www.whatinvestment.co.uk Issue 460 | July 2021 | £4.50

LIFE AFTER LOCKDOWN

A growing concern Are you switched on? A high stakes game Investing in trees could How artifi cial intelligence Peter Elston on why be the antidote to some of is transforming life as infl ation is far more Earth’s biggest challenges we know it complex than it appears Pages 34-35 Pages 50-52 Page 82

001_WI_0721.indd 1 17/06/2021 10:42 ad template.indd 1 17/06/2021 12:02 First word 3 July 2021 On life and investing www.whatinvestment.co.uk Issue 460 | July 2021 | £4.50

LIFE AFTER LOCKDOWN

after the pandemic A growing concern Are you switched on? A high stakes game Investing in trees could How artificial intelligence Peter Elston on why be the antidote to some of is transforming life as inflation is far more Earth’s biggest challenges we know it complex than it appears Pages 34-35 Pages 50-52 Page 82

elcome to the July issue As you will learn in this month’s Editorial of What Investment, which issue, some investment trust Editor-in-chief comes at a time when it managers believe there will be a Lawrence Gosling 020 7250 7027 W [email protected] looks like the economy is on the very strong recovery, particularly verge of opening up for the fi rst in areas like consumer spending, Subscriptions Lara Rossett 020 7250 7011 time since March of last year. housebuilding and specialist [email protected] How we view this situation industrial businesses; others don’t Advertising depends largely on what kind of Lawrence Gosling think things will be so simple. Sales manager experience the pandemic has been Editor-in-chief, One area we have not gone into Andrew Dodds 020 7250 7033 for us individually or as families, What Investment is the future of working in offi ces [email protected] but vaccination rollout around and what that might mean for Design and production the UK has at least given us some property investing. Last Word production team feeling of protection. The team working on What [email protected] Stock images by Getty What has been noticeable during Investment will carry on largely Marketing this time is how fund managers working from home following Head of marketing have grappled with the issues that government advice. I’d like to Agnes Mkpeti 0207 250 7059 have impacted on stock markets, thank many of you who have [email protected] economies or the fortune of contacted us over the past 16 Bonhill Group companies they are invested in. months and your patience as we Chief executive o cer Some tried to become amateur try and deal with any queries. Simon Stilwell 020 7250 7010 Group editorial director virologists and epidemiologists Despite the help technology Lawrence Gosling 020 7250 7027 to guess the trajectory of the provides, it is harder responding What Investment is published by virus and make investments to calls, emails and letters, but we Bonhill Group plc accordingly. The more seasoned have done our best. I hope most 29 Clerkenwell Road, or sensible decided they knew of the time we get it right but, as London EC1M 5RN. as little as the rest of us and I keep saying, if we don’t, please 0203 4058260 spent their time working out contact me personally. Average monthly circulation – how resilient individual One issue I have grappled January to December 2020: 7,240 companies would be. with in the past month or so is Advice to readers: Information carried in What Investment is checked for What threw some of them was the Morningstar performance accuracy but we recommend that you that the economic fallout has statistics, which are so important make enquiries and, if necessary, take been very diff erent from the to everyone. The June issue was legal advice before entering into any reference point of the global a ‘mess’, so please accept my transactions. ISSN 0263 953X fi nancial crisis of 2008/09. That apologies. We have put in place © Bonhill Group plc was largely a fi nancial matter, a new system which I hope will All rights reserved in respect of all whereas Covid-19 is a health issue mean this doesn’t happen again. articles, drawings, photographs, etc that has precipitated an economic Many of you have contacted published in What Investment anywhere in the world. Reproduction or imitations challenge. And for many sectors it me in recent weeks with some of these are expressly forbidden without has actually accelerated growth. areas you would like us to cover in permission of the publishers. Editorial Managers are now trying to future issues, including infl ation contributions requiring an answer fi gure out how strong the recovery and cryptocurrencies. The August should be accompanied by a stamped will be and what, if any, long- issue will focus on the issue of self-addressed envelope. Conditions of sale and supply: this periodical is sold lasting legacies there will be. infl ation and we will have a couple subject to the following conditions: of pieces explaining some of the namely that it shall not, without the prior issues around cryptocurrency. written consent of the publishers, be lent, I really appreciate the resold, hired out or otherwise disposed of in a mutilated condition or in any suggestions and please don’t unauthorised cover by way of trade. Fund managers are now trying to hesitate to send more in. Keep safe All advertising is subject to the terms ■ gure out how strong the recovery and enjoy the summer. of our current rate card. will be and what, if any, long-lasting Printed in the UK by Lawrence Gosling is editor-in-chief Stephens & George. legacies there will be of What Investment. News agency distribution by Select Publisher Services, PO Box 6337, Follow @whatinvestment Like What Investment Join What Investment Bournemouth BH1 9EH, 01202 586848 on Twitter on Facebook on LinkedIn

003_WI_0721.indd 3 17/06/2021 10:59 4 In this issue

26 Cover story 26 Life after lockdown What Investment’s Lawrence Gosling on priming your portfolio for what lies ahead

28 Investment trusts Guy Anderson of Mercantile is optimistic on the UK stock market; things are looking up for the Edinburgh Investment Trust

30 UK recovery The perfect investment antidote to lockdown fatigue

31 Inflation Should investors be concerned?

32 Where we are now Shamik Dhar and Paul Flood help us navigate the new economic landscape

News & comment 11 Pensions 14 Property Kay Ingram explains how baby Clare Munro urges property 03 First word boomers can help Gen Xers avoid investors to act quickly if On life and investing falling foul of retirement gap they are to benefit from the Stamp Duty holiday 06 Pensions 12 Inheritence tax Can you put a figure on How single-premium investment 82 Inflation a happy retirement? bonds can help with IHT Central bankers have predicted that current high inflation 07 Product launches 13 Future planning is transitory. If they are wrong Stephanie Spicer introduces A 7-step guide to increasing your it could cast a long shadow, a spate of new releases chances of investment success warns Peter Elston

08 Savings Bestinvest’s Jason Hollands 08 wonders why savers are still ploughing money into cash ISAs

10 Inflation Cash provides a false sense Brian Tora on why inflation is of security if the real value neither the devil nor the deep blue is being eaten away sea – so long as it’s short term Jason Hollands, Bestinvest

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Features 50 15 Talking about dementia Bernadette Mossman and Nick Rhodes get this important conversation started

16 Commodities A surge in metals and mining is empowering a commodities supercycle, reports Alan Green

18 Income investing Francois de Bruin on a dangerous love affair with income

20 Notes on a scandal An update on the case of Mr Grey, who lost £405,000 having invested in SVS Securities, the client book of which was taken over by ITI Capital Performance data 22 Funds Investment trust of the month; 54 Unit trusts and funds to watch; growth stocks; investment trusts and stock picks from the Morningstar data covering the ‘forgotten middle’ performances of all unit trusts over six months, one year, three 36 Investment trusts years and 10 years, showing the Balanced portfolio of quality value of your holdings and where global equities; a play on sectors 22 your fund ranks across others benefiting most from structural in the same sector changes in China; globally diversified portfolio of listed and 46 US 75 Exchange-traded private healthcare funds; fund of Richard de Lisle reflects on the funds (ETFs) mainly UK equities with a focus on first few months of US president Morningstar analysis of the high-calibre companies Joe Biden’s administration performance of a range of ETFs covering the main investment 48 Investment platforms markets around the world Should you subscribe to a platform or build your own? 80 Savings and taxes 2020/21 tax rates, mortgage 50 Artificial intelligence calculator and inflation data Early adoption of artificial intelligence within your portfolio 81 Cash savings/investment will benefit from an investment Moneyfacts analysis of the latest theme that’s transforming life savings, cash ISAs, NS&I account 46 as we know it and bond rates

004-005_WI_0721.indd 5 17/06/2021 13:26 6 News What Investment | July 2021

INVESTMENT TRUST Space trust prepares for lift-off Seraphim Space Investment Trust is a newly established closed-ended investment company that will invest in a diversifi ed international portfolio of early- and growth-stage space technology businesses. The company will be the world’s fi rst listed space tech fund, targeting an annualised net asset value total return of at least 20% over the long term. The company will acquire a portfolio of 19 seed assets from the Seraphim Space Fund. Fifteen of these will be acquired on IPO with the remaining four to be acquired on or before 31 December 2021. This will include stakes in several unicorns companies, ie those with a valuation of more than $1bn (£0.7bn). The investment objective is to generate capital growth over the long term through investment in a diversifi ed international portfolio of space tech businesses. These are companies that rely on space- based connectivity or precision, navigation and PENSIONS timing signals, or whose technology or services are already addressing, originally derived from or of potential benefi t to the space sector. How much is enough? Will Whitehorn, chair designate of Seraphim Space Investment Trust, said: “Space tech is Which? research puts a fi gure on a happy retirement forecast to be a multi-decade, trillion-dollar investment market that has not previously been or a comfortable retirement, “It’s important to think about available through listed opportunities. We are according to Which? research, the lifestyle you have now and excited to off er investors access to a diversifi ed Fa single person needs £19,000 how much you would like this portfolio of some of the sector’s highest growth- (pot size of £305,170 for an to continue when you retire. If potential companies.” annuity; £192,290 for drawdown), your income will be substantially Jason Hollands, managing director, business or £26,000 for a couple (pot size lower, then unless your costs fall development and communications at Bestinvest, of £265,420 for annuity; £154,700 dramatically, too, you will have said: “This is exciting stuff but clearly very high for drawdown). Both estimates to get used to a drop in living risk. These are early-stage companies and the include the state pension and are standards when you stop work. initial portfolio if this goes ahead will be quite net of tax and based on someone “Living costs do tend to fall for concentrated with just 15 holdings. retiring at age 65 and withdrawing retired people and these estimates “The announcement doesn’t indicate a target all their income through also assume major expenses like amount of capital to be raised, but the initial drawdown over 20 years. housing costs are largely paid portfolio the trust will be acquiring is worth just The Which? drawdown estimates off . But any costs you expect to £26.1m, so even with additional capital raised reduce the pot size to nothing continue into retirement could eat the trust is potentially going to be quite a small- after 20 years, which means if away at your pot faster, such as sized vehicle initially. This may result in limited you lived beyond the age of 85, housing costs. trading liquidity. in these scenarios you would “Whether you will need to “If this goes ahead it will be a fi rst in the become dependent on the state continue to support adult children investment trust focused on the ‘space’ theme, pension at that point. or leave them an inheritance so there is a unique selling point. There are a few Becky O’Connor, head of should be factored into your own space-themed investment strategies out there, pensions and savings, Interactive personal calculation for what your including enterprise investment schemes and a Investor, said: “These estimates retirement pot should be.” n number of space-related exchange-traded funds are a useful guide for people to (ETFs) listed in the US that own listed companies: know what retirement they are SPDR Kensho Final Frontiers ETF, Procure Space ETF roughly on track for, given their and the ARK Space Exploration & Innovation ETF. current pension pot size. But the “It is worth noting that the largest of these ETFs is amount we should all aim for is Think about the lifestyle around $63m, which when you consider the vast size very personal and depends on you have now and how of the US market, suggests investor demand so far circumstances and goals, such has been quite limited. It’ll be interesting to see what as whether you want to leave an much you would like this to the appetite is over here.” n inheritance behind. continue when you retire

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PRODUCT LAUNCHES The fund gives thematic exposure to this growth potential, investing across payment acquirer New world, new products and card issuers, gateways and processors, payment technology Stephanie Spicer introduces a spate of releases, including ETFs providers and cardless payment that build on the potential economic rebound and a charity bond service providers. It invests in companies with a minimum free fl oat market Raise funds for cerebral palsy operators have the opportunity capitalisation of $200m (£142m) Triodos Bank UK is partnering through the launch of Europe’s and a minimum three-month with Paces Sheffi eld – a charity fi rst Airlines, Hotels and Cruise average daily trading volume for children and adults with Lines ETF on the HANetf platform. of $1m. This is drawn from a cerebral palsy and other motor The Ucits ETF will list on the dynamic universe of over 150 neurone diseases – to raise £1.5m London Stock Exchange and will be companies engaged in the digital through a new bond off er on the passported for sale across Europe. payments value chain, leveraging Triodos crowdfunding platform. Analysts expect a rebound in the the expertise of Payments The proceeds will be used to travel sector could be driven by the Cards & Mobile, a research and deliver a new home for Paces speed and extent of the Covid-19 consultancy specialist. School, Sheffi eld, allowing the vaccine rollout, pent-up demand Companies in the investible charity to increase the number resulting from trips not taken universe have their primary of pupils and families it supports during the pandemic, growth of listing in developed markets, by more than 75%. disposable income and savings, South Korea and/or Taiwan. Paces aims to positively change as well as the size and pace of a A monthly review ensures that the lives of those it supports and global economic recovery. if any individual company focuses on ability, not disability. However, these increases still exceeds 15% of the portfolio then It runs Paces School, a special leave leisure and business travel the ETF will be reweighted back educational needs facility for spending far below its 2019 peak to equal footing. pupils aged 4-18, and Paces and it is likely to take several years The ETF launch refl ects the Conductive Living, which off ers to regain all of the lost ground. role of digital technology in a range of adult services. The ETF tracks the Solactive broadening global fi nancial For investors, the eight-year Airlines, Hotels, Cruise Lines inclusion, while also supporting bond will pay 6% gross interest Index. Back-tested performance several of the UN Sustainable per annum, with a minimum shows the index achieved 62.07% Development Goals, including investment of £50. Investors can net total returns in the past year. growing industry, innovation also select a lower rate of interest and infrastructure, decent of 3% or 0% to further support the Cash in on a cashless society work and economic growth, charity. It is also available within Legal & General Investment and building sustainable cities the tax-effi cient Innovative Management has launched and communities. Finance ISA wrapper. the L&G Digital Payments Ucits ETF, which provides Take fl ight with airline ETF Benefi t from travel bounce investors with exposure to What the managers describe Investors looking for exposure the growth potential of digital as Europe’s fi rst global airline to the travel industry tracking payment technologies, resulting ETF, US Global Jets Ucits ETF global airline companies, hotel from the global transition to has launched on the HANetf businesses and cruise line a cashless economy. platform, off ering exposure to the airline industry as it tracks companies within the commercial airline, aircraft manufacturing, and airport and terminal services industries. The ETF will list on the London Stock Exchange and will be passported for sale across Europe. It has a total expense ratio of 65 basis points and tracks the US Global Jets Index, which achieved back-tested returns of 57.32% in the past 12 months and 19.28% since inception. n

Stephanie Spicer is a freelance fi nancial journalist.

006-008_WI_0721.indd 7 17/06/2021 11:00 8 News What Investment | July 2021

taxpayers can receive up to £500 tax-free each year. With current low interest, a mountain of cash can be held outside an ISA before you need to worry about tax. “It was particularly disappoint- ing to note that of the £971m that parents and guardians subscribed to Junior ISAs in 2019/20, 61% of these were cash accounts. Again, since their inception, the propor- tion of Junior ISAs subscribed into cash has remained at 67-72%. “Junior ISAs are designed to help build a pot of assets for children, to give them a financial headstart in life. The proceeds cannot even be accessed until the child is aged SAVINGS 18 and therefore, in most cases, Junior ISAs will be long-term schemes. These lend themselves Cash has lost its lustre to funds investing in stocks and shares, not cash where the real ‘For most people,’ says Bestinvest’s Jason Hollands, ‘cash ISAs are utterly value will just be eroded over time. pointless.’ So why are savers still ploughing money into these accounts? “Very few children have earnings that are going to make them taxpayers, so locking up savings tatistics released by HM Saving for nothing for over a decade in a cash account Revenue & Customs reveal UK “The HMRC statistics reveal that that can’t be accessed, and where Ssavers invested £75bn into in the financial year running there this unlikely to be tax adult Individual Savings Accounts into the pandemic, over 75% of due, may not be the best way of (ISAs) in the 2019/20 tax year, a adult ISAs opened went into cash, funding future college fees or a £7.1bn increase on the previous despite already dismally low house deposit, compared with tax year, of which £4.8bn was interest rates. Since the global longer-term investments.” ploughed into cash ISAs despite financial crisis of 2008 ushered in ultra-low interest rates. an era of extremely low returns Find a better balance At the end of the 2019/20 tax on cash savings and buoyant “Inflation is on the rise again year, the Bank of England base returns on investment markets, as economies rebound from the rate was slashed to an all-time the proportion of adult cash ISAs pandemic, fuelled by vast stimulus low of 0.1% on 17 March 2020 in subscribed to have nevertheless programmes and bottlenecks response to the Covid-19 crisis. consistently hovered in a range of in the supply of goods and raw Jason Hollands, managing 70-80%,” added Hollands. materials. A whole generation of director of online investment “In truth, for most people cash savers and investors haven’t had service Bestinvest, said: “Over a ISAs are utterly pointless, not just to give much thought to inflation, year of restrictions on socialising because of low returns – which but this needs to be high on their and travel has made the UK a in many cases are negative after radars,” said Hollands. nation of enforced savers, with the accounting for inflation - but “In the UK, Consumer Price UK household savings ratio hitting because from the 2016/17 tax year, Index inflation leapt from 0.7% a record high of 25.9p in every £1 the introduction of the Personal in March to 1.5% in April and is of disposable income being saved Savings Allowance (PSA) means expected to rise further, possibly in Q2 of 2020, compared with 6.2p most people won’t pay any tax on for a prolonged period of time. in every £1 a year earlier. the interest on their cash deposits In most cases, even the best cash “While having some cash set without the need to shelter them ISA rates are therefore negative aside for short-term needs in cash ISAs. in real terms. and emergencies is very wise, “Under the PSA, basic rate tax- “I would urge people to think hoarding too much cash over payers receive their first £1,000 on carefully about the balance they longer periods of time is not. A interest tax-free and higher rate have between shorter-term ‘rainy cash war chest may feel like a day’ savings and longer-term financial comfort blanket, but this investments. Cash isn’t king in can provide a false sense security a world of rising inflation.” n if the real value is being eaten away over time by inflation, Cash provides a false sense of security Stephanie Spicer is a freelance which is now on the rise again.” if the real value is being eaten away financial journalist.

006-008_WI_0721.indd 8 17/06/2021 11:00 What Investment magazine change of bank details

Dear Subscriber, I hope this letter fi nds you well. I am writing to inform you that What Investment magazine will be deactivating its company account with the payment management organisation called Harlands, which collects your subscription on our behalf. There is nothing to worry about. We are doing this as part of a move to provide a better service to our many long standing and new subscribers. If your annual magazine subscription is paid to us via Harlands, would you please amend the payment records with your bank to ensure all upcoming and future payments are credited to our new account instead – details below. Bank: Lloyds Account Name: BONHILL GROUP PLC T/A WHAT INV TRUST Sort Code: 30-94-31 Account Number: 01198005 Alternatively, if you would like to update your account through our online payment system – you can contact my colleague Lara Rosset on 020 7250 7011 or email us at [email protected]. Lara would also be able to assist with any further questions you may have, or feel free to contact me personally. My details are at the bottom of this letter. Best wishes,

Lawrence Gosling Editorial director, What Investment [email protected] Direct line 0207 250 7027

P.S – why not ask Lara about our ‘Refer a family, friend, colleague’ promotion for a chance to receive discount o your next renewal

HELPING YOU PLAN YOUR FINANCIAL SECURITY

WI-fp-house-ad-0221.indd 1 17/06/2021 12:14 10 Comment What Investment | July 2021

INFLATION Peaking at around 25%, the rise in the cost of living was painful and damaging, but it reduced Neither devil nor deep blue sea the value of debt and enhanced the worth of fi nancial assets, Why short-term infl ation could potentially do us more good than harm benefi ting the generation of baby boomers that had aspired to home ownership. I remember it well and he likely return of infl ation It is on America that most eyes my personal fi nancial position was seems to be on everybody’s will be focused in terms of how the done no harm as a consequence. Tlips right now. In a way this authorities might react to rising is hardly surprising, given the infl ation. The latest headline Bump in the road extent to which central banks Brian Tora infl ation fi gure of +5% year on Can there be little surprise, then, have been printing money. Mind Consultant, year came as something of a that governments and central you, a similar exercise took place JM Finn shock, though 12 months ago the banks adopt positive infl ation in the wake of the fi nancial crisis country was in recession, with targets as their aim in establishing of 2008 and, despite expectations prices actually falling. a stable economic environment. of a rise in the cost of living as a The economic recovery there Both the UK and the US have a 2% consequence, infl ation remained has been impressive, but could Consumer Price Infl ation (CPI) muted throughout. be slowed dramatically if tighter fi gure as acceptable. This time, though, the extent of fi nancial conditions are imposed. Here we allow a 1% margin the pump-priming that has been The other side of the coin, either side before the alarm taking place to counteract the however, is that a slow reaction bells start to ring. Less than 1% pandemic generated recession has to infl ationary pressures by the infl ation and the prospect of been altogether greater. Fed could lead to the cost of living defl ation looms, inviting more rising out of control. This is what economic stimulus. When the rate Price pressure is worrying many economic goes above 3%, then perhaps a In China, prices are rising at their observers at present. reining in of the economy is called fastest rate since the fi nancial for. I’m not sure this guidance crisis. Producer price infl ation No small matter of debt works in current circumstances. soared to 9% in May, leading to So, is infl ation a clear and The US CPI fi gure of price controls being introduced for present danger or are we +5% certainly was ahead a number of food products. worrying unnecessarily? The of expectations, but most And China is not alone in widely held view is that infl ation economists consider this to be a seeing producer prices on the is a threat, only trumped by blip, rather than the indication up. A combination of supply the more feared defl ation. of rising long-term infl ation. chain disruption caused by the Certainly, history contains Employment numbers in America measures introduced to combat many examples of a rapidly do not suggest a tightening labour the pandemic, economic growth rising cost of living destroying market – and wage infl ation is the picking up and raw material price economies and societies. most dangerous contributor to a rises are placing strong upward Germany, during the time of the rising cost of living. pressure on prices. Weimar Republic, South America In China, the 9% rise in the Note the Bloomberg Commodity and, more recently, Zimbabwe producer price index was way Price Index is at a new high and all demonstrate how damaging ahead of a modest 1% lift in CPI, the price of oil is now back over severe infl ation can be. Yet which indicates the jump in raw $70 (£49.8) a barrel. infl ation can carry some benefi ts. material costs could be temporary. As economic recovery gathers For a start, debt is devalued as a For investors, watching the speed around the world, such consequence – and there is plenty progress of infl ation is clearly price rises are worrying. And many of debt around at present. important, but should not economic think tanks predict a Back in the early 1970s, we necessarily be a source of great sharp pick-up in economic activity experienced double-digit infl ation concern. While infl ation is not as we learn to cope with Covid-19. here in the UK – a consequence of unfairly described as a genie that, The World Bank expects the the oil price spike, a banking crisis if released, is notoriously diffi cult global economy to expand by 5.6% and a change of government that to rebottle, on this occasion it this year, with above-average allowed the brakes to be relaxed seems more likely that it has growth continuing into 2022. This on wage rises. emerged more as a consequence suggests we are going through the of the disruption caused by the fastest post-recession recovery pandemic than the profl igate since WWII, with some economies activities of governments and growing much faster than others. The widely held view is that in ation central banks. Indeed, half the growth around And if we do get a bit of short- the world this year is expected to is a threat, only trumped by the more term infl ation, it could well do come from the US and China. feared de ation us more good than harm. ■

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The £10,000 pension savings made for each child automatically increases to £12,500 invested in the pension. The provider collects 20% tax relief from HMRC added to the pension pot. If Sarah or David are 40% or 45% taxpayers, they can claim relief on the savings made by Emily and will get an additional 20% or 25% tax relief.2 Each year £20,000 gifted by Emily gains the family £13,000 of potential tax savings (£8,000 IHT + £5,000 pension savings tax relief) rising to £17,000 if Sarah and David’s income would otherwise be subject to 40% tax.

Annual gift allowance Individuals may gift up to £3,000 per tax year, which is exempt from PENSIONS IHT. Any allowance unused from the previous year may be carried forward for one year once the Boomers ease Gen X pension pain current year’s allowance is used.

Baby boomers can help Gen Xers avoid falling foul of retirement gap Case study Harold and Mary, 80, are comfortably off but rely on help eneration X’, those Case study from their daughter Hannah, 55. aged 35-50, are among Emily, aged 78, has a son Their joint assets are worth £1.3m ‘G the least prepared for David, 45, who is in a workplace so they would expect an £120,000 retirement, especially in the pension scheme, and daughter IHT bill on their estates, if IHT private sector, where only an Sarah, 43, who is self-employed. rates and rules remain the same. estimated one million workers are Kay Ingram Emily’s net worth is £1.5m Hannah, a full-time carer, has off ered defi ned benefi t pensions.1 Chartered so her estate is likely to owe no workplace pension. Her parents These provide a guaranteed fi nancial planner around £200,000 in IHT, if want to help fund her retirement and director of annual income for life, unlike public policy, today’s rates and allowances and pass money on to their defi ned contribution pensions, LEBC Group apply at time of death. grandchildren but don’t want which rely on building up an Emily would like to reduce the them to have access to it yet. invested pot with no certainty tax on her estate and give some They can each gift £3,000 a what this will provide as a money to her children now. She year exempt from IHT. Hannah retirement income. has an income of £50,000 a year and her children have no earned but only spends £30,000. income but are eligible to save How can boomers help? Emily is advised to gift £10,000 into a pension with up to £2,880 Parents and grandparents who can to each child by regular monthly per year. This will attract 20% tax aff ord to be generous can reduce payments, saving potential IHT on relief, up to £720 per year, even their taxable estate for inheritance her estate of £8,000 each year. though they are not taxpayers. tax (IHT), taking advantage of By making a third-party Harold and Mary pay £2,880 into exemptions on lifetime gifts, payment into a pension plan for Hannah’s pension, which becomes enabling younger family members each child, Emily can increase £3,600 and £1,560 into a pension to scoop up pension tax relief they the value of her gift. Pension for each grandchild, which may otherwise forego. savings qualify for tax relief at the becomes £1,950. The £6,000 Lifetime gifts from surplus marginal rate of income tax paid given reduces IHT on their estate income are exempt from IHT, by the pension plan owner. by £2,400 and the pension savings regardless of the amount given Most people have an annual receive £1,500 of tax relief. ■ or whether the donor lives allowance for pension savings of beyond seven years. To qualify, the lower of their earned income 1 The Ski Slope of Doom: research by they must be regular, ideally or profi ts, or £40,000, including Lane Clark and Peacock, May 2021. paid over two tax years or more, any employer and third-party 2 Scots resident taxpayers may be and must not reduce the donor’s payments. Non-earners may save eligible for an extra 1% of tax relief standard of living. up to £3,600 per year. refl ecting higher rates of taxation.

010-011_WI_0721.indd 11 17/06/2021 11:09 12 Comment What Investment | July 2021

INHERITANCE TAX higher-rate taxpayer and their partner a basic-rate taxpayer. People are increasingly assigning Bond ambition policies to other loved ones. The same benefi ts apply. How single-premium investment bonds can help with IHT planning A valuable benefi t This is an unusual perk. You he tax regime for domestic Under the regime for life could not, for instance, hand your life insurance companies can companies this is deemed to have daughter shares you have held T often seem very diff erent to been paid within the fund. So for for 20 years without triggering a that which applies to the rest of us. higher-rate taxpayers there is potential CGT charge. Life companies have not been slow a potential additional charge of I now have a lot of elderly to exploit this over the years. Charles Calkin 20% of the gain – the diff erence clients who are assigning these At the turn of the century Financial planner, between the basic rate and higher policies to lower-earning products called ‘single-premium James Hambro & rate of tax. For additional-rate children and grandchildren. They Partners investment bonds’ proved taxpayers the extra charge is 25%. see this as way of unbundling particularly popular. They off ered The gains are the diff erence policies. The assignee – the new modest life cover but suffi cient to between your initial investment owner – must be over 18, so it enable the providers – and their and the proceeds. If you have is often a great way of helping a customers – to take advantage taken withdrawals, these are loved one pay off debts or climb of this strange tax regime. Some added back. If you haven’t you will the housing ladder. companies still issue them today. be charged on the proceeds less Often bonds are issued in your initial investment. multiple policy segments. A certain appeal ‘Top-slicing relief’ allows these Each segment can be assigned These products, sold heavily at the gains to be divided by the number separately. This allows gifting time, did have their attractions. of policy years since commence- to multiple benefi ciaries. It also Buyers invested a lump sum – say, ment. This slice is then added to allows the assignee to surrender £100,000 – and then could take your income in the tax year of over multiple tax years and out 5% of this initial sum every surrender to calculate the addi- manage their own tax position. year tax deferred. The insurance tional tax rate. These calculations These policies count in your company invested the money, can be complex, and are worth estate for inheritance tax (IHT), with an expectation of it growing. discussing with an adviser. so giving them away to a non- Often bonds were issued on joint It is possible to assign a bond to spouse or civil partner – if you can lives so they passed to the survivor someone else as an outright gift aff ord the luxury – represents a on the fi rst death and provided without triggering a chargeable sensible bit of estate planning, too. continuity. You can see the appeal. event. Assign the policy to There might be an IHT liability if Many were issued in the wake of someone who is a basic-rate you die within seven years, so I the 2000 tech crash, when equity taxpayer after the tax calculation encourage my clients for whom prices were relatively low, and so and they will pay no tax on this is appropriate to move quickly have done well. surrender. As a result, this transfer and hang on in there. Often the policyholders have not opportunity is often used between I am not sure that beating the tax made any withdrawals – it was spouses or civil partners where man is the best incentive for living optional, and unused withdrawals the original policyholder is a a long life, but it can help! ■ rolled up. That means many are sitting on products fat with gain. Cashing in the policy will trigger MISSION POSSIBLE what is known as ‘a chargeable event’. So what to do with them? Your assignment if you choose to donate it Any chargeable event is assessed to the policyholders – Edith is 80. She has a single-premium insurance bond she bought for generally the lives assured. £100,000 in 2001. She has taken no income over the past 20 years. The The tax liability is deemed net policy is worth £220,000. She and her husband, who are both higher- of basic-rate income tax and rate taxpayers, are comfortable. They do not need the money and are capital gains tax (CGT). worrying about IHT on their estate. Their 23-year-old grandson is a basic-rate taxpayer and sees no prospect of getting on the housing ladder. They want to help him. If Edith surrendered the policy she would pay 20% tax on the gain of £120,000 – £24,000. This would leave her £196,000 to give her I am not sure that beating the tax grandson. As the assignee, Edith’s grandson can encash the policy man is the best incentive for living and enjoy the whole £220,000 benefi t. If Edith survives for seven years there is no IHT either. a long life, but it can help!

012-013_WI_0721.indd 12 17/06/2021 11:11 Comment What Investment | July 2021 13

The internet means everything about a subject is at your fi nger- tips. Avoid information overload by specialising. Identify an area you’re interested in and study it.

6. Set your tripwires Most humans act irrationally at times. It is easy to put in some alerts to help identify whether you are getting carried away or have missed a step in your analysis. There are all sorts of bias we battle with everyday but when looking at the future, the most dangerous is confi rmation bias. When we believe we have identifi ed the right option, our FUTURE PLANNING brain looks for information that will support our decision rather than help us fi nd information The only way is up that will challenge us. Putting in clear signals, such as A 7-step guide to increase your chances of investment success benchmarks, can be a real aid to staying on track and focused on what is important. he results of successful if your number is called, you still investing can be viewed as achieve your goals and your loved 7. Implement your rituals Tfreedom, peace of mind and ones don’t have to endure added Our most important asset is time, satisfaction that a journey has fi nancial stress. Your legacy can therefore use it wisely. Investing turned out as planned. However, live on. in the future is a long-term game we will all choose a diff erent Stephen Jones that requires constant course route to get to the results. Here Managing director, 3. Choose your destination adjustments. The longer the is a 7-step guide that I hope will Clear Solutions Now you have the right period between these adjustments Wealth and Tax increase your chances of success. Planning protections in place, you can the bigger the change that may start to imagine what life might have to be made and, if too far off 1. Establish where you are now look like in a perfect future. track, it may be that you won’t This should be your fi rst step and We all know that some of meet your destination at all. I suggest you look at it through the these destinations may never Once you have completed the lens of a ‘family balance sheet’. materialise, but we also know that steps above, prepare a checklist This contains your qualitative won’t be because we didn’t plan. and set aside a regular time slot to capital; human (physical, check everything is on course. well-being); intellectual (skills, 4. Draw your timeline Following these seven steps development and understanding) Now you have your aspirations, should increase your odds of social (relationships, insert the likely events or changes success without limiting you to communities), spiritual in situation that may or may a single course of action. Every (shared dreams). not aff ect your fi nancial capital. time there is an unexpected turn All are supported by quantitative Identify when these events of events you can return to this capital. Success here gives you will likely occur and draw your process, adjust your goals and get your motivation, your ‘why’. timeline. Now you know how long back on track. you have to prepare. Investing doesn’t have to be 2. Buy your guarantees a solitary activity and I would Unfortunately, for some of us 5. Do your homework encourage you to share the above our future will be short and we Identify the odds of you achieving with a mentor or coach who can won’t have enough time to build the destinations you identifi ed help you maximise the values the fortunes we desire, yet, as we in step 3 with the timelines of the family balance sheet by learnt in step 1, most dream of identifi ed in step 4 and prioritise. bringing expertise and experience making these fortunes so we can Concentrate on those of most to your situation. support others: wives, children, importance to you with the Also share your plans with your elderly parents, communities. highest odds of success. You loved ones. Knowing you have The only way we can ensure can vastly increase the odds in their support helps make any success in the event of a lack of your favour through knowledge sacrifi ces you have to make in the time is to buy insurance so that and education. short term so much easier. ■

012-013_WI_0721.indd 13 17/06/2021 11:11 14 Comment What Investment | July 2021

there is a £12,300 CGT allowance and CGT rates that compare well with income tax. SDLT, however, is more problematic. Complete avoidance is only possible for the few landlords operating through pre-existing partnerships. For everyone else, there are a couple of mitigation opportunities. Multiple dwellings relief, using the average price of the transferred properties to calculate SDLT, provides savings by repeat use of the lower rate bands. Alternatively, for portfolios of six or more properties, the lower commercial PROPERTY SDLT rates can be used. Alongside these reliefs, the raised thresholds since July 2020 Last chance saloon have helped landlords lower their incorporation costs. However, in Property investors must act quickly to benefi t from Stamp Duty holiday England, the £500,000 threshold reduces to £250,000 on 30 June 2021, before reverting to pre-July ith the end of property tax rates and full relief for 2020 rates on 1 October 2021. duty holidays in sight, fi nance costs, looks enticing. The temporary increase in Wshould investors be Without going into the pros Wales’s Land Transaction Tax acting now to scoop up the and cons of corporate versus nil-rate band to £250,000 will remaining benefi ts? individual ownership, anyone expire on 30 June 2021 and the Since last July, English and seeking to push their rental equivalent tax break in Scotland Northern Irish residential property into a company faces has already ended. The windows property purchasers have Clare Munro two key obstacles: capital of opportunity are therefore benefi ted from a raised Stamp Senior tax adviser, gains tax (CGT) and SDLT. closing fast, so anyone thinking Duty Land Tax (SDLT) threshold Weatherbys Transfer by an individual to a of incorporation should act now. Private Bank of £500,000, saving a possible connected company is treated as £15,000 in duty. Equivalent reliefs a market value transaction for Time is of the essence have been available in Scotland both tax regimes. Looking beyond the tax issues, and Wales. Investors – and second CGT is often the easier tax to when incorporating a geared home purchasers – have still had deal with. Active landlords with portfolio, lender approval will to pay the 3% SDLT surcharge, a multi-property portfolio, be required. Alternatively, but are eligible for the increased whose rental activity counts as a incorporation could be an nil threshold. business, may get incorporation opportunity to refi nance, relief when transferring although a bank would need Get some relief properties into a company in to act quickly to get the Changes in the tax system during consideration for a share issue. transaction completed before the the past decade have been hard If successfully claimed the new SDLT break ends. Importantly, on residential property landlords, shares take on the historical for SDLT it is completion that so it’s no surprise that many base cost of the properties, triggers the tax, not exchange. have considered changing their but the company acquires the The duty on property purchases ownership structure, if not a properties at market value, so, has become immensely com- complete exit. on a future sale by the company, plicated, with diff erent rates Replacement of relief for fi nance only post-incorporation growth depending on your residence costs with a basic rate tax reducer will be taxable. For landlords who status and whether the purchase from 2017/18 was a fundamental cannot get incorporation relief, is your fi rst property. What shift in the tax landscape for is certain is that SDLT and its landlords and, arguably, only the Scottish and Welsh equivalents low interest rate environment has are now a major transaction cost, saved the investor market from The windows of opportunity are so would-be corporate landlords devastation. On the face of it, should act swiftly to benefi t therefore, a corporate ownership closing fast, so anyone thinking from the remaining temporary structure, with lower company of incorporation should act now increases in the thresholds. ■

014-015_WI_0721.indd 14 17/06/2021 11:17 Living with dementia What Investment | July 2021 15

Talking about dementia Bernadette Mossman and Nick Rhodes get the conversation started

he number of people with decisions around treatment and individual still has capacity rather dementia is set to double care, admission to a selected care than towards the end of their life Tby 2050 to over 16.2 million home and complex care decisions. when loved ones will be grieving. people in Europe and two million A plan should also be Holding this conversation early in the UK, leading to a signifi cant implemented regarding fi nances will also allow a plan of care to rise in demands on our health and fi nancial arrangements. be drawn up and reviewed as the and social care services. It’s never This should include access to individual’s needs change. been more important for dementia the individual’s funds to allow care to be prioritised as the ageing payment for care and general Di cult conversations population continues to grow. day-to-day living, and enable When it comes to holding It is a worrying time for people the representative to access bank diffi cult conversations and how with early-stage dementia and accounts, investments, bills and to approach them, it’s important their loved ones. We discuss the properties if required. that communication is open and conversations you need to know A spouse or next of kin can’t honest. Conversations should be about, and how to approach them access bank accounts and pay continuous so that the up-to-date sensitively and empathetically. utilities without an LPA. If the wishes of the individual living person living with dementia no with dementia are communicated, Lasting power of attorney longer has the capacity to make including future wishes. A lasting power of attorney (LPA) decisions and a plan hasn’t been Keeping loved ones informed and authorises people (‘attorneys’) to put in place, the case will go to involved, alongside professionals make decisions on an individual’s the Court of Protection to secure such as care home operators and behalf during their lifetime if they permission to act on behalf of GPs, will ensure the right care is lose capacity or no longer wish the individual. This can lead to provided at the right time. to be involved in the everyday extensive delays with the process Joint meetings and discussions running of their fi nances. An taking up to eight months. between professionals, the attorney is legally bound to act individual and their loved ones in a person’s best interest, and Future wishes will provide everyone with much- LPAs are governed by the Mental A conversation about future needed support and clarity, which Capacity Act 2005. wishes needs to take place at the is essential at what can be an There are two types of LPA, earliest opportunity. It allows extremely diffi cult time. ■ one for property and fi nancial the loved ones of a person living aff airs, and one for health and with dementia to understand the Bernadette Mossman is welfare. You can appoint up to preferred care options as their healthcare director at Vida four people on your LPAs and can health deteriorates. Healthcare; Nick Rhodes is head of have diff erent attorneys for your This is never an easy wills and probate at Blacks Solicitors. fi nancial and health decisions. conversation but it is preferable Loved ones must work with to begin discussing this when the www.vidahealthcare.co.uk their relatives while they still have capacity to make informed decisions and implement a plan of action. The plan should allow the appointed attorney to speak and act in the best interest of the person living with dementia based on their known wishes and preferences. This might include

It’s never been more important for dementia care to be prioritised as the ageing population continues to grow

014-015_WI_0721.indd 15 17/06/2021 11:17 16 Commodities What Investment | July 2021

Hot commodity A surge in metals and mining is empowering a commodities supercycle

argely as a result of the by Randy Brown in mid-April, While this is no doubt a laudable Covid-19 lockdown, those noting that the most prominent strategy, the very sniff of a Lwith too much time on their commodity index, the S&P potential commodity supercycle hands, ranging from casual stock GSCI, had risen over 86% since will create a ‘gold rush’, with market observers to hardened March 2020. Brown pointed investors exposed to all manner of traders, cannot fail to have out that while most markets investment instruments on off er noticed the surge in valuations Alan Green have roared back since the from the good, the bad and the and general interest in metals and Founder and depths of the Covid-19 market downright ugly. commodities over the past year. CEO, Brand scare, commodities have been a Throughout 2020 and the fi rst Communications Whether watching gold and frontrunner in the recovery. part of 2021, the commodity precious metal prices, always Cautioning investors against and investment juggernaut was a safe-haven investment in overreaction, Brown highlighted welcomed with open arms by uncertain times, looking for there have been four supercycles a much larger-than-usual and movement in battery metals such since the mid-19th century, highly receptive audience. as copper and lithium, or investing each lasting a decade and Many newbie investors enthused into iron ore, the bedrock of the all underscored by major by early successes in multi-bag- upcoming economic recovery, the infrastructural shifts. ger Covid-19 stocks turned their choice of company or investment attention to the mining and instrument available can seem The good, the bad and the ugly commodity sector, and in order bewildering to the uninitiated. Historically, any surge in a sector to maximise gains, invested into Much of profi le of the subject or asset class is accompanied by micro-cap mining companies, matter is due to speculation by myriad investment instruments some in charge of assets question- large investment banks that the and packaged opportunities. As able in both value and nature. global economy is entering a new any investment adviser will say, By defi nition, the junior mining ‘commodity supercycle’. it is vital to spread the investment sector is a risky place for the Forbes magazine asked whether across a number of assets and inexperienced investor. Equally, this was the case in an article minimise risk. as has been seen during the past

016-017_WI_0721.indd 16 17/06/2021 11:18 Commodities  What Investment | July 2021 17

year, the right asset can turn a Gold (AIM: GGP), a company the JV with Kavango Resources micro-cap exploration company restructured in 2016 by non-other (AIM: KAV), which holds a range into a mid-cap explorer/developer than Power Metal CEO Paul of prospective silver, copper and in very short order. Johnson and chairman Bell. rare earth element projects in Each transaction undertaken Botswana. The intention is to list Micro wave by Power Metal goes through an these spin-offs on a recognised Power Metal Resources (AIM: exhaustive due diligence process, stock exchange. POW) is a London-listed company with completion usually entailing structured specifically to provide a mix of shares, warrants and The next Greatland Gold? all of the spectacular upside cash paid out of the company’s Any mining group operating in potential while at the same time substantial cash reserves. The Australia will inevitably undergo removing much of the risk for success of this model is due in no the cursory chatroom and bulletin investors keen to gain exposure to small part to Johnson, the public board slide rule comparison with commodities and precious metals. face of Power Metal. the aforementioned Greatland It is rare to find a listed micro- Johnson and his team aim to seek Gold (AIM: GGP), currently cap mining exploration company out undervalued, quality assets blazing a trail with its Newcrest with exposure to numerous and extract maximum value for Mining JV drilling campaign at the quality projects across the globe. shareholders and investors. Havieron deposit in the Paterson It is even rarer to find one still in In recent years the company region of Western Australia. micro-cap territory with exposure has undergone three listed Success during the past year to nine projects and advanced reincarnations, the first as Sula has seen Greatland morph plans to spin off three projects for Iron & Gold, and then African from small-cap miner to a listings on various global stock Battery Metals from January 2018, near £1bn exploration and exchanges in the near term. with the name change to Power development group. In the past year, this company Metal Resources occurring in June Broker First Equity is equally has continued to expand its 2019. Johnson and Bell joined the enthused by the range of portfolio while at the same time Power Metal Board in February opportunities to add value and advancing existing exploration 2019 when the group raised £1m is also attracted to the manner projects closer to its ultimate at 0.5p per share. in which risk is mitigated within objective of making one or more Johnson is, of course, well the Power Metal investment major metal discoveries, and regarded by investors who proposition. In a note published maximising value by spinning have followed him from his on 21 April, First Equity (FE) out projects into separately previous ventures. After co- rates Power Metal stock as listed entities. founding Metal Tiger (AIM: MTR), a ‘buy’ with a 6.1p price target. The first of the spin-offs is a joint venture (JV) with MOD According to FE, the value likely to be Red Rock Australasia Resources led to a landmark deal, achieved on the first listing “will (RRAL), which, jointly owned with when Sandfire Resources (ASX: help to significantly underpin the AIM-listed Red Rock Resources SFR) acquired MOD in late 2019, current market capitalisation”, (AIM: RRR), is a project package of resulting in a near threefold return and if the subsequent two or granted licences and applications on investment. three IPOs prove successful, it covering more than 2,300 sq km Power is also working to develop believes management may seek in the fertile Victoria Goldfields in assets directly. Drilling activities to earmark and fast track other South Australia. at the Molopo Farms Project projects towards listing. Red Rock is chaired by mining in Botswana targeting massive FE also highlights that veteran Andrew Bell, who is also sulphide deposits have already encouraging nickel grades at the chairman of Power Metal produced promising nickel grades, the Molopo Farms Project in Resources. Most recently, on the with the asset drawing early Botswana could mean Power same continent and in Western comparisons in size to the world- Metal is edging nearer to a Australia’s Pilbara mining class Voisey Bay Mine nickel possible first major metal region, Power Metal announced a deposit in Labrador, Canada. discovery, which will see conditional acquisition of a 75% Further spin-off companies valuation and price target “likely strategic interest in a UK special are expected to materialise revised upwards if a major acquisition vehicle to acquire later in 2021, including the resource deposit is discovered”. a portfolio of copper and gold- Canadian silver project in British On current evidence, with or focused exploration interests in Columbia and Kanye Resources, without a commodity supercycle, the Paterson Province. investors in this junior London The level of interest in this mining and exploration group region has built steadily over could well be empowered and the past year due to Rio Tinto’s possibly enriched before the success with its Winu copper The right asset can turn a micro-cap end of 2021. n and gold asset, not to mention the Havieron copper and gold exploration company into a mid-cap Brand Communications is asset discovered by Greatland explorer/developer in very short order a stock market research group.

016-017_WI_0721.indd 17 17/06/2021 11:18 18 Income investing What Investment | July 2021 Income: a dangerous love affair

Beauty is only skin deep, as the saying goes. Francois de Bruin explains what this piece of wisdom means for yield-hungry income investors

n the initial stages of to total returns. It fuels the fi re yield being merely the tip of romance, physical appearance of long-term compounding the iceberg. Instead, investors Icarries a disproportionate when re-invested. It is also should focus on the more weight in assessing the paid in cash and often with a enduring qualities of an asset attractiveness of a partner. frequency that covers either to assess whether the pursuit Anyone who has been in love persistent expenses or perhaps is worthwhile. will attest to the fact that Francois de Bruin an overseas holiday or luxury fi nding someone they see as Fund manager, indulgence. It therefore comes as Quality of income beautiful can cover a multitude of Sustainable no surprise that many investors The appeal of dividends Income & Growth, shortcomings. Without knowing and head of focus disproportionately on the to existing and potential anything about personality, listed real estate, dividend or coupon when making shareholders frequently character or behaviour, physical Aviva Investors investment decisions. leads to short-termism. beauty can be wildly alluring. But as Shakespeare put it, Management teams are lured For investors, few things are “beauty is but a vain and into maintaining dividends while as attractive as a high level of doubtful good; a shining gloss potentially forfeiting attractive income. To start with, it can that vadeth suddenly”. growth opportunities. never be negative and only ever Experienced income investors Or worse, critical capital makes a positive contribution will attest to high income expenditures are sacrifi ced,

018-019_WI_0721.indd 18 17/06/2021 11:19 Income investing What Investment | July 2021 19

True beauty is the result of disciplined Income: a dangerous love affair stewardship and integrity of process

jeopardising long-term Attractive operating margins served as a powerful competitiveness. As a result, and cost discipline over time force for emphasising not dividend cut announcements will likely give rise to attractive only the importance of are often accompanied by and sustained earnings beyond shareholder interests but statements of prolonged any structural market tailwinds. all stakeholders, including capital expenditure burdens as Strong cashflows and dividend employees, suppliers, customers companies try to correct the growth for prolonged periods and communities. negligence of the past. are also highly desirable. The beauty of youth is quickly Almost all investor relations Indeed, many companies do eroded if met with persistent sections of company websites not generate yields that would bad habits, whereas perpetual have a section on dividends. see them classified as traditional beauty is the result of disciplined Amounts, dates and history income investments. Yet the stewardship and integrity of of distributions are all clearly effective yields of their dividends process. Whether investors labelled. Investors should beware have grown so handsomely are investing for dividends of such selective promotions and, that many long-term investors or coupons, poorly aligned as a starter, seek to understand have come to depend on their management teams or material the payout ratio (percentage of distributions, even as the environmental or governance earnings distributed). company focuses on growth. risk factors could easily derail Deeper metrics include but are For example, the prospective promised distributions. not limited to: leverage employed dividend yield on Visa has With the rise of apps and to generate income; level of free never been more than 1%, tools in modern dating, we’ve cashflow generated per share; yet anyone who invested 10 become accustomed to filtering and the number of new shares years ago currently receives an out large numbers of candidates issued over the same period. effective yield of close to 8% on based on high-level, often Sadly, parts of the asset their initial investment, with backward-looking information. management industry have also healthy prospects for sustained This is common in sustainability fallen prey to the optical income- dividend growth. and income investing, too, illusion act. In the globally Another important factor to where many have opted for common Luxembourg-Sicav fund consider is share buybacks, in a simple screen to remove structure, it is permissible to pay particular how they are funded. potential investments from distributions to investors from Share buybacks are another their universe. both capital and income. The way management teams reward However, companies or assets result is many funds claiming shareholders, as they reduce the with low ESG scores can be attractive high single-digit or number of shares dependant overlooked, even if the future even double-digit yields, while on future earnings and thereby trajectory looks distinctly the underlying assets have little grow the per share claim for different from the past. For this potential to produce income. remaining shareholders. reason, active engagement with The last decade’s secular However, with yields at historic senior management is key. bull market has masked much lows and credit in abundance, This gives investors the of this. However, the risks of many companies have raised debt opportunity to understand why distributing capital as income to buy back shares. This dilutes companies behave in a certain could prove fatal if future returns the future earnings quality of way, but also for companies do not match those of the past. the business. Fast forward a few to understand the values and A steadily declining price in the years and, while the purpose of outcomes most important to income share class is a useful the debt will be all but lost in their shareholders. red flag. corporate memory, the burden Income, whether in the form remains as real as it was when of interest, coupons or dividends, Growth of income the buyback was initiated. is indeed a beautiful thing. Perhaps counterintuitively, For it to have more lasting one of the best ways to ensure Sustainability of income appeal, investors should look longevity in income investing is As in the case of true beauty, to understand the quality to focus on sources of growth. investors should look beyond and sustainability of the Starting with top-line revenues, traditional measures before underlying cashflows and, a healthy blend of pricing and committing. The rise of wherever possible, seek volume growth are indicative of environmental, social and sustainable growth to support healthy company fundamentals. governance (ESG) investing has the yield for years to come. n

018-019_WI_0721.indd 19 17/06/2021 11:19 20 Pensions What Investment | July 2021 Notes on a scandal An update on the case of Mr Grey, who lost £405,000 from his pension fund when invested with SVS Securities, which was taken over by ITI

hat Investment readers will have followed the Wdistressing case of Mr Grey, a fellow reader, whose £700,000 pension fund shrank to £295,000 when the company he was invested in, SVS Securities, went into administration. The story was covered in ‘Disappearing trick – a cautionary tale of a reader who lost a fortune’ in the December 2020 edition of What Investment, and again in ‘It’s good to talk … about pensions’ in March 2021. SVS’s client book was taken over by ITI Capital, a UK-based global fi nancial services provider for institutional investors and private clients, but the going was far from smooth. In May, Rahul Agarwal, managing director of ITI Capital sent What Investment an account of how things have gone from ITI’s perspective – and we reproduce this below. We also asked Mr Grey for a response and this follows Agarwal’s comment.

Rahul Agarwal, managing we were well prepared to begin prevented staff from travelling director, ITI Capital reaching out to customers and to our offi ces, causing chaos for It’s fair to say the last year has unlocking their accounts. our onboarding plans and great been a busy, challenging and ITI Capital had invested heavily distress for members of my team. successful time for ITI Capital. in the company’s Phoenix trading With hindsight, expectations As an FCA-regulated, emerging platform, our consultants bring around the SVS acquisition could markets-focused brokerage fi rm decades of experience to their have been managed better. Yes, with thousands of customers, our roles, and help desk and support ITI Capital completed the formal acquisition of distressed brokerage teams were all set to tackle process in March 2020, but the SVS Securities in March 2020 was enquiries from new customers. length of time for Know Your always going to cause a stir. It was in that same month of Customer compliance, identity Most of its clients had been March 2020 that the full horrors and Anti-Money Laundering locked out of their accounts since of the Covid-19 pandemic became verifi cation can take much longer, August 2019, when SVS Securities clear. Prime minister Boris especially when we had such a was placed into administration Johnson announced a string of large volume of customers tired of by its directors. The process was strict lockdown measures that being locked out of their accounts. handled by Leonard Curtis, one of the UK’s largest corporate ‘Unique circumstances’ recovery, insolvency and business There were other problems, too. restructuring fi rms. When you purchase a large client On paper, while the onboarding One year on, could we have done things book, one assumes the processes process was indeed complex, differently? Absolutely you have in place will work for

020-021_WI_0721.indd 20 17/06/2021 13:14 Pensions What Investment | July 2021 21

most of the client base. However, We also continue to invest in new onboarded clients to enhance we were faced with a few unique services for clients and updates for their investments and grow their circumstances where many clients the platform, including off ering portfolios. We have listened, were managing multiple diff erent clients the opportunity to invest learned and worked quickly to accounts at SVS with the same in global IPOs and secondary improve our services and hope email address, and some clients placings as part of a major for an exciting year ahead. had pre-empted the migration expansion of our services. and set up new trading accounts at There have been other mile- In response to Mr Grey’s comments ITI with the same credentials they stones, too. ITI is now an FCA- (see box below), ITI Capital sent had at SVS. regulated prime broker in the What Investment this statement: We also found that a large UK that custodies Bitcoin, has “We cannot comment on the details demographic of the SVS client base expanded its crypto-trading of individual client accounts, suffi ce to found our electronic onboarding capabilities for eligible clients say that in this case our team remains process complex. to include block trading of in regular contact and has already Inevitably, these challenges Bitcoin and Ethereum addressed the issued expressed. ITI led to client complaints, some of exchange-traded crypto. will always go the extra mile for its which reached the press, and our It has been a turbulent year, clients and has invested heavily to team worked quickly to address but ITI Capital is now well improve staffi ng and service support and resolve them. The Covid-19 placed to work with fully in recent months.” pandemic and the eff ects of lockdown was also having a severe MR GREY’S RESPONSE impact on members of our team, with several taking time off to care for family members or due to mental health issues. ‘If I didn’t laugh, I’d be crying’ It was decided we needed to reboot our approach, hiring in I have read the article by Rahul Agarwal ● Incorrect creation of a holding new helpdesk support, upgrading and it did make me laugh. If I didn’t, with iShares that did not match the our back-offi ce IT systems and I’d be crying at the sheer brashness of portfolio transferred to ITI Capital by working with the FCA to improve their boasts about how wonderful their Leonard Curtis. our communications processes. company has dealt with taking over the ● Charging of fees against their terms The team regrouped and issued SVS portfolio. of business where they clearly stated fresh guidance for customers, They took on the portfolio in June last no fees would be levied if the portfolio and identifi ed and tracked down year and we are now nearly a year on was transferred out to another provider non-responsive account holders. and the disaster that has unfolded is before 31 March 2021. We telephoned those who had staggering. My personal experience is ● No completion of a sale of shares complained they had not received of an incompetent company who do not notifi ed to occur on 31 March 2021 their login credentials, and issues know how to fulfi l their regulatory duty for SG Recruitment (Sumner Group were resolved quickly. Every and have made mistake after mistake in Health); a suspended share for which eff ort was taken to improve our dealing with the transfer and subsequent they received a cash o er and one that customer service standards as transfer-out to another platform. I accepted. Just over £5,000 that would swiftly as possible. It is far from completed. They even had cover my fees going forward in my new One year on, could we have done the cheek a couple of days ago to suggest pension platform and if I don’t receive things diff erently? Absolutely. But I should gift the fractional holdings they will require a sale of holdings. we were hit by a series of setbacks, created back to them so they could be ● No reconciliation of monies transferred some of which, like Covid-19, removed from my portfolio. to date. could not have been foreseen. I could give you chapter and verse of ● Financial losses from their errors that all the shenanigans going on, however, continue to mount. Making progress to summarise as best I can, they are ● Inability for my IFA and previous Sipp Things are progressing well. We responsible for: provider to reconcile the portfolio. have now successfully onboarded ● An inability to access the portfolio to over 5,000 former SVS clients onto make investment decisions. The size of the fi le being created at our trading platform. My team ● Creation of fraction holdings at their the Financial Ombudsman could rival the has also completed over 2,200 insistence, which they now refuse to refund. Encyclopedia Britannica in volumes. transfer-out requests, with just ● No reconciliation provided at the point a handful of unresponsive clients the portfolio transferred from Leonard Mr Grey and his new advisers continue to left for verifi cation. Curtis to ITI Capital. pursue action against all parties involved Additionally, over 4,000 clients ● No explanation or notifi cation of any and to lobby the FCA. He says his advisers with minimal balances have corporate actions that have occurred since are very concerned that “those responsible yet to respond to their account June 2020, resulting in additional losses. for misappropriation of investors’ funds are activation request, despite ● No explanation of the cash holdings and brought to book. Without that there is little repeated letters, emails and calls cash movements since June 2020. deterrent for misbehaviour”. from the ITI team.

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and Witan Investment Trust spent £105m buying back 14.4m of its shares from the insurer the year before. Knowledge that Aviva was likely to sell has created an ‘overhang’ on the Brunner’s share in recent years, which has now been removed.

‘Cream on the cake’ The wealthy Brunner family, who set up the trust in 1927 using money made from the chemical industry, still hold 29% of the fund’s stock. What started as a small savings trust now owns global stocks including one of the largest British housebuilders Redrow, Microsoft in the US and 7.5% of its geographic breakdown IT OF THE MONTH hails from Asia and the Pacific. During the pandemic, the trust exited its involvement A class act with European luxury goods trader Richemont, opting The Brunner trust, with a stake in luxury goods company LVMH, has a instead for a stake in LVMH, the new lease of life and a healthy discount to match. Alice Feilden reports world’s largest luxury goods conglomerate, known for owning brands including Louis Vuitton t may be a good time to take investment ideas and analysis and Givenchy. a look at Brunner Investment to the portfolio, meaning he Free from Aviva’s “weight on ITrust. Having undergone was very familiar with it when our shoulders”, Tillett is keen to a number of changes recently he took over. His two colleagues, maintain the trust’s “collegiate alongside dealing with the meanwhile, are also experienced approach” and offer investors pandemic, there’s a lot to like equity analysts. continued “access to a quality about its latest iteration. Tillett is particularly portfolio” of global equities. Shares in the £474.2m enthusiastic about the latest Buying at a 10% discount is “the portfolio are currently available opportunity for the trust, cream on the cake”, he says. at a discount, selling for around particularly after major 10% less than the value of total shareholder Aviva finally Dividend hero assets. The trust’s manager, managed to sell its 20% stake The trust is one of the AIC’s Matthew Tillett, is confident in April this year. Aviva inherited dividend heroes with 49 years he and his two colleagues, who the Brunner shares after buying of rising income to shareholders invest the trust’s assets, can insurance competitor Friends based on its last financial year, reduce it further. Life in 2015. ended 30 November 2020, It is the first time Tillett has Having quickly sold the other and while the share price worked as a lead fund manager, investment trust shares it appreciation has not been as having served as deputy to acquired in the Friends Life strong as some other global Lucy Macdonald, long-time buyout, it was clear Aviva was equity investment trusts, it’s previous manager of the Brunner likely to sell its Brunner stake steady, more conservative Investment Trust, who left the over time. Scottish Investment approach is very appealing. team in 2020. Trust bought back Aviva’s 11.9% It is one of the three trusts share for around £87m in 2017, Allianz Global Investors manages Stake a claim – the other two being Merchants For investors there is an element and the Allianz Technology of calculated risk in backing the Trust – and there is an argument unproven capabilities of a new to hold shares in all three manager like Tillett, but a year Tillett is keen to maintain the trusts because their portfolios into his management, however, trust’s ‘collegiate approach’ and complement each other. the fund’s discount is shrinking. It is important to learn that offer investors continued ‘access to Alice Feilden is a freelance Tillett has long contributed a quality portfolio’ of global equities journalist.

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FUNDS TO WATCH ‘ As technology grows, ‘ This is a good way for so too does the demand investors to dip their toe for the data that enables it’ in a new investment trend’

Darius McDermott , managing director, Lawrence Gosling , editor-in-chief, Chelsea Financial Services What Investment

Gravis Digital Infrastructure VanEck Vectors Digital Assets Equity Ucits ETF ravis Advisory has launched an infrastructure income fund targeting the rapid growth of the digital economy. sset manager VanEck listed the Vectors Digital G The VT Gravis Digital Infrastructure Income Fund is Assets Equity Ucits ETF on the London Stock managed by Gravis’s director of real estate securities, AExchange in early May, allowing investors to invest Matthew Norris, and invests in companies that own physical specifi cally in companies that are involved in driving infrastructure assets vital to the digital economy, including forward the transformation of the economy through data centres, telecom towers, fi bre optic cable companies, digital assets. logistics warehouses and the digitalisation of transportation. Digital assets are blockchain-based applications: on the The fund targets capital growth by investing in global listed one hand cryptocurrencies such as Bitcoin or Ethereum, securities including real estate investment trusts, equities and and on the other hand non-fungible tokens (NFTs) or bonds. According to Gravis Capital, the portfolio targets an decentralised programmes. annual dividend yield of 3%. The VanEck Vectors Digital Assets Equity Ucits ETF Norris says the growth in data has accelerated the demand gives investors diversifi ed access to companies operating for digital infrastructure assets - physical assets that enable in the crypto and blockchain industries. These include, the digital world to happen – and has created many attractive for example, digital asset trading platform providers, investment opportunities. He says the technology now at our hardware manufacturers, crypto-mining companies fi ngertips operates at a speed and sophistication many of us and payment providers. could never have imagined. As this technology grows, so too Similarly, the ETF takes into consideration companies that does the demand for the data that powers and enables it. enable the trading and custody of crypto-assets, companies Minimum investment is £100 and the fund has a capped that provide services on blockchain patents, banks and asset charge of 0.8%. managers that connect the traditional fi nancial world and I recently read that by 2025 we could see as many as 5,000 the digital asset economy. digital interactions per user per day* – that’s astounding to VanEck Vectors Digital Assets tracks the MVIS Global think about. Technology now underpins our daily lives and this Digital Assets Equity Index. Only companies that already is a logical move for a fi rm which has a proven expertise when generate at least 50% of their revenue from digital it comes to infrastructure investing. asset projects or have the potential to do so are included I would rate it 4/5. in the index. However, the ETF does not invest in cryptocurrencies 1 Source: Knight Frank Projection taken from Gravis Capital website or digital assets per se, neither directly nor indirectly through derivatives. Past performance is not a reliable guide to future returns. You This is a good way for investors to ‘dip their toe’ in the may not get back the amount originally invested, and tax rules water of a new investment trend without the volatility can change over time. Darius’s views are his own and do not of areas like cryptocurrencies. constitute fi nancial advice. I give this 4/5. ■

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As well as this online transition and development of its digital marketing strategy, management has also been focusing on corporate issues. A protracted eight-month formal sale process ended in February with a maintenance of the status quo. The owner-managers then acted to reduce their 74% stake at the end of March via a placing at 2,400p in order to improve liquidity. This still leaves them with 47% and should improve liquidity. Enthusiasm for the shares saw them hit 3,400p in the wake of the placing, fuelled by the earlier huge upgrades and new forecasts GROWTH STOCKS showing two-year revenue growth to April 2023 of 48%. Having since corrected they Look behind the numbers look good value on a current year p/e of 19x. A trend for ‘lowballing’ forecasts across small-caps, says David Thornton, means shares are often nowhere near as expensive as they fi rst seem The Property Franchise Group (AIM: TPFG)

ne of my favourite the uncertainty caused by The Property Franchise Group small-cap stocks in recent Covid-19; but in some cases is developing a broader range Oyears has been Somero, the published forecasts are so of services on the foundations the US-based designer and low as to lack credibility. of its lettings agency, which manufacturer of laser-guided We know forecasts are there manages 58,000 properties concrete levelling machines. to be beaten and it is a good thing on behalf of landlords. Growth has been strong, David Thornton management is being cautious The £26m acquisition of helped by buoyant demand for Editor, Growth rather than overly optimistic, Hunters in March bulks up the e-commerce warehouses and Company Investor but it helps no one if the numbers network, adding 209 branches, a positive economic backdrop. are actively misleading. most of which are franchised. The pandemic caused a pause We are beginning to see a This almost doubles the in progress last year but the strong rebound in economic footprint, increases the company ended the year well, activity, which will provide a lettings book to 75,000 properties carrying good momentum into very supportive environment and boosts exposure to estate 2021. So it was a bit of a surprise and most companies are in rude agency sales (Hunters is 65/35 to see very conservative forecasts health, having cut costs and sales/lettings). for this year at the time of the strengthened their balance The enhanced scale will also results announcement in March. sheets over the last year. benefi t the partnership with LSL, Sure enough, the company had I expect to see many more whose advisers provide fi nancial to upgrade broker expectations stocks following Somero’s lead services to the network’s clients. by 15% just two months later to and having to upgrade forecasts The EweMove digital hybrid what looks like a much healthier as the year progresses. This will agency is on a recruitment and more plausible outlook support small caps in general drive with an aim to double than the original guidance for and also means some shares are its territories to 230 by the end fl at earnings. nowhere near as expensive as of next year. With plenty of Somero deserves praise for they might look at fi rst glance. internal initiatives to expand the its willingness to communicate business there is also a buoyant explicit numbers to the market Best of the Best (AIM: BOTB) housing market to provide and to have upgraded promptly. further impetus. However, there seems to be Best of the Best has been a There is good momentum and a systematic ‘lowballing’ of terrifi c performer due to a value remains on an 11.8x p/e forecasts across the smaller sustained run of big upgrades, and 3.8% yield. ■ company sector currently. particularly after the company It is fi ne for management to moved to an online-only model Visit www.growthcompany.co.uk be conservative, especially with for its spot-the-ball games. for more small cap ideas.

022-025_WI_0721.indd 24 17/06/2021 12:33 Funds What Investment | July 2021 25

business that generates enviable returns on invested capital with copious free cashfl ow. He says: “The company is the world leader in the manufact- uring of brake and fuel lines for automobiles, as well as the number-three player in the production of fuel tanks. While these products appear unglam- orous, they play an increasing- ly important role in emission controls and fuel effi ciency.”

Pets at Home

Pets at Home supplies pet products including food, toys, bedding, medication and STOCK PICKS accessories. Axa Framlington UK Mid-Cap manager Chris St John believes the fi rm will benefi t in Leading from the middle the future from the technological investment it has already made. While UK small caps tend to grab more headlines, a score of domestic He says: “Pets at Home is mid-caps are on the right track for a post-pandemic economic bounce starting to increase its VIP membership. They’ve got 5.7 million active customers uch has been made of Our Elite-rated managers are currently, and over time it’s hoped the resiliency of the bullish on these four UK mid-caps: that number will grow, and that MUK’s smaller business the customer base itself will buy enterprises in the past fi ve Howden Joinery Group more products and services on a years, but UK mid-caps have repeat basis.” also proven themselves in these Howden supplies kitchens and challenging times. Darius McDermott joinery products to the building Coats Group The FTSE 250 consists of Managing director, trade. The fi rm is the top holding the 101st to the 350th largest Chelsea Financial in the ASI UK Ethical Equity Fund2, Coats Group is a manufacturer of Services companies listed on the London and manager Lesley Duncan says sewing threads and supplies, zips Stock Exchange, many of which it has delivered strong returns and fasteners. A holding in the have faced signifi cant challenges versus its peers. Liontrust Special Situations Fund, due to Brexit and the global Says Duncan: “Howden also has manager Anthony Cross says: pandemic. Some sectors have a range of initiatives that should “The business supplies products already bounced since the vaccine enable it to take more market into industries such as telecoms, announcements and subsequent share. These include new depot energy and autos. implementation, but others could formats, digital investment and an “We seek intangible assets that still make big gains once the extended range of ancillary provide barriers to competition. economy gets into full swing. kitchen items, all of which will We believe Coats possesses The mid-cap index is more underpin its market share and these in the form of signifi cant domestically focused than the revenue growth potential.” intellectual property as well as an FTSE 100 large cap index: FTSE excellent distribution network. 250 companies generate around TI Fluid Systems “The company recently half their revenue in the UK versus reported better-than-expected FTSE 100 companies, which make TI Fluid Systems develops, trading in Q1 2021, rebounding around 80% of sales overseas.1 manufactures and supplies au- strongly from 2020 as end-market Mid-caps also have fewer tomotive fl uid storage, carrying sentiment improved.” ■ earnings disappointments than and delivery systems. According smaller company stocks. With to Ninety One UK Special Sit- 1 Source: The unique appeal sentiment turning in favour of uations co-portfolio manager of UK mid caps, Jupiter. the UK, they could be in the sweet Steve Woolley, the company is a 2 Source: Provider factsheet spot for investors. structurally growing, capital-light at 30 April 2021.

Past performance is not a reliable guide to future returns. You may not get back the amount originally invested, and tax rules can change over time. Darius’s views are his own and do not constitute fi nancial advice.

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Life after lockdown As we finally emerge from lockdown, hopefully for good,What Investment editor-in-chief Lawrence Gosling says now is a great time to sense check your portfolio and make sure it is primed for what lies in the months ahead

s the various lockdown restrictions are gradually lifted from the wider AUK society, now is a good time I would never advocate investing to ‘unlock’ new investment ideas and opportunities, particularly as many of us in something simply because it review how investments are performing is new. In fact, I would say that’s six months into the year. I would never advocate investing in often a good reason not to invest something simply because it is new, however. In fact, I would say that’s often investors it is less so. The question is a good reason not to invest, hence What more can the funds we’re invested with Investment does not carry regular articles carry on steadily building wealth? extolling the virtues of cryptocurrency. Sometimes it’s worth taking the profits I’m referring here to investments, and switching some of the proceeds to typically investment trusts, that are new a new fund or trust, or even an to your portfolios, but which often have interesting and timely area such as a long record so you can judge how they timber or forestry, as Patrick Thomas perform over a decent period of time. describes on p34. A good example on p29 is the But if you do want to under-stand the Edinburgh Investment Trust, which broader economic situation we have a has been around for ages but switched contribution from Shamik Dhar, the managers to the impressive Majedie last chief economist of global investment year, and is already beginning to rebuild group BNY Mellon Investment its performance record. Management, who also used to be part On the following pages there is also an of the Bank of England’s Monetary excellent article from Simon Murphy, a Policy Committee. UK equity fund manager I have known Dhar is rare, in my experience, in for a long time. Murphy is what’s known being able to communicate complex as a ‘bottom-up stockpicker’. This economic issues in a language that means rather than spending all his time makes sense to the real world – and trying to predict the overall direction the ‘everyday investor’. of the UK stock market, he aims to find Now is a great time to review your some promising companies at a decent portfolio, and either consider one or two price to invest in now. new ideas or just confirm why you are The shape of the economic recovery comfortable with where you are. may be interesting to some – I hope you’ll find the following few particularly economists – but for us as pages helpful. n

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INVESTMENT TRUSTS furnishings seller, since early 2019. Despite it traditionally being a bricks and mortar retailer, it has capitalised on the recent A buyer’s market lockdown-inspired DIY and home decor trends by expanding online Why Mercantile’s Guy Anderson is optimistic on the and delivery capacity. In Q1 2020, online orders UK economy and stock market. Alice Feilden reports constituted 22% of sales for the retailer, while in the same period s joint manager of the £2bn means he has cash to deploy im- this year, home delivery made Mercantile Investment mediately he sees a good opportu- up 92% of total sales. These ATrust alongside Anthony nity rather than having to sell one changes mean “the business is set Lynch, Guy Anderson is confident holding and reinvest the proceeds. for a really strong period”, says consumers will finally exit the Over the course of the pandemic, Anderson. Exiting the pandemic, pandemic in a healthy financial Anderson was “uncomfortable” Dunelm will be in a “stronger position, with higher personal acquiring new stocks but competitor position” than some savings increasing buyer there were “too many buying less agile home furnishings stores. confidence and expenditure. opportunities to ignore”. He More recently, Mercantile has This will have a knock-on impact is now considering whether bought stock in Hollywood Bowl, on employment and benefit Mercantile should begin paring the 10-pin bowling alley. investments as more money back its bullish strategy. In the summer of 2020, when moves through the UK economy. the alleys briefly reopened, Exiting from the pandemic will A keen eye revenue from attendance was be “different” from recovering While considering his next move, “close to pre-pandemic levels”, from previous recessions, says the manager will keep an eye says Anderson. He is confident Anderson, because usually on inflation, and the fact that Hollywood Bowl will “benefit “consumption picks up slowly”. 2021 is “still a depressed year for from pent-up consumer demand” This time, however, businesses earnings”. “In the short term as venues reopen. Hollywood Bowl and the public seem raring to go. there will be inflation,” Anderson is set to prioritise growth via site IHS Markit data shows consumer says, positing an incoming surge expansions in the next three years. confidence in April 2021 reached in energy prices. He is keen to see its highest level since 2013, driven “if transitory inflation turns into Balanced benefits by increased spending. longer-term structural inflation”. Mercantile targets small to While Anderson believes some Translating this into strategy, he mid-sized companies outside of areas, including civil aerospace, has tried to make sure Mercantile the FTSE 100, mostly domestically won’t recover anytime soon, he is invests into “companies that can focused but not entirely so, confident in the broader industrial manage their margins” and which meaning investors get the benefit sector. “Steel took a hit in 2020,” have pricing power. of any upswing in the UK’s he says, “but it has rebounded Anderson is particularly excited domestic economy and then significantly this year.” about two stocks in the portfolio: those businesses with a strong In fact, “demand is ahead of Dunelm and Hollywood Bowl. international exposure. supply” for companies such as Mercantile has been invested This balance means the trust Vesuvius and RHI Magnesita, in Dunelm, the British home doesn’t get stuck in parts of the FTSE 250-listed steel industry market that go out of favour. It suppliers. Both are holdings in the pays dividends quarterly and at Mercantile portfolio and are good least in line with inflation. examples of where Anderson is Dating back to 1884, the trust finding opportunities. is one of the oldest available to investors but, more importantly, Getting in gear there is strong liquidity in its Mercantile returns are up over shares, making it easy to buy and 52% year on year and the net sell. Management charges, at asset value has reached similar 0.48%, are very competitive. levels to pre-pandemic January The shares are at a smallish 2020. According to Anderson, the discount – 4-5% - to the value UK economy’s positive outlook is of the underlying portfolio, so “one of the key reasons the trust combined with the quarterly remains 11% geared” as of 18 May. dividend it could be a good time In fact, the trust is operating to buy some shares. n on the same level of gearing, or borrowing, as a year ago. This Alice Feilden is a freelance journalist.

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Majedie has been impressed with Weir Group’s growth and bounce-back. The multinational engineering solutions company, which operates within the minerals, oil and gas, power and industrial sectors, provides kit that makes processes more stable and reduces water and energy usage in typically less ESG- friendly industries. Ultimately, it provides a good illustration of a business that “enhances quality, longevity and growth rate of profitability by helping the mining industry for ESG reasons”.

The right direction The Edinburgh trust invests diversely across value, growth and recovery stocks. De Uphaugh prefers to focus on “total INVESTMENT TRUSTS return” rather than on one strategy or another. Ultimately, he is interested in finding businesses able to use the pandemic to galvanise their Build back better approaches and implement dividend growth strategies. What a difference a year has made to the fortunes During the past 15 months, Majedie’s investment team has of the Edinburgh Investment Trust, says Alice Feilden drastically reduced Edinburgh’s 12% discount. Clearly, the fund t’s been 16 months since all but six of Barnett’s original is moving in the right direction, James de Uphaugh and the holdings. De Uphaugh even sold but it’s not there just yet. It is Iteam at Majedie took over off British American Tobacco, the still available for around a 4% from former Invesco manager fund’s single biggest investment. discount to the value of the Mark Barnett – and the numbers Instead, the newly furnished underlying investments. are impressive. Barnett, portfolio’s “winners” have “ESG For long-standing shareholders one of the UK’s best-known and Darwinian aspects to them”, patience has been rewarded and stockpickers, was replaced he says. it may be a good time to top-up, after a long period of poor While the team is wary of particularly while the discount performance. During the past being “didactic” about ethically remains. For those who are not year, Edinburgh’s share price has conscious requirements for yet investors it could be a good increased by almost 33% under portfolio companies, it looks to time to taker a closer look. the Majedie stewardship. businesses whose awareness is The ‘icing on the cake’ is the So far, Majedie has managed “waxing not waning” on envi- dividend. The board has paid the onslaught of the pandemic, ronmental, social and govern- four quarterly dividends of having taken the reins of the ance issues. This attitude can lead 6 pence per share and recently trust in March 2020, and a rocky to finding ethically conscious announced an additional ‘special exit from the European Union. holdings in unlikely places. dividend’ of 4.65 pence per share, De Uphaugh is pleased with the Two of the fund’s proudest ESG meaning an impressive total of trust’s performance under his investments are Weir Group and 28.65 pence per share. lead but remains wary he mustn’t Ashtead. The latter, an industrial Achieving this using the trust’s take his foot off the gas just yet. equipment rental outfit, has reserves and the early pick-up grown its share price by more in performance is a good Survival of the fittest than 100% in the past year. It indicator that the dividend for The manager believes Edin- has capitalised on dominance the trust’s next financial year burgh’s recent success is in part and infiltration, particularly in is likely to be maintained if not down to making sure new in- the US market, with “a long tail slightly increased. n vestments “reflect the zeitgeist”. of mom-and-pop competitors”, Majedie stripped the portfolio of according to De Uphaugh. Alice Feilden is a freelance journalist.

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UK RECOVERY weaker players have closed during the past year, and the demand outlook continues to look robust.

Demand and reward Come out fi ghting Moving on to the issue of pent-up demand, there are numerous Loading your portfolio with strong franchises poised anecdotal signs that consumers are keen to get back to more to benefi t from a UK economic recovery already ‘normal’ social activities as soon underway is the perfect antidote to lockdown fatigue as conditions allow. One company we think is well placed to benefi t is JD Wetherspoon, owner and s we now know, the Covid-19 Safe as houses operator of more than 870 well- pandemic caused the UK to Given the extremely positive invested pubs throughout the UK. Asuff er a contraction in GDP housing market backdrop, with As a renowned value-for- of -9.9% in 2020, the worst in April mortgage approvals the money operator, the business more than 300 years, with vast highest since 2007, this remains has historically performed well swathes of the economy forced to a key area of focus. through diffi cult economic times. close for many months. It was also Simon Murphy We currently own two While hospitality has been a highly unusual recession as both Fund manager, housebuilding stocks, Persimmon largely closed during the consumers and businesses, with VT Tyndall Real and Vistry Group. Persimmon pandemic, the company has not Income Fund extraordinary support from the generates sector-leading returns yet been able to demonstrate UK government, weathered the on equity of over 22% (after tax), those qualities again. As the pub period better than is typical. You has a robust balance sheet and sector reopens, we expect normal only need observe the strength of remains exceptionally well placed service will be resumed. the UK housing market in 2020 to benefi t from buoyant demand. to realise this was anything but a At the same time, cash returns to Long-term potential normal recession. shareholders look great with an Finally, as and when the anticipated dividend yield of over environment for overseas travel Robust growth 7% this year. starts to improve, WHSmith is Now, with an outstanding Vistry Group, formed in January perfectly placed to capitalise. vaccination programme leading 2020 after Bovis Homes acquired During recent years the us out of our third and, hopefully, Linden Homes and Partnerships, international travel part of the fi nal lockdown, will the recovery is another leading UK business has become increasingly of 2021 be equally as unusual? housebuilder. The Partnerships important, now operating over We certainly think so, and in business, an aff ordable homes 580 stores in 30 countries outside particular we expect extremely and regeneration specialist, the UK, including 280 stores in robust growth in the UK for has exciting growth and margin North America. the foreseeable future. This is potential as a market leader While the last year has predicated on a number of factors in an historically underserved undoubtedly been extremely including pent-up demand for and high-demand area of the challenging, the business many activities after over a year of UK market. continues to focus on the lockdowns, continuing strength in Of course, related businesses long-term potential of travel, the UK housing market supporting also thrive on increased housing winning over 100 new stores to be consumer spending, uncertainty activity. One such company is opened in the next three years. relating to the tortuous Brexit DFS Furniture, the UK’s leading The last year or so has been process fi nally starting to lift and sofa retail specialist. Across its unprecedented in so many ongoing policy support from the brands it has a substantial 34% ways that it is even more diffi cult UK authorities. market share in the UK, more than than usual to look forward with While a rising tide may lift three times bigger than the any degree of accuracy. That all boats to a certain degree, nearest competitor. caveat aside, we feel confi dent we still expect the challenging DFS has already increased in predicting a vigorous UK environment of 2020 to have market share by over 2% as economic recovery in all but left strong companies in an even the most diffi cult ongoing stronger position compared pandemic scenario. with weaker competitors. It is As such, we have loaded exactly these franchises that our portfolio with lots of we aim to be invested in as they The challenging environment of strong franchises, like those will, undoubtedly, capture a 2020 left strong companies in an mentioned above, that stand disproportionate share of the to benefit handsomely from vigorous UK economic recovery we even stronger position compared that recovery. We are hugely are expecting. with weaker competitors excited by their prospects. n

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The prospect of higher infl ation is inexorable. By the time it becomes obvious, it may be too late to get out of hot water

The US-China trading rela- tionship is also signifi cant in this context. White House offi cials have remarked on Beijing’s “coercive and unfair economic practices”, and president Biden has spoken of his concern about human rights abuses. Those who looked for a warmer relationship following Trump’s more belliger- ent approach will have been dis- appointed. With more businesses looking to return manufacturing from China, higher production INFLATION costs are likely – and that, in turn, will lead to higher prices. The second issue is linked to demand. The pandemic Under pressure caused many businesses to stop manufacturing goods. After How concerned should investors be about infl ation? exhausting their stockpiles during lockdown, they now have to play he weather is hotting up, arguing that such moves in prices catch-up. The release of pent-up as is the infl ation narrative. are likely to be transitory. demand means more money will TWith pandemic-induced But what if they, and the be chasing fewer available goods. lockdowns being lifted, people fi nancial markets, have been In other words, the perfect recipe are raring to return to normality, underestimating the longevity for old-fashioned infl ation. and consumer spending is of this infl ationary ‘spurt’? accelerating. We’ve already seen Alasdair US treasury secretary Janet Boiling frogs the eff ects from the release of McKinnon Yellen appeared to quote from In the short term, government pent-up demand in the US, where Manager, Scottish ‘Economics 101’ when she recently stimulus plans are driving Investment Trust consumer price infl ation hit 5% in stated interest rates might rise if commodity prices higher. In the May, exceeding expectations. infl ation became a problem. longer term, the US government That contrasts with last year, The market’s reaction made it needs to balance the books to pay when the equivalent fi gure was clear investors are still betting on for its largesse. As a result, extra just 0.1%, indicating how the a continued benign infl ationary taxation of corporate profi ts is on prices of goods and services could environment, despite mounting the cards, with a global minimum move from here. Unrestrained evidence this could be ill-founded. corporate rate gaining support. money printing is ultimately Attributing the recent infl ation That would put obvious pressure infl ationary, and the Federal spike to base eff ects is all well on distributable profi ts, and the Reserve has pledged to maintain and good, but there are additional most straightforward solution is this course, despite the infl ation pressures that will drive up prices. to pass it on to the consumer. iceberg that may lie ahead. First, more companies will There’s an urban myth that if move their supply chains closer you were to place a frog in boiling Base eff ects to home to protect themselves water, it would immediately jump Until recently, the line from from similar shocks to those out. But place it in tepid water and the Fed had been that infl ation experienced recently. The practice heat the water slowly, and the wasn’t an issue, with the increase of outsourcing manufacturing and frog will boil to death. We believe attributed to base eff ects caused labour overseas was once vaunted the prospect of higher infl ation is by the lockdown. Policymakers as a big cost saver, but Covid-19 inexorable. By the time it becomes have generally dismissed concerns has reminded companies of the obvious, it may be too late to get surrounding higher infl ation, potential downsides. out of hot water. n

026-035_WI_0721.indd 31 17/06/2021 11:48 32 Cover story Where we are now As lockdown lifts, BNY Mellon’s Shamik Dhar and Paul Flood of Newton Investment Management help us navigate this new economic landscape

MACRO OUTLOOK While there have been many sensationalist headlines about s lockdowns finally ease and the UK’s public debt levels, it the economy starts to pick is important to place this into Aup, many are asking who historical context. The UK’s will pay for the large amount of government debt coming out of government spending in the past WWII was more than double my year. But I believe that, to a great forecast at 250% of GDP. degree, we have paid for it already. It took around 40-50 years to The fiscal support measures reduce this figure using the same introduced by the Bank of England fiscal tools as outlined above. are just the flipside of the huge That said, the task ahead is more amount of saving for the private difficult today as inflation is sector in the past 14 months. considerably lower than it was The government has effectively between 1945 and 1985, but this borrowed the money the private doesn’t mean it is not possible sector has saved, to support the to reduce public debt without incomes of people threatened significantly increasing taxes. by the national lockdown. Once The government has plenty the country opens up, and those of time to clear its debts. At the income support programmes moment, interest rates are low and lagged monetary and fiscal come to an end, consumers and there remains little immediate impulse in the system means will spend more, government reason to panic. we will see strong growth in the spending will fall and tax revenues Of course, things might look very second half of this year. Profits will start to rise. different in the event of a sharp will be strong and equities ought Therefore, most of the budget rise in real interest rates. However, to present some opportunities deficit will correct automatically. the market is anticipating only over the course of the year. a gradual rise. If they’re right, For investors, parts of the equity Don’t panic financing government debt should market are relatively cheap. We However, we will still come out of be relatively straightforward for may see a rotation in the stock the pandemic with more debt. In some time to come. market and as the economic the UK, we entered the crisis with recovery broadens out, those a public debt-to-income ratio at Equity and opportunity sectors most affected by the just under 90% of GDP and this All things considered, I believe pandemic might start to come could rise to around 120%. The equities can make modest back into favour. government will have to find the progress in most scenarios. I am broadly optimistic about the means to reduce this figure. If interest rates stay low, the threat posed by high government The first way this can be valuation of equities will neces- debt and the prospects for achieved is through modest, sarily be high, and so those valu- equities. But everything turns on traditional tax increases. The ations won’t be a constraint even the outlook for interest rates and, second is through an implicit tax, though they make equities look by implication, inflation. keeping the yield on government expensive compared with the past. Both public debt and equity debt below the growth rate of Assuming no more lockdowns, valuations are sustainable at the economy. This effectively the amount of pent-up demand current levels of real interest rates amounts to a tax on those holding – but were these to rise sharply government bonds. the vulnerability of both would It is likely we will see the quickly come to the fore. combination of modest tax rises The amount of pent-up demand and an inflation tax, which will Shamik Dhar is chief gradually reduce the 120% debt- means we will see very strong growth economist at BNY Mellon to-GDP ratio over time. in the second half of this year Investment Management.

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That said, it is worth noting that specifically at car manufacturers, some domestically orientated we expect Volkswagen will lead UK businesses are likely to the way in the sale of EVs. benefit from the UK’s successful Investors can also look to vaccination programme, which companies that have strong should lead to a faster rebound pricing power. These include in the economy when compared consumer staples with strong with other parts of the world brands, like Diageo, which are such as Europe. likely to benefit from the return to pubs and restaurants. A greener future Search for companies that Since the start of the year, leaders were severly impacted by the of some of the world’s largest pandemic and which have the economies, including the US, most to gain from a full opening, have committed to addressing like exhibition companies such climate change by allocating as Informa. significant funds to support the transition away from fossil fuels. Income seekers This transition will bring with it Investors that are struggling significant demand for materials to find income from bond needed to realise global green markets should consider infrastructure plans. allocating towards infra- This demand is likely to lead structure and renewables. to increasing prices and there Some of these assets will is an opportunity for investors provide better protection to have some exposure to the against the ravages of inflation. early cyclical sectors that stand Infrastructure assets benefit to benefit. These include miners, from long-term contractual industrials, and, for the brave, cashflows that are typically fixed oil and gas. and inflation-linked, and are not These sectors should do well dependent on the economic cycle. in the short term. However, This also applies to operational INVESTMENT OUTLOOK investors must monitor them renewable energy companies, closely given the need to which benefit from government ith interest rates at transition away from carbon- subsidies and revenues based all-time lows, it has been intensive sources of energy. on the power price. Wincreasingly challenging We believe there is also an With the economy reopening, to generate an income or return opportunity for investors to demand for electricity is from bond markets. Now with look at beneficiaries of climate continuing to rebound, and inflation picking up, investors in change as a thematic trend, these companies provide bond markets have had negative including various parts of electric attractive and stable dividends real returns and have been forced transportation networks. of 4-6%, which held up to look further afield. This includes companies in throughout the pandemic. These pressures, coupled with the supply chain of electric Looking years ahead, the fact that we are likely at the vehicles (EVs) or the investors should remember beginning of an economic cycle infrastructure required to that higher levels of inflation rather than at the end, leads us support their adoption, such as have historically also been to believe equities will do better battery manufacturers, semi- met with higher volatility in for investors’ portfolios, both in conductor manufacturers and markets. In the longer term terms of returns and income. commodity producers like it’s likely that bonds and UK equities, in particular, seem lithium miners, among others. cash will be an increasingly well-placed to benefit from the Samsung SDI, which is one important allocation. economic recovery and sterling is of the main suppliers of the However, since we are in the likely to continue its momentum batteries that go into EVs, is, we very early days of an economic upwards as it recovers from its believe, an attractive company expansion, we believe it’s best Brexit-induced fall. in this space. For those looking to be fully invested and to seek Many international investors out ways to protect against the are returning to the UK, and corrosive effect inflation has there are numerous excellent on savings and wealth. n British companies with global UK equities, in particular, look businesses that have far Paul Flood is a multi asset and lower valuations than their well-placed to benefit from the global income portfolio manager at international peers. economic recovery Newton Investment Management.

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THE CONSCIENTIOUS INVESTOR Tree of life Trees are the antidote to some of Earth’s biggest environmental challenges making timber a compelling investment opportunity for the current climate

n Amazon Prime The acacias even released hectares during the past 25 years, documentary called ethylene gas into the air to an area equivalent to the size of AIntelligent Trees contains warn nearby trees of the South Africa. the startling news that trees have impending danger. The amount of carbon stored the ability to defend themselves The antelopes’ experience by the world’s forests has from predators in the way holds important lessons for Patrick Thomas , consequently fallen by almost animals do. humanity. If we mismanage Investment 11 gigatons, equivalent to about This is not science fi ction. the world’s forests, could we director and head a third of the amount generated of ESG investing, Researchers investigating the suff er the same fate as the Canaccord by human activities. This has death of hundreds of kudu unfortunate antelope? Genuity Wealth caused a sharp rise in the antelope in South Africa in the Management concentration of carbon dioxide ’90s discovered the antelope Show trees more love in the atmosphere. were killed by the acacia trees According to the UN Food With the world struggling to that form part of their regular and Agriculture Organization, limit global warming to just 1.5°C diet: the trees fl ooded their industrialised farming and from pre-industrial levels and leaves with lethal quantities urbanisation have shrunk slash CO2 emissions by 45% by of poisonous tannins. the world’s forests by 129m 2030, our failure to use timber

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wisely becomes increasingly of CO2, which compensates the dangerous. Trees can be our emission of one car over 1,000km. greatest ally in halting global When used in construction, Trees can be our greatest ally warming and environmental wood helps save energy over the degradation. Wood provides a life of a building as its thermal in halting global warming and cost-effective means to reduce insulation properties are 15 times environmental degradation carbon emissions and also better than concrete and 400 restores biodiversity while times better than steel. improving soil quality. Every cubic metre of wood Growing demand from And hopefully, governments used as a substitute for steel emerging economies is fuelling are beginning to take note. In or aluminium reduces carbon a sustained expansion in the May, the UK government is due emissions to the atmosphere wood-based fibre market, to announce the biggest tree by an average of 0.9 tonnes, which is expected to grow 5-6% planting initiative in 50 years: even when the cost of per annum between now and within four years, the UK is processing and transporting next year. aiming to double its planting wood is taken into account, its New uses for wood are of woodland to almost 75,000 carbon footprint is negative emerging by the day. Xylitol hectares a year, or about 80m over its entire lifecycle. is a good example. The trees, with the target of 143m A study undertaken in Germany increasingly popular artificial trees by 2035. found that the fossil fuel energy sweetener made from refined Timber’s carbon-storage required to process and transport wood fibre is set to grow into a properties can be harnessed wood amounts to just 15% of the $1bn market by 2023, compared for use in multiple sectors, total amount of energy that’s with just $115m five years ago. including construction, textile locked within it. It’s a no-brainer. manufacture, food packaging The opportunity set and food preparation. And Watch this space Timber offers a compelling demand will continue to Already a versatile, renewable and diverse set of investment grow because the combination product, new technology is opportunities. It may only be a of changing consumer tastes making timber even stronger, matter of time before it becomes and tighter regulations are more durable and as fire- ubiquitous - present in your forcing manufacturers to cut resistant as steel. This is clothes, the ingredients in plastics use and switch to enhancing its credentials your mid-afternoon snack, the sustainable alternatives. as a sustainable alternative packaging of your milk, or the This boosts demand for to a wide variety of materials, buildings you live and work in. sustainable wood products, with important implications And investment options in creating attractive opportunities for investors. this space are growing. Passive in timber-related investments. Technology has turned timber investors can use the iShares into a dynamic, rapidly growing S&P Timber and Forestry ETF, The de-carbonisation story industry that encompasses not which provides exposure to In the past few years, trees’ only cardboard, paper and pulp, around 30 companies operating carbon-capturing qualities have but also clothing, packaging, in the space. been overshadowed by newer, personal hygiene products and For those looking for a more more complex solutions, such real estate. active solution, the Pictet Timber as large-scale carbon capture The growth of some timber- Fund has been around since 2008 and storage technology. This related industries is remarkable. and delivers a more diversified involves building a large-scale One of the fastest-growing portfolio of timber value chain engineering facility to trap waste engineered wood products is names. Other specialists include carbon from industrial power cross-laminated timber (CLT) Gresham House, which has a plants and store it underground. – a building panel made of range of timber funds. Unsurprisingly, it requires sawn, glued and layered wood. Trees have a crucial role to play a big set-up cost and can also The market for CLT is expected in maintaining the delicate lose up to 75% of carbon to to expand to $2.3bn (£1.6bn) equilibrium in nature. They are leakage. According to various globally by 2025, from the key in maintaining the health academic studies, reforestation current $70m, an annual and longevity of the planet. And is among the cheapest carbon- increase of some 15%. they are the antidote to some of capture methods. Some firms are manufacturing the biggest environmental Trees are cheaper to plant innovative textile fibres from challenges our planet faces, such and have 400 million years’ refined wood pulp or dissolved as plastic use and offsetting experience in capturing carbon. wood pulp to produce viscose, carbon. So in our opinion, the Carbon does not leak out, unless tencel and other materials more trees, the merrier. n trees are burnt. Research shows that can be used in everything in the first five years of growth, a from gym outfits to fire- www.canaccordgenuity.com/ young willow tree captures 140kg resistant clothing. wealth-management-uk

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In this issue 36 Brunner Investment Trust Balanced portfolio of quality global equities 39 Fidelity China Special Situations Play on sectors benefiting most from structural changes in China41 HBM Healthcare Investments Globally diversified portfolio of listed and private healthcare funds 44 Murray Income Trust Diverse fund of mainly UK equities with an unwavering focus on high-quality companies

Brunner banks on long-term growth story Balanced portfolio of quality global equities with prospect of capital appreciation and income growth

Allianz Global Investors has Brunner Investment Trust Investment strategy a well-defined investment Price 968.0p approach, with stocks selected ‘Investors should be Market cap £413m on a bottom-up basis based on able to sleep at night’ NAV* 1,097.3p three pillars of quality, growth Discount to NAV 11.8% and valuation, and an assessment The Brunner trust has a balanced approach Yield 2.1% of a company’s environmental, that aims to generate both capital and *Including income. As at 7 May 2021. social and governance (ESG) income growth, while its quality bias means credentials is an integral part there is more of a focus on ‘defensive rather of the process. than super growth’. The trust may benefit runner Investment Trust if investors become more cautious about (BUT) is managed by Performance unlisted investments or have concerns that BMatthew Tillett at Allianz NAV is ahead of the benchmark the stock market is looking frothy. Global Investors, with deputy over all periods except for the last According to Tillett, an investor “should be managers Christian Schneider month, while its share price has able to sleep well at night”, making the trust and Marcus Morris-Eyton. The lagged behind in the past one and “an attractive option for wealth managers trust offers a balanced portfolio three years. and investors using retail platforms”. of high-quality, global equities Tillett says the trust’s relative Its NAV total returns are below average with the prospects of both capital performance in 2021 has over the periods shown, ranking seventh appreciation and income growth. benefited from holdings in over one year, 12th over three years, and It has a long-term record mid-cap UK cyclical names such 11th over five and 10 years. At 7 May 2021, of outperformance and has as Tyman (engineered door BUT had the widest discount in the sector, generated absolute annualised and window components) and its ongoing charge was below the mean double-digit net asset value Redrow (house building), along and gearing was higher than average. The (NAV) and share price total with higher-growth companies trust offers an above-average dividend returns past the last decade. such as Estée Lauder (cosmetics). yield, ranking sixth, which is 40 basis points BUT could appeal to income- Holdings that have detracted higher than the mean. focused investors. It is one of the from performance this year There are 15 companies in the AIC UK investment trusts with a very include those in more defensive Global sector. Tillett suggests a direct long-term record of dividend sectors including healthcare. n comparison between the funds is not easy growth and has paid a higher given the wide range of market caps and annual distribution in each of the Source: Sarah Godfrey and the different strategies employed. last 49 consecutive years. Mel Jenner, Edison

036-045_WI_0721.indd 36 17/06/2021 13:08 36 Investment trust reports What Investment | July 2021

In this issue 36 Brunner Investment Trust Balanced portfolio of quality global equities 39 Fidelity China Special Situations Play on sectors benefiting most from structural changes in China41 HBM Healthcare Investments Globally diversified portfolio of listed and private healthcare funds 44 Murray Income Trust Diverse fund of mainly UK equities with an unwavering focus on high-quality companies

Brunner banks on long-term growth story Balanced portfolio of quality global equities with prospect of capital appreciation and income growth

Allianz Global Investors has Brunner Investment Trust Investment strategy a well-defined investment Price 968.0p approach, with stocks selected ‘Investors should be Market cap £413m on a bottom-up basis based on able to sleep at night’ NAV* 1,097.3p three pillars of quality, growth Discount to NAV 11.8% and valuation, and an assessment The Brunner trust has a balanced approach Yield 2.1% of a company’s environmental, that aims to generate both capital and *Including income. As at 7 May 2021. social and governance (ESG) income growth, while its quality bias means credentials is an integral part there is more of a focus on ‘defensive rather of the process. than super growth’. The trust may benefit runner Investment Trust if investors become more cautious about (BUT) is managed by Performance unlisted investments or have concerns that BMatthew Tillett at Allianz NAV is ahead of the benchmark the stock market is looking frothy. Global Investors, with deputy over all periods except for the last According to Tillett, an investor “should be managers Christian Schneider month, while its share price has able to sleep well at night”, making the trust and Marcus Morris-Eyton. The lagged behind in the past one and “an attractive option for wealth managers trust offers a balanced portfolio three years. and investors using retail platforms”. of high-quality, global equities Tillett says the trust’s relative Its NAV total returns are below average with the prospects of both capital performance in 2021 has over the periods shown, ranking seventh appreciation and income growth. benefited from holdings in over one year, 12th over three years, and It has a long-term record mid-cap UK cyclical names such 11th over five and 10 years. At 7 May 2021, of outperformance and has as Tyman (engineered door BUT had the widest discount in the sector, generated absolute annualised and window components) and its ongoing charge was below the mean double-digit net asset value Redrow (house building), along and gearing was higher than average. The (NAV) and share price total with higher-growth companies trust offers an above-average dividend returns past the last decade. such as Estée Lauder (cosmetics). yield, ranking sixth, which is 40 basis points BUT could appeal to income- Holdings that have detracted higher than the mean. focused investors. It is one of the from performance this year There are 15 companies in the AIC UK investment trusts with a very include those in more defensive Global sector. Tillett suggests a direct long-term record of dividend sectors including healthcare. n comparison between the funds is not easy growth and has paid a higher given the wide range of market caps and annual distribution in each of the Source: Sarah Godfrey and the different strategies employed. last 49 consecutive years. Mel Jenner, Edison

036-045_WI_0721.indd 36 17/06/2021 11:49 38 Investment trust reports What Investment | July 2021

The manager’s view ‘Growth at a reasonable price will be important’

n terms of the economic environment, He considers that quality will be a more they can pass on higher costs to their both monetary and fi scal policies important factor: “Those companies that customers, while other fi rms are likely to Iare supportive, unlike the situation can deliver and sustain their profi tability see their margins come under pressure. that followed the global fi nancial crisis. should be rewarded. Growth at a Tillett explains there has been a secular While the focus then was on monetary reasonable price is likely to become a change over the past 30 years, a period stimulus, there is currently a very large more important strategy.” characterised by defl ation and declining infrastructure spending agenda in the US Tillett continues to seek companies that interest rates. He suggests there is a case and little appetite for austerity in the UK. are “long-term structural winners”. He now for more upward pressure on infl ation Stock markets are optimistic about believes the excitement of the past three compared with the last decade, as the the potential for economic recovery, months about the prospect of getting back policy environment favours fi scal as well and manager Matthew Tillett (pictured) to normal will pass and that long-term as monetary stimulus. does not disagree with this view. Barring fundamentals will become more important. Consumers are in a strong position, as catastrophic coronavirus variants or “This plays to our advantage, with our are banks, so their balance sheets do not evidence that the vaccines are ineff ective, focus on quality companies with long-term need to be repaired and there is room for he expects the recovery to play out growth drivers,” he says. credit creation. over the next six to 12 months. The manager adds According to Tillett, there is now less of With the market pricing that the issue of a defl ationary pull due to globalisation. in economic recovery, infl ation needs to The number of companies moving their particularly in those be considered in operations to China and other lower-cost sectors that are both the short areas such as labour arbitrage is now poised to benefi t, and long term. In less pronounced and there has been Tillett stresses the 2021, he expects a ‘re-shoring’ back to the US and importance of having a higher infl ation Europe for both geopolitical issues and longer-term perspective. data points due economic factors. He predicts that to easy year-on- While there are other defl ationary companies delivering year comparisons. trends in place such as less demand disappointing There are signs of from an ageing population in the west results will be heavily signifi cant input and ongoing digitalisation, which is punished by the market. cost infl ation in increasing transparency and lowering “We are annualising the commodities and other prices, on a net-for-net basis the ‘free pass’ that businesses raw materials, which manager believes we are now in were given due to the individual companies a less defl ationary environment. pandemic’s extenuating view as a risk factor. Tillett is encouraged to report that in circumstances,” Quality companies with recent months the trajectory of dividend he says. a strong market position payments in the Brunner portfolio has and pricing power are best been positive: cyclical companies that placed to deal with this cut their distributions due to Covid-19 are environment as generally restoring payments faster than anticipated. He notes that with economic recovery fi rms are more confi dent about reinstating their dividends. Many businesses have found ways to cope with restrictions during the pandemic, such as in the housing and construction sectors, and have been able to deal with social distancing measures. “Companies have returned to pre- pandemic levels of trading faster than expected,” the manager concludes.

Companies have returned to pre-pandemic levels of trading faster than expected

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Investment strategy Eye for undervalued stocks with growing potential

Fidelity China Special Situations is a member of the AIC Country Specialist: Asia Pacific ex Japan sector. In addition to FCSS, JP Morgan China Growth and Income and the recently launched Baillie Gifford China Growth Trust are the only funds in this group that focus on China. FCSS differs from its closest peers in several respects. In addition to being by far the largest of the three, it has a greater focus on mid- and small-cap companies and unlisted names. FCSS’s portfolio is also much more diversified at stock level, Picking China’s performers typically holding about 160 stocks, two to three times as many as the other funds. Play on sectors benefiting most from structural changes in China Manager Dale Nicholls seeks undervalued companies with good growth prospects, Fidelity China Special Situations during the past year, thanks to that have been underestimated by the wider superior stock selection and sector market. He favours sectors that will benefit Price 417.0p allocation decisions. most from the long-term structural changes Market cap £2,149m underway in China, including the growth NAV* 424.0p Performance in technology businesses, healthcare and Discount to NAV 34.3% FCSS’s performance has been related insurance services, and e-commerce. Yield 1.0% very strong in absolute and Many of these areas have been given further *Including income. As at 27 May 2021. relative terms during the past impetus by the pandemic. year. Over the three months The consumer trend towards upgrading to end-April 2021, the trust possessions and buying premium brands idelity China Special returned 3.8% on a net asset also remains strong, especially in the auto Situations (FCSS) aims to value (NAV) basis and 4.4% industry. The opportunities Nicholls sees Fdeliver long-term capital in terms of share price, tend to cluster in the medium- and small- growth from a portfolio of significantly outpacing the cap space, where companies are under- stocks listed mainly in China benchmark return of -6.7%. researched by Fidelity’s competitors and and Chinese companies that Over the year to end-April are often mispriced. are listed abroad. 2021, it returned 93.5% in NAV He cites as an example the many Hong Manager Dale Nicholls focuses terms and 74.5% in share price, Kong small caps trading at single-digit P/E on undervalued companies and compared with the benchmark multiples, even when their businesses are favours consumer sectors set to return of 24.9%. proven and generating healthy cashflows. benefit from structural trends However, the trust’s longer- Nicholls also finds opportunities among driven by the burgeoning growth term performance is also very unlisted companies, which are also off the of China’s middle class. solid. It has outperformed radar of many analysts. He sees most opportunity in both its index, the MSCI China FCSS’s share price discount to NAV was mid- and small-cap technology, Small Cap, the MSCI AC Asia 1.7%, compared with an average discount healthcare and e-commerce ex Japan Index and the MSCI of 5.7% for the AIC peer group. Its ongoing stocks, and among unlisted World Index over three, five charge, at 0.9%, is at the low end of the companies, all of which are often and 10 years. range for the sector as a whole. under-researched and thus Furthermore, it has out- In line with most of its closed- and mis-priced. The recent pull-back performed the UK market over open- ended peers, FCSS does not charge in Chinese markets has created “a these periods – a reminder to a performance fee but its management fee great environment in which good UK investors of the potential is performance-related. The board recently but undervalued companies offer merits of diversification beyond agreed a new tiered fee of 0.9% on the first even better value”, says Nicholls. the domestic market. £1.5bn of net assets, reducing to 0.7% on net His approach has delivered Over the 12 months to assets over £1.5bn. The new structure took outperformance of FCSS’s peers, end-February 2021, both sector effect from 1 April 2021. and its benchmark, the MSCI and stock selection made FCSS employs more gearing than any of China Index, both recently and significant contributions to its closed-ended peers and offers a yield long term. Relative performance FCSS’s exceptional performance. below the average for these funds. has been especially strong At sector level, allocation

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The manager’s view decisions in all sectors enhanced returns. The largest contributions Market volatility in China translates were from underweight positions in communications services and as strong opportunity for Nicholls financials, and overweights in consumer discretionary, IT, real idelity China Special Situations field due to healthcare reforms, and estate, healthcare and materials. manager, Dale Nicholls, says the the business is supported by a very At the stock level, selections F recent pull-back in Chinese equities effective salesforce. in consumer discretionary, IT, was not unexpected. There was a strong The manager took advantage of materials and communication rally in the market in late 2020. In near- term stock price weakness services stocks added most to addition, rising bond yields, driven by to increase FCSS’s exposure to performance figures. expectations of inflation pressures, put LexinFintech Holdings, a leading Luxury auto trader China pressure on equity valuations, especially online retail and consumer finance Meidong Auto Holding was highly valued growth, technology and platform. He also added to an existing the largest single contributor momentum stocks, whose prices were, in position in SKSHU Paint, one of over the year, although it has his view, “particularly stretched”. China’s largest paint manufacturers, detracted in recent months. Other These high valuations have led Nicholls which he likes in part due to notable contributions to returns to take some profits in recent months. management’s focus on cost control during the past 12 months were He has trimmed holdings in several and operating efficiency. made by 21 Vianet, China’s names, including premium car dealer This stock is a top five holding and largest carrier-neutral internet China MeiDong Auto Holding. has been a major contributor to and data service provider, e-bike He also reduced exposure to performance during the past year, as and scooter manufacturer Yadea technology giant Alibaba, from 15.1% investors continue to recognise the and SKSHU Paint Co. to 11.3%, increasing the trust’s company’s growth potential. More recently, listing gains underweight in this stock, compared Another recent addition in the from the participation in the with the index. Alibaba remained the materials sector is Asia Cuanon Hong Kong IPO of TikTok rival trust’s second-largest position at the Technology, another of China’s largest Kuaishou Technology were the end of March, however. paint manufacturers that also provides lead contributor. Despite the country’s better growth a range of insulation and building The shares listed in January prospects and the outperformance of products. Nicholls believes the 2021 at HK$115 (£10.45) per share Chinese equities, stocks continue to company is well positioned to expand and peaked at HK$415 per share trade at a significant discount to other market share and benefit from the in mid-February. They are now major markets. trends towards urban renewal and trading around HK$270. According to Datastream valuations, domestic renovation. Kuaishou, now a top 10 holding, on a forward P/E basis, Chinese H-shares Nicholls has also added to FCSS’s is one of the most popular social are currently trading at a multiple of roster of unlisted companies – Didi, platforms in China and has seen 11.7x and A-class shares are trading at DJI Holdings, SenseTime, ByteDance, a robust expansion in users in 14.7x, compared with a multiple of Pony.ai and Full Truck Alliance. The recent years. 19.1x for the world market. new names are Venturous Holdings, a An overweight to Intron For Nicholls, this increases the ‘deep technology’ conglomerate, and Technology, an auto parts attractiveness of the Chinese market, Chime Biologics, a contract research producer, also enhanced relative and he sees the recent volatility as and manufacturing company that is returns, as did an underweight creating a good opportunity for him to benefiting from the strong growth and to e-commerce giant Alibaba, invest in those stocks he sees lagging development activity in the market for which has come under selling behind in several sectors. pharmaceutical biologics. pressure due to fears of further Recent acquisitions within the As at end April 2021, the trust’s regulatory crackdowns against technology sector include a position holdings in these unlisted stocks total monopolistic behaviour. in RS Technologies, a dominant 7.8% of the portfolio. The manager Conversely, not holding global player in silicon wafer recycling expects some of these to list in the internet search engine company (components in semiconductor next 12 to 18 months. At the end of April Baidu was the main detractor production). This company is listed 2021, the portfolio held 163 stocks. from recent relative performance. in Japan but is well positioned to However, Nicholls chose not to benefit from growth in China, where hold this stock due to concerns it is expanding facilities to manufacture over structural challenges in new wafers. search advertisements and Within healthcare, Nicholls has what he views as the company’s increased exposure to B-Soft, Despite China’s better excessive focus on monetisation, China’s second-largest healthcare growth prospects and the over the provision of quality IT vendor, which has a 6% market outperformance of Chinese search results. n share. B-Soft’s main business is the provision of hospital and clinical equities, stocks continue to Source: Joanne Collins and information systems, a growing trade at a significant discount Mel Jenner, Edison

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Investment strategy Once again, cutting-edge World-class innovators While it has its roots in private equity science steals the show holdings, HBM Healthcare now invests across the spectrum of smaller listed Globally diversified portfolio of listed and private healthcare funds and unlisted companies in the healthcare and biotechnology sectors, as well as in HBMN performance is private equity funds. HBM Healthcare Investments measured against the MSCI The team focuses on companies with Price CHF348.50p World Health Care Index in Swiss innovative platforms and drug candidates. Market cap CHF2,425.6m franc terms. However, given the As a significant proportion of the listed NAV* CHF308.49p significant proportion in unlisted stocks started out in the unlisted portfolio, Premium to NAV 13.0% holdings and the lack of exposure the fund manager recently began reporting Prospective yield 2.7% to ‘big pharma’, investors should on its listed investments as two segments: *Including income. As at 31 May 2021. be prepared for the fund’s those originating as private holdings and performance to differ materially those bought as public companies. from that of the index. HBMN follows a bottom-up approach, eginning its life in 2001 as In particular, its conservative selecting stocks from an investment HBM BioVentures, HBM approach to valuing private universe of around 1,000 companies to build BHealthcare Investments investments should limit the a diversified portfolio of 60–100 investments (HBMN) is a Switzerland-based volatility of returns, although it with solid long-term growth potential. healthcare investment company should be noted some of these To generate investment ideas, the that has been listed on the SIX companies may be earlier-stage teams track clinical trends, attend industry Swiss Exchange since 2008. and therefore at higher risk of conferences and communicate with a It has evolved from a pure disappointing clinical outcomes. network of industry experts and executives. private equity investor focused The fund is overseen by a They then analyse potential investments on the biopharmaceutical non-executive board mainly both quantitatively and qualitatively, sector, into a globally diversified made up of pharmaceutical assessing the companies’ intellectual portfolio of listed and private industry specialists. The property and stakeholder involvement. healthcare companies and private management team is led by On the private equity side, the team equity funds. chief executive officer Andreas sources deals through its own networks, Many of the listed holdings Wicki and chief financial officer as well as via investment banks, other were originally private Erwin Troxler. venture capital investors and directly, investments that HBMN’s aiming typically to make eight to 12 deals management continued to back Performance each year, although FY21 was exceptional following their stock market In FY21 ended 31 March, HBMN with 24 new private investments. debuts. While its main aim is to generated NAV total return of HBMN seeks to be an active lead or achieve long-term capital growth 52% and a share price total co-lead investor, sharing entrepreneurial for its investors, the fund also return of 79%. The figures over responsibility with a firm’s management offers a high distribution policy, 12 months to 31 May are lower team and securing board representation. paying out 3-5% of net asset but still impressive, at 36.0% and A clear expectation of an exit, usually either value (NAV) each year. 47.3%, respectively. through an IPO or trade sale, is inherent in all private investments. In recent times many of HBMN’s new private positions have been taken specifically as pre-IPO ‘crossover’ investments, with the expectation of flotation in a matter of months, although some private holdings have been in the portfolio for a number of years. HBMN’s managers aim to build a portfolio diversified by geography, clinical focus and development stage. The private equity funds portfolio has an emerging markets bias, where it may be harder for the team to assess individual private opportunities. The overriding aim is to generate long-term capital growth, though there is also a focus on downside protection and the managers may use hedges in the public portfolio.

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The difference is partly due to The managers’ view the base effect of starting from 31 May 2020, when the recovery Fundamentals reveal early-stage from the Covid-19 equity market shock was well established, rather healthcare stocks are fighting fit than 31 March, and reflects a more difficult period for healthcare BM Healthcare Investments’ want to deplete the public companies stocks in April 2021. chief executive officer, as they will see the rebound first.” NAV return over the past one HAndreas Wicki, says that while The outlook for the sector – especially and three months has been flat the recent market rotation makes it after Covid-19 – remains very positive to slightly positive. However, clear that “the easy money in over the medium term, in the managers’ annualised NAV of 20% pa or technology and biotechnology has view. “We are seeing big scientific more over three, five and 10 been made”, he remains confident in progress with new markets to identify years validates the managers’ the fundamentals of the earlier-stage specific patient populations,” according long-term return expectation of healthcare companies in which the to Troxler. 10–15% pa, even taking account of fund invests. “Over the next 12 to 18 months there the outsize returns in FY21. “With looming inflation and the will be market swings, given inflation According to Troxler, the main economy booming, there is clearly a fears and the risks of high equity market contributors to performance in trend towards more cyclical areas and valuations, and we don’t know how the financial year were a total of 12 a sell-off in the most hyped-up tech and much generalist investors will sell and IPOs and six trade sales from the biotech stocks,” he says. “We see it as at what prices. unlisted portfolio, including Viela healthy that there has been a correction “Regardless of that, our portfolio is Bio, which debuted on the Nasdaq in these inflated valuations. However, well diversified, carefully assembled and exchange in October 2019 and was there has not been a lot of poor clinical well balanced. We are invested in a high acquired by Horizon Therapeutics news. There are few disappointments on degree of quality companies with great in January 2021, leading to the fundamental science.” positions in their fields. a contribution of CHF662m Reflecting on the near-term prospects “We have a solid pipeline of promising (£522m) from private companies. for the fund after its record returns in new investments with some near-term There was also a good FY21, chief financial officer Erwin Troxler closures, and we anticipate that we will contribution from pure public says: “Last year was exceptional due to create future value for our shareholders investments of CHF276m, the high number of IPOs, and we did in the next three to five years.” arising from the $21bn takeover make some small crossover investments of Immunomedics by Gilead in IPO candidates that seemed to be Sciences, and upward price moves very promising. at stocks such as Argenx, Rocket “But, as usual, we are clearly focused Pharmaceuticals and Biohaven on the science and going forward we will As usual, we are clearly as a result of market sentiment be quite cautious and selective.” focused on the science and supported by clinical data. He adds: “The lesson from 2010–13 is The portfolio grew by CHF49m, that if a correction goes deeper, private going forward we will be boosted by the IPO of Seer as well investments get cheaper, so you don’t cautious and selective as a number of IPOs from China- focused 6 Dimensions Capital, which also benefited from the takeover of Viela Bio. Market and currency hedges were a drag on performance given a weakening US dollar and a strong recovery in share prices during the financial year. Performance since the beginning of the market rotation towards more value and cyclical companies, sparked by positive news on vaccines leading to an expectation of economic recovery, has been more mixed, as areas away from the cutting edge of technology have tended to perform rather better during recent months. n

Source: Sarah Godfrey and Mel Jenner, Edison

036-045_WI_0721.indd 42 17/06/2021 11:49 AT THE HEART OF THE CUTTING EDGE Allianz Technology Trust PLC

Technology has changed the world. But to keep your finger on the pulse, we believe it helps to be close at hand. The award-winning Allianz Technology Trust offers the seasoned, long-term investor access to the complex, fast-moving world of technology, with the reassurance that investment decisions are made by an experienced manager and team based in San Francisco. That puts them on the doorstep of Silicon Valley, where many of the world’s key technology companies are headquartered. The team takes full advantage of its location, capitalising on the research resources of Allianz Global Investors to seek out major trends ahead of the crowd, and enjoying close and regular contact with the tech companies we identify as having the potential for long-term growth. So if you’ve taken appropriate advice and are wondering what technology could do for your portfolio, visit us online to find out more. A ranking, a rating or an award provides no indicator of future performance and is not constant over time. Past performance is not a reliable indicator of future returns. You should contact your financial adviser before making any investment decision.

www.allianztechnologytrust.com

INVESTING INVOLVES RISK. THE VALUE OF AN INVESTMENT AND THE INCOME FROM IT MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.

This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D-60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors GmbH has established a branch in the United Kingdom deemed authorised and regulated by the Financial Conduct Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website (www.fca.org.uk).

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Investment strategy High-quality conviction as a matter of course

Murray Income Trust sits in the AIC’s UK Equity Income sector, although it is different from many of its peers in several respects. While MUT is focused on companies with high-quality characteristics, many of its counterparts have a more value- oriented approach. MUT’s portfolio is more diversified than some, across sectors and stocks, as around one-third is invested in mid-cap stocks and over 10% is in international holdings. MUT’s recent performance has trailed that of its more value-focused peers, such as Law Debenture, Lowland, Merchants Trust and Temple Bar, and others like the Diverse Income Trust with a small-cap bias, which have outperformed during the rotation into cyclical and value stocks. While this has reduced MUT’s ranking over one year, its performance over longer periods still compares favourably with the sector average. This is due in part to the fact that MUT’s quality growth A measured and diverse approach, which it shares with Finsbury Growth & Income and Dunedin Income approach to growing income Growth, was in favour with investors for many years before the recent rotation. Diversified fund of mainly UK equities with a focus on quality MUT is ranked fifth in performance over three years, fourth over five years Murray Income Trust consecutive year of increased and 12th over 10. annual dividends in 2020 and Price Ord 902.0p The trust’s ongoing charge of the board is committed to 0.64% as at 30 June 2020 is below Market cap £1,055.8m maintaining this record in future. the sector average and its half-yearly NAV* 925.8p Recent relative performance report, for the period ended 31 December Discount to NAV 2.6% has been challenged by the 2020, forecasts that the ongoing charge Yield 3.8% rotation into cyclical and value will decline to 0.46% for the year to *Including income. As at 14 May 2021. stocks, which has seen the 30 June 2021, following the merger quality companies MUT targets with Perpetual Income & Growth underperform. However, the Investment (PLI). urray Income Trust (MUT) trust has outperformed the broad Like all its sector counterparts, MUT invests in a diversified UK market over the longer term does not pay a performance fee. Its Mportfolio of mainly UK and outpaced its peers over three discount to cum-income NAV has been on equities. It focuses on quality and five years. a narrowing trend for several years, and stocks and aims to provide a high The trust’s manager, Charlie this has been reinforced by the PLI deal. and growing income, combined Luke, believes the recent rotation From a discount of around 6% in May with capital growth. into cyclical and value will prove 2020, MUT’s shares traded at a small MUT’s merger with Perpetual shortlived. He intends to maintain premium in October and November Income & Growth Investment his focus on higher-quality in the run-up to the merger. It is currently Trust (PLI) in Q420 doubled companies that should thrive in trading at a 2.6% discount, close to the the trust’s assets under the current tough environment sector average. management and is expected to and emerge over time in a The trust’s dividend yield of 3.8% – deliver a reduction to its already stronger competitive position. based on the current share price and competitive fee. the last four dividends – is just below The income MUT provides Performance average, due to its strong share price to investors has proved very MUT’s relative performance performance over the medium to long resilient during the pandemic, deteriorated in late 2020 term. Its gearing is lower than average. despite widespread dividend and early 2021. As investors cuts. The trust delivered its 47th rotated into cyclical and

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value stocks, which were The manager’s view expected to benefit most, at least in the short term, from a Market outlook favours the Murray way resumption in economic activity, the stocks with a higher- n the final two months of 2020, the “We believe the forces that have quality focus held by MUT arrival of viable vaccines, combined weighed down on inflation for the past underperformed. I with Joe Biden’s election to the 30 years will still be present, including Although the trust delivered US presidency and the finalisation of a a significant output gap, the limited strong absolute returns in the Brexit deal, led to a surge of optimism power of labour, price transparency six months ended April 2021, about the economic outlook in the UK and demographic factors.” it underperformed the broad and around the world. In these less-than-favourable UK market as measured by the Investors became more positive circumstances, MUT’s manager says CBOE UK All Companies Index about the prospects of companies in companies with attractive yields, sound on a net asset value (NAV) basis economically sensitive sectors such growth prospects and strong balance over the period, returning as banks, industrials and oil and gas, sheets will be highly prized. “Therefore, 23.9%, compared with the triggering a rotation into these cyclical it seems eminently sensible to maintain benchmark’s 29.2%. and value stocks. This rotation, which our careful and measured approach On a share price basis, the came at the expense of the high-value to investing in high-quality companies trust matched the index over technology and other growth stocks that that should be able to thrive in this the period. MUT has also have made significant gains since the challenging environment and emerge underperformed its value- onset of the pandemic, continued during over time in a stronger competitive focused peers in the AIC’s UK the first quarter of 2021. position,” he reasons. Equity Income sector. However, However, Murray Income Trust’s Luke has added several such MUT’s longer- term performance manager, Charlie Luke, expects the companies to the portfolio in recent remains solid. rotation will be short-lived. He maintains months, including Moonpig, a It has outperformed the UK the uptick in the prices of these cyclical greeting card and gifting company; market over three, five and 10 and value companies caused specifically Electrocomponents, an electrical product years, and also outpaced the by the vaccine-related improvement in retailer; and homebuilder Vistry. average return of its AIC sector the economic outlook “can only happen According to Luke, Vistry’s share price peers over three and five years. once, and it has happened”. does not reflect the significant growth On a sectoral basis, the And even if the rotation does continue, potential of its Partnerships business, portfolio’s underweights to it will not alter Luke’s investment which collaborates with local authorities banks, industrials and oil and approach or his focus on quality and public housing associations on gas – sectors dominated by companies. He argues that many of the regeneration projects. newly popular cyclical stocks – companies that benefited most from One Savings Bank, a buy-to-let lender, detracted from returns over the this shift in market sentiment were low- is another new addition to the portfolio, six months to end-April 2021, as quality whose capacity to survive the alongside Stenprop, which owns UK did its zero weighting in travel pandemic had, up until late 2020, been multi-let industrial property and offers and leisure companies. in question. an attractive dividend yield at an At the stock level, the “These are poor quality companies appealing valuation. manager’s focus on quality that have no place in a portfolio of The manager has also added to stocks also detracted from quality companies like ours,” he says. several existing positions, including returns. For example, not Despite the good news on the vaccine pharmaceutical and vaccine producer owning UK banks HSBC and front, in Luke’s view the trajectory of the AstraZeneca, which constitutes MUT’s Barclays, hurt returns, as did economic recovery remains uncertain in largest position; Coca-Cola HBC, a MUT’s holding in Euromoney, many places. Coronavirus case numbers drinks bottling company; Sanne, a fund a financial information services remain high in India, Latin America and administrator; and Safestore, which and conference business, some European countries, and vaccine owns and operates self-storage units, which was adversely affected rollouts have been slow in most regions, mainly in the UK and France. by delays to the resumption of hindering plans to reopen borders and Luke likes Safestore because of its face-to-face events. lift lockdowns. attractive defensive attributes and its These negative influences on However, the manager believes the scope to expand. He has also topped up returns were partially offset UK outlook is clearer, thanks to the exposure to insurance provider Direct by the positive impact of the success of the government’s vaccination Line, due to its attractive dividend yield portfolio’s positions in the Close programme. He expects a sharp recovery and resilient earnings stream. Brothers banking group and over the remainder of this year to be Inchcape, an auto dealer. An followed by a long period of low interest overweight to M&G Investments rates, modest growth, high levels of also assisted due to the strength corporate indebtedness and consequent of its latest results. n pressure on company profits. Our high-quality companies Unlike many investors and Source: Joanne Collins and commentators, Luke does not expect should be able to thrive in Sarah Godfrey, Edison inflationary pressures to take hold. this challenging environment

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everything, fuelling reopening plays, typically in the consumer discretionary sector. In January and February, it became apparent the huge relief package was coming and the markets rose strongly in industrials and materials. Cyclical sectors peaked in mid-March following the bill’s approval. The return to fi scal policy as the principal policy lever for the fi rst time since the ’70s is the truly radical policy shift. Biden using the opportunity to bury a 40-year monetary policy is huge and has

Photo: Gage Skidmore, Wikimedia Commons Wikimedia Gage Skidmore, Photo: even more profound positive longer-term implications.

Planet-friendly politics Biden bites back Biden’s commitment to environmental and redistributive Richard de Lisle refl ects on the fi rst few months policies is surprisingly robust. Coronavirus has provided an of US president Joe Biden’s administration open door for him to push on as it showed us the world is unfair and he dramatic legislation of Joe It is important to look at events we’d better look after it. Biden’s fi rst 150 days in offi ce through the lens of the stock Green stocks have been strong Tremind me of Iain Duncan market. It’s the Democratic Party since the start of the pandemic, Smith’s comment: “Do not that has been more stock market led by the cult of Tesla. No Covid underestimate the determination positive post-WWII. Starry-eyed relief package obscures that the of a quiet man.” young Democrat presidents have rich have had a better time of it. My mind is also drawn to the Richard de Lisle not wanted to rock the fi nancial For investors, green is already psychiatrists’ evaluation during Manager, boat and would have been stymied wildly expensive but the proposed the fi rst presidential debate that VT de Lisle by Congress anyway. Lest we rise in capital gains tax to America Fund it didn’t matter who won because forget, their aspirant policies were 39.6% from 20% for the $1m-plus we were going to get a narcissist in signifi cantly less redistributive earners continues to put the the White House in either case. than our own Labour Party at Biden bite on the tech growth Biden had responded to Trump’s these times. winners, along with the turn in taunt that in offi ce Biden would Republicans presided over the long-term interest rate policy be controlled by the left-wing 1974 and 2008 crashes, both of and his greater scrutiny of their of the party, saying: “I am the which they helped on their way monopoly practices. Democratic party now.” Delusion, with Watergate and lax regulation. The Covid crisis allows for control, arrogance, self-entitle- This time it’s diff erent. radical policymaking, which is ment: it ticked all the boxes. too popular for Republicans to We had a clue action was coming Fiscal policy thwart, and the all-time extreme and there was also the practical To start with, we should of negative interest rates that point that Biden was an old hand. diff erentiate the events of Vaccine faced Biden on his arrival meant Previous Democrat administra- Day on 9 November, with election a return to fi scal policy – tions under Obama and Clinton day on 3 November and the inoperable for either Clinton or were new; they had to learn how Covid-19 relief package passing Obama – was possible. to pull the levers of power. Congress on 10 March. Monetary policy had been The election itself didn’t jump dominant for 40 years and, as Radical start the market much because it Keynes had predicted, it became Biden has delivered a huge and wasn’t clear what we were getting. less potent at an extreme. transformational fi scal agenda Then the vaccine news swamped The possibility to make radical with the $1.9trn (£1.35trn) change now is Biden’s good Covid-19 relief package and the fortune. He doesn’t need those big proposed $2.3trn infrastructure majorities. Radical change also fi ts plan. Purists point out that the The return to scal policy as the principal with his intent and skill-set. It’s infrastructure plan is staggered happening and it’s a stock-market over eight years, but still, it’s a policy lever for the rst time since the positive for the long-forgotten radical start. ’70s is the truly radical policy shift cyclical areas. ■

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48 Investment platforms What Investment | July 2021 Build vs buy Should you subscribe to an investment platform or build your own?

he adoption of digital in the early-stage investment Tspace has been accelerated by Covid-19 and its associated lockdowns. With events and face- to-face meetings diffi cult at the best of times, networks are now realising the benefi ts of digital investment platforms. Always-on, digital investment platforms allow companies to easily promote their investment opportunities to investors who, from the comfort of their home, can discover and evaluate deals. These platforms remove many of the barriers and challenges that offl ine promotion presents while enriching the experience for the user through a host of features including secure data rooms for deal documentation, investor/founder online Q&As and online pledge tracking. For those networks ready to adopt a digital platform and off er an enhanced experience for both companies and investors, the big question looms: should you build your own platform or buy one? Here, we explore three reasons why, when it comes to a digital So, if you’re an investment fi rm matter expertise. For example, investment platforms, buying is or an accelerator, how many how much of your budget should your best bet. hours will it take you to be good you spend on design versus at technology development? build versus testing? How can 1. Technology development is The answer is too many. you ensure data security? What not your speciality You need an array of skills and language should you build the There is a principle popularised Chantelle resources to design, build and platform in? How can you future- by journalist and author Malcolm Arneaud run an investment platform. proof it? Gladwell that it takes 10,000 Director While you may have an idea These are all questions of strategy, hours to be good at something. Envestors of your requirements, turning technology businesses have This is generous because in this that into a high-functioning the answer to but, starting out, context ‘good’ means a baseline product is a diffi cult task. There you’ll have to learn as you go and grasp. In reality it takes much are many decisions to be made that will be both expensive and longer to master any skill. – all of which require subject time consuming.

048-049_WI_0721.indd 48 17/06/2021 11:53 Investment platforms What Investment | July 2021 49

to turn your concept into a minimum viable product (MVP). Depending on the emphasis you wish to put on user interface Networks are better off focusing on what design, you may also need to they are great at rather than trying to bolster that team with user become tech companies themselves Build vs buy experience (UX) designers. The MVP stage is only the beginning. Once you have a functional of increasing the number of product, you need to go through investors who have access to your a process of user testing and deals – and thus your chances of refi nement before you’ll have a closing a round of investment. product good enough to launch. You can also accept deals from On top of this, you need to other networks to share with consider system maintenance. your investors. This can reduce This cost can be considerable. the burden of sourcing deals and Nothing exists in a vacuum provide a mechanism to keep and you’ll need a tech resource investors engaged. on call to assist with bugs, outages, security threats and A community of peers software updates. Being part of a connected digital network allows for shared 3. Saas providers give you more learning and resources. In than just software addition to guidance on how Working with an expert software to launch your digital platform provider, you will get much more and on engaging investors, value than just the technology you can benefi t from shared itself. Depending on the partner, knowledge, whether that be on you’ll get additional support in a deal marketing, setting valuation number of areas that can benefi t or investor relations. your business. On top of this, many providers provide community events. This Regulatory cover allows you increase investor Promoting and brokering engagement and eyes on deals. deals are activities regulated by the Financial Conduct Regular updates Authority. While there are some Saas providers regularly roll exemptions, it is a good idea out new features. This is a huge to follow the baseline rules to benefi t to subscribing to such a protect your organisation. service. For no additional cost or A good off -the-shelf eff ort, you will fi nd your platform investment platform will getting richer and richer with have this built in. Typically, new features. this includes investor self- Many will also allow customers certifi cation, appropriate risk to request features and good warnings and audit trails. providers will dedicate a You also need to comply percentage of development with General Data Protection time to implementing customer Regulation (GDPR), and Know requests. Of course, your requests 2. Building a technology Your Client (KYC) and Anti are not guaranteed, but if your platform is expensive Money Laundering (AML) ideas gain traction with other Building a technology platform requirements. Again, off - users there is a good chance they is an expensive endeavour. If it the-shelf products will include will be added to the roadmap. weren’t, surely software-as- this and ensure the system So, while it is tempting to build a-service (Saas) wouldn’t be a stays up to date with changing your own platform, it is much multibillion-pound industry? regulatory requirements. easier said than done. And when But perhaps you feel the level of it comes to delivering a great control you’ll get from creating Deal sharing and distribution customer experience, networks your own system is worth the Many of the Saas investment are better off focusing on what cost. But how much will it cost? platform providers include they are great at – helping match You’ll need an expert team of options to share your deals with companies and investors – rather software designers, developers, other networks on the platform. than trying to become tech and quality assurance analysts This off ers benefi ts in terms companies themselves. ■

048-049_WI_0721.indd 49 17/06/2021 11:53 50 Artifi cial intelligence What Investment | July 2021 Are you switched on to the future?

fi rst is that it has the potential China in particular has emerged Early adoption of artifi cial to transform rates of economic as one of the major players. The intelligence within your growth and boost productivity. nature of Chinese society and the The latter issue, productivity, role of the Chinese Communist portfolio will benefi t from has been a major headache for Party has allowed China to roll policymakers in the developed out AI at a pace that would be an investment theme that’s world in recent years, and it very hard to replicate in the transforming life as we know it has not gone away despite the western world. unprecedented fi nancial stimulus In the west we hear a lot about seen since the global fi nancial the surveillance culture in China he Cambridge University crisis of 2007-08. but we hear much less about the Dictionary defi nes artifi cial AI allows dull, time-consuming extraordinary rate at which AI Tintelligence (AI) as “the and repetitive tasks to be platforms are being adopted in study of how to produce done quickly and, when well other spheres. machines that have some of the implemented, with a high degree China’s advantage in AI is partly qualities of the human mind, of effi ciency. By defi nition, explained by its technology such as the ability to understand humans tend not to be great at position but also by the incredible language, recognise pictures, Chris Ford these types of tasks because of solve problems and learn”. Head of growth the nature of the work. The late Patrick Winston, who equities, Sanlam The ability to automate dull, Investment led the AI lab at Massachusetts repetitive tasks, such as form Institute of Technology for fi lling, means humans can focus nearly 30 years, defi ned AI on more complex or technical as “algorithms, enabled by challenges, which aren’t as constraints and exposed by easily addressed by AI. The door representations, which support to meaningful improvements in models targeted at thinking, productivity has started to open. perception and action”. The second, and perhaps most There are too many defi nitions important, reason why investors of AI to capture here. We are not should think about AI is that it academics – or IT consultants has the potential to transform – and there isn’t much mileage almost every industry and in starting a debate about geographical region in the world. semantics. However, we defi ne It is wrong to think of AI simply AI as ‘seeking to synthesise, in terms of the companies that automate and optimise provide the enabling technology the process of converting – this is important, of course, information into useful and but not the whole picture. actionable knowledge’. Not all companies can engage Our defi nition avoids an unduly successfully with AI, perhaps anthropocentric perspective of because of a skills’ defi cit, AI, while capturing the applied legacy business process issues or nature of the AI platforms in strategic ignorance. which we are looking to invest. However, those companies The conversion of information that can successfully engage into useful and actionable with AI are developing knowledge is precisely what significantly enhanced corporations are looking to competitive moats around their engage with, and in which we are businesses, and we are as looking to invest. interested in these firms as we are in those developing the tools. Why does AI matter? It is also important to From our perspective, there are understand that while the US is a a number of reasons why AI is signifi cant player in AI, there is a vitally important investment plenty of development going on theme of long duration. The elsewhere in the world.

050-052_WI_0721.indd 50 17/06/2021 11:54 Artificial intelligence What Investment | July 2021 51 Are you switched on to the future?

rate of business innovation in In the industrial sector, the country, with companies AI-enabled predictive built with AI at their very heart The benefits of AI are so huge that monitoring and maintenance can emerging at a rapid rate. the positive global impact will prevent equipment failures long before they occur, potentially Is big brother watching? comfortably outweigh any potential with life-saving results in AI undoubtedly has its detractors, negatives in the longer term sectors such as aviation, oil particularly when it is deployed and gas, and chemicals. in areas such as surveillance. We also have to acknowledge However, for us the benefits of banks like JP Morgan hundreds that the pandemic has changed AI are so huge that the positive of millions of dollars a year. In what is regarded as ‘normal’. We global impact will comfortably the auto sector, self-driving cars think that most societies, even outweigh any potential negatives are already here and intelligent those in the west, will accept a in the longer term. ‘active safety’ will mean that, in greater degree of monitoring if In the financial sector, machine years to come, crashes because a it means that other freedoms – learning is being deployed to driver dozed off behind the wheel such as travelling internationally counteract fraud. This is saving will become a thing of the past. or attending a large gathering

050-052_WI_0721.indd 51 17/06/2021 11:54 52 Artificial intelligence What Investment | July 2021

significant growth, and wearable AI-enabled (and discreet) heart monitors are already saving lives. Using AI to analyse large data sets, such as those held by the NHS, means that discoveries of new drugs can be made more quickly – crucial if we are to beat Covid-19. And similar to our sleepy human driver referenced above, AI means that ‘accidents’ or misdiagnoses should become a thing of the past. DeepMind’s work on protein folding opens the door to bespoke medicines and even ‘eco-enzymes’ that could eat all the plastic in the world’s oceans. These are the kinds of opportunities that we are trying to capture – and which are powered by AI.

How do we use it? We eat what we cook. We already use AI to help screen our investment universe using a proprietary platform. such as a music concert or a position. Typically, technology This platform trawls official theatre – can be restored. AI will only represents around 40% of documents, such as earnings have a crucial role to play here. our overall exposure – we are statements and reports and More prosaically, if you have looking to play the long game, accounts, for the markers of AI ever engaged with Google maps and to invest in the beneficiaries that we have defined. It can do or an online ‘chatbot’ or ‘help of AI far beyond Silicon Valley. this in a range of languages and bot’ on a retail platform, you One of the sectors most file formats, and it works 24/7. have already engaged with AI. positively affected by AI is It has identified some companies Creatives are not immune healthcare and this is a huge we would never have thought either; AI applications can write, opportunity set for us. Again, the to look at. create art and even compose ability of AI to perform routine We don’t expect everyone to music. The Guardian asked but high-volume tasks quickly, ‘get’ AI. Not everyone will want GPT-3, the leading-edge natural efficiently and reliably can to invest in it or even believe language generation platform, transform patient outcomes. in it. The bottom line though is to write an article to make There is a raft of evidence that it is here and it is already the case for benign AI: it was suggesting the average AI transforming some industries published in 2020.1 radiographer is already more for the better. effective than its human Early adopters will, in our What are we looking for? counterpart. This is of no minds, have the edge as they We seek to find beneficiaries small significance given are by definition forward- of AI across all sectors and that demand for radiographers thinking entities and will use AI geographies. We invest tends to outstrip supply as to consolidate what are, in some internationally, in developed and training a human radiographer cases, strong positions within emerging markets, and across a takes many years. their sector or industry. wide range of sectors. We don’t AI-enabled robotic surgery is However, for some firms, have a benchmark as we want another area we expect to deliver and some jobs, AI will pose an to invest in a high-conviction existential threat. The pandemic manner; benchmarks can leave has irreversibly accelerated the investors in a straitjacket and this pace of adoption of AI, and there is something we have sought to is no going back to the world as it avoid from the outset. Not everyone will want to invest in AI was before. n The bulk of our effort is focused or even believe in it. The bottom line on companies that are using AI 1 https://www.theguardian.com/ to improve their businesses and though is that it is here and it is already commentisfree/2020/sep/08/ strengthen their competitive transforming industries for the better robot-wrote-this-article-gpt-3

050-052_WI_0721.indd 52 17/06/2021 11:54 What the stats tell you What Investment | July 2021 53

Understanding the stats 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 investment decisions. All data as at 31 May 2021.

Investment performance is shown after charges have been deducted. This helps to provide an The information shows how much a hypothetical £100 would accurate picture for investors by showing the return they would have achieved if they had been be worth if it was invested in the fund over the specifi ed time invested. Some funds have hefty charges, which act as a drag on their overall performance, and period. While investors are unlikely to hold just £100 in a fund, this is refl ected in the performance data. this approach can help to bring the performance to life more than The performance data in What Investment is produced by Morningstar, which is a global showing a percentage return. investment research fi rm. This data shows how funds have performed over six months, one year The performance is shown assuming that all income generated, and three years. It is sensible to look at performance over di erent time periods and by using such as dividends and interest, is reinvested. This puts income- these fi gures investors may be able to spot any short-term trends, which could act as a buying generating and growth funds on an equal footing and makes 54 What Investment | June 2021 opportunity,Unit trusts an indication | 1 to sell or a time to rebalance a portfolio. Rebalancing is where profi ts are total return comparisons much easier than by assuming income taken from funds which have performed well and reinvested in those which have under-performed. is paid out. Unit trusts

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 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARS Rnk Val TER YIELD Rnk FUND 6Val MONTHS Rnk Val 1 YEAR Rnk Val 3 YEARS Rnk Val 5 YEARS Rnk Val 10 YEARS Rnk TER YIELD £££££%% £££££%% FTSE 100Test 127 - 122 - 104 - 136 - 168 ---Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 125 13 144 28 161 6 241 15 - - - 0.49 FTSE All ShareTest 128 - 126 - 108 - 140 - 181 ---Quilter Investors Asia Pac U2 (GBP) Acc 121 40 145 25 ------1.12 Robeco Asian Stars Equities F £ 121 36 147 19 127 74 - - - - 0.96 - (IA) ASIA PACIFIC EXCLUDING JAPAN Royal London Asia Pac ex Jpn Tracker Z 127 9 143 36 136 38 200 54 205 49 1.05 1.93 AB Asia Ex-Japan Eq I GBP Acc 124 15 131 87 116 101 - - - - 1.22 - Santander Pacific Basin (Ex Jpn) Eqs A 115 77 135 76 128 67 200 53 221 32 1.05 1.72 Allianz Total Return Asian Equity C Inc 111 106 152 9 164 5 242 12 274 10 1.01 0.67 Schroder Asian Alpha Plus Z Acc 117 61 145 27 145 19 247 11 303 4 0.96 - Alquity Asia USD Y 118 50 141 44 111 105 - - - - 1.90 - Schroder Asian Income Maximiser Z Acc 116 73 124 107 115 102 161 97 206 48 0.96 6.53 AS SICAV I Asia Pac Eq X Acc GBP 117 64 138 58 138 29 205 41 213 43 1.27 - Schroder Asian Income Z Acc 124 16 139 55 130 59 191 65 261 15 0.95 2.94 AS SICAV I Asn Smllr Coms X Acc GBP 117 63 129 99 118 95 153 100 190 62 1.41 - Schroder Institutional Pacific I Acc 128 4 138 57 136 36 195 58 223 31 0.51 1.91 ASI (SLI) Asian Pacific Grth Eq P1 Acc 115 82 140 49 138 30 206 40 241 22 - 0.98 Scottish Widows Pacific Growth A 111 105 127 103 121 92 186 74 181 70 1.65 1.09 ASI Asia Pacific Equity Enh Index B Acc 115 83 137 63 130 60 204 46 - - - 1.77 SLI Pacific Basin Trust 115 81 136 69 132 52 203 48 213 42 0.86 1.52 ASI Asia Pacific Equity I Acc 117 60 139 53 138 33 206 39 217 36 1.12 0.71 SttStrt AUTAPACExJPNScrn(exCont&CW)IdxEq 127 11 142 40 127 73 185 75 196 56 0.90 - AXA Rosenberg Asia Pacific ex Japan Z 118 51 136 67 122 90 190 66 197 55 1.09 1.64 SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 115 78 134 78 144 22 227 23 265 12 - 0.15 Baillie Gifford Pacific B Acc 121 39 174 1 193 1 331 1 430 1 0.79 - T. Rowe Price Asian ex-Jap Eq Q GBP 114 86 136 68 148 16 225 25 256 17 0.92 - Barings ASEAN Frontiers I GBP Acc 117 58 143 34 123 78 175 82 195 57 1.00 - T. Rowe Price Asian Opp Eq CAccGBP 114 87 136 70 151 13------Barings Eastern I GBP Inc 117 59 157 4 158 9 259 6 297 5 1.02 - T. Rowe Price Asian Opp Eq Q GBP 115 79 136 71 151 12 241 13 - - 0.92 - BGF Asian Dragon D2 115 84 132 85 128 68 205 44 242 21 1.09 - Templeton Asian Growth W(acc)GBP 112 104 139 52 132 48 204 45 174 73 1.25 - BlackRock Asia D Acc GBP 116 68 131 90 129 62 208 33 - - - - Threadneedle Asia Z Acc GBP 117 62 141 43 145 20 232 20 255 18 0.91 - BlackRock Asia Special Situations D Acc 119 48 141 45 129 63 206 37 - - - - TT Asia-Pacific Equity H GBP 130 2 156 7 138 32 248 10 249 19 1.11 - BMO Asia Pacific Equity 2 Acc 109 111 123 112 127 70 192 61 198 54 1.10 0.78 Vanguard FTSE Dev AsiaPac exJpnETFUSDAcc 127 10 143 38------BNY Mellon Asian Income Instl W Acc 121 35 127 102 130 61 166 94 225 28 0.83 2.93 Vanguard Pac exJpn Stk Idx £ Acc 123 24 131 92 123 81 169 88 188 64 0.30 2.49 BNY Mellon Oriental Inst W Acc 113 95 157 5 170 2 241 14 217 37 - 0.28 Veritas Asian A GBP Inc 114 90 152 10 167 4 272 3 345 2 1.16 - Comgest Growth Asia ex Japan EUR I Acc 106 116 123 110 118 98 188 67 - - 1.16 - Veritas Asian A GBP Inc 114 90 152 10 167 4 272 3 345 2 1.16 - Comgest Growth Asia Pac ex Jpn GBP U Acc 106 114 123 111 117 100 187 70 240 23 1.11 - VT Halo Global Asian Cnsmr B £ Net Acc 112 99 135 72 118 97 174 83 - - - - Federated Hermes Asia exJpn Eq F GBP Acc 126 12 142 39 126 75 199 55 - - 0.85 - Waverton Asia Pacific A USD 118 49 159 3 139 28 207 35 211 45 1.51 - Fidelity Asia Pacific Opps W GBP Acc 125 14 143 37 169 3 255 7 - - - 0.51 Wellington Asian Opps N Uhdg GBP Acc 117 57 146 23 ------1.24 - Fidelity Asia W Acc 113 93 137 62 141 24 238 17 263 14 - - Xtrackers MSCI Pacific ex Japan ETF 1C 123 26 130 96 122 87 167 92 187 66 0.43 - Fidelity Asian Dividend W Inc 118 52 122 113 127 71 188 68 - - - 3.63 Xtrackers S&P ASX 200 ETF 1D 123 19 140 48 131 53 170 86 179 72 0.50 2.24 Fidelity Asian Special Sits A-Dis-GBP 116 71 137 65 131 56 209 31 244 20 1.92 - Average/Total 118 118 138 117 134 107 205 102 227 76 1.02 1.86 Fidelity Emerging Asia W-Acc-GBP 106 115 126 104 123 79 196 57 224 30 1.09 - Fidelity Index Pacific ex Japan P Acc 122 31 129 97 122 86 168 89 - - - 2.21 Fidelity Instl Pacific ex Japan Acc 116 69 121 114 111 104 153 101 183 68 0.90 2.14 (IA) ASIA PACIFIC INCLUDING JAPAN Fidelity Instl South East Asia Acc 110 109 126 105 129 66 199 56 231 24 0.94 1.13 Fidelity Sustainable Asia Eq W-Acc-GBP 115 76 140 46 143 23 233 19 228 25 1.07 - ASI Asia Pacific and Japan Eq I Acc 111 5 129 7 134 4 194 5 224 7 - 0.77 Fidelity Sustainable Asia Equity W Acc 116 70 140 47 144 21 230 21 - - - - Baillie Gifford Developed Asia Pac B Acc 110 7 136 3 138 3 208 2 300 1 0.73 0.90 Franklin LibertyQ AC Asia ex Japan ETF 113 94 117 115 ------0.40 - Invesco Pacific UK Z Acc 120 2 137 2 127 6 204 3 276 3 - 1.21 FSSA Asia All-Cap B GBP Acc 113 98 131 89 125 76 182 78 - - - 0.86 iShares Asia Pacific Div ETF USD Dist 121 1 120 9 101 9 128 8 155 8 0.59 2.73 FSSA Asia Focus B GBP Acc 112 102 129 98 136 35 205 42 268 11 - 0.93 JPM Pacific Equity A (dist) GBP 110 6 135 4 148 2 232 1 286 2 1.80 0.03 GAM Multistock Asia Focus Equity GBP R 116 67 139 51 ------1.17 - Matthews Asia Dividend Fund I GBP Acc 106 8 134 6 124 7 180 6 262 5 1.23 - GAM Star Asian Equity Instl GBP Acc 120 44 148 17 148 15 222 26 206 47 1.43 - Stewart Inv APAC and Jpn Sstby B GBP Acc 112 4 134 5 116 8 159 7 242 6 1.04 1.28 GlobalAccess Asia Pac (ex-Jpn)M Acc GBPH 129 3 157 6 128 69 186 72 - - - 0.67 SVS BambuBlack Asia Inc&Gr B 102 9 125 8 132 5 198 4 274 4 - 1.37 GS Asia Equity R Acc USD 115 80 144 29 148 17 240 16 264 13 1.10 - TM Cerno Pacific B Acc 118 3 161 1 188 1 - - - - - 0.02 Guinness Asian Equity Income Y GBP Dist 122 34 132 82 123 83 186 73 - - 0.99 3.17 Average/Total 112 9 135 9 134 9 188 8 253 8 1.08 1.04 Guinness Best of Asia Y GBP Acc 123 21 151 12 135 41 - - - - 0.99 - Halifax Far Eastern C 112 101 128 100 121 91 187 69 191 61 1.57 1.15 HSBC MSCI AC FAR EAST ex JAPAN ETF 113 92 135 75 130 58 208 34 - - 0.45 - HSBC MSCI EM Far East ETF 113 97 137 64 133 46 217 27 219 33 0.60 - (IA) CHINA/GREATER CHINA HSBC MSCI Pacific ex Japan ETF 123 27 131 95 122 85 168 91 184 67 0.15 2.32 AB SICAV I China A Shares Eq I GBP Acc 109 17 128 33 ------1.19 - HSBC Pacific Index Accumulation C 128 8 143 31 136 37 201 50 212 44 0.31 2.30 Allianz All China Equity WT GBP 108 21 146 7 ------0.93 - InvescoThe performance Asia Consumer is Demand also shown A USD SD on a bid-to-bid104 117 127 basis. 101 127Funds72 can200 either51 218 be single34 2.01 or dual 0.08 priced.Allianz China A-Shares EquityA single C priced fund109 is 16usually145 bought9 203 and1 336sold at2 the493 same1-- price, Invesco Asian Equity Inc UK Z Acc 118 55 137 61 131 57 184 77 218 35 - 2.62 AQR China A Equity UCITS IDG4F 109 19 126 35 ------0.60 1.07 InvescoDual Asian priced UK Z fundsAcc have two prices;124 the 17price147 at 18which132 the49 fund230 units22 277 are bought,9 - called 1.26 ASthe SICAV o er I All China Equitywhich X Acc reflGBP ects the107 mid-point24 136 of21 the148 buying15 223 and 23selling225 price19 1.23 of the - iShares Core MSCI Pac ex-Jpn ETF USD Acc 123 23 133 81 123 80 170 87 190 63 0.20 - ASI China A Share Equity I 110 15 146 8 ------0.38 iSharesprice, MSCIand theAC Far price East atexJpn which ETF $they Dis are113 sold,96 called134 the77 129bid price.64 205 The43 o215 er price41 0.74is higher - thanASSII-SLI the China Eqs A Accfund’s GBP assets. 105 36 124 44 120 40 202 33 219 21 2.06 - iShares MSCI AC FarEast exJpn SC ETF$Dis 128 7 156 8 131 54 181 79 191 60 0.74 1.71 Baillie Gifford China B Acc 106 28 150 4 171 6 321 4 373 3 1.13 0.58 iSharesbid price, MSCI with EM Asia the ETF di USD erence Acc e ectively112 being 100 137 an initial60 131 charge55 209 which32 210new 46investors 0.65 pay. - Barings China A Share A USD Acc 108 20 152 3 179 4 253 13 397 2 1.94 - iShares MSCI Pacific ex-Jpn ETF USD Dist 123 30 132 83 122 89 166 93 182 69 0.60 2.35 Barings Hong Kong China I GBP Acc 111 12 144 10 161 9 264 9 261 14 1.00 - iSharesBy Pacificshowing ex Jpn performance Eq Idx (UK) D Accdata on a128 bid-to-bid5 144 basis,30 137 it is34 assumed202 49 that216 there39 0.19 is no 2.43 initialComgest charge Growth China GBP U Acc 108 22 128 32 126 34 216 30 278 10 1.35 - Janus Henderson Asian Div Inc UT I Acc 116 75 115 116 112 103 161 98 201 51 1.11 6.92 Fidelity China Consumer W Acc 106 33 132 26 147 16 249 14 - - - 0.05 Janusand, Hendersonwhile this AsiaPac may not Cptl beGr Irealistic Acc for111 new 107 investors, 135 73 135 it does40 provide214 28 a227 fair26 comparison 1.08 0.56 betweenFidelity China Focus Y-Dis-GBP 109 18 109 51 104 44 178 39 217 23 1.06 - Janus Henderson Instl APexJpn IdOpp IAcc 130 1 147 20 140 26 206 38 216 38 0.83 2.82 Franklin FTSE China UCITS ETF 100 47 126 39 ------0.19 - JOHCMsingle Asia and ex-Japan dual priced A GBP funds. Inc 114 88 143 32 141 25 194 59 - - 1.10 - FSSA All China B USD Acc 106 32 142 12 171 5------JOHCM Asia ex-Japan Sm & Md-Cp A £ I 120 42 141 41 139 27 163 96 - - 1.40 0.01 FSSA Greater China Growth B GBP Acc 114 6 139 13 155 11 258 10 345 6 1.06 - JPMSo, Asia by Growth showing C Net Accperformance over 114di erent89 143 timescales,35 158 with8 280 charges2 287 included6 0.93 and income - GAM Multistock China Evolution Eq GBP R 113 7 138 15 146 18 330 3 - - 1.05 - JPM Asia Pacific Equity C Acc 119 45 146 24 ------1.00 GAM Star China Equity Instl GBP Acc 101 46 121 48 123 38 197 35 222 20 1.08 0.62 Jupiterreinvested, Asia Pac using Inc L GBP bid-to-bid Q Inc pricing, investors123 25 131 will 94have132 information51 171 85 on192 a like-for-like59 1.72 3.14 basisGS on China which Opportunity Equity R Inc GBP 105 37 138 16 148 13 257 12 264 13 1.15 0.15 Jupiter Asian I Acc 116 65 139 54 125 77 176 81 199 52 - - Guinness Best of China X GBP Acc 119 2 135 23 129 30 221 26 - - 1.24 - Jupiterto compare Asian Income all investment I GBP Acc funds. 123 18 132 86 135 43 184 76 - - - 2.95 HSBC GIF Chinese Equity AD 101 45 130 29 132 28 222 24 231 16 1.91 - Jupiter Merian Asia Pacific I GBP Acc 120 41 145 26 134 45 235 18 305 3 1.11 0.91 HSBC MSCI China A Inclusion ETF 107 25 136 19 ------0.30 0.84 Jupiter Pacific Equity Fund I GBP Acc 121 38 147 22 133 47 204 47 225 27 1.20 - HSBC MSCI China ETF 99 51 124 47 126 33 220 27 226 18 0.60 0.89 L&G Asia Pacific ex Japan Equity ETF 123 22 131 88 ------0.10 - Invesco China Equity Fund UK Z Acc 103 41 125 42 143 21 225 22 311 8-- L&G Asian Income I Acc 122 33 123 109 108 106 157 99 198 53 - 3.49 Invesco PRC Equity A USD AD 100 50 125 40 119 41 201 34 210 24 2.19 - L&G Pacific Index I Acc 128 6 143 33 136 39 200 52 215 40 0.38 2.11 iShares China Large Cap ETF USD Dist 100 49 109 52 104 43 165 43 159 29 0.49 2.43 Legg Mason IF MC Asia Uncons A Acc £ 107 112 125 106 ------iShares MSCI China A ETF USD Acc 107 27 136 22 148 14 191 37 - - 0.40 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 107 113 124 108 118 96 174 84 - - 1.20 - Janus Henderson China Opps I Acc 104 39 126 38 128 32 231 17 264 12 1.09 0.89 LF Canlife Asia Pacific C Acc 116 66 139 50 138 31 213 30 181 71 0.89 1.13 Janus Henderson Hrzn Opps CHN A2 USD 102 42 126 36 122 39 213 31 219 22 1.95 - Liontrust Asia Income I Inc 123 28 138 59 129 65 191 63 - - 1.25 3.52 JPM Greater China A (dist) USD 115 4 152 2 184 3 313 5 352 4 1.78 - M&G Asian GBP I Acc 120 43 136 66 122 88 177 80 201 50 0.95 1.49 Jupiter China Equity Fund U1 GBP Acc 107 23 128 31 137 24 226 19 - - 1.13 - 053_WI_0721.inddMan GLG Asia 53 (ex Japan) Eq Prfsnl C £Acc 115 85------Jupiter China I Acc 113 8 119 49 99 45 149 44 156 30 1.0217/06/2021 1.41 11:54 Marlborough Far East Growth P Inc 119 47 133 80 117 99 192 62 187 65 - - L&GE Fund MSCI China A ETF 106 31 132 27 137 25 168 41 - - 0.88 - Matthews Asia Ex Japan Div I GBP Acc 118 54 151 11 160 7 267 4 - - 1.25 - Liontrust China C Acc GBP 106 30 131 28 129 31 219 29 199 26 1.09 - Matthews Asia Small Coms I GBP Acc 121 37 149 16 151 14 214 29 - - 1.50 - Lyxor Hwabao WP MSCI China A DR ETF Acc 107 26 136 20 142 22 173 40 - - 0.35 - Matthews Pacific Tiger Fund I GBP Acc 113 91 141 42 135 42 194 60 258 16 1.12 - Matthews China Dividend Fund I USD Acc 111 13 126 37 132 27 211 32 - - 1.25 - Merian Asian Equity Income I GBP Acc 119 46 138 56 123 82 191 64 158 74 1.18 - Matthews China Fund I GBP Acc 106 29 136 18 150 12 286 7 266 11 1.25 - MFS Meridian Asia Ex-Japan W1 USD 109 110 135 74 134 44 207 36 224 29 1.00 - Matthews China Small Coms Fd I USD Acc 115 3 139 14 193 2 344 1 - - 1.50 - Mirabaud Equities Asia ex Japan A USD 116 72 131 91 120 93 187 71 193 58 2.33 - Neuberger Berman China Eq USD I Acc 110 14 128 34 133 26 257 11 335 7 1.26 - Natixis Pacific Rim Equity R/A USD 122 32 134 79 118 94 165 95 136 75 1.80 - New Capital China Eq GBP Ord Acc 121 1 168 1 161 10 221 25 - - 1.30 - New Capital Asia Future Ldrs USD InstAcc 118 53 164 2 ------1.03 - Nomura Fds China I USD 103 40 124 43 125 37 193 36 187 27 1.18 - Ninety One Asia Pacific Franchise I Acc£ 111 108 132 84 145 18 249 9 280 8 1.00 - Pictet-China Equities I GBP 111 11 143 11 167 7 276 8 300 9 1.03 - Nomura Fds Asia ex Japan High Cnv I USD 112 103 150 13 153 10 261 5 - - 1.15 - © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Pictet-Asian Equities Ex Japan I USD 118 56 150 14 151 11 251 8 281 7 1.04 - 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. Pictet-Pacific Ex Japan Index I GBP 123 29 131 93 123 84 168 90 - - 0.29 - Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Polar Capital Asian Stars I Acc 116 74 150 15 ------1.55 - guarantee of future results. Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 123 20 147 21 132 50 227 24 - - - 1.16

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054-078_WI_0621.indd 54 13/05/2021 15:17 54 Unit trusts | 1 What Investment | July 2021

Unit trusts All data as at 31 May 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND 6V MONTHSal Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARS Rnk TER YIELD £££££%% £££££%% FTSE 100 114 - 119 - 103 - 137 - 172 ---Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 114 9 147 8 159 4 242 11 - - - - FTSE All Share 115 - 123 - 106 - 141 - 184 ---Quilter Investors Asia Pac U2 (GBP) Acc 112 25 140 29 126 50------Robeco Asian Stars Equities F £ 113 13 141 26 125 55 197 56 - - 0.93 - (IA) ASIA PACIFIC EXCLUDING JAPAN Royal London Asia Pac ex Jpn Tracker Z 112 22 136 46 131 37 200 52 205 48 1.05 1.97 AB Asia Ex-Japan Eq I GBP Acc 112 18 132 70 112 103 - - - - 1.22 - Santander Pacific Basin (Ex Jpn) Eqs A 108 62 132 68 123 70 199 54 219 32 1.05 1.76 Allianz Total Return Asian Equity C Inc 105 102 143 15 151 8 236 14 266 12 1.01 0.74 Schroder Asian Alpha Plus Z Acc 109 54 141 25 137 22 246 9 298 4 0.96 0.77 Alquity Asia USD Y 113 15 137 43 114 100 - - - - 1.90 - Schroder Asian Income Maximiser Z Acc 106 91 121 109 111 105 161 100 204 49 0.96 6.63 AS SICAV I Asia Pac Eq X Acc GBP 109 56 137 40 137 23 207 33 214 39 1.27 - Schroder Asian Income Z Acc 111 29 135 51 125 59 190 65 258 14 0.95 - AS SICAV I Asn Smllr Coms X Acc GBP 111 35 126 99 118 83 161 99 191 59 1.41 - Schroder Institutional Pacific I Acc 117 5 136 45 132 30 198 55 229 25 0.51 1.89 ASI (SLI) Asian Pacific Grth Eq P1 Acc 107 77 135 50 130 40 207 32 246 20 - 0.99 Scottish Widows Pacific Growth A 106 93 124 104 115 95 185 72 181 72 1.65 1.11 ASI Asia Pacific Equity Enh Index B Acc 108 59 133 65 125 62 203 44 - - - 1.80 SLI Pacific Basin Trust 107 83 134 54 125 60 206 34 217 33 0.86 1.53 ASI Asia Pacific Equity I Acc 108 64 136 48 135 26 206 35 216 36 1.12 0.72 SttStrt AUTAPACExJPNScrn(exCont&CW)IdxEq 112 23 137 42 123 69 187 69 198 52 0.90 - AXA Rosenberg Asia Pacific ex Japan Z 112 27 134 55 116 94 188 66 195 55 1.09 - SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 107 73 129 84 139 16 225 22 269 11 - 0.15 Baillie Gifford Pacific B Acc 109 52 160 1 182 1 321 1 423 1 0.79 0.32 T. Rowe Price Asian ex-Jap Eq Q GBP 107 71 134 56 140 15 222 25 253 17 0.92 - Barings ASEAN Frontiers I GBP Acc 107 76 127 97 122 73 176 83 194 57 1.00 - T. Rowe Price Asian Opp Eq CAccGBP 105 100 133 62 143 13------Barings Eastern I GBP Inc 111 36 152 4 152 7 260 5 292 5 1.02 0.35 T. Rowe Price Asian Opp Eq Q GBP 106 90 133 61 143 14 237 13 - - 0.92 - BGF Asian Dragon D2 107 78 129 80 124 64 203 45 242 21 1.09 - TB Guinness Asian Equity Inc Y GBP Inc 109 57 126 100 115 96 178 81 - - - 3.68 BlackRock Asia D Acc GBP 108 68 130 76 125 58 208 30 - - - 0.74 Templeton Asian Growth W(acc)GBP 105 104 133 63 126 54 205 37 171 73 1.25 - BlackRock Asia Special Situations D Acc 106 87 134 60 123 66 200 53 - - - 0.80 Threadneedle Asia Z Acc GBP 106 96 135 52 136 25 226 21 250 18 0.91 0.81 BMO Asia Pacific Equity 2 Acc 105 98 123 108 121 75 194 60 201 50 1.10 0.77 TT Asia-Pacific Equity H GBP 118 3 151 5 132 31 237 12 248 19 1.11 - BNY Mellon Asian Income Instl W Acc 106 92 125 102 124 63 162 98 220 31 0.83 3.18 Vanguard FTSE Dev AsiaPac exJpnETFUSDAcc 112 20 137 39------BNY Mellon Oriental Inst W Acc 104 113 148 6 157 5 231 18 214 40 - 0.29 Vanguard Pac exJpn Stk Idx £ Acc 110 45 128 93 118 82 171 90 191 62 0.30 2.50 Comgest Growth Asia ex Japan EUR I Acc 99 118 119 113 115 97 185 73 - - 1.16 - Veritas Asian A GBP Inc 108 70 143 13 153 6 261 4 347 2 1.16 - Comgest Growth Asia Pac ex Jpn GBP U Acc 100 117 119 112 115 98 183 75 241 22 1.11 - Veritas Asian A GBP Inc 108 70 143 13 153 6 261 4 347 2 1.16 - Federated Hermes Asia exJpn Eq F GBP Acc 118 2 141 22 116 92 202 48 - - 0.85 - VT Halo Global Asian Cnsmr B £ Net Acc 104 107 131 73 113 101 175 86 - - - 1.23 Fidelity As Pacific Opps W GBP Acc 114 8 146 9 160 2 254 6-- - -Waverton Asia Pacific A USD 106 88 147 7 131 39 201 50 206 45 1.51 0.63 Fidelity Asia W Acc 107 81 137 44 135 28 234 15 261 13 - 0.43 Wellington Asian Opps N Uhdg GBP Acc 108 69 138 37 ------1.24 - Fidelity Asian Dividend W Inc 107 75 124 106 123 65 186 71 - - - - Xtrackers MSCI Pacific ex Japan ETF 1C 110 39 128 90 118 86 170 94 191 60 0.43 - Fidelity Asian Special Sits A-Dis-GBP 109 53 136 49 126 49 205 40 241 23 1.92 0.24 Xtrackers S&P ASX 200 ETF 1D 110 44 130 79 125 57 173 88 186 69 0.50 2.18 Fidelity Emerging Asia W-Acc-GBP 105 106 125 101 121 76 195 59 228 26 1.09 - Average/Total 109 119 134 117 128 109 203 104 226 76 1.02 1.52 Fidelity Index Pacific ex Japan P Acc 111 34 129 82 119 78 174 87 - - - 2.19 Fidelity Instl Pacific ex Japan Acc 106 85 120 111 108 107 157 103 190 63 0.90 2.13 Fidelity Instl South East Asia Acc 105 105 125 103 123 68 196 57 231 24 0.94 1.15 (IA) ASIA PACIFIC INCLUDING JAPAN Fidelity Sustainable Asia Eq W-Acc-GBP 110 49 138 36 137 24 229 19 227 27 1.07 - Fidelity Sustainable Asia Equity W Acc 108 60 138 34 138 18 228 20 - - - 0.45 ASI Asia Pacific and Japan Eq I Acc 102 6 124 6 131 4 195 4 222 7 - 0.78 Franklin LibertyQ AC Asia ex Japan ETF 107 79 117 115 ------0.40 - Baillie Gifford Developed As Pac B Acc 99 8 122 7 131 3 198 3 297 1 0.73 2.41 FSSA Asia All-Cap B GBP Acc 107 80 132 67 122 72 183 74 - - - 0.85 Invesco Pacific UK Z Acc 108 3 131 3 124 5 199 2 275 3 - 1.23 FSSA Asia Focus B GBP Acc 106 95 129 81 132 35 205 36 271 10 - 0.92 iShares Asia Pacific Div ETF USD Dist 108 1 116 8 98 9 131 8 153 8 0.59 2.66 GAM Multistock Asia Focus Equity GBP R 108 63 138 35 ------1.17 - JPM Pacific Equity A (dist) GBP 106 5 131 2 140 2 234 1 289 2 1.80 0.03 GAM Star Asian Equity Instl GBP Acc 111 31 144 12 138 19 222 24 206 46 1.43 - Matthews Asia Dividend Fund I GBP Acc 101 7 128 5 122 7 181 6 263 5 1.23 - GlobalAccess Asia Pac (ex-Jpn)M Acc GBPH 117 4 155 2 125 56 188 67 - - - - Stewart Inv APAC and Jpn Sstby B GBP Acc 107 4 131 4 118 8 161 7 242 6 1.04 1.28 GS Asia Equity R Acc USD 105 99 137 41 138 20 232 17 257 16 1.10 - SVS BambuBlack Asia Inc&Gr B 96 9 115 9 124 6 194 5 270 4 - 1.40 Guinness Asian Equity Income Y GBP Dist 111 28 129 85 118 81 182 76 - - 0.99 - TM Cerno Pacific B Acc 108 2 148 1 180 1 - - - - - 0.02 Guinness Best of Asia Y GBP Acc 112 17 143 16 128 45 - - - - 0.99 - Average/Total 104 9 127 9 130 9 187 8 251 8 1.08 1.23 Halifax Far Eastern C 106 94 124 105 116 93 187 70 191 61 1.57 1.17 HSBC MSCI AC FAR EAST ex JAPAN ETF 104 108 129 87 123 67 204 42 - - 0.45 - HSBC MSCI EM Far East ETF 104 114 130 78 126 53 212 29 212 42 0.60 1.06 HSBC MSCI Pacific ex Japan ETF 110 40 128 89 118 84 170 91 188 65 0.15 2.26 (IA) CHINA/GREATER CHINA HSBC Pacific Index Accumulation C 113 14 139 33 132 32 202 47 214 38 0.31 2.19 AB SICAV I China A Shares Eq I GBP Acc 106 20 133 23 ------1.19 - Invesco Asia Consumer Demand A USD SD 101 116 117 114 117 89 194 62 207 43 2.01 0.08 Allianz All China Equity WT GBP 109 13 145 7 ------0.93 - Invesco Asian Equity Inc UK Z Acc 106 97 134 57 127 48 181 77 214 41 - 2.67 Allianz China A-Shares Equity C 110 9 146 5 195 1 307 4 533 1-- Invesco Asian UK Z Acc 110 47 141 21 130 41 222 26 271 9--AQR China A Equity UCITS IDG4F 110 10 132 24 ------0.60 - iShares Core MSCI Pac ex-Jpn ETF USD Acc 111 38 129 88 118 79 172 89 194 56 0.20 - AS SICAV I All China Equity X Acc GBP 108 15 138 11 143 14 229 19 224 17 1.23 - iShares MSCI AC Far East exJpn ETF $ Dis 104 109 128 92 122 74 201 51 207 44 0.74 1.15 ASI China A Share Equity I 112 3 150 2------iShares MSCI AC FarEast exJpn SC ETF$Dis 113 12 142 17 120 77 177 82 183 70 0.74 1.77 ASSII-SLI China Eqs A Acc GBP 103 31 123 36 114 38 205 32 220 18 2.06 - iShares MSCI EM Asia ETF USD Acc 105 103 130 74 125 61 205 38 205 47 0.65 - Baillie Gifford China B Acc 105 26 143 9 159 5 314 3 370 3 1.13 - iShares MSCI Pacific ex-Jpn ETF USD Dist 110 43 128 91 117 90 169 96 186 68 0.60 2.29 Barings China A Share A USD Acc 108 14 149 3 169 3 262 9 425 2 1.94 - iShares Pacific ex Jpn Eq Idx (UK) D Acc 113 10 139 32 133 29 204 41 217 35 0.19 2.47 Barings Hong Kong China I GBP Acc 102 32 139 10 149 9 259 10 253 15 1.00 - Janus Henderson Asian Div Inc UT I Acc 105 101 112 116 108 106 158 102 198 51 1.11 6.98 Comgest Growth China GBP U Acc 103 30 123 40 118 31 211 31 268 11 1.35 - Janus Henderson AsiaPac Cptl Gr I Acc 104 110 132 72 130 42 204 43 223 28 1.08 0.58 Fidelity China Consumer W Acc 101 37 128 30 133 22 240 15 - - - - Janus Henderson Instl APexJpn IdOpp IAcc 115 6 141 23 135 27 207 31 217 34 0.83 3.05 Fidelity China Focus Y-Dis-GBP 102 33 111 50 97 44 175 41 209 23 1.06 - JOHCM Asia ex-Japan A GBP Inc 112 19 142 19 145 11 196 58 - - 1.10 - Franklin FTSE China UCITS ETF 97 47 119 45 ------0.19 - JOHCM Asia ex-Japan Sm & Md-Cp A £ I 115 7 132 71 131 36 170 95 - - 1.40 0.01 FSSA All China B USD Acc 102 35 133 22 156 6------JPM Asia Growth C Net Acc 108 66 140 31 151 9 275 2 284 6 0.93 0.48 FSSA Greater China Growth B GBP Acc 109 12 138 13 146 12 258 11 337 6 1.06 1.09 JPM Asia Pacific Equity C Acc 110 42 142 18 ------1.02 GAM Multistock China Evolution Eq GBP R 105 25 136 16 133 23 318 2 - - 1.05 - Jupiter Asia Pac Inc L GBP Q Inc 111 32 129 86 126 51 170 92 189 64 1.72 - GAM Star China Equity Instl GBP Acc 100 39 121 42 113 40 197 36 216 19 1.08 - Jupiter Asian I Acc 107 74 132 69 118 80 175 85 194 58 - 0.41 GS China Opportunity Equity R Inc GBP 102 36 132 25 140 18 256 12 262 12 1.15 - Jupiter Asian Income I GBP Acc 111 37 129 83 128 44 181 78 - - - - Guinness Best of China X GBP Acc 112 2 130 26 118 32 213 27 - - 1.24 - Jupiter Merian Asia Pacific I GBP Acc 112 26 140 30 126 52 232 16 305 3 1.11 - HSBC GIF Chinese Equity AD 100 38 125 33 122 28 219 23 227 16 1.91 - Jupiter Pacific Equity Fund I GBP Acc 112 21 141 20 127 46 205 39 222 29 1.20 - HSBC MSCI China A Inclusion ETF 107 16 138 12 ------0.30 - L&G Asia Pacific ex Japan Equity ETF 110 48 127 98 ------0.10 - HSBC MSCI China ETF 97 48 118 47 115 35 213 28 216 20 0.60 - L&G Asian Income I Acc 108 67 121 110 104 108 159 101 197 54 - - Invesco China Equity Fund UK Z Acc 97 46 113 49 124 25 216 25 291 8-- L&G Pacific Index I Acc 113 11 138 38 132 34 201 49 215 37 0.38 2.16 Invesco PRC Equity A USD AD 96 50 123 38 111 41 197 35 201 24 2.19 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 104 111 123 107 117 91 176 84 - - 1.20 0.52 iShares China Large Cap ETF USD Dist 93 52 105 52 99 43 160 43 150 30 0.49 - LF Canlife Asia Pacific C Acc 108 65 133 66 131 38 216 28 182 71 0.89 1.15 iShares MSCI China A ETF USD Acc 107 18 138 15 146 11 199 34 - - 0.40 - Liontrust Asia Income I Inc 109 50 134 59 122 71 187 68 - - 1.25 3.67 Janus Henderson China Opps I Acc 99 42 124 35 119 30 224 21 260 13 1.09 - M&G Asian GBP I Acc 108 61 134 58 118 85 178 80 198 53 0.95 - Janus Henderson Hrzn Opps CHN A2 USD 98 45 123 37 113 39 205 33 214 22 1.95 - Man GLG Asia (ex Japan) Eq Prfsnl C £Acc 106 86------JPM Greater China A (dist) USD 111 6 146 4 170 2 307 5 342 5 1.78 0.01 Marlborough Far East Growth P Inc 112 24 133 64 114 99 192 63 188 66 - - Jupiter China Equity Fund U1 GBP Acc 104 27 126 31 125 24 224 20 - - 1.15 - Matthews Asia Ex Jap Div I GBP Acc 112 16 143 14 160 3 269 3 - - 1.25 - Jupiter China I Acc 106 24 118 46 91 45 150 44 155 28 1.02 1.46 Matthews Asia Small Coms I GBP Acc 119 1 146 10 146 10 223 23 - - 1.50 - L&GE Fund MSCI China A ETF 106 21 135 17 137 19 175 40 - - 0.88 - Matthews Pacific Tiger Fund I GBP Acc 108 58 140 27 132 33 194 61 257 15 1.12 - Liontrust China C Acc GBP 102 34 125 34 117 33 212 30 194 26 1.09 - Merian Asian Equity Income I GBP Acc 111 33 134 53 118 87 191 64 155 74 1.18 - Lyxor Hwabao WP MSCI China A DR ETF Acc 107 17 138 14 142 16 180 39 - - 0.35 - MFS Meridian Asia Ex-Japan W1 USD 104 112 130 77 127 47 202 46 221 30 1.00 - Matthews China Dividend Fund I USD Acc 110 8 125 32 124 26 214 26 - - 1.25 - Mirabaud Equities Asia ex Japan A USD 103 115 127 96 111 104 181 79 187 67 2.33 - Matthews China Fund I GBP Acc 107 19 135 19 143 15 294 6 268 10 1.25 - Natixis Pacific Rim Equity R/A USD 110 41 130 75 112 102 167 97 137 75 1.80 - Matthews China Small Coms Fd I USD Acc 112 5 123 39 169 4 331 1 - - 1.50 - New Capital Asia Future Ldrs USD InstAcc 111 30 152 3 ------1.03 - Neuberger Berman China Eq USD I Acc 106 23 128 29 122 27 248 14 331 7 1.26 - Nikko AM Asia Ex-Japan D GBP Acc 107 72------New Capital China Eq GBP Ord Acc 121 1 169 1 155 7 233 18 - - 1.30 - Ninety One Asia Pacific Franchise I Acc£ 107 84 128 94 137 21 248 8 281 7 1.00 0.37 Nomura Fds China I USD 99 41 120 44 115 36 189 38 181 27 1.18 - Nomura Fds Asia ex Japan High Cnv I USD 106 89 146 11 145 12 253 7 - - 1.15 - © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Pictet-Asian Equities Ex Japan I USD 109 55 141 24 139 17 243 10 273 8 1.04 - 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. Pictet-Pacific Ex Japan Index I GBP 110 46 128 95 117 88 170 93 - - 0.29 - Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Polar Capital Asian Stars I Acc 107 82 136 47 ------1.55 - guarantee of future results. Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 109 51 140 28 129 43 217 27 - - - -

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054-078_WI_0721.indd 54 17/06/2021 11:55 Unit trusts | 2 What Investment | July 2021 55

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARS Rnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Pictet-China Equities I GBP 106 22 135 18 148 10 270 8 290 9 1.03 - Federated Hermes Eurp exUK Eq F GBP Acc 107 125 127 64 133 32 206 11 - - 0.89 - Polar Capital China stars I USD Acc 100 40 129 27 ------0.65 - Fidelity European W Acc 109 113 118 126 136 27 190 21 249 21 - 0.94 Quilter Investors China Eq U2 (GBP) Acc 98 44 122 41 116 34 219 24 - - - - Fidelity Index Europe ex UK P Acc 110 91 125 91 129 46 177 46 - - - 1.52 Schroder ISF Greater China C Acc USD 109 11 143 8 154 8 288 7 346 4 1.30 - Fidelity Sust European Equity W Acc 105 137 119 123 115 104 155 97 196 70 - 0.50 Templeton China W(acc)GBP 104 29 129 28 134 21 233 17 198 25 1.40 - First Trust Eurozone AlphaDEX® ETF A 113 36 130 48 111 113 172 67 - - 0.75 - Threadneedle China Opps Z Acc GBP 99 43 121 43 121 29 222 22 254 14 1.46 - FP Carmignac European Leaders A GBP Acc 105 133 122 118 ------0.31 Wells Fargo (Lux) WF China Eq Z GBP Acc 112 4 145 6 140 17 249 13 - - 1.07 - GAM Star Continental Eurp Eq Instl £ Acc 111 70 131 39 131 35 173 60 261 13 0.96 0.09 Xtrackers FTSE China 50 ETF 1C 93 51 106 51 100 42 161 42 152 29 0.60 - GlobalAccess Eurp ex-UK Alpha M Acc GBPH 117 13 137 17 137 21 154 102 ---- Xtrackers Harvest CSI300 ETF 1D 104 28 135 20 136 20 189 37 - - 0.65 - Guinness European Equity Income Y £ Inc 115 24 132 29 130 37 - - - - 0.99 - Xtrackers Harvest FTSE China A-H 50ETF1D 110 7 134 21 144 13 239 16 - - 0.65 - Halifax European C 110 83 124 99 123 81 170 70 208 59 1.53 0.62 Xtrackers MSCI China ETF 1C 96 49 118 48 115 37 213 29 216 21 0.65 - HL Multi-Manager European A Acc 110 92 126 76 132 33 182 30 - - - 0.03 Average/Total 104 52 130 52 132 45 230 44 260 30 1.10 0.85 HSBC EURO STOXX 50 ETF 114 28 131 34 127 56 173 57 191 73 0.05 1.81 HSBC European Growth Accumulation C 115 25 133 25 120 93 151 106 168 84 - - (IA) EUR CORPORATE BOND HSBC European Index Accumulation C 111 78 126 79 130 39 179 35 221 42 0.28 1.91 Amundi IS Euro Corporate SRI ETF DR-C 95 14 100 13 105 13 ------HSBC GIF Euroland Value AD 116 18 138 14 112 110 152 105 170 82 1.86 - Amundi IS Prime Euro Corporates ETF DR 95 15 100 11 ------1.40 Invesco European Equity Inc UK Z Acc 112 53 129 52 113 108 154 101 223 41 - - ASSII-Euro Cp Bd D Acc EUR 95 17 100 7 106 8 125 8 142 6 0.54 - Invesco European Equity UK Z Acc 113 37 134 24 112 112 154 103 218 48 - - Capital Group Euro Corp Bd (LUX) Z 95 19 100 8 106 6 127 5 146 4 0.60 - Invesco European Focus (UK) Z Acc 116 21 140 11 120 90 156 95 218 45 - - iShares Corp Bond 0-3yr ESG ETF Dist 96 3 97 22 99 17 113 15 - - 0.15 0.28 iShares Continen Eurp Eq Idx (UK) D Acc 111 79 125 83 130 42 178 42 216 49 0.17 1.66 iShares Corp Bond 1-5yr ETF EUR Dist 96 2 99 19 101 16 118 13 120 13 0.20 0.61 iShares Core EURO STOXX 50 ETF EUR Acc 114 31 131 37 127 61 173 58 194 71 0.10 - iShares Corp Bond ESG ETF EUR Dist 95 13 100 14 ------0.15 0.57 iShares Core EURO STOXX 50 ETF EUR Dist 114 29 131 36 127 60 173 55 190 76 0.10 2.05 iShares Corp Bond ex-Fncl ETF EUR Dist 95 20 100 12 105 10 124 10 134 10 0.20 - iShares Core MSCI EMU UCITS ETF EUR Acc 113 43 130 40 123 80 173 56 203 64 0.12 - iShares Corp Bond Lg Cp ETF EUR Dist 95 21 99 17 105 12 122 11 133 11 0.20 - iShares Euro Dividend ETF EUR Dist 116 16 139 12 105 120 144 110 166 85 0.40 2.91 iShares Covered Bond ETF EUR Dist 95 23 95 24 101 15 116 14 128 12 0.20 - iShares EURO STOXX Mid ETF EUR Dist 111 69 129 51 118 98 182 29 229 36 0.40 1.28 iShares Floating Rate Bond ETF EURDist 96 4 97 23 ------0.10 - iShares Euro Total Mkt Gr Lg ETF Dist 112 52 128 59 135 28 191 18 247 23 0.40 0.87 iShares Core Corp Bond ETF EUR Dist 95 11 100 10 105 9 124 9 135 9 0.20 - iShares MSCI EMU ESG Enh ETF EUR Dist 113 41 132 30 ------0.12 1.46 Janus Henderson Hrzn Euro Corp Bd H2 EUR 95 10 101 5 108 2 129 3 150 3 0.80 - iShares MSCI EMU ESG Scrn ETF EUR Acc 113 44 130 41 ------0.12 - JPM EUR Corp Bd 1-5yr Rsh Enh ETF EURAcc 96 5 98 20 ------0.19 - iShares MSCI EMU Large Cap ETF EUR Acc 113 33 131 38 125 68 174 54 - - 0.49 - JPM EUR Corporate Bd Rsh Enh ETF EUR Acc 95 16 99 15 ------0.19 - iShares MSCI EMU Mid Cap ETF EUR Acc 109 114 126 74 119 96 177 47 - - 0.49 - M&G European Corporate Bond GBP I Acc 95 18 99 16 105 11 125 7 139 7 0.65 - iShares MSCI Europe ex-UK ETF EUR Dist 111 58 126 68 130 41 175 50 212 54 0.40 1.27 MS INVF Euro Corporate Bond I 96 6 101 3 107 3 130 2 151 2 0.64 - Janus Henderson European Focus I Acc 112 50 129 56 136 23 184 28 283 10 - - PGIM European Corp Bond EUR I Acc 96 8 101 6 ------Janus Henderson European Gr I Acc 110 90 123 108 121 89 166 82 248 22 1.00 - Royal London European Corporate Bd Z Inc 95 24 99 18 106 7 126 6 - - - - Janus Henderson European Sel Opps I Acc 111 80 125 86 134 31 178 41 257 18 1.10 0.87 Schroder ISF EURO Corp Bd Z Acc EUR 96 1 103 1 111 1 136 1 153 1 0.56 - Janus Henderson Instl Eurp Idx Opp I Acc 111 67 126 80 128 48 176 48 218 46 0.79 1.76 T. Rowe Price Euro Corp Bd Q EUR 96 7 102 2 107 4 128 4 144 5 0.57 - JOHCM Continental European A GBP 113 34 130 42 127 52 171 68 244 24 0.84 - Vanguard Invm Grd Bd Idx Acc 95 22 98 21 104 14 122 12 137 8 0.25 - JPM Europe (ex-UK) Rsh Enh Idx Eq E Acc 109 110 124 102 ------Vanguard EUR Corp Bd ETF EUR Acc 95 12 100 9 ------JPM Europe C Net Acc 114 27 129 53 125 69 173 59 238 25 0.93 - Wells Fargo (Lux) WF EUR IGCrdt I EURAcc 95 9 101 4 106 5 - - - - 0.43 - JPM Europe Dynamic (ex-UK) C Net Acc 118 9 135 21 127 64 179 36 252 20 0.93 - Average/Total 95 24 99 24 105 17 124 15 139 13 0.36 0.72 Jupiter European I Acc 105 135 110 137 127 55 191 17 313 7 1.04 0.14 Jupiter European Income I Acc 106 130 116 131 107 118 144 111 190 75 - 2.79 (IA) EUR GOVERNMENT BOND Jupiter European Special Sits I Acc 106 132 116 132 118 99 155 98 207 60 1.05 - L&G Europe ex UK Equity ETF 111 62 126 70 ------0.10 - Amundi IS Prime Euro Govies ETF DR 93 13 96 10 ------1.72 L&G European Equity Income I Acc 115 23 137 15 120 94 ------iShares Govt Bond 1-3yr ETF EUR Acc 96 4 96 16 98 16 112 14 108 15 0.20 - L&G European I Acc 105 134 131 31 134 30 191 18 259 15 - - iShares Govt Bond 1-3yr ETF EUR Dist 96 5 96 17 98 15 112 15 109 14 0.20 - L&G European Index I Acc 110 84 125 93 128 50 175 49 215 50 0.31 1.47 iShares Govt Bond 10-15yr ETF EUR Dist 92 18 97 4 114 2 129 2 175 2 0.20 - Lazard European Alpha C Acc 109 109 123 107 123 78 164 84 - - - 0.91 iShares Govt Bond 15-30yr ETF EUR Dist 88 19 95 19 118 1 134 1 203 1 0.20 - Lazard European Equity C Acc GBP 111 74 125 84 124 72 165 83 - - 1.03 - iShares Govt Bond 3-5yr ETF EUR Dist 95 7 96 9 101 13 116 13 125 12 0.20 - Legg Mason IF MC Eurp Uncons X Acc £ 111 71 130 45 161 5 211 8 257 17 - 0.15 iShares Govt Bond 3-7yr ETF EUR Acc 95 8 96 6 103 12 117 12 131 11 0.20 - LF Canlife European C Acc 110 81 122 119 120 91 157 93 189 77 - 1.45 iShares Govt Bond 5-7yr ETF EUR Dist 95 9 97 5 105 11 120 11 133 10 0.20 - LF Lightman European R Acc 122 4 154 3 ------iShares Govt Bond 7-10yr ETF EUR Acc 93 11 96 8 108 6 124 7 161 3 0.20 - LF Montanaro European Income A GBP Acc 110 104 128 63 ------1.44 iShares Govt Bond 7-10yr ETF EUR Dist 93 10 96 7 108 5 124 6 156 4 0.20 0.01 Liontrust European Growth I Inc 122 3 150 4 143 12 204 12 267 12 1.02 0.45 iShares Inflat Lnkd GovtBd ETF EUR Acc 98 3 103 3 107 7 126 5 121 13 0.25 - Liontrust European Opports C Acc GBP 113 40 135 22 101 124 161 88 175 80 1.11 - iShares Core Govt Bond ETF EUR Dist 93 15 96 14 107 8 122 8 144 7 0.09 0.33 Liontrust Sust Fut Eurp Gr 2 Net Acc 108 118 124 103 139 16 186 24 261 14 0.79 - JPM BetaBuilders EUR Govt Bond ETFEURAcc 93 17 96 12 ------0.10 - Lyxor Core Europe Stoxx 50 DR ETF Acc 113 39 130 44 126 65 172 63 - - 0.07 - JPM BetaBuilders EURGovtBd1-3yrETFEURAcc 96 6 96 18 98 14 - - - - 0.10 - Lyxor Core MSCI EMU DR ETF D EUR 112 54 130 50 122 85 172 66 197 69 0.12 1.76 Lyxor Cr Govt Infl-Lnkd Bd (DR) ETFAcc 98 1 104 2 108 4 127 4 136 9 0.20 - Lyxor EURO STOXX 300 (DR) ETF D EUR 112 49 130 43 124 73 178 37 - - 0.07 1.75 Lyxor Euro Govt Bd (DR) ETF Acc 93 16 96 15 106 10 121 10 144 6 0.14 - Lyxor MSCI EMU ESG Trend Ldrs(DR)ETFAcc 110 82 124 97 124 76 - - - - 0.20 - Vanguard Govt Bd Idx Acc 93 12 96 13 106 9 122 9 145 5 0.20 - Lyxor MSCI EMU Small Cap DR ETF Dist 118 8 141 10 127 58 192 16 259 16 0.40 1.32 Vanguard z Infl-Lnkd Bd Idx Acc 98 2 105 1 109 3 128 3 142 8 0.20 - M&G European Index Tracker GBP A Acc 110 87 124 98 127 59 172 65 208 57 0.71 1.64 Vanguard EUR Euroz GovBd ETFEURAcc 93 14 96 11 ------M&G European Select GBP I Acc 113 42 126 69 116 103 161 89 204 63 0.70 - Average/Total 94 19 97 19 106 16 122 15 142 15 0.18 0.69 Man GLG Continental Eurp Gr Prf Acc C 106 129 117 129 135 29 198 14 355 3 1.06 - (IA) EUR HIGH-YIELD BOND Man GLG Eurp Alpha Inc Profl Acc C 106 128 120 122 116 102 ------Marlborough Eurpn Multi-Cap P Inc 132 1 168 1 165 3 262 2 387 1 - - AB Euro High Yield I2 Acc 99 4 109 4 110 5 137 4 172 2 0.95 - Merian European Equity ex UK I GBP Acc 116 19 131 33 124 74 155 96 194 72 0.93 - AS SICAV I SelEuro HYBd X MInc GBP 99 3 109 5 110 4 138 3 148 4 0.89 4.27 MFS Meridian Continen Eurp Eq WH1 GBP 117 12 128 61 140 14 180 33 226 40 0.93 - AXAWF European High Yld Bds F Cap EUR 99 8 106 8 105 9 - - - - 0.83 - MGTS AFH DA European Equity I GBP Acc 110 102 122 114 106 119 - - - - - 0.80 Barings European High Yield Bd I EUR Acc 100 1 110 2 108 7 - - - - 0.69 - MI Chelverton European Select B Acc 120 6 146 6 139 17 ------Candriam Bds Euro High Yld C EUR Cap 97 11 103 10 112 2 138 2 177 1 1.32 - Montanaro European Income £ Inc 111 65 129 55 129 45 186 25 - - 0.85 1.40 iShares High Yield CorpBd ETF EUR Dist 99 6 107 6 108 8 133 7 146 5 0.50 3.27 Polar Cptl Eurp Ex UK Inc I GBP Acc 107 123 117 128 115 106 148 108 - - 0.87 - iShares HY Corp Bd ESG ETF EUR Dist 99 7 107 7 ------2.76 Premier Miton European Opports B Acc 111 77 132 28 176 1 283 1 - - - 0.08 PGIM Eurpn High Yld Bond EUR I Acc 100 2 111 1 118 1 149 1 - - - - Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc 112 48 130 49 155 8 209 9 - - - 0.36 Pictet-EUR High Yield I 98 9 105 9 108 6 136 5 154 3 0.82 - Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc 111 63 126 73 136 25 181 32 - - - - Pictet-EUR Short Term High Yield I EUR 98 10 103 11 102 10 120 8 - - 0.72 - Quilter Inv Eurp ex UK Eq Inc U2 GBP Acc 117 11 141 9 105 121 ------T. Rowe Price Eurp Hi Yld Bd Q EUR 99 5 109 3 111 3 136 6 - - 0.76 - Robeco QI Continental Eurp Cnsrv Eqs F £ 107 124 113 136 119 95 157 94 - - 0.70 - Average/Total 99 11 107 11 109 10 136 8 159 5 0.83 3.43 Royal London Europe ex UK Tracker Z Acc 111 72 126 81 129 44 177 44 - - - 1.36 Royal London European Growth 110 95 123 109 127 57 181 31 230 34 1.57 0.20 (IA) EUR MIXED BOND Royal London European Growth M Acc 111 75 124 100 127 54 175 51 212 55 0.70 - AXAWF Euro Credit Short Dur F Cap EUR 96 3 98 5 99 8 114 8 113 7 0.57 - Russell Inv Continental Eurp Eq I 116 20 135 23 124 75 172 64 226 39 0.93 - Capital Group Euro Bond (LUX) Z 94 5 97 6 106 5 124 5 146 4 0.60 - Santander Europe (Excluding UK) Eqs A 113 38 129 54 125 70 168 77 208 58 1.04 1.45 Franklin Liberty Euro Green Bond ETF 93 6 98 3 ------0.30 - Schroder European Alpha Income Z Acc 109 106 124 96 91 125 131 113 - - 0.92 - iShares Aggregate Bond ETF EUR Dist 93 7 96 7 105 6 121 7 138 6 0.25 - Schroder European Alpha Plus Z Acc 111 66 131 32 104 122 154 104 184 78 0.92 - MFS Meridian Euro Credit W1 GBP 97 1 103 1 ------0.15 - Schroder European Recovery Z Acc 119 7 141 8 113 109 144 109 198 67 0.85 0.94 OYSTER European Corporate Bds C EUR 96 2 102 2 102 7 121 6 138 5 1.34 - Schroder European Z GBP Acc 110 89 125 90 118 97 170 72 234 29 0.77 1.21 Pictet-EUR Bonds HI USD 91 9 89 10 110 2 127 3 - - 0.64 - Scottish Widows European Gr A 110 97 123 105 122 84 168 75 198 68 1.63 0.70 PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 87 10 92 9 114 1 138 1 220 1 0.46 - Scottish Widows Eurp Sel Gr A 109 112 123 112 131 36 187 23 218 47 1.63 0.34 PIMCO GIS Euro Bond Instl EUR Acc 94 4 98 4 107 4 128 2 153 2 0.46 - SLI European Trust 108 117 123 106 125 67 170 71 213 52 0.86 1.27 Threadneedle European Bd Z Inc GBP 93 8 96 8 109 3 125 4 146 3 0.64 0.47 Smith & Williamson European Equity B 110 100 125 92 121 86 167 79 227 38 0.87 - Average/Total 93 10 97 10 107 8 125 8 151 7 0.54 0.47 Stt Strt AUTEurpExUKScrn(exCont&CW)IdxEq 111 60 126 71 130 40 177 45 214 51 0.90 - SVM Continental Europe Instl 115 22 154 2 156 7 209 10 301 8 1.23 - (IA) EUROPE EXCLUDING UK T. Rowe Price Cont Eurp Eq CAccGBP 110 103 124 95 138 19 ------AB Eurozone Eq Ptf I EUR Acc 112 47 132 27 112 111 171 69 206 61 1.03 - T. Rowe Price Cont Eurp Eq Q GBP 110 94 125 89 139 18 186 26 - - 0.82 - Allianz Continental European C Acc 112 46 130 46 151 11 216 6 321 6 0.97 0.22 Threadneedle European Sel Z Acc GBP 108 116 122 113 141 13 190 20 289 9 0.82 0.32 Allianz European Equity Income C Inc 107 126 118 127 102 123 136 112 170 83 - 2.53 Threadneedle European Z Acc GBP 111 68 125 85 137 20 177 43 236 28 - 0.54 Amundi IS MSCI Europe Ex UK ETF DR EUR C 111 73 126 78 130 43 175 52 213 53 - - TM CRUX European I GBP Acc 107 122 124 104 121 87 158 92 - - - 0.31 Amundi IS Prime Eurozone ETF DR 114 26 133 26 ------Vanguard z Stk Idx Acc 112 51 130 47 122 83 172 62 202 65 0.30 - Amundi MSCI EMU ESG Ldrs Sel ETF DR C 110 85 128 62 120 92 ------Vanguard FTSE Dev pe ex-UK Eq Idx £ Acc 112 57 127 65 130 38 178 39 219 43 0.25 1.58 Artemis European Opportunities I Acc 109 107 118 124 115 105 161 87 - - 1.63 0.47 Vanguard FTSE Dev Eurp ex UK ETF Acc 111 61 126 72 ------Artemis SmartGARP European Eq I Acc GBP 121 5 135 20 108 117 155 99 205 62 0.85 - VT Argonaut European Alpha R GBP Acc 110 88 116 130 108 116 126 114 183 79 - 0.68 AS SICAV I Eurp Eq Ex UK X Acc GBP 104 138 114 135 136 24 198 15 230 35 0.94 - VT Argonaut European Income Opp R Acc 117 14 124 101 123 82 ------ASI Europe ex UK Equity I Acc 104 139 114 134 137 22 198 13 237 26 1.10 0.36 VT Downing Eurp Unconst Income A GBP Acc 107 121 ------ASI Europe ex UK Ethical Equity P1 Acc 108 115 128 60 136 26 188 22 236 27 - 0.75 Waverton European Capital Gr R GBP Inc 111 76 125 94 124 77 168 76 - - - 0.94 ASI Europe ex UK Growth Equity P1 Acc 110 93 126 82 129 47 178 38 232 31 - 0.69 Waverton European Dividend Gr L GBP Inc 109 108 122 116 117 101 168 78 231 33 - 2.50 ASI Europe ex UK Income Equity P1 Acc 110 101 123 111 123 79 161 90 233 30 - 2.10 Xtrackers Euro Stoxx 50 ETF 1D 114 29 131 35 127 63 173 61 190 74 0.09 1.73 ASI European Equity Enhanced Index B Acc 112 45 126 77 127 53 179 34 - - - 1.62 Xtrackers Euro Stoxx Quality Div ETF 1D 110 96 122 115 110 115 151 107 171 81 0.30 - ASI European Equity Tracker B Acc 110 86 125 87 ------1.71 Xtrackers MSCI EMU ETF 2C - GBP Hedged 118 10 137 16 128 51 159 91 - - 0.17 - Aviva Investors Contnn Eurp Eq 2 GBP Acc 109 111 125 88 115 107 154 100 227 37 0.84 0.61 Xtrackers S&P Europe Ex UK ETF 1D 112 55 127 66 ------0.09 1.55 AXA Framlington European Z GBP Acc 111 64 123 110 127 62 163 85 232 32 0.75 1.18 Average/Total 112 139 128 137 127 125 176 114 231 85 0.75 1.12 AXAWF Fram Sust Eurozone F Cap EUR 110 98 127 67 117 100 166 80 202 66 0.99 - (IA) EUROPE INCLUDING UK Baillie Gifford European B Acc 107 120 136 19 171 2 257 3 385 2 0.75 - Barclays Europe (ex-UK) Alpha R Acc GBP 122 2 149 5 155 9 185 27 - - - - AB European Eq Ptf I Acc 115 15 129 23 110 61 159 39 203 29 1.04 - Barings European Growth I GBP Inc 110 105 122 120 110 114 162 86 208 56 0.81 0.89 Allianz Europe Equity Gr Sel RT GBP 115 16 132 13 148 4 194 6 - - 1.05 - BlackRock Continental Euro D Acc 113 35 139 13 165 4 228 5 324 5 0.92 - Allianz Europe Equity Growth P GBP 113 25 130 21 144 6 197 4 302 6 0.95 0.02 BlackRock Continental Eurp Inc D Acc 106 131 122 117 132 34 166 81 274 11 1.10 2.36 Amundi IS Amundi MSCI Europe SRI ETF DR 110 62 122 60 ------BlackRock European Dynamic D Acc 112 56 144 7 161 6 231 4 353 4 0.93 - Amundi IS MSCI Europe ETF DR 112 46 124 45 122 42 ------BlackRock Systm Continen Euro D GBP Acc 114 32 128 58 128 49 178 40 - - - - Amundi IS Prime Europe ETF DR 112 39 125 42 ------1.92 BMO Select European Equity 2 Acc 105 136 114 133 121 88 174 53 254 19 0.87 0.28 ASSII-Europ Focus Eq D Acc EUR 108 71 123 52 117 52 142 54 187 39 0.99 - BNY Mellon Continental European InstWAcc 107 127 118 125 125 71 169 74 - - - 0.73 Aubrey European Conviction R GBP Acc 114 21 136 4 ------1.11 - CFP Castlfd B.E.S.T Sust Eurp Gen Inc 108 119 126 75 140 15 ------BGF European Value D2 110 61 130 20 114 56 144 52 215 24 1.07 - Comgest Growth Europe ex UK GBP SU Acc 110 99 121 121 152 10 212 7 - - 0.93 - Candriam Quant Equities Europe C Acc EUR 114 23 127 27 116 53 155 44 185 40 2.14 - EdenTree Responsible and Sust Eurp Eq B 116 17 136 18 126 66 170 73 218 44 0.92 - Comgest Gr Europe Opps EUR I Acc 111 55 131 19 150 2 243 1 412 2 1.07 - ES AllianceBernstein Eurp Ex UKEqIGBPAcc 111 59 129 57 ------0.93 Comgest Growth Europe EUR I Acc 110 58 120 68 148 3 206 3 320 3 1.06 - ES R&M European B GBP Inc 117 15 ------Comgest Growth Eurp Smlr Coms EUR I Acc 105 74 121 65 147 5 241 2 429 1 1.07 -

054-078_WI_0721.indd 55 17/06/2021 11:55 56 Unit trusts | 3 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARS Rnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Federated Hermes Eurp Alp Eq F GBP Acc 111 53 126 30 126 31 168 28 229 19 0.86 - Credo Growth A Retail GBP Acc 108 88 123 54 131 17 ------Fidelity Europe Qual Inc ETF EUR Acc 112 29 122 57 129 21 - - - - 0.30 - Discovery Managed Growth B GBP Acc 106 123 117 108 116 98 150 74 194 54 - 0.56 Fidelity European Dynamic Gr W-Acc-GBP 105 77 110 77 140 8 197 5 303 4 1.05 - DMS Stirling House Dynamic Acc 105 132 118 101 130 21 165 34 - - - 0.08 Franklin LibertyQ European Dividend ETF 110 66 121 61 118 51 - - - - 0.25 - EF 8AM Focussed A Inc 104 142 117 107 114 109 150 75 - - 2.50 - Franklin LibertyQ European Equity ETF 112 33 123 50 ------0.25 - EF 8AM Tactical Growth A Inc 112 27 119 90 120 77 155 64 163 72 1.97 1.26 GAM Star (Lux) - European Momentum IAcc 115 12 137 3 123 37 170 24 280 11 1.40 - EF Brompton Global Opps B GBP Acc 108 82 122 67 123 54 159 50 - - 1.90 - GAM Star European Equity Ord EUR Inc 112 38 133 8 135 12 178 18 259 14 1.20 - EF Brunswick Growth Portfolio C Acc GBP 109 60 127 32 121 70 171 27 - - 2.47 - GS Europe CORE Equity R Inc GBP 114 20 127 28 118 50 169 27 224 23 0.64 - Embark Horizon Multi-Asset V Z Acc 108 74 125 38 133 14 189 10 - - - - HSBC MSCI Europe ETF 112 34 125 41 122 40 164 32 198 34 0.10 - ES R&M Dynamic Asset Allocation Cl B Acc 110 38 120 79 121 65 143 88 - - - - IFSL Trade Union Unit Trust 105 76 112 75 134 14 184 12 188 38 1.10 - ES Share Centre Multi Manager Gr A Acc 107 100 119 92 124 50 158 54 202 47 3.00 0.55 iShares Core MSCI Europe ETF EUR Acc 112 32 125 39 122 39 164 33 200 31 0.12 - Family Investments Child Trust 112 24 125 40 112 115 147 84 182 63 1.47 - iShares Edge MSCI Eurp Mini Vol ETF Acc 105 75 111 76 119 49 148 49 - - 0.25 - Fidelity MltAsst Open Adv W Acc 109 68 120 80 123 57 160 46 - - - - iShares Edge MSCI Eurp Mltfctr ETF Acc 115 17 129 22 120 48 167 29 - - 0.45 - Fidelity Multi Asset Allctr Advtrs W Acc 107 107 119 93 130 23 165 36 - - - - iShares Edge MSCI Eurp Mom Fctr ETF Acc 111 54 121 63 136 11 188 9 - - 0.25 - First Sentier Diversified Gr B GBP Acc 102 157 105 148 107 129 123 108 - - - 0.85 iShares Edge MSCI Eurp QualFctr ETF Acc 113 27 124 48 136 10 174 21 - - 0.25 - FP Mattioli Woods Adventurous E GBP Inc 110 50 132 15 140 6 ------iShares Edge MSCI Eurp Sz Fctr ETF Acc 112 36 131 17 121 44 169 26 - - 0.25 - FP Mattioli Woods Cautious E GBP Inc 104 139 108 142 110 122 - - - - - 0.29 iShares Edge MSCI Eurp Val Fctr ETF Acc 116 10 132 12 111 59 153 46 - - 0.25 - FP Mattioli Woods Growth E GBP Inc 108 84 121 71 122 62 - - - - - 0.30 iShares MSCI Europe ESG Enh ETF EUR Dist 112 31 126 29 ------0.12 1.67 Galatea Opportunity Instl GBP Acc 103 152 105 149 100 136 111 115 132 80 - 3.28 iShares MSCI Europe ESG Scrn ETF EUR Acc 112 42 125 36 ------0.12 - HL Multi-Manager High Income A Acc 110 52 120 82 108 125 131 100 ---- iShares MSCI Europe Mid Cap ETF EUR Acc 113 28 131 15 127 26 - - - - 0.15 - HL Multi-Manager Strategic Assets A Acc 103 145 108 141 106 130 117 112 - - - 1.16 iShares MSCI Europe Qual Div ETF EUR Dis 109 68 120 70 116 54 - - - - 0.28 - IFSL Avellemy 8 B GBP Inc 107 96 124 46 ------iShares MSCI Europe SRI ETF EUR Acc 111 51 124 47 136 9 181 16 224 22 0.30 - IFSL Brooks Macdonald Strat Growth A GBP 109 65 123 50 127 35 165 37 - - 1.21 - iShares STOXX Europe 50 ETF EUR Dist 111 49 118 71 121 45 156 43 177 41 0.35 - IFSL James Hambro Master 105 134 109 138 115 101 147 82 190 58 0.86 1.32 JOHCM European Concentrated Value B EUR 114 22 122 58 106 64 - - - - 1.39 0.51 IFSL Sanlam Growth A Inc 106 121 112 133 ------0.76 JOHCM European Select Val A GBP 115 14 132 14 111 58 144 53 212 25 0.80 0.95 Invesco Managed Growth UK Z Acc 110 36 127 29 111 117 152 71 215 33 - - JPM Europe Equity Plus A perf (dist) GBP 116 11 125 34 113 57 150 47 227 20 1.80 - Janus Henderson Mlt-Mgr Active I Acc 108 80 118 97 117 95 153 67 189 59 - - JPM Europe Rsrch Enh Eq ESG ETF EUR Acc 111 50 124 49 ------0.25 - JPM Diversified Growth C Net Acc 109 67 123 52 122 64 160 48 233 13 0.93 - JPM Europe Strategic Growth A (dist) GBP 115 13 126 31 132 16 189 7 289 7 1.80 0.03 JPM Multi-Asset Growth C 112 26 125 41 ------JPM Europe Strategic Value A (dist) GBP 117 7 133 9 101 67 139 57 162 43 1.80 - Jupiter Merlin Growth I Acc 109 55 117 106 125 45 164 40 227 18 1.81 - Jupiter European Growth D GBP Acc 106 73 112 74 130 20 188 8 302 5 0.95 - L&G Multi Manager Growth I Acc 109 61 123 53 121 67 157 55 169 67 1.73 - L&G Europe Equity Res Exclsn ETF EUR Acc 112 43 125 35 ------0.16 - L&G Worldwide I Acc 109 53 121 70 117 93 151 72 206 40 0.82 - Lazard European Alt C Acc EUR 98 78 102 78 105 65 124 60 - - 1.62 - Lazard Diversified Return C Acc USD 96 163 93 157 99 138 - - - - 1.00 - Legg Mason QS MV Eurp Eq G&I A EUR DisA 109 69 114 73 108 63 131 59 166 42 1.88 - LF Aegon Risk-Managed 5 A Acc 107 101 ------LO Funds Europe High Convc EUR NA 110 59 123 54 131 18 173 22 274 12 1.00 - LF Aegon Risk-Managed 6 A Acc 109 54 ------Lyxor Core STOXX Europe 600(DR) ETF Acc 112 44 125 40 124 35 166 31 - - 0.07 - LF Bentley Global Growth A Acc 107 102 115 121 118 88 143 89 162 73 3.02 - Lyxor MSCI Europe (DR) ETF Acc 112 48 124 46 121 46 163 37 196 35 0.25 - LF Bentley Sterling Balanced Acc 103 148 106 147 105 132 114 114 136 79 2.30 - M&G Pan European Select GBP I Acc 113 24 133 11 128 24 175 20 227 21 0.70 - LF Brook Continental European I Acc 121 2 152 1 135 10 186 14 229 17 1.08 - Merian European Equity U1 GBP Acc 118 5 133 10 123 38 149 48 - - 1.14 - LF Canlife Portfolio VII C Acc 110 48 123 58 117 94 156 59 - - - - MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP 119 3 128 25 125 32 160 38 - - 0.70 - LF Catalyst Trust Acc 104 143 116 112 134 13 177 19 247 10 0.94 0.87 MFS Meridian European Core Eq W1 GBP 111 56 121 64 126 30 183 14 - - 1.00 - LF Cautela Retail Acc 107 103 114 122 111 120 124 107 ---- MFS Meridian European Research WH1 GBP 112 40 121 66 130 19 155 45 202 30 1.00 - LF Havelock Global Select A GBX Acc 115 14 133 13 ------MFS Meridian European Value W1 GBP 109 67 120 67 135 13 183 13 282 8 1.15 - LF IM Global Strategy A Acc 108 77 123 55 133 15 190 9 224 21 1.49 - New Capital Dynamic Eurp Eq GBP Ord Inc 112 41 122 59 121 47 140 55 - - 1.05 1.43 LF Odey Opus I Acc 123 1 127 31 115 103 150 76 190 57 1.08 - Overstone UCITS EAFE Eq A USD 121 2 125 38 ------0.92 LF Purisima EAFE Total Return PCG B nc 107 109 126 35 125 43 172 24 195 52 1.80 - OYSTER Europe Growth and Income R EUR 117 8 135 6 115 55 157 42 - - 1.58 - LF Ruffer Equity & General C Acc 117 10 130 19 124 48 154 65 206 41 - - OYSTER Europe R GBP D 111 57 125 37 108 62 145 51 - - 1.16 0.30 LF Ruffer Japanese C Acc 103 153 119 84 147 5 219 3 365 1 1.23 0.06 OYSTER Sustainable Europe R GBP HP 116 9 134 7 122 41 139 56 195 36 1.35 - LF Stewart Ivory Investment Markets Acc 112 29 120 78 122 61 156 58 223 26 1.16 - Pictet-Quest Europe Sust Eqs P dy EUR 110 64 121 62 127 27 159 40 207 27 1.18 - LF Waverton Portfolio B Inc 105 133 114 127 128 32 167 32 219 30 1.85 0.87 Principal European Equity I Acc USD 114 18 131 18 133 15 184 11 252 15 1.04 - Liontrust Global Alpha C Acc GBP 103 151 125 42 151 3 241 1 298 3 0.93 - Schroder ISF Eurp Eq Yld Z Acc EUR 118 6 136 5 103 66 146 50 189 37 1.05 - Liontrust MA Active Dynamic S Acc 110 43 125 39 126 37 176 20 222 27 - - Seilern Europa EUR U R (Founders) 107 72 114 72 141 7 180 17 281 9 0.72 - Liontrust MA Active Growth S Acc 110 49 122 63 123 56 169 31 223 24 - - SVM All Europe SRI B Acc 125 1 148 1 129 22 170 25 245 16 1.23 - Liontrust Sust Fut Managed Gr 2 Net Acc 105 128 121 75 164 1 230 2 322 2 0.85 - T. Rowe Price Eurp Eq Q EUR 110 65 122 56 131 17 164 34 230 18 0.82 - LO Funds All Roads EUR NA 99 160 103 153 111 119 141 91 - - 0.70 - Threadneedle Pan Eurp Focus Z Acc GBP 110 60 123 51 155 1 186 10 270 13 0.92 - M&G Emerging Markets Monthly Inc I £ Acc 108 91 116 110 ------0.60 - Vanguard pean Stk Idx Acc 112 47 124 44 121 43 163 35 200 33 0.30 - M&G Managed Growth GBP I Acc 113 21 128 27 120 73 179 16 179 64 1.04 - Vanguard FTSE Developed Europe ETFEURAcc 112 45 125 43 ------M&G UK Income Distribution GBP I Acc 113 19 119 88 108 127 131 101 194 53 0.84 - Vanguard SRI European Stk £ Acc 112 37 125 32 123 36 163 36 - - 0.35 - Man Stockmarket Managed Profl Acc C 110 37 119 94 114 108 148 79 193 56 0.93 - Virgin Climate Change 113 26 129 24 124 33 158 41 200 32 1.96 - Margetts Opes Income R GBP Acc 108 87 117 104 110 123 130 102 174 65 0.90 - Wellington Focused European Eq N GBP Acc 114 19 127 26 ------1.00 - Margetts Venture Strategy R GBP Acc 108 78 130 21 125 40 177 18 215 34 0.93 - Wellington Strategic Eurp Eq N GBP Acc 110 63 123 55 127 29 173 23 - - 0.94 - Mazarin Adventurous A GBP Acc 107 99 ------Xtrackers FTSE Developed Eurp RE ETF 1C 109 70 120 69 111 60 137 58 203 28 0.33 - MFM Bowland 116 11 135 9 139 7 215 4 292 4 2.09 - Xtrackers MSCI EUROPE ESG ETF 1C 111 52 123 53 129 23 - - - - 0.20 - MFS Meridian Diversified Income WH1 GBP 106 114 115 115 118 92 125 105 - - 0.93 - Xtrackers MSCI Europe Mid Cap ETF 1C 112 35 131 16 127 28 175 19 231 17 0.40 - MFS Meridian Global Total Ret WH1 GBP 110 47 124 47 124 51 135 94 - - 1.22 - Xtrackers MSCI Europe Small Cap ETF 1C 118 4 139 2 127 25 183 15 280 10 0.30 - MFS Meridian Prudent Capital W1 GBP 98 162 95 156 118 89 - - - - 0.92 - Xtrackers Stoxx Europe 600 ETF 1C 112 30 125 33 124 34 166 30 209 26 0.20 - MGTS Clarion Explorer Portfolio R Acc 107 98 123 56 123 58 172 22 204 43 1.33 - Average/Total 112 78 125 78 125 67 168 60 239 43 0.81 0.86 MGTS IBOSS 6 R Acc 107 105 119 83 121 69 148 80 - - - 0.79 MGTS Wealth Solutions Adventurous GBPAcc 106 122 ------(IA) EUROPEAN SMALLER COMPANIES MI Charles Stanley Multi Asst5 Adv A£Acc 107 112 122 65 124 49 - - - - - 1.34 ASI Europe ex UK Smaller Comp P1 Acc 115 14 141 12 143 4 202 6 376 2 - 0.39 MI Diversified Strategy C Acc 107 104 117 109 114 105 148 78 - - - - ASI European Smaller Companies I Acc 114 16 133 18 150 3 238 2 285 12 - - MI Hawksmoor Global Opps D GBP Acc 118 8 135 8 ------ASSII-Eu SmlComp D Acc EUR 117 11 144 9 151 2 214 3 398 1 0.97 - MI Thameside Diversified Glb Mgrs A Acc 106 116 113 129 104 133 134 95 164 71 1.75 - Barings Europe Select I GBP Inc 114 17 130 21 132 9 193 11 321 6 0.82 0.66 Neuberger Bm Uncrltd Strats GBP I Acc 99 161 97 155 99 137 - - - - 0.95 - BMO European Smaller Coms R Acc EUR 120 7 142 10 136 7 166 20 286 10 1.68 - New Capital Strat Port UCITS USD InstAcc 104 137 124 48 149 4 203 6 - - 1.22 - Invesco European Smlr Coms UK Z Acc 117 12 158 2 123 18 174 17 245 16 - 0.23 Newgate GBP Inc 106 117 115 119 121 71 146 86 185 60 1.34 - iShares EURO STOXX Small ETF EUR Dist 116 13 133 19 138 6 198 9 216 17 0.40 1.00 Newton SRI for Charities GBP Inc 108 83 120 76 128 27 167 33 222 29 0.70 - iShares MSCI EMU Small Cap ETF EUR Acc 118 9 141 13 128 15 191 13 267 14 0.58 - NFU Mutual Mixed Portfolio Max100% C 113 20 125 36 114 106 ------Janus Henderson Eurpn Smr Coms I Acc 121 4 161 1 159 1 265 1 370 3 1.08 - Ninety One Glbl Macro Allc Fd I GBP Acc 111 34 128 26 127 33 163 41 227 19 0.85 0.90 JPM Europe Dynamic Sm Cp A perf(dist)EUR 113 18 139 15 125 17 187 14 319 7 1.78 - Optima Growth Acc 107 110 112 131 109 124 134 97 168 68 2.48 - JPM Europe Small Cap A (dist) GBP 119 8 145 8 121 21 176 16 279 13 1.80 - PGIM QMAW KS Abs Ret GBP H IAcc 108 90 110 135 ------JPM Europe Smaller Companies C Acc 110 23 139 14 131 10 199 8 285 11 0.93 0.34 Pictet-Multi Asset Global Opps HI GBP 104 141 109 137 114 110 122 109 - - 0.75 - Jupiter Europe (ex UK) SmlComs I GBP Acc 111 20 134 17 111 22 154 21 - - 0.92 - PIMCO GIS Dyn Mlt-Asst Instl GBPH Acc 104 136 113 130 125 44 138 92 - - 0.70 - Jupiter European Smaller Coms I GBP Acc 110 22 131 20 ------0.18 PIMCO GIS Strategic Inc Inst USD Acc 102 156 104 152 112 114 ------Lazard European Smaller Coms C Acc 120 6 146 5 129 13 183 15 - - - - Premier Miton Diversified Dyn Gr D Inc 115 15 132 16 ------Lazard Pan-European Small Cap C Acc EUR 121 3 146 7 ------0.95 - Premier Miton Multi-Asset Global GrC Inc 113 22 127 28 119 83 164 39 245 11 1.98 - M&G Pan Eurp Sel Smllr Coms GBP I Acc 121 5 150 3 121 20 169 19 254 15 0.85 0.25 Premier Miton Worldwide Opports B Acc 119 5 145 2 129 25 186 13 230 14 1.58 - MFS Meridian European Smlr Coms W1 EUR 110 21 121 24 128 14 172 18 308 8 1.22 - Pyrford Glbl Tot Ret(Sterling)B GBP Acc 103 154 104 150 108 126 115 113 - - 0.84 - Mirabaud - Discovery Europe D GBP Acc 123 2 148 4 126 16 192 12 - - 1.08 - Quilter Investors Cirilium Adventurous R 112 25 131 18 119 80 ------Mirabaud-Discovery Eur ex UK D GBP Acc 125 1 146 6 130 12 193 10 - - 1.08 - Quilter Investors Cirilium Dynamic R 110 42 129 24 118 90 159 51 216 32 1.24 - Schroder European Sm Cos Z Acc 118 10 141 11 122 19 199 7 300 9 0.94 0.20 RBS Managed Equity Growth 1 Acc 110 41 122 60 ------T. Rowe Price Eurp Smlr Cm Eq Q GBP 113 19 137 16 131 11 212 4 343 4 1.12 - S&W ILEX Trust Acc 108 93 114 125 104 134 119 110 110 81 1.60 - Threadneedle Eurp Smlr Coms Z Acc GBP 107 24 125 23 136 8 205 5 343 5 1.05 0.06 S&W Starhunter Managed Acc 105 131 114 126 113 111 137 93 166 69 1.73 0.13 Wellington Pan Eurp Sm Cp Eq N GBP AccUh 115 15 130 22 141 5 - - - - 1.00 - Sanlam AI Global Managed Risk I GBP Acc 108 73 118 100 106 131 130 103 140 77 0.92 - Average/Total 116 24 140 24 132 22 194 21 306 17 1.07 0.37 Schroder Blended Portfolio 8 F Acc 109 59 124 49 ------Schroder Dynamic Multi Asset Z Acc 106 125 116 111 113 112 129 104 154 76 0.50 1.28 (IA) FLEXIBLE INVESTMENT Schroder MM Diversity Tactical Z Acc 118 6 130 22 126 38 147 81 - - 1.42 - Scottish Widows Opportunity A 111 31 123 59 119 85 159 53 224 22 2.00 - 7IM AAP Adventurous C Acc 109 62 120 81 117 96 154 66 193 55 0.61 - Sentinel Enterprise B Acc 105 130 117 102 155 2 204 5 222 28 - 0.11 7IM Adventurous C Acc 108 76 121 72 116 99 152 69 198 49 1.58 - Smith & Williamson MM Global Invmt B 114 17 134 10 120 75 171 25 203 45 - - AB Em Mkts Mlt-Asst I GBP H Acc 113 23 138 6 120 79 147 85 - - 1.04 - SVS Brown Shipley Dynamic I Acc 108 72 124 45 131 19 170 28 212 37 2.08 - ACUMEN Portfolio 8 Acc 112 28 134 11 125 41 ------SVS Heritage Balanced A Acc 111 30 123 51 120 74 ------Allianz Uncons Mlt Asst Stgy RT2 H GBP 104 138 111 134 119 86 124 106 - - 0.83 - TB Enigma Dynamic Growth B Acc GBP 110 40 124 43 121 66 ------Artemis Strategic Assets I Acc 111 33 121 69 98 139 118 111 137 78 0.82 - TB Wise Multi-Asset Growth B Acc 118 9 141 4 135 9 197 7 253 8 1.53 - ASC Bridge Income 105 126 114 124 128 31 155 62 205 42 0.83 0.95 TB Wise Multi-Asset Income B Inc 120 3 145 3 111 121 149 77 223 25 1.46 - ASC Merlin Income 106 124 115 118 128 29 156 60 200 48 1.21 0.86 The Norfolk Trust 106 120 115 120 129 24 163 42 214 36 0.93 0.87 ASI Multi-Manager Equity Managed I Acc 109 58 121 73 119 84 155 61 203 46 - 1.04 The Notts Trust 106 119 115 114 130 22 163 43 215 35 0.88 1.30 Aviva Investors Multi-Mgr Flexible 2£Acc 108 86 122 64 125 46 165 35 224 23 1.64 - Thesis Brunsdon Adventurous Growth C 110 46 126 33 126 36 165 38 - - - - Aviva Investors Sustainable Inc &Gr2£Acc 101 158 109 140 ------4.18 Threadneedle Mng Eq Z Grs GBP Acc 108 75 122 66 130 20 170 29 226 20 - - AXAWF Global Flexible Prpty F Cap USD 103 147 104 151 115 104 131 99 - - 0.93 - TM Fulcrum Diversified Growth C GBP 109 66 118 96 121 72 134 98 156 74 1.48 - Baillie Gifford Multi Asset Income B Inc 105 127 117 103 ------3.28 TM Stnhg Flm Intrnl B Inc 105 129 119 91 122 63 172 23 211 38 0.88 0.29 Barclays Wealth Global Mkts 5 R Acc GBP 108 81 121 68 131 18 173 21 196 50 1.08 - Trojan Ethical Fund O Acc 103 144 107 145 ------0.07 BMO Managed Growth 1 Acc 107 95 116 113 112 116 145 87 182 62 1.89 - Trojan O Acc 105 135 107 144 123 60 134 96 165 70 1.03 0.24 BMO MM Navigator Growth C Acc 110 44 122 61 116 100 152 70 195 51 - - Trojan Spectrum O Acc 106 115 115 117 124 52 160 49 204 44 1.49 0.44 BMO Multi-Manager Investment Trust C Acc 110 45 130 20 134 11 192 8 251 9 - 0.74 UBS Multi Asset Defensive Gr (GBP) C Acc 100 159 100 154 ------BNY Mellon Mlt-Asst Growth Inst W Acc 111 32 129 25 134 12 171 26 260 7 - - Unicorn Mastertrust B 115 12 141 5 128 30 184 15 264 6 1.75 - BNY Mellon Mlt-Asst Income Inst W Acc 109 63 124 44 121 68 153 68 - - - - Virgin Money Growth 3 A GBP Acc 108 89 ------Capital Group EM Tot Opp (LUX) Z 103 150 112 132 119 87 151 73 155 75 1.03 - VT AJ Bell Adventurous I Acc 108 70 120 77 125 47 ------Capital Group Glob Alloc (LUX) Z 102 155 106 146 123 53 162 44 - - 0.90 - VT AJ Bell Global Growth I Acc 110 39 126 34 ------Close Growth Portfolio X Acc 109 56 118 98 128 28 159 52 217 31 0.95 - VT AJ Bell Responsible Gr I GBP Acc 107 97 ------Close Managed Growth X Acc 108 94 121 74 127 34 170 30 - - 1.12 0.68 VT Blackfinch Income F GBP Acc 103 146 110 136 ------2.58 Close Strategic Alpha X Acc 109 57 125 37 128 26 178 17 239 12 1.82 0.02 VT Esprit Careful Growth GBP Acc 103 149 109 139 111 118 - - - - - 1.37 Close Tactical Select Passive Gr X Acc 108 85 119 87 120 78 157 56 - - 0.66 - VT Esprit Tactical Alpha Plus GBP Acc 108 91 119 89 113 113 - - - - - 0.88 Consistent Practical Investment A Inc 115 16 133 12 120 76 155 63 230 15 1.11 - VT Esprit Tactical Balanced GBP Acc 107 113 113 128 114 107 - - - - - 1.29 Courtiers Total Return Growth 119 4 138 7 139 8 187 12 277 5 2.01 - VT Esprit Tactical Growth GBP Acc 108 79 119 95 115 102 - - - - - 0.93 Credo Dynamic A Retail GBP Acc 115 13 131 17 125 42 ------VT Esprit Tactical Income GBP Inc 109 64 118 99 108 128 ------

054-078_WI_0721.indd 56 17/06/2021 11:55 Unit trusts | 4 What Investment | July 2021 57

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % VT Grosvenor Adventurous A GBP Acc 108 71 123 57 126 39 ------FP Octopus International Equity B Acc 109 214 123 249 138 185 197 133 286 88 0.93 0.59 VT PEF Global Multi-asset A GBP Acc 104 140 107 143 101 135 ------FP Russell Invsmts Intl Gr Assts C Acc 115 49 135 52 141 143 195 150 297 81 1.07 - VT Redlands Multi-Asset A GBP Acc 110 51 119 85 118 91 ------FP SCDavies Global Equity A Acc GBP 111 124 121 296 120 322 166 264 241 146 1.81 - VT Thistledown Income Z GBP Net Acc 118 7 129 23 123 55 161 45 230 16 1.31 - FP WHEB Sustainability C 105 355 120 300 132 232 193 163 244 140 1.05 - VT Ursus Arctos 1 Net GBP Inc 111 35 127 30 132 16 187 11 - - - 0.81 Franklin LibertyQ Global Dividend ETF 108 235 122 262 132 237 - - - - 0.45 - Waverton Real Assets A GBP Dist 107 108 119 86 ------3.53 Franklin LibertyQ Global Equity SRI ETF 106 316 116 350 130 254 - - - - 0.40 - WAY Flexible Global Growth Port Tr E Acc 108 69 122 62 123 59 160 47 209 39 - - Fundsmith Equity T Acc 108 256 117 341 154 51 234 29 523 4 1.17 0.31 Wellington MA Ttl Rt Inc N£HAcc 107 106 114 123 ------0.80 - Fundsmith Sustainable Equity I Inc 106 333 115 358 151 63 - - - - - 0.47 WS Kleinwort Hambros Growth A Acc 106 118 115 116 119 82 142 90 169 66 1.83 - GAM Global Diversified Instl GBP Acc 108 257 121 288 118 333 150 292 220 166 1.09 0.13 WS Sequel Growth Trgt Ret Strat B£Acc 114 18 132 14 117 97 147 83 - - - - GAM Multistock Luxury Brands Eq GBP Ra 114 55 139 35 138 184 244 21 - - 1.23 0.39 WS Verbatim Multi-Index Portfolio 6 A 107 111 117 105 119 81 157 57 185 61 0.80 - GAM Star Comps Glbl Eq Ord GBP Acc 107 293 122 263 135 207 186 196 - - 1.32 - Average/Total 108 163 120 157 121 139 158 115 207 81 1.31 1.05 GAM Star Disruptive Gr Instl GBP Acc 106 313 143 24 199 4 387 2 648 1 1.13 - GAM Star Worldwide Equity Ord GBP Acc 107 283 120 301 118 335 160 277 193 189 1.61 - (IA) GLOBAL GQG Partners Global Equity R USD Acc 105 352 ------AB Concntr Glbl Eq I USD Acc 108 252 121 298 153 55 240 23 - - 1.16 - GS Glb Sm Cp CORE Eq R Inc GBP Snap 120 19 136 48 126 291 194 153 316 54 0.82 - AB Global Core Eq I USD Acc 111 104 121 286 140 168 204 94 - - 1.00 - GS Glbl Eq Ptnrs ESG R Inc USD 108 254 127 145 152 59 209 78 279 98 1.00 0.12 AB SICAV I Low Volatility Eq I GBP H Acc 113 79 125 175 128 270 - - - - 0.90 - GS Global CORE Eq R Acc USD Snap 110 161 124 198 127 278 192 168 327 41 0.63 - AB SICAV I Stbl Glbl Tmtc Prflio I USD 106 319 127 135 161 28 245 20 299 79 1.15 - GS Global Equity Income R Inc GBP 108 232 120 313 123 308 174 240 229 159 1.05 - Aegon Global Equity GBP B Acc 103 393 127 139 131 241 209 75 308 61 1.30 - GS Global Equity Ptnrs R Inc GBP 108 237 129 108 154 52 210 73 307 62 0.92 0.15 Aegon Global Sustainable Eq GBP B Acc 103 387 135 54 189 6 280 10 - - 0.93 - GS Global Millennials Eq R Inc USD 105 358 135 56 188 7 280 11 - - 0.96 - Allianz Best Styles Global AC Eq C Acc 113 68 127 133 129 265 183 208 - - 0.30 - Guinness Global Energy Y GBP Acc 130 4 126 153 65 363 86 304 64 196 1.24 - Allianz Global Small Cap Equity RT GBP 111 115 137 39 131 242 195 146 - - 1.18 - Guinness Global Innovators Y GBP ACC 109 217 129 96 155 47 250 19 471 8 0.89 - American Century Concntr Glb Gr Eq I GBP 108 239 127 137 170 16 265 14 - - 0.90 - Guinness Global Money Managers Y GBP Acc 129 5 148 13 133 231 187 189 288 86 1.24 - American Century Glbl Sm Cap Eq I GBP 115 52 ------Halifax Ethical C 109 186 126 147 132 233 186 193 252 130 1.52 - American Century Global Gr Eq I USD 108 270 124 177 153 54 223 46 348 31 - - Halifax Fund of Invmt Trusts C 111 109 133 65 125 295 177 226 235 152 1.51 0.62 AMP Capital Glb Listed Infras I USD Acc 107 295 104 403 127 273 156 286 ---- Halifax Intl Gr C 113 77 124 187 126 286 181 214 266 114 1.51 - AMP Capital Global Companies I USD Acc 106 325 121 290 168 18 ------Harris Associates Global Eq R/A USD 119 26 147 15 127 284 185 200 240 149 2.15 - Amundi IS Amundi MSCI Wld SRI ETF DR 108 269 121 293 ------Heriot Global A Acc 108 266 118 334 149 82 218 61 - - - 0.99 Amundi IS FTSE EPRA NAREIT Global ETF DR 111 97 118 332 113 348 ------HL Multi-Manager Special Sits A Acc 110 139 124 179 118 334 163 271 236 151 1.50 0.44 Amundi IS MSCI Wld ClmPrsAlgPabETFDRUSDC 108 259 ------HL Select Global Growth Shares A GBP Acc 105 363 124 185 ------0.10 Amundi IS MSCI World ETF DR 109 203 122 257 140 161 ------HSBC FTSE All-World Index C Acc 108 234 124 195 138 180 199 114 - - - 1.46 Amundi IS Prime Global ETF DR 109 188 123 248 ------HSBC MSCI World ETF 109 177 123 237 142 142 203 102 306 64 0.15 1.27 AQR Fds II Delphi Glb Eqs UCITS C2 GBP 114 56 129 99 129 263 169 257 - - 0.42 - HSBC Multi Factor Worldwide Equity ETF 112 81 125 164 133 227 191 170 - - 0.25 - AQR Style Premia: Global Eq C2 GBP 111 122 119 317 ------IFSL CAF International Equity A Acc 109 218 124 197 133 223 195 149 282 94 1.17 - Ardevora Global Equity C GBP Acc 102 396 113 371 135 204 206 92 - - 1.10 - IFSL Equilibrium Global Equity A Acc 111 108 ------Ardevora Global Long Only Eq C GBP Acc 106 318 123 225 143 123 218 63 - - - - IFSL Ravenscroft Global Blue Chip B Inc 108 243 115 363 151 67 - - - - - 0.84 Artemis Global Select I Acc 107 297 119 324 143 130 207 85 - - 1.17 0.31 Impax Global Equity Opportunities A 108 263 122 255 148 87 219 57 - - 1.13 - Artemis SmartGARP Glb Eq I Acc GBP 119 28 133 64 127 282 187 190 319 51 1.00 - Invesco Glbl Consmr Trnds Z GBP Acc 107 286 148 14 ------1.12 - AS SICAV I Glbl Mid-Cap Eq X Acc H GBP 113 64 143 25 ------Invesco Global Equity UK Z Acc 113 72 130 83 116 342 170 250 ---- AS SICAV I World Equity X Acc GBP 109 215 121 284 132 238 179 220 216 168 1.19 - Invesco Global ex UK CorEqIdxUK(NoTr)Acc 115 50 125 170 123 309 176 229 280 95 0.72 - ASC Falcon GBP Accumulation 107 277 118 333 132 240 165 266 229 160 1.55 0.29 Invesco Global ex UK Enh Idx UK Z Acc 112 90 124 183 133 228 194 154 315 56 - - ASI Global Equity I Acc 109 210 122 274 134 214 182 211 222 165 1.13 0.19 Invesco Global Focus UK Z (Acc) 102 400 123 241 140 162 214 66 346 32 - - ASI Global Ethical Equity I Acc 107 303 124 178 136 196 192 167 216 170 1.12 0.59 Invesco Global Smaller Coms UK Z Acc 116 41 146 17 136 200 203 100 301 76 - - ASI Global Smaller Companies P1 Acc 105 359 129 110 134 217 228 38 - - - - iShares Agribusiness ETF USD Acc 118 29 143 23 133 229 178 225 - - 0.55 - ASI Global Uncons Eq P1 Acc 103 394 115 359 126 290 161 275 253 127 - 0.11 iShares Core MSCI World ETF USD Acc 109 182 123 247 141 152 200 111 310 59 0.20 - ASI World Equity Enhanced Index B Acc 111 114 122 267 133 225 195 148 - - - 1.32 iShares Dev Wld Fossil Fuel Scrnd EqIdxD 109 229 ------Aviva Investors Climate Trnstn Glb Eq 2 106 330 ------iShares Dow Jones Glb Sust Scrn ETF $Acc 110 145 121 295 138 179 197 138 262 119 0.60 - Aviva Investors Glb Eq Uncons 2 GBP Acc 107 285 121 287 ------iShares Edge MSCI Wld Min Vol ETF $ Acc 102 401 102 411 124 301 159 280 - - 0.30 - Aviva Investors Global Eq Endur 2 £ Acc 113 71 124 205 162 24 ------iShares Edge MSCI Wld Mltfct ETF $ Acc 112 89 123 238 125 294 184 206 - - 0.50 - Aviva Investors Intl Idx Tr 2 £ Acc 109 209 123 215 141 149 202 103 303 72 0.50 1.23 iShares Edge MSCI Wld Mom Fctr ETF $ Acc 104 381 118 330 147 97 231 33 - - 0.30 - AXA Framlington Global Thematics Z Inc 100 415 117 344 149 86 221 51 314 57 - - iShares Edge MSCI Wld Qual Fctr ETF $Acc 109 222 119 318 143 126 200 110 - - 0.30 - AXA Rosenberg Global Z 111 99 124 196 129 264 186 192 268 111 1.06 - iShares Edge MSCI Wld Size Fctr ETF $Acc 110 160 125 163 122 313 174 242 - - 0.30 - AXAWF Global Factors-Sust Eq F Cap EUR 107 275 116 353 141 150 - - - - 0.40 - iShares Edge MSCI Wld Val Fctr ETF $Acc 117 39 123 244 111 350 160 279 - - 0.30 - Axiom Concentrated Glb Gr Eq A USD Acc 109 225 124 202 158 38 ------iShares Global Clean Energy ETF USD Dist 91 425 168 2 229 1 295 8 194 188 0.65 0.64 Axiom Global Equity A 105 340 122 280 149 85 ------iShares Global Infras ETF USD Dist 104 380 102 408 125 292 155 288 207 179 0.65 1.96 Baillie Gifford Gbl Stewardship B Acc 104 376 140 30 186 8 324 3 - - - 0.14 iShares Global Timber&Forestry ETF $ Dis 119 24 149 9 111 352 206 91 253 128 0.65 - Baillie Gifford Global Alpha Gr B Acc 106 337 131 75 158 39 251 17 402 13 0.68 0.22 iShares Global Water ETF USD Dist 113 76 127 129 154 50 202 104 331 40 0.65 0.89 Baillie Gifford Global Discovery B Acc 97 422 129 104 179 12 320 4 586 3 0.88 - iShares Gold Producers ETF USD Acc 107 289 101 414 172 14 184 207 - - 0.55 - Baillie Gifford International B Acc 105 354 131 78 160 34 257 16 407 12 0.69 0.21 iShares Healthcare Innov ETF USD Acc 101 411 118 336 141 151 - - - - 0.40 - Baillie Gifford L/T Glb Gr Invm B Inc 100 412 147 16 ------iShares MSCI ACWI ETF USD Acc 109 207 123 235 137 189 197 137 - - 0.60 - Baillie Gifford Positive Change B Acc 104 374 146 19 220 2 ------iShares MSCI EM Consumer Gr ETF USD Acc 101 410 121 297 119 326 176 231 - - 0.60 - Barclays Global Core R Acc GBP 109 173 129 107 156 44 211 68 - - - 0.02 iShares MSCI World ESG Enh ETF USD Dist 109 174 123 226 ------0.20 - Barings Global Leaders A GBP Inc 105 366 114 367 126 285 179 219 228 161 1.94 - iShares MSCI World ESG Scrn ETF USD Acc 109 187 123 234 ------0.25 - BlackRock Consensus 100 D Acc 110 162 123 230 134 218 189 178 - - 0.27 1.45 iShares MSCI World ETF USD Dist 109 198 122 261 139 171 198 129 301 75 0.50 - BlackRock Global Equity D Acc 108 260 116 348 131 251 169 259 208 177 0.92 1.81 iShares MSCI World Islamic ETF USD Dist 110 151 117 346 125 297 169 256 231 158 0.60 - BlackRock Global Equity D GBP Acc 111 101 122 254 123 311 170 252 - - 0.24 - iShares MSCI World Qual Div ETF USD Dist 108 244 113 374 124 306 - - - - 0.28 - BlackRock Overseas Equity I Acc GBP 109 213 123 221 143 132 207 81 324 44 0.24 1.23 iShares MSCI World Small Cap ETF USD Acc 115 47 136 51 131 250 - - - - 0.35 - BMO MM Navigator Boutiques C Acc 112 84 128 121 129 259 179 217 250 132 -- iShares MSCI World SRI ETF USD Dist 108 272 122 272 149 80 - - - - 0.20 1.10 BMO Responsible Global Equity 2 Acc 108 265 123 223 151 65 225 42 351 26 0.80 0.42 iShares Oil & Gas Explr&Prod ETF USD Acc 140 1 140 32 71 362 92 303 - - 0.55 - BMO Sustainable Opports Glb Eq 1 Acc 105 357 121 283 147 96 218 62 288 87 2.43 - Janus Henderson Glb Research A2 USD 108 274 120 311 134 210 188 187 252 131 2.33 - BNY Mellon Global Equity Inst W Acc 108 273 121 289 142 133 189 181 283 91 - 0.83 Janus Henderson Global Equity I Acc 106 327 119 319 143 129 219 58 370 21 - - BNY Mellon Global Infras Inc Instl WAcc 104 386 109 393 ------3.52 Janus Henderson Global Sust Eq I Acc 105 341 127 130 160 33 239 25 364 23 - 0.25 BNY Mellon Global Leaders GBP W Acc 107 307 122 279 152 56 - - - - 0.88 0.09 Janus Henderson Instl Gl 50/50IdOpp 3Acc 112 88 123 211 121 320 167 263 232 155 0.39 - BNY Mellon Global Opps Inst W Acc 108 247 120 303 142 139 184 202 289 84 - 0.88 Janus Henderson Mlt-Mgr Global Sel I Acc 110 172 124 200 127 281 176 230 206 180 - 0.61 BNY Mellon Long-Term Global Eq Int W Acc 105 342 116 351 145 108 209 77 322 49 - 0.50 JOHCM Global Opportunities A GBP Acc 108 245 112 377 ------0.99 - BNY Mellon Sus Global Eq Instl W Acc 106 329 119 314 156 42 - - - - - 1.16 JOHCM Global Opps Offshore A GBP Inc 108 249 112 376 126 289 161 273 - - 0.84 - Brown Advisory Global Leaders C USD Acc 106 311 122 275 151 70 232 32 - - 0.42 - JOHCM Global Select A GBP 109 231 125 161 146 101 222 48 332 38 1.72 - Candriam Quant Equities MF Glb C Acc EUR 115 48 128 125 120 321 170 253 242 144 1.67 - JPM Global Equity A (dist) GBP 113 63 124 209 121 315 175 235 235 153 1.30 - Carmignac Investissement A EUR Acc 105 344 130 91 143 124 186 194 215 171 3.41 - JPM Global Focus A (dist) USD 113 75 132 68 144 112 204 95 262 118 1.80 - CCM Intelligent Wealth R Inc 136 2 156 3 136 194 ------JPM Global Research Enh Idx Eq E Acc 109 180 123 231 ------Cohen & Steers SICAV Glb Listed Infra I 104 379 102 410 124 305 156 283 - - 1.14 0.94 JPM Global Rsrch Enh Eq ESG ETF USD Acc 110 165 124 207 ------0.25 - Comgest Growth Global Flex I EUR Acc 101 409 107 398 121 319 - - - - 1.08 - JPM Global Unconstrained Eq C Net Acc 107 309 126 151 159 37 222 49 323 46 0.93 0.12 Comgest Growth World GBP U Acc 103 392 114 365 144 114 222 50 337 36 0.91 - JPM Multi-Manager Growth C Net Acc 110 158 133 63 140 159 201 106 261 121 0.83 1.14 CQS New City Global Equity I GBP UnH 104 385 115 361 ------Jupiter Ecology I Acc 110 167 132 69 139 172 191 171 261 120 0.79 0.27 Credo Global Equity A Retail GBP Acc 114 54 129 95 141 147 ------Jupiter Fund of Investment Trusts I Acc 112 82 141 28 140 156 206 87 260 123 - 0.48 Davy Discovery Equity M GBP Acc 110 138 127 142 132 235 196 141 ---- Jupiter Global Elgy Gr D EUR A Inc Dist 109 192 131 76 138 182 190 174 244 138 0.70 0.36 Davy ESG Equity U GBP Acc 107 281 120 299 144 113 197 136 ---- Jupiter Global Managed I Acc 109 195 119 323 145 109 194 156 276 106 0.99 0.36 Davy Low Carbon Equity BB £ Acc 106 332 122 277 ------Jupiter Global Sustainable Eqs T Acc 104 383 117 342 149 77 ------Denker Global Equity A GBP Acc 111 113 120 309 117 337 156 284 153 193 1.59 - Jupiter Global Value Equity Instl Acc 121 15 136 50 113 349 ------Denker Global Financial A GBP 126 6 155 4 113 347 178 224 206 182 1.58 - Jupiter Global Value L GBP A Inc 120 18 135 58 108 357 171 246 243 142 1.72 - Dimensional International Core Eq Acc 113 66 128 112 137 192 199 118 298 80 0.46 - Jupiter Merian Global Equity I GBP Acc 113 74 127 138 131 245 203 99 389 16 1.14 - Dimensional International Val Acc 117 32 130 85 117 339 170 251 234 154 0.57 - Jupiter Merian World Equity U1 GBP Acc 114 62 128 122 131 243 200 109 - - 0.91 - Dodge & Cox Worldwide Global Stk GBP Acc 119 23 140 31 134 221 195 145 292 83 0.63 - Jupiter Merlin Worldwide Portfolio I Acc 109 226 117 339 127 275 173 243 228 162 1.81 0.22 EdenTree Responsible and Sust Glbl Eq B 112 83 128 119 128 268 180 216 216 169 0.83 - Kempen (Lux) Global Small-Cap I GBP 122 14 148 12 134 216 227 40 - - - - EF Brompton Global Equity B GBP Acc 109 205 125 176 134 219 187 191 - - 1.71 0.10 Kennox Strategic Value Institutional Acc 110 144 110 387 97 360 124 301 ---- EF WM Global Corp Autonomies I GBP Acc 112 93 127 144 136 202 190 175 - - - 0.71 L&G Artificial Intelligence ETF 101 406 131 81 ------0.49 - Electric & General Net Income A 108 267 113 368 152 60 191 173 - - - 0.84 L&G Battery Value-Chain ETF 119 25 186 1 193 5 - - - - 0.49 - Equitile Resilience Feeder A GBP Acc 109 223 126 159 134 211 193 158 ---- L&G Clean Water ETF 117 33 135 57 ------0.49 - ES AllncBernst Cncntr GE I GBP Acc 108 248 122 271 ------L&G Cyber Security ETF 110 150 117 343 161 29 282 9 - - 0.75 - ES AllncBernst Lw Vlt Glb Eq I GBP Acc 106 328 110 390 ------1.06 L&G Ecommerce Logistics ETF 115 53 149 8 165 21 - - - - 0.49 - ES R&M Global High Alpha Fund B Acc 117 34 139 34 122 312 ------L&G Future Wld Clmt Chg Eq Fct Idx I Acc 111 110 123 219 133 226 ------ES R&M Global Recovery B Inc 121 16 145 22 121 316 188 185 - - 1.25 - L&G Future World ESG Dev Idx I GBP Acc 109 178 123 210 ------Federated Hermes Glb Eq ESG F GBP Acc 109 211 124 191 134 222 193 161 - - 0.73 - L&G Global 100 Index I Acc 110 164 122 268 150 72 221 53 316 53 0.32 1.54 Federated Hermes Glb Eq F GBP Acc 110 153 123 213 135 206 198 123 317 52 0.66 - L&G Global Equity ETF 109 212 122 258 ------0.10 - Federated Hermes Glb Sm Cp Eq F GBP Acc 112 95 130 92 124 307 184 204 - - 1.15 - L&G Global Equity Index I Acc 110 154 124 194 139 174 199 117 - - 0.87 1.30 Federated Hermes Imp Opps Eq F GBP Acc 100 414 114 366 144 116 ------L&G Global Health & Pharma Index I Acc 104 382 103 405 140 164 178 221 381 17 0.32 1.12 Federated Hermes SDG Enggmt Eq F GBP Acc 110 168 126 152 125 296 ------L&G Global Infrastructure Index I Acc 103 390 103 404 127 279 ------Fidelity Allocator World W Acc 110 171 124 208 134 212 190 177 ---- L&G Global Robotics&Atmtn Idx I GBP Acc 108 261 131 73 ------0.08 Fidelity Global Cnsmr Inds W-Acc-GBP 106 326 126 150 149 79 219 60 365 22 1.05 - L&G Healthcare Breakthrough ETF 107 306 132 72 ------0.49 - Fidelity Global Financial Svcs W-Acc-GBP 120 21 139 33 133 224 192 165 283 93 1.06 - L&G International Index I Acc 110 149 125 173 142 136 206 88 309 60 0.39 1.33 Fidelity Global Focus W Acc 108 262 129 103 155 45 239 26 362 24 - - L&G MSCI Wld Sclly Rspnb Invmt SRI I Acc 108 242 119 327 108 359 127 300 194 187 0.32 1.74 Fidelity Global Health Care W-Acc-GBP 108 253 109 391 149 76 186 195 353 25 1.05 - L&G Pharma Breakthrough ETF 95 424 93 415 119 325 - - - - 0.49 - Fidelity Global Industrials W-Acc-GBP 114 57 139 36 127 283 182 212 181 191 1.06 - L&G ROBO Global Rbtc and Atmtn ETF 107 287 131 79 147 95 266 12 - - 0.80 - Fidelity Global Special Sits W Acc 108 236 126 149 141 148 214 65 332 39 - - Lazard Global Eq Franchise A Acc USD 116 42 132 71 124 298 179 218 - - 1.00 - Fidelity Index World P Acc 109 193 122 251 140 154 201 105 - - - 1.38 Lazard Global Lstd Infras Eq A Acc GBP 107 290 111 382 118 332 146 297 - - 1.02 - Fidelity Instl Global Focus Acc 110 129 128 118 149 78 227 39 348 30 0.90 0.32 Lazard Global Managed Vol A Acc USD 104 375 102 407 109 356 144 298 - - 0.93 - Fidelity Open World W Acc 111 117 124 188 131 247 187 188 ---- Lazard Global Strategic Eq A Acc USD 108 233 122 250 144 118 194 151 252 129 -- Fidelity Sust Water & Waste A Acc USD 109 206 123 212 ------1.90 - Lazard Global Sustainable Eq A Acc USD 108 271 124 186 145 105 207 83 - - 1.42 - Fidelity Sustainable Water & Waste W Acc 109 204 124 190 ------0.57 Lazard Global Thematic A Acc USD 108 238 125 167 149 84 209 76 279 99 - - First Sentier Glb Lstd Infra B GBP Acc 103 395 102 409 121 318 154 289 257 124 0.95 2.45 Lazard Managed Equity A Acc 113 73 125 165 124 304 171 248 255 126 1.05 - FP Carmignac Global Eq Cmpndrs A GBP Acc 106 310 119 316 ------Legg Mason IF MC Glb Uncons X Acc £ 106 315 120 312 129 261 169 258 231 156 - 3.16 FP Foresight Global Rl Infras A GBP Inc 97 420 114 364 ------2.83 Legg Mason MC Glb L-T Uncons X GBP Acc 106 320 121 294 155 46 - - - - 1.24 - FP Octopus Global Growth B 109 228 124 180 127 272 185 201 - - 1.49 - LF Adam Worldwide Acc 111 116 117 345 116 344 158 281 211 174 1.37 1.08 LF Blue Whale Growth R Sterling Acc 105 367 116 356 161 30 ------

054-078_WI_0721.indd 57 17/06/2021 11:55 58 Unit trusts | 5 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % LF Canlife Global Equity C Acc 110 128 125 168 139 173 188 186 274 107 0.81 - SVS Church House Esk Global Equity A Acc 108 251 120 302 141 144 195 144 - - - 0.14 LF Handelsbanken Adventurous I Acc 110 148 130 88 ------T. Bailey Growth A Acc 108 250 129 101 133 230 185 197 274 108 1.74 - LF Macquarie Global Infras Secs B Acc 103 391 108 394 119 329 148 295 211 176 1.13 1.59 T. Rowe Price Glb Foc Gr Eq CAccGBP 106 312 136 43 183 9 ------LF Majedie Global Equity X GBP Acc 109 190 129 102 153 53 222 47 - - - 0.27 T. Rowe Price Glb Foc Gr Eq Q GBP 106 324 135 53 181 11 298 7 489 7 0.84 - LF Majedie Global Focus X GBP Acc 109 227 129 109 145 107 204 93 - - - - T. Rowe Price Glb Growth Eq Q GBP 106 321 130 89 165 22 261 15 393 14 0.91 - LF Montanaro Better World A GBP Acc 105 343 120 304 ------TB Evenlode Global Equity B GBP Acc 107 298 ------LF Montanaro Global Select A GBP Acc 112 92 128 126 ------Templeton Global Leaders Fund W Acc 110 135 126 146 127 277 177 227 242 143 0.85 1.28 Lindsell Train Global Equity B GBP Inc 105 339 111 383 135 209 223 44 459 9 - 0.88 Threadneedle Glb Extnd Alp Ins Acc GBP 106 331 119 320 149 81 221 54 372 19 1.43 - Liontrust Global Equity C Acc GBP 105 353 123 245 146 98 227 41 249 133 1.06 0.07 Threadneedle Global Focus Z Grs Acc GBP 107 305 120 305 162 25 ------Liontrust Global Smaller Coms C Acc GBP 98 419 118 335 146 102 234 30 240 148 1.30 - Threadneedle Global Select Z Acc 106 317 119 326 146 100 219 56 335 37 0.89 0.18 Liontrust Sust Fut Glbl Gr 2 Net Acc 105 346 121 282 167 20 242 22 379 18 0.85 - TM Cerno Global Leaders A GBP Acc 109 196 130 94 162 26 - - - - - 0.29 LO Funds Emerging Hi Convc USD NA 108 264 134 59 118 336 184 205 - - 1.09 - TM Stonehage Fleming Global Eqs B Inc 110 137 127 131 126 287 165 267 212 173 1.87 0.68 LO Funds Golden Age USD NA 110 163 123 236 146 103 198 125 306 67 1.00 - TM Stonehage Fleming Global Eqs II B Inc 111 103 126 154 116 343 152 291 195 186 1.70 0.86 Lyxor Core MSCI World (DR) ETF 109 199 122 259 140 163 - - - - 0.12 - TM UBS (UK) - Global Equity C Acc 110 140 122 273 120 323 165 268 - - - 0.52 Lyxor Global Gender Eqlty (DR) ETF C USD 113 67 128 113 139 175 - - - - 0.20 - Trojan Global Equity O Acc 107 282 113 369 151 62 200 113 323 45 1.11 0.14 Lyxor MSCI World ESG TrdLdrsDRETFAcc 109 197 121 285 141 145 - - - - 0.20 - UBS (Lux) ES Gl Opp Uncons$ Q-acc 102 404 110 389 137 187 178 223 - - 1.07 - M&G Climate Solutions I GBP Acc 105 361 ------UBS Global Optimal C 111 119 127 136 137 193 203 101 267 112 -- M&G Global Dividend GBP I Acc 111 102 130 84 130 253 193 160 267 113 0.84 2.12 UBS MSCI World Minimum Vol Idx C Acc 107 296 104 402 ------1.87 M&G Global Enhanced Equity Pre I GBP Acc 112 80 122 276 ------Vanguard ESG Dev Wld All Cp Eq Idx £ Acc 109 219 124 206 141 153 198 122 - - 0.40 1.05 M&G Global Listed Infras GBP I Acc 105 347 110 388 144 119 - - - - - 2.37 Vanguard ESG Dev Wld All Cp Eq IdxUK£Acc 109 191 ------M&G Global Select GBP I Acc 111 98 123 229 146 104 203 96 277 101 0.90 - Vanguard FTSE All-World ETF USD Acc 109 200 123 222 ------M&G Global Strategic Value GBP I Acc 114 59 132 70 110 353 152 290 - - 0.93 - Vanguard FTSE Dev Wld ex-UK Eq Idx £ Acc 109 176 123 217 143 128 206 86 324 43 0.30 1.35 M&G Global Themes GBP I Acc 112 94 124 181 143 121 203 97 198 185 0.86 - Vanguard FTSE Dev World ETF USD Acc 109 183 123 239 ------M&G Positive Impact Sterling I GBP Acc 106 336 121 281 ------0.17 Vanguard FTSE Glb All Cp Idx £ Acc 110 159 125 174 137 191 - - - - - 1.35 Majedie Asset Mgmt Intl Eq F USD Acc 101 405 128 123 ------Vanguard Glb Small-Cp Idx £ Acc 116 46 136 45 130 252 194 152 300 77 0.40 - Man GLG RI Global Sustainable Gr I C GBP 104 377 109 392 ------0.94 - Vanguard Global Equity A GBP Acc 110 134 130 90 147 92 221 52 - - - - Margetts Intl Strategy R GBP Acc 109 185 126 156 130 257 183 210 244 139 0.74 1.03 Vanguard Global Stock Index Inv EUR Acc 109 202 122 260 140 166 198 128 302 73 0.30 - Margetts Opes Growth R GBP Acc 109 221 127 134 129 258 173 245 247 134 0.88 0.51 Vanguard LifeStrategy 100% Equity A Acc 111 118 123 216 130 256 185 199 - - 0.33 1.43 Marlborough Global P Acc 109 189 123 240 126 288 176 232 241 145 - 0.41 Veritas Global Focus A GBP 104 373 113 370 143 127 194 155 305 68 1.12 0.04 McInroy & Wood Smaller Comps Pers Inc 112 91 130 93 139 177 208 80 306 65 - 0.82 Veritas Global Focus A GBP 104 373 113 370 143 127 194 155 305 68 1.12 0.04 MFS Meridian Contrarian Value W1 GBP 123 13 150 6 ------0.92 - Virgin Global Share 108 255 123 228 117 340 166 265 - - - 1.55 MFS Meridian Global Concntr W1 GBP 111 100 125 166 147 94 201 107 - - 1.29 - VT Cantab Sustainable Glbl Eq A GBP Acc 108 240 113 372 ------0.08 MFS Meridian Global Equity Inc WH1 GBP 118 30 136 42 125 293 149 294 - - 0.80 - VT Gravis Clean Energy Income C GBP Acc 101 408 122 264 169 17 - - - - - 3.32 MFS Meridian Global Equity W1 GBP 111 120 123 214 142 141 193 159 306 63 1.16 - VT Greystone Global Growth R Acc 107 301 124 189 136 199 197 132 283 92 - - MFS Meridian Global Intrnsc Val W1 GBP 105 345 116 349 ------0.91 - VT Price Value A GBP Acc 106 335 108 396 119 327 168 260 - - - 1.68 MFS Meridian Global Rsrch Focus W1 USD 109 230 120 307 140 160 198 120 280 96 0.92 - VT Redlands Equity A GBP Acc 109 184 125 162 131 249 - - - - - 0.71 MI Charles Stanley UK & Intl Gr A Acc 110 133 117 340 116 345 150 293 206 181 1.49 1.13 VT Tyndall Global Select A GBP Acc 105 364 115 362 142 137 189 180 280 97 - - MI Metropolis Value A Acc 117 36 137 40 137 188 198 131 302 74 1.83 - Waverton Global Equity A GBP 106 323 120 310 128 271 181 215 240 147 1.53 0.14 MI Thornbridge Global Opps C Acc 121 17 130 87 119 331 174 239 212 172 0.91 - Waverton Tactical Equity A GBP 110 127 127 140 129 262 175 236 227 163 1.34 0.43 Mirabaud Sustainable Glbl Fcs D GBP Acc 103 389 117 347 144 117 211 71 - - 1.07 - Wellington Durable Entrprs N GBP Acc UnH 107 288 115 357 ------0.95 - Montanaro Better World GBP Dis 107 300 121 291 156 43 - - - - 0.96 - Wellington Durb Coms N GBP Inc UnH 108 268 116 352 131 248 173 244 - - 0.85 0.27 Morgan Stanley UK Global Brands I GBP 105 356 108 395 145 110 199 115 348 29 1.00 0.86 Wellington Enduring Assts GBP N Acc UnH 107 279 110 386 127 274 160 276 - - 0.95 - Morgan Stanley UK Global Sustain I Acc 105 368 111 384 ------0.54 Wellington Glb Hlthcr Eq N GBP Acc Unh 99 416 105 401 140 155 192 166 491 6 1.32 - MS INVF Emerging Leaders Equity Z 106 314 152 5 182 10 234 31 - - 0.95 - Wellington Glb Innovation N GBP UnH 102 398 127 143 171 15 - - - - 1.09 - MS INVF Global Brands I 104 372 108 397 144 115 198 127 343 34 0.94 - Wellington Glbl Quality Gr N GBP H Acc 106 334 118 337 150 73 229 36 - - 1.04 - MS INVF Global Opportunity Z 100 413 129 98 168 19 315 5 608 2 0.90 - Wellington Global Impact N GBP Acc Unhdg 107 278 137 38 151 68 ------MS INVF Global Quality I 106 338 111 381 145 111 197 134 - - 0.94 - Wellington Global Stewards N USD Acc UnH 111 112 128 127 ------0.65 - Multipartner Baron Glb Adv Eq B GBP Acc 99 417 130 82 219 3 401 1 - - 3.03 - Wells Fargo (Lux) WF GbFrEn Eq ZGBP Acc 111 107 123 246 ------0.25 - Nedgroup Inv Funds Contrarian Value Eq D 117 35 137 37 141 146 - - - - 0.82 - Wells Fargo (Lux) WF Glb SCE I GBP Acc 120 20 133 61 ------0.95 - New Capital Glbl Eq Convict USD Ord Acc 109 224 129 111 160 32 239 24 - - 1.46 - Wells Fargo (Lux) WF Global Eq ZGBP Acc 110 131 124 193 132 234 189 183 - - 1.12 - NFU Mutual Global Growth C 110 152 122 270 109 355 162 272 183 190 -- Wesleyan International Growth X Acc 110 143 126 157 136 198 - - - - - 0.28 Nikko AM Global Equity D GBP Acc 110 136 129 97 157 40 - - - - 0.98 - WS Charteris Global Macro A Acc 110 169 133 60 134 215 168 262 - - - 2.11 Ninety One Global Dynamic I Acc £ 110 141 126 155 131 246 193 162 278 100 0.87 - Xtrackers FTSE All-World ex UK ETF 1C 109 201 123 218 140 169 201 108 - - 0.40 - Ninety One Global Environment I 107 302 146 18 ------0.52 Xtrackers MSCI AC World ETF 1C 109 175 124 199 138 178 198 121 - - 0.25 - Ninety One Global Equity I Acc £ 112 87 127 132 138 181 198 126 284 90 0.88 - Xtrackers MSCI Wld Consumer Dscrt ETF 1C 107 299 132 66 157 41 231 34 432 11 0.25 - Ninety One Global Franchise I Acc 109 208 111 380 148 90 198 124 349 27 0.85 0.73 Xtrackers MSCI Wld Consumer Stp ETF 1C 102 402 106 399 129 267 146 296 264 117 0.25 - Ninety One Global Quality Eq Inc I Inc-2 107 280 111 385 142 138 169 255 305 69 - 2.03 Xtrackers MSCI Wld Minimum Vol ETF 1C 102 403 102 412 124 300 160 278 - - 0.25 - Ninety One Global Special Sits I Acc 124 9 149 11 110 354 175 233 246 136 0.91 - Xtrackers MSCI World Energy ETF 1C 125 7 118 329 74 361 102 302 94 195 0.25 - Ninety One Global StrategicEq I Acc £ 115 51 131 74 134 220 207 84 320 50 0.86 - Xtrackers MSCI WORLD ESG ETF 1C 110 157 121 292 146 99 - - - - 0.20 - Nomura Fds Global High Conviction I USD 110 146 120 308 155 48 216 64 - - 0.94 - Xtrackers MSCI World ETF 2D GBP H 116 44 137 41 144 120 - - - - 0.29 - Nordea 1 - Global Climate & Envir BC GBP 111 123 136 44 162 27 - - - - 1.14 - Xtrackers MSCI World Financials ETF 1C 124 10 142 27 124 303 183 209 255 125 0.25 - Nordea 1 - Global Stars Equity BC GBP 110 147 128 114 152 58 - - - - 1.13 - Xtrackers MSCI World Health Care ETF 1C 103 388 102 406 143 131 178 222 371 20 0.25 - Orbis OEIC Global Equity Standard 113 69 128 116 131 244 196 140 323 47 - - Xtrackers MSCI World Hi Div Yld ETF 1D 108 241 113 373 124 302 - - - - 0.29 - PGIM Jennison Global Eq opps GBP I Dis 97 421 128 117 179 13 309 6 - - - - Xtrackers MSCI World Industrials ETF 1C 110 142 131 80 132 236 191 169 288 85 0.25 - PGIM QMA Global Core Eq ESG GBP I Dis 112 86 124 184 ------Xtrackers MSCI World Materials ETF 1C 116 45 136 49 135 203 211 67 179 192 0.25 - PGIM QMA Global Equity Opps GBP I Dis 113 65 124 201 ------Xtrackers MSCI World Momentum ETF 1C 104 378 119 328 147 91 238 27 - - 0.25 - Pictet - Global Envir Opps I dy GBP 104 371 126 158 152 57 223 45 - - 1.11 - Xtrackers MSCI World Quality ETF 1C 109 220 119 315 143 122 206 90 - - 0.25 - Pictet - Global Thematic Opps-I GBP 109 179 122 253 139 170 - - - - 1.10 - Xtrackers MSCI World Utilities ETF 1C 99 418 102 413 129 266 155 287 218 167 0.25 - Pictet SmartCity I dm GBP 105 351 116 355 142 134 175 234 231 157 0.98 0.45 Xtrackers MSCI World Value ETF 1C 117 38 123 242 111 351 157 282 - - 0.25 - Pictet-Clean Energy I dy GBP 102 397 136 47 160 31 229 37 243 141 1.10 - Average/Total 109 426 125 416 138 365 197 306 287 198 0.93 0.84 Pictet-Family I GBP 107 276 127 141 121 317 171 247 265 116 1.07 - Pictet-Global Megatrend Sel I dy GBP 107 304 123 224 143 125 211 69 315 55 1.10 - (IA) GLOBAL CORPORATE BOND Pictet-Premium Brands I dy GBP 113 70 140 29 150 71 230 35 271 109 1.18 - AB Sustainable GlblTmtc Cdt I2 GBP HAcc 98 13 105 4 ------0.63 - Pictet-Security I dy GBP 108 258 119 321 151 69 209 79 340 35 1.09 0.43 AQR SFI GlInGdCorpUCITS IAU1F USD Acc 93 24 91 24 ------0.36 - Pictet-Water I dy GBP 111 105 124 204 150 75 197 135 311 58 1.09 0.24 ASI Global Corporate Bond Tracker B Acc 98 15 103 15 115 6 - - - - - 2.11 Polar Cptl Atmtn & Artfcl Intllgnc I Acc 101 407 122 269 159 35 - - - - 1.46 - ASI Short Dated Glbl Corp Bd Trkr B Acc 101 3 103 18 ------Premier Miton Global Sust Gr C Acc 107 292 130 86 127 280 191 172 299 78 1.27 0.35 ASSII-Gbl Cp Bd D Acc USD 93 23 92 23 111 10 129 2 - - - - Prima Adventurous Acc 109 181 120 306 ------0.95 AXAWF Global Buy & Mntn Crdt I Cap GBP H 98 19 103 19 115 5 118 7 - - 0.23 - Principal Global Equity I Acc USD 110 166 125 169 129 260 174 238 276 104 1.27 - AXAWF Global Credit Bonds F Cap EUR H 94 20 100 20 111 12 - - - - 0.75 - Purisima Global Total Return A 107 284 125 171 151 66 220 55 306 66 1.32 0.01 Barings Gbl Invm Grd Strats S GBP Dis 104 1 112 1 ------0.28 - Quilter Inv Glbl Dyn Eq R (GBP) Acc 110 130 126 148 135 205 189 179 211 175 1.06 - Capital Group GlobCorpBd (LUX) Zgdh-GBP 98 18 103 17 ------0.60 2.24 Quilter Inv Glbl Eq Idx U2 (GBP) Acc 109 216 123 243 142 135 206 89 - - - 1.53 Invesco Global Inv Grd Cor Bd Z GBPH Acc 98 11 105 8 ------Quilter Investors Ethical Eq R (GBP) Acc 110 125 128 120 135 208 182 213 266 115 -- iShares Gbl Corp Bond ETF USD Dist 93 22 93 21 111 11 127 3 - - 0.20 2.19 Quilter Investors Glbl Eq Gr U2 GBP Acc 110 155 128 124 149 83 225 43 - - - 0.29 iShares Overseas Corp Bd Idx (UK) D Acc 93 21 93 22 112 9 129 1 160 1 0.17 2.60 Quilter Investors Glbl Uncons EqR £ Acc 125 8 149 10 117 341 156 285 204 183 -- JPM Global Corp Bd C (dist) GBP H 99 7 105 10 116 4 119 6 - - 0.55 - Rathbone Global Opportunities I Acc 105 350 122 278 154 49 235 28 392 15 - - JPM Global Corporate Bond C Acc 98 12 104 11 ------Rathbone Global Sustainability I Acc 105 365 124 203 ------Muzinich Glbl Shrt DurInvmtGrdHGBPAccH 101 2 105 3 ------0.30 - Regnan Global Equity Imp Solu A GBP Acc 102 399 ------PGIM Global Corporate Bond GBP H I Acc 98 10 105 6 118 3 ------Robeco BP Global Premium Eqs F GBP 119 22 135 55 124 299 171 249 - - 0.79 - PIMCO GIS Glb IG Crdt ESG Ins GBPH Acc 99 8 105 9 ------Royal London Global Equity Divers M Acc 109 194 122 265 140 158 ------PIMCO GIS GlInGd Crdt Instl GBPH Acc 99 6 105 2 113 8 120 5 154 2 0.48 - Royal London Global Equity Select M Acc 114 58 131 77 150 74 ------Robeco Global Credits FH GBP 98 14 105 7 119 2 123 4 - - 0.61 - Royal London GMAP Dyn M GBP Acc 111 121 122 252 120 324 164 270 ---- Robeco Global Credits Short Matrty IH £ 100 4 104 12 109 13 - - - - 0.43 - Russell Inv Global List Infras I GBP 104 384 105 400 115 346 141 299 207 178 1.76 2.64 RobecoSAM Global SDG Credits FH £ 98 17 104 13 ------0.60 - Russell Inv World Equity I 111 106 125 172 137 186 200 112 296 82 1.01 - Vanguard Glb Corp Bd Idx £ H Acc 98 16 104 14 114 7 ------RWC Global Horizon R GBP Cap 116 43 133 62 132 239 197 139 - - 1.16 - Vanguard Glb S/T Corp Bd Idx £ H Acc 100 5 103 16 108 14 ------S&W Aubrey Global Conviction 96 423 112 378 139 176 265 13 345 33 1.75 - Vanguard Global Credit Bond Inv GBPH Acc 99 9 105 5 122 1 ------Sanlam Global High Quality C GBP Acc 107 294 112 379 130 255 184 203 - - 0.61 - Average/Total 98 24 102 24 114 14 123 7 157 2 0.44 2.28 Sanlam Global Value A GBP 110 126 122 256 119 330 161 274 203 184 1.40 - Sarasin IE Global Eq Opps GBP P Acc 105 349 123 227 137 190 198 130 - - - 1.11 (IA) GLOBAL EMERGING MARKET BOND - BLENDED Sarasin IE Global Eq Opps USD P$ Acc 105 362 123 233 136 197 196 142 - - - 1.03 Sarasin Responsible Global Equity P Acc 105 360 119 322 148 89 210 72 - - 1.00 0.99 ASI Emerging Markets Bond I Acc 101 6 112 5 110 8 122 10 144 5 - 4.71 Sarasin Thematic Global Equity P Acc 105 348 123 232 140 167 199 116 261 122 0.97 1.15 Barings EM Debt Blnd Ttl Ret C GBP Acc 102 4 115 2 128 1 - - - - 0.72 - Schroder Global Equity I Acc 110 170 129 105 151 64 219 59 325 42 0.53 0.73 Capital Group EM Debt (LUX) Z 95 16 97 15 110 9 135 4 153 2 0.90 - Schroder Global Healthcare Z Acc 107 308 113 375 159 36 203 98 436 10 0.93 0.18 Eaton Vance Intl(IRL)EmMktsDbtOpps SAcc$ 99 9 102 12 116 3 148 1 - - 0.48 - Schroder Global Recovery Z Acc GBP 123 11 145 21 119 328 168 261 ---- GS Em Mkts Dbt Blnd R Inc GBP 98 12 103 10 110 10 126 8 - - 0.88 4.22 Schroder ISF Global Energy Z Acc EUR 134 3 150 7 60 364 77 305 33 197 1.04 - Invesco Gbl Emerg Mkts Bd UK Z Acc 103 3 110 6 117 2 - - - - - 6.39 Schroder ISF Global Eq Alp Z Acc EUR 112 85 129 106 147 93 211 70 285 89 1.04 - Lazard Em Mrkts Ttl Ret Dbt A Acc USD 95 15 95 17 110 11 126 9 145 4 0.99 - Schroder ISF Global Eq Yld Z Acc EUR 118 31 136 46 108 358 164 269 246 137 1.05 - Lazard Emerg Mrkts Dbt Blnd A Acc USD 95 17 96 16 108 13 129 5 - - 1.00 - Schroder ISF Global Smlr Coms C Acc USD 114 60 132 67 123 310 177 228 276 105 1.30 - Lazard EmMkts DbtUnrtrcd Blnd A Acc USD 96 14 97 14 107 15 127 6 - - 0.95 - Schroder MM International Z Acc 116 40 129 100 140 165 189 184 305 70 1.36 - Legg Mason WA EM TR Bd A USD Dis(D) 94 18 95 18 108 14 127 7 153 3 1.79 - Schroder QEP Glbl Active Val Z Acc 119 27 127 128 122 314 170 254 227 164 0.77 - M&G Emerging Markets Bond GBP I Acc 96 13 99 13 112 6 140 2 192 1 0.76 5.06 Schroder QEP Global Core Eq A Acc 114 61 124 192 138 183 194 157 303 71 0.37 - Mirabaud Global Emerg Mkt Bd DH GBP Acc 102 5 114 4 109 12 - - - - 0.87 - Scottish Widows Global Growth G Acc 113 78 124 182 128 269 185 198 ---- NB EM Dbt Sust Invms Grd Blnd USD I Acc 92 19 92 19 113 4 - - - - 0.80 - Scottish Widows Global Sel Gr A 111 111 128 115 145 106 195 143 247 135 1.62 - Neuberger Berman EM Dbt Blnd GBP I Acc 99 11 103 11 106 16 121 11 - - 0.88 - Scottish Widows Intl Eq Tracker I Acc 108 246 122 266 136 201 195 147 277 102 0.61 - Ninety One EM Blnded Dbt I Acc £ 99 10 105 8 111 7 138 3 - - - 4.58 Seilern World Growth USD U I 107 291 119 325 164 23 251 18 506 5 0.87 - PGIM Em Mkts Total Ret Bd GBPHIDis 105 1 116 1 ------4.01 SKAGEN Global A 112 96 117 338 142 140 192 164 238 150 1.00 - TCW Fds Emerging Mkts Income RGHG-QD 101 7 115 3 112 5 - - - - 0.95 4.53 SKAGEN Kon-Tiki A 117 37 145 20 117 338 174 237 152 194 1.79 - Templeton Emerging Mkts Bd W(Qdis)GBP-H1 103 2 104 9 90 17 101 12 - - 0.95 7.73 SLI International Trust 110 156 123 220 140 157 198 119 348 28 0.14 - Wellington Blnd Oppc EM Dbt N £ Acc H 101 8 110 7 ------SPW Multi-Manager Intl Equity A Acc 110 132 125 160 134 213 190 176 270 110 1.83 - Average/Total 99 19 104 19 110 17 128 12 158 5 0.92 5.15 Stewart Inv Wldwd Ldrs Sstby B GBP Acc 106 322 118 331 127 276 174 241 277 103 0.92 0.04 (IA) GLOBAL EMERGING MARKET BOND - HARD CURRENCY Stewart Inv Wldwd Sustnby B GBP Acc 105 369 116 354 136 195 189 182 - - - 0.04 Stonehage Flmg GlbBest IdeasEq C GBP Inc 104 370 115 360 152 61 207 82 - - - - Allianz Emerging Markets SRI Bond WT USD 93 41 93 41 ------0.57 - SVM World Equity Instl 123 12 142 26 148 88 210 74 323 48 1.98 - Allianz Emerging Mkts Sov Bd W H2-GBP 100 16 110 15 ------0.57 -

054-078_WI_0721.indd 58 17/06/2021 11:55 Unit trusts | 6 What Investment | July 2021 59

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Allianz EMs SRI Cprt Bd WT USD 95 27 96 33 ------0.57 - Franklin LibertyQ Emerging Markets ETF 110 57 118 137 107 116 - - - - 0.55 - AQR SFI EMHrdCcyDbtUCITS IAU1F USD Acc 95 28 97 30 ------0.36 - FSSA Global Emerging Mkts Foc B GBP Acc 102 138 130 102 119 77 - - - - - 0.26 AXAWF Em Mkts Sh Dur Bds F Cap USD 95 30 95 37 107 29 125 17 - - 0.83 - GAM Multistock EM Equity GBP C 108 72 137 49 124 53 200 40 - - 1.10 - Barings EM Corp Bd A GBP Acc 105 1 123 1 130 1 140 2 - - 0.46 - GAM Star Emerging Equity Instl GBP Acc 109 60 138 42 120 75 198 44 - - 1.38 - Barings EM Debt Short Duration A USD Dis 99 19 104 19 121 3 142 1 - - 0.56 - GlobalAccess Emerging Mkt Eq M Acc GBP H 118 7 154 4 124 50 171 84 - - - - Barings EM Sovereign Debt Tr A GBP Acc 99 18 112 6 127 2 - - - - 0.35 - GQG Partners Emerging Mkts Eq R GBP Acc 105 120 134 68 138 16 - - - - 1.10 - BNY Mellon Em Mkts Corp Dbt GBP W Acc H 102 3 114 3 120 4 129 10 - - 0.78 - GS EM CORE Eq R Inc GBP Close 114 20 140 33 124 52 208 27 205 14 0.83 - Candriam Bds Em Mkts C USD Cap 96 24 99 24 103 31 126 15 183 3 1.33 - GS Emerging Markets Eq R Inc GBP 108 68 139 39 137 17 221 17 218 11 1.03 - Fidelity Emerging Mkt Dbt A-Acc-EUR 96 23 101 20 110 21 130 7 184 1 1.66 - Guinness Emerging Mkts Eq Inc Y GBP Dist 111 44 124 132 113 104 - - - - 0.99 - First Sentier Emerg Mkts Bd B GBP H Acc 100 15 110 16 112 17 118 23 - - - 4.46 HSBC GIF Global Emerging Mkts Eq AD 105 119 132 78 123 55 194 51 142 55 1.91 - GAM Multibond Emerging Bond USD B 97 20 99 23 109 26 127 14 176 5 1.64 - HSBC MSCI Emerg Mkts ETF 107 96 129 107 120 74 190 61 - - 0.15 - GlobalAccess Emerging Mkt Dbt M Dis GBPH 100 14 111 12 112 15 119 22 149 10 - 3.47 Invesco Developing Mkts Eq Z GBP Acc 105 111 129 108 ------GS EM Corp Bd R Inc GBP Hdg 101 10 111 9 117 6 125 16 - - 0.85 - Invesco Global Emerg Mkts UK Z Acc 112 32 151 8 135 21 204 32 223 7 - - GS Em Mkts Dbt R Inc GBP Hdg 100 17 112 8 110 19 117 24 - - 0.87 4.38 iShares Core MSCI EM IMI ETF USD Acc 108 76 132 85 122 67 192 59 - - 0.18 - Invesco Emerging Markets Bond A USD SD 96 22 99 22 109 24 129 8 176 6 1.25 - iShares Edge MSCI EM Mini Vol ETF $ Acc 104 126 113 140 107 115 150 102 - - 0.40 - iShares JP Morgan $ EM Bond ETF USD Dist 94 36 96 34 111 18 129 9 182 4 0.45 - iShares EM Dividend ETF USD Dist 112 33 118 138 110 110 172 82 - - 0.65 - iShares JP Morgan ESG $ EM Bd ETFUSDDist 94 37 95 38 ------0.45 3.39 iShares EM Infrastructure ETF USD Dist 105 116 78 141 75 122 103 106 105 60 0.60 - iShares JPMorgan $ EM Corp Bd ETF $ Acc 95 31 95 36 ------0.50 - iShares Emerging Mkts Eq Idx (UK) D Acc 105 105 128 115 123 57 189 63 168 37 0.27 - JPM Emerging Markets Debt A (dist) GBP 95 32 98 27 108 28 127 13 - - 1.45 4.34 iShares MSCI EM ETF USD Dist 107 89 130 103 120 73 189 64 159 50 0.75 - JPM USD Emerging Mkts Sov Bd ETF USD Inc 94 35 97 32 113 12 - - - - 0.39 4.28 iShares MSCI EM IMI ESG Scrn ETF USD Acc 108 81 132 86 ------0.18 - Jupiter Em Market Debt U1 GBP Inc 95 26 99 26 112 16 135 3 - - 1.10 5.39 iShares MSCI EM Small Cap ETF USD Dist 117 9 149 10 118 82 176 77 161 49 0.38 - L&G EM Govt Bond US$ Index I Acc 92 42 92 42 107 30 123 18 - - - 4.20 iShares MSCI EM SRI ETF USD Acc 107 92 137 46 129 39 - - - - 0.25 - Lazard Emerging Markets Bond A Acc USD 95 29 99 25 110 20 131 5 183 2 0.96 - Janus Henderson Emerg Mkts Opps I Acc 108 73 137 51 123 61 170 85 162 48 - - Lord Abbett EM Corp Dbt I USD Acc 95 25 97 31 ------JOHCM Global Emerging Mkts Opps GBP A 111 42 130 100 121 69 194 50 - - 1.02 - M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 97 21 100 21 113 14 - - - - 0.82 - JPM Em Mkts Small Cap A (dist) perf GBP 114 17 140 32 130 34 192 55 219 10 2.04 - MFS Meridian Emerging Mkts Dbt WH1 GBP 100 13 110 14 114 9 121 21 161 8 0.99 - JPM Emerging Markets B Net Acc 103 136 137 44 147 8 236 8 220 9 1.18 0.07 Muzinich EM Mkt Corp Dbt HGBP Inc Fndr 102 5 113 5 119 5 - - - - 0.64 - JPM Emerging Markets Income C Net Acc 111 39 135 65 133 27 198 45 - - 0.87 - Muzinich EmergingMktsShrtDur HGBP Acc H 102 4 109 17 ------0.75 - JPM Emerging Mkts Opps C (dist) GBP 107 87 135 63 132 30 226 12 - - 1.05 - Neuberger Berman EM Corp Dbt GBP I Acc 101 8 111 11 115 8 123 19 - - 1.00 - JPM Global EM Rsh Enh Eq ESG ETF USD Acc 108 70 134 66 ------0.25 - Neuberger Berman EM DbtHrdCcy GBP I C 101 9 112 7 113 11 - - - - 0.84 - Jupiter Global Emerging Markets I Acc 112 36 138 41 108 113 164 90 166 43 1.11 - Neuberger Berman Shrt DurEM DbtGBP I Acc 102 7 107 18 110 22 - - - - 0.63 - Jupiter Global EMs Focus I GBP Acc 108 71 140 29 124 51 191 60 189 26 1.03 - Pictet-Global Emerging Debt I GBP 95 33 97 29 113 13 130 6 - - 0.82 - L&G Global Emerging Markets Index I Acc 106 102 127 117 122 63 186 65 165 44 0.49 - PIMCO GIS Em Mkts Bd ESG Ins GBP H Inc 101 11 111 10 ------3.39 Lazard Developing Markets C Acc 105 117 133 75 122 65 196 47 - - - - PIMCO GIS Em Mkts Bd Instl GBPH Acc 101 12 111 13 115 7 128 12 156 9 0.77 - Lazard Developing Markets Eq C Dist USD 106 103 132 83 128 40 206 30 - - 0.94 - T. Rowe Price EM Bd In GBP 10 102 2 116 2 109 25 122 20 - - 0.40 - Lazard Emerging Markets A Acc 113 24 128 114 109 111 161 94 150 53 1.06 - Threadneedle EM Bd Z Inc GBP 94 34 97 28 110 23 133 4 172 7 - - Lazard Emerging Markets Eq A Dist USD 114 19 127 118 109 112 157 98 142 56 1.19 - Vanguard Emerging Mkts Bd Inv GBP H Acc 102 6 113 4 ------3.72 Lazard Emerging Mrkts Core Eq A Acc USD 105 121 127 121 114 99 175 78 - - 1.26 - Vanguard USD EmMktsGovBd ETFUSDAcc 93 39 94 40 ------Lazard Emerging World C Acc GBP 111 43 141 24 135 22 203 34 - - - - Xtrackers ESG $ EM Bd Qual Wtd ETF 1D 93 40 94 39 114 10 128 11 - - 0.50 8.99 Legg Mason IF MC Emerg Mkts X Acc £ 105 106 137 50 131 31 230 10 193 20 - - Xtrackers II $ Emerging Mkts Bd ETF 2D $ 93 38 95 35 108 27 - - - - 0.25 9.37 Liontrust Emerging Markets C Acc GBP 105 122 134 67 115 97 201 39 165 47 0.90 0.92 Average/Total 98 42 103 42 113 31 127 24 172 10 0.78 4.95 M&G Global Emerging Markets GBP I Acc 116 10 139 35 119 81 180 75 165 46 0.94 - Magna Emerging Markets B EUR Acc 105 118 133 74 112 107 ------(IA) GLOBAL EMERGING MARKET BOND - LOCAL CURRENCY Magna Emerging Markets Div B GBP Inc 111 48 135 64 119 80 175 80 181 28 1.40 - ASI EM Local Ccy Bond Tracker B Acc 94 24 93 27 ------Marlborough Emerging Markets Trust P Inc 111 46 131 88 112 108 175 79 148 54 - - Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 95 20 94 25 101 25 121 17 109 6 0.80 - MFS Meridian Emerging Mkts Eq WH1 GBP 114 18 147 11 116 95 166 89 131 58 1.12 - Baillie Gifford Emerging Mkts Bd B Inc 94 26 96 12 101 18 122 14 106 9 0.76 - MI Somerset Emerg Mkts Div Gr A Acc 114 16 128 112 108 114 154 100 177 30 1.30 - Barings EM Local Debt C GBP Acc 101 4 109 2 108 3 - - - - 0.74 - MI Somerset Emerg Mkts Sm Cp B Acc 121 4 135 57 118 88 168 87 190 25 1.72 - BNY Mellon EM Dbt Lcl Ccy GBP C Inc 95 12 94 20 97 29 117 20 97 13 1.20 - MI Somerset Emerging Mkts Disc A GBP Acc 113 29 124 129 ------Candriam Bds Em Dbt Lcl Ccis C USD Cap 93 31 92 31 101 24 119 18 - - 1.36 - MI Somerset Glbl Em Mkts Screened A Acc£ 105 108 131 94 123 56 - - - - - 1.32 Capital Group EM Local Debt (LUX) Z 95 15 96 14 106 5 132 3 128 1 0.90 - MI Somerset Global Emerg Mkts B Acc 105 110 131 92 123 59 180 74 176 31 1.35 0.71 Colchester Lcl Mkts Bd £ Hdg IncI 97 7 99 7 106 4 ------Mirabaud Equities Glbl Em Mkts D GBP Acc 105 124 132 81 118 83 194 53 - - 1.08 - Colchester Lcl Mkts Rl Ret Bd $ UH Acc I 99 5 100 6 105 8 131 4 - - 0.68 - Multipartner Baron Em Mkt Eq B GBP Acc 107 88 136 56 122 68 184 72 220 8 5.97 - Eaton Vance Intl(IRL) EMLclInc I Acc $ 94 27 93 28 112 1 140 1 115 4 0.81 - Nedgroup Inv Funds Global EM Eq D GBP 104 133 131 89 ------0.93 - GAM Multibond Local Emerging Bond GBP R 99 6 105 5 101 21 112 22 94 14 1.29 - Neuberger Berman Em Mkts Eq GBP I Acc 111 47 142 21 113 105 159 96 - - 1.27 - GS Emerging Mkts Dbt Lcl R Inc GBP 94 23 95 17 101 22 123 11 108 8 0.86 4.65 Ninety One Emerg Markets Equity I Acc 110 51 135 59 123 60 196 48 - - 0.97 - HSBC GIF Global EM Local Dbt AD 96 10 95 18 97 28 114 21 105 11 1.61 - Nordea 1 - Emerging Stars Equity BC GBP 106 98 140 28 149 7 239 6 - - 1.16 - Invesco Emer Mkt Lcl Dbt Z GBP Acc 94 29 94 23 ------PGIM Jennison Emerging Mkts Eq USD I Acc 113 23 152 7 180 1 278 1 - - - - iShares JPMorgan EM Lcl Govt Bd ETF$Acc 94 22 93 29 99 27 - - - - 0.50 - PGIM QMA Emerging Mkts All Cap EqIUSDAcc 113 26 132 82 119 79 ------JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 95 11 95 16 103 13 122 15 102 12 1.30 - Pictet-Emerging Markets I USD 110 54 142 20 139 15 213 24 174 33 1.06 - Jupiter Local Ccy EM Dbt U1 GBP Inc 94 25 93 26 101 23 121 16 - - 1.24 5.74 Pictet-Emerging Markets Index I GBP 108 80 131 97 123 58 193 54 - - 0.38 - L&G EM Govt Bond Lcl Ccy Index I Acc 95 21 94 24 102 17 125 9 - - - - Pictet-Emerging Mkts High Div I dm GBP 116 12 142 19 142 13 210 25 - - 1.10 - Lazard Emerging Mrkts Lcl Dbt A Acc USD 95 14 95 15 103 12 124 10 116 3 1.00 - Pictet-Quest Emerg Sust Eq I GBP 111 41 124 130 111 109 158 97 - - 1.18 - MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP 101 3 110 1 108 2 118 19 - - 0.95 - Polar Capital Em Mkts Stars I USD Acc 104 132 132 76 ------0.67 - Neuberger Berman EM Dbt LclCcy GBP I Acc 101 2 108 4 102 16 - - - - 0.95 - Polar Capital Emerging Markets Inc I Acc 111 40 125 126 114 101 160 95 165 45 1.00 - Ninety One EmMkts Lcl Ccy Dbt I Acc £ 95 13 96 11 104 11 130 5 110 5 0.95 - Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 103 135 137 45 151 6 245 4 - - - 0.12 Nomura Fds Emerging Market LC Debt I USD 94 28 92 30 103 14 125 8 - - 0.85 - Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc 111 45 135 62 ------PGIM Emerging Mkts Lcl Ccy Dbt GBP I Dis 95 16 96 10 105 7 ------Quilter Inv Em Mkts Eq U2 (GBP) Acc 108 83 139 34 ------Pictet-Emerging Local Ccy Dbt I dy GBP 96 8 96 9 104 9 123 13 109 7 0.92 - Robeco Emerging Markets Equities I $ 106 104 132 80 127 42 206 29 181 29 0.96 - Pictet-Shrt-Trm Em Lcl Ccy Dbt HI dy GBP 102 1 108 3 101 20 103 23 - - 0.82 - Robeco Emerging Stars Equities F £ 109 63 130 99 125 47 192 56 - - 1.22 - PIMCO GIS Emerg Lcl Bd Instl GBP UnH Acc 95 17 97 8 105 6 130 6 119 2 0.89 - Robeco QI Emerging Cnsrv Eqs F £ 109 61 114 139 106 118 152 101 - - 0.84 - Russell Inv EMkt Dbt Lcl Ccy I GBP 95 18 95 19 101 19 123 12 - - - - Royal London EM ESG Ldrs Eq Trkr Z £ Acc 105 123 131 91 130 36 ------T. Rowe Price Em Lcl Mkts Bd Q EUR 96 9 96 13 104 10 132 2 - - 0.82 - Russell Inv Emerging Markets I 110 52 133 71 118 85 186 67 169 36 1.40 - TCW Fds Emerging Mkts LC Income RU 95 19 94 21 100 26 - - - - 1.00 - RWC Global Emerging Markets R GBP Acc 112 34 152 6 127 41 221 15 - - 1.29 - Threadneedle EM Local Z Inc GBP 94 30 94 22 103 15 129 7 105 10 0.90 5.83 Schroder Global Emerg Mkt Z Acc 108 69 135 58 131 32 217 22 202 16 0.95 - Average/Total 96 31 97 31 103 29 123 23 109 14 0.96 5.41 Schroder ISF QEP Glbl EM Z Acc GBP 118 6 130 101 116 93 179 76 - - 1.09 - Schroder QEP Glbl EMM Z GBP Acc 115 14 127 122 114 102 173 81 - - - - (IA) GLOBAL EMERGING MARKETS Scottish Widows Emerg Markets A 106 99 126 123 117 92 184 70 156 51 1.73 - T. Rowe Price EM Discv Eq CAccGBP 116 11 139 38 ------AB Em Mkts Low Volatil Eq I GBP H Acc 112 35 140 27 116 94 - - - - 1.15 - T. Rowe Price EM Discv Eq Qdn GBP 9 122 1 158 2 122 66 - - - - 0.92 - AB Emerging Markets Gr I Acc 107 93 131 87 118 84 189 62 184 27 1.21 - T. Rowe Price EM Eq Q GBP 104 127 128 113 124 48 204 33 194 18 1.12 - Alger Emerging Markets I US 104 130 131 90 132 29 199 41 - - 1.10 - Templeton Em Mkts Smlr Coms W(acc)GBP 122 2 149 9 117 90 171 83 210 13 1.50 - Allianz Emerging Markets Equity C Acc 113 25 139 36 124 49 198 43 167 38 0.96 - Templeton Global Emerging Markets W Acc 109 64 136 54 134 23 218 21 134 57 1.20 - Alquity Future World USD Y 112 38 132 77 107 117 - - - - 3.00 - Threadneedle Global EM Eq Z Acc GBP 105 112 143 17 144 10 202 37 193 19 0.93 - American Century Em Mkts Eq I USD 104 128 132 84 122 64 203 36 - - - - TT Emerging Markets Equity H GBP Acc 116 13 145 15 132 28 221 16 227 6 1.13 - American Cntry EM Sust Impct Eq F USD 103 137 132 79 ------TT Emerging Markets Uncons H GBP Acc 117 8 154 5 142 14 - - - - 2.39 - Amundi IS MSCI Emerging Markets ETF DR C 108 74 131 95 122 62 ------UBS Global Emerging Markets Equity C Acc 108 78 137 43 131 33 223 13 190 23 - - Amundi IS MSCI EMs SRI ETF DR C 108 67 139 37 ------UBS Global Emerging Mkts Opp Q GBP 105 125 131 93 126 46 218 20 - - 0.96 - Artemis SmartGARP Glb EM Eq I Acc GBP 119 5 133 70 118 86 201 38 - - 0.98 - Vanguard Em Mkts Stk Idx £ Acc 108 77 131 96 123 54 194 52 166 42 0.40 - AS SICAV I Em Mkts Eq X Acc GBP 109 62 142 22 135 20 185 68 190 24 1.30 - Vanguard ESG Em Mkts All Cp Eq Idx £ Acc 107 94 ------AS SICAV I EM Smlr Coms X Acc GBP 121 3 144 16 134 26 169 86 192 21 1.47 - Vanguard FTSE Emerg Markets ETF USD Acc 107 84 129 111 ------ASI (SLI) Emerging Markets Equity P1 Acc 108 66 136 53 126 43 199 42 - - - - Vanguard Global Emerging Markets A Acc 113 27 142 18 136 19 219 19 - - - - ASI Emerging Markets Eq Enh Index B Acc 108 79 129 106 119 78 192 58 167 41 0.84 2.11 Vontobel mtx Sust EmMkts Ldrs N GBP 104 131 124 127 126 44 219 18 - - 1.00 - ASI Emerging Markets Equity I Acc 108 82 141 25 134 24 183 73 191 22 1.20 - Wellington Em Mkts Rsrch Eq N GBP UH Acc 109 59 135 61 121 72 205 31 - - 1.10 - ASI Emerging Markets Income Eq P1 Acc 109 58 137 47 130 37 209 26 - - - - Wells Fargo (Lux) WF EM Eq Inc ZGBP Acc 110 50 131 98 117 89 166 88 - - 1.31 - Aubrey Global Emerging Markets Opps IC2$ 99 142 133 72 143 12 241 5 - - - - Wells Fargo (Lux) WF EM Eq Z GBP Acc 106 97 129 110 ------1.36 - Aviva Investors Glb EM Eq Uncons 2GBPAcc 107 86 133 73 ------Xtrackers MSCI Emerging Markets ETF 1C 107 90 130 104 121 71 - - - - 0.18 - AXA Framlington Emerging Mkts Z GBP Acc 105 113 134 69 129 38 184 69 176 32 0.90 - Average/Total 109 142 134 141 124 122 193 106 183 60 1.11 0.76 Baillie Gifford Em Mkts Gr B Acc 105 114 140 31 146 9 250 3 240 4 0.83 - Baillie Gifford Em Mkts Lead Coms B Acc 104 134 138 40 153 4 259 2 245 3 0.87 1.07 (IA) GLOBAL EQUITY INCOME Barings Global Emerging Mkts I GBP Acc 99 141 123 133 118 87 195 49 167 40 1.00 - BlackRock Emerging Markets D Acc 112 37 135 60 143 11 237 7 217 12 0.92 - Aegon Global Equity Income GBP C Inc 109 23 125 17 134 14 182 8 - - 0.60 2.38 BMO Emerging Markets Equity 2 Acc 107 85 127 119 114 98 161 93 154 52 0.84 - Aptus Global Financials B Acc 127 1 168 1 107 49 156 32 - - - 3.43 BMO LGM Glbl EmMkts Gr and Inc B USD Acc 107 91 128 116 114 100 161 92 173 34 1.06 - Artemis Global Income I Inc 118 6 136 4 113 42 162 25 277 4 0.99 - BNY Mellon Emerging Income Inst W Acc 108 75 124 128 113 103 145 104 ---- ASI Global Income Equity P1 Acc 106 44 115 41 124 31 152 34 241 12 - 1.29 BNY Mellon Global Emerging Mkts Int WAcc 105 107 147 12 153 5 230 9 270 1 - - ASI World Income Equity I Acc 107 42 117 34 109 44 141 39 - - - - Candriam Eqs L Em Mkts C EUR Cap 110 53 140 30 130 35 214 23 196 17 2.14 - Aviva Investors Global Eq Inc 2 GBP Acc 109 27 121 26 133 15 180 9 261 7 1.14 - Carmignac Emergents A EUR Acc 105 115 145 14 159 3 203 35 202 15 2.86 - Baillie Gifford Global Inc Growth B Inc 108 31 124 18 143 4 197 1 286 2 0.70 2.21 Carmignac Pf Emerg Discv W GBP Acc 110 49 127 120 115 96 156 99 - - 1.49 - Baillie Gifford Rspnb Glb Eq Inc B Inc 108 35 123 20 ------2.16 Carmignac Pf Emergents W GBP Acc 107 95 158 3 176 2 229 11 - - 1.15 - Barings Global Div Champions I GBP Acc 105 51 111 47 135 13 - - - - 0.85 - Comgest Growth Emerging Mkt Pl U GBP Acc 100 140 124 131 ------1.07 - BlackRock Global Income D Acc 108 32 117 37 131 18 164 22 257 8 - - Comgest Growth Emerging Mkts GBP U Acc 100 139 120 136 112 106 162 91 169 35 1.06 - BNY Mellon Global Income Inst W Acc 107 41 117 35 130 21 168 16 275 5 - 2.66 Comgest Growth GEM Promis Coms USD I Acc 104 129 121 135 82 121 107 105 111 59 1.50 - BNY Mellon Sust Glbl Eq Inc Inst W Acc 105 49 118 31 ------Dimensional Emerging Mkts Core Eq Acc 112 30 137 52 120 76 186 66 167 39 0.78 - Courtiers Glbl (ex UK) Eq Inc Retl R 120 4 134 7 126 26 170 14 - - - - Eaton Vance Intl(IRL) Pr EM I Acc GBP U 110 56 125 125 106 119 149 103 - - 0.80 - Davy Defensive Equity Income H GBP Acc 106 45 111 48 126 27 147 37 - - - - Federated Hermes GEMs SMID Eq F GBP Acc 113 28 140 26 ------1.20 - Davy Global Equity Income U GBP Acc 109 25 117 33 130 22 163 24 - - - - Federated Hermes Glb Em Mkts F GBP Acc 106 101 137 48 134 25 222 14 246 2 1.13 - Fidelity Global Div Pl W Acc GBP 102 56 106 55 108 47 114 42 158 17 1.05 - Fidelity Emerg Mkts Qual Inc ETF USD Acc 115 15 136 55 126 45 - - - - 0.50 - Fidelity Global Dividend W Inc 105 48 111 49 136 12 171 13 - - - - Fidelity Emerging Mkts Foc W-Inc-GBP 112 31 142 23 ------Fidelity Global Enhanced Income W Inc 104 52 109 51 129 23 160 27 - - - 4.72 Fidelity Index Emerging Markets P Acc 106 100 129 105 121 70 192 57 - - - - Fidelity Global Qual Inc ETF Inc 110 21 120 28 138 9 - - - - 0.40 - Fidelity Instl Emerg Mkts W Acc 110 55 145 13 137 18 206 28 233 5 - - First Trust Global Equity Income A USD 111 20 121 27 106 50 149 36 - - 0.70 - First Trust Em Mkts AlphaDEX® ETF A Acc 114 22 126 124 104 120 184 71 - - 0.80 - GlobalAccess Global Eq Inc M Acc GBP Hdg 120 3 144 2 124 30 146 38 - - - 1.96 FP Carmignac Em Markets A GBP Acc 105 109 160 1 ------0.24 Guinness Global Equity Income Y GBP Acc 109 24 119 30 139 7 186 6 287 1 0.84 - FP Carmignac Emerging Discv A GBP Acc 109 65 122 134 ------HSBC Global Equity Income C Inc 110 22 123 21 138 10 ------FP Rayliant Quantamental EM Equity B 114 21 129 109 117 91 197 46 - - - - Invesco Global Equity Inc UK Z Acc 113 16 130 12 120 34 164 23 267 6 - 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054-078_WI_0721.indd 59 17/06/2021 11:55 60 Unit trusts | 7 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Janus Henderson Global Eq Inc I Inc 108 34 117 36 117 39 154 33 250 10 1.05 - FP Octopus Fixed Income B Acc 99 37 103 30 112 23 114 38 127 25 1.08 - JPM Global Equity Income C Net Acc 111 19 127 15 144 2 197 2 - - 0.93 - FP SCDavies Global Fixed Inc A Acc GBP 98 45 100 49 100 67 101 57 107 33 1.50 - Jupiter Global Equity Income I Acc 107 39 114 44 120 35 159 30 - - - - GlobalAccess Glbl Shrt Dur Bd M Dis GBPH 101 13 106 21 107 48 109 49 127 27 - - Jupiter Merian Glb Eq Inc (IRL) I £ Inc 115 11 132 8 125 29 191 4 - - 1.02 - GS Glbl Crdt (Hdg) R Inc GBP Hdg 98 44 105 24 121 2 123 19 157 4 0.57 2.34 Kempen (Lux) Global High Dividend I GBP 113 14 129 13 115 40 166 19 - - 0.91 - GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 98 51 102 36 114 13 114 39 - - 0.66 - Lazard Global Equity Income C Acc 116 9 131 9 130 19 173 10 - - - 2.31 GS Global Fixed Inc (Hdg) R Inc GBP Hdg 97 53 101 43 115 9 116 34 - - 0.54 - Legg Mason IF CB Glb Infras Inc X Inc 100 57 110 50 143 3 - - - - - 5.55 GS Global Fixed Income R Acc USD 92 78 92 68 110 31 124 16 147 8 0.60 - Legg Mason IF CB Glbl Eq Inc X Inc 116 10 131 10 109 46 151 35 218 15 - 2.48 GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 103 5 110 9 112 21 118 30 - - 0.88 3.97 LF Canlife Global Equity Income C Acc 106 46 114 43 120 36 157 31 - - - 3.31 Invesco Global Bond UK Z Acc 95 63 99 55 107 47 116 35 140 13 - - Liontrust Global Dividend C Acc GBP 109 26 124 19 158 1 193 3 - - 1.20 - iShares Core Global Aggt Bd ETF USD Dist 93 73 91 77 106 53 - - - - 0.10 - Liontrust Global Income I Inc 118 7 139 3 121 33 165 21 222 14 0.91 - Lazard Global Sust Fxd Inc A Acc USD 92 76 91 75 105 57 117 32 133 19 1.14 - Mirabaud Sust Glbl Hi Div D GBP Acc 107 43 115 42 127 25 171 12 - - 1.07 - Legg Mason BW Glb Oppc FI X GBPH Dis(M) 102 10 113 2 109 35 114 40 - - 0.91 - Morgan Stanley Glb Brands Eq Inc I Inc 105 50 107 54 139 8 ------Legg Mason IF BW Glbl Inc Optr X Inc 102 7 111 4 125 1 138 2 - - 1.10 - Overstone Global Eq Inc Fd I Acc 123 2 135 6 125 28 173 11 - - - - Legg Mason IF WA Glb Mlt Strat Bd X Inc 100 23 107 16 111 27 120 24 132 21 - 4.04 Premier Global Infrastructure Inc C Inc 102 55 109 52 107 48 135 40 156 18 1.25 4.29 Legg Mason IF WA Retirement Inc Bd X Inc 100 21 106 23 113 17 119 27 131 24 - - Premier Miton Global Infras Inc B Acc 103 54 109 53 132 17 - - - - - 3.54 Legg Mason WA Mcr OppBd X GBPH Acc 97 54 107 19 114 12 124 14 - - 1.23 - Premier Miton Global Sust Optm Inc C Inc 107 38 127 14 ------5.49 LF Canlife Global Macro Bond C GBP Acc 94 66 96 61 111 25 128 10 - - - - Quilter Inv Glbl Eq Val U2 (GBP) Acc 105 47 116 40 129 24 166 17 - - - - Loomis Sayles Global Opp Bd R/D GBP 92 79 92 71 105 59 118 28 132 22 1.49 1.11 Royal London Global Equity Income M Inc 114 12 130 11 ------Lord Abbett Glbl Mlt Sect Bd I USD Acc 95 60 95 63 ------Sarasin Global Dividend P Acc 108 36 122 24 141 5 187 5 - - - - Lyxor Green Bond (DR) ETF C EUR 93 74 94 65 107 45 - - - - 0.25 - Sarasin Global Higher Div P Acc 108 33 120 29 130 20 169 15 255 9 - - M&G Global Macro Bond GBP I Acc 93 69 91 74 110 32 125 13 162 1 0.78 - Schroder Global Equity Income Z Acc 118 5 135 5 109 45 166 18 246 11 0.90 2.31 Marlborough Global Bond P Inc 95 59 97 59 109 37 124 15 162 2 - - TB Chawton Global Equity Inc B GBP Inc 107 40 117 38 ------1.94 MFS Meridian Global Credit WH1 GBP 100 26 111 8 119 3 123 20 132 20 0.62 - TB Evenlode Global Income B GBP Inc 109 28 114 45 140 6 ------MFS Meridian Global Oppc Bd WH1 GBP 98 40 103 35 113 16 - - - - 0.65 - TB Guinness Global Equity Inc Y GBP Inc 109 29 117 39 136 11 182 7 280 3 - - Mirabaud Global Strategic Bd DH GBP Acc 102 11 107 15 109 36 113 41 - - 0.87 - TB Saracen Global Income and Growth BAcc 117 8 127 16 114 41 161 26 - - 1.02 - Muzinich Enhancedyield S-T HGBP Acc A 102 12 107 13 ------0.53 - Threadneedle Glbl Eq Inc Z Inc GBP 111 18 122 23 123 32 160 28 232 13 0.88 - Neuberger Berman Global Opp Bd GBP PHAcc 103 6 111 6 ------TM RWC Global Equity Income R Acc 107 37 ------New Capital Glbl Val Crdt GBP Acc 101 17 107 17 114 11 120 25 144 12 0.81 - Trojan Global Income O Acc 104 53 105 56 132 16 - - - - - 2.93 New Capital Wlthy Ntn Bd GBP Inst Inc 98 49 104 28 117 5 120 23 152 6 1.19 3.49 UBS Global Enhanced Equity Income C Acc 112 17 118 32 110 43 124 41 - - - - Nordea 1 - Flexible Fixed Income BC EUR 95 65 95 64 102 65 116 33 - - 0.73 - Vanguard FTSE AllWld HiDivYld ETF USDAcc 113 15 123 22 ------PGIM Absolute Return GBP H I Acc 101 18 107 18 ------Vanguard Global Equity Income A GBP Acc 113 13 122 25 118 38 165 20 - - - - PGIM Global Total Return Bond GBP H IDis 97 56 102 40 ------3.26 Veritas Global Equity Income A GBP 109 30 114 46 120 37 160 29 202 16 1.13 - PGIM Multi Asset Credit I GBP H Dis 102 9 111 7 110 33 - - - - - 3.16 Veritas Global Equity Income A GBP 109 30 114 46 120 37 160 29 202 16 1.13 - Pictet Absolute Ret Fxd Inc HI GBP 99 34 102 37 109 39 109 48 - - 0.66 - Average/Total 110 58 121 57 126 51 164 43 241 19 0.94 3.05 PIMCO GIS Climate Bond Instl GBP H Acc 100 30 ------PIMCO GIS Divers Inc Instl GBPH Inc 101 20 108 10 118 4 128 9 156 5 0.68 2.99 (IA) GLOBAL GOVERNMENT BOND PIMCO GIS Euro Credit Instl EUR Acc 95 61 99 53 105 58 127 11 140 14 0.46 - Amundi IS Prime Global Govies ETF DR 92 13 89 13 ------1.83 PIMCO GIS Euro Income Bond Instl EUR Inc 97 55 102 38 106 49 132 6 146 11 0.49 2.02 ASI Global Govt Bond Tracker B GBP Acc 97 6 ------PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 99 31 104 27 111 26 123 18 - - 0.70 - ASSII-SLI Gbl Gov Bd A Acc GBP 90 19 86 18 100 14 107 13 117 10 - - PIMCO GIS Glb Bd Ex-US Instl GBP H Inc 100 28 104 26 ------1.74 Barings Global Bond I GBP Inc 91 18 90 11 109 5 119 2 130 6 0.75 1.20 PIMCO GIS Glb Bd Instl GBPH Acc 99 33 103 31 112 20 118 31 157 3 0.48 - BNY Mellon International Bond Inst W Acc 91 16 89 14 106 9 119 3 134 4 - 1.18 PIMCO GIS Global Bond ESG Instl GBPH Inc 99 36 103 32 112 22 - - - - 0.53 - Colchester Global Bond GBP Hdg Acc I 97 7 98 5 108 6 110 9 - - 0.62 - PIMCO GIS Income Instl GBPH Inc 103 3 111 5 114 14 124 17 - - 0.55 - GblAccess Gbl Govt Bd M Dis GBP H 98 2 101 1 109 3 108 12 129 7 - - PIMCO GIS Low Avrg Dur Instl GBPH Inc 100 24 101 44 105 60 104 55 112 32 0.45 1.13 iShares Global AAA-AA Govt Bd ETF $ Acc 92 11 92 10 ------0.20 - RobecoSAM SDG Credit Income CH GBP 101 16 107 12 ------0.72 3.68 iShares Global Govt Bond ETF USD Dist 91 15 88 15 104 12 113 6 129 8 0.20 0.80 Russell Inv Global Bond I Income 93 70 92 67 108 44 122 22 146 9 0.79 2.58 iShares Overseas Govt Bd Idx (UK) D Acc 91 17 87 16 104 11 115 5 132 5 0.18 - Schroder ISF Glbl Corp Bd Z Acc USD 93 75 92 72 114 15 133 5 - - 0.56 - Janus Henderson Instl Overseas Bd A Inc 91 14 89 12 105 10 113 7 121 9 1.20 0.90 Scottish Widows International Bd A Acc 91 80 87 79 102 64 110 47 127 26 1.36 - JPM Global (ex-UK) Bond C Grs Acc 97 3 99 3 111 1 112 8 138 2 0.58 0.01 T. Rowe Price Dyn Glbl Bd CAccGBP 105 1 107 20 111 29 ------Legg Mason BW Glb FI X USD Dis(S) 95 8 95 7 101 13 117 4 138 3 0.84 - T. Rowe Price Glb Aggr Bd Q EUR 94 67 92 66 108 42 123 21 146 10 0.58 - M&G Global Government Bond GBP I Acc 94 9 93 8 107 7 125 1 151 1 0.55 2.57 Templeton Global Total Ret Bd W Acc H3 101 15 100 48 88 69 95 58 100 34 0.80 5.60 Royal London International Govt Bd M Inc 97 4 98 4 110 2 108 11 - - - - The Colchester Glb Grn Bd I USD UnH Acc 92 77 92 69 ------Templeton Global Bond W(Mdis)GBP-H1 99 1 99 2 95 15 102 14 103 11 0.90 4.70 Threadneedle Global Bd Z Inc GBP 90 81 87 80 106 54 115 37 131 23 - 1.13 The Colchester Glb Agg Bd I USD UnH Acc 93 10 92 9 ------TM UBS (UK) - Global Fixed Income E Acc 99 35 102 39 106 51 107 52 - - - 1.63 The Colchester Glb Bd Enh Ccy $ H Acc I 92 12 87 17 106 8 - - - - 0.61 - Vanguard Glb Bd Idx £ H Acc 98 48 100 51 111 30 111 45 137 16 0.20 1.42 Xtrackers II Global Govt Bd ETF 2D GBP H 97 5 98 6 109 4 109 10 - - 0.25 2.63 Vanguard Glb S/T Bd Idx £ H Acc 100 27 101 46 106 52 106 53 - - - - Average/Total 94 19 93 18 106 15 113 14 129 11 0.57 1.76 Vanguard Global Aggt Bd ETF GBP H Acc 98 47 100 50 ------0.97 VT Redlands Fixed Income A GBP Acc 98 42 101 45 108 41 ------(IA) GLOBAL HIGH-YIELD BOND Waverton Gbl Strategic Bond A USD 98 46 98 56 115 10 135 3 151 7 1.28 - AB Short Dur Hi Yld I2 GBP H Acc 103 7 111 11 114 13 120 17 - - 0.77 - Wellington Global Bond N GBP Acc H 98 41 99 52 112 19 126 12 - - 0.55 - ASSII-Gbl HY Bd D Acc USD 98 23 99 22 112 20 136 6 193 3 0.73 - Wellington Global Crdt Pls N GBP Acc H 98 43 104 29 116 7 - - - - 0.51 - Aviva Investors Global HY Bd Amh GBP Inc 103 12 110 14 111 22 117 18 143 7 1.42 - Wellington Global Impact Bond N GBP AccH 99 32 103 33 ------0.50 - Barings Gbl High Yld Bond I GBP Acc 106 1 118 1 115 6 - - - - 0.70 - Wellington Oppc Fxd Inc N GBP Acc H 101 19 108 11 ------0.72 - Barings Global Senior Scrd Bd A GBP Dis 105 2 114 5 115 11 126 13 170 5 0.53 - Wellington World Bond N GBP Acc Hdg 100 22 101 42 105 56 107 51 - - 0.60 - Candriam Bds Global Hi Yld C EUR Cap 98 18 105 16 117 3 143 2 171 4 1.27 - Average/Total 98 81 101 80 109 69 118 58 136 34 0.76 2.62 Eaton Vance Intl(IRL) GlbHYBd I Acc $ 98 19 100 21 113 16 - - - - 0.65 - (IA) JAPAN GS Glbl Hi Yld R Inc GBP Hdg 103 10 114 6 115 7 127 12 - - 0.73 - iShares Fallen Angels HY CorpBd ETF$Dist 98 17 105 17 126 1 - - - - 0.50 4.20 AB Japan Strategic Val I Acc 108 12 111 35 97 78 146 69 187 53 1.27 - iShares Global HY Corp Bd ETF USD Dist 98 20 101 20 112 21 138 5 - - 0.50 3.97 Amundi IS MSCI Japan ETF-C JPY 99 56 108 64 111 53 ------iShares Global HY Corp Bd GBPH ETF Dist 103 8 112 9 113 15 125 15 - - 0.55 - Amundi IS Prime Japan ETF DR 100 46 109 48 ------Legg Mason WA Glb Hi Yld X GBPH Dis(D) 103 9 113 8 117 4 131 7 - - 0.92 - AS SICAV I Japanese Eq X Acc GBP 92 79 104 85 110 59 147 68 245 23 0.92 - LF Canlife Global High Yield Bond C Acc 104 3 114 4 114 14 126 14 153 6 - - ASI Japan Equity Enhanced Index B Acc 101 35 106 80 109 64 157 54 - - - - Lord Abbett Global High Yield I USD Inc 99 16 104 18 115 9 - - - - 0.80 - ASI Japan Equity Tracker B Acc 100 37 109 50 ------MFS Meridian Global High Yield WH1 GBP 103 11 111 10 115 10 128 10 - - 0.79 - ASI Japanese Equity I Acc 92 75 105 82 112 48 150 67 259 18 1.11 0.65 Mirabaud Global Hi Yld Bds DH GBP Acc 104 4 114 7 113 17 122 16 - - 0.87 - ASI Japanese Growth Equity P1 Acc 93 74 107 77 112 49 164 33 254 20 - 0.20 Nomura Fds Gbl High Yield Bd I USD 101 15 110 15 120 2 154 1 - - 0.65 - Aviva Investors Japan Eq MoM 1 2 GBP Inc 101 30 114 21 114 36 162 37 224 41 1.32 - PGIM Global High Yield Bond GBP H I Dis 104 6 115 3 ------4.39 AXA Framlington Japan Z Inc 95 71 110 37 112 46 160 48 301 5 - 0.48 PIMCO GIS Glb Hi Yld Bd Instl GBP H Acc 102 14 110 13 115 12 127 11 - - 0.55 - AXA Rosenberg Japan Z 102 27 107 79 101 74 150 66 212 47 1.08 - Robeco High Yield Bonds FH £ 103 13 111 12 115 8 128 9 - - 0.70 - Baillie Gifford Japanese B Acc 102 26 117 13 120 21 204 3 356 3 0.68 - Schroder ISF Glbl Hi Yld C Acc USD 98 21 101 19 112 19 140 3 198 2 0.79 - Baillie Gifford Japanese Inc Gr B £ Inc 101 34 112 25 114 35 ------T. Rowe Price Glb High Inc Bd Qdn GBP 104 5 116 2 115 5 130 8 - - 0.77 - Barings Japan Growth I GBP Acc 100 49 112 26 125 13 192 7 287 9 - 0.81 T. Rowe Price Glb HY Bd Q USD 98 22 98 23 113 18 140 4 200 1 0.70 - Comgest Growth Japan GBP U Acc 86 86 108 66 129 5 207 2 - - 0.90 - Average/Total 102 23 109 23 115 22 131 18 175 7 0.76 4.19 Fidelity Index Japan P Acc 100 38 109 45 115 33 166 30 - - - - Fidelity Instl Japan Acc 96 69 115 20 122 15 190 11 282 10 0.88 0.42 (IA) GLOBAL INFLATION LINKED BOND Fidelity Japan Smaller Companies W Acc 94 73 110 36 111 55 171 24 294 6 - 0.27 Fidelity Japan W Acc 110 9 120 7 139 2 190 9 248 22 - - ASI Global Inflat-Link Bond Trkr B Acc 100 10 103 10 ------1.47 FSSA Japan Focus B GBP Acc 87 84 107 75 130 4 215 1 - - - - ASI Global Inflation-Link Bd P1 Acc 99 12 103 12 114 6 121 8 142 5 - 0.70 GAM Multistock Japan Equity JPY R 96 66 110 40 114 34 167 26 244 25 1.14 - ASI Short Dated Gbl Infl Lnk Trckr B Acc 103 2 106 3 ------1.63 GAM Star Japan Ldrs Instl GBP Acc 86 85 104 86 119 22 187 12 282 11 1.06 0.31 ASI Short Dur Gbl Infl Lnk P1 Acc 102 6 104 8 109 10 112 14 - - - 0.55 GlobalAccess Japan M Acc GBP Hdg 112 7 130 4 118 25 159 49 - - - - AXAWF Global Infl Bds F Cap EUR 95 18 98 15 108 14 129 3 - - 0.57 - GS Japan Equity Ptnrs R Inc GBP Hdg 105 18 130 3 141 1 198 4 - - 0.91 - AXAWF Global Infl Sh Dur Bds F Cap USD 97 15 92 18 104 15 117 10 - - 0.52 - GS Japan Equity R Inc GBP Snap 97 64 111 32 120 18 175 23 260 17 0.81 0.59 Colchester Glbl Rl Ret Bd GBP H Acc I 99 13 102 13 113 7 119 9 147 3 0.45 - Halifax Japanese C 105 19 111 33 108 67 153 59 211 48 1.53 - Fidelity Global Infl-Link Bd Y-Dis-GBP H 102 4 104 7 109 12 112 13 114 7 0.50 0.13 HSBC Japan Index C Acc 101 32 109 46 113 38 165 32 240 29 0.23 - iShares Global Infl Lnkd GovBd ETF $ Acc 96 16 96 17 111 8 129 2 156 1 0.25 - HSBC Japan Multi-Factor Eq Instl A Acc 101 29 107 73 109 62 158 51 215 44 0.56 - L&G Global Inflation Linked Bd Idx I Acc 102 5 106 2 114 4 117 11 - - - 0.59 HSBC MSCI JAPAN ETF 100 41 109 43 113 39 162 36 228 36 0.19 - Lyxor Cr Glb Inf-Ld 1 10Y Bd DR ETF Inc 98 14 96 16 ------0.09 0.52 Invesco Japan UK Z Acc 104 21 115 19 97 79 136 73 194 52 - - PIMCO GIS Glb Lw Dur Rl Rt Ins GBP H Inc 103 1 107 1 109 11 111 15 - - 0.49 1.11 Invesco Japanese Eq Adv Z GBP 96 70 108 65 ------0.92 - PIMCO GIS Glb Rl Ret Instl GBP H Acc 101 7 105 4 116 1 125 4 152 2 0.49 - iShares Core MSCI Japan IMI ETF USD Acc 100 40 109 60 111 57 161 43 233 33 0.15 - Royal London Gbl Index Linked M Inc 100 11 103 11 115 2 122 6 147 4 - 0.16 iShares Japan Equity Index (UK) D Acc 101 33 109 44 114 37 166 31 242 27 0.17 - Royal London Shrt Dur Glb Idx Lnkd M Inc 102 3 105 5 111 9 114 12 - - - 0.11 iShares MSCI Japan ESG Enh ETF USD Dist 100 43 110 42 ------0.15 - Schroder ISF Glb InflLnkdBd C Acc EUR 96 17 99 14 109 13 130 1 137 6 0.52 - iShares MSCI Japan ESG Scrn ETF USD Acc 100 45 110 41 ------0.15 - Smith & Williamson Glbl Inf-Lkd Bd X Inc 101 8 104 6 114 5 121 7 - - - 0.43 iShares MSCI Japan ETF USD Acc 100 44 109 47 112 47 160 46 226 38 0.48 - Xtrackers II Glb Infl-Lnkd Bd ETF 3D £ H 100 9 103 9 114 3 123 5 - - 0.25 1.51 iShares MSCI Japan SRI ETF 99 59 108 67 115 31 - - - - 0.20 - Average/Total 100 18 102 18 111 15 120 15 142 7 0.41 0.74 iShares Nikkei 225 ETF JPY Acc 99 55 115 17 127 10 186 14 290 7 0.48 - (IA) GLOBAL MIXED BOND Janus Henderson Instl Jpn Idx Opps A Acc 100 42 109 53 112 51 161 45 - - 1.70 - Janus Henderson Japan Opps I Acc 96 67 110 38 125 12 185 15 287 8 0.87 1.82 AB Glbl Pls Fxd Inc I2 GBP H Acc 99 38 102 41 109 38 111 46 - - 0.81 - JOHCM Japan GBP A 106 16 112 24 97 80 143 71 214 45 0.91 - AB Global Dynamic Bd I2 GBP Acc 100 29 103 34 106 55 108 50 - - 0.90 - JPM Japan C Net Acc 90 83 111 34 129 6 197 5 377 2 0.93 0.12 Allianz Global Multi Sect Crdt W GBP Acc 101 14 106 22 107 46 112 44 - - 0.42 2.86 JPM Japan Sustainable Equity A dist JPY 95 72 109 52 107 69 157 53 207 49 1.80 0.15 Amundi IS Barclays Glb AGG 500M ETF DR 93 71 91 76 106 50 ------Jupiter Japan Income I Acc 101 28 111 27 118 24 184 16 271 15 - - AQR Glb Aggt Bd UCITS IAG1F GBP Acc 97 52 99 54 108 40 - - - - 0.37 - Jupiter Japan Select D USD Acc 101 31 111 29 117 26 183 18 252 21 0.95 - AXAWF Global Strategic Bds F Cap USD 95 64 91 73 110 34 130 7 - - 0.77 - L&G Japan Equity ETF 100 51 109 51 ------0.10 - Barings Strategic Bond I GBP Inc 103 2 112 3 112 18 115 36 123 29 0.98 - L&G Japan Index I Acc 100 36 109 49 113 41 164 35 238 31 0.27 - BMO Global Total Ret Bd (GBP Hdg) C Inc 102 8 107 14 111 28 113 42 134 18 - - Lazard Japese Strategic Eq C Dist GBPH 121 1 145 1 127 9 178 20 - - 1.21 - Candriam Bds Crdt Opps C EUR Cap 96 57 97 57 101 66 118 29 135 17 2.01 - Legg Mason IF Japan Equity X Acc 83 88 107 76 119 23 184 17 756 1 - - Candriam Bds Total Ret C EUR Cap 96 58 97 58 99 68 112 43 116 31 1.05 - LF Morant Wright Japan B Acc 107 14 104 84 97 81 145 70 227 37 1.17 - Capital Group Glob Bond (LUX) Z 93 72 92 70 108 43 120 26 139 15 0.60 - LF Morant Wright Nippon Yield B Acc 113 5 110 39 102 73 154 58 274 13 1.41 - Capital Group GlobHiInc (LUX) Zh-GBP 103 4 114 1 117 6 133 4 - - 0.90 - Lindsell Train Japanese Eq B GBP QutdInc 90 80 88 89 93 82 161 41 278 12 - 1.71 Capital Group GlobIntBd (LUX) Z 94 68 88 78 104 61 - - - - 0.60 - Liontrust Japan Equity C Acc GBP 106 17 119 10 116 29 187 13 - - 0.90 - Carmignac Pf Flexible Bond A EUR Acc 98 50 105 25 111 24 128 8 124 28 1.20 - Liontrust Japan Opportunities C Acc GBP 115 3 131 2 108 66 150 65 202 51 1.02 - Courtiers Investment Grade Bd Retl R 99 39 97 60 102 63 103 56 - - - - Lyxor Core MSCI Japan (DR) ETF 99 54 109 55 112 44 - - - - 0.12 - Dimensional Global Short Dated Bd Acc 100 25 101 47 104 62 104 54 118 30 0.33 - Lyxor Japan Topix DR ETF Dist EUR A/I 99 57 107 78 107 70 156 55 225 39 0.45 - Dodge & Cox Worldwide Global Bd GBP Inc 95 62 96 62 116 8 140 1 - - 0.45 3.20

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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 V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Lyxor JPX Nikkei 400 (DR) ETF C EUR 98 62 107 71 110 58 157 52 - - 0.25 - ACUMEN Portfolio 5 Acc 108 26 122 9 121 14 149 5 - - - 0.34 M&G Japan GBP I Acc 113 4 118 12 109 63 167 27 269 16 0.90 - Aegon Diversified Monthly Inc GBP B Inc 107 40 118 21 117 38 136 52 - - - - Man GLG Japan CoreAlpha Profl Acc C 120 2 117 14 98 77 151 62 218 43 0.91 - Aegon Ethical Cautious Managed GBP B Acc 109 16 115 53 114 68 127 104 189 6 - 0.92 Matthews Japan Fund I GBP Acc 92 76 113 22 115 32 167 28 - - 1.17 - Artemis Monthly Distribution I Inc 108 18 118 26 113 90 141 26 - - - - MFS Meridian Japan Equity A1 USD 98 61 108 62 110 60 151 63 221 42 1.92 - ASC Phoenix B Income 103 150 108 150 120 21 136 47 164 49 0.89 1.63 New Capital Japan Equity JPY Inst Acc 98 63 116 15 112 50 166 29 244 26 0.97 - ASI Diversified Income I Acc 106 78 115 49 110 113 129 92 164 50 - 4.42 Nikko AM Japan Value D GBP 109 11 119 8 117 27 - - - - 0.90 - ASI Dynamic Distribution P1 Acc 105 102 112 107 104 140 117 131 171 35 - - Nomura Fds Japan High Conviction I GBP 85 87 111 30 132 3 - - - - 0.92 - ASI Multi-Manager Cautious Managed I Acc 105 115 112 108 115 66 134 58 169 39 - 1.56 Nomura Fds Japan Strategic Value R JPY 110 10 118 11 110 61 160 47 - - 0.81 - ASI Multi-Manager Diversity D Acc 103 158 107 160 112 103 125 112 145 76 1.87 1.06 OYSTER Japan Opportunities R JPY 100 39 102 87 99 76 143 72 224 40 1.37 - ASI Multi-Manager Multi-Asset Dist I Acc 107 44 115 52 113 92 131 81 169 37 - 2.76 Pictet-Japan Index I GBP 99 58 107 68 112 43 162 40 - - 0.29 - Aviva Investors Distribution 2 GBP Inc 105 120 112 103 112 95 129 96 180 16 0.83 2.96 Pictet-Japanese Equity Opps I GBP 102 23 115 18 116 30 176 22 272 14 0.89 - Aviva Investors Multi-Mgr 20-60% 2 £Acc 103 145 111 115 116 52 135 56 175 25 1.39 0.83 Pictet-Japanese Equity Sel I GBP 107 13 119 9 121 16 180 19 - - 0.89 - AXA Distribution Z Acc 107 35 111 117 110 115 131 82 165 48 1.03 1.40 Polar Capital Japan Value S 107 15 105 83 99 75 155 56 - - -0.29 - AXA Ethical Distribution Z Acc 109 17 117 27 115 64 137 40 190 5 1.05 0.81 Quilter Investors Jpn Eq U2 (GBP) Acc 102 24 108 63 106 71 158 50 - - - - AXA Global Distribution Z Acc 106 75 113 82 122 13 156 2 209 2 1.02 1.21 Royal London Japan Tracker Z Acc 100 47 109 56 113 42 164 34 234 32 1.03 - AXA IM Lifetime Distribution A GBP Inc 107 36 111 122 113 82 143 15 - - - 1.52 Russell Inv Japan Equity I 98 60 109 59 109 65 169 25 245 24 0.99 - Barclays Multi-Asset Bal Inc R Dis GBP 106 66 115 48 111 108 128 100 - - 1.45 - RWC Nissay Japan Focus R GBP Acc Unhdg 82 89 99 88 120 19 178 21 - - 3.44 - Barclays Multi-Asset Cau Inc R Acc GBP 103 144 111 121 109 121 122 121 ---- Santander Japan Equities A 103 22 111 31 113 40 162 38 213 46 1.03 - Barclays Wealth Global Mkts 2 R Acc GBP 102 160 109 145 117 41 134 59 149 73 1.00 1.54 Schroder Tokyo Z Acc £ 102 25 109 57 104 72 155 57 239 30 0.92 - Barclays Wealth Global Mkts 3 R Acc GBP 105 118 114 76 123 11 150 4 171 34 1.11 - Scottish Widows Japan Gr A 104 20 111 28 107 68 152 61 204 50 1.65 - BlackRock Consensus 60 D Acc 104 134 110 134 114 70 138 38 - - 0.27 1.66 SLI Japanese Trust 92 78 107 72 111 56 161 44 241 28 0.86 0.36 BMO MM Navigator Cautious C Acc 107 33 117 28 110 114 131 79 172 30 - 1.53 SLMT Standard Life Japan Inst S Acc 92 77 107 69 112 52 - - - - - 0.55 BMO MM Navigator Distribution C Inc 106 55 114 70 102 143 118 129 163 57 - 3.62 Stt Strt AUT JPN Scrn(ex Cont&CW)Idx Eq 100 50 109 61 111 54 162 39 233 34 0.90 - BNY Mellon Global Multi-StrategyInstWAcc 106 69 113 88 108 126 126 110 - - - 0.35 T. Rowe Price Jap Eq CAccGBP 90 81 107 74 126 11 ------Carmignac Pf Patrimoine F GBP Acc Hdg 105 107 116 37 119 29 125 111 147 74 1.15 - T. Rowe Price Japanese Equity Q EUR 90 82 106 81 123 14 194 6 314 4 0.85 - CFP Castlfd B.E.S.T Sust Port Inc GenInc 106 58 ------Threadneedle Japan Z Acc GBP 96 68 112 23 128 8 192 8 255 19 - 0.66 Close Conservative Portfolio X Acc 106 71 111 119 115 61 133 64 167 42 0.94 - Vanguard FTSE Japan ETF USD Acc 100 48 109 58 ------Close Diversified Income Port X Acc 105 96 112 109 115 57 127 101 166 46 0.83 - Vanguard Jpn Stk Idx £ Acc 99 53 109 54 112 45 161 42 229 35 0.30 - Close Managed Conservative X Acc 104 122 110 131 113 88 132 73 - - 1.13 1.42 Xtrackers JPX-Nikkei 400 ETF 2D - £ H 111 8 127 6 120 20 151 64 - - 0.30 - Close Managed Income X Acc 106 67 113 89 111 105 127 102 - - 1.18 2.70 Xtrackers MSCI JAPAN ESG ETF 1C 97 65 107 70 117 28 - - - - 0.20 - Close Tactical Select Passv Cnsrv X Acc 104 139 109 140 111 104 133 66 - - 0.68 1.33 Xtrackers MSCI Japan ETF 6C GBP H 112 6 128 5 121 17 152 60 - - 0.40 - Courtiers Total Return Cautious Risk 111 7 120 13 121 15 140 29 182 15 1.88 - Xtrackers Nikkei 225 ETF 1D 99 52 116 16 128 7 190 10 - - 0.09 - DMS Stirling House Balanced Acc 101 172 107 163 118 35 138 39 - - - 0.28 Average/Total 100 89 111 89 114 82 168 73 258 53 0.84 0.61 EF 8AM Cautious A Inc 103 157 109 146 97 146 113 134 135 79 2.06 0.49 EF Brompton Global Balanced B GBP Acc 106 68 116 41 120 20 146 11 - - 1.90 0.62 (IA) JAPANESE SMALLER COMPANIES EF Brompton Global Inc B GBP Inc 107 38 118 20 116 56 139 35 - - 1.89 2.75 AS SICAV I Jpn SmlrComs X Acc GBP 92 5 102 8 109 4 166 5 334 4 0.93 - EF Brunswick Diversified Port B Acc GBP 105 103 111 116 116 46 136 48 156 66 1.79 - Baillie Gifford Japan Small Co B Acc 86 8 107 3 112 3 191 1 504 1 0.61 0.22 EF New Horizon Balanced Inc & Gr C Acc 105 112 113 83 112 102 131 77 175 24 1.68 1.68 BGF Japan Small & MidCap Opps D2 101 3 103 7 101 6 164 6 262 6 1.06 - EF Tellsons Endeavour A GBP Acc 105 116 113 95 120 18 139 33 - - - 0.39 BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 92 6 107 4 107 5 178 3 - - 0.90 0.59 Elite Income Trust B Acc 37 178 39 169 39 148 45 137 57 82 2.10 5.00 Invesco Japanese Smlr Coms UK Z Acc 91 7 104 5 96 8 159 7 296 5 - - Embark Horizon Multi-Asset I Z Acc 99 175 102 166 113 81 129 94 - - - - iShares MSCI Japan Small Cap ETF USD Dis 100 4 104 6 99 7 151 8 253 7 0.58 - Embark Horizon Multi-Asset II Z Acc 101 170 107 162 116 55 140 31 - - - - Janus Henderson Hrzn Jpn Smr Coms H2 USD 104 2 110 2 115 2 168 4 361 3 1.10 - ES Share Centre Multi Manager Inc A Inc 105 84 113 80 115 67 126 108 163 58 2.00 - M&G Japan Smaller Cos GBP I Acc 126 1 135 1 118 1 187 2 400 2 0.90 - Fidelity Mlt Asst Allctr Strat W Acc 102 164 109 144 120 19 135 57 - - - 1.23 Average/Total 99 8 109 8 107 8 171 8 344 7 0.87 0.40 Fidelity MltAsst Bal Inc W Inc 104 129 111 113 115 58 130 87 - - - 3.57 Fidelity MltAsst Open Str W Acc 106 74 114 71 119 31 141 22 173 27 - 0.65 (IA) MIXED INVESTMENT 0-35% SHARES FP Carmignac Em Patrim A GBP Acc H 108 30 131 1 ------3.45 FP Carmignac Patrimoine A GBP Acc H 103 155 115 60 ------7IM AAP Income C Acc 103 25 109 21 106 53 122 23 141 16 1.25 - FP Russell Invsmts Mlt Asst Gr II C Acc 104 133 112 105 113 84 128 99 - - - 1.35 7IM AAP Moderately Cautious C Acc 103 29 108 28 110 32 121 31 143 14 0.65 - FP Russell Invsmts Mlt Asst Gr III C Acc 106 57 117 32 116 50 136 51 - - - 1.20 7IM Cautious C Acc 101 57 105 51 110 39 120 38 - - - - FP Russell Invsmts Multi Asset Inc C Inc 107 49 115 57 109 125 119 128 ---- 7IM Income Gross Inc 98 68 103 62 97 58 113 49 - - - - GS ESG-Enh Glb MA Bal R Inc GBP PtH 107 47 118 25 122 12 146 10 - - 0.90 0.56 7IM Moderately Cautious C Acc 103 28 110 9 110 36 120 32 143 15 1.36 - GS Global MA Inc R Inc GBP-Prtly Hdg 108 32 120 14 124 6 144 14 - - 0.90 - 7IM Personal Injury C Acc 101 56 105 50 110 42 120 35 144 11 0.72 - Halifax Cautious Managed C 106 81 111 120 106 135 126 107 153 69 1.50 1.25 ACUMEN Portfolio 3 Acc 101 55 105 47 105 54 ------HL Multi-Manager Equity & Bond A Acc 108 28 115 59 104 141 120 125 167 44 1.38 - AXA Defensive Distribution Z Acc Gross 104 7 109 19 110 29 128 11 153 5 1.02 0.33 HSBC World Selection Div Dis Port C Acc 105 94 113 79 117 42 138 37 182 14 1.43 3.24 Barclays Wealth Global Mkts 1 R Acc GBP 101 47 105 52 110 35 119 39 128 21 0.93 1.50 IFSL Avellemy 4 B GBP Inc 104 138 109 142 ------0.92 BlackRock Consensus 35 D Acc 101 58 105 53 113 10 133 3 - - 0.29 1.55 IFSL Avellemy 5 B GBP Inc 106 70 114 75 ------0.91 BlackRock Market Advantage D GBP Acc 104 5 112 2 110 33 121 27 - - - - IFSL Beaufort Multi Asset Blend Bal AAcc 105 104 114 68 ------0.95 DMS Stirling House Monthly Inc Ret Acc 100 65 103 60 109 45 117 46 - - - - IFSL Brooks Macdonald Cautious Growth A 106 72 113 84 115 59 134 61 169 38 2.17 - EF Brompton Global Cnsrv B GBP Acc 104 6 110 4 115 9 132 4 - - 1.84 0.94 IFSL Ravenscroft Balanced B Inc 103 147 110 128 121 16 - - - - - 0.89 EF New Horizon Cautious C Acc 102 33 109 23 110 34 120 37 134 20 0.99 1.36 IFSL Sanlam Cautious A Inc 105 106 111 126 ------1.71 EF New Horizon Inc C Inc 103 14 109 17 108 47 119 42 137 19 1.05 3.39 IFSL Sanlam Defensive A Acc 104 128 110 135 ------1.73 Fidelity Mlt Asst Allctr Defesv W Acc 100 63 105 54 115 6 122 24 - - - 1.47 IFSL Signia Balanced X GBP Acc 106 79 ------Fidelity MltAsst Income W Inc 103 13 110 15 115 5 129 8 169 1 - 4.07 IFSL Sinfonia Cautious Managed A Acc 104 136 108 151 112 96 133 65 171 32 1.84 - Fidelity MltAsst Open Def W Acc 103 18 110 6 115 8 129 7 - - - 0.25 IFSL Sinfonia Income and Growth A Acc 105 85 111 127 111 110 136 53 178 19 1.93 1.24 FP Russell Invsmts Multi Asst Gr I C Acc 102 39 108 27 110 38 120 36 - - - 1.55 Invesco Distribution UK Z Acc 106 63 116 38 118 37 130 88 177 22 - - GS Global MA Cnsv R Inc GBP PtH 103 23 111 3 118 3 130 5 - - 0.73 1.39 Invesco European High Inc UK Z Acc 106 56 116 35 113 87 141 25 186 9 0.91 3.12 IFSL Avellemy 3 B GBP Inc 102 42 105 49 ------Invesco Global Income Fund UK Z Acc 111 8 127 3 125 5 145 13 - - - 3.29 IFSL Brooks Macdonald Def Inc A Inc 103 22 107 35 111 24 122 26 158 3 1.06 1.88 Janus Henderson Cautious Mgd I Acc 109 12 116 40 111 109 127 103 167 43 - - IFSL Sanlam Conservative A GBP Acc 103 12 ------Janus Henderson Mlt-Mgr Distr I Inc 106 80 112 101 112 97 129 93 160 61 - 2.15 IFSL Signia Conservative X GBP Acc 103 20 ------Janus Henderson Mlt-Mgr Inc & Gr I Inc 106 65 113 86 113 85 132 76 164 52 - 2.11 IFSL Sinfonia Income Portfolio A Acc 101 50 104 58 110 37 124 18 151 8 1.85 - JPM Multi-Asset Income C Net Acc 108 20 120 16 116 45 130 90 167 45 0.83 3.20 Janus Henderson Mlt-Mgr Divers I Inc 102 37 107 36 110 43 121 30 150 9 - 2.97 Jupiter Merlin Income I Acc 107 50 111 124 116 48 137 42 174 26 1.46 - JPM Multi-Asset Cautious C 104 11 110 13 ------L&G Distribution Trust I Acc 107 42 114 69 108 128 121 123 156 67 0.67 - Jupiter Distribution I Acc 105 1 110 12 111 23 120 34 166 2 0.90 - L&G Diversified I Acc 105 119 113 91 ------1.94 Jupiter Merlin Conservative I Acc 104 8 108 25 118 2 135 2 - - 0.95 2.07 L&G Mixed Investment 20-60% I Acc 105 105 113 85 116 51 136 46 - - - - L&G Mixed Investment 0-20% I Acc 101 46 106 41 112 17 123 21 - - - - L&G Mixed Investment Income 20-60% I Acc 105 90 113 90 112 99 131 78 - - - 2.96 L&G Mixed Investment 0-35% I Acc 103 16 110 5 115 7 129 6 - - - 1.95 L&G Multi Manager Income I Acc 106 62 117 31 114 71 134 62 155 68 1.75 2.47 L&G Mixed Investment Income 0-35% I Acc 103 17 110 14 113 13 126 15 - - - 3.04 LF Aegon Risk-Managed 2 A Acc 101 171 ------LF Aegon Risk-Managed 1 A Acc 99 66 ------LF Aegon Risk-Managed 3 A Acc 103 149 ------LF Canlife Managed 0%-35% C Acc 102 34 105 48 103 55 - - - - - 1.73 LF Canlife Diversified Monthly Inc C Inc 106 59 115 63 ------LF Canlife Portfolio III C Acc 101 54 104 55 110 40 124 20 - - - - LF Canlife Managed 20%-60% C Acc 105 109 111 114 ------Libero Cautious B Acc 101 53 103 61 102 56 113 48 - - - 0.33 LF Canlife Portfolio IV C Acc 104 140 110 138 113 80 132 71 - - - 1.55 Liontrust MA Active Moderate Inc S Acc 101 49 106 44 113 15 127 13 153 4 - 1.75 LF Ruffer Total Return C Acc 112 5 116 36 124 7 141 18 171 36 - 0.60 Liontrust MA Monthly High Inc S Acc 102 43 109 18 106 51 119 43 144 13 - 3.12 Liontrust MA Active Interm Income S Acc 105 93 112 97 119 30 141 23 183 12 - 1.45 MGTS IBOSS 1 R Acc 102 32 106 40 109 44 119 41 - - - 0.66 Liontrust MA Diversified Glbl Inc S Acc 106 54 115 58 110 116 123 117 - - - 4.46 MI Charles Stanley Monthly Hi Inc Acc 104 9 109 22 111 27 119 40 151 7 1.10 3.17 LionTst Sust Fut Defesv Mgd 2 Net Inc 103 146 110 129 127 3 154 3 - - - 1.46 MI Momentum Focus 3 A Acc 103 26 110 8 106 52 117 47 - - 3.22 - M&G Episode Allocation GBP I Acc 106 76 116 45 107 131 132 72 168 40 0.84 1.10 Neuberger Berman Multi Ast Inc USD I Acc 99 67 99 63 109 46 - - - - 0.85 - M&G Episode Income GBP I Acc 105 99 113 81 111 106 136 49 187 7 0.74 - Ninety One Diversified Income I Acc £ 103 15 109 16 112 18 121 28 152 6 0.86 2.91 M&G Sustainable Mlt Asst Stlg I GBP Acc 104 134 115 56 ------Optima Income Acc 102 38 108 31 113 12 121 29 144 12 2.23 1.44 Margetts Providence Strategy R GBP Acc 108 21 114 66 107 133 124 114 160 62 0.62 2.55 Optimal Multi Asset Defensive A GBP 101 44 106 45 102 57 107 50 - - - - Marlborough Cautious P Inc 106 83 111 118 106 136 126 106 159 65 - 1.71 Premier Miton Defensive Mlt-Asst B Acc 101 45 108 29 112 19 125 16 140 17 1.38 1.84 Mazarin Cautious A GBP Acc 107 52 116 42 ------Prima Cautious Acc 104 10 108 26 ------MGTS Clarion Prudence Portfolio R Acc 105 88 113 87 110 112 125 113 159 64 2.32 0.92 Quilter Investors Cirilium Cnsrv R 103 27 112 1 110 30 129 9 - - 1.09 2.02 MGTS Future Money Income R Acc 107 48 115 47 111 107 130 86 171 33 0.90 - Royal London Cautious Managed A Acc 102 41 105 46 111 25 124 17 - - - 1.85 MGTS Future Money Real Growth R Acc 107 39 114 67 112 98 132 70 165 47 0.87 1.67 Royal London GMAP Defensv M GBP Acc 104 2 109 20 108 50 118 45 - - - - MGTS Future Money Real Value R Acc 105 111 110 136 109 122 122 122 150 71 0.91 1.31 Royal London Sustainable Mgd Gr C Acc 101 48 107 34 122 1 143 1 - - - 2.11 MGTS IBOSS 2 R Acc 104 124 111 112 114 73 130 89 - - - - Sarasin IE GlobalSar Income GBP P Acc 101 51 106 43 113 14 123 22 - - - 1.96 MGTS Wealth Solutions Defensive GBP Acc 104 121 ------Schroder Blended Portfolio 3 F Acc 102 36 108 30 ------0.44 MI Charles Stanley Multi Asst2 Cau A£Acc 103 156 108 153 110 118 - - - - - 1.10 Schroder Tactical Portfolio 3 F Acc 102 40 106 39 112 22 - - - - - 0.90 MI Hawksmoor Vanbrugh C Acc 108 25 114 72 113 91 137 43 179 17 - 2.01 Scottish Widows Cautious A Acc 100 64 104 57 112 20 118 44 148 10 1.50 - MI Momentum Focus 4 A Acc 106 60 115 61 106 137 123 118 ---- SVS Brown Shipley Cautious I Acc 103 30 107 38 110 31 - - - - - 1.42 NFU Mutual Mixed Portfolio 20-60% C 108 27 115 55 111 111 ------Thesis Brunsdon Cautious Growth C 102 31 108 33 111 26 122 25 - - - 7.45 Ninety One Cautious Managed I Acc 108 24 116 44 101 144 119 127 141 78 0.84 - Threadneedle Mng Bd Fcs Z Grs GBP Inc 100 60 106 42 108 49 - - - - - 0.90 Optima Balanced Acc 104 130 109 141 114 72 130 91 160 63 2.33 - TM UBS (UK) - Global Yield C Acc 103 19 110 10 112 16 126 14 - - - 2.29 Optimal Multi Asset Balanced A GBP 103 153 110 133 106 134 118 130 ---- Vanguard LifeStrategy 20% Eq A Grs Acc 100 62 103 59 115 4 128 10 - - 0.29 1.14 PIMCO GIS Glb Cr Ast Allc Instl GBPH Inc 109 11 123 8 127 2 147 7 149 72 0.95 - Virgin Money Defensive A GBP Acc 100 61 ------Premier Miton Cau Mthly Inc A Acc units 109 14 120 12 114 75 134 60 - - - 4.24 VT AJ Bell Cautious I Acc 101 59 104 56 112 21 ------Premier Miton Cautious Mlt-Asst B Acc 107 34 118 22 117 39 141 21 163 55 0.99 - VT Blackfinch Defensive F GBP Acc 101 52 107 37 ------1.14 Premier Miton Diversified Cau Gr D Inc 108 19 119 18 ------VT Freedom Defensive A GBP Acc 103 21 ------Premier Miton Diversified Inc D Inc 112 3 121 10 124 8 ------VT Greystone Conservative Managed R Acc 102 35 108 24 110 28 124 19 - - - 0.08 Premier Miton Managed Index Bal C acc 105 100 113 93 ------2.30 VT Grosvenor Cautious A GBP Acc 104 3 110 11 110 41 ------Premier Miton Multi-Asset Cnsvr Gr C acc 102 165 109 139 109 120 121 124 143 77 1.03 1.24 WAY Global Cautious Portfolio E Acc 104 4 110 7 113 11 127 12 137 18 1.69 - Premier Miton Multi-Asset Dist C Inc 109 15 120 15 114 76 133 68 199 3 1.43 - Wesleyan Low Risk/Rwd Gr X Acc 103 24 108 32 108 48 120 33 - - - 0.97 Premier Miton Multi-Asset Mly Inc C Inc 109 13 121 11 113 86 131 83 195 4 - - Average/Total 102 68 107 63 111 58 123 50 147 21 1.19 1.83 Quilter Investors Cirilium Balanced R 105 87 118 24 113 78 141 24 183 11 1.24 1.64 (IA) MIXED INVESTMENT 20-60% SHARES Quilter Investors Divers R (GBP) Acc 105 117 113 94 108 129 123 116 133 80 - 1.21 RBS Collective Stakeholder Invest 105 101 107 161 105 139 122 119 152 70 1.50 1.16 7IM AAP Balanced C Acc 106 82 113 92 113 77 135 54 163 54 0.60 - RBS Managed Defensive 1 Acc 101 167 106 165 ------0.72 7IM Balanced C Acc 105 86 115 65 114 69 136 50 164 53 1.47 - RBS Managed Income 1 Inc 107 46 115 54 ------3.57 7IM Sustainable Balance C Acc 103 152 110 132 119 26 140 27 179 18 1.57 - Royal London GMAP Bal M GBP Acc 106 64 112 111 109 123 126 109 ---- ACUMEN Income Portfolio Acc 107 43 115 62 107 132 123 115 ---- Royal London Sustainable Div C Inc 103 142 111 125 133 1 169 1 247 1 - 0.96 ACUMEN Portfolio 4 Acc 106 73 117 33 116 44 134 63 - - - 0.47 Sarasin Globalsar Strategic P Acc 101 168 108 155 120 17 142 17 183 13 - 1.78

054-078_WI_0721.indd 61 17/06/2021 11:55 62 Unit trusts | 9 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Sarasin IE GlobalSar Strategic EUR A Acc 98 176 106 164 113 83 141 20 - - - 0.81 L&G Real Income Builder I Acc 111 15 120 47 120 70 140 109 ---- Sarasin IE GlobalSar Strategic USD P Acc 97 177 99 168 119 24 147 9 - - - 1.07 Lazard Managed Balanced A Acc 109 42 119 62 123 46 162 25 227 8 0.86 1.35 Sarasin IE Multi Asset Target Ret P Acc 102 166 109 149 119 28 140 30 - - - 1.50 LF Aegon Risk-Managed 4 A Acc 105 144 ------Schroder Blended Portfolio 4 F Acc 104 137 112 110 ------0.27 LF Canlife Managed 40% - 85% C Acc 107 107 116 117 115 109 141 102 183 59 - 1.59 Schroder Blended Portfolio 5 F Acc 105 89 114 73 ------0.22 LF Canlife Portfolio V C Acc 106 122 115 122 117 87 142 98 - - - 1.23 Schroder MM Diversity Income Z Acc 113 1 124 6 116 54 128 97 168 41 1.40 2.73 LF Canlife Portfolio VI C Acc 108 90 119 56 118 81 150 57 - - - 1.32 Schroder MM Diversity Z Acc 112 4 118 19 119 22 128 98 161 60 1.21 0.50 LF Odey Portfolio Sterling Instl Acc 111 12 125 16 110 145 129 133 173 74 - - Schroder Monthly Income Z Acc 107 37 118 23 108 130 132 69 - - 1.17 5.16 LF Resilient MM Balanced Managed X Acc 109 58 118 72 117 91 146 81 186 51 2.64 1.59 Schroder Tactical Portfolio 4 F Acc 104 131 110 130 112 101 - - - - - 0.86 LF Waverton Charity Growth & Inc Acc 106 134 113 156 ------1.90 Schroder Tactical Portfolio 5 F Acc 106 77 114 78 113 94 - - - - - 0.98 Libero Balanced B Acc 106 118 115 128 117 94 146 78 190 41 - 1.54 Scottish Widows Balanced A 105 98 112 100 115 62 135 55 178 20 2.00 0.01 Libero Strategic B Acc 106 129 113 158 112 138 136 118 167 79 - - Sentinel Income B Acc 106 61 116 39 113 89 131 80 - - - - Liontrust Balanced C Acc GBP 103 183 112 165 130 12 181 5 213 14 1.00 0.10 SVS Brown Shipley Income I Acc 104 123 114 77 118 34 137 41 172 29 1.93 1.38 Liontrust MA Active Prog S Acc 108 83 117 100 120 68 156 38 198 28 - 1.46 T. Bailey Dynamic A Inc 109 10 124 7 119 23 146 12 186 8 1.79 0.82 Liontrust Sust Fut Cau Mgd 2 Net Inc 105 163 113 154 132 9 165 16 - - - 1.36 TB Doherty Cautious Managed B GBP Acc 104 127 112 98 108 127 120 126 146 75 - - Liontrust Sust Fut Mgd 2 Net Inc 106 131 118 80 148 2 197 3 288 3 0.85 0.46 TB Doherty Distribution B Acc 103 154 109 148 103 142 114 133 ---- M&G Charity Multi Asset GBP Acc 110 22 121 34 ------Threadneedle Glbl Mlt Ast Inc Z Inc 104 125 112 99 115 60 136 44 - - - - M&G Episode Growth GBP I Acc 105 157 116 108 112 137 146 83 178 67 0.94 0.27 Threadneedle Mng Eq&Bd Z Grs GBP Acc 104 141 112 102 119 27 139 32 177 21 - 0.79 Man Balanced Managed Profl Acc C 110 34 117 98 110 148 139 111 182 65 0.92 - TM UBS (UK) - Global Balanced C Acc 105 95 114 74 115 63 136 45 - - - - Margetts Select Strategy R GBP Acc 110 26 121 29 115 110 143 97 191 39 0.68 1.52 TM UBS (UK) - UK Balanced C Acc 105 91 113 96 113 93 133 67 - - - - Marks & Spencer Worldwide Mgd Acc 107 108 114 133 113 124 147 77 198 29 1.66 1.04 UBS Global Diversified Income C GBP Acc 107 51 115 64 ------5.14 Marlborough Balanced P Acc 109 56 117 92 119 76 156 36 184 57 - 0.82 UBS Multi-Asset Income L Gross Inc 101 169 109 147 110 117 116 132 ---- Marlborough Extra Income P Inc 111 17 121 36 120 67 144 92 221 11 - - Vanguard LifeStrategy 40% Equity A Acc 102 161 108 157 119 25 140 28 - - 0.30 1.07 Mazarin Balanced A GBP Acc 108 89 120 40 ------0.39 Vanguard Target Retirement 2015 Acc 102 162 108 158 116 43 138 36 - - - 0.49 McInroy & Wood Balance Pers Inc 103 178 110 179 121 59 148 67 211 18 1.00 1.17 Virgin Bond, Gilt and UK Share 105 108 107 159 105 138 122 120 - - - 1.37 McInroy & Wood Income Pers Inc 105 161 109 182 115 112 132 127 177 68 - 2.14 Volare Cautious A GBP Acc 103 151 108 156 112 100 ------MFM Hathaway Inc 110 29 117 88 124 41 162 23 244 5 1.59 - VT AJ Bell Moderately Cau I Acc 102 163 108 154 116 53 - - - - - 1.67 MGTS Clarion Meridian Portfolio R Acc 107 102 120 42 116 99 144 91 193 38 2.32 0.38 VT Blackfinch Cautious F GBP Acc 103 159 111 123 ------1.03 MGTS Clarion Navigator Portfolio X Acc 106 126 113 163 ------0.36 VT Chelsea Mgd Mthly Inc A GBP Net Acc 108 31 116 34 123 10 - - - - - 4.24 MGTS Future Money Dynamic Growth R Acc 108 75 119 58 116 104 147 74 187 47 0.87 1.14 VT Freedom Balanced A GBP Acc 105 110 ------MGTS IBOSS 4 R Acc 106 133 116 116 118 84 141 103 - - - 0.99 VT Freedom Cautious A GBP Acc 104 126 ------MGTS Wealth Solutions Balanced GBP Acc 106 124 ------VT Freedom Growth 4 A GBP Acc 103 148 ------MI Charles Stanley Multi Asst 4 Gr B Acc 105 139 118 84 121 58 146 79 167 78 0.98 1.39 VT Freedom Growth 5 A GBP Acc 105 113 ------MI Charles Stanley Multi Asst3 Mod A£Acc 104 170 112 169 115 111 - - - - - 1.44 VT Garraway Multi Asset Bal I Acc 100 173 108 152 93 147 107 135 127 81 - 1.33 MI Hawksmoor Distribution C Acc 110 31 119 49 114 118 144 93 - - - 3.44 VT Greystone Cautious Managed R Acc 105 97 116 43 109 124 130 85 172 31 - 1.39 MI Momentum Focus 5 A Acc 109 51 119 50 107 150 130 131 ---- VT Momentum Diversified Income B Inc 113 2 130 2 124 9 147 8 184 10 - - Nedgroup Inv Funds Gbl Flex C GBPHAcc 119 1 140 1 130 11 150 59 - - 1.14 - VT SmartFund Balanced Strategy Z GBP Acc 100 174 100 167 100 145 100 136 ---- New Capital Global Balanced GBP Acc 104 175 114 145 ------1.17 - VT Tatton Blended Balanced A Acc 107 53 115 51 117 40 - - - - - 0.94 NFU Mutual Mixed Portfolio 40-85% C 111 14 120 38 112 139 ------VT Tatton Blended Cautious A Acc 105 114 112 104 116 49 - - - - - 0.84 Optimal Multi Asset Opportunities A GBP 100 186 109 181 104 155 120 138 ---- VT Tatton Oak Cautious Growth B Acc 103 143 110 137 114 74 132 75 163 56 1.39 0.22 Orbis OEIC Global Balanced Standard 113 7 123 22 116 106 158 34 - - - - Waverton Multi-Asset Income P GBP Inc 108 23 115 50 126 4 148 6 - - - 3.55 Premier Miton Balanced Mlt-Asst B Acc 109 45 125 15 123 45 ------WAY Global Balanced Portfolio E Acc 107 41 117 29 118 32 142 16 173 28 - - Premier Miton Diversified Bal Gr D Inc 109 39 122 26 ------1.50 WAY MA Cautious Portfolio E Acc 107 45 117 30 118 36 139 34 162 59 1.88 - Premier Miton Diversified GrD Inc 113 8 128 7 132 7 186 4 225 10 1.43 - Wellington Dynamic Divers N GBP Inc Hdg 108 21 120 17 ------0.85 6.27 Premier Miton Multi-Asset Gr& Inc C Inc 109 55 120 44 113 130 146 84 228 7 - 2.45 Wesleyan Moderate Risk/Rwd Gr X Acc 108 29 116 46 110 119 129 95 - - - - Prima Balanced Acc 106 112 114 148 ------1.21 WS Sequel Cau Trgt Ret Strat B£Acc 111 6 125 5 115 65 130 84 - - - - Quilter Investors Cirilium Moderate R 108 81 124 19 117 98 152 53 201 24 1.24 1.31 WS Sequel Cautious Inc Strat Retl£Inc 111 9 125 4 113 79 126 105 ---- RBS Managed Growth 1 Acc 108 67 119 64 ------0.99 WS Verbatim Multi-Index Portfolio 3 A 104 132 109 143 116 47 132 74 164 51 0.80 0.86 Royal London GMAP Adventurous M GBP Acc 110 28 119 59 113 123 146 82 - - - - WS Verbatim Multi-Index Portfolio 4 A 105 92 112 106 118 33 141 19 176 23 1.68 0.88 Royal London GMAP Gr M GBP Acc 109 46 117 104 113 131 140 108 - - - 1.26 Average/Total 105 178 113 169 113 148 132 137 167 82 1.30 1.72 Royal London Sustainable World C Acc 104 167 114 146 148 3 211 1 359 1 - 0.37 Sarasin Global Equity Real Return P Acc 104 174 115 129 132 8 169 7 196 33 1.24 - (IA) MIXED INVESTMENT 40-85% SHARES Sarasin IE GlobalSar Dynamic GBP P Acc 103 177 113 152 126 32 155 42 - - - 0.81 7IM AAP Moderately Adventurous C Acc 108 88 116 111 116 107 147 75 182 64 0.63 - Sarasin IE GlobalSar Dynamic USD P Acc 99 187 105 184 124 37 162 24 - - - 0.88 7IM Moderately Adventurous C Acc 108 87 119 52 116 102 147 73 184 58 1.50 - Schroder Blended Portfolio 6 F Acc 106 113 117 103 ------0.18 ACUMEN Portfolio 6 Acc 110 33 128 8 126 30 154 43 - - - 0.17 Schroder Blended Portfolio 7 F Acc 108 69 121 28 ------0.17 ACUMEN Portfolio 7 Acc 110 21 131 2 125 33 - - - - - 1.30 Schroder Managed Balanced Z Acc 109 43 124 20 122 56 156 39 196 32 - 1.11 Aegon Sustainable Divers Gr GBP B Acc 105 160 117 102 117 93 135 120 175 72 0.56 - Schroder MM Diversity Balanced Z Acc 118 2 128 6 122 50 145 88 - - 1.36 0.67 ASC Balanced Bridge Income 105 158 111 173 123 48 149 61 186 53 0.83 2.05 Schroder Tactical Portfolio 6 F Acc 107 101 116 110 112 134 - - - - - 0.93 ASI Global Balanced Growth P1 Acc 105 140 116 109 119 77 154 45 211 17 - 0.90 Schroder Tactical Portfolio 7 F Acc 109 52 119 48 112 136 - - - - - 0.80 ASI Multi-Asset I Acc 107 109 114 149 125 36 159 32 196 35 1.49 0.93 Scottish Friendly Managed Growth 110 37 124 21 113 133 135 119 183 60 1.46 - ASI Multi-Manager Balanced Managed I Acc 108 84 117 105 117 97 143 95 186 50 - 0.87 Scottish Widows High Reserve A Acc 110 25 114 136 101 156 125 136 152 84 1.36 2.72 Aviva Investors Multi-Mgr 40-85% 2 £Acc 106 125 118 87 121 62 152 54 203 22 1.52 0.98 Scottish Widows Progressive A 109 44 119 57 117 92 149 63 205 20 2.00 - AXA Framlington Managed Balanced Z Acc 105 141 114 137 126 31 157 35 215 13 - 0.66 Sentinel Growth B Acc 105 156 113 153 133 5 159 30 - - - 0.64 Baillie Gifford Managed B Acc 103 176 126 10 151 1 210 2 299 2 0.47 0.69 Sentinel Universal B Acc 106 114 116 113 114 120 141 101 187 48 - - Barclays Dividend and Growth I Acc GBP 108 60 120 41 114 119 135 121 176 71 1.65 - Smith & Williamson MM Endurance Bal B 110 24 121 27 117 95 141 107 173 75 - 1.08 Barclays Multi-Impact Growth R Acc GBP 104 171 115 132 127 20 - - - - - 0.37 SVS Brown Shipley Balanced I Acc 106 120 118 83 123 49 149 62 - - - 1.07 Barclays Wealth Global Mkts 4 R Acc GBP 106 111 118 82 127 21 164 18 184 56 1.05 1.57 SVS Brown Shipley Growth I Acc 107 99 122 25 128 19 161 27 212 16 1.97 0.95 BlackRock Balanced Growth D Acc 110 36 119 61 132 6 168 11 204 21 - 1.96 SVS Church House Balanced Eq Inc A Inc 111 13 115 126 109 149 132 126 182 66 1.57 - BlackRock Balanced Managed A Acc 110 18 121 30 130 13 166 13 199 27 1.59 0.11 TB Calibre Equity B Acc 109 47 120 46 111 143 131 129 162 81 - - BlackRock Consensus 70 D Acc 105 150 112 171 116 101 144 89 - - 0.26 1.61 TB Doherty Balanced Managed B GBP Acc 108 66 118 81 113 125 131 128 161 82 - - BlackRock Consensus 85 D Acc 107 105 116 120 119 74 155 40 - - 0.23 1.65 TB New Sarum Real Return Fund B Net Inc 110 32 125 12 127 24 163 22 - - - - BMO MM Navigator Balanced C Acc 110 23 121 31 113 132 143 96 188 44 - 1.06 TB Opie Street Balanced R GBP Inc 110 35 119 63 ------5.22 BNY Mellon MA Glbl bal Newton Inst 3 Acc 108 68 117 99 128 18 163 20 212 15 0.55 1.11 TB Opie Street Growth R GBP Acc 110 30 125 14 ------1.64 BNY Mellon Mlt-Asst Balanced Inst W Acc 108 74 117 95 129 14 153 50 189 42 - 1.55 Threadneedle Mng Eq Fcs Z Grs GBP Acc 107 106 118 69 123 43 152 52 202 23 - 0.78 CFP Castlfd B.E.S.T Port Gr Founder Inc 110 27 118 75 122 52 - - - - - 1.35 TM UBS (UK) - Global Growth C Acc 108 85 118 70 118 82 149 66 - - - 0.90 Climate Assets Fund B GBP Acc 105 153 112 170 129 15 163 21 225 9 1.36 1.49 TM UBS (UK) - UK Growth C Acc 107 94 116 114 113 122 141 104 - - - 1.64 Close Balanced Portfolio X Acc 108 79 115 130 120 73 145 85 197 31 0.86 0.90 TM UBS (UK) - UK Income Focus C Acc 108 91 114 134 106 151 127 134 ---- Close Managed Balanced X Acc 106 130 116 118 120 65 154 47 - - 1.37 0.99 Vanguard Global Balanced A GBP Acc 107 92 116 119 128 17 160 28 - - - - Close Sustainable Balanced Port X Acc 104 166 ------Vanguard LifeStrategy 60% Equity A Acc 105 147 113 155 123 47 154 44 - - 0.31 - Close Tactical Select Passive Bal X Acc 106 117 115 131 115 108 146 80 - - 0.65 1.33 Vanguard LifeStrategy 80% Equity A Acc 108 71 118 73 127 23 169 8 - - 0.29 1.31 Courtiers Total Return Balanced Risk 115 3 128 9 131 10 163 19 229 6 1.90 - Vanguard Target Retirement 2020 Acc 104 172 111 177 120 71 148 69 - - - 0.88 Discovery Balanced B GBP Inc 105 145 114 142 110 147 134 124 176 69 - - Vanguard Target Retirement 2025 Acc 105 152 113 161 122 51 154 46 - - - 1.16 DMS Stirling House Growth Acc 103 181 112 164 124 39 150 58 - - - 0.22 Vanguard Target Retirement 2030 Acc 106 137 114 139 123 42 158 33 - - - - EdenTree Higher Income B 114 4 124 18 111 141 139 110 186 49 0.83 - Vanguard Target Retirement 2035 Acc 106 115 115 121 124 38 162 26 - - - 1.13 EF 8AM Balanced Fd A Inc 104 165 113 157 96 159 121 137 - - 2.70 0.28 Vanguard Target Retirement 2040 Acc 107 103 117 101 125 34 165 14 - - - 1.15 EF 8AM Growth A Inc 105 159 115 124 97 157 126 135 - - 3.20 0.24 Vanguard Target Retirement 2045 Acc 108 82 118 79 126 29 168 12 - - - 1.14 EF Brompton Global Growth B GBP Acc 108 64 120 39 122 53 155 41 - - 1.92 0.40 Vanguard Target Retirement 2050 Acc 108 76 118 78 127 28 168 10 - - - 1.15 Elite Balanced Trust B Acc 107 95 118 85 120 72 147 72 183 62 2.05 0.16 Vanguard Target Retirement 2055 Acc 108 80 118 76 127 27 168 9 - - - 1.17 Embark Horizon Multi-Asset III Z Acc 103 180 111 174 119 75 151 56 - - - 0.99 Vanguard Target Retirement 2060 Acc 108 78 118 74 127 26 - - - - - 1.11 Embark Horizon Multi-Asset IV Z Acc 106 119 119 67 123 44 165 15 - - - 0.92 Vanguard Target Retirement 2065 Acc 108 77 118 77 127 25 - - - - - 0.99 ES Share Centre Multi Mgr Gr&Inc A Inc 104 168 113 159 115 113 138 113 170 77 2.50 1.35 Verus Sustainable Balanced Fd A GBP Acc 103 184 110 178 114 115 134 122 - - - 0.62 Family Balanced International B 109 57 120 43 113 129 141 105 176 70 1.15 - Virgin Bond, Gilt, UK and Overseas Share 107 98 114 140 110 144 139 112 - - - 1.59 Fidelity MltAsst Inc & Gr W Inc 106 132 114 141 117 86 134 123 - - - 3.24 Volare Balanced A GBP Acc 105 154 113 150 116 103 ------Fidelity MltAsst Open Gr W Acc 108 61 119 55 122 54 153 49 182 63 - 1.09 Volare Growth A GBP Acc 105 149 115 123 116 105 ------Fidelity MoneyBuilder Balanced W Inc 105 151 106 183 105 153 115 139 171 76 - 3.15 Volare Strategic Income A GBP Inc 106 138 113 162 112 135 ------Fidelity Multi Asset Allctr Growth W Acc 105 162 114 144 125 35 147 76 - - - 1.26 VT AJ Bell Balanced I Acc 104 164 112 167 120 66 - - - - - 1.64 FP Mattioli Woods Balanced E GBP Inc 106 128 114 143 117 90 - - - - - 0.24 VT AJ Bell Moderately Adv I Acc 106 121 116 112 121 57 - - - - - 1.63 FP Russell Invsmts Mlt Asst Gr IV C Acc 108 63 121 35 118 79 142 99 - - - 1.06 VT Blackfinch Balanced F GBP Acc 104 173 113 151 ------1.00 FP Russell Invsmts Multi Asst Gr V C Acc 110 19 125 13 121 63 148 68 - - - - VT Cantab Balanced A GBP Acc 105 148 119 54 ------0.61 GS Global MA Gr R Inc GBP PtH 110 20 124 17 124 40 159 31 - - 0.94 - VT Cantab Moderate A GBP Acc 104 169 116 107 ------0.75 HL Multi-Manager Balanced Managed A Acc 108 65 119 65 111 140 142 100 191 40 1.46 0.89 VT Chelsea Mgd Bal Gr A GBP Net Acc 111 11 125 11 127 22 - - - - - 1.42 HSBC Balanced Acc C 108 72 116 115 114 121 137 115 174 73 - 1.63 VT Dromore Investment A Acc 106 116 119 66 ------0.65 IFSL AMR Diversified A GBP Acc 109 54 118 86 114 116 138 114 ---- VT Garraway Multi Asset Growth I Acc 102 185 112 168 96 158 114 140 - - - 0.93 IFSL Avellemy 6 B GBP Inc 107 100 117 93 ------0.91 VT Greystone Balanced Managed R Acc 106 110 119 68 114 114 149 65 200 26 - 0.22 IFSL Avellemy 7 B GBP Inc 109 49 121 37 ------1.11 VT KMGIM Medium High Risk A Acc 106 135 117 89 ------0.26 IFSL Beaufort Multi Asset Blend Gr A Acc 107 104 121 32 ------0.92 VT Momentum Diversified Growth B Acc 114 5 130 3 128 16 164 17 207 19 - - IFSL Brooks Macdonald Balanced A Acc 108 86 119 53 122 55 153 48 196 34 1.12 0.92 VT PPM Global Dynamic A Acc 106 127 117 106 ------IFSL James Hambro Barnham Broom 105 143 112 166 119 78 153 51 - - - - VT Tatton Blended Active A Acc 109 50 119 51 117 85 - - - - - 0.99 IFSL James Hambro Penrhos GBP Inc 105 155 111 172 117 96 148 70 200 25 1.61 0.84 VT Tatton Oak Capital Growth B Acc 107 97 117 96 117 89 143 94 185 55 1.45 0.76 IFSL James Hambro Rires 106 123 113 160 114 117 145 86 188 45 1.42 - VT Vanneck Defensive GBP Acc 107 93 111 176 ------1.58 IFSL Sanlam Balanced A Inc 105 142 111 175 ------0.95 WAY Global Growth Portfolio E Acc 109 48 121 33 121 61 160 29 198 30 2.14 - IFSL Sinfonia Adventurous Growth A Acc 108 59 117 90 113 127 149 64 188 43 2.12 - Wesleyan Moderate High Rk/Rwd Inc X Acc 111 16 117 94 110 146 130 132 - - - 1.57 IFSL Sinfonia Balanced Managed A Acc 107 96 115 127 113 126 144 90 187 46 1.96 1.07 WS Kleinwort Hambros Multi AstBal A Acc 103 182 110 180 113 128 136 116 149 85 1.72 - Invesco Global Balanced Idx UK (NoTr)Acc 112 10 117 97 104 154 134 125 194 37 0.70 - WS Sequel Bal Trgt Ret Strat B£Acc 112 9 129 5 118 83 141 106 ---- Invesco Managed Income UK Z Acc 109 53 122 23 106 152 131 130 186 52 - - WS Sequel Glbl Trgt Inc Strat A£Acc 113 6 130 4 111 142 136 117 194 36 1.92 - Janus Henderson Glb Rpnsb Mgd I Acc 105 146 118 71 137 4 174 6 260 4 0.85 0.86 WS Verbatim Multi-Index Portfolio 5 A 106 136 114 138 118 80 148 71 185 54 0.80 1.04 Janus Henderson Mlt-Mgr Managed I Acc 108 70 117 91 116 100 145 87 183 61 - 0.77 Average/Total 107 187 117 184 119 160 149 141 196 85 1.33 1.15 JPM Multi-Asset Moderate C 109 40 120 45 ------Jupiter Distribution and Growth I Inc 109 41 115 125 95 160 106 141 155 83 1.06 2.55 (IA) NORTH AMERICA Jupiter Merlin Balanced Port I Acc 110 38 114 135 121 60 156 37 217 12 1.66 1.75 AB American Gr Ptf I Acc 106 161 116 183 175 12 274 11 566 8 0.96 - L&G Mixed Investment 40-85% I Acc 108 73 119 60 120 69 151 55 - - - 1.70 AB Concntr US Eq I USD Acc 110 102 121 145 169 24 260 19 - - 1.01 - L&G Multi Manager Balanced I Acc 108 62 122 24 120 64 150 60 165 80 1.77 1.33 AB Select US Equity I USD Acc 113 44 124 74 149 96 217 77 - - 1.20 - L&G Real Capital Builder I Acc 103 179 114 147 117 88 ------AB Sustainable US Tmtc I 106 166 123 104 170 21 269 15 456 18 0.95 -

054-078_WI_0721.indd 62 17/06/2021 11:55 Unit trusts | 10 What Investment | July 2021 63

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Alger American Asset Growth I US 103 178 121 144 172 16 274 10 528 9 1.10 - Majedie Asset Mgmt US Equity Z GBP Acc 116 27 129 46 165 34 221 66 - - 0.83 - Alger Focus Equity I3 US 104 173 123 110 ------1.15 - Marlborough US Multi-Cap Income P Inc 107 155 111 193 152 70 217 78 387 54 - - Allianz Best Styles US Equity RT GBP 110 74 120 154 142 125 212 87 - - 0.80 - MFS Meridian US Concentrated Gr WH1 GBP 113 43 134 21 171 19 221 67 - - 1.18 - Allianz US Equity C Acc 112 49 128 47 152 69 213 86 359 71 0.85 0.04 MFS Meridian US Growth WH1 GBP 110 80 130 37 ------0.92 - Amundi IS MSCI North America ETF DR 109 112 123 88 152 78 ------MFS Meridian US Value WH1 GBP 119 13 135 19 135 156 157 143 270 99 1.00 - Amundi IS Prime USA ETF DR 109 121 123 97 ------MGTS AFH DA North American Eq I GBP Acc 110 79 123 84 142 130 - - - - - 0.47 Artemis US Extended Alpha I Acc GBP 108 148 120 157 151 84 232 42 - - 0.81 - Morgan Stanley US Advantage I Acc GBP 98 199 126 56 184 8 ------Artemis US Select I Acc GBP 110 75 119 163 153 67 248 26 - - 0.82 - MS INVF US Advantage I 98 198 126 59 192 4 318 4 644 4 0.89 - AS SICAV I American Focused Eq X Acc GBP 108 143 117 176 148 104 209 93 320 87 0.98 - MS INVF US Growth Z 96 203 138 17 225 2 421 2 802 2 0.85 - ASI American Equity Enh Index B Acc 110 83 121 148 145 112 215 83 - - - 1.01 Natixis Loomis Sayles US Eq Ldrs N/A £ 106 162 120 160 165 29 254 21 - - - - ASI American Equity I Acc 108 141 118 169 150 92 213 85 339 81 1.12 - Neuberger Berman US MltCp Opps USD1 IAcc 110 84 126 60 143 123 215 82 - - 1.06 - ASI American Equity Tracker B Acc 109 111 122 130 ------New Capital US Future Leaders GBP UnHAcc 98 200 117 179 ------0.98 - ASI American Income Eq P1 Acc 109 137 115 187 143 122 ------New Capital US Growth GBP Acc 110 72 142 8 165 32 234 39 376 65 0.89 - ASI American Unconstrained Equity P1 Acc 109 138 116 185 139 144 185 128 348 75 - 0.28 Ninety One American Franchise I Acc £ 109 114 117 173 165 33 266 16 372 66 0.85 - Aviva Investors US Eq Inc 2 GBP Acc 110 70 123 98 126 176 166 138 - - 0.88 - Nordea 1 - North American Strs Eq BC GBP 109 105 126 57 159 44 216 80 - - 1.13 - Aviva Investors US Equity Inc II 2 £ Acc 110 71 123 102 126 177 164 141 ---- OYSTER US Value R USD 112 47 116 182 123 179 161 142 - - 1.40 - AXA Framlington American Growth Z Acc 109 127 126 58 174 14 272 13 484 14 0.72 - PGIM Jennison US Growth GBP I Dis 100 191 124 69 178 11 ------AXA Rosenberg American Z 112 48 124 75 140 136 205 103 380 61 1.05 - Pictet-USA Index I GBP 110 97 121 137 151 88 218 75 - - 0.29 - Baillie Gifford American B Acc 100 193 154 3 247 1 470 1 884 1 0.67 - Polar Capital North American I 115 29 131 31 138 145 208 94 - - 0.82 - BGF US Basic Value D2 115 30 128 48 128 171 165 140 282 97 1.06 - Premier Miton US Opportunities B Acc 114 34 130 41 159 45 231 43 - - - 0.21 Blackrock ACS US Equity Tracker T1 109 130 123 90 154 56 228 45 - - - - Quilter Inv Nrth Amer Eq U2 (GBP) Acc 113 38 126 54 142 131 - - - - - 0.46 BlackRock US Dynamic D Acc 111 55 129 42 152 80 237 36 397 47 0.94 - Quilter Inv US Eq Small/MC U2 GBP Acc 114 33 129 43 136 153 190 119 - - - 0.23 BlackRock US Opportunities D Acc 121 10 139 14 141 133 196 110 315 92 - 0.95 Quilter Investors US Eq Gr U2 (GBP) Acc 106 165 131 30 187 6 ------BMO North American Equity 2 Acc 111 59 120 151 140 138 209 91 383 57 0.81 - Quilter Investors US Eq Inc U2 (GBP) Acc 116 28 130 35 ------BNY Mellon US Equity Income GBP W Inc 118 14 131 28 126 175 - - - - 0.88 - Robeco BP US Large Cap Equities F £ 120 11 132 27 131 165 185 129 - - 0.81 - BNY Mellon US Equity Income Instl W Acc 117 23 131 32 ------2.08 Royal London US Growth 109 119 122 122 141 134 209 92 356 72 1.55 0.01 BNY Mellon US Opps Inst W Acc 106 167 129 45 139 142 212 88 344 78 - 0.21 Royal London US Tracker Z Acc 110 101 124 81 153 63 225 52 431 26 0.23 1.07 Brown Advisory US Equity Growth $ B 102 184 113 189 172 17 263 18 458 17 0.88 - Russell Inv US Quant I 113 40 123 108 143 124 207 97 389 53 1.83 - Brown Advisory US Flexible Eq B $ Acc 112 52 124 73 158 49 241 30 - - 0.91 - Sanlam US Dividend A GBP Acc 112 50 125 61 130 169 183 130 - - 0.97 - Brown Advisory US Mid-Cap Gr $ C Acc 103 179 121 143 161 39 - - - - 0.67 - Santander United States Equities A 109 134 123 106 143 120 211 89 408 41 1.03 - Brown Advisory US Sust Gr USD C Acc 103 177 117 180 181 9 - - - - 0.65 - Schroder QEP US Core I Acc 113 45 123 87 150 95 217 76 406 43 0.32 - Candriam Quant Equities USA C Cap USD 110 82 121 141 139 143 193 115 326 85 1.99 - Schroder US Eq Inc Mxmsr Fund Z Acc £ 109 118 119 162 139 139 ------Candriam Sust North America C USD Cap 109 139 122 135 147 106 185 125 310 94 2.16 - Schroder US Mid Cap Z Acc 116 25 130 39 135 155 189 121 351 73 - 0.28 Comgest Growth America GBP U Acc 110 92 117 181 165 30 227 48 427 28 0.82 - Scottish Widows American Growth A 111 57 122 118 141 132 205 102 365 68 1.62 - Dodge & Cox Worldwide US Stock A GBP 123 9 140 10 144 115 216 81 395 50 0.63 - Seilern America USD U I 106 164 117 172 166 28 271 14 587 6 0.89 - ES AllncBernst Cncntr US Eq I GBP Acc 110 86 122 129 ------SLI North American Trust 109 131 118 164 149 98 207 96 381 59 0.84 0.40 ES AllncBernst Sust US Eq I GBP Acc 107 151 127 53 ------Smith & Williamson North American Eq B 114 35 130 38 162 37 246 27 386 55 0.86 0.21 Fidelity American Special Sits W Acc 117 21 127 51 127 174 166 139 341 79 - 0.55 StocksPLUS Instl USD Acc 110 88 123 105 154 59 226 49 446 21 0.55 - Fidelity American W Acc GBP 104 172 115 186 140 137 196 111 314 93 0.92 - Stt Strt AUT NA Scrn(ex Cont&CW)Idx Eq 109 115 123 111 152 75 221 65 397 48 0.90 - Fidelity Index US P Acc 110 90 122 121 152 81 223 57 - - - - T. Rowe Price US Blue Chip Eq Q GBP 103 180 118 168 161 41 274 9 569 7 0.78 - Fidelity Instl America 111 62 121 150 142 128 194 113 359 70 0.88 - T. Rowe Price US Eq CAccGBP 109 106 122 136 150 93 ------Fidelity US Quality Income ETF Acc 110 98 121 149 148 103 - - - - 0.30 - T. Rowe Price US Eq Q GBP 109 110 122 131 148 100 206 98 404 45 0.75 - First Trust US Equity Income ETF A 127 7 149 4 133 157 185 124 - - 0.65 - T. Rowe Price US Lg Cap Gr Eq CAccGBP 105 168 123 86 170 22 ------First Trust US Equity Opp ETF A Acc 101 189 130 36 162 38 244 28 - - 0.65 - T. Rowe Price US Lg Cap Gr Eq Q GBP 105 169 123 109 169 23 298 6 598 5 0.74 - First Trust US Lg Cp Cor AlphaDEX® A USD 113 37 128 49 138 148 202 106 - - 0.75 - T. Rowe Price US Lg Cap Val Eq CAccGBP 118 17 133 23 137 149 ------Franklin LibertyQ U.S. Equity ETF 107 152 116 184 142 129 - - - - 0.25 - T. Rowe Price US Lg Cap Val Eq Q GBP 117 19 133 22 131 164 178 133 319 88 0.82 - Franklin US Opportunities W Acc 100 192 117 175 158 51 251 25 451 20 0.83 - Threadneedle Amer Extnd Alpha Ins AccGBP 110 89 122 123 159 46 251 24 464 15 0.81 - GAM Multistock Health Innovt Eq USD B 97 202 94 203 111 182 140 144 423 31 1.81 - Threadneedle American Sel Z Acc GBP 109 135 124 80 158 48 240 32 421 33 0.82 - GAM North American Growth Instl GBP Acc 109 113 118 171 114 181 169 137 281 98 0.98 0.35 Threadneedle American Z Acc GBP 110 73 125 64 157 52 237 35 437 24 0.81 - GAM Star Capital Apprec US Eq Instl £Acc 107 150 123 112 150 91 205 104 318 90 1.17 - UBS S&P 500 Index C Acc 110 76 122 128 152 68 222 61 - - - - GAM Star US All Cap Equity Instl GBP Acc 109 122 120 159 138 146 198 109 319 89 1.17 - UBS US Equity C Acc 113 36 130 34 148 101 222 62 384 56 - 0.27 GlobalAccess US Equity M Acc GBP Hdg 117 20 139 12 152 74 185 127 - - - 0.28 UBS US Growth C Acc 104 175 121 140 171 20 273 12 515 11 - - GS US CORE Equity R Inc Snap GBP 111 56 123 94 143 121 220 71 416 38 0.65 - Vanguard FTSE North America ETF USD Acc 110 103 123 99 ------GS US Equity R Inc GBP 109 123 122 119 150 94 211 90 347 77 0.92 - Vanguard S&P 500 ETF USD Acc 110 95 122 133 ------GS US Focused Growth Equity R Inc GBP 101 187 121 138 164 36 254 22 438 23 1.15 - Vanguard U.S. 500 Stk Idx $ Acc 110 100 121 139 151 87 219 74 412 40 0.20 - Halifax North American C 112 54 123 114 142 127 206 99 382 58 1.51 - Vanguard U.S. Eq Idx £ Acc 110 69 125 62 152 73 224 55 419 35 0.20 1.16 Harris Associates US Equity Fd R/A GBP 118 16 139 15 - - - - 348 76 1.95 - Vanguard U.S. Opps GBP Inv Dist Shrs 111 66 132 25 132 160 239 33 510 12 0.95 - HSBC American Index C Acc 110 104 123 116 152 77 224 56 431 25 0.18 - VT De Lisle America B GBP 132 3 165 1 143 117 234 40 446 22 1.33 0.31 HSBC MSCI USA ETF 109 125 123 92 154 54 225 54 421 32 0.30 0.93 VT Tyndall North American A GBP Net Acc 118 15 141 9 151 82 ------HSBC S&P 500 ETF 110 96 122 124 153 66 223 59 424 30 0.09 - Wellington US Research Eq N GBP UnH Inc 108 140 124 79 151 83 213 84 - - 0.88 0.10 HSBC US Multi-Factor Eq Instl A Acc 111 61 123 96 150 89 220 69 417 37 0.54 - Wells Fargo (Lux) WF US Sel Eq ZGBP Acc 129 6 160 2 ------1.23 - Invesco US Equity UK Z Acc 111 65 123 95 128 170 180 132 318 91 - - Wells Fargo (Lux) WF USAllCpGr Z GBP Acc 100 195 120 156 171 18 282 7 - - 0.94 - iShares Core S&P 500 ETF USD Acc 110 93 122 134 152 76 222 60 426 29 0.07 - Wells Fargo (Lux) WF USLrgCpGr ZGBP Acc 101 188 113 190 168 26 275 8 - - 0.98 - iShares Core S&P 500 ETF USD Dist 110 94 122 132 152 72 222 63 417 36 0.07 - Xtrackers MSCI USA Consumer Disc ETF 1D 104 176 132 26 180 10 - - - - 0.12 0.43 iShares Dow Jones Indust Avg ETF USD Acc 110 78 120 155 139 140 216 79 379 62 0.33 - Xtrackers MSCI USA Consumer Stp ETF 1D 101 190 107 196 143 119 - - - - 0.12 2.23 iShares Edge MSCI USA Mltfct ETF USD Acc 111 63 120 152 130 167 194 114 - - 0.35 - Xtrackers MSCI USA Energy ETF 1D 134 2 120 158 72 184 - - - - 0.12 3.67 iShares Edge MSCI USA Momt Fac ETF $ Acc 102 186 117 177 148 102 - - - - 0.20 - Xtrackers MSCI USA ESG ETF 1C 111 67 122 127 161 40 - - - - 0.15 - iShares Edge MSCI USA Qual Fac ETF $ Acc 108 142 118 165 150 90 - - - - 0.20 - Xtrackers MSCI USA ETF 1C 109 124 123 101 154 53 226 51 - - 0.07 - iShares Edge MSCI USA Size Fac ETF $ Acc 115 31 135 20 145 113 - - - - 0.20 - Xtrackers MSCI USA Financials ETF 1D 129 5 143 7 137 151 - - - - 0.12 1.41 iShares Edge MSCI USA Val Fac ETF $ Acc 120 12 131 29 128 172 - - - - 0.20 - Xtrackers MSCI USA Health Care ETF 1D 106 163 106 198 149 99 - - - - 0.12 1.01 iShares Edge S&P 500 MinVol ETF USDDist 105 171 109 195 137 150 - - - - 0.20 - Xtrackers MSCI USA Info Tech ETF 1D 104 174 124 70 192 3 - - - - 0.12 0.69 iShares MSCI North America ETF USD Dist 109 107 123 93 152 79 220 70 391 51 0.40 0.87 Xtrackers MSCI USA Minimum Vol ETF 1D 103 181 104 200 136 154 - - - - 0.20 1.43 iShares MSCI USA ESG Enh ETF USD Dist 109 117 123 83 ------0.07 1.10 Xtrackers Russell Midcap ETF 1C 112 46 130 40 144 114 203 105 - - 0.35 - iShares MSCI USA ESG Scrn ETF USD Acc 109 116 124 78 ------0.07 - Xtrackers S&P 500 Equal Weight ETF 1C 116 26 132 24 146 110 206 101 - - 0.25 - iShares MSCI USA ETF USD Acc 109 128 123 113 153 62 223 58 421 34 0.33 - Xtrackers S&P 500 ETF 2C - GBP H 117 22 139 16 154 58 199 108 - - 0.09 - iShares MSCI USA Islamic ETF USD Dist 110 85 114 188 130 168 170 136 283 96 0.50 1.14 Average/Total 110 203 124 203 150 184 222 145 409 100 0.77 0.81 iShares MSCI USA Quality Div ETF USD Dis 108 145 111 194 128 173 175 134 - - 0.35 2.23 iShares MSCI USA SRI ETF USD Acc 108 144 124 72 165 35 - - - - 0.20 - (IA) NORTH AMERICAN SMALLER COMPANIES iShares NASDAQ 100 ETF USD Acc 105 170 125 65 187 7 318 3 712 3 0.33 - AB US Sm and Md-Cp I Acc 131 2 154 3 124 23 183 19 322 12 1.20 - iShares Nasdaq US Biotech ETF USD Acc 98 197 98 201 132 162 - - - - 0.35 - Alger Small Cap Focus I US 96 26 107 26 159 7 305 2 - - 1.08 - iShares North American Eq Idx (UK) D Acc 109 120 123 85 153 65 225 53 407 42 0.17 - Alger Weatherbie Specialized Gr I3 US 108 21 130 20 ------1.15 - iShares S&P 500 Cnsmr Discr Sect ETF$Acc 102 185 121 147 158 50 236 37 - - 0.15 - Artemis US Smaller Cos I Acc GBP 118 10 137 14 164 3 280 3 - - 0.92 - iShares S&P 500 Cnsmr Stpls Sect ETF$Acc 100 194 106 197 143 118 - - - - 0.15 - AS SICAV I NA SmComs X Acc GBP 115 15 129 21 ------0.99 - iShares S&P 500 Energy Sect ETF USD Acc 136 1 122 125 73 183 94 145 - - 0.15 - BMO US Smaller Companies C Inc 122 5 144 6 133 19 195 17 343 11 - - iShares S&P 500 Financials Sect ETF $Acc 129 4 144 6 138 147 219 73 - - 0.15 - Brown Advisory US Small Cap Blend B $ 117 13 133 15 137 14 199 16 - - 1.25 - iShares S&P 500 Health Care Sect ETF$Acc 106 158 106 199 147 107 191 117 - - 0.15 - Brown Advisory US SmlrComs Dollar B Acc 108 19 126 23 159 8 238 7 424 3 0.89 - iShares S&P 500 Indstr Sect ETF USD Acc 113 42 137 18 139 141 - - - - 0.15 - Federated Hermes US Smid Eq F GBP Acc 115 14 132 16 134 17 184 18 - - 0.87 - iShares S&P 500 Matrls Sect ETF USD Acc 117 24 139 13 149 97 - - - - 0.15 - Fst Tr Nasdaq®ClnEg®GrnEyUCITS ETF A Acc 84 27 106 27 93 24 - - - - 0.75 - iShares S&P 500 Utilts Sect ETF USD Acc 99 196 97 202 130 166 - - - - 0.15 - GlobalAccess US Sm & Md Cp Eq M Acc GBPH 124 4 155 2 138 13 181 20 - - - - iShares US Equity Index (UK) D Acc 109 133 123 91 154 60 227 47 - - - - GS US Sm Cp CORE Eq R Inc GBP Snap 121 7 141 9 126 22 205 13 345 10 0.84 0.21 Janus Henderson Instl NA Idx Opps A Acc 109 126 123 107 151 85 219 72 378 64 1.76 - iShares MSCI USA Small Cap ETF USD Acc 118 11 142 8 139 12 212 9 363 8 0.43 - Janus Henderson INTECH US Cor A2 USD 109 129 120 153 132 159 190 120 348 74 1.75 - iShares S&P SmallCap 600 ETF USD Dist 125 3 150 5 131 21 208 11 379 5 0.40 0.68 Janus Henderson Oppc Alp A1 USD 115 32 139 11 168 25 240 31 267 100 2.50 - Janus Henderson US Venture A2 USD 103 23 123 24 135 16 207 12 369 7 2.42 - Janus Henderson US Forty A2 USD 107 157 124 77 175 13 266 17 487 13 2.14 - JPM US Small Cap Growth C Acc 99 25 128 22 158 9 312 1 443 2 0.93 - Janus Henderson US Growth I Acc 106 159 122 120 167 27 236 38 400 46 0.84 0.01 Legg Mason IF Royce US Smlr Coms X Acc 120 8 140 11 133 20 202 15 256 13 - 0.40 Janus Henderson US Research A2 USD 107 156 119 161 146 111 206 100 339 80 2.25 - Legg Mason RY US SmCp Opp X USD Acc 133 1 182 1 150 10 256 4 370 6 1.21 - JPM America Equity A (dist) USD 111 58 130 33 154 55 226 50 413 39 1.70 - Neuberger Berman US Sm Cap USD Instl Acc 108 20 120 25 146 11 213 8 - - 1.05 - JPM BetaBuilders US Equity ETF USD Acc 109 109 123 100 ------0.04 - New Capital US Small Cp Gr GBP UnHInsAcc 109 18 140 10 162 6 - - - - 1.15 - JPM US Equity Income C Net Acc 112 53 123 115 137 152 191 118 366 67 0.93 - Premier Miton US Smaller Companies B Acc 103 22 139 12 188 1 ------JPM US Research Enh Eq ESG ETF USD Acc 110 77 124 82 ------0.25 - Schroder US Smaller Comp Z Acc 119 9 138 13 136 15 204 14 351 9 - 0.07 JPM US Research Enhanced Idx Eq E Acc 111 68 124 68 ------T. Rowe Price US Smlr Cm Eq CAccGBP 111 16 130 18 166 2 ------JPM US Select C Net Acc 108 147 123 89 160 43 233 41 451 19 0.93 0.65 T. Rowe Price US Smlr Cm Eq Q GBP 110 17 130 19 164 4 250 5 481 1 1.06 - JPM US Select Equity Plus A (dist) GBP 110 81 125 63 152 70 222 64 405 44 1.80 - Threadneedle AmerSmlrComs(US) Z Acc GBP 122 6 153 4 163 5 242 6 410 4 - 0.30 Jupiter Merian North Amer Eq I GBP Acc 113 39 126 55 141 135 220 68 460 16 0.90 - Wells Fargo (Lux) WF Sm Cp In Z GBP Acc 100 24 131 17 ------0.95 - Jupiter Merian US Eq Inc I GBP Acc 112 51 124 76 131 163 185 126 - - 1.15 - Xtrackers Russell 2000 ETF 1C 117 12 142 7 133 18 209 10 - - 0.30 - Jupiter North American Income I Acc 107 153 112 192 124 178 171 135 307 95 1.04 - Average/Total 113 27 136 27 145 24 224 20 373 13 0.99 0.33 L&G US Equity (Responsible Exclsns) ETF 108 146 123 103 ------L&G US Index I Acc 110 87 124 71 154 57 227 46 430 27 0.25 - (IA) PROPERTY OTHER Lazard US Equity Concntr C Acc USD 109 108 117 178 144 116 - - - - 0.99 - Legg Mason CB US Agrsv Gr X USD Dis(A) 111 60 121 146 133 158 185 123 324 86 1.11 - AMP Cap Glb Real Estate Secs I USD Acc 112 13 117 20 125 8 142 19 - - - - Legg Mason CB US Apprec X USD Dis(A) 107 149 118 167 148 105 202 107 360 69 1.09 - ASI European Real Estate Share I Acc 107 37 116 22 126 6 157 7 233 9 - - Legg Mason CB US Eq Sust Ldrs X GBP Acc 107 154 124 67 173 15 253 23 - - 1.10 - ASI Global Real Estate P1 Acc 104 43 99 45 110 31 128 31 153 30 - - Legg Mason CB US Lg Cp Gr X USD Acc 103 183 117 174 160 42 244 29 516 10 1.09 - ASI Global Real Estate Share P1 Acc 115 5 126 5 117 19 117 38 171 28 - 2.51 Legg Mason IF CB US Eq Inc X Inc 110 91 118 170 142 126 193 116 - - 1.05 - ASI Global REIT Tracker B 117 1 131 1 ------Legg Mason IF CB US Eq X Acc 125 8 145 5 147 108 195 112 336 83 - - ASI UK Real Estate Share I Acc 115 7 124 6 131 5 158 6 281 3 - 1.09 Legg Mason IF MC US Uncons X Acc £ 103 182 113 191 159 47 239 34 391 52 - - AXAWF Fram Global Rl Est Secs F Cap EUR 109 29 115 30 119 17 140 20 220 13 1.15 - LF Canlife North American C Acc 109 136 125 66 151 86 208 95 379 63 0.81 0.23 BMO European Real Estate Scs B Acc GBP 109 31 122 11 120 13 155 8 265 4 1.81 - Liontrust US Income C Acc GBP 106 160 118 166 132 161 188 122 338 82 1.11 - BMO Global Real Estate Securities 3 Acc 111 17 116 23 120 14 144 16 - - - - Liontrust US Opportunities C Acc GBP 113 41 129 44 165 31 257 20 395 49 1.04 - BMO Property Growth & Income I Acc 111 21 121 14 110 32 126 33 186 22 - - Lord Abbett Innovation Growth I USD Acc 97 201 127 50 189 5 310 5 - - 1.00 - Cohen & Steers Glbl Rl Estt Sec I USD 113 10 122 12 125 7 152 9 222 11 1.00 1.91 Lyxor Core Morningstar US (DR) ETF-Dist 109 132 123 117 153 64 - - - - 0.04 1.28 Cohen & Steers SICAV Eurp Rl Estt Sec IX 111 19 123 7 135 2 184 1 286 2 1.04 - Lyxor MSCI USA ESG Trend Ldrs(DR)ETFAcc 110 99 121 142 153 61 - - - - 0.20 - Fidelity Global Property W Acc 107 36 108 41 116 21 142 18 216 15 - 1.77 M&G North American Dividend GBP I Acc 111 64 122 126 147 109 231 44 380 60 0.70 - First Sentier Asian Prpty Secs B GBP Acc 106 40 110 38 101 41 132 30 182 23 1.53 - M&G North American Value GBP I Acc 117 18 127 52 122 180 183 131 331 84 0.70 1.22 First Sentier Glbl Prpty Secs B GBP Acc 110 25 112 34 122 12 144 15 222 12 1.11 1.98

054-078_WI_0721.indd 63 17/06/2021 11:55 64 Unit trusts | 11 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND 6V alMONTHS Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % HSBC FTSE EPRA/NAREIT Developed ETF 112 14 118 18 114 26 135 27 - - 0.40 2.34 FP SCDavies Global Alts A Acc GBP 102 240 106 232 100 223 102 233 99 138 2.06 - HSBC Global Property C Acc 109 30 115 29 108 35 121 35 175 26 1.59 1.74 Franklin FTSE Brazil UCITS ETF 112 95 128 111 ------0.19 - iShares Asia Property Yield ETF USD Dist 106 38 112 36 105 38 138 22 180 24 0.59 2.85 Franklin FTSE India UCITS ETF 115 58 141 46 ------0.19 - iShares Dev Mkts Prpty Yld ETF USD Dist 112 12 119 17 113 28 135 28 206 18 0.59 2.40 Franklin FTSE Korea UCITS ETF 116 54 156 9 ------0.09 - iShares European Prpty Yld ETF EUR Dist 105 42 115 26 109 33 145 13 195 20 0.40 - Franklin India W(acc)GBP 116 48 147 25 119 121 168 100 228 41 1.09 - iShares Glb Prpty Secs Eq Idx (UK) D Acc 110 23 117 19 114 27 136 25 212 17 - - Franklin Liberty Euro Short Maturity ETF 96 278 97 277 ------0.15 - iShares UK Property ETF GBP Dist 115 6 122 10 104 39 110 40 176 25 0.40 1.83 FSSA Indian Subcontnn All-Cap B GBP Acc 112 89 142 43 112 163 172 91 328 10 - 0.38 iShares US Property Yield ETF USD Dist 116 3 122 13 119 16 133 29 235 8 0.40 2.41 GAM Star Alpha Technology USD Inc 97 273 120 156 141 35 202 39 230 39 4.03 - Janus Henderson Hrzn AsPac Pty IncH2USD 106 41 108 42 114 23 146 12 186 21 1.64 - GAM Systematic Alt Rsk Pre GBP Acc 105 205 106 235 103 210 105 231 - - 0.99 1.55 Janus Henderson Hrzn GlblPtyEqsH2USD 109 27 116 24 132 4 164 4 238 7 1.10 - GS ESG Enh Euro Shrt Du Bd Plus R Acc 96 284 97 275 100 229 115 204 - - 0.39 - Janus Henderson Hrzn PanEurpPtyEqs H2EUR 111 15 126 4 134 3 176 2 299 1 1.35 - GS India Equity R Inc GBP 119 35 155 10 128 77 194 49 320 12 1.07 0.28 Kempen (Lux) Global Property J 110 24 114 32 112 29 138 21 - - 0.91 - GS NA Engy & Engy Infras Eq R Acc USD 124 11 127 115 85 263 109 224 - - 1.15 - L&G Global Real Estate Div Index I Acc 111 16 119 15 114 24 137 24 - - - 2.44 GS Strat Abs Ret Bd I R Inc GBP Hdg 100 264 102 252 105 204 106 230 - - 0.92 1.57 MS INVF Global Property IX 109 32 119 16 101 42 121 37 171 27 1.04 1.79 GS Strat Abs Ret Bd II R Inc GBP Hdg 99 268 103 245 106 197 106 229 - - 0.75 2.69 Nedgroup Inv Funds Glbl Prpty C USD Acc 108 34 109 40 116 20 - - - - 1.33 - GS US RlEstt Bal R Acc USD 102 242 106 229 123 99 156 133 - - 0.97 - Neuberger Berman Glb RE Secs USD I Acc 109 28 112 35 124 9 149 11 - - 1.05 - GSF II GS Balanced Allc R USD Inc 102 249 104 243 120 119 149 140 - - 0.50 - Neuberger Bm US Rel Est Sec USD I Acc 113 11 111 37 137 1 158 5 256 5 1.05 - HL Multi-Mgr Asia and Emerging Mkt A Acc 105 196 130 95 123 101 172 93 - - - - PGIM Global Sel RE Scrts GBP I Dis 111 20 115 28 122 11 142 17 212 16 - 1.13 HSBC GIF Brazil Equity AD 104 215 119 161 95 250 137 164 54 166 2.16 1.88 Premier Miton Pan Eurp Prpty Shr C acc 116 4 130 2 120 15 138 23 246 6 1.04 - HSBC GIF BRIC Markets Equity AD 104 210 126 126 122 103 201 40 160 89 1.91 1.61 Principal Glb Propty Secs I Acc USD 108 33 115 27 118 18 144 14 223 10 0.91 - HSBC GIF GEM Debt Total Return M1D 97 272 98 271 102 213 113 214 141 102 1.35 - Quilter Inv Glbl Prpty Scs R GBP HPt Inc 116 2 126 3 111 30 122 34 - - - 1.92 HSBC GIF Indian Equity AD 115 57 147 27 114 153 167 109 150 96 1.91 - Sarasin IE Sust Glb Rl Est Eq GBP P Acc 106 39 110 39 103 40 121 36 - - - 2.65 HSBC GIF Russia Equity AD 119 34 123 135 141 37 221 16 124 116 2.16 - Schroder Glbl Cities Real Estt Inc Z Acc 109 26 115 25 108 34 126 32 170 29 0.98 - HSBC MSCI Brazil ETF 111 99 129 107 108 191 175 81 77 158 0.60 1.15 Schroder Global Cities Real Estt Z Acc 108 35 113 33 124 10 150 10 217 14 1.18 1.10 HSBC MSCI Canada ETF 118 38 132 83 130 73 172 94 160 88 0.35 1.56 SKAGEN m2 A 110 22 114 31 114 25 170 3 - - 1.50 - HSBC MSCI EM LA ETF 110 117 127 113 99 234 141 155 80 155 0.60 1.65 SPW Multi-Manager Glb RE Sec A Inc 111 18 116 21 116 22 136 26 199 19 1.90 2.23 HSBC MSCI Indonesia ETF 90 303 103 246 87 259 113 213 102 133 0.60 1.93 TM Home Investor D Unbnd Net 101 45 102 43 106 36 111 39 - - - 0.40 HSBC MSCI KOREA CAPPED ETF 114 74 152 17 128 76 216 19 195 61 0.60 0.42 TM Home Investor Feeder Retail Unbnd Acc 101 44 102 44 105 37 110 41 - - - 0.33 HSBC MSCI Malaysia ETF 94 297 96 280 85 262 107 228 99 139 0.60 2.67 VT Gravis UK Listed Prpty Fdr F £ UnHAcc 113 9 123 9 ------2.77 HSBC MSCI Mexico Capped ETF 113 78 135 67 109 180 111 219 108 129 0.60 1.15 VT Gravis UK Listed Prpty PAIF A GBP Acc 113 8 123 8 ------2.77 HSBC MSCI Russia Capped ETF 119 33 113 199 137 48 211 25 - - 0.60 - Average/Total 110 45 116 45 117 42 140 41 214 30 1.07 1.93 HSBC MSCI South Africa ETF 123 14 145 35 100 221 144 148 129 112 0.60 - HSBC MSCI Taiwan Capped ETF 120 26 154 13 182 4 288 2 310 14 0.60 1.37 (IA) SHORT-TERM MONEY MARKET HSBC MSCI Turkey ETF 92 301 83 297 60 269 56 239 46 167 0.60 0.62 BlackRock Cash D Acc 100 4 100 4 101 4 101 4 102 3 0.31 0.03 Impax Asian Environmental Markets IRL £A 108 142 136 57 138 42 204 33 210 50 4.62 - Fidelity Cash W Acc 100 6 100 6 101 2 102 3 102 5 - 0.09 Impax Environmental Leaders XGBP Acc 110 123 132 84 148 25 209 27 - - 0.80 - ILF GBP Liquidity 1 100 1 100 2 101 6 101 6 102 6 0.20 0.01 Impax Environmental Mkts Ire A GBP Acc 114 69 143 38 155 18 219 17 283 20 1.13 - JPM GBP Liquidity LVNAV Agcy (dist.) 100 2 100 3 101 5 101 5 102 4 0.21 0.01 Invesco Emerging European UK Z Acc 122 24 126 124 127 82 194 48 152 94 - 2.96 L&G Cash Trust I Acc 100 5 100 5 101 3 102 2 103 1 0.21 - Invesco Global Fincl Cptl UK Z Acc 113 87 131 88 117 138 138 160 ---- Royal London Short Term Money Mkt Y Acc 100 3 100 1 101 1 102 1 103 2 - 0.07 Invesco Global Hlth Care Innovt A USD AD 99 269 102 253 134 59 161 126 281 21 2.42 - Scottish Widows Cash A Acc 100 7 99 7 100 7 99 7 99 7 0.61 - Invesco India Equity A USD AD 113 86 145 34 109 176 167 107 227 42 2.12 - Average/Total 100 7 100 7 101 7 101 7 102 7 0.31 0.04 Invesco Latin American UK Z Acc 108 147 129 105 98 240 129 179 80 156 -- iShares $ Treasury Bd 0-1yr ETF USD Dist 94 293 87 296 ------0.07 0.50 (IA) SPECIALIST iShares $ Ultrashort Bd ESG ETF USD Inc 94 292 87 295 ------0.09 - iShares $ Ultrashort Bond ETF USD Dist 94 291 88 294 99 230 111 216 - - 0.90 - AB Alternative Risk Pre I GBP H 103 236 107 225 99 235 - - - - 0.95 - iShares Govt Bond 0-1yr ETF EUR Dist 96 285 95 288 96 244 109 225 97 141 0.20 - AB International HC I GBP Acc 105 201 106 236 ------1.16 - iShares Ultrashort Bd ESG ETF EUR Inc 96 282 96 283 ------0.07 AB Select Abs Alpha I GBP H Acc 110 122 119 160 122 104 136 167 - - 1.23 - iShares Ultrashort Bond ETF EUR Dist 96 281 96 281 98 238 112 215 - - 0.09 - ACUMEN Capital Protection Portfolio AGBP 99 266 99 265 93 253 ------iShares AEX ETF EUR Dist 114 72 130 96 135 57 202 38 256 27 0.30 - ACUMEN ESG Protection A GBP 100 257 101 258 ------iShares Ageing Population ETF USD Acc 112 92 126 125 122 107 - - - - 0.40 - ACUMEN Income-Protection Portfolio A GBP 102 248 102 254 94 252 ------iShares BRIC 50 ETF USD Dist 96 286 114 194 120 114 205 32 170 78 0.74 1.37 Alger Dynamic Opportunities I-3US 104 213 115 189 152 20 215 20 - - 1.15 - iShares FTSE MIB ETF EUR Acc 111 109 135 66 121 108 178 74 151 95 0.33 - Allianz Income and Growth RM H2 GBP 108 143 130 98 137 50 168 101 - - 0.90 5.90 iShares Listed Private Eq ETF USD Dist 125 6 141 48 155 17 229 12 331 9 0.75 - Alquity Africa GBP Y 104 220 114 193 87 258 110 223 - - 1.90 - iShares MSCI Australia ETF USD Acc 111 101 131 89 125 94 173 87 184 71 0.50 - Alquity Indian Subcontinent USD Y 125 7 168 1 99 231 - - - - 1.90 - iShares MSCI Brazil ETF USD Dist 111 100 129 108 107 194 174 83 77 159 0.74 0.95 Amundi ETF DAX DR A/I 111 106 127 120 118 129 165 116 203 55 0.25 - iShares MSCI Canada ETF USD Acc 118 37 132 82 130 69 172 90 163 84 0.48 - ARC TIME UK Infrastructure Income C Acc 104 221 107 226 120 116 - - - - - 4.76 iShares MSCI Eastern Eurp Cp ETF USD Dis 118 40 115 185 123 98 185 64 116 120 0.74 2.38 AS SICAV I Indian Equity X Acc GBP 111 98 135 65 119 122 164 118 239 35 1.09 - iShares MSCI EM Islamic ETF USD Dist 106 188 129 104 120 115 192 53 137 106 0.85 1.23 ASI Diversified Growth R Acc 106 175 117 176 110 173 124 193 - - - 2.56 iShares MSCI EM Latin Amer ETF USD Dist 110 126 127 119 99 236 141 156 81 153 0.74 1.53 ASI Dynamic MA Gr P1 Acc 107 159 120 158 115 145 128 183 - - - 0.62 iShares MSCI France ETF EUR Acc 113 82 134 72 125 91 186 61 - - 0.25 - ASI Eastern European Equity I Acc 114 75 121 151 131 65 168 102 140 103 1.27 1.81 iShares MSCI Korea ETF USD Dist 114 76 152 19 128 80 214 23 194 64 0.65 - ASI Financial Equity I Inc 110 127 121 153 126 90 184 68 225 44 - 0.54 iShares MSCI Mexico Capped ETF USD Acc 113 81 134 70 109 181 111 220 108 128 0.65 - ASI Latin American Equity I Acc 103 227 124 132 101 217 143 149 99 137 1.30 1.20 iShares MSCI Poland ETF USD Acc 116 50 117 172 93 254 135 170 83 152 0.74 - ASI Multi-Manager Ethical I Acc 111 102 127 116 135 56 185 67 251 31 - 0.10 iShares MSCI Russia ADR/GDR ETF USD Acc 123 16 117 175 140 40 217 18 128 113 0.65 - Atlantic House Defined Returns B GBP Acc 109 129 117 170 121 112 150 138 ---- iShares MSCI South Africa ETF USD Acc 123 15 145 33 100 225 143 151 129 111 0.65 - AXA Framlington Biotech GBP Z Acc 95 288 99 267 127 84 172 92 495 2 0.80 - iShares MSCI Taiwan ETF USD Dist 120 27 153 14 181 5 286 3 306 15 0.74 1.40 AXA Framlington FinTech Z GBP Acc 105 189 123 136 152 21 224 13 298 18 - 0.11 iShares MSCI Target UK Rl Est ETF £ Dist 109 131 113 197 108 187 114 206 - - 0.40 - AXA Framlington Health Z Inc 104 216 107 222 139 41 170 98 349 7 - 0.22 iShares MSCI Turkey ETF USD Dist 92 302 83 298 60 270 55 240 46 168 0.74 3.04 AXAWF Fram Robotech F Cap USD 103 239 126 128 160 12 - - - - 0.98 - iShares OMX Stockholm Capped ETF 117 42 142 42 163 10 - - - - 0.10 - Barings Australia I GBP Acc 110 116 130 92 126 89 163 123 163 85 1.00 - iShares £ Ultrashort Bd ESG ETF GBP Inc 100 260 100 261 ------Barings Eastern Europe I GBP Acc 111 111 116 178 116 140 166 114 108 127 1.00 - iShares £ Ultrashort Bond ETF GBP Dist 100 259 101 260 103 212 104 232 - - 0.09 0.75 Barings German Growth I GBP Acc 116 52 132 79 108 190 164 120 223 46 0.81 0.73 Janus Henderson Diversified Alts Y Acc 107 169 116 179 121 111 144 147 - - - 1.87 Barings Global Agriculture I GBP 124 8 147 24 140 38 192 54 208 53 1.08 - Janus Henderson Global Fncls I Acc 113 83 122 143 133 62 196 45 251 30 1.09 0.61 Barings Global Resources I GBP Acc 115 62 128 110 100 222 142 152 86 149 1.00 - Janus HndrsnLatin American H2 EUR 108 146 136 59 100 226 145 144 88 148 1.03 1.01 Barings Korea I GBP Acc 115 55 152 18 116 144 174 84 161 87 0.94 - JPM Africa Equity A perf (dist) GBP 107 160 116 182 91 256 127 188 109 124 1.80 - Barings Latin America I GBP Acc 109 137 127 118 107 193 138 159 83 151 1.00 - JPM Brazil Equity A (dist) USD 104 217 133 74 122 105 170 97 73 161 1.80 0.46 BGF Emerging Europe D2 123 13 134 71 125 93 179 72 127 114 1.32 - JPM Emerging Europe Equity C Net Acc 111 114 111 209 125 92 167 105 111 123 0.93 2.79 BGF India D2 113 79 145 31 119 125 175 79 226 43 1.24 - JPM Emerging Middle East Eq A (dist) USD 110 121 123 141 121 109 167 110 172 77 1.80 1.17 BGF Latin American D2 106 186 123 142 98 237 139 157 84 150 1.32 - JPM EUR Ultra-Short Income ETF EUR Acc 96 279 96 284 ------0.18 - BGF Nutrition D2 117 41 129 102 138 46 175 82 184 69 1.30 - JPM GBP Ultra-Short Income ETF GBP Inc 100 258 101 257 ------0.18 0.54 BGF Sustainable Energy D2 105 192 146 30 172 6 234 8 265 24 1.22 - JPM India A (dist) USD 112 93 135 63 99 232 128 182 159 91 1.80 0.01 BGF World Energy D2 119 32 119 162 72 267 95 236 65 164 1.31 - JPM Korea Equity A (dist) USD 122 21 167 2 144 30 229 11 200 58 1.80 - BGF World Mining D2 131 2 159 5 158 15 280 4 99 136 1.32 - JPM Latin America Equity A (dist) USD 104 219 133 75 116 142 148 141 96 143 1.80 0.50 BlackRock Dynamic Allocation D GBP Acc 104 214 111 206 117 136 128 186 ---- JPM Natural Resources C Net Acc 122 22 132 86 111 168 190 55 72 162 0.93 2.40 BlackRock Dynamic Diversified Gr D Acc 104 207 113 200 118 128 128 181 144 101 -- JPM Russia A (dist) USD 114 73 117 173 137 51 199 42 117 119 1.80 - BlackRock ESG Strategic Growth D GBP Acc 105 190 115 187 ------JPM USD Ultra-Short Income ETF USD Inc 94 290 88 293 101 219 - - - - 0.18 1.28 BlackRock Gold and General D Acc 107 162 101 256 165 9 173 88 95 146 1.16 0.38 Junior Gold P Acc 111 112 146 29 150 22 157 129 37 169 -- BlackRock Managed Volatility I C 103 232 106 233 111 169 130 178 - - 0.24 - Jupiter Emerging European Opps I Acc 114 66 111 208 117 139 167 108 112 122 1.21 3.74 BlackRock Managed Volatility II C 105 206 108 216 112 164 137 163 - - 0.24 - Jupiter Financial Innovt D GBP Acc 106 176 123 140 136 52 207 29 289 19 0.95 - BlackRock Managed Volatility III C 106 170 110 212 113 157 143 150 - - 0.26 - Jupiter Financial Opportunities I Acc 107 167 117 171 135 55 199 43 262 25 1.00 0.05 BlackRock Ntrl Resources Gr & Inc D Acc 121 25 137 56 113 160 169 99 136 107 - 2.64 Jupiter Global Financial Innovt I Acc 106 184 123 134 137 49 209 28 339 8 1.02 - Blackrock UK Managed Volatility I C £Acc 101 254 101 259 105 201 114 209 ---- Jupiter Gold & Silver I GBP Acc 116 49 132 78 169 7 203 34 - - 0.99 - Blackrock UK Managed Volatility II C£Acc 103 233 102 251 100 228 110 221 ---- Jupiter India I Acc 123 18 143 37 98 239 136 166 181 72 1.12 0.23 Blackrock UK Managed Volatility IIIC£Acc 103 223 103 250 94 251 111 217 ---- Jupiter India Select D USD Acc 123 17 143 40 97 241 137 161 177 75 0.95 - BMO Diversified Monthly Income 1 Inc 107 168 114 195 105 202 114 210 109 125 1.72 - Jupiter Monthly Alternative Income I Acc 109 136 118 167 115 146 144 145 210 51 0.97 4.78 BMO Overseas Equity-Linked UK Gilt 3 Acc 107 157 122 148 144 28 201 41 415 5 0.39 - L&G Future World Sustainable Opps I £Acc 106 171 112 202 ------BMO Overseas Equity-Linked UK Infl 3 Acc 112 90 130 93 145 27 215 21 430 4 0.39 - LF Bentley USD Balanced Acc 99 267 98 269 109 175 128 185 163 83 2.39 - BMO Responsible Glb Em Mkts Eq R Acc GBP 105 194 123 137 119 123 - - - - 0.97 - LF Canlife Global Infrastructure C Acc 103 230 106 228 108 186 135 169 - - - 2.04 BMO UK Equity-Linked Gilt 3 Acc 104 208 105 237 109 178 156 132 267 23 0.37 - LF Canlife UK Equity and Bond Inc C Acc 110 118 115 191 106 199 128 184 180 73 0.80 - BMO UK Equity-Linked Inflation 3 Acc 109 130 113 198 110 172 168 104 278 22 0.43 - LF Ruffer Gold C Acc 106 174 104 241 193 2 231 10 97 142 -- BNY Mellon 50/50 Global Eq Expt 1 Acc 111 113 127 117 130 70 164 119 221 47 0.55 - LF Ruffer Pacific & Emerging Mkts C Acc 106 178 122 146 108 185 136 165 188 68 - 0.82 BNY Mellon Brazil Equity GBP W Acc 113 84 123 139 118 130 210 26 104 131 1.10 0.59 LF Waverton Alternatives II B Inc 103 231 104 244 101 218 100 234 102 132 2.63 0.02 Brown Advisory Latin American B USD Inc 101 250 107 224 70 268 90 237 66 163 1.55 0.51 Liontrust India C Acc GBP 122 23 163 4 110 174 154 134 195 62 1.77 - Candriam Eqs L Australia C AUD Cap 114 71 141 47 130 72 183 69 192 67 1.90 - Liontrust Latin America C Acc GBP 104 212 125 131 106 198 163 122 113 121 1.21 1.33 Candriam Eqs L Biotech C USD Cap 92 300 91 291 126 86 171 95 457 3 1.94 - Liontrust MA Diversified Rl Assts A Acc 106 185 110 214 111 166 120 200 ---- Capital Group New World (LUX) Z 108 145 130 101 140 39 206 30 234 37 1.03 - Liontrust Russia C Acc GBP 111 108 119 163 143 31 239 6 139 105 1.16 - Carmignac Pf Green Gold W GBP Acc 103 237 138 52 96 245 147 142 - - 1.15 - LO Funds Cmdty Risk Premia USD NA 110 115 122 149 97 242 128 187 - - 1.00 - Cohen & Steers Glb Pref Secs I USD 96 277 98 270 ------0.50 4.33 Loomis Sayles Strat Alpha Bd H-N/D GBP 103 228 112 204 108 183 113 212 - - 1.00 2.95 Cohen & Steers SICAV Dvrs Rl Asts FX GBP 113 85 117 169 117 137 - - - - 0.55 - Lyxor CAC 40 (DR) ETF Dist A/I 114 70 135 64 126 87 185 65 212 48 0.25 - Colchester Alpha USD Acc I 95 289 90 292 100 220 115 205 - - 0.63 - Lyxor DAX (DR) ETF Acc 111 107 127 121 118 131 165 117 199 59 0.15 - Comgest Growth India EUR I Acc 115 61 148 23 120 120 168 103 224 45 1.44 - Lyxor Euro Stoxx Banks (Dr) ETF P Acc 129 3 165 3 95 248 122 197 - - 0.30 - Comgest Growth Latin America USD I Acc 103 226 121 150 104 207 126 192 88 147 1.50 - Magna MENA G EUR Acc 112 94 131 90 120 118 197 44 - - 5.47 - Eaton Vance Intl(IRL) PrGl DefEq I Acc£H 107 161 115 186 114 155 - - - - 0.60 - Matthews India Fund I GBP Acc 115 56 157 7 118 134 174 86 - - 1.25 - EF WM Global Trend B Acc GBP 106 173 110 211 103 211 126 190 - - - 0.62 McInroy & Wood Emerging Mkts Pers Inc 104 209 118 165 115 149 150 137 164 81 1.50 - ES Baker Steel Gold&Precious Mtls A Acc 107 166 106 230 118 133 144 146 24 170 4.01 - MFS Meridian Latin American Eq WH1 GBP 116 47 141 44 112 161 134 171 - - 1.19 - Fidelity Emerg Eur Mid East&Africa W Acc 127 5 151 22 132 63 185 66 184 70 - 1.67 MFS Meridian Managed Wealth WH1 GBP 100 263 98 272 95 249 100 235 - - 1.01 - Fidelity India Focus Y-GBP 115 63 145 32 128 78 189 57 247 32 1.22 0.16 MFS Meridian Prudent Wealth W1 GBP 100 261 99 264 124 95 162 125 - - 1.26 - Fidelity Instl Pre-Ret Bd W Acc 96 287 97 276 114 152 129 180 - - - 1.79 MS INVF Global Balanced Income IR 101 255 104 242 102 216 126 191 - - 0.83 3.91 Fidelity Latin America W-Acc-GBP 110 124 138 54 112 162 153 135 98 140 1.08 - NB Next Generation Mobility I USD Acc 108 144 136 58 ------1.15 - First Trust Cloud Computing ETF A USD 103 234 121 155 ------0.60 - Neuberger Berman 5G Cnnctvty I GBP Acc 100 265 ------1.01 - First Trust Dow Jones Internet ETF A USD 102 245 120 157 ------0.55 - Neuberger Berman AbsRetMltStrt USD I Acc 98 271 94 289 105 203 123 194 - - 1.95 - First Trust FactorFX ETF A USD 97 275 92 290 100 227 - - - - 0.75 - Neuberger Berman China Bond USD I Acc 100 262 98 268 107 195 122 198 - - 0.85 - First Trust IndxxInnvtvTrsctn&PrcssETFA$ 111 104 131 87 142 33 ------Neuberger Berman Glb Eq Idx PW GBP I Acc 110 125 122 145 114 154 - - - - 0.85 - FP Foresight UK Infras Inc A GBP Acc 103 238 106 231 130 68 - - - - - 4.84 Neuberger Berman US Eq Idx PW GBP AccUnH 106 180 111 205 122 102 - - - - 0.77 - FP Octopus Dynamic Mixed Asset B Acc 104 222 110 213 115 147 139 158 159 92 0.82 1.36 Neuberger Berman US L S Eq USD I Acc 97 274 96 278 115 148 141 153 - - 1.61 -

054-078_WI_0721.indd 64 17/06/2021 11:55 Unit trusts | 12 What Investment | July 2021 65

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Nikko AM ARK Disruptive Innovation D GBP 94 295 ------GS Glbl Strat Macro Bd R Inc GBP Hdg 99 25 101 31 103 51 103 51 - - 0.79 3.77 Ninety One Diversified Gr I Acc 106 179 117 168 111 167 122 196 149 99 1.00 - GS US Mortgg Bckd Secs R Acc USD 93 56 88 60 106 44 116 37 153 10 0.49 - Ninety One Global Gold I Acc £ 105 204 96 285 168 8 189 56 109 126 0.87 0.36 Invesco Belt and Road Debt Z Acc 96 43 96 47 ------0.81 - Ninety One MA Protector 2 I Acc 103 224 107 227 103 209 123 195 - - 1.46 0.61 iShares China CNY Bond ETF USD Dis 100 22 99 40 ------0.35 2.40 Ninety One MA Protector A Acc 102 241 105 240 100 224 117 202 131 110 2.08 - iShares Em Asia Lcl Govt Bd ETF USD Dist 93 61 93 55 108 37 125 26 - - 0.50 - Nomura Fds India Equity I USD 120 30 151 21 117 135 203 37 254 29 1.17 - iShares France Govt Bond ETF EUR Dist 92 62 94 51 103 52 119 32 - - 0.20 - Pictet - Emerging Europe P dy GBP 122 19 128 109 138 44 195 46 118 118 1.87 2.01 iShares Germany Govt Bond ETF EUR Dist 93 60 93 54 101 57 116 39 - - 0.20 - Pictet TR - Atlas I GBP 101 253 109 215 119 126 - - - - 2.31 - iShares Italy Govt Bond ETF EUR Dist 94 52 101 32 117 11 127 21 - - 0.20 1.01 Pictet-Biotech I dy GBP 93 299 95 287 130 71 166 112 362 6 1.09 - iShares Spain Govt Bond ETF EUR Dist 93 58 96 46 108 31 128 20 - - 0.20 0.47 Pictet-Health I dy GBP 105 197 106 234 138 43 163 121 299 17 1.11 - iShares US Mortg Backed Secs ETF USD Dis 93 57 86 61 104 47 114 42 - - 0.28 2.59 Pictet-India Index I GBP 115 60 142 41 127 83 177 75 - - 0.41 - Janus Henderson Instl Hi Alp Gilt Y Acc 95 45 94 50 110 23 117 36 152 11 0.68 - Pictet-Indian Equities I GBP 112 91 146 28 122 106 185 63 228 40 1.03 - Janus Henderson Mlt Ast Crdt I Acc GBPH 103 11 109 17 109 27 118 34 - - - 3.21 Pictet-Nutrition I dy GBP 108 140 125 130 135 58 187 60 201 57 1.11 - Janus Henderson Secured Lns Y Acc GBP 105 5 114 10 110 22 120 30 143 14 1.04 4.84 Pictet-Russian Equities I GBP 116 51 123 138 142 34 233 9 150 97 1.15 - JPM Gbl Convert (EUR) C (dist) GBP H 105 7 130 1 137 1 153 2 180 4 0.95 0.43 Pictet-Timber I dy GBP 123 12 155 11 128 81 203 35 256 28 1.10 - Jupiter Financials Cntgnt Cptl I £ H Acc 104 9 116 7 126 6 - - - - 0.97 - PIMCO European S/T Opports Ins Acc 96 283 98 273 99 233 114 208 - - 0.46 - Legg Mason WA Asian Opps X USD Dis(M) 93 55 94 52 109 29 126 25 145 13 0.86 2.99 PIMCO GIS Cmdty Real Ret Instl GBP H Acc 128 4 156 8 108 184 - - - - 0.72 - LF Bentley Sterling Income Inc 99 32 99 42 101 56 101 52 102 22 2.30 1.03 PIMCO GIS Credit Opps Bd Instl Acc 96 276 96 286 105 205 130 176 - - 0.93 - M&G Global Convertibles GBP I Acc 99 29 108 18 118 10 139 10 178 5 0.85 2.33 PIMCO GIS Dynamic Bd Instl GBP H Acc 102 246 107 220 109 177 117 203 125 115 0.90 - MFS Meridian Inflation Adjstd Bd W1 USD 95 44 92 57 111 21 124 27 152 12 0.62 - PIMCO GIS Euro Short-Term Instl EUR Acc 96 279 96 282 97 243 110 222 101 134 0.40 - MI Asset Backed Opps I Gross GBP Inc 105 6 117 5 108 34 - - - - - 4.83 PIMCO GIS Infl Strat Ins GBP Prtly H Acc 110 120 117 174 116 143 120 199 - - 0.90 - MI TwentyFour AM Monument Bond I Acc 102 15 105 29 104 48 114 41 131 17 1.01 1.43 PIMCO GIS Low Dur Inc Inst GBP H Acc 102 243 108 217 108 188 ------Mirabaud Convertible Bds Eurp A EUR Acc 99 30 107 19 106 42 123 28 - - 1.67 - PIMCO Sel Dynamic Bd Ret GBP Acc 101 251 105 239 104 206 107 227 ---- MS INVF Global Fixed Income Opps I 95 49 93 56 108 35 132 15 - - 0.64 - Polar Capital Biotech I Inc 105 191 114 192 157 16 256 5 - - 1.75 - Muzinich Asia Credit Opps HGBP Inc H 100 20 107 20 ------0.84 4.96 Polar Capital Financial Opports R Inc 120 31 141 45 113 159 157 131 211 49 1.13 1.41 Muzinich Europeyield HEUR Acc A 98 33 107 23 108 30 137 12 160 8 1.11 - Polar Capital Global Ins R Acc 109 139 118 164 126 88 167 106 - - 0.90 - Muzinich LongShortCreditYld HGBP Acc E 103 10 107 21 116 13 118 33 - - 1.53 - Polar Capital Healthcare Opports I Inc 101 252 103 249 136 54 192 51 501 1 1.22 - Muzinich Sustainable Credit HGBP Inc S 102 14 110 14 112 19 120 31 - - 0.70 2.34 Polar Capital Hlthcare Blue Chip I Acc 106 187 103 247 136 53 170 96 - - 0.73 - Nomura Fds Asia High Yield Bond I USD 98 35 99 41 108 35 129 18 - - 0.95 - Premier Miton Financials Cptl Sec C acc 104 211 ------Nomura Fds Asia Investment Grd Bd I USD 93 54 91 59 114 16 129 16 - - 0.80 - Quilter Inv Natrl Res Eq U2 (GBP) Acc 117 43 140 49 120 117 206 31 - - - 1.44 Pictet-Asian Local Ccy Debt I GBP 94 51 95 49 109 26 128 19 153 9 0.93 - Quilter Investors PM Eq U2 (GBP) Acc 106 177 100 263 160 13 166 115 - - - 0.33 PIMCO GIS Asia StratIntsBd Ins USD Inc 95 47 ------Robeco FinTech F GBP 110 119 124 133 153 19 - - - - 0.95 - PIMCO GIS Capital Scs Ins GBP H Inc 104 8 117 6 120 7 133 14 - - 0.79 3.16 RWC UK Value R GBP Acc 124 10 143 39 124 97 151 136 199 60 1.10 - PIMCO GIS Mortg Opps Instl GBP H Acc 101 18 106 27 107 41 - - - - 0.69 - Sanlam Artificial Intelligence Z GBP 105 200 129 103 196 1 ------Polar Capital Glbl Convert I Acc 96 41 109 16 120 8 153 3 - - 1.14 - Sanlam Real Assets A GBP Inc 105 193 117 177 ------1.19 3.27 Principal Preferred Secs I Acc USD 96 42 97 45 114 14 139 9 216 1 0.45 - Sarasin Food & Agriculture Opps P Acc 109 132 121 154 118 127 174 85 207 54 0.99 - RWC Global Convertibles Fund R GBP Acc 105 2 124 3 127 3 137 13 170 6 1.10 - Schroder Diversified Growth I Acc 107 163 118 166 116 141 133 174 155 93 0.80 1.21 RWC Sustainable Convertibles B EUR Acc 101 16 114 9 118 9 140 8 131 16 1.24 - Schroder GAIA Egerton Equity A Dis GBP 102 247 113 201 115 151 159 127 194 65 4.73 - TCW Fds Core Plus Bd RGHG-QD 98 36 101 33 113 17 - - - - 0.55 1.46 Schroder India Equity Z 112 88 138 51 ------Vanguard Jpn Govt Bd Idx £ H Acc 100 21 100 36 103 49 103 50 - - - 0.13 Schroder ISF Asian Ttl Ret C Acc USD 108 150 138 53 133 61 211 24 301 16 1.30 - Xtrackers II Australia Govt Bd ETF 1C 95 46 99 43 108 33 127 22 135 15 0.25 - Schroder ISF Emerging Europe C Acc EUR 120 28 128 112 131 64 203 36 174 76 1.32 - Xtrackers II Grmny Govt Bd ETF 1D 93 59 93 53 101 55 116 38 128 19 0.15 1.16 Schroder ISF Eurp Div Mxmsr Z Acc EUR 107 156 115 188 85 261 114 207 140 104 1.06 - Average/Total 98 62 104 61 111 58 125 52 151 22 0.83 2.95 Schroder ISF Glb Div Mxmsr Z Dis GBP Q 117 45 132 80 105 200 150 139 202 56 1.05 - Schroder ISF Glb Em Mkt Opps C Acc USD 108 141 137 55 138 45 223 15 194 63 1.31 - (IA) STANDARD MONEY MARKET Schroder ISF Indian Equity C Acc USD 111 103 136 60 118 132 175 78 244 33 1.34 - ASI Sterling Money Market I Acc 100 3 100 2 102 2 102 1 104 3 0.37 - Schroder ISF Latin American C Acc USD 108 154 133 77 115 150 166 113 96 145 1.33 - Invesco Money UK Z Acc 100 2 100 3 101 3 102 2 104 2 - - Schroder Small Cap Discovery Z Acc 115 59 147 26 121 110 163 124 - - - 0.78 LF Canlife Sterling Liquidity I Acc 100 1 100 1 102 1 - - - - - 0.28 Scottish Widows Latin Amer A Acc 106 181 130 97 113 158 158 128 96 144 1.81 0.28 Premier Miton UK Money Market B Inc 100 4 100 4 101 4 102 3 104 1 - - SKAGEN Vekst A 118 39 144 36 129 74 181 71 178 74 1.00 - Average/Total 100 4 100 4 101 4 102 3 104 3 0.37 0.28 Smith & Williamson Global Gold & Res B 105 203 100 262 149 24 146 143 75 160 -- Stewart Inv APAC Ldrs Sstby B GBP Acc 107 165 130 94 134 60 183 70 259 26 0.89 0.59 (IA) TARGETED ABSOLUTE RETURN Stewart Inv Asia Pac Sustnby B GBP Acc 108 152 132 85 137 47 192 52 323 11 1.00 0.48 Stewart Inv Glbl Em Mkts Ldrs B GBP Acc 108 151 122 147 95 247 132 175 169 79 0.91 1.26 7IM Real Return C Acc 103 59 108 43 107 56 124 25 - - - - Stewart Inv Glbl EM Sustnby B GBP Acc 106 183 125 129 123 100 177 76 234 38 1.03 0.74 Absolute Insight Credit B2p2 GBP 101 68 105 70 104 67 110 53 - - 2.84 - Stewart Inv Global Emerg Mkts B GBP Acc 107 155 122 144 96 246 133 173 164 80 1.06 2.46 Absolute Insight W 101 76 103 82 98 86 100 73 109 35 - 0.65 Stewart Inv Indian Sbctnt Sustnby B GBP 116 46 151 20 129 75 188 58 - - - 0.52 Aegon Absolute Return Bond GBP B Acc 101 74 105 74 105 60 107 58 - - 0.67 - Stewart Inv Latin America B GBP Acc 103 229 112 203 90 257 130 177 123 117 1.14 1.50 Aegon Global Eq Mkts Netrl GBP B Acc 101 71 114 24 121 15 - - - - 1.12 - T. Rowe Price Frontier Mkts Eq Q GBP 122 20 133 76 111 170 157 130 - - 1.27 - Aegon UK Equity Absolute Ret GBP B Acc 102 63 105 68 114 29 104 67 123 27 0.82 - T. Rowe Price Glb Nat Res Eq CAccGBP 115 65 130 100 103 208 ------Allianz Fixed Income Macro E GBP Acc 100 88 103 83 ------0.45 - T. Rowe Price Glb Nat Res Eq Q GBP 114 67 130 99 102 214 134 172 - - 0.92 - AQR Mgd Futures UCITS F GBP 108 12 102 92 105 62 99 74 - - 0.65 - TB Guinness Global Energy I Acc 124 9 126 123 74 266 114 211 61 165 0.87 3.23 AQR Style Premia UCITS C GBP 116 6 102 91 70 94 74 81 - - 0.75 - Templeton BRIC A(acc)USD 109 135 131 91 130 66 224 14 149 98 2.46 - AQR Systematic Total Return UCITS C1 127 2 122 6 88 92 - - - - 1.39 - Threadneedle Latin America Z Acc GBP 103 225 126 127 106 196 141 154 80 154 -- Artemis Target Return Bond I GBP Acc 103 61 108 46 ------2.05 TM Fulcrum Diversified Liqd Alts CGBPAcc 106 172 115 190 112 165 - - - - - 1.17 Artemis US Absolute Return I Hdg Acc GBP 99 98 99 103 100 79 105 64 - - 0.95 - UTI India Dynamic Equity USD RDR 117 44 158 6 141 36 - - - - 1.05 - ASI Global Absolute Ret Strat P1 Acc 100 94 106 56 111 39 107 56 134 20 - 0.94 Vanguard Germany All Cap ETF EUR Inc 111 105 126 122 ------2.55 ASI Target Return Bond I Acc 98 103 102 94 104 64 108 55 113 34 - 1.20 Vanguard US Trsry 0-1 Yr Bd ETF USD Acc 94 294 ------ASSII-AbRtGblBdStr A Acc GBP 99 102 102 90 103 70 101 71 108 36 - - Vontobel Clean Technology N GBP 106 182 135 62 159 14 - - - - 0.98 - Aviva Investors Mlt-Strat Trgt Inc 2£Inc 99 99 104 78 101 75 98 75 - - - 4.27 VT Global Total Return Fund F Acc 109 133 116 183 113 156 119 201 134 109 2.06 - Aviva Investors Mlt-Strat Trgt Ret 2£Acc 101 72 106 59 107 55 107 57 - - - 0.78 VT Gravis UK Infras Inc C GBP Acc 105 195 107 221 124 96 137 162 - - - 4.32 Baillie Gifford Diversified Gr B1 Acc 105 35 115 21 111 37 126 23 153 13 0.86 - VT Protean Capital Elder I Net Acc 105 198 111 207 ------4.05 Baillie Gifford Multi Asset Gr B1 Acc 105 39 115 22 113 31 130 17 - - - - Vt Protean Capital Procsi Core A GBP Acc 104 218 108 219 107 192 ------Barings Multi Asset I GBP Acc 106 28 118 15 110 41 129 18 156 9 0.79 - VT RM Alternative Income Retail GBP Acc 107 164 116 181 ------4.56 BlackRock Absolute Return Bond D Acc 102 66 107 54 108 52 112 50 - - - 1.75 VT RM Global Real Opps Retail GBP Acc 103 235 ------BlackRock European Absolute Alpha D Acc 100 92 102 87 116 20 118 34 156 11 0.97 - VT SG UK Defined Return Assets A Acc 108 148 111 210 111 171 ------BlackRock Systematic Glbl L/S Eq D Acc 104 46 101 99 104 66 116 39 - - - - Waverton Absolute Return A GBP 102 244 103 248 ------BlackRock UK Absolute Alpha D 101 79 100 101 104 68 107 62 123 29 0.93 0.05 WAY Global Momentum E Acc 109 134 116 180 102 215 126 189 135 108 1.55 0.27 BNY Mellon Absolute Ret Bd EUR X Acc 97 106 101 96 99 83 112 48 - - 0.10 - Wellington EM Development N GBP UnH 108 149 139 50 142 32 239 7 - - 1.10 - BNY Mellon Absolute Ret Eq GBP U Acc 105 42 105 69 98 85 102 70 121 30 1.01 - Wellington FinTech N GBP Unhedged Acc 100 256 120 159 ------1.10 - BNY Mellon Global Absolute Ret Inst WAcc 105 40 112 29 108 48 118 33 - - - 1.00 Wells Fargo (Lux) WF At Rk Pr I GBPH Acc 105 199 102 255 ------0.70 - BNY Mellon Global Dynamic Bd Inst Inc 100 96 103 85 107 53 110 54 126 25 0.81 2.17 Wells Fargo (Lux) WF Glb L/SEq ZPGBPAcc 107 158 105 238 ------1.00 - BNY Mellon Mlt-Asst Divers Ret Inst WAcc 106 29 119 10 124 7 146 3 176 6 - - Winton Diversified UCITS I GBP Inc 110 128 99 266 85 264 ------BNY Mellon Real Return Inst W Acc 106 26 115 20 125 4 128 20 145 15 - 1.95 Winton Trend UCITS I GBP Acc 116 53 115 184 ------BNY Mellon Sus Real Return Ins W Acc 106 25 117 18 129 2 - - - - - 1.86 WS Charteris Gold and Prec Mtls B Acc 108 153 113 196 162 11 - - - - - 0.74 BNY Mellon Sust Glb Dyn Bd Instl W Acc 100 93 103 84 ------1.81 Xtrackers ATX ETF 1C 131 1 152 16 108 189 193 50 - - 0.40 - CFP Castlfd Real Return Gen Inc 107 22 116 19 111 38 120 30 137 18 2.23 - Xtrackers CAC 40 ETF 1D 115 64 136 61 127 85 186 62 208 52 0.20 - Eaton Vance Intl(IRL) Glb Mac I Acc GBPH 103 60 108 42 ------1.13 - Xtrackers DAX Income ETF 1D 112 96 127 114 119 124 166 111 - - 0.09 2.10 Federated Hermes Abs Ret Crdt F GBP AccH 101 82 106 63 109 47 111 51 - - 0.94 - Xtrackers FTSE MIB ETF 1D 111 110 135 68 121 113 176 77 148 100 0.30 1.04 FP Octopus Global Strategies B 102 64 105 73 100 78 103 68 - - 1.62 0.69 Xtrackers MSCI Brazil ETF 1C 112 97 129 106 109 182 178 73 79 157 0.65 - FP Pictet Multi Asset Portfolio A Acc 107 17 118 14 111 40 130 16 - - - 0.97 Xtrackers MSCI Canada ETF 1C 118 36 132 81 130 67 173 89 162 86 0.35 - GAM Multistock Abs Ret Eurp Eq GBP Rh 101 78 103 81 99 81 97 77 - - 0.74 - Xtrackers MSCI Korea ETF 1C 114 68 153 15 128 79 214 22 193 66 0.65 - GAM Star (Lux) - Convert Alpha I EUR Acc 99 101 106 57 99 80 122 28 116 33 1.38 - Xtrackers MSCI Malaysia ETF 1C 94 296 96 279 86 260 108 226 100 135 0.50 - GAM Star (Lux) - European Alpha I GBP 101 69 105 71 99 82 100 72 - - 1.53 - Xtrackers MSCI Mexico ETF 1C 113 80 135 69 109 179 111 218 107 130 0.65 - GAM Star Emerging Market Rts Instl £ Inc 100 91 101 95 113 30 116 37 127 24 2.08 0.30 Xtrackers MSCI Nordic ETF 1D 113 77 134 73 149 23 195 47 - - 0.30 - GAM Star Global Rates GBP Acc 108 13 124 5 123 8 113 47 128 21 3.13 0.10 Xtrackers MSCI Philippines ETF 1C 93 298 107 223 91 255 87 238 159 90 0.65 - GS Global Absolute Ret R Inc GBP Hdg 106 31 112 32 105 63 107 60 - - 0.85 0.09 Xtrackers MSCI Taiwan ETF 1C 120 29 155 12 183 3 289 1 313 13 0.65 - H2O Multireturns N/D GBP 108 14 132 3 124 5 144 4 - - - 0.56 Xtrackers MSCI Thailand ETF 1C 98 270 97 274 83 265 135 168 163 82 0.50 - IFSL Brooks Macdonald Def Cap A Acc 107 16 117 17 116 21 131 13 163 7 0.81 1.57 Xtrackers SLI ETF 1D 109 138 121 152 144 29 187 59 243 34 0.25 1.29 Insight Absolute Insight Ccy B3p GBP 101 83 100 100 98 87 91 79 98 38 0.95 - Xtrackers Switzerland ETF 1D 105 202 108 218 147 26 175 80 235 36 0.30 1.44 Invesco Global Targeted Inc UK Z Acc 98 104 97 107 97 88 - - - - - 3.32 Average/Total 108 303 122 298 119 270 161 240 177 170 1.04 1.56 Invesco Global Tgtd Rets UK Z Acc 97 107 96 109 96 90 97 76 - - - 1.96 Janus Henderson Abs Ret Fxd Inc I GBPAcc 100 95 101 98 ------0.51 (IA) SPECIALIST BOND Janus Henderson Absolute Return I Acc 104 50 105 67 107 54 112 49 154 12 1.05 - Janus Henderson Eurp Abs Ret I Acc 108 15 117 16 121 13 131 14 189 4 1.11 0.15 AB Financial Credit I2 GBPH Acc 105 4 119 4 126 4 - - - - 0.85 - Janus Henderson Mlt-Ast AbsRet I Acc 104 49 108 45 109 46 115 41 126 26 - 1.48 AB RMB Income Plus I2 Acc 99 26 102 30 107 39 129 17 181 3 0.87 - JPM Global Macro C Net Acc 103 57 107 55 105 61 111 52 128 23 0.83 - Allianz China Strategic Bond A USD 95 48 95 48 102 53 111 46 - - 0.65 5.38 JPM Global Macro Opportunities C Net Acc 105 33 112 33 116 19 131 12 - - 0.93 - Allianz Flexi Asia Bond PQ H2 GBP 99 31 106 26 103 50 108 49 - - 0.82 4.34 JPM Unconstrained Bond C Grs Acc 102 65 107 48 110 42 114 45 128 22 0.68 - Allianz Renminbi Fixed Income A USD 99 27 99 39 105 46 127 24 - - 0.99 2.35 Jupiter Absolute Return I Acc 106 32 97 106 78 93 81 80 95 39 0.84 1.14 Allianz US Short Dur Hi Inc Bd P H2 GBP 105 3 115 8 113 18 - - - - 0.70 4.46 Jupiter Merian Glb Eq AbsRet I GBP H Acc 117 4 119 13 92 91 104 66 152 14 1.42 - Aviva Investors Glbl Convert Ia GBP Inc 98 34 113 11 131 2 162 1 200 2 1.44 0.55 Jupiter Merlin Real Return I GBP Acc 105 37 109 40 ------0.06 AXA US Short Duration Hi Yld Z Gross Acc 102 13 106 24 109 25 113 43 129 18 0.79 - Jupiter Strategic Abs Ret Bd F2 GBP HAcc 102 62 107 52 116 22 119 31 121 31 0.86 - AXAWF Asian Short Dur Bds F Cap USD 95 50 91 58 110 24 127 23 - - 0.83 - Jupiter UK Opportunities I GBP Acc 101 70 99 104 101 74 95 78 - - - - AXAWF Fram Global Conv F Cap EUR pf 99 24 112 12 116 12 149 4 170 7 0.84 - Jupiter UK Specialist Equity I GBP ACC 98 104 104 77 113 33 134 9 - - 1.05 - AXAWF Global Green Bds F Cap EUR 94 53 97 44 107 40 120 29 - - 0.68 - L&G Multi-Asset Target Return I Acc 104 44 114 23 114 28 128 21 - - - - Carmignac Pf Sécurité F GBP Acc Hdg 101 19 106 25 107 38 110 47 - - 0.71 - Lazard Rathmore Alternative A Acc USD 100 84 112 30 123 11 - - - - 2.21 - Carmignac Sécurité A EUR Acc 97 39 100 35 102 54 117 35 115 20 0.87 - LF Brook Absolute Return Sterling I Acc 117 5 160 1 156 1 150 2 292 1 5.06 - CQS Global Convertible UCITS A GBP Acc 107 1 127 2 126 5 146 5 - - - - Liontrust GF Absolute Ret Bd C5 Acc GBP 100 90 102 88 ------Fidelity China High Yield Y-Dis-USD 98 37 100 34 114 15 139 11 - - 0.96 7.07 Liontrust GF EurpStratEq C3 H Instl Acc£ 127 1 141 2 123 10 143 5 - - 1.25 - GAM Multibond ABS EUR B 97 40 99 38 98 58 115 40 108 21 1.09 - M&G Absolute Return Bond GBP I Acc 100 87 106 64 109 44 - - - - - 1.32 GAM Star Cat Bond Institutional GBP Acc 101 17 105 28 109 28 113 44 - - 1.50 5.11 M&G Global Target Return GBP I Acc 101 77 105 72 104 65 - - - - - 1.38 GAM Star Credit Opps (EUR) Instl EUR Acc 100 23 110 15 106 43 143 6 - - 1.13 2.58 Man Dyn Allc Professional C Acc 105 36 105 66 ------GAM Star Credit Opps (USD) Instl USD Acc 97 38 99 37 111 20 141 7 - - 1.12 3.59 Man GLG Absolute Value Profl CX £ Acc 106 27 110 38 121 14 ------GAM Star MBS Total Return Instl GBP Acc 102 12 111 13 105 45 112 45 - - 0.78 4.99 Man GLG Alpha Select Alt IL GBP Acc 104 52 104 79 115 23 137 7 160 8 2.14 - GS Glbl Strat Inc Bd R Inc GBP Hdg 99 28 107 22 108 32 109 48 - - 0.77 3.63 MI Activus Investment Z GBP Acc 109 9 119 11 123 9 - - - - - 0.71

054-078_WI_0721.indd 65 17/06/2021 11:55 66 Unit trusts | 13 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % New Capital Global Alpha GBP Inst Acc 104 51 113 28 115 24 - - - - 0.98 - EdenTree Responsible and Sust UK Eq B 115 144 123 145 113 94 137 146 217 72 0.87 0.97 Newton Managed Targeted Ret Inst W Acc 105 38 112 31 117 18 132 11 - - 0.77 1.52 ES R&M UK Dynamic Equity B Acc 116 109 128 99 110 112 147 83 248 36 1.19 - Nordea 1 - GBP Diversified Return BC GBP 105 34 107 51 115 25 117 35 - - 0.99 - ES R&M UK Equity High Alpha Fund B Acc 126 22 150 21 116 79 166 29 248 35 0.82 - Orbis OEIC Global Cautious Std GBP 106 24 111 36 ------ES R&M UK Recovery B Inc 127 18 153 13 117 70 178 19 274 22 1.17 - OYSTER Absolute Return GBP R GBP D 103 54 108 44 113 34 119 32 - - 0.82 0.36 Family Asset Trust 112 212 119 205 100 208 130 192 160 173 1.03 - Polar Capital Global Abs Rt I USD Acc 99 97 106 60 ------0.16 - Family Charities Ethical Tr Inc 110 239 114 239 101 207 128 197 148 186 1.46 - Premier Miton Defensive GrC Inc 106 30 111 35 102 72 104 65 123 28 - 2.40 Fidelity FAST UK Y-ACC-GBP 113 198 117 226 118 63 152 62 233 50 2.17 - Premier Miton Multi-Asset Abs Ret C acc 104 47 111 37 108 50 114 44 138 17 1.20 0.17 Fidelity Index UK P Acc 114 174 122 163 105 156 140 114 181 141 -- Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc 117 3 119 12 ------0.04 Fidelity Instl UK Acc 115 127 123 143 109 119 132 183 196 106 0.87 - Quilter Investors Abs Rt Bd U2 GBP Acc 100 89 102 93 ------1.03 Fidelity Special Situations W Acc 125 28 144 28 108 126 143 98 232 53 - - Royal London Abs Ret Govt Bd M GBP Acc 100 85 102 89 103 71 103 69 - - - - Fidelity UK Opportunities W Acc 126 21 141 35 120 50 158 48 - - - - Royal London Diversified ABS Fund Z Acc 103 53 109 41 108 49 120 29 - - - - Fidelity UK Select W Acc 115 140 123 142 116 75 146 93 216 73 - - Sanlam High Income Real Ret A GBP Inc 107 18 120 9 113 32 124 26 - - - 5.64 First Trust UK AlphaDEX® A GBP 124 34 140 37 112 101 141 111 - - 0.75 - Sanlam Multi Strat A GBP Acc 105 43 113 26 119 17 133 10 - - 0.96 - FP Octopus UK Equity B Acc 116 102 126 120 106 141 136 160 191 115 1.11 - Schroder Absolute Return Bond Z GBPAcc 101 80 104 76 104 69 107 59 116 32 0.92 1.86 FP Russell Invsmts UK Growth Assts C Acc 116 101 129 94 107 139 140 112 191 116 1.07 - Schroder ISF Asn Bd TR Z Acc USD 95 110 95 110 111 36 127 22 - - 0.90 - Franklin UK Managers' Focus W Acc 115 151 129 95 114 89 148 77 259 30 0.83 - Schroder ISF EM Dbt Abs Rt Z Acc EUR H 96 109 101 97 99 84 116 38 101 37 1.09 - Franklin UK Mid Cap W Acc 120 59 133 64 115 82 157 54 273 23 0.82 - Schroder Multi-Asset Total Return Z Acc 103 55 110 39 102 73 - - - - - 0.78 Franklin UK Opportunities W Acc 113 203 117 227 106 147 129 193 185 130 0.55 - Schroder UK Dynamic Abs Ret P2 GBP Acc 114 7 121 7 115 26 137 8 183 5 1.25 - Franklin UK Rising Dividends W Acc 114 187 120 187 114 88 145 94 217 71 0.55 - Smith & Williamson Defensive Growth B 107 21 114 25 114 27 131 15 156 10 - - GlobalAccess UK Opportunities M Acc GBP 121 55 129 89 112 96 154 56 - - 0.81 - Smith & Williamson Enterprise C 107 19 106 58 105 59 114 46 140 16 0.93 - GVQ Opportunities A GBP Inc 122 39 128 101 97 226 120 214 ---- SVS Church House Tenax AbsRt Strts A Acc 101 67 106 61 107 57 115 42 136 19 1.35 0.52 GVQ UK Focus I GBP Inc 126 24 129 88 98 221 124 207 213 77 1.00 - Threadneedle Dynamic Rl Ret Z Acc 103 56 111 34 112 35 129 19 - - - - Halifax Special Situations C 117 94 127 104 103 176 133 177 125 194 1.51 - TM Fulcrum Divers Cor Abs Ret C GBP Acc 104 48 106 62 109 45 115 43 - - - - Halifax UK FTSE 100 Idx Track C 112 216 117 225 99 217 130 191 154 181 1.53 - TM Fulcrum Diversified Abs Ret C GBP Acc 105 41 107 49 110 43 116 40 - - - - Halifax UK FTSE AllSh Idx Track C 113 192 121 177 103 181 134 169 167 165 1.50 - TM Fulcrum Income C GBP Inc 104 45 107 47 106 58 - - - - - 4.48 Halifax UK Growth C 114 155 119 208 96 227 126 200 158 177 1.51 - TM Neuberger Berman Abs Alpha GBP F Acc 106 23 126 4 ------HL Multi-Manager UK Growth A Acc 116 115 126 116 106 142 138 136 ---- TM Tellworth UK Select A Acc 109 11 113 27 120 16 105 63 - - - - HL Select UK Growth A Acc 107 245 113 241 119 55 - - - - - 1.21 TMI Diversified Assets GBP Acc Hdg 109 8 120 8 122 12 137 6 - - - - HSBC FTSE 100 ETF 114 170 119 198 102 193 136 155 165 169 0.07 - Trium ESG Emissions Impact F EUR Acc 91 111 92 111 ------HSBC FTSE 100 Index Accumulation C 113 194 119 207 103 183 136 150 169 159 0.17 - Uni-Global Cross Asset Navigator RA-USD 101 73 96 108 101 76 126 24 - - 0.77 - HSBC FTSE 250 ETF 118 76 135 56 115 80 146 88 231 55 0.35 - Veritas Global Real Return A Inc GBP 97 108 99 105 124 6 154 1 208 3 1.17 - HSBC FTSE 250 Index C Acc 117 89 134 61 116 71 148 76 238 46 0.18 - Vontobel Ttfr Abs Ret Crdt G GBP 101 75 104 75 108 51 117 36 - - 0.36 - HSBC FTSE All Share Index C Acc 113 196 122 162 105 154 140 115 182 135 0.17 - Vontobel TwentyFour Sust S/T Bd Inc NG £ 101 81 103 80 ------0.56 - HSBC UK Growth & Income C Acc 114 156 123 146 97 222 113 218 150 183 1.00 - VT Argonaut Absolute Return R GBP Acc 107 20 106 65 126 3 123 27 208 2 2.66 - HSBC UK Multi-Factor Eq Instl A Inc 116 117 123 151 106 145 139 128 180 143 0.53 - VT Clear Peak Cptl UK L/S Eq A GBP Acc 99 100 107 53 ------0.75 IFSL CAF UK Equity A Acc 117 93 127 113 107 134 136 154 196 105 1.24 1.64 VT Woodhill UK Equity Strat Net Inc GBP 103 58 107 50 101 77 107 61 - - - - Invesco UK Companies UK Z Acc 116 106 123 150 98 220 123 208 197 101 -- Wellington Glbl Ttl Ret GBP N Acc H 100 86 100 102 ------0.50 - Invesco UK Enhanced Index UK Z Acc 116 112 122 160 102 199 139 120 198 99 - - Winton Absolute Return Futures I GBP Acc 109 10 103 86 96 89 - - - - 1.00 - Invesco UK Eq High Inc UK Z Acc 112 217 123 140 80 236 89 222 147 187 - 3.48 Average/Total 104 111 108 111 109 94 116 81 143 39 1.17 1.34 Invesco UK Equity Inc UK Z Acc 114 162 126 118 84 235 91 221 149 185 - 2.34 Invesco UK Opports (UK) Z (Acc) 121 53 137 44 107 132 142 106 228 58 - - iShares 100 UK Equity Index (UK) D Acc 113 204 118 213 103 189 137 148 ---- iShares Core FTSE 100 ETF GBP Dist 114 173 119 195 102 191 137 147 166 167 0.07 - (IA) TECHNOLOGY AND TELECOMMUNICATIONS iShares FTSE 100 ETF GBP Acc 114 172 119 197 102 194 136 153 169 162 0.07 - AS SICAV I Global Inno Eq X Acc GBP 106 9 131 8 191 4 297 12 433 10 0.95 - iShares FTSE 250 ETF GBP Dist 118 78 135 57 116 78 147 84 232 52 0.40 - AXA Framlington Gbl Technology Z Acc 106 11 130 9 186 8 361 3 597 5 - - iShares Mid Cap UK Equity Idx (UK) D Acc 118 80 135 58 116 74 149 75 - - 0.19 - Close FTSE TechMark X Acc 113 3 130 11 145 20 186 14 331 11 1.04 0.91 iShares MSCI UK ETF GBP Acc 114 177 118 214 99 215 131 185 160 175 0.33 - Fidelity Gbl Technology W-Acc-GBP 116 2 142 2 208 2 378 2 734 1 1.04 - iShares UK Equity Index (UK) D Acc 114 168 122 159 106 144 140 113 183 132 0.16 - Herald Worldwide Technology B 104 17 120 19 170 14 334 7 463 8 - - Janus Henderson Instl Hi Alp UK Eq I Acc 113 208 116 230 103 182 129 195 197 103 0.77 - iShares Automation&Robotics ETF USD Acc 104 15 130 10 149 19 - - - - 0.40 - Janus Henderson Instl MainstrmUKEq I Acc 113 202 116 228 103 179 131 188 191 117 0.54 - iShares Digitalisation ETF USD Acc 105 14 125 13 151 16 - - - - 0.40 - Janus Henderson Instl UK Eq Trck A Inc 114 188 121 179 103 186 133 176 166 166 1.04 - iShares S&P 500 Info Tech Sect ETF$Acc 105 12 123 17 190 5 354 5 - - 0.15 - Janus Henderson Instl UK Idx Opps I Acc 115 138 123 141 107 136 142 108 185 129 0.52 - Janus Henderson Glb Tech Leaders I Acc 108 7 129 12 175 12 327 9 569 6 1.03 - Janus Henderson UK Alpha I Acc 123 38 136 51 111 109 153 57 186 126 1.06 1.01 L&G Global Technology Index I Acc 110 5 132 6 194 3 359 4 658 2 0.32 0.53 JOHCM UK Dynamic A Acc 123 37 137 47 100 211 144 96 222 64 0.79 - Liontrust Global Technology C GBP Acc 102 19 120 20 171 13 331 8 - - 0.93 - JOHCM UK Growth GBP A Inc 126 20 152 16 122 34 164 33 232 54 0.87 - Marlborough Technology Fund P 135 1 161 1 211 1 321 10 510 7 - - JOHCM UK Opportunities A GBP Acc 113 205 118 217 115 83 132 180 207 84 0.88 - Pictet - RoboticsI GBP 106 8 132 7 180 11 320 11 - - 1.08 - JPM UK Dynamic C Net Acc 121 48 133 65 100 214 137 142 215 75 0.93 - Pictet-Digital I dy GBP 106 10 124 16 150 18 255 13 460 9 1.10 - JPM UK Equity Core E Net Acc 116 121 124 138 107 138 141 109 194 111 0.40 - Polar Capital Global Tech I Inc 99 20 122 18 186 7 380 1 621 4 1.27 - JPM UK Equity Growth C Net Acc 119 64 128 103 115 81 157 52 240 41 0.93 - Sarasin Digital Opportunities P GBP Acc 92 21 ------JPM UK Equity Index E Acc 114 182 121 172 ------T. Rowe Price Glb Tech Eq CAccGBP 104 16 139 4 188 6 ------JPM UK Equity Plus C Net Acc 119 68 126 115 113 92 161 40 - - - - T. Rowe Price Glb Tech Eq Qd GBP 103 18 138 5 186 10 - - - - 0.96 - JPM UK Equity Value C Net Acc 125 26 141 36 102 190 136 159 191 118 0.93 - Wellington Asia Technology N UnH GBP Acc 108 6 140 3 151 17 - - - - 1.24 - Jupiter Growth & Income I Acc 118 75 125 128 97 224 111 220 171 155 1.01 - Xtrackers MSCI Wld Comm Svc ETF 1C 111 4 125 14 165 15 172 15 267 12 0.25 - Jupiter Responsible Inc I Acc 115 125 124 137 110 116 129 194 186 127 -- Xtrackers MSCI Wld Info Tech ETF 1C 105 13 124 15 186 9 338 6 637 3 0.25 - Jupiter UK Alpha I GBP Acc 118 79 132 73 110 114 147 85 201 91 - - Average/Total 107 21 131 20 177 20 314 15 523 12 0.78 0.72 Jupiter UK Dynamic Equity Fund I GBP Inc 115 128 139 39 120 45 179 16 391 2 1.05 - Jupiter UK Growth I Acc 111 233 114 238 74 237 84 223 143 190 1.03 0.55 Jupiter UK Mid Cap I GBP Acc 116 120 139 41 116 77 170 26 353 4 0.85 0.31 Jupiter UK Special Situations I Acc 122 41 136 52 107 135 146 89 229 57 0.78 - (IA) UK ALL COMPANIES L&G (N) Tracker I Acc 114 181 122 164 106 146 140 119 180 142 -- L&G Future World ESG UK Index I £ Acc 113 199 119 209 ------Aegon Ethical Equity GBP B Acc 116 113 126 119 118 62 137 149 225 63 0.82 1.20 L&G Growth I Acc 114 163 126 121 120 47 167 27 232 51 0.79 0.46 Aegon UK Equity GBP B Acc 114 166 125 126 111 105 137 143 188 122 0.82 - L&G UK 100 Index I Acc 112 221 117 223 102 196 135 163 168 163 0.24 - Aegon UK Opportunities GBP B Acc 114 188 125 123 123 28 150 70 210 81 1.10 0.88 L&G UK 350 Index A Acc 114 191 121 180 104 169 134 168 164 171 1.42 - Allianz UK Mid Cap C Acc 118 71 140 38 112 97 151 63 252 32 - - L&G UK Equity ETF 115 148 120 188 ------0.05 - Allianz UK Opportunities C Acc GBP 125 27 149 22 120 43 170 25 227 60 - - L&G UK Index I Acc 114 171 121 175 105 151 139 125 182 137 0.23 - Amundi Prime UK Mid & Small Cap ETF DR D 120 57 ------L&G UK Mid Cap Index I Acc 120 60 138 42 112 98 ------Ardevora UK Equity B GBP Acc 106 247 100 247 106 148 149 72 266 26 - - L&G UK Select Equity I Acc 115 143 128 97 107 131 142 102 192 114 -- Artemis SmartGARP UK Eq Fd I Acc GBP 129 13 145 25 117 66 159 46 253 31 0.94 - L&G UK Special Situations I Acc 121 54 134 62 91 234 117 216 196 107 0.83 - Artemis UK Select I Acc 124 30 157 10 130 17 171 24 269 24 0.84 - Lazard UK Omega C Acc 116 105 129 86 103 175 138 137 ---- Artemis UK Special Situations I Acc 122 47 145 26 122 35 146 91 209 83 0.81 - Legg Mason IF QS UK Equity X Acc 118 74 128 98 112 100 125 202 181 138 -- AS SICAV I UK Eq X SInc GBP 110 238 118 215 122 32 158 47 193 112 0.98 0.55 LF Canlife UK Equity C Acc 116 108 125 124 101 202 120 215 ---- ASI UK All Share Tracker C Acc 114 180 122 166 105 155 139 129 176 151 - 2.39 LF IM UK Growth A Inc 114 167 119 203 110 111 146 92 175 153 1.44 - ASI UK Equity Enhanced Index B Acc 115 137 122 154 103 185 137 144 - - - 2.51 LF Lindsell Train UK Equity Acc 108 244 111 243 120 44 166 30 318 8 0.83 1.65 ASI UK Equity I Acc 110 236 119 211 123 27 161 41 199 95 1.10 0.62 LF Majedie UK Equity X Acc 115 126 126 117 103 180 135 162 204 89 0.78 - ASI UK Equity Index Managed B Acc 113 207 117 221 102 195 134 170 170 158 - 2.53 LF Majedie UK Focus X Acc 111 227 122 167 107 137 142 104 239 42 1.53 - ASI UK Ethical Equity P1 Acc 119 69 130 85 113 91 148 79 249 34 - - LF Purisima UK Total Return A PCG 112 226 115 234 108 129 139 126 169 160 1.46 0.61 ASI UK Growth Equity P1 Acc 115 132 119 202 100 213 128 198 159 176 -- Liontrust MA UK Equity S Acc 115 149 119 193 109 118 138 134 188 121 - 2.17 ASI UK High Alpha Equity P1 Acc 117 86 125 125 95 230 122 211 185 128 -- Liontrust Special Situations I Inc 115 142 122 165 122 31 173 22 305 12 0.92 - ASI UK Impact Employ Opprt Eq P1 Acc 120 56 133 71 127 20 - - - - - 0.38 Liontrust Sust Fut UK Gr 2 Net Acc 114 160 127 110 131 16 179 17 276 21 0.85 0.65 ASI UK Mid-Cap Equity I Acc 115 147 132 78 143 8 193 7 293 16 - 0.27 Liontrust UK Ethical 2 Net Acc 118 81 132 77 137 10 184 10 290 17 - - ASI UK Opportunities Equity P1 Acc 116 118 132 76 125 25 183 12 237 47 - 0.08 Liontrust UK Growth I Inc 112 224 115 235 108 128 148 81 228 59 0.92 - ASI UK Responsible Equity I Acc 116 119 127 107 132 15 184 11 226 61 - 0.90 Lyxor Core Morningstar UK NT (DR) ETF 115 131 122 169 104 170 - - - - 0.04 - ASI UK Unconstrained Equity P1 Acc 129 11 164 4 101 206 131 184 213 78 - - M&G Index Tracker GBP A Acc 114 183 121 181 105 165 138 133 177 150 0.46 - Aviva Investors UK Index Tracking 2 £Inc 115 135 123 144 106 143 139 122 178 146 0.23 - M&G Recovery GBP I Acc 115 124 133 69 92 233 125 201 127 193 0.82 - Aviva Investors UK Lstd Eq Hi Alp2GBPAcc 129 10 162 6 108 124 139 124 196 108 0.78 - M&G UK Select GBP I Acc 111 230 123 139 117 69 150 69 200 92 0.91 1.37 Aviva Investors UK Lstd Eq Uncons2GBPAcc 125 29 151 18 127 22 164 34 241 40 0.82 - Man GLG Undervalued Assets Profl Acc C 119 66 133 67 97 223 141 110 ---- Aviva Investors UK Lstd S&M Cap2 GBP Acc 128 15 156 11 137 11 187 9 252 33 0.82 - Marks & Spencer UK 100 Comp Acc 112 222 116 232 101 205 132 182 161 172 1.03 - AXA Framlington UK Growth Z GBP Acc 114 158 119 194 122 36 150 66 210 80 0.72 1.10 Marks & Spencer UK Selection Acc 112 211 120 182 97 225 115 217 151 182 1.61 - AXA Framlington UK Mid Cap Z GBP Acc 119 63 131 82 127 23 160 43 327 7 0.93 0.45 Marlborough Multi-Cap Growth P Inc 114 186 126 122 121 42 179 18 296 14 - 0.15 AXA Framlington UK Select Opps ZI Acc 115 153 122 158 113 93 134 167 200 93 - 0.94 MFM UK Primary Opportunities P Inc 122 44 132 74 121 39 165 32 195 109 -- AXAWF Fram UK F Cap GBP 117 97 125 132 118 64 152 60 - - 1.00 - MFS Meridian UK Equity W1 GBP 114 159 117 222 109 121 136 156 179 144 0.93 - Baillie Gifford UK Equity Alpha B Acc 104 248 113 240 120 46 182 13 238 45 0.69 0.61 MGTS AFH DA UK Multi-Cap Gr I GBP Acc 115 123 122 155 105 150 ------Baillie Gifford UK Equity Core B Acc 114 175 127 108 111 108 ------MI Brompton UK Recovery Trust Acc 116 114 133 70 109 117 147 82 211 79 2.55 - Baillie Gifford UK Equity Focus B GBPAcc 109 241 127 111 127 21 - - - - - 0.62 MI Charles Stanley Equity A Acc 108 243 112 242 120 51 147 87 199 97 1.60 1.56 Barclays UK Alpha R Acc GBP 119 62 131 79 103 174 133 173 199 96 - - MI Chelverton UK Equity Growth B Acc 132 5 167 3 174 1 284 1 - - - - Barclays UK Alpha S2 R Acc GBP 136 2 135 55 105 161 132 181 ---- Mirabaud UK Equity High Alpha A GBP Acc 121 51 137 48 129 19 167 28 206 85 1.58 - Barclays UK Core R Acc GBP 132 4 127 109 103 187 130 190 168 164 -- Montanaro UK Income GBP 119 65 129 96 122 30 157 53 - - 0.84 1.60 Barclays UK Opportunities R Acc GBP 133 3 129 90 111 107 147 86 221 66 - - NFU Mutual UK Growth C 117 98 123 147 116 72 157 50 197 100 -- BlackRock UK D Acc 111 229 118 218 119 56 162 38 221 67 0.92 0.60 Ninety One UK Alpha I Inc 112 225 114 236 109 120 137 145 238 44 0.87 1.62 BlackRock UK Equity D Acc 112 215 119 201 113 90 153 58 - - - 1.10 Ninety One UK Equity Income I Acc 110 240 110 245 115 84 142 103 - - - 1.76 BlackRock UK Special Situations D Acc 122 43 131 81 118 60 172 23 222 65 0.92 - Ninety One UK Special Situations I Acc 122 45 143 31 111 106 138 132 192 113 0.85 - BMO FTSE All-Share Tracker 2 Inc 114 184 122 170 105 163 138 135 178 148 0.38 - Ninety One UK Sustainable Equity I £ Acc 114 178 122 156 ------0.56 BMO Responsible UK Equity 2 Acc 116 111 125 130 117 65 158 49 239 43 0.81 0.93 Ocean UK Equity B Acc 115 130 122 168 123 26 - - - - - 1.58 BMO Select UK Equity 2 Acc 111 228 119 204 100 209 123 210 138 191 0.86 1.24 OneFamily Stockmarket 100 Trust RA 112 223 118 220 101 204 133 172 164 170 0.35 - BMO UK Mid-Cap C Acc 117 90 137 46 101 203 132 179 245 38 - - Polar Capital UK Value Opports I GBP Acc 120 58 137 43 114 86 - - - - 0.79 - BNY Mellon UK Equity Inst W Acc 112 219 118 219 110 110 133 175 189 120 -- Premier Miton Ethical C Inc 121 50 143 30 141 9 181 14 332 6 0.99 0.62 BNY Mellon UK Opportunities Inst W Acc 113 209 119 212 110 113 132 178 216 74 - 1.63 Premier Miton UK GrC Inc 122 42 146 23 158 3 201 5 294 15 1.03 0.72 CFP SDL Free Spirit General Acc 117 100 133 66 152 5 ------Premier Miton UK Value Opps B Instl Acc 130 8 162 5 137 12 175 21 - - - - CFP SDL UK Buffettology General Income 112 218 122 157 132 14 196 6 403 1 - 0.25 Quilter Inv UK Eq Opports U2 (GBP) Acc 121 52 144 29 120 49 143 99 - - - - Consistent Opportunities Unit Tst Inc 138 1 179 1 144 7 157 55 203 90 1.13 - Quilter Investors Equity 1 A (GBP) Acc 114 164 135 60 110 115 161 42 338 5 1.10 - Dimensional UK Core Equity GBP Acc 117 87 129 92 108 125 145 95 195 110 0.36 - Quilter Investors UK Eq Gr U2 (GBP) Acc 111 234 116 231 108 127 143 100 - - - 1.28 Dimensional UK Value Acc 124 33 141 34 99 216 140 117 156 180 0.54 - Quilter Investors UK Eq Idx U2 (GBP) Acc 114 185 121 171 105 152 139 127 ---- EdenTree Responsible & Sust UK Eq Opps B 122 40 136 50 121 40 161 39 298 13 0.84 - Quilter Investors UK Equity U2 (GBP) Acc 116 107 124 133 108 123 ------

054-078_WI_0721.indd 66 17/06/2021 11:55 Unit trusts | 14 What Investment | July 2021 67

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Rathbone UK Opportunities I Inc 117 85 135 59 116 76 151 65 234 49 0.81 0.87 CFP Castlfd B.E.S.T. Sust Inc Gen Inc 114 61 118 80 107 37 116 65 160 55 2.87 3.28 RBS UK Equity 1 Acc 115 122 122 161 ------Courtiers UK Equity Income Retl R 128 2 154 1 121 3 160 1 - - - - Royal London FTSE 350 Tracker Z Acc 113 201 120 184 105 166 139 131 181 140 0.12 - ES R&M UK Equity Income B Inc 114 62 120 71 110 26 141 15 208 20 0.93 - Royal London Sustainable Leaders C Acc 111 231 116 233 134 13 180 15 306 11 - 1.10 Fidelity Enhanced Income W Inc 110 83 113 84 102 53 109 75 159 56 - 5.83 Royal London UK All Share Tracker Z Acc 114 179 122 152 105 153 140 116 184 131 0.13 - Fidelity MoneyBuilder Dividend W INC 111 81 113 83 103 51 115 67 184 35 0.67 3.35 Royal London UK Dividend Growth M 119 67 129 91 119 54 163 35 205 88 - - FP Octopus UK Multi Cap Income S GBP Acc 126 3 141 8 ------Royal London UK Equity M Acc 114 165 120 192 106 140 139 121 182 136 0.53 - Franklin UK Equity Income W Acc 114 60 121 66 108 31 139 18 220 6 0.54 - Royal London UK FTSE4Good Tracker 113 206 120 190 105 149 135 164 170 157 1.50 - GAM UK Equity Income Instl Acc 126 5 142 7 110 24 ------Royal London UK Growth 116 104 124 136 112 102 143 97 197 104 1.53 - Halifax UK Equity Income C 114 58 119 75 95 71 124 51 145 62 1.54 3.11 Royal London UK Mid-Cap Growth Instl M 117 88 132 75 119 53 157 51 282 18 0.74 0.63 HL Multi-Manager Income & Growth A Acc 115 57 126 44 98 63 120 59 188 29 1.31 - Royal London UK Opportunities M Acc 122 46 134 63 113 95 138 140 189 119 0.72 - HL Select UK Income Shares A Acc 112 76 117 82 111 20 - - - - - 3.19 Sanlam Active UK A GBP 111 232 119 199 105 164 134 171 158 178 1.01 - HSBC Income Accumulation C 114 64 122 60 97 66 114 69 151 59 - 2.76 Santander UK Equities A 117 92 125 127 111 103 139 130 175 152 1.01 - Invesco Income & Growth UK Z Acc 114 69 121 69 106 40 125 49 183 37 - - Santander UK Growth RA Acc 119 61 129 87 119 57 148 78 183 133 1.26 - iShares UK Dividend ETF GBP Dist 124 10 136 16 96 67 112 70 153 58 0.40 - Schroder MM UK Growth Z Acc 121 49 136 49 108 122 135 165 187 125 1.40 - Janus Henderson UK Eq Inc&Gr I Inc 118 34 136 15 95 72 114 68 184 34 0.82 - Schroder Prime UK Equity I Acc 116 110 133 68 111 104 150 68 197 102 0.51 - Janus Henderson UK Responsible Inc I Inc 114 70 125 51 116 9 138 19 237 3 0.84 - Schroder Recovery Z Acc 124 32 153 14 104 172 142 105 226 62 0.92 - JOHCM UK Equity Income A GBP Acc 125 6 145 5 100 58 145 7 217 9 0.80 2.35 Schroder Responsible Value UK Eq I Acc 123 35 141 33 102 192 142 107 214 76 0.77 - JPM UK Equity Income C Net Acc 118 32 127 42 110 22 - - - - - 2.80 Schroder Sustainable UK Equity Z Acc 115 145 130 84 105 162 136 152 160 174 0.84 - Jupiter Income Trust I Acc 121 16 133 22 98 61 130 38 187 31 0.94 - Schroder UK Alpha Plus Z Acc 115 154 132 72 114 87 143 101 206 86 0.90 - L&G UK Equity Income I Acc 118 33 132 28 96 68 116 63 166 52 0.88 2.87 Schroder UK Equity Z Acc 117 91 129 93 94 231 121 212 171 156 0.91 - Lazard Multicap UK Income A Acc 116 47 127 38 105 46 136 25 200 22 1.01 2.85 Schroder UK Mid 250 Z Acc 126 23 151 20 114 85 149 74 248 37 0.91 - LF ASI Income Focus C Sterling Acc 118 35 125 49 69 82 ------Schroder UK Opportunities Z Acc 117 96 127 105 94 232 120 213 188 123 0.82 - LF Canlife UK Equity Income C Acc 116 50 123 54 102 54 122 54 171 46 0.93 3.31 Scottish Friendly UK Growth 118 70 139 40 122 33 152 61 230 56 1.56 - LF Gresham House UK Mlt Cap Inc C £ Acc 120 21 127 37 133 1 - - - - - 3.00 Scottish Widows UK All Share Track I Acc 113 197 120 186 105 160 138 139 181 139 0.35 - LF Majedie UK Income X Acc 111 80 121 68 92 79 118 61 - - 0.79 3.18 Scottish Widows UK Growth A 114 161 117 224 96 228 125 205 146 188 1.61 1.52 LF Montanaro UK Income A GBP Acc 119 30 129 32 ------1.67 Scottish Widows UK Select Gr A 113 210 127 106 117 67 149 71 135 192 1.61 0.89 Liontrust Income C Acc GBP 113 73 119 72 108 36 142 11 186 32 0.97 4.91 Scottish Widows UK Tracker G Acc 112 213 116 229 100 210 131 189 ---- M&G Dividend GBP I Acc 117 38 128 35 106 42 124 50 170 47 0.70 3.22 Slater Growth P Acc 128 16 153 12 157 4 206 4 368 3 0.79 - M&G Equity Investment for Chrts GBP Inc 117 39 127 41 110 23 138 20 212 13 0.47 - Slater Recovery P Acc 129 12 152 17 162 2 234 2 314 9 0.79 - Man GLG Income Professional Acc C 117 42 129 31 105 47 145 6 213 11 0.91 - SLI UK Equity General Trust Retl Acc 117 95 123 148 99 218 125 203 157 179 0.84 - Marlborough Multi Cap Income P Acc 116 45 127 40 108 32 128 44 - - - 3.35 Smith & Williamson UK Equity Gr B Inc 125 25 143 32 123 29 165 31 242 39 - - Merian UK Equity Income I GBP Acc 121 19 137 10 109 30 135 30 208 19 0.94 - SPW Multi-Manager UK Eq Focus A Acc 118 83 126 114 105 159 139 123 179 145 1.81 - MI Chelverton UK Equity Income B Acc 124 9 143 6 104 49 142 13 273 1 1.00 2.28 SPW Multi-Manager UK Eq Growth A Acc 118 82 131 80 105 157 136 158 178 149 1.82 - NFU Mutual UK Equity Income C 119 24 126 43 105 48 130 39 185 33 - - Stt Strt AUT UK Scrn(ex Cont&CW)Idx Eq 114 190 121 173 104 168 137 141 178 147 0.70 - Premier Miton Inc C Inc 111 79 120 70 93 76 112 71 174 43 0.88 4.34 SVM UK Growth Instl 115 134 131 83 119 59 153 59 267 25 1.16 - Premier Miton Mly Inc C Inc 112 78 119 78 91 80 110 72 173 45 0.95 4.29 SVM UK Opportunities Instl 127 17 152 15 121 41 159 45 262 28 1.09 - Premier Miton Optimum Inc C Inc 111 82 121 65 93 78 110 73 177 41 1.44 - SVS Church House UK Equity Growth A Acc 112 214 120 183 117 68 150 67 205 87 1.59 0.13 Premier Miton UK Multi Cap Inc B Acc Ins 123 11 137 13 127 2 158 2 - - 0.82 3.16 TB Evenlode Income B Inc 109 242 109 246 119 58 159 44 280 19 - 2.32 Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc 115 56 126 46 108 35 136 23 - - - - TB Saracen UK Alpha B Acc 129 9 158 9 129 18 176 20 276 20 1.44 - Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc 114 65 122 58 112 13 135 32 - - - - Threadneedle UK Equity Opps Z Inc GBP 117 99 128 100 98 219 128 196 ---- Quilter Investors UK Eq Inc U2 (GBP) Acc 121 20 137 12 109 28 ------Threadneedle UK Extnd Alpha Ins Acc GBP 116 103 124 135 107 133 133 174 218 70 1.17 - Rathbone Income I Inc 116 52 126 45 108 33 129 41 212 12 0.81 - Threadneedle UK Growth & Inc Z Inc 115 152 125 131 108 130 138 138 219 69 - - Royal London UK Equity Income M 119 29 123 53 106 44 136 24 233 4 0.68 - Threadneedle UK Institutional Ins Acc 116 116 127 112 104 167 136 151 188 124 0.78 - RWC Enhanced Income Fund R GBP Acc 122 15 137 11 111 18 128 43 155 57 1.15 - Threadneedle UK Mid 250 Z Acc GBP 118 84 137 45 118 61 151 64 261 29 0.87 - Santander Enhanced Income II 117 44 126 47 118 5 143 10 189 27 0.80 - Threadneedle UK Select Z Inc GBP 115 133 120 189 102 198 123 209 198 98 0.88 - Santander Equity Income R Inc 119 26 128 34 117 8 140 17 208 18 1.28 - Threadneedle UK Sustainable Eq Z Acc 115 150 125 129 120 52 149 73 - - - 0.78 Schroder Income Fd Z Acc 122 12 140 9 98 62 138 22 210 16 0.91 - Threadneedle UK Z Inc GBP 115 146 124 134 104 173 131 186 199 94 - - Schroder Income Maximiser Z Acc 120 22 134 19 97 65 129 42 181 39 0.91 5.86 TM CRUX UK Core Fund B Inc 114 157 120 185 112 99 146 90 220 68 1.18 - Schroder UK Alpha Income Z Inc 117 40 132 26 107 38 128 45 208 17 0.86 3.24 TM CRUX UK Special Situations I GBP Acc 131 6 160 7 ------Scottish Widows UK Equity Income A Acc 115 53 118 79 95 70 123 52 145 61 1.36 2.64 TM Stonehg Flm Opps B Inc 126 19 159 8 120 48 162 37 263 27 0.83 - Slater Income P Inc 119 28 132 25 103 52 122 53 - - 0.80 - TM UBS (UK) - UK Eq C Acc 113 195 119 206 103 184 131 187 ---- SPW Multi-Manager UK Eq Income A Acc 119 27 130 30 105 45 130 37 182 38 1.81 - Unicorn Outstanding British Co Instl 112 220 110 244 103 178 125 204 209 82 1.18 - SVS Albion Olim UK Equity Income Acc 113 72 119 74 94 74 115 66 174 44 1.50 - Unicorn UK Growth A 124 31 151 19 121 37 187 8 306 10 1.97 - TB Guinness UK Eq Inc Y Clean Income 114 63 122 59 101 56 - - - - - 2.65 Vanguard Active UK Equity A Acc 110 237 120 191 ------TB Saracen UK Income B Acc 125 7 146 4 114 11 152 4 - - - 2.06 Vanguard FTSE 100 ETF GBP Acc 114 169 119 196 ------Threadneedle UK Eq Inc Z Inc GBP 114 66 125 50 110 21 140 16 226 5 - 2.57 Vanguard FTSE 100 Idx Unit Tr £ Acc 113 193 119 210 103 188 ------Threadneedle UK Equity Alpha Inc Z Inc 114 71 123 56 111 19 135 28 219 7 0.88 - Vanguard FTSE 250 ETF GBP Acc 118 72 136 53 ------Threadneedle UK Monthly Inc Z Inc 116 51 122 61 106 39 122 55 193 24 - 3.33 Vanguard FTSE UK All Shr Idx Unit Tr£Acc 115 129 122 153 105 158 140 118 182 134 0.15 - TM RWC UK Equity Income R Acc 126 4 151 2 ------1.81 Virgin UK Idx Tracking Trust 115 141 123 149 104 171 135 166 169 161 1.00 - Trojan Income O Acc 105 85 106 85 106 41 120 60 200 21 1.05 2.63 VT Cape Wrath Focus GBP A Net Acc 130 7 178 2 121 38 ------UBS UK Equity Income C Acc Net 122 14 134 21 88 81 131 36 169 49 - - VT Castlebay UK Equity A Accumulation 106 246 114 237 126 24 163 36 - - - 2.05 Unicorn UK Ethical Income B Inc 116 48 131 29 108 34 135 27 - - - 2.96 VT Downing Unique Opportunities A Acc 123 36 145 27 ------Unicorn UK Income B Inc 117 37 133 23 112 12 138 21 245 2 0.89 - VT Garraway UK Equity Mrkt F GBP net Acc 115 136 121 176 102 201 124 206 - - - 1.44 Vanguard FTSE UK Eq Inc Idx £ Acc 117 43 121 67 98 64 121 56 166 51 0.25 4.30 VT Munro Smart Beta UK A Acc Retail 115 139 121 174 95 229 126 199 144 189 2.40 - VT Downing Monthly Income Acc 118 31 127 36 99 60 121 57 174 42 1.93 - VT Sorbus Vector A 128 14 146 24 148 6 222 3 - - - - VT Tyndall Real Income GBP A Acc 124 8 147 3 116 10 131 35 - - - - Waverton UK A GBP 111 235 118 216 102 200 113 219 149 184 1.40 2.33 WS Charteris Premium Income I Acc 118 36 134 20 118 7 144 8 148 60 - - Wesleyan UK Growth X Acc 118 77 128 102 100 212 ------WS Kleinwort Hambros Eq Inc A Acc 114 59 121 64 99 59 118 62 160 54 2.30 - Xtrackers FTSE 100 Income ETF 1D 114 176 119 200 102 197 136 161 165 168 0.30 - Average/Total 117 85 128 85 105 82 130 75 189 62 1.04 3.23 Xtrackers FTSE 250 ETF 1D 118 73 136 54 116 73 148 80 234 48 0.35 - Xtrackers MSCI UK ESG ETF 1D £ 113 200 121 178 103 177 136 157 173 154 0.18 - (IA) UK GILTS Average/Total 117 248 129 247 112 237 146 223 211 194 0.90 1.15 Allianz Gilt Yield I Inc 94 30 92 22 109 8 118 6 155 8 0.33 0.70 ASI (AAM) Sterling Govt Bond I Acc 94 25 92 23 107 17 114 20 143 22 - 0.33 (IA) UK DIRECT PROPERTY ASI Sterling Inflation-Linked Bond I Acc 96 7 95 7 115 1 139 1 195 4 - 0.61 Aberdeen UK Property Feeder UT I Acc 97 23 93 24 83 23 89 20 115 13 - 2.21 ASI Sterling Long Dated Govt Bond I Acc 90 35 86 35 112 4 127 2 196 3 - 0.51 Aberdeen UK Property I Acc 97 22 93 23 83 22 89 19 115 12 0.90 2.10 ASI Sterling Short Term Govt Bond I Acc 99 5 99 5 103 29 103 26 107 26 - 0.08 Aegon Property Inc Feeder(Acc) GBP B Acc 92 29 89 29 80 25 86 21 - - - 3.84 ASI UK Government Bond P1 Acc 94 24 92 25 107 19 114 19 143 21 - 0.21 Aegon Property Income GBP B Gross Acc 92 28 90 25 82 24 90 18 - - - 4.22 BNY Mellon Long Gilt Exempt 2 Acc 91 33 87 31 111 5 126 4 199 2 0.25 0.93 ARC TIME Commercial Lng Inc Fdr I NetAcc 97 24 96 22 101 10 110 7 - - - 3.00 Fidelity Index UK Gilt P GBP Acc 94 20 ------ARC TIME Commercial Long Inc A Gross Acc 97 21 97 19 103 8 114 6 - - - 3.59 Franklin UK Gilt W Acc 94 29 92 24 107 22 - - - - - 1.22 ARC TIME Social Lg Inc Fdr Tr I NetAcc 103 9 104 5 112 2 ------HSBC Gilt & Fixed Interest C Acc 95 18 92 19 106 24 113 22 142 23 - 1.52 ARC TIME Social Long Income A Gross Acc 103 8 105 4 114 1 ------HSBC UK Gilt Index C Acc 95 16 92 14 108 14 115 13 148 14 0.17 2.02 Aviva Inv UK Prpty Fdr Acc 1 GBP Acc 95 27 89 28 79 28 81 24 99 16 - - iShares Core UK Gilts ETF GBP Dist 95 9 93 11 108 13 115 11 150 10 0.07 0.86 Aviva Inv UK Prpty Fdr Inc 1 GBP Inc 95 25 89 27 79 27 82 23 99 15 - - iShares Over 15 Yrs Gilts Idx (UK) D Acc 90 34 87 33 112 2 - - - - - 1.22 Aviva Investors UK Property 2 GBP Acc 95 26 89 26 79 26 83 22 103 14 - 1.11 iShares UK Gilts 0-5yr ETF GBP Dist 100 2 99 2 102 32 103 28 110 25 0.07 0.40 BMO UK Property 2 Inc 104 5 98 18 96 15 105 9 136 6 1.19 1.44 iShares UK Gilts All Stks Idx (UK) D Acc 95 17 92 13 108 11 115 9 150 9 0.16 0.85 BMO UK Property Feeder 1 Acc 104 3 99 17 95 16 102 15 - - - - Janus Henderson Instl Lg Datd Gilt I Acc 90 36 86 34 110 6 124 5 191 5 0.54 1.08 Janus Henderson UK Pty PAIF Feeder I Acc 103 6 103 6 105 7 116 5 158 4 - - Janus Henderson Instl UK Gilt I Acc 94 31 92 15 107 15 114 18 145 18 0.54 1.06 Janus Henderson UK Pty PAIF I Acc 103 7 103 7 105 6 116 4 158 3 0.84 - JPM BetaBuilders UK Gilt 1-5 yrETFGBPInc 100 4 99 4 ------0.10 0.21 L&G UK Property Feeder I Acc 106 1 107 1 109 3 122 1 171 1 - - JPM UK Government Bond C Acc 95 10 93 8 ------0.29 L&G UK Property I Acc 106 2 107 2 109 4 122 2 171 2 - - L&G All Stocks Gilt Index I Acc 95 14 92 18 107 16 115 14 148 13 - 0.85 LF Canlife UK Property ACS I Acc 100 20 99 16 94 17 - - - - - 2.22 LF Canlife UK Government Bond C Inc 94 26 91 30 105 27 111 24 136 24 - 1.26 M&G Feeder of Property GBP I Acc 100 18 97 20 87 20 93 16 121 11 1.34 2.75 Lyxor Core UK Govt Bd (DR) ETF D GBP 95 8 92 12 108 12 115 12 156 7 0.07 2.19 M&G Property Portfolio GBP I Acc 100 19 96 21 87 21 93 17 122 10 1.39 2.88 Lyxor UK Govt Bd 0-5Y (DR) ETF D GBP 100 3 99 3 102 31 - - - - 0.07 2.28 MGTS St Johns High Income Property Acc 102 12 103 10 108 5 118 3 - - - 4.18 M&G Gilt & Fixed Interest Inc GBP I Acc 94 21 92 16 106 25 113 23 144 19 0.66 0.58 MGTS St Johns Property Athrsd Tr GBP Acc 102 11 103 9 ------4.25 Quilter Investors Gilt Index U2 GBP Acc 94 23 92 21 108 9 116 8 149 12 - 2.23 Royal London Property A Acc 103 10 103 8 100 11 108 8 153 5 0.85 3.38 Royal London Short Duration Gilts M Inc 100 1 100 1 102 30 103 27 - - - 0.22 SLI UK Real Estate Acc Feeder P 1 Acc 101 14 102 13 98 14 104 14 - - - 3.46 Royal London UK Government Bond M Acc 95 15 93 9 108 10 115 10 146 17 - 1.42 SLI UK Real Estate Inc Feeder P 1 Inc 102 13 102 11 98 12 104 10 - - - 3.09 Schroder Gilt & Fxd Int A Acc GBP 95 13 93 10 107 21 114 17 143 20 0.56 1.81 SLI UK Real Estate Platform 1 Acc 101 15 102 12 98 13 104 12 132 9 - 3.26 Scottish Widows Gilt G Acc 94 19 92 17 106 26 111 25 - - - - Threadneedle UK Prpty Authrsd GBP InsInc 101 16 101 15 92 18 104 11 132 7 - 3.99 Scottish Widows UK Fix-Int Trkr I Acc 94 22 92 20 107 20 114 16 147 15 0.37 0.82 Threadneedle UK Prpty Authrsd Invmt INI 101 17 101 14 92 19 104 13 132 8 - 4.00 Threadneedle Sterling Bond Z Inc 94 28 92 29 106 23 114 21 147 16 - 0.53 VT Redlands Prpty A GBP Acc 104 4 106 3 103 9 - - - - - 2.39 Threadneedle UK Fixed Interest Z Acc 94 27 92 28 107 18 115 15 150 11 - 0.25 Average/Total 100 29 99 29 95 28 102 24 132 16 1.08 3.07 Vanguard U.K. Gilt ETF GBP Acc 95 11 92 27 ------1.13 Vanguard UK Govt Bd Idx £ Acc 95 12 92 26 109 7 117 7 157 6 0.12 0.95 (IA) UK EQUITY INCOME Vanguard UK Lg Dur Gilt Idx £ Acc 92 32 87 32 112 3 127 3 203 1 0.15 1.19 Aegon UK Equity Income GBP B Inc 114 68 121 62 104 50 127 47 191 25 1.11 2.12 Wesleyan Risk Averse A Acc 98 6 98 6 103 28 - - - - - 0.81 Allianz UK Equity Income C Inc 121 18 137 14 118 6 158 3 210 15 - - Average/Total 95 36 93 35 107 32 116 28 154 26 0.26 0.96 Artemis Income I Inc 115 54 127 39 110 25 142 12 216 10 0.79 - ASI UK High Income Equity P1 Acc 119 25 125 48 94 75 116 64 168 50 - 2.92 (IA) UK INDEX-LINKED GILTS ASI UK Income Equity I Acc 112 75 119 73 120 4 148 5 188 30 1.10 - Allianz Index-Linked Gilt W GBP Acc 97 6 96 5 117 1 ------ASI UK Income Unconstrained Eq P1 Acc 121 17 132 27 93 77 110 74 188 28 - 3.40 AXA Sterling Index Lkd Bond Z Gross 96 12 95 10 116 3 140 3 214 1 0.33 - Aviva Investors UK Listed Eq Inc 2 £ Acc 117 41 128 33 112 16 142 14 - - 0.81 3.30 BNY Mellon Index Lkd Gilt Exempt 2Acc 96 10 96 8 117 2 141 1 209 2 0.25 - AXA Framlington Monthly Income Z GBP Inc 120 23 133 24 112 15 144 9 218 8 0.84 - iShares Index Linked Gilt Idx (UK) D Acc 96 11 95 12 115 4 140 2 - - 0.29 - AXA Framlington UK Equity Income Z £ Acc 112 77 118 81 111 17 135 31 195 23 - 3.25 iShares £ Index-Lnkd Gilts ETF GBP Dist 98 2 97 2 115 8 138 6 194 9 0.10 - Barclays UK Equity Income R Acc GBP 122 13 135 18 101 55 130 40 - - - 2.99 Janus Henderson Index-Linked Bond I Acc 95 13 95 13 115 6 139 5 206 3 0.54 - Barclays UK Equity Income S2 R Acc GBP 140 1 135 17 101 57 127 46 - - - 2.90 L&G All Stocks Index Linked Gt Idx I Acc 97 7 96 9 114 10 136 9 195 8 - - BlackRock UK Income D Acc 110 84 119 76 109 29 135 29 190 26 0.92 - Lyxor Cr UK GovtInfl Lnkd Bd(DR)ETFDGBP 98 1 97 1 115 9 138 8 199 6 0.07 - BMO Responsible UK Income 2 Inc 113 74 119 77 109 27 132 34 211 14 0.85 3.31 M&G Index-Linked Bond GBP I Acc 97 4 96 4 112 13 135 11 198 7 0.56 - BMO UK Equity Income 2 Inc 115 55 121 63 106 43 135 26 169 48 1.85 - Royal London Index Linked M Acc 97 5 96 6 115 5 138 7 201 5 - - BNY Mellon Equity Income Bster Inst WAcc 116 46 124 52 95 73 120 58 162 53 - 5.37 Scottish Widows UK Idx Lnkd Trkr I Acc 96 8 95 11 113 12 134 12 192 10 0.37 - BNY Mellon Equity Income Inst W Acc 116 49 123 55 96 69 126 48 180 40 - 3.06 Threadneedle UK Index Lnkd Ins Acc 96 9 96 7 113 11 135 10 191 11 - - BNY Mellon UK Income Inst W Acc 114 67 123 57 112 14 134 33 183 36 - -

054-078_WI_0721.indd 67 17/06/2021 11:55 68 Unit trusts | 15 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Vanguard UK Infl-Lnkd Gilt Idx £ Acc 98 3 96 3 115 7 139 4 202 4 0.15 - LF New Grande Motte GBP 104 143 109 154 121 63 151 60 209 36 1.33 0.61 Average/Total 97 13 96 13 115 13 138 12 200 11 0.30 - LF New Institutional World Inc 108 87 116 100 132 17 ------LF New Viaduct Inc 103 159 109 151 121 64 158 45 230 15 1.40 - (IA) UK SMALLER COMPANIES LF New Villture Inc 110 36 124 19 133 11 158 48 199 48 1.35 0.09 Aberforth UK Small Companies Acc 139 4 174 5 116 43 158 42 267 37 0.86 0.75 LF Robin A Acc 110 38 124 21 133 14 158 47 186 59 0.95 - Aegon UK Smaller Companies GBP B Acc 123 42 140 47 129 34 175 35 287 35 1.10 0.62 LF Ruffer Absolute Return C Acc 112 14 116 96 122 51 139 102 168 95 1.23 - Artemis UK Smaller Companies I Acc 132 18 150 26 115 44 174 36 293 33 0.84 0.25 M&G (Lux) Em Mkts Inc Opps CH GBP Acc 114 5 134 4 116 91 - - - - 0.94 - ASI (AAM) UK Smaller Companies I Acc 119 50 138 48 135 27 200 25 306 29 - 0.15 MGTS AFH Tactical Core R Acc 108 68 118 76 112 126 130 123 164 100 - 2.38 ASI UK Smaller Companies P1 Acc 115 52 129 50 141 19 205 16 346 23 - 0.11 Navajo GBP Acc 105 135 114 119 126 34 172 16 215 28 1.48 - Aviva Investors UK Smaller Coms 2 £ Acc 136 6 163 11 151 9 201 20 364 21 1.13 0.01 New Capital Swiss Sel Eq CHF Ord Acc 111 15 126 13 115 97 179 14 - - 1.58 - AXA Framlington UK Smlr Coms Z GBP Acc 133 14 163 12 143 17 205 15 429 7 0.88 - OHP Fund 107 96 115 108 128 26 167 27 222 21 1.53 - Baillie Gifford British Smlr Coms B Acc 120 47 148 32 131 32 173 38 290 34 0.69 - Quilter Inv Cirilium Advnturs Pasv R 108 69 123 27 141 5 - - - - - 0.90 BlackRock UK Smaller Companies D Acc 129 24 148 33 135 28 204 18 345 24 0.92 0.17 Quilter Inv Cirilium Balanced Pasv R 103 156 109 153 117 86 144 82 - - 0.85 1.55 BMO UK Smaller Companies 2 Acc 125 37 147 36 120 40 174 37 338 26 0.85 0.47 Quilter Inv Cirilium Cnsrv Pasv R 101 184 105 177 113 121 128 132 - - 0.85 1.40 CFP Castlfd B.E.S.T Sust UK SmCo Gen Inc 132 19 147 35 140 20 200 24 299 31 2.77 0.03 Quilter Inv Cirilium Dynamic Pasv R 109 61 119 65 125 38 170 18 - - 0.85 1.46 Dimensional UK Smlr Coms Acc 123 41 144 42 118 41 151 43 264 38 0.66 0.86 Quilter Inv Cirilium Moderate Pasv R 106 116 114 117 121 56 158 46 - - 0.85 1.56 ES R&M UK Equity Smaller Coms B Acc 128 26 154 20 149 10 207 13 501 2 0.95 0.58 Quilter Inv Creation Advnturs R GBP Acc 110 43 123 24 120 70 ------Fidelity UK Smaller Companies W Acc 134 11 175 4 137 24 186 32 419 8 - 0.37 Quilter Inv Creation Bal R (GBP) Acc 104 152 112 132 111 137 126 139 151 117 - 0.97 FP Octopus UK Micro Cap Growth P Acc 135 8 165 9 173 1 286 2 411 9 - - Quilter Inv Creation Cnsrv R (GBP) Acc 102 179 107 167 106 170 117 164 142 129 - 1.10 Franklin UK Smaller Companies W Acc 126 34 152 23 137 25 189 30 313 28 0.83 0.20 Quilter Inv Creation Dyn R (GBP) Acc 109 48 123 29 120 66 145 75 175 81 - 0.81 Halifax Smaller Coms C 122 44 144 41 110 46 160 40 238 41 1.51 0.10 Quilter Inv Creation Mod R (GBP) Acc 106 107 117 87 116 94 136 111 163 103 - 0.90 Invesco UK Smaller Coms Eq UK Z Acc 130 23 150 27 139 21 201 22 369 19 - 0.32 Quilter Investors Equity 2 A (GBP) Acc 112 11 111 135 85 181 106 171 147 121 1.08 1.64 iShares MSCI UK Small Cap ETF GBP Acc 120 46 136 49 113 45 147 44 248 40 0.58 - Rathbone Active Income and Growth Inc 106 108 116 99 118 81 152 59 - - - 2.33 Janus Henderson UK Smaller Coms I Acc 128 27 152 24 134 29 195 26 375 17 0.82 0.52 Rathbone Dragon Trust £ Acc 111 25 128 9 136 10 195 7 238 12 0.89 0.45 JPM UK Smaller Companies C Acc 126 30 156 18 147 11 203 19 322 27 0.93 0.23 Rathbone Heritage Inst Inc 106 109 115 110 115 100 142 89 - - - - Jupiter UK Smaller Companies Eq I Acc 131 21 160 15 131 31 235 7 402 11 - 0.19 Rathbone Spenser 110 27 119 56 125 40 151 62 172 87 1.16 0.54 Jupiter UK Smaller Companies I GBP Acc 119 49 142 44 127 37 193 28 370 18 1.05 0.18 Rathbone Sussex Growth 110 29 129 7 131 18 191 8 247 9 1.62 0.35 Jupiter UK Sml Coms Focus I GBP Inc 120 48 149 31 129 33 232 10 472 3 0.84 - Rathbone Sussex Income 110 41 119 66 112 130 145 74 202 44 1.26 2.72 L&G UK Smaller Companies I Acc 125 36 145 40 117 42 145 45 267 36 - 0.59 Royal London Cash Plus M Inc 100 189 101 189 102 175 103 173 - - - 0.22 Lazard UK Smaller Companies C Inc 131 20 157 17 127 35 170 39 - - - 0.31 Royal London Enhanced Cash Plus Y Acc 100 187 101 187 104 174 106 172 - - - 0.77 LF Gresham House UK Micro Cap C Acc 126 32 145 38 146 13 213 12 463 5 - - Royal London UK Income with Growth 112 13 118 75 108 157 124 144 169 92 1.53 3.65 LF Gresham House UK Smaller Coms C Acc 133 15 168 7 ------S&W Acacia 111 22 126 14 136 9 203 4 308 2 0.78 - Liontrust UK Micro Cap I Acc 134 10 153 22 171 3 255 4 - - - - S&W Bay 111 26 120 47 138 8 196 6 280 4 0.84 - Liontrust UK Smaller Companies I Inc 123 39 143 43 154 8 234 8 514 1 - - S&W Beech 109 53 119 58 114 112 140 95 168 94 0.84 - M&G Smaller Companies GBP I Acc 128 25 149 29 133 30 183 33 294 32 0.86 0.24 S&W Brighton Rock 105 137 115 104 131 19 162 35 218 23 1.57 - Marlborough Nano Cap Growth P Acc 142 3 179 2 173 2 277 3 - - - - S&W Daisybelle 112 12 118 77 130 23 143 86 188 57 1.16 - Marlborough Special Situations P Acc 127 29 155 19 139 22 201 23 387 14 - 0.19 S&W Endeavour II Acc 109 59 123 25 130 21 170 17 205 42 1.67 - Marlborough UK Micro Cap Growth P Acc 134 12 162 13 154 7 238 5 468 4 - 0.19 S&W Enterprise Trust 107 92 113 128 121 65 153 54 176 79 1.31 - MGTS AFH DA UK Smaller Coms I GBP Acc 126 33 145 39 127 36 - - - - - 0.55 S&W Gryphon Dover Net Inc 110 35 119 63 95 180 111 167 132 134 2.00 - MI Downing UK Micro-Cap Growth B 143 2 151 25 102 49 125 47 229 42 2.04 - S&W Gryphon East River Net Inc 106 123 116 101 113 115 144 85 163 102 1.71 - MI Sterling Select Companies Inc 137 5 141 46 123 39 186 31 340 25 0.42 0.04 S&W Gryphon Peapod Net Inc 106 117 116 98 116 90 150 65 183 64 1.74 - Ninety One UK Smaller Companies I Inc 126 31 154 21 146 12 201 21 366 20 0.85 0.48 S&W Headway 106 106 117 86 124 42 157 49 189 55 1.49 - Premier Miton UK Smaller Cos B Acc 150 1 192 1 169 4 233 9 - - - - S&W Jetwave Trust Acc 108 74 123 30 120 72 162 37 206 39 1.40 - Royal London UK Smaller Companies M 126 35 146 37 145 14 192 29 358 22 - 0.07 S&W Knotts Investment Inc 108 79 116 95 114 110 139 98 180 68 1.02 - Sarasin UK Thematic Smaller Co P Acc 119 51 120 51 109 47 133 46 156 43 0.96 - S&W Lancaster 108 73 120 51 114 108 144 79 163 104 1.96 - Schroder Instl UK Smaller Cos I Acc 133 16 167 8 143 16 214 11 383 15 0.52 0.48 S&W Langham Trust 109 64 124 20 120 68 144 80 146 122 1.92 - Schroder UK Dynamic Smaller Coms Z Acc 130 22 162 14 135 26 194 27 377 16 0.86 0.09 S&W Magnum 111 21 121 43 127 31 153 55 214 29 1.03 - Schroder UK Smaller Companies Z Acc 133 13 169 6 144 15 205 14 390 12 0.91 0.57 S&W Marathon Inc 110 42 122 32 118 83 154 53 205 41 1.31 - Scottish Widows UK Smlr Coms A 122 45 141 45 109 48 159 41 256 39 1.61 0.04 S&W MF 109 57 122 34 121 61 166 29 213 31 1.92 - TB Amati UK Smaller Companies B 128 28 149 30 142 18 236 6 411 10 1.39 0.26 S&W Millennium Inc 110 37 117 90 111 140 145 78 154 111 1.42 - TB Whitman UK Small Cap Growth B Acc GBP 124 38 ------S&W Milne 106 112 113 125 122 50 152 56 176 77 1.33 - Threadneedle UK Smaller Coms Z Inc 123 40 147 34 139 23 204 17 387 13 - - S&W Norton 106 114 116 97 121 60 147 71 180 70 1.40 - TM Stnhg Flm AIM B 132 17 165 10 163 5 300 1 449 6 0.89 0.12 S&W Skye Inc 115 3 124 17 111 139 132 120 227 17 0.63 - TM Tellworth UK Smaller Companies R Acc 136 7 159 16 ------S&W Staffordshire Portfolio 108 89 114 118 124 45 164 33 185 62 1.18 - Unicorn UK Smaller Companies A 122 43 150 28 124 38 176 34 303 30 1.86 0.09 S&W Stellar 105 139 119 55 133 15 167 24 213 32 1.05 - VT Teviot UK Smaller Companies Net Acc 135 9 178 3 154 6 - - - - - 0.41 S&W Sylvan Alder Invest 105 132 117 83 124 41 161 38 220 22 0.83 - Average/Total 129 52 153 51 136 49 198 47 350 43 1.05 0.30 S&W Sylvan Bromfield 107 95 120 50 124 46 167 23 235 13 0.95 - S&W Sylvan Global Opportunities 107 93 120 52 123 48 167 28 231 14 0.62 - (IA) UNCLASSIFIED SECTOR S&W Sylvan Hornbeam 115 4 126 12 125 36 166 30 217 24 0.69 - S&W The Rosslyn Net Inc 107 90 119 64 119 74 149 68 - - - - Abbotsford GBP Acc 106 118 113 129 121 62 155 52 208 37 1.22 - S&W Thoroughbred 108 81 119 59 118 78 151 63 198 49 1.46 - AQR Sust Delphi L/S Eq IAG1 111 24 105 172 ------0.75 - S&W Witch General Inc 108 83 124 22 129 25 167 25 212 33 1.25 - Arbor GBP Inc 107 103 115 103 125 37 162 36 186 60 1.56 - S&W Worldwide 109 63 121 42 127 29 150 66 182 66 2.03 - ASI Diversified Core Growth I Acc 104 147 112 134 107 163 131 122 - - - 1.56 Santander Atlas Income Portfolio II 103 160 108 159 107 165 122 151 165 98 2.15 2.97 Baillie Gifford UK and Worldwide Eq B 110 31 134 3 141 4 ------Santander Balanced International Trg IA 106 115 113 127 ------1.34 BlackRock Growth and Recovery A Acc 131 1 159 1 148 2 222 1 374 1 1.03 0.30 Santander Investment Income Port RI 97 198 102 185 115 105 124 145 159 109 1.01 2.67 Fidelity Diversified Growth A 103 165 110 146 109 154 128 133 154 112 1.18 - Santander Investment Portfolio RA 97 196 100 190 111 136 119 161 152 116 0.99 1.66 Fidelity Inst Lng Bd Inc 90 203 88 197 113 117 129 130 206 38 0.33 1.55 Santander Max 100% Shares Portfolio RA 109 60 122 35 133 13 191 9 252 8 1.90 - Fidelity Institutional Fds- UK Gilt Inc 95 202 94 196 110 144 119 157 159 108 0.32 1.23 Santander Max 30% Shares Income Port RI 102 174 105 173 112 133 120 155 ---- Fidelity Instl Europe ex UK Acc 108 78 124 18 141 6 186 10 253 7 0.89 0.51 Santander Max 30% Shares Portfolio RA 100 186 104 179 109 150 119 158 ---- Fidelity Instl Index Linked Bond Inc 96 201 95 195 115 104 140 93 211 35 0.33 0.10 Santander Max 50% Shares Portfolio RA 103 164 109 158 112 134 130 126 167 97 1.48 1.17 Fidelity Instl Select Emerg Mkt Acc 105 131 133 6 127 28 208 3 185 61 1.16 0.44 Santander Max 60% Shares Income RA 106 124 111 137 108 159 122 149 160 106 1.83 - Folla Inc 109 49 118 78 121 58 151 61 169 91 1.14 - Santander Max 70% Shares Portfolio RA 105 129 113 126 113 113 138 105 177 76 1.82 0.95 FP Apollo Multi Asset Adven D GBP Acc 114 6 122 33 107 164 131 121 - - 2.45 - Santander Max 70% Shares RA 108 88 115 106 115 103 139 100 178 74 1.34 1.30 FP Apollo Multi Asset Bal D GBP Acc 113 7 119 54 106 169 130 124 138 131 1.97 0.11 Santander Multi Index 1 RA 100 188 103 182 112 131 125 141 ---- FP Apollo Multi Asset Cau D GBP Acc 110 30 116 94 107 166 130 125 139 130 2.15 0.07 Santander Multi Index 2 RA 102 177 107 166 113 120 132 119 - - - 1.11 FP Frontier MAP Balanced C 107 91 112 133 97 179 108 168 111 140 1.27 2.15 Santander Multi Index 3 RA 104 148 111 139 114 107 139 99 - - - 1.20 FP Russell Invsmts Defensive Assts C Acc 99 194 102 184 109 153 112 166 116 138 0.88 - Santander Multi Index 4 RA 107 101 115 102 115 101 - - - - - 0.99 FP Russell Invsmts Real Assets C GBP Acc 108 67 117 91 106 172 118 163 125 136 1.24 1.95 Santander Sterling Bond A 97 197 101 188 112 129 120 156 153 114 1.02 - Gresham General Income 107 104 118 79 116 95 139 97 190 53 - 0.44 Schroder Instl Growth I Acc 102 172 107 162 106 171 107 170 110 141 0.47 0.54 HSBC Global Sustainable MA Advnturs CAcc 107 94 122 38 ------0.25 Schroder Managed Wealth Portfolio Z Acc 106 128 115 107 115 99 137 106 165 99 - 0.13 HSBC Global Sustainable MA Bal Ptf C Acc 104 153 114 120 ------0.60 Schroder Stlg Broad Mkt Bd I Acc 97 199 100 193 115 102 127 136 175 80 0.32 2.79 HSBC Global Sustainable MA Cau C Acc 99 191 104 181 ------Scottish Widows Adventurous Gr D Acc 111 16 121 40 107 161 145 76 179 73 1.82 - HSBC Global Sustainable MA Dyn C Acc 106 122 119 67 ------0.27 Scottish Widows Balanced Growth A 106 125 113 124 110 148 132 117 159 107 1.65 0.70 HSBC GlobalSustainable MA Cnsv Ptf C Acc 101 181 109 155 ------0.53 Scottish Widows Cautious Gr D Acc 101 182 107 164 109 155 121 153 145 125 1.77 - HSBC Monthly Income C Acc 109 45 117 92 101 176 118 162 155 110 -- Scottish Widows Corporate Bd Trkr W Acc 98 195 102 186 113 119 122 148 - - - 2.43 HSBC World Selection Advent Port Acc C 109 52 121 44 127 32 179 13 - - - 1.32 Scottish Widows Diversified 104 146 110 149 106 168 124 143 136 133 1.86 0.57 HSBC World Selection Balanced C Acc 106 127 115 112 119 73 148 70 197 50 1.22 1.30 Scottish Widows Dynamic Income A Acc 104 154 109 152 108 158 125 140 152 115 1.40 - HSBC World Selection Cautious C GBP Acc 100 185 104 178 110 143 119 160 147 120 1.18 - Scottish Widows Environmental Inv G 107 100 114 116 126 35 161 39 - - - 0.53 HSBC World Selection Conser Port Acc C 103 163 109 150 115 98 129 129 - - - 1.03 Scottish Widows Ethical G Acc 112 10 118 71 113 125 147 73 - - - 0.84 HSBC World Selection Dynamic C Acc 108 77 119 60 123 47 168 22 228 16 1.27 1.39 Scottish Widows Managed Income A Acc 102 176 106 170 110 147 121 152 144 126 1.40 0.73 HSBC World Selection Intst Inc C Acc 103 166 109 157 112 128 127 137 162 105 1.25 3.07 Scottish Widows Momentum Income A Acc 102 173 106 169 109 151 122 150 147 119 1.39 0.40 IFSL CAF Alternative Strategies A Acc 102 171 105 175 100 177 102 174 111 139 1.47 - Scottish Widows Progressive Gr D Acc 109 65 119 69 109 149 141 91 173 83 1.77 - Insight Inv UK Broad Mkt Bd Gross P 96 200 98 194 112 132 123 147 168 93 0.37 1.35 Scottish Widows Stockmarket Gr A 110 33 119 70 108 156 143 87 179 72 1.67 0.65 Insight UK Govt Long Mat Bd P2 90 204 87 198 111 142 127 138 200 46 0.38 0.50 Scottish Widows Strategic Growth A 109 56 118 73 111 138 145 77 181 67 1.63 0.83 Janus Henderson Diversified Gr A Acc 104 155 112 131 116 92 132 118 146 123 1.72 0.29 Sentinel Defensive B Acc 102 178 105 176 104 173 107 169 128 135 -- LF Aegon Multi-Asset 1 A Acc 99 192 100 191 ------Smith & Williamson Eagle 109 54 123 28 125 39 163 34 202 45 2.17 - LF Aegon Multi-Asset 2 A Acc 101 183 104 180 ------Smith & Williamson Forest 109 50 128 8 145 3 201 5 274 6 1.70 0.97 LF Aegon Multi-Asset 3 A Acc 103 157 108 160 ------1.06 Smith & Williamson Orchard 108 71 120 46 121 59 167 26 225 18 2.20 - LF Aegon Multi-Asset 4 A Acc 106 110 114 122 ------1.23 Smith & Williamson Plain Andrews UT GBP 107 102 120 53 117 88 138 104 142 128 1.47 - LF Aegon Multi-Asset 5 A Acc 109 51 118 74 ------1.45 SPW Adventurous Portfolio Q GBP Acc 111 17 ------LF Broden 107 97 115 109 127 33 168 19 211 34 1.29 0.58 SPW Asset Allocator A Acc 108 66 117 80 107 162 119 159 121 137 2.06 - LF Buxton Acc 110 40 115 115 120 69 136 110 187 58 0.64 - SPW Balanced Portfolio Q GBP Acc 106 113 ------LF Circus 105 134 110 143 124 43 161 40 190 54 1.26 - SPW Cautious Portfolio Q GBP Acc 102 169 ------LF Crystal Fund 105 136 108 161 124 44 140 96 180 71 1.11 0.45 SPW Discovery Portfolio Q GBP Acc 104 149 ------LF Dartmoor Fund 111 20 117 84 123 49 143 88 178 75 1.48 - SPW Dynamic Portfolio Q GBP Acc 110 28 ------LF Davids 105 141 112 130 117 84 138 103 176 78 1.35 - SPW IPS Growth P Net Inc 111 18 124 16 122 52 160 41 213 30 1.00 - LF Drygate 105 138 113 123 108 160 125 142 173 84 1.43 1.03 SPW Progressive Portfolio Q GBP Acc 110 44 ------LF Greenmount Inc 107 99 123 31 133 16 183 11 215 27 1.61 1.35 SVS Capital Balanced Scheme Acc 108 85 121 39 129 24 165 32 - - - - LF Gulland 102 170 110 145 119 75 149 69 217 25 1.29 0.39 The Alkerton Trust Income I/A 108 70 119 62 111 141 137 108 173 82 1.28 - LF Handelsbanken Balanced MA I Acc 108 84 120 48 118 82 141 90 172 86 1.22 0.86 The Aurinko Acc 109 62 119 57 122 53 151 64 200 47 1.44 - LF Handelsbanken Balanced Sust MA I Acc 106 119 117 82 ------The Beagle Inc 108 86 133 5 149 1 219 2 238 11 2.47 - LF Handelsbanken Cautious MA I Acc 104 150 111 140 110 145 124 146 149 118 1.23 0.87 The Cranmer Investment 112 9 122 37 121 57 144 84 169 90 2.34 - LF Handelsbanken Cautious Sust MA I Acc 103 158 110 148 ------0.29 The Jay 107 105 120 45 133 12 155 51 206 40 1.08 - LF Handelsbanken Defensive MA I Acc 103 168 107 165 107 167 114 165 - - 1.29 - The Kingfisher Fund Acc 100 190 100 192 100 178 100 175 ---- LF Handelsbanken Defensive Sust MA I Acc 102 180 106 171 ------The Mishka Fund 106 120 111 136 113 114 134 114 142 127 1.68 0.36 LF Handelsbanken Growth MA I Acc 110 34 127 11 127 30 160 42 204 43 1.39 0.52 The Monoux 103 161 110 147 115 96 152 57 241 10 1.39 - LF Handelsbanken Growth Sust MA I Acc 108 75 123 26 ------0.37 The New Floco Inc 108 80 124 23 140 7 181 12 296 3 1.21 0.01 LF Handelsbanken Income MA I Inc 105 140 111 142 109 152 121 154 146 124 1.27 3.77 The New Jaguar Inc 107 98 115 113 128 27 166 31 277 5 1.35 0.49 LF Handelsbanken Income Plus MA I Inc 109 55 118 72 113 116 134 115 171 88 1.26 3.95 The Pendennis Acc 106 126 117 93 130 22 168 21 224 20 1.29 0.64 LF Holly Fund 118 2 140 2 113 124 144 83 77 142 1.20 0.86 The Sardasca 104 142 111 138 113 122 130 127 137 132 1.27 - LF KH Feelgood Trust £ Inc 104 151 110 144 113 118 135 112 167 96 1.12 0.01 The Windrush Inc 111 23 117 89 122 54 144 81 180 69 1.53 - LF Lorimer Trust 111 19 128 10 122 55 160 43 224 19 0.81 - Threadneedle Mng Bd Z Grs GBP Acc 99 193 103 183 114 111 129 128 154 113 - 0.85 LF Mermaid 109 47 115 114 116 93 129 131 171 89 1.33 - Threadneedle Mng Eq Inc Z Grs GBP Inc 110 39 119 61 112 127 134 113 192 52 - -

054-078_WI_0721.indd 68 17/06/2021 11:55 Unit trusts | 16 What Investment | July 2021 69

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % Threadneedle Mthly Etr Inc Z Inc GBP 109 58 117 85 112 135 137 107 216 26 - 2.71 ASI MyFolio Market IV P1 Acc 107 45 117 51 117 39 152 19 207 9 - 2.46 TM Opus Inc 104 145 115 111 118 80 152 58 - - - 0.28 ASI MyFolio Market V P1 Acc 109 17 121 21 123 14 167 6 230 2 - 2.27 Trojan Ethical Income Fund O Acc 105 130 107 163 118 79 136 109 - - - 2.02 ASI MyFolio Mlt-Mgr I P1 Acc 103 107 109 112 110 99 119 96 146 55 - - Unity A GBP Acc 108 76 120 49 131 20 177 15 - - - 0.79 ASI MyFolio Monthly Inc II P1 Acc 104 100 111 100 109 108 120 94 - - - 2.51 Volare Defensive A GBP Acc 102 175 105 174 ------ASI MyFolio Monthly Inc III P1 Acc 105 76 113 79 108 109 125 88 - - - 2.90 VT Active Portfolio Overlay C Acc 110 32 121 41 119 76 157 50 - - 0.92 - ASI MyFolio Monthly Inc IV P1 Acc 108 34 119 39 112 88 131 72 - - - 2.99 VT Aggressive Portfolio Overlay C Acc 112 8 125 15 120 67 168 20 - - - - ASI MyFolio Multi-Manager II P1 Acc 106 74 112 84 111 93 126 84 164 46 - - VT Balanced Portfolio Overlay C Acc 108 82 117 88 117 85 147 72 - - - - ASI MyFolio Multi-Manager III P1 Acc 108 38 116 53 112 89 132 67 178 33 - - VT Cautious Portfolio Overlay C Acc 106 121 114 121 117 89 139 101 ---- ASI MyFolio Multi-Manager IV P1 Acc 110 11 120 26 114 78 141 47 196 17 - - VT Defensive Portfolio Overlay C Acc 103 162 109 156 114 109 127 134 ---- ASI MyFolio Multi-Manager V P1 Acc 112 3 124 5 116 46 150 25 211 7 - - WS Verbatim Portfolio 3 B Acc 103 167 107 168 110 146 127 135 164 101 1.32 1.00 ASI MyFolio Sustainable I Plfm P Fixed 100 143 ------WS Verbatim Portfolio 4 B Acc 104 144 111 141 113 123 134 116 172 85 1.33 - ASI MyFolio Sustainable II Plfm P Fixed 101 129 ------WS Verbatim Portfolio 5 Growth B Acc 106 111 115 105 115 106 140 92 184 63 1.33 1.25 ASI MyFolio Sustainable III Plfm P Fixed 104 104 ------WS Verbatim Portfolio 5 Income B Inc 105 133 117 81 120 71 140 94 188 56 1.22 2.67 ASI MyFolio Sustainable IV Plfm P Fixed 105 79 ------WS Verbatim Portfolio 6 B Acc 108 72 119 68 117 87 149 67 182 65 1.35 1.06 ASI MyFolio Sustainable V Plfm P Fixed 108 43 ------WS Verbatim Portfolio 7 B Acc 109 46 122 36 118 77 159 44 195 51 1.34 - Aviva Investors Mlt-Asst Pl I 2 GBP Acc 100 144 103 138 109 105 116 99 - - - - Average/Total 106 204 115 198 118 181 145 175 185 142 1.31 1.12 Aviva Investors Mlt-Asst Pl II 2 GBP Acc 103 109 110 107 116 50 132 70 177 36 - 1.04 Aviva Investors Mlt-Asst Pl III 2 GBPAcc 105 85 113 81 119 28 144 38 - - - 1.25 (IA) USD CORPORATE BOND Aviva Investors Mlt-Asst Pl IV 2 GBP Acc 107 49 117 48 122 16 153 16 217 4 - - Amundi Index US Corp SRI ETFDRAcc 91 15 90 12 114 9 ------Aviva Investors Mlt-Asst Pl V 2 GBP Acc 109 21 121 24 124 9 167 7 226 3 - 1.13 Capital Group US CorpBd (LUX) Z 91 21 88 20 116 6 132 3 - - 0.60 - BlackRock Volatility Strategy I C Acc 105 87 111 92 114 74 140 48 - - - - Franklin Liberty USD Invmt Grd CorpBdETF 91 19 89 14 ------0.35 2.37 BlackRock Volatility Strategy II C Acc 107 57 115 69 114 68 145 35 - - - - iShares $ Corp Bond ESG ETF USD Inc 91 14 89 16 ------0.15 - BlackRock Volatility Strategy III C Acc 109 24 118 40 115 55 152 20 - - - 1.17 iShares $ Corp Bond ETF USD Dist 91 18 90 10 117 3 132 4 186 1 0.20 - BlackRock Volatility Strategy IV C Acc 111 6 122 16 117 45 158 13 - - - - iShares $ CorpBd 0-3y ESG UCITS ETF$Dist 94 4 88 19 ------0.15 - BMO MM Lifestyle 3 B Inc 103 116 107 121 111 96 124 89 - - - 1.32 iShares $ Development Bank Bds ETF (Acc) 93 7 87 21 ------0.15 - BMO MM Lifestyle 4 B Inc 106 72 113 78 114 69 134 62 178 34 1.19 - iShares $ Floating Rate Bd ETF USD Dist 94 3 89 18 99 14 - - - - 0.10 - BMO MM Lifestyle 5 B Inc 108 33 119 38 117 43 144 39 191 24 1.19 - iShares $ Intermdt Crdt Bd ETF USD Dist 93 6 90 11 109 12 - - - - 0.15 - BMO MM Lifestyle 6 B Inc 110 14 123 13 116 49 150 24 199 13 1.19 - iShares $ Short Dur Corp Bd ETF USD Dist 94 2 89 15 105 13 117 7 - - 0.20 1.91 BMO MM Lifestyle 7 B Inc 112 4 127 2 115 57 157 15 200 12 1.19 - JPM USD Corporate Bd Rsh Enh ETF USD Acc 91 17 89 17 ------0.19 - BMO Sustainable Universal MAP Bal C Acc 104 94 114 71 ------0.99 MFS Meridian US Corporate Bond W1 USD 91 16 90 7 115 7 130 5 - - 0.64 - BMO Sustainable Universal MAP Cau C Acc 102 120 110 103 ------0.99 PGIM US Corporate Bond USD I Acc 92 10 92 2 116 5 134 1 - - - - BMO Sustainable Universal MAP Gr C Acc 106 69 117 47 ------1.02 PIMCO GIS US IG Corp Bd Instl USD Acc 92 9 91 3 114 8 - - - - 0.38 - BMO Universal MAP Adventurous C Acc 112 2 122 15 ------Vanguard U.S. Invm Grd Crdt Idx USD Acc 92 11 90 5 112 10 128 6 179 2 0.25 - BMO Universal MAP Balanced C Acc 107 60 116 58 126 7 ------Vanguard USD Corp Bd ETF USD Acc 92 12 91 4 ------BMO Universal MAP Cautious C Acc 104 95 111 95 121 17 ------Vanguard USD Corp1-3yrBd ETFUSDAcc 94 1 89 13 ------BMO Universal MAP Defensive C Acc 100 138 105 131 ------Wells Fargo(Lux)WF $ IG Crdt I USD Acc 92 13 90 6 117 4 - - - - 0.44 - BMO Universal MAP Growth C Acc 109 23 119 33 128 4 ------Xtrackers iBoxx $ CorpoRt Bd Yld PlETF1D 94 5 95 1 119 1 - - - - 0.25 7.91 BMO Universal MAP Income C Acc 107 54 114 75 ------Xtrackers II $ Asia ex Jpn CorpBd ETF 1D 93 8 90 8 111 11 - - - - 0.30 6.39 GAM Star Defensive Instl GBP Acc 101 136 107 124 110 101 118 97 - - 1.41 - Xtrackers USD Corporate Bond ETF 1D 91 20 90 9 117 2 133 2 - - 0.12 7.50 GAM Star Dynamic Growth Instl GBP Acc 100 139 112 83 120 23 141 44 - - 1.66 - Average/Total 92 21 90 21 113 14 129 7 182 2 0.27 5.22 GAM Star Global Bal Instl GBP Acc 101 134 111 101 116 51 129 78 - - 1.30 - GAM Star Global Cautious Instl GBP Acc 101 130 110 106 114 70 125 86 - - 1.28 - (IA) USD GOVERNMENT BOND GAM Star Global Growth Instl GBP Acc 101 132 112 91 118 30 134 61 - - 1.84 - HSBC Global Strategy Adventurous AC 108 31 121 19 131 1 ------iShares $ TIPS 0-5 ETF USD Dist 97 1 93 3 106 11 - - - - 0.10 1.66 HSBC Global Strategy Balanced C Acc 104 92 114 72 125 8 160 10 - - 0.82 0.99 iShares $ TIPS ETF USD Acc 96 2 93 2 113 4 127 1 161 3 0.25 - HSBC Global Strategy Cautious C Acc 99 146 104 133 114 75 128 81 - - 0.72 - iShares $ Treasury Bd 1-3y ETF USD Acc B 94 7 87 6 101 13 111 11 128 11 0.07 - HSBC Global Strategy Cnsv Port AC 102 123 109 113 119 26 - - - - - 0.94 iShares $ Treasury Bd 1-3y ETF USD Dist 94 5 87 4 101 12 111 10 129 9 0.07 1.11 HSBC Global Strategy Dynamic C Acc 107 53 119 31 130 3 178 2 - - 0.94 1.27 iShares $ Treasury Bd 20+y ETF USD Dist 82 19 75 19 113 2 121 2 - - 0.07 1.99 Invesco Balanced Risk 10 UK Z Acc 113 1 132 1 124 13 149 26 - - - - iShares $ Treasury Bd 7-10y ETF USD Acc 90 17 82 17 110 6 116 5 163 2 0.07 - Invesco Balanced Risk 8 UK Z Acc 111 7 125 3 120 25 139 51 - - - - iShares $ Treasury Bd 7-10yr ETFUSD Dist 90 16 82 16 110 5 116 6 161 4 0.07 1.25 Invesco Summit Growth 1 UK Z Acc 100 142 105 128 ------iShares $ Treasury Bond ETF USD Dist 91 12 84 12 ------0.07 1.07 Invesco Summit Growth 2 UK Z Acc 103 114 111 96 ------1.27 JPM BetaBuilders US Treasury BdETFUSDAcc 90 14 83 14 ------0.10 - Invesco Summit Growth 3 UK Z Acc 105 81 115 59 ------1.27 JPM BetaBuilders US TrsBd1-3 yrETFUSDAcc 94 4 87 5 ------0.10 - Invesco Summit Growth 4 UK Z Acc 107 51 119 34 ------1.33 Lyxor Core US TIPS (DR) ETF D $ 96 3 93 1 113 3 - - - - 0.09 0.60 Invesco Summit Growth 5 UK Z Acc 109 26 123 10 ------Lyxor US Treasury 1-3Y DR ETF D 94 6 87 8 101 14 111 13 129 10 0.07 1.59 Janus Henderson Core 3 Income I Inc 103 117 108 115 111 90 123 91 - - - - Lyxor US Treasury 10+Y DR ETF D 82 18 75 18 113 1 120 3 202 1 0.07 2.51 Janus Henderson Core 4 Income I Inc 105 86 112 85 113 82 128 80 - - - 3.34 Lyxor US Treasury 3-7Y DR ETF 93 9 86 9 110 8 117 4 154 5 0.07 1.78 Janus Henderson Core 5 Income I Inc 106 61 115 60 115 63 134 63 - - - 3.37 Lyxor US Treasury 7-10Y DR ETF D 90 15 82 15 110 7 116 7 - - 0.07 2.14 Janus Henderson Core 6 Inc&Gr I Inc 108 36 119 37 119 29 145 37 - - - 3.68 Vanguard U.S. Govt Bd Idx $ Acc 91 10 84 10 106 10 115 9 148 7 0.20 - L&G Multi-Index 3 I Acc 102 121 107 120 115 59 128 82 - - - - Vanguard USD Trs Bd ETF USD Acc 91 11 84 11 ------L&G Multi-Index 4 I Acc 104 96 111 93 118 34 136 57 - - - 1.61 Xtrackers II US Treasuries 1-3 ETF 1D 94 8 87 7 101 15 111 12 129 8 0.15 4.29 L&G Multi-Index 5 I Acc 106 68 115 61 121 20 147 32 - - - - Xtrackers II US Treasuries ETF 1D 90 13 83 13 106 9 115 8 150 6 0.07 3.24 L&G Multi-Index 6 I Acc 108 32 120 27 124 11 158 12 - - - 1.60 Average/Total 91 19 85 19 108 15 116 13 150 11 0.10 1.94 L&G Multi-Index 7 I Acc 110 12 125 4 127 5 170 5 - - - - (IA) USD HIGH-YIELD BOND L&G Multi-Index Income 4 I Acc 104 98 110 102 115 56 132 68 - - - 2.77 L&G Multi-Index Income 5 I Acc 106 62 115 62 117 44 139 49 - - - - AQR Sysmc Fxd Inc US HY UCITS C1 GBP 104 1 113 1 111 14 - - - - 0.62 - L&G Multi-Index Income 6 I Acc 109 22 119 36 117 40 148 30 - - - 2.56 AXAWF US Dynamic HY Bds F Cap USD 100 5 106 4 123 1 - - - - 0.93 - LF Prudential Risk Managed Actv 1 P Acc 102 119 109 110 114 76 129 79 161 48 - 1.17 AXAWF US High Yield Bonds F Cap USD 97 17 97 18 112 10 142 4 203 4 0.83 - LF Prudential Risk Managed Actv 2 P Acc 104 103 112 89 113 81 131 74 166 45 - 1.06 Barings US High Yield Bond I USD Acc 100 6 102 6 111 15 - - - - 0.75 - LF Prudential Risk Managed Actv 3 P Acc 106 71 115 68 115 67 137 56 175 38 - - Capital Group US High Yld (LUX) Z 98 9 100 10 112 11 - - - - 0.80 - LF Prudential Risk Managed Actv 4 P Acc 107 48 118 44 115 61 142 42 184 28 - 1.22 Eaton Vance Intl(IRL) US HY Bd I Acc $ 98 8 99 12 113 9 139 6 - - 0.75 - LF Prudential Risk Managed Actv 5 P Acc 109 25 120 28 114 73 147 33 192 23 - - iShares $ High Yld Corp Bd ETF USD Dist 97 16 98 16 111 12 137 8 - - 0.50 4.60 LF Prudential Risk Managed Pasv 1 P Acc 101 131 107 122 113 80 131 71 161 47 - - iShares $ HY Corp Bd ESG ETF USD Acc 97 19 98 14 ------0.50 - LF Prudential Risk Managed Pasv 2 P Acc 102 126 110 108 115 64 135 59 - - - - iShares $ Short Dur HY CorpBd ETF $ Dist 97 14 97 19 108 18 131 10 - - 0.45 - LF Prudential Risk Managed Pasv 3 P Acc 103 106 112 88 116 47 141 44 177 35 - 1.31 Janus Henderson High Yield I1m USD 98 10 101 7 115 4 140 5 186 5 0.76 - LF Prudential Risk Managed Pasv 4 P Acc 105 84 115 67 118 32 147 31 - - - 1.39 Muzinich Americayield HGBP Acc A 103 2 111 2 115 5 123 11 154 6 1.11 - LF Prudential Risk Managed Pasv 5 P Acc 107 55 118 42 120 21 153 18 - - - 1.47 Muzinich ShortDurationHY HGBP Inc H 102 3 108 3 108 17 112 12 - - 0.71 5.00 Liontrust MA Active Reserve S Acc 100 145 100 139 107 110 114 100 136 57 - 2.15 Nomura Fds US High Yield Bond I USD 101 4 106 5 114 7 147 2 233 1 0.59 - Liontrust MA Blended Growth S Acc 110 10 121 18 121 18 164 8 204 10 - - OYSTER US High Yield R USD 99 7 100 11 109 16 138 7 - - 1.36 - Liontrust MA Blended Interm S Acc 106 73 112 87 116 52 143 40 183 29 - - PGIM Broad Mkt US HY Bd USD I Acc 98 11 100 9 118 2 149 1 207 3 - - Liontrust MA Blended Moderate S Acc 103 112 108 119 113 83 135 60 172 41 - 1.09 PGIM US BB-B HHY Bd USD I Acc 98 12 99 13 115 3 ------Liontrust MA Blended Prgrv S Acc 108 42 116 57 117 38 153 17 196 18 - 1.19 Pictet-US High Yield I dm GBP 98 13 100 8 111 13 135 9 - - 0.82 5.94 Liontrust MA Blended Reserve S Acc 101 135 103 136 109 103 125 85 151 52 - - PIMCO GIS US Hi Yld Bd Instl USD Acc 97 15 98 15 113 8 142 3 209 2 0.55 - Liontrust MA Passive Dynamic S Acc 109 28 122 14 126 6 179 1 199 14 - 1.42 Xtrackers USD High Yield Corp Bd ETF 1D 97 18 97 17 114 6 - - - - 0.20 11.26 Liontrust MA Passive Growth S Acc 108 37 119 35 122 15 170 4 212 6 - 1.52 Average/Total 99 19 102 19 113 18 136 12 199 6 0.72 6.70 Liontrust MA Passive Interm S Acc 103 110 110 105 117 42 146 34 189 27 - 1.48 Liontrust MA Passive Moderate S Acc 102 128 106 126 115 58 139 49 179 32 - 1.31 (IA) USD MIXED BOND Liontrust MA Passive Prog S Acc 105 78 114 76 119 27 157 14 201 11 - 1.43 GS US Fixed Income R Acc USD 92 15 88 13 110 7 122 8 161 4 0.70 - Liontrust MA Passive Prudent S Acc 102 127 104 132 111 95 127 83 - - - 0.59 iShares US Aggregate Bond ETF USD Dist 92 14 86 14 108 9 118 10 - - 0.25 1.81 Liontrust MA Passive Reserve S Acc 100 141 103 137 114 71 134 64 170 43 - - Janus Henderson Flexible Inc I1m USD 92 11 89 10 111 5 122 7 159 7 0.64 1.95 MyMap 3 D GBP Acc 100 140 104 134 ------Janus Henderson US Sh-Trm Bd I1m USD 95 6 90 7 103 15 114 13 135 11 0.61 1.37 MyMap 4 D GBP Acc 103 113 110 104 ------Loomis Sayles Multisector Inc R/D GBP 95 5 96 4 106 11 127 3 161 5 1.37 - MyMap 5 D GBP Acc 105 82 115 63 ------Lord Abbett Multi Sector Inc I USD Acc 97 2 100 2 116 1 148 1 200 1 0.70 - MyMap 6 D GBP Acc 107 44 121 23 ------0.92 Lord Abbett Short Dur Inc I USD Acc 95 4 92 5 103 14 118 11 148 8 0.55 - Nordea 1 - Alpha 10 MA HBC GBP 103 111 104 135 ------1.36 - MFS Meridian Limited Maturity W1 USD 94 7 90 8 103 13 115 12 138 10 0.64 - Nordea 1 - Alpha 15 MA HBC GBP 105 89 106 127 ------1.57 - MFS Meridian US Government Bond W1 USD 92 13 85 15 105 12 114 14 145 9 0.65 - Premier Miton Liberation No. IV C acc 106 67 114 73 109 104 132 69 176 37 1.41 - MFS Meridian US Total Return Bd W1 USD 92 9 90 9 110 6 123 6 165 2 0.62 - Premier Miton Liberation No. V C acc 108 35 117 46 111 97 139 52 190 25 1.34 - Neuberger Berman Strat Inc I USD Acc 97 3 97 3 112 2 131 2 - - 0.67 - Premier Miton Liberation No. VI C acc 110 13 121 25 110 98 145 36 197 16 1.66 - OYSTER US Core Plus R USD 94 8 91 6 108 10 120 9 - - 1.02 - Premier Miton Liberation No. VII C acc 111 5 124 6 111 94 152 21 194 20 1.86 - PIMCO GIS Ttl Ret Bd Instl USD Acc 92 10 89 11 110 8 124 4 162 3 0.50 - Quilter Inv Cirilium Advnturs Blend U1 £ 109 18 123 12 ------0.66 T. Rowe Price US Aggr Bd Qn GBP 98 1 102 1 111 4 110 15 - - 0.57 - Quilter Inv Cirilium Balanced Blend U1 £ 104 101 111 97 ------0.94 Threadneedle Dollar Bond Z Inc GBP 92 12 88 12 111 3 124 5 160 6 - 2.17 Quilter Inv Cirilium Cnsrv Blend U1 £ 101 133 105 129 ------1.03 Average/Total 94 15 91 15 109 15 122 15 158 11 0.68 1.82 Quilter Inv Cirilium Dynamic Blend U1£ 109 29 121 22 ------0.85 Quilter Inv Cirilium Moderate Blend U1 £ 106 64 116 55 ------(IA) VOLATILITY MANAGED Quilter Investors Mly Inc & Gr U1 GBPAcc 107 47 117 50 ------2.76 Allianz RiskMaster Cnsrv Mlt Asst C Acc 104 93 112 86 115 65 136 58 - - 0.99 - Quilter Investors Monthly Inc U1 GBP Acc 105 80 114 77 ------Allianz RiskMaster Growth Mlt Asst C Acc 109 19 122 17 117 37 152 22 - - 0.99 1.05 Rathbone Multi Asset Enhanced Gr S Acc 109 20 124 8 130 2 176 3 - - - 0.93 Allianz RiskMaster Mod Mlt Asst C Acc 107 59 117 52 116 53 143 41 - - 0.98 - Rathbone Multi Asset Strategic Gr S Inc 106 70 115 65 121 19 148 28 193 22 - 1.21 AQR Global Risk Parity UCITS C1 GBP Acc 107 52 117 45 118 36 134 65 - - 0.50 - Rathbone Multi Asset Total Return S Inc 104 102 108 114 115 60 125 87 154 51 - 1.13 ASI MyFolio Index I Inst B Fixed Acc 102 125 107 125 ------1.29 Rathbone Multi-Asset Defensive Gr S Acc 105 90 ------ASI MyFolio Index II Inst B Fixed Acc 104 99 111 99 ------Rathbone Multi-Asset Dynamic Gr S Acc 107 46 ------ASI MyFolio Index III Inst B Fixed Acc 106 65 115 70 ------1.05 Rathbone Strategic Income Portfolio Acc 105 77 113 82 114 79 133 66 - - - - ASI MyFolio Index IV Inst B Fixed Acc 108 41 118 43 ------1.11 Santander Atlas Portfolio 3 I Acc 101 137 105 130 109 107 120 95 151 54 - - ASI MyFolio Index V Inst B Fixed Acc 109 16 121 20 ------1.15 Santander Atlas Portfolio 4 I Acc 103 118 109 111 112 87 130 77 167 44 - 1.15 ASI MyFolio Managed I P1 Acc 102 122 108 117 109 106 118 98 146 56 - - Santander Atlas Portfolio 5 IA 105 83 114 74 112 84 138 54 173 40 - - ASI MyFolio Managed II P1 Acc 104 97 111 94 110 102 123 90 161 49 - 1.55 Santander Atlas Portfolio 6 IA 107 50 117 49 116 54 148 27 181 30 - 1.01 ASI MyFolio Managed III P1 Acc 107 58 116 56 112 85 131 73 179 31 - 1.58 Santander Atlas Portfolio 7 IA 108 40 119 32 118 35 160 11 197 15 - 1.28 ASI MyFolio Managed IV P1 Acc 109 27 120 29 114 72 138 53 195 19 - 1.48 SVS Cornelian Cautious D Acc 104 91 112 90 115 62 131 76 171 42 1.24 1.47 ASI MyFolio Managed V P1 Acc 111 8 124 7 118 33 148 29 215 5 - 1.08 SVS Cornelian Cautious RMP G GBP Acc 105 88 111 98 114 77 - - - - - 1.37 ASI MyFolio Market I P1 Acc 102 124 107 123 111 92 122 92 155 50 - - SVS Cornelian Defensive D Acc 103 115 108 116 111 91 121 93 151 53 1.61 1.48 ASI MyFolio Market II P1 Acc 103 105 109 109 112 86 131 75 173 39 - 2.36 SVS Cornelian Defensive RMP G GBP Acc 103 108 108 118 110 100 - - - - - 1.27 ASI MyFolio Market III P1 Acc 106 75 113 80 115 66 141 46 189 26 - 2.54 SVS Cornelian Growth D Acc 108 39 120 30 120 22 150 23 208 8 1.21 0.94 SVS Cornelian Growth RMP G GBP Acc 108 30 118 41 120 24 - - - - - 1.40

054-078_WI_0721.indd 69 17/06/2021 11:55 70 Unit trusts | 17 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield Fund 6 months 1Year 3 Years 5Years 10 Years TER Yield £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEAR Rnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD FUND V6al MONTHS Rnk Val 1 YEARRnk Val 3 YEARS Rnk V 5al YEARS Rnk V 10al YEARSRnk TER YIELD £ £ £ £ £ % % £ £ £ £ £ % % SVS Cornelian Managed Growth D Acc 106 66 115 64 118 31 142 43 194 21 1.31 - BMO Multi-Sector Higher Income Bd C Inc 102 32 109 34 117 12 130 12 163 9 - 3.33 SVS Cornelian Managed Gwth RMP G GBP Acc 107 56 115 66 117 41 - - - - - 1.43 BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 103 25 109 35 107 32 - - - - 0.62 - SVS Cornelian Managed Income D GBP Acc 106 63 116 54 116 48 137 55 - - - 2.84 BNY Mellon Global High Yield Bd Int WAcc 102 35 110 31 117 10 131 8 152 18 - 4.57 SVS Cornelian Progressive D Acc 110 15 123 9 124 12 161 9 231 1 1.36 0.78 Federated Hermes Glb HY Crdt F GBP Acc H 103 28 114 15 116 13 130 11 - - 0.82 - SVS Cornelian Progressive RMP G GBP Acc 110 9 123 11 124 10 ------Federated Hermes SDG Enggmt HYCrdtF£AccH 102 34 113 18 ------Average/Total 106 146 114 139 116 110 141 100 184 57 1.26 1.52 Fidelity Global High Yield W Acc 104 12 115 13 113 25 132 7 - - 0.87 4.87 GlobalAccess Global Hi Yld Bd M Dis GBPH 106 6 117 7 114 20 127 19 158 16 - 4.67 (IA) £ CORPORATE BOND GS ESG Enh Eurp HY Bd R Inc GBP Hdg 104 14 116 10 118 3 131 9 - - 0.85 3.55 Aegon Ethical Corporate Bond GBP B Acc 99 37 104 43 114 47 123 55 164 45 0.58 - Invesco High Yield UK Z Acc 107 4 120 5 117 7 134 3 189 1 - 3.87 Aegon Investment Grade Bond GBP B Acc 99 35 106 12 114 40 126 38 175 17 0.81 - JPM Global High Yield Bond C Grs Acc 105 7 115 14 118 5 133 4 161 13 0.73 4.36 Aegon Sterling Corporate Bond GBP B Acc 99 61 105 32 115 28 125 42 167 34 0.58 2.03 L&G High Income I Acc 106 5 117 9 117 8 136 2 159 15 0.42 5.11 Artemis Corporate Bond I Acc GBP 100 24 109 2 ------2.16 Liontrust GF High Yield Bond C5 Acc GBP 103 22 113 20 ------ASI (AAM) Sterling Short Dtd Corp I Inc 101 7 105 33 108 84 - - - - - 2.01 Lord Abbett High Yield I GBP Hdg Acc 105 11 117 6 118 6 - - - - 0.71 - ASI (SLI) Corporate Bond P1 Acc 99 40 105 15 117 18 129 22 175 18 - 3.12 M&G Global Fltng Rt Hi Yld GBP I-H Acc 105 8 117 8 108 31 117 26 - - 0.83 - ASI AAA Bond P1 Acc 98 80 98 101 106 92 111 85 138 65 - 1.32 M&G Global Hi Yld ESG Bd GBP I-H Acc 102 33 111 28 ------3.60 ASI Corporate Bond I Acc 99 41 105 25 117 22 128 24 172 23 - 2.35 M&G Global High Yield Bond GBP I Acc 103 21 112 24 114 24 128 17 161 12 0.81 - ASI Ethical Corporate Bond P1 Acc 99 65 104 50 114 42 124 47 164 44 - - Man GLG High Yld Opports Profl Acc C 110 1 134 1 ------6.54 ASI Investment Grade Corp Bnd P1 Acc 98 73 104 51 115 36 125 43 161 47 - - Marlborough High Yield Fixed Int P Inc 105 10 116 11 114 19 128 15 162 10 - 4.38 ASI Short Dated Corp Bd P1 Acc 100 20 103 70 106 94 - - - - - 1.18 Neuberger Berman Glb HY Bd USD I Acc 98 37 101 37 114 23 - - - - 0.80 - ASI Short Dated Stlg Corp Bd Trkr B Acc 100 22 102 80 ------Neuberger Berman HY Bd GBP Instl Acc 104 16 114 17 114 21 125 22 156 17 0.78 - ASI Short Duration Credit P1 Acc 101 3 108 4 111 77 119 74 145 62 - - Neuberger Berman Shrt Dur HY Bd £InsAccH 103 23 110 32 110 29 115 27 - - 0.80 - ASI Sterling Corp Bond Tracker B Acc 98 76 102 87 ------1.15 Ninety One Monthly High Income I Acc £ 103 24 113 23 114 22 125 21 152 19 0.75 - Aviva Investors Corporate Bd 2 GBP Inc 98 89 102 89 112 73 120 72 160 50 0.72 1.97 Royal London Global High Yield Bd M£Inc 104 19 114 16 118 4 127 20 - - - - Aviva Investors Mthly Inc Pls 2 GBP Acc 98 72 103 66 115 29 124 49 161 49 - 2.16 Royal London Shrt Dur Glbl HY Bd M£Inc 102 36 105 36 106 33 110 29 - - - - AXA Sterling Buy & Mntn Crdt Z GBP Acc 98 85 102 88 113 67 123 61 - - - 2.10 Schroder High Yld Opportunities Z Acc 108 3 125 2 120 2 140 1 177 2 0.82 5.29 AXA Sterling Corporate Bond Z Gross Acc 99 49 104 57 113 68 127 31 165 42 0.56 2.48 Scottish Widows High Income Bd Acc 103 29 113 19 112 28 122 24 140 20 1.63 3.75 AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 101 12 104 56 106 93 109 87 122 69 0.38 1.36 Threadneedle HY Bd Z Inc GBP 103 30 111 30 116 15 129 13 164 6 - 3.67 Baillie Gifford Investment Grd Bd B Inc 99 60 103 67 114 53 126 37 170 25 0.30 2.82 Wells Fargo (Lux) WF-US ST HY Bd I GBP H 103 20 110 33 113 26 115 28 - - 0.75 3.68 Baillie Gifford Invm Grd Lng Bd B Inc 96 101 102 86 121 6 136 8 205 4 0.27 3.01 Average/Total 104 37 114 37 115 33 127 29 161 21 0.79 4.31 Barclays Sterling Corporate Bd R Acc GBP 98 69 102 84 112 74 122 66 161 48 - 2.77 BlackRock Corporate Bond 1-10 Year D Acc 100 29 105 27 112 71 121 70 155 59 0.17 - (IA) £ STRATEGIC BOND BlackRock Corporate Bond D Acc 99 46 105 28 115 35 128 26 175 21 0.58 - Aegon Strategic Bond GBP B Acc 102 30 115 5 127 3 138 5 163 20 - - BMO Corporate Bond C Inc 99 39 105 17 114 55 124 48 166 37 - 2.60 Allianz Strategic Bond C Inc 97 86 102 77 145 1 148 1 197 1 0.91 4.03 BMO Long Dtd Sterling Corp Bd 3 Acc 95 102 100 98 121 4 139 3 - - - 2.52 Artemis High Income I Inc 106 3 115 7 113 51 130 17 187 3 0.71 - BMO Responsible Sterling Corp Bd C Inc 98 91 102 95 112 70 121 69 158 54 - 1.73 Artemis Strategic Bond I Quarterly Acc 100 58 106 60 113 52 127 28 161 23 0.58 - BMO Sterling Corporate Bond 3 Acc 98 75 103 68 114 41 126 35 - - - 2.04 ASI (SLI) Strategic Bond P1 Acc 102 38 108 36 115 31 124 38 162 22 - - BNY Mellon Global Credit GBP W Acc H 99 50 105 21 120 8 123 57 - - 0.50 1.68 ASI Global Opprtunistic Bd I Acc 98 80 105 68 114 42 119 55 - - - 2.53 BNY Mellon Long Corp Bd Exempt 1 Acc 97 99 100 96 118 13 132 10 193 7 0.26 2.20 ASI Sterling Bond I Acc 95 90 95 87 110 68 117 58 147 37 - 0.80 BNY Mellon Rspnb Hrzn UK Corp Bd InsWAcc 99 64 105 37 116 24 130 18 171 24 - - ASI Strategic Bond I Acc 102 23 111 20 118 17 130 18 164 19 - - Close Sustainable Bond Portfolio X Acc 99 33 104 48 111 78 124 53 159 52 0.54 - ASSII-TtlRet Crd B Acc GBP 102 32 111 24 118 16 ------EdenTree Responsible and Sust S Dtd Bd B 100 25 102 90 105 96 - - - - - 1.09 Aviva Investors Higher Inc Pls 2 GBP Inc 100 59 108 38 117 20 126 29 173 10 0.62 3.01 Fidelity Idx Sterling Corp Bd P GBP Acc 97 94 ------Aviva Investors Managed Hi Inc 2 GBP Inc 101 56 108 40 116 25 125 32 166 15 0.63 3.58 Fidelity Instl Lng Dtd Stlg Corp Bd Inc 97 98 102 92 120 7 138 5 208 3 0.42 2.88 Aviva Investors Strategic Bd 2 GBP Inc 101 50 106 49 114 45 120 52 158 27 0.73 - Fidelity Instl Sterling Corp Bond Inc 98 66 103 64 116 25 129 20 175 20 0.42 2.32 AXA Framlington Managed Income Z Grs Acc 108 1 116 2 115 27 134 9 181 5 0.59 - Fidelity MoneyBuilder Income W Inc 99 43 104 44 114 48 124 54 165 43 0.57 - AXA Global Short Duration Bond Z GBP Acc 101 51 105 67 107 75 ------Fidelity Short Dated Crprate Bd W Acc 101 6 105 31 108 85 - - - - - 4.02 AXA Global Strategic Bond ZI GBP Acc 101 57 ------Franklin Sterling Corporate Bd W GBP Acc 98 83 103 69 114 44 - - - - - 2.55 AXA Sterling Strategic Bond Z (G) Acc 95 89 95 86 109 70 118 56 154 31 0.54 1.35 GlobalAccess Glbl Corp Bd M Dis GBP Hdg 98 67 105 30 115 30 118 75 148 60 - 2.07 Baillie Gifford Sterling Agg Bd B Acc 96 87 99 83 112 58 - - - - - 1.94 GS ESG Enh Sterling Credit R Acc GBP 98 77 104 38 117 21 128 27 176 13 0.65 - Baillie Gifford Strategic Bond B Inc 100 60 107 46 116 24 133 11 184 4 0.55 - Halifax Corporate Bd C 98 81 103 65 113 65 122 62 146 61 1.01 1.74 Barclays Sterling Bond R Acc GBP 96 88 96 85 110 65 119 54 - - - 1.54 HSBC Corporate Bond C Acc 99 34 105 18 117 16 130 19 173 22 - 2.96 BlackRock Sterling Strategic Bd D £ Acc 101 47 109 31 115 33 129 20 - - - - HSBC Sterling Corp Bd Idx Acc C 98 84 102 93 113 61 - - - - - 2.70 BMO Multi-Sector Bond C Inc 101 55 107 45 113 50 124 37 160 25 - - Invesco Corporate Bond UK Z Acc 99 32 105 23 114 49 123 58 159 53 - - BNY Mellon Global Dynamic Bd IncInstWInc 100 69 105 61 111 63 115 61 - - - 3.26 iShares Core £ Corp Bond ETF GBP Dist 97 93 102 77 115 33 126 36 169 26 0.20 2.18 BNY Mellon Infl-Lnkd Corp Bd Inst W Acc 102 29 108 39 112 54 126 30 - - - - iShares Corporate Bond Index (UK) D Acc 98 79 102 83 113 60 124 51 167 36 0.17 2.13 BNY Mellon Sus Stlg Bd Inst W Acc 98 81 102 78 114 43 - - - - - 2.54 iShares £ Corp Bond 0-5yr ETF GBP Dist 100 16 104 61 107 88 112 83 131 66 0.20 1.79 Carmignac Pf Global Bond W GBP Acc Hdg 101 49 105 63 115 29 124 35 162 21 1.45 - iShares £ Corp Bond ex-Fncl ETF GBP Dist 97 95 102 91 114 43 125 45 168 30 0.20 - Close Select Fixed Income X Inc 103 19 111 21 115 37 129 21 - - - - Janus Henderson All Stocks Credit I Acc 98 86 103 75 115 39 125 39 165 40 0.55 1.88 EdenTree Responsible and Sust Stlg Bd B 101 48 107 43 114 40 127 27 167 14 0.78 - Janus Henderson Instl Lg Datd Crdt I Inc 94 103 100 100 122 3 139 4 204 5 0.55 2.22 Federated Hermes MltStgy Crdt F GBP AccH 102 36 111 22 113 49 121 45 - - 0.79 - Janus Henderson Sterling Bond UT I Acc 98 87 102 76 114 45 127 29 168 29 - 1.78 Federated Hermes Uncons Crdt F GBP Acc H 101 42 110 25 123 8 ------JPM Sterling Corporate Bond C Grs Acc 98 90 103 74 114 46 124 46 168 28 0.68 1.52 Fidelity Extra Income W Inc 102 35 109 30 115 30 128 23 172 12 0.78 - Jupiter Corporate Bond I Acc 99 58 106 13 121 5 128 23 165 41 - - Fidelity Strategic Bond W Inc 100 63 106 54 116 23 120 49 160 26 0.68 2.37 Jupiter Investment Grade Bd I GBP Acc 98 71 105 26 120 9 133 9 175 16 0.74 2.38 GAM Star Credit Opps (GBP) Instl GBP Acc 104 11 115 8 117 18 139 4 - - 1.17 - L&G Fixed Interest I Acc 99 56 105 36 117 20 129 21 175 19 0.34 2.28 HL Multi-Manager Strategic Bond A Acc 100 64 106 56 112 53 121 46 150 34 1.26 - L&G Managed Monthly Income I Acc 99 42 105 24 117 17 130 16 179 11 0.44 2.35 IFSL CAF Fixed Interest A Acc 99 79 103 75 111 60 114 63 129 46 1.00 2.72 L&G Short Dated £ Corporate Bd Idx I Acc 101 10 104 45 109 81 115 79 - - - 1.92 Invesco Monthly Inc Plus UK Z Acc 105 6 115 6 120 11 133 12 175 9 - - L&G Sterling Corporate Bond Index I Acc 98 92 100 99 111 75 120 73 - - - 1.66 Invesco Sterling Bond Z GBP Acc 100 66 105 62 115 32 125 31 - - 0.59 - L&G Sterling Income I Acc 101 2 107 9 111 76 122 64 159 51 - - Invesco Tactical Bond UK Z Acc 102 34 110 28 119 14 123 43 154 30 - - LF Canlife Corporate Bond C Acc 98 68 104 49 115 38 126 33 165 39 0.81 3.10 Janus Henderson Fxd Intr MthInc I Inc 101 53 108 35 122 9 135 8 175 8 0.78 - LF Canlife Short Duration Corp Bd C Acc 101 8 103 62 105 95 - - - - - 2.42 Janus Henderson Strategic Bond I Inc 99 77 106 59 119 15 127 25 164 18 0.68 3.65 Liontrust Monthly Income Bond B Grs Inc 101 5 107 6 113 62 128 25 158 56 0.67 - JPM Global Bond Opportunities C Grs Acc 102 37 107 44 115 38 124 34 - - - - Liontrust Sust Fut Corp Bd 2 Grs Inc 100 26 106 11 116 26 131 14 175 15 0.60 - Jupiter Monthly Income Bd I GBP Acc 104 13 113 12 128 2 137 6 172 11 0.85 - M&G Corporate Bond GBP I Acc 99 45 105 29 113 59 123 59 168 31 0.60 - Jupiter Strategic Bond I Acc 99 74 104 73 115 36 123 39 165 17 0.73 3.37 M&G Short Dated Corp Bd GBP I Inc 101 9 104 52 107 89 113 81 123 68 0.57 1.48 L&G Dynamic Bond I Acc 105 5 116 3 123 7 120 48 143 39 0.64 - M&G Strategic Corporate Bond GBP I Acc 101 11 107 8 115 37 125 40 168 33 0.61 - LF IM Bond A Inc 97 82 100 82 111 61 114 66 147 36 1.54 2.76 Marlborough Bond Income P Inc 99 54 104 42 111 79 121 68 163 46 - - Liontrust MA Strategic Bond S Acc 100 72 105 65 105 79 117 59 135 44 - 3.21 Morgan Stanley UK Sterling Corp Bd I Acc 99 52 105 19 114 50 125 44 176 14 0.60 2.22 Liontrust Strategic Bond B Gross Acc 100 62 106 50 113 48 ------Neuberger Berman Corp Hyb Bd GBP I Acc 101 4 108 3 115 31 - - - - 0.74 - Loomis Sayles Strategic Inc H-N/DG GBP 102 26 111 23 112 59 129 22 - - - - PIMCO GIS UK Corporate Bd Instl GBP Acc 99 62 104 58 113 63 126 34 177 12 0.46 - M&G Charibond Charities Fxd Intst GBPAcc 100 71 101 80 ------PIMCO GIS UK L/T Corp Bd Instl GBP Acc 97 96 103 73 119 11 137 6 209 2 0.46 - M&G Optimal Income GBP I Acc 103 18 111 19 112 56 123 41 165 16 0.84 - Premier Miton Corporate Bd Mly Inc C Inc 99 44 104 60 109 83 115 78 143 64 1.00 - M&G UK Inflation Lnkd Corp Bd GBP I Acc 101 46 104 72 108 73 114 64 125 47 0.66 - Quilter Inv Stlg Corp Bd U2 GBP Acc 99 51 105 16 114 51 124 52 - - - 2.87 Man GLG Strategic Bond I GBP Cap 102 24 104 69 105 78 127 26 - - 0.62 - Quilter Investors Bond 2 A (GBP) Acc 100 23 106 14 113 58 122 65 158 55 0.99 - Man GLG Strategic Bond Profl Acc C 102 28 104 71 104 80 108 69 - - 0.83 - Quilter Investors Corp Bd U2 (GBP) Acc 100 28 105 20 ------Marks & Spencer High Income Acc 100 65 106 57 112 57 120 53 150 35 1.00 3.69 Quilter Investors IG Corp Bd U2 GBP Acc 99 48 104 54 114 57 122 67 - - - - Merian Global Strategic Bond I GBP Acc 102 31 107 47 125 5 129 19 138 42 0.64 - Rathbone Ethical Bond I Inc 101 13 108 5 119 10 136 7 189 8 0.70 - MI TwentyFour AM Dynamic Bond I Acc 103 20 112 13 117 21 131 13 177 7 1.10 - Rathbone High Quality Bond S Acc 100 27 102 85 ------2.47 Muzinich Global Tact Crdt HGBP Acc H 101 54 106 48 114 44 - - - - 0.80 - Royal London Corporate Bond M Acc 100 14 107 7 117 19 131 13 182 10 - - Neuberger Berman Glb Flex Cr GBP I5 Acc 104 10 ------0.43 - Royal London Corporate Bond Monthly Inc 99 36 104 46 114 56 125 41 155 58 1.04 - NFU Mutual Gilt & Corp Bond C 99 75 103 74 110 64 120 50 158 28 - 2.38 Royal London Inv Grade SD Credit Z Inc 100 17 104 55 108 86 113 80 - - - 2.18 Ninety One Global Total Ret Crdt I £ Acc 103 21 112 15 115 28 - - - - - 3.25 Royal London Sterling Credit M Acc 100 21 106 10 116 23 130 17 - - - - Nomura Fds Gbl Dynamic Bond I GBP H 102 39 110 29 126 4 140 3 - - 0.74 - Royal London Sustainable Mgd Inc C Acc 98 70 104 53 115 32 127 28 - - - 2.79 Pictet - Strategic Credit I GBP Acc 94 91 ------0.56 - Santander Corporate Bond IA 98 78 102 81 114 54 123 60 - - - 2.38 PIMCO GIS Divers Inc Dur H Ins GBP H Acc 104 14 112 14 108 74 121 47 - - 0.69 - Sarasin Responsible Corporate Bond P Acc 99 47 105 34 116 27 ------PIMCO Sel UK Income Bond Instl GBP Acc 101 45 107 41 110 69 116 60 152 33 0.49 - Schroder All Maturities Corp Bd Z Acc 99 55 104 59 118 14 130 15 168 32 0.46 3.32 Premier Miton Strat Mly Inc Bd C acc 102 27 ------Schroder Long Dtd Corporate Bond I 96 100 100 97 125 2 145 2 219 1 0.27 3.61 Quilter Inv Stlg Divers Bd U2 (GBP) Acc 100 67 106 58 119 13 123 42 - - - 2.24 Schroder Sterling Corporate Bond Z Acc 102 1 115 1 131 1 149 1 194 6 0.61 3.63 Quilter Investors Bond 1 A (GBP) Inc 103 17 110 26 117 19 130 14 171 13 1.08 - Scottish Widows Corporate Bd G Acc 98 82 103 71 113 66 122 63 - - - 1.29 Quilter Investors Divers Bd U2 (GBP) Acc 102 40 111 18 ------Smith & Williamson Fxd Interest B 99 53 103 63 112 72 121 71 157 57 - 2.12 Quilter Investors Strat Bd R GBP Inc 97 84 105 66 109 71 114 65 136 43 - 3.31 SVS Church House Invmt Grd Fxd Intr Acc 99 31 105 35 110 80 115 77 144 63 1.05 - Rathbone Strategic Bond Instl Inc 101 44 109 33 113 47 127 24 - - 1.28 - Threadneedle SterlingCorpBd Ins Inc 99 59 104 40 115 34 127 30 167 35 0.55 1.95 RBS Global Bond 1 Inc 100 61 106 51 ------2.94 Threadneedle Stlg MLD Corp Bd InsGrsInc£ 97 97 102 79 118 15 132 11 183 9 - 2.06 RLBF II Royal London Ethical Bond M Acc 100 68 105 64 116 26 130 16 180 6 - 2.74 Threadneedle Stlg SD Corp Bd Ins Inc £ 100 18 104 47 108 87 112 82 130 67 - 1.75 RLBF II Royal London Shrt Dur Crdt M Inc 101 43 106 55 111 62 120 51 - - - - Threadneedle UK Social Bd Z Acc£ 99 38 103 72 109 82 118 76 - - - - Royal London Global Bd Opps Z GBP 104 7 114 10 117 22 133 10 - - - - TwentyFour Corporate Bond GBP Acc 100 30 104 41 114 52 126 32 - - - - Royal London GMAP Cnsrv M GBP Acc 99 78 101 79 110 67 118 57 - - - 1.14 UBS Corporate Bond UK Plus K Acc Gross 99 57 105 22 118 12 132 12 168 27 0.03 2.88 Royal London Monthly Income Bd M GBP Inc 103 16 110 27 ------UBS Sterling Corporate Bd Indexed K Acc 98 74 102 94 113 64 124 50 - - - 1.97 Royal London Sterl Extra Yld Bd A 105 4 116 4 114 41 142 2 194 2 0.88 - Vanguard UK Invm Grd Bd Idx £ Acc 98 88 102 78 113 69 123 56 165 38 0.20 2.14 Sanlam Credit A GBP Acc 103 22 109 32 115 35 ------Vanguard UK S/T Invm Grd Bd Idx £ Acc 100 19 102 82 106 91 110 86 - - 0.20 1.25 Sanlam Hybrid Capital Bd A GBP Acc 104 9 114 11 121 10 ------Vontobel Glbl Corp Bd Md Yld AQHN H GBP 99 63 ------0.58 - Sarasin Sterling Bond I Acc 97 83 100 81 114 46 124 36 161 24 0.86 3.37 Wells Fargo (Lux)WF EUR SD Cd I GBPHAcc 100 15 104 39 106 90 111 84 - - 0.35 - Schroder Strategic Bond Z Acc 106 2 120 1 124 6 136 7 - - - - Average/Total 99 103 104 101 114 96 125 87 167 69 0.53 2.24 Schroder Strategic Credit Z GBP Acc 103 15 112 17 115 39 123 40 145 38 - - Scottish Widows Strategic Income A Acc 99 76 106 52 112 55 121 44 157 29 1.38 1.80 (IA) £ HIGH-YIELD TCW Fds Unconstrained Bd RGHG-QD 102 33 107 42 110 66 - - - - 0.85 - Aegon High Yield Bond GBP B Acc 105 9 120 4 121 1 132 5 167 5 0.81 5.30 TCW Funds Tcw Income IGHG YD Inc 102 25 108 34 108 72 114 62 - - 0.65 - Aegon Short Dated HY Glbl Bd GBPH B Acc 103 27 111 29 112 27 - - - - 0.72 - Threadneedle Strategic Bond Z Inc 101 52 108 37 115 34 125 33 152 32 - 2.41 ASI European High Yield Bond I Acc 104 13 115 12 115 18 127 18 162 11 - 4.76 UBS Global Strategic Bond C Acc 101 41 106 53 ------24.00 ASI High Yield Bond P1 Acc 104 17 113 21 116 14 128 16 164 7 - 3.89 Virgin Money Bond & Gilt Fd GBP 97 85 98 84 107 76 111 67 139 41 1.00 0.79 Aviva Investors High Yield Bd 2 GBP Inc 104 15 112 25 115 16 123 23 169 4 0.74 3.17 VT AI-Funds Tactical Hi Yld Bd S GBP Acc 104 8 115 9 ------AXA Global High Income Z Gross Acc 104 18 113 22 117 9 132 6 160 14 0.82 - VT Garraway Divers Income R Acc 104 12 112 16 93 81 94 70 - - - - AXA Pan European High Yld Bond Z Grs Acc 103 26 111 27 110 30 121 25 164 8 - 3.90 Waverton Sterling Bond A GBP 100 73 102 76 119 12 130 15 143 40 1.06 2.84 Baillie Gifford High Yield Bond B Inc 102 31 111 26 115 17 130 10 173 3 0.38 - WS Kleinwort Hambros Fxd Inc A Acc 100 70 104 70 107 77 110 68 134 45 1.12 - Barings Dev and EM HY Bd I GBP H Inc 108 2 122 3 117 11 129 14 134 21 1.01 - Average/Total 101 91 108 87 114 81 124 70 160 47 0.83 3.32

054-078_WI_0721.indd 70 17/06/2021 11:55 Investment trusts | 1 What Investment | July 2021 71

Investment trusts All data as at 31 May 2021

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND 6V MONTHSal Rnk V 1al YEAR Rnk 3V YEARSal Rnk 5V alYEARS Rnk 10Val YEARS Rnk YIELD DISC FUND 6 MONTHSVal Rnk 1V alYEAR Rnk V 3 alYEARS Rnk 5V YEARSal Rnk 10V alYEARS Rnk YIELD DISC £ £ £ £ £ % % £ £ £ £ £ % % ASIA PACIFIC DEBT - DIRECT LENDING Aberdeen New Dawn 111 3 148 2 145 3 233 4 233 6 1.32 -9.26 BioPharma Credit 96 8 93 8 109 4 - - - - 7.23 -2.75 Asia Dragon 110 4 146 4 146 2 228 5 306 5 0.90 -9.29 GCP Asset Backed Income 117 5 121 5 119 2 130 3 - - 6.36 -1.64 Pacific Assets 112 1 139 6 133 6 183 6 308 4 0.72 -6.20 Honeycomb Investment Trust 105 7 142 3 107 5 138 2 - - 8.33 -4.93 Pacific Horizon 111 2 190 1 209 1 475 1 644 1 0.03 6.88 Riverstone Credit Opportunities Income 119 3 111 6 ------8.31 -18.67 Schroder Asian Total Return Inv. Company 108 5 146 5 141 4 261 2 382 2 1.45 0.97 RM Social & Envir Infrastructure Inc 118 4 127 4 110 3 - - - - 7.14 -4.04 Schroder AsiaPacific 107 6 146 3 140 5 253 3 319 3 1.28 -6.90 Secured Income Fund 113 6 106 7 104 6 114 4 - - 33.32 -21.94 Average/Total 110 6 152 6 152 6 272 6 365 6 0.95 -3.97 SME Credit Realisation Fund 133 1 156 1 90 7 108 5 - - 7.19 -17.54 ASIA PACIFIC EQUITY INCOME VPC Specialty Lending Investments 124 2 147 2 149 1 162 1 - - 9.46 -18.66 Average/Total 115 8 125 8 113 7 130 5 - - 10.92 -11.27 Aberdeen Asian Income 110 3 138 4 124 4 174 4 200 4 3.94 -8.58 Henderson Far East Income 105 5 112 5 107 5 157 5 187 5 7.16 1.67 DEBT - LOANS & BONDS Invesco Asia 116 1 161 1 149 2 246 2 305 2 4.03 -6.41 Axiom European Financial Debt 122 1 140 1 115 5 139 4 - - 6.28 -6.78 JPMorgan Asia Growth & Income 109 4 142 3 156 1 290 1 277 3 3.15 2.22 CQS New City High Yield 115 4 126 4 116 3 140 3 175 3 8.17 4.78 Schroder Oriental Income 116 2 145 2 125 3 183 3 343 1 3.65 -0.99 CVC Credit Partners Euro Opps EUR 108 8 124 6 107 8 147 2 - - 5.05 -3.00 Average/Total 111 5 140 5 132 5 210 5 262 5 4.39 -2.42 CVC Credit Partners Euro Opps GBP 110 5 136 2 108 7 131 6 - - 4.88 -5.28 ASIA PACIFIC SMALLER COMPANIES Henderson Diversified Income 98 10 112 8 115 4 125 7 214 1 5.09 -6.13 Invesco Bond Income Plus 108 7 125 5 117 2 138 5 189 2 5.85 -5.05 Aberdeen Standard Asia Focus 117 2 144 2 128 1 173 2 229 2 1.50 -13.04 M&G Credit Income Investment 109 6 109 9 ------4.32 -3.55 Fidelity Asian Values 121 1 164 1 127 2 200 1 338 1 1.77 -2.41 NB Distressed Debt Inv Extended Life 107 9 90 11 53 10 62 10 - - 1.59 -38.87 Scottish Oriental Smaller Cos 108 3 132 3 106 3 144 3 195 3 0.11 -13.69 NB Distressed Debt New Glb 61 12 58 12 35 11 47 11 - - 1.57 -47.29 Average/Total 115 3 147 3 120 3 172 3 254 3 1.13 -9.71 NB Distressed Debt 94 11 92 10 65 9 77 9 82 5 - -17.81 BIOTECHNOLOGY & HEALTHCARE NB Global Monthly Income Fund Ltd GBP 116 2 119 7 111 6 121 8 135 4 5.28 -7.39 Adams 126 1 121 2 215 1 111 6 - - - 122.51 TwentyFour Select Monthly Income 116 3 129 3 122 1 155 1 - - 6.36 3.26 BB Healthcare 108 4 118 3 166 3 - - - - 3.29 0.95 Average/Total 105 12 113 12 97 11 117 11 159 5 4.95 -11.09 Biotech Growth 92 7 114 4 183 2 213 2 743 1 - 0.87 DEBT - STRUCTURED FINANCE International Biotechnology 90 8 98 9 137 5 192 3 566 2 3.91 0.56 Blackstone Loan Financing Limited 117 2 150 4 118 2 162 1 - - 9.03 -8.87 Polar Capital Glb Healthcare 110 3 103 8 133 6 159 5 278 4 0.79 -11.35 Chenavari Toro Income Fund 95 9 142 5 110 4 147 2 - - 14.10 -26.89 Polar Capital Glb Healthcare ZDP 2024 106 5 106 5 108 7 - - - - - 0.93 EJF Investments 115 3 116 7 87 7 - - - - 8.36 -24.01 RTW Venture 125 2 152 1 ------14.74 EJF Investments ZDP 2022 107 7 109 8 122 1 - - - - - 2.24 Syncona 87 9 104 7 93 8 174 4 - - 0.91 7.41 EJF Investments ZDP 2025 108 6 ------4.95 Worldwide Healthcare 103 6 105 6 145 4 216 1 556 3 0.60 1.06 Fair Oaks Income 2021 111 5 178 1 92 6 142 3 - - 14.12 0.70 Average/Total 105 9 113 9 147 8 178 6 536 4 1.90 15.30 Marble Point Loan Financing 125 1 154 3 82 8 - - - - 12.12 -11.84 CHINA / GREATER CHINA TwentyFour Income 106 8 129 6 110 3 134 4 - - 5.92 -4.17 Baillie Gifford China Gr Tst 95 3 147 3 154 3 224 3 278 3 1.52 4.25 UK Mortgages 112 4 160 2 102 5 101 5 - - 8.23 -9.78 Fidelity China Special 110 1 179 2 170 2 328 2 446 2 1.13 -0.50 Average/Total 111 9 142 8 103 8 137 5 - - 10.27 -8.63 JPMorgan China Growth & Income 110 2 180 1 227 1 461 1 460 1 3.40 1.18 ENVIRONMENTAL Average/Total 105 3 169 3 184 3 337 3 395 3 2.02 1.64 Impax Environmental Markets 109 3 150 1 175 1 284 1 412 1 0.50 4.04 COMMODITIES & NATURAL RESOURCES Jupiter Green 109 2 142 2 144 3 202 2 372 2 0.92 0.11 Baker Steel Resources 142 6 180 6 217 1 426 1 93 3 - -0.28 Menhaden 111 1 129 3 149 2 171 3 - - 0.38 -28.26 BlackRock Energy and Resources Inc 147 4 197 5 150 6 221 5 123 2 3.89 0.57 Average/Total 110 3 140 3 156 3 219 3 392 2 0.60 -8.04 BlackRock World Mining Trust 146 5 197 4 191 4 372 2 139 1 3.16 1.02 EUROPE CQS Natural Resources G&I 175 3 261 2 177 5 261 4 90 4 3.13 -2.21 Baillie Gifford European Growth 115 4 155 2 181 2 260 2 324 3 0.23 0.82 Geiger Counter 243 1 249 3 214 2 321 3 54 6 - 5.91 BlackRock Greater Europe 122 3 156 1 189 1 267 1 359 1 0.99 2.25 Global Resources IT 100 9 100 9 28 8 44 8 - - - 68.71 European Opportunities Trust 103 8 100 8 99 8 147 8 283 6 0.47 -11.94 Golden Prospect Precious Metal 127 7 134 7 207 3 207 6 60 5 - -4.66 Fidelity European Trust 112 6 124 7 152 3 202 3 302 5 2.11 -6.54 Riverstone Energy 114 8 100 8 26 9 37 9 - - - -44.93 Henderson European Focus Trust 114 5 141 5 139 5 184 5 316 4 1.92 -8.59 Tiger Royalties and Investments 240 2 343 1 120 7 100 7 24 7 - 160.87 Henderson EuroTrust 107 7 135 6 141 4 191 4 327 2 1.67 -10.49 Average/Total 159 9 196 9 148 9 221 9 83 7 3.39 20.56 JPMorgan European Growth Pool 123 2 146 4 127 6 168 6 247 8 1.25 -11.47 COUNTRY SPECIALIST JPMorgan European Income Pool 125 1 152 3 115 7 157 7 252 7 4.25 -9.34 Aberdeen New Thai 94 6 103 6 84 6 128 5 208 3 4.35 -12.29 Average/Total 115 8 139 8 143 8 197 8 301 8 1.61 -6.91 JPMorgan Russian Securities 118 5 118 5 159 2 255 3 154 4 4.82 -12.07 EUROPEAN SMALLER COMPANIES Vietnam Enterprise 127 3 157 2 145 5 ------16.69 European Assets 129 1 153 2 143 3 178 4 370 3 5.77 -4.20 VietNam Holding 152 1 155 3 158 3 259 2 783 1 - -17.90 JPMorgan European Smaller Comp 108 4 152 4 127 4 194 3 311 4 1.32 -12.58 VinaCapital Vietnam Opp Fund 122 4 148 4 154 4 266 1 536 2 2.10 -13.15 Montanaro European Smaller 117 3 153 3 209 1 324 1 417 2 0.53 -0.39 Weiss Korea Opportunity 137 2 200 1 172 1 251 4 - - 1.92 -1.93 © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Average/Total 125 6 147 6 145 6 232 5 420 4 3.30 -12.34 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 guarantee of future results. SUBSCRIBE FOR £39.99* | 12 ISSUES FOR THE PRICE OF 1100

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054-078_WI_0721.indd 71 17/06/2021 11:55 72 Investment trusts | 2 What Investment | July 2021

Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC Fund 6 months 1Year 3 Years 5Years 10 Years Yield DISC £ £ £ £ £ % % £ £ £ £ £ % % FUND V6 alMONTHS Rnk Val 1 YEARRnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARS Rnk YIELD DISC FUND 6 VMONTHSal Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5 alYEARS Rnk 10Val YEARS Rnk YIELD DISC £ £ £ £ £ % % £ £ £ £ £ % % TR European Growth 127 2 191 1 156 2 253 2 507 1 1.44 -8.93 Majedie Investments 107 6 118 5 93 7 110 7 253 4 4.68 -12.55 Average/Total 120 4 162 4 159 4 237 4 402 4 2.26 -6.52 Murray International 113 2 128 3 120 5 159 5 195 7 4.53 1.81 FARMLAND & FORESTRY Scottish American 109 5 122 4 145 2 208 2 282 3 2.49 2.85 Securities Trust of Scotland 105 7 115 6 138 3 183 3 251 5 2.77 -0.96 Cambium Global Timberland 135 1 87 1 71 1 110 1 12 1 - -26.14 Average/Total 111 7 123 7 126 7 176 7 268 7 3.47 -2.18 Average/Total 135 1 87 1 70 1 110 1 12 1 - -26.14 GLOBAL HIGH INCOME FINANCIALS Blue Planet Investment Trust 123 1 123 1 72 1 112 1 - - 8.38 -21.38 Polar Capital Global Financials 124 1 162 1 137 1 200 1 - - 2.60 4.12 Average/Total 123 1 123 1 72 1 112 1 - - 8.38 -21.38 Trian Investors 1 121 2 152 2 ------0.39 -14.21 Average/Total 123 2 157 2 137 1 200 1 - - 1.50 -5.04 GLOBAL SMALLER COMPANIES FLEXIBLE INVESTMENT BMO Global Smaller Companies 117 2 143 3 123 4 171 4 308 4 1.02 -6.61 Edinburgh Worldwide 104 5 137 4 190 1 390 1 565 1 - 1.57 Aberdeen Diversified Income & Growth 105 20 115 19 94 20 102 17 116 16 5.53 -16.01 Herald 113 3 146 2 165 2 309 2 413 2 - -14.29 BMO Managed Portfolio Growth 110 16 131 9 133 2 186 4 254 3 - 0.95 North Atlantic Smaller Cos 139 1 161 1 162 3 193 3 406 3 0.66 -22.97 BMO Managed Portfolio Income 115 11 128 11 120 13 158 9 216 9 4.22 1.95 Smithson Investment Trust 107 4 117 5 ------2.17 Caledonia Investments 102 24 116 18 119 15 142 13 221 8 1.96 -22.93 Average/Total 116 5 141 5 160 4 266 4 423 4 0.84 -8.03 Capital Gearing 106 18 112 21 125 8 146 12 177 11 0.92 2.76 CIP Merchant Capital 112 13 104 24 57 22 ------31.81 GROWTH CAPITAL Hansa Investment Company Ltd 'A' Class A 114 12 152 5 123 10 174 6 143 14 1.36 -28.46 Chrysalis Investments Limited 134 2 181 1 ------0.08 Hansa Investment Company Ltd 117 10 155 3 121 12 167 8 134 15 1.33 -27.12 Jade Road Investments Limited 101 4 79 4 45 2 23 2 3 1 - -72.05 Invesco Select Balanced Risk Alloc 110 17 126 12 117 16 137 15 - - - -3.55 Schiehallion Fund 130 3 120 3 ------24.02 Investment Company 104 21 113 20 101 19 107 16 186 10 0.64 -9.98 Schroder UK Public Private Trust 135 1 120 2 47 1 36 1 - - - -15.00 JPMorgan Global Core Real Assets 89 25 82 25 ------4.62 -0.28 Average/Total 125 4 125 4 46 2 29 2 3 1 - -15.78 JPMorgan Multi-Asset Growth & Income 119 7 126 13 126 5 - - - - 3.85 -4.99 HEDGE FUNDS JZ Capital Partners 144 2 135 8 26 23 32 19 38 17 - -58.61 Alternative Liquidity Fund 109 4 84 9 54 10 145 6 - - - -62.89 JZ Capital Partners ZDP 2022 118 8 152 4 90 21 101 18 - - - -14.32 BH Global GBP 103 5 103 5 138 4 155 5 179 5 - -1.36 Livermore Investments 128 5 126 14 123 11 206 3 488 1 7.42 -36.61 BH Global USD 98 7 90 7 135 5 170 4 222 3 - -0.39 Miton Global Opportunities 130 3 160 2 125 6 212 2 253 4 - -0.30 BH Macro GBP 96 9 98 6 163 1 172 3 193 4 - -2.08 Momentum Multi-Asset Value Trust 117 9 140 7 120 14 152 10 249 5 3.61 -1.62 BH Macro USD 95 10 83 10 159 2 193 2 246 2 - -2.44 New Star Investment Trust 111 15 130 10 125 7 179 5 229 7 1.05 -29.94 Boussard & Gavaudan EUR 110 3 126 4 105 7 134 8 168 6 - -21.26 Personal Assets 105 19 108 23 123 9 137 14 170 12 1.18 1.30 Boussard & Gavaudan GBP 103 6 126 3 104 8 119 9 155 7 - -23.77 RIT Capital Partners 130 4 142 6 131 3 173 7 232 6 1.39 -3.89 Gabelli Merger Plus+ Trust 97 8 89 8 83 9 - - - - 6.49 -26.22 Ruffer Investment Company 121 6 122 15 130 4 150 11 166 13 0.64 2.48 Highbridge Tactical Credit Fund 117 2 142 2 115 6 145 7 149 8 - -1.94 UIL 151 1 183 1 179 1 289 1 281 2 3.04 -29.96 Third Point Investors USD 121 1 161 1 148 3 208 1 343 1 - -16.58 UIL ZDP 2022 104 22 111 22 112 17 - - - - - 3.27 Average/Total 105 10 110 10 120 10 160 9 207 8 6.49 -15.89 UIL ZDP 2024 103 23 116 17 112 18 - - - - - 1.54 UIL ZDP 2026 111 14 121 16 ------1.67 INDIA Average/Total 115 25 128 25 114 23 155 19 209 17 2.67 -12.31 Aberdeen New India 114 4 144 3 120 1 168 2 232 1 0.18 -12.13 Ashoka India Equity Investment 121 2 164 2 ------4.11 GLOBAL India Capital Growth 136 1 207 1 108 2 169 1 210 2 - -11.81 All Active Asset Capital Limited 622 1 2488 1 1529 1 369 2 - - - 3721.43 JPMorgan Indian 115 3 144 4 104 3 139 3 178 3 - -13.07 Alliance Trust 112 8 131 7 139 8 206 11 318 8 1.47 -6.05 Average/Total 121 4 165 4 111 3 159 3 207 3 0.18 -8.22 AVI Global Trust 120 2 153 3 140 7 234 6 233 11 1.66 -6.26 Bankers 11 17 12 17 14 17 22 17 34 16 1.88 0.95 INFRASTRUCTURE Brunner 118 3 130 10 134 9 212 9 308 9 2.03 -9.35 3i Infrastructure 103 5 115 2 150 1 201 1 352 1 3.19 14.32 EP Global Opportunities 105 15 115 14 99 15 141 15 197 14 2.07 -7.12 BBGI Global Infrastructure 103 4 112 5 150 2 164 2 - - 4.12 28.85 F&C Investment Trust 114 7 130 9 131 10 210 10 329 6 1.42 -4.77 GCP Infrastructure Investment 93 7 92 7 100 6 112 6 178 4 7.16 -2.42 JPMorgan Elect Managed Growth 115 6 136 6 131 11 187 12 358 5 1.61 -3.08 HICL Infrastructure PLC 104 3 107 6 142 3 136 5 243 3 4.77 13.21 Keystone Positive Change Investment 107 12 125 12 96 16 108 16 170 15 3.84 -4.66 Infrastructure India 117 1 126 1 55 7 11 7 2 5 - -89.71 Lindsell Train 110 9 130 8 149 6 259 5 717 2 2.89 15.16 International Public Partnerships 102 6 113 4 139 4 148 3 298 2 4.43 16.04 Manchester & London 92 16 99 16 129 12 283 4 207 13 2.44 -12.02 Sequoia Economic Infrastructure Inc 105 2 113 3 117 5 137 4 - - 5.73 5.70 Martin Currie Global Portfolio 106 14 128 11 159 4 227 8 369 4 1.11 -0.22 Average/Total 104 7 111 7 122 7 130 7 215 5 4.90 -2.00 Mid Wynd International Inv Tr 109 11 120 13 150 5 230 7 323 7 0.81 2.21 INFRASTRUCTURE SECURITIES Monks 106 13 138 5 165 3 323 3 403 3 0.19 1.09 Ecofin Global Utilities & Infra 104 2 120 2 165 1 - - - - 3.65 -1.36 Scottish Investment Trust 116 5 112 15 103 14 154 14 211 12 2.81 -9.18 Premier Miton Glb Renewables Tst 110 1 157 1 149 2 176 1 227 1 6.38 -8.07 Scottish Mortgage 109 10 165 2 238 2 471 1 903 1 0.28 -3.69 Average/Total 107 2 138 2 157 2 176 1 227 1 5.02 -4.72 Witan 116 4 140 4 119 13 179 13 294 10 2.27 -6.92 INSURANCE & REINSURANCE STRATEGYIES Average/Total 135 17 262 17 213 17 224 17 336 16 1.80 215.74 CATCo Reinsurance Opps C 109 1 122 1 57 2 - - - - 10.23 -2.64 GLOBAL EMERGING MARKETS CATCo Reinsurance Opps 102 2 111 2 53 3 28 1 53 1 11.78 -15.85 Aberdeen Emerging Markets 110 10 145 4 131 6 205 4 170 8 3.19 -12.95 Life Settlement Assets A 82 3 69 3 109 1 - - - - 6.78 -24.52 Africa Opportunity 96 14 86 14 60 13 69 11 75 10 3.31 -36.73 Average/Total 98 3 101 3 73 3 28 1 53 1 9.60 -14.34 Barings Emerging EMEA Opportunities 119 3 117 13 119 7 181 6 121 9 3.25 -11.59 JAPAN BlackRock Frontiers 111 9 137 9 87 11 130 10 186 6 4.26 -4.45 Aberdeen Japan 98 4 112 5 120 4 165 4 272 5 2.13 -11.96 Fundsmith Emerging Equities Trust 104 13 126 12 106 10 136 9 - - 0.15 -8.35 Baillie Gifford Japan 103 2 137 1 125 3 231 2 563 1 0.43 3.62 Genesis Emerging Markets Fund 111 8 141 7 139 4 205 3 188 4 1.41 -5.90 CC Japan Income & Growth 102 3 112 6 93 6 149 6 - - 3.25 -8.09 Gulf Investment Fund 110 11 140 8 158 2 175 7 277 1 1.86 -6.92 Fidelity Japan Trust 97 5 125 3 135 2 247 1 393 3 - -7.88 JPMorgan Emerging Markets 108 12 149 2 163 1 253 1 257 2 1.06 -2.81 JPMorgan Japanese 89 6 126 2 140 1 223 3 427 2 0.83 -4.58 JPMorgan Global Emerg Mkts Inc 114 6 147 3 133 5 202 5 197 3 3.46 -6.47 Schroder Japan Growth 109 1 121 4 102 5 164 5 277 4 2.33 -12.22 Jupiter Emerging & Frontier Income 119 2 143 6 114 8 - - - - 3.76 -5.20 Average/Total 100 6 122 6 119 6 197 6 386 5 1.79 -6.85 Mobius Investment Trust 120 1 162 1 ------3.44 ScotGems 114 5 134 10 83 12 ------17.66 JAPANESE SMALLER COMPANIES Templeton Emerging Mkts Invmt Tr TEMIT 112 7 145 5 153 3 253 2 188 5 1.85 -6.17 Atlantis Japan Growth 86 5 114 4 107 3 184 3 330 3 3.88 -12.44 Utilico Emerging Markets 115 4 127 11 113 9 146 8 181 7 3.56 -11.59 AVI Japan Opportunity 97 2 104 5 ------1.22 -1.80 Average/Total 112 14 136 14 120 13 178 11 184 10 2.59 -10.02 Baillie Gifford Shin Nippon 87 4 122 1 114 2 214 1 718 1 - 3.02 GLOBAL EQUITY INCOME JPMorgan Japan Small Cap G&I 93 3 114 3 128 1 205 2 412 2 4.45 -7.09 Nippon Active Value 115 1 119 2 ------0.72 -4.50 Henderson International Income 113 3 114 7 112 6 157 6 233 6 3.65 -6.61 Average/Total 96 5 115 5 116 3 201 3 487 3 2.57 -4.56 Invesco Select Glo Eq Inc 114 1 133 2 124 4 172 4 345 1 3.11 -2.98 JPMorgan Global Growth & Income 112 4 135 1 152 1 243 1 315 2 3.07 3.15

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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 V6 alMONTHS Rnk Val 1 YEARRnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARS Rnk YIELD DISC FUND 6 VMONTHSal Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5 alYEARS Rnk 10Val YEARS Rnk YIELD DISC £ £ £ £ £ % % £ £ £ £ £ % % LATIN AMERICA Dolphin Capital Investors 128 1 164 1 57 1 52 3 11 3 - -73.60 Macau Property Opportunities 98 2 100 3 36 3 60 2 58 2 - -54.58 Aberdeen Latin American Income 97 2 123 2 105 2 142 2 87 1 6.06 -13.74 Average/Total 102 4 118 4 49 3 62 3 47 3 - -48.34 BlackRock Latin American 106 1 129 1 108 1 145 1 86 2 4.39 -9.58 Average/Total 102 2 126 2 107 2 143 2 86 2 5.22 -11.66 PROPERTY - UK COMMERCIAL LEASING AEW UK REIT 132 2 158 1 127 3 151 1 - - 8.33 -1.95 Alina Holdings Plc 108 13 70 14 69 14 80 10 36 6 - -25.86 Amedeo Air Four Plus 76 7 94 6 28 7 35 5 - - 19.66 -83.99 Alternative Income REIT 117 9 136 3 97 6 - - - - 7.59 -14.60 Doric Nimrod Air One 101 5 131 3 53 5 55 3 107 1 28.03 -58.48 BMO Commercial Property Trust 126 4 116 11 70 13 87 9 138 5 4.58 -22.62 Doric Nimrod Air Three 95 6 155 2 59 4 65 1 - - 20.89 -21.41 BMO Real Estate Investments 125 5 126 6 85 9 96 7 153 4 4.58 -24.61 Doric Nimrod Air Two 109 4 170 1 60 3 64 2 - - 23.38 -45.73 Custodian REIT 115 10 121 9 96 7 121 3 - - 5.08 2.10 DP Aircraft I 63 8 21 8 3 8 5 6 - - - -87.86 Drum Income Plus REIT 161 1 119 10 71 12 72 11 - - 5.22 -16.39 KKV Secured Loan Fund C 121 2 95 5 64 2 - - - - 21.18 -40.97 Ediston Property Investment Company 107 14 155 2 76 11 89 8 - - 7.35 -19.35 KKV Secured Loan Fund 144 1 84 7 37 6 37 4 - - 40.90 -43.76 LXI REIT 123 6 123 8 146 1 - - - - 4.19 14.50 Tufton Oceanic Assets 112 3 109 4 116 1 - - - - 6.94 3.05 Regional REIT 120 8 125 7 118 4 125 2 - - 7.36 -9.97 Average/Total 103 8 107 8 53 8 43 6 107 1 23.00 -47.39 Schroder Real Estate Invest 129 3 129 5 86 8 96 6 203 1 4.81 -23.49 LIQUIDITY FUNDS Standard Life Inv. Prop. Inc. 120 7 101 13 81 10 98 5 166 2 4.91 -14.62 Invesco Select Liquidity 100 2 100 2 102 2 103 2 104 2 0.78 -5.58 Supermarket Income REIT 112 12 111 12 131 2 - - - - 5.03 12.62 JPMorgan Elect Managed Cash 100 1 101 1 104 1 105 1 107 1 0.39 -0.71 UK Commercial Property REIT 115 11 133 4 103 5 117 4 157 3 3.23 -8.16 Average/Total 100 2 101 2 103 2 104 2 106 2 0.58 -3.14 Average/Total 122 14 123 14 97 14 103 11 142 6 5.56 -10.89 NORTH AMERICA PROPERTY - UK HEALTHCARE Baillie Gifford US Growth 108 6 163 1 266 1 - - - - - 3.71 Impact Healthcare REIT 109 1 125 1 128 1 - - - - 5.76 1.22 BlackRock North American 118 3 123 5 129 5 184 3 - - 4.28 -5.75 Target Healthcare REIT 104 2 116 2 124 2 144 1 - - 5.77 7.49 Gabelli Value Plus+ Trust 122 2 157 2 136 3 186 2 - - 0.60 -5.90 Average/Total 106 2 121 2 126 2 144 1 - - 5.76 4.36 JPMorgan American 113 5 138 4 161 2 234 1 517 1 1.05 -4.19 PROPERTY - UK LOGISTICS Middlefield Canadian Income 127 1 146 3 131 4 182 4 173 3 4.67 -14.25 Tritax Big Box 121 2 147 1 150 2 180 2 - - 6.41 18.54 North American Income Trust 116 4 117 6 115 6 177 5 289 2 3.46 -7.85 Urban Logistics REIT 105 3 123 3 139 3 189 1 - - 4.74 8.89 Average/Total 117 6 141 6 156 6 192 5 326 3 2.81 -5.70 Warehouse REIT 125 1 135 2 168 1 - - - - 4.08 13.15 NORTH AMERICAN SMALLER COMPANIES Average/Total 117 3 135 3 152 3 185 2 - - 5.08 13.53 Brown Advisory US Smaller Cos 128 1 148 1 137 2 214 2 296 2 - -7.62 PROPERTY - UK RESIDENTIAL JPMorgan US Smaller Companies 113 2 146 2 140 1 253 1 471 1 0.57 0.09 Civitas Social Housing 118 2 116 3 135 1 - - - - 4.64 7.65 Average/Total 121 2 147 2 138 2 234 2 383 2 0.57 -3.76 GCP Student Living 118 3 126 2 132 2 150 1 - - 0.58 -1.72 PRIVATE EQUITY Ground Rents Income Fund 100 7 90 6 75 6 72 2 - - 5.58 -31.77 3i 118 8 156 7 146 10 267 2 625 2 3.09 29.78 Home REIT 106 5 ------2.29 3.82 Apax Global Alpha 109 16 144 11 175 4 218 11 - - 5.24 -14.94 KCR Residential REIT 80 8 54 7 ------57.17 BMO Private Equity Trust 143 2 136 14 135 13 203 14 381 7 3.93 -14.70 PRS REIT 129 1 138 1 114 5 - - - - 4.00 5.27 Dunedin Enterprise 106 17 130 16 116 14 206 13 270 12 0.57 -18.40 Residential Secure Income 111 4 108 5 117 3 - - - - 5.08 -2.98 Electra Private Equity 273 1 325 1 156 6 234 7 542 3 - 29.72 Triple Point Social Housing REIT 104 6 114 4 117 4 - - - - 4.89 -0.22 EPE Special Opportunities 129 4 218 2 202 1 266 3 967 1 - -28.00 Average/Total 108 8 107 7 115 6 111 2 - - 3.87 -9.64 FastForward Innovations Limited 105 19 145 10 54 20 54 20 77 16 - -15.06 PROPERTY SECURITIES HarbourVest Global Priv Equity 115 11 151 8 167 5 221 10 479 4 - -21.29 TR Property 112 1 125 1 116 1 165 1 294 1 3.13 -6.52 HgCapital Trust 111 14 142 12 190 3 299 1 380 8 1.48 0.98 Average/Total 112 1 125 1 116 1 165 1 294 1 3.13 -6.52 ICG Enterprise Trust 117 10 148 9 138 11 221 9 354 10 2.25 -23.25 JPEL Private Equity 104 21 115 19 88 17 148 15 141 14 - -26.09 RENEWABLE ENERGY INFRASTRUCTURE LMS Capital 111 15 100 22 78 18 61 19 60 17 2.69 -42.70 Aquila European Renewables Income 101 7 105 6 ------4.65 6.91 NB Private Equity Partners Class A 131 3 160 4 154 8 233 8 355 9 3.42 -23.26 Bluefield Solar Income Fund 100 8 101 7 127 3 165 2 - - 6.40 11.80 NB Private Equity ZDP 2022 104 20 106 21 107 16 - - - - - 0.92 Foresight Solar 99 10 96 10 110 7 136 6 - - 7.11 7.37 NB Private Equity ZDP 2024 106 18 110 20 110 15 - - - - - 0.94 Gore Street Energy Storage Fund 105 3 115 3 125 4 - - - - 6.42 8.41 Oakley Capital Investments 128 6 167 3 191 2 255 4 246 13 1.32 -14.15 Greencoat Renewables 96 12 95 11 123 5 - - - - 5.40 11.75 Origo Partners 100 22 140 13 27 23 110 16 1 20 - -79.21 Greencoat UK Wind 104 5 99 9 127 2 163 3 - - 5.41 9.16 Pantheon International 117 9 132 15 135 12 209 12 353 11 - -22.49 Gresham House Energy Storage 113 1 120 1 ------5.81 13.94 Princess Private Equity 112 13 158 6 154 9 255 5 451 6 4.48 -10.20 JLEN Environmental Assets Group 93 13 91 13 122 6 139 5 - - 6.64 12.02 Reconstruction Capital II 96 23 76 23 44 21 62 18 15 18 - -46.00 NextEnergy Solar 97 11 100 8 110 8 141 4 - - 7.13 0.25 St Peter Port Capital 125 7 115 18 41 22 40 21 6 19 - -74.97 Octopus Renewables Infrastructure 104 6 111 5 ------4.65 11.52 Standard Life Private Eq 129 5 159 5 156 7 234 6 466 5 2.96 -14.26 Renewables Infrastructure Grp 104 4 111 4 143 1 173 1 - - 5.23 12.15 Symphony International Holding 113 12 117 17 56 19 84 17 110 15 6.87 -46.01 SDCL Energy Efficiency Income 110 2 116 2 ------4.84 12.76 Average/Total 122 23 146 23 123 23 185 21 314 20 3.19 -20.55 Triple Point Energy Efficiency Infra 99 9 ------5.24 7.69 PROPERTY - DEBT US Solar Fund 91 14 94 12 ------5.42 4.50 Average/Total 101 14 104 13 123 8 153 6 - - 5.74 9.30 Alpha Real Trust 112 3 113 4 136 1 209 1 301 1 2.48 -23.11 Drumz PLC 117 1 83 6 49 6 20 5 28 3 - 19.32 ROYALTIES ICG-Lgbow Senior Sec. UK Prop Debt Inv 103 4 130 1 104 3 120 3 - - 6.80 -11.82 Hipgnosis Songs 105 1 120 1 ------4.21 0.58 Real Estate Credit Investments 113 2 127 2 111 2 129 2 239 2 8.33 -5.45 Round Hill Music Royalty 96 2 ------4.24 6.23 Starwood European Real Estate Finance 102 6 116 3 102 4 112 4 - - 7.24 -13.95 Average/Total 101 2 120 1 ------4.22 3.40 TOC Property Backed Lending 102 5 102 5 96 5 - - - - 4.65 1.84 TECHNOLOGY & MEDIA Average/Total 108 6 112 6 100 6 118 5 190 3 5.90 -5.53 Allianz Technology Trust 98 4 131 2 193 1 455 1 792 1 - -6.53 PROPERTY - EUROPE Augmentum Fintech 114 2 145 1 157 3 - - - - - 29.09 Aberdeen Standard European Logistics Inc 110 3 124 3 126 1 - - - - 4.17 15.67 Polar Capital Technology 103 3 116 3 176 2 372 2 621 2 - -7.65 Globalworth Real Estate Investments 108 5 121 5 89 4 201 2 - - 4.67 -16.11 Sure Ventures 119 1 113 4 ------19.49 Phoenix Spree Deutschland 116 1 134 2 113 2 219 1 - - 1.69 0.42 Average/Total 109 4 126 4 175 3 413 2 706 2 - 8.60 Schroder Eurpn Real Estate Inv Tst 104 6 143 1 104 3 114 3 - - 5.33 -27.76 UK ALL COMPANIES Tritax EuroBox Euro 110 4 124 4 ------3.88 6.35 Artemis Alpha Trust 120 6 171 3 137 4 211 2 166 9 1.15 -4.72 Yew Grove REIT 115 2 111 6 ------5.26 -1.37 Aurora 116 8 150 7 117 7 157 9 130 10 0.23 2.35 Average/Total 110 6 126 6 108 4 178 3 - - 4.17 -3.80 Baillie Gifford UK Growth Trust 116 7 140 8 130 5 180 5 233 8 1.28 3.01 PROPERTY - REST OF WORLD Fidelity Special Values 131 3 169 4 116 8 171 6 405 4 1.97 2.07 Aseana Properties 94 3 84 4 55 2 75 1 73 1 - -36.00 Henderson Opportunities 151 1 214 1 158 1 214 1 409 3 1.79 -5.57 Ceiba Investments 89 4 124 2 ------29.19 Independent 113 10 139 9 81 10 157 8 301 6 1.43 -12.39

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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 V6 alMONTHS Rnk Val 1 YEARRnk V 3al YEARS Rnk V 5al YEARS Rnk V 10al YEARS Rnk YIELD DISC FUND 6 VMONTHSal Rnk V 1al YEAR Rnk V 3al YEARS Rnk V 5 alYEARS Rnk 10Val YEARS Rnk YIELD DISC £ £ £ £ £ % % £ £ £ £ £ % % Invesco Select UK Equity 114 9 132 10 107 9 131 10 259 7 3.70 -5.05 VCT GENERALIST JPMorgan Mid Cap 143 2 175 2 130 6 166 7 447 1 1.98 0.70 Albion Development VCT 108 23 114 25 127 7 154 8 229 18 5.44 -5.79 Mercantile 126 5 150 6 138 3 187 4 340 5 2.41 -5.24 Albion Enterprise VCT 105 28 116 22 134 5 159 6 231 17 5.11 -5.96 Schroder UK Mid Cap 130 4 165 5 144 2 191 3 439 2 1.81 -4.66 Albion Technology & Gen VCT 104 30 106 29 120 20 139 12 172 24 3.05 -4.49 Average/Total 126 10 160 10 126 10 177 10 313 10 1.78 -2.95 Albion VCT 105 27 114 24 123 14 142 10 236 15 6.33 -9.36 UK EQUITY & BOND INCOME Baronsmead Second Venture Trust 123 10 135 9 123 13 135 18 233 16 7.88 -5.05 Acorn Income Fund (Split) ZDP 2022 103 3 107 3 107 2 119 3 - - - -1.65 Baronsmead Venture Trust 122 11 130 10 121 18 135 16 240 14 8.28 -5.23 Acorn Income Fund 113 2 139 1 87 3 119 2 283 1 6.34 -15.70 British Smaller Companies VCT 108 22 125 12 126 9 137 15 278 8 5.71 -4.89 Henderson High Income 128 1 134 2 119 1 134 1 232 2 5.46 0.71 British Smaller Companies VCT2 109 20 122 14 123 15 128 24 204 23 6.89 -7.68 Average/Total 114 3 126 3 104 3 124 3 257 2 5.90 -5.55 Calculus VCT 100 34 97 38 82 33 73 34 - - 5.03 -11.72 UK EQUITY INCOME Crown Place VCT 106 25 105 32 127 8 162 5 225 20 5.30 -3.97 Downing Four Generalist Shs 107 24 107 28 64 36 - - - - 4.07 -8.07 Aberdeen Standard Equity Inc Trust 128 4 149 5 89 24 110 23 182 20 5.68 -5.96 Downing Four VCT DP67 100 34 88 39 72 35 91 32 95 28 - -4.89 BlackRock Income and Growth 107 21 120 22 102 21 123 20 180 21 3.89 -9.33 Downing Four VCT DSO 1 D 77 40 77 40 126 10 106 30 - - - -20.56 BMO Capital & Income 118 13 129 14 106 15 146 11 204 14 3.58 -0.92 Downing ONE VCT 103 31 105 33 79 34 85 33 91 29 7.55 -7.75 BMO UK High Income B Share 109 19 124 19 104 19 138 12 218 11 11.16 -9.25 Draper Esprit VCT 134 2 135 8 112 27 113 28 220 22 6.00 -6.26 BMO UK High Income 108 20 125 18 105 17 136 15 189 19 5.58 -10.02 Foresight 4 VCT 125 9 115 23 116 25 155 7 91 30 7.85 -9.33 BMO UK High Income Units 109 18 125 17 106 16 136 13 236 6 5.61 -11.87 Foresight VCT 118 12 124 13 117 23 133 19 170 25 4.68 -11.43 British & American 87 25 126 15 51 25 52 24 94 24 8.06 41.98 Kings Arms Yard VCT 108 21 116 21 113 26 144 9 540 1 5.47 -5.02 Chelverton UK Dividend Trust 155 1 200 1 109 11 160 8 412 1 4.33 -3.21 Maven Income & Growth VCT 3 112 17 117 20 109 29 108 29 346 5 7.27 -5.75 Chelverton UK Dividend Trust ZDP 2025 107 23 117 23 110 9 - - - - - 1.31 Maven Income & Growth VCT 4 113 16 117 19 116 24 124 25 227 19 4.48 -5.25 City of London 114 17 124 20 105 18 129 18 201 16 4.78 2.55 Maven Income & Growth VCT 5 118 13 126 11 128 6 140 11 342 6 3.06 -3.74 Diverse Income Trust 133 2 148 6 126 4 152 10 324 3 3.10 0.55 Maven Income & Growth VCT 106 26 109 26 109 30 116 27 270 9 4.72 -5.70 Dunedin Income Growth 117 15 130 12 142 2 185 2 226 10 4.03 -0.81 Mobeus Income & Growth 2 VCT 126 8 141 4 166 4 186 4 469 2 28.73 3.76 Edinburgh Investment 123 10 147 7 107 13 114 22 196 17 3.74 -4.08 Mobeus Income & Growth 4 VCT 134 1 167 2 190 2 210 2 334 7 12.97 -4.42 Finsbury Growth & Income 107 22 111 24 119 6 167 6 327 2 1.84 -1.88 Mobeus Income & Growth VCT 131 3 167 1 196 1 222 1 418 3 13.99 -7.39 JPMorgan Claverhouse 127 5 139 10 110 10 163 7 239 5 4.13 0.65 Northern 2 VCT 127 5 137 7 120 21 135 17 257 12 5.74 -16.72 JPMorgan Elect Managed Inc 119 12 130 13 104 20 132 17 194 18 4.45 -0.99 Northern 3 VCT 127 6 138 6 120 19 138 14 264 11 4.35 -10.60 Law Debenture Corporation 127 6 161 3 144 1 192 1 291 4 3.66 2.13 Northern Venture Trust 126 7 140 5 121 17 133 20 251 13 5.93 -12.22 Lowland 125 8 158 4 107 14 136 14 228 9 4.35 -6.81 Octopus Apollo VCT 114 15 122 15 119 22 129 22 169 26 5.25 -8.03 Merchants Trust 128 3 144 8 118 7 171 4 210 13 5.11 1.15 Octopus Titan VCT 115 14 119 16 125 11 139 13 268 10 5.32 -11.42 Murray Income Trust 115 16 126 16 134 3 174 3 213 12 3.79 -2.04 Pembroke VCT B 104 29 106 31 124 12 129 23 - - 3.83 -9.55 Schroder Income Growth 121 11 136 11 123 5 158 9 236 7 4.01 1.01 ProVen Growth and Income VCT 111 18 118 18 110 28 119 26 163 27 5.17 -5.69 Shires Income 118 14 124 21 115 8 167 5 235 8 4.70 -1.50 ProVen VCT 110 19 119 17 121 16 132 21 220 21 4.96 -7.12 Temple Bar 124 9 161 2 100 22 133 16 177 22 3.36 -5.20 Puma VCT 11 100 34 100 36 96 32 95 31 - - 7.14 -6.06 Troy Income & Growth 104 24 106 25 109 12 122 21 201 15 2.57 -1.03 Puma VCT 12 95 39 107 27 100 31 - - - - 3.61 2.46 Value and Indexed Property Income 125 7 139 9 96 23 124 19 172 23 5.56 -15.26 Puma VCT 13 100 34 100 36 ------23.83 Average/Total 118 25 136 25 110 25 143 24 224 24 4.63 -1.55 The Income & Growth VCT 129 4 161 3 175 3 190 3 415 4 7.23 3.70 UK SMALLER COMPANIES Triple Point Income VCT C 100 34 106 30 ------4.67 -11.54 Aberdeen Smaller Companies Inc 122 20 141 20 132 14 207 8 374 8 2.40 -12.46 Triple Point Income VCT D 101 33 103 34 ------9.35 -11.77 Aberforth Smaller Companies 132 13 170 7 117 16 164 15 286 11 2.11 -8.00 Triple Point VCT 2011 A 102 32 102 35 ------7.07 -5.59 Aberforth Split Level Income 145 5 207 3 108 18 - - - - 4.78 -7.98 Triple Point VCT 2011 B 59 41 59 41 ------9.09 -4.11 Aberforth Split Level Income ZDP 2024 105 26 107 26 105 19 ------0.17 Average/Total 110 41 117 41 121 36 136 34 256 30 6.80 -7.42 Athelney Trust 129 17 134 23 104 20 117 17 246 13 3.92 -11.45 VCT GENERALIST PRE-QUALIFYING BlackRock Smaller Companies 134 9 158 11 142 11 239 5 453 6 1.69 -5.43 Puma Alpha VCT 100 2 ------4.17 BlackRock Throgmorton Trust 132 12 163 10 174 4 293 1 530 2 1.12 1.56 Seneca Growth Capital VCT B 114 1 116 1 ------3.19 -5.50 Chelverton Growth Trust 152 3 142 19 69 25 63 20 173 15 - -14.10 Triple Point 2011 Venture Shares 92 4 95 3 ------3.14 2.40 Crystal Amber 106 25 153 15 49 26 71 19 123 17 5.00 -22.76 Triple Point Income VCT E 99 3 109 2 ------7.56 -11.78 Downing Strategic Micro-Cap Inv. 130 15 147 17 90 23 - - - - 2.06 -13.66 Average/Total 101 4 107 3 ------4.63 -4.76 Gresham House Strategic 124 18 140 21 169 5 204 9 - - 1.85 -13.57 Henderson Smaller Companies 133 11 169 8 143 9 236 6 500 3 1.86 -4.00 VCT SPECIALIST: ENVIRONMENTAL Invesco Perpetual UK Smaller 133 10 151 16 135 13 192 12 423 7 3.04 -6.41 Foresight Solar & Technology VCT 105 7 88 9 87 9 95 9 111 7 8.76 -9.50 JPMorgan Smaller Companies 129 16 180 5 175 2 272 3 460 5 1.39 -6.90 Gresham House Renewable Energy VCT 1 100 8 98 7 100 7 112 7 162 5 5.57 -7.86 Marwyn Value Investors 110 23 155 13 98 22 86 18 151 16 7.49 -32.38 Gresham House Renewable Energy VCT 2 100 8 97 8 100 8 110 8 162 6 5.63 -7.76 Marwyn Value Investors Realisation 130 14 125 24 103 21 ------18.19 Ventus VCT 2 C 121 3 122 4 146 2 202 2 248 4 5.61 9.14 Miton UK Microcap 162 2 197 4 155 7 182 13 - - 0.10 -7.20 Ventus VCT 2 D 127 1 127 1 143 5 172 6 - - 3.14 10.59 Montanaro UK Smaller Companies 123 19 153 14 156 6 201 10 275 12 3.54 -4.30 Ventus VCT 2 121 5 114 6 151 1 186 3 289 2 5.92 6.58 Odyssean Investment Trust 141 7 179 6 154 8 - - - - - 2.60 Ventus VCT C 121 3 123 3 146 2 203 1 262 3 5.61 10.67 Oryx International Growth 148 4 214 2 214 1 283 2 757 1 - 0.61 Ventus VCT D 127 1 127 1 143 4 172 5 - - 3.14 11.91 Rights & Issues Investment Trust 138 8 157 12 123 15 197 11 493 4 1.26 -9.01 Ventus VCT 116 6 115 5 133 6 177 4 300 1 7.11 4.55 River and Mercantile UK Micro Cap 173 1 246 1 175 3 271 4 - - - -0.65 Average/Total 115 9 112 9 127 9 159 9 219 7 5.61 3.15 Standard Life UK Smaller Co. 117 21 137 22 143 10 210 7 344 10 1.11 -5.00 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY Strategic Equity Capital 144 6 166 9 141 12 146 16 366 9 0.40 -9.50 Downing Four Healthcare Shs 106 2 106 2 71 2 - - - - 3.68 -3.00 SVM UK Emerging 111 22 146 18 108 17 169 14 200 14 - -22.21 Seneca Growth Capital VCT 126 1 174 1 236 1 242 1 242 1 34.67 2.80 Worsley Investors 107 24 113 25 70 24 51 21 60 18 - -29.27 Average/Total 116 2 140 2 153 2 242 1 242 1 19.18 -0.10 Average/Total 131 26 160 26 129 26 184 21 345 18 2.51 -9.99 VCT SPECIALIST: MEDIA, LEISURE & EVENTS VCT AIM QUOTED Edge Performance VCT 'H' 146 1 294 1 424 1 175 1 - - 3.72 -9.93 Amati AIM VCT 121 6 156 5 140 4 235 1 389 1 5.20 -7.75 Edge Performance VCT 'I' 47 2 59 2 31 2 17 2 - - - -30.56 Hargreave Hale AIM VCT 136 4 183 2 145 3 183 3 363 2 3.78 -6.02 Average/Total 97 2 176 2 228 2 96 2 - - 3.72 -20.24 New Century AIM 2 VCT 187 1 178 4 134 6 146 7 194 7 16.09 -22.59 VCT SPECIALIST: TECHNOLOGY New Century AIM VCT 151 2 183 3 146 2 168 6 222 6 1.58 -20.87 BlackFinch Spring VCT 93 5 87 5 ------5.46 Octopus AIM VCT 2 121 7 152 7 135 5 174 4 275 5 4.54 -5.90 Oxford Technology VCT 2 125 1 125 1 73 2 171 1 180 2 7.50 -1.11 Octopus AIM VCT 122 5 152 6 130 7 168 5 276 4 7.63 -6.39 Oxford Technology VCT 3 100 3 100 3 67 4 61 4 127 4 - -8.85 Unicorn AIM VCT 140 3 184 1 166 1 197 2 356 3 3.04 -12.91 Oxford Technology VCT 4 122 2 122 2 103 1 65 3 192 1 20.00 -13.19 Average/Total 140 7 170 7 142 7 182 7 297 7 5.98 -11.78 Oxford Technology VCT 98 4 92 4 69 3 78 2 152 3 - -28.76 Average/Total 108 5 105 5 78 4 94 4 163 4 13.75 -11.47

054-078_WI_0721.indd 74 17/06/2021 11:55 Exchange-traded funds | 1 What Investment | July 2021 75

Exchange-traded funds All data as at 31 May 2021

FundFUND 6 MTHSmths 11Y YRr 3 YRSYrs TER TER TICKERTicker CURRCURR SIZESize DOM FUNDFund 6 MTHS mths 1 1YYRr 33 YRS Yrs TERTER TICKERTicker CURRCURR SIZESize DOM £ £ £ % % (£m)(£m) ££ ££ ££ %% (£m)(£m) AFRICA & MIDDLE EAST EQUITY EUR ULTRA SHORT-TERM BOND Xtrackers MSCI GCC Select Swap ETF 1C 114 123 127 0.65 XGLF $ 18 IRL iShares Ultrashort Bond ETF EUR Dist 96 96 98 0.09 ERNE € 2,782 IRL JPM EUR Ultra-Short Income ETF EUR Acc 96 96 - 0.18 JEST € 832 IRL AFRICA EQUITY EUROPE EQUITY INCOME Xtrackers MSCI Africa Top 50 Swap ETF 1C 116 130 94 0.65 XMKA $ 29 LUX iShares MSCI Europe Qual Div ETF EUR Dis 109 120 116 0.28 EQDS € 62 IRL ALTERNATIVE OTHER WisdomTree Europe Equity Income ETF 110 118 99 0.29 EEIE € 20 IRL Lyxor US Curve Stpng 2-10 ETF USD Acc 98 91 - 0.30 STPU $ 92 LUX WisdomTree Europe Equity Income ETF Acc 110 118 102 0.29 EEIP € 20 IRL Tabula JPM Glb Crdt Vol Prm ETF EUR JAcc 104 111 - - TVOL € 1 IRL EUROPE EX-UK EQUITY Tabula JPM Glb Crdt Vol Prm ETF USD HDis 95 95 - - TVOU $ 1 IRL L&G Europe ex UK Equity ETF 111 126 - 0.10 LGEG € 95 IRL ASIA BOND EUROPE LARGE-CAP BLEND EQUITY Xtrackers II $ Asia ex Jpn CorpBd ETF 1D 93 90 111 0.30 ALQD $ 15 LUX HSBC Europe Sustainable Equity ETF 109 - - 0.15 HSEP € 30 IRL ASIA BOND - LOCAL CURRENCY iShares Edge MSCI Eurp Mini Vol ETF Acc 105 111 119 0.25 EUN0 € 711 IRL iShares Edge MSCI Eurp QualFctr ETFDist 113 124 134 0.25 IEQD € 147 IRL iShares Em Asia Lcl Govt Bd ETF USD Acc 93 93 - 0.50 IGAA $ 160 IRL JPM Europe Rsrch Enh Eq ESG ETF EUR Acc 111 124 - 0.25 JREE € 178 IRL iShares Em Asia Lcl Govt Bd ETF USD Dist 93 93 108 0.50 IS0S $ 160 IRL L&G Europe Equity Res Exclsn ETF EUR Acc 112 125 - 0.16 RIEG € 198 IRL ASIA EXCLUDING JAPAN EQUITY SciBeta HFE Europe Equity 6F EW ETF 113 129 123 - EHEF € 77 IRL WisdomTree Europe Equity ETF EUR Acc 111 128 116 0.32 WTDF € 63 IRL Franklin LibertyQ AC Asia ex Japan ETF 107 117 - 0.40 FVSJ $ 4 IRL HSBC MSCI AC FAR EAST ex JAPAN ETF 104 129 123 0.45 HMAD $ 470 IRL EUROPE LARGE-CAP VALUE EQUITY HSBC MSCI EM Far East ETF 104 130 126 0.60 H4ZI $ 22 IRL Lyxor MSCI EM Asia ETF 106 132 127 0.12 LCUA $ 156 LUX iShares Edge MSCI Eurp Val Fctr ETF Acc 116 132 111 0.25 CEMS € 2,650 IRL SPDR® MSCI EM Asia ETF 105 131 126 0.55 SPYA $ 1,096 IRL iShares Edge MSCI Eurp Val Fctr ETFDist 116 133 111 0.25 IEDL € 2,650 IRL Xtrackers MSCI AC Asia ex Jpn Swap ETF1C 105 131 123 0.65 DXS5 $ 466 LUX EUROPE MID-CAP EQUITY ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITY iShares MSCI Europe Mid Cap ETF EUR Acc 113 131 127 0.15 EUMD € 61 IRL iShares MSCI AC FarEast exJpn SC ETF$Dis 113 142 120 0.74 IUS9 $ 68 IRL iShares MSCI Europe Mid Cap ETF EUR Dist 113 132 127 0.15 EMID € 61 IRL ASIA-PACIFIC EQUITY EUROPE SMALL-CAP EQUITY WisdomTree Europe SmallCap Div ETF 122 142 118 0.38 DFEE € 35 IRL SPDR® S&P Pan Asia Div Aristocrats ETF 106 114 110 0.55 ZPRA $ 151 IRL WisdomTree Europe SmallCap Div ETF Acc 122 143 116 0.38 WTD7 € 35 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITY EUROZONE LARGE-CAP EQUITY HSBC Asia Pacific Ex Japan Sust Eq ETF 109 - - 0.25 HSXD $ 49 IRL SciBeta HFE Pacific ex-Jap Eq 6F EW ETF 108 123 103 - PHEF € 34 IRL iShares MSCI EMU ESG Enh ETF EUR Dist 113 132 - 0.12 EMUD € 251 IRL Vanguard FTSE Dev AsiaPac exJpn ETF $Dis 112 138 124 0.22 VAPX $ 759 IRL WisdomTree Euroz Eqlty Div Gr ETF EUR 112 129 130 0.29 EGRP € 23 IRL Vanguard FTSE Dev AsiaPac exJpnETFUSDAcc 112 137 - - VGEK $ 759 IRL WisdomTree Euroz Eqlty Div Gr ETF EURAcc 112 130 128 0.29 EGRA € 23 IRL AUSTRALIA & NEW ZEALAND EQUITY GBP CORPORATE BOND iShares MSCI Australia ETF USD Acc 111 131 125 0.50 SAUS $ 294 IRL Invesco GBP Corporate Bond ESG ETF Dist 97 103 - - IGBE £ 17 IRL Invesco GBP Corporate Bond ETF Dist 97 103 - - IGCB £ 80 IRL BRAZIL EQUITY iShares Core £ Corp Bond ETF GBP Dist 97 102 115 0.20 SLXX £ 1,798 IRL iShares £ Corp Bond ex-Fncl ETF GBP Dist 97 102 114 0.20 ISXF £ 183 IRL Franklin FTSE Brazil UCITS ETF 112 128 - 0.19 FLXB $ 15 IRL iShares £ Ultrashort Bd ESG ETF GBP Inc 100 100 - - UESD £ 23 IRL HSBC MSCI Brazil ETF 111 129 108 0.60 H4ZG $ 40 IRL Lyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 96 101 114 0.09 COUK.LN £ 50 LUX CANADA EQUITY SPDR® Blmbrg Bcly Stlg Corp Bd ETF 98 103 115 0.20 SYBS £ 283 IRL HSBC MSCI Canada ETF 118 132 130 0.35 HCAD $ 610 IRL GBP CORPORATE BOND - SHORT-TERM iShares MSCI Canada ETF USD Acc 118 132 130 0.48 SXR2 $ 782 IRL iShares £ Corp Bond 0-5yr ETF GBP Dist 100 104 107 0.20 IS15l £ 1,299 IRL Xtrackers MSCI Canada ETF 1C 118 132 130 0.35 D5BH $ 261 LUX SPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 100 103 107 0.20 SYBQ £ 123 IRL CHINA EQUITY GBP DIVERSIFIED BOND - SHORT-TERM Franklin FTSE China UCITS ETF 97 119 - 0.19 FLXC $ 124 IRL iShares £ Ultrashort Bond ETF GBP Dist 100 101 103 0.09 ERNS £ 708 IRL HSBC MSCI China ETF 97 118 115 0.60 HMCD $ 455 IRL JPM GBP Ultra-Short Income ETF GBP Acc 100 101 - 0.18 JGSA £ 108 IRL ICBCCS WisdomTree S&P China 500 ETF B 100 128 126 0.55 CHIN $ 53 LUX JPM GBP Ultra-Short Income ETF GBP Inc 100 101 - 0.18 JGST £ 108 IRL KraneShares MSCI China ESG Ldrs ETF USD 105 138 - - KESG $ 26 IRL PIMCO Sterling Short Maturity ETF 100 101 102 - QUID £ 154 IRL Lyxor MSCI China ETF Acc 97 121 - 0.29 LCCN $ 131 LUX Xtrackers Harvest FTSE China A-H 50ETF1D 110 134 144 0.65 AH50 $ 12 LUX GBP GOVERNMENT BOND CHINA EQUITY - A SHARES Invesco UK Gilt 1-5 Year ETF GBP Inc 100 99 - - GLT5 £ 21 IRL Invesco UK Gilts ETF GBP Acc 95 92 - - GLTA £ 20 IRL HSBC MSCI China A Inclusion ETF 107 138 - 0.30 HMCT $ 43 IRL Invesco UK Gilts ETF GBP Inc 95 92 - - GLTP £ 20 IRL iShares MSCI China A ETF USD Acc 107 138 146 0.40 CNYA $ 1,638 IRL iShares Core UK Gilts ETF GBP Dist 95 93 108 0.07 IGLT £ 1,405 IRL KraneShares MSCI China A Share ETF USD 107 138 - - KBA $ 15 IRL iShares UK Gilts 0-5yr ETF GBP Dist 100 99 102 0.07 IGLS £ 1,186 IRL L&GE Fund MSCI China A ETF 106 135 137 0.88 CASH $ 54 IRL JPM BetaBuilders UK Gilt 1-5 yrETFGBPInc 100 99 - 0.10 JG15 £ 29 IRL Lyxor Hwabao WP MSCI China A DR ETF Acc 107 138 142 0.35 CNAA $ 34 FRA Lyxor Core UK Govt Bd (DR) ETF D GBP 95 92 108 0.07 GILS.LN £ 720 LUX Xtrackers CSI300 Swap ETF 1C 107 145 160 0.50 XCHA $ 1,325 LUX Lyxor UK Govt Bd 0-5Y (DR) ETF D GBP 100 99 102 0.07 GIL5 £ 131 LUX Xtrackers Harvest CSI300 ETF 1D 104 135 136 0.65 RQFI $ 542 LUX SPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 99 99 102 0.15 SYB5 £ 446 IRL SPDR® Blmbrg Bcly 15+ Yr Gilt ETF 92 87 112 0.15 SYBL £ 104 IRL CONVERTIBLE BOND - GLOBAL SPDR® Blmbrg Bcly UK Gilt ETF 95 92 108 0.15 SYBG £ 292 IRL SPDR Refinitiv Global Cvtb Bd ETF 102 121 139 0.50 ZPRC $ 1,165 IRL Vanguard U.K. Gilt ETF GBP Acc 95 92 - - VGVA £ 167 IRL Vanguard UK Gilt UCITS ETF 95 92 109 0.12 VGOV £ 167 IRL CURRENCY GBP INFLATION-LINKED BOND First Trust FactorFX ETF A USD 97 92 100 0.75 FTFX $ 6 IRL First Trust FactorFX ETF B GBP 102 105 102 0.75 FXGB £ 6 IRL iShares £ Index-Lnkd Gilts ETF GBP Dist 98 97 115 0.10 INXG £ 928 IRL Lyxor Cr UK GovtInfl Lnkd Bd(DR)ETFDGBP 98 97 115 0.07 GILI.LN £ 80 LUX EUR CORPORATE BOND GBP MODERATE ALLOCATION iShares Corp Bond ESG ETF EUR Dist 95 100 - 0.15 SUOE € 1,768 IRL iShares CorpBd IntrRt Hdg ETF EUR Dist 97 100 101 0.25 IS0Y € 630 IRL BlackRock ESG MA Mod Ptf ETF GBP H Acc 106 - - - MAMG £ 9 IRL iShares Core Corp Bond ETF EUR Acc 95 100 105 0.20 IEAA € 8,442 IRL iShares Core Corp Bond ETF EUR Dist 95 100 105 0.20 IEAC € 8,442 IRL GBP MODERATELY ADVENTUROUS ALLOCATION JPM EUR Corporate Bd Rsh Enh ETF EUR Acc 95 99 - 0.19 JREB € 156 IRL BlackRock ESG MA Gr Ptf ETF GBP H Acc 109 - - - MAGG £ 13 IRL Tabula iTraxx IG Bond ETF EUR Dis 95 99 - - TABX € 86 IRL Xtrackers II ESG EUR CBSD ETF 1 EUR Acc 92 - - 0.16 XZE5 € 74 LUX GBP MODERATELY CAUTIOUS ALLOCATION EUR CORPORATE BOND - SHORT-TERM BlackRock ESG MA Cnsv Ptf ETF GBP H Acc 101 - - - MACG £ 3 IRL iShares Corp Bond 1-5yr ETF EUR Dist 96 99 101 0.20 IE15 € 3,531 IRL GLOBAL BOND iShares Floating Rate Bond ETF EURDist 96 97 - 0.10 EFRN € 37 IRL JPM EUR Corp Bd 1-5yr Rsh Enh ETF EURAcc 96 98 - 0.19 JER5 € 35 IRL iShares Core Global Aggt Bd ETF USD Dist 93 91 106 0.10 AGGG $ 3,779 IRL iShares Global AAA-AA Govt Bd ETF $ Acc 92 92 - 0.20 GAAA $ 114 IRL EUR GOVERNMENT BOND iShares Global AAA-AA Govt Bd ETF $ Dist 93 92 105 0.20 IS0Z $ 114 IRL iShares Global Govt Bond ETF USD Acc 91 88 104 0.20 IGLA $ 1,612 IRL iShares France Govt Bond ETF EUR Dist 92 94 103 0.20 IFRB € 43 IRL iShares Global Govt Bond ETF USD Dist 91 88 104 0.20 IGLOz $ 1,612 IRL Lyxor Core Glb Gov Bond ETF GBP 91 - - - GOUD $ 16 LUX EUR GOVERNMENT BOND - SHORT-TERM SPDR® Blmbrg Bcly Glb Aggr Bd ETF USD 93 91 106 0.10 SYBZ $ 1,400 IRL JPM BetaBuilders EURGovtBd1-3yrETFEURAcc 96 96 98 0.10 J13E € 57 IRL GLOBAL BOND - EUR HEDGED EUR HIGH-YIELD BOND First Trust Lw Dur Glb Govt BdETFBGBPInc 98 - - - FGOV £ 22 IRL iShares High Yield CorpBd ETF EUR Acc 99 107 108 0.50 HIGH € 4,685 IRL © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not iShares High Yield CorpBd ETF EUR Dist 99 107 108 0.50 IHYG € 4,685 IRL 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. Tabula Eurp iTraxx Crsvr Crdt ETFEURJAcc 99 105 - - TECC € 1 IRL 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.

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054-078_WI_0721.indd 75 17/06/2021 11:55 76 Exchange-traded funds | 2 What Investment | July 2021

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) Lyxor Cr Glb Inf-Ld 1 10Y Bd DR ETF Inc 98 96 - 0.09 GIST $ 79 LUX GLOBAL BOND - GBP HEDGED GLOBAL INFLATION-LINKED BOND - EUR HEDGED iShares Core Global Aggt Bd ETF GBPHDist 98 99 109 0.10 AGBP £ 3,779 IRL iShares Global Govt Bond ETF GBP H Dist 97 98 109 0.25 IGLH £ 1,612 IRL iShares Global Infl Lnkd GovBd ETFHDist 96 98 109 0.25 GILE € 1,071 IRL UBS(Lux)FS JPM GlbGovtESG LiqdBdGBPHAdis 97 - - 0.12 EGOG £ 257 LUX Vanguard Global Aggt Bd ETF GBP H Acc 98 100 - - VAGS £ 2,103 IRL GLOBAL INFLATION-LINKED BOND - GBP HEDGED Vanguard Global Aggt Bd ETF GBP H Inc 98 100 - - VAGP £ 2,103 IRL Xtrackers II Glb Agg Bd Swap ETF 3D £ H 98 100 110 0.20 XBGG £ 494 LUX iShares Global Infl Lnkd GovBd ETF£HDist 100 - - - GILG £ 1,071 IRL Xtrackers II Global Govt Bd ETF 2D GBP H 97 98 109 0.25 XGSG £ 1,785 LUX Xtrackers II Glb Infl-Lnkd Bd ETF 3D £ H 100 103 114 0.25 XGIG £ 1,693 LUX GLOBAL BOND - USD HEDGED GLOBAL INFLATION-LINKED BOND - USD HEDGED iShares Core Global Aggt Bd ETF USD HAcc 92 87 106 0.10 AGGU $ 3,779 IRL Xtrackers II Glb Infl-Lnkd Bd ETF 2C $ H 94 90 111 0.25 XG7U $ 1,693 LUX Vanguard Global Aggt Bd ETF USD H Acc 92 87 - - VAGU $ 2,103 IRL GLOBAL LARGE-CAP BLEND EQUITY Xtrackers II Global Govt Bd ETF 3C USD H 91 85 105 0.25 XGSI $ 1,785 LUX Fidelity Sust Rsh Enh Glb Eq ETF USD Acc 110 - - - FGLR $ 15 IRL GLOBAL CORPORATE BOND Franklin LibertyQ Global Equity SRI ETF 106 116 130 0.40 FLXG $ 16 IRL HSBC Developed World Sustainable Eq ETF 110 - - 0.18 HSWD $ 57 IRL iShares Global Corp Bond ETF USD Acc 93 93 - 0.20 CRPA $ 2,352 IRL HSBC MSCI World ETF 109 123 142 0.15 HMWDl $ 2,240 IRL iShares Global Corp Bond ETF USD Dist 93 93 111 0.20 IS0X $ 2,352 IRL HSBC Multi Factor Worldwide Equity ETF 112 125 133 0.25 H41J $ 935 IRL GLOBAL CORPORATE BOND - GBP HEDGED Invesco Global Buyback Achievers ETF 118 139 145 0.39 BUIB $ 48 IRL Invesco Goldman Sachs Equity Fac Wld ETF 109 120 124 0.55 EFIW $ 222 IRL iShares Global Corp Bond ETF GBP H Dist 98 104 114 0.25 CRHG £ 2,352 IRL Invesco MSCI World ESG Unvsl Scrn ETF 109 123 - - ESGW $ 36 IRL Lyxor Green Bond (DR) ETF D GBP Mnh Hdg 96 - - 0.30 KLMG £ 480 LUX Invesco MSCI World ETF 110 124 141 0.19 SC0J $ 1,964 IRL Invesco Quant Strats ESGGlbEqMFETFUSDAcc 114 126 - - IQSA $ 124 IRL GLOBAL CORPORATE BOND - USD HEDGED iShares Core MSCI World ETF USD Acc 109 123 141 0.20 IWDA $ 27,083 IRL iShares Dow Jones Glb Sust Scrn ETF $Acc 110 121 138 0.60 IGSG $ 362 IRL iShares Global Corp Bond ETF USD H Acc 92 90 112 0.25 CRPU $ 2,352 IRL iShares Edge MSCI Wld Min Vol ETF $ Acc 102 102 124 0.30 IQQ0 $ 2,558 IRL GLOBAL EMERGING MARKETS BOND iShares Edge MSCI Wld Mltfct ETF $ Acc 112 123 125 0.50 IFSW $ 403 IRL iShares Edge MSCI Wld Qual Fctr ETF $Acc 109 119 143 0.30 IWFQ $ 1,323 IRL iShares JP Morgan $ EM Bd ETF USD Acc 94 96 112 0.45 JPEA $ 7,925 IRL iShares MSCI ACWI ETF USD Acc 109 123 137 0.60 IUSQ $ 1,697 IRL iShares JP Morgan $ EM Bond ETF USD Dist 94 96 111 0.45 IEMB $ 7,925 IRL iShares MSCI World ESG Enh ETF USD Dist 109 123 - 0.20 EEWD $ 1,028 IRL iShares JP Morgan ESG $ EM Bd ETF USDAcc 94 95 - 0.45 EMSA NA $ 1,224 IRL iShares MSCI World ESG Scrn ETF USD Acc 109 123 - 0.25 SNAW $ 1,036 IRL iShares JP Morgan ESG $ EM Bd ETFUSDDist 94 95 - 0.45 EMES $ 1,224 IRL iShares MSCI World ESG Scrn ETF USD Dist 110 124 - 0.25 S6DW $ 1,036 IRL JPM USD Emerging Mkts Sov Bd ETF USD Acc 94 97 - - JMBA $ 445 IRL iShares MSCI World ETF USD Dist 109 122 139 0.50 IWRD $ 4,133 IRL JPM USD Emerging Mkts Sov Bd ETF USD Inc 94 97 113 0.39 JPMB $ 445 IRL iShares MSCI World SRI ETF EUR Acc 108 122 150 0.20 SUSW € 3,141 IRL SPDR ICE BofA 0-5Yr EM $ Gov Bd ETF 96 92 103 0.42 ZPR5 $ 179 IRL iShares MSCI World SRI ETF USD Dist 108 122 149 0.20 SUWS $ 3,141 IRL Vanguard USD EmMktsGovBd ETFUSDAcc 93 94 - - VDEA $ 548 IRL JPM Carbon Transition Global Equity ETF 110 - - - JPCT $ 25 IRL Vanguard USD EmMktsGovBd UCITS ETF 93 93 111 - VDET $ 548 IRL JPM Global Equity Multi-Fac ETF USD Acc 112 122 - 0.19 JPGL $ 30 IRL Xtrackers ESG $ EM Bd Qual Wtd ETF 1D 93 94 114 0.50 XQUA $ 124 IRL JPM Global Rsrch Enh Eq ESG ETF USD Acc 110 124 - 0.25 JREG $ 163 IRL Xtrackers II $ Emerging Mkts Bd ETF 2D $ 93 95 108 0.25 XUEM $ 1,046 LUX L&G Global Equity ETF 109 122 - 0.10 LGGL $ 36 IRL Xtrackers II USD EM Bd ETF 2C USD 94 96 - 0.25 XUEB GY $ 1,046 LUX Lyxor Core MSCI World (DR) ETF 109 122 140 0.12 LCUW $ 793 LUX Lyxor Global Gender Eqlty (DR) ETF C USD 113 128 139 0.20 ELLE $ 40 LUX GLOBAL EMERGING MARKETS BOND - EUR BIASED Lyxor Msci All Country World ETF USD Acc 109 124 - 0.45 ACWU $ 447 LUX Lyxor MSCI World ESG TrdLdrsDRETFAcc 109 121 141 0.20 LESW $ 293 LUX iShares JP Morgan $ EM Bond EURH ETF Dis 95 104 108 0.50 EMBE € 2,878 IRL MS Scientific Beta Glb Eq Fact ETF USD 110 120 124 - GEF $ 1 IRL JPM USD Emerging Mkts Sov Bd ETF EURAccH 95 105 - 0.39 JMBE € 445 IRL SPDR STOXX Global Low Volatil ETF $ UnHC 103 - - - GLOW $ 5 IRL GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCY SPDR® MSCI ACWI ETF 110 125 137 0.40 SPYY $ 2,148 IRL SPDR® MSCI ACWI IMI UCITS ETF 110 125 133 0.40 SPYI $ 269 IRL iShares JPMorgan EM Lcl Govt Bd ETF$Acc 94 93 99 0.50 EMGA $ 4,233 IRL SPDR® MSCI World ETF 110 124 - 0.12 SWRD $ 610 IRL iShares JPMorgan EM Lcl Govt Bd ETF$Dist 94 93 100 0.50 IEML $ 4,233 IRL VanEck VectorsMorningstarGlbWdMtETFAUSD 109 - - - VVGM $ 29 IRL PIMCO EM Advtg Lcl Bd ETF Acc USD 95 94 102 - EMLB $ 272 IRL Vanguard FTSE All-World ETF USD Acc 109 123 - - VWCE $ 8,066 IRL PIMCO EM Advtg Lcl Bd ETF Inc USD 95 94 102 - EMLI $ 272 IRL Vanguard FTSE All-World UCITS ETF 109 123 138 0.25 VWRD $ 8,066 IRL SPDR® Blmbrg Bcly EM Lcl Bd ETF Dis 94 93 103 0.55 SYBM $ 2,462 IRL Vanguard FTSE Dev World ETF $Dis 109 123 140 - VEVE $ 913 IRL VanEck Vectors JPM EM LC Bd ETF A USD 95 95 97 - G2X1 $ 36 IRL Vanguard FTSE Dev World ETF USD Acc 109 123 - - VHVE $ 913 IRL Xtrackers FTSE All-World ex UK ETF 1C 109 123 140 0.40 XDEX £ 40 IRL GLOBAL EMERGING MARKETS CORPORATE BOND Xtrackers MSCI WORLD ESG ETF 1C 110 121 146 0.20 XZW0 $ 1,678 IRL iShares JPMorgan $ EM Corp Bd ETF $ Acc 95 95 - 0.50 EMCA $ 1,357 IRL Xtrackers MSCI World ETF 1C 110 124 141 0.19 XDWD $ 5,763 IRL iShares JPMorgan $ EM Corp Bd ETF $ Dist 95 96 114 0.50 IS0Q $ 1,357 IRL Xtrackers MSCI World ETF 1D 110 124 141 0.19 XDWLz $ 5,763 IRL VanEck Vectors Em Mkts HY Bd ETF A USD 98 99 114 - HY3M $ 20 IRL GLOBAL LARGE-CAP GROWTH EQUITY GLOBAL EMERGING MARKETS EQUITY iShares Edge MSCI Wld Mom Fctr ETF $ Acc 104 118 147 0.30 IWFM $ 1,886 IRL Amundi IS MSCI EMs SRI ETF DR C 108 139 - - EMSRI $ 766 LUX GLOBAL LARGE-CAP VALUE EQUITY Fidelity Emerg Mkts Qual Inc ETF USD Acc 115 136 126 0.50 FYEM $ 89 IRL Fidelity Emerg Mkts Qual Inc ETF USD Inc 114 136 - 0.50 FYEQ $ 89 IRL iShares Edge MSCI Wld Val Fctr ETF $Acc 117 123 111 0.30 IWFV $ 4,418 IRL Fidelity Sust Rsh Enh EM Eq ETF USD Acc 107 - - - FEMR $ 183 IRL iShares Edge MSCI Wld Val Fctr ETF $Dist 116 124 111 0.30 IWVU $ 4,418 IRL First Trust Em Mkts AlphaDEX® ETF A Acc 114 126 104 0.80 FEM $ 28 IRL iShares Thomson Reuters Incl & Divst ETF 115 132 - 0.25 OPEN $ 25 IRL Franklin LibertyQ Emerging Markets ETF 110 118 107 0.55 FLXE $ 28 IRL SPDR® MSCI World Value ETF 115 - - - WVAL $ 26 IRL GS ActiveBeta Em Mkt Eq ETF A USD Acc 108 126 - - GACB $ 10 IRL HSBC Emerging Market Sustainable Eq ETF 107 - - 0.18 HSEM $ 52 IRL GLOBAL SMALL/MID-CAP EQUITY HSBC MSCI Emerg Mkts ETF 107 129 120 0.15 HMEM $ 790 IRL Invesco FTSE Em Mkts Hi Div Low Vol ETF 113 119 107 0.49 EMHD $ 58 IRL iShares MSCI World Small Cap ETF USD Acc 115 136 131 0.35 WSML $ 2,965 IRL Invesco Goldman Sachs Eq Fac EM ETF AUSD 110 123 - - EFIM $ 23 IRL SPDR® MSCI World Small Cap ETF 116 136 130 0.45 ZPRS $ 684 IRL Invesco MSCI Emerging Markets ETF 107 131 121 0.29 EMSM $ 355 IRL INDIA EQUITY iShares Core MSCI EM IMI ETF USD Acc 108 132 122 0.18 EMIM $ 14,029 IRL iShares Core MSCI EM IMI ETF USD Dist 108 133 122 0.18 EIMU $ 14,029 IRL Franklin FTSE India UCITS ETF 115 141 - 0.19 FLXI $ 47 IRL iShares Edge MSCI EM Mini Vol ETF $ Acc 104 113 107 0.40 EUNZ $ 306 IRL iShares MSCI India ETF USD Acc 117 145 127 0.65 QDV5 $ 656 IRL iShares Edge MSCI EM Val Fac ETF USD Acc 114 135 - 0.40 - $ 108 IRL Xtrackers MSCI India Swap ETF 1C 117 143 123 0.75 XIDSz $ 57 LUX iShares EM Dividend ETF USD Dist 112 118 110 0.65 EUNY $ 290 IRL Xtrackers Nifty 50 Swap ETF 1C 115 145 122 0.85 DBX7 $ 100 LUX iShares MSCI EM ESG Enhanced ETF USD Inc 108 133 - 0.18 EEDM $ 830 IRL iShares MSCI EM ETF USD Acc 107 132 122 0.68 IEMA $ 862 IRL INDONESIA EQUITY iShares MSCI EM IMI ESG Scrn ETF USD Acc 108 132 - 0.18 AYEM $ 1,245 IRL iShares MSCI EM IMI ESG Scrn ETF USDDist 108 133 - 0.18 SEDM $ 1,245 IRL HSBC MSCI Indonesia ETF 90 103 87 0.60 HIDD $ 29 IRL iShares MSCI EM SRI ETF USD Acc 107 137 129 0.25 QDVS $ 1,595 IRL ISLAMIC EQUITY - OTHER JPM Global EM Rsh Enh Eq ESG ETF USD Acc 108 134 - 0.25 JREM $ 460 IRL Lyxor Msci EM Esg Trend Leaders ETF Acc 106 129 124 0.25 LESG $ 94 LUX iShares MSCI EM Islamic ETF USD Dist 106 129 120 0.85 ISEM $ 65 IRL Lyxor MSCI Emerging Mkt Ex China ETF Acc 114 137 - 0.29 EMXC $ 31 LUX iShares MSCI USA Islamic ETF USD Dist 110 114 130 0.50 ISUS $ 98 IRL Ossiam EM Minimum Var NR ETF 1C USD 114 89 95 0.75 DEMV $ 65 LUX SciBeta HFE EM Equity 6F EW ETF 113 124 101 - EMHF € 2 IRL ISLAMIC GLOBAL EQUITY SPDR S&P EmMks Dividend Aristocrats ETF 106 119 101 0.55 SPYV $ 100 IRL SPDR® MSCI Emerging Markets ETF 107 131 122 0.42 SPYM $ 401 IRL Almalia Sanlam Active Shariah Glb Eq ETF 102 - - - AMAL $ 8 IRL Vanguard FTSE Emerg Markets ETF $Dis 106 128 123 0.29 VDEM $ 1,986 IRL iShares MSCI World Islamic ETF USD Dist 110 117 125 0.60 ISWD $ 199 IRL Vanguard FTSE Emerg Markets ETF USD Acc 107 129 - - VFEA $ 1,986 IRL JAPAN LARGE-CAP EQUITY WisdomTree Emerging Mkts Eq Inc ETF 111 116 108 0.46 WTEI $ 32 IRL WisdomTree Emerging Mkts Eq Inc ETF Acc 111 116 103 0.46 WTD8 $ 32 IRL HSBC Japan Sustainable Equity ETF 102 - - 0.18 HSJD $ 66 IRL Xtrackers MSCI Em Mkt ESG ETF 1C 101 125 - 0.25 XZEM $ 1,029 IRL Invesco MSCI Japan ETF 100 110 114 0.45 SC0I $ 4 IRL Xtrackers MSCI Emerging Markets ETF 1C 107 130 121 0.18 XMME $ 3,913 IRL iShares Core MSCI Japan IMI ETF USD Acc 100 109 111 0.15 IJPA $ 3,325 IRL iShares MSCI Japan ESG Enh ETF USD Dist 100 110 - 0.15 EEJD $ 254 IRL GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITY iShares MSCI Japan ESG Scrn ETF USD Acc 100 110 - 0.15 SGAJ $ 524 IRL iShares MSCI Japan ESG Scrn ETF USD Dist 100 110 - 0.15 SODJ $ 524 IRL iShares MSCI EM Small Cap ETF USD Dist 117 149 118 0.38 IEMSz $ 255 IRL iShares MSCI Japan ETF USD Acc 100 109 112 0.48 SXR5 $ 398 IRL SPDR® MSCI Emerging Markets SmallCap ETF 118 150 120 0.55 EMSCz $ 122 IRL iShares MSCI Japan ETF USD Dist 100 110 113 0.59 IJPN/L $ 846 IRL WisdomTree Emerging Markets SmCp Div ETF 113 132 111 0.54 WTED $ 23 IRL iShares MSCI Japan SRI ETF 99 108 115 0.20 SUJP $ 513 IRL GLOBAL EQUITY INCOME L&G Japan Equity ETF 100 109 - 0.10 LGJP $ 177 IRL SciBeta HFE Japan Equity 6F EW ETF 103 105 95 - JHEF € 0 IRL Fidelity Global Qual Inc ETF Inc 110 120 138 0.40 FGEQ $ 270 IRL Vanguard FTSE Japan ETF $Dis 101 110 113 0.19 VJPN $ 1,570 IRL Franklin LibertyQ Global Dividend ETF 108 122 132 0.45 FLXX $ 27 IRL Vanguard FTSE Japan ETF USD Acc 100 109 - - VJPA $ 1,570 IRL iShares MSCI World Qual Div ETF USD Dist 108 113 124 0.28 WDQV $ 243 IRL WisdomTree Japan Equity ETF JPY Acc 106 113 107 0.40 WTIZ $ 28 IRL Lyxor SG Global Qual Inc NTR ETF C GBP 108 108 111 0.45 SGQL £ 900 LUX Xtrackers MSCI JAPAN ESG ETF 1C 97 107 117 0.20 XZMJ $ 1,374 IRL SPDR® S&P Global Div Aristocrats ETF 114 126 112 0.45 ZPRG $ 592 IRL Xtrackers MSCI Japan ETF 1C 100 110 114 0.20 DBXJ $ 2,195 LUX Vanguard FTSE AllWld HiDivYld ETF $Dis 113 123 120 0.29 VHYL $ 1,326 IRL Vanguard FTSE AllWld HiDivYld ETF USDAcc 113 123 - - VHYA $ 1,326 IRL JAPAN SMALL/MID-CAP EQUITY WisdomTree Glbl Eqlty Div Gr ETF USD Acc 107 118 145 0.38 GGRA $ 56 IRL WisdomTree Glbl Qual Div Gr ETF USD 107 118 143 0.38 GGRP $ 56 IRL iShares MSCI Japan Small Cap ETF USD Dis 100 104 99 0.58 IDJP $ 229 IRL GLOBAL FLEX-CAP EQUITY KOREA EQUITY iShares Ageing Population ETF USD Acc 112 126 122 0.40 AGED $ 547 IRL Franklin FTSE Korea UCITS ETF 116 156 - 0.09 FLXK $ 527 IRL iShares Edge MSCI Wld Size Fctr ETF $Acc 110 125 122 0.30 IS3T $ 651 IRL HSBC MSCI KOREA CAPPED ETF 114 152 128 0.60 HKOD $ 33 IRL GLOBAL FRONTIER MARKETS EQUITY LATIN AMERICA EQUITY HSBC MSCI EM LA ETF 110 127 99 0.60 HMLD $ 19 IRL Xtrackers S&P Select Frntr Swap ETF 1C 112 128 110 0.95 DX2Z $ 67 LUX iShares MSCI EM Latin Amer ETF USD Dist 110 127 99 0.74 LTAM $ 317 IRL GLOBAL HIGH-YIELD BOND MONEY MARKET - OTHER iShares Fallen Angels HY CorpBd ETF $Acc 98 104 125 0.50 WIAU $ 1,289 IRL iShares Fallen Angels HY CorpBd ETF$Dist 98 105 126 0.50 WING $ 1,289 IRL Lyxor Fed Funds US Dollar Cash ETF C USD 94 87 97 0.10 FEDF $ 125 LUX iShares Global HY Corp Bd ETF USD Acc 98 101 112 0.50 HYEA $ 1,552 IRL Lyxor Smart Cash ETF C GBP 100 100 102 0.05 CSH2 £ 1,196 LUX iShares Global HY Corp Bd ETF USD Dist 98 101 112 0.50 HYLD $ 1,552 IRL Lyxor Smart Cash ETF C USD 94 87 98 0.11 - $ 1,196 LUX JPM Global HY Corp Bd Mlt-Fct ETF USDAcc 98 99 - - JGHY $ 160 IRL Xtrackers II $ Overnight Rt Swap ETF 1C 94 87 - 0.15 DXSZ $ 158 LUX JPM Global HY Corp Bd Mlt-Fct ETFUSDHAcc 98 98 - - JHYU $ 160 IRL Xtrackers II £ Overnight Rt Swap ETF 1D 100 100 101 0.15 DXS1 £ 62 LUX Lyxor Global HY Sus Ep ETF Acc 97 100 - 0.25 GHYU $ 15 LUX Xtrackers USD Overnight Rate Swap ETF 1C 94 87 97 0.15 3011 $ 6 LUX VanEck Vectors Glb Flln Angl HY BdETFA$ 98 105 122 - GFA $ 41 IRL OTHER BOND GLOBAL HIGH-YIELD BOND - EUR HEDGED FinEx Tradable Russian Corp Bds ETF USD 95 93 112 0.50 FXRU $ 1,392 IRL Invesco AT1 Capital Bond ETF 98 100 - - AT1 $ 1,045 IRL iShares Fallen Angels HY CorpBdETFHDist 99 110 123 0.55 IBC7 € 1,289 IRL Invesco AT1 Capital Bond ETF GBP Hdg Dis 104 114 - - AT1S £ 1,045 IRL GLOBAL HIGH-YIELD BOND - GBP HEDGED Invesco Preferred Shares ETF 96 96 112 - PRFD $ 142 IRL Invesco Preferred Shares ETF USD Acc 96 96 - - PRAC $ 142 IRL iShares Fallen Angels HY CorpBdETF£HDist 104 116 128 0.55 WIGG £ 1,289 IRL Invesco US High Yield Faln Angl ETF GBPH 105 120 113 0.50 FAGB £ 255 IRL iShares Global HY Corp Bd ETF GBP H Dist 104 112 - 0.55 GHYG £ 1,552 IRL Invesco US Treasury Bond ETF GBP H Dis 96 96 - - TRGB £ 73 IRL iShares Global HY Corp Bd GBPH ETF Dist 103 112 113 0.55 GHYS £ 172 IRL Invesco US Trs Bd 0-1 Yr ETF GBP H Dis 100 100 - - TIGB £ 2 IRL JPM Global HY Corp Bd Mlt-Fct ETFGBPHInc 104 112 - - JHYP £ 160 IRL Invesco US Trs Bd 1-3 Yr ETF GBP H Dis 100 100 - - T3GB £ 20 IRL Invesco US Trs Bd 3-7 Yr ETF GBP Hdg Dis 99 99 - - TR7S £ 49 IRL GLOBAL INFLATION-LINKED BOND Invesco US Trs Bd 7-10 Yr ETF GBP H Dis 95 95 - - TRXS £ 836 IRL iShares Global Infl Lnkd GovBd ETF $ Acc 96 96 111 0.25 IGIL $ 1,071 IRL Invesco USD Corporate Bond ETF GBP Hdg 97 102 - - PUIP £ 44 IRL

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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) Invesco Variable Rate Preferred ETF 98 100 - - VRPS $ 14 IRL Invesco Variable Rate Preferred ETF USD 98 100 - - VPAC $ 14 IRL PROPERTY - INDIRECT OTHER iShares $ Corp Bond ETF EUR H Dist 92 97 115 0.25 LQEE € 4,115 IRL iShares $ Corp Bond ETF GBP H Dist 96 102 119 0.25 LQGH £ 4,115 IRL iShares Dev Mkts Prpty Yld ETF EURH Acc 113 126 114 0.59 DPYE € 1,748 IRL iShares $ Floating Rate Bd ETF GBPH Dist 100 102 102 0.12 FLOS £ 1,852 IRL iShares Dev Mkts Prpty Yld ETF GBPH Dist 118 132 115 0.59 DPYG £ 1,748 IRL iShares $ High Yld Corp Bd ETF EURH Dist 99 106 108 0.50 IHYE € 5,733 IRL iShares UK Property ETF GBP Dist 115 122 104 0.40 IUKP £ 566 IRL iShares $ High Yld Corp Bd ETF GBPH Dist 104 111 113 0.50 IHHG £ 5,733 IRL RELATIVE VALUE ARBITRAGE iShares $ TIPS 0-5 ETF GBP H Dist 103 106 109 0.12 TI5G £ 591 IRL iShares $ TIPS ETF EUR H Acc 96 96 101 0.27 ITPE € 3,515 IRL Lyxor US$ 10Y Inflation Expct ETF C USD 101 98 98 0.25 EUIN $ 242 LUX iShares $ TIPS ETF GBP H Dist 102 106 116 0.25 ITPG £ 3,515 IRL iShares $ Treasury Bd 1-3yr ETF EURH Acc 96 95 100 0.10 IBTE € 5,136 IRL RMB BOND - ONSHORE iShares $ Treasury Bd 1-3yr ETF GBPHDist 100 100 105 0.10 IBTG £ 5,136 IRL iShares $ Treasury Bd 20+y ETF EUR HDist 83 82 112 0.10 DTLE € 1,691 IRL Goldman Sachs Acs CHN Govt Bd ETF USDInc 100 98 - - GASF $ 311 IRL iShares $ Treasury Bd 20+y ETF GBP HDist 87 86 - 0.10 IDTG £ 1,691 IRL KraneShares Blmbrg BclyCNHBdInclsnETFUSD 99 97 - - KBND $ 7 IRL iShares $ Treasury Bond ETF GBP H Dist 96 96 - 0.10 GOVP £ 40 IRL Xtrackers II Harvest China Govt Bd ETF1D 99 97 103 0.55 CGB $ 135 LUX iShares $ Trs Bd 7-10yr ETF GBP H Dist 95 95 - 0.10 IGTM £ 3,021 IRL RUSSIA EQUITY iShares $CorpBd 0-3y ESG UCITS ETF£H Dis 100 101 - 0.15 SGSU £ 163 IRL iShares Corp Bond ESG ETF GBP Hdg Inc 100 104 - 0.15 SUOG £ 1,768 IRL HSBC MSCI Russia Capped ETF 119 113 137 0.60 HRUD $ 97 IRL iShares High Yield Corp Bd ETF USDHAcc 97 98 110 0.55 HYGU $ 4,685 IRL Invesco RDX ETF 122 113 119 1.20 RDXS $ 5 IRL iShares Core Corp Bond ETF GBP H Dist 100 105 110 0.25 IEAH £ 8,442 IRL ITI Funds RTS Equity ETF A USD 115 115 144 - RUSE $ 4 LUX iShares Italy Govt Bond ETF USD H Acc 93 93 118 0.22 ITEH $ 1,243 IRL Lyxor MSCI Russia ETF Dist 122 115 - 0.65 RUSU £ 251 LUX iShares JP Morgan $ EM Bd ETF GBP H Dist 100 109 113 0.45 EMHG £ 7,925 IRL Xtrackers MSCI Russia Capped Swap ETF 1C 119 113 136 0.65 DBXV $ 96 LUX iShares Spain Govt Bond ETF USD H Acc 91 88 110 0.22 SPEH $ 483 IRL iShares US Aggregate Bond ETF EUR H Acc 93 94 - 0.25 IUAE € 2,349 IRL SECTOR EQUITY AGRICULTURE iShares US Aggregate Bond ETF GBP H Dist 98 99 111 0.25 IUGA £ 2,349 IRL ITI Funds Russia-Fcs USD EurobondETFAUSD 94 87 112 - RUSB $ 8 LUX iShares Agribusiness ETF USD Acc 118 143 133 0.55 IS0C $ 202 IRL JPM BetaBuilders US TreasuryBdETFGBPHAcc 96 96 - 0.10 BBTP £ 75 IRL Rize Sustainable Future of Fd ETF A USD 109 - - - RIZF $ 156 IRL JPM USD Emerging Mkts Sov Bd ETF GBPIncH 100 111 - - JMBP £ 445 IRL SECTOR EQUITY ALTERNATIVE ENERGY Lyxor Core US TIPS (DR) ETF MthlyH D GBP 102 106 116 0.20 TIPH £ 2,998 LUX PIMCO S/T HY CorpBd Idx Source ETF H 100 108 105 - STHE € 1,033 IRL L&G Clean Energy ETF USD Acc 102 - - - RENW $ 70 IRL PIMCO S/T HY CorpBd Idx Source ETF £ H 104 114 110 - STHS £ 1,033 IRL PIMCO S/T HY CorpBd Idx Source ETFH Inc 100 108 105 - STEA € 1,033 IRL SECTOR EQUITY BIOTECHNOLOGY PIMCO USD Short Mat ETF Ins GBPH Acc 100 101 - - MIST £ 3,011 IRL SPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 98 97 101 0.55 SYBI $ 58 IRL First Trust NYSE Arca Biotech ETFAUSDAcc 96 87 - - FBTU $ 10 IRL Tabula European Perf Crdt ETF EUR G Dis 99 105 - - TCED € 10 IRL Invesco NASDAQ Biotech ETF 100 101 132 0.40 SBIO $ 486 IRL Tabula European Perf Crdt ETF EUR J Acc 99 105 - - TCEP € 10 IRL iShares Nasdaq US Biotech ETF USD Acc 98 98 132 0.35 BTEK $ 284 IRL Tabula European Perf Crdt ETF GBPH C Dis 103 111 - - TCEG £ 10 IRL iShares Nasdaq US Biotech ETF USD Dist 100 101 132 0.35 BTEE $ 284 IRL Tabula US Enhanced Infla ETF GBP H 109 - - - TING £ 55 IRL L&G Pharma Breakthrough ETF 95 93 119 0.49 BIOT $ 21 IRL UBS(Lux)FS BlmbgBrcl TIPS 1-10 HGBP Aacc 103 107 113 0.20 UBTP £ 864 LUX SECTOR EQUITY COMMUNICATIONS UBS(Lux)FS BlmbgBrcl US LiqCorpGBPH Adis 96 101 118 0.23 UC85 £ 584 LUX UBS(Lux)FS BlmbgBrcl US LqCrp1-5YrGBPH A 100 103 110 0.23 - £ 1,003 LUX Invesco Comms S&P US Slct Sec ETF $ Acc 111 123 - - XLCS $ 390 IRL UBS(Lux)FS Sust Devpmt Bk Bds H GBP Adis 99 99 - 0.23 MDBG £ 764 LUX iShares S&P 500 Comm Sect ETF USD Acc 114 127 - 0.15 IUCM $ 95 IRL WisdomTree AT1 CoCo Bond ETF GBP Hdg 104 112 - 0.50 COGO £ 88 IRL Lyxor MSCI World TelecomSvcsTR ETF C USD 112 126 162 0.30 TELW $ 30 LUX WisdomTree AT1 CoCo Bond ETF USD 99 102 117 0.50 CCBO $ 88 IRL SPDR® MSCI World Comm Svcs ETF USD Acc 112 126 161 0.30 WTEL $ 20 IRL WisdomTree AT1 CoCo Bond ETF USD Acc 99 105 120 0.50 COCB $ 88 IRL SPDR® S&P® US Comm Svcs Sel Sect ETF 115 131 - 0.15 ZPDK $ 167 IRL WisdomTree AT1 CoCo Bond ETF USD Hdg 98 98 - 0.50 CODO $ 88 IRL Xtrackers MSCI Wld Comm Svc ETF 1C 111 125 165 0.25 XWTS $ 296 IRL Xtrackers II Euroz Govt Bd ETF 2C USDH 91 88 - 0.20 XGLU $ 2,615 LUX SECTOR EQUITY CONSUMER GOODS & SERVICES OTHER EQUITY Amundi IS S&P Global Luxury ETF-C USD 117 162 157 - LUXU $ 201 LUX Fidelity Europe Qual Inc ETF GBP H Acc 117 128 133 0.35 FEQP £ 31 IRL Invesco Consumer Discr S&P US SelSec ETF 105 123 155 0.14 XLYS $ 149 IRL Fidelity Global Qual Inc ETF GBP H Inc 117 136 139 0.45 FGQP £ 270 IRL Invesco Consumer Stap S&P US Sel Sec ETF 102 108 143 0.14 XLPS $ 98 IRL Fidelity US Quality Income ETF GBP H Acc 117 139 146 0.35 FUSP £ 520 IRL iShares MSCI EM Consumer Gr ETF USD Acc 101 121 119 0.60 CEMG $ 85 IRL HSBC MSCI Malaysia ETF 94 96 85 0.60 HMYD $ 3 IRL iShares S&P 500 Cnsmr Discr Sect ETF$Acc 102 121 158 0.15 IUCD $ 222 IRL HSBC MSCI Mexico Capped ETF 113 135 109 0.60 HMED $ 9 IRL iShares S&P 500 Cnsmr Stpls Sect ETF$Acc 100 106 143 0.15 2B7D $ 84 IRL Invesco EQQQ NASDAQ-100 ETF (GBP Hdg) 113 145 199 0.35 EQGB £ 3,762 IRL Lyxor MSCI World Cnsmr Disc TR ETF C USD 107 133 157 0.30 DISW $ 64 LUX Invesco JPX-Nikkei 400 ETF (USD Hdg) 105 111 118 - N4US $ 93 IRL Lyxor MSCI World Cnsmr Stp TR ETF C USD 102 107 128 0.30 STAW $ 38 LUX Invesco MSCI Kuwait ETF USD Acc 113 113 - - MKUW $ 42 IRL SPDR® MSCI Wld Cnsmr Discret ETF USD 107 133 157 0.30 WCOD $ 26 IRL Invesco MSCI Saudi Arabia ETF 115 126 - - MSAU $ 150 IRL SPDR® MSCI World Cnsmr Stapl ETF 103 107 129 0.30 WCOS $ 60 IRL Invesco S&P 500 ETF (GBP Hdg) 117 - - - XLON £ 8,503 IRL SPDR® S&P US Cnsmr Discret Sel Sect ETF 104 123 156 0.15 ZPDD $ 98 IRL iShares Core FTSE 100 ETF USD H Acc 107 104 98 0.20 ISFD $ 9,637 IRL SPDR® S&P US Cnsmr Staples Sel Sect ETF 102 108 143 0.15 ZPDS $ 125 IRL iShares Core MSCI EMU UCITS ETF £ H Dist 118 138 - 0.12 CEMP £ 3,069 IRL Xtrackers MSCI USA Consumer Disc ETF 1D 104 132 180 0.12 XUCD $ 65 IRL iShares Core MSCI World ETF GBP H Dist 116 138 143 0.30 IWDG £ 27,083 IRL Xtrackers MSCI USA Consumer Stp ETF 1D 101 107 143 0.12 XUCS $ 66 IRL iShares Core S&P 500 ETF GBPH Dist 118 140 - 0.10 GSPX £ 33,497 IRL Xtrackers MSCI Wld Consumer Dscrt ETF 1C 107 132 157 0.25 - $ 352 IRL iShares Edge MSCI Wld Min Vol ETFGBPHAcc 109 115 - 0.30 WMVG £ 2,558 IRL Xtrackers MSCI Wld Consumer Stp ETF 1C 102 106 129 0.25 XDWS $ 266 IRL iShares MSCI EMU USD Hedged ETF Acc 111 120 125 0.38 CEBP $ 142 IRL iShares MSCI Europe ex-UK GBPH ETF Dist 116 133 132 0.40 EUXS £ 113 IRL SECTOR EQUITY ECOLOGY iShares MSCI Japan EUR Hedged ETF Acc 107 122 116 0.64 IJPE € 775 IRL Amundi IS MSCI Wld ClmPrsAlgPabETFDRUSDC 108 - - - PABW $ 131 LUX iShares MSCI Japan GBP Hedged ETF Acc 112 128 120 0.64 IJPH £ 101 IRL Franklin S&P 500 Paris Aligned Clmt ETF 111 - - - FLX5 $ 27 IRL iShares MSCI Japan USD Hedged ETF Acc 105 112 118 0.64 IJPD $ 268 IRL Lyxor Msci Wld Cmt Chg (Dr) ETF USD Acc 109 124 - 0.20 CLWD $ 113 LUX iShares MSCI Saudi Arabia Cpd ETF USDAcc 116 126 - 0.60 IUSS $ 217 IRL Lyxor NetZero2050S&PWldClmPABDRETF 109 - - 0.20 EABG 43 LUX iShares MSCI Saudi Arabia Cpd ETFUSDDist 116 126 - 0.60 IUSW $ 217 IRL $ iShares MSCI World EUR Hedged ETF Acc 111 130 137 0.55 IWDE € 2,608 IRL SECTOR EQUITY ENERGY iShares MSCI World GBP Hedged ETF Acc 116 137 141 0.55 IGWD £ 223 IRL iShares S&P 500 EUR Hedged ETF Acc 112 133 147 0.20 IUES € 3,888 IRL Alerian Midstream Energy Dividend ETF A 123 - - - JMLP $ 17 IRL iShares S&P 500 GBP Hedged ETF Acc 117 140 152 0.20 IGUS £ 615 IRL Amundi IS MSCI World Energy ETF-C USD 123 118 72 - CWEU $ 63 LUX L&G Battery Value-Chain ETF 119 186 193 0.49 BATT $ 566 IRL Invesco Energy S&P US Select Sector ETF 133 125 73 0.14 XLES $ 47 IRL Lyxor Core MSCI Japan (DR) ETF DHGBP Acc 112 128 - 0.20 LCJG £ 1,331 LUX Invesco Morningstar US EnrgInfrMLPETF 129 127 82 0.50 MLPS $ 240 IRL Lyxor Euro Stoxx 50 DR ETF DH GBP Acc 118 137 131 0.20 MSEX £ 3,614 FRA Invesco Morningstar US EnrgInfrMLPETFDis 130 127 82 0.50 MLPD $ 240 IRL Lyxor Euro Stoxx 50 DR ETF DH USD Acc 112 119 127 0.20 MSEU $ 3,614 FRA iShares S&P 500 Energy Sect ETF USD Acc 136 122 73 0.15 IUES $ 651 IRL Lyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 111 127 121 0.25 JPXX £ 354 LUX L&G US Energy Infrastructure MLP ETF 141 155 100 0.25 XMLP $ 23 IRL Lyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 105 111 116 0.25 JPXU $ 354 LUX Lyxor MSCI World Energy TR ETF C USD 123 119 72 0.30 NRGW $ 84 LUX Lyxor MSCI World ETF MH USD Dist A/I 109 121 141 0.30 WLDU $ 4,097 FRA SPDR® MSCI World Energy ETF 123 119 74 0.30 WNRG $ 273 IRL Lyxor S&P 500 ETF Daily Hdg to GBP Dist 117 141 - 0.09 SP5G £ 7,264 LUX SPDR® S&P US Energy Select Sector ETF 133 125 75 0.15 ZPDE $ 171 IRL Lyxor SG Global Qual Inc NTR ETF MH CGBP 112 115 112 0.45 SGQX £ 900 LUX Xtrackers MSCI USA Energy ETF 1D 134 120 72 0.12 XUEN $ 13 IRL Medical Cannabis and Wellness ETF Acc 128 152 - - CBSX $ 31 IRL Xtrackers MSCI World Energy ETF 1C 125 118 74 0.25 - $ 1,070 IRL MU Lux Lyxor FTSE 100 ETF Mly H USD Acc 107 104 97 0.30 100H $ 567 LUX Rize Medical Cannabis & Life Sci ETF 134 157 - - BLUM $ 41 IRL SECTOR EQUITY FINANCIAL SERVICES UBS ETF Fact MSCI USA PrmVal H GBP A dis 124 148 143 0.35 UPVL £ 518 IRL Amundi IS MSCI World Financials ETF-CUSD 123 142 124 - CWFU $ 208 LUX UBS ETF Fact MSCI USA Qual H GBP A dis 114 134 163 0.35 UQLT £ 205 IRL Invesco Financials S&P US Select Sec ETF 128 144 137 0.14 XLFS $ 232 IRL UBS ETF MSCI USA Sclly Rspnb GBPH A-dis 116 142 - 0.25 SRUG £ 822 IRL iShares S&P 500 Financials Sect ETF $Acc 129 144 138 0.15 IUFS $ 1,424 IRL UBS ETF MSCI World Sclly Rspnb GBP Inc 114 134 - 0.27 SRWG £ 471 IRL iShares S&P U.S. Banks ETF 139 161 121 0.35 IUS2 $ 674 IRL UBS ETF S&P 500 ESG A GBP H Dis 117 139 - 0.22 5ESG £ 1,034 IRL Lyxor MSCI World Financials TR ETF C USD 123 142 124 0.30 FINW $ 1,430 LUX UBS(Lux)FS MSCI Canada GBPH Aacc 117 133 128 0.43 UC87 £ 1,721 LUX SPDR® MSCI World Financials ETF USD Acc 123 142 124 0.30 WFIN $ 168 IRL UBS(Lux)FS MSCI EMU GBPH Aacc 117 137 126 0.28 UB0E £ 3,148 LUX SPDR® S&P US Financials Select Sect ETF 128 143 137 0.15 ZPDF $ 358 IRL UBS(Lux)FS MSCI EMU GBPH Adis 117 137 125 0.28 UB0F £ 3,148 LUX Xtrackers MSCI USA Financials ETF 1D 129 143 137 0.12 XUFN $ 663 IRL UBS(Lux)FS MSCI EMU SRI GBPH Adis 115 132 - 0.28 EUSR £ 2,022 LUX Xtrackers MSCI World Financials ETF 1C 124 142 124 0.25 - 871 IRL UBS(Lux)FS MSCI Japan GBPH Aacc 112 129 121 0.29 UB0C £ 2,402 LUX $ UBS(Lux)FS MSCI Japan GBPH Adis 112 129 121 0.29 UB0D £ 2,402 LUX SECTOR EQUITY HEALTHCARE UBS(Lux)FS MSCI Swtzl 20/35 GBPH Aacc 113 119 147 0.30 UC93 £ 1,396 LUX UBS(Lux)FS MSCI Swtzl 20/35 GBPH Adis 113 119 147 0.30 UC94 £ 1,396 LUX HAN-GINS Indxx Hlthcr Mgtrd EqlWgtETFAcc 98 106 - - WELL $ 14 IRL Vanguard FTSE Japan ETF USD H Acc 106 112 - - VJPU $ 1,570 IRL Invesco Health Care S&P US Sel Sec ETF 108 108 147 0.14 XLVS $ 305 IRL WisdomTree Battery Solutions ETF USD Acc 117 179 - 0.40 W1TA $ 286 IRL iShares Healthcare Innov ETF USD Acc 101 118 141 0.40 HEAL $ 1,596 IRL WisdomTree Europe Equity ETF GBP Hedged 116 134 120 0.35 HEDP £ 63 IRL iShares S&P 500 Health Care Sect ETF$Acc 106 106 147 0.15 IUHC $ 1,158 IRL WisdomTree Europe Equity ETF USD Hdg Acc 109 117 118 0.58 HEDS $ 63 IRL L&G Healthcare Breakthrough ETF 107 132 - 0.49 DOCT $ 117 IRL WisdomTree Europe Equity ETF USD Hedged 108 117 118 0.58 WTDH $ 63 IRL Lyxor MSCI World HealthCare TR ETF C USD 104 104 143 0.30 HLTW $ 449 LUX WisdomTree Japan Equity ETF GBP Hedged 118 133 114 0.45 DXJP £ 28 IRL SPDR® MSCI World Health Care ETF 104 104 143 0.30 WHEA $ 254 IRL WisdomTree Japan Equity ETF USD Hdg Acc 111 116 113 0.48 DXJA $ 28 IRL SPDR® S&P US Health Care Select Sect ETF 107 108 147 0.15 ZPDH $ 146 IRL WisdomTree Japan Equity ETF USD Hedged 112 116 113 0.48 WTDX $ 28 IRL Xtrackers MSCI USA Health Care ETF 1D 106 106 149 0.12 XUHC $ 361 IRL WisdomTree US Equity Inc ETF GBP Hdg Acc 119 132 120 0.35 DHSG £ 45 IRL Xtrackers MSCI World Health Care ETF 1C 103 102 143 0.25 - $ 1,223 IRL X MSCI EM EMEA ESG SWAP 1C 117 123 105 0.65 XMEAs $ 36 LUX Xtrackers JPX-Nikkei 400 ETF 2D - £ H 111 127 120 0.30 XDNG £ 172 IRL SECTOR EQUITY INDUSTRIAL MATERIALS Xtrackers JPX-Nikkei 400 ETF 4C - $ H 105 111 117 0.30 XDNU $ 172 IRL Invesco Industrials S&P US Sel Sec ETF 113 138 138 0.14 XLIS $ 578 IRL Xtrackers MSCI EMU ETF 1C - USD Hedged 110 120 124 0.17 XD5D $ 1,808 LUX Invesco Materials S&P US Select Sec ETF 116 139 148 0.14 XLBS $ 8 IRL Xtrackers MSCI EMU ETF 2C - GBP Hedged 118 137 128 0.17 XD5S £ 1,808 LUX iShares S&P 500 Indstr Sect ETF USD Acc 113 137 139 0.15 2B7C $ 207 IRL Xtrackers MSCI Japan ETF 2D USD H 105 112 118 0.40 XMUJL $ 2,195 LUX iShares S&P 500 Matrls Sect ETF USD Acc 117 139 149 0.15 2B7B $ 193 IRL Xtrackers MSCI Japan ETF 6C GBP H 112 128 121 0.40 XMJG £ 2,195 LUX Lyxor MSCI World Materials TR ETF C USD 116 136 136 0.30 MATW $ 44 LUX Xtrackers MSCI Malaysia ETF 1C 94 96 86 0.50 XMALz $ 29 LUX Lyxor MSCI WorldIndustrials TR ETF C USD 110 132 132 0.30 INDW $ 46 LUX Xtrackers MSCI Mexico ETF 1C 113 135 109 0.65 D5BI $ 88 LUX SPDR® MSCI World Industrials ETF USD Acc 110 131 132 0.30 WNDU $ 57 IRL Xtrackers MSCI Philippines ETF 1C 93 107 91 0.65 XPQP $ 20 LUX SPDR® MSCI World Materials ETF USD Acc 116 136 136 0.30 WMAT $ 146 IRL Xtrackers MSCI World ETF 2D GBP H 116 137 144 0.29 XDWG £ 5,763 IRL SPDR® S&P US Industrials Select Sect ETF 113 138 138 0.15 ZPDI $ 294 IRL Xtrackers S&P 500 ETF 2C - GBP H 117 139 154 0.09 XDPG £ 902 IRL SPDR® S&P US Materials Select Sect ETF 116 139 147 0.15 ZPDM $ 42 IRL Xtrackers MSCI World Industrials ETF 1C 110 131 132 0.25 XDWI $ 529 IRL PACIFIC EXCLUDING JAPAN EQUITY Xtrackers MSCI World Materials ETF 1C 116 136 135 0.25 XDWM $ 484 IRL HSBC MSCI Pacific ex Japan ETF 110 128 118 0.15 H4ZH $ 168 IRL iShares MSCI Pacific ex-Jpn ETF USD Dist 110 128 117 0.60 SPXJm $ 218 IRL SECTOR EQUITY INFRASTRUCTURE L&G Asia Pacific ex Japan Equity ETF 110 127 - 0.10 LGAP $ 121 IRL iShares EM Infrastructure ETF USD Dist 105 78 75 0.60 IUS8 £ 34 IRL Lyxor MSCI Pacific Ex Japan ETF D USD 111 130 117 0.12 PAXJ $ 21 LUX Xtrackers S&P Global Infras Swap ETF 1C 103 107 110 0.60 DX2E 168 LUX Xtrackers MSCI Pacific ex Japan ETF 1C 110 128 118 0.43 XPXJm $ 516 LUX $ POLAND EQUITY SECTOR EQUITY NATURAL RESOURCES iShares Oil & Gas Explr&Prod ETF USD Acc 140 140 71 0.55 IS0D $ 149 IRL iShares MSCI Poland ETF USD Acc 116 117 93 0.74 IPOL $ 76 IRL VanEck Vectors Global Mining ETF A USD 128 146 - - GDIG $ 111 IRL PROPERTY - INDIRECT EUROPE SECTOR EQUITY PRECIOUS METALS iShares MSCI Target UK Rl Est ETF £ Dist 109 113 108 0.40 2B7N £ 89 IRL iShares Gold Producers ETF USD Acc 107 101 172 0.55 IS0E $ 1,587 IRL L&G Gold Mining ETF 109 102 171 0.65 AUCO $ 138 IRL PROPERTY - INDIRECT GLOBAL VanEck Vectors Gold Miners ETF 109 99 167 0.52 GDX $ 581 IRL HSBC FTSE EPRA/NAREIT Developed ETF 112 118 114 0.40 HPRD $ 145 IRL VanEck Vectors Junior Gold Miners ETF 105 103 158 0.53 GDXJl $ 412 IRL iShares Dev Mkts Prpty Yld ETF USD Acc 112 119 113 0.59 DPYA $ 1,748 IRL SPDR® Dow Jones Global Real Estate ETF 113 118 110 0.40 SPYJ $ 196 IRL SECTOR EQUITY PRIVATE EQUITY SPDR® Dow Jones GlobalRealEstateETF$ Cap 113 118 - - SPY2 $ 196 IRL iShares Listed Private Eq ETF USD Dist 125 141 155 0.75 IPRV $ 664 IRL PROPERTY - INDIRECT NORTH AMERICA SECTOR EQUITY TECHNOLOGY Invesco Real Estate S&P US Sel Sec ETF 114 113 140 - XRES $ 88 IRL Digital Infras and Cnnctvty ETF Acc 109 - - - DIGI 25 IRL iShares US Property Yield ETF USD Dist 116 122 119 0.40 IUSPz $ 511 IRL $

054-078_WI_0721.indd 77 17/06/2021 11:55 78 Exchange-traded funds | 4 What Investment | July 2021

Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM Fund 6 mths 1Yr 3 Yrs TER Ticker CURR Size DOM £ £ £ % (£m) £ £ £ % (£m) FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM £ £ £ % (£m) £ £ £ % (£m) EMQQ Emerging Mkts Internet&Ecomm ETFAcc 96 135 - - EMQQ $ 224 IRL Vanguard S&P 500 UCITS ETF 110 122 152 0.07 VUSD $ 22,508 IRL First Trust Cloud Computing ETF A USD 103 121 - 0.60 SKYE $ 425 IRL WisdomTree US Eqlty Div Gr ETF USD 107 119 143 0.33 DGRP $ 55 IRL First Trust Dow Jones Internet ETF A USD 102 120 - 0.55 FDNE $ 26 IRL WisdomTree US Eqlty Div Gr ETF USD Acc 107 119 142 0.33 DGRA $ 55 IRL First Trust IndxxInnvtvTrsctn&PrcssETFA$ 111 131 142 - LEGR $ 62 IRL Xtrackers MSCI USA ESG ETF 1C 111 122 161 0.15 XZMU $ 1,819 IRL First Trust Nasdaq Cybscty ETF A USD Acc 110 123 - - CIBR $ 123 IRL Xtrackers MSCI USA ETF 1C 109 123 154 0.07 - $ 5,400 IRL Fst Tr Nasdaq®ClnEg®GrnEyUCITS ETF A Acc 84 106 93 0.75 FYX $ 10 IRL Xtrackers MSCI USA Minimum Vol ETF 1D 103 104 136 0.20 XMVU $ 4 IRL HAN-GINS Cloud Tech Equal Wgt ETF Acc 107 119 - - 5XYE $ 20 IRL Xtrackers S&P 500 Swap ETF 1C 110 122 154 0.15 XSPUl $ 5,974 LUX HAN-GINS Tech Megatrend Equal Wgt ETFAcc 110 146 - - T3KE $ 81 IRL Invesco Elwood Global Blockchain ETF 133 205 - - BNXG $ 753 IRL US LARGE-CAP GROWTH EQUITY Invesco KBW NASDAQ Fintech ETF 110 125 158 - FTEK $ 73 IRL Invesco Technology S&P US Sel Sec ETF 108 126 191 0.14 XLKS $ 402 IRL Lyxor Russell 1000 Growth ETF Acc 106 123 172 0.19 RUSG $ 149 FRA iShares Automation&Robotics ETF USD Acc 104 130 149 0.40 RBOT $ 2,534 IRL iShares Automation&Robotics ETF USD Dist 105 132 149 0.40 RBOD $ 2,534 IRL US LARGE-CAP VALUE EQUITY iShares Digital Security ETF USD Acc 110 120 - 0.40 LOCK $ 997 IRL iShares Digital Security ETF USD Dist 110 120 - 0.40 SHLD $ 997 IRL Fidelity US Quality Income ETF Acc 110 121 148 0.30 FUSA $ 520 IRL iShares Digitalisation ETF USD Acc 105 125 151 0.40 DGTL $ 1,091 IRL Fidelity US Quality Income ETF Inc 110 122 148 0.30 FUSD $ 520 IRL iShares Elctrc Vhcl&Drvng Tech ETFUSDAcc 114 158 - 0.40 IEVD $ 464 IRL Invesco FTSE RAFI US 1000 ETF 119 132 142 0.39 PSRF $ 188 IRL iShares S&P 500 Info Tech Sect ETF$Acc 105 123 190 0.15 IUIT $ 1,748 IRL Invesco S&P 500 High Div LowVol ETF 117 124 118 0.30 HDLG $ 81 IRL KraneShares CSI China Internet ETF USD 89 120 - - KWEB $ 222 IRL iShares Edge MSCI USA Mltfct ETF USD Acc 111 120 130 0.35 IFSU $ 78 IRL L&G Artificial Intelligence ETF 101 131 - 0.49 AIAI $ 169 IRL iShares Edge MSCI USA Mltfct ETF USDDist 111 122 130 0.35 UFSD $ 78 IRL L&G Ecommerce Logistics ETF 115 149 165 0.49 ECOM $ 377 IRL iShares Edge MSCI USA Val Fac ETF $ Acc 120 131 128 0.20 IUVF $ 4,512 IRL L&G ROBO Global Rbtc and Atmtn ETF 107 131 147 0.80 ROBO $ 870 IRL iShares Edge MSCI USA Val Fac ETF $ Dist 120 133 127 0.20 IUVD $ 4,512 IRL Lyxor MSCI World Info Tech TR ETF C USD 106 126 184 0.30 TNOW $ 700 LUX iShares MSCI USA Quality Div ETF USD Dis 108 111 128 0.35 QDIV $ 232 IRL Lyxor Robotics & AI ETF 107 136 - 0.40 ROAI $ 273 LUX SPDR® MSCI USA Value ETF USD Acc 118 134 132 0.25 ZPRU $ 138 IRL Rize Cybersecurity Data Privacy ETF 107 117 - - RCRS $ 72 IRL SPDR® S&P 500 Low Volatility ETF 105 109 128 0.35 SPY1 $ 131 IRL Rize Education Tch & Dgtl Lrnng ETF AUSD 76 - - - LERN $ 11 IRL SPDR® S&P US Dividend Aristocrats ETFDis 115 123 137 0.35 SPYD $ 2,295 IRL SPDR® MSCI World Technology ETF USD Acc 107 126 185 0.30 WTEC $ 277 IRL WisdomTree US Equity Inc ETF 112 116 119 0.29 DHSD $ 45 IRL SPDR® S&P US Technology Select Sect ETF 108 126 192 0.15 ZPDT $ 229 IRL WisdomTree US Equity Inc ETF Acc 112 116 113 0.29 WTD9 $ 45 IRL VanEck Vectors Video Gmng &eSptsETFAUSD 103 133 - - ESPO $ 711 IRL WisdomTree Artificial Intlgc ETF USD Acc 103 148 - 0.40 WTI2 $ 306 IRL US MID-CAP EQUITY WisdomTree Cloud Computing ETF USD Acc 97 127 - 0.40 WCLD $ 458 IRL iShares Edge MSCI USA Size Fac ETF $ Acc 115 135 145 0.20 IUSF $ 96 IRL Xtrackers MSCI USA Info Tech ETF 1D 104 124 192 0.12 XUTC $ 518 IRL SPDR® S&P 400 US Mid Cap ETF 118 136 134 0.30 SPY4 $ 827 IRL Xtrackers MSCI Wld Info Tech ETF 1C 105 124 186 0.25 XDWT $ 1,172 IRL Xtrackers Russell Midcap ETF 1C 112 130 144 0.35 XRSM $ 94 IRL SECTOR EQUITY UTILITIES US SMALL-CAP EQUITY Invesco Utilities S&P US Select Sec ETF 99 98 130 0.14 XLUS $ 66 IRL Invesco Russell 2000 ETF 117 144 133 0.45 SC0K $ 45 IRL iShares S&P 500 Utilts Sect ETF USD Acc 99 97 130 0.15 2B7A $ 80 IRL Invesco S&P SmallCap 600 ETF 124 151 - - SMLK $ 25 IRL Lyxor MSCI World Utilities TR ETF C USD 98 102 128 0.30 UTIW $ 22 LUX iShares S&P SmallCap 600 ETF USD Dist 125 150 131 0.40 IDP6 $ 1,004 IRL SPDR® MSCI World Utilities ETF USD Acc 99 102 128 0.30 WUTI $ 11 IRL L&G Russell 2000 US Sm Cp ETF USD Acc 118 145 133 0.45 RTWO $ 27 IRL SPDR® S&P US Utilities Select Sect ETF 99 98 130 0.15 ZPDU $ 24 IRL SPDR® MSCI USA Small Cap Val Wtd ETF USD 132 169 137 0.30 ZPRV $ 181 IRL Xtrackers MSCI World Utilities ETF 1C 99 102 129 0.25 XDWU $ 108 IRL SPDR® Russell 2000 US Small Cap ETF 117 144 133 0.30 ZPRR $ 1,367 IRL SECTOR EQUITY WATER Xtrackers Russell 2000 ETF 1C 117 142 133 0.30 XRS2 $ 1,241 IRL iShares Global Water ETF USD Dist 113 127 154 0.65 IH2O $ 1,553 IRL USD CORPORATE BOND L&G Clean Water ETF 117 135 - 0.49 GLUG $ 151 IRL Franklin Liberty USD Invmt Grd CorpBdETF 91 89 - 0.35 FVUI $ 11 IRL iShares $ Corp Bond ETF USD Acc 91 89 117 0.20 LQDA $ 4,115 IRL SOUTH AFRICA & NAMIBIA EQUITY iShares $ Corp Bond ETF USD Dist 91 90 117 0.20 LQDA $ 4,115 IRL HSBC MSCI South Africa ETF 123 145 100 0.60 HZAD $ 3 IRL iShares $ Corp Bond Intr Rt H ETF $ Acc 96 95 - 0.25 HLQD $ 374 IRL iShares MSCI South Africa ETF USD Acc 123 145 100 0.65 IRSA $ 96 IRL iShares $ Corp Bond Intr Rt H ETF $ Dist 96 96 104 0.25 IS3F $ 374 IRL iShares $ CorpBd 0-3y ESG UCITS ETF$Dist 94 88 - 0.15 SUSU $ 163 IRL TAIWAN LARGE-CAP EQUITY iShares $ Floating Rate Bd ETF USD Acc 94 89 99 0.10 FLOA $ 1,852 IRL iShares $ Floating Rate Bd ETF USD Dist 94 89 99 0.10 FLOT $ 1,852 IRL HSBC MSCI Taiwan Capped ETF 120 154 182 0.60 HTWD $ 36 IRL iShares $ Intermdt Crdt Bd ETF USD Dist 93 90 109 0.15 ICBU $ 140 IRL iShares $ Short Dur Corp Bd ETF USD Acc 94 89 105 0.20 SDIA $ 4,552 IRL THAILAND EQUITY iShares $ Short Dur Corp Bd ETF USD Dist 94 89 105 0.20 SDIG $ 4,552 IRL Xtrackers MSCI Thailand ETF 1C 98 97 83 0.50 XMTHz $ 50 LUX iShares $ Ultrashort Bond ETF USD Acc 94 88 - 0.90 ERNA $ 535 IRL iShares $ Ultrashort Bond ETF USD Dist 94 88 99 0.90 ERND $ 535 IRL TURKEY EQUITY JPM USD Corporate Bd Rsh Enh ETF USD Acc 91 89 - 0.19 JRUB $ 65 IRL Lyxor $ Floating Rate Note ETF D USD 94 89 100 0.10 BUOY $ 82 LUX HSBC MSCI Turkey ETF 92 83 60 0.60 HTRD $ 8 IRL Lyxor ESG $ Corp Bd (DR) ETF Dist 91 88 115 0.09 USIG $ 114 LUX iShares MSCI Turkey ETF USD Dist 92 83 60 0.74 ITKYm $ 84 IRL PIMCO LowDur US CorpBd Source ETF ETF $ 95 91 107 0.39 LDCU $ 103 IRL SPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 94 89 103 0.20 SYBF $ 70 IRL UK EQUITY INCOME SPDR® Blmbrg Bcly 1-10 Yr US Corp BdETF 93 90 113 0.20 SYBR $ 51 IRL iShares UK Dividend ETF GBP Dist 124 136 96 0.40 IUKD £ 774 IRL SPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 89 90 120 0.20 SYBN $ 75 IRL SPDR® S&P UK Dividend Aristocrats ETF 111 112 101 0.30 SPYG £ 116 IRL SPDR® Bloomberg SASB U.S. Corp ESG ETF 91 - - - SPPU $ 3,875 IRL WisdomTree UK Equity Income ETF 114 118 93 0.29 WUKD £ 9 IRL UBS(Lux)FS BlmbgBrcl USLqCrp1-5YrUSDAdis 94 90 107 0.18 UEF7 $ 1,003 LUX UBS(Lux)FS BlmbgBrclMSCI USLqCpSu $ Adis 90 87 116 0.20 UC97 $ 927 LUX UK FLEX-CAP EQUITY Vanguard USD Corp 1-3yr Bd UCITS ETF 94 89 104 - VUSC $ 624 IRL Vanguard USD Corp Bd ETF USD Acc 92 91 - - VDPA $ 492 IRL First Trust UK AlphaDEX® A GBP 124 140 112 0.75 FKU £ 15 IRL Vanguard USD Corp Bd UCITS ETF 92 90 114 - VDCP $ 492 IRL First Trust UK AlphaDEX® B GBP 123 142 117 0.75 FKUD £ 15 IRL Vanguard USD Corp1-3yrBd ETFUSDAcc 94 89 - - VDCA $ 624 IRL Xtrackers ESG USD Corporate Bond ETF 1C 90 - - 0.16 XZBU $ 42 IRL UK LARGE-CAP EQUITY Xtrackers iBoxx $ CorpoRt Bd Yld PlETF1D 94 95 119 0.25 XYLD $ 42 IRL HSBC FTSE 100 ETF 114 119 102 0.07 H4ZB £ 417 IRL Xtrackers USD Corporate Bond ETF 1D 91 90 117 0.12 XDGU $ 895 IRL HSBC UK Sustainable Equity ETF 116 - - 0.15 HSUK £ 6 IRL Invesco FTSE 100 ETF 113 120 102 0.35 SC0A £ 39 IRL USD DIVERSIFIED BOND Invesco FTSE RAFI UK 100 ETF 120 129 96 0.50 PSRU £ 12 IRL iShares US Aggregate Bond ETF USD Acc 92 86 108 0.25 IUAA $ 2,349 IRL iShares Core FTSE 100 ETF GBP Dist 114 119 102 0.07 ISF/L £ 9,637 IRL iShares US Aggregate Bond ETF USD Dist 92 86 108 0.25 EUNX $ 2,349 IRL L&G UK Equity ETF 115 120 - 0.05 LGUK £ 17 IRL SPDR® Blmbrg Bcly US Aggt Bd ETF 92 86 108 0.17 SYBU 43 IRL Lyxor Core Morningstar UK NT (DR) ETF 115 122 104 0.04 LCUK £ 230 LUX $ Lyxor FTSE 100 ETF Acc 114 120 102 0.14 L100 £ 567 LUX USD DIVERSIFIED BOND - SHORT-TERM Lyxor FTSE 100 ETF Inc 114 120 - 0.14 100D £ 567 LUX Ossiam FTSE 100 Minimum Var ETF 1C GBP 108 118 107 0.45 UKMV £ 1 LUX JPM USD Ultra-Short Income ETF USD Acc 94 88 - - JPPA $ 126 IRL SPDR® FTSE UK All Share ETF Acc 115 123 105 0.20 SPYF £ 761 IRL JPM USD Ultra-Short Income ETF USD Inc 94 88 101 0.18 JPST $ 126 IRL UBS ETF MSCI UK IMI SRI GBP A dis 113 121 111 0.28 UKSR £ 610 IRL PIMCO USD Short Mat ETF 94 88 99 - MINT $ 3,011 IRL Vanguard FTSE 100 ETF GBP Acc 114 119 - - VUKG £ 3,910 IRL Vanguard FTSE 100 UCITS ETF 114 120 103 0.09 VUKE £ 3,910 IRL USD GOVERNMENT BOND Xtrackers FTSE 100 ETF 1C 114 120 102 0.09 XDUK £ 79 LUX Invesco US Treasury Bond ETF USD Dis 91 84 - - TRES $ 73 IRL Xtrackers FTSE 100 Income ETF 1D 114 119 102 0.30 XUKX/L £ 71 LUX Invesco US Trs Bd 0-1 Yr ETF USD Acc 94 87 - - TRIA $ 2 IRL Xtrackers MSCI UK ESG ETF 1D £ 113 121 103 0.18 DBXZ £ 39 LUX Invesco US Trs Bd 0-1 Yr ETF USD Dis 94 87 - - TREI $ 2 IRL Invesco US Trs Bd 1-3 Yr ETF USD Dis 94 87 - - TRE3 $ 20 IRL UK MID-CAP EQUITY Invesco US Trs Bd 3-7 Yr ETF USD Dis 93 86 - - TRE7 $ 49 IRL Amundi Prime UK Mid & Small Cap ETF DR D 120 - - - PRUK £ 204 LUX Invesco US Trs Bd 7-10 Yr ETF USD Dis 90 83 - - TREX $ 836 IRL HSBC FTSE 250 ETF 118 135 115 0.35 HMCX £ 57 IRL iShares $ Treasury Bd 0-1yr ETF USD Acc 94 87 - 0.07 IB01 $ 5,297 IRL Invesco FTSE 250 ETF 118 136 117 0.35 SC0B £ 102 IRL iShares $ Treasury Bd 0-1yr ETF USD Dist 94 87 - 0.07 IBCC $ 5,297 IRL iShares FTSE 250 ETF GBP Dist 118 135 116 0.40 MIDD/L £ 1,788 IRL iShares $ Treasury Bd 1-3yr ETF USD Acc 94 87 101 0.07 IBTA $ 5,136 IRL Vanguard FTSE 250 ETF GBP Acc 118 136 - - VMIG £ 4,306 IRL iShares $ Treasury Bd 20+y ETF USD Acc 82 75 114 0.07 DTLA $ 1,691 IRL Vanguard FTSE 250 UCITS ETF 118 136 116 0.10 VMID £ 4,306 IRL iShares $ Treasury Bd 20+y ETF USD Dist 82 75 113 0.07 IS04 $ 1,691 IRL Xtrackers FTSE 250 ETF 1D 118 136 116 0.35 DBXY £ 78 LUX iShares $ Treasury Bd 7-10yr ETFUSD Dist 90 82 110 0.07 BTMA $ 3,021 IRL iShares US Mortg Backed Secs ETF USD Dis 93 86 104 0.28 QDVP $ 1,225 IRL US LARGE-CAP BLEND EQUITY iShares US Mortgage Backed Secs ETF $Acc 93 86 104 0.28 IMBA $ 1,225 IRL JPM BetaBuilders US Trs Bd0-1yrETFUSDAcc 94 87 - 0.10 BBLL $ 1,566 IRL Amundi IS S&P 500 Buyback ETF-C USD 121 139 142 - BYBU $ 94 LUX JPM BetaBuilders US TrsBd1-3 yrETFUSDAcc 94 87 - 0.10 JA13 $ 116 IRL Fidelity Sust Rsh Enh US Eq ETF USD Acc 109 - - - FUSR $ 229 IRL Lyxor US Treasury 7-10Y DR ETF D 90 82 110 0.07 US71 $ 100 LUX First Trust US Lg Cp Cor AlphaDEX® A USD 113 128 138 0.75 FEX $ 69 IRL SPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 94 87 101 0.15 SYBW $ 102 IRL First Trust Value Line® Div ETF A USDAcc 110 117 - - FVD $ 6 IRL SPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 82 75 117 0.15 SPPX $ 16 IRL Franklin LibertyQ U.S. Equity ETF 107 116 142 0.25 FLXU $ 73 IRL SPDR® Blmbrg Bcly 3-7 Yr US Trs Bd ETF 93 86 106 0.15 SPP3 $ 18 IRL GS ActiveBeta US Lrg Cp Eq ETF USD Acc 109 120 - - GSLC $ 46 IRL SPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 90 82 111 0.15 SPP7 $ 8 IRL HSBC S&P 500 ETF 110 122 153 0.09 H4ZF $ 3,923 IRL SPDR® Blmbrg Bcly US Trs Bd ETF 91 84 106 0.15 SYBT $ 318 IRL HSBC USA Sustainable Equity ETF 111 - - 0.12 HSUD $ 196 IRL Vanguard US Trsry 0-1 Yr Bd ETF USD Acc 94 - - - VMSTx $ 90 IRL Invesco MSCI USA ESG Universal Scrn ETF 110 124 - - ESGU $ 548 IRL Vanguard USD Trs Bd ETF USD Acc 91 84 - - VDTA $ 404 IRL Invesco MSCI USA ETF 110 125 155 0.05 SC0H $ 1,818 IRL Vanguard USD Trs Bd UCITS ETF 91 84 106 - VDTY $ 404 IRL Invesco MSCI USA ETF Inc 110 125 - - MXUD $ 1,818 IRL WisdomTree USD Fl Rt Trs Bd ETF USD 94 87 - 0.15 USFR $ 15 IRL Invesco S&P 500 ESG ETF 110 124 - - SPXE $ 716 IRL WisdomTree USD Fl Rt Trs Bd ETF USD Acc 94 87 - 0.15 TFRN $ 15 IRL Invesco S&P 500 ETF 111 123 153 0.05 P500 $ 8,503 IRL Xtrackers II US Treasuries 1-3 ETF 1D 94 87 101 0.15 XUT3 $ 52 LUX Invesco S&P 500 QVM ETF 109 117 129 0.35 QVMP $ 3 IRL Xtrackers II US Treasuries ETF 1D 90 83 106 0.07 XUTD $ 1,080 LUX iShares Core S&P 500 ETF USD Dist 110 122 152 0.07 IUSA/L $ 8,995 IRL Xtrackers US Treas Ultrashort Bd ETF 1C 94 - - 0.07 XT01 3 IRL iShares Edge MSCI USA Momt Fac ETF $ Acc 102 117 148 0.20 QDVA $ 1,395 IRL $ iShares Edge MSCI USA Momt Fac ETF $Dist 103 119 147 0.20 IUMD $ 1,395 IRL USD HIGH-YIELD BOND iShares Edge MSCI USA Qual Fac ETF $ Acc 108 118 150 0.20 IUQF $ 545 IRL iShares Edge MSCI USA Qual Fac ETF $Dist 109 120 154 0.20 IUQD $ 545 IRL Invesco US High Yield Faln Angl ETF 99 106 111 0.45 HYFA $ 255 IRL iShares Edge S&P 500 Min Vol ETF USD Acc 106 111 137 0.20 IBCK $ 1,059 IRL iShares $ High Yld Corp Bd ETF USD Acc 98 97 111 0.50 IHYA $ 5,733 IRL iShares Edge S&P 500 MinVol ETF USDDist 105 109 137 0.20 SPMD $ 1,059 IRL iShares $ High Yld Corp Bd ETF USD Dist 97 98 111 0.50 IS0R $ 5,733 IRL iShares MSCI USA ESG Enh ETF USD Dist 109 123 - 0.07 EEDS $ 2,521 IRL iShares $ Short Dur HY CorpBd ETF $ Acc 97 97 - 0.45 SDHA $ 1,074 IRL iShares MSCI USA ESG Scrn ETF USD Acc 109 124 - 0.07 SGAS $ 2,559 IRL iShares $ Short Dur HY CorpBd ETF $ Dist 97 97 108 0.45 SDHY $ 1,074 IRL iShares MSCI USA ESG Scrn ETF USD Dist 110 125 - 0.07 SLUS $ 2,559 IRL Lyxor ESG USD Hi Yld(DR) ETF D$ 97 98 111 0.30 UHYG $ 98 LUX iShares MSCI USA SRI ETF USD Acc 108 124 165 0.20 QDVR $ 5,439 IRL PIMCO S/T HY CorpBd Idx Source ETF $ 98 100 108 - STYC $ 1,033 IRL JPM BetaBuilders US Equity ETF USD Acc 109 123 - 0.04 BBUS $ 11 IRL PIMCO S/T HY CorpBd Idx Source ETF Inc 98 100 108 - STHY $ 1,033 IRL JPM BetaBuilders US Equity ETF USD Inc 110 125 - 0.04 BBUD $ 11 IRL SPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 98 99 110 0.40 SYBK $ 113 IRL JPM US Equity Multi-Factor ETF USD Acc 113 125 - - JUMF $ 10 IRL Xtrackers USD High Yield Corp Bd ETF 1D 97 97 114 0.20 XUHY $ 368 IRL JPM US Research Enh Eq ESG ETF USD Acc 110 124 - 0.25 JREU $ 296 IRL L&G US Equity (Responsible Exclsns) ETF 108 123 - - RIUS $ 1,196 IRL USD INFLATION-LINKED BOND L&G US Equity ETF 110 125 - 0.05 LGUS $ 199 IRL iShares $ TIPS 0-5 ETF USD Dist 97 93 106 0.10 TIP5 $ 591 IRL Lyxor Core Morningstar US (DR) ETF-Dist 109 123 153 0.04 LCUS $ 41 LUX Lyxor Core US TIPS (DR) ETF Acc 96 93 - 0.09 TIPA $ 2,998 LUX Lyxor MSCI USA ESG Trend Ldrs(DR)ETFAcc 110 121 153 0.20 LESU $ 104 LUX Lyxor Core US TIPS (DR) ETF D $ 96 93 113 0.09 TIPU $ 2,998 LUX Lyxor S&P 500 ETF D USD 110 122 153 0.09 LSPU $ 7,264 LUX SPDR® Blmbrg Bcly US TIPS ETF 96 92 113 0.17 SYBY $ 349 IRL MS Scientific Beta US Eq Fact ETF USD 110 119 133 - USEF $ 9 IRL Tabula US Enhanced Infla ETF USD 102 - - - TINF 55 IRL Ossiam Shiller BclyCp®US SectValTR 1C$ 113 129 157 0.65 UCAP $ 1,704 LUX $ SciBeta HFE US Equity 6F EW ETF 111 121 138 - USHF € 133 IRL USD MODERATE ALLOCATION SciBeta HFI US Equity 6F EW (USD) ETF 111 121 - - USUF $ 14 IRL SPDR® S&P 500 ETF 110 122 152 0.09 SPY5 $ 4,133 IRL SPDR® Morningstar Mlt-Asst Glb Infrs ETF 101 105 123 0.40 ZPRI $ 1,109 IRL VanEck Vectors Morningstar US WidMotETF 115 125 167 - GMVM $ 363 IRL Vanguard FTSE North America ETF USD Acc 110 123 - - VNRA $ 1,333 IRL VIETNAM EQUITY Vanguard FTSE North America UCITS ETF 110 125 153 0.10 VNRT $ 1,333 IRL Xtrackers FTSE Vietnam Swap ETF 1C 123 134 123 0.85 DXS7 302 LUX Vanguard S&P 500 ETF USD Acc 110 122 - - VUAA $ 22,508 IRL $

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GCI_subsad.inddad template.indd 1 1 07/12/202018/02/2021 11:5814:27 80 Savings & taxes What Investment | July 2021

Tax rates for 2020/21 Mortgage Income tax Inheritance tax calculator Basic rate (£12,501-£50,000 of taxable income) 20% Rates Monthly cost per £1,000 of mortgage – remember to add the monthly cost of Higher rate (£50,001-£150,000 of taxable income) 40% Nil £1-£325,000 any repayment vehicle (endowment, ISA, Additional rate (over £150,000 of taxable income) 45% 40% £325,000+ etc) to the total on an interest-only loan. Dividend ordinary rate 7.5% Lifetime transfers Repayment figures assume a mortgage Dividend upper rate 32.5% term of 25 years. Inheritance tax is not chargeable on most lifetime Dividend additional rate 38.1% transfers. Gifts on or within seven years of death Scotland will be first set against the nil-rate band and Rate Interest-only Repayment any excess charged at the death rate subject to mortgage mortgage Starter rate (£12,501-£14,549 of taxable income) 19% reductions as follows: 2.0% £1.67 £4.27 Basic rate (£14,550-£24,944 of taxable income) 20% 2.5% £2.09 £4.52 Intermediate rate (£24,945-£43,430 of taxable income) 21% Years between % tax rate gift and death chargeable 3.0% £2.50 £4.79 Higher rate (£43,431-£150,000 of taxable income) 41% 3.5% £2.92 £5.06 Top rate (over £150,000 of taxable income) 46% 0-3 40 3-4 32 4.0% £3.34 £5.33 Allowances 4-5 24 4.5% £3.75 £5.62 Personal allowance £12,500* 5-6 16 5.0% £4.17 £5.91 Personal savings allowance (basic rate taxpayers) £1,000 6-7 8 5.5% £4.59 £6.21 Personal savings allowance (higher rate taxpayers) £500 Over 7 years Nil 6.0% £5.00 £6.52 Dividend allowance £2,000 6.5% £5.42 £6.83 Exemptions Marriage allowance £1,250† 7.0% £5.84 £7.15 Blind person’s allowance £2,500 Annual £3,000 7.5% £6.25 £7.48 * Allowance is reduced by £1 for every £2 of income over Gifts between husbands, wives and civil partners 8.0% £6.67 £7.81 (and to charities, museums, universities or £100,000. 8.5% £7.09 £8.14 community amateur sports clubs) are totally exempt, † A spouse or civil partner who is not liable to income tax 9.0% £7.50 £8.48 (or not liable at the higher or additional rate) can transfer as are gifts in contemplation of marriage, within this amount of their personal allowance to their spouse or certain limits. 9.5% £7.92 £8.83 civil partner. The recipient must not be liable to income tax 10.0% £8.34 £9.18 at the higher or additional rate. ISAs 10.5% £8.72 £9.43 The relief for this allowance is given at 20%. Annual investment limits 11.0% £8.14 £9.78 ISA £20,000 Capital gains tax (CGT) 11.5% £8.56 £10.13 Junior ISA £9,000 Gains are taxed at 10% and 20% depending on 12.0% £8.98 £10.48 Child Trust Fund £9,000 taxable income. Source: Halifax Annual exemption From 1 July 2014, the cash limit was abolished – Individuals £12,300 funds can therefore be invested in any desired Trustees generally £6,150 combination of cash and stocks and shares.

Personal pension contributions You can save as much as you like into any number of pensions and get tax relief on up to 100 per cent of Inflation your earnings each year, subject to an upper annual allowance. For the tax year 2020/21, this is £40,000. Savings above the annual allowance will be subject to tax charges. The allowance is tapered for those with an Indicator ‘adjusted income’ of over £150,000. Individuals also have a lifetime allowance against which the total value of the benefits built up in pension funds (including investment growth) will be tested. For the 2020/21 tax year, The rate at which prices rise and money the lifetime allowance is £1,073,100. loses its purchasing power.

National insurance contributions (NICs) from 6/4/20 CPI RPI Class 1 (employed) Contracted in rates Class 1A and 1B (employers only) 13.8% Current rate 0.7% 1.1% Earnings per week Employer % Employee % Class 2 (self-employed) £3.05 per week 1 month ago 0.5% 0.5% £0.01-£183.00 – – (small earnings exemption) £6,475 1 year ago 1.7% 2.4% £183.01-£962.00 13.8 12.0 Class 3 (voluntary) £15.30 per week 3 years ago 2.8% 3.9% Over £962.00 13.8 2.0 Class 4 (self-employed) 0% on profits up to £9,500 5 years ago 0.2% 0.8% 9% on profits from £9,501 to £50,000 10 years ago 2.4% 4.6% 2% on profits above £50,000 pa Data as at 21 October 2020. Source: ONS Income/capital growth calculator

Annual growth

1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 15% 7 8 8 8 8 8 9 9 10 11 12 14 16 20 14% 7 8 8 8 9 9 10 11 11 13 14 17 21 13% 8 8 9 9 9 10 11 12 13 15 17 22 12% 9 10 10 11 11 11 12 14 16 18 22 11% 10 11 11 12 12 13 14 16 19 25 10% 10 11 12 13 14 15 17 20 26

Annual withdrawal Annual withdrawal 9% 11 12 13 14 16 18 22 28 8% 13 14 15 17 20 23 30 7% 15 16 18 21 25 33 6% 18 20 23 28 36 5% 22 25 30 41 4% 28 35 46 3% 40 55 2% 69 1%

080-081_WI_0721.indd 80 17/06/2021 11:56 Cash savings/investment What Investment | July 2021 81

Savings accounts Cash ISAs Cash ISAs £1,000 Instant-access branch accounts Provider Contact Notice Min % Interest Provider Contact Account Notice Min % Int details or term deposit gross paid details or term deposit gross paid Cynergy Bank cynergybank.co.uk None £1 0.46% Yly Yorkshire Building Society via branch Annual Access Acc Issue 8 Instant £100 0.45% Yly Yorkshire BS via branch Instant £100 0.45% Yly Leeds BS via branch Defined ccessA Saver Instant £5,000 0.40% Yly Paragon Bank paragonbank.co.uk None £1 0.41% Yly Kent Reliance kentreliance.co.uk Easy Access Acc - Issue 46 Instant £1,000 0.36% Yly Marcus by Gold Sachs® marcus.co.uk None £1 0.40% Mly Union Bank of India (UK) via branch Savings Account Instant £1 0.30% Mly Nationwide BS nationwide.co.uk None £1 0.40% Yly West Brom BS via branch Limited Access Saver (Iss 2) Instant £1 0.30% Yly Kent Reliance kentreliance.co.uk Instant £1,000 0.36% Yly Principality BS via branch Triple Access Saver Issue 3 Instant £1 0.30% Yly Virgin Money virginmoney.com Instant £1 0.35% Yly No notice accounts Darlington BS via branch Instant £1 0.35% Yly ICICI Bank UK icicibank.co.uk SuperSaver Savings Acc None £1 0.50% Mly Loughborough BS via branch Instant £1 0.35% Yly Atom Bank atombank.co.uk Instant Saver None £1 0.50% Mly Leek United BS via branch Instant £10 0.35% Yly Charter Savings Bank via post Easy Access Postal - Iss 20 None £5,000 0.45% Yly Cash ISAs £20,000 Marcus by Goldman Sachs® marcus.co.uk Online Savings Account None £1 0.40% Mly Cynergy Bank cynergybank.co.uk None £1 0.46% Yly Tandem Bank tandem.co.uk Green Instant Access Saver None £1 0.40% Mly Yorkshire BS via branch Instant £100 0.45% Yly SAGA saga.co.uk Saga Easy Access Sav Acc None £1 0.40% Mly Charter Savings Bank chartersavingsbank.co.uk None £5,000 0.45% Yly Internet accounts Paragon Bank paragonbank.co.uk None £1 0.41% Yly Cynergy Bank cynergybank.co.uk Online Esy Access Acc (39) None £1 0.45% A Yly Marcus by Gold Schs® marcus.co.uk None £1 0.40% Mly Charter Savings Bank chartersavingsbank.co.uk Easy Access - Issue 20 None £5,000 0.45% Yly Nationwide BS nationwide.co.uk None £1 0.40% Yly Paragon Bank paragonbank.co.uk Triple Access Acc (Issue 4) None £1 0.41% Yly Leeds BS via branch Instant £5,000 0.40% Yly Nationwide BS nationwide.co.uk 1Yr Trip Access Online Svr 11 None £1 0.40% Yly Kent Reliance kentreliance.co.uk Instant £1,000 0.36% Yly RCI Bank UK rcibank.co.uk Freedom Savings Account None £100 0.40% Yly Virgin Money virginmoney.com Instant £1 0.35% Yly Hampshire Trust Bank htb.co.uk Online Easy Access Acc (3) None £1,000 0.40% Yly Darlington BS via branch Instant £1 0.35% Yly Notice accounts Fixed cash ISAs £1,000 Shawbrook Bank shawbrookbank.co.uk 120 Dy Notice Pers Acc (48) 120 Day £1,000 0.72% Yly Shawbrook Bank shawbrook.co.uk 1 Year £1,000 0.55% Yly Paragon Bank paragonbank.co.uk 120 Dy Notice Account (22) 120 Day £500 0.70% Yly Aldermore aldermore.co.uk 1 Year £1,000 0.55% OM Allica Bank allica.bank 95 Dy Notice Pers SavAcc (1) 95 Day £1,000 0.70% Yly Paragon Bank paragonbank.co.uk 1 Year £500 0.50% Yly Charter Savings Bank chartersavingsbank.co.uk 120 Day Notice - Issue 21 120 Day £5,000 0.67% Yly Kent Reliance kentreliance.co.uk 1 Year £1,000 0.46% OM Charter Savings Bank chartersavingsbank.co.uk 95 Day Notice - Issue 37 95 Day £5,000 0.65% Yly Coventry BS coventrybuildingsociety.co.uk 30.09.22 £1 0.41% Yly Moneycorp Bank B moneycorpbank.com 90 Day Notice Account 90 Day £10,000 0.65% Mly Hampshire Trust Bk htb.co.uk 1 Year £1 0.40% Yly Monthly interest Progressive BS via branch 1 Year £500 0.40% Yly Shawbrook Bank shawbrookbank.co.uk 120 Day Notice Pers Acc (48) 120 Day £1,000 0.72% Mly Hodge Bank hodgebank.co.uk 1 Year £1,000 0.40% Yly Paragon Bank paragonbank.co.uk 120 Day Notice Acc (22) 120 Day £500 0.70% Mly Gatehouse Bank A gatehousebank.cm 1 Year £1,000 0.40% OM Charter Savings Bank chartersavingsbank.co.uk 120 Day Notice - Issue 21 120 Day £5,000 0.67% Mly Al Rayan Bank A alrayanbank.co.uk 12 Month £1,000 0.40% Qly Charter Savings Bank chartersavingsbank.co.uk 95 Day Notice - Issue 37 95 Day £5,000 0.65% Mly Fixed cash ISAs £20,000 Moneycorp Bank B moneycorpbank.com 90 Day Notice Account 90 Day £10,000 0.65% Mly Shawbrook Bank shawbrook.co.uk 1 Year £1,000 0.55% Yly Charter Savings Bank chartersavingsbank.co.uk 60 Day Notice - Issue 19 60 Day £5,000 0.60% Mly Aldermore aldermore.co.uk 1 Year £1,000 0.55% OM Children’s accounts Paragon Bank paragonbank.co.uk 1 Year £500 0.50% Yly Dudley BS via branch Junior Easy Saver 12 Mth (D) £10 3.50% F Charter Savings Bank chartersavingsbank.co.uk 1 Year £5,000 0.49% Yly HSBC hsbc.co.uk MySavings Instant £10 2.50% Kent Reliance kentreliance.co.uk 1 Year £1,000 0.46% OM Buckinghamshire BS via branch JS100 100 Day £1 2.00% Coventry BS coventrybuildingsociety.co.uk 30.09.22 £1 0.41% Yly Bath BS via branch Junior Saver Instant £1 1.80% Hampshire Trust Bank htb.co.uk 1 Year £1 0.40% Yly Barclays Bank via branch Barclays Children’s Savings Instant £1 1.51% Progressive BS via branch 1 Year £500 0.40% Yly State Bank of India via branch Jumbo Junior Fix Dep Acc 5 Year £1,000 0.70% F Hodge Bank hodgebank.co.uk 1 Year £1,000 0.40% Yly Gatehouse Bank A gatehousebank.cm 1 Year £1,000 0.40% OM Current accounts Halifax 0345 720 3040 Reward Current Instant £1 £5.00pm E Mly A = Introductory rate for a limited period. TSB 0345 975 8758 Spend & Save Instant £1 £5.00pm A Mly B = Protected by a non-UK compensation scheme. The Co-operative Bank 0345 721 2212 Current Everyday Rewards Instant £0 £2.00pm E Mly C = Provider operates under Islamic finance principles, rate shown is Virgin Money 0800 678 3654 M Plus Account Instant £0 2.02% Mly expected profit rate. D = 1 year term regular savings account min £10, max £100 per month. Nationwide BS 0800 302010 FlexDirect Instant £0 2.00% A Mly E = Paid as a reward. Bank of Scotland 0345 721 3141 Classic with Vantage Instant £1 0.60% Mly F = Fixed Rate. G = Over 50s. National Savings and Investments OM = On maturity. Accounts and bonds All rates are shown as AER variable unless otherwise stated. Methods Notice Min Max Rate Interest of opening and operating accounts will vary. Eligibility criteria apply to or term deposit deposit deposit paid qualify for rates shown, rates paid up to a specified level only. Borrowing Direct Saver None £1 £2m 0.15% Yly rates and availability of products are subject to individual credit ratings. All Income Bonds None £500 £1m 0.01% Mly rates and terms subject to change without notice and should be checked Investment Account None £20 £1m 0.01% Yly before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this Tax-free products information. Readers who are not financial professionals should seek Notice Min Max Rate Interest expert advice. Visit moneyfacts.co.uk for full details. or term deposit deposit deposit paid Junior ISA Age 18 £1 £0 1.50% Yly All data as at 4 June 2021. Direct ISA None £1 £0 0.10% Yly

080-081_WI_0721.indd 81 17/06/2021 11:56 82 Last word What Investment | July 2021

INFLATION Predicting the unpredictable I fi nd it hard to decide where I stand on this question. Infl ation A game of high stakes is one of those things that is far more complex than it appears. Central bankers have predicted that current high infl ation Karl Smith, adjunct scholar at is transitory. If they are wrong it could cast a long shadow the Tax Foundation, noted in a 2013 article that economies trace a “complex path in higher nfl ation has been on the stay – non-transitory – positive dimensional space and that rise recently in the UK and feedback loops, known in the what we witness is the shadow Iaround the world. Is this rise trade as multiple expectations- of that path cast on to our two transitory, as central bankers based dynamic feedback loops, dimensions of unemployment are saying it is, or persistent and can drive it relentlessly higher. and infl ation”. therefore cause for concern? Furthermore, anchored In other words, economies and The importance of this question infl ation expectations rely on a infl ation are unpredictable. cannot be understated. The high widespread belief that central Another article by Michael infl ation of the ’60s and ’70s did banks will do whatever it takes to Bryan at the Federal Reserve huge damage to economies and stop infl ation expectations rising Bank of Atlanta about the causes fi nancial markets – as did, for a too much. of The Great Infl ation notes that while, the high interest rates in For the US Federal Reserve to things are diff erent now to how the early ’80s that were needed say that it will tolerate above- they were back then. “Today,” he to stamp it out. target infl ation for an unspecifi ed notes, “central banks understand Balanced funds – those amount of time but also that the that a commitment to price investing in bonds and equities in recent high and rising infl ation is stability is essential for good similar proportions – performed transitory appears contradictory monetary policy.” far worse in real terms during and risks damaging its most He obviously wrote this what is known as ‘The Great important asset: its credibility. before August last year when Infl ation’ than they did during At the same time, there is Fed chairman Jerome Powell the two fi nancial meltdowns of good reason to believe that announced higher infl ation would the 1930s. The reason for this the current high infl ation – in be tolerated for the time being. was that although the defl ation the UK it would now be closer The good news is that even if of the ’30s was bad for equities, to 4% without the VAT cut – infl ation stays high for the next it was great for real returns will indeed be transitory. The year or so it will still be deemed from government bonds. The structural forces that are deemed transitory – high infl ation, by Great Infl ation on the other by many economists to have defi nition, can only be considered hand hit both. driven down the natural rate of entrenched after a prolonged interest – and with it infl ation period – so in the meantime, Stated aims and feedback loops – over the past 40 years such monetary policy will remain The stated aim for central as ageing populations, high loose and thus supportive of banks, explicitly or otherwise, wealth inequality and low labour equity markets. is to maintain stable prices intensity still prevail. The longer term is harder to and achieve full employment. Once the current drivers of high gauge, and perhaps the best However, these are not mutually infl ation, namely base eff ects policy is to be ready to use some exclusive. There may be and artifi cially high savings dry powder if there is a big fall in circumstances in which a level rates are behind us, these markets as a result of rising fears of employment that is deemed forces may re-engage. over infl ation and interest rates. below full can cause inflation A paradox at the heart of to rise. central banks is that their job is Take the present, for example. to promote full employment and Unemployment is still high but low infl ation, not to get their labour markets are tight – predictions correct. However, causing wage pressures to getting their latest prediction increase – because Covid- – the one about current high 19-related enforced saving infl ation being transitory – has led, at the margin, wrong would damage credibility people to feel they do and render much harder to not need to work. achieve the former. This feels The role of infl ation In ation is one like a high stakes game. ■ expectations is of those things that critical. Once there Peter Elston is the former is a belief that above- is far more complex chief investment offi cer of target infl ation is here to than it appears Seneca Investment Managers.

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WI-fp-house-ad-0221.indd 1 18/02/2021 14:24 SCOTTISH MORTGAGE INVESTMENT TRUST

How long do we invest in companies that we believe are delivering progress? Somewhere between five years and forever.

As actual investors we understand the importance of patience and looking to the long term. Because it takes time to change the world. And we seek out those innovative, growth companies aiming to achieve just that. This approach to investing, we believe, means Scottish Mortgage can also deliver exceptional returns for your portfolio over the long term. Over the last five years theScottish Mortgage Investment Trust has delivered a total return of 347.9% compared to 98.5% for the sector*. And Scottish Mortgage is low-cost with an ongoing charges figure of just 0.36%**.

Standardised past performance to 31 March* 2017 2018 2019 2020 2021 SCOTTISH MORTGAGE 40.9% 21.6% 16.5% 12.7% 99.0% FTSE ALL-WORLD INDEX 33.1% 2.9% 10.7% -6.2% 39.6%

Past performance is not a guide to future returns. Please remember that changing stock market conditions and currency exchange rates will affect the value of the investment in the fund and any income from it. Investors may not get back the amount invested.

Find out more by watching our film at scottishmortgageit.com A Key Information Document is available. Call 0800 917 2112.

Actual Investors

*Source: Morningstar, share price, total return in sterling as at 31.03.21. **Ongoing charges as at 31.03.21 calculated in accordance with AIC recommendations. Details of other costs can be found in the Key Information Document. Your call may be recorded for training or monitoring purposes. Issued and approved by Baillie Gifford & Co Limited, whose registered address is at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom. Baillie Gifford & Co Limited is the authorised Alternative Investment Fund Manager and Company Secretary of the Trust. Baillie Gifford & Co Limited is authorised and regulated by the Financial Conduct Authority (FCA). The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised and regulated by the Financial Conduct Authority.

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