixed Int P Inc 100 6 102 6 115 4 128 2 173 9 - 4.89 Virgin Income Trust 100 17 99 76 108 55 115 50 153 32 1.00 1.09 Neuberger Berman HY Bd GBP A Acc 99 27 99 36 106 30 113 27 - - 1.40 - Waverton Sterling Bond A GBP 99 56 101 31 108 54 111 60 - - 1.06 4.28 Neuberger Berman Shrt Dur HY Bd £InsAccH 99 15 100 31 103 32 111 28 - - 0.80 - Zurich Horizon Mthly Income Plus Z Inc 98 79 99 69 ------4.18 Newton Global High Yield Bond Int W Acc 99 21 100 29 111 14 117 23 172 12 0.61 4.90 Average/Total 99 85 100 85 109 75 120 68 172 39 0.87 3.43 70 WhatInvestment July 2018 www.whatinvestment.co.uk >| Investment Trusts 1 Investment Trusts

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6Val MONTHS Rnk Val 1 YEAR Rnk 3Val YEARS Rnk Val 5 YEARS Rnk 10Val YEARS Rnk YIELD DISC FUND 6 MONTHSVal Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk 5Val YEARS Rnk 10Val YEARS Rnk YIELD DISC £ £ £ £ £ % % £ £ £ £ £ % % ASIA PACIFIC - EXCLUDING JAPAN JPMorgan European Income Pool 97 5 99 7 127 5 182 2 245 4 3.68 -9.29 Aberdeen Asian Income 100 13 104 11 122 14 112 14 275 8 4.31 -10.14 Jupiter European Opportunities 106 1 112 1 144 1 196 1 383 1 0.84 -1.16 Aberdeen Asian Smaller 101 12 102 12 127 13 101 15 407 1 1.15 -15.84 Average/Total 98 8 101 8 129 8 175 8 240 8 2.21 -8.20 Aberdeen New Dawn 103 8 110 5 137 9 132 12 249 11 1.68 -13.64 EUROPEAN EMERGING MARKETS All Asia Asset Capital Limited 88 16 70 16 21 16 54 16 - - - 272.34 Baring Emerging Europe 95 2 100 2 143 2 112 2 92 1 4.65 -13.14 Edinburgh Dragon 104 5 108 9 136 10 134 11 264 9 0.88 -13.48 BlackRock Emerging Europe plc 97 1 103 1 148 1 130 1 91 2 4.59 -5.11 Fidelity Asian Values 107 2 102 12 160 4 201 2 310 6 1.12 -4.57 Average/Total 96 2 102 2 146 2 121 2 92 2 4.62 -9.12 Henderson Far East Income 102 9 108 7 130 11 139 10 233 13 5.85 0.82 EUROPEAN SMALLER COMPANIES Invesco Asia 99 14 110 6 150 6 192 4 310 5 1.49 -12.17 European Assets 94 3 97 4 125 4 189 3 260 3 0.26 -4.10 JPMorgan Asian 102 11 117 3 160 5 185 6 222 14 4.33 -10.86 JPMorgan European Smaller Comp 98 2 110 1 169 1 252 2 314 1 1.15 -11.06 Martin Currie Asia Unconstrained 102 9 108 8 138 8 151 9 184 15 1.97 -12.33 Montanaro European Smaller 107 1 109 2 167 2 184 4 257 4 0.97 -13.94 Pacific Assets 104 4 101 14 127 12 168 7 237 12 1.01 -6.17 TR European Growth 87 4 101 3 166 3 267 1 261 2 1.12 -11.20 Pacific Horizon 119 1 149 1 191 1 232 1 258 10 - 2.18 Average/Total 96 4 104 4 157 4 223 4 273 4 0.88 -10.08 Schroder Asia Pacific 104 5 116 4 168 3 187 5 323 4 1.20 -11.20 FLEXIBLE INVESTMENT Schroder Asn Total Return Inv. Company 106 3 127 2 189 2 194 3 306 7 1.30 2.45 Aberdeen Diversified Income & Growth 104 3 109 6 101 15 114 12 158 10 4.35 -2.10 Schroder Oriental Income 103 7 107 10 140 7 151 8 328 3 3.80 -1.29 Capital Gearing 102 6 103 12 116 12 113 13 197 7 0.50 1.55 Scottish Oriental Smaller Cos 98 15 98 15 120 15 119 13 382 2 1.15 -14.64 Establishment Investment Trust 97 14 105 8 132 6 105 15 180 9 2.97 -15.11 Average/Total 102 16 109 16 138 16 153 16 286 15 2.23 9.47 F&C Managed Portfolio Growth 105 2 111 4 135 4 170 3 214 2 - 1.33 ASIA PACIFIC - INCLUDING JAPAN F&C Managed Portfolio Income 102 6 103 13 122 8 146 6 222 1 4.06 2.03 Witan Pacific 100 1 108 1 132 1 144 1 224 1 1.67 -14.76 Hansa Trust 'A' Class A 99 11 112 3 121 9 139 8 135 12 1.63 -29.66 Average/Total 100 1 108 1 132 1 144 1 224 1 1.67 -14.76 Hansa Trust 93 15 114 1 117 10 139 7 136 11 1.61 -28.77 COUNTRY SPECIALISTS: ASIA PACIFIC Henderson Alternative Strategies Trust 97 13 104 10 127 7 127 9 70 14 1.69 -16.54 Aberdeen New India 103 6 100 10 140 9 196 6 306 2 - -14.45 Invesco Perp Select Balanced Risk Alloc 101 8 105 9 115 13 126 10 - - - -2.69 Aberdeen New Thai 105 5 112 6 144 7 120 9 386 1 1.96 -14.87 Miton Global Opportunities 100 10 113 2 172 1 192 1 204 5 - 0.75 Fidelity China Special 110 2 128 3 156 5 289 1 - - 0.97 -14.12 New Star Investment Trust 102 5 106 7 151 2 157 5 102 13 0.73 -30.71 India Capital Growth 91 11 102 9 164 3 244 3 110 7 - -17.35 Personal Assets 99 11 98 15 117 11 120 11 184 8 1.41 1.46 JPMorgan Chinese 99 8 132 2 157 4 216 5 284 4 0.51 -15.23 RIT Capital Partners 105 1 110 5 135 3 181 2 200 6 - 7.95 JPMorgan Indian 97 9 97 11 133 10 183 7 195 6 - -14.27 Ruffer Investment Company 101 9 99 14 109 14 111 14 212 3 0.77 1.91 Kubera Cross-Border 111 1 109 7 151 6 71 10 68 8 - -15.88 Seneca Global Income & Growth Trust 102 4 104 11 135 5 164 4 204 4 3.77 1.71 Vietnam Enterprise 108 4 133 1 ------13.64 Average/Total 100 15 106 15 127 15 140 15 173 14 2.14 -7.13 VietNam Holding 109 3 127 4 183 2 255 2 285 3 - -11.00 GLOBAL VinaCapital Vietnam Opp Fund 102 7 117 5 204 1 236 4 280 5 2.24 -20.75 Alliance Trust 102 17 108 16 156 7 184 11 280 9 1.83 -6.06 Weiss Korea Opportunity 97 10 104 8 140 8 175 8 - - 1.88 -2.80 Bankers 104 12 115 10 144 12 183 13 280 10 2.17 -1.23 Average/Total 103 11 115 11 157 10 198 10 239 8 1.51 -14.03 British Empire 104 12 111 12 151 9 165 19 194 18 1.62 -9.24 COUNTRY SPECIALISTS: EUROPE Brunner 102 19 116 9 151 10 184 12 233 16 2.08 -8.61 JPMorgan Russian Securities 106 1 116 1 164 1 121 1 76 1 4.10 -15.26 Caledonia Investments 100 21 100 21 123 20 170 17 176 20 2.10 -19.32 Average/Total 106 1 116 1 164 1 121 1 76 1 4.10 -15.26 Edinburgh Worldwide 124 2 142 2 185 5 262 4 336 6 - 1.78 COUNTRY SPECIALISTS: LATIN AMERICA EP Global Opportunities 103 15 105 19 126 18 162 20 252 13 1.69 -5.75 JPMorgan Brazil 85 1 91 1 104 1 66 1 - - 1.43 -15.88 F&C Global Smaller Companies 102 17 109 15 141 14 185 10 385 4 0.91 -2.82 Average/Total 84 1 91 1 104 1 66 1 - - 1.43 -15.88 Foreign & Colonial Investment Trust 109 5 118 5 160 6 205 8 282 8 1.52 -1.39 Independent 114 3 144 1 243 1 325 2 492 2 0.82 11.74 COUNTRY SPECIALISTS: OTHER JPMorgan Elect Managed Growth 107 6 112 11 138 16 177 15 257 12 1.47 -2.48 Africa Opportunity 111 3 118 1 110 2 86 2 148 2 - -12.80 Law Debenture Corporation 102 19 107 18 125 19 141 21 270 11 2.87 -11.71 Cambria Africa 98 4 107 2 139 1 12 4 1 4 - 416.62 Lazard World Trust Fund 102 16 116 7 150 11 181 14 181 19 3.44 -3.74 Gulf Investment Fund 125 1 99 3 100 3 139 1 160 1 2.99 -15.31 Lindsell Train 125 1 135 3 226 2 345 1 813 1 1.48 34.02 Tau Capital 111 2 93 4 46 4 19 3 10 3 - -59.34 Majedie Investments 106 9 102 20 113 21 206 7 138 21 3.55 -12.99 Average/Total 111 4 104 4 99 4 64 4 80 4 2.99 82.29 Martin Currie Global Portfolio 104 14 107 17 137 17 170 16 240 15 1.70 -0.86 EUROPE Mid Wynd International Inv Tr PLC O Inc 106 7 116 8 155 8 206 6 342 5 0.97 4.31 BlackRock Greater Europe 100 2 106 2 139 2 165 7 245 5 1.62 -6.30 Monks 106 9 116 6 189 4 235 5 250 14 0.15 2.70 European Investment 100 3 101 4 116 8 168 6 153 8 2.49 -10.91 Scottish Investment Trust 106 8 111 13 143 13 169 18 217 17 2.33 -8.59 Fidelity European Values 98 4 100 5 124 6 162 8 195 6 2.01 -11.74 Scottish Mortgage 113 4 129 4 192 3 308 3 439 3 0.60 2.86 Henderson European Focus Trust 91 8 90 8 119 7 173 4 251 3 2.43 -7.86 © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Henderson EuroTrust 95 6 99 6 131 3 180 3 270 2 2.32 -7.32 not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no JPMorgan European Growth Pool 94 7 102 3 130 4 172 5 182 7 2.28 -10.99 guarantee of future results.

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Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Val£ Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Witan 104 11 109 14 140 15 196 9 304 7 2.08 -1.13 Average/Total 108 3 137 3 199 3 279 3 418 3 - -5.65 Average/Total 107 21 116 21 157 21 207 21 303 21 1.77 -1.83 LATIN AMERICA GLOBAL EMERGING MARKETS Aberdeen Latin American Income 87 2 92 2 115 2 72 2 - - 5.63 -15.52 Aberdeen Emerging Markets 99 8 110 5 134 5 135 4 134 6 - -12.97 BlackRock Latin American 94 1 100 1 120 1 92 1 87 1 2.41 -14.51 Aberdeen Frontier Markets Investment 91 13 91 13 101 12 117 9 107 7 2.62 -9.85 Average/Total 91 2 96 2 118 2 82 2 87 1 4.02 -15.02 Ashmore Global Opp GBP 102 6 104 10 105 11 73 11 42 9 - -32.37 NORTH AMERICA Ashmore Global Opp USD 113 1 125 1 122 9 88 10 71 8 - -29.15 BlackRock North American 105 1 113 2 162 2 171 3 - - 4.80 -1.86 BlackRock Frontiers 97 9 108 7 150 1 172 2 - - 3.46 3.54 Gabelli Merger Plus+ Trust 102 4 ------7.06 3.50 Fundsmith Emerging Equities Trust 105 3 110 3 120 10 - - - - - 0.82 Gabelli Value Plus+ Trust 100 6 97 5 122 4 ------9.26 Genesis Emerging Markets Fund 103 4 108 6 133 6 128 6 192 3 1.51 -13.41 JPMorgan American 105 2 111 3 151 3 194 1 364 1 1.34 -4.62 JPMorgan Emerging Markets 102 5 110 4 145 3 149 3 194 2 1.28 -13.23 Middlefield Canadian Income 101 5 101 4 121 5 116 4 208 3 5.23 -11.83 JPMorgan Global Emerg Mkts Inc 95 10 104 11 125 7 117 8 - - 3.19 -6.21 North American Income Trust 104 3 115 1 171 1 176 2 296 2 3.00 -4.36 Jupiter Emerging & Frontier Income 95 11 106 9 ------5.40 1.98 Average/Total 103 6 107 5 145 5 164 4 289 3 4.29 -4.74 Templeton Emerging Mkts Invmt Tr TEMIT 93 12 106 8 139 4 126 7 182 5 2.08 -15.01 NORTH AMERICAN SMALLER COMPANIES Terra Capital 112 2 112 2 148 2 189 1 222 1 - -7.30 JPMorgan US Smaller Companies 107 2 122 2 178 1 242 1 479 1 0.79 1.43 Utilico Emerging Markets 100 7 100 12 123 8 131 5 184 4 3.30 -10.19 Jupiter US Smaller Companies 119 1 127 1 147 2 145 3 378 2 - -7.58 Average/Total 100 13 107 13 129 12 129 11 148 9 2.86 -11.03 North Atlantic Smaller Cos 105 3 106 3 145 3 194 2 276 3 - -22.04 GLOBAL EQUITY INCOME Average/Total 110 3 118 3 157 3 194 3 377 3 0.79 -9.40 Blue Planet Investment Trust 96 6 113 1 150 2 194 1 - - 9.89 -6.33 PRIVATE EQUITY Henderson International Income 100 3 106 5 142 4 162 5 - - 3.18 1.18 3i 107 9 110 10 189 3 339 1 181 13 3.15 30.24 Invesco Perp Select Glo Eq Inc 101 2 106 4 135 5 169 4 247 3 3.32 -2.52 Aberdeen Private Equity 38 31 40 31 57 25 64 25 61 19 88.89 -2.17 JPMorgan Global Growth & Income 99 5 107 2 155 1 194 2 308 1 3.87 0.22 Adamas Finance Asia 78 26 43 30 43 27 53 27 - - - -36.50 Murray International 94 7 96 7 127 7 120 7 238 4 4.56 0.40 Apax Global Alpha 91 24 98 17 ------6.35 -17.05 Scottish American 102 1 106 3 149 3 175 3 253 2 3.04 3.29 Better Capital PCC 2009 109 6 58 27 101 22 66 24 - - - -44.10 Securities Trust of Scotland 99 4 102 6 134 6 130 6 214 5 3.56 -7.84 Better Capital PCC 2012 72 27 90 23 56 26 36 28 - - - -45.99 Average/Total 99 7 105 7 142 7 164 7 252 5 4.49 -1.66 Dunedin Enterprise 107 8 161 1 176 8 155 18 216 10 4.99 -14.65 GLOBAL HIGH INCOME EIH 112 4 103 14 105 21 143 19 171 15 - -24.35 Henderson Diversified Income 95 1 98 1 111 2 130 2 175 2 7.73 1.85 Electra Private Equity 101 18 99 16 179 6 254 3 357 2 - -15.60 Invesco Perpetual Enhanced Income Ltd 92 2 96 2 117 1 153 1 193 1 6.89 -0.83 Energiser Investments 58 29 46 29 30 29 58 26 24 21 - -19.58 Average/Total 93 2 97 2 114 2 141 2 184 2 7.31 0.51 EPE Special Opportunities 54 30 52 28 155 13 274 2 66 18 - -27.06 GLOBAL SMALLER COMPANIES F&C Private Equity Trust 103 16 102 15 179 7 218 5 241 6 2.46 2.04 Marwyn Value Investors 86 4 85 3 67 2 97 2 165 2 6.30 -34.23 FastForward Innovations Limited 125 1 133 2 307 1 190 14 32 20 - 73.28 Marwyn Value Investors Realisation 100 3 128 1 ------18.06 HarbourVest Global Priv Equity 101 19 96 21 143 18 197 10 - - - -21.34 Oryx International Growth 109 1 117 2 163 1 275 1 349 1 - -13.05 HgCapital Trust 110 5 126 3 188 4 195 12 278 3 2.48 -1.90 ScotGems 102 2 ------5.54 ICG Enterprise Trust 105 10 114 7 154 14 189 15 219 9 2.53 -14.30 Average/Total 99 4 110 3 115 2 186 2 257 2 6.30 -17.72 JPEL Private Equity 104 14 111 9 174 10 217 6 119 16 - -14.34 HEDGE FUNDS Livermore Investments 88 25 96 18 144 17 174 16 198 12 0.11 -45.77 Alternative Liquidity Fund 72 11 110 3 ------57.75 LMS Capital 105 11 114 5 65 24 69 23 69 17 - -36.22 BH Global GBP 104 4 110 2 107 8 115 7 137 8 - -9.32 Mithras 115 2 116 4 174 9 205 7 237 8 1.60 -2.99 BH Global USD 109 2 106 7 126 3 135 4 204 5 - -8.74 NB Private Equity Partners 104 13 96 18 144 16 204 8 - - 3.73 -23.74 BH Macro GBP 104 5 101 10 98 10 89 9 148 7 - -12.08 Northern Investors 99 20 62 26 108 20 224 4 402 1 13.39 -3.49 BH Macro USD 108 3 101 10 118 5 107 8 220 3 - -12.04 Oakley Capital Investments 113 3 110 11 118 19 126 20 207 11 2.45 -24.45 Boussard & Gavaudan EUR 102 7 102 9 161 1 169 1 245 2 - -16.07 Origo Partners 60 28 69 24 23 30 12 30 2 24 - -86.56 Boussard & Gavaudan GBP 99 8 106 8 139 2 165 2 - - - -17.23 Pantheon International Ord PLC 108 7 112 8 157 12 191 13 243 5 - -15.07 Global Fixed Income Realisation 120 1 121 1 109 7 36 10 21 9 - -37.03 Princess Private Equity 95 23 104 13 182 5 200 9 250 4 - -10.72 Highbridge Multi-Strategy Fund GBP 103 6 108 4 120 4 123 6 186 6 - 0.64 Qannas Investments 102 17 68 25 75 23 91 21 - - - -22.20 Third Point Offshore GBP 99 9 108 5 99 9 126 5 213 4 0.05 -15.81 Reconstruction Capital II 97 21 95 22 219 2 80 22 23 22 - -23.66 Third Point Offshore USD 98 10 107 6 115 6 148 3 346 1 0.05 -16.20 St Peter Port Capital 104 12 96 20 40 28 19 29 15 23 8.22 -63.93 Average/Total 102 11 107 11 119 10 121 10 191 9 0.05 -18.33 Standard Life Private Eq 96 22 108 12 164 11 196 11 177 14 3.80 -16.08 Symphony International Holding 103 15 114 5 153 15 174 17 237 7 32.35 -31.76 JAPAN Average/Total 96 31 95 31 133 30 154 30 168 24 11.77 -19.36 Aberdeen Japan 98 5 111 5 123 5 169 5 283 3 0.85 -11.84 PROPERTY DIRECT - ASIA PACIFIC Baillie Gifford Japan 101 4 129 2 183 2 283 1 452 1 - 2.67 CC Japan Income & Growth 108 1 124 4 ------2.10 2.14 Aseana Properties 104 3 104 4 113 3 151 3 97 4 - -23.34 Fidelity Japan Trust 108 2 141 1 188 1 238 2 267 4 - -9.81 Macau Property Opportunities 103 4 114 2 90 4 134 4 216 2 - -26.38 JPMorgan Japanese 108 3 126 3 165 3 227 3 291 2 1.09 -11.21 Pacific Alliance China Land 113 2 111 3 139 2 176 2 423 1 - -12.15 Schroder Japan Growth 98 5 110 6 137 4 201 4 261 5 1.64 -9.01 Vinaland 115 1 128 1 251 1 279 1 133 3 - -4.08 Average/Total 104 6 124 6 159 5 223 5 311 5 1.42 -6.18 Average/Total 109 4 114 4 148 4 185 4 217 4 - -16.49 JAPANESE SMALLER COMPANIES PROPERTY DIRECT - EUROPE Atlantis Japan Growth 110 2 139 2 167 3 205 3 294 2 - -10.56 Alpha Pyrenees Trust 119 1 111 5 8 6 2 5 0 5 - -99.00 Baillie Gifford Shin Nippon 112 1 147 1 261 1 393 1 710 1 - 6.87 Alpha Real Trust 96 7 103 7 207 1 286 1 172 1 1.90 -24.71 JPMorgan Japan Smaller Cos 102 3 124 3 170 2 239 2 250 3 - -13.26 AXA Property 72 8 68 8 93 3 109 2 79 2 - -25.12

72 WhatInvestment July 2018 www.whatinvestment.co.uk >| Investment Trusts 3

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Val£ Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Dolphin Capital Investors 105 5 115 4 32 5 19 4 6 4 - -62.03 BlackRock World Mining Trust plc 111 2 126 2 155 2 109 1 79 2 3.88 -11.99 Dragon Ukrainian Properties 116 2 138 1 91 4 94 3 28 3 12.18 -48.12 City Natural Resources 109 3 113 4 138 3 101 2 84 1 4.93 -16.82 Gblworth Real Estate Investments 112 3 133 2 197 2 - - - - 5.76 9.75 El Oro 96 7 107 5 137 4 94 4 - - 3.61 -25.65 Phoenix Spree Deutschland 106 4 131 3 ------2.14 -3.11 Geiger Counter 80 10 102 6 95 8 66 6 24 5 - 8.51 Schroder European Real Estate Inv Trust 100 6 109 6 ------5.66 -1.85 Global Resources IT 93 8 84 8 66 9 ------46.10 Average/Total 103 8 113 8 105 6 102 5 57 5 5.53 -31.77 Golden Prospect Precious Metal 91 9 81 9 109 7 65 7 36 4 - -24.71 PROPERTY DIRECT - UK Riverstone Energy 97 6 97 7 116 5 ------19.02 AEW UK REIT 102 11 104 7 118 6 - - - - 8.17 3.75 Tiger Resource Finance 100 5 77 10 63 10 28 8 16 6 - -40.76 Custodian REIT 107 5 111 4 131 3 - - - - 5.39 13.16 Average/Total 99 10 103 10 117 10 79 8 53 6 4.34 -20.46 Drum Income Plus REIT 103 9 104 7 94 12 - - - - 6.35 0.63 SECTOR SPECIALIST: DEBT Ediston Property Investment Company 101 12 102 11 116 9 - - - - 5.23 -1.36 Alcentra Eur Floating Rate Inc 103 14 103 16 107 16 119 7 - - 4.28 -5.16 F&C Commercial Property 104 8 101 12 119 5 167 5 276 1 4.16 1.76 Axiom European Financial Debt Fund 103 12 107 4 ------5.85 5.31 F&C UK Real Estate Investments 98 14 102 10 117 8 177 3 222 5 4.95 -5.43 BioPharma Credit 103 12 96 31 ------5.23 3.90 Ground Rents Income Fund Plc 92 17 83 17 103 11 122 7 - - 3.67 -13.63 Blackstone/GSO Loan Financing 96 31 99 26 145 3 - - - - 10.99 3.06 KCR Residential REIT 91 18 91 16 ------16.75 Carador Income Fund USD 99 27 97 27 124 5 132 4 - - 9.05 -9.44 LXB Retail Properties 115 1 58 18 51 13 59 8 - - - -23.95 Chenavari Toro Income Fund Limited 102 15 106 10 123 6 - - - - 9.79 -16.51 LXI REIT 105 7 104 6 ------5.07 0.77 CVC Credit Partners Euro Opps EUR 100 22 103 16 147 2 - - - - 5.09 -1.02 Picton Property Income 109 4 110 5 142 2 243 1 271 2 3.85 4.03 CVC Credit Partners Euro Opps GBP 101 20 102 18 122 9 - - - - 5.00 -1.93 PRS REIT 96 15 95 15 ------4.60 -0.80 Fair Oaks Income 2014 107 5 115 1 ------8.24 9.61 Regional REIT 95 16 97 13 ------8.47 -6.78 Fair Oaks Income 2017 103 9 103 15 158 1 - - - - 8.70 2.42 Schroder Real Estate Invest 103 10 97 14 117 7 175 4 209 6 4.09 -10.33 Funding Circle SME Income Fund 105 6 107 7 ------6.25 4.40 Secure Income REIT 109 3 115 1 144 1 - - - - 4.08 6.15 GCP Asset Backed Income 101 21 99 25 ------6.01 1.54 Standard Life Inv. Prop. Inc. 106 6 112 3 127 4 222 2 233 3 5.05 6.79 Hadrian's Wall Secured Investments 100 23 101 20 ------5.91 3.69 UK Commercial Property 101 13 103 9 114 10 151 6 227 4 4.23 -5.93 Honeycomb Investment Trust 100 24 107 4 ------7.17 9.37 Urban Logistics REIT plc 109 2 113 2 ------7.54 16.73 ICG-Longbow Senior Sec. UK Prop Debt Inv 105 6 107 8 123 7 129 5 - - 5.76 3.65 Average/Total 102 18 100 18 115 13 164 8 240 6 5.31 -1.73 JPMorgan Global Convertibles Income Fund 99 26 101 20 106 17 - - - - 4.74 -2.77 PROPERTY SECURITIES NB Distressed Debt Inv Extended Life 111 2 104 14 103 18 98 10 - - 2.59 -11.90 TR Property 110 1 122 1 146 1 233 1 348 1 2.96 -1.18 NB Distressed Debt New Glb 108 4 114 2 114 12 - - - - 1.25 -12.35 Average/Total 110 1 122 1 146 1 233 1 348 1 2.96 -1.18 NB Distressed Debt 102 18 100 22 109 15 114 8 - - 1.35 -6.16 NB Global Floating Rate Income GBP 102 16 100 22 109 14 110 9 - - 3.40 -2.54 PROPERTY SPECIALIST NB Global Floating Rate Income USD 103 11 96 29 127 4 122 6 - - 3.43 -3.22 AEW UK Long Lease REIT 91 15 ------3.29 2.00 P2P Global Investments 104 8 96 30 87 21 - - - - 6.01 -15.18 Civitas Social Housing C 93 13 ------3.13 -4.33 Ranger Direct Lending Fund 113 1 105 13 97 19 - - - - 12.27 -20.74 Civitas Social Housing 93 14 97 7 ------1.20 Real Estate Credit Investments 98 30 108 3 122 8 164 1 181 1 7.27 0.86 Empiric Student Property 101 8 80 9 94 7 - - - - 5.85 -16.07 SQN Secured Income 99 28 100 24 ------6.89 -6.12 GCP Student Living 105 2 99 4 127 3 171 2 - - 4.14 -1.68 Starwood Eurpn Real Estate Finance 100 25 102 18 118 11 132 3 - - 6.10 4.46 Impact Healthcare REIT 104 4 104 3 ------5.80 3.95 TOC Property Backed Lending 103 10 105 12 ------6.76 5.61 MedicX 99 11 93 8 117 5 138 4 191 2 7.66 16.08 TwentyFour Income 101 19 105 11 111 13 147 2 - - 6.13 1.18 Primary Health Properties 101 9 105 2 129 2 180 1 250 1 4.80 20.84 TwentyFour Select Monthly Income 102 17 107 4 121 10 - - - - 6.64 4.37 Residential Secure Income 98 12 ------2.68 -3.08 UK Mortgages 98 29 97 28 ------6.94 1.41 Supermarket Income REIT 105 2 ------5.34 6.35 VPC Specialty Lending Investments 110 3 107 9 97 19 - - - - 10.23 -11.50 Target Healthcare REIT 101 9 99 6 122 4 139 3 - - 5.86 6.39 Average/Total 103 31 103 31 118 21 127 10 181 1 6.30 -1.99 The Local Shopping REIT 102 6 99 5 108 6 107 5 56 3 - -24.52 SECTOR SPECIALIST: ENVIRONMENTAL Triple Point Social Housing REIT 104 5 ------3.51 6.43 Tritax Big Box 106 1 106 1 149 1 - - - - - 7.94 Impax Environmental Markets 105 1 117 1 169 1 210 1 221 1 0.93 -4.45 Warehouse REIT 102 7 ------5.39 -0.12 Jupiter Green 102 3 109 3 129 2 166 2 176 2 0.63 -4.76 Average/Total 100 15 98 9 121 7 147 5 166 3 4.79 1.27 Leaf Clean Energy 67 4 55 4 64 3 45 3 21 3 - -63.22 Menhaden Capital 104 2 113 2 ------21.82 SECTOR SPECIALIST Average/Total 95 4 98 4 121 3 140 3 139 3 0.78 -23.56 Polo Resources 133 1 84 1 74 1 18 1 7 1 - -71.44 SECTOR SPECIALIST: FINANCIALS Average/Total 133 1 84 1 74 1 18 1 7 1 - -71.44 Chenavari Capital Solutions 92 3 94 3 100 2 - - - - 6.21 -8.35 SECTOR SPECIALIST: BIOTECHNOLOGY & HEALTHCARE EJF Investments 123 1 135 1 ------5.49 5.69 Adams 75 7 41 7 38 6 109 6 - - - 53.58 Polar Capital Global Financials 99 2 104 2 138 1 - - - - 2.89 -5.40 BB Healthcare 104 3 110 3 ------0.48 Average/Total 104 3 111 3 119 2 - - - - 4.86 -2.69 Biotech Growth 95 6 105 5 90 5 179 4 742 1 - -6.50 SECTOR SPECIALIST: FORESTRY & TIMBER International Biotechnology 100 4 108 4 115 4 245 2 543 3 - -4.96 Polar Capital Glb Healthcare 99 5 98 6 121 3 148 5 - - 1.71 -7.75 Cambium Global Timberland 108 1 106 1 52 2 23 2 11 2 - -43.03 Syncona 118 1 147 1 190 1 208 3 - - - 43.66 Phaunos Timber 102 2 87 2 150 1 107 1 67 1 4.37 -15.04 Worldwide Healthcare 106 2 111 2 138 2 254 1 636 2 0.86 0.23 Average/Total 105 2 97 2 101 2 65 2 39 2 4.37 -29.04 Average/Total 100 7 103 7 115 6 190 6 640 3 1.28 11.11 SECTOR SPECIALIST: INFRASTRUCTURE SECTOR SPECIALIST: COMMODITIES & NATURAL RESOURCES 3i Infrastructure 109 1 113 1 144 1 204 1 292 1 3.81 7.47 Baker Steel Resources 104 4 129 1 174 1 76 5 - - - -20.04 BBGI SICAV 98 6 96 5 122 2 149 3 - - 4.89 5.79 BlackRock Commodities Income 111 1 118 3 113 6 96 3 78 3 4.93 -8.02 GCP Infrastructure Investment 101 4 101 4 122 3 154 2 - - 6.37 8.06 HICL Infrastructure Company 93 8 87 8 107 7 141 4 194 3 5.71 -4.69

www.whatinvestment.co.uk WhatInvestment July 2018 73 >| Investment Trusts 4

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Val£ Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Infrastructure India 104 2 48 9 20 9 9 8 - - - -91.66 Polar Capital Glb Healthcare ZDP 2024 101 3 ------2.10 International Public Partnerships 97 7 93 6 119 5 139 5 206 2 4.90 1.18 Premier Gbl Infrastructure ZDP 2020 99 9 101 9 ------2.80 John Laing Infrastructure 100 5 90 7 110 6 131 6 - - 5.95 -3.52 Ranger Direct Lending ZDP 2021 105 1 106 2 ------1.68 PME African Infrastructure 92 9 102 2 75 8 75 7 23 4 - -54.76 Regional REIT ZDP 2019 101 6 103 8 ------1.26 Sequoia Economic Infrastructure Inc 104 3 102 3 119 4 - - - - 5.50 8.23 UIL ZDP 2018 101 4 103 7 113 3 140 1 - - - 2.32 Average/Total 100 9 92 9 104 9 125 8 179 4 5.30 -13.77 UIL ZDP 2020 99 10 104 6 120 1 - - - - - 8.97 SECTOR SPECIALIST: INFRASTRUCTURE - RENEWABLE ENERGY UIL ZDP 2022 100 8 112 1 ------10.72 Bluefield Solar Income Fund 106 1 108 1 133 1 - - - - 6.24 9.38 Average/Total 101 11 105 9 116 3 134 2 - - - 4.70 Foresight Solar 106 1 101 4 123 4 - - - - 6.15 2.47 UK ALL COMPANIES Greencoat Renewables 100 6 ------5.78 8.64 Artemis Alpha Trust 115 4 121 3 132 7 140 11 166 11 1.30 -15.37 Greencoat UK Wind 105 4 102 2 128 2 150 1 - - 5.59 6.78 Aurora 109 7 111 8 149 4 163 8 157 12 1.25 3.18 John Laing Environmental Assets 100 7 95 6 113 6 - - - - 6.23 1.66 Crystal Amber 131 1 98 13 160 2 191 4 - - 2.24 -9.29 NextEnergy Solar 105 3 101 3 127 3 - - - - 5.86 7.89 Damille Investments II 58 16 59 16 56 16 55 14 - - - -46.49 Renewables Infrastructure Grp 105 5 100 5 119 5 - - - - 6.17 4.93 Fidelity Special Values 115 3 117 4 143 5 199 2 326 3 1.67 1.42 Average/Total 104 7 101 6 124 6 150 1 - - 6.00 5.96 Henderson Opportunities 104 11 116 5 113 11 191 4 290 6 1.86 -16.98 SECTOR SPECIALIST: INSURANCE & REINSURANCE STRATEGY Invesco Perp Select UK Equity 103 12 100 11 120 10 154 9 296 5 3.47 -1.57 Blue Capital Alternative Income Fund 94 1 69 1 94 1 103 1 - - 11.53 -12.96 JPMorgan Mid Cap 108 8 122 2 149 3 227 1 347 1 1.83 -5.02 CATCo Reinsurance Opps 56 2 42 2 65 2 91 2 - - 10.43 -23.46 Jupiter UK Growth 112 6 102 10 109 12 143 10 210 8 2.06 -0.57 Average/Total 75 2 55 2 79 2 97 2 - - 10.98 -18.21 Keystone 102 13 100 12 104 13 127 13 238 7 3.16 -12.30 Manchester & London 114 5 143 1 213 1 188 6 189 10 0.73 -4.33 SECTOR SPECIALIST: LEASING Mercantile 106 10 115 6 140 6 195 3 324 4 2.67 -9.38 Amedeo Air Four Plus 108 2 114 1 129 2 - - - - 7.60 15.12 Sanditon Investment Trust 97 14 84 14 82 14 - - - - 1.07 -9.09 Doric Nimrod Air One 103 6 95 5 117 3 122 2 - - 8.87 0.40 Schroder UK Growth 117 2 115 7 128 8 137 12 207 9 3.06 -6.74 Doric Nimrod Air Three 109 1 104 3 115 4 - - - - 8.17 49.53 Schroder UK Mid Cap 108 9 109 9 121 9 172 7 334 2 2.33 -14.46 Doric Nimrod Air Two 107 3 104 4 106 5 129 1 - - 8.74 23.77 Woodford Patient Capital Trust 87 15 79 15 69 15 ------11.51 DP Aircraft I 106 4 106 2 150 1 - - - - 8.33 11.99 Average/Total 105 16 106 16 124 16 163 14 257 12 2.05 -9.91 SQN Asset Finance Income 104 5 91 7 105 6 - - - - 7.97 -6.73 UK EQUITY & BOND INCOME SQN Asset Finance Income C 98 7 92 6 ------2.06 -4.67 Average/Total 105 7 101 7 121 6 126 2 - - 7.39 12.77 Aberdeen Smaller Companies Inc 102 1 126 1 144 1 179 1 306 1 2.45 -14.12 City Merchants High Yield 99 3 102 3 119 3 144 2 223 3 5.20 2.34 SECTOR SPECIALIST: LIQUIDITY FUNDS CQS New City High Yield 100 2 105 2 124 2 129 4 221 4 7.34 4.88 Invesco Perp Select Liquidity 100 1 101 1 100 2 101 2 109 1 - -1.44 Henderson High Income 98 4 95 4 109 4 138 3 243 2 5.30 -4.54 JPMorgan Elect Managed Cash 100 2 100 2 102 1 101 1 106 2 0.35 -1.62 Average/Total 100 4 107 4 124 4 148 4 248 4 5.07 -2.86 Average/Total 100 2 100 2 101 2 101 2 107 2 0.35 -1.53 UK EQUITY INCOME SECTOR SPECIALIST: LITIGATION BlackRock Income and Growth 104 13 103 14 118 13 149 8 171 22 3.24 -5.40 Juridica Investments 126 1 204 1 73 1 98 1 130 1 - -22.66 British & American 121 1 84 23 112 19 157 6 215 16 11.73 63.04 Average/Total 126 1 204 1 73 1 98 1 130 1 - -22.66 City of London 105 10 103 12 119 12 147 9 260 4 4.08 2.07 SECTOR SPECIALIST: SMALL MEDIA, COMMUNICATION & IT COMPANIES Diverse Income Trust 109 4 108 7 136 3 189 2 - - 3.04 1.82 Herald 110 1 132 1 181 1 237 1 431 1 - -12.44 Dunedin Income Growth 102 18 99 18 112 18 117 23 187 20 4.73 -10.95 Average/Total 110 1 132 1 181 1 237 1 431 1 - -12.44 Edinburgh Investment 101 19 93 22 110 20 141 17 249 7 3.88 -9.47 SECTOR SPECIALIST: TECHNOLOGY, MEDIA & TELECOMMUNICATIONS F&C Capital & Income 107 7 109 6 140 2 158 5 217 15 3.16 0.96 Allianz Technology Trust 118 1 139 1 226 1 350 1 603 2 - 1.00 F&C UK High Income 104 14 103 13 123 8 141 16 210 17 4.65 -7.25 Polar Capital Technology 109 2 124 2 210 2 302 2 620 1 - -1.96 Finsbury Growth & Income 109 5 112 5 144 1 190 1 428 1 1.81 0.76 Average/Total 113 2 131 2 218 2 326 2 611 2 - -0.48 Invesco Income Growth 99 23 97 19 106 22 134 20 220 14 3.83 -13.86 Investment Company 103 16 107 9 109 21 135 18 239 11 6.18 -7.80 SECTOR SPECIALIST: UTILITIES JPMorgan Claverhouse 110 3 117 1 134 4 170 3 228 12 3.57 -2.52 Ecofin Global Utilities & Infra 97 2 106 2 ------5.10 -10.36 JPMorgan Elect Managed Inc 106 8 108 8 121 9 150 7 190 19 3.62 -1.90 EF Realisation 162 1 150 1 ------19.24 Lowland 103 16 101 15 119 11 142 15 268 3 3.41 -7.77 Average/Total 129 2 128 2 ------5.10 -14.80 Merchants Trust 114 2 114 3 126 5 144 13 226 13 4.70 -4.01 SPLIT - ORDINARY INCOME SHARE Murray Income Trust 104 14 100 17 117 15 123 22 203 18 4.24 -9.16 Aberforth Split Level Income Ord/Inc 101 5 ------4.08 -8.58 Perpetual Income & Growth 99 20 94 21 97 23 127 21 244 8 3.80 -10.81 Acorn Income Fund 103 2 113 1 149 3 192 2 582 1 4.18 -1.12 Schroder Income Growth 105 11 104 11 115 16 147 10 251 6 3.81 -9.32 Chelverton Small Companies Dividend 102 4 107 2 169 1 241 1 367 2 3.27 1.64 Shires Income 104 12 113 4 125 6 146 12 241 10 4.82 -4.21 JZ Capital Partners Ord/Inc 91 7 82 6 110 4 112 5 115 4 - -36.14 Standard Life Equity Income 108 6 114 2 125 6 165 4 254 5 3.83 -0.34 Premier Global Infrastructure 91 6 87 5 85 5 134 4 133 3 7.66 -6.12 Temple Bar 105 9 104 10 120 10 134 19 283 2 3.27 -5.89 RM Secured Direct Lending 103 3 104 3 ------6.37 3.42 Troy Income & Growth 99 20 97 20 114 17 143 14 172 21 3.45 -1.53 UIL Ord/Inc 109 1 104 4 165 2 150 3 112 5 4.52 -41.01 Value And Income 99 20 101 16 117 14 146 11 241 9 4.26 -20.24 Average/Total 100 7 99 6 136 5 166 5 262 5 5.01 -12.56 Average/Total 105 23 104 23 120 23 148 23 236 22 4.22 -2.77 SPLIT - ZERO DIVIDEND SHARE UK SMALLER COMPANIES Aberforth Split Level Income ZDP 2024 99 10 ------5.25 Aberforth Smaller Companies 111 6 111 9 129 13 192 11 323 10 2.02 -9.52 Acorn Income Fund (Split) ZDP 2022 101 7 104 5 115 2 127 2 - - - 4.06 Athelney Trust 95 14 103 15 139 12 200 9 247 12 3.55 -5.89 JZ Capital Partners ZDP 2022 101 5 105 4 ------9.71 BlackRock Smaller Companies 116 4 121 5 170 5 245 2 481 1 1.42 -7.34 NB Private Equity-ZDP 2022 102 2 106 3 ------6.16 BlackRock Throgmorton Trust plc 119 1 126 3 173 2 242 3 478 3 1.67 -10.06

74 WhatInvestment July 2018 www.whatinvestment.co.uk >| Investment Trusts 5

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % FUND 6 MONTHS£ 1 YEAR £ 3 YEARS £ 5 YEARS £ 10 YEARS £ YIELD % DISC % Val £Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Val£ Rnk Val £Rnk Val £Rnk Val £Rnk Val £Rnk % % Chelverton Growth Trust 93 17 90 17 150 9 167 12 202 13 - -17.13 Octopus Apollo VCT 102 19 103 27 114 33 120 33 151 27 6.64 -4.75 Downing Strategic Micro-Cap Inv. Trust 92 18 84 18 ------0.53 Octopus Titan VCT 101 20 106 20 120 25 147 23 189 20 5.56 -6.10 Dunedin Smaller Companies 109 8 115 7 142 11 166 13 326 9 2.33 -17.94 Pembroke VCT 99 39 96 43 99 42 117 35 - - 2.83 -4.55 Gresham House Strategic plc 111 7 104 13 ------1.60 -23.85 Pembroke VCT B 100 30 98 41 89 46 - - - - 3.14 -6.38 Henderson Smaller Companies 117 3 124 4 151 8 237 4 469 4 1.97 -7.73 ProVen Growth and Income VCT 96 43 101 32 110 35 158 10 164 25 - -7.61 Invesco Perpetual UK Smaller 105 11 112 8 149 10 232 5 400 6 2.08 -5.49 ProVen VCT 96 42 101 33 116 30 151 20 179 24 - -6.84 JPMorgan Smaller Companies 118 2 131 1 158 7 202 8 340 7 1.89 -13.52 Puma VCT 10 100 30 100 35 100 41 - - - - 7.79 -2.26 Miton UK Microcap 107 9 108 10 128 14 - - - - 0.54 -5.95 Puma VCT 9 101 20 101 31 101 39 99 36 - - 8.57 -5.19 Montanaro UK Smaller Companies 101 12 106 12 118 15 145 14 280 11 1.79 -19.86 The Income & Growth VCT 104 9 108 13 123 21 155 15 239 10 2.32 -10.13 Rights & Issues Investment Trust 106 10 104 14 211 1 335 1 407 5 1.39 -9.05 Triple Point Income VCT 100 30 115 3 168 3 152 18 100 31 10.00 -20.74 River and Mercantile UK Micro Cap 93 16 107 11 171 3 ------12.83 Triple Point Income VCT C 101 28 109 12 117 28 - - - - 4.74 0.00 Standard Life UK Smaller Co. 101 13 115 6 170 4 197 10 478 2 1.34 -6.43 Triple Point Income VCT D 101 25 108 14 106 38 - - - - 4.86 0.00 Strategic Equity Capital 94 15 102 16 100 16 216 7 338 8 0.35 -15.72 Triple Point VCT 2011 A 101 28 108 16 109 36 ------2.57 SVM UK Emerging 112 5 127 2 162 6 219 6 136 14 - -22.26 Average/Total 100 49 107 49 132 49 155 42 202 34 5.08 -11.88 Average/Total 106 18 110 18 151 16 214 14 350 14 1.71 -11.73 VCT GENERALIST PRE-QUALIFYING Calculus VCT 136 1 89 7 ------4.71 -2.30 VCT AIM QUOTED Downing Four Generalist Shs 100 3 100 3 ------4.56 Amati AIM VCT 110 2 131 2 190 2 201 5 167 5 5.26 -7.84 Downing Two VCT 'K' 95 6 91 6 ------2.76 Artemis VCT PLC O Inc 126 1 146 1 269 1 406 1 418 1 - 6.75 Puma VCT 11 96 5 99 4 ------5.49 -4.63 Hargreave Hale AIM VCT 1 109 4 111 4 132 6 174 6 181 4 - -5.61 Puma VCT 12 92 7 92 5 ------5.43 -4.63 New Century AIM 2 VCT 104 7 109 5 128 8 205 3 84 8 - -19.35 Triple Point Income VCT E 100 4 101 1 ------0.00 New Century AIM VCT 102 8 120 3 137 3 202 4 88 7 0.75 -18.58 Triple Point VCT 2011 B 100 2 100 2 ------0.00 Octopus AIM VCT 2 109 5 106 7 132 4 161 8 162 6 - -4.95 Average/Total 103 7 96 7 ------5.21 -1.95 Octopus AIM VCT 109 3 106 6 132 5 165 7 243 3 - -4.68 Unicorn AIM VCT 107 6 105 8 130 7 205 2 280 2 1.03 -10.60 VCT SPECIALIST: ENVIRONMENTAL Average/Total 109 8 117 8 156 8 215 8 203 8 2.35 -8.11 Foresight Solar & Infrastructure VCT 101 8 103 12 106 9 122 7 - - 6.52 -4.76 VCT GENERALIST Foresight Solar & Infrastructure VCT C 99 11 108 11 102 10 101 8 - - 6.02 -4.93 Albion Development VCT 109 3 112 6 128 10 145 25 212 16 5.52 0.38 Hazel Renewable Energy VCT 1 106 1 115 3 121 8 175 5 - - 4.42 0.35 Albion Enterprise VCT 101 26 104 26 125 19 150 22 146 30 5.35 -6.98 Hazel Renewable Energy VCT 2 105 2 114 5 133 5 175 6 - - 4.46 -3.21 Albion Technology & Gen VCT 108 4 111 7 113 34 127 32 153 26 5.63 2.83 Octopus VCT 3 103 4 134 1 96 11 90 9 - - - -3.77 Albion VCT 100 38 107 18 126 13 142 27 150 28 7.52 -7.71 Octopus VCT 4 103 4 134 1 96 11 90 9 - - - -3.77 Baronsmead Second Venture Trust 103 11 103 27 124 20 145 24 221 15 0.69 -4.73 Ventus VCT 2 C 101 6 111 6 155 2 211 2 - - 6.67 -10.58 Baronsmead Venture Trust 102 18 104 24 126 15 151 19 226 13 0.80 -4.74 Ventus VCT 2 D 100 9 109 9 126 6 - - - - 4.17 -4.91 British Smaller Companies VCT 103 16 98 41 133 5 166 9 241 8 - -9.55 Ventus VCT 2 97 12 110 8 149 4 195 4 147 2 7.19 -8.19 British Smaller Companies VCT2 103 14 103 30 120 26 134 30 258 6 5.45 -7.07 Ventus VCT C 101 6 111 6 152 3 211 1 - - 6.67 -9.71 Chrysalis VCT 115 1 110 9 126 17 195 5 238 11 - -21.17 Ventus VCT D 100 9 114 4 126 6 - - - - 20.83 -4.15 Crown Place VCT 109 2 113 4 129 7 150 21 183 22 6.56 -5.09 Ventus VCT 105 3 109 10 157 1 199 3 258 1 7.48 -3.60 Downing Four VCT Dp2011 Gen A Shs 100 30 200 2 400 2 400 2 - - - -22.65 Average/Total 102 12 114 12 127 12 157 10 202 2 7.44 -5.10 Downing Four VCT Dp2011 Str A Shs 100 30 233 1 693 1 467 1 - - - 3.48 VCT SPECIALIST: ENVIRONMENTAL PRE-QUALIFYING Downing Four VCT DP67 79 49 74 49 72 47 95 37 64 34 - -68.23 Foresight Solar & Infrastructure VCT D 94 1 94 1 ------0.85 Downing Four VCT DSO 1 D 100 30 89 45 92 44 82 40 - - - -43.93 Average/Total 94 1 94 1 ------0.85 Downing ONE VCT 101 23 104 23 115 31 153 16 80 33 9.23 -5.96 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY Downing Three VCT 'F' 84 48 75 48 61 49 58 42 - - - -60.47 Hygea VCT 116 1 111 1 78 1 75 1 221 1 - -22.02 Downing Three VCT 'H' 91 45 98 40 97 43 ------12.28 Average/Total 116 1 111 1 78 1 75 1 221 1 - -22.02 Downing Three VCT 'J' 100 30 100 35 100 40 - - - - - 5.60 Downing Two VCT 'F' 87 47 78 47 69 48 68 41 - - - -50.59 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY PRE QUA Downing Two VCT 'G' 90 46 89 46 90 45 87 39 - - - -22.11 Downing Four Healthcare Shs 100 1 100 1 ------5.35 Elderstreet Draper Esprit VCT 100 30 104 25 114 32 183 6 183 21 - -7.48 Average/Total 100 1 100 1 ------5.35 Foresight 4 VCT 97 41 103 29 121 24 89 38 99 32 - -18.37 VCT SPECIALIST: MEDIA, LEISURE & EVENTS Foresight VCT 103 13 110 11 108 37 118 34 201 18 - -9.99 Edge Performance VCT 'H' 71 6 63 6 40 6 37 6 - - - -52.55 Kings Arms Yard VCT 105 6 108 15 134 4 158 12 272 5 5.66 -2.13 Edge Performance VCT 'I' 95 3 87 3 53 3 47 3 - - - -41.76 Maven Income & Growth VCT 2 101 24 101 33 116 29 142 28 253 7 2.15 -7.85 Ingenious Entertainment VCT 1 H 98 1 95 1 84 1 83 1 - - - 0.00 Maven Income & Growth VCT 3 103 11 105 22 127 11 143 26 280 4 4.35 -4.98 Ingenious Entertainment VCT 1G 81 4 78 4 45 4 44 4 - - - 0.00 Maven Income & Growth VCT 4 104 8 106 19 123 22 132 31 211 17 - -18.49 Ingenious Entertainment VCT 2 H 98 1 95 1 84 1 83 1 - - - 0.00 Maven Income & Growth VCT 5 107 5 107 17 129 6 207 4 147 29 0.65 -10.54 Ingenious Entertainment VCT 2G 81 4 78 4 45 4 44 4 - - - 0.00 Maven Income & Growth VCT 105 7 105 21 126 18 138 29 345 1 - -4.03 Average/Total 87 6 83 6 59 6 56 6 - - - -47.16 Maven Income and Growth VCT 6 101 20 100 35 128 9 177 7 282 3 - -3.01 Mobeus Income & Growth 2 VCT 103 14 110 10 120 27 207 3 198 19 - -18.83 VCT SPECIALIST: TECHNOLOGY Mobeus Income & Growth 4 VCT 102 17 110 8 123 23 152 17 182 23 5.41 -10.34 Oxford Technology VCT 2 162 1 165 1 371 1 348 1 187 3 - 15.14 Mobeus Income & Growth VCT 103 10 112 5 126 13 170 8 241 9 2.42 -9.56 Oxford Technology VCT 3 124 2 121 2 127 2 131 2 187 2 - -39.10 Northern 2 VCT 101 26 99 39 127 12 156 13 234 12 8.66 -5.08 Oxford Technology VCT 4 91 4 84 4 117 3 120 3 142 4 - -27.02 Northern 3 VCT 98 40 99 38 128 8 155 14 224 14 2.23 -4.79 Oxford Technology VCT 114 3 118 3 85 4 74 4 344 1 2.50 -23.66 Northern Venture Trust 95 44 94 44 126 16 158 11 337 2 7.43 -4.88 Average/Total 123 4 122 4 175 4 168 4 215 4 2.50 -18.66

www.whatinvestment.co.uk WhatInvestment July 2018 75 >| InvestmentExchange-Traded Trusts FundsX 1 Exchange Traded Funds Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR £ 3 YRS £ TER % TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR £ 3 YRS £ TER % TICKER CURR SIZE(£m) DOM £ £ £ % (£m) £ £ £ % (£m) iShares Edge MSCI Eurp Mom Fctr ETF Acc 103 106 141 0.25 CEMR € 98 IRL AFRICA & MIDDLE EAST EQUITY iShares Edge MSCI Eurp QualFctr ETF Acc 103 103 133 0.25 CEMQ € 21 IRL iShares MSCI Europe ETF EUR Acc 101 102 128 0.33 IMAE € 608 IRL X MSCI GCC Select Swap ETF 1C 117 112 108 0.65 XGLF $ 21 IRL iShares MSCI Europe SRI ETF EUR Acc 101 102 125 0.44 IESE € 314 IRL AFRICA EQUITY WisdomTree Europe Equity ETF EUR Acc 100 101 - 0.32 WTDF € 104 IRL X MSCI Africa Top 50 Swap ETF 1C 100 103 111 0.65 XMKA $ 26 LUX EUROPE LARGE-CAP VALUE EQUITY ALT - CURRENCY iShares Edge MSCI Eurp Val Fctr ETF Acc 100 102 124 0.25 CEMS € 1,260 IRL First Trust FactorFX ETF A USD 103 - - - FTFX $ 7 IRL EUROPE MID-CAP EQUITY iShares Edge MSCI Eurp Sz Fctr ETF Acc 104 105 138 0.25 CEMT € 15 IRL ALT - DEBT ARBITRAGE iShares MSCI Europe Mid Cap ETF EUR Acc 104 106 - - EUMD € 505 IRL Lyxor EUR 2-10Y Infl Expct ETF C EUR 100 101 - 0.25 INFL £ 988 LUX iShares MSCI Europe Mid Cap ETF EUR Dist 104 - - - EMID € 505 IRL ALT - LONG/SHORT EQUITY - GLOBAL EUROPE SMALL-CAP EQUITY JPM Equity Long-Short ETF USD Acc 95 - - - JELS $ 12 IRL WisdomTree Europe SmallCap Div ETF 102 105 149 0.38 DFEE € 75 IRL WisdomTree Europe SmallCap Div ETF Acc 104 107 - 0.38 WTD7 € 75 IRL ALT - SYSTEMATIC FUTURES EUROZONE LARGE-CAP EQUITY JPM Managed Futures ETF USD Acc 100 - - - JPMF $ 45 IRL iShares EURO STOXX 50 exFncl ETF EUR Acc 101 102 135 0.20 EXFN € 41 IRL ASIA BOND iShares MSCI EMU Large Cap ETF EUR Acc 99 102 133 0.49 IS3G € 117 IRL WisdomTree Euroz Eqlty Div Gr ETF EUR 105 110 - - EGRP € 15 IRL X II USD Asia ex Japan CorpBd ETF 1D 99 96 - - ALQD $ 23 LUX WisdomTree Euroz Eqlty Div Gr ETF EURAcc 106 111 - - EGRA € 15 IRL ASIA BOND - LOCAL CURRENCY EUROZONE MID-CAP EQUITY iShares Em Asia Lcl Govt Bd ETF USD Dist 101 100 120 0.50 IS0S $ 69 IRL iShares MSCI EMU Mid Cap ETF EUR Acc 101 107 149 0.49 IS3H € 279 IRL ASIA EXCLUDING JAPAN EQUITY FIXED TERM BOND HSBC MSCI AC FAR EAST ex JAPAN ETF 104 115 139 0.60 HMAD $ 224 IRL iShares iBonds Sep 2018 $ Corp ETF $ Dis 103 98 119 0.10 EI18 $ 9 IRL HSBC MSCI EM Far East ETF 103 114 143 0.60 H4ZI $ 29 IRL SPDR® MSCI EM Asia ETF 103 113 142 0.55 SPYA $ 358 IRL FRANCE LARGE-CAP EQUITY WisdomTree Emerging Asia Equity Inc ETF 105 108 - 0.54 WTEA $ 10 IRL X MSCI AC Asia ex Japan Swap ETF 1C 103 113 140 0.65 DXS5 $ 501 LUX iShares MSCI France ETF EUR Acc 103 107 146 0.25 ISFR € 46 IRL ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITY GBP CORPORATE BOND iShares MSCI AC FarEast exJpn SC ETF$Dis 101 110 118 0.74 IUS9 $ 54 IRL iShares Core £ Corp Bond ETF GBP Dist 100 99 114 0.20 SLXX £ 1,603 IRL iShares £ Corp Bond 0-5yr ETF GBP Dist 100 100 106 0.20 IS15 £ 1,402 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITY iShares £ Corp Bond ex-Fncl ETF GBP Dist 101 99 114 0.20 ISXF £ 253 IRL Lyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 99 99 - 0.09 COUK.LN £ 16 LUX Vanguard FTSE Dev Asia Pac exJpn ETF 103 109 137 0.22 VAPX $ 276 IRL SPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 100 100 107 0.20 SYBQ £ 93 IRL SPDR® Blmbrg Bcly Stlg Corp Bd ETF 100 99 114 0.20 SYBS 176 IRL ASIA-PACIFIC INC. JAPAN EQUITY £ SPDR® S&P Pan Asia Div Aristocrats ETF 105 112 141 0.55 ZPRA $ 84 IRL GBP DIVERSIFIED BOND - SHORT-TERM iShares £ Ultrashort Bond ETF GBP Dist 100 101 102 0.09 ERNS £ 510 IRL AUSTRALIA & NEW ZEALAND EQUITY PIMCO Sterling Short Maturity Source ETF 100 100 102 - QUID £ 291 IRL iShares MSCI Australia ETF USD Acc 103 107 132 0.50 SAUS $ 278 IRL GBP GOVERNMENT BOND BRAZIL EQUITY iShares Core UK Gilts ETF GBP Dist 102 100 113 0.20 IGLT £ 1,682 IRL HSBC MSCI Brazil ETF 96 101 134 0.60 H4ZG 23 IRL iShares UK Gilts 0-5yr ETF GBP Dist 100 99 102 0.20 IGLS £ 1,609 IRL $ Lyxor FTSE Actr UK Gilts (DR) ETF D GBP 102 100 113 - GILS.LN £ 212 LUX CANADA EQUITY Lyxor FTSE Actr UK Glts0-5Y(DR)ETF D GBP 100 99 - - GIL5 £ 130 LUX SPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 100 99 103 0.15 SYB5 £ 561 IRL HSBC MSCI Canada ETF 102 108 125 0.35 HCAD $ 25 IRL SPDR® Blmbrg Bcly 15+ Yr Gilt ETF 104 102 124 0.15 SYBL £ 29 IRL iShares MSCI Canada ETF USD Acc 102 108 126 0.48 SXR2 $ 677 IRL SPDR® Blmbrg Bcly UK Gilt ETF 102 100 113 0.15 SYBG £ 161 IRL X MSCI Canada ETF 1C 101 108 126 0.35 D5BH $ 207 LUX Vanguard UK Gilt ETF 103 100 114 0.12 VGOV £ 116 IRL CHINA EQUITY GBP INFLATION-LINKED BOND HSBC MSCI China ETF 106 127 139 0.60 HMCD $ 281 IRL iShares £ Index-Lnkd Gilts ETF GBP Dist 101 99 122 0.25 INXG £ 863 IRL ICBCCS WisdomTree S&P China 500 ETF B 102 124 - - CHIN $ 13 LUX Lyxor FTSE ActrUKGltInflLnkd(DR)ETF DGBP 101 99 - 0.07 GILI.LN £ 35 LUX X Harvest FTSE China A-H 50 ETF 1D 102 113 - 0.65 AH50 $ 6 LUX Lyxor UK£ 10Y Infl Expc ETF C GBP 99 99 - - UKBE £ 52 LUX CHINA EQUITY - A SHARES GBP MODERATE ALLOCATION ETFS-E Fund MSCI China A GO ETF 99 110 83 0.88 CASH $ 17 IRL BMO Enhanced Income UK Equity ETF 104 - - - ZWUK £ 6 IRL GF International FTSE China A ETF 101 109 - - PRCE $ 7 LUX iShares MSCI China A ETF USD Acc 98 113 83 0.65 CNYA $ 57 IRL GERMANY LARGE-CAP EQUITY Lyxor CSI 300 A-Share ETF C-USD 103 118 94 0.40 CSIL $ 4 FRA Lyxor Fortune SG MSCI China A DR ETF Acc 102 114 81 0.65 CNAA $ 43 FRA WisdomTree Germany Eq ETF EUR Acc 99 106 - 0.32 WTEZ € 21 IRL X CSI300 Swap ETF 1C 101 119 91 0.50 XCHA $ 280 LUX X Harvest CSI300 ETF 1D 99 113 91 - RQFI $ 219 LUX GLOBAL BOND ETFS Lombard Odier IM Glb GovBdFmt GO 99 98 118 0.25 CORE $ 31 IRL CONVERTIBLE BOND - GLOBAL iShares Global AAA-AA Govt Bd ETF $ Dist 100 99 121 0.20 IS0Z $ 57 IRL SPDR® Thomson Reuters Glb Convert Bd ETF 103 103 130 0.50 ZPRC 585 IRL iShares Global Aggregate Bd ETF USD Dist 101 - - - AGGG $ 834 IRL $ iShares Global Govt Bond ETF USD Acc 101 - - 0.20 IGLA $ 791 IRL EUR BOND - LONG TERM iShares Global Govt Bond ETF USD Dist 101 98 123 0.20 IGLOz $ 791 IRL X II Global Government Bond ETF 3C USD H 102 98 - - XGSI $ 903 LUX iShares Govt Bond 10-15yr ETF EUR Dist 98 102 128 0.20 IEGZ € 69 IRL iShares Govt Bond 20y TgtDur ETF Dist 101 105 131 0.15 IS05 € 43 IRL GLOBAL BOND - EUR HEDGED EUR CORPORATE BOND iShares Global Aggregate Bd ETF EUR HAcc 98 - - - EUNA € 834 IRL ETFS Lombard Odier IM Eur Corp Bd Fmt GO 99 101 128 0.30 FWEC € 14 IRL GLOBAL BOND - GBP HEDGED iShares Corp Bond ex-Fncl ETF EUR Dist 99 101 128 0.20 IEXF € 1,269 IRL iShares Corp Bond Fncl ETF EUR Dist 98 101 128 0.20 EUCF € 134 IRL ETFS Lombard Odier IM Glb GovBdFmt GO £H 99 99 - - COGH £ 31 IRL iShares CorpBd IntrRt Hdg ETF EUR Dist 97 100 121 0.25 IS0Y € 1,318 IRL iShares Global Aggregate Bd ETF GBPHDist 99 - - - AGBP £ 834 IRL iShares Covered Bond ETF EUR Dist 99 101 124 0.20 ICOV € 1,109 IRL X II Global Agg Bd Swap ETF 3D GBP H 99 99 - 0.30 XBGG £ 591 LUX iShares Core Corp Bond ETF EUR Acc 98 - - 0.20 IEAA € 6,909 IRL X II Global Government Bond ETF 2D GBP H 99 99 104 0.25 XGSG £ 903 LUX iShares Core Corp Bond ETF EUR Dist 98 101 128 0.20 IEAC € 6,909 IRL GLOBAL BOND - USD HEDGED EUR CORPORATE BOND - SHORT-TERM iShares Global Aggregate Bd ETF USD HAcc 102 - - - AGGU $ 834 IRL iShares Corp Bond 1-5yr ETF EUR Dist 99 101 126 0.20 IE15 € 2,982 IRL iShares Corp Bond SRI 0-3yr ETF Dist 99 100 - 0.25 QDVL € 419 IRL GLOBAL CORPORATE BOND iShares CorpBd exFncl 1-5y ETF Dist 99 101 125 0.20 IEX5 € 1,521 IRL ETFS Lombard Odier IM Glb Corp Bd Fmt GO 99 99 121 0.30 CRED $ 85 IRL iShares Global Corp Bond ETF USD Dist 100 98 123 0.20 IS0X 982 IRL EUR DIVERSIFIED BOND $ iShares Aggregate Bond ETF EUR Dist 99 101 126 0.25 IEAG € 1,370 IRL GLOBAL CORPORATE BOND - EUR HEDGED iShares Global Corp Bond EURH ETF Dist 97 99 126 0.20 IBCQ 1,162 IRL EUR FLEXIBLE BOND € iShares Corp Bond BBB-BB ETF EUR Dist 98 101 129 0.25 IS06 € 286 IRL GLOBAL CORPORATE BOND - GBP HEDGED BMO Barclays 1-3Y Glb Corp Bd (GBPH) ETF 99 99 - - ZC1G £ 36 IRL EUR GOVERNMENT BOND BMO Barclays 3-7Y Glb Corp Bd (GBPH) ETF 98 98 - - ZC3G £ 23 IRL iShares Govt Bond 5-7yr ETF EUR Dist 98 100 126 0.20 IEGYz € 276 IRL BMO Barclays 7-10Y Glb Corp Bd(GBPH) ETF 97 98 - - ZC7G £ 24 IRL iShares Core Govt Bond ETF EUR Dist 98 101 126 0.20 IEGA € 1,374 IRL ETFS Lombard Odier IM Glb Corp Bd FmtGO£ 99 100 - 0.30 CRGH £ 85 IRL iShares France Govt Bond ETF EUR Dist 99 101 125 0.20 IFRB € 197 IRL iShares Germany Govt Bond ETF EUR Dist 100 101 125 0.20 IS0L € 32 IRL GLOBAL CORPORATE BOND - USD HEDGED iShares Italy Govt Bond ETF EUR Dist 94 99 122 0.20 IS0M € 622 IRL iShares Global Corp Bond ETF USD H Acc 100 - - - CRPU $ 982 IRL iShares Spain Govt Bond ETF EUR Dist 100 103 131 0.20 IS0P € 382 IRL GLOBAL EMERGING MARKETS BOND EUR HIGH-YIELD BOND iShares JP Morgan $ EM Bd ETF USD Acc 98 95 - - JPEA $ 5,507 IRL iShares High Yield CorpBd ETF EUR Acc 98 - - - HIGH € 3,798 IRL iShares JP Morgan $ EM Bond ETF USD Dist 98 96 128 0.45 IEMB $ 5,507 IRL iShares High Yield CorpBd ETF EUR Dist 98 102 132 0.50 IHYG € 3,798 IRL SPDR® BofA Merrill Lynch0-5YrEM$GovBdETF 101 97 122 0.42 ZPR5 $ 51 IRL Vanguard USD Emerg Mrkts Govt Bd ETF 98 96 - - VDET $ 120 IRL EUR ULTRA SHORT-TERM BOND X USD Emerging Mkts Bd Qual Wght ETF 1D 97 94 - 0.37 XQUA $ 77 IRL iShares Govt Bond 0-1yr ETF EUR Dist 99 100 120 0.20 IEGE € 113 IRL iShares Ultrashort Bond ETF EUR Dist 99 100 122 0.09 ERNE € 2,249 IRL GLOBAL EMERGING MARKETS BOND - EUR BIASED iShares JP Morgan $ EM Bond EURH ETF Dis 94 97 129 0.50 EMBE 2,128 IRL EUROPE EQUITY INCOME € iShares MSCI Europe Qual Div ETF EUR Dis 100 - - - EQDS € 6 IRL GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCY WisdomTree Europe Equity Income ETF 102 105 130 0.32 EEIE € 44 IRL ETFS Lombard Odier IM EM Lcl GvtBdFdm GO 99 97 - 0.55 LOCL $ 200 IRL WisdomTree Europe Equity Income ETF Acc 100 103 - 0.32 EEIP € 44 IRL iShares JPMorgan EM Lcl Govt Bd ETF$Dist 100 97 119 0.50 IEML $ 4,848 IRL PIMCO EM Advtg Lcl Bd Res ETF Acc USD 99 97 122 - EMLB $ 232 IRL EUROPE EX-UK LARGE-CAP EQUITY PIMCO EM Advtg Lcl Bd Res ETF Inc USD 99 97 122 - EMLI $ 232 IRL BMO MSCI Europe ex-UK Inc Ldrs ETF EUR 165 166 - - ZIEU € 23 IRL © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. EUROPE LARGE-CAP BLEND EQUITY Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no iShares Edge MSCI Eurp Mini Vol ETF Acc 102 100 129 0.25 EUN0 € 699 IRL guarantee of future results. iShares Edge MSCI Eurp Mltfctr ETF Acc 106 107 - 0.45 FSEU € 283 IRL 76 WhatInvestment July 2018 www.whatinvestment.co.uk >| InvestmentExchange-Traded Trusts FundsX 2

Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR £ 3 YRS £ TER % TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR £ 3 YRS £ TER % TICKER CURR SIZE(£m) DOM £ £ £ % (£m) £ £ £ % (£m) SPDR® Blmbrg Bcly EM Lcl Bd ETF 99 98 121 0.55 SYBM $ 2,272 IRL VanEck Vectors JPM EM LC Bd ETF A USD 99 97 - - G2X1 $ 40 IRL LATIN AMERICA EQUITY GLOBAL EMERGING MARKETS CORPORATE BOND HSBC MSCI EM LA ETF 97 99 123 0.60 HMLD $ 12 IRL iShares MSCI EM Latin Amer ETF USD Dist 98 99 123 0.74 LTAM $ 423 IRL iShares JPMorgan $ EM Corp Bd ETF $ Dist 99 96 126 0.50 IS0Q $ 260 IRL SPDR® BofA Merrill Lynch EM Corp Bd ETF 99 97 126 0.50 SYBE $ 14 IRL MONEY MARKET - OTHER GLOBAL EMERGING MARKETS EQUITY Commerzbank CCBI RQFII Mny Mkt ETF A 105 104 114 - CCMR 254 GBR Commerzbank CCBI RQFII Mny Mkt ETF B 98 98 110 - CCMG £ 254 GBR Fidelity Emerg Mkts Qual Inc ETF USD Acc 112 - - - FYEM $ 15 IRL Commerzbank CCBI RQFII Mny Mkt ETF C 104 104 116 - CCME € 254 GBR FT Emerging Markets AlphaDEX® ETF A USD 106 120 138 - FEM $ 78 IRL Lyxor Fed Funds US Dollar Cash ETF C USD 102 98 - 0.09 FEDF $ 28 LUX HSBC MSCI Emerg Mkts ETF 102 110 135 0.40 HMEM $ 233 IRL Lyxor Smart Cash ETF C GBP 100 101 - 0.09 CSH2 £ 736 LUX iShares Core MSCI EM IMI ETF USD Acc 102 110 133 0.25 EMIM $ 7,515 IRL Lyxor Smart Cash ETF C USD 103 99 - 0.13 - $ 736 LUX iShares Edge MSCI EM Mini Vol ETF $ Acc 106 109 124 0.40 EUNZ $ 453 IRL X II GBP Cash Swap ETF 1D 100 100 100 0.15 DXS1 £ 111 LUX iShares EM Dividend ETF USD Dist 103 103 125 0.65 EUNY $ 250 IRL X USD Cash Swap ETF 1C 102 98 117 0.15 3011 $ 23 LUX iShares MSCI EM ETF USD Acc 102 109 135 0.68 IEMA $ 748 IRL iShares MSCI EM SRI ETF USD Acc 100 104 - 0.35 QDVS $ 111 IRL OTHER BOND Lyxor FTSE Emerging Minimum VarETF C USD 108 109 - 0.40 MVMX $ 18 LUX PowerShares FTSE EM Hi Div LwVol ETF$Inc 102 103 - 0.16 EMHD $ 17 IRL FinEx Tradable Russian Corp Bds ETF USD 99 97 134 0.50 FXRU $ 44 IRL Source MSCI Emerging Markets ETF 101 110 135 1.05 EMSM $ 543 IRL iShares $ Corp Bond ETF EUR H Dist 95 - - - LQEE € 4,230 IRL SPDR® MSCI Emerging Markets ETF 102 111 136 0.42 SPYM $ 243 IRL iShares $ Floating Rate Bd ETF EURH Dist 99 - - - FLOE € 471 IRL SPDR® S&P Emerging Markets Dividend ETF 109 111 126 0.55 SPYV $ 149 IRL iShares $ Floating Rate Bd ETF GBPH Dist 100 - - - FLOS £ 471 IRL Vanguard FTSE Emerging Markets ETF 102 108 131 0.29 VDEM $ 1,166 IRL iShares $ Treasury Bd 20+y ETF EUR HDist 97 - - - DTLE € 240 IRL WisdomTree Emerging Mkts Eq Inc ETF 106 111 129 0.46 DEMD $ 26 IRL iShares High Yield Corp Bd ETF USDHAcc 101 - - - HYGU $ 3,798 IRL WisdomTree Emerging Mkts Eq Inc ETF Acc 111 116 - 0.46 WTD8 $ 26 IRL Lyxor $ Floating Rate Note ETF MH D GBP 100 - - 0.15 SWIH £ 277 LUX X MSCI Emerging Markets ETF 1C 102 - - - XMME 959 IRL Lyxor US TIPS (DR) ETF MthlyH D GBP 99 99 - - TIPH £ 606 LUX $ PIMCO ST HY Corp Bd Sour ETF GBPH Inc 101 101 - - STHS £ 1,022 IRL GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITY PIMCO ST HY Corp Bd Sour ETF Inc EURH 100 101 133 - STHE € 1,022 IRL PowerShares Preferred Shares ETF 100 - - - PRFD $ 153 IRL iShares MSCI EM Small Cap ETF USD Dist 104 111 128 0.74 IEMSz $ 358 IRL PowerShares US HY Fallen Angels ETF£AccH 99 - - - FAGB £ 86 IRL SPDR® MSCI Emerging Markets SmallCap ETF 103 110 129 0.55 EMSCz $ 60 IRL SPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 99 96 117 0.55 SYBI $ 51 IRL WisdomTree Emerging Markets SmCp Div ETF 105 113 144 0.54 WTED $ 14 IRL UBS ETF BlombgBarcl TIPS 1-10 GBPH A acc 99 99 - 0.25 UBTP £ 924 LUX UBS ETF BlombgBarcl US Liq Corp GBPH A 97 98 106 0.23 UC85 £ 585 LUX GLOBAL EQUITY INCOME UBS ETF BlombgBarcl US LqCrp1-5Yr GBPH A 99 98 102 0.23 - £ 823 LUX VanEck Vectors Preferred US Equity ETF 100 - - - PRF 1 IRL Fidelity Global Qual Inc ETF Inc 103 109 - - FGEQ $ 39 IRL $ Franklin LibertyQ Global Dividend ETF 106 - - - FLXX $ 4 IRL OTHER EQUITY iShares MSCI World Qual Div ETF USD Dist 103 - - - WDQV $ 11 IRL Lyxor SG Global Qual Inc NTR ETF C GBP 98 98 127 0.45 SGQL £ 998 LUX BMO MSCI Europe ex-UK Inc Ldrs(GBPH) ETF 96 98 - - ZIEG £ 72 IRL SPDR® S&P Global Div Aristocrats ETF 100 102 132 0.45 ZPRG $ 303 IRL BMO MSCI USA Income Leaders (GBPH) ETF 100 110 - - ZISG £ 13 IRL Vanguard FTSE All-World High Div Yld ETF 100 103 132 0.29 VHYL $ 512 IRL Fidelity US Quality Income ETF GBP H Acc 102 - - - FUSP £ 118 IRL HSBC MSCI Malaysia ETF 104 104 111 0.60 HMYD $ 4 IRL GLOBAL FRONTIER MARKETS EQUITY HSBC MSCI Mexico Capped ETF 91 85 93 0.60 HMED $ 7 IRL iShares Automation&Robotics ETF USD Acc 104 121 - 0.40 RBOT $ 1,865 IRL X S&P Select Frontier Swap ETF 1C 99 100 139 0.95 DX2Z $ 123 LUX iShares Automation&Robotics ETF USD Dist 104 - - - RBOD $ 1,865 IRL iShares Core FTSE 100 ETF USD H Acc 110 - - - ISFD $ 5,872 IRL GLOBAL HIGH-YIELD BOND iShares Edge S&P 500 MinVol ETF EURH Acc 101 110 - 0.25 IS31 € 899 IRL iShares Fallen Angels HY CorpBd ETF$Dist 100 100 - 0.50 WING $ 324 IRL iShares JPX-Nikkei 400 EURH ETF Acc 96 111 127 0.25 NK4E € 49 IRL iShares Global HY Corp Bd ETF USD Acc 100 - - - HYEA $ 488 IRL iShares MSCI EMU USD Hedged ETF Acc 103 101 - 0.38 CEBP $ 269 IRL iShares Global HY Corp Bd ETF USD Dist 100 99 129 0.50 HYLD $ 488 IRL iShares MSCI Europe ex-UK GBPH ETF Dist 99 102 110 0.40 EUXS £ 278 IRL iShares MSCI Japan EUR Hedged ETF Acc 96 111 124 0.64 IJPE € 1,986 IRL GLOBAL HIGH-YIELD BOND - GBP HEDGED iShares MSCI Japan GBP Hedged ETF Acc 97 111 101 0.64 IJPH £ 191 IRL iShares MSCI Japan SRI EURH ETF Acc 96 112 - 0.35 SUJS € 57 IRL BMO Barclays Global Hi Yld Bd (GBPH) ETF 99 100 - - ZHYG £ 72 IRL iShares MSCI Japan USD Hedged ETF Acc 100 110 126 0.64 IJPD $ 504 IRL iShares Global HY Corp Bd GBPH ETF Dist 99 101 109 0.55 GHYS £ 103 IRL iShares MSCI World EUR Hedged ETF Acc 101 109 146 0.55 IWDE € 1,452 IRL iShares MSCI World GBP Hedged ETF Acc 102 109 121 0.55 IGWD £ 232 IRL GLOBAL INFLATION-LINKED BOND iShares S&P 500 EUR Hedged ETF Acc 101 112 157 0.20 IUES € 2,836 IRL iShares Global Infl Lnkd GovBd ETF $ Acc 101 99 121 0.25 IGIL 581 IRL iShares S&P 500 GBP Hedged ETF Acc 103 113 130 0.45 IGUS £ 279 IRL $ Lyxor EURO STOXX 300 (DR) ETFMthlyH CGBP 101 - - 0.23 MFEG £ 316 LUX GLOBAL INFLATION-LINKED BOND - EUR HEDGED Lyxor Euro Stoxx 50 DR ETF DH GBP Acc 98 99 106 0.20 MSEX £ 5,839 FRA Lyxor Euro Stoxx 50 DR ETF DH USD Acc 101 98 124 0.20 MSEU $ 5,839 FRA iShares Global Infl Lnkd GovBd ETFHDist 99 - - 0.25 GILE € 581 IRL Lyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 97 111 105 - JPXX £ 563 LUX Lyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 100 110 123 - JPXU $ 563 LUX GLOBAL INFLATION-LINKED BOND - GBP HEDGED Lyxor MSCI World ETF MH USD Dist A/I 104 108 144 0.30 WLDU $ 1,693 FRA Lyxor SG Global Qual Inc NTR ETF MH CGBP 97 100 - 0.45 SGQX £ 998 LUX X II Global Infl-Lnkd Bd ETF 3D GBP H 103 103 113 0.25 XGIG £ 1,187 LUX MU Lux Lyxor FTSE 100 ETF Mly H USD Acc 112 - - - 100H $ 423 LUX Nomura JPX-Nikkei 400 Net TR Dly $Hg ETF 104 115 - - NJXU $ 10 IRL GLOBAL INFLATION-LINKED BOND - USD HEDGED Nomura JPX-Nikkei 400 Net TR Dly Hg ETF 98 113 - - NJXE € 51 IRL X II Global Infl-Lnkd Bd ETF 2C USD H 102 98 127 0.25 XG7U $ 1,187 LUX Nomura Nikkei 225 EUR-Hedged ETF 97 114 136 0.60 NXKE € 35 IRL Nomura Nikkei 225 USD-Hedged ETF 100 112 132 0.60 NXKU $ 21 IRL GLOBAL LARGE-CAP BLEND EQUITY PowerShares EQQQ Nasdaq-100 ETF GBP AccH 109 - - - EQGB £ 1,646 IRL ROBO Global® Robotics and Atmtn GO ETF 101 117 176 0.80 ROBO $ 958 IRL Franklin LibertyQ Global Equity SRI ETF 102 - - - FLXG $ 4 IRL Source JPX-Nikkei 400 ETF USD Hedged 100 110 130 - N4US $ 246 IRL HSBC Economic Scale Worldwide Equity ETF 120 126 161 0.25 HEWD $ 321 IRL Source STOXX EuroZ Exporters ETF A USD H 104 100 - - EZXU $ 16 IRL HSBC MSCI World ETF 131 125 144 0.15 HMWDl $ 454 IRL UBS ETF Fact MSCI USA LowVol H GBP A dis 98 104 - 0.35 ULOV £ 40 IRL iShares Ageing Population ETF USD Acc 104 109 - 0.40 AGED $ 161 IRL UBS ETF Fact MSCI USA PrmVal H GBP A dis 102 113 - 0.35 UPVL £ 24 IRL iShares Core MSCI World ETF GBP H Dist 102 110 - 0.20 IWDG £ 9,337 IRL UBS ETF Fact MSCI USA Qual H GBP A dis 104 114 - 0.35 UQLT £ 106 IRL iShares Core MSCI World ETF USD Acc 104 108 144 0.20 IWDA $ 9,337 IRL UBS ETF Fact MSCI USA TtlShdYd H GBP A 102 110 - 0.35 UTSY £ 36 IRL iShares Dow Jones Glb Sust Scrn ETF $Acc 103 107 138 0.60 IGSG $ 113 IRL UBS ETF MSCI Canada GBPH A acc 100 106 112 0.43 UC87 £ 858 LUX iShares Edge MSCI Wld Min Vol ETF $ Acc 101 103 144 0.30 IQQ0 $ 1,363 IRL UBS ETF MSCI Canada GBPH A dis 101 102 109 0.43 UC88 £ 858 LUX iShares Edge MSCI Wld Mltfct ETF $ Acc 105 113 - 0.50 IFSW $ 401 IRL UBS ETF MSCI EMU GBPH A acc 100 - - - UB0E £ 3,225 LUX iShares Edge MSCI Wld Mom Fctr ETF $ Acc 109 120 165 0.30 IWFM $ 949 IRL UBS ETF MSCI EMU GBPH A dis 100 - - - UB0F £ 3,225 LUX iShares Edge MSCI Wld Qual Fctr ETF $Acc 105 109 146 0.30 IWFQ $ 390 IRL UBS ETF MSCI Europe GBPH A acc 97 - - - UBEU £ 252 LUX iShares MSCI ACWI ETF USD Acc 104 109 142 0.60 IUSQ $ 593 IRL UBS ETF MSCI Japan GBPH A acc 97 - - - UB0C £ 847 LUX iShares MSCI World ETF USD Dist 104 108 143 0.50 IWRD $ 4,053 IRL UBS ETF MSCI Japan GBPH A dis 97 - - - UB0D £ 847 LUX iShares MSCI World SRI ETF EUR Acc 104 - - - SUSW € 162 IRL UBS ETF MSCI Swtzl 20/35 GBPH A acc 94 98 - 0.30 UC93 £ 661 LUX iShares MSCI World SRI ETF USD Dist 104 - - - SUWS $ 162 IRL UBS ETF MSCI Swtzl 20/35 GBPH A dis 94 98 - 0.30 UC94 £ 661 LUX Lyxor MSCI All Country World ETF C-USD 107 114 149 0.45 - $ 318 FRA Vanguard Glb Min Vol ETF Shr USD Acc 101 101 - - VDMV $ 11 IRL MS Scientific Beta Glb Eq Fact ETF USD 103 108 144 - GEF $ 2 IRL WisdomTree Europe Equity ETF GBP Hedged 100 101 - 0.35 HEDP £ 104 IRL Ossiam World Minimum Var NR ETF 1C USD 99 103 137 0.65 WDMV $ 15 LUX WisdomTree Europe Equity ETF USD Hdg Acc 103 99 - 0.58 HEDS $ 104 IRL PowerShares Glb Buyback Achrs ETF USDInc 100 106 143 0.39 BUIB $ 92 IRL WisdomTree Europe Equity ETF USD Hedged 103 98 134 0.58 WTDH $ 104 IRL Source Goldman Sachs Eq Factor Wld ETF 105 110 144 - EFIW $ 475 IRL WisdomTree Germany Eq ETF GBP Hedged 98 103 116 0.35 DXGP £ 21 IRL Source MSCI World ETF 104 109 144 0.45 SC0J $ 543 IRL WisdomTree Germany Eq ETF USD Hedged 103 104 - 0.48 DXGE $ 21 IRL SPDR® MSCI ACWI ETF 104 109 144 0.40 SPYY $ 1,036 IRL WisdomTree ISEQ 20® ETF 105 107 148 0.49 WTIE € 16 IRL SPDR® MSCI ACWI IMI ETF 106 111 147 0.40 SPYI $ 54 IRL WisdomTree Japan Equity ETF GBP Hedged 95 110 - 0.45 DXJP £ 203 IRL Vanguard FTSE All-World ETF 103 108 143 0.25 VWRD $ 1,579 IRL WisdomTree Japan Equity ETF USD Hdg Acc 97 108 - - DXJA $ 203 IRL Vanguard FTSE Developed World ETF 104 108 144 - VEVE $ 146 IRL WisdomTree Japan Equity ETF USD Hedged 98 108 119 0.48 WTDX $ 203 IRL Vanguard Glb Liqd Factor ETF Shr USD Acc 105 111 - - VDLQ $ 14 IRL WisdomTree US Equity Inc ETF GBP Hdg Acc 96 103 - 0.35 DHSG £ 25 IRL Vanguard Glb Momt Fac ETF Shr USD Acc 109 118 - - VDMO $ 24 IRL X JPX-Nikkei 400 ETF 2D - GBP Hedged 97 112 104 - XDNG £ 258 IRL WisdomTree Glbl Eqlty Div Gr ETF USD 105 110 - 0.33 GGRP $ 8 IRL X JPX-Nikkei 400 ETF 4C - USD Hedged 100 110 - - XDNU $ 258 IRL WisdomTree Glbl Eqlty Div Gr ETF USD Acc 103 108 - 0.33 GGRA $ 8 IRL X MSCI EM EurpMdl East&Africa Swap ETF1C 99 102 111 0.65 XMEAs $ 47 LUX X FTSE All-World ex UK ETF 1C 103 108 144 - XDEX £ 29 IRL X MSCI EMU ETF 1C - USD Hedged 103 101 134 0.25 XD5D $ 2,404 LUX X MSCI World ETF 1C 104 108 143 0.19 XDWD $ 2,902 IRL X MSCI EMU ETF 2C - GBP Hedged 100 103 113 0.25 XD5S £ 2,404 LUX X MSCI Japan ETF 2D USD H 104 114 127 0.60 XMUJL $ 3,520 LUX GLOBAL LARGE-CAP VALUE EQUITY X MSCI Japan ETF 6C GBP H 97 111 102 0.60 XMJG £ 3,520 LUX iShares Edge MSCI Wld Val Fctr ETF $Acc 102 110 135 0.30 IWFV $ 1,212 IRL X MSCI Mexico ETF 1C 89 84 91 0.65 D5BI $ 68 LUX Vanguard Global Value Factor ETF USD Acc 104 112 - - VDVA $ 121 IRL X MSCI World ETF 2D GBP H 109 - - - XDWG £ 2,902 IRL X S&P 500 ETF 2C - GBP Hedged 102 112 130 - XDPG £ 1,141 IRL GLOBAL SMALL-CAP EQUITY POLAND EQUITY iShares Edge MSCI Wld Size Fctr ETF $Acc 104 109 143 0.30 IS3T $ 231 IRL SPDR® MSCI World Small Cap ETF 107 114 152 0.45 ZPRS $ 248 IRL iShares MSCI Poland ETF USD Acc 87 95 110 0.74 IPOL $ 65 IRL INDIA EQUITY PROPERTY - INDIRECT EUROPE WisdomTree India Quality ETF USD Acc 99 102 - - WTD0 $ 5 IRL iShares MSCI Target UK Rl Est ETF £ Dist 106 104 104 0.40 2B7N £ 45 IRL X Nifty 50 Swap ETF 1C 101 103 133 0.85 DBX7 150 LUX $ PROPERTY - INDIRECT GLOBAL INDONESIA EQUITY HSBC FTSE EPRA/NAREIT Developed ETF 102 102 128 0.40 HPRD $ 109 IRL HSBC MSCI Indonesia ETF 95 94 122 0.60 HIDD $ 42 IRL SPDR® Dow Jones Global Real Estate ETF 101 100 124 0.40 SPYJ $ 119 IRL ISLAMIC EQUITY - OTHER PROPERTY - INDIRECT NORTH AMERICA iShares MSCI EM Islamic ETF USD Dist 103 113 133 0.85 ISEM $ 37 IRL iShares MSCI Target US Rl Est ETF $ Dist 98 97 123 0.40 CEM1 $ 7 IRL iShares MSCI USA Islamic ETF USD Dist 105 107 135 0.50 ISUS $ 41 IRL iShares US Property Yield ETF USD Dist 99 99 128 0.40 IUSP $ 470 IRL Source Rel Est S&P US Sel Sect ETF 97 99 - - XRES $ 12 IRL ISLAMIC GLOBAL EQUITY PROPERTY - INDIRECT OTHER iShares MSCI World Islamic ETF USD Dist 104 107 134 0.60 ISWD $ 108 IRL iShares UK Property ETF GBP Dist 109 106 100 0.40 IUKP £ 731 IRL ISRAEL LARGE/MID-CAP EQUITY RMB BOND - ONSHORE iShares TA-35 Israel ETF USD Acc 103 101 - 0.60 QDVM $ 13 IRL X II Harvest China Govt Bd ETF 1D 109 107 - - CGB $ 25 LUX JAPAN LARGE-CAP EQUITY RUSSIA EQUITY iShares Core MSCI Japan IMI ETF USD Acc 103 112 143 0.20 IJPA $ 3,101 IRL iShares MSCI Japan ETF USD Acc 102 110 135 0.48 SXR5 $ 419 IRL HSBC MSCI Russia Capped ETF 107 116 147 0.60 HRUD $ 158 IRL iShares MSCI Japan ETF USD Dist 102 110 137 0.59 IJPN/L $ 1,426 IRL Lyxor Russia DJ Russia GDR ETF Dist A/I 108 120 149 0.65 RUSL £ 407 FRA iShares MSCI Japan SRI ETF 102 111 - 0.30 SUJP $ 26 IRL Source RDX ETF 108 118 147 1.20 RDXS $ 11 IRL Source MSCI Japan ETF 102 110 137 0.45 SC0I $ 13 IRL X MSCI Russia Capped Swap ETF 1C 107 116 144 0.65 DBXV $ 176 LUX Source STOXX Japan Exporters A USD 102 113 - - JEXE $ 6 IRL Vanguard FTSE Japan ETF 102 111 141 0.19 VJPN $ 1,677 IRL SECTOR EQUITY AGRICULTURE WisdomTree Japan Equity ETF JPY Acc 100 109 - 0.40 WTIZ $ 203 IRL iShares Agribusiness ETF USD Acc 101 106 125 0.55 IS0C $ 58 IRL X MSCI Japan ETF 1C 102 110 138 0.50 DBXJ $ 3,520 LUX SECTOR EQUITY BIOTECHNOLOGY JAPAN SMALL/MID-CAP EQUITY iShares Nasdaq US Biotech ETF USD Acc 105 - - - BTEK $ 8 IRL iShares MSCI Japan Small Cap ETF USD Dis 104 114 165 0.58 IDJP $ 803 IRL Source NASDAQ Biotech ETF 106 111 103 - SBIO $ 345 IRL KOREA EQUITY SECTOR EQUITY COMMUNICATIONS HSBC MSCI Korea ETF 100 107 155 0.60 HKOD $ 9 IRL Lyxor MSCI World TelecomSvcsTR ETF C USD 95 92 114 0.40 TELW $ 39 LUX SPDR® MSCI World Telecms ETF USD Acc 96 93 - 0.30 WTEL $ 5 IRL X MSCI World Telecom Services ETF 1C 95 92 - - XWTS $ 35 IRL

www.whatinvestment.co.uk WhatInvestment July 2018 77 >| InvestmentExchange-Traded Trusts FundsX 3

Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM FUND 6 MTHS£ 1 YR £ 3 YRS £ TER % TICKER CURR SIZE(£m) DOM FUND 6 MTHS£ 1 YR £ 3 YRS £ TER % TICKER CURR SIZE(£m) DOM £ £ £ % (£m) £ £ £ % (£m) SECTOR EQUITY CONSUMER GOODS & SERVICES UK MID-CAP EQUITY iShares MSCI EM Consumer Gr ETF USD Acc 99 104 144 0.60 CEMG $ 14 IRL HSBC FTSE 250 ETF 106 107 123 0.35 HMCX £ 42 IRL iShares S&P 500 Cnsmr Discr Sect ETF$Acc 112 114 - 0.15 IUCD $ 29 IRL iShares FTSE 250 ETF GBP Dist 106 107 122 0.40 MIDD/L £ 858 IRL iShares S&P 500 Cnsmr Stpls Sect ETF$Acc 91 87 - 0.15 2B7D $ 4 IRL Lyxor FTSE 250 ETF A/I 106 107 123 0.35 L250 £ 10 FRA Lyxor MSCI World Cnsmr Disc TR ETF C USD 108 112 148 0.40 DISW $ 35 LUX Source FTSE 250 ETF 106 107 123 0.35 SC0B £ 14 IRL Lyxor MSCI World Cnsmr Stp TR ETF C USD 96 92 128 0.40 STAW $ 31 LUX Vanguard FTSE 250 ETF 107 107 124 - VMID £ 708 IRL Source Cnsmr Discret S&P US Sel Sect ETF 112 114 164 0.30 XLYS $ 95 IRL X FTSE 250 ETF 1D 102 103 122 0.35 DBXY £ 51 LUX Source Cnsmr Stapl S&P US Sel Sect ETF 91 87 124 0.30 XLPS $ 27 IRL SPDR® MSCI Wld Cnsmr Discret ETF USD 109 113 - 0.30 WCOD $ 20 IRL US LARGE-CAP BLEND EQUITY SPDR® MSCI World Cnsmr Stapl ETF 95 92 - 0.30 WCOS $ 18 IRL SPDR® S&P US Cnsmr Discret Sel Sect ETF 112 115 - 0.15 ZPDD $ 49 IRL First Trust US Lg Cp Cor AlphaDEX® A USD 105 111 150 0.66 FEX $ 123 IRL SPDR® S&P US Cnsmr Staples Sel Sect ETF 92 87 - 0.15 ZPDS $ 13 IRL Franklin LibertyQ U.S. Equity ETF 105 - - - FLXU $ 10 IRL X MSCI USA Consumer Discretionary ETF 1D 106 - - - XUCD $ 5 IRL HSBC S&P 500 ETF 105 111 156 0.09 H4ZF $ 2,450 IRL X MSCI USA Consumer Staples ETF 1D 91 - - - XUCS $ 7 IRL iShares Edge MSCI USA Mltfct ETF USD Acc 104 112 - 0.35 IFSU $ 104 IRL X MSCI World Consumer Dscrt ETF 1C 109 112 - 0.36 - $ 203 IRL iShares Edge MSCI USA Momt Fac ETF $ Acc 110 122 - 0.20 QDVA $ 30 IRL X MSCI World Consumer Staples ETF 1C 95 91 - 0.37 XDWS 127 IRL iShares Edge MSCI USA Qual Fac ETF $ Acc 105 112 - 0.20 IUQF $ 60 IRL $ iShares Edge S&P 500 Min Vol ETF USD Acc 102 106 153 0.20 IBCK $ 899 IRL SECTOR EQUITY ENERGY iShares MSCI USA SRI ETF USD Acc 107 115 - 0.30 QDVR $ 147 IRL iShares S&P 500 ETF USD Dist 105 111 154 0.40 IUSA/L $ 5,987 IRL ETFS US Energy Infrastructure MLP GO ETF 102 85 82 0.25 XMLP $ 29 IRL iShares US Equity Buyback Achiev ETF$Acc 102 109 142 0.55 CEM2 $ 24 IRL iShares S&P 500 Energy Sect ETF USD Acc 114 117 - 0.15 IUES $ 246 IRL Lyxor FTSE USA Minimum Var ETF C USD 103 107 - - MVAU $ 85 LUX Lyxor MSCI World Energy TR ETF C USD 114 120 127 0.40 NRGW $ 166 LUX Lyxor S&P 500 ETF D USD 105 111 156 0.15 LSPU $ 5,226 LUX Source Energy S&P US Select Sect ETF 115 118 121 0.30 XLES $ 296 IRL MS Scientific Beta US Eq Fact ETF USD 104 108 - - USEF $ 38 IRL Source Morningstar US Engy InfrasMLP ETF 109 93 84 - MLPS $ 538 IRL Ossiam Shiller BclyCp®US SectValTR 1C$ 106 108 - 0.65 UCAP $ 1,151 LUX Source Mstar US Enrgy Infra MLP ETF B 107 91 84 - MLPD $ 538 IRL PowerShares S&P 500 QVM ETF USD Inc 110 - - - QVMP $ 4 IRL SPDR® MSCI World Energy ETF 113 118 - 0.30 WNRG $ 260 IRL PowerShares S&P 500 VEQTOR ETF $ Inc 114 119 - 0.39 SPVX $ 3 IRL SPDR® S&P US Energy Select Sector ETF 114 117 - 0.15 ZPDE $ 260 IRL Source MSCI USA ETF 106 111 154 0.30 SC0H $ 55 IRL X MSCI USA Energy ETF 1D 114 - - - XUEN $ 4 IRL Source RBIS Equal Risk Equity US ETF 102 103 - - RUQR $ 3 IRL X MSCI World Energy ETF 1C 113 118 - 0.37 - $ 332 IRL Source S&P 500 ETF 105 111 156 0.20 P500 $ 2,318 IRL SPDR® S&P 500 ETF 105 111 155 0.09 SPY5 $ 2,195 IRL SECTOR EQUITY FINANCIAL SERVICES VanEck Vectors Morningstar US WidMotETF 104 109 - - GMVM $ 17 IRL Vanguard FTSE North America ETF 105 111 153 - VNRT $ 114 IRL iShares S&P 500 Financials Sect ETF $Acc 101 116 - 0.15 IUFS $ 1,435 IRL Vanguard S&P 500 ETF 105 111 155 0.09 VUSD $ 17,595 IRL Lyxor MSCI World Financials TR ETF C USD 99 108 140 0.40 FINW $ 50 LUX WisdomTree US Eqlty Div Gr ETF USD 103 111 - 0.38 DGRP $ 11 IRL Source Financials S&P US Select Sect ETF 101 116 163 0.30 XLFS $ 366 IRL WisdomTree US Eqlty Div Gr ETF USD Acc 104 112 - 0.38 DGRA $ 11 IRL SPDR® MSCI World Financials ETF USD Acc 99 109 - 0.30 WFIN $ 190 IRL X MSCI USA ETF 1C 105 111 154 0.07 - $ 3,050 IRL SPDR® S&P US Financials Select Sect ETF 101 116 - 0.15 ZPDF $ 481 IRL X MSCI USA Minimum Vol ETF 1D 102 105 - - XMVU $ 6 IRL X MSCI USA Financials ETF 1D 101 - - - XUFN $ 13 IRL X S&P 500 Swap ETF 1C 105 111 156 0.20 XSPUl 2,727 LUX X MSCI World Financials ETF 1C 99 109 - - - $ 299 IRL $ SECTOR EQUITY HEALTHCARE US LARGE-CAP GROWTH EQUITY Lyxor Russell 1000 Growth ETF Acc 110 118 170 0.40 RUSG 123 FRA iShares Healthcare Innov ETF USD Acc 114 126 - 0.40 HEAL $ 219 IRL $ iShares S&P 500 Health Care Sect ETF$Acc 102 107 - 0.15 IUHC $ 612 IRL Lyxor MSCI World HealthCare TR ETF C USD 102 103 122 0.40 HLTW $ 202 LUX US LARGE-CAP VALUE EQUITY Source Health Care S&P US Sel Sect ETF 102 107 132 0.30 XLVS $ 119 IRL SPDR® MSCI World Health Care ETF 103 103 - 0.30 WHEA $ 52 IRL BMO MSCI USA Income Leaders ETF USD 216 206 - - ZIUS $ 20 IRL SPDR® S&P US Health Care Select Sect ETF 102 107 - 0.15 ZPDH $ 63 IRL Fidelity US Quality Income ETF Acc 104 110 - - FUSA $ 118 IRL X MSCI USA Health Care ETF 1D 101 - - - XUHC $ 4 IRL Fidelity US Quality Income ETF Inc 104 111 - - FUSD $ 118 IRL X MSCI World Health Care ETF 1C 102 103 - 0.37 - $ 192 IRL iShares Edge MSCI USA Val Fac ETF $ Acc 105 114 - 0.20 IUVF $ 1,085 IRL iShares MSCI USA Quality Div ETF USD Dis 102 106 154 0.35 QDIV $ 224 IRL SECTOR EQUITY INDUSTRIAL MATERIALS Lyxor FTSE US Qul LV Div DR ETF Dist A/I 100 - - - BUCK $ 8 FRA Lyxor Russell 1000 Value ETF Acc 102 105 141 0.40 RUSV $ 18 FRA iShares S&P 500 Indstr Sect ETF USD Acc 104 108 - 0.15 2B7C $ 6 IRL PowerShares FTSE RAFI US 1000 ETF USDInc 103 108 146 0.39 PSRF $ 221 IRL iShares S&P 500 Matrls Sect ETF USD Acc 101 110 - - 2B7B $ 4 IRL PowerShares S&P 500 HiDivLwVolETF$Inc 98 100 155 0.30 HDLG $ 190 IRL Lyxor MSCI World Materials TR ETF C USD 104 114 142 0.40 MATW $ 45 LUX SPDR® MSCI USA Value Wtd ETF USD 103 110 149 0.25 ZPRU $ 29 IRL Lyxor MSCI WorldIndustrials TR ETF C USD 102 107 150 0.40 INDW $ 42 LUX SPDR® S&P 500 Low Volatility ETF 100 103 151 0.35 SPY1 $ 77 IRL Source Industrials S&P US Sel Sect ETF 103 108 157 0.30 XLIS $ 81 IRL SPDR® S&P US Dividend Aristocrats ETF 101 105 153 0.35 SPYD $ 1,672 IRL Source Materials S&P US Select Sec ETF 101 110 139 0.30 XLBS $ 5 IRL WisdomTree US Equity Inc ETF 99 101 141 0.29 DHSD $ 25 IRL SPDR® MSCI World Industrials ETF USD Acc 103 108 - 0.30 WNDU $ 30 IRL WisdomTree US Equity Inc ETF Acc 104 106 - 0.29 WTD9 $ 25 IRL SPDR® MSCI World Materials ETF USD Acc 104 114 - 0.30 WMAT $ 15 IRL SPDR® S&P US Industrials Select Sect ETF 104 110 - 0.15 ZPDI $ 49 IRL US MID-CAP EQUITY SPDR® S&P US Materials Select Sect ETF 101 110 - 0.15 ZPDM $ 10 IRL X MSCI World Industrials ETF 1C 103 108 - - XDWI $ 46 IRL iShares Edge MSCI USA Size Fac ETF $ Acc 105 111 - 0.20 IUSF $ 12 IRL X MSCI World Materials ETF 1C 108 118 - - XDWM $ 25 IRL SPDR® S&P 400 US Mid Cap ETF 105 112 153 0.30 SPY4 $ 753 IRL X Russell Midcap ETF 1C 105 110 145 0.35 XRSM $ 123 IRL SECTOR EQUITY INFRASTRUCTURE US SMALL-CAP EQUITY iShares EM Infrastructure ETF USD Dist 103 103 115 0.74 IEMI $ 70 IRL Lyxor FTSE USA Core Infras Cpd ETF D USD 97 - - 0.50 BILD $ 46 LUX ETFS Russell 2000 US Small Cap GO ETF 109 118 157 0.45 RTWO $ 38 IRL X S&P Global Infrastructure Swap ETF 1C 96 96 121 0.60 DX2E $ 245 LUX First Trust US Sm Cap Core AlphaDEX® ETF 105 116 - - FYX $ 1 IRL iShares S&P SmallCap 600 ETF USD Dist 109 119 166 0.40 IDP6 $ 707 IRL SECTOR EQUITY NATURAL RESOURCES Lyxor Russell 2000 ETF Acc 108 117 159 0.40 RUS2 $ 3 FRA Source Russell 2000 ETF 109 118 156 0.45 SC0K $ 225 IRL iShares Global Timber&Forestry ETF $ Dis 104 116 156 0.65 WOOD $ 146 IRL SPDR® MSCI USA Small Cap Val Wtd ETF USD 106 114 145 0.30 ZPRV $ 74 IRL iShares Oil & Gas Explr&Prod ETF USD Acc 118 122 106 0.55 IS0D $ 174 IRL SPDR® Russell 2000 US Small Cap ETF 108 118 157 0.30 ZPRR $ 438 IRL VanEck Vectors Natural Resources ETF 105 - - - HAP $ 2 IRL WisdomTree US SmallCap Dividend ETF 102 111 152 0.38 DESD $ 10 IRL SECTOR EQUITY PRECIOUS METALS X Russell 2000 ETF 1C 109 118 155 0.30 XRS2 $ 479 IRL ETFS DAXglobal Gold Mining GO ETF 100 93 137 0.65 AUCO $ 145 IRL USD CORPORATE BOND iShares Gold Producers ETF USD Acc 101 95 135 0.55 IS0E $ 357 IRL iShares $ Corp Bond ETF USD Acc 99 96 - - LQDA $ 4,230 IRL VanEck Vectors Gold Miners ETF 102 97 133 0.51 GDX $ 90 IRL iShares $ Corp Bond ETF USD Dist 99 96 124 0.20 LQDA $ 4,230 IRL VanEck Vectors Junior Gold Miners ETF 105 101 152 0.52 GDXJl $ 58 IRL iShares $ Corp Bond Intr Rt H ETF $ Dist 101 99 124 0.25 IS3F $ 174 IRL iShares $ Floating Rate Bd ETF USD Dist 103 - - - FLOT $ 471 IRL SECTOR EQUITY PRIVATE EQUITY iShares $ Intermdt Crdt Bd ETF USD Dist 101 96 - - ICBU $ 54 IRL iShares Listed Private Eq ETF USD Dist 102 104 144 0.75 IPRV $ 344 IRL iShares $ Short Dur Corp Bd ETF USD Acc 101 97 - 0.20 SDIA $ 2,074 IRL iShares $ Short Dur Corp Bd ETF USD Dist 101 97 119 0.20 SDIG $ 2,074 IRL SECTOR EQUITY TECHNOLOGY iShares $ Ultrashort Bond ETF USD Dist 103 99 119 0.09 ERND $ 152 IRL Lyxor $ Floating Rate Note ETF D USD 103 99 - 0.11 BUOY $ 277 LUX ETFS ISE Cyber Security GO ETF Acc 125 124 - 0.75 ISPY $ 438 IRL Lyxor USD Liq Inv GrdCorpBdsETF D USD 99 97 - 0.09 USIG $ 222 LUX iShares Digitalisation ETF USD Acc 114 119 - 0.40 DGTL $ 295 IRL PIMCO LowDur US CorpBd Sour ETF USD Inc 101 98 123 0.39 LDCU $ 189 IRL iShares S&P 500 Info Tech Sect ETF$Acc 114 124 - 0.15 IUIT $ 1,020 IRL SPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 102 98 119 0.20 SYBF $ 75 IRL Lyxor MSCI World Info Tech TR ETF C USD 112 123 191 0.40 TNOW $ 168 LUX SPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 99 99 - 0.20 SYBN $ 79 IRL Source Technology S&P US Select Sect ETF 112 121 192 0.30 XLKS $ 431 IRL SPDR® Blmbrg Bcly 3-10 Yr US Corp BdETF 99 96 - 0.20 SYBR $ 16 IRL SPDR® MSCI World Technology ETF USD Acc 112 123 - 0.30 WTEC $ 93 IRL SPDR® Blmbrg Bcly US Corp Bd ETF 99 97 - 0.20 SYB1 $ 32 IRL SPDR® S&P US Technology Select Sect ETF 112 122 - 0.15 ZPDT $ 46 IRL UBS ETF BlombgBarcl US LqCrp1-5Yr USD A 101 97 120 0.18 UEF7 $ 823 LUX X MSCI USA Information Technology ETF 1D 113 - - - XUTC $ 9 IRL UBS ETF BlombgBarclMSCI USLqCpSu $ A dis 98 95 - 0.20 UC97 $ 89 LUX X MSCI World Information Tech ETF 1C 112 122 - 0.36 XDWT $ 267 IRL Vanguard USD Corporate Bond ETF 100 97 - - VDCP $ 83 IRL X USD Corporate Bond ETF 1D 99 96 - 0.20 XDGU $ 594 IRL SECTOR EQUITY UTILITIES iShares S&P 500 Utilts Sect ETF USD Acc 93 95 - 0.15 2B7A $ 1 IRL USD DIVERSIFIED BOND Lyxor MSCI World Utilities TR ETF C USD 95 95 129 0.40 UTIW $ 21 LUX iShares US Aggregate Bond ETF USD Acc 100 96 - - IUAA $ 767 IRL Source Utilities S&P US Select Sect ETF 93 95 143 0.30 XLUS $ 8 IRL iShares US Aggregate Bond ETF USD Dist 100 96 118 0.25 EUNX $ 767 IRL SPDR® MSCI World Utilities ETF USD Acc 96 96 - 0.30 WUTI $ 3 IRL SPDR® Blmbrg Bcly US Aggt Bd ETF 100 96 118 0.10 SYBU $ 20 IRL SPDR® S&P US Utilities Select Sect ETF 93 95 - 0.15 ZPDU $ 5 IRL X MSCI World Utilities ETF 1C 96 96 - - XDWU $ 21 IRL USD DIVERSIFIED BOND - SHORT-TERM SECTOR EQUITY WATER PIMCO USD Short Mat Source ETF 103 99 120 - MINT $ 2,144 IRL iShares Global Water ETF USD Dist 98 104 141 0.65 IH2O $ 494 IRL USD GOVERNMENT BOND SOUTH AFRICA & NAMIBIA EQUITY iShares $ Treasury Bd 1-3yr ETF USD Acc 102 97 - - IBTA $ 2,634 IRL iShares $ Treasury Bd 20+y ETF USD Dist 100 97 121 0.20 IS04 $ 240 IRL HSBC MSCI South Africa ETF 102 109 126 0.60 HZAD $ 3 IRL iShares $ Treasury Bd 7-10yr ETFUSD Dist 100 95 116 0.20 BTMA $ 2,192 IRL iShares MSCI South Africa ETF USD Acc 97 104 120 0.65 IRSA $ 141 IRL iShares US Mortg Backed Secs ETF USD Dis 100 96 - 0.28 QDVP $ 469 IRL iShares US Mortgage Backed Secs ETF $Acc 101 96 - 0.28 IMBA $ 469 IRL TAIWAN LARGE-CAP EQUITY Lyxor iBoxx $ Treas 7-10Y(DR)ETF D USD 100 95 - 0.07 US71 $ 23 LUX Lyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 100 95 - 0.07 US35 $ 11 LUX HSBC MSCI Taiwan ETF 103 106 140 0.60 HTWD $ 9 IRL SPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 97 94 - 0.15 SPPX $ 3 IRL TURKEY EQUITY SPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 102 97 116 0.15 SYBW $ 105 IRL SPDR® Blmbrg Bcly 3-5 Yr US Trs Bd ETF 101 96 - 0.15 SPP3 $ 4 IRL HSBC MSCI Turkey ETF 86 78 84 0.60 HTRD $ 4 IRL SPDR® Blmbrg Bcly 5-7 Yr US Trs Bd ETF 102 96 - 0.15 SPP5 $ 2 IRL SPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 98 94 - 0.15 SPP7 $ 26 IRL UK EQUITY INCOME SPDR® Blmbrg Bcly US Trs Bd ETF 101 96 117 0.15 SYBT $ 176 IRL Vanguard USD Treasury Bond ETF 101 96 - - VDTY $ 46 IRL BMO MSCI UK Income Leaders ETF GBP 110 104 - - ZILK £ 38 IRL X II US Treasuries 1-3 ETF 1D 102 97 115 0.15 XUT3 $ 52 LUX iShares UK Dividend ETF GBP Dist 108 99 104 0.40 IUKD £ 713 IRL X II US Treasuries ETF 1D 101 96 117 0.15 XUTD 324 LUX WisdomTree UK Equity Income ETF 106 103 - 0.29 WUKD £ 5 IRL $ UK LARGE-CAP BLEND EQUITY USD HIGH-YIELD BOND iShares $ High Yld Corp Bd ETF USD Acc 101 98 - - IHYA $ 2,636 IRL First Trust UK AlphaDEX® A GBP 113 114 121 0.80 FKU £ 27 IRL iShares $ High Yld Corp Bd ETF USD Dist 101 98 127 0.50 IS0R $ 2,636 IRL First Trust UK AlphaDEX® B GBP 108 108 - - FKUD £ 27 IRL iShares $ Short Dur HY CorpBd ETF $ Dist 103 99 127 0.45 SDHY $ 528 IRL HSBC FTSE 100 ETF 107 106 124 0.07 H4ZB £ 163 IRL Lyxor BofAML $ High Yield Bd ETF D USD 101 99 - 0.30 UHYG $ 178 LUX iShares Core FTSE 100 ETF GBP Dist 107 106 124 0.07 ISF/L £ 5,872 IRL Lyxor BofAML $ ST H Yld Bd ETF D USD 104 - - 0.30 HYST $ 86 LUX Lyxor FTSE All Share ETF A/I 107 106 124 0.40 LFAS £ 8 FRA PIMCO ST HY Corp Bd Sour ETF Inc 103 100 131 - STHY $ 1,022 IRL MU Lux Lyxor FTSE 100 ETF Acc 107 - - - L100 £ 423 LUX PIMCO ST HY Corp Bd Sour ETF USD Acc 103 100 130 - STYC $ 1,022 IRL Ossiam FTSE 100 Minimum Var ETF 1C GBP 107 103 116 0.45 UKMV £ 5 LUX PowerShares US HY Fallen Angels ETF $Inc 102 100 - 0.03 HYFA $ 86 IRL Ossiam FTSE 100 Minimum Var ETF 1D GBP 95 91 97 0.45 UKMD £ 5 LUX SPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 103 99 128 0.40 SYBK 67 IRL Source FTSE 100 ETF 107 106 123 0.35 SC0A £ 11 IRL $ SPDR® FTSE UK All Share ETF Acc 107 106 124 0.20 SPYF £ 514 IRL USD INFLATION-LINKED BOND UBS ETF MSCI UK IMI SRI GBP A dis 106 104 122 0.28 UKSR £ 100 IRL Vanguard FTSE 100 ETF 107 106 123 0.10 VUKE £ 2,745 IRL iShares $ TIPS 0-5 ETF USD Dist 102 98 - - TIP5 $ 434 IRL X FTSE 100 Equal Weight ETF 1D 108 106 - 0.11 XFEW £ 25 IRL Lyxor US TIPS (DR) ETF D USD 102 98 - 0.09 TIPU $ 606 LUX X FTSE 100 ETF 1C 107 107 124 0.09 XDUK £ 130 LUX SPDR® Blmbrg Bcly US TIPS ETF 102 98 - 0.10 SYBY $ 421 IRL X FTSE 100 Income ETF 1D 107 106 122 0.30 XUKX/L £ 117 LUX X II US Treasuries Inflation-Lnkd ETF 1D 102 98 120 0.20 XUIT $ 8 LUX X FTSE All-Share ETF 1D 106 107 123 0.40 DBXZ £ 74 LUX USD MODERATE ALLOCATION UK LARGE-CAP VALUE EQUITY SPDR® Morningstar Mlt-Asst Glb Infrs ETF 99 100 128 0.40 ZPRI $ 66 IRL Lyxor FTSE UK QualLow Vol Dd(DR)ETF DGBP 107 - - 0.19 DOSH £ 10 LUX PowerShares FTSE RAFI UK 100 ETF GBP Inc 108 110 128 0.50 PSRU £ 10 IRL VIETNAM EQUITY PowerShares FTSE UK Hi Div LwVol ETF£Inc 103 96 - - UKHD £ 5 IRL SPDR® S&P UK Dividend Aristocrats ETF 103 93 105 0.30 SPYG £ 95 IRL X FTSE Vietnam Swap ETF 1C 109 131 158 0.85 DXS7 $ 239 LUX

78 WhatInvestment July 2018 www.whatinvestment.co.uk >| Cash Savings/Investment

Savings Accounts Cash ISAs Instant-Access Branch Accounts Cash ISAs £1,000 Provider Contact Account Notice Min. % Int Provider Contact Notice Min. % Interest details or term deposit gross paid details or term deposit gross paid Kent Reliance 0345 122 0022 Easy Access - Issue 27 Instant £1,000 1.25% Yly Charter Savings Bank chartersavingsbank.co.uk Yes 1.40% Yly Family Building Society 0333 014 0141 Branch Saver (1) Instant £500 1.11% Yly Al Rayan Bank A 0808 231 6804 Instant £50 1.36% Mly Virgin Money 0345 600 4466 Easy Access Saver 31 Instant £1 1.01% Yly Paragon Bank paragonbank.co.uk None £1 1.31% Yly Principality BS 0330 333 4000 Easy Saver Instant £500 0.90% Yly Shawbrook Bank shawbrook.co.uk None £1,000 1.30% Yly Yorkshire BS via branch Triple Access Saver Instant £100 0.85% Yly Paragon Bank paragonbank.co.uk None £1 1.25% Yly Scottish BS 0131 313 7700 Instant Access Saver Instant £1 0.80% Yly Virgin Money virginmoney.com None £1 1.21% Yly No-Notice accounts Sainsbury’s Bank 0808 540 5060 None £500 1.21% Yly Shawbrook Bank shawbrook.co.uk Easy Access - Issue 12 None £1,000 1.30% Yly Hinckley & Rugby BS 0145 589 4060 120 Day £500 1.20% Yly Tesco Bank tesco.com Internet Saver None £1 1.25% A Yly AA theaa.com None £100 1.16% B Yly Sainsbury’s Bank sainsburysbank.co.uk Defined Access Saver 4 None £1,000 1.25% Yly Post Office Money® postoffice.co.uk None £100 1.15% B Yly AA theaa.com Easy Saver - Issue 7 None £100 1.15% A Yly Cash ISAs £20,000 Investec Bank PLC investec.co.uk E-asy Access Account None £25,000 1.15% Yly Charter Savings Bank chartersavingsbank.co.uk Yes 1.40% Yly Sainsbury’s Bank sainsburysbank.co.uk eSaver Special None £15,000 1.13% Yly Al Rayan Bank A 0808 231 6804 Instant £50 1.36% Mly Internet Accounts Paragon Bank paragonbank.co.uk None £1 1.31% Yly Bank of Cyprus UK bankofcyprus.co.uk Online Easy Access None £1 1.32% A Yly Shawbrook Bank shawbrook.co.uk None £1,000 1.30% Yly Paragon Bank paragonbank.co.uk Ltd Easy Access (6) None £1 1.31% Yly Paragon Bank paragonbank.co.uk None £1 1.25% Yly Virgin Money virginmoney.com Double Take E-Saver 6 None £1 1.30% Yly Virgin Money virginmoney.com None £1 1.21% Yly RCI Bank UK B rcibank.co.uk Freedom Savings Account None £100 1.30% Yly Sainsbury’s Bank 0808 540 5060 None £500 1.21% Yly Coventry BS coventrybuildingsociety.co.uk Easy Access (Online) None £1 1.25% Yly Hinckley & Rugby BS 0145 589 4060 120 Day £500 1.20% Yly Paragon Bank paragonbank.co.uk Easy Access (Issue 4) None £1 1.25% Yly AA theaa.com None £100 1.16% B Yly Post Office Money® postoffice.co.uk None £100 1.15% B Yly Notice Accounts Charter Savings Bank chartersavingsbank.co.uk 95 Day Notice - Issue 18 95 Day £1,000 1.67% Yly Fixed cash ISAs £1,000 Paragon Bank paragonbank.co.uk 120 Day Notice (9) 120 Day £500 1.66% Yly Al Rayan Bank A 0808 231 6804 12 Month £1,000 1.61% Qly Secure Trust Bank securetrustbank.com 180 Day Notice Account 180 Day £1,000 1.66% Qly Charter Savings Bank chartersavingsbank.co.uk Yes 1.52% Yly Secure Trust Bank securetrustbank.com 120 Day Notice Account 120 Day £1,000 1.56% Qly Paragon Bank paragonbank.co.uk 1 Year £500 1.50% Yly PCF Bank 0207 222 2426 100 Day Notice Issue 5 100 Day £1,000 1.55% Yly Bank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.48% Yly Gatehouse Bank C gatehousebank.com 120 Day Notice Account 120 Day £1,000 1.53% Yly Kent Reliance 0845 122 0022 1 Year £1,000 1.48% OM Ford Money fordmoney.co.uk 1 Year £500 1.45% Yly Monthly Interest Aldermore aldermore.co.uk 1 Year £1,000 1.40% OM Charter Savings Bank chartersavingsbank.co.uk 95 Day Notice - Issue 18 95 Day £1,000 1.67% Mly Teachers BS 0800 783 2367 25.6.19 £1,000 1.40% Yly Paragon Bank paragonbank.co.uk 120 Day Notice (Issue 9) 120 Day £500 1.66% Mly AA theaa.com 1 Year £500 1.36% Yly Gatehouse Bank C gatehousebank.com 120 Day Notice Account 120 Day £1,000 1.53% Mly Skipton BS via branch 18 Month £500 1.35% Yly OakNorth Bank oaknorth.com 120 Day Notice Deposit 120 Day £1,000 1.51% Mly Charter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 7 60 Day £1,000 1.46% Mly Fixed cash ISAs £20,000 Kent Reliance kentreliance.co.uk 60 Day Notice - Issue 21 60 Day £1,000 1.45% Mly Al Rayan Bank A 0808 231 6804 12 Month £1,000 1.61% Qly Charter Savings Bank chartersavingsbank.co.uk Yes 1.52% Yly Children’s Accounts Paragon Bank paragonbank.co.uk 1 Year £500 1.50% Yly Halifax 0345 726 3646 Kid’s Monthly Saver 12 Mth (D) £10 4.50% F Yly Bank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.48% Yly HSBC 0800 032 4729 MySavings Instant £10 2.75% Mly Kent Reliance 0845 122 0022 1 Year £1,000 1.48% OM Nationwide BS nationwide.co.uk Smart Limited Access Instant £1 2.50% Yly Ford Money fordmoney.co.uk 1 Year £500 1.45% Yly Holmesdale BS 0173 723 2320 Young Saver Instant £10 2.25% Yly Aldermore aldermore.co.uk 1 Year £1,000 1.40% OM Bath BS via branch SuperSaver Instant £1 2.05% Yly Teachers BS 0800 783 2367 25.6.19 £1,000 1.40% Yly Cambridge BS 0345 601 3344 Children’s Fixed Bond 3 Year £1,000 2.00% F Yly Sainsbury’s Bank 0808 540 5060 1 Year £5,000 1.38% Yly Current Accounts AA theaa.com 1 Year £500 1.36% Yly TSB 0345 835 3863 Classic Plus Instant £1 4.89% E Mly Nationwide BS 0800 302010 FlexDirect Instant £0 4.89% A Mly A = Over 60s. Halifax 0345 720 3040 Reward Current Instant £1 £3.75pm G Mly B = Introductory rate for a limited period. Tesco Bank 0345 835 3353 Current Account Instant £0 2.96% Mly C = Protected by a non-UK compensation scheme. Nationwide BS 0800 302010 FlexPlus Instant £0 2.96% Mly D = Provider operates under Islamic finance principles, rate shown is expected profit rate. Bank of Scotland 0345 721 3141 Classic with Vantage Instant £1 1.98% Mly E = 1-year term regular savings account min £10, max £100 per month. F = Fixed Rate. G = £10pm reward available. National savings and Investments IS = Provider operates under Islamic finance principles, rate shown is Accounts and bonds expected profit rate. Notice Min. Max. Rate Interest N = Paid as a reward. or term deposit deposit deposit paid OM = On maturity. Guaranteed Growth Bonds 57 3 Yr Bnd £500 £1m 1.95% F Yearly Guaranteed Income Bonds 57 3 Yr Bnd £500 £1m 1.92% F Monthly All rates are shown as AER variable unless otherwise stated. Methods of Guaranteed Growth Bonds 62 1 Yr Bnd £500 £1m 1.50% F Yearly opening and operating accounts will vary. Eligibility criteria apply to qualify Guaranteed Income Bonds 62 1 Yr Bnd £500 £1m 1.46% F Monthly for rates shown, rates paid up to a specified level only. Borrowing rates Income Bonds None £500 £1m 1.00% Monthly and availability of products are subject to individual credit ratings. All rates Direct Saver None £1 £2m 0.95% Yearly and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or Tax-free products consequential loss arising from the use of, or reliance upon, this information. Junior ISA Age 18 £1 £0 2.50% Yearly Readers who are not financial professionals should seek expert advice. Visit Direct ISA None £1 £0 1.00% Yearly moneyfacts.co.uk for full details. www.whatinvestment.co.uk WhatInvestment July 2018 79 >| The Warden Investment Club

Until deﬂation do us part

By Holly Deegan, the Share Centre continuing the social aspect of being members.” “All you need is love,” the song Both at home and away the will have you believe. While group socialise frequently as the sentiment is tempting, most each meeting takes place in couples know that to be untrue. rotation and the respective They know that the basis of a couple provides a meal at the happy marriage rests on other end of the meetings. factors, not purely on love: the Nugent, described the nature comfortable home, healthy of the meetings as “rather ad- and educated children, and hoc” due to the fact that one of the means to enjoy a holiday the couples is abroad regularly. abroad – things made possible However, the relatively small by money. loss has been o set by the social The three size of the group has allowed for Such reality makes proper gain. married couples ecient communication through financial planning an integral who comprise regular contact via email. part of a marriage, but this does Funding their fun the Warden With regard to selecting not restrict couples to the walls When questioned on their Investment Club shares, Nugent clarified that of their home oce. There are strategy, it very quickly becomes suggestions are put forward many di erent options available clear that the objective of the by any member for discussion to couples of any income level to Warden Investment Club is to either during meetings or via save and make money. generate as much income as email. The Warden Investment Club their investments will allow. If there is a majority decision was formed over two decades Prioritising a good dividend to purchase, then the group ago and comprises of three yield from their portfolio is obtain further information, married couples. Formed on integral to the culture of the usually from The Share Centre 18 March 1995 the chair, Errol group as the income funds the website, and circulate relevant Nugent, contacted a number Club’s annual trips to Europe. information to members for of friends, most of whom had “It has become our practice consideration. close contact through their son’s since 2003 that the club will Nugent highlights the variety football clubs. Of those invited to pay towards the cost of a long of sources from which investors the first meeting, 15 decided that weekend for the members,” said could gain information. He they would like to begin the Club Nugent. “We’ve now been to 13 explained that: “Members also and the Warden Investment Club di erent cities in Europe.” watch TV programmes, listen was born. He continued to explain that: to the radio and obtain press While the club now only “In general terms the amount of cuttings which are used at consists of six members and the dividends received has been meetings to assist our decision have realised a slight deficiency used for this purpose. making.” in subscriptions and thus “We see this as a benefit of Investment clubs usually investment opportunities, this being in a successful club and abide by a constitution, and the Warden Club does not deviate far from this norm. Following a set of rules and a declaration of trust, club ocers are central to the functionality, each hold varying responsibilities. While the chairman leads each meeting, the secretary completes administrative duties, and the treasurer maintains money.

Banking on it The membership comprises of company directors and a retired bank manager and so there is a

80 WhatInvestment July 2018 www.whatinvestment.co.uk >| The Warden Investment Club

business and financial quality to a cheap purchase, but has since But most importantly, it has to the group. enjoyed significant growth. be fun.” This is reflected in their The Warden Investment portfolio, which is made up of Club recognise the benefits of four major UK banks. Many being part of an investment would avoid such holdings due club. to the risk associated with the It has been said that “the UK financial market, however more you invest in a marriage, the club has explained that this the more valuable it becomes” decision is a bit of a punt as they and these couples have used “…hope for better future market investing as a tool to add value conditions which would enable to many aspects of their lives. us to liquidate some of these The members concluded holdings at a favourable surplus.” by sharing their ethos to a “Nugent emphasised the successful investment club: “excellent dividends” paid by “Don’t be put o by market such holdings such as Standard fluctuations, keep meticulous Life Aberdeen and HSBC. The records and provide good latter was considered initially as information for the members. The Share Centre’s view Graham Spooner, investment research analyst at The Share Centre

It’s good that the club members The Warden Investment Club at meetings. Through doing this, value and implement the fun and members will become knowledgeable Top Ten Holdings: social element to being part of an in a particular area and can then investment club, particularly given Royal Bank of Scotland 35.3 share their findings to other that there are currently only six Morrison 18.1 members. There is also a number of Mitchells & Butlers 12.9 members. MDY Healthcare 7.8 very small holdings which unless There is a tendency for Lloyds Banking 7.5 they are thinking of adding to do not investment clubs to be quite a bit HSBC 3.3 sit well in the portfolio. larger, allowing for the potential Greggs 3.0 In line with this, their decision Glencore 2.8 of a broader discussion as well as Dunelm 2.7 to focus primarily on FTSE 100 learning opportunities. The Warden Costain 2.5 companies is also limiting their Investment Club on the other hand, Carillion 1.3 choice. It may be more interesting to is relatively small, and two members look at smaller companies there is an are oen abroad resulting in ad hoc using The Share Centre’s website increase in risk but oen this is o set meetings. hopefully to their advantage as well by financial gains and it could make While this slightly defeats the idea as radio and television. for an exciting refresh for Warden’s of investment clubs in general, it is Upon viewing the group’s portfolio portfolio. reassuring to know that the club are I would argue that they are extremely They are not put o by short- able to communicate e ectively in overweight in their position, in the term market fluctuation and are the digital world. banking and financial sector. Though happy to take a longer-term view, as As a result of their situation these sectors may be of personal demonstrated by their exposure to their activity is relatively low for an interest to the members, there is banks. investment club and so if possible I much overlap and similarities. They have maintained and run the would recommend for the members Owing to its parallels, there is an club in a professional manner despite to try and meet more regularly in increased risk as should there be a not meeting that oen and being order to enhance their decision- repeat of the 2008 financial crisis, relatively small, demonstrated by making process or consider recruiting both of these sectors would take a hit. the fact that they keep good records some new members. Therefore I recommend that the and continue to provide information I’m pleased to see that the group club going forward diversify their sheets for members. do research, and though limited in investments, perhaps a good way The importance placed on the their numbers it is encouraging that to start this would be with each social aspect is admirable and I hope they utilise a wide range of sources member holding responsibility for that the group continue to have fun from which they draw information certain sectors and subsequently in their investments as well as their from. It’s good to see that they are presenting investment opportunities travels.

www.whatinvestment.co.uk WhatInvestment July 2018 81 >| The Last Word | Peter Elston

somewhere between 0 and 100%. Gaining an edge from gambling Still with me? Now, let us look at the Placing a bet and making an investment are two aforementioned formula. Edge can be measured as the di erence fundamentally different things, but the same tools between what you know or think and principles can be applied to both and what the market, i.e. your opponent, knows or thinks. In this instance, you know that the I never gamble. Not because in 1956 set out a scientifi c probability is 60%. Your opponent I think it is a stupid thing to framework for gambling and how on the other hand thinks it’s do – though it certainly can most e ciently to convert ‘edge’ 50%. So, your edge is 10% (60% be – I just don’t have the time into profi t. His formula, minus 50%). What about or inclination. Furthermore, I known as the Kelly “Truly successful the denominator in the get enough uncertainty in my Criterion, is beautifully gamblers and formula, the market odds? job. As a professional investor, simple and says that investors are We know this is 50% which I seek to forecast the future the percentage of your rare beasts, is what the opponent thinks direction of markets and stocks; purse that you should is the probability of the the professional gambler, on the bet in order to maximise primarily because coin landing ‘heads’. Edge other hand, seeks to forecast the your winnings over time they know that (10%) divided by odds winner of the 1:50 at Haydock. is equal to your ‘edge’ most of the time (50%) equals 20%. It is a Wait a minute! Is there really a divided by the market they do not have mathematical fact that if fundamental di erence? odds. an edge” you bet 20% of your purse When I talk about gambling, Take a coin that you each toss you will over time I am talking about skill games in know is likely to land get richer than with any which human beings play each ‘heads’ 60% of the time. You play other bet size, say 19% or 21%. other rather than luck games ‘toss’ with an opponent who of is Things of course in the real where you play against ‘the unaware of the coin’s bias. What world, whether with respect to house’. The latter includes games percentage of your purse investing or gambling, are not so in which the odds are both fi xed should you bet in order to simple. While the odds or market and stacked against you. You maximise your profi ts? probabilities will generally be may have a lucky streak now and If you bet your entire available, gauging your edge is again, but it is just that – luck. purse there is a 40% hard. This is why truly successful In essence, gambling involves chance you will lose gamblers and investors are rare two people disagreeing about everything. If you bet beasts, primarily because they the likelihood of the outcome of nothing you waste know that most of the time they an event where the probabilities your edge, namely do not have an edge, or at least of the various outcomes are your inside knowledge not a su ciently large one, and so objectively unknowable. that the coin is should not place a bet or establish Imagine two twitchers sitting biased. The a position in a portfolio. over a pint in January disagreeing optimal bet It was driven into me as a as to when the fi rst house martins size must young fund manager that Each month you’ll receive: will be seen in the UK this year. therefore be investing is not the same as ● Expert jargon-free guidance on investing for growth or income Twitcher A says March, which is a gambling and suggesting so little earlier than usual; twitcher was foolish indeed – unless, ● Our selection of the best-performing funds B says April. Is it possible that that is, you wanted to lose ● News of the latest alternative investment opportunities A has some sort of edge over B? clients quickly. However, there Absolutely! There are all sorts of is no fundamental di erence ● Our pick of the promising shares things that A could know that B between the tools and principles PLUS regular special sections on investment trusts,ISAs does not. He could be the world’s used by the successful gambler leading authority on house and the successful investor. and saving for children martins; he could be a leading In my next piece I will argue weather forecaster. Or he could that the misunderstanding of know that B is a fool – something this simple point lies at the heart that B, being a fool, is ignorant of. of what is wrong with the entire All of these constitute some sort investment industry. of edge. It was Bell Laboratories Peter Elston is the chief investment scientist John L Kelly Jr who o cer of Seneca Investment Managers

The views expressed are those of Peter Elston at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Investment Managers Limited and do not constitute investment advice. Whilst Seneca Investment Managers has used all reasonable e orts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment. Seneca Investment Managers Limited (0151 906 2450) is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered o ce at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP18 158

82 WhatInvestment July 2018 www.whatinvestment.co.uk NEED INVESTMENT GUIDANCE? Why not join thousands of investors and beneﬁ t from all our independent analysis and insight?

> Unit Trusts 1 | >| The Last Word | Peter Elston

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The Art of Investing in Smaller Companies – P 30

The Art of Investing in Smaller Companies – P 30