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Breaking Down the Barriers

Breaking Down the Barriers

Issue 421 April 2018 £4.50 Issue 421 April www.whatinvestment.co.uk ACCESSING ACCESSING Hsiao of Matthews Tiffany Asia explains why small-caps into China a route may offer WHAT’S THE ALTERNATIVE? WHAT’S Paul Canaccord Genuity’s Derrien on how investors can access alternative asset classes

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How to become an early investor in the next hot sectors hot next the in investor early an become to How INCLUDING:

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ell Dear Reader, it’s time The general moral apathy, found VITESSE EVENTS for me to bid you a ‘so long, primarily amongst Western populations, Events Manager Jenna Read 020 7250 7050 farewell, auf wiedersehen...’ the investment in a myriad of disparate This will be my last commentary as group interest groups and the ironic embracing VITESSE MEDIA PLC Chief Executive Officer Simon Stilwell 020 7250 7010 editor of What Investment – and indeed our of Orwell’s ‘Prole’ mentality by too many, Executive Director Nicola Dowdall 020 7250 7010 W Editorial Director Lawrence Gosling 020 7250 7027 sister publication, Growth Company Investor. have all led to the opening of chasms Finance Director Edward Riddell 020 7250 7063 Primarily, it has been a privilege to guide, between the moral and the reprehensible: and contribute to, the excellent publication the unifiers and the destabilisers. This Email format: [email protected] that is What Investment – but now it’s time disruption doesn’t just impact societal lives for a new, and hopefully just as consuming, – it has the potential to bring about the adventure. sort of chaos in markets that won’t easily And I leave the publication unable to avoid be unravelled, being founded on illogical pervading thoughts around disinformation contrivance and well-tailored incoherence. (so-called fake news), duplicity and artificial For those investors and market players who Follow @whatinvestment on Twitter market sentiment that ultimately prevent true have been focused elsewhere, the advice now customer and investor engagement. would be to firmly refocus. 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121032205_IT_ADVERT_A_WI_34.indd 1 21/03/2018 16:33 CⁿⁿApril 2018 Cover Story 14 Breaking down Regulars the barriers News and views Three leading figures in * the 3 Editor ’s comment space explain how customer 6 News round-up engagement can be improved in the industry

24 Healthy profits Markets and asset allocation Dan Mahony, Polar Capital’s * 11 The property portal healthcare fund manager, talks 12 watch exclusively to What Investment 33 Taxing matters about how technology is disrupting the healthcare sector and leading to opportunities for investors * Funds in focus 26 New offers 30 Spotting the next 79 Platform perspectives hot trends Tom Horbye of Seedrs asks whether investors have ever pondered what the next big Pensions and retirement planning things will be in an effort to * become an early investor in the 39 Annuity rates next hot sector

36 How? Why? What? Savings and tax rates When? Who? and * Where? 50 Borrowing rates Peter Askew, the CEO of 51 Best ways to save T. Bailey Asset Management, 53 Tax rates and data says these are the questions that every investor should be asking * Performance data 54 Unit trusts 71 Investment trusts Special section: 76 Exchange-traded funds 41 What Investment Trust In this month’s special section, we provide an overview of the Investor insight investment trust space, highlight just why small-caps may * 80 The Minton Investment Club offer one of the best ways of investing in China, and explain 82 Terry how investors can access alternative asset classes

www.WhatInvestment.co.uk 5 Most popular stories on WhatInvestment.co.uk

1 In the black: the world’s darkest material makes for a profitable investment 2 Empire Property Holdings’ UK property mini bond delivers 3 Franklin Templeton converts global fund to climate change vehicle Feed 4 Follow @whatinvestment on Twitter Owlstone Medical raises $15 million for Breath Biopsy platform 5 ews Investing ethically? Buy shares, not funds! – A guide N Month to 16 March 2018 SIPP mis-selling is a significant mountain to climb - Hugh James We are only scratching the surface of the self- allowed their SIPP to house questionable invested personal (SIPP) mis-selling investments, with no real value, which scandal, according to Neil Stockdale, head investors have been encouraged into making. of group actions and financial mis-selling ‘An important factor here is that, at first at specialist legal and financial advice firm glance, it may not appear there is a problem Hugh James. with your investment. You check your annual Speaking exclusively to What Investment, statement from your SIPP, and it states that Stockdale said, ‘For years, investors have the land you bought overseas or the storage been persuaded to invest significant sums pods you invested in are still worth the tens into investments which were far riskier of thousands that you initially spent. The than they appeared. From luxury hotels in reality is that these are not always standard the Caribbean to storage pods and even investments as, if there is no one willing coloured diamonds, investors were persuaded host of non-standard investments, such as oil to pay £30,000 for the land that you have to gamble away their life savings by firms fields and overseas property. invested in, then it isn’t worth that money, no and individuals who failed to consider the ‘The FSCS is well aware that those 150 matter what your statement may claim. individual circumstances of their clients. people are not the extent of the problem and ‘The potential scale of this mis-selling ‘Often beginning with a cold call, and will be contacting other customers of the scandal is enormous. Thankfully, things are the promise of significant – supposedly firms to see if they too wish to make a claim changing. Some active SIPP providers have guaranteed – returns, investors were not for compensation. moved to restrict the number of alternative informed of the huge risks associated with ‘That the FSCS expects overall SIPP investments that can placed in a SIPP, while these non-standard investments.’ mis-selling claims levels to continue rising others have removed the entirely. is a good indication that we are currently Investor redress only scratching the surface of the number Time to step forward We are now seeing action in the form of large of individual investors who may have been Stockdale commented that the onus is now compensation payments to investors. ‘Last persuaded to make these investments, and so on the victims of SIPP mis-selling to come year, the Compensation could be considered for compensation.’ forward and claim their compensation: ‘Time Scheme (FSCS) paid out £105 million in is of the essence, as there are time limits in compensation on SIPP claims, a dramatic SIPPs themselves aren’t the problem place for claims. Investors have either six increase of more than a third on the £78 Stockdale added, ‘SIPPs have been a useful years to claim from the date they transferred million the year before,’ said Stockdale. innovation in pensions, granting individuals the pension or three years from the date they ‘It has now announced that another three much more control over how their pension became aware, or ought to have been aware, SIPP providers have been declared in default. pot is invested. No longer do investors just of the alleged mis-sale. This is when the FSCS is satisfied that the have to hand the money over to a fund ‘Any investor who has even the slightest firm is unable to...pay the claims made against manager and hope for the best; they can play doubts about the legitimacy of their SIPP it, meaning the FSCS will potentially pay an active role in determining where their investments should speak to a specialist compensation to investors up to certain limits. money goes. What’s more, not so long ago solicitor immediately. ‘The FSCS said it has received around 150 SIPPs were almost exclusively reserved for ‘This isn’t a problem that will go away on claims for compensation against Brooklands the wealthy, but the launch of a host of low- its own. The funds are there to provide some Trustees, Stadia Trustees and Montpelier cost providers means that this level of control level of compensation, and it’s now up to Pension Administration Services, all related is now open to far more ordinary investors. individual investors who believe they have to how these firms have operated SIPPs by ‘The issue isn’t with SIPPs, it’s with the less been mis-sold SIPP investments to come allowing investors to put their money into a scrupulous advisers and providers who have forward and make a claim.’

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*Ongoing charges as at 30.04.17. All other data as at 31.12.17. Your call may be recorded for training or monitoring purposes. PLC is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an affi liate of Baillie Gifford & Co Limited, which is the manager and secretary of Monks Investment Trust PLC. Feed NewsFollow @whatinvestment on Twitter What is this thing called Vantablack? Once a photon passes into the coating, it is effectively trapped as it bounces between the tubes. Typically, after three or more bounces it gets absorbed and converted to heat, which then dissipates. A coating named Vantablack VBx2 was used to spray-paint a pavilion at the recent Winter Olympics, making it ‘the darkest building on earth’. This does not use carbon nanotubes, but instead uses a new method of trapping light by creating a low-density paint-like nanostructure applied from a conventional spray gun. As well as being the blackest material available, the coatings retain their Ben Jensen, chief technology officer at the strong, so find uses as fillers in composite ‘blackness’ from all viewing angles. This is Surrey-based tech company NanoSystems, materials where high strength is needed. unique, in that it allows designers to create spoke exclusively to What Investment about Jensen added that they are also completely new experiences in how we the astounding advances it is making in exceptionally good at absorbing photons perceive shape, depth and dimensionality nanotechnology, which ultimately offer of light, so make the perfect material in the world around us. This can be at the unique VCT investment opportunities. for an electromagnetic absorber such as personal level, with consumer electronics, NanoSystems, the producer of Vantablack, Vantablack and its derivatives. or at the scale of large buildings. is held in the portfolio of Jo Oliver’s Vantablack contains roughly 1 billion Octopus Titan VCT, the UK’s largest carbon nanotubes per square centimetre. Personal opinions may change and should trust. The density is controlled in such a way that not be seen as advice or a recommendation. In 2014, NanoSystems unveiled the a wide range of wavelengths of ‘light’ can Neither NanoSystems nor Octopus Titan new technology called Vantablack at the enter (from UV to beyond far infrared). VCT offer investment or tax advice. Farnborough International Air Show; the material absorbs 99.965 per cent of the light that hits it, reflecting virtually nothing. Jensen said Vantablack works by creating a low-density film from multi-wall carbon nanotubes. These are nanoscale ‘straws’ of pure carbon that can vary in size from 2 nanometres to more than 50 nanometres in diameter. The wall of the ‘straw’ is one atom thick. Carbon nanotubes exist in a number of forms, such as single-wall and multi-wall. Multi-wall is like having ‘tubes stacked inside each other’. They are many thousands of times smaller than a human hair, so are impossible to see individually by eye. They tend to be very long compared to their diameter, and very

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Feed NewsFollow @whatinvestment on Twitter RM Funds sees the attraction of debt finance as nothing new Pietro Nicholls, the principal at RM which does not participate in peer-to- Funds, which specialises in peer or microfinance investments, or any and alternative credit (and is part of RM business that does not meet its clear ethical, Capital), asks the pertinent question: when social and corporate governance restrictions. a business has been turned down by a Examples of include those made to for a , where should it turn? leading healthcare providers and real estate He ponders whether it means it is businesses, from student accommodation inherently not creditworthy, or does it in and bridging finance to renewable energy fact mean that no longer have the corporates and asset finance providers. time or capacity to understand and service Some loans are made in conjunction the more complex needs of medium-sized with other lenders. So far, RMDL has corporates? made three loans in conjunction with This is not a new phenomenon, however. OakNorth Bank and two with Beechbrook, As volatility and market uncertainty have to businesses that meet its strict lending increased, so too has the group of businesses criteria. The average yield on investments is underserved and undervalued by banks. In 2016, RM Funds listed its debut fund, currently 8.4 per cent. Meanwhile, this group of businesses has RM Secured Direct Lending (RMDL) grown – also a well-told tale. on the main list of the London Stock Protection measures This has resulted in a proliferation of Exchange, raising £50.3 million and aiming Where appropriate, RMDL seeks to ensure alternative sources of finance, whereby to generate attractive, sustainable returns for a degree of interest and inflation protection businesses have bypassed their bank shareholders by lending directly to mid- through investing in floating (LIBOR- manager and sought faster, more efficient sized corporates neglected by banks. The linked) and index-linked returns. and flexible forms of borrowing. What fund initially targeted a 4 per cent return – By investing in floating-rate or index- is clear is that there are a high number paid quarterly – with the aim of increasing linked loans, the fund’s returns could of creditworthy businesses seeking debt this to 6.5 per cent by 2018. increase when rates increase, and such finance. Such businesses want to work In its first year, RMDL has outperformed increases would flow through to the fund. with established lenders, such as RM this target, delivering returns of 4.2 per cent, The relatively durations of the loans Funds, which can offer flexible funding, and remains on track to deliver its 6.5 per also means that, should interest rates rise, competitively, in a timely manner. cent target. Since listing, it has completed the investment manager will be able to two successful equity raises, via conversion redeploy funds into higher-yielding lending Hungry for yield shares (C shares), and grown the portfolio opportunities as existing loans mature. On the other side of the coin, a prolonged to £86.5 million commitments, diversified RMDL is now returning to the market period of low interest rates has left investors across 23 loans and 16 sectors. for a third time, having identified a pipeline hungry for yield and turning to equity The lending criteria is simple – established of investment opportunities of over £150 income or fixed income investments businesses with exceptional management million. The fundraising will be via both such as retail bonds. teams and good cash flow visibility with an institutional and retail offering for C It is in this sweet spot that RM Funds all loans, supported by strong shares and an institutional offering of zero- operates. Founded in 2010, it specialises in packages. Investment sizes range from £2 dividend preference (ZDP) shares. The credit sales and trading, foreign exchange, million to £10 million, with an average funds raised will be used as investment to capital markets and advisory, and direct length of 3.66 years. maintain the fund’s momentum and make lending. Since then it has transacted more All of the debt investments are sourced further secured loans directly to corporates than £50 billion of bonds and loans. or originated and evaluated by RM Funds, with attractive risk/return profiles.

10 www.WhatInvestment.co.uk The property portal

Shaky foundations? Richard Parfect reminds us that property doesn’t always protect investors from financial storms, and that it is actually a very diverse asset class

s we approach the final stages of the current business cycle, it is worth reflecting on what happened to property, specifically real estate investmentA trusts, in the last downturn. There is a perception that there isn’t anything sturdier than property. Bricks and mortar by their very nature are as tangible as they come. Furthermore, property as an investment existed long before equity and bond markets. So, in a downturn, the resilience of property is evident, right? Wrong. From December 2006 to its trough around March 2009, the FTSE EPRA/ NAREIT UK Index of UK real estate investment trusts fell by around 75 per cent. To take a specific ‘mainstream’ example, be worth less than one that is brand new. Land Securities fell from 2,243p to 364p, ‘Too much borrowing can The factors mentioned so far all pertain to culminating in a rights issue in February cause breaches of covenants the asset side of the balance sheet – namely 2009 – a position from which it has still not the property itself – but there are just as fully recovered. in a downturn’ many on the other side. In fact, it is how the property assets are financed that can make Not all the same far more difference to the performance of A second misconception is that property is a and storage facilities. Each has their own the trust than the assets themselves. Debt is relatively homogeneous asset class. Among unique forces that drive them. the cause of most financial difficulties that the constituents of the aforementioned index, Secondly, the location of the property, not individuals, companies and governments one sees an enormous difference between the just internationally but regionally, is another get into, and perhaps nowhere is this truer best and the worst performers. For example, key variable. In recent years, for example, than in property. Too much borrowing can Primary Health Properties ‘only’ roughly the economy in South East England has cause breaches of covenants in a downturn, halved in that time frame, and it continued been stronger than in other parts of the UK, which may force properties to be sold in to grow its dividend. primarily due to the influence of London, already weak markets, which can inflict So, what is going on? A real estate which has attracted large flows of both people large and permanent losses of capital on investment trust is a function of many and capital. equity holders. independent variables, such as the type of Thirdly, it is also important to consider Of the 37 constituents of the FTSE property. What is known as ‘core’ property the size of the properties in which the trust EPRA/NAREIT UK Index, there are 23 is a reference to property that is commercial, invests. Larger properties might mean a that were around in 2005. Had you invested retail or industrial. The forces that drive the larger, and thus a financially stronger, tenant. in Shaftesbury or Big Yellow at that time, fortunes of each of these are many and varied. You may think that it is always better to you would by now have made more than The shift to online shopping, for example, have financially stronger tenants, but there is three times your money. Meanwhile, Capital may have a huge impact on traditional retail generally a price to pay in the form of lower & Regional or RDI REIT would have seen properties such as department stores but have rental yields. you nursing losses of over 70 per cent. Then, no influence whatsoever on commercial or Then you have lease length. All things being of course, there are the ones that never made industrial property. equal, a property on a short lease may be it. The REITs sector is far from being a Furthermore, there is also ‘non-core’ worth less than one on a long lease. homogeneous one. u property, which comprises more specialist Another factor might be the age or state areas such as healthcare, student living, social of repair of the property. A property that Richard Parfect is a fund manager at Seneca housing, retail warehousing, logistics centres requires more investment is probably going to Investment Managers

www.WhatInvestment.co.uk 11 Stock watch

Get Shorty Simon McGarry provides What Investment readers with a rundown of the UK’s most shorted stocks

hen we look at investment opportunities, it is useful to look at a variety of factors – what we like about a particular stock,W or characteristics that are red flags. One of the most important is to assess what proportion of a company’s equity is being ‘shorted’. Short sellers – such as hedge funds and investment banks – look for companies that they believe are overvalued due to a number of factors, such as balance sheet weakness, declining returns, trading at a premium to their peers and operating in an increasingly competitive market environment. A short seller will ‘borrow’ stock from a large institution (e.g. a or company ). They will then sell it in the hope that the share price will fall at a later date, thereby allowing them to buy it back at a future date and make a profit. ‘The short interest on a company is The UK’s most shorted stocks A valuable mechanism often a red flag of a company’s (% of company’s shares held short) They are sometimes criticised by underlying structural issues’ corporates, who feel they are being picked Debenhams 13.8% upon unfairly by speculators hoping to AA 11.9% benefit from declines in their share price. 11.4% But if short selling wasn’t allowed, traders isn’t a 100 per cent accurate indicator with negative views of certain stocks of future performance (hedge funds get 10.8% would only be able to avoid them. Instead, things wrong too), the short interest on Wm Morrison 10.2% short selling allows hedge funds and a company is often a reliable red flag of a Restaurant Group 9.7% other sophisticated market participants company’s underlying structural issues. J Sainsbury 9.0% to generate returns based on their And, of course, it doesn’t necessarily Anglo American 8.9% negative views of a stock. And as a result, mean the company will go bust – but it Provident Financial 8.3% it provides a valuable price discovery could mean that the dividend is under mechanism for financial markets. threat, so it’s an important consideration Group 8.3% So where are the hedge funds playing at for investors. Ocado Group 7.9% the moment, and what stocks are being The table shows the UK’s most 7.5% shorted? Using data from Bloomberg, we shorted stocks and the percentage of the Intu Properties 7.2% produce our ‘Get Shorty’ list a few times a company’s shares that are held short. The Group 6.9% year. When we ran it last summer, Carillion most shorted stock at the present time Pearson 6.3% topped the list, as over 27 per cent of its is Debenhams, followed by the AA and equity was being shorted at the time. Well, retailer Pets at Home. u 5.6%

we all know what happened there. Source: Bloomberg, March 2018. None of the above This underlines the point that this Simon McGarry is senior equity analyst at stocks are on CGWM’s equity lists. isn’t some whimsical measure. While it Canaccord Genuity Wealth Management

12 www.WhatInvestment.co.uk Stock watch

Tech in the vanguard Technology stocks look set to continue performing strongly, says Juliet Schooling Latter, research director at FundCalibre

ech stocks have delivered strong Illumina returns for investors for some time, James Anderson, who heads up the Scottish with the returns of the MSCI Mortgage Investment Trust alongside World Information Technology index more Tom Slater, has a 5.4 per cent weighting thanT double those of the MSCI World over in US biotech firm Illumina. He explains, the past five years*. ‘Back in 2010 when I first started looking It’s not surprising if you think how rapidly at Illumina, it was obvious that the cost of technology has progressed over the years, with DNA sequencing was beginning to fall from the likes of Amazon threatening the long- extraordinary levels, which meant it could term prospects of the high street, smartphones become clinically useful. That alerted our having become an intrinsic part of our attention. It then depended on whether the everyday lives, and even the US president company had an underlying competitive communicating with the world via Twitter. advantage, and in 2011 we decided it did. But does this mean there is no growth left ‘But the striking element is just how in the sector? Not necessarily. Here, four beaten its index more than five times over, similar the thesis remains and just how well FundCalibre Elite Rated managers discuss with gains of 65.61 per cent*. it’s playing out. Now, following a period of technology stocks in their portfolios which Santa Barbara believes that its strong exponential change, it has become accepted they believe will keep performing well over performance could continue, given its that this is technology that has clinical the long term. underlying fundamentals and the strength of utility and is even accepted by the healthcare the management team: ‘Vitec has scope to reimbursement systems in America.’ Vitec improve its margins in the coming years, and Eustace Santa Barbara, who co-manages its strong balance sheet could enable further Didi Chuxing the Marlborough Special Situations fund earnings-enhancing acquisitions should the Dale Nicholls, who runs the Fidelity China alongside Giles Hargreave, likes FTSE opportunity arise.’ Special Situations Investment Trust, is able to SmallCap constituent Vitec. allocate up to 10 per cent of his portfolio to He believes the photography company, Visa unquoted Chinese companies. One of these which is a market-leading provider of Hutch Vernon, who heads up the Brown is Didi Chuxing, which the manager says is broadcasting equipment, will be able to Advisory US Flexible Equity fund alongside China’s equivalent to Uber. The company, benefit from the rise of social media and Maneesh Bajaj, thinks US financial services founded in 2012, has over 450 million users. the increasing thirst for ‘image capture’ firm Visa has characteristics that more than ‘It is the clear leader in ride sharing in advancement over the long term. justify its valuation. While the manager China,’ he explains. ‘It’s generating more ‘In 2017 it sensibly adjusted its portfolio bought into the stock several years ago when rides per day than Uber. It’s an extremely by disposing of lower-growth, non-core it was much cheaper, it is still the largest big business, it’s still growing nicely and it is operations and recycling the proceeds into individual holding within the portfolio. generating solid returns. They’re investing acquisitions with higher-growth, higher-tech ‘Cash is being replaced by card transactions, heavily in new areas such as driverless cars and higher-margin products,’ Santa Barbara and so it’s a toll booth on human activity,’ he and autonomous driving, but the core part of says. ‘A notable area of focus for the future is reasons. ‘They don’t take the credit risk – the the business also remains strong.’ u the growing number of independent content banks take the credit risk. Also, the business creators – those shooting video for YouTube doesn’t require a lot of capital to be spent as it Past performance is not a reliable guide to channels, for example.’ grows because the network is already built – future returns. You may not get back the amount In February, it was announced that Vitec they just have to keep it up to date speedwise. originally invested, and tax rules can change managed to grow its revenue by 10.8 per ‘While valuations have moved up to a over time. The views expressed are those of the cent to £353.3 million in 2017 compared significant premium relative to the market, fund manager and should not be taken as a to the previous year. The company’s shares the company has a long-term expectation of recommendation to buy or sell. have comfortably outperformed the FTSE 15 per cent annual earnings growth. So the SmallCap index over one, three, five and ten valuation is edgy but the characteristics are so * Source: FE Analytics. Total return in sterling years. Over the past 12 months, in fact, it has wonderful that we will hold on to it.’ terms. Correct to 28 February 2018.

www.WhatInvestment.co.uk 13 14 www.WhatInvestment.co.uk Breaking down the barriers Ingrid Smith has garnered the thoughts of three leading figures in the wealth management space, who explain just how customer engagement needs to work so that retail, private and high-net-worth investors feel informed about how their money is being managed – while not being bamboozled by the intricacies of new financial products and instruments

Anna Lane (pictured left) is CEO of find words like ‘alpha’, ‘beta’, ‘real return’ This is not necessarily an issue for the financial services consumer engagement and ‘derivatives’. Often, even our most investment industry alone, either. We have specialist The Wisdom Council sophisticated investors do not know what seen widespread pleas for better financial Through our consumer engagement work, these terms really mean. education in schools. we sometimes hear that tighter financial Not only does jargon prevent people from At the same panel debate, several younger regulation has helped to restore faith in understanding investment products, but it members had no idea what National financial services, notably among baby also stops them from understanding the Insurance was, and were at a loss as to how to boomers and generation X. important role that the investment industry manage their finances. The finance industry However, this is far from the picture we see as a whole has to play in long-term savings. can only do so much to help here; many at a broader level, with continuing mistrust In fact, very few people understand the of the customers we speak to feel there is a in both the financial system and the firms role of money and how it moves through role for government to play too so financial operating within it. Well-thought-through the economy. Indeed, in one of our recent literacy can be embedded from a young age. regulation, and in particular the move panel sessions, a millennial who had walked towards greater investor protection, feels through the City to the venue passed by ‘vast What’s the damage? like a move in the right direction, but trust glass towers of people’ and simply asked, Since the Retail Distribution Review made it cannot be developed through policing alone. ‘But what do they do all day?’ mandatory for financial advice to be charged There are many changes that investment Jargon is rife throughout the whole sales as a service in 2013, there has been a lot of firms still need to make in order to fully process. In order to get consumers interested, discussion of the ‘advice gap’ that has opened engage with their customers. firms will benefit from simplifying the up. Consumers with moderate investment We continually find that consumers are language they use and fully explaining how needs often feel that advice is not targeted at put off the investment industry by things they can help people. them and is just for ‘the wealthy’. like the over-use of jargon, a lack of clarity around objectives and fees, and failure to talk to consumers in a language they can relate to. This hasn’t been helped by the high level of ‘disintermediation’, which has left manufacturers feeling remote from customers and, indeed, from parts of the advice chain. Any improvement in engagement – both with advisers and their clients – will allow investment firms to stand out from the crowd.

Ditch the jargon Consumers of all ages repeatedly tell us that they find industry jargon intimidating. In many cases, it is the main thing stopping them from ‘taking the plunge’ and investing in their future. The challenge isn’t correlated to education, either. The challenge is to get to the real level of understanding beneath the ‘I sort of get it’ response. Take a look at any fund factsheet and you will

www.WhatInvestment.co.uk 15 ‘What customers tell us they want is help from the industry to understand what they have and how to make the most of it’

The Financial Conduct Authority’s Time to step up The real root cause of change is rapidly Asset Management Study identified It is clear that potential end investors know changing consumer behaviour and legitimate concerns around the way firms little about the investment companies understanding of their own needs. Over a communicate with investors, specifically that wish to serve them. What’s more, the period of decades, governments, financial singling out the way that objectives are majority have little or patchy understanding services providers and the media have written. The regulator also said it felt that of the jargon that surrounds the industry. not done a great job of educating the investors are not provided with transparency There are a number of initiatives that are population on financial wellbeing and how across the entire value chain. While we trying to move on the debate around jargon to achieve it. Generations of people are have yet to see what long-term impact and education. What customers tell us they at best light of knowledge and at worst there will be from the MiFID II disclosure want is help from the industry to understand vulnerable to ‘sharks’. regime, any change that helps investors what they have and how to make the most of Sadly, the more financial services to understand the products and services it. Simplification and transparency will help businesses use jargon, complexity and they are investing in will ultimately help to with this goal, as well as developing a greater ‘legalese’ to sell services, the more muddy rebuild trust and confidence. level of mutual understanding and hopefully the waters are for sharks to prey in. Some consumers will no doubt continue to greater trust. On a more positive note, the past five feel that they do not need advice or that it is years have seen massive leaps in some too expensive for them. But here lies a real areas of understanding. Most people have opportunity for innovation in the delivery thought about their pension after large of advice or guidance to the mass affluent legislative change and with the . Firms must step up and find creative services market herding towards ‘new ways to engage with those who currently feel gold’. Many are thinking ‘should I have disenfranchised from the advice process. saved more?’, ‘I wonder what’s in my work pension’ or, for some, ‘I wonder where my Sense of dislocation old pension details are!’. Because many consumers engage with My point is that the right prompting asset managers and pension providers generates positive inquiry. Financial through financial advisers or workplace wellbeing is based upon making people solutions, much of the investment industry inquisitive, and this will encourage them is highly dislocated from the end user. to explore and learn. If they learn, they will Our market research has shown that act. And if they act en masse, the market consumers generally associate financial will shift. services with ‘stuffy suits’. The brands that We can draw parallels to the physical they trust either have a dominant online Phil Smith is director and group CEO fitness craze emerging globally. After presence (think Paypal or Amazon) or are of Embark Investment Services, which years of talk of obesity, questions of recognisable high street brands, such as invests in businesses that possess the schools not doing enough and people John Lewis, which have a warm, ‘human’ capacity for scaled growth becoming lazy, we now see generations image that engenders trust. The next decade will see the most rapid going to the gym or wearing Fitbits to Savers do not want to be bombarded and material changes to the wealth track their activity. Understanding has with communications that feel generic management sector that we have ever risen, people are more inquisitive and and irrelevant. Where investment firms experienced. Commentators believe that interacting via technology, which is have a direct relationship with customers, technology is the lead and almost sole driving real change. this blanket approach can be massively driver of these changes. It is not. Our industry, government and regulators off-putting. Providing flexibility in how Technology is just the most tangible need to take a big step back and then act in products, services and the communications manifestation, and while playing a massive sync to make ‘generational’ change happen around them are delivered is key. part, it is the tool rather than the root cause. by design, not by accident.

16 www.WhatInvestment.co.uk Three primary actions could be taken: 1. Financial education in schools ‘Why isn’t financial wellbeing on the national curriculum 2. Access to financial advice and mandatory up to GCSE level?’ 3. Changing regulatory axis

Financial education (‘the root’) contribute to the early investment required plan must be revisited. The net result is Why isn’t financial wellbeing on the to generate return downstream. that roughly half the population cannot national curriculum and mandatory up The sector employs hundreds of thousands access financial advice, and of this the vast to GCSE level? Are many things more of people. We don’t need to turn droves majority are people who do not have the important than preparing children for the of them into teachers to deliver capability. financial education to ‘self-serve’. next 70 years of their lives? The reasons are, We could resource training centres to make Ideally, two things need to happen: as always, cost, capability and imagination: existing teachers literate, then facilitate a providers need to retune their costs to make all challenging for government. These learning transfer to the kids they teach. their services accessible to the less wealthy. could be sourced from industry, quickly and This should not be left to the disruptors directly – if we collaborate. Access to advice (‘the branch’) alone. Government should use the tax FSCS (Financial Services Compensation To many, seeking financial advice is system, like in other countries, to give Scheme), banking, aid and other financial too expensive, daunting and confusing. tax deductions on advice expenditure, or levies could be used in part to fund However strong the financial advice indeed ‘tax credits’ to those in less fortunate financial education in schools. This community is, they are in the business of financial circumstances. would tackle the root cause rather than selling things and generating a profitable This would create a virtuous circle where policing and cleaning-up the results of return on their time. Clients who are not advice can be funded specifically without a lack of education. No doubt, there will wealthy take longer to understand what families sacrificing other essentials. It be a direct correlation over time between they are being asked/told and are harder creates a market for advisers to resource it the investment in education and a lower to sell complex products to. fully and properly; the resulting consumer need for the FSCS and other ‘post-event’ Add to this the perishable nature behaviour will lead providers to shape mechanisms. There is enough social of financial advice: whenever needs, more cost-effective products and services conscience in the financial sector to circumstances or goals change, the financial for this demographic. continued on page 20

www.WhatInvestment.co.uk 17 It pays to revisit theclassics. LET’STALKHOW.

FIDELITYEUROPEANVALUESPLC UsingFidelity’sextensiveEuropeanresearch team,manager SamMorse aimstoselect well-established European Fads come andgoand we all haveafavourite one-hit companieswithproven businessmodels, attractive wonder,but more oftenthannot,weturnbacktothe classics. valuations andthe abilitytogrow dividends both nowand Europeishome to some of theworld’s classiccompanies – in thefuture. genuinelydynamicand well-resourcedmultinational So,ifyou’relooking forsteady growthfromsome of the householdnames.Whilenew businessescan hit theheights world’sbest-financed companies,renew your interest in the but fall away,these companies are famed forstandingthe EuropeanclassicswithFidelityEuropeanValues PLC. test of time,eventhrough periods of economic uncertainty. It’s thesequalities we seek outfor ourEuropeanValues Past performance is notareliableindicator of future returns. investmenttrust. Thevalue of investments can go down as well as up and youmay notget back theamountyou invested. Overseas investments aresubject to currencyfluctuations. The shares PAST PERFORMANCE in theinvestmenttrust arelistedonthe London Stock

Feb13– Feb14– Feb15– Feb16– Feb17– Exchange andtheirprice is affectedbysupply anddemand. Feb14 Feb15 Feb16 Feb17 Feb18 Theinvestmenttrust cangainadditionalexposure to the FidelityEuropean market,known as gearing, potentiallyincreasingvolatility. Values PLC 8.8% 10.8% -2.2% 21.7%16.2% NetAsset Value To find outmore,gotofidelity.co.uk/classics FidelityEuropean or speaktoyouradviser. Values PLC 9.3% 17.2% -5.1%18.5% 20.5% Share Price FTSE WorldEurope 15.4% 5.2% -5.2%27.3% 12.7% ex-UK Index Past performanceisnot areliable indicator of future returns. Source:Morningstar as at 28.02.2018,bid-bid,net income reinvested.©2018 Morningstar Inc. All rights reserved.The comparativeindexofthe Investment Trust is FTSE WorldEuropeex-UK Index.

The latest annual reports and factsheets canbeobtained from our websiteatwww.fidelity.co.uk/its or by calling0800 41 41 10.The full prospectusmay also be obtained from Fidelity. Fidelityhas been licensed by FTSE International Limited to usethe name FTSE Worldex-UK Index. Issued by Financial Administration Services Limited,authorised and regulatedbythe Financial ConductAuthority. Fidelity, FidelityInternational,the FidelityInternational logoand Fsymbol aretrademarks of FIL Limited.UKM0318/21688/CSO8680/0618

Job No: 56090-53 Publication: WhatInvestment Size: 297x210 Ins Date: 01/04/18 Proof no: 1 Tel: 0207291 4700 ADVERTISING FEATURE

Finding dividend growth is the key to long-term investing success in Europe What Investment spoke to Sam Morse, the manager of , about navigating the companies, countries and politics of continental Europe, asking three key questions

The Italian election passed off with limited increasingly hard to find new candidates for reaction from markets; what are the key the Trust that qualify in terms of an attractive issues facing investors on the Continent valuation. This has led to a narrowing in looking for a long-term return? terms of the number of names, which is usual Many studies have shown that long-term at this stage in the cycle. In theory, fewer returns are primarily driven by the real names does increase the stock-specific risk in dividend growth of companies. That is true the portfolio, but I work hard to make sure for continental European stock markets that there remains an overall balance in terms too. So what drives dividend growth for of diversity. It is important, however, to note European companies? There are many that the vast majority of the active money in factors, ranging from cash flow growth to the Trust resides in the larger holdings, with corporate governance. European companies the top ten holdings accounting for a third of are increasingly dependent on the global plenty of reasons why equity markets might the active money. economy. More of their sales and earnings pull back in the shorter-term, but on any come from outside Europe than inside these long-term view (ten years or more) equity What is a good example of a familiar days. Italy, for instance, only represents about investors will, generally, profit handsomely European company that shows your 5 per cent of the benchmark and around 4 from the dividend growth of the companies investment process in action? per cent of the Trust! in which they invest – and European L’Oréal is the world’s largest cosmetics The Italian elections show again that voters companies have as good a track record here company but has just a 12 per cent global in Europe are disillusioned with traditional as companies in other regions of the world. market share. This is a fragmented industry parties and are looking for new alternatives so there’s lots of room for growth, organically – we have seen this in France and Germany You have reduced the number of positions and through acquisitions. The company’s too. This may bring risks for European in the Trust; does that mean you think the healthy balance sheet allows it to continue companies but this should not be overstated. market is expensive, and does having fewer to acquire promising brands and, if the Time and again, other factors have trumped stocks make the Trust higher risk? opportunity arises, to buy back shares. political concerns to lead the markets higher. Typically, the Trust will own around 45 L’Oréal fits my process well in that it has The key issues facing investors in European to 55 companies (sometimes it will own positive fundamentals (growing share in a companies are similar to those facing different share classes of the same company). growing market), a strong balance sheet and investors in all equity markets: the pace of It is currently at the low end of that range. strong cash generation, as well as a reliable monetary tightening, the withdrawal of That is probably a function of where we are dividend growth at around double-digit rate. liquidity as quantitative easing fades, potential in the stock market cycle. I am looking for Valuation has always been more of a question geopolitical shocks, trade wars, etc. companies which are able to grow dividends mark, but the high returns of the business Valuations are high relative to historical sustainably where that dividend growth is not coupled with its consistent delivery means averages, so any disappointment in the pace already discounted by the share price. So it’s that shorter-term volatility related to its high of dividend growth as a result of these issues dividend growth at an attractive price. valuation pales into insignificance compared could lead to a derating too. So, as usual, Given where valuations are right now, it is with its long-term value creation. u

This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. Investors should note that the views expressed may no longer be current and may have already been acted upon. The value of investments can go down as well as up and you may not get back the amount you invested. Overseas investments are subject to currency fluctuations. The shares in the investment trust are listed on the London and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. The latest annual reports and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Issued by Financial Administration Services Limited, authorised and regulated in the UK by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

www.WhatInvestment.co.uk 19 Changing regulatory axis (‘the water’) Looking back on where we were 15 years Too much focus on protecting the ago to where we are today, technology has consumer through regulation has acted as played a huge part in how we travel from a barrier to simplification and education A to . on finance, which is key to delivering So what has the evolution of maps positive consumer outcomes. Large got to do with financial services? Well, institutions have reams of ‘small print’, you could say financial services is at the caveats and warnings – so much so that introduction of Google Maps stage – the financially illiterate will not act to do we are on the cusp of technology really the things they absolutely must. shaking up the way we will save and There is an onus of care on large invest. We are already starting to see the organisations to educate and simplify, to benefits, particularly in personal banking, make things easier for a wider consumer following the implementation of the audience. The reason I do not think we Open Banking Rules. As a result of this, have done this so far is because we get tied savers can share the financial data held up with governance, risk management and by their bank with other providers in focusing on what we cannot say, caveating order to help them better manage their to protect ourselves. We need to step up and Joe Parkin is head of wealth and retail personal finances – for example, sharing make finance more engaging. for the UK, Ireland and the Channel the spending habits captured by their Technology is the catalyst for this change, Islands at iShares bank with a financial app which can find at every level. It will act as an enabler Fifteen years ago, it was the norm to find the best credit card deal. for financial education. Most kids have an A to Z stashed in the back of a car. However, we have not yet fully felt smartphones. Put curriculum content on it, Fast-forward five years and the emergence the benefits of digitalisation in the asset gamify it, make it fun and interactive. They of Google Maps had started to change management industry. Technology has the will learn faster than ‘textbooks and chalk’, how we navigate our way to our desired potential to drive greater engagement in and these tools exist today. destination. Several years later and savings and investing, and ultimately help Let’s continue to allow interactive financial technology had really taken hold, with people save more for their financial futures. services via technology to be free of the smartphones giving us access to maps, This is particularly true among millennials paper burden we see in traditional products voice navigation and alternative routes and – and the 16 million people who cannot – and let’s push more into digitisation. transport modes at the click of a button. afford financial advice. Let’s use data more actively, whether through automated fact finding to reduce advice costs, using algorithms to automate solution selection or giving consumers behavioural insight on themselves. Let’s use technology increasingly aggressively to give people ‘insight’ into the cost and value of services they could access. Basically, let’s shift our focus to the consumer. Use industry resources to educate, inform and empower. Drive a paradigm shift in the shape of a ‘financial health craze’ to enable current and future generations to drive their own financial agenda. The pressure won’t come from government; it will come from within our industry. Also, change only comes when you reach a tipping point – when we see the confluence of those utilising online channels vs. the traditional players – and I believe that time is upon us.

20 www.WhatInvestment.co.uk ‘Creating a bespoke dialogue with each individual app user will lead to greater engagement, and ultimately drive them to take action’

Technology is going to a play a critical role for these groups, particularly millennials, as they are now financially responsible for their own retirement, given they will not have the comfort of a defined benefit pension. For these groups, technology has the ability to help them to save and invest little and often. Through apps such as Moneybox, people can round off individual purchases to the nearest pound, the difference then being invested. For example, a coffee costing £1.80 would mean an additional 20 pence could be put towards topping up an investment, rounding the total spend to £2. These small amounts on an ongoing basis can have a material impact over time, and is hassle free as the app invests on your behalf. One of the benefits of apps generally is that they are tailored to an individual. The technology that sits behind them means they offer tailored information or recommendations based on a personal profile, but also display all your details in one place – for example, how much you have saved in your bank account. Dashboard will go one step further by investors, having accumulated over $500 Furthermore, they also deliver nudges allowing people to see all of their pension million in assets in January alone. which are bespoke to the user. savings in one place, including the ‘forgotten Not only has technology been a game These attributes will be game changing pots’ that may be with previous employers, changer for a number of industries, it has for investing. Creating a bespoke dialogue giving them a better understanding of their fundamentally changed the way in which with each individual app user will lead to likely finances in retirement. we approach everyday living. Whether greater engagement, and ultimately drive Cost efficiency can be seen through it is the rise of apps on smartphones to them to take action when it comes to their various investment products and solutions. track fitness or the purchasing of goods saving and investing. At the same time, As an example, exchange-traded funds and services, technology is changing having instant access to their finances (ETFs) have been a driver of simplicity, our behaviours, attitudes and habits. through an app means they are more likely transparency and low cost. ETFs power Technology helped mankind reach the to check it regularly, which in itself will a number of financial products, such as moon; it’s now time for technology to mean people become more conscious of Scalable Capital, but they can also be used help people reach their financial goals. their spending and saving habits. as stand-alone tools to access different Watch this space. u Technology also creates efficiencies in regions and investment themes. Not only both time and cost. Individuals can readily are ETFs a technological innovation in This feature is for information purposes access financial information at the click of their own right, but they are also enabling only and does not constitute an offer, a button, eliminating the process of having investors to tap into megatrends shaping recommendations or invitation to anyone to log on to a website or waiting for paper society today. For example, robotic ETFs to invest in any funds, and has not been statements through the post. The Pensions are gaining widespread traction among prepared in connection with any such offer

www.WhatInvestment.co.uk 21 Demystifying The private equity market has grown significantly over recent years and, according to Preqin’s 2018 report, it is now worth approximately $2.8 trillion globally. In an exclusive interview, Andrew Lebus, manager of Plc, explains what private equity is and how retail investors can access it

rivate equity refers to investments Private vs. public markets time period – usually ten years – and many made in non-public companies Private equity covers a range of stages in a private equity firms will only accept high through privately negotiated company’s development: from venture capital minimum commitments to their funds. As a transactions. The asset class covers a broad (early-stage/start-up companies) to growth result, these investment vehicles will not be Prange of strategies which share a common capital (established companies with strong accessible for many retail investors. theme – optimisation growth characteristics) and (typically Investors who prefer to reduce risk that aligns investors’ interests with those of established, cash flow positive companies through diversification while benefiting management, combined with long-term with lower volatility of returns and where from the specialist research and analysis of investment horizons and hands-on support the current ownership is looking to exit). a professional investor may access private for a company’s executive team. Managers may also invest in mezzanine equity through a – a fund Private equity managers typically specialise structures, special situations and real assets. which carefully selects and invests in multiple in market sectors in which they already have There are a number of routes into private funds. This allows greater flexibility to benefit extensive investment experience. Highly equity, each with its own opportunities and from the research and selection capabilities of skilled managers use that expertise to manage risks. Investors should always consider the a specialist fund investor as well as achieving assets through economic cycles, as well as to respective advantages or disadvantages and wider diversification of exposure by type, identify attractive investment opportunities, remember that, as with all investments, stage (the point of an investee company’s particularly where they can take advantage of past performance does not guarantee future life cycle at which an investment is made), dislocations or mispricing within sectors. results. For the most part, capital in the vintage (the year when a fund is launched), Private equity managers seek to acquire industry is managed in illiquid non-listed location and sector, thus potentially influential or controlling shareholdings structures. Investors may choose to invest mitigating the risk of loss from any one in high-quality businesses, at attractive directly in a private equity fund, but they are manager or company. There are a number of valuations, working closely with a company’s expected to lock in their capital for a long ways that fund-of-funds managers can invest: management to implement strategic and operational change to transform the The historical outperformance of private equity vs. the public markets company’s value. Better alignment between Index = 100 as at 31/12/2000 management and shareholders can be 450 achieved by ensuring that a company’s 400 management team is investing at the same 350 time as using leverage to create an efficient capital structure. 300 Once the value has been unlocked, private 250 equity managers reposition the company for 200 sale at potentially a multiple of the invested 150 equity to a corporate buyer or a secondary sale 100

to another private equity firm or sometimes 50

by means of an . The 0 spread of performance in private equity is 0 0 0 2 4 much wider than in other asset classes, and Q Q2 2001Q4 2001Q2 2002Q4 2002Q2 2003Q4 2003Q2 2004Q4 2004Q2 2005Q4 2005Q2 2006Q4 2006Q2 2007Q4 2007Q2 2008Q4 2008Q2 2009Q4 2009Q2 2010Q4 2010Q2 2011Q4 2011Q2 2012Q4 2012Q2 2013Q4 2013Q2 2014Q4 2014Q2 2015Q4 2015Q2 2016Q4 2016Q2 2017 the manager has a significant influence on Private Equity S&P 500 Index investment performance, which makes the Source: Preqin as at January 2018, Preqin’s Private Equity Index is calculated on a quarterly basis using data from selection of managers critically important. Preqin’s Performance Analyst product.

22 www.WhatInvestment.co.uk Primaries – New private equity funds construction by manager, location, stage that are raised by a private equity manager and vintage. In addition, this flexible as an uninvested ‘blind pool’, where the approach gives PIP greater control over the investment opportunities are not specified. It management of its balance sheet, cash and is therefore particularly important to select a the profile of the portfolio. high-quality and experienced manager. The diversification of PIP’s portfolio, Secondaries – A purchase of existing with assets spread across different interests in private equity funds, typically investment styles and stages, helps to several years after a fund’s inception. reduce volatility, both of returns and cash Amongst the benefits of investing in flows. The maturity profile of the portfolio secondaries is that the fees and expenses ensures that PIP is not overly exposed that are incurred in the first few years have to any one vintage. PIP’s geographical been paid and distributions from the fund diversification extends its exposure beyond will be returned over a shorter time period. the US and Europe to regions with higher Co-investments – Investing alongside rates of economic growth such as Asia and private equity managers directly into emerging markets. companies: a potentially cost-effective In addition, PIP focuses on opportunities way of investing as there are lower or no Andrew Lebus, manager of Pantheon that are offered at attractive pricing levels, management fees charged on co-investments International Plc such as those in the mid-market, where the by the underlying private equity manager. managers are able to use their experience As outlined, there can be significant and MSCI World. As at 30 November 2017, and sector knowledge to create further value. barriers to entry for investors seeking to tap PIP had just over £1.2 billion of net assets PIP also seeks opportunities in ‘out of favour’ into the opportunities presented by private and had generated annual NAV growth of sectors, where managers can take advantage equity. However, by buying shares in a listed 11.7 per cent since its inception. With a of dislocations and mispricing to invest in private equity investment trust, retail and market capitalisation of £1 billion, it became assets that are expected to return to growth institutional investors can gain access more a constituent of the FTSE 250 index on 19 in the long term. Recent examples of this easily to the opportunity to participate in March this year. would be PIP’s investments in the energy and a managed, globally diversified portfolio PIP is managed by private equity specialist financial services sectors. for the minimum price of one share. Pantheon. Founded in 1982, it now has assets The spread of performance in private equity Moreover, investors can also benefit from under management of $37.3 billion (as at is much wider than in other asset classes, and the administrative simplicity and liquidity 30 September 2017) and a team of over 70 the selection of managers has a significant obtained from being able to buy and sell investment professionals globally. Pantheon is influence on investment performance. As a shares trading on an exchange. In addition, a recognised investment leader with a strong specialist fund-of-funds manager monitoring the capital gains that arise and are retained track record of investing in private equity and researching the global private equity within an investment trust structure are not funds over various market cycles in both the market, Pantheon identifies fund managers subject to corporation tax.1 primary and secondary markets. who have the skills and strategies to deliver Global deal activity has remained active superior performance within their particular in private equity over the past year, and this Strategy and types of investment market segments. trend looks set to continue. For investors PIP’s strategy is to invest with leading PIP is focused on maximising capital looking for attractive risk-adjusted returns private equity managers while reducing growth and generating attractive returns over the long term, private equity has strong investment risk through diversification for its shareholders over the long term. credentials and can offer significant alpha of the underlying portfolio by location, Through its access to Pantheon’s extensive and diversification benefits when added to a investment stage and sector. manager network and track record, the wider portfolio of assets. This strategy is implemented through company is well positioned to continue to PIP’s access to Pantheon’s primary, secondary achieve this objective. u Long-term performance and co-investment activities. PIP has the Pantheon International Plc (PIP) is an flexibility to vary the size and emphasis of 1 Listed private equity products are designed investment trust that invests in a diversified its investments depending on its investment to be long-term investments and the returns portfolio of private equity assets managed priorities at the time. from them can be volatile during their life. by third-party managers across the world. PIP either invests directly into private Investors should bear in mind that share PIP is the longest-established private equity funds or co-invests in companies prices can go down as well as up and that loss equity fund-of-funds on the London Stock alongside private equity managers. By of principal invested may occur. In addition, Exchange, and since it was launched in 1987 investing directly into private equity the price at which PIP’s shares trade may not it has outperformed the FTSE All-Share funds, PIP has full control over portfolio reflect its prevailing net asset value per share.

www.WhatInvestment.co.uk 23 Healthy profits Dan Mahony, Polar Capital’s healthcare fund manager, talks exclusively to What Investment about how technology is disrupting the healthcare sector and leading to opportunities for investors

t is 7.30am on a Friday morning in San bit run-down. He emails a prescription for UK doctor while in a foreign country is only Francisco and I have been on the road acyclovir, an antiviral medication, directly to the beginning. for nearly three weeks. Travel is part and our local Boots pharmacy at home, which parcel of the life of a portfolio manager. This my daughter picks up on Saturday morning Financial challenges Iis especially true when you follow healthcare while I am flying back to London Heathrow. The driver of this change is demographics companies; it is not only the client meetings, I start the medication as soon as I walk – governments around the world are facing investor conferences and company site through the door at 3pm on Saturday – early up to the challenge of how to deliver visits, but also medical conferences, doctor treatment can stop the infection in its tracks better healthcare to a growing and ageing interviews and trips to hospitals. – and after a seven-day course of therapy I population for less money. Part of the solution This has been a particularly gruelling am back to health. is to use technology to drive better decision- road trip. I have had back pain all week, And the total cost for this private making and also enable healthcare delivery at followed by numbness and now a rash that healthcare? £25 for the consultation and £5 the most cost-effective point of care, which is beginning to develop on my right-hand for the pills – about the price of a train ticket could mean moving care out of the hospital side. I could wait until I get home, although it from London to Brighton. into the GP surgery, the pharmacy, the home might be at least a week before I can get in to Information technology has been or even straight onto a mobile device. see our local GP. Instead, I decide to call up responsible for major disruption in a number As we begin the digital-driven disruption our UK telehealth provider, Babylon Health, of industries over the past decade but the of healthcare, the most topical challenge on my iPad. impact on healthcare has, until recently, facing healthcare companies is the move to Within 20 minutes I have a video call been modest by comparison. This is now value-based reimbursement. Historically, with a doctor sitting in an office somewhere beginning to change, and over the next reimbursement systems around the world in the UK, who recognises the tell-tale decade we expect to see a transformation in have been based on a fee-for-service system symptoms and diagnoses my condition as the way our healthcare is managed, delivered with little regard for the quality of care that shingles – a common condition if you get a and paid for. A video consultation with a has been provided. With electronic medical

24 www.WhatInvestment.co.uk ‘Over the next decade we expect to see a transformation in the way our healthcare is managed, delivered and paid for’

records now widespread, it is becoming companies – a transaction that would have The use of robots and artificial intelligence possible for an insurer or government to been unimaginable five years ago. The big (AI) within medicine has captured a lot of collect relevant data and compare clinical technology players, including Amazon, media attention recently, with suggestions practices and outcomes in different hospitals Apple, IBM and Google, are also evaluating that human doctors will soon be redundant. or clinical settings so that best practice can be opportunities in the healthcare industry. This seems unlikely, and the experience rewarded. As a result, there is a much greater We look for the large companies where with robotic surgery to date suggests that focus on the value delivered by a therapy, management teams have recognised the these technologies are best used to assist irrespective of whether it is a drug, device or a change in the industry and are adapting and augment the capabilities of a medical healthcare service. This has ramifications for their business models to succeed in the new professional. Medical imaging is an area all companies in the healthcare value chain. environment. One successful strategy has where AI could have an important near- been consolidation, with companies spinning term impact – especially in foetal ultrasound A new era of drug development off non-core assets and acquiring businesses imaging or early cancer detection in This is particularly important for the that give them a greater focus in particular colonoscopy. A medical professional still pharmaceutical industry. Over the past five therapeutic or business areas. In this way, conducts the scan and is responsible for the years, it has become clear that a new era of companies can create economies of scale, clinical result, but a machine assists in the drug development has begun. A number broaden product portfolios, standardise analysis and interpretation of the images to of new technologies, not least in the field products and processes, lower cost of goods, ensure that nothing is missed. of genomics, have enabled an advance take market share and, most importantly, in the understanding of the biology of deliver cheaper solutions to customers. Putting patients in the driving seat diseases at the molecular level and helped The opportunity in consumer health is to to develop new ways of intervening with The search for the disruptors develop new technology that enables patients therapeutic agents. The pace of innovation The other side of the investment equation to take control of their own health. Accessing is accelerating and creates the promise of is to identify the disruptors and innovators a doctor using telehealth, especially when new therapies for diseases that have until that are driving structural change. Identifying you are in another country, is clearly more recently been untreatable. new innovations has been a key part of our convenient for a patient. We are also seeing However, value-based reimbursement approach to healthcare investing for many new technologies becoming available that means that drug companies need to do more years. We are seeing significant progress, help to manage chronic conditions such as than simply show the efficacy of a drug not only in new drug development and diabetes. Abbott has recently launched a new candidate in a clinical trial. They need to medical devices, but also in healthcare product, FreeStyle Libre, which is a small show how the ‘effectiveness’ of a novel drug services, healthcare IT and the emerging patch sensor that can be applied to a patient’s will be evaluated in a real-world setting. This field of digital health. There are opportunities arm to measure their blood sugar levels. Even is leading to greater pricing pressure – drugs here for both large and small companies though FreeStyle Libre is not reimbursed with only a modest value proposition are to improve clinical outcomes or increase in Europe, and patients have to pay for it not going to command a premium price. In efficiency in the system. Successful companies out of their own pocket, the demand has far addition, drug companies may need to be could create new markets, enjoy strong exceeded expectations. This demonstrates to prepared to offer a rebate to payers, effectively pricing power and deliver strong revenue and us that many patients are keen to monitor, a ‘money-back guarantee’, if a drug does not earnings growth. manage and pay for their own health if they deliver the anticipated clinical benefit. We are particularly excited about the are given the right technology. From an investor’s perspective, it is emerging investment opportunities within Technology is clearly changing the important to recognise the new risks for digital health. Digital health is a broad term competitive structure of the industry, large, incumbent healthcare companies. that describes a range of services and products and creating both risks and opportunities Major disruption in the healthcare industry arising from the convergence of IT with for companies. The underlying need to means they are beginning to face significant healthcare. Many pharmaceutical, medical improve efficiency in healthcare systems is headwinds, competitive pressures and technology and healthcare service companies a powerful driver that looks set to persist permanent changes in their core businesses are looking at ways to use technology and for at least a decade. This is an exciting that they may find difficult to address. data to monitor patients, manage chronic time to be a healthcare investor – the Moreover, change may come from conditions and help medical professionals industry fundamentals are strong, the pace unexpected places in unanticipated ways. Last make better decisions. We see the commercial of innovation is accelerating and, if you year, one of America’s largest pharmacy store opportunity in digital health diverging into look beyond the familiar pharmaceutical chains, CVS, announced that it was acquiring two distinct markets, one targeting medical companies, there are many new and exciting Aetna, one of the biggest US health insurance professionals and the other consumers. opportunities emerging across the sector. u

www.WhatInvestment.co.uk 25 Funds in focus

New Offers Our independent panel examines the latest funds and what they have to offer investors. Each product has been given a star rating representing its overall value for money based on cost, terms and conditions and investment potential

is a strategy that is suited to a closed-ended ground for deal flow, so only time will tell investment company structure that can how successful they will be. provide patient capital to illiquid investments. The lead manager is Gary Robinson, who Product of the Month – April 2018 also manages the Baillie Gifford American fund, which invests in listed US companies. Aberdeen Standard Investments Baillie Gifford US Growth Trust Like many of Baillie Gifford’s other funds UK Equity Impact – Employment and trusts, it has a strong growth style bias, Opportunities This trust offers the opportunity to invest in with high weightings to technology and both listed and unlisted US companies. consumer discretionary stocks. This new offering from Aberdeen Standard The Baillie Gifford American fund has a Investments is worth considering for those number of holdings in common with the looking to invest in a fund that offers an Fund manager: Gary Robinson firm’s flagship Scottish Mortgage Investment ethical dimension. Annual : 0.7 per cent Trust, including Amazon, Tesla, Illumina, Contact: www.bailliegifford.com Alphabet and Facebook, and I would expect Fund manager: Lesley Duncan to see some crossover in the new investment Annual management fee: 1.3 per cent Jason Hollands says: trust as well, which aims to have around Contact: bigissueinvest.com The Baillie Gifford US 90 positions. The unquoted holdings will www.standardlifeinvestments.com Growth Trust is the grow over time as deals are sourced, and are Edinburgh-based fund expected to be skewed towards areas such as house’s first investment technology and biotechnology companies as Darius McDermott says: n trust new launch in 32 the team has identified a trend amongst such This fund is being Jason Hollands is MD, business years! This is a brave companies to increasingly choose to remain launched in collaboration development & move when stock market private for longer, and cite this as the key with Big Issue Invest, the communications at volatility has returned reason for seeking a mandate that can invest social investment arm of online investment with a vengeance and on in unquoted companies. n The Big Issue, which will service Bestinvest Darius a number of measures In theory there is a lot to commend this McDermott receive a percentage of the US-listed equity valuations look stretched. launch, as it brings something genuinely is managing fund’s management fee. However, the target size of the launch is new to the US investment company market director of fund It will be managed platform Chelsea relatively modest at £250 million, and this is with the planned hybrid exposure to both Financial Services by Lesley Duncan, one certainly part of the investment trust industry public market and private equity. However, of the best UK ethical where there is a paucity of appealing products while the team has delivered some impressive investment professionals in the industry. The to choose from. recent returns investing in listed securities Standard Life Investments UK Ethical fund Initially, the trust will predominantly during a period when markets have favoured that she has managed since 2004, which has invest in US-listed companies that will areas like new media and technology stocks, a broader remit, has delivered consistently have a market capitalisation of at least $1.5 there is of course less clarity about the team’s excellent performance, proving that you can billion, but it will also have the facility to credentials in conducting investments into have ethics without sacrificing returns. back unquoted US companies, with a cap private companies (37 unquoted investments The fund will invest in companies that on these of 50 per cent of total assets. This have been made in the past five years for the promote – and importantly implement hybrid combination of exposure to both Scottish Mortgage Investment Trust). – good employment practices. Typically, public markets and unquoted equity is a In hunting out unquoted deals, they will this will mean owning companies that pay strong differentiator from other US equity find themselves competing against US-based above-average wages, are located in deprived funds available to UK-based investors, and it venture capital funds with boots on the areas, and offer training for employees and/or

26 www.WhatInvestment.co.uk Funds in focus

‘This combination of exposure to both public markets and unquoted equity is a strong differentiator from other US equity funds‘

employ young people. The expectation is that are better than cash. TOP TEN FUNDS these companies will have more than 50 per Too many absolute IA FUNDS cent of their staff in the UK. return funds are too ONE YEAR With the likes of Sports Direct attracting highly correlated 1 Legg Mason IF Japan Equity 143.1 attention for doing the exact opposite, to stock markets. 2 NB China Equity 142.5 employment practices have really come to n This shouldn’t be a 3 Invesco Perpetual Japanese Smaller Companies 138.1 Patrick Connolly 4 Baillie Gifford Positive Change 137.6 the fore in recent years. This fund will give is head of problem with this new 5 Polar Capital UK Absolute Equity 137.4 investors peace of mind that their returns are communications fund from Franklin 6 Invesco PRC Equity 137.0 not at the expense of people’s wellbeing. at financial Templeton, which will 7 Baillie Gifford Japanese Smaller Companies 136.9 adviser Chase 8 Aubrey Global Conviction 136.6 Ethical and sustainable funds account for de Vere invest in government, 9 Baillie Gifford Greater China 136.5 less than 2 per cent of the whole UK market, government-related and 10 Jupiter UK Smaller Companies 136.2 so this is very much a niche offering. But corporate debt securities globally and in FIVE YEARS Duncan is probably as good as it gets as a derivatives. The fund may also hold a range 1 Legg Mason IF Japan Equity 378.2 manager of this type of fund, so for those of other assets, including mortgage-based 2 Global Opportunity 321.5 3 Baillie Gifford Japanese Smaller Companies 321.2 wanting to invest with a sound conscience, securities and convertible bonds. 4 Old Mutual UK Smaller Companies Focus 296.3 it is worthy of consideration. This new product will allow investors to 5 Fidelity Global Technology 290.8 access the same strategy as Franklin’s Flexible 6 Polar Capital Global Technology 290.4 7 Morgan Stanley US Growth 289.2 Alpha . This currently has its 8 GreatLink Global Technology 284.0 biggest weightings in bank loans, investment- 9 Invesco Perpetual Japanese Smaller Companies 279.1 Franklin Absolute Return Bond grade bonds and residential mortgage-backed 10 L&G Global Technology Index Trust 272.6 securities. It also has a significant ‘short’ INVESTMENT TRUSTS This new absolute return fund from Franklin position on interest rates. ONE YEAR Templeton will invest in government, It is too early to draw any meaningful 1 Trading Emissions 250.3 government-related and corporate debt conclusions on the performance of the 2 Dunedin Enterprise IT 187.4 strategy which will be used with this fund, 3 Oxford Technology 2 VCT 186.4 securities, as well as in derivatives and a range 4 FastForward Innovations Ord 1P 175.6 of other assets. although it will undoubtedly benefit from a 5 Independent Investment Trust 170.4 well-resourced and experienced management 6 Morgan Creek Cap Mgt Alternative Liquidity 161.6 7 Blue Star Capital 161.3 team. While this is no guarantee of Fund managers: David Yuen and 8 Baillie Gifford Shin Nippon 155.5 investment success, it should provide investors 9 Manchester & London IT 153.1 Michael Materasso with confidence that, given the fund’s remit 10 JP Morgan Chinese IT 151.5 Annual management fee: 0.55 per cent and risk management process, it should FIVE YEARS Contact: www.franklintempleton.co.uk exhibit low levels of volatility. The fund 1 Downing 2 VCT 5,105.0 2 Downing 3 VCT 5,105.0 charges are also reasonably competitive for 3 Trading Emissions 629.3 Patrick Connolly says: such a flexible fund, with the ongoing charges 4 Baillie Gifford Shin Nippon 405.9 Absolute return funds are very popular figure capped at 0.7 per cent. 5 405.6 6 Adams Ord EUR0.01 398.4 with investors who are seeking protection This fund does have some merit and should, 7 Artemis VCT 381.1 in their portfolios, at a time when there is in theory, provide a good degree of capital 8 359.2 9 3i Group 355.6 considerable uncertainty about the shorter- protection, which will stop investors from 10 Independent Investment Trust 343.2 term prospects for equity and fixed interest going too far wrong. However, we want to see markets. However, absolute return funds that the strategy is successful over a longer The figures show how £100 has grown over the periods as a whole haven’t yet shown that they can period before we would consider investing. shown to 28 February with net income reinvested. consistently provide positive performance in Figures are calculated on a bid-to-bid pricing basis. all environments while generating returns that Source: FE Trustnet

www.WhatInvestment.co.uk 27 Everyone will read this

But only a few will read this. At Orbis, we also look past headlines to focus on details. Seeking what others overlook, finding long-term value. We’re not for everyone. And we’re not like anyone else. But then neither is our performance. Ask your financial adviser for details or visit Orbis.com

As with all investing, your capital is at risk. Past performance is not a reliable indicator of future results. Orbis Investments (U.K.) Limited is authorised and regulated by the Financial Conduct Authority Everyone will read this

But only a few will read this. At Orbis, we also look past headlines to focus on details. Seeking what others overlook, finding long-term value. We’re not for everyone. And we’re not like anyone else. But then neither is our performance. Ask your financial adviser for details or visit Orbis.com

As with all investing, your capital is at risk. Past performance is not a reliable indicator of future results. Orbis Investments (U.K.) Limited is authorised and regulated by the Financial Conduct Authority Spotting the next hot trends Tom Horbye, campaign manager at platform Seedrs, asks whether potential investors have ever pondered what the next big things will be in an effort to become an early investor in the next hot sector – preferably before most people catch on

ome of the biggest profits are to • big data to assist farmers with what to • fewer workers wanting to work in be made by investors when they plant, where and when. agriculture identify the trends that look set Another area showing huge interest is • greater pressure on a decreasing area of to flourish and then get in early with the agricultural robotics. Robots are being land to feed more people Scompanies that are exploiting those trends. developed that can sow seeds, drive • climate change challenges – temperatures Below are six sectors that seem to be tractors, zap pesky weeds with lasers and weather conditions appear to be attracting a lot of interest from investors (avoiding the use of expensive and toxic getting more extreme. at the present time. chemicals), identify pests and diseases, With well-healed urban diners willing to then pick and grade various crops. pay for a product that keeps food miles to a Agri-tech There’s also a huge interest in agri- minimum, it’s become commercially viable The emerging agri-tech sector is tech across Europe, with companies such to use LED lighting that can be ‘tuned’ to a leading the UK’s efforts to expand as Agroop in Portugal building a big crop’s particular light-spectrum needs, with food production. Although traditional data analytics platform to help farmers hydroponics automatically providing the agriculture dominates in this area, become more productive, predict risk vital nutrients across a space-efficient rack/ there’s increased interest in how factors and identify the best production shelving system. technology can boost output, with procedures. money being invested in: So, why is there so much interest in Cyber-security • unmanned aerial systems cutting-edge agri-tech now? Well, there Last year’s high-profile cyber-attacks • diagnostic tools to identify endemic are a number of factors that have led to a have made everyone realise how wide- diseases in livestock demand for greater efficiency, including: spread cybercrime is nowadays, and the

30 www.WhatInvestment.co.uk damage it can cause. For example, the WannaCry attack infected 400,000 machines in 150 countries. Many businesses were hit, along with 50 NHS organisations, leading to operations being delayed nationwide. This was quickly followed by Equifax, the credit-reference agency, revealing that the private details of over 100 million people had been leaked in an embarrassing large- scale data breach. It’s reckoned that as well as further general attacks on organisations, there will be personalised attacks that target senior personnel specifically. With so much at stake, there’s no wonder enhanced cyber- security is predicted to be a key trend. Machine learning looks likely to be used to process huge amounts of data and carry out operations at great scale to detect ‘Last year’s high-profile cyber-attacks have made everyone realise how and patch vulnerabilities, cyber-attacks widespread cybercrime is nowadays, and the damage it can cause’ and suspicious behaviour. Inevitably, it’s also widely predicted that adversaries will also use machine learning to bolster their attacks – with the aim of finding such as almost-instant gadget insurance policy that includes them all in one go – vulnerabilities quicker than legitimate like that offered by InMyBag and as applicable to the individual. companies can patch and secure them. by-the-day travel cover. This area of 5. More of the insurance process will Biometric verification is likely to the insurance market is tough to offer become ‘self-service’: At the moment, become more widely available, as used when human input is required because it a significant amount of an insurance by the iPhone X Face ID feature. just isn’t cost-effective. But if it’s largely premium is spent on the handling Financial services companies are automated, it becomes worthwhile. process. With many companies, it’s a already experimenting with biometric 2. Customers seem to be avoiding manual procedure. Instead, it’s thought authentication for customers, focusing on human contact: Especially when it that there will be a move towards facial, fingerprint and voice recognition. comes to choosing, setting-up and paying customers going online and providing Cyber-insurance policies will become for a policy, it seems that customers still images and video and attaching more commonplace as insurance companies would rather deal with a computer. them to their self-completed claim. become better at making digital asset Investors seem to agree. Just days after The insurer may then use an automated valuations. As with physical security, such Wrisk launched a fundraising campaign claims review process for all but the as insisting on a higher standard of door on Seedrs, it secured its initial £500,000 trickiest of cases. Even payouts could and window locks, insurance companies funding target from more than 300 become automated, and received by the are poised to become major drivers in the investors. Its smartphone app is designed customer within hours rather than weeks cyber-security industry. to make purchasing insurance and filing or even months. claims quick and easy. Insur-tech 3. Insurance will become much more Health tech The insurance sector has long been seen personalised: Wearable tech and Health technology advances have the as antiquated and ripe for disruption. But smartphone lifestyle apps, combined potential to help reduce healthcare system insurance companies are now latching on with tech-enabled data science, should costs and improve health outcomes. A to how tech can shrink costs and increase enable insurance companies to create report produced by Monitor profits. At the same time, there’s an highly individual risk profiles, rather than for the Office for Life Sciences in 2015 increased focus on improving customer broadly similar bands of people paying predicted that the global market for digital journeys and identifying what the customer roughly the same premiums. health would be worth £43 billion in 2018, wants and needs. 4. All-in-one insurance policies will and around £2.9 billion in the UK alone. Not only is there a trend towards insur- become popular: Instead of buying Development trends in this sector include tech, there are many trends within this area: individual car, life, building, contents, using blockchain to protect and more easily 1. Automation looks set to largely replace travel and pet insurance policies, artificial exchange health data. There’s also a lot of human input: This is being driven by a intelligence (AI) technology could help work being put into electronic health records desire for smaller insurance packages – it to become the norm to purchase one (EHRs). EHRs make information securely

www.WhatInvestment.co.uk 31 available in an instant to authorised users. will be major tech breakthroughs in the An EHR can contain a patient’s medical following sectors: ‘It’s reckoned that around history, treatment plans, immunisation • Manufacturing – Ever more sophisticated $2.8 billion will be invested dates, allergy details, radiology images and robots will be able to carry out more in non-military drones over test results. With all this digitised data intricate product-producing roles. available, patient data analytics also look set • Transport – Using AI, driverless buses, the next ten years, as to make a leap forward. lorries and cars are all being researched capability improves’ Meanwhile, the popularity of health- and invested in, with trials of driverless related mobile apps for smartphones looks minivans due to take place later in 2018. set to continue. With waiting times to • Retail – Organisations such as Amazon evolve from something that you talk to see doctors in general practices heading are particularly interested in moving on a fairly static piece of hardware to towards up to three weeks in some regions, shelf-like robots picking products for a device that you wear in your ear that it’s no wonder that the idea of a ‘doctor on orders and bringing them to staff instead includes both a miniaturised speaker and demand’ service such as those provided by of staff doing the picking. a microphone. So, your AI virtual assistant Qured and Zoomdoc is so appealing. • Delivery – The days of delivery drivers could help you through everything from Digital health tech that enables the being in short supply look numbered, interviews and dates to prompting you to elderly to stay in their own homes rather with everything from automated take your medication. than have to move to care homes looks food delivery robots to drones taking AI isn’t the only thing that’s taking off. likely to be expanded. This includes fall on this role. It’s reckoned that around $2.8 billion will detection monitors and telebehavioural be invested in non-military drones over health services that can be used to check AI and bots the next ten years, as capability improves. health regularly and remotely. The latest technology could lead to totally Although many drones are currently AI now looks set to make its way into new jobs being created. For example, using used mainly by hobbyists and the military, diagnostics, population health, disease AI, Plum links to your bank, analyses your commercial drones are the fastest-growing management and pathology. activity and helps you manage your money part of this market. These are used for across savings, investments and utilities. everything from aerial photography Robotics and drones Wealthify, the robo-investment manager, in real estate to crop spraying. Some As the cost of building robots has enables you to create an investment plan companies are developing solar-powered plummeted, there’s been a trend towards and then monitors it to help ensure that high-altitude drones that can serve as greater investment in them. you stick to the plan. platforms for internet services in remote In fact, a report by PwC predicts that, The trend for digital concierges and areas. Amazon is even looking at using with more research being funded, there assistants such as Siri and Alexa may drones to make deliveries. u

32 www.WhatInvestment.co.uk Taxing matters

Enterprising outlook Tom Lloyd Read highlights the merits of using the Enterprise Investment Scheme to invest in smaller companies

he Enterprise Investment Scheme of the gain in an EIS-qualifying company. (EIS) is one of the most tax- The investment must be made during the advantageous investments in period one year before and three years after the UK. The tax structure is designed to the date of the disposal that gives rise to the encourageT high-net-worth individuals to gain. It is important to remember that the provide unquoted businesses with much- capital gains tax relief is only deferred and the needed funding. original gain will recrystallise on the disposal Over the past few years, the majority of EIS of the EIS shares. However, this would be fundraising has been in the packaged ‘capital subject to tax at the prevailing rate at the time preservation’ sector, which has relied on a it is crystallised, not from when it is deferred. combination of asset backing, predictable revenue streams, government incentives and Inheritance tax pre-agreed contracts to deliver ‘cash plus’ We have increasingly seen EIS used as a way returns to investors. However, following to mitigate inheritance tax. Provided that the the Patient Capital Review and subsequent EIS shares have been owned for at least two Budget, most of these trades will no longer years and that certain conditions are met, 100 qualify for EIS reliefs, and fundraising will per cent business relief should be available. now focus on more traditional, much higher- Where this is the case, the shareholding is ‘Investors have an immediate risk growth strategies. essentially free of inheritance tax. EIS investment is unsuitable for most 30 per cent cushion before investors. Before considering an investment, Investing in EIS they incur a capital loss’ investors will typically have maximised ISA While the tax reliefs help to reduce some subscriptions and pension contributions. of the risk, it is prudent to ensure a well- They may even have invested in VCTs, diversified portfolio of EIS companies. There which have some similarities to EIS but immediate 30 per cent cushion before they are various ways of achieving this, including: are generally considered a little lower risk. incur a capital loss. • Investing via a dedicated investment However, EIS should not be discounted In addition, any EIS losses incurred platform such as GrowthInvest or based on risk alone, as the tax structure can be offset against income (or gains if Crowdcube helps to reduce some of the risks. there is insufficient income to support the • Using the services of a specialist relief ). The loss relief is limited to the net discretionary investment manager or Income tax investment – i.e. where an investor loses investing via an unapproved EIS fund Up to £1 million, rising to £2 million in their entire £10,000, the maximum they can • Investing in an approved EIS fund. April for investment in ‘knowledge-intensive offset against income is £7,000. This means The unique combination of reliefs makes EIS companies’, can be invested in a tax year that, as long as the investor is able to claim a very interesting way of investing in smaller and income tax relief of up to 30 per cent the maximum reliefs, a higher-rate taxpayer’s companies, where the potential rewards are claimed. This is a tax reducer, so the income maximum loss is 42 per cent of the capital great but at a significant risk to capital. tax must have been paid by the investor in invested, and an additional-rate taxpayer’s Unless you are a confident investor, it would order to claim the tax relief. For instance, an maximum loss is 38.5 per cent. be sensible to take advice from a specialist in investment of £10,000 in an EIS will allow this market. u the investor to reduce their income tax bill Capital gains tax by £3,000. Any gains from the sale of EIS shares are Tom Lloyd-Read is head of advice at Thomas Investors may also treat some or all of the not subject to capital gains tax provided the Miller Investment investment as if it had been made in the investor claimed income tax relief at outset previous tax year. The minimum holding and has held the shares for three years. If you have a question that you would like period to ensure income tax relief is not An investor who makes a capital gain from our tax experts to answer, please email subject to clawback is three years. From the disposal of another asset can defer the [email protected] the outset, therefore, investors have an liability on that gain by investing the amount

www.WhatInvestment.co.uk 33 Time to buy a convertible? What Investment proffers an intermediate-level comprehensive guide for readers on the intricacies of convertible bonds and the opportunities they offer

is a form of inherent theoretical bond or equity option 2018 convertible bond issuances in the US, debt that pays a fixed coupon and value. Additionally, convertible bonds are Europe, Asia ex Japan and Japan were $401 provides the holder with either a higher in the capital structure than equity, million, $159 million, $96 million and $61 return of principal at maturity or the option which means that companies must fulfil their million respectively. toA convert into a fixed number of common obligations to convertible bondholders before shares. This creates elements equity owners. The convertible ($ value) of a bond and equity call option for both the Since the creation of the asset class with the issuer and investors. first structuring of a convertible bond for the Generally, like a traditional bond, Rome, Watertown, and Ogdensburg Railroad convertible bonds feature an interest coupon, in New York State in 1874, convertible paid at regular intervals and the bonds have offered an attractive financing 10.3% repaid at maturity, which is most typically proposition for many issuers. Typically, 8.4% five years. convertible bonds are offered with a lower Unlike traditional bonds, convertible bonds coupon than comparable non-convertible feature an embedded call option in their debt financing options, thus minimising 56.3% ability to be converted into equity shares in interest costs. Furthermore, convertible bonds 25.0% the issuer. With this bond-with-an-option offer issuers a ready means of shifting debt exposure profile, convertible bond holders are to equity and can be helpful in managing the offered the yield and downside protection debt/equity ratio. of a fixed income instrument while also There is a robust convertibles trading participating in the potential appreciation of universe, constantly refreshed by new the equity. The value of a convertible bond issuance, which is primarily spread across should generally exceed the greater of its North America, Europe and Asia. February US Europe Asia ex Japan Japan

34 www.WhatInvestment.co.uk Balanced/Total Return: At the time The effect of the stock price on the convertible price of issue, a convertible bond is generally balanced, with moderate exposure to both Distressed Yield Instrument Total Return Instrument Equity Alternative changes to the underlying equity and the credit profile of the issuer, and trades at a moderate premium to its parity value – Convertible Price Curve Parity which reflects the value of the equity into which the bond is convertible. This time period is reflected in the ‘Total Return Conversion Premium Investment Value Investment’ area in the chart to the right. Equity Sensitive: If the stock price performs well, the bond trades more as an in-the-money call option moving in tandem with the stock price as it offers high-equity exposure and less exposure to credit spreads.

This is reflected in the ‘Equity Alternative’ Convertible Price area in the chart. Stock Price Yield Sensitive: Should the value of the stock price fall and the equity option fall and downside support. Investors with this challenging period for arbitrage investors. out-of-the-money, convertible bonds behave exposure profile will often seek to maintain Given the relatively predictable investment like more traditional fixed income securities, that balanced profile for their portfolio over approach of these two primary groups of retaining value around par (or ‘investment’) time, selling bonds which become primarily investors in the convertible bond asset value and have high exposure to the issuer’s equity or yield driven in favour of buying class, this can create some distortion – and credit spread and potential default risk. This balanced issues. opportunity – within the space, particularly is reflected in the ‘Yield Instrument’ area in This approach offers investors a more given that potential complexities of a the chart. defensive way to participate in the convertible bond extend well beyond simple The dual nature of convertible bonds – potential upside of an equity position bond-versus-equity pricing dynamics. providing exposure to both debt and equity while retaining high cash flow and more Convertible bond issues contain terms and elements – can make them a particularly downside protection via a more senior conditions which can vary widely from one attractive investment vehicle for investors. position in the capital structure. bond to the next, and the most complex Further, convertibles can be an attractive instruments are often the most challenging investment in a diversified portfolio as Convertible arbitrage for traditional long-only and arbitrage they have historically had low correlation These investors, typically hedge funds, employ investors to evaluate. to traditional stocks and bonds. From a model-driven investment approach which These differentiated terms can often January 1990 to February 2018, the HFRI seeks to take advantage of relative mispricings revolve around call protection (the ability of Convertible Arbitrage Index has had an of a convertible bond versus its theoretical the issuer to call the bond for redemption R-squared of .04 relative to the underlying components – the value of the prior to maturity) and anti-dilution Aggregate Bond Index, and .23 relative to bond and the value of the equity option. protection (primarily around dividends or the S&P 500. To do so, arbitrage investors will purchase corporate actions such as M&A). These There have historically been two primary convertible securities while simultaneously subtle differentiations between issues can investor types who have found convertible selling short equity (or credit, typically via have substantial effects on the value of the bond exposure to be most appealing, based CDS) of the same issuer. This approach convertible under some circumstances. on slightly different criteria: allows arbitrage investors to attempt to Slight variations on typical convertible bond capture the theoretical ‘cheapness’ of the structures such as mandatory convertibles Long-only funds convertible bond versus its equity and bond (which are automatically converted to stock These investors typically favour buying components. That discount to theoretical at a specific time rather than at the option balanced convertibles, offering investors the value can, however, be volatile over time of the holder) or exchangeable convertible dual characteristics of moderate exposure and has historically seen periods of sharply bonds (which are convertible into shares of to equity upside via an at-the-money call increasing discount, most notably during the a different company than the issuer) present option along with bond coupon cash flow 2008 financial crisis, which was a particularly further complexity within the universe. u

www.WhatInvestment.co.uk 35 How? Why? What? When? Who? and Where? For those of you with young children, grandchildren, nephews or nieces, this may be a familiar set of daily questions from those youngsters of formative years, but Peter Askew, the CEO of T. Bailey Asset Management, says they’re also the questions every investor should be asking

hile ‘What?’ is one of uncertain of what to do and which direction the questions posed in they should move in. Even if that cash is held the title of this article, in a tax-efficient individual savings account it is the question asked least by those (ISA), the rates paid on cash at this time are littleW darlings. Even if it is one of many significantly below inflation, and that erodes questions investors should be asking, it the future purchasing power of your savings. is a pertinent one. But let’s examine why Knowing why you’re doing something is investors should ask themselves all the better than not knowing. above questions, one by one. When? Why? When do you start, and how often will you Why are you investing? Is it to fund an contribute? Maybe you’ve worked out what aspiration – a new house or car perhaps, or Peter Askew,CEO of T. Bailey Asset Management you’re saving for and you are wondering a trip around the world? Is it something when to start? Many individual investors like longer-term, such as retirement or long- While saving without a specific purpose in to try and time their investments, but few term care? Or primary, secondary or mind is fine, having an idea of what you want buy on market dips. Most buy what has gone tertiary education for your children your savings to pay for helps to focus the up – it feels less risky and makes one feel (or grandchildren even)? It could be a mind on time frames for your investments. better. However, that is counter-intuitive, and combination of more than one of those Without those time horizons, many investors as a seasoned investor I’ve seen most market drivers, or something completely different. resort to keeping their money in cash, timers choose a sub-optimal time to invest.

36 www.WhatInvestment.co.uk Investing a little and frequently is often Annualised returns and volatility best; to remove any market timing decisions, many investors choose to pursue a regular 14 savings methodology. Putting away what T. Bailey you can afford on a regular basis, monthly 12 Growth I Acc or quarterly, smoothes out the bumps in the IA Global road and is less worrisome for the average 10 investor. Over time you should accumulate what you need, or a good part of it. 8 T. Bailey And it is never too early to start. You never Dynamic I Acc know what you might need your savings for, IA Flexible Investment 6 and if you don’t need to dip into your savings Return % then just let them grow. IA Mixed Investment 40-85% Shares 4 How? IA Mixed Investment 20-60% Shares How do you go about it? It is no surprise 2 IA Mixed so many investors are confused given Investment IA Targeted 0-35% Shares the amount of advertising material they Absolute Return 0 are exposed to, and the language is often confusing – there to appease the regulator 0 2 4 6 8 10 12 Volatility % but not necessarily as much help to the individual investor as it should be. Mention pensions and eyes often glaze over; people Source: T. Bailey, FinXL. Annualised returns and volatility based on monthly returns for the period 28/2/15 to 28/2/18 know they need to save but are very often unsure as to how to go about it. consequences of increased regulation is the easing (QE), the government response to Defined contribution (DC) pension cost of running these advisory businesses. the financial crisis of 2008/09 – policy which schemes, like auto-enrolment, might have Some have sold out to industry consolidators, was responsible for driving bond yields down their flaws; however, they are a highly and the problem that has created for the to extremely low levels. Ten-year gilt yields effective means of getting employees to smaller saver is that they very often find have doubled since their low point, yet still save as their employers or their chosen themselves below the threshold of economic yield well below inflation (1.5 per cent vs. 2.7 administrator handle all the administration, advice – which is not what the Financial per cent), which isn’t terribly helpful when and contributions are taken directly from Conduct Authority, the investment industry’s you are trying to maintain the value of your employees’ pay. regulator, had in mind. The solution? Perhaps savings in real terms – never mind the capital Of course, the government, via the UK to source an independent adviser who will loss you would have suffered if you purchased Treasury, is keen to limit the amount of give an introductory session free of charge. them at a yield of 0.75 per cent! money that can be accumulated in pensions So, the IA’s conceptual stance prior to QE over a working lifetime and has made ISAs What? was that the lower your allocation to equities, more attractive. Making investments tax- What investment should you choose? Here the less risk you were taking on board in efficient at exit rather than entry saves the the individual investor faces even more terms of volatility and downside risk. Bonds government a considerable amount of money confusion. The Investment Association (IA) are proving to be more volatile as QE is each year – several billion pounds in fact. is there to help, and exists for the benefit withdrawn and interest rates return to more You can now save up to £20,000 each tax of investors. There are more than 3,000 ‘normal’ levels. year into an ISA, and any income received funds, which the IA has divided into over 30 A more recent addition to the IA roster or gains made are completely tax-free, sectors. However, these are predominantly has been the IA Targeted Absolute Return whenever you take them. The onus of products, and most individuals are looking sector, where, as the name would suggest, responsibility to look after ISA savings is for a solution; there are far fewer of those there is an identifiable target or outcome. firmly on the individual as, unlike pensions, available. This has given rise to the popularity These funds have become popular, but many they are accessible at any time – whereas of mixed-asset products, which have the have struggled to deliver in recent times. pensions cannot normally be accessed until benefit of incorporating asset allocation. The chart above depicts the annualised the age of 55. But if you’re saving for the Here the IA has some guidance for us, returns and volatility of the Targeted holiday of a lifetime, a new home or car, your suggesting how much equity exposure an Absolute Return sector, four further mixed- timescale is likely to be shorter than it will investor might adopt as a measure of risk. I asset/investment sectors, including the be for your pension. have some sympathy with the IA as these Flexible Investment sector, and, for context, It is sensible to get good advice. There mixes, 0-35 per cent shares, 20-60 per cent the Global (equity) sector. By drawing a are many independent financial advisers shares and 40-85 per cent shares, were connecting line between the two outliers, (IFAs) in the UK, but one of the unintended constructed before the advent of quantitative we see that the mixed-asset sectors have

www.WhatInvestment.co.uk 37 been sub-optimal in their delivery. For reference, we have included the T. Bailey mixed-asset (Dynamic) and global equity (Growth) offerings.

Who? Who can I trust with my savings? Who will give me the necessary reassurance? It is tempting to invest with a familiar name – the ‘comfort blanket’ of a name you recognise from the side of a taxi or passing bus. But do they really offer you what you require – a solution that meets your investment outcome or objective? It is for a large part the profits and flows of the large listed asset management houses that dominate the results headlines, not their delivery for you, the individual client. Large asset management houses want to manage large amounts of assets for large investors, multibillion-pound pension funds for example, and they are restricted by the size of their investment – too big to access the more attractive investment opportunities. So why should you saddle yourself with the issues confronting large institutional investors? ‘Look for an alignment of interests when choosing your investment Look for an alignment of interests when partner – a firm that offers you a solution, not a plethora of products’ choosing your investment partner – a firm that offers you a solution, not simply a plethora of products. Look for a firm that places the investor first, ahead of its a company, but as it represents 5 per cent of growth drivers as a key tenet of your shareholders. That places the onus of making an index they tell us they are underweight investment solution? Perhaps ignore the decisions squarely in your court. that stock and hold ‘only’ 2.5 per cent. If you debate over which country offers the best That brings me to the decision over active don’t like it, don’t own it – simple as that! opportunities and look to themes – like managers versus passive investment. Active Of course, passive investing involves buying ageing populations and their impact on management seeks to beat market or sector what’s gone up and selling what’s gone healthcare; technological development indices through company analysis; passive down – illogical. and the materials needed to support that investors, on the other hand, point to development; infrastructure for developing evidence that the active style doesn’t work, Where? economies; nutrition and automation. failing to beat indices after fees, and suggest So where should you invest? Which These are logical investment drivers, each investors should be steered towards lower- country or region? For equities, are you and every one. charging index-tracking products. mulling over whether you should invest The appropriate questions relate back in the US, Europe, Japan or ‘emerging Are we there yet? to large investors again. But firstly, why is markets’, or perhaps a global portfolio. As we approach the end of the current a market index a relevant starting point Beware classifications or labels. financial year, you will be bombarded for an investment? Portfolios are surely Take Samsung as an example, a Korean with advertising from those with the built on the basis of investments which are company. Korea is classified as an emerging deepest pockets. So, maybe look beyond desirable – assembled to deliver a relevant market nation, but Samsung is hardly an the obvious, for a comprehensible solution and understandable outcome. We fail to see emerging company, and is one of the largest that is appropriate to your investment where an index figures in that construction. and best-recognised names in the corporate aspirations – where your interests are Indices are typically built around asset world. It is likely, however, to feature in aligned with those of the asset manager classes and regions, once more thrusting many ‘’ equity and global and where you’re not playing second fiddle the asset allocation consideration back onto equity portfolios. to shareholders. u the individual. Wouldn’t you prefer your investment We hear fund managers talk of not liking provider to deliver exposure to long-term This article does not constitute investment advice

38 www.WhatInvestment.co.uk Pensions and retirement planning

Personal pension annuity rates

n annuity is a financial product Escalation: Level, Single Life that converts capital into income. You can buy one with any lump Provider Rank Income Provider Rank Income sum of money, or with accrued pension funds. AThere is no longer any obligation to buy Male or Female 60 Male or Female 65 an annuity. Some people now prefer not to Legal & General 1 £4,918.92 Just 1 £5,693.16 buy one and go into ‘income drawdown’ Just 2 £4,905.12 Legal & General 2 £5,597.52 instead. Since April 2015, HM Treasury has Hodge Lifetime 3 £4,717.15 Aviva 3 £5,406.96 allowed people to access their pension pot as they wish. However, as any withdrawals will Escalation: RPI, Single Life deplete the funds available to provide future pension income, advice should be taken. Provider Rank Income Provider Rank Income Male or Female 60 Male or Female 65 Types of annuity Standard annuities provide risk-free income Just 1 £2,701.44 Just 1 £3,501.84 and guarantee to pay a set income throughout Legal & General 2 £2,572.68 Legal & General 2 £3,398.04 your lifetime, no matter how long that turns Aviva 3 £2,553.48 Aviva 3 £3,287.64 out to be. Investment-linked annuities, on the other hand, offer growth potential and may Escalation: Level, Joint Life outperform standard annuities, but income Provider Rank Income Provider Rank Income can go down as well as up. With most annuities, you choose at the Male 60, Female 57 Male 65, Female 62 outset how you want to be paid and what Legal & General 1 £4,492.32 Just 1 £5,114.40 optional benefits you wish to include: for example, you choose how frequently you Just 2 £4,457.64 Legal & General 2 £5,048.04 want to receive income and whether to Hodge Lifetime 3 £4,444.23 Hodge Lifetime 3 £4,986.04 provide a continuing income to your partner following your own death. Escalation: RPI, Joint Life Provider Rank Income Provider Rank Income Rates of income Available rates of income vary according to Male 60, Female 57 Male 65, Female 62 the options you select, the date of purchase Just 1 £2,284.20 Just 1 £2,932.68 and your own circumstances and health. Aviva 2 £2,236.20 Legal & General 2 £2,872.68 Crucially, rates also vary between different providers. Even for the exact same annuity, Legal & General 3 £2,194.32 Aviva 3 £2,805.48 the income difference between the best and Impaired Life Annuity: Level, Single Life worst can be 25 per cent – or even higher for some types of annuities. Provider Rank Income Provider Rank Income Remember, you only have one chance to secure the best possible income for the rest Male or Female 60 Male or Female 65 of your life. You owe it to yourself to get it Just 1 £5,219.64 Just 1 £6,088.92 right, so see the table, right, for examples of Aviva 2 £5,135.76 Aviva 2 £6,070.80 the latest annuity rates. Legal & General 3 £4,918.92 Canada Life 3 £5,606.76

Reading the annuity table Impaired Life Annuity: Level, Joint Life ● Figures assume an annuity purchase Provider Rank Income Provider Rank Income price of £100,000. The income levels Male 60, Female 57 Male 65, Female 62 shown are the gross annual incomes. Just 1 £4,667.28 Just 1 £5,306.64

● Aviva 2 £4,592.40 Aviva 2 £5,293.80 All the data is based on payments being made monthly in arrears, with a Legal & General 3 £4,492.32 Legal & General 3 £5,048.04 minimum payment period of five years. Source: JLT Pension Decision. Rates as at 28/2/18

www.WhatInvestment.co.uk 39 We search widely.

Murray International Trust ISA and Share Plan Plotting a path between defending your capital and generating a good income needs an expert sense of direction. At Murray International Trust, we know how to explore the world searching for those companies that may deliver the right combination of capital preservation and income generation. And because we insist on meeting every company in whose shares we look to invest, you can be confident we are guiding you to potentially the best investments we can find. Please remember, the value of shares and the income from them can go down as well as up and you may get back less than the amount invested. No recommendation is made, positive or otherwise, regarding the ISA and Share Plan. The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained. We recommend you seek financial advice prior to making an investment decision.

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

Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. Issued by Aberdeen Asset Managers Limited, 10 Queen’s Terrace, Aberdeen AB10 1YG, which is authorised Please quote and regulated by the Financial Conduct Authority in the UK. Telephone calls may be recorded. aberdeen-asset.co.uk MINT WIS 03

121032206_IT_ADVERT_MINT_WIS_03.indd 1 21/03/2018 16:37 Introduction

SPECIAL SECTION: What Investment Trust APRIL 2018 In praise of the one-stop shop Nick Britton looks at how global generalist investment trusts have changed in order to remain relevant in today’s investment climate

don’t much like the performance (or something near it) can be costs without compromising on manager phrase ‘one-stop shop’ accessed via cheap trackers, investment quality. The trust has recently taken on when applied to trusts that aim to be one-stop shops must be 37-year debt at 2.74 per cent, a sign of Bell funds, but it certainly beats both inexpensive and outperform the and the board’s long-term confidence in Ian alternative I heard benchmark in order to prove their worth. equity markets (and an example of how an recently – ‘single fund investment trust can steal a march on a solution’. What both Time for a revamp passive strategy). phrases are getting at is a fund that in itself is a case in point. Its overhaul Finally, there’s Foreign & Colonial itself, offers a complete portfolio – one that you last year was designed to deliver cheaper currently managed by Paul Niven, who is could stick a few hundred quid in for a ongoing charges (below 0.65 per cent) and only the 11th manager the investment trust grandchild, or suggest to a nephew or niece outperformance of the MSCI All Country has had in its 150-year history. The portfolio keen to take their first steps into investment. World Index by 2 per cent a year after costs, is highly diversified with more than 500 One-stop shops work well in these over rolling three-year periods. Eight individual holdings, so Niven’s allocation to situations because it isn’t practical to be investment managers have been given the different regions and sectors is a very splitting a modest sum between half a dozen job of selecting around 20 stocks each, significant component of performance – in different funds. They are also useful overseen by investment consultant Willis contrast to Alliance Trust, for example, ‘buy-and-forget’ investments, because they Towers Watson. ‘Non-core’ investments, which largely retains index weightings. don’t restrict you to a single sector that may such as mineral rights and private equity These three investment trusts have fall out of favour. Like a good-quality duffel holdings, will be disposed of, though the outperformed both the FTSE All-Share coat, they may never be the height of investment trust retains ownership of and the MSCI World over one, three, five fashion, but they will always be serviceable. Alliance Trust Savings, the online platform. and ten years (to 31 January). All have Investment trusts were originally designed Witan is another one-stop shop that has increased their dividends for at least 40 years as one-stop shops. In 1868, Foreign & been extensively refurbished and restocked. in a row. Clergymen and widows may apply, Colonial Investment Trust was launched to This began in 2010, when current chief though they should be aware that they will cater for ‘a clergyman or a widow who has executive Andrew Bell took over the be fully exposed to equities, with all the ups only £500 or £1,000 at command’, in the multi-manager portfolio, replacing passive and downs that entails. u words of one of its founders, Philip Rose. strategies with active ones on the simple But the role of investment trusts as basis that if investors wanted to invest Nick Britton is head of training at the one-stop shops has been challenged with the passively, they could do it themselves, and Association of Investment Companies and rise of passive investing. Because benchmark cheaper. Bell lays emphasis on controlling a former editor of What Investment

Supplement contents Finding value in investment trusts Accessing China’s growth What’s the alternative? Veteran What Investment supporter Tiffany Hsiao, portfolio manager at Paul Derrien, investment director 42 and contributor John Burke offers 44 Matthews Asia, highlights just why 46 at Canaccord Genuity Wealth an exclusive and unique overview of small-caps may offer one of the best Management, writes on how investors the investment trust space ways of investing in China can access alternative asset classes

WHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 41 Investment trust overview

Finding value in investment trusts Veteran What Investment supporter and contributor John Burke offers an exclusive and unique overview of the investment trust space

enerally speaking, the best way mandatory warning: the value of, or income than capital growth, including Henderson to invest – for the medium to from, the shares can go down as well as Diversified and Perpetual long term – is in one of the 92 up, and you may not get back the original Enhanced, which even seek high income. general investment trusts. That phrasing amount you invested. A further two, Marwyn Value and Gmight seem to be needless repetition, but That said, there is no better way of hedging ScotGems, limit their holdings to the while emphasising the advice, it also covers your bets than buying into investment trusts, world’s smaller companies. three qualifications: whose shareholdings cover the widest range The other type of general investment First of all, there is obviously a wide choice of companies in different sectors, from trust picks companies listed on the of alternative destinations for your money, banking to utilities – either those quoted on only. This ranging from shares in individual companies the London Stock Exchange or those listed domestic or UK sector can be divided to government stocks or corporate bonds, on overseas stock markets. into the 14 that invest for both growth and from building societies to property. Apart from that, the specialised alternatives and income, and 26 that concentrate on Secondly, even the 297 investment in this field are bewilderingly classified under the latter, while a further 16 specialise in trusts that specialise – for example, in 15 regional and 28 sectoral headings, with smaller companies. Some trusts include Japan or healthcare – are also based on sub-categories as narrow as Property Direct – holdings on the Alternative Investment spreading risk. Asia Pacific. Also included are nine types of Market (AIM), a riskier sub-market that Thirdly, a few of these might provide venture capital trusts, numbering 68 in total. opened in 1995. a stellar performance by comparison. It is significant that many of the Moreover, a general investment trust could Global or domestic? general trusts are among the oldest and be in a cyclical downturn just when personal Out of a grand total of 389 investment trusts largest. Their success (unlike American circumstances require an early sale, so the [as at 31 December 2017], 36 are invested mutual funds that failed to survive the opening sentence subtly expresses the globally. Of these, ten go more for income Great Depression) encouraged several

42 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST Investment trust overview

managers half a century ago to launch a from overseas anyway, led by such companies plethora of specialised trusts, so that the ‘There is no better way of hedging as Royal Dutch Shell, which is included in original has become the flagship at asset your bets than buying into many investment trust portfolios (almost 8 management houses. investment trusts’ per cent at Merchants). Thus, risk and reward The prime example is the group of nine can be much the same at home and abroad. around Foreign & Colonial Investment Almost completely domestic, however, Trust, launched exactly 150 years ago, which are the smaller companies, including the now has a record 95 per cent of its £3,958 cent from Lindsell Train, whereas investors fledglings on AIM. Even the average million of assets overseas. That is still larger in Majedie might just as well have left performance for this sector was a whopping than the £2,977 million of stand-alone their money in a ’s bumper 270 per cent, and while all of them at Alliance, established in 1888, but it has been account, although someone investing five least doubled their shareholders’ money, overtaken by the £6,592 million of Scottish years ago would now have seen a return of BlackRock Smaller Companies scored 397 Mortgage, which dates from 1909. It is one 128 per cent. per cent, and Standard Life’s specialised trust of seven trusts managed at Baillie Gifford. On average over ten years, the Global returned 460 per cent. The key factor here is All the above-named are invested globally, Equity Income sector showed the same 166 that there is a limit to the growth potential while the giant of domestic trusts is £2,262 per cent return as the overall Global sector, of larger companies, whereas firms in new million Mercantile, which is among 23 but the eight trusts also differed widely industries still have plenty of room to expand. belonging to J.P. Morgan. Established in in performance. Again, adding dividends 1884, it invests across the board, while the to the share price, J.P. Morgan Growth & Rising income largest of those seeking to balance both Income added 202 per cent, while Scottish Even the overall performance is not the full growth and income are Edinburgh, with American and Securities Trust of story. There are 20 trusts out of the 389 that £1,691 million, and City of London, with achieved only a 110 per cent gain. The two have increased their dividends each year for £1,639 million, established in 1891. trusts promising high income from global at least two decades. Again, half of them are The latter is among 13, which also companies fared even worse. global, and – with one exception – the rest include the £1,156 million Bankers, at Trusts categorised as UK Equity Income are not only domestic but specifically (and Janus Henderson, while BlackRock has ten on average doubled their money in the ten logically) those that go for equity income. trusts. Both stables have leaders among the years to December 2017, but, whereas Troy A dozen have been upping payouts for at specialists in British smaller companies; their Income & Growth added only 43 per cent least 35 years, and all but one of the top six assets exceed £800 million, whereas Athelney to its value, Lowland achieved a total return are global. These have been consistent for is a minnow with only £8 million. of 137 per cent, and Finsbury Growth & between 45 and 51 years, as 2018 opened, Income turned an investment of £1,000 into with the record shared between Bankers and Comparative performance an astounding £2,407. the biggest of domestic income seekers, the The above are among the December 2017 The five trusts specialising in income from aptly named City of London. statistics from the Association of Investment both domestic equities and bonds turned in Yet its shares are usually a bit overvalued, Companies, which show little difference on an average of 129 per cent, with Aberdeen whereas, besides normal fluctuations, the average between the ten-year performance Smaller Companies Income above that and prices of most trusts discount the net asset of the global and domestic sectors when the the rest a bit behind. value. This is one of the many factors that share price and dividends are added together. make it hard to forecast the winners, so if you Yet the average performance of UK Smaller Home vs. abroad have more than £10,000, divide it between Companies beat all the other 50 AIC sectors It used to be the case that London-oriented a global and a domestic trust. The more you apart from Healthcare. trusts were very different from the global have to invest, the better you can hedge your Individually, there were wide differences. ones, because the latter’s income in dollars, bets by holding various of these vehicles that Scottish Mortgage was up 295 per cent, , yen and other foreign currencies themselves make a virtue of diversification. u slightly bettered by Independent and F&C outweighed that in sterling, which accounted Global Smaller Companies, whereas Foreign for all the domestic trusts’ dividends. Today, The views expressed in this piece are solely & Colonial proper managed only 155 per however, 75 per cent of the earnings of those of the author and not recommendations cent. Astoundingly, the top score was 519 per companies in the FTSE 100 index come by What Investment or Vitesse Media

WHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 43 Investing in China

Accessing China’s growth through small-caps Tiffany Hsiao, portfolio manager at Matthews Asia, manages the firm’s China Small Companies Strategy; in an exclusive article for What Investment, she highlights just why small-caps may offer one of the best ways of investing in China

ver the past 15 years, China’s China lacked access to capital, forcing them investors. China’s investable universe of growth has far exceeded the to be more competitive, innovative and small-caps has expanded fivefold in the global average. The drivers capital-efficient than their larger peers. This past decade, now comprising over 4,500 behind this growth are easily identified. capital efficiency can drive a strong return on companies that are domiciled in China with OChina saves a vast amount of its GDP, invested capital. market caps of less than US$3 billion. investing both in infrastructure and Analyst coverage of these firms can be low technology. The country has been open to Under the radar in comparison to other markets, presenting trade and new ideas. China’s government has The beauty of China’s small-caps is that the opportunity to find higher-growth also been changing its political, economic there are many companies that investors companies at lower valuations because they and financial institutions to support growth. may overlook if they aren’t considering them are lesser known. We continue to see many At the forefront of China’s economic shift carefully enough. In the early 1980s, there opportunities in the A-share universe, but I away from fixed asset investments toward were no private companies in China. Today, would caution that it can be expensive. innovation, consumption and services are small, privately owned firms make up about At Matthews Asia, we have been investing Chinese small-capitalisation stocks. They 85 per cent of urban employment. State- in Chinese equities since 1998 and small-cap tend to thrive in productivity- and value- owned enterprises (SOEs) are shrinking, so companies across Asia since the company’s enhancing industries such as automation, all net new job creation is by entrepreneurial, establishment in 1991. This experience healthcare, e-commerce and education – private companies. These account for 75 per across market cycles provides us with a areas that are under-represented in large- cent of new product development and 65 per thorough understanding of what it takes cap-oriented benchmarks and portfolios. cent of patents and innovation in China. for companies to be successful in a rapidly In the past, many smaller companies in However, there are many choices for changing Chinese economy. As we saw in

44 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST Investing in China

2015, investing in China tends to come with figured out a better way to do business. from the Chinese agency equivalent. volatility. Therefore, it may come as a surprise About three years ago, for example, mobile This means that clinical trial results will that the historical volatility of Chinese phones featured just one camera lens. Today, be recognised faster in China, and this small-caps has been lower than the overall new smartphones offer multiple lenses encourages companies to file innovative Chinese equity universe, and even the US to enable users to shoot 3D selfies. As drugs with the FDA and to step outside and European small-cap universe. demand for consumer-driven applications in Chinese boundaries. technology devices grows among millennials, The government is fully supporting the Debt disease we see opportunity in Chinese small-cap healthcare industry. There are multiple But what about China’s debt burden, you companies that manufacture modules for programs where the government is actually may ask. While there is no denying that smartphones, as well as those that innovate paying to get its population’s DNA China suffers from a serious case of ‘debt to make handsets thinner and lighter and sequenced, which is really groundbreaking. disease’, the treatment and side effects with a longer battery life. Think about the amount of data it can may not be as severe as some expect, and In addition, semiconductors will be an gather from millions of people to study dramatic credit tightening is very unlikely. important structural growth area for China patterns of DNA mutations and help find Debt is concentrated among state-owned as it tries to become self-sufficient in cures for diseases. firms, while the private firms have already semiconductor production. I expect China’s ongoing reforms to create deleveraged. For Chinese small-caps, their healthy prospects for several sectors. Supply- debt-to-equity ratio has been generally A healthy future side reform is happening in certain sectors, lower than not only comparable small- We also believe that China will be a such as materials and energy. These changes cap asset classes but also Chinese large- powerhouse in global healthcare, whether will ultimately create opportunities for caps. Meanwhile, Chinese small-caps are it is in pharmaceuticals, drug discovery companies that have better cost disciplines forecast to generate a higher return on or diagnostics. In the past, the Chinese and can gain regional market share. assets (see the charts below). have been famous ‘copy-cats’, but that has As smaller companies typically do not changed, and the government has put in Why you can’t ignore China have much capital to compete with their place a lot of new initiatives to help the In 2016, according to data from the larger peers, a way to win against bigger country’s entrepreneurs become global International Monetary Fund (IMF), companies, therefore, is through sustainable innovators. China accounted for 28 per cent of global innovation. This could be technological In fact, new regulations in China now allow GDP growth – a greater share of global innovation that results in an intellectual companies that are able to file their drugs growth than the US, Europe and Japan property moat or a business model with the US Food and Drug Administration combined. China therefore has a big impact innovation where the smaller company has (FDA) to gain an easier path to recognition on everything from global commodity prices to how the Fed thinks about US Chinese small companies don’t depend on leverage for returns monetary policy and the fortunes of many multinational firms. China’s smaller firms may offer high returns at low leverage That is why, in my view, investors should spend more time thinking about China. Return on assets Total debt to total equity The Chinese economy will have a significant 3.3% 179% impact on your portfolio, even if you may not u 127% own shares in a Chinese-listed company. 116% 131% 2.3% 127% Matthews Asia is an independent, privately 110% 98% owned investment manager headquartered 74% 69% in San Francisco. Past performance is no 1.3% 56% 1.1% guarantee of future results. Investments involve 0.9% risk. Investing in international and emerging markets may involve additional risks, and investing in small and mid-size companies is more risky than investing in large companies. 2018 ROA* 2008 Debt/Equity 2017 Debt/Equity This article does not constitute investment advice or an offer to provide investment advisory China Small Cap US Small Cap Europe Small Cap Small Cap China Large Cap or investment management services, or the

* Estimates as of 5 January 2018 for China Small Cap (MSCI China Small Cap Index), India Small Cap (MSCI India Small Cap solicitation of an offer to provide investment Index), US Small Cap (Russell 2000 Index), China Large Cap (MSCI China Index) and Europe Small Cap (MSCI Europe Small Cap advisory or investment management services, in Index) for companies that provided ROA estimates. There is no guarantee that estimated ROA will be realised. Indexes are unmanaged and it is not possible to invest directly in an index. Universe includes Chinese companies listed on the Hong Kong any jurisdiction in which an offer or solicitation Exchange, and B shares listed on the Shanghai and Shenzhen exchanges. would be unlawful under the securities law of Source: Bloomberg that jurisdiction.

WHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 45 Alternative asset classes

What’s the alternative? Paul Derrien, investment director at Canaccord Genuity Wealth Management, writes exclusively for What Investment on how investors can access alternative asset classes

s Harry Markowitz, a Nobel The term ‘alternatives’ has been a catch- was down to the growth in alternative sub- Prize-winning economist, all for a number of investment styles and sectors. The FTSE Investment Company famously said, ‘A good portfolio strategies, such as investing in property, index, which includes all the investment is more than a long list of good stocks and infrastructure, hedge funds and private equity trusts listed on the London Stock Exchange, bonds.A It is a balanced whole, providing or turnaround companies. However, if you had a total return of 18.4 per cent in 2017, the investor with the protections and invest in these directly, they won’t provide that compared to the FTSE All-Share total opportunities with respect to a wide range natural counterbalance protection to equities return of 13.1 per cent. of contingencies.’ As we progress through that you would get from bonds. This is Investment in alternative asset classes now 2018 with the feeling that both equity because, as an asset class, alternatives are fairly represents 42 per cent of the UK closed- markets and bond markets might be hitting illiquid (i.e. it’s difficult for investors to get ended fund industry (by market cap), up inflection points, we would wholeheartedly their money out quickly), which can put off from just 9 per cent in 2002. And while agree. So, what’s the alternative? investors, or they think they are the domain we think investment trusts will become an Interestingly, the alternatives space (often of institutional investors only. increasingly attractive investment option in investments with low, or potentially no, However, these concerns can be addressed, future, particularly given the recent volatility correlation to equities and bonds) has and investors can gain exposure to alternative in equity markets, that’s not to say they are enjoyed a lot of attention in recent years. asset classes through investing in closed- fail-safe. During the natural investment Traditionally, equities and bonds have ended companies like investment trusts, cycle, it stands to reason that some alternative provided a natural counterbalance to each which offer instant liquidity. It’s no surprise asset classes will face challenges, so working other, but in this era of rock-bottom interest that investment trusts are proving popular with a professional who understands the rates, bond yields are equally low. This means with investors as, in addition to liquidity, risks in the sector is critical. that investors are looking for other ways to they tend to have an attractive dividend Examples of companies trading in the offset equities that offer a higher return than yield, a degree of inflation protection and ‘alternatives’ space that have recently suffered bonds – and so alternative asset classes are uncorrelated returns. 2017 was another strong problems include Empiric Student Property proving to be popular. year for investment trusts, and much of this and Ranger Direct Lending.

46 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST Alternative asset classes

‘Investors are looking for other ways to offset equities that offer a higher return than bonds’

Alan Brierley, director of the Investment investment philosophy, while Willis Towers Companies Team at Canaccord Genuity’s Watson can demonstrate real depth of division, has reviewed experience, and this should facilitate effective the sector and highlighted six interesting, manager selection. unusual, often contrarian, hidden gems that The initial performance is encouraging, and he currently favours: the aim now is to build on this. 2018 will be a key year for the company. The board has BH Macro/BH Global demonstrated its commitment to narrow the discount – narrow discounts typically reflect strong demand from investors and positive Alternative angle: strategies, sentiment on Alliance Trust – and we see benefits from market volatility/uncertainty the potential for further improvement in the Over the past five years, BH Macro discount rating from current levels. (which is a way for the private investor to access the Brevan Howard Master Hedge BioPharma Credit Fund) and BH Global (a range of Brevan Paul Derrien, investment director at Canaccord Howard strategic funds) have struggled Genuity Wealth Management with the collapse in market volatility to Alternative angle: high yield, lending historically low levels and have chosen to Alliance Trust BioPharma Credit provides debt capital to return assets to investors of £1,088 million the life sciences industry and raised $762 and £484 million respectively. As such, million when it came to the market in March their aggregate market capitalisations are Alternative angle: strategic turnaround, 2017. It aims to deliver a NAV total return now just £328 million (Macro) and £308 unique style, multi-manager of 8-9 per cent over the medium term, with a million (Global). In 2016/17, following a strategic review, target dividend yield of 7 per cent. The pressures continued to mount last year Alliance Trust’s board took decisive action, The portfolio consists of loans and other following another year of anaemic returns – implementing a new and innovative instruments backed by royalties and other for BH Macro, the £/$ share class net asset investment approach and addressing a cash flows from sales of approved life science value (NAV) total returns were -4.3 per cent supply/demand imbalance. Alliance now products. The depth of managerial resources, and -0.3 per cent, while BH Global recorded gives investors low-cost access to eight combined with an extensive network of NAV total returns of 1.8 per cent (£) and leading managers selected by Willis Towers industry relationships, continue to provide a 2.6 per cent ($). However, with the return Watson. Each underlying manager runs a critical competitive advantage. In December, of volatility in 2018, we expect returns to highly concentrated portfolio consisting of after making a number of investments, it felt continue to be inversely correlated with risk their best ideas, with no constraints. Clearly, that there were further opportunities in the assets, so we believe that a macro strategy being a more traditional equity fund, it is not sector so the company raised an additional has a role to play in improving portfolio an obvious alternative. However, its unique $154 million, which it has already loaned. diversification. This is especially true if you investment style makes it a beneficial addition BioPharma Credit is a welcome and feel that markets are set for a sharp downturn to a balanced portfolio. exciting addition to the UK closed-ended – in 2008 this trust grew by over 22 per cent. The portfolio target is to outperform fund industry, and we see significant growth At present, our favoured of the two is BH the MSCI AC World index by 2 per cent potential over the long term. A dividend yield Global, and over the past 12 months it has per annum over rolling three-year periods. of 7 per cent has obvious attractions and, outperformed by 10 per cent as it consists of In the past year, there has been a material critically, these revenues are underpinned by a small number of trading books, giving the improvement in performance relative to the stable cash flows from assets with long-dated manager greater flexibility in asset allocation index; since the strategy became effective on intellectual property protection. and opportunities outside Brevan’s core 1 April 2017, the NAV total return is 3.6 per We believe the company has an trading areas. But it’s their superior returns cent ahead of that benchmark. important role to play in improving income in times of stress and higher volatility – The past few years have been turbulent and diversification, while the uncorrelated nature which we seem to be heading into – that well documented in the press, but Alliance of returns and downside protections, provided make them a sensible blend together in a has finally put in place solid foundations on by long-term durable cash flows, should balanced portfolio. which to build. We like its clear and unique represent strong defensive qualities.

WHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 47 Alternative asset classes

‘Investors can gain exposure to alternative asset classes through investing in closed-ended companies like investment trusts’

Pershing Square Holdings

Alternative angle: activist investing, hedge strategy Pershing Square Holdings raised $3.1 billion in October 2014 in an oversubscribed IPO, due primarily to the legendary success of the parent fund, which generated 692 per cent in the US over the previous ten years. Since then, performance has not been good; in fact it is down over 27 per cent. With well-documented issues over investments in Valeant, Allergan and Herbalife now seemingly in the past, and as the trust sits on an approximate 20 per cent discount to NAV, this could be a great opportunity to invest in a return to form for Bill Ackman and his team. The manager pursues a research-intensive, fundamental-value approach, and will use activism to unlock value – i.e. they are willing to make sizable share purchases and get seats into Chapter 11 bankruptcy last April, and around 1,100 stocks is under-researched, on company boards to help turn companies this was a catalyst for a sharp fall in the share and this provides a supportive environment around or unlock value where they believe price, with a peak-to-trough drop of 24 per for active management. Returns over the there are opportunities to do so. There are cent. This turned a significant premium to long term have been impressive, with the only ten investments in the trust, so it is NAV into an attractive discount. annualised NAV total return of 18.2 per highly concentrated. In January this year, the US government cent ahead of the 14.9 per cent return from Recently, Ackman and affiliates announced made a decision to protect the country’s the MSCI ACWI over five years. Portfolio they were looking to acquire shares with a solar cell industry, which will be positive for construction is driven by bottom-up stock value of up to $300 million, which should Suniva, and increases the chances that it will selection, and the portfolio of around 60 help to narrow the discount too. repay the outstanding amounts owed to the stocks is well diversified by both location trust. The manager has recently said that it and sector. SQN Asset Finance Income remains confident in a successful outcome The manager believes that opportunities and is encouraged by the increasingly strong over the medium term will be driven by public support for aggressive trade policies more efficient provision of services such as Alternative angle: high yield, lending voiced by the White House in recent weeks. energy, waste and water, the growth in the SQN is the only diversified equipment A successful resolution here should ignite electric vehicle market, and companies in leasing and asset finance investment company a rally in the share price and a narrowing of the food value chain innovating in response traded on the London Stock Exchange. An the 11 per cent discount; at these levels, the to consumer demand. For investors looking oversubscribed launch in July 2014 raised current attractive yield is 8.3 per cent. for exposure to this specialist asset class, £150 million, and since then SQN has IEM offers significant value and trades on raised an additional £390 million following Impax Environmental Markets a discount of just under 7 per cent. the success of its initial investments. It now The management team is well resourced, has over 200 investments, and the average while the recent acquisition of PAX World investment size is just under £8 million. Alternative angle: under-researched assets, Management should enhance Impax’s However, the company has experienced thematic strategy, sustainable investing transatlantic research capability. u a sharp reversal in fortunes during 2017. Impax gives investors an efficient way to Suniva, one of the largest investments (6.8 access the high growth prospects in global Research by Alan Brierley of Canaccord per cent of ordinary share NAV) entered environmental markets. The universe of Genuity Inc

48 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST LUCK IS WHERE OPPORTUNITY MEETS PREPARATION

SENECA

The ISA limit is £20,000.* Make the most of it with the Witan Wisdom ISA.

The Witan Wisdom ISA invests in , which aims to provide long-term capital growth and to increase your income ahead of infl ation. Witan invests in a diversifi ed portfolio of global equities, employing a multi-manager approach that carefully selects fund managers to run different parts of the portfolio, playing to their individual strengths and avoiding reliance on a single manager. If this makes sense to you, you may be able to help achieve your fi nancial ambitions by investing in Witan through an ISA. Witan Investment Trust plc is an equity investment. The value of an investment and the income from it can fall as well as rise as a result of currency and market fl uctuations and you may not get back the amount originally invested.

To fi nd out more visit witan.com

*Adult ISA limits for the 2017–18 tax year, based upon our understanding of HMRC law and practice as at February 2018 . Issued and approved by Witan Investment Services Limited, which is registered in England no.5272533 of 14 Queen Anne’s Gate, London SW1H 9AA. Witan Investment Services Limited provides investment products and services and is authorised and regulated by the Financial Conduct Authority. Savings and tax rates

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UNSECURED PERSONAL LOAN SELECTION CREDIT CARD SELECTION

Monthly Lender Contact APR payment Rdm Provider Contact PA/APR Card type Period no insur penalty £3,000 – Over three years Introductory Rates – Purchases Danske Bank 0800 660033 4.90% £89.63 No Sainsbury’s Bank 0808 540 5060 0.00% Purchase CC MC 1st 31 months Metro Bank 0345 080 8500 5.90% £90.92 No 0345 944 4555 0.00% 30 Mth Pur MC 1st 30 months Ikano Bank 0344 856 5743 7.70% £93.24 Yes Sainsbury’s Bank 0808 540 5060 0.00% Dual Offer CC MC 1st 30 months Hitachi Personal Fin 0344 375 5500 7.90% £93.49 No Post Office Money® 0345 607 6500 0.00% Matched MC 1st 30 months Saga 0800 121 4240 7.90% £93.49 Yes MBNA 0345 606 2062 0.00% All Round CC V 1st 30 months Admiral 0292 080 8688 8.50% £94.27 Yes nuba 0345 606 2062 0.00% All Round CC MC 1st 30 months Post Office Money® www.postoffice.co.uk 8.90% £94.78 No 0345 606 2191 0.00% Plat 29 Mth MC 1st 29 months Sainsbury’s Bank 0800 169 8503 9.80% £95.94 Yes 0345 964 5645 0.00% Plat 29 Mth MC 1st 29 months AA www.theaa.com 9.90% £96.07 No Halifax 0345 944 4555 0.00% Bal & Pur CC MC 1st 29 months 0345 600 6016 11.80% £98.51 Yes Post Office Money® 0345 607 6500 0.00% Platinum MC 1st 28 months

£5,000 – Over three years Standard Rates – Purchases Admiral 0292 080 8688 3.30% £145.96 Yes Lloyds Bank 0345 606 2191 5.70% Platinum Low Rate M’card 56 days Tesco Bank 0345 600 6016 3.50% £146.39 Yes Tesco Bank 0345 300 4278 5.90% Clubcard Low APR MC 51 days 0800 707 6471 3.50% £146.39 Yes Halifax 0345 944 4555 6.40% Flexicard Mastercard 56 days Hitachi Personal Fin 0344 375 5500 3.60% £146.60 No Bank of Scotland 0345 964 5645 6.40% Platinum Low Rate M’card 56 days John Lewis Fin Svcs 0345 266 1380 3.60% £146.60 No AA 0345 600 5606 6.50% Low Rate Credit Card MC 56 days M&S Bank 0800 363400 3.60% £146.60 Yes 0800 731 0200 6.90% Platinum Low Rate Visa 56 days Sainsbury’s Bank 0800 169 8503 3.70% £146.82 Yes TSB 0345 835 3846 7.90% Low Rate Advance M’card - www.cahoot.com 3.80% £147.03 Yes MBNA 0345 606 2062 8.90% 5 Credit Card Mastercard 49 days AA www.theaa.com 3.90% £147.25 No Yorkshire Bank 0800 678 3320 9.90% B Credit Card Mastercard 59 days Post Office Money® www.postoffice.co.uk 3.90% £147.25 No American Express 0800 917 8047 9.90% Rewards Low Rate CC 56 days

£10,000 – Over five years Introductory Rates – Balance Transfers M&S Bank 0800 363400 2.80% £178.64 Yes MBNA 0345 606 2062 0.00% Plat 37 Mth V 1st 37 months Yorkshire Bank 0800 707 6471 2.80% £178.64 Yes nuba 0345 606 2062 0.00% Transfer CC MC 1st 37 months John Lewis Fin Svcs 0345 266 1380 2.90% £179.07 No Barclaycard 0800 731 0200 0.00% Plat 36 Mth MC 1st 36 months TSB 0345 835 3861 2.90% £179.07 Yes Tesco Bank 0345 300 4278 0.00% Clubcard BT MC 1st 36 months Admiral 0292 080 8688 3.00% £179.51 Yes Virgin Money 0800 389 2875 0.00% 35 Mth BT MC 1st 35 months cahoot www.cahoot.com 3.00% £179.51 Yes AA 0345 600 5606 0.00% BT CC MC 1st 35 months Sainsbury’s Bank 0800 169 8503 3.00% £179.51 Yes Post Office Money® 0345 607 6500 0.00% BT CC MC 1st 35 months AA www.theaa.com 3.10% £179.94 No Halifax 0345 944 4555 0.00% 35 Mth BT MC 1st 35 months Hitachi Personal Fin 0344 375 5500 3.10% £179.94 No Lloyds Bank 0345 606 2191 0.00% Plat 35 BT MC 1st 35 months Post Office Money® www.postoffice.co.uk 3.20% £180.37 No Sainsbury’s Bank 0808 540 5060 0.00% BT for Nectar MC 1st 33 months

Borrowing rates and availability of products are subject to individual credit ratings. Borrowing rates and availability of products are subject to individual credit ratings. Other eligibility criteria may apply. d = Existing customers or those opening a current Alternative terms may be offered according to credit status and application method. account. e = Age restrictions may apply. f = Min. income restrictions may apply. Fees apply for all balance transfers.

BUY-TO-LET

Lender Phone Rate Period LT V Fee Notes Redemption period Principality BS 0845 045 0006 1.90% D to 31.5.20 60% - Maximum 3 properties within total advance of £1.5m. Not FTB To 31.5.20 Coventry BS 0800 121 8899 2.39% V for term 75% £1,999 Maximum 3 properties within total advance of £1m. Not FTB None Virgin Money 0330 057 1701 1.59% F to 1.6.20 60% £995 Maximum 3 properties within total advance of £2m. Not FTB To 1.6.20 Skipton BS 0345 717 1777 2.35% F to 31.5.21 75% £995 Maximum 5 properties within total advance of £1m. Not FTB To 31.5.21 Skipton BS 0345 717 1777 2.62% F to 31.5.23 75% £995 Maximum 5 properties within total advance of £1m. Not FTB To 31.5.23

ASU = Accident, sickness & unemployment insurance. B+C = Buildings & contents insurance. F = Fixed rate. FTB = First-time buyer. HP = House purchase. MIP = Mortgage indemnity premium. STB = Second-time buyer. U = Unemployment insurance. V = Variable rate. Lender’s standard redemption conditions may also apply at any time. Incentive of free or discounted legal fees may only be available through lender’s nominated solicitor. All products subject to change without notice. Figures correct as at 5/3/18 Source: Moneyfacts

50 www.WhatInvestment.co.uk Savings and tax rates

Best ways to save

SAVINGS ACCOUNTS Provider Contact Account Notice Min. % Interest details or term deposit gross paid INSTANT-ACCESS BRANCH ACCOUNTS National Counties BS via branch 5th Issue Branch Saver Instant £500 1.11% Yly Yorkshire BS via branch Single Access Saver 7 Instant £100 1.11% Yly Virgin Money 0845 600 4466 Easy Access Saver 31 Instant £1 1.01% Yly 0345 122 0022 Easy Access - Issue 24 Instant £1,000 1.00% Yly Chorley & District BS (A) 0125 723 5003 Over 60’s Issue 3 Instant £1 0.95% Yly Principality BS 0330 333 4000 Easy Saver Instant £500 0.90% Yly NO-NOTICE ACCOUNTS ICICI Bank UK icicibank.co.uk HiSAVE Bonus Saver 2 None £750 1.35% B Mly RCI Bank UK (C) rcibank.co.uk Freedom Savings Account None £100 1.30% Yly shawbrook.co.uk Easy Access - Issue 10 None £1,000 1.20% Yly National Savings & Investments nsandi.com Income Bonds None £500 1.00% Mly 0345 604 2678 Easy Access Issue 11 None £1,000 1.00% Yly Family Buidling Society 0333 014 0141 Market Tracker Saver (1) None £500 0.97% Yly INTERNET ACCOUNTS Tesco Bank tesco.com Internet Saver None £1 1.26% B Yly Ford Money fordmoney.co.uk Flexible Saver None £1 1.22% Yly Paragon Bank paragonbank.co.uk Ltd Edition Access (5) None £1 1.21% Yly Bank of Cyprus UK bankofcyprus.co.uk Online Easy Access None £1 1.20% B Yly Virgin Money virginmoney.com Double Take E-Saver 4 None £1 1.16% Yly AA theaa.com Easy Saver - Issue 7 None £100 1.15% B Yly NOTICE ACCOUNTS securetrustbank.com 180 Day Notice Account 180 Day £1,000 1.66% Qly Secure Trust Bank securetrustbank.com 120 Day Notice Account 120 Day £1,000 1.56% Qly Paragon Bank paragonbank.co.uk 120 Day Notice (8) 120 Day £500 1.55% Yly Milestone Savings D milestonesavings.co.uk 120 Day Notice Account 120 Day £1,000 1.53% Yly D 0808 231 6804 90 Day Notice 90 Day £250 1.51% Mly Manchester BS 0161 923 8065 120 Day Notice Saver 120 Day £1,000 1.50% Yly MONTHLY INTEREST Paragon Bank paragonbank.co.uk 120 Day Notice (Issue 8) 120 Day £500 1.55% Mly Milestone Savings (D) milestonesavings.co.uk 120 Day Notice Account 120 Day £1,000 1.53% Mly Wyelands Bank 0345 600 0011 95 Day Notice Account 95 Day £5,000 1.40% Mly Market Harborough BS mhbs.co.uk 120 Day Account Issue 3 120 Day £25,000 1.36% Mly ICICI Bank UK icicibank.co.uk HiSAVE Bonus Saver 2 None £750 1.35% B Mly Moneycorp Bank (C) moneycorpbank.com 90 Day Notice Account 1 90 Day £10,000 1.31% Mly CHILDREN’S ACCOUNTS Halifax 0345 726 3646 Kids’ Regular Saver 12 Month (E) £10 4.50% F Yly HSBC 0800 032 4729 MySavings Instant £10 2.75% Mly Nationwide BS nationwide.co.uk Smart Limited Access Instant £1 2.50% Yly Holmesdale BS 0173 724 5716 Young Saver Instant £10 2.25% Yly Bath BS via branch SuperSaver Instant £1 2.05% Yly Cambridge BS 0845 601 3344 Children’s Fixed Bond 3 Year £1,000 2.00% F Yly CURRENT ACCOUNTS TSB 0345 835 3863 Classic Plus Instant £1 2.96% G Mly Halifax 0345 720 3040 Reward Current Instant £1 £3.75pm N Mly Nationwide BS 0800 302010 FlexDirect Instant £0 4.89% C Mly Tesco Bank 0345 835 3353 Current Account Instant £0 2.96% Mly Nationwide BS 0800 302010 FlexPlus Instant £0 2.96% Mly Bank of Scotland 0345 721 3141 Classic with Vantage Instant £1 1.98% Mly

A = Over 60s. B = Introductory rate for a limited period. C = Protected by a non-UK compensation scheme. D = Provider operates under Islamic finance principles, rate shown is expected profit rate. E = 1-year term regular savings account min £10, max £100 per month. F = Fixed Rate. G = £10pm reward available. N = Paid as a reward. OM = On maturity.

All rates are shown as AER variable unless otherwise stated. Methods of opening and operating accounts will vary. Eligibility criteria apply to qualify for rates shown, rates paid up to a specified level only. Borrowing rates and availability of products are subject to individual credit ratings. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice. Visit moneyfacts.co.uk for full details.

Figures correct as at 5/3/18 Source: Moneyfacts

www.WhatInvestment.co.uk 51 Savings and tax rates

Best ways to save

CASH ISAS Provider Contact Notice Min. % Interest Provider Contact Notice Min. % Interest details or term deposit gross paid details or term deposit gross paid Cash ISAs £1,000 Fixed cash ISAs £1,000 Charter Savings Bank chartersavingsbank.co.uk 95 Day £1,000 1.31% Yly Charter Savings Bank chartersavingsbank.co.uk 1 Year £1,000 1.46% Yly Nationwide BS nationwide.co.uk Instant £1 1.30% Yly OakNorth Bank 0330 380 1181 12 Mth £1,000 1.46% Mly Al Rayan Bank (A) 0808 231 6804 120 Day £250 1.21% Mly Tesco Bank 0345 678 5678 1 Year £1 1.45% Yly Nottingham BS via branch Instant £10 1.20% Yly Paragon Bank paragonbank.co.uk 1 Year £500 1.45% Yly Hinckley & Rugby BS 0145 589 4060 120 Day £500 1.20% Yly Aldermore aldermore.co.uk 1 Year £1,000 1.45% OM Paragon Bank paragonbank.co.uk None £1 1.16% Yly Ford Money fordmoney.co.uk 1 Year £500 1.36% Yly Virgin Money virginmoney.com None £1 1.16% Yly AA theaa.com 1 Year £500 1.36% Yly Tesco Bank 0345 678 5678 None £1 1.16% B Yly Al Rayan Bank (A) 0808 231 6804 12 Mth £1,000 1.35% Qly AA theaa.com None £100 1.16% B Yly Dudley BS 0138 423 1414 1 Year £100 1.31% OM Post Office Money® postoffice.co.uk None £100 1.15% B Yly Virgin Money virginmoney.com 24.3.19 £1 1.30% Yly

Cash ISAs £20,000 Fixed cash ISAs £20,000 Charter Savings Bank chartersavingsbank.co.uk 95 Day £1,000 1.31% Yly Charter Savings Bank chartersavingsbank.co.uk 1 Year £1,000 1.46% Yly Nationwide BS nationwide.co.uk Instant £1 1.30% Yly OakNorth Bank 0330 380 1181 12 Mth £1,000 1.46% Mly Marsden BS via branch 120 Day £5,000 1.30% Yly Tesco Bank 0345 678 5678 1 Year £1 1.45% Yly Al Rayan Bank (A) 0808 231 6804 120 Day £250 1.21% Mly Paragon Bank paragonbank.co.uk 1 Year £500 1.45% Yly Nottingham BS via branch Instant £10 1.20% Yly Aldermore aldermore.co.uk 1 Year £1,000 1.45% OM Hinckley & Rugby BS 0145 589 4060 120 Day £500 1.20% Yly Ford Money fordmoney.co.uk 1 Year £500 1.36% Yly Paragon Bank paragonbank.co.uk None £1 1.16% Yly AA theaa.com 1 Year £500 1.36% Yly Virgin Money virginmoney.com None £1 1.16% Yly Al Rayan Bank (A) 0808 231 6804 12 Mth £1,000 1.35% Qly Tesco Bank 0345 678 5678 None £1 1.16% B Yly Dudley BS 0138 423 1414 1 Year £100 1.31% OM AA theaa.com None £100 1.16% B Yly Virgin Money virginmoney.com 24.3.19 £1 1.30% Yly

A = Provider operates under Islamic finance principles, rate shown is expected profit rate. B = Introductory rate for a limited period. OM = On Maturity. All rates are shown as AER variable unless otherwise stated. Methods of opening and operating acounts will vary.

All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.

Figures correct as at 5/3/18 Source: Moneyfacts

NATIONAL SAVINGS AND INVESTMENTS Notice Min. deposit Max. deposit Rate paid Interest or term paid Accounts and bonds

NS&I Direct Saver None £1 £2 million 0.95% Yearly Income Bonds None £500 £1 million 1.00% Monthly Investment Account None £20 £1 million 0.70% Yearly Inv Guaranteed Growth Bond (1) 3 Year Bond £100 £3,000 2.20% F Yearly

Tax-free products

Direct ISA None £1 £20,000 pa 1.00% Yearly Junior ISA Age 18 £1 £4,128 pa 2.25% Yearly

F = Fixed Rate. National Savings & Investments Enquiry number: 0500 500 000. Methods of opening and operating accounts will vary. All rates are shown as AER variable unless otherwise stated. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.

Figures correct as at 1/3/18 Source: Moneyfacts

52 www.WhatInvestment.co.uk Savings and tax rates

TAX RATES FOR 2018/19 MORTGAGE CALCULATOR Income tax Inheritance tax Monthly cost per £1,000 of mortgage – Basic rate (£0-34,500 of taxable income) 20% Rates remember to add the monthly cost of Higher rate (£34,501-150,000 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% Repayment figures assume a mortgage Dividend upper rate 32.5% Lifetime transfers Inheritance tax is not chargeable on most lifetime term of 25 years. Dividend additional rate 38.1% transfers. Gifts on or within seven years of death Allowances will be first set against the nil-rate band and any Rate Interest-only Repayment Personal allowance £11,850* excess charged at the death rate subject to mortgage mortgage Personal savings allowance (basic rate taxpayers) £1,000 reductions as follows: Personal savings allowance (higher rate taxpayers) £500 2.0% £1.67 £4.27 Dividend allowance £2,000 Years between % tax rate 2.5% £2.09 £4.52 Marriage allowance £1,190** gift and death chargeable 3.0% £2.50 £4.79 Blind person’s allowance £2,390 0-3 40 3.5% £2.92 £5.06 * allowance is reduced by £1 for every £2 of income over £100,000. 3-4 32 4.0% £3.34 £5.33 ** a spouse or civil partner who is not liable to income tax (or not 4-5 24 4.5% £3.75 £5.62 liable at the higher or additional rate) can transfer this amount of 5-6 16 5.0% £4.17 £5.91 their personal allowance to their spouse or civil partner. The recipient 6-7 8 must not be liable to income tax at the higher or additional rate. 5.5% £4.59 £6.21 Over 7 years Nil The relief for this allowance is given at 20%. 6.0% £5.00 £6.52 6.5% £5.42 £6.83 Capital gains tax (CGT) Exemptions 7.0% £5.84 £7.15 Gains are taxed at 10% and 20% depending on taxable income. Annual £3,000 7.5% £6.25 £7.48 Annual exemption Gifts between husbands, wives and civil partners 8.0% £6.67 £7.81 Individuals £11,700 (and to charities, museums, universities or 8.5% £7.09 £8.14 Trustees generally £5,850 community amateur sports clubs) are totally exempt, as are gifts in contemplation of marriage, 9.0% £7.50 £8.48 Personal pension contributions within certain limits. 9.5% £7.92 £8.83 You can save as much as you like into any number of 10.0% £8.34 £9.18 pensions and get tax relief on up to 100 per cent of your ISAs Source: Halifax earnings each year, subject to an upper annual allowance. Annual investment limits For the tax year 2018/19, this is £40,000. Savings above ISA £20,000 the annual allowance will be subject to tax charges. The INFLATION INDICATOR Junior ISA £4,260 allowance is tapered to £10,000 for those with an ‘adjusted Child Trust Fund £4,260 The rate at which prices rise and income’ of between £150,000 and £210,000. money loses its purchasing power Individuals also have a lifetime allowance against which (to February 2018) From 1 July 2014, the cash limit was abolished – the total value of the benefits built up in pension funds funds can therefore be invested in any desired (including investment growth) will be tested. For the combination of cash and stocks and shares. CPI RPI 2018/19 tax year, the lifetime allowance is £1.03 million. National Insurance contributions (NICs) from 6/4/17 Current rate 2.7% 3.6% Class 1 (Employed) Contracted in rates Class 1A and 1B (employers only) 13.8% 1 month ago 3.0% 4.0% Earnings per week Employer % Employee % Class 2 (self-employed) £2.95 per week 1 year ago 2.3% 3.2% (small earnings exemption) £6,205 3 years ago 0.0% 1.0% £0.01 - £116.00 - - Class 3 (voluntary) £14.65 per week 5 years ago 2.8% 3.2% £116.01 - £162.00 - - Class 4 (self-employed) 0% on profits up to £8,424 10 years ago 2.5% 4.1% £162.01 - £892.00 13.8 12 9% on profits from £8,424 to £46,350 Over £892.00 13.8 2 2% on profits above £46,350 per annum 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 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 Annual withdrawal Annual 5% 22 25 30 41 4% 28 35 46 3% 40 55 2% 69 1% First look at the vertical column to determine how much of your capital you intend to withdraw each year. Then estimate the annual growth of the capital, and the number is the amount in years your capital will last before it is gone.

www.WhatInvestment.co.uk 53 Unit trust performance tables What the tables show

The figures show the value of £100 invested over six months and one, three, five and ten years to 28 February 2018, on a bid-to-bid basis with net income reinvested. Funds are listed by IA sector. An average performance figure is shown for each sector. Each fund is ranked according to its sector. The yield is calculated by Morningstar using dividends reported by the fund provider. Total expense ratio is a measure of a fund’s annual operating costs including management and performance fees, but excluding sales charges and transaction costs. The highlighted figures represent the top three funds over three years in each sector. All data supplied by Morningstar. For more information, please visit www.morningstar.co.uk

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % FTSE 100 99 - 103 - 117 - 137 - 180 - - - Old Mutual Asian Equity Inc R GBP Acc 104 29 108 80 140 61 132 70 - - 0.94 - FTSE All Share 99 - 104 - 119 - 142 - 190 - - - Old Mutual Invesco Perpt Asian U2 GBPAcc 103 37 119 29 169 5 - - - - - 1.29 (IA) ASIA PACIFIC EXCLUDING JAPAN Old Mutual Pacific Equity R GBP Acc 104 33 108 82 139 63 150 40 - - 1.02 - Pictet-Asian Equities Ex Japan I USD 106 14 127 9 163 13 187 8 222 32 1.08 - Aberdeen Asia Pac Eq Enh Idx B GBP Acc 102 49 115 45 ------2.50 Principal Asian Equity I Acc USD 102 47 121 25 153 25 155 35 236 22 1.74 - Aberdeen Asia Pacific Equity I 101 62 113 59 132 79 133 68 239 18 1.12 1.05 Robeco Asian Stars Equities F £ 103 40 115 48 ------1.01 - Aberdeen Global Asia Pac Eq X Acc GBP 101 63 113 63 132 80 133 69 229 27 1.27 - Royal London Asia Pac ex Jpn Tracker Z 101 68 109 77 140 58 142 53 211 41 1.05 2.69 Aberdeen Global Asn Smllr Coms X Acc GBP 99 83 107 84 122 89 117 75 297 6 1.42 - Santander Pacific Basin (Ex Jpn) Eqs A 103 43 113 61 148 33 165 21 215 39 1.05 1.91 Allianz Total Return Asian Equity C Inc 99 86 120 28 138 64 165 22 237 21 1.24 1.25 Schroder Asian Alpha Plus Z Acc 105 23 125 14 162 16 171 18 334 1 0.96 0.85 Aviva Investors Apac Eq MoM 1 2 GBP Inc 102 54 113 56 139 62 145 48 178 52 1.31 1.23 Schroder Asian Income Maximiser Z Acc 100 80 107 83 138 65 140 58 - - 0.96 7.13 AXA Rosenberg Asia Pacific ex Japan Z 102 55 115 47 142 48 142 52 226 29 1.09 1.58 Schroder Asian Income Z Acc 100 76 110 71 142 50 154 37 333 2 0.95 3.70 Baillie Gifford Pacific B Acc 108 6 132 2 155 22 187 7 261 13 0.79 0.38 Schroder Instl Pacific I Acc 101 58 109 78 137 68 135 64 249 14 0.51 2.74 Baring ASEAN Frontiers I GBP Acc 113 1 122 21 142 52 135 65 - - 1.25 - Scottish Widows Pacific Growth A 102 51 113 57 141 54 143 49 202 46 1.65 1.37 Baring Eastern I GBP Inc 110 3 134 1 169 6 192 4 235 23 1.02 0.15 SLI Asian Pacific Growth Plat 1 Acc 103 42 116 41 146 38 164 24 241 16 - 1.21 BGF Asian Dragon D2 104 28 117 36 158 18 185 9 - - 1.09 - SLI Pacific Basin Trust 104 31 118 33 146 40 161 26 232 25 0.86 1.16 BlackRock Asia D Acc GBP 104 35 117 38 152 26 - - - - - 0.90 Smith & Williamson Oriental Growth B 107 7 127 8 173 1 178 16 - - - 1.22 BlackRock Asia Special Situations D Acc 101 59 117 39 162 15 - - - - - 1.03 SSgA Asia Pacific ex-Japan Eq Tracker 101 67 109 79 141 56 137 63 218 33 0.90 - Emerise Pacific Rim Equity R/A USD 104 27 109 73 130 84 114 76 154 56 1.80 - Stewart Investors Asia Pacific B Acc GBP 100 71 105 90 134 72 165 23 300 5 1.04 1.05 F&C Pacific Growth 2 100 78 110 70 144 45 156 34 167 54 1.10 1.81 T. Rowe Price Asian ex-Japan Eq Q GBP 104 32 119 31 146 37 157 33 235 24 1.17 - Fidelity Asia Focus W-Acc-GBP 105 15 123 19 156 20 159 28 237 20 1.19 - T. Rowe Price Asian Opps Eq Q GBP 106 13 123 20 158 19 - - - - 1.17 - Fidelity Asia Pacific Opps W GBP Acc 104 30 116 43 167 10 - - - - - 0.93 Templeton Asian Growth W(acc)GBP 101 61 110 67 130 85 125 74 201 47 1.34 - Fidelity Asia W Acc 105 20 124 17 165 12 183 12 279 9 - 0.89 Threadneedle Asia Z Acc GBP 104 25 122 22 150 29 170 19 216 37 0.91 1.43 Fidelity Asian Dividend W Acc 103 44 110 69 145 42 - - - - - 1.82 Vanguard Pac ex-Jpn Stk Idx GBP Acc 100 81 105 92 133 76 131 71 - - 0.30 4.18 Fidelity Asian Special Sits A-Dis-GBP 102 48 120 26 158 17 182 13 279 10 1.93 - Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55 Fidelity Emerging Asia W Acc 104 26 121 24 154 24 188 6 - - - 0.47 Veritas Asian A GBP 106 11 126 10 173 2 204 2 303 4 1.17 0.55 Fidelity Emerging Asia W-Acc-GBP 105 21 124 16 152 27 180 15 - - 1.21 - Waverton Asia Pacific A USD 97 91 111 65 142 47 148 43 208 44 1.51 0.64 Fidelity Index Pacific ex Japan P Acc 99 84 104 93 132 77 - - - - - 2.79 Average/Total 102 97 116 97 146 91 156 78 234 57 1.15 1.81 Fidelity Instl Pacific ex Japan 101 60 105 89 132 78 145 47 227 28 0.90 1.41 Fidelity Instl South East Asia 102 56 115 44 149 30 159 30 283 7 0.94 1.53 (IA) ASIA PACIFIC INCLUDING JAPAN First State Asia All-Cap B Acc GBP 103 36 114 53 ------0.56 Aberdeen Asia Pacific and Japan Eq I Acc 103 5 112 6 135 7 140 7 239 4 - 0.75 First State Asia Focus B Acc GBP 105 19 118 34 ------0.81 Baillie Gifford Developed As Pac B Acc 109 1 115 4 159 4 186 3 243 3 0.73 0.91 GAM Multistock Asia Focus Equity USD B 107 8 123 18 169 8 183 11 - - 1.90 - GAM Star Asia-Pacific Eq Instl EUR Acc 105 4 111 7 147 6 163 6 175 6 1.76 - GAM Star Asian Equity Instl GBP Acc 98 89 113 62 140 59 141 55 164 55 1.32 - IP Pacific Z Acc 106 3 117 3 160 3 194 1 307 1 - 1.05 GlobalAccess Pacific Rim exJpn M Acc GBP 109 5 130 4 142 51 - - - - - 0.82 JPM Pacific Equity A (dist) GBP 103 6 119 2 164 2 184 4 237 5 1.80 0.04 GS Asia Equity R Acc USD 109 4 128 6 166 11 184 10 216 38 1.15 - Matthews Asia Funds Asia Dividend I GBP 102 7 114 5 153 5 168 5 - - 1.22 - Guinness Asian Equity Income Y GBP Acc 100 73 115 46 156 21 ------Smith & Williamson Far East Inc&Gr B 108 2 122 1 174 1 194 2 289 2 - 1.70 Halifax Far Eastern C 102 53 114 49 144 44 148 44 213 40 1.57 1.86 Average/Total 105 7 116 7 156 7 176 7 249 6 1.38 0.89 Hermes Asia Ex Japan Equity F GBP Acc 102 52 119 30 169 7 233 1 - - 0.85 - (IA) CHINA/GREATER CHINA HSBC Asian Growth Retail Acc 102 45 117 37 148 31 148 42 186 50 1.79 0.36 Aberdeen Global Chinese Eq X Acc GBP 106 23 116 35 145 33 134 32 216 11 1.24 - HSBC Pacific Index Accumulation C 101 64 109 75 141 57 141 56 216 36 0.31 2.45 Allianz China Equity RT GBP 105 34 120 31 153 28 177 24 - - - - Invesco Asia Consumer Demand A USD SD 106 10 125 11 147 36 160 27 - - 2.02 0.06 Baillie Gifford Greater China B Acc 106 21 136 3 189 2 229 3 - - 1.13 0.70 Investec Asia ex Japan I Acc Net 103 38 125 13 154 23 176 17 280 8 1.00 1.20 Baring China Select I GBP Inc 105 31 120 32 154 26 168 27 - - 1.44 0.01 IP Asian Equity Income Z Acc 98 90 106 87 131 81 140 61 - - - 3.75 Baring Hong Kong China I GBP 106 26 126 24 156 23 178 23 198 15 1.23 - IP Asian Z Acc 103 39 120 27 171 4 191 5 303 3 - 1.21 Fidelity China Consumer W Acc 107 17 129 15 165 15 218 5 - - - 0.56 iShares Pacific ex Jpn Eq Idx (UK) D Acc 101 66 109 74 141 53 142 51 - - 0.19 2.77 Fidelity China Focus Y-Dis-GBP 105 27 123 30 167 14 210 7 - - 1.16 1.09 Janus Henderson Asian Div Inc UT I Acc 100 72 111 64 137 66 143 50 217 34 1.11 5.32 First State All China B Acc USD 113 1 ------Janus Henderson AsiaPac Cptl Gr I Acc 101 69 117 40 146 39 159 29 238 19 1.08 0.82 First State Greater China Gr B Acc GBP 110 9 125 25 163 17 187 18 340 1 1.06 1.05 Janus Henderson Instl APexJpn IdOpp IAcc 100 75 108 81 140 60 139 62 217 35 0.83 2.47 GAM Multistock China Evolution Eq USD B 107 16 128 19 188 3 - - - - 1.92 - JOHCM Asia ex-Japan A GBP Inc 96 94 110 72 136 69 157 32 - - 1.01 0.91 GAM Star China Equity Instl GBP Acc 105 33 123 29 156 22 179 22 - - 1.04 - JOHCM Asia ex-Japan Sm & Md-Cp A £ I 93 96 97 96 124 88 149 41 - - 1.21 0.48 GS China Opportunity Equity R Inc GBP 109 12 130 12 162 19 189 16 - - 1.15 0.63 JPM Asia Growth C Net Acc 105 16 130 5 172 3 181 14 248 15 0.93 - Guinness Best of China X GBP Acc 105 32 125 27 ------1.24 - Jupiter Asia Pac Inc L GBP Q Inc 95 95 104 94 125 86 134 66 - - 1.94 4.13 HSBC Chinese Equity Retail Acc 104 36 126 22 152 29 173 25 194 18 1.78 0.19 Jupiter Asian I Acc 100 79 107 85 137 67 151 39 202 45 - 0.68 HSBC GIF Chinese Equity AD 105 29 128 18 156 24 184 19 198 16 1.91 0.33 Jupiter Asian Income I GBP Acc 96 92 105 91 ------3.91 Invesco PRC Equity A USD AD 112 2 137 2 177 6 193 13 224 9 2.21 - L&G Asian Income Trust I Acc 99 85 106 88 134 71 140 60 239 17 - 3.97 IP HK & China Z Acc 106 22 129 16 164 16 207 9 276 4 - 0.91 L&G Pacific Index Trust I Acc 101 65 109 76 141 55 142 54 225 31 0.38 2.92 Janus Henderson China Opps I Acc 110 8 135 6 179 5 230 2 271 5 1.09 0.82 Legg Mason IF MC Asia Pac X Acc £ 100 77 113 55 148 32 147 46 208 43 - 1.26 Janus Henderson Hrzn China A2 USD 111 7 134 7 177 9 221 4 332 2 1.95 - Legg Mason MC Asia L-T Uncons MGBPDis(A) 99 87 110 68 133 73 147 45 - - 1.20 1.19 JPM Greater China A (dist) USD 109 13 133 8 163 18 192 14 268 6 1.78 0.13 Legg Mason MC Asia Pacific X USD Dis(A) 101 70 114 54 144 43 140 59 186 51 1.25 1.26 JPM Hong Kong A (dist) USD 106 25 125 26 151 30 168 28 217 10 1.80 0.91 LF Canlife Asia Pacific C Acc 105 22 118 35 130 83 134 67 200 48 0.89 1.18 Jupiter China I Acc 107 19 119 33 147 32 169 26 197 17 1.02 1.04 Liontrust Asia Income I Inc 102 57 110 66 142 49 154 38 - - 1.25 4.52 Legg Mason IF MC China X Acc £ 107 20 131 10 172 12 188 17 - - - 0.40 M&G Asian GBP I Acc 99 88 106 86 133 74 141 57 226 30 0.99 1.45 Legg Mason MC Greater China A USD Dis(A) 105 28 127 20 169 13 190 15 215 12 1.60 - Marlborough Far East Growth P Inc 103 41 114 50 163 14 158 31 210 42 - 1.94 Matthews Asia Funds China Div I USD Acc 109 11 124 28 177 7 201 11 - - 1.50 - Matthews Asia Fds As Ex Jp Div I GBP Acc 112 2 128 7 ------1.50 - Matthews Asia Funds China I GBP 112 4 135 4 175 10 182 21 - - 1.50 - Matthews Asia Funds Asia Small Co I GBP 102 50 113 60 130 82 - - - - 1.72 - Matthews Asia Funds China Sm Coms I Acc 111 5 132 9 186 4 218 6 - - 1.71 - Matthews Asia Funds Pacific Tiger I GBP 105 24 116 42 145 41 168 20 - - 1.34 - Neptune China C Acc GBP 107 18 127 21 158 21 162 29 208 13 - 0.84 MFS® Meridian Asia Pacific ex-Jpn W1 USD 100 74 114 51 148 34 154 36 231 26 0.94 - Neuberger Berman China Eq USD A Acc 112 3 144 1 190 1 235 1 - - 2.11 - Mirabaud Equities Asia ex Japan A USD 104 34 121 23 151 28 163 25 175 53 2.21 - New Capital China Equity GBP Ord Acc 110 10 130 13 115 34 149 30 - - 1.37 - Mirae Asset Asia Great Consumer Eq R GBP 107 9 132 3 143 46 - - - - 0.96 - Old Mutual Henderson China Opps U2 £ Acc 111 6 135 5 177 8 - - - - - 0.68 Mirae Asset Asia Sector Leader Eq R GBP 105 17 125 15 147 35 - - - - 0.97 - Pictet-Greater China I GBP 106 24 129 14 160 20 183 20 241 8 1.05 - New Capital As Pac Eq Inc GBP Ord Inc 106 12 119 32 115 90 111 77 - - 1.31 3.84 Schroder ISF Greater China C Acc USD 105 30 126 23 174 11 205 10 289 3 1.32 - Newton Asian Income Instl W Acc 96 93 103 95 125 87 129 73 273 11 0.83 4.52 SLI China Equities A Acc GBP 108 14 129 17 153 27 193 12 - - 2.06 - Newton Oriental Inst W Acc 100 82 114 52 133 75 129 72 187 49 0.89 0.72 © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Old Mutual Aberdeen Asia Pac U2 GBP Acc 102 46 113 58 135 70 - - - - - 1.26 not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Old Mutual Asia Pacific R GBP Acc 105 18 125 12 168 9 196 3 267 12 1.01 1.31 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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54 www.WhatInvestment.co.uk Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % Templeton China W(acc)GBP 104 35 117 34 151 31 146 31 203 14 1.54 - SLI European Ethical Equity Plat 1 Acc 99 37 116 23 137 45 164 50 163 67 - 1.54 Threadneedle China Opps Z Acc GBP 107 15 131 11 156 25 210 8 255 7 1.46 0.73 SLI European Trust 99 41 113 49 135 59 157 71 191 44 0.86 1.54 Average/Total 108 36 128 35 164 34 190 32 241 18 1.50 0.65 SLI European Trust II Ret Acc 96 100 108 104 127 93 148 84 175 60 1.77 1.47 Smith & Williamson European Equity B 100 26 120 7 138 44 173 29 217 26 0.87 0.50 (IA) EUROPE EXCLUDING UK SSgA Europe ex UK Equity Tracker 98 78 112 80 134 70 162 58 181 54 0.90 - 7IM European Equity Value C Inc 102 13 117 16 ------2.75 Stonehage European All Cap Equity B Inc 96 102 105 108 139 39 164 45 320 4 1.97 - Aberdeen European Equity Enh Idx B Acc 98 75 113 54 ------2.23 SVM Continental Europe Instl 102 10 117 17 146 20 187 11 222 20 1.23 - Aberdeen European Equity I 101 19 112 69 134 71 149 82 172 63 1.10 1.00 T. Rowe Price Continental Eurp Eq C GBP 98 85 114 45 ------Aberdeen Global Eurp Eq Ex UK X Acc GBP 101 18 112 63 131 84 147 85 170 65 1.11 - T. Rowe Price Continental Eurp Eq Q GBP 98 71 114 38 136 57 - - - - 0.82 - Allianz Continental European C Acc 99 52 114 42 145 22 164 48 237 11 0.97 0.93 Threadneedle European Sel Z Acc GBP 98 72 114 40 135 61 164 53 267 7 0.82 0.98 Allianz European Equity Income C Inc 96 101 111 88 128 90 158 70 - - - 3.06 Threadneedle European Z Acc GBP 98 77 113 48 131 85 155 76 199 39 - 1.21 Artemis European Growth I Acc 103 7 121 6 150 11 188 9 182 53 0.85 1.36 TM Sanditon European A Acc 95 108 107 107 126 94 - - - - - 1.78 Artemis European Opportunities I Acc 100 30 118 14 146 19 179 20 - - 1.63 1.38 Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 98 73 112 68 135 63 164 51 - - 0.25 2.50 Aviva Investors Eq MoM 1 2 GBP Inc 99 51 115 33 134 68 164 47 178 59 1.06 1.27 Waverton European Capital Gr R GBP Inc 100 32 112 67 141 33 - - - - - 0.24 Aviva Investors Euro Eq MoM 2 2 GBP Inc 98 66 109 99 149 12 168 37 196 41 1.07 1.52 Waverton European Dividend Gr L GBP Inc 100 28 114 41 148 14 194 5 207 32 - 2.55 Aviva Investors European Eq 2 GBP Acc 100 23 115 32 151 9 185 13 230 16 0.84 1.18 Average/Total 99 109 114 109 139 98 169 86 210 71 1.00 1.69 AXA Framlington European Z GBP Acc 95 106 107 105 130 88 154 77 206 33 0.75 1.84 AXA Rosenberg European Z 99 56 112 83 131 80 162 60 161 69 1.08 1.72 (IA) EUROPE INCLUDING UK Baillie Gifford European B Acc 101 20 119 12 160 3 188 8 292 5 0.75 0.96 Allianz Europe Equity Gr Sel RT GBP 97 39 109 31 133 20 ------Barclays Europe (ex-UK) Alpha R Acc GBP 95 107 108 103 123 95 153 78 - - - - Allianz Europe Equity Growth P GBP 98 29 110 28 136 15 163 18 - - 0.72 0.82 Baring European Growth I GBP Inc 103 8 122 5 150 10 184 14 195 43 - 1.34 Amundi SICAV II Euroland Equity R GBP ND 98 32 113 15 137 14 164 15 206 16 0.95 - BlackRock Continental Euro D Acc 99 40 115 28 143 28 169 33 268 6 0.92 0.95 Amundi SICAV II Eurp EqTgt Inc R GBP DSA 95 48 104 47 117 40 - - - - 0.94 7.37 BlackRock Continental Eurp Inc D Acc 96 105 112 78 136 56 174 28 - - 1.10 3.84 Amundi SICAV II Top Eurp Plyrs R GBP ND 98 28 107 43 123 34 148 33 192 21 0.96 - BlackRock European Dynamic D Acc 100 29 120 8 151 7 186 12 342 1 0.93 0.65 BGF European Value D2 98 33 109 35 128 27 163 16 216 12 1.06 - BlackRock Systm Continen Euro D GBP Acc 99 42 114 37 138 42 - - - - - 2.21 Candriam Quant Equities Europe C Acc EUR 97 40 111 24 131 25 151 29 162 28 1.91 - Comeragh European Growth B EUR Acc 97 99 111 91 ------Capital Group Eurp Gr & Inc (LUX) Bh $ 98 36 98 49 ------1.81 - EdenTree Amity European B 98 74 113 50 143 26 179 18 231 14 0.92 1.88 Carmignac Pf Grande Europe W GBP Acc 97 37 110 29 ------1.86 - F&C European Growth & Income 2 Acc 102 16 120 9 144 23 182 16 231 15 0.87 1.55 Fidelity Eurpn Dynamic Gr W-Acc-GBP 100 16 115 7 151 2 171 6 245 5 1.16 - Fidelity European Opportunities W Acc 100 34 114 36 139 37 165 43 184 49 - 0.86 Fidelity Instl Pan European 97 38 108 41 127 28 154 28 198 19 0.88 1.83 Fidelity European W Acc 99 35 116 20 138 43 161 63 188 46 - 1.74 GAM Multistock Euroland Value Eq GBP R 109 1 125 1 157 1 195 2 188 24 0.98 - Fidelity Index Europe ex UK P Acc 98 86 112 82 133 74 - - - - - 2.01 GAM Multistock Europe Focus Equity EUR B 98 27 112 18 135 17 147 36 147 31 1.85 - FP Argonaut European Alpha R GBP Acc 105 2 115 29 127 91 164 46 218 23 - 2.09 GAM Star (Lux) - Eurpn Momentum IAcc 100 12 118 3 146 6 191 3 232 8 2.52 - FP Argonaut European Income Opp R Acc 107 1 123 3 ------3.73 GAM Star European Equity Instl EUR Acc 99 20 113 14 139 9 163 17 218 11 1.70 - FP CRUX European I GBP Acc 99 44 110 97 ------1.54 GS Europe CORE® Equity R Inc GBP 99 18 113 11 148 4 182 5 197 20 0.75 1.92 FP CRUX European Special Sit A Acc GBP 98 63 114 46 146 18 174 27 - - - 0.79 Hermes European Alpha Equity F GBP Acc 98 34 110 30 133 19 150 30 - - 0.86 - Franklin European Opportunities W Acc 102 17 113 52 137 46 163 55 173 61 1.05 2.53 IFSL Trade Union Unit Trust 100 17 107 42 120 37 132 41 144 32 1.10 1.53 GAM Star Continental Eurp Eq Instl £ Acc 98 87 112 81 142 30 168 38 218 25 1.06 - JOHCM European Concentrated Value B EUR 97 42 108 39 ------GlobalAccess Eurp ex-UK Alpha M Acc GBP 102 11 109 100 108 98 155 75 - - - 1.73 JOHCM European Select Val A GBP 97 44 108 40 138 11 170 11 279 3 1.45 0.82 Guinness European Equity Income X GBPAcc 96 103 105 109 136 50 - - - - 1.24 - JPM Europe Equity Plus A perf (dist) GBP 98 21 111 23 132 21 171 10 235 6 1.82 1.49 Halifax European C 98 81 112 65 135 65 165 44 180 55 1.53 1.85 JPM Europe Strategic Growth A (dist) GBP 101 10 115 5 147 5 197 1 231 9 1.80 0.57 Hermes Europe Ex-UK Equity F GBP Acc 103 6 123 4 155 4 179 21 - - 0.89 - JPM Europe Strategic Value A (dist) GBP 98 23 112 16 135 18 165 14 159 29 1.80 2.45 HL Multi-Manager European A Acc 100 31 116 24 143 24 - - - - - 0.59 Jupiter European Growth D GBP Acc 100 13 120 2 149 3 184 4 298 1 0.95 - HSBC European Growth Accumulation C 98 68 112 66 133 72 153 79 180 56 - 2.11 Jupiter European Opps D EUR Acc 97 41 110 27 130 26 157 24 213 14 0.95 - HSBC European Index Accumulation C 98 76 112 62 135 67 164 52 184 50 0.28 2.42 Legg Mason QS MV Eurp Eq G&I A EUR DisA 95 47 105 46 121 36 147 35 150 30 1.92 1.73 HSBC GIF Euroland Equity AD 98 61 114 39 136 51 170 31 163 68 1.86 1.05 LO Funds Europe High Convc EUR NA 98 30 113 12 139 10 169 12 234 7 1.00 - IP European Equity Income Z Acc 99 58 113 53 136 52 187 10 212 28 - 3.00 M&G European Strategic Value GBP I Acc 101 8 111 25 135 16 171 8 215 13 0.92 1.68 IP European Equity Z Acc 98 69 113 51 141 32 198 4 218 24 - 1.98 M&G Pan European Dividend GBP I Acc 97 43 109 33 132 22 159 22 - - 0.94 3.13 IP European ex UK Enh Idx Z Acc 98 84 112 84 ------2.29 M&G Pan European Select GBP I Acc 99 19 115 6 140 7 159 21 191 22 0.92 1.43 IP European Opportunities Z Acc 99 36 108 101 138 41 171 30 237 12 - 1.52 MFS® Meridian Blnd Rsrch Eurp Eq WH1 GBP 104 4 109 36 115 41 133 40 - - 0.98 - iShares Continen Eurp Eq Idx (UK) D Acc 98 79 113 60 135 60 163 56 - - 0.17 2.43 MFS® Meridian European Core Eq W1 GBP 100 14 115 8 ------1.01 - Janus Henderson European Focus I Acc 97 98 111 90 133 77 175 26 218 21 - 1.38 MFS® Meridian European Research WH1 GBP 105 2 109 38 111 43 133 39 - - 0.97 - Janus Henderson European Gr I Acc 99 46 114 35 145 21 183 15 262 8 1.08 1.43 MFS® Meridian European Value W1 GBP 101 9 111 20 138 12 171 7 254 4 1.16 - Janus Henderson European Sel Opps I Acc 97 94 110 94 131 86 168 34 223 19 1.10 1.35 New Capital Dynamic Eurp Eq GBP Ord Inc 104 5 109 37 113 42 161 19 - - 1.40 2.71 Janus Henderson Instl Eurp Idx Opp I Acc 98 82 112 72 135 64 163 54 183 52 0.79 1.75 Overstone UCITS European Eq A EUR 103 6 111 22 131 24 156 26 180 26 - 0.80 JOHCM Continental European A GBP 100 33 112 61 137 49 177 24 232 13 0.84 1.47 Polar Capitlal European Income I Acc 94 49 106 44 123 33 ------JPM Europe C Net Acc 100 25 116 27 142 31 179 19 203 36 0.93 - Principal European Equity I Acc USD 100 15 114 9 137 13 166 13 200 17 1.13 - JPM Europe Dynamic (ex-UK) C Net Acc 99 47 113 59 143 27 188 7 228 18 0.93 - Schroder ISF Eurp Eq Yld Z Acc EUR 101 11 111 19 131 23 161 20 182 25 1.08 - Jupiter European I Acc 102 9 124 1 153 5 191 6 333 2 1.04 0.43 SLI European Equity Uncons D Acc 96 46 104 48 118 39 140 37 - - 0.99 - Jupiter European Income I Acc 99 54 115 31 138 40 164 49 196 42 - 2.86 SLI Pan-European Trust 98 25 109 32 126 30 150 31 172 27 0.78 2.21 Jupiter European Special Sits I Acc 97 92 110 96 133 73 160 68 217 27 1.05 1.10 SVM All Europe SRI B Acc 102 7 115 4 139 8 171 9 285 2 1.23 - L&G European Index Trust I Acc 98 83 112 64 135 66 162 57 185 47 0.31 2.57 T. Rowe Price European Eq Q EUR 98 31 110 26 121 35 154 27 189 23 0.78 - L&G European Trust I Acc 102 15 118 15 140 36 177 22 203 34 - 0.99 Threadneedle Pan European Z Acc GBP 98 24 112 17 127 29 158 23 229 10 - 1.35 European Alpha C Acc 99 53 115 30 136 53 168 36 200 38 - 1.51 Threadneedle Pan Eurp Eq Div Z Inc GBP 96 45 106 45 119 38 148 34 199 18 1.14 3.48 Lazard European Equity C Acc GBP 99 49 116 22 139 38 - - - - 1.28 - Threadneedle Pan Eurp Focus Z Acc GBP 98 26 114 10 124 32 157 25 211 15 0.92 1.11 Legg Mason IF MC Eurp Eq Income X Acc £ 99 60 111 92 127 92 153 80 180 57 - 3.23 Vanguard SRI European Stock GBP Acc 98 35 109 34 126 31 149 32 - - 0.35 2.83 LF Canlife European C Acc 99 55 112 75 136 58 162 61 166 66 - 1.69 Virgin Climate Change 104 3 113 13 110 44 139 38 117 33 1.96 - LF Miton European Opportunities B Acc 104 3 124 2 ------0.76 Winton European Equity I GBP Acc 98 22 111 21 ------Liontrust European Growth I Inc 98 80 107 106 149 13 165 41 230 17 1.02 1.22 Average/Total 99 49 111 49 131 44 160 41 205 33 1.22 2.06 Liontrust European Income Instl Acc 97 91 112 85 131 87 157 72 171 64 - 2.93 (IA) EUROPEAN SMALLER COMPANIES Liontrust Eurp Enh Inc Instl Hdg Acc 104 5 111 86 113 97 157 73 - - - 3.28 Aberdeen European Smlr Coms Eq I Acc 104 9 116 19 147 18 160 18 203 16 - 0.65 Liontrust Sust Fut Eurp Gr 2 Net Acc 97 96 113 57 142 29 168 35 201 37 0.79 1.41 Amundi SICAV II Eurpn Potential R GBP ND 102 18 117 18 138 19 - - - - 0.95 - M&G European Index Tracker GBP A Acc 98 88 112 79 133 78 160 66 179 58 0.70 2.06 Baring Europe Select I GBP Inc 101 19 118 17 165 11 208 10 337 5 0.82 0.96 M&G European Select GBP I Acc 100 24 116 21 140 35 161 65 173 62 0.93 1.09 BNY Mellon Small Cap Euroland GBP W Acc 102 17 123 8 ------0.93 1.28 Man GLG Continental Eurp Gr Prf Acc C 99 38 120 10 176 2 233 1 327 3 1.06 0.55 Marlborough European Multi-Cap P Inc 98 62 116 25 199 1 227 2 241 9 - 0.99 Carmignac Pf Euro-Entrprs W GBP Acc 106 1 127 3 ------MFS® Meridian Continen Eurp Eq WH1 GBP 104 4 111 93 117 96 138 86 - - 1.02 - F&C European Small Cap R EUR Acc 99 24 113 23 130 20 172 17 247 13 1.20 - Montanaro European Income £ Inc 100 21 116 26 ------0.83 2.59 F&C European SmallCap Ex UK C Acc GBP 100 21 115 20 ------1.36 Neptune European Opportunities C Acc GBP 102 12 118 13 151 8 176 25 211 29 - 1.60 IP European Small Companies Z Acc 104 5 115 21 158 15 198 12 193 17 - 0.81 Newton Continental European Inst W Acc 98 64 112 76 136 54 165 42 - - 0.83 1.50 Janus Henderson European Smr Coms I Acc 102 14 130 2 193 1 241 1 303 8 1.08 0.72 Old Mutual European Eq ex UK R GBP Acc 99 45 112 70 130 89 159 69 185 48 0.98 2.02 JPM Europe Dynamic Sm Cp A perf(dist)EUR 105 3 127 4 174 4 222 8 292 10 1.80 1.12 Old Mutual Henderson European U2 GBP Acc 97 95 110 95 131 82 - - - - - 1.72 JPM Europe Small Cap A (dist) GBP 103 12 123 9 166 10 219 9 257 12 1.80 1.54 Old Mutual Threadneedle Eurp Sel U2 £Acc 98 70 114 44 135 62 - - - - - 1.22 JPM Europe Smaller Companies C Acc 105 4 125 6 181 3 233 2 244 14 0.93 - Lazard European Smaller Coms C Acc 101 20 119 15 162 13 223 6 305 7 - 1.31 OYSTER Continental Eurp Sel R GBP D 97 90 109 98 148 15 - - - - 1.28 1.44 M&G European Smaller Coms GBP I Acc 99 23 113 22 163 12 186 16 239 15 0.94 0.90 Polar Capital Eurp Ex UK Inc I GBP Acc 94 109 108 102 ------MFS® Meridian European Smlr Coms W1 EUR 100 22 112 25 147 17 187 15 344 4 1.22 - Robeco QI Continental Eurp Cnsrv Eqs F £ 97 93 111 87 ------0.68 - Mirabaud Eqs Eurp Ex-Uk S&M D GBP Acc 104 10 120 14 ------0.98 - Royal London Europe ex UK Tracker Z Acc 98 89 112 74 134 69 - - - - - 2.32 Mirabaud Eqs Pan Eurp S&M D GBP Acc 104 6 121 12 ------0.96 - Royal London European Growth 100 22 119 11 143 25 170 32 184 51 1.57 - Old Mutual Eurp Ex UK Smlr Coms R £ Acc 99 25 112 24 169 9 - - - - 0.95 - Royal London European Growth M Acc 97 97 113 56 133 76 160 67 218 22 0.70 1.69 Pictet-Small Cap Europe I GBP 102 16 119 16 157 16 197 13 278 11 1.12 - Royal London European Opps M Acc 96 104 112 73 131 83 152 81 - - - 1.46 Schroder European Sm Cos Z Acc 104 7 127 5 171 8 230 4 295 9 0.94 0.79 Russell Inv Continental Eurp Eq I 98 65 111 89 141 34 177 23 198 40 0.93 1.68 SLI Europe ex UK Smlr Coms Plat £ Acc 102 15 121 13 172 7 225 5 349 3 - 1.27 Santander Europe (Excluding UK) Eqs A 99 50 113 55 137 48 166 40 188 45 1.04 1.78 SLI European Smaller Coms D Acc 102 13 122 11 172 6 231 3 422 1 0.97 - Schroder European Alpha Plus Z Acc 99 48 116 19 151 6 162 59 209 31 0.92 1.49 T. Rowe Price Eurp Smlr Coms Eq Q GBP 106 2 132 1 187 2 223 7 - - 1.12 - Schroder European Opportunities Z Acc 99 59 113 58 131 81 166 39 211 30 0.85 2.00 Threadneedle Eurp Smlr Coms Z Acc GBP 104 8 123 7 174 5 200 11 354 2 1.05 0.60 Schroder European Z GBP Acc 100 27 117 18 148 16 180 17 240 10 0.77 1.39 Threadneedle Pan EurpSmlrComs Z Acc GBP 104 11 122 10 159 14 191 14 327 6 0.93 0.73 Schroder Eurpn Alpha Income Z Acc 98 67 114 43 147 17 206 3 - - 0.92 - Average/Total 102 25 120 25 164 20 208 18 294 17 1.09 1.00 Scottish Widows European Gr A 99 57 112 71 133 75 156 74 159 70 1.63 1.17 Scottish Widows Eurp Sel Gr A 102 14 112 77 132 79 148 83 157 71 1.63 0.55 (IA) FLEXIBLE INVESTMENT SLI European Equity Growth Plat 1 Acc 99 43 115 34 137 47 161 64 203 35 - 1.83 7IM AAP Adventurous C Acc 103 46 108 59 121 99 152 48 - - 0.61 1.25 * Register for your free 30-day trial today. After the trial has ended, you will be charged at the discounted rate of only £142 (£118.33 + VAT). SLI European Equity Income Plat 1 Acc 99 39 113 47 136 55 161 62 - - - 2.63 No payment will be taken until your free trial has ended. Cancel any time within the 30 days and you will not be charged.

www.WhatInvestment.co.uk 55 Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ %TER YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % 7IM Adventurous C Acc 103 30 108 65 122 95 158 31 191 35 1.58 0.65 Newton Multi-Asset Growth Inst W Acc 101 95 106 96 129 57 165 17 192 33 0.67 1.43 Aberdeen Capital Trust Inc 101 111 106 93 126 72 147 70 173 54 1.63 1.19 Newton Multi-Asset Income Inst W Acc 99 134 107 81 129 55 - - - - 0.98 3.73 Aberdeen Multi-Mgr Equity Mgd Ptfl I Acc 102 81 107 72 128 61 154 44 189 37 - 0.64 Newton SRI for Charities GBP Inc 100 119 106 92 123 92 147 69 - - 0.83 2.24 ACPI Balanced UCITS USD Retail Acc 97 145 100 144 131 43 148 66 195 31 - - NFU Mutual Mixed Portfolio Max100% C 102 78 108 57 134 31 142 84 - - - 1.60 ACPI Horizon UCITS EUR Retl 97 152 106 91 ------Old Mutual Cirilium Adventurous R 103 43 ------Acumen Adventurous X Acc 104 24 106 90 ------1.42 Old Mutual Cirilium Dyn R GBP Acc 102 75 108 63 132 40 161 25 - - 1.24 1.19 AHFM Defined Returns B GBP Acc 101 93 107 83 121 100 ------Old Mutual Foundation 5 R GBP Acc 103 35 109 35 130 48 - - - - - 1.59 Allianz Global Fdmtl Strat RT2 H GBP 100 117 102 127 110 129 ------Osprey Sterling Inc 96 159 105 106 129 53 170 9 236 3 1.14 0.96 Amundi SICAV II Pio Flex Opps R GBP ND 102 60 111 19 139 10 - - - - 0.99 - PIMCO GIS Strat Inc E USD Acc 96 155 96 153 125 75 - - - - 1.75 - Architas MA Active Dynamic A Acc 103 32 109 37 136 19 158 30 212 15 1.71 0.64 Premier Liberation No. VII Class C Acc 103 48 110 33 132 36 157 33 168 61 1.86 2.23 Architas MA Active Growth A Acc 104 16 108 50 134 30 160 28 206 18 - 0.67 Premier Multi Asset Global Gr C Inc 102 65 109 45 140 8 177 5 - - 1.98 0.81 Artemis Strategic Assets I Acc 97 154 98 151 110 132 120 115 - - 0.82 - P-Solve Inflation Plus A Inc 103 57 104 114 120 106 133 99 171 58 1.75 - Aviva Investors Multi-Mgr Flexible 2£Acc 102 58 107 71 130 46 160 27 211 17 1.64 0.44 Pyrford Glbl Tot Ret(Sterling)B GBP Acc 98 144 98 150 ------Barclays Adventurous Growth D Acc GBP 105 13 111 16 118 113 144 77 - - 1.82 0.61 Rathbone Dragon Trust £ Acc 101 106 111 23 136 18 163 23 205 21 0.89 0.58 Global Mkts 5 R Acc GBP 102 70 108 51 125 76 146 74 - - 1.08 1.98 RBS INV Adventurous Growth 101 107 107 69 125 74 149 56 - - 2.06 0.27 Capital Group EM Ttl Opps (LUX) Z 98 141 101 135 126 68 118 119 199 27 1.01 - RHFS Diversified Strategy C Acc 103 38 109 36 ------Capital Group Glb Abs Inc Gr (LUX) Z 96 156 99 149 122 97 141 86 - - 0.90 - River & Mercantile Dyn Asst Allc B Acc 103 51 104 112 119 112 - - - - - 0.98 Capital Group Global Allc (LUX) Z 98 138 103 121 135 21 - - - - 0.90 - S&W ILEX Trust Acc 99 133 102 133 113 126 120 113 119 73 1.60 3.14 Carmignac Patrimoine A EUR Acc 96 157 103 122 117 114 120 116 180 49 1.79 - S&W Starhunter Managed Acc 102 73 105 108 117 116 130 106 173 56 1.73 0.30 Carmignac Pf Emerg Patrim F GBP Acc Hdg 103 44 104 111 111 128 112 120 - - 1.19 - Sarasin FoF Global Equity P Acc 106 4 110 30 127 67 165 16 - - 1.60 1.10 Carmignac Pf Patrimoine F GBP Acc Hdg 101 109 100 143 99 141 122 111 - - 1.16 - Sarasin FoF Global Growth P Acc 104 14 108 67 120 103 - - - - 1.37 1.16 Carvetian Capital Income 105 6 107 85 107 134 137 92 177 51 1.15 0.22 Sarasin Global Equity Real Return P Acc 105 11 112 13 129 59 140 89 146 70 1.24 1.61 Carvetian Generation Income 102 74 104 117 108 133 133 100 167 63 1.14 0.88 Schroder Dynamic Multi Asset Z Acc 104 20 107 86 110 130 131 104 - - 0.50 1.64 Cavendish International B Inc 102 69 109 43 135 27 154 39 219 11 0.88 0.68 Schroder MM Diversity Tactical Z Acc 99 129 100 142 115 122 135 94 - - 1.42 0.54 CF Purisima EAFE Total Return PCG B nc 100 122 110 28 129 52 148 58 180 48 1.80 0.37 Sentinel Enterprise B Acc 103 36 113 9 123 88 133 101 - - - 0.42 City Financial Multi Asset Dyn I Acc 96 158 101 141 110 131 - - - - - 0.38 Smith & Williamson MM Global Invmt B 103 29 109 39 130 47 156 34 162 66 - 1.89 Close Growth Portfolio X Acc 101 103 108 60 117 116 142 82 - - 0.95 1.14 Spectrum Income Fund O Acc 101 110 104 115 ------2.90 Close Managed Growth X Acc 103 42 110 29 127 63 153 46 - - 1.12 1.01 Standard Life Wealth Acer Fund 97 146 102 128 120 107 139 91 160 67 1.15 1.57 Close Strategic Alpha X Acc 105 12 111 17 129 51 160 26 - - 1.82 0.51 Standard Life Wealth Bridge Inc 97 148 102 126 122 96 145 75 173 57 0.83 1.63 Close Tactical Select Passive Gr X Acc 102 72 106 100 125 79 148 63 - - 0.66 1.61 Standard Life Wealth Merlin 98 143 102 131 120 108 141 88 171 59 1.21 1.31 Courtiers Total Return Growth 104 15 107 82 133 35 171 8 183 47 2.01 - SVS Brown Shipley Dynamic I Acc 103 56 109 48 124 84 148 62 - - 2.08 1.25 Discovery Managed Growth B GBP Acc 102 66 111 22 128 60 155 38 152 69 - 0.16 SVS Church House UK Managed Growth A Acc 99 125 103 119 121 102 148 64 201 24 1.59 0.99 EF Brompton Global Opps B GBP Acc 104 21 107 78 132 39 155 36 - - 1.90 0.61 SVS Heritage Balanced A Acc 101 108 107 74 ------F&C Managed Growth 1 Acc 101 100 105 102 126 69 147 67 167 64 1.89 0.49 TB Elite Strategic A Accumulation 102 62 109 47 ------F&C MM Navigator Select C Acc 102 76 109 41 133 34 164 21 187 42 - 0.04 TB Enigma Dynamic Growth B Acc GBP 106 3 ------F&C Multi Man Invest Trust Fd C Net Acc 104 17 114 5 135 23 166 15 192 32 - 0.44 TB Wise Multi-Asset Growth B Acc 102 63 112 15 142 5 164 20 212 16 1.53 0.98 Family Investments Child Trust 100 120 105 109 121 101 141 87 173 55 1.47 1.45 TB Wise Multi-Asset Income B Inc 98 140 105 103 135 24 174 7 225 6 1.46 5.20 Fidelity Multi Asset Adventurous Y Acc 101 105 102 130 122 93 147 68 - - - 0.36 TC Centre Multi Mgr Advnturs A Acc 101 87 110 34 135 25 152 49 179 50 3.00 - Fidelity Multi Asset Allctr Advtrs Y Acc 100 113 102 129 123 90 142 81 - - - 1.21 The Norfolk Trust 97 150 101 136 125 81 146 72 198 29 0.93 1.31 Fidelity Multi Asset Open Advtrs Y Acc 101 99 105 101 124 85 142 85 - - - 0.40 The Notts Trust 97 151 101 137 124 87 146 73 196 30 0.88 1.30 First State Diversified Gr B Acc GBP 99 127 103 123 ------1.48 Thesis Elfynn Trust Acc 104 22 106 87 131 45 154 41 - - - 0.76 FP 8AM Focussed A Inc 103 39 109 44 127 65 - - - - 2.50 - Thesis Palm 103 47 108 58 131 41 148 61 - - 1.33 0.25 FP Brunswick Growth Portfolio C Acc GBP 104 25 112 11 138 13 158 32 - - 2.47 - Thesis Thameside Managed 104 27 108 49 123 89 144 78 174 53 2.01 - FP Mattioli Woods Adventurous E GBP Inc 101 89 ------Threadneedle Managed Eq Z Acc 101 92 108 55 129 54 154 42 205 20 - 0.98 FP Mattioli Woods Cautious E GBP Inc 99 130 ------Threadneedle Navgtr Advnts Mgd Retl Acc 102 80 110 32 144 4 180 4 259 1 1.57 0.56 FP Mattioli Woods Growth E GBP Inc 101 97 ------Threadneedle Navigator Gr Retl Acc GBP 101 91 107 75 133 33 162 24 232 4 1.53 0.53 FP Tatton Oak Advanced B 101 83 106 88 126 73 151 51 - - 1.51 1.10 TM Balanced Growth Fund 102 82 104 113 119 111 130 105 167 62 2.07 1.29 GAM Star Dynamic Growth Instl GBP Acc 103 31 112 10 131 42 149 55 - - 1.96 - TM Cerno Select C Acc 99 124 103 124 113 125 - - - - - 0.41 GAM Star Growth Institutional GBP Acc 103 40 111 21 124 86 147 71 - - 1.68 - TM Fulcrum Diversified Growth C GBP 105 7 106 94 103 140 125 110 - - 1.48 - HC Growth A Acc 99 128 102 132 117 115 127 107 - - 1.83 0.86 Total Clarity Portfolio 6 A 101 98 106 98 125 77 143 79 - - 1.69 1.09 HC Sequel Growth Trgt Ret Strat B £ Acc 102 77 105 104 119 110 - - - - - 0.18 Troy Spectrum O Acc 101 104 106 97 134 32 145 76 215 12 1.49 0.50 Hermes Multi Asset Inflation F GBP Acc 100 116 101 139 103 139 ------Troy Trojan O Inc 98 142 99 148 116 121 120 117 186 44 1.03 0.44 HL Multi-Manager High Income A Acc 100 114 105 107 ------4.11 UBS Targeted Return C 100 118 106 89 106 136 126 108 140 71 1.45 1.27 HL Multi-Manager Strategic Assets A Acc 98 139 100 146 ------1.38 Unicorn Mastertrust B 104 23 113 7 147 1 180 3 249 2 1.75 0.90 IFSL Brooks Macdonald Strat Growth A GBP 103 28 110 24 126 70 - - - - - 0.73 VT Grosvenor Adventurous A GBP Acc 103 52 108 68 ------1.15 IFSL Brunsdon Adventurous Gr C Acc 103 37 108 53 127 64 142 83 - - - 0.66 VT Tcam Growth Net Acc 103 34 108 56 125 82 - - - - - 0.50 IFSL Select Z Acc GDP 101 101 108 52 129 58 152 50 187 41 - 1.16 VT Thistledown Income Z GBP Net Acc 101 90 105 105 134 29 164 18 - - - 1.32 Investec Global MA Ttl Ret I GBP Acc 101 88 107 77 132 38 163 22 206 19 0.85 0.77 VT Ursus Arctos 1 Net GBP Inc 103 53 113 6 139 9 - - - - - 1.04 IP Managed Growth Z Acc 101 96 107 84 134 28 170 11 222 9 - 1.15 WAY Global Red Active Portfolio Tr E Acc 104 26 107 80 129 49 154 40 190 36 - - Janus Henderson Mlt-Mgr Active I Acc 102 71 107 73 129 56 156 35 159 68 - 0.59 WAY MA Growth Portfolio E Acc 103 54 109 40 129 50 154 45 - - 2.17 0.01 JPM Portfolio C Acc 104 18 110 31 135 22 175 6 226 5 0.93 1.24 Zurich Horizon Multi-Asset V Z Acc 103 41 110 26 141 7 - - - - - 0.66 Jupiter Merlin Growth I Acc 102 64 106 95 128 62 155 37 222 8 1.81 0.35 Average/Total 101 160 107 154 125 142 148 121 191 73 1.42 1.06 L&G Multi Manager Growth Trust I Acc 103 50 108 62 125 83 136 93 - - 1.73 0.83 (IA) GLOBAL L&G Worldwide Trust I Acc 102 79 107 70 127 66 152 47 191 34 0.82 1.50 LF Bentley Global Growth A Acc 97 149 99 147 114 123 131 103 - - 3.02 - Aberdeen Ethical World Equity I Acc 103 114 108 137 128 207 140 204 184 133 1.12 0.85 LF Bentley Sterling Balanced Acc 99 135 101 138 105 138 118 118 138 72 2.30 - Aberdeen Global World Equity X Acc GBP 100 230 105 216 126 212 139 210 206 105 1.19 - LF Canlife Portfolio VII C Acc 101 84 108 64 122 94 - - - - - 1.67 Aberdeen World Eq Enh Idx Net B Acc 103 109 107 156 ------1.90 LF Catalyst Trust Acc 105 10 113 8 136 16 164 19 225 7 0.94 0.72 Aberdeen World Equity I 100 225 105 210 127 208 139 208 206 107 1.13 0.71 LF Cautela Retail Acc 98 137 97 152 99 142 106 121 - - - 1.10 Acumen Equity X Acc 107 20 ------LF IM Global Strategy A Acc 102 59 108 66 142 6 170 10 - - 1.49 0.70 Allianz Best Styles Global AC Eq C Acc 102 157 107 170 ------1.58 LF Miton Worldwide Opportunities B Acc 105 8 112 12 145 2 169 12 186 43 1.58 0.10 Allianz Best Styles Global Eq RT GBP 103 135 106 196 138 139 ------LF Odey Continental European I Acc 99 131 118 3 132 37 158 29 198 28 1.08 0.80 Allianz Global AC Eq Inigts W Acc GBP 106 37 107 179 146 65 223 10 - - - - LF Odey Opus I Acc 101 102 102 134 107 135 134 98 186 45 1.08 0.49 Allianz Global Small Cap Equity RT GBP 106 40 111 75 138 138 ------LF Prudential Dyn Focs 60-100 Port A Acc 101 94 106 99 ------1.34 Ardevora Global Equity A GBP Acc 106 29 114 36 155 22 223 9 - - - - LF Prudential Dynamic 60-100 Port P Acc 101 86 108 61 125 80 148 65 - - - 1.23 Ardevora Global Long Only Eq C GBP Acc 105 45 112 50 158 12 ------LF Ruffer Equity & General C Acc 101 85 107 76 116 120 134 97 215 13 - 0.04 Artemis Global Growth I Acc 105 50 112 49 149 44 204 21 237 60 1.00 1.40 LF Ruffer Japanese C Acc 113 1 118 2 137 14 207 1 - - 1.23 0.22 Artemis Global Select I Acc 104 63 111 61 148 47 189 49 - - 1.17 0.42 LF Stewart Ivory Investment Markets Acc 98 136 104 110 123 91 150 53 187 40 1.16 2.64 Artemis Instl Global Capital IN Acc 105 48 113 48 149 41 205 20 239 57 0.82 1.68 LF Waverton Portfolio B Inc 101 112 107 79 126 71 149 57 205 22 1.85 0.96 Aviva Investors Intl Idx Tr 2 £ Acc 103 131 107 165 144 79 182 70 - - 0.50 1.67 Liontrust Sust Fut Absolute Gr 2 Net Acc 103 45 112 14 138 11 167 14 214 14 0.85 0.40 AXA Framlington Global Opps Z Inc 104 64 111 63 141 108 184 67 197 120 - 0.77 LO Funds All Roads EUR NA 97 153 109 46 131 44 121 112 - - 0.72 - AXA Rosenberg Global Z 105 51 109 110 143 87 180 77 217 91 1.06 1.75 M&G Fund of Invest Trust Shares A Acc 103 55 115 4 138 12 169 13 189 38 1.20 0.42 Baillie Gifford Global Alpha Gr B Acc 106 30 118 19 161 11 211 16 - - 0.68 0.43 M&G Managed Growth GBP I Acc 106 5 110 25 145 3 148 60 188 39 1.04 0.94 Baillie Gifford Global Discovery B Acc 111 2 127 3 156 19 246 2 426 1 0.88 - Man GLG Stockmarket Managed Profl Acc C 103 33 109 42 122 98 154 43 184 46 0.93 1.19 Baillie Gifford Global Select B Acc 109 8 123 4 ------0.40 Margetts Opes Income R GBP Acc 99 126 103 118 117 119 134 95 176 52 0.90 2.66 Baillie Gifford International B Acc 106 32 118 21 163 10 213 14 317 15 0.69 0.38 Margetts Venture Strategy Fd R GBP Acc 102 61 111 20 136 15 150 54 219 10 0.93 0.77 Barclays Global Core R Acc GBP 102 155 104 237 137 149 162 163 - - - - MFS® Meridian Diversified Income WH1 GBP 97 147 100 145 105 137 - - - - 1.05 - Baring Global Div Champions I GBP Acc 99 252 105 223 ------0.85 - MFS® Meridian Global Multi-Asset W1 USD 94 160 95 154 120 105 126 109 204 23 1.01 - Baring Global Leaders A GBP Inc 100 218 109 106 134 171 160 170 183 134 2.15 - MFS® Meridian Global Total Ret WH1 GBP 102 68 108 54 113 124 - - - - 1.19 - BlackRock Consensus 100 D Acc 102 177 107 146 139 129 172 118 - - 0.27 1.71 MGTS Clarion Explorer Portfolio R Acc 104 19 111 18 136 17 150 52 200 25 1.33 0.29 BlackRock Global Equity D Acc 97 263 100 259 130 195 158 174 198 119 0.92 0.82 MGTS Frontier Adventurous R Acc 103 49 110 27 135 26 148 59 - - 1.60 0.23 BlackRock Global Equity D GBP Acc 101 198 106 195 132 184 163 161 - - 0.24 2.25 MI Charles Stanley Multi Asst5 Adv A£Acc 102 67 ------BlackRock Overseas Equity I Acc GBP 103 116 107 152 146 61 190 48 264 36 0.24 1.16 MI Downing Diversified Global Mgrs A Acc 105 9 109 38 125 78 142 80 170 60 1.75 - BNY Mellon Global Leaders GBP W Acc 102 182 107 173 ------0.89 0.49 MI Momentum Focus 3 A Acc 99 132 101 140 112 127 120 114 - - 3.22 1.12 BNY Mellon Long-Term Global Eq Int W Acc 104 84 109 103 147 57 173 102 276 27 0.81 0.83 MI Momentum Focus 4 A Acc 100 121 102 125 117 118 132 102 - - - 1.30 Brown Advisory Global Leaders C USD Acc 108 13 118 22 ------0.75 - MI Momentum Focus 5 A Acc 100 115 104 116 120 104 140 90 - - - 1.48 Candriam Quant Equities MF Glb C Acc EUR 101 197 106 204 141 110 175 95 219 85 1.96 - Neptune Global Alpha C Acc GBP 112 2 122 1 135 20 190 2 200 26 0.72 0.47 Capital Group New Pers (LUX) Z 104 93 113 45 151 34 196 35 306 17 0.80 - Newgate GBP Inc 100 123 103 120 119 109 134 96 164 65 1.34 1.32 Carmignac Investissement A EUR Acc 98 259 109 115 121 233 140 205 190 127 2.00 -

56 www.WhatInvestment.co.uk Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ %TER YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % Carmignac Pf Invmt F GBP Acc Hdg 103 124 106 189 102 240 141 203 - - 1.17 - Kennox Strategic Value Institutional Acc 99 245 102 253 123 225 - - - - - 2.51 Davy Discovery Equity M GBP Acc 104 77 112 54 ------L&G Global 100 Index Trust I Acc 103 101 109 111 146 67 180 81 247 51 0.32 2.34 Davy Ethical Equity U GBP Acc 103 104 107 175 ------L&G Global Equity Index I Acc 103 127 108 145 143 89 174 98 - - 0.87 1.67 Davy Global Brands Equity M Acc 98 258 104 233 ------L&G Global Health&PharmaIdx Tr I Acc 99 249 103 242 129 199 199 29 376 4 0.32 1.44 Dimensional International Core Eq Acc 102 153 106 197 144 73 184 66 260 40 0.46 1.51 L&G International Index Trust I Acc 103 105 108 128 146 59 185 62 - - 0.39 1.81 Dimensional International Val Acc 104 65 105 213 142 101 179 82 213 96 0.57 1.70 Lazard Managed Equity A Acc 102 159 107 154 130 194 166 151 221 81 1.05 1.46 Dodge & Cox Worldwide Global Stk GBP Acc 101 212 103 240 143 83 195 38 - - 0.69 - Legg Mason CB Glb Equity A USD Dis(A) 100 232 103 241 126 213 152 187 186 131 1.90 0.60 Dominion Global Trends - Managed GBP I 102 161 110 92 133 173 139 209 - - - - LF Adam Worldwide Acc 100 227 105 225 130 197 151 191 233 66 1.37 1.53 Dominion Global Trends Lxy Cnsmr GBP I 99 239 110 89 115 238 124 216 199 115 - - LF Canlife Global Equity C Acc 102 171 102 249 135 162 173 101 237 61 0.81 1.30 EdenTree Amity International B 103 102 111 73 134 170 149 195 225 75 0.83 1.88 LF Macquarie Global Infras Secs B Acc 89 276 97 268 120 235 145 200 192 126 1.13 2.19 EF Brompton Global Equity B GBP Acc 105 54 108 131 143 85 - - - - 1.71 0.17 Lindsell Train Global Equity B GBP Inc 106 36 123 5 173 3 235 5 - - - 0.85 Electric & General Net Income A 97 269 100 260 139 124 166 148 - - - 1.56 Liontrust Sust Fut Glbl Gr 2 Net Acc 103 128 112 51 143 84 177 89 223 78 0.85 0.47 F&C Global Thematic Opps 1 Acc 105 57 112 57 131 186 166 149 193 125 2.43 - LO Funds Emerging Hi Convc USD NA 105 41 119 11 148 48 154 184 - - 1.15 - F&C Institutional Global Eq 4 Inc 102 170 107 178 145 69 208 19 270 33 0.03 2.12 LO Funds Golden Age USD NA 101 214 109 113 131 188 182 73 - - 1.00 - F&C MM Navigator Boutiques C Acc 103 103 110 91 139 126 178 84 220 82 - 0.12 M&G Global Dividend GBP I Acc 103 99 104 228 140 115 161 166 - - 0.91 1.89 F&C Responsible Global Equity 2 104 82 112 53 148 49 191 44 274 30 0.80 0.71 M&G Global Leaders GBP I Acc 107 23 113 47 149 45 176 91 206 106 0.93 0.65 Fidelity Allocator World Y Acc 102 148 107 169 139 122 176 93 - - - 0.98 M&G Global Recovery GBP I Acc 107 26 110 77 145 68 178 85 - - 0.93 1.00 Fidelity Global Cnsmr Inds W-Acc-GBP 103 142 113 39 148 50 190 47 344 9 1.17 - M&G Global Select GBP I Acc 103 140 105 222 140 112 162 164 233 67 0.92 0.87 Fidelity Global Financial Svcs W-Acc-GBP 107 22 113 46 155 24 187 56 230 71 1.16 - M&G Global Themes GBP I Acc 101 199 109 102 139 132 138 211 167 138 0.91 0.99 Fidelity Global Focus W Acc 104 88 109 116 147 55 186 59 263 37 - 0.44 Majedie Global Equity X GBP Acc 102 168 108 130 143 86 - - - - - 0.58 Fidelity Global Health Care W-Acc-GBP 98 255 101 256 121 232 188 54 315 16 1.17 - Majedie Global Focus X GBP Acc 101 204 108 122 140 114 - - - - - 0.61 Fidelity Global Industrials W-Acc-GBP 103 144 98 266 134 165 140 207 177 135 1.19 - Margetts Intl Strategy R GBP Acc 103 110 109 104 137 141 165 154 220 83 0.74 0.65 Fidelity Global Special Situations W Acc 104 58 110 80 155 21 212 15 229 73 - 0.63 Margetts Opes Growth R GBP Acc 103 126 107 161 137 146 164 159 194 124 0.88 0.37 Fidelity Index World P Acc 103 138 106 187 143 90 184 65 - - - 1.66 Marlborough Global P Acc 104 86 109 100 137 150 172 112 187 130 - 0.02 Fidelity Instl Glbl Foc 104 79 110 82 149 42 189 52 277 26 0.90 0.59 McInroy & Wood Smaller Comps Pers Inc 107 18 117 24 151 36 195 37 340 10 - 0.38 Fidelity Open World Y Acc 103 146 107 158 140 120 169 134 - - - 0.17 MFS® Meridian Global Concntr W1 GBP 98 254 106 199 ------1.26 - Fidelity Undiscovered Talent Y Acc 104 83 107 150 133 176 - - - - - 1.54 MFS® Meridian Global Energy WH1 GBP 105 53 95 270 89 243 86 219 - - 1.00 - Fidelity WealthBuilder Y Acc 102 180 108 138 133 179 167 143 218 87 - 1.08 MFS® Meridian Global Equity Inc WH1 GBP 103 141 111 74 ------0.95 - First State Glbl Lstd Infras B Acc GBP 88 278 95 271 132 182 170 131 241 55 0.95 3.29 MFS® Meridian Global Equity W1 GBP 100 233 105 214 139 130 174 100 283 23 1.14 - First State Global Resources B Acc GBP 99 250 100 263 121 234 96 217 85 143 0.89 1.20 MFS® Meridian Global Rsrch Focus W1 USD 99 241 106 194 138 136 171 124 223 77 0.94 - FP CRUX Global B Inc 104 75 108 126 138 140 168 137 254 46 1.29 1.00 MFS® Meridian Managed Wealth WH1 GBP 100 228 103 245 ------1.00 - FP Octopus Global Growth B 104 62 110 90 141 106 150 193 - - 1.49 0.51 MGTS Greystone Global Growth R Acc 104 67 110 76 144 74 174 99 243 53 - 0.26 FP Octopus International Equity B Acc 104 59 108 132 142 99 180 80 - - 0.93 1.01 MI Charles Stanley UK & Intl Gr A Acc 99 243 102 252 124 224 151 189 - - 1.49 1.76 FP Russell Invsmts Intl Gr Assts C Acc 106 35 113 38 135 156 190 45 - - 1.07 0.57 MI Metropolis Value A Acc 101 207 110 86 157 16 197 31 - - 1.47 0.36 FP SCDavies Global Equity A Acc GBP 103 136 108 143 140 119 172 119 - - 1.81 - MI Thornbridge Global Opps C Acc 102 152 116 27 146 63 159 172 - - 0.91 1.28 FP WHEB Sustainability C 104 90 111 65 144 76 180 79 - - 1.05 0.10 Mirabaud Equities Global Focus D GBP Acc 108 11 116 25 ------1.24 - FP WM Global Corp Autonomies I GBP Acc 101 205 107 176 ------1.06 Morgan Stanley UK Global Brands I GBP 100 221 105 220 150 39 185 64 350 8 1.00 1.07 Fundsmith Equity T Acc 104 72 115 31 172 4 244 3 - - 1.17 0.56 MS INVF Emerging Leaders Equity Z 96 271 108 141 133 177 133 212 - - 1.05 - GAM Global Diversified Instl GBP Acc 95 273 100 262 123 226 158 175 215 92 1.09 - MS INVF Global Brands I 101 202 106 203 152 33 185 63 353 7 0.98 - GAM International Growth & Val X Acc 100 229 110 78 128 202 - - - - - 1.02 MS INVF Global Opportunity Z 109 7 131 2 201 1 322 1 - - 0.94 - GAM Multistock Luxury Brands Eq GBP Ra 105 52 120 6 139 127 147 198 - - 1.27 0.53 MS INVF Global Quality I 101 201 105 226 147 51 - - - - 0.98 - GAM Star Comps Glbl Eq GBP Acc 103 139 107 180 133 175 168 139 - - 1.90 - MT Total Return 103 120 110 85 134 167 168 138 243 54 0.65 1.03 GAM Star Global Quality Instl GBP Inc 99 246 99 265 129 201 167 144 - - 1.16 0.94 NatWest International Growth NAV 102 184 103 246 125 216 157 177 208 101 - 1.15 GAM Star Worldwide Equity Ord GBP Acc 99 247 109 107 128 205 152 188 195 122 1.62 - Neptune Global Equity C Acc GBP 110 4 120 9 136 153 170 132 171 137 - 0.49 GS GIVI Gl Eq GrMkts Tilt R Acc $ Snap 102 191 107 148 142 97 172 117 - - 0.50 - Neptune Global Smaller Coms C Acc GBP 112 1 120 8 133 174 151 192 149 140 2.50 0.34 GS Glb Sm Cp CORE® Eq R Inc GBP Snap 104 78 107 159 150 38 201 25 335 11 0.85 0.51 New Capital Glbl Eq Convict USD Ord Acc 106 33 115 32 ------2.08 - GS Glbl Eq Ptnrs ESG R Inc USD Snap 100 220 106 193 130 196 158 176 - - 1.00 0.36 Newton Global Equity Inst W Acc 100 226 104 234 135 161 171 121 208 100 0.80 1.03 GS Global CORE® Eq R Acc USD Snap 104 69 109 94 156 18 220 11 284 21 0.75 - Newton Global Opportunities Inst W Acc 99 248 101 257 137 147 172 115 208 103 0.83 0.93 GS Global Equity Ptnrs R Inc GBP 100 238 107 177 133 178 173 108 232 69 1.15 0.30 NFU Mutual Global Growth C 104 87 109 96 157 14 163 160 207 104 - 0.87 GS Global Millennials Eq R Inc USD 102 169 111 71 142 100 172 113 - - 1.15 - Old Mutual Ethical R GBP Acc 101 200 104 232 142 92 173 107 202 113 - 0.79 GS Strategic Global Equity R Inc GBP 102 181 108 124 134 169 168 136 261 38 1.05 0.47 Old Mutual Fidelity Glbl Foc U2 GBP Acc 104 94 109 98 149 46 - - - - - 0.76 Guinness Alternative Energy X 99 251 100 261 100 241 133 213 - - 1.24 - Old Mutual Global Best Ideas R GBP Acc 103 115 105 206 127 209 150 194 199 116 - 0.08 Guinness Global Energy X 102 149 89 274 94 242 90 218 - - 1.24 - Old Mutual Global Equity R GBP Acc 104 60 109 95 157 15 230 7 318 13 1.14 0.40 Guinness Global Innovators Y GBP ACC 107 25 118 18 154 26 239 4 404 2 0.99 - Old Mutual Voyager Glbl Dyn Eq R GBP Acc 101 195 106 200 124 223 140 206 - - 1.06 0.68 Guinness Global Money Managers X 103 117 113 44 125 218 181 76 - - 1.24 - Old Mutual World Equity A EUR Acc 104 85 108 133 ------1.84 - Halifax Ethical C 103 122 107 153 128 203 161 165 211 97 1.52 0.68 Old Mutual World Index U2 GBP Acc 103 132 107 155 146 66 - - - - - 1.43 Halifax Fund of Invmt Trusts C 103 129 111 69 139 131 167 142 202 112 1.51 0.35 Orbis OEIC Global Equity Standard 104 71 110 88 163 9 216 13 325 12 - - Halifax Intl Gr C 103 119 108 136 139 133 172 116 224 76 1.51 1.37 Overstone UCITS Smaller Coms A USD 102 179 105 211 119 236 169 133 234 64 - 0.82 Harris Associates Global Eq R/A USD 103 106 107 149 135 163 170 125 238 58 2.15 - Pictet - Global Envir Opps I dy GBP 102 176 112 52 152 32 181 75 - - 1.22 - HC Charteris Global Macro A Acc 93 275 92 273 107 239 - - - - - 1.86 Pictet-Clean Energy I dy GBP 98 256 105 224 121 231 157 179 128 142 1.20 0.06 Heriot Global A Acc 106 38 111 67 137 142 - - - - - 1.58 Pictet-Global Megatrend Sel I dy GBP 102 188 110 79 141 109 184 68 - - 1.21 - Hermes Global Equity ESG F GBP Acc 100 217 107 164 140 111 - - - - 0.73 - Pictet-Premium Brands I dy GBP 104 73 118 17 126 214 144 201 284 22 1.20 0.09 Hermes Global Equity F GBP Acc 102 162 107 163 143 91 191 43 - - 0.66 - Pictet-Security I dy GBP 101 208 108 118 144 72 189 50 373 5 1.20 - Hermes Global Small Cap Equity F GBP Acc 108 15 108 123 ------1.15 - Pictet-Water I dy GBP 98 260 103 243 144 78 167 146 249 50 1.20 0.48 HL Multi-Manager Special Sits A Acc 102 166 110 83 139 125 172 114 220 84 1.49 0.63 Premier Global Alpha Growth C Acc 107 16 115 29 154 27 200 27 - - 1.27 0.94 HSBC FTSE All-World Index C Acc 103 133 108 140 143 88 - - - - - 1.77 Principal Global Equity I Acc USD 102 167 107 171 135 160 169 135 219 86 1.28 - IFSL Ravenscroft Huntress GlbBlueChpBInc 93 274 ------Purisima Global Total Return A 104 89 109 99 149 43 187 57 230 70 1.32 0.54 Investec Glb Quality Eq Inc I Inc-2 Net 96 272 98 267 ------2.83 Rathbone Global Opportunities I Acc 107 21 118 15 164 7 209 18 267 35 - 0.14 Investec Global Dynamic I Acc Net GBP 102 147 109 101 137 144 177 88 252 48 0.87 0.86 RBS International Growth 1 102 184 103 246 125 216 157 177 208 101 1.63 1.14 Investec Global Equity I Acc Net GBP 103 137 108 119 135 158 172 111 233 65 0.88 1.02 River and Mercantile Glbl Hi Alpha B Acc 105 44 112 56 ------1.03 Investec Global Franchise I Net Acc 98 253 104 238 147 56 178 86 - - 0.85 2.37 River and Mercantile World Recovery B 104 80 113 41 152 28 - - - - 1.25 0.71 Investec Global Special Sits I Net Acc 105 43 111 70 155 23 202 23 304 18 0.91 0.55 Robeco BP Global Premium Equities F £ 102 165 105 217 ------0.81 - Investec Global Strat Eq I Acc Net GBP 105 47 114 34 145 71 197 33 260 42 0.86 0.73 Royal London GMAP Dyn M GBP Acc 101 203 106 201 ------1.82 IP Global Equity Z Acc 104 61 111 64 141 102 182 72 - - - 1.49 Russell Inv Global List Infras I GBP 88 277 96 269 122 230 144 202 - - 1.76 2.85 IP Global ex UK Core Equity Index 103 145 106 190 143 82 186 58 260 41 0.72 1.47 Russell Inv World Equity I 101 196 108 142 147 53 186 60 271 32 1.01 0.59 IP Global ex UK Enhanced Index 103 98 107 184 145 70 192 42 280 24 0.37 1.79 RWC Global Horizon R GBP Cap 104 66 106 191 151 35 - - - - 1.16 - IP Global Opportunities Z Acc 104 96 111 72 151 37 198 30 275 28 - 0.97 S&W Aubrey Global Conviction 111 3 137 1 164 8 211 17 256 44 1.75 - IP Global Smaller Companies Z Acc 103 123 112 55 152 31 192 40 317 14 - 0.67 Sanlam FOUR Global Equity A GBP 102 173 102 251 124 222 159 173 - - 0.97 - Janus Henderson Glb Research A USD Acc 101 216 105 207 126 211 161 168 217 89 2.50 - Sanlam FOUR Stable Global Eq A GBP Acc 98 262 95 272 126 215 - - - - 1.01 - Janus Henderson Global Equity I Acc 104 70 113 43 157 13 227 8 388 3 - 0.20 Sanlam Global Best Ideas A GBP Acc 101 206 105 227 129 200 127 215 142 141 1.56 0.84 Janus Henderson Global Sust Eq I Acc 106 39 114 33 144 81 197 32 268 34 - 0.47 Sanlam Global Financial A GBP 107 19 118 16 165 6 165 155 241 56 1.60 0.58 Janus Henderson Instl Gl 50/50IdOpp 3Acc 101 209 107 174 132 183 161 167 218 88 0.39 2.49 Sarasin IE Global Eq Opps GBP P Acc 102 150 109 97 136 152 165 156 - - - 2.03 Janus Henderson Mlt-Mgr Global Sel I Acc 102 164 108 121 133 180 151 190 157 139 - 1.01 Sarasin IE Global Eq Opps USD P$ Acc 103 111 110 87 138 135 167 147 - - - 1.92 Janus Henderson World Select I Acc 105 46 112 58 137 143 170 126 229 72 0.85 0.79 Sarasin Responsible Glb Eq Stg Hdg P Acc 108 12 118 20 122 229 160 169 - - 0.98 1.48 JOHCM Glbl Smaller Companies A USD Inc 105 49 108 126 ------1.24 - Sarasin Responsible Global Equity P Acc 103 113 111 60 138 137 170 127 - - 1.00 1.54 JOHCM Global Opportunities A GBP Inc 96 270 99 264 139 128 181 74 - - 0.83 2.60 Sarasin Thematic Global Eq Stg Hdg P Acc 108 9 117 23 119 237 153 186 - - 0.98 1.49 JOHCM Global Select A GBP 108 14 113 42 130 193 194 39 - - 0.79 0.89 Sarasin Thematic Global Equity P Acc 103 108 111 62 135 164 164 157 204 111 0.97 1.57 JPM Global Dynamic A (dist) GBP 104 81 108 129 137 145 173 106 214 94 1.80 0.29 Schroder Global Alpha Plus Z Acc 101 215 108 134 144 80 182 69 - - - 0.55 JPM Global Focus A (dist) USD 103 134 106 202 140 118 176 92 251 49 1.80 0.84 Schroder Global Equity I Acc 104 76 112 59 147 54 187 55 273 31 0.53 1.12 JPM Global Unconstrained Eq C Net Acc 102 178 104 235 139 121 180 78 222 80 0.93 - Schroder Global Healthcare Z Acc 97 265 101 258 123 227 200 28 360 6 0.93 0.48 JPM Multi-Manager Growth C Net Acc 104 92 114 35 140 113 171 123 188 128 0.83 - Schroder Global Recovery Z Acc 103 100 110 81 ------1.44 Jupiter Ecology I Acc 100 237 107 172 134 168 166 150 199 118 0.79 0.66 Schroder ISF Global Energy Z Acc EUR 106 28 82 275 84 244 64 220 - - 1.07 - Jupiter Fund of Investment Trusts I Acc 106 34 118 14 142 94 170 129 205 108 - 0.71 Schroder ISF Global Eq Alp Z Acc EUR 103 118 109 93 141 104 173 103 232 68 1.06 - Jupiter Global Elgy Gr D EUR A Inc Dist 100 236 107 157 134 166 162 162 177 136 0.79 0.68 Schroder ISF Global Eq Yld Z Acc EUR 105 42 109 109 141 103 190 46 257 43 1.06 - Jupiter Global Managed I Acc 100 219 105 219 131 192 164 158 213 95 0.99 1.48 Schroder ISF Global Smlr Coms C Acc USD 102 154 104 230 147 52 197 34 297 20 1.34 - Jupiter Global Value L GBP A Inc 108 10 116 26 150 40 170 128 - - 1.84 0.57 Schroder MM International Z Acc 100 235 104 231 137 148 174 97 255 45 1.36 0.55 Jupiter Merlin Worldwide Portfolio I Acc 102 158 107 181 131 191 154 185 215 93 1.81 - Schroder QEP Glbl Active Val Z Acc 102 160 103 244 135 155 168 140 - - 0.77 1.75 Kames Global Equity GBP B Acc 107 24 119 13 152 29 192 41 187 129 1.30 0.39 Schroder QEP Global Core Eq A Acc 103 112 104 236 142 98 182 71 - - 0.37 1.89

www.WhatInvestment.co.uk 57 Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ %TER YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % Scot Wid MM International Eq A 103 143 107 162 141 107 173 105 244 52 1.83 0.28 IP Z Acc 96 67 99 85 113 74 113 74 170 42 - 1.73 Scottish Widows Global Growth G Acc 104 91 108 135 139 123 170 130 - - - 1.16 iShares Overseas Corp Bd Idx (UK) D Acc 93 133 95 112 120 48 120 35 - - 0.17 2.88 Scottish Widows Global Sel Gr A 100 223 104 229 125 219 147 199 186 132 1.62 0.47 iShares Overseas Govt Bd Idx (UK) D Acc 93 125 95 109 120 50 112 77 - - 0.18 1.02 Scottish Widows Intl Eq Tracker I Acc 103 130 106 188 142 96 175 96 225 74 0.61 - Janus Henderson Flexible Inc I USD Inc 92 136 91 131 114 68 117 52 209 13 0.76 2.82 Scottish Widows Opportunity A 102 183 105 218 127 210 159 171 201 114 2.00 0.44 Janus Henderson High Yield I USD Inc 95 96 93 125 125 31 131 14 254 5 0.87 5.76 SKAGEN Global A 100 222 107 166 133 172 147 197 210 98 1.00 - Janus Henderson Hrzn Euro Corp Bd H2 EUR 96 77 106 11 126 24 121 32 - - 0.81 - SKAGEN Kon-Tiki A 101 210 109 112 135 157 129 214 205 109 1.79 - Janus Henderson Instl Overseas Bd A Inc 93 130 94 116 116 65 105 102 153 57 1.20 0.04 SLI Gbl Smaller Cos Pltfm 1 Acc 104 68 120 7 176 2 216 12 - - - 0.03 Janus Henderson US Sh-Trm Bd I USD Inc 93 124 91 132 114 72 113 71 176 37 0.76 1.54 SLI Global Equities A Acc GBP 97 267 102 254 124 221 155 182 - - 1.49 - JPM Global (ex-UK) Bond C Grs Acc 100 19 101 51 104 105 114 67 127 65 0.58 0.33 SLI Global Equity Uncons Plat 1 Acc 98 257 104 239 128 204 167 145 235 63 - 0.26 L&G Global Inflation Lnkd Bd Idx I Acc 99 24 100 64 101 121 - - - - - 1.72 SLI International Trust 102 174 107 185 140 116 200 26 275 29 0.14 1.46 Legg Mason BW Glb FI X USD Dis(S) 95 92 99 83 118 63 117 54 200 17 0.88 2.43 SPW Global High Quality C GBP Acc 99 244 108 139 156 17 - - - - 0.64 - Legg Mason BW Glb Oppc FI A USD Dis(M) 95 102 100 72 118 59 118 46 - - 1.42 2.27 Standard Life Wealth Falcon Acc 97 264 102 248 122 228 148 196 208 99 1.55 0.53 Legg Mason IF WA Glb Mlt Strat Bd X Inc 99 27 102 36 109 88 111 83 - - - 5.26 Stewart Investors Wldwd Ldrs B Acc GBP 100 234 105 212 142 93 176 90 237 59 0.92 0.43 Legg Mason WA Asian Opps X USD Dis(M) 95 100 97 94 119 56 112 78 - - 0.86 3.72 Stewart Investors Wldwd Sustbl B Acc GBP 98 261 107 182 144 77 175 94 - - - 0.33 LF Canlife Global Bond C Acc 95 89 100 73 120 46 119 43 - - - 2.60 Stewart Investors Worldwide Eq B Acc GBP 100 224 107 186 144 75 165 153 - - 2.41 0.11 LF Canlife Global High Yield Bond C Acc 100 6 102 40 110 84 119 42 194 23 - 4.58 Stonehage Fleming Global Eqs II B Inc 103 125 107 147 129 198 155 183 196 121 1.70 1.38 Loomis Sayles Global Opp Bd R/D GBP 94 115 96 103 119 55 112 81 179 36 1.50 1.37 Stonehage Fleming Global Equities B Inc 105 56 108 125 131 190 156 181 194 123 1.87 0.72 Loomis Sayles Multisector Inc R/D GBP 94 119 93 124 119 51 125 24 215 10 1.36 3.16 Stonehage Flmg GlbBest IdeasEq C GBP Inc 102 175 111 66 146 64 ------M&G European GBP I Acc 96 69 106 9 126 25 120 36 180 35 0.66 1.54 SVM World Equity Instl 99 240 105 215 136 154 166 152 236 62 1.98 - M&G European High Yield Bond GBP I Acc 96 68 107 7 133 10 128 21 213 11 0.93 3.29 SVS Church House Esk Global Equity A Acc 99 242 107 151 135 159 ------M&G Global GBP I Acc 96 87 98 92 126 23 119 39 206 16 0.73 2.86 T Bailey Growth Inst Acc 103 107 113 40 141 105 173 104 217 90 1.74 - M&G Global Macro Bond GBP I Acc 94 110 95 114 119 54 118 45 198 20 0.81 1.64 T. Rowe Price Global Fcs Gr Eq C GBP 109 6 ------Man GLG Corporate Bond Profl Acc C 94 116 97 96 119 57 124 27 240 7 0.69 2.68 T. Rowe Price Global Focused Gr Eq Q GBP 110 5 119 10 169 5 234 6 252 47 0.92 - Marlborough Global Bond P Inc 96 71 100 68 117 64 125 25 207 14 - 3.43 T. Rowe Price Global Growth Eq Q GBP 107 17 119 12 156 20 201 24 - - 0.92 - MFS® Meridian Global Credit WH1 GBP 99 39 104 24 106 97 99 112 - - 0.75 - Templeton Growth W Acc 102 189 106 192 131 189 173 109 204 110 0.85 1.45 MFS® Meridian Global High Yield WH1 GBP 100 15 102 39 111 81 - - - - 0.90 - Threadneedle Glbl Extnd Alpha Ins Acc £ 106 31 115 30 152 30 203 22 - - 1.43 0.18 MFS® Meridian Inflation Adjstd Bd W1 USD 93 134 90 136 113 77 106 98 172 41 0.75 - Threadneedle Global Select Z Acc GBP 106 27 116 28 154 25 195 36 260 39 0.89 0.49 MFS® Meridian US Corporate Bond WH1 GBP 97 56 100 60 ------0.75 - TM UBS (UK) - Global Equity C Acc 102 172 108 144 131 187 - - - - - 1.01 MFS® Meridian US Government Bond W1 USD 92 138 90 135 113 76 114 64 185 30 0.71 - Troy Trojan Global Eq O Acc 101 211 105 208 142 95 179 83 278 25 1.11 0.68 MFS® Meridian US Total Return Bd WH1 GBP 97 57 100 76 102 117 - - - - 0.75 - UBS (Lux) ES Gl Opp Uncons$ Q-acc 105 55 110 84 ------1.10 - Mirabaud Global Hi Yld Bds DH GBP Acc 100 14 102 38 110 82 124 26 - - 0.80 - UBS FTSE RAFI Developed 1000 Index J Acc 101 193 105 221 ------2.42 Mirabaud Global Strategic Bd AH GBP Inc 99 31 101 56 102 114 - - - - 1.39 2.59 UBS Global Equity Allocation J Acc 104 95 109 117 ------0.14 MS INVF Euro Corporate Bond I 96 72 107 8 131 11 126 23 199 18 0.68 - UBS Global Optimal C 104 97 109 105 137 150 172 120 222 79 - 0.70 New Capital Glbl Val Crdt GBP Ord Acc 100 11 102 43 107 90 114 65 156 54 1.07 - UBS MSCI World Minimum Vol Idx J Acc 97 268 102 255 ------2.25 New Capital Wealthy Nat Bd GBP Inst Inc 98 54 101 53 109 89 114 69 - - 1.25 4.36 Vanguard FTSE Dev Wld ex UK Eq Idx Acc 102 156 107 168 146 62 189 51 - - 0.30 1.56 Newton International Bond Inst W Acc 94 118 96 102 118 60 112 79 169 45 0.57 1.55 Vanguard FTSE Glb All Cap Idx Inv A £Acc 102 163 107 160 ------Nordea 1 - Flexible Fixed Income BC EUR 96 83 105 22 ------0.77 - Vanguard Glbl Small-Cap Idx GBP Acc 102 187 105 209 146 60 188 53 - - 0.40 1.29 Old Mutual GlbStratBd (IRL) S GBP Inc 94 113 96 100 113 73 103 106 - - 2.04 2.06 Vanguard Global Equity A GBP Acc 102 190 111 68 ------0.85 Old Mutual Global Strat Bd P GBP Acc 100 7 103 33 101 123 96 116 164 48 0.62 1.27 Vanguard LifeStrategy 100% Equity A Acc 102 186 107 167 138 134 172 110 - - 0.33 1.70 OYSTER European Corporate Bds R GBP D HP 101 5 104 29 103 113 - - - - 0.90 2.01 Vanguard SRI Global Stock GBP Acc 101 194 105 205 140 117 177 87 - - 0.40 1.60 Pictet-Asian Local Ccy Debt I GBP 95 95 96 101 121 40 115 61 198 19 0.94 - Veritas Global Focus A GBP 97 266 106 198 146 58 186 61 298 19 1.12 0.08 Pictet-Latin Amer Lcl Ccy Dbt I GBP 94 112 98 93 123 34 98 114 175 38 0.94 - Veritas Global Focus A GBP 97 266 106 198 146 58 186 61 298 19 1.12 0.08 PIMCO GIS Credit Abs Ret E USD Acc 95 105 94 115 121 42 119 40 - - 1.80 - Virgin Global Share 101 192 108 120 132 181 - - - - - 0.95 PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc 95 101 106 12 125 29 145 3 273 3 0.46 - VT Price Value A GBP Acc 104 74 109 108 ------1.02 PIMCO GIS Euro Bond E EUR Inc 95 91 104 25 123 35 119 41 164 49 1.36 - Waverton Global Equity A GBP 101 213 107 183 131 185 167 141 199 117 1.53 0.25 PIMCO GIS Euro Credit E EUR Acc 95 98 104 28 125 28 118 47 - - 1.36 - Waverton Tactical Equity A GBP 102 151 109 114 125 220 156 180 - - 1.34 - PIMCO GIS Euro Income Bond E EUR Inc 96 82 105 15 129 14 120 37 - - 1.39 3.94 Wesleyan International Growth X Acc 103 121 113 37 ------0.61 PIMCO GIS Euro Low Dur E EUR Acc 95 94 103 32 119 52 - - - - 1.36 - Winton Global Equity I GBP Acc 100 231 102 250 128 206 171 122 - - - - PIMCO GIS Euro Short-Term E EUR Acc 95 90 102 37 118 58 101 111 123 66 1.15 - Average/Total 102 279 108 276 139 245 174 221 240 144 1.11 1.00 PIMCO GIS Glb AdvRlRt Ins GBPPrtly H Inc 97 55 101 57 105 101 98 113 - - 0.69 3.05 (IA) GLOBAL BONDS PIMCO GIS Glb Bd Ex-US E USD Inc 94 108 92 128 120 49 130 17 - - 1.39 0.37 PIMCO GIS Glb Bd R GBP Hedged Inc 99 28 101 50 105 100 115 62 163 50 0.76 1.34 Aberdeen Euro Corporate Bond I Acc 96 81 105 14 125 27 117 48 186 27 - 0.97 PIMCO GIS Glbl Advtg Ins GBP Prtly H Acc 99 30 101 46 111 79 115 60 - - 0.70 - Aberdeen Global Corporate Bd Trkr B Acc 98 47 ------PIMCO GIS Glbl Rl Ret R GBPH Acc 99 34 100 65 107 91 110 87 151 60 0.76 - Aberdeen Global SelEuro HYBd X MInc GBP 97 65 107 6 139 3 130 16 207 15 0.89 4.64 PIMCO GIS Low Avrg Dur R GBPH Inc 99 35 99 78 100 126 101 108 - - 0.75 1.02 Acumen Bond X Acc 98 52 ------PIMCO GIS Ttl Ret Bd R GBPH Inc 97 59 100 63 102 119 105 103 - - 0.77 1.95 Allianz Flexi Asia Bond PQ H2 GBP 100 13 102 41 110 83 - - - - 0.86 3.81 Robeco High Yield Bonds FH £ 101 3 104 26 ------0.68 - Amundi SICAV II Euro High Yield R GBP ND 97 61 108 3 138 5 134 9 - - 0.79 - Royal London Global Index Linked M 99 43 100 67 109 87 112 76 - - - 0.59 Amundi SICAV II Glbl Aggt Bd R GBP ND 94 117 94 118 113 78 109 91 183 31 0.59 - Royal London International Govt Bd M Inc 98 46 100 74 103 112 110 89 - - - 1.11 Amundi SICAV II Pio Global HY R GBP ND 96 85 97 97 129 17 131 13 246 6 0.76 - Royal London Shrt Dur Glb Idx Lnkd Inc M 99 33 100 75 ------0.49 Amundi SICAV II Pio Strat Inc R GBP ND 93 129 92 130 121 41 126 22 240 8 0.82 - Russell Inv Global Bond I Income 94 109 97 95 120 45 116 58 194 24 0.79 2.58 Aviva Investors Glbl Agg MoM 1 2 GBP Inc 100 18 101 45 101 122 109 93 116 67 0.80 2.43 Schroder ISF EURO Corp Bd Z Acc EUR 96 70 107 5 134 9 131 12 194 25 0.58 - Aviva Investors Global HY Bd Amh GBP Inc 99 22 101 48 107 94 115 59 - - 1.48 6.89 Schroder ISF Glb Crdt Dur H C Acc EUR H 97 62 105 13 126 26 111 84 136 63 0.74 - AXA Global Short Duration Bond Z GBP Acc 100 17 ------Schroder ISF Glb InflLnkdBd C Acc EUR 94 111 103 35 127 20 113 72 161 51 0.66 - AXA US Short Duration Hi Yld Z Net Acc 100 12 101 52 105 103 110 86 - - 0.77 3.89 Schroder ISF Glbl Corp Bd Z Acc USD 93 127 93 127 ------0.58 - Baring International Bond I GBP Inc 93 126 95 110 114 71 107 96 166 47 1.08 0.54 Schroder ISF Glbl Hi Yld C Acc USD 95 93 94 117 130 13 143 5 278 2 0.80 - Baring Strategic Bond I GBP Inc 100 8 101 47 101 120 102 107 160 52 - 1.12 Scottish Widows Cautious A Acc 99 37 101 55 106 98 117 50 152 59 1.50 1.04 Candriam Bds Crdt Opps C EUR Cap 96 79 104 23 129 15 120 34 195 22 2.01 - Scottish Widows International Bd A Acc 93 132 93 123 113 75 106 100 155 55 1.36 - Candriam Bds Euro High Yld C EUR Cap 97 66 108 2 138 6 138 7 238 9 1.26 - Scottish Widows Overseas FI Track I Acc 93 131 94 119 118 62 110 90 169 46 0.64 0.73 Candriam Bds Global Hi Yld C EUR Cap 95 99 105 17 135 8 130 18 212 12 1.23 - SLI European Corporate Bd D EUR Acc 96 80 105 19 128 19 122 29 190 26 0.54 - Candriam Bds Total Ret C EUR Cap 97 63 105 16 121 38 117 53 152 58 0.95 - SLI Global Bond A Acc GBP 94 120 95 113 114 70 108 95 - - - - Capital Group GlbHi Inc Opps (LUX) Z 95 104 96 99 130 12 129 19 261 4 0.90 - SLI Global Corporate Bond D Acc 93 121 93 126 121 37 132 11 - - - - Capital Group Global Bd (LUX) Z 93 128 95 108 118 61 114 66 174 39 0.60 - SLI Global High Yield Bond D Acc 95 97 94 120 127 21 135 8 - - 0.73 - Capital Group US Corp Bd (LUX) Z 92 135 92 129 123 32 133 10 - - - - SLI Global Index Linked Bond Plat 1 Acc 98 50 99 88 106 95 110 85 143 61 - 0.82 Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 103 1 102 42 109 86 131 15 - - 0.84 - SLI Shrt Dur Glbl Idx-Lnkd Bd Plat 1 Acc 99 40 99 89 102 116 - - - - - 0.59 Courtiers Investment Grade Bd Retl R 96 76 93 122 ------0.63 Smith & Williamson Glbl Inf-Lkd Bd X Inc 99 38 99 87 104 106 105 101 - - - 0.28 Dimensional Global Short Dated Bd Acc 98 49 99 81 102 115 106 99 132 64 0.33 1.38 T. Rowe Price Euro Corporate Bond Q EUR 96 78 106 10 128 18 122 28 182 32 0.57 - Dodge & Cox Worldwide Global Bd GBP Inc 95 106 95 107 122 36 - - - - 0.60 3.85 T. Rowe Price Eurpn Hi Yld Bd Q EUR 95 88 105 18 140 2 144 4 - - 0.75 - F&C Global Bond 2 Acc 99 36 101 58 104 104 116 57 170 43 0.32 1.23 T. Rowe Price Global Aggregate Bd Q EUR 94 114 96 105 120 44 116 56 186 28 0.62 - Fidelity Global Infl-Link Bd Y-Dis-GBP H 99 21 100 70 100 125 97 115 - - 0.51 0.48 T. Rowe Price Global HY Bd Q USD 95 107 94 121 129 16 141 6 283 1 0.71 - FP Octopus Fixed Income B Acc 98 53 99 77 105 102 110 88 - - 1.08 2.99 T. Rowe Price US Aggregate Bond Qh GBP 97 58 99 80 ------0.57 - FP SCDavies Global Fixed Inc A Acc GBP 98 45 99 86 97 129 101 109 - - 1.50 2.67 Templeton Global Bond W(Mdis)GBP-H1 99 20 99 79 99 128 101 110 155 56 1.00 6.64 GAM Multibond Total Return Bond EUR B 96 73 105 21 121 39 104 105 143 62 1.09 - Templeton Global Total Ret Bd W Acc H3 99 23 100 62 104 108 104 104 - - 0.80 5.35 GAM Star Cat Bond Institutional GBP Acc 99 26 100 61 107 92 121 30 - - 1.37 1.91 Threadneedle Dollar Bond Z Inc GBP 91 139 90 133 114 69 117 49 186 29 - 2.46 GAM Star Credit Opps (EUR) Instl EUR Acc 100 16 116 1 151 1 162 2 - - 1.13 - Threadneedle European Bd Z Inc GBP 96 75 103 30 120 47 121 31 181 34 0.64 0.66 GAM Star Credit Opps (USD) Instl USD Acc 96 74 98 91 138 4 166 1 - - 1.13 - Threadneedle Eurp Corp Bd Z GBP 96 84 105 20 127 22 121 33 169 44 - 0.86 GAM Star Dynamic Global Bd Instl USD Acc 93 123 96 104 123 33 114 68 - - 0.85 - Threadneedle Eurp HY Bd Z Acc GBP 97 64 108 4 136 7 129 20 - - - 3.95 GAM Star MBS Total Return Instl GBP Acc 101 4 103 31 111 80 - - - - 1.20 - Threadneedle Global Bd Z Inc GBP 93 122 95 111 115 66 111 82 158 53 - 1.54 GlobalAccess Glbl Infl Lnkd Bd M Dis GBP 98 48 99 82 106 96 108 94 - - - 1.67 TM UBS (UK) - Global Fixed Income E Acc 98 51 99 90 101 124 - - - - - 1.56 GlobalAccess Glbl Shrt Dur Bd M Dis GBP 100 10 101 49 106 99 109 92 - - - 2.16 Vanguard Glbl Sh-Tm Bd Idx GBPH Acc 99 25 100 69 102 118 - - - - - 0.88 GlobalAccess Global Govt Bd M Dis GBP 99 42 99 84 100 127 107 97 - - - 0.26 Vanguard Global Bond Index GBPH Acc 99 32 101 59 104 111 113 75 - - 0.20 1.61 GS Euro Short Dur Bd Plus R Acc EUR 96 86 104 27 125 30 - - - - 0.45 - Waverton Global Strategic Bond A USD 97 60 97 98 119 53 120 38 - - 1.28 4.96 GS Glbl Crdt (Hdg) R Inc GBP Hdg 99 41 101 54 104 109 113 70 172 40 0.65 2.56 Average/Total 97 139 100 136 116 129 117 116 185 67 0.88 2.30 GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 99 44 100 71 104 107 113 73 - - 0.75 1.64 GS Glbl Hi Yld R Inc GBP Hdg 100 9 102 44 107 93 117 55 - - 0.80 5.40 (IA) GLOBAL EMERGING MARKETS GS Global Fixed Inc (Hdg) R Inc GBP Hdg 99 29 100 66 104 110 112 80 - - 0.60 1.64 7IM Emerging Markets Equity Value C Inc 99 80 108 88 ------2.51 GS Global Fixed Income R Acc USD 95 103 95 106 121 43 117 51 181 33 0.60 - Aberdeen Emerging Markets Equity I Acc 98 88 109 83 133 74 125 63 243 4 1.20 1.01 GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 101 2 103 34 109 85 115 63 - - 0.95 3.79 Aberdeen Global Em Mkts Eq X Acc GBP 98 87 110 81 133 72 124 65 235 5 1.30 - GS US Fixed Income R Acc USD 92 137 90 134 115 67 119 44 196 21 0.60 -

58 www.WhatInvestment.co.uk Unit trusts

FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 1010 YEARS YEARS TERTER YIELDYIELD FUND 66 MONTHS MONTHS 11 YEARYEAR 3 YEARS 5 YEARS 1010 YEARS YEARS TER YIELD £ ££ ££ ££ ££ %% %% £ ££ ££ £ £ % % Aberdeen Global EM Smlr Coms X Acc GBP 97 90 106 90 126 81 116 69 271 2 1.47 - Candriam Bds Em Dbt Lcl Ccis C USD Cap 97 25 102 24 121 19 101 23 - - 1.36 - Aberdeen Global Emerging Mkts Quant Eq B 105 24 119 32 149 29 142 31 167 26 0.84 1.61 Candriam Bds Em Mkts C USD Cap 95 38 98 36 135 3 137 3 291 1 1.28 - Allianz Emerging Markets Equity C Acc 105 16 119 33 146 37 156 18 137 33 1.19 1.59 Fidelity Emerging Mkt Dbt A-Acc-EUR 92 48 93 45 127 9 129 6 266 2 1.66 - Artemis Global Emerging Mkts I Acc GBP 105 22 121 27 ------1.00 1.57 First State Emerg Mkts Bd B Hdg Acc GBP 99 15 104 17 112 38 118 13 - - - 5.57 Aviva Investors EM Eq MoM 1 2 GBP Inc 105 14 122 22 154 18 154 23 289 1 1.33 0.27 GAM MultiBond EM Infl Lnkd Bd GBP R 100 10 108 5 107 43 92 38 - - 1.05 - AXA Framlington EmerG Markets Z GBP Acc 101 69 116 47 142 52 137 45 167 25 0.90 0.63 GAM MultiBond EM Opportunities Bd GBP Ra 101 4 109 4 113 37 - - - - 1.00 5.73 Baillie Gifford Em Mkts Lead Coms B Acc 105 19 127 5 160 10 170 4 200 11 0.87 0.49 GAM Multibond Emerging Bond USD B 92 47 93 46 129 7 126 7 256 4 1.60 - Baillie Gifford Emerging Mkts Gr B Acc 104 25 129 2 159 11 173 2 221 7 0.83 0.58 GAM Multibond Local Emerging Bond GBP R 103 1 111 2 109 42 95 33 - - 1.32 - Baring Global Emerging Markets I GBP Acc 107 3 128 3 164 6 155 21 194 15 1.28 - GlobalAccess Emerging Mkt Dbt M Dis GBP 99 17 104 16 112 40 116 15 - - - 4.40 BlackRock Emerging Markets D Acc 104 30 121 25 145 38 140 36 184 21 0.92 0.76 GS EM Corp Bd R Inc GBP Hdg 100 11 103 22 114 35 118 12 - - 0.95 4.54 BMO LGM Glbl EmMkts Gr and Inc B USD Acc 99 84 113 64 136 63 136 46 - - 1.05 1.01 GS Em Mkts Dbt Blnd R Inc GBP 99 14 105 9 120 22 - - - - 0.95 4.94 Candriam Eqs L Em Mkts C EUR Cap 103 56 123 17 153 23 155 22 184 20 2.06 - GS Em Mkts Dbt R Inc GBP Hdg 99 18 103 21 115 33 117 14 - - 1.00 5.12 Carmignac Pf Emerg Discv W GBP Acc 102 66 118 40 148 31 - - - - 1.30 - GS Emerging Mkts Dbt Lcl R Inc GBP 98 21 105 8 123 15 97 29 171 14 0.95 5.56 Carmignac Pf Emergents W GBP Acc 99 79 112 66 134 68 - - - - 1.15 - HSBC GIF Global Em Mkts Local Dbt AD 96 34 99 34 119 27 100 25 176 13 1.61 2.18 Dimensional Emerging Mkts Core Eq Acc 102 62 114 59 143 46 140 38 205 9 0.78 1.70 Invesco Emerging Markets Bd A USD SD 94 40 96 39 131 4 129 5 239 6 1.29 5.11 Edinburgh Partners Emerging Opps I £ Inc 95 91 108 86 138 60 - - - - - 1.41 Investec Em Mkts Blnded Dbt I Acc GBP 96 32 100 33 127 10 113 19 - - - 5.48 EVI (IRL) Parametric Em Mkts I2 GBP 100 74 109 82 133 73 129 59 - - 1.06 - Investec EmMkts Lcl Ccy Dbt I Acc GBP 99 20 105 11 121 21 97 30 178 11 0.95 5.85 F&C Emerging Markets 2 98 85 112 67 136 65 127 61 228 6 0.84 0.93 IP Global Emerging Mkts Bd Z Acc 95 37 97 38 ------4.25 Fidelity Emerging Markets W Acc 106 8 125 8 148 30 168 7 - - - 0.77 JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP 96 33 102 26 117 30 93 37 - - 1.30 5.42 Fidelity Index Emerging Markets P Acc 103 49 117 43 143 44 - - - - - 1.58 JPM Emerging Markets Debt A (dist) GBP 93 46 94 44 126 13 - - - - 1.45 4.86 FP Henderson Rowe FTSE RAFI Em Mkt B 104 31 111 75 151 25 136 47 - - - 1.22 L&G Em Mkts Govt Bd (Lcl Ccy) Idx I Acc 97 29 102 25 ------5.40 GAM Multistock EM Equity GBP R 103 42 120 29 156 15 - - - - 1.10 - L&G Em Mkts Govt Bd (US$) Idx I Acc 90 50 92 48 126 12 123 10 - - - 5.40 GAM Star Emerging Equity Instl GBP Acc 106 11 119 36 161 9 161 10 - - 1.38 - Legg Mason WA EM TR Bd A USD Dis(D) 95 39 95 41 125 14 115 16 218 9 1.92 3.85 GlobalAccess Emerging Mkt Eq M Acc GBP 106 6 125 10 124 83 120 68 - - - 1.01 Loomis Sayles Em Debt & Ccies R/D USD 97 30 102 29 120 23 96 32 158 15 1.60 5.40 GS Em Mkts CORE Eq R Inc GBP Close 103 48 119 34 157 13 156 20 - - 1.05 1.39 M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc 94 41 ------GS Emerging Markets Eq R Inc GBP 106 10 126 6 163 8 170 5 202 10 1.35 0.49 M&G Emerging Markets Bond GBP I Acc 95 36 98 35 135 2 140 2 243 5 0.94 5.21 Hermes Global Emerging Mkts F GBP Acc 105 18 127 4 165 5 186 1 - - 1.13 - MFS® Meridian Em Mkts Dbt Lcl Ccy WH1GBP 103 2 112 1 105 44 - - - - 1.15 - HSBC GIF Global Emerging Mkts Eq AD 104 36 116 48 142 54 129 58 125 34 1.91 0.53 MFS® Meridian Emerging Mkts Dbt WH1 GBP 99 19 103 23 112 39 111 20 - - 1.10 - Investec Emerg Markets Equity I Net Acc 103 51 120 31 143 46 141 33 - - 0.97 1.01 Neuberger Berman EM Corp Dbt GBP I Acc 100 6 103 20 114 34 - - - - 1.10 - IP Global Emerging Markets Z Acc 103 58 116 46 152 24 161 8 199 12 - 1.15 Neuberger Berman EM Dbt Blnd GBP I Acc 99 13 104 13 ------1.00 - iShares Emerging Mkts Eq Idx (UK) D Acc 103 47 115 53 141 55 139 40 - - 0.27 2.09 Neuberger Berman EM DbtHrdCcy GBP I Acc 100 7 107 6 ------1.00 - Janus Henderson Emerg Mkts Opps I Acc 101 72 110 80 142 51 139 41 147 30 - 1.09 Old Mutual Em Mkt Debt A EUR Acc 93 42 94 43 130 5 121 11 239 7 1.82 - JOHCM Emerging Markets GBP A 103 52 117 44 147 36 145 28 - - 1.40 0.73 Pictet-Emerging Local Ccy Dbt I dy GBP 97 26 101 31 120 25 94 35 181 10 0.94 5.40 JOHCM Global Emerging Mkts Opps GBP A 99 83 114 58 140 59 151 25 - - 1.04 1.11 Pictet-Global Emerging Debt I GBP 92 49 93 47 128 8 - - - - 0.83 - JPM Em Mkts Small Cap A (dist) perf GBP 104 27 115 55 153 22 170 6 259 3 2.03 0.96 PIMCO GIS Em Asia Bd E USD Inc 93 45 91 49 114 36 100 24 - - 1.50 5.50 JPM Emerging Markets B Net Acc 103 40 122 21 149 28 146 27 194 16 1.18 - PIMCO GIS Em Mkts Bd Instl GBPH Acc 99 16 104 15 118 28 115 17 178 12 0.79 - JPM Emerging Markets Income C Net Acc 105 21 113 62 134 69 133 55 - - 0.87 3.28 PIMCO GIS Em Mkts Corp Bd Ins GBP H Inc 100 9 102 28 112 41 107 21 - - 0.95 4.76 Jupiter Global Emerging Markets I Acc 98 89 114 61 147 35 157 16 - - 1.11 0.82 PIMCO GIS Emerg Lcl Bd E USD Acc 97 23 102 27 121 20 96 31 - - 1.89 - L&G Global Emerging Markets Index I Acc 103 45 114 57 141 56 140 39 - - 0.49 2.03 Russell Inv EMkt Dbt Lcl Ccy I GBP 96 31 102 30 122 18 97 27 - - - 4.10 Lazard Developing Markets C Acc 104 37 120 28 165 4 138 43 - - - 0.32 SLI Emerging Market Debt Plat 1 Acc 93 43 95 40 127 11 131 4 - - - 4.59 Lazard Developing Mkts Eq C Inc USD 104 35 121 24 167 2 - - - - 1.26 0.47 Templeton Emerging Mkts Bd W(Qdis)GBP-H1 101 5 105 7 116 32 105 22 - - 1.12 9.45 Lazard Emerging Markets A Acc 103 50 111 73 143 49 134 51 195 14 1.06 1.64 Threadneedle EM Bd Z Inc GBP 93 44 95 42 130 6 123 9 225 8 - 6.81 Lazard Emerging Markets Eq A Inc USD 103 57 110 78 141 58 129 57 189 18 1.29 1.38 Threadneedle EM Local Z Inc GBP 98 22 104 14 122 17 97 28 157 16 0.90 6.81 Lazard Emerging Mrkts Core Eq A Acc USD 103 46 120 30 143 45 140 37 - - 1.39 - Average/Total 97 50 101 49 121 44 111 38 215 16 1.17 5.29 Legg Mason IF MC Emerg Mkts X Acc £ 105 23 125 9 157 14 141 34 159 28 - 0.45 (IA) GLOBAL EQUITY INCOME Legg Mason IF QS Emerging Mrkts Eq X Acc 100 75 110 77 125 82 128 60 143 31 - 0.70 Legg Mason QS Em Mkts Eq A USD Acc 100 76 110 79 127 79 112 71 - - 1.97 - Aberdeen World Equity Income I Acc 97 43 103 31 122 33 121 30 - - - 3.62 M&G Global Emerging Markets GBP I Acc 102 59 109 84 142 53 130 56 - - 1.02 1.03 Amundi SICAV II Glb Eq Trgt Inc R GBP DM 98 39 100 40 123 31 - - - - 0.95 6.98 Magna Emerging Markets Div B GBP Inc 104 32 115 54 136 64 134 50 - - 1.40 3.47 Aptus Global Financials B Acc 106 2 126 1 143 3 203 1 - - - 4.28 Architas Global Equity Income A Inc 100 26 ------Man GLG Unconstrained Emerg Mkt Eq C£Acc 100 77 111 72 ------1.05 Artemis Global Equity Income I Inc GBP 103 11 106 17 ------0.96 3.39 Marlborough Emerging Markets Trust P Inc 103 53 111 70 154 21 140 35 185 19 - 2.01 Artemis Global Income I Inc 103 9 106 16 136 12 187 2 - - 0.99 3.52 MFS® Meridian Em Mkts Eq WH1 GBP 109 1 130 1 128 77 114 70 141 32 1.35 - Aviva Investors Global Eq Inc 2 GBP Acc 103 10 107 15 137 8 174 4 207 8 1.14 2.70 MI Somerset Emerg Mkts Div Gr A Acc 99 78 115 56 136 66 145 29 - - 1.30 2.11 Baillie Gifford Global Inc Growth B Inc 102 18 109 7 144 1 170 12 217 6 0.70 2.70 MI Somerset Emerg Mkts Sm Cp B Acc 104 26 114 60 143 48 151 24 - - 1.72 1.45 BlackRock Global Income D Acc 98 41 101 39 135 13 163 16 - - - 2.61 MI Somerset Glb EM (ex-tobacco) A £ Acc 101 71 ------Courtiers Glbl (ex UK) Eq Inc Retl R 102 19 104 26 ------2.21 MI Somerset Global Emerg Mkts B Acc 102 65 115 51 143 50 138 44 - - 1.35 1.58 Davy Defensive Equity Income H GBP Acc 97 45 97 46 ------Mirabaud Equities Glbl Em Mkts D GBP Acc 105 17 123 14 147 32 - - - - 1.00 - Davy Global Equity Income U GBP Acc 98 38 99 45 ------Neptune Emerging Markets C Acc GBP 108 2 123 15 163 7 158 12 - - - 0.81 Epoch Global Eq Shld Yld A Instl GBP Inc 93 49 95 48 ------0.82 Neuberger Berman Em Mkts Eq USD A Acc 103 44 118 38 149 27 141 32 - - 2.30 - Fidelity Global Dividend W Acc 96 46 100 42 133 19 174 7 - - - 2.86 Newton Emerging Income Inst W Acc 95 92 105 91 121 84 108 72 - - - 3.48 Fidelity Global Enhanced Income W Acc 96 47 99 43 133 20 - - - - - 3.68 Newton Global Emerging Markets Int W Acc 98 86 117 42 141 57 161 9 - - - 0.46 GAM Multistock Global Equity Inc EUR B 99 34 104 29 126 29 161 19 175 12 1.50 - NFU Mutual Global Emerging Markets C 107 4 116 49 155 17 133 54 - - - 0.99 GlobalAccess Global Equity Inc M Acc GBP 106 3 112 2 117 36 140 27 - - - 2.58 Old Mutual Global Em Mkts R GBP Acc 106 7 122 20 144 43 157 15 - - 1.37 - Guinness Global Equity Income Y GBP Acc 102 15 105 22 134 18 174 5 - - 0.99 - Old Mutual JPM Emerging Mkts U2 GBP Acc 104 33 122 18 150 26 - - - - - 0.81 HSBC Global Equity Income C Inc 102 16 ------OYSTER Emerging Opportunities R GBP D 102 64 111 71 126 80 - - - - 1.34 - Investec Global Dividend I Acc Net GBP 102 17 108 10 ------2.26 Pictet-Emerging Mkts High Div I dm GBP 103 38 113 65 135 67 126 62 - - 1.07 3.98 IP Global Equity Income Z Acc 103 13 109 5 137 9 174 6 - - - 3.01 PIMCO GIS RAE Fdml EM E USD Acc 102 61 107 89 ------1.60 - Janus Henderson Global Eq Inc I Inc 99 30 106 20 135 15 172 9 195 9 1.05 3.38 Polar Capital Emerging Markets Inc I Acc 99 81 108 87 128 78 122 66 - - 1.27 - JPM Global Equity Income C Net Acc 102 14 105 21 139 6 170 13 - - 0.93 1.99 Principal Emerging Markets Eq I Acc USD 104 28 121 26 147 33 133 52 170 24 1.74 - Jupiter Global Equity Income I Acc 103 12 106 19 138 7 - - - - - 2.88 Robeco Emerging Stars Equities F £ 103 39 116 45 ------1.72 - Lazard Global Equity Income C Acc 99 31 104 28 121 34 137 29 194 10 - 4.71 Robeco QI Emerging Cnsrv Eqs F £ 101 73 111 69 132 75 - - - - 0.85 - Lazard Global Equity Income C Acc GBP 98 35 103 33 ------Russell Inv Emerging Markets I 102 63 116 50 145 39 142 30 191 17 1.40 0.87 Legg Mason IF CB Glbl Eq Inc X Inc 101 23 108 9 137 11 172 8 - - - 3.33 RWC Global Emerging Markets R GBP Acc 106 5 122 19 ------1.38 - Legg Mason IF MC Glb Eq Inc X Acc £ 99 32 103 30 128 26 144 24 - - - 3.56 Sarasin IE Systematic EM Div GBP A Acc 102 67 113 63 133 71 - - - - - 2.23 Legg Mason IF RARE Gbl Infras Inc X Inc 86 52 96 47 ------4.50 Schroder Global Emerg Mkt Z Acc 105 20 121 23 154 19 151 26 196 13 0.95 0.92 LF Canlife Global Equity Income C Acc 99 33 103 32 133 21 157 20 - - - 3.40 Schroder ISF QEP Glbl Em Mkts Z Acc GBP 103 55 111 74 138 61 135 49 - - 1.11 - LF Miton Global Infrastructure Inc B Acc 87 51 ------Schroder QEP Glbl EMM Z GBP Acc 102 60 111 76 137 62 - - - - - 2.11 Liontrust Global Income I Inc 100 25 107 11 127 27 152 23 193 11 0.90 4.98 Scottish Widows Emerg Markets A 104 29 118 41 144 40 135 48 155 29 1.73 1.14 Mirabaud Global Equity Hi Inc D GBP Acc 104 7 107 12 128 25 - - - - 1.02 - SLI Global Emerging Mrkt Eq Inc Plat 1 A 105 15 125 11 155 16 156 17 - - - 1.67 Neptune Global Income C Acc GBP 105 6 107 13 117 37 143 25 - - - 2.95 SLI Global Emerging Mrkt Eq Plat 1 Acc 106 9 124 13 154 20 156 19 - - - 0.82 Newton Global Income Inst W Acc 98 37 101 37 144 2 171 10 242 2 0.79 3.23 T. Rowe Price Emerging Mkts Eq Q GBP 106 12 123 16 158 12 158 13 174 23 1.17 - Old Mutual Global Equity Inc R GBP Inc 104 8 110 4 ------0.00 2.69 Templeton Em Mkts Smlr Coms W(acc)GBP 101 70 109 85 144 41 170 3 215 8 1.65 - Old Mutual Newton Global Inc U2 GBP Acc 98 36 101 38 143 4 - - - - - 3.16 Templeton Global Emerging Markets W Acc 103 43 119 37 147 34 120 67 124 35 1.20 0.76 Pictet-High Dividend Selection I dm GBP 97 44 99 44 126 30 141 26 - - 0.98 3.80 Threadneedle Global EM Eq Z Acc GBP 101 68 115 52 130 76 133 53 165 27 0.93 0.85 Premier Global Infrastructure Inc C Inc 92 50 94 49 127 28 163 17 137 13 1.25 5.32 UBS Emerging Markets Equity Income C Acc 99 82 111 68 133 70 125 64 - - - 3.83 Sarasin Global Dividend P Acc 101 20 104 25 137 10 - - - - - 2.75 UBS Global Emerging Markets Equity C Acc 106 13 125 7 166 3 158 14 184 22 - 1.10 Sarasin Global Dividend Stg Hdg P Acc 107 1 111 3 122 32 - - - - - 2.60 UBS Global Emerging Markets Opp Q GBP 104 34 124 12 169 1 160 11 - - 1.25 - Sarasin Global Higher Div P Acc 100 28 104 27 135 14 170 14 236 3 - 3.48 Vanguard Emerg Mkts Stk Idx GBP Acc 103 41 118 39 144 42 138 42 - - 0.40 1.78 Sarasin Global Higher Div Stg Hdg P Acc 105 5 109 6 119 35 155 22 - - - 3.35 Vanguard Global Emerging Markets A Acc 103 54 119 35 ------0.72 Schroder Global Equity Income Z Acc 106 4 109 8 141 5 183 3 255 1 0.90 3.28 Average/Total 103 92 117 91 145 84 143 72 190 35 1.23 1.34 SLI Global Equity Income Plat 1 Acc 97 42 102 36 130 24 162 18 225 5 - 1.80 (IA) GLOBAL EMERGING MARKETS BOND TB Saracen Global Income and Growth BAcc 101 21 105 23 135 16 166 15 - - 1.02 2.54 Aberdeen Emerging Markets Bond I Acc 99 12 105 10 116 31 114 18 - - - 5.88 The TM Overstone UCITS Eq Inc I Acc 100 29 107 14 133 22 170 11 - - - 3.21 Amundi SICAV II Emerg Mkts Bd R GBP ND 95 35 97 37 140 1 140 1 262 3 0.77 - Threadneedle Glbl Eq Inc Z Inc GBP 101 22 102 34 135 17 156 21 232 4 0.88 3.55 Aviva Investors EM Lcl Ccy Bd Ia GBP Inc 97 27 104 18 119 26 100 26 - - 0.84 5.89 Trojan Global Income O Acc 98 40 100 41 ------2.99 Baillie Gifford Emerging Mkts Bd B Inc 97 28 101 32 123 16 94 36 - - 0.76 6.22 UBS Global Enhanced Equity Income C Acc 101 24 105 24 115 38 - - - - - 6.26 Barings EM Debt Blnd Ttl Ret C GBP Acc 102 3 110 3 ------1.17 - Vanguard Global Equity Income A GBP Acc 100 27 106 18 ------2.91 BNY Mellon EM Dbt Lcl Ccy GBP C Inc 97 24 103 19 120 24 94 34 - - 1.19 5.45 Veritas Global Equity Income A GBP 94 48 102 35 130 23 138 28 214 7 1.13 3.79 BNY Mellon Em Mkts Corp Dbt GBP W Acc H 100 8 104 12 118 29 125 8 - - 0.82 4.28

www.WhatInvestment.co.uk 59 Unit trusts

FUND 6 MONTHS 11 YEAR YEAR 33 YEARSYEARS 55 YEARS YEARS 1010 YEARS YEARS TERTER YIELDYIELD FUNDFUND 66 MONTHS MONTHS 11 YEAR YEAR 33 YEARS 55 YEARS 10 YEARSYEARS TERTER YIELD £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % Veritas Global Equity Income A GBP 94 48 102 35 130 23 138 28 214 7 1.13 3.79 Fidelity Mlt Asst Allctr Defesv Y Acc 99 39 99 54 106 41 117 33 - - - 0.99 Average/Total 100 53 104 50 131 39 161 31 210 14 1.01 3.35 Fidelity Multi Asset Defensive Y Acc 98 41 99 53 108 36 120 24 - - 1.10 0.78 Fidelity Multi Asset Income Y Acc 98 50 101 42 113 11 129 5 174 1 - 3.28 (IA) JAPAN Fidelity Multi Asset Open Defesv Y Acc 98 52 100 47 110 28 120 23 - - - 0.90 Aberdeen Global Japanese Eq X Acc GBP 103 66 107 57 146 49 179 41 257 14 0.92 - FP New Horizon Cautious B Inc 96 55 97 57 104 44 112 39 118 20 1.69 0.66 Aberdeen Japan Eq Enh Idx Net B Acc 104 60 107 59 ------1.70 FP New Horizon Inc B Inc 96 56 97 56 103 45 112 38 132 18 1.75 2.67 Aberdeen Japan Equity I 103 65 107 58 145 50 180 39 270 10 1.11 0.84 FP Russell Invsmts Multi Asst Gr I C Acc 99 34 101 40 ------1.49 Allianz Japan Equity RT GBP 106 52 113 27 162 14 198 15 232 24 - - GAM Star Defensive Instl GBP Acc 101 8 105 2 113 9 123 16 - - 1.69 - Aviva Investors Japan Eq MoM 1 2 GBP Inc 105 55 110 41 148 42 183 34 199 38 1.32 0.59 GS Wealthbuilder MACnsv R Inc GBP PtH 100 19 103 13 112 15 - - - - 0.85 1.92 AXA Framlington Japan Z Inc 110 17 120 8 181 3 248 2 263 12 - 0.24 IFSL Brooks Macdonald Def Inc A Inc 99 29 102 23 109 32 125 12 159 8 2.09 2.71 AXA Rosenberg Japan Z 107 29 113 29 158 20 184 29 188 42 1.08 1.21 IFSL Brunsdon Cautious Gr C Acc 100 14 104 8 114 7 125 13 - - - 1.83 Baillie Gifford Japanese B Acc 109 18 119 9 171 8 237 4 337 3 0.68 0.73 Investec Diversified Income I Acc GBP 102 2 104 10 110 27 121 20 164 7 0.86 3.39 Baillie Gifford Japanese Inc Gr B £ Inc 110 14 114 24 ------1.93 Janus Henderson Mlt-Mgr Divers I Inc 100 16 102 21 109 31 120 21 133 17 - 2.54 Baring Japan Growth I GBP Acc 108 26 116 17 163 13 192 20 208 32 - 0.80 JPM Global Macro Balanced C Net Acc 104 1 111 1 110 29 132 2 127 19 0.83 0.50 BGF Japan Flexible Equity D2 105 58 111 34 155 27 180 40 201 37 1.07 - Jupiter Distribution I Acc 98 47 101 41 110 26 129 4 168 4 0.90 2.52 BNY Mellon Japan All Cap Eq GBP W Acc 107 33 111 33 158 23 - - - - 0.92 0.29 Jupiter Merlin Conservative I Acc 100 26 102 18 112 17 119 28 - - 0.95 3.01 Capital Group Japan Equity (LUX) Z 105 56 111 35 151 33 195 18 243 20 0.90 - L&G Mixed Investment 0-20% I Acc 99 37 101 34 ------2.03 Fidelity Index Japan P Acc 106 41 109 47 146 47 - - - - - 1.53 L&G Mixed Investment 0-35% I Acc 99 36 102 25 113 13 128 7 - - - 2.25 Fidelity Instl Japan 112 4 123 7 157 24 199 14 237 22 0.88 0.39 L&G Mixed Investment Inc 0-35% I Acc 98 46 102 26 ------3.61 Fidelity Japan Smaller Companies W Acc 112 6 127 4 180 4 235 5 352 2 - 0.31 LF Canlife Managed 0%-35% B Acc 99 31 101 32 ------0.95 Fidelity Japan W Acc 106 53 110 45 141 55 162 55 171 48 - 0.51 LF Canlife Portfolio III C Acc 99 33 101 33 111 20 - - - - - 2.09 First State Japan Focus B Acc GBP 112 5 131 2 ------0.07 LF Miton Defensive Multi Asset B Acc 100 12 104 9 112 18 114 37 152 11 1.38 1.67 GAM Multistock Japan Equity JPY R 107 38 111 36 151 35 185 28 255 16 1.15 - LF Prudential Dyn Focs 0-30 Port P Acc 100 15 104 3 117 3 126 9 174 2 - 2.59 GAM Star Japan Equity Instl GBP Acc 111 13 119 14 180 5 232 6 220 29 1.67 - LF Prudential Dynamic 0-30 Port P Acc 100 25 104 5 113 10 128 8 - - - 2.15 GlobalAccess Japan M Acc GBP 111 8 117 16 120 60 - - - - - 0.53 Libero Cautious B Acc 98 44 100 50 109 30 - - - - - 0.81 GS Japan Equity R Inc GBP Snap 108 27 114 23 152 29 189 24 223 28 1.05 0.49 MGTS Greystone Conservative Mgd R Acc 101 7 104 6 111 22 120 25 - - - 1.23 Halifax Japanese C 104 63 106 63 141 54 168 50 188 41 1.53 1.27 MI Charles Stanley Monthly Hi Inc Acc 99 40 101 38 107 39 118 32 166 6 1.10 4.37 HSBC Japan Index C Acc 106 43 110 40 148 40 183 33 206 33 0.23 1.50 Old Mutual Cirilium Consrv R GBP Acc 100 9 103 12 120 1 131 3 - - 1.09 1.91 HSBC MERIT Japan Equity Instl A Acc 105 54 109 51 147 46 176 45 187 44 0.56 1.25 Royal London Cautious Managed A £ Acc 100 22 102 24 ------1.92 IP Japan Z Acc 108 23 107 56 148 43 181 37 257 15 - 1.15 Royal London GMAP Defensv M GBP Acc 100 10 101 30 ------1.32 iShares Japan Equity Index (UK) D Acc 106 42 110 43 148 39 183 32 - - 0.17 1.49 Royal London Sustainable Mgd Gr C Acc 99 32 104 7 116 4 137 1 - - - 3.03 Janus Henderson Instl Jpn Idx Opps A Acc 106 47 109 49 145 51 172 47 - - 1.70 1.01 Sarasin IE GlobalSar Income GBP P Acc 99 38 102 29 108 33 119 30 - - - 2.46 Janus Henderson Japan Opps I Acc 105 57 106 60 159 18 206 11 252 17 0.87 0.67 SVS Brown Shipley Cautious I Acc 98 42 100 45 ------1.88 JOHCM Japan Dividend Growth A GBP Inc 103 67 104 67 137 59 - - - - 0.77 2.58 Thesis Optima Income B Acc 100 23 102 22 108 35 120 22 144 14 - 2.43 JOHCM Japan GBP A 108 28 110 37 148 38 172 48 248 19 0.84 0.82 Threadneedle Managed Bond Fcs Z Acc 98 51 101 31 113 8 126 11 166 5 - 1.89 JPM Japan C Net Acc 114 2 125 6 175 7 244 3 273 9 0.93 - Threadneedle Navigator Cau Mgd Retl Inc 97 53 100 49 111 23 124 14 172 3 1.54 1.27 JPM Japan Select Equity A (dist) JPY 109 20 113 26 150 36 174 46 191 40 1.80 1.20 TM UBS (UK) - Global Yield C Acc 99 28 103 17 111 21 - - - - - 2.32 Jupiter Japan Income I Acc 111 10 119 12 164 11 195 19 248 18 - 1.74 UBS Global Yield Allocation J Acc 100 13 103 11 ------0.48 Jupiter Japan Select D USD Acc 111 7 119 13 158 22 186 26 - - 0.87 - Vanguard LifeStrategy 20% Eq A Grs Acc 99 35 102 28 113 12 126 10 - - 0.29 0.21 L&G Japan Index Trust I Acc 106 46 110 46 148 44 182 35 211 31 0.27 1.49 VT Grosvenor Cautious A GBP Acc 100 20 102 20 ------1.72 Legg Mason IF Japan Equity X Acc 118 1 143 1 266 1 378 1 677 1 - - VT Tcam Income Gross Inc 101 3 103 14 116 6 - - - - - 2.46 Legg Mason IF MC Japan Alpha X Acc £ 108 25 116 21 158 21 177 44 224 27 - 0.57 WAY Global Cautious Portfolio E Acc 101 6 102 27 112 14 115 35 137 15 1.68 - LF Canlife Japan C Acc 106 49 106 61 140 57 164 54 215 30 0.88 0.98 Wesleyan Low Risk/Rwd Gr X Acc 98 48 101 44 ------1.57 LF Morant Wright Japan B Acc 104 59 109 50 160 17 202 12 283 8 1.17 0.88 Average/Total 99 57 102 57 111 46 122 39 152 20 1.17 1.97 LF Morant Wright Nippon Yield B Acc 107 37 113 28 168 9 208 10 - - 1.41 2.07 Lindsell Train Japese Eq B GBP QutdInc 111 12 127 3 198 2 230 7 283 7 - 1.29 (IA) MIXED INVESTMENT 20-60% SHARES M&G Japan GBP I Acc 110 16 110 38 162 15 219 8 308 5 0.92 0.97 7IM AAP Balanced C Acc 101 42 103 76 112 102 132 61 - - 0.60 1.41 Man GLG Japan CoreAlpha Profl Acc C 107 35 105 66 155 25 201 13 291 6 0.91 1.41 7IM Balanced C Acc 101 26 103 71 112 104 132 56 168 30 1.47 1.30 Matthews Asia Funds Japan I GBP Acc 109 19 119 11 ------1.50 - 7IM Sustainable Balance C Acc 100 78 103 72 115 75 135 40 158 44 1.57 1.88 MFS® Meridian Japan Equity A1 USD 104 61 108 53 143 53 168 51 204 35 2.05 - Aberdeen Diversified Income I Acc 100 86 104 61 115 67 131 62 181 13 - 4.60 Neptune Japan Equity C Acc GBP 108 22 113 30 ------0.81 Aberdeen MM Diversity D Acc 99 108 102 121 111 116 124 96 142 56 1.87 1.23 Neptune Japan Opportunities C Acc GBP 112 3 119 10 116 61 181 38 316 4 - 0.75 Aberdeen Multi-Mgr Cautious Mgd I Acc 100 95 104 65 117 50 134 48 167 32 - 1.69 Old Mutual Schroder Tokyo U2 GBP Acc 106 44 108 52 152 31 - - - - - 1.16 Aberdeen Multi-Mgr Multi Asset Dist I 99 119 103 92 116 58 134 50 149 52 - 3.50 Overstone UCITS Japanese Eq A USD 103 64 106 62 152 30 190 23 193 39 - 0.29 Acumen Conservative X Acc 100 89 101 125 116 54 - - - - - 1.20 Pictet-Japanese Equity Opps I GBP 107 30 112 32 159 19 197 16 266 11 0.98 - Acumen Income X Acc 100 90 102 111 ------3.09 Pictet-Japanese Equity Sel I GBP 107 34 108 54 146 48 - - - - 0.91 - Architas MA Active Interm Inc A Acc 100 76 102 105 118 37 138 22 - - - 3.00 Polar Capital Japan I Inc 110 15 116 18 163 12 186 27 - - 1.22 - Artemis Monthly Distribution I Inc 101 53 104 57 129 2 163 1 - - - 4.17 Polar Capital Japan Value S 107 32 112 31 160 16 191 21 - - 1.02 - Aviva Investors Distribution 2 GBP Inc 99 122 103 88 113 95 134 49 191 7 0.83 3.41 Principal Japanese Equity I Acc USD 104 62 105 64 138 58 165 53 180 47 1.50 - Aviva Investors Multi-Mgr 20-60% 2 £Acc 101 56 104 67 117 51 134 43 187 9 1.39 1.08 Royal London Japan Tracker Z Acc 106 45 110 44 148 41 182 36 241 21 1.03 1.47 AXA Distribution Z Acc 98 131 102 119 113 97 127 81 167 31 1.03 2.33 Russell Inv Japan Equity I 108 24 116 19 164 10 196 17 230 25 0.99 0.13 AXA Ethical Distribution Z Acc 99 123 104 66 118 44 136 30 155 48 1.05 1.54 RWC Nissay Japan Focus R GBP Acc Unhdg 111 9 126 5 ------1.25 - AXA Global Distribution Z Acc 101 35 104 47 129 3 147 6 209 2 1.02 0.92 Santander Japan Equities A 106 51 109 48 143 52 171 49 182 46 1.03 0.61 AXA IM Lifetime Distribution A GBP Inc 98 143 103 79 ------3.71 Schroder Tokyo Z Acc 106 50 107 55 151 32 190 22 258 13 0.92 0.95 Barclays Balanced D Acc GBP 103 2 108 4 114 86 131 65 - - 1.60 1.38 Scottish Widows Japan Gr A 103 68 105 65 140 56 165 52 183 45 1.65 0.59 Barclays Cautious D Acc GBP 102 10 106 26 110 117 122 104 - - 1.45 1.76 SLI Japanese Equity Growth Plat 1 Acc 111 11 118 15 155 26 184 30 202 36 - 0.38 Barclays High Income R Dis GBP 102 6 107 7 115 73 123 98 - - 1.45 - SLI Japanese Trust 109 21 115 22 154 28 188 25 225 26 0.86 0.56 Barclays Income Plus R Acc GBP 101 28 106 21 113 93 121 111 - - - 2.82 SSgA Japan Equity Tracker 106 39 110 39 150 37 183 31 206 34 0.90 - Barclays Wealth Global Mkts 2 R Acc GBP 101 50 104 48 113 91 124 94 - - 1.00 1.73 T. Rowe Price Japanese Equity C GBP 107 31 ------Barclays Wealth Global Mkts 3 R Acc GBP 101 19 106 17 119 31 134 46 - - 1.11 1.91 T. Rowe Price Japanese Equity Q EUR 107 36 116 20 178 6 213 9 235 23 0.92 - BlackRock Consensus 60 D Acc 98 145 101 129 119 32 132 57 - - 0.27 1.86 Threadneedle Japan Z Acc GBP 106 48 114 25 151 34 178 43 187 43 - 0.61 BlackRock Global Multi Asset Inc D Acc 101 44 104 52 112 101 126 84 159 41 - 4.33 Vanguard Japan Stock Index GBP Acc 106 40 110 42 147 45 178 42 - - 0.30 1.51 City Financial Multi Asset Bal I Acc 96 152 100 140 102 136 124 93 - - - 2.47 Average/Total 107 68 113 67 156 61 194 55 244 48 1.04 0.96 Close Conservative Portfolio X Acc 100 68 105 32 112 100 128 73 - - 0.94 1.52 Close Diversified Income Port X Acc 98 146 100 138 111 108 125 89 - - 0.83 3.63 (IA) JAPANESE SMALLER COMPANIES Close Managed Conservative X Acc 101 54 104 63 116 57 134 47 - - 1.13 1.89 Aberdeen Global Jpn SmlrComs X Acc GBP 109 5 117 5 160 7 228 5 385 4 0.93 - Close Managed Income X Acc 100 101 103 94 116 61 134 42 - - 1.18 3.37 Baillie Gifford Japan Small Co B Acc 118 1 137 2 220 1 321 1 514 1 0.61 0.37 Close Tactical Select Passv Cnsrv X Acc 100 88 102 101 118 41 135 41 - - 0.68 1.78 BGF Japan Small & MidCap Opps D2 110 4 123 4 177 5 219 6 316 6 1.07 - Coram Global Balanced A GBP 98 140 100 144 113 92 ------BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 114 3 132 3 200 3 - - - - 0.92 0.40 Courtiers Total Return Cautious Risk 101 43 102 117 115 68 135 39 152 51 1.88 - IP Japanese Smaller Companies Z Acc 115 2 138 1 217 2 279 2 329 5 - - Discovery Balanced B GBP Inc 102 15 107 13 119 30 139 20 174 23 - 3.38 Janus Henderson Hrzn Jpn Smr Coms H2 USD 105 7 106 7 183 4 245 4 485 2 1.75 - EF Brompton Global Balanced B GBP Acc 102 7 105 44 124 9 - - - - 1.90 0.97 M&G Japan Smaller Cos GBP I Acc 106 6 110 6 177 6 253 3 480 3 0.94 0.77 EF Brompton Global Inc B GBP Inc 101 37 104 64 121 17 139 19 - - 1.89 3.55 Average/Total 111 7 123 7 191 7 257 6 418 6 1.04 0.51 Elite CAM Balanced Discret Port C Acc 101 29 105 34 111 115 123 101 - - 2.00 1.64 (IA) MIXED INVESTMENT 0-35% SHARES Elite CAM Cautious Discret Port C Acc 101 51 104 58 110 120 122 105 - - 1.85 1.87 7IM AAP Income C Acc 99 27 101 35 111 24 121 19 151 12 1.25 3.27 Elite Income Tust B Acc 101 34 104 55 114 77 130 68 158 42 2.10 1.93 7IM AAP Moderately Cautious C Acc 100 17 101 39 106 40 119 29 - - 0.65 1.32 F&C MM Navigator Distribution C Inc 100 87 103 83 116 60 134 44 226 1 - 4.69 7IM Cautious C Acc 100 24 100 46 ------1.29 F&C MM Navigator Moderate C Acc 100 66 106 22 122 16 143 10 179 20 - 1.79 7IM Moderately Cautious C Acc 100 18 101 36 106 42 120 27 155 10 1.36 1.81 Fidelity Mlt Asst Allctr Strat Y Acc 99 110 100 139 111 111 125 90 - - - 0.98 7IM Personal Injury C Acc 100 21 101 43 107 38 118 31 - - 0.72 1.50 Fidelity Multi Asset Bal Inc Y Acc 98 135 101 127 115 74 - - - - - 3.22 Architas MA Active Moderate Income A Acc 98 49 100 48 111 19 124 15 157 9 1.57 3.06 Fidelity Multi Asset Open Strat Y Acc 99 126 102 110 116 64 128 74 152 50 - 1.04 Architas MM Monthly High Inc A Acc 99 30 102 19 111 25 122 17 146 13 0.94 4.43 Fidelity Multi Asset Strategic Y Acc 99 111 100 137 113 90 130 66 174 24 1.19 0.99 AXA Defensive Distribution Z Acc Net 98 43 101 37 112 16 122 18 136 16 1.02 0.90 FP New Horizon Balanced Inc & Gr B Inc 97 150 100 143 113 89 138 25 176 22 0.98 1.57 Barclays Income R Acc GBP 101 4 104 4 108 34 116 34 - - - - FP Russell Invsmts Mlt Asst Gr II C Acc 100 64 103 89 ------1.51 Barclays Wealth Global Mkts 1 R Acc GBP 100 11 103 15 108 37 114 36 - - 0.93 1.04 FP Russell Invsmts Mlt Asst Gr III C Acc 102 13 105 38 114 85 128 75 - - - 1.44 BlackRock Consensus 35 D Acc 97 54 99 52 118 2 129 6 - - 0.29 1.65 FP Russell Invsmts Multi Asset Inc C Inc 98 132 101 135 108 129 123 102 - - - 3.30 City Financial Multi Asset Divs I Acc 95 57 98 55 101 46 120 26 - - - 3.29 FP Tatton Oak Cautious Growth B 98 139 101 128 114 83 131 64 - - 1.39 1.24 Coram Global Defensive A GBP 98 45 100 51 106 43 ------FP Tatton Oak Distribution B Acc 97 149 98 149 105 134 121 110 - - 1.30 3.58 EF Brompton Global Cnsrv B GBP Acc 101 5 103 16 116 5 - - - - 1.84 1.18 GAM Star Cautious Institutional GBP Acc 101 32 106 16 116 59 132 60 - - 1.64 - GS Glbl Inc Buldr R Inc GBP-Prtly Hdg 101 18 104 70 119 35 - - - - 0.90 3.29

60 www.WhatInvestment.co.uk Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ %TER YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % GS Wealthbuilder MABal R Inc GBP PtH 101 24 106 27 120 25 - - - - 0.90 1.73 Zurich Horizon Multi-Asset II Z Acc 101 48 105 36 122 14 - - - - - 0.92 Halifax Cautious Managed C 99 124 102 113 111 107 126 86 161 37 1.50 2.12 Average/Total 100 152 103 149 116 136 132 114 170 58 1.32 2.21 HC Sequel Cau Trgt Ret Strat B £ Acc 100 91 101 130 112 103 - - - - - 1.18 (IA) MIXED INVESTMENT 40-85% SHARES HC Sequel Cautious Inc Strat Retl £ Inc 98 133 100 141 109 127 - - - - - 4.27 HL Multi-Manager Equity & Bond A Acc 99 112 102 104 115 70 138 26 172 26 1.39 2.64 7IM AAP Moderately Adventurous C Acc 102 29 106 65 118 101 145 51 - - 0.63 1.37 HSBC Open Global Distribution C Acc 99 115 103 95 119 27 137 27 183 11 1.43 4.00 7IM Moderately Adventurous C Acc 102 23 106 72 118 98 146 43 183 36 1.50 0.76 IFSL Brooks Macdonald Cautious Growth A 101 46 103 80 117 47 136 33 153 49 2.75 1.57 Aberdeen Multi-Asset I 100 112 104 109 118 103 132 106 180 43 1.49 1.68 IFSL Ravenscroft Huntress Balanced B Inc 101 36 ------Aberdeen Multi-Mgr Balanced Mgd I Acc 101 78 106 61 122 58 144 54 182 40 - 1.03 Insight Global Multi-Strategy Inst W Acc 100 102 103 81 111 113 128 80 - - - 0.82 Acumen Progressive X Acc 104 7 106 56 120 82 - - - - - 0.99 Investec Cautious Managed I Acc Net 98 138 99 145 115 71 122 107 186 10 0.84 0.57 Architas MA Active Prog A Acc 102 50 106 58 127 19 148 39 188 28 1.63 1.98 IP Distribution Z Acc 98 141 103 100 108 132 127 83 189 8 - 4.62 Aviva Investors Multi-Mgr 40-85% 2 £Acc 102 45 106 63 125 35 149 32 199 16 1.52 0.59 IP European High Income Z Acc 100 74 108 2 128 4 149 4 - - 0.91 3.07 AXA Framlington Managed Balanced Z Acc 99 142 104 125 121 75 142 64 196 19 - 1.39 IP Global Distribution Z Acc 103 4 108 5 119 33 - - - - - 3.64 Baillie Gifford Managed B Acc 102 17 111 6 138 4 161 6 242 1 0.47 1.44 Janus Henderson Cautious Mgd I Acc 99 117 101 124 108 130 128 78 173 25 - 3.28 Barclays Dividend and Growth I Acc GBP 103 8 109 11 116 113 138 83 - - 1.65 2.02 Janus Henderson Mlt-Mgr Distr I Inc 101 52 104 59 114 82 129 71 180 15 - 2.81 Barclays Growth D Acc GBP 104 5 110 9 115 121 136 95 153 65 1.68 0.62 Janus Henderson Mlt-Mgr Inc & Gr I Inc 101 47 105 41 116 55 133 53 181 12 - 2.09 Barclays Multi-Impact Growth R Acc GBP 101 85 ------JPM Multi-Asset Income C Net Acc 102 12 104 51 110 118 128 76 - - 0.83 2.79 Barclays Wealth Global Mkts 4 R Acc GBP 102 24 108 22 123 48 141 73 - - 1.05 1.81 Jupiter Enhanced Distribution GBP Inc 98 130 102 120 ------3.62 BlackRock Balanced Growth D Acc 101 65 106 55 120 78 139 81 165 58 - 1.99 Jupiter Merlin Income I Acc 100 61 103 73 113 94 125 92 180 16 1.61 2.99 BlackRock Balanced Managed A Acc 103 10 108 28 121 70 138 87 164 59 1.59 0.15 Kames Diversified Monthly Inc GBP B Inc 101 59 106 20 118 38 - - - - - 4.97 BlackRock Consensus 70 D Acc 98 149 102 138 121 66 137 89 - - 0.26 1.88 Kames Ethical Cautious Managed GBP B Acc 100 96 103 85 111 110 140 17 196 5 - 2.01 BlackRock Consensus 85 D Acc 99 134 104 108 126 31 146 44 - - 0.23 2.10 L&G Distribution Trust I Acc 100 93 102 114 110 122 125 88 163 36 0.67 3.52 BNY Mellon Dynamic Total Ret USD A Acc 93 160 92 158 ------2.21 - L&G Mixed Investment 20-60% I Acc 99 125 102 118 115 69 - - - - - 1.99 Carvetian FENIX Balanced Income 100 115 99 155 99 136 124 115 155 64 1.13 1.85 L&G Mixed Investment Inc 20-60% I Acc 98 142 102 122 ------3.55 City Financial Multi Asset Growth I Acc 95 158 101 151 106 135 - - - - - 1.52 L&G Multi Manager Income Trust I Acc 100 63 105 39 116 63 124 95 - - 1.75 2.38 Climate Assets B GBP Acc 100 126 105 100 126 29 153 14 - - 1.36 2.00 LF Canlife Portfolio IV C Acc 100 80 102 102 115 65 - - - - - 2.03 Close Balanced Portfolio X Acc 101 63 107 31 116 117 143 59 - - 0.86 1.36 LF Miton Cautious Multi Asset B Acc 102 9 107 9 123 11 128 79 169 29 0.99 2.32 Close Managed Balanced X Acc 102 38 107 37 122 55 144 53 - - 1.37 1.33 LF Prudential Dyn Focs 10-40 Port A Acc 100 69 104 54 ------1.59 Close Tactical Select Passive Bal X Acc 101 71 105 92 124 42 145 50 - - 0.65 1.75 LF Prudential Dyn Focs 20-55 Port P Acc 101 55 105 35 120 24 135 34 177 21 - 2.18 Consistent Practical Investment A Acc 99 141 107 33 123 52 152 18 200 14 1.11 3.26 LF Prudential Dynamic 10-40 Port P Acc 100 85 104 50 115 72 132 59 - - - 1.68 Coram Global Opportunities A GBP 98 147 101 147 119 96 ------LF Prudential Dynamic 20-55 Port P Acc 101 60 106 25 118 42 136 32 - - - 1.47 Courtiers Total Return Balanced Risk 103 12 105 102 124 44 153 13 171 53 1.90 - LF Ruffer Total Return C Acc 100 62 99 146 109 126 122 106 200 3 - 1.54 EdenTree Higher Income B 101 83 106 62 119 95 137 92 215 5 0.83 4.34 LF Seneca Diversified Income B Inc 100 81 106 14 123 12 138 21 141 57 - 4.82 EF Brompton Global Growth B GBP Acc 103 9 106 57 127 25 - - - - 1.92 0.87 Liontrust Sust Fut Defesv Mgd 2 Net Inc 100 77 107 12 121 21 - - - - - 2.04 EFA Eden SRI A GBP Acc 100 111 104 121 115 125 - - - - - 2.04 M&G Episode Allocation GBP I Acc 102 5 108 3 121 18 142 13 200 4 0.84 1.03 Elite Balanced Trust B Acc 103 15 106 54 121 71 142 65 164 60 2.05 0.31 M&G Episode Income GBP I Acc 104 1 109 1 119 29 144 8 - - 0.74 2.46 F&C MM Navigator Progressive C Acc 101 58 108 25 127 20 156 9 181 42 - 1.12 Margetts Providence Strategy R GBP Acc 99 107 102 108 112 106 128 72 169 28 0.62 2.82 Family Balanced International B 100 121 105 99 119 94 138 86 - - 1.15 1.65 Marlborough Cautious P Inc 101 23 105 28 117 53 136 31 158 45 - 2.02 Fidelity MoneyBuilder Balanced Y Inc 96 157 97 157 107 134 130 109 192 24 - 4.11 MGTS Clarion Prudence Portfolio R Acc 100 92 102 109 110 121 125 91 160 39 2.32 1.28 Fidelity Multi Asset Allctr Growth Y Acc 100 129 101 150 114 128 129 111 - - - 1.09 MGTS Frontier Cautious R Acc 100 103 102 107 109 128 122 103 164 34 1.36 2.07 Fidelity Multi Asset Growth Y Acc 100 132 100 152 115 123 135 103 - - 1.32 0.83 MGTS Future Money Income R Acc 99 109 103 91 113 88 134 50 - - 0.90 2.64 Fidelity Multi Asset Income & Gr Y Acc 98 150 101 148 117 111 - - - - - 3.07 MGTS Future Money Real Growth R Acc 100 82 103 86 113 87 131 63 - - 0.87 1.51 Fidelity Multi Asset Open Growth Y Acc 100 128 104 106 120 76 134 105 156 62 - 2.26 MGTS Future Money Real Value R Acc 100 97 102 116 109 125 123 97 - - 0.91 1.26 FP Mattioli Woods Balanced B GBP Acc 100 118 105 95 117 108 136 98 - - 1.55 0.91 MGTS Greystone Cautious Managed R Acc 100 75 104 69 118 40 135 35 157 46 - 3.44 FP New Horizon Growth B Inc 98 153 101 146 116 115 138 84 143 69 2.39 0.19 MI Charles Stanley Multi Asst2 Cau A£Acc 101 57 ------FP Russell Invsmts Mlt Asst Gr IV C Acc 102 36 106 60 ------1.24 MI Hawksmoor Vanbrugh B Acc 101 22 105 30 124 10 141 14 - - 1.94 1.47 FP Russell Invsmts Multi Asst Gr V C Acc 102 18 107 44 ------1.14 MI Miton Cautious Mthly Inc A Acc units 102 14 106 19 118 39 133 52 - - - 3.73 FP Tatton Oak Capital Growth B 99 135 103 129 120 80 142 63 - - 1.45 1.36 NFU Mutual Mixed Portfolio 20-60% C 100 79 104 68 120 26 133 55 - - - 1.52 GAM Star Balanced Institutional GBP Acc 102 37 108 16 120 88 138 85 - - 1.66 - Old Mutual Cirilium Bal R GBP Acc 101 45 105 31 124 8 142 12 - - 1.24 1.89 GS Wealthbuilder MAGr R Inc GBP PtH 103 14 108 18 126 30 - - - - 1.00 1.35 Old Mutual Foundation 3 R GBP Acc 102 16 106 15 122 15 - - - - - 2.09 HC Kleinwort Hambros Multi Ast Bal A Acc 101 80 104 126 116 116 126 114 148 68 1.72 - Old Mutual Voyager Diversified R GBP Acc 99 113 102 106 105 133 111 114 148 53 - 1.57 HC Sequel Bal Trgt Ret Strat B £ Acc 100 109 102 140 114 126 - - - - - 0.82 PIMCO GIS Glbl Mlt-Asst Instl GBP H Acc 103 3 107 11 109 124 117 112 - - 0.95 - HC Sequel Glbl Trgt Inc Strat A £ Acc 101 61 106 69 120 81 152 19 186 32 1.92 1.41 Premier Diversified Income D GBP INC 101 58 ------HL Multi-Manager Balanced Managed A Acc 101 91 106 75 127 24 151 23 186 33 1.46 1.12 Premier Liberation No. IV Class C Acc 101 30 105 37 121 22 145 7 161 38 1.41 2.26 HSBC Ash Institutional A Acc 99 140 102 139 116 112 139 80 182 39 0.83 1.72 Premier Liberation No. V Class C Acc 101 21 106 18 124 7 150 3 179 17 1.34 2.07 HSBC Balanced Acc C 99 133 104 123 119 91 139 82 168 54 - 2.34 Premier Multi Asset Cnsrv Gr C 101 41 103 74 111 109 121 108 132 58 1.03 0.48 IFSL Brooks Macdonald Balanced A Acc 103 11 108 23 121 64 140 74 171 52 2.14 1.16 Premier Multi-Asset Distribution C Inc 100 67 105 42 118 45 149 5 179 19 1.43 4.00 IFSL James Hambro Barnham Broom 101 53 106 47 125 38 147 40 - - - 0.70 Premier Multi-Asset Monthly Inc C Inc 100 72 104 46 116 56 144 9 - - - 4.72 IFSL James Hambro Harrier Bal A Inc 101 56 107 46 ------0.47 RBS Collective Stakeholder Invest 98 137 101 134 110 119 123 99 159 40 1.50 1.44 IFSL James Hambro Harrier Cap Gr Inc 102 46 108 21 124 40 146 45 - - - 0.46 RBS INV Cautious Growth 99 114 103 78 112 99 126 85 - - 1.90 0.69 IFSL James Hambro Penrhos GBP Inc 101 70 106 50 122 63 143 57 200 13 1.61 1.59 RBS INV Income 100 98 105 40 115 66 132 58 - - 2.00 1.92 IFSL James Hambro Rires 102 26 108 14 127 22 151 22 - - 1.42 0.62 Royal London GMAP Bal M GBP Acc 101 40 103 77 ------1.36 IP Global Balanced Index 100 122 105 88 125 39 151 20 207 8 0.70 1.89 Royal London Sustainable Div C Inc 101 39 107 10 125 6 152 2 - - - 1.70 IP Managed Income Z Acc 99 137 104 122 122 56 152 17 206 12 - 2.51 Sarasin FoF Global Strategic Gr P Acc 101 25 104 62 114 80 137 28 - - 1.35 1.75 Janus Henderson Instl Gl Rpnsb Mgd I Acc 102 44 107 30 123 51 159 8 211 6 0.85 1.24 Sarasin Globalsar Strategic P Acc 101 49 105 33 119 34 138 24 148 54 - 2.05 Janus Henderson Mlt-Mgr Managed I Acc 101 68 105 83 122 61 145 48 150 66 - 0.84 Sarasin IE GlobalSar Strategic EUR A Acc 97 148 107 8 131 1 - - - - - 1.87 Jupiter Distribution and Growth I Inc 98 152 102 144 113 129 143 55 183 38 1.06 4.09 Sarasin IE GlobalSar Strategic GBP P Acc 101 38 106 23 118 36 138 23 - - - 1.88 Jupiter Merlin Balanced I Acc 102 43 107 45 126 26 149 34 210 7 1.66 2.03 Sarasin IE GlobalSar Strategic USD P Acc 96 151 98 147 127 5 140 16 - - - 2.04 L&G Mixed Investment 40-85% I Acc 100 127 104 113 122 54 - - - - - 2.60 Schroder Mixed Distribution Z Acc 102 8 106 24 120 23 139 18 - - 1.17 5.16 L&G Multi Manager Balanced Trust I Acc 102 33 107 41 119 90 130 110 - - 1.77 0.96 Schroder MM Diversity Income Z Acc 99 121 100 142 108 131 121 109 - - 1.40 3.32 Lazard Managed Balanced A Acc 102 40 107 40 124 41 150 24 198 17 0.86 2.06 Schroder MM Diversity Z Acc 98 144 98 148 104 135 115 113 - - 1.21 0.91 LF Canlife Balanced C Acc 100 130 103 137 120 85 141 71 172 51 - 1.51 Scottish Widows Balanced A 100 84 102 103 114 76 134 45 172 27 2.00 0.51 LF Canlife Portfolio V C Acc 101 90 104 117 118 99 - - - - - 1.78 Sentinel Income B Acc 100 70 103 84 ------2.75 LF Canlife Portfolio VI C Acc 101 76 106 68 120 79 - - - - - 1.80 SLI Dynamic Distribution Plat 1 Acc 101 27 105 29 112 98 143 11 181 14 - 3.31 LF Odey Portfolio Sterling Instl Acc 106 2 107 39 110 132 136 99 - - - 0.16 Standard Life Wealth Phoenix B Inc 98 128 103 98 114 78 123 100 146 55 0.89 2.01 LF Prudential Dyn Focs 40-80 Port A Acc 101 67 105 89 ------1.40 SVS Brown Shipley Income I Acc 99 106 102 112 111 114 128 77 - - 1.93 2.87 LF Prudential Dynamic 40-80 Port P Acc 101 96 106 59 121 68 142 67 - - - 1.34 T Bailey Dynamic Inst Inc 102 17 108 6 121 19 140 15 163 35 1.79 1.21 LF Resilient MM Balanced Managed X Acc 101 81 104 110 123 46 142 61 - - 2.64 1.30 TB Doherty Cautious Managed B GBP Acc 99 104 101 123 112 105 126 87 - - - 0.60 LF Ruffer European C Acc 102 22 107 29 115 122 135 102 200 15 - 0.30 TB Doherty Distribution B Acc 100 100 102 115 ------3.70 LF Seneca Diversified Growth B Acc 101 60 110 8 126 28 147 41 167 56 - 2.65 TC Centre Multi Mgr Cau A Inc 99 116 103 96 114 81 130 67 157 47 2.00 1.26 Libero Balanced B Acc 101 87 104 104 120 83 142 66 - - - 1.97 Thesis Optima Balanced B Acc 100 71 103 90 111 112 130 70 158 43 - 2.39 Libero Strategic B Acc 100 103 103 131 116 120 131 108 - - - 0.45 Threadneedle Glbl Mlt Ast Inc Z Inc 100 65 104 60 122 13 - - - - - 3.04 Liontrust Sust Fut Cau Mgd 2 Net Inc 100 105 108 26 124 43 - - - - - 2.07 Threadneedle Managed Eq and Bond Z Acc 98 127 103 97 117 46 133 54 179 18 - 1.34 Liontrust Sust Fut Mgd 2 Net Inc 102 47 110 7 131 10 162 5 206 11 0.85 1.32 Threadneedle Navigator Bal Mgd Retl Acc 98 147 101 132 114 84 135 36 193 6 1.52 1.67 M&G Episode Growth GBP I Acc 105 3 111 5 128 16 150 26 187 29 0.94 1.50 TM UBS (UK) - Global Balanced C Acc 100 73 104 53 117 48 - - - - - 1.07 Man GLG Balanced Managed Profl Acc C 102 16 108 12 119 89 148 35 183 37 0.92 1.32 TM UBS (UK) - UK Balanced C Acc 99 105 103 75 116 62 - - - - - 1.57 Margetts Select Strategy R GBP Acc 101 95 105 82 120 76 143 56 187 30 0.68 1.31 Total Clarity Portfolio 3 A 99 118 101 131 113 96 127 82 - - 1.56 1.11 Marks & Spencer Worldwide Mgd Acc 100 110 105 93 126 27 151 21 195 20 1.66 0.79 Total Clarity Portfolio 4 A 100 99 103 99 118 43 135 38 - - 0.80 1.16 Marlborough Balanced P Acc 102 30 107 43 130 11 145 52 167 55 - 1.41 UBS Global Balanced Allocation J Acc 101 33 105 43 ------0.90 Marlborough Extra Income P Inc 100 131 106 49 118 97 149 31 197 18 - 3.87 Vanguard LifeStrategy 40% Equity A Acc 100 94 103 87 119 28 137 29 - - 0.30 1.41 McInroy & Wood Balance Pers Inc 99 144 102 143 123 47 140 76 221 4 1.00 1.57 Vanguard Target Retirement 2015 Acc 100 83 103 82 ------1.16 McInroy & Wood Income Pers Inc 95 159 98 156 111 131 127 113 184 35 - 2.86 Virgin Bond, Gilt and UK Share 98 136 101 136 109 123 - - - - - 1.00 MFM Hathaway Inc 101 55 114 1 137 5 167 3 228 2 1.59 1.44 Volare Cautious A GBP Acc 101 20 104 49 ------MGTS Clarion Meridian Portfolio R Acc 101 62 105 91 119 92 141 70 190 27 2.32 0.99 Waverton Cautious Income P GBP Inc 99 120 101 133 117 52 - - - - - 3.49 MGTS Future Money Dynamic Growth R Acc 101 77 105 79 120 84 141 68 - - 0.87 0.96 WAY Global Blue Managed Portfolio E Acc 102 11 105 45 121 20 135 37 165 33 - - MGTS Greystone Balanced Managed R Acc 102 19 110 10 129 12 150 25 - - - 1.18 WAY MA Cautious Portfolio E Acc 101 31 104 56 117 49 130 69 - - 1.88 0.15 MI Charles Stanley Multi Asst 4 Gr B Acc 102 41 106 71 115 124 128 112 - - 0.98 1.36 Wesleyan Moderate Risk/Rwd Gr X Acc 98 134 103 93 ------1.47 MI Charles Stanley Multi Asst3 Mod A£Acc 101 52 ------Zurich Horizon Multi-Asset I Z Acc 98 129 101 126 114 79 - - - - - 1.16 MI Hawksmoor Distribution B Acc 102 42 107 36 128 17 152 15 - - - 3.32

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FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % NatWest Balanced 100 123 105 84 120 86 137 90 175 49 - 1.11 BGF US Basic Value D2 104 72 97 122 130 112 183 90 277 66 1.05 - Neptune Balanced C Acc GBP 106 1 112 3 128 14 149 33 182 41 - 0.40 BlackRock US Dynamic D Acc 106 41 108 37 155 22 217 20 304 45 0.94 0.56 Newton Global Balanced Expt 1 Acc 99 146 104 114 123 50 146 46 207 9 0.55 1.71 BlackRock US Opportunities D Acc 102 107 98 116 131 109 193 72 302 46 - 0.26 Newton Multi-Asset Balanced Inst W Acc 97 156 100 153 114 127 131 107 175 45 0.67 2.17 BNY Mellon US Equity Income GBP W Inc 102 102 98 114 ------2.06 NFU Mutual Mixed Portfolio 40-85% C 101 88 106 64 127 21 137 88 - - - 1.57 Boston Company US Opps Inst W Acc 107 20 106 49 144 75 204 58 291 57 - 0.30 Old Mutual Cirilium Mod R GBP Acc 101 54 106 52 128 15 152 16 - - 1.24 1.52 Brown Advisory US Flexible Eq B $ Acc 106 23 109 25 148 51 - - - - 0.93 - Old Mutual Foundation 4 R GBP Acc 102 27 108 19 127 23 - - - - - 1.40 Brown Advisory US Mid-Cap Gr USD C Acc 101 111 ------Old Mutual Managed R GBP Acc 101 92 104 118 118 102 145 49 195 21 1.16 1.82 Brown Advisory US Sust Gr USD C Acc 108 12 ------Orbis OEIC Global Balanced Standard 101 86 105 94 146 1 176 2 - - - - Candriam Quant Equities USA C Cap USD 102 104 100 109 139 95 189 82 270 70 1.92 - Premier Diversified D Inc 104 6 113 2 139 3 153 12 - - 1.43 1.09 Candriam Sust North America C USD Cap 98 132 93 129 124 117 164 99 243 74 2.16 - Premier Liberation No. VI Class C Acc 102 31 108 24 129 13 155 11 194 22 1.66 2.11 Capital Group AMCAP (LUX) Z 107 18 109 29 151 37 220 16 382 8 - - Premier Multi-Asset Growth&Inc C Inc 102 35 108 20 132 9 166 4 227 3 - 2.28 Capital Group Inv Co of Amer(LUX) Z 105 67 104 85 147 58 208 50 320 35 0.80 - RBS Balanced Acc 100 123 105 84 120 86 137 90 175 49 1.56 1.12 Dodge & Cox Worldwide US Stock A GBP 105 45 102 97 155 21 221 12 321 33 0.70 - RBS INV Balanced Growth 100 113 106 51 121 67 142 62 - - 1.97 0.55 EVI (IRL) US Value I2 USD 103 93 98 115 ------1.25 - Rosetta Andromeda Growth Net GBP Inc 101 84 104 115 121 72 139 78 175 46 - 1.05 F&C North American 2 105 57 107 44 146 65 223 10 344 17 0.81 0.86 Rosetta Andromeda Income Net GBP Inc 98 154 100 154 110 133 122 116 - - - 3.03 Fidelity American Special Sits W Acc 101 117 96 125 139 94 212 37 313 40 - 0.68 Royal London GMAP Adventurous M GBP Acc 101 57 106 67 ------1.55 Fidelity American W Acc 102 97 103 90 135 104 186 86 276 67 - 0.11 Royal London GMAP Gr M GBP Acc 102 51 105 97 ------1.69 Fidelity Index US P Acc 105 63 106 55 152 30 215 24 - - - 1.46 Royal London Sustainable World C Acc 104 4 112 4 140 2 185 1 - - - 1.22 Fidelity Instl America 102 103 100 108 141 89 206 53 322 31 0.88 0.60 S&W New Sarum Real Return Fund A Inc 101 97 106 53 125 36 136 100 - - - 1.60 Franklin Mutual Shares W Acc 98 130 93 130 131 111 178 93 217 75 1.04 1.44 Sarasin FoF Global Diversified Gr P Acc 103 13 106 74 118 104 - - - - 1.29 1.68 Franklin US Opportunities W Acc 106 22 113 15 150 38 221 11 - - 0.83 - Sarasin IE GlobalSar Dynamic GBP P Acc 102 20 108 27 123 45 150 28 - - - 1.90 GAM Multistock Health Innovt Eq USD B 96 134 104 79 118 119 263 4 544 1 1.80 - Sarasin IE GlobalSar Dynamic USD P Acc 99 145 102 142 133 7 155 10 - - - 1.91 GAM North American Growth Instl GBP Acc 106 31 101 102 141 90 181 92 374 9 0.98 - Schroder Managed Balanced Z Acc 102 39 106 48 122 62 143 58 186 34 - 1.69 GAM Star Capital Apprec US Eq Instl £Acc 101 118 103 91 125 114 175 96 277 65 2.16 - Schroder MM Diversity Balanced Z Acc 99 143 101 149 116 119 135 101 - - 1.36 0.61 GAM Star GAMCO US Equity Instl GBP Acc 103 94 104 80 143 80 - - - - 1.19 - Scottish Friendly Managed Growth 101 79 108 15 121 74 149 29 149 67 1.46 - GAM Star US All Cap Equity Instl GBP Acc 104 79 108 33 143 83 195 71 - - 1.14 - Scottish Widows Progressive A 101 75 104 119 122 57 149 30 191 26 2.00 0.46 GlobalAccess US Value M Acc GBP 108 14 110 22 119 118 159 100 - - - 0.74 Sentinel Growth B Acc 100 125 103 136 ------1.27 GS US CORE® Equity R Inc Snap GBP 105 43 108 32 153 25 221 14 334 23 0.75 0.54 Sentinel Universal B Acc 101 94 105 96 125 33 148 36 - - - 1.97 GS US Equity R Inc GBP 103 84 103 95 134 105 188 83 284 61 1.09 0.36 SLI Global Advantage Plat 1 Acc 100 101 107 34 125 37 150 27 193 23 - 1.50 GS US Focused Growth Equity R Inc GBP 109 9 115 11 147 59 202 59 328 25 1.15 - SLI Multi-Asset Trust Ret Acc 100 113 103 132 117 105 141 72 175 48 1.00 1.87 Halifax North American C 105 55 105 73 146 66 208 48 310 41 1.51 0.99 Smith & Williamson MM Endurance Bal B 100 117 104 116 116 118 136 93 166 57 - 1.71 Hermes US All Cap Equity F GBP Acc 103 88 102 100 ------1.44 - Standard Life Wealth Bal Bridge 98 148 104 127 121 73 136 94 163 61 0.83 3.07 HSBC American Index C Acc 105 64 106 52 152 34 215 28 333 24 0.18 1.47 SVS Brown Shipley Balanced I Acc 101 64 105 87 117 106 - - - - - 1.86 HSBC MERIT US Equity Institutional A Acc 105 51 105 63 149 42 211 38 335 22 0.54 1.18 SVS Brown Shipley Growth I Acc 102 28 107 35 121 65 148 38 - - 1.97 1.31 Investec American I Acc Net GBP 105 46 108 30 160 12 212 35 278 64 0.85 0.47 SVS Church House Balanced Eq Inc A Inc 98 151 102 141 112 130 136 96 175 47 1.57 3.26 IP US Enhanced Idx Z Acc 105 54 106 59 ------1.45 TB Doherty Active Managed B GBP Acc 100 107 103 134 117 107 136 97 - - - 0.14 IP US Equity Z Acc 103 89 100 111 137 99 191 77 265 71 - 0.45 TB Doherty Balanced Managed B GBP Acc 99 139 102 145 117 110 134 104 - - - 0.52 iShares North American Eq Idx (UK) D Acc 104 70 105 60 150 40 208 47 - - 0.17 1.57 TC Centre Multi Mgr Bal A Inc 102 32 108 17 126 32 139 79 155 63 2.50 1.35 iShares US Equity Index (UK) D Acc 105 62 106 51 152 33 215 26 - - - 1.51 Thesis Optima Growth B Acc 101 66 103 130 117 109 142 60 176 44 - 1.08 Janus Henderson Instl NA Idx Opps A Acc 104 73 105 71 146 64 198 63 293 54 1.76 1.07 Threadneedle Managed Eq Focused Z Acc 100 119 106 73 122 53 146 47 192 25 - 1.24 Janus Henderson INTECH US Cor A USD Acc 101 112 105 74 144 73 204 57 320 36 1.72 - Threadneedle Navigator Gr Mgd Retl Acc 99 138 104 103 122 59 147 42 206 10 1.48 1.32 Janus Henderson US Forty A USD Acc 106 27 113 14 149 44 221 15 298 49 2.21 - TM UBS (UK) - Global Growth C Acc 101 59 106 66 123 49 - - - - - 1.08 Janus Henderson US Growth I Acc 106 32 105 69 131 110 188 84 301 47 1.09 0.33 TM UBS (UK) - UK Growth C Acc 100 116 105 98 121 69 140 75 - - - 1.71 Janus Henderson US Research A USD Acc 102 105 104 84 133 106 184 87 273 69 2.28 - TM UBS (UK) - UK Income Focus C Acc 100 120 104 124 116 114 - - - - - 3.13 Janus Henderson US Strat Val I USD Inc 100 123 97 121 139 93 176 95 280 63 1.32 - Total Clarity Portfolio 5 A 100 98 104 112 122 60 140 77 - - 1.26 1.12 JOHCM US Small Mid Cap Equity A GBP Inc 105 49 101 104 145 69 - - - - 1.25 - UBS Global Allocation (UK) C Acc 100 100 106 70 118 100 141 69 187 31 - 1.64 JPM America Equity A (dist) USD 106 29 109 26 152 32 214 30 328 26 1.71 0.48 UBS Global Growth Allocation J Acc 102 34 107 38 ------1.18 JPM America Equity C Net Acc 105 44 108 34 153 24 ------Vanguard Global Balanced A GBP Acc 100 108 103 135 ------1.80 JPM US C Net Acc 107 17 108 36 146 63 211 39 322 30 0.93 - Vanguard LifeStrategy 60% Equity A Acc 100 104 104 111 125 34 148 37 - - 0.31 1.46 JPM US Equity Income C Net Acc 104 71 102 101 144 76 200 62 - - 0.93 1.49 Vanguard LifeStrategy 80% Equity A Acc 101 69 106 76 132 8 160 7 - - 0.29 1.58 JPM US Select C Net Acc 105 48 105 65 147 55 217 22 355 14 0.93 - Vanguard Target Retirement 2020 Acc 100 106 104 120 ------1.29 JPM US Select Equity Plus A (dist) GBP 105 50 105 61 144 72 211 44 - - 1.80 0.80 Vanguard Target Retirement 2025 Acc 100 102 104 107 ------1.14 Jupiter North American Income I Acc 104 69 102 98 148 48 195 70 327 27 1.04 1.85 Vanguard Target Retirement 2030 Acc 101 93 105 101 ------1.22 L&G US Index Trust I Acc 105 53 107 42 153 29 215 25 349 16 0.25 1.50 Vanguard Target Retirement 2035 Acc 101 89 105 90 ------1.11 Legg Mason CB Growth A USD Dis(A) 101 121 106 54 136 102 192 75 196 76 2.19 - Vanguard Target Retirement 2040 Acc 101 82 105 86 ------1.31 Legg Mason CB US Agrsv Gr X USD Dis(A) 100 126 96 126 125 115 190 81 323 29 1.12 - Vanguard Target Retirement 2045 Acc 101 72 105 77 ------1.24 Legg Mason CB US Apprec X USD Dis(A) 102 109 103 96 143 81 190 80 298 50 1.11 0.30 Vanguard Target Retirement 2050 Acc 101 73 105 78 ------1.26 Legg Mason CB US Lg Cp Gr X USD Acc 105 42 110 21 161 9 233 8 406 7 1.10 - Vanguard Target Retirement 2055 Acc 101 74 105 80 ------1.18 Legg Mason IF CB US Eq Inc X Inc 101 115 103 92 141 88 184 88 - - 1.05 1.74 Virgin Bond, Gilt, UK and Overseas Share 99 136 103 133 119 93 - - - - - 1.17 Legg Mason IF CB US Eq X Acc 99 129 98 117 130 113 187 85 194 77 - 0.38 Volare Balanced A GBP Acc 102 49 105 81 ------Legg Mason IF MC Nth Am X Acc £ 106 36 107 39 144 79 201 61 262 72 - 0.62 Volare Growth A GBP Acc 102 25 107 32 ------LF Canlife North American C Acc 103 95 97 123 144 70 193 74 317 37 0.81 0.61 Volare Strategic Income A GBP Inc 100 99 103 128 ------2.80 LF Miton US Opportunities B Acc 105 56 105 68 157 15 - - - - - 0.08 Wesleyan Moderate High Rk/Rwd Inc X Acc 97 155 104 105 ------2.67 Loomis Sayles US Equity Leaders N/A GBP 105 59 116 10 173 4 - - - - - 0.13 Zurich Horizon Multi-Asset III Z Acc 102 48 107 42 128 18 - - - - - 1.14 Loomis Sayles US Research R/A USD 104 75 105 75 143 82 193 73 306 43 1.70 - Zurich Horizon Multi-Asset IV Z Acc 102 21 108 13 134 6 - - - - - 1.21 M&G North American Dividend GBP I Acc 106 37 106 48 153 26 204 56 296 51 0.91 1.09 Average/Total 101 160 105 158 122 136 144 116 185 69 1.33 1.54 M&G North American Value GBP I Acc 105 47 104 78 152 35 218 19 290 58 0.91 0.91 (IA) MONEY MARKET Majedie Asset Mgmt US Equity Z GBP Acc 101 119 102 99 138 97 ------Marlborough US Multi-Cap Income P Inc 106 28 106 46 146 67 198 64 284 62 - 1.20 Aberdeen Sterling Money Market I Acc 100 5 100 3 101 3 101 4 108 4 0.37 0.25 Aviva Investors Cash 2 GBP Acc 100 4 100 4 101 5 101 5 105 8 0.28 0.18 MFS® Meridian US Concentrated Gr WH1 GBP 112 6 121 6 132 107 175 97 - - 1.19 - F&C Short Duration Bond 4 100 1 100 1 102 1 104 1 105 7 0.08 0.67 MFS® Meridian US Value WH1 GBP 106 24 109 27 124 116 169 98 - - 1.00 - ILF GBP Liquidity 1 100 6 100 6 100 8 101 8 106 6 0.20 0.11 Morgan Stanley US Advantage I Acc GBP 110 8 118 8 ------IP Money Z Acc 100 2 100 2 101 2 102 2 109 2 - 0.28 MS INVF US Advantage I 111 7 120 7 168 6 252 5 502 2 0.93 - Janus Henderson Instl Cash Retail Acc 100 9 100 8 101 7 101 7 109 3 0.37 0.11 MS INVF US Growth Z 112 3 130 1 181 2 290 1 - - 0.89 - Janus Henderson Money Market UT Acc 100 8 100 7 101 6 101 6 107 5 0.32 0.10 Neptune US Income C Acc GBP 103 85 103 88 147 62 196 68 - - - 2.19 LF Canlife Sterling Liquidity I Acc 100 7 ------Neptune US Opportunities C Acc GBP 107 19 112 17 138 98 191 78 291 56 - 0.34 NFU Mutual Deposit C 100 10 100 9 100 9 99 9 - - - 0.36 New Capital US Growth GBP Ord Acc 113 2 122 5 131 108 217 21 - - 1.17 - Premier UK Money Market B Inc 100 3 100 5 101 4 101 3 110 1 - 0.17 Old Mutual JPM US Gr Advtg A GBP Acc 108 10 113 16 160 11 ------Average/Total 100 10 100 9 101 9 101 9 107 8 0.27 0.25 Old Mutual North American Eq R GBP Acc 106 40 107 40 160 13 250 7 365 11 0.90 0.19 Old Mutual Schroder US Mid Cap U2 GBPAcc 100 122 97 120 148 50 - - - - - 0.16 (IA) NORTH AMERICA Old Mutual US Equity Income R GBP Acc 101 116 98 119 136 100 - - - - 1.25 - 7IM US Equity Value C Inc 107 16 108 35 ------1.63 OYSTER US Selection R GBP D 104 78 104 77 156 20 - - - - 1.34 0.91 Aberdeen Global North Amer Eq X Acc GBP 104 80 105 64 138 96 176 94 256 73 0.98 - PIMCO GIS StocksPLUS E USD Acc 104 81 105 67 148 46 208 49 335 20 1.45 - Aberdeen North American Equity I 104 76 106 53 140 91 181 91 275 68 1.12 0.70 Polar Capital North American I 105 68 109 24 156 19 219 18 - - 0.97 - Aberdeen Northern Amr EqEnhIdx Net B Acc 106 39 106 58 ------1.43 Principal US Equity I Acc USD 106 26 108 38 144 71 202 60 294 52 1.10 - ACS US Equity Tracker T1 GBP Acc 105 58 106 47 153 28 - - - - - 1.68 Robeco BP US Large Cap Equities F £ 104 74 103 87 142 87 196 66 - - 0.80 - Allianz Best Styles US Equity RT GBP 105 60 107 43 147 61 ------Robeco QI US Conservative Equities F £ 100 127 100 110 ------0.68 - Allianz US Equity C Acc 103 91 104 81 147 56 197 65 305 44 0.87 0.37 Royal London US Growth 102 101 103 93 143 85 207 51 288 59 1.55 - Amundi SICAV II Pio US Fdml Gr R GBP ND 101 120 107 45 148 52 214 32 - - 0.93 - Royal London US Tracker Z Acc 105 66 106 57 151 36 213 34 339 19 0.23 1.32 Artemis US Equity I Acc GBP 106 25 111 19 156 17 - - - - 1.00 0.39 Russell Inv US Quant I 103 92 104 83 147 60 211 42 335 21 1.83 0.44 Artemis US Extended Alpha I Acc GBP 105 65 109 23 168 7 - - - - 2.47 - Sanlam FOUR US Dividend Income A GBP Acc 102 108 98 118 149 45 - - - - 1.10 - Artemis US Select I Acc GBP 108 11 114 12 160 10 - - - - 0.86 0.28 Santander United States Equities A 105 52 106 50 148 47 215 27 324 28 1.03 0.61 Aviva Investors US Eq Inc 2 GBP Acc 100 125 94 127 136 101 183 89 - - 0.88 2.49 Schroder QEP US Core I Acc 106 30 105 70 150 39 210 45 353 15 0.32 1.46 Aviva Investors US Eq MoM 1 2 GBP Inc 104 77 107 41 147 53 214 31 321 32 1.03 0.50 Schroder US Eq Inc Maximiser Z Acc 101 110 ------Aviva Investors US Equity Inc II 2 £ Acc 100 128 94 128 135 103 - - - - - 2.46 Schroder US Mid Cap Z Acc 100 124 97 124 147 57 211 40 356 13 - 0.06 AXA Framlington American Growth Z Acc 108 13 114 13 147 54 214 29 359 12 0.72 - Scottish Widows American Growth A 105 61 104 82 146 68 195 69 314 38 1.62 0.22 AXA Rosenberg American Z 106 33 106 56 148 49 210 46 306 42 1.05 0.91 SLI American Eqty Unconstrained Plat 1 A 98 133 99 112 140 92 205 55 298 48 - 0.14 Baillie Gifford American B Acc 114 1 127 2 189 1 252 6 413 6 0.67 - SLI American Equity Income Pltfrm 1 Acc 101 114 101 105 ------0.99

62 www.WhatInvestment.co.uk Unit trusts

FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 1010 YEARS YEARS TERTER YIELDYIELD FUND 66 MONTHS MONTHS 11 YEARYEAR 3 YEARS 5 YEARS 1010 YEARS YEARS TER YIELD £ ££ ££ ££ ££ %% %% £ ££ ££ £ £ % % SLI North American Trust 101 113 103 94 144 77 207 52 313 39 0.84 0.61 TIME Commercial Freehold Fdr I Net Acc 102 23 104 31 116 22 - - - - - 3.70 Smith & Williamson North American Eq B 106 34 108 31 143 84 191 79 285 60 0.86 0.54 TM Hearthstone UK Residential D 102 25 104 30 119 13 136 19 - - - 0.74 SSgA North America Equity Tracker 103 90 105 66 149 43 206 54 320 34 0.90 - Average/Total 99 55 102 54 116 49 140 42 160 27 1.34 2.78 T. Rowe Price US Blue Chip Eq Q GBP 112 4 122 4 173 5 264 3 452 4 0.82 - (IA) PROTECTED T. Rowe Price US Equity C GBP 102 98 104 86 ------T. Rowe Price US Equity Q GBP 103 86 104 76 153 27 215 23 - - 0.82 - Investec Multi Asset Protector A Acc Net 100 3 103 4 110 3 127 3 - - 2.08 0.16 T. Rowe Price US Large Cap Gr Eq Q GBP 112 5 123 3 177 3 273 2 481 3 0.82 - MFS® Meridian Prudent Wealth W1 GBP 99 4 103 3 ------1.28 - T. Rowe Price US Large Cp Val Eq C GBP 102 96 ------Scottish Widows Capital Proct 20 103 1 108 1 118 2 129 2 - - - - T. Rowe Price US Large Cp Val Eq Q GBP 102 99 101 107 142 86 196 67 294 53 0.82 - Scottish Widows Capital Protected 21 102 2 108 2 123 1 138 1 - - - - Average/Total 101 4 106 4 117 3 131 3 - - 1.68 0.16 Threadneedle Amer Extnd Alpha Ins AccGBP 107 21 111 18 163 8 220 17 414 5 0.81 0.24 Threadneedle American Sel Z Acc GBP 106 38 109 28 157 16 212 36 343 18 0.82 0.47 (IA) SHORT-TERM MONEY MARKET Threadneedle American Z Acc GBP 106 35 110 20 154 23 221 13 367 10 0.81 0.64 Baillie Gifford Cash A Inc 100 6 100 6 100 6 101 5 105 5 0.16 0.01 Threadneedle US Eq Inc Z Inc GBP 103 82 101 106 144 78 192 76 - - - 2.64 BlackRock Cash D Acc 100 7 100 7 100 5 101 3 106 2 0.31 0.02 UBS S&P 500 Index C Acc 103 83 105 62 152 31 - - - - - 1.48 Fidelity Cash Y Acc 100 4 100 4 101 4 101 4 105 3 - 0.08 UBS US Equity C Acc 102 100 103 89 144 74 211 43 293 55 - 0.26 JPM Sterling Liquidity Agency (dist.) 100 5 100 5 101 3 101 1 105 4 0.25 0.12 UBS US Growth C Acc 108 15 116 9 156 18 227 9 - - - - L&G Cash Trust I Acc 100 3 100 3 101 2 101 2 106 1 0.21 0.22 Vanguard US Equity Index Acc 103 87 105 72 150 41 211 41 - - 0.20 1.48 Royal London Short Term Money Mkt Y Acc 100 2 100 2 101 1 101 6 105 6 - 0.21 VT De Lisle America B GBP 98 131 98 113 158 14 213 33 - - 1.33 0.18 Scottish Widows Cash A Acc 100 9 100 9 99 8 99 8 102 8 0.61 - Winton US Equity I GBP Acc 102 106 101 103 ------SLI Short Term Money Market 100 7 100 8 100 7 100 7 103 7 0.63 - Average/Total 104 134 106 130 147 119 206 100 320 77 1.10 0.89 Wesleyan Risk Averse A Acc 100 1 100 1 ------0.28 (IA) NORTH AMERICAN SMALLER COMPANIES Average/Total 100 9 100 9 100 8 101 8 105 8 0.36 0.13 Artemis US Smaller Cos I Acc GBP 102 12 104 5 159 2 - - - - 1.00 0.05 (IA) SPECIALIST Brown Advisory US Smaller Cos $ B 101 14 106 4 154 3 208 3 397 3 0.93 - Aberdeen Eastern European Equity I Acc 97 173 108 84 147 34 111 130 96 100 1.27 1.58 F&C US Smaller Comp Fd C Net Inc 104 7 99 9 144 8 184 10 383 4 - 0.11 Aberdeen Financial Equity I Inc 104 43 112 38 146 40 175 31 157 58 - 0.99 GlobalAccess US Sm & Md Cp Eq M Acc GBP 109 2 111 2 127 14 177 12 - - - - Aberdeen Global Indian Equity X Acc GBP 95 201 110 65 128 96 188 22 287 8 1.39 - GS US Sm Cp CORE® Eq R Inc GBP Snap 105 4 101 8 145 6 202 7 382 6 0.85 0.27 Aberdeen Latin American Equity I Acc 99 130 111 51 153 25 104 146 - - 1.30 1.40 Hermes US Smid Equity F GBP Acc 101 13 96 15 143 10 192 8 - - 0.87 - Aberdeen Multi-Mgr Ethical I Acc 103 62 107 99 137 61 171 35 201 33 - 0.17 Janus Henderson US Venture A USD Acc 103 9 107 3 137 12 204 5 364 7 2.50 - Acumen Strategic X Acc 105 36 ------JPM US Smaller Companies C Acc 112 1 119 1 163 1 222 1 382 5 0.93 - Allianz China Strategic Bond P H2 GBP 100 125 101 153 100 206 102 154 - - 0.55 4.01 Jupiter US Small and Midcap Coms I Acc 105 3 96 14 125 15 ------Allianz German Equity P GBP 102 81 118 19 150 29 184 23 - - 1.01 0.69 Legg Mason IF Royce US Smlr Coms X Acc 104 5 98 11 134 13 163 13 254 10 - 0.51 Allianz Global Agricultural Trds RT GBP 103 68 103 125 118 133 129 86 - - - - Legg Mason RY US SmCp Opp X USD Acc 103 11 103 7 148 4 187 9 359 8 1.20 - Allianz Income and Growth RM H2 GBP 107 15 110 66 117 135 - - - - - 5.96 Neuberger Berman US Sm Cap USD A Acc 104 6 99 10 143 9 179 11 - - 1.99 - Allianz Renminbi Fixed Income P H2 GBP 105 34 112 41 110 167 113 124 - - 0.60 3.35 Schroder US Smaller Comp Z Acc 101 15 97 13 144 7 202 6 338 9 - 0.06 Artemis Global Energy I Acc 110 2 93 202 110 169 68 185 - - 0.87 1.18 T. Rowe Price US Smaller Coms Eq C GBP 103 10 ------Aviva Investors Glbl Convert Ia GBP Inc 97 183 99 179 124 113 132 80 191 36 0.81 0.47 T. Rowe Price US Smlr Coms Eq Q GBP 103 8 104 6 147 5 211 2 450 1 1.12 - AXA Framlington Biotech GBP Z Acc 99 139 105 113 108 176 256 1 559 2 0.80 - Threadneedle Amer Smlr Coms Z Acc GBP 100 16 98 12 141 11 204 4 398 2 - 0.17 AXA Framlington Financial Z GBP Acc 104 51 113 37 143 43 180 27 167 47 - 0.64 Average/Total 104 16 102 15 143 15 195 13 371 10 1.27 0.20 AXA Framlington Health Z Inc 96 197 96 200 116 145 190 21 343 6 - 0.38 (IA) PERSONAL PENSIONS Baillie Gifford Diversified Gr B1 Acc 102 80 106 109 114 157 125 98 - - 0.86 0.57 LF Tracker Pension Acc 100 1 104 1 116 1 136 1 172 2 1.00 - Baillie Gifford Multi Asset Gr B1 Acc 102 79 107 101 ------1.37 Virgin Money Pension Bond and Gilt 97 3 98 3 106 3 115 3 154 3 1.00 1.24 Baring Australia I GBP 101 107 101 161 120 126 111 133 155 59 1.32 - Virgin Pension Growth 99 2 103 2 116 2 135 2 174 1 1.00 2.74 Baring Eastern Europe I GBP Acc 105 29 117 23 169 9 115 121 103 96 1.24 - Average/Total 99 3 102 3 113 3 129 3 167 3 1.00 1.99 Baring Frontier Markets I GBP Inc 104 46 114 29 137 63 - - - - 1.75 1.98 Baring German Growth I GBP Acc 102 76 120 10 157 21 196 19 282 9 0.81 1.20 (IA) PROPERTY Baring Global Agriculture I GBP 103 59 102 142 121 122 132 79 - - 1.07 0.71 Aberdeen European Property Share I Acc 97 38 111 3 121 8 170 5 177 10 - 3.05 Baring Global Resources I GBP Acc 104 50 102 150 118 131 105 144 68 112 1.25 - Aberdeen Property Share I Acc 100 28 109 6 115 25 172 4 146 17 - 2.16 Baring Korea I GBP Acc 105 39 115 26 138 58 133 78 158 55 - - Aberdeen UK Property A Inc 103 11 106 25 106 43 134 23 125 25 1.48 2.19 Baring Latin America I GBP Acc 101 104 107 88 125 109 93 167 99 97 1.29 - Aberdeen UK Property Feeder UT I Acc 104 10 106 21 ------2.60 Baring R GBP Inc 106 25 109 71 199 2 126 95 104 95 1.98 - Aviva Inv UK Prpty Fdr Acc 6 GBP Acc 103 14 ------0.19 BGF Emerging Europe D2 104 49 118 17 158 20 124 101 122 78 1.37 - Aviva Inv UK Prpty Fdr Inc 6 GBP Inc 103 16 108 12 104 46 131 31 - - - 1.55 BGF India D2 98 161 109 73 142 47 210 12 216 24 1.22 - Aviva Investors Asia Pacific Prpty I£Acc 98 35 99 37 156 1 132 30 - - 1.23 - BGF Latin American D2 105 33 113 32 140 54 106 139 132 70 1.34 - Aviva Investors European Prpty I GBP Inc 92 48 97 41 106 44 93 42 - - 1.50 1.21 BGF New Energy D2 98 166 107 93 136 66 161 40 107 92 1.32 - Aviva Investors UK Property 6 GBP Acc 103 15 109 9 105 45 132 28 - - - 1.52 BGF World Agriculture D2 102 74 97 190 117 138 128 91 - - 1.32 - F&C Global Real Estate Securities 3 Acc 91 50 90 50 117 18 - - - - - 1.18 BGF World Energy D2 106 22 91 211 97 211 89 170 90 102 1.31 - F&C Property Growth & Income I Acc 102 24 109 5 114 32 163 6 168 13 - 4.21 BGF World Mining D2 102 78 111 57 132 85 87 174 63 115 1.31 - F&C Real Estate Securities B GBP Acc 99 33 112 2 128 4 197 2 - - 1.38 - BlackRock Dynamic Allocation D GBP Acc 103 73 105 110 ------0.44 F&C UK Property 2 inc 102 26 106 24 116 24 134 26 - - 1.19 2.92 BlackRock Dynamic Diversified Gr D Acc 102 75 106 107 104 191 115 119 134 68 - 1.23 F&C UK Property Feeder 1 GBP Acc 103 20 105 26 ------2.24 BlackRock Gold and General D Acc 81 229 80 221 115 149 73 183 69 110 1.16 - Fidelity Global Property W Acc 92 49 91 45 115 27 137 14 193 3 - 1.64 BlackRock Managed Volatility 98 159 102 151 110 168 124 100 - - - 1.67 First State Asian Prpty Secs B Acc GBP 98 36 100 35 125 5 124 37 168 12 1.53 2.89 BlackRock Managed Volatility I C 98 154 102 141 113 160 128 93 - - 0.24 1.90 First State Glbl Prpty Secs B Acc GBP 92 46 91 49 113 34 134 24 208 1 1.11 2.78 BlackRock Managed Volatility II C 99 148 103 133 115 150 132 82 - - 0.24 1.76 GlobalAccess Global Prpty Secs M Acc GBP 98 34 103 32 101 47 - - - - - 2.67 BlackRock Managed Volatility III C 99 140 104 123 118 134 137 72 - - 0.26 1.52 HC Charteris Property A Acc 95 41 98 38 99 48 119 39 - - 2.29 4.13 BlackRock Market Advantage D GBP Acc 101 92 103 124 107 180 - - - - - 0.06 HSBC Global Property C Acc 97 40 97 40 113 33 137 15 175 11 1.59 1.97 BlackRock Ntrl Resources Gr & Inc D Acc 103 54 97 187 125 108 116 116 - - - 2.45 iShares Glb Prpty Secs Eq Idx (UK) D Acc 90 53 89 53 115 26 135 22 - - - 2.72 Blackrock UK Managed Volatility I C £Acc 97 180 99 178 105 189 - - - - - 0.81 Janus Henderson Hrzn AsPac Pty Eqs H2USD 100 29 101 34 123 7 121 38 191 5 1.90 - Blackrock UK Managed Volatility II C£Acc 97 175 98 180 106 184 - - - - - 0.90 Janus Henderson Hrzn Glbl Pty Eqs H2 USD 93 45 94 44 123 6 134 25 203 2 1.27 - Blackrock UK Managed Volatility IIIC£Acc 98 152 101 163 107 181 - - - - - 1.32 Janus Henderson Hrzn PanEurpPtyEqs H2EUR 99 30 115 1 136 2 201 1 184 8 1.39 - BNY Mellon Equity GBP W Acc 107 10 107 96 166 10 108 135 145 64 1.02 0.70 Janus Henderson UK Pty PAIF Feeder I Acc 105 1 109 8 112 37 137 17 131 24 - 2.91 Candriam Eqs L Australia C AUD Cap 101 93 103 134 129 95 122 105 187 38 1.85 - Janus Henderson UK Pty PAIF I Acc 105 2 109 7 112 36 137 16 131 23 - 3.04 Candriam Eqs L Biotech C USD Cap 91 220 103 127 115 148 249 2 758 1 1.83 - Kames Property Inc Feeder(Acc) GBP B Acc 103 22 105 27 117 19 - - - - - 4.22 Capital Group New World (LUX) Z 103 69 113 33 141 50 151 54 208 29 1.02 - Kames Property Income GBP B Gross Acc 103 17 106 23 119 12 - - - - - 4.98 Carmignac Emergents A EUR Acc 99 149 111 47 133 79 124 103 162 51 1.76 - L&G Global Real Estate Div Idx L Dist 90 54 89 51 ------3.49 Carmignac Pf Commodities W GBP Acc 105 28 102 145 120 124 - - - - 1.15 - L&G UK Property Feeder I Acc 104 8 108 11 120 10 150 7 159 14 - 2.30 Carmignac Port L/S Eurp Eqs F GBP Acc 108 8 126 3 ------L&G UK Property I Acc 104 9 108 10 120 10 150 7 159 14 - 2.00 Consistent UT Inc 96 193 96 198 101 201 120 111 134 69 1.13 4.97 M&G Feeder of Property GBP I Acc 104 6 107 18 108 42 132 29 134 22 1.34 2.36 EF Tellsons Endeavour RF GBP Acc 103 55 106 102 111 166 - - - - - 0.86 M&G Property Portfolio GBP I Acc 104 7 107 17 108 41 133 27 135 21 1.39 2.49 F&C High Income 100 111 101 154 103 195 104 148 108 91 1.72 5.26 MGTS St Johns High Income Property Acc 103 19 105 29 116 23 - - - - - 5.33 F&C Overseas Equity-Linked UK Gilt 3 104 40 113 35 134 76 220 7 - - 0.39 1.04 MS INVF Global Property IX 94 42 95 42 114 30 135 21 193 4 1.08 1.99 F&C Overseas Equity-Linked UK Inf 3 104 44 113 36 142 48 227 5 - - 0.39 0.06 Old Mutual Glbl Prpty Secs R GBP HPt Inc 99 31 101 33 110 39 128 36 - - - 2.12 F&C UK Equity-Linked Gilt 3 97 184 102 140 128 97 171 34 - - 0.37 1.17 Premier Pan Europe Prop Share C Acc 101 27 107 16 110 38 181 3 177 9 1.04 3.55 F&C UK Equity-Linked Inflation 3 96 189 102 143 136 65 176 28 - - 0.43 0.07 Principal Glb Propty Secs I Acc USD 93 44 94 43 118 16 138 13 - - 1.18 - Fidelity Emerg Eur Mid East&Africa W Acc 108 7 120 9 143 45 146 58 212 26 - 1.47 Royal London Property A Acc 103 18 106 22 119 14 148 9 154 16 0.85 2.74 Fidelity India Focus Y-Dis-GBP 98 164 111 50 133 80 194 20 - - 1.22 - Sarasin IE Glbl Real Estt Eq GBP P Acc 92 47 91 48 115 28 139 12 - - - 3.21 Fidelity Latin America W-Acc-GBP 103 72 112 39 141 52 101 158 145 63 1.23 - Sarasin IE Sust Glb Rl Est Eq USD P Acc 94 43 91 47 117 17 137 18 - - - 2.91 FP Brunswick Diversified Port B Acc GBP 100 124 102 148 115 152 126 96 128 72 1.79 1.04 Schroder Glbl Cities Real Estt Inc Z Acc 87 55 87 54 114 31 119 41 - - 0.98 4.48 FP Octopus Dynamic Mixed Asset B Acc 99 141 102 149 118 132 134 76 - - 0.82 1.60 Schroder Global Cities Real Estt Z Acc 91 51 91 46 115 29 130 34 184 7 1.18 1.26 FP Russell Invsmts Real Assets C GBP Acc 97 176 98 185 105 188 105 145 - - 1.24 1.23 Scot Wid MM Global Rel Est Sec A Inc 90 52 89 52 112 35 130 33 186 6 1.90 2.97 FP SCDavies Global Alts A Acc GBP 101 106 100 164 99 207 102 155 - - 2.06 - SKAGEN m2 A 98 37 110 4 132 3 136 20 - - 0.76 - FP WM Global Trend B Acc GBP 99 143 102 147 120 125 123 104 - - - 0.59 SLI Global Real Estate Plat 1 Acc 99 32 100 36 121 9 131 32 92 27 - 3.68 Franklin India W(acc)GBP 97 178 106 104 135 71 199 16 257 16 1.13 - SLI Global REIT Plat 1 Acc 97 39 98 39 93 49 119 40 115 26 - 2.33 GAM Multibond ABS EUR B 96 188 105 115 125 111 108 137 125 75 1.12 - SLI UK Real Estate Acc Feeder P 1 Acc 104 4 108 15 ------3.18 GAM Star Alpha Technology USD Inc 96 191 97 191 132 82 143 61 - - 1.61 - SLI UK Real Estate Inc Feeder P 1 Inc 104 5 108 13 ------3.28 GAM Star India Equity Instl GBP Acc 96 192 106 108 137 60 ------SLI UK Real Estate Platform 1 Acc 104 3 108 14 109 40 129 35 139 20 - 2.16 GAM Systematic Alt Rsk Pre GBP Acc 99 147 99 176 100 202 115 120 - - 0.99 - Threadneedle UK Prpty Authrsd Invmt INI 103 13 107 19 116 21 142 11 142 18 - 4.10 GS BRICs Eq R Inc GBP 109 4 130 1 162 17 166 37 158 56 1.61 0.77 Threadneedle UK Prpty Authrsd Tr INI 103 12 107 20 116 20 142 10 141 19 - 4.11 GS Glbl Strat Inc Bd R Inc GBP Hdg 99 138 99 174 100 205 104 147 - - 0.85 2.07 TIME Commercial Freehold A Gross Acc 103 21 105 28 119 15 - - - - - 3.94

www.WhatInvestment.co.uk 63 Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % GS Glbl Strat Macro Bd R Inc GBP Hdg 99 132 100 173 108 175 - - - - 0.86 3.25 Pictet-Indian Equities I GBP 98 162 110 60 138 59 209 14 185 39 1.05 - GS Global Currency Plus R Inc GBP Hdg 99 128 103 136 101 200 103 151 - - 0.95 - Pictet-NutritionI I dy GBP 100 119 108 80 126 101 135 74 - - 1.21 0.10 GS India Equity R Inc GBP 98 163 114 28 145 42 235 4 - - 1.35 0.15 Pictet-Russian Equities I GBP 106 18 110 68 200 1 129 87 122 77 1.16 - GS N-11® Equity R Inc GBP 97 177 110 67 115 155 105 143 - - 1.25 0.94 Pictet-Timber I dy GBP 107 14 113 31 142 49 153 51 - - 1.21 0.30 GS NA Engy & Engy Infras Eq R Acc USD 102 89 86 217 81 216 - - - - 1.15 - PIMCO GIS Capital Scs E USD Acc 97 181 97 186 130 88 - - - - 1.69 - GS Strat Abs Ret Bd I R Inc GBP Hdg 100 116 100 165 102 196 104 149 - - 0.50 1.62 PIMCO GIS Cmdty Real Ret E USD Inc 98 165 91 210 96 213 71 184 66 114 1.64 0.17 GS Strat Abs Ret Bd II R Inc GBP Hdg 100 123 100 171 102 197 103 152 - - 0.75 2.11 PIMCO GIS Glb Lw Dur Rl Rt Ins USD Acc 94 208 91 209 115 146 - - - - 0.49 - GS US Mortgg Bckd Secs R Acc USD 92 217 90 212 116 142 120 110 202 32 0.70 - PIMCO GIS Infl Strat E USD Acc 93 214 89 214 103 192 98 162 - - 2.10 - GS US RlEstt Bal R Acc USD 96 196 96 199 132 84 153 52 - - 1.10 - PIMCO GIS Uncons Bd E USD Acc 94 206 92 205 117 137 113 126 - - 1.80 - HL Multi-Mgr Asia and Emerging Mkt A Acc 101 102 109 72 ------0.64 PIMCO Sel Uncons Bd Retl GBPH Acc 99 137 100 168 100 204 98 160 - - - - HSBC GIF Brazil Equity AD 106 19 104 121 134 74 81 176 81 104 2.16 0.68 Polar Capital Biotechnology I USD Inc 102 87 109 75 147 37 ------HSBC GIF BRIC Markets Equity AD 106 23 115 25 163 12 153 50 154 60 1.86 0.58 Polar Capital Financial Opports R Inc 105 35 110 63 141 51 166 36 - - 1.76 1.79 HSBC GIF GEM Debt Total Return M1D 91 219 90 213 115 147 118 113 211 27 1.35 1.72 Polar Capital Glbl Convert I Acc 101 109 101 155 126 104 ------HSBC GIF Indian Equity AD 98 158 111 53 121 121 159 43 139 66 1.91 - Polar Capital Global Insurance R Acc 100 121 102 146 155 22 202 15 - - 1.47 - HSBC GIF Latin American Equity M1D 102 83 107 98 126 103 93 165 112 87 1.40 1.00 Polar Capital Healthcare Opports I Inc 97 174 103 135 125 110 239 3 - - 1.22 - HSBC GIF Russia Equity AD 108 9 109 74 180 4 113 125 99 98 2.16 1.11 Principal Preferred Secs I Acc USD 94 205 96 196 131 86 148 56 278 10 0.43 - Invesco Asia Infrastructure A USD SD 98 153 109 70 130 89 129 88 137 67 2.02 0.75 RWC Enhanced Income Fund R GBP Acc 99 151 101 158 108 174 122 106 - - 1.16 - Invesco Global Health Care A USD AD 94 209 93 203 106 186 162 38 264 15 2.43 - RWC Global Convertibles Fund R GBP Acc 102 85 103 126 106 185 127 94 161 53 1.11 - Invesco India Equity A USD AD 94 211 111 55 146 39 213 9 217 23 2.12 - RWC Income Opportunities Fund R GBP Acc 99 150 101 157 113 158 140 67 - - 1.11 - Invesco Korean Equity A USD AD 95 199 94 201 106 183 129 85 170 43 2.39 - Sarasin Food & Agriculture Opps P Acc 106 20 113 30 147 38 153 48 - - 0.99 1.31 Investec Diversified Gr I Acc Net 97 172 103 138 104 190 124 102 161 52 1.00 1.45 Schroder Diversified Growth I Acc 104 45 107 95 109 172 131 83 166 48 0.80 1.20 Investec Enhanced Natural Res I Acc Net 103 66 97 189 122 119 108 136 - - 0.00 1.33 Schroder GAIA Egerton Equity A Dis GBP 99 133 120 11 148 31 154 45 - - 2.47 - Investec Global Energy I Acc Net GBP 104 48 88 215 91 215 78 178 89 103 0.89 2.06 Schroder ISF Asian Ttl Ret C Acc USD 103 53 120 8 158 19 174 33 428 3 1.33 - Investec Global Gold I Acc Net GBP 85 226 87 216 124 112 79 177 78 108 0.87 - Schroder ISF Emerging Europe C Acc EUR 107 13 124 4 179 5 140 66 168 45 1.36 - Investec Short Dated Bond I Acc GBP 99 127 100 172 100 203 101 157 111 89 - 0.12 Schroder ISF Eurp Div Mxmsr Z Acc EUR 100 113 110 64 126 105 145 59 168 46 1.07 - Investec Target Return Bd I Acc GBP 97 182 98 184 96 214 97 164 105 93 0.77 1.33 Schroder ISF Glb Em Mkt Opps C Acc USD 104 47 121 6 154 24 154 47 216 25 1.35 - Investec UK Total Return I Acc Net 99 144 103 129 112 163 125 97 160 54 0.74 1.66 Schroder ISF Glbl Div Mxmsr Z Dis GBP 102 86 104 117 134 78 159 42 210 28 1.08 7.12 IP Emerging European Z Acc 107 12 117 20 179 6 134 77 126 73 - 2.29 Schroder ISF Indian Equity C Acc USD 98 155 112 45 136 64 199 17 224 20 1.38 - IP Global Financial Capital Z Acc 103 57 114 27 123 116 151 53 - - - 4.52 Schroder ISF Latin American C Acc USD 103 56 112 40 137 62 93 168 113 86 1.36 - IP Latin American Z Acc 103 71 108 79 129 93 89 171 119 83 - 1.57 Schroder ISF Wealth Presv C Acc EUR 95 200 101 159 126 102 107 138 151 62 1.04 - Janus Henderson Diversified Alts Y Acc 101 103 104 118 121 123 138 71 - - - 2.09 Schroder Small Cap Discovery Z Acc 101 96 108 81 129 94 156 44 - - - 0.77 Janus Henderson Global Fncls I Acc 106 27 112 42 141 53 176 29 181 40 1.09 1.10 Scottish Widows Latin Amer A Acc 100 122 112 46 150 28 103 150 123 76 1.81 0.68 Janus Henderson Latin American H Acc 101 100 110 61 150 27 - - - - 0.99 1.19 SKAGEN Vekst A 100 126 107 94 139 56 142 62 163 50 1.85 - Janus Henderson Secured Lns Y Acc GBP 101 95 103 132 111 165 120 109 157 57 1.04 3.35 SLI Enhanced-Diversification Plat 1 Acc 107 11 110 62 112 162 ------JOHCM UK Opportunities A GBP Acc 95 204 98 182 113 159 142 63 208 30 0.79 3.61 Smith & Williamson Artfcl Intllgnc Z GBP 114 1 ------JPM Africa Equity A perf (dist) GBP 106 17 119 12 112 164 112 128 - - 1.80 0.93 Smith & Williamson Global Gold & Res B 83 227 77 224 119 129 75 181 80 105 - - JPM Brazil Equity A (dist) USD 108 5 111 48 142 46 88 173 - - 1.79 1.31 Stewart Investors AsiaPac Ldrs B Acc GBP 101 94 106 105 129 92 153 49 272 13 0.89 1.17 JPM Emerging Europe Equity C Net Acc 103 67 111 49 154 23 106 142 98 99 0.93 - Stewart Investors AsiaPac Sust B Acc GBP 103 60 107 86 135 69 174 32 344 5 1.00 0.73 JPM Emerging Middle East Eq A (dist) USD 94 210 99 177 102 198 111 132 120 82 1.80 1.51 Stewart Investors Glbl EM Ldrs B Acc GBP 100 118 108 83 134 77 141 65 272 12 0.91 1.49 JPM Global Convert (EUR) A (dist) GBP H 104 41 106 103 105 187 129 89 - - 1.55 1.25 Stewart Investors Glbl EM Sust B Acc GBP 103 70 111 54 136 68 149 55 - - 1.03 0.85 JPM India A (dist) USD 96 195 108 82 122 120 162 39 175 41 1.79 0.45 Stewart Investors Global EM B Acc GBP 100 117 108 78 134 73 136 73 264 14 1.06 1.00 JPM Korea Equity A (dist) USD 102 90 113 34 147 35 135 75 - - 1.80 0.07 Stewart Investors Indian Sbctnt B AccGBP 101 108 107 85 134 75 221 6 - - - 0.09 JPM Latin America Equity A (dist) USD 102 88 110 59 132 81 97 163 125 74 1.79 0.77 Stewart Investors Latin Amer B Acc GBP 101 105 112 44 163 14 117 115 - - 1.14 1.26 JPM Natural Resources C Net Acc 103 63 103 128 128 98 88 172 69 109 0.93 - Stonehage UK Equity Income B Inc 99 135 103 130 116 140 139 70 192 35 1.65 5.07 JPM Russia A (dist) USD 106 21 106 106 174 7 109 134 79 106 1.80 2.47 T. Rowe Price Frontier Markets Eq Q GBP 106 26 118 16 148 33 - - - - 1.27 - Junior Gold P Acc 91 221 83 219 135 70 51 186 - - - - T. Rowe Price Glbl Natrl Res Eq Q EUR 101 99 96 195 116 144 118 112 120 80 0.85 - Junior Oils P Acc 95 202 79 223 74 217 46 187 36 116 - - T. Rowe Price Global Natrl Res Eq C GBP 101 91 ------Jupiter Emerging European Opps I Acc 105 30 118 15 164 11 115 123 95 101 1.21 1.95 TC South River Gold and Prec Mtls B Acc 87 224 82 220 136 67 ------Jupiter Financial Opportunities I Acc 105 32 117 21 146 41 175 30 223 21 1.00 0.92 Templeton BRIC A(acc)USD 108 6 128 2 162 16 144 60 129 71 2.49 - Jupiter Global Financials D GBP Acc 102 77 118 18 152 26 183 24 236 19 1.01 - Templeton Frontier Markets W(acc)GBP 98 160 107 97 132 83 139 69 - - 1.74 - Jupiter India I Acc 92 216 103 137 143 44 211 11 276 11 1.12 0.48 Templeton Latin America W(acc)GBP 100 120 108 77 139 55 93 166 121 79 1.41 - Jupiter India Select D USD Acc 93 213 104 120 147 36 211 10 248 17 0.99 - Threadneedle Latin America Z Acc GBP 100 114 107 92 127 99 90 169 109 90 - 1.27 Jupiter International Fincls I Acc 103 64 119 14 148 30 182 25 - - 1.02 1.57 VT Gravis UK Infras Inc C GBP Acc 98 167 100 169 ------4.96 Jupiter New Europe L GBP A Inc 105 37 117 22 162 15 115 122 120 81 1.64 1.63 VT Halo Global Asian Cnsmr B £ Net Acc 106 24 121 7 148 32 - - - - - 1.30 Kames Diversified Growth GBP B Acc 102 84 109 76 112 161 124 99 - - 0.56 2.68 Waverton Alternatives A GBP Inc 97 179 98 181 97 210 - - - - - 0.10 LF Bentley Sterling Income Inc 98 156 98 183 99 208 98 161 111 88 2.30 1.43 WAY Global Momentum E Acc 97 169 101 152 119 128 128 92 - - 1.55 1.02 LF Bentley USD Balanced Acc 97 185 97 192 116 141 132 81 174 42 2.39 0.38 Average/Total 100 229 105 224 127 217 134 187 171 116 1.26 1.52 LF Canlife Global Infrastructure C Acc 91 223 101 162 122 118 139 68 - - - 2.42 (IA) TARGETED ABSOLUTE RETURN LF Canlife Global Resource C Acc 107 16 93 204 116 143 103 153 - - - - LF Canlife Strategic Return C Acc 99 134 102 139 110 170 ------7IM Real Return C Acc 100 53 101 72 111 21 137 8 - - - 0.97 LF Canlife Total Return C Acc 104 42 107 100 108 177 116 118 78 107 - 1.31 Aberdeen Target Return Bd I Acc 101 32 101 65 102 57 100 67 115 17 - 1.14 LF Ruffer Gold C Acc 93 212 92 206 172 8 78 179 68 111 - 0.61 Absolute Insight Credit B2p2 GBP 102 27 106 21 103 46 112 38 - - 2.84 - LF Ruffer Pacific C Acc 101 98 107 91 125 106 154 46 239 18 - 0.93 Absolute Insight Currency B3p GBP 98 93 96 104 93 83 100 66 - - 0.95 - LF Waverton Alternatives II B Inc 98 168 99 175 97 209 101 156 - - 2.63 0.73 Absolute Insight Emerg Mkt Debt B3p GBP 102 30 104 37 103 53 106 54 - - 1.22 - LF Woodford Income Focus A Sterling Acc 97 171 ------Absolute Insight Eq Mkt Netrl B3p GBP 102 31 102 53 103 47 106 56 - - 1.10 - LO Funds Absolute Return Bd EUR NA 96 198 104 122 120 127 100 159 116 85 0.72 - Absolute Insight W 101 40 103 46 102 58 107 50 138 10 - 0.86 LO Funds Cmdty Risk Premia USD NA 99 145 96 194 110 171 85 175 - - 1.00 - Artemis Pan-Eurp Abs Ret I Hdg Acc GBP 103 17 104 28 122 8 - - - - 3.08 - Loomis Sayles Strat Alpha Bd H-N/D GBP 101 97 101 156 103 193 106 141 - - 1.00 2.52 Artemis US Absolute Return I Hdg Acc GBP 101 34 104 39 111 20 - - - - 1.30 - M&G Global Convertibles GBP I-H Acc 99 129 100 166 106 182 128 90 - - 0.93 1.76 Aviva Investors Mlt-Strat Trgt Inc 2£Inc 100 67 98 98 101 64 - - - - - 4.63 Magna Africa G EUR Acc 101 101 111 56 115 151 - - - - 2.13 - Aviva Investors Mlt-Strat Trgt Ret 2£Acc 101 37 101 70 102 60 - - - - - 0.70 Marlborough ETF Commodity P Acc 103 61 97 188 103 194 74 182 67 113 - - Baring Dynamic Absolute Return I GBP Hdg 100 65 102 57 ------1.01 - Marlborough ETF Global Growth P Acc 99 136 110 69 124 114 146 57 170 44 - 0.46 Baring Multi Asset I GBP Acc 101 35 106 18 113 16 126 16 - - 0.79 1.70 Matthews Asia Funds India I GBP 100 110 111 52 131 87 210 13 - - 1.50 - BlackRock Absolute Return Bond D Acc 101 47 102 49 105 41 107 51 - - - 1.31 McInroy & Wood Emerging Mkts Pers Inc 98 157 107 90 125 107 121 107 223 22 1.50 1.66 BlackRock Emerging Mkts Abs Alpha D Acc 96 104 89 109 95 78 ------MFS® Meridian Absolute Return W1 USD 93 215 91 208 116 139 113 127 166 49 0.95 - BlackRock European Absolute Alpha D Acc 99 79 105 27 109 27 113 31 - - 0.97 - MFS® Meridian Latin American Eq WH1 GBP 105 31 122 5 115 156 77 180 - - 1.35 - BlackRock Glbl Long/Short Eq D Acc 100 52 106 15 ------MI TwentyFour AM Monument Bond I Acc 102 82 105 116 107 179 116 117 - - 1.01 1.64 BlackRock UK Absolute Alpha D 99 82 100 84 111 22 122 18 128 13 0.93 0.25 Mirabaud Convertible Bds Eurp A EUR Acc 95 203 104 119 123 117 121 108 - - 2.04 - BNY Mellon Absolute Ret Bd EUR X Acc 99 89 105 23 127 5 112 36 - - 0.07 - Mirae Asset India Sector Leader Eq R GBP 96 194 110 58 138 57 - - - - 1.10 - BNY Mellon Absolute Ret Eq GBP U Acc 102 24 104 31 107 34 113 35 - - 0.96 3.64 MS INVF Global Balanced Income IR 97 186 105 114 130 91 - - - - 1.03 6.21 Castlefield Real Return Instl 97 99 100 92 105 39 113 32 142 8 2.23 0.38 MS INVF Global Fixed Income Opps I 96 190 97 193 124 115 - - - - 0.68 - City Financial Absolute Eq I GBP Acc 107 5 123 3 139 1 203 1 - - 1.24 - F&C Global Equity Market Neutral C Acc 103 20 103 45 ------Neptune India C Acc GBP 96 187 107 89 135 72 197 18 198 34 1.77 0.01 FP Argonaut Absolute Return R GBP Acc 115 1 125 2 100 66 157 2 - - - 0.59 Neptune Latin America C Acc GBP 103 58 112 43 163 13 111 131 141 65 - 1.02 FP Octopus Global Strategies B 100 62 101 67 103 50 109 45 - - 1.62 0.57 Neptune Russia & Greater Russ C Acc GBP 110 3 117 24 189 3 118 114 117 84 - 3.86 Neuberger Berman AbsRetMltStrt GBP I Acc 100 115 101 160 97 212 - - - - 1.95 - FP Pictet Multi Asset Portfolio A Acc 104 15 105 26 ------0.49 Neuberger Berman Divers Ccy USD A Acc 94 207 92 207 115 153 112 129 - - 1.20 - GAM MultiBond Absolute Ret Bd Def GBP R 100 63 101 68 102 59 101 65 - - 0.95 - Neuberger Berman Gb Dy AstAllc GBP I Acc 104 52 107 87 ------0.95 - GAM MultiBond Absolute Ret Bd GBP R 100 70 101 69 103 51 101 63 117 16 1.32 - Newton 50/50 Global Equity Expt 1 Acc 97 170 102 144 119 130 142 64 188 37 0.55 1.94 GAM MultiBond Absolute Ret Bd Pls GBP R 99 86 100 81 105 38 103 59 127 14 1.37 - Newton Maiden GBP Inc 100 112 105 112 127 100 161 41 204 31 0.45 1.97 GAM Multistock Abs Ret Eurp Eq GBP Rh 97 98 98 101 97 76 104 57 - - 0.74 - Newton Multi-Asset Divers Ret Inst W Acc 99 131 105 111 117 136 129 84 151 61 0.71 2.19 GAM Star (Lux) - Convert Alpha I EUR Acc 97 103 107 14 133 2 120 19 157 4 1.40 - GAM Star (Lux) - Emerging Alpha I £ Acc 105 10 109 8 100 70 - - - - 1.59 - Old Mutual BlackRock Gold&Gen U2 GBP Acc 81 228 80 222 115 154 - - - - - 0.22 GAM Star (Lux) - European Alpha I GBP 103 22 106 17 105 42 116 28 - - 1.53 - Old Mutual Finacl Cntgnt Cptl R £ H Acc 105 38 ------GAM Star Discretionary FX GBP Acc 87 113 96 103 84 89 99 68 - - 3.88 - Old Mutual Gold & Silver R GBP Acc 86 225 84 218 ------GAM Star Emerging Market Rates Instl£Inc 102 28 103 48 108 32 109 44 - - 1.25 0.39 Old Mutual JPM Natural Res U2 GBP Acc 103 65 103 131 130 90 - - - - - 1.38 GAM Star Global Rates GBP Acc 93 111 99 93 90 87 95 70 - - 3.13 - Pictet - Emerging Europe P dy GBP 99 142 119 13 161 18 106 140 104 94 1.82 0.94 GAM Star Keynes Quants Strats Instl£ Acc 105 8 105 24 95 80 113 34 - - 5.46 - Pictet Absolute Ret Fxd Inc HI GBP 99 146 100 170 102 199 - - - - 0.68 - Gemini Principal Asset Allc A £ Acc 99 75 99 97 98 74 ------Pictet-Biotech I dy GBP 91 222 100 167 108 173 213 8 356 4 1.20 - GS Global Absolute Ret R Inc GBP Hdg 98 90 101 66 ------1.00 0.23 Pictet-Health I dy GBP 92 218 96 197 108 178 182 26 327 7 1.22 - H2O Multireturns N/D GBP 105 9 116 4 122 9 - - - - - 1.73

64 www.WhatInvestment.co.uk Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % Hermes Absolute Ret Crdt F GBP Hdg Acc 100 73 100 80 ------0.94 - Aberdeen UK Eq Enh Idx B GBP Acc 100 153 105 130 ------3.59 IFSL Brooks Macdonald Def Cap A Acc 99 74 102 60 113 17 126 15 165 2 - 1.32 Aberdeen UK Equity I Acc 100 174 104 173 113 203 130 216 182 132 1.10 2.23 Insight Global Absolute Ret Inst W Acc 101 50 104 30 104 43 117 26 - - - 1.27 Aberdeen UK Equity Index Managed B Acc 100 170 104 168 118 132 138 175 - - - 3.61 IP Global Targeted Income Z Acc 99 83 101 63 ------3.34 Aberdeen UK Mid-Cap Equity I Acc 102 70 108 80 127 60 157 85 244 39 - 1.33 IP Global Targeted Returns Z Acc 99 81 101 73 104 44 - - - - - 1.29 Allianz UK Mid Cap C Acc 107 11 117 16 135 29 175 32 264 22 - 0.86 Janus Henderson Credit Alpha Y Acc 101 33 100 91 95 81 98 69 - - 1.52 - Allianz UK Opportunities C Acc GBP 98 223 106 117 126 65 152 103 173 150 - 1.43 Janus Henderson Eurp Abs Ret I Acc 101 38 105 25 105 40 136 9 - - 1.11 1.03 Architas MM UK Equity A Acc 101 113 105 141 118 137 145 132 167 167 1.25 1.81 Janus Henderson Mlt-Ast AbsRet I Acc 100 64 101 76 105 37 111 42 - - - 0.88 Ardevora UK Equity A GBP Acc 105 18 111 45 136 25 176 28 - - - - Janus Henderson UK Absolute Return I Acc 100 51 102 58 110 23 133 10 - - 1.08 0.17 Artemis Capital I Acc 103 39 111 47 129 45 168 51 205 84 0.94 2.33 JPM Gbl Macro Opportunities C Net Acc 113 2 126 1 126 7 156 3 - - 0.93 - Artemis Instl UK Special Sits IN Acc 100 169 102 231 113 200 146 127 215 69 0.77 2.26 JPM Unconstrained Bond C Grs Acc 101 36 102 56 106 36 111 41 - - 0.68 1.75 Artemis UK Select I Acc 102 53 113 33 126 63 167 55 228 52 0.84 1.87 Jupiter Absolute Return I Acc 96 105 97 102 109 28 114 29 - - 0.84 - Artemis UK Special Situations I Acc 100 158 102 227 114 195 140 168 203 87 0.81 2.34 Jupiter Strategic Reserve I Acc 99 88 100 88 100 69 107 47 - - - 1.58 Artorius A GBP Acc 109 5 119 15 142 13 191 13 - - - 0.24 Kames Absolute Return Bond GBP B Acc 100 57 101 74 103 54 107 48 - - 0.69 - Aviva Investors UK Eq MoM 1 2 GBP Inc 103 29 115 23 135 28 189 14 321 9 1.03 1.25 Kames UK Equity Absolute Ret GBP B Acc 97 97 95 105 93 82 102 60 - - 0.82 - Aviva Investors UK Eq MoM 2 2 GBP Inc 99 215 107 101 120 102 128 222 111 195 1.03 2.83 L&G Multi-Asset Target Return I Acc 103 19 104 34 ------3.16 Aviva Investors UK Eq MoM 3 2 GBP Inc 98 238 101 241 112 207 138 177 153 184 1.07 2.33 LF Odey Absolute Return Sterling I Acc 95 108 106 19 96 77 128 13 - - 5.06 - Aviva Investors UK Equity 2 GBP Acc 99 205 106 111 125 68 157 87 233 48 0.82 2.55 Liontrust GF EurpStratEq C3 H Instl Acc£ 104 13 104 35 ------Aviva Investors UK Growth 2 GBP Acc 101 88 111 50 126 62 150 108 220 61 0.82 1.60 M&G Absolute Return Bond GBP I Acc 101 48 102 55 ------1.01 Aviva Investors UK Index Tracking 2 £Inc 99 199 104 170 118 136 140 165 180 136 0.23 3.65 M&G Global Target Return GBP I Acc 103 16 105 22 ------0.19 Aviva Investors UK Opportunities 2 £ Acc 101 101 108 82 115 175 146 125 212 74 0.78 2.51 Man GLG Alpha Select Alternative IL GBP 105 7 115 5 120 10 138 7 - - 1.35 - AXA Framlington UK Growth Z GBP Acc 97 245 100 246 110 218 139 172 190 108 0.72 2.24 Man GLG European Alpha Alt IN H GBP 102 23 102 52 100 71 104 58 - - 1.65 - AXA Framlington UK Mid Cap Z Acc 102 71 110 59 132 36 186 15 - - 0.93 1.21 Man GLG UK Absolute Value Profl CX £ Acc 106 6 ------AXA Framlington UK Select Opps Z Inc 102 73 105 150 114 197 142 143 221 57 - 0.87 Marlborough Defensive Fund P Inc 100 61 101 77 101 63 101 64 - - - 0.64 Baillie Gifford UK Equity Alpha B Acc 107 12 117 17 136 27 155 94 229 50 0.69 1.27 MI Activus Investment Z GBP Acc 98 94 103 43 ------0.01 Baillie Gifford UK Equity Focus B GBPAcc 104 24 ------Newton Global Dynamic Bd Inst Inc 99 80 100 79 103 55 107 49 163 3 0.81 2.87 Barclays UK Alpha R Acc GBP 99 209 103 220 114 191 149 113 191 105 - - Newton Managed Targeted Ret Inst W Acc 98 92 100 89 112 19 - - - - 0.77 1.14 Barclays UK Alpha S2 R Acc GBP 99 204 103 223 114 190 148 116 - - - - Newton Real Return Inst W Acc 97 101 98 100 101 62 110 43 144 7 0.79 2.38 Barclays UK Core R Acc GBP 100 171 103 216 118 123 141 159 171 157 - 2.23 Nordea 1 - GBP Diversified Return BC GBP 100 66 101 75 ------0.99 - Barclays UK Lower Cap R Acc GBP 100 138 113 35 144 11 200 8 - - - 0.78 Old Mutual AR Govt Bd R GBP Acc 109 3 106 16 ------0.75 - Barclays UK Opportunities R Acc GBP 101 112 108 74 126 64 162 66 236 45 - 2.01 Old Mutual Global Eq AR R £ Hgd Acc 103 18 108 11 117 11 142 5 - - 1.92 - BlackRock UK D Acc 103 49 111 48 129 51 157 83 174 149 0.92 2.03 Old Mutual Strat Abs Ret Bd F2 GBP H Acc 102 26 104 33 102 61 95 71 - - 0.92 - BlackRock UK Equity D Acc 101 114 107 98 125 67 152 101 - - - 2.23 Old Mutual Style Pre Abs Ret F GBPH Acc 100 58 102 54 ------BlackRock UK Focus D Acc 103 43 104 185 116 166 145 129 - - - 1.82 Old Mutual UK Opportunities R GBP Acc 98 95 100 90 92 85 107 52 - - - - BlackRock UK Special Situations D Acc 103 38 115 26 132 35 152 102 241 40 0.92 1.89 Old Mutual UK Specialist Eq R GBP Acc 99 78 114 6 ------3.52 - Castlefield B.E.S.T UK Opps Instl 99 200 103 206 108 228 138 181 140 191 2.31 1.76 OYSTER Absolute Return GBP R GBP D 100 72 102 62 104 45 - - - - 0.80 1.18 Castlefield CFP SDL UK Bufftlgy Inst Inc 112 2 122 7 171 2 230 4 - - - 1.04 Premier Defensive Growth C Inc 100 71 100 87 103 49 112 39 - - - - Cavendish Opportunities B Inc 98 241 104 181 129 53 161 68 291 14 0.83 1.35 Premier Multi Asset Absolute Ret C Acc 101 41 103 47 107 33 117 27 136 12 1.20 - CF Purisima UK Total Return A PCG 99 213 101 239 110 220 128 220 190 109 1.46 2.06 Royal London Abs Ret Govt Bd M GBP Acc 100 54 100 78 101 65 ------CFP SDL Free Spirit General (Acc) 112 3 120 12 ------RWC Core Plus B EUR 96 106 106 20 127 6 114 30 137 11 1.00 - Dimensional UK Core Equity GBP Acc 100 119 106 125 120 101 145 131 194 103 0.36 2.70 RWC Europe Absolute Alpha Fund R GBP 104 14 104 38 95 79 117 25 - - 1.35 - Dimensional UK Value Acc 103 31 110 58 119 122 135 195 154 183 0.54 2.57 RWC US Absolute Alpha R GBP 108 4 110 7 109 24 130 11 - - 1.36 - EdenTree Amity UK B 100 134 106 128 117 148 150 111 215 68 0.87 2.28 Sanlam FOUR Multi Strat A GBP Acc 101 46 104 36 112 18 - - - - 1.01 - EdenTree UK Equity Growth B 103 50 114 31 127 58 176 27 288 16 0.84 1.81 Sarasin IE Systm Abs Ret-UK GBP I Acc 100 68 94 106 ------2.12 Elite Webb Cap Smaller Co Inc & Gr B Acc 114 1 131 2 139 18 208 7 - - - 1.48 Schroder Absolute Return Bond Z GBP Acc 101 42 103 41 103 48 106 55 121 15 0.92 1.10 F&C FTSE All-Share Tracker 2 Inc 100 162 105 155 118 129 140 164 183 126 0.38 3.53 Schroder European Eq Abs Ret P2 Acc Euro 94 109 100 85 115 13 102 62 - - 1.01 - F&C Institutional UK Eq 4 97 249 99 251 116 158 134 200 178 139 0.02 3.26 Schroder ISF Asian Bd Ttl Rt Z Acc USD 95 107 94 107 ------0.93 - F&C Responsible UK Equity Gr 2 101 94 111 51 126 66 162 67 200 93 0.81 2.09 Schroder ISF EM Dbt Abs Rt Z Acc EUR H 97 100 108 9 132 3 109 46 139 9 1.08 - F&C UK Alpha 2 97 247 98 255 112 205 120 231 152 187 0.86 1.94 Schroder Multi-Asset Total Return Z Acc 102 25 ------F&C UK Mid-Cap C Net Acc 103 46 110 53 127 61 183 18 317 10 - 1.98 Schroder UK Dynamic Abs Ret P2 GBP Acc 101 39 107 13 130 4 140 6 - - 1.25 - Family Asset Trust 99 185 104 201 115 182 133 202 149 188 1.03 2.95 SLI Abs Ret Glb Bd Strats A GBP Acc 98 91 99 96 98 73 102 61 - - - - Family Charities Ethical Tr Inc 98 218 102 229 110 222 126 226 123 194 1.46 2.30 SLI Global Absolute Ret Strat Plat 1 Acc 101 44 101 64 98 75 112 37 - - - 1.22 Fidelity FAST UK Y-ACC-GBP 101 100 106 113 123 84 161 69 - - 1.28 - Smith & Williamson Defensive Growth B 100 55 104 32 114 14 122 17 150 6 - 0.67 Fidelity Index UK P Acc 100 147 105 139 119 109 142 152 183 130 - 2.54 Smith & Williamson Enterprise C 102 29 103 40 109 25 130 12 167 1 0.93 - Fidelity Instl UK 98 222 101 237 116 167 146 122 198 99 0.87 2.18 SVS Church House Tenax AbsRt Strts A Acc 99 77 101 71 109 26 120 20 153 5 1.35 0.51 Fidelity MoneyBuilder Growth Y Inc 99 197 100 248 111 214 144 135 190 111 0.68 2.48 T. Rowe Price Dynamic Glbl Bd Qh GBP 101 49 99 94 ------0.67 - Fidelity Special Situations W Acc 102 66 108 83 134 33 169 47 241 41 - 1.51 Threadneedle Abs Ret Bd Ins Acc GBP 99 76 98 99 91 86 93 72 106 18 0.70 0.61 Fidelity UK Opportunities W Acc 103 41 107 96 140 15 177 21 - - - 1.38 Threadneedle Crdt Opps Inst Acc GBP H 101 45 102 61 106 35 113 33 - - 0.70 1.54 Fidelity UK Select W Acc 100 165 106 127 122 92 157 84 220 60 - 1.44 Threadneedle Dynamic Rl Ret Z Acc 100 56 104 29 114 15 - - - - - 0.96 FP CRUX UK B Inc 100 146 104 164 122 86 153 97 199 97 1.18 1.94 Threadneedle Global Opps Bd Z Acc 100 60 99 95 93 84 - - - - - 1.16 FP Numis Mid Cap A GBP Acc 101 115 110 57 ------3.02 Threadneedle UK Abs Alpha Z Acc GBP 99 84 100 82 103 56 119 21 - - 0.93 - FP Octopus UK Equity B Acc 101 105 106 126 120 104 146 128 - - 1.11 1.58 Tideway Real Return A GBP Acc 103 21 108 10 108 30 118 22 - - - - FP Russell Invsmts UK Growth Assts C Acc 102 62 106 112 116 160 142 144 - - 1.07 2.26 TM Fulcrum Divers Cor Abs Ret C GBP Acc 104 12 102 50 100 67 ------Franklin UK Managers' Focus W Acc 99 177 107 108 124 77 185 17 256 29 0.83 2.33 TM Fulcrum Diversified Abs Ret C GBP Acc 104 11 103 42 100 68 117 23 - - - - Franklin UK Mid Cap W Acc 105 19 116 22 130 43 176 29 340 7 0.82 2.30 TM Sanditon European Sel GBP A Acc 91 112 90 108 83 90 ------Franklin UK Opportunities W Acc 98 229 103 218 114 184 144 137 177 142 0.55 3.50 TM Sanditon UK Select A NET Acc 93 110 86 110 87 88 ------Franklin UK Rising Dividends W Acc 98 235 103 207 122 91 160 74 198 98 0.55 3.59 Vontobel Ttfr Abs Ret Crdt G GBP 100 59 103 44 ------0.45 - GAM UK Diversified Instl GBP Acc 93 262 96 260 103 243 131 213 190 107 1.12 - VT icf Absolute Return Portfolio F GBP 99 85 100 86 103 52 111 40 - - 2.06 - GlobalAccess UK Alpha M Acc GBP 99 201 103 215 115 181 - - - - 0.72 2.25 VT iFunds Absolute Return Green A Acc 97 96 102 59 109 29 127 14 - - - - GlobalAccess UK Opportunities M Acc GBP 101 108 108 84 125 70 157 82 - - 0.81 2.12 VT iFunds Absolute Return Indigo A Acc 97 102 100 83 99 72 106 53 - - - - GVQ Opportunities A GBP Inc 98 225 102 232 ------1.84 VT iFunds Absolute Return Orange A Acc 99 87 107 12 116 12 144 4 - - - 0.77 GVQ UK Focus I GBP Inc 98 230 100 245 114 192 166 57 263 23 1.00 2.05 WAY Absolute Return Portfolio E Acc 100 69 102 51 108 31 117 24 - - 1.04 0.63 Halifax Special Situations C 99 207 103 211 110 219 118 232 125 193 1.51 1.45 Winton Absolute Return Futures I GBP Acc 101 43 ------Halifax UK FTSE 100 Idx Track C 99 202 103 213 114 185 132 211 157 181 1.53 2.98 Average/Total 100 113 103 110 106 90 116 72 139 18 1.37 1.25 Halifax UK FTSE AllSh Idx Track C 99 181 104 171 116 156 136 189 169 161 1.50 2.81 Halifax UK Growth C 99 178 105 156 117 141 137 183 169 165 1.51 2.45 (IA) TECHNOLOGY AND TELECOMMUNICATIONS HC Charteris Premium Income Instl Acc 91 263 98 256 111 212 112 234 - - 1.08 4.52 Aberdeen Global Technology Eq X Acc GBP 106 12 114 12 152 9 187 9 326 8 0.95 - HL Multi-Manager UK Growth A Acc 101 106 108 79 128 54 - - - - - 1.62 AXA Framlington Global Technology Z Acc 113 2 126 4 190 3 270 4 556 1 - - HL Select UK Growth A Acc 100 160 108 86 ------1.73 Close FTSE TechMark X Acc 100 15 102 13 120 11 168 11 307 9 1.04 1.36 HSBC Common For Growth Income 97 254 100 249 108 234 133 203 171 158 0.75 4.33 Fidelity Gbl Technology W-Acc-GBP 109 7 118 11 196 2 291 1 474 2 1.16 - HSBC FTSE 100 Index Accumulation C 99 179 104 178 117 147 137 187 173 151 0.17 3.60 Fidelity Global TeleComms W-Acc-GBP 90 16 92 15 110 12 136 12 175 10 1.18 - HSBC FTSE 250 Index C Acc 102 69 109 69 124 75 163 61 249 34 0.18 2.44 GAM Star Technology Instl GBP Acc 109 9 121 8 160 7 228 7 - - 1.71 - HSBC FTSE All Share Index C Acc 100 155 105 145 119 108 142 150 184 121 0.17 3.46 Invesco Global Technology A USD AD 106 11 120 10 160 8 221 8 332 7 1.99 - HSBC MERIT UK Equity I A Inc 100 141 105 148 116 155 139 174 179 137 0.53 3.26 Janus Henderson Global Technology I Acc 110 5 126 5 188 4 259 6 473 3 1.03 0.01 HSBC UK Focus R Acc 96 255 99 254 107 238 129 218 166 175 1.54 3.11 L&G Gbl Technology Index Tst I Acc 111 4 122 6 183 5 273 3 448 5 0.32 0.92 HSBC UK Freestyle Retail Acc 97 252 101 240 107 237 126 225 144 190 1.69 3.94 MFM Techinvest Technology A Acc 100 14 99 14 125 10 170 10 346 6 1.74 - HSBC UK Growth & Income C Acc 97 243 101 234 108 233 131 212 167 169 1.00 3.95 Neptune Global Technology C GBP Acc 114 1 127 2 ------Investec UK Alpha I Inc Net 99 190 105 131 119 116 168 52 237 42 0.87 2.36 Pictet - RoboticsI GBP 110 6 122 7 ------1.20 - Investec UK Special Situations I Acc Net 98 234 101 243 112 208 135 191 234 46 0.85 2.26 Pictet-Digital I dy GBP 105 13 121 9 181 6 265 5 464 4 1.21 - IP High Income Z Acc 95 258 97 259 105 241 143 139 202 92 - 3.54 Polar Capital Global Tech I Inc 112 3 129 1 206 1 290 2 - - 1.69 - IP Income Z Acc 95 260 97 258 103 245 141 160 196 100 - 3.58 T. Rowe Price Global Tech Eq C GBP 108 10 ------IP UK Companies Z Acc 102 57 104 187 111 213 155 93 217 63 - 2.82 T. Rowe Price Global Tech Eq Qd GBP 109 8 127 3 ------1.01 - IP UK Enhanced Index No Trail 102 72 108 88 123 82 152 104 207 81 0.41 3.65 Average/Total 107 16 118 15 164 12 230 12 390 10 1.25 0.76 IP UK Focus Z Acc 101 107 107 107 119 117 169 46 261 24 - 2.84 (IA) UK ALL COMPANIES IP UK Growth Z Acc 100 124 106 114 116 165 160 73 214 70 - 2.76 7IM UK Equity Value C Inc 100 143 104 191 ------4.08 IP UK Strategic Income Z Acc 96 257 100 250 104 242 146 123 220 58 - 3.22 Aberdeen Global UK Eq X SInc GBP 99 196 104 195 111 210 129 219 174 147 0.98 2.13 iShares 100 UK Equity Index (UK) D Acc 100 176 104 176 118 138 138 182 - - - 3.49 Aberdeen Responsible UK Equity I Acc 101 90 107 99 123 79 140 167 187 118 - 1.98 iShares Mid Cap UK Equity Idx (UK) D Acc 101 93 108 78 124 76 163 62 - - 0.19 2.68 Aberdeen UK All Share Tracker C Acc 100 161 105 154 118 126 139 170 - - - 3.44 iShares UK Equity Index (UK) D Acc 100 145 105 140 119 105 142 141 188 114 0.16 3.33

www.WhatInvestment.co.uk 65 Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ %TER YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % Janus Henderson Instl Hi Alp UK Eq I Acc 99 189 104 166 114 189 153 99 191 106 0.77 3.94 Sanlam FOUR Active UK Equity A 101 87 106 120 109 227 125 227 166 171 0.95 - Janus Henderson Instl MainstrmUKEq I Acc 99 194 104 169 115 178 148 115 185 120 0.54 3.68 Santander N&P UK Growth RI 101 84 107 104 118 133 131 214 170 159 1.30 2.95 Janus Henderson Instl UK Eq Trck A Inc 99 183 104 192 115 172 135 197 166 174 1.04 2.80 Santander Stockmarket 100 Trcr Gr RA 99 184 104 190 116 154 135 194 175 146 0.35 3.84 Janus Henderson Instl UK Idx Opps I Acc 100 149 105 157 119 113 142 146 189 112 0.52 3.22 Santander UK Equities A 100 123 106 123 117 149 135 192 168 166 1.01 2.57 Janus Henderson UK Alpha I Acc 102 61 114 30 135 30 176 26 160 180 1.06 2.50 Santander UK Growth RA Acc 102 79 107 97 119 121 132 209 169 163 1.26 3.04 Janus Henderson UK Index I Acc 100 163 105 159 118 131 140 162 184 124 0.44 2.45 Sarasin Charity Thematic UK Eq GBP A Acc 97 244 104 180 108 231 125 229 - - 0.95 3.64 Janus Henderson UK Responsible Inc I Inc 99 191 105 138 116 163 159 80 210 75 0.84 3.81 Sarasin UK Equity P Acc 97 251 103 219 108 235 124 230 - - 0.96 3.35 Janus Henderson UK Tracker A Acc 99 195 103 203 115 170 132 210 162 177 1.22 2.16 Schroder Core UK Equity Z Acc 101 103 102 228 110 223 126 224 169 160 0.84 3.67 JOHCM UK Dynamic A Acc 102 56 109 66 129 50 167 54 - - 1.00 3.66 Schroder MM UK Growth Z Acc 98 240 100 244 112 209 136 190 179 138 1.40 1.77 JOHCM UK Growth GBP A 103 34 107 94 111 211 150 109 248 35 0.81 1.50 Schroder Prime UK Equity I Acc 100 135 105 133 118 139 148 114 208 80 0.51 2.89 JPM UK Dynamic C Net Acc 103 47 110 56 129 48 170 42 219 62 0.93 1.29 Schroder Recovery Z Acc 106 16 108 87 119 115 169 48 297 12 0.92 1.99 JPM UK Equity Core E Net Acc 100 168 105 147 122 88 149 112 192 104 0.40 - Schroder Responsible Value UK Eq I Acc 104 22 106 115 122 93 159 79 251 33 0.77 2.72 JPM UK Equity Growth C Net Acc 100 130 109 65 130 44 168 50 - - 0.93 - Schroder UK Alpha Plus Z Acc 100 137 101 233 113 201 140 163 212 71 0.90 2.28 JPM UK Equity Plus C Net Acc 103 40 109 62 ------Schroder UK Equity Z Acc 100 136 103 222 115 176 147 120 204 86 0.91 2.59 JPM UK Strategic Equity Income C Net Acc 100 148 108 85 124 74 154 96 194 102 0.93 3.21 Schroder UK Mid 250 Z Acc 103 37 113 36 122 85 163 63 225 54 0.91 1.65 Jupiter Growth & Income I Acc 98 227 102 230 108 232 139 173 230 49 1.01 3.64 Schroder UK Opportunities Z Acc 102 74 108 77 114 183 137 184 290 15 0.82 2.32 Jupiter Responsible Inc Fd I Acc 98 232 102 225 109 226 137 188 173 153 - 3.67 Scot Wid MM UK Equity Focus A Acc 101 118 106 129 118 128 142 147 167 168 1.81 1.44 Jupiter UK Alpha I Acc 98 226 99 253 107 239 140 161 202 90 0.86 2.72 Scot Wid MM UK Equity Growth A Acc 100 121 105 132 113 204 138 176 173 152 1.82 1.59 Jupiter UK Growth I Acc 98 236 101 236 101 246 141 155 195 101 1.03 1.89 Scottish Friendly UK Growth 103 44 112 42 124 72 159 77 202 91 1.56 - Jupiter UK Special Situations I Acc 101 102 103 224 123 83 160 75 256 28 0.78 2.19 Scottish Widows UK All Share Track I Acc 101 111 105 134 119 120 142 153 183 125 0.35 3.35 Kames Ethical Equity GBP B Acc 101 98 106 116 116 169 157 86 217 66 0.82 2.06 Scottish Widows UK Growth A 100 125 105 152 116 164 133 204 148 189 1.61 2.65 Kames UK Equity GBP B Acc 98 220 104 183 118 124 144 136 183 127 0.82 2.27 Scottish Widows UK Select Gr A 100 154 104 188 111 216 113 233 130 192 1.61 1.63 Kames UK Opportunities GBP B Acc 98 221 103 221 113 199 147 121 183 128 1.10 1.77 Scottish Widows UK Tracker G Acc 100 152 103 217 115 177 133 208 - - - 3.01 L&G (A&L) Capital Growth Acc 99 180 104 194 115 180 133 205 166 173 1.42 2.51 SF Delmore Growth & Income A Inc 97 253 99 252 108 236 126 223 169 164 2.17 3.36 L&G (N) Tracker Trust I Acc 100 151 105 146 119 114 142 148 180 134 - 3.57 Slater Growth P Acc 107 10 121 10 140 14 213 5 454 1 0.80 0.74 L&G Ethical Trust I Acc 99 187 104 177 111 215 147 117 183 131 0.32 2.90 Slater Recovery P Acc 108 8 125 4 146 9 199 10 259 27 - 0.67 L&G Growth Trust I Acc 106 14 109 63 139 16 174 33 212 72 0.79 1.05 SLI UK Equity General Trust Retl Acc 101 97 106 122 114 187 135 196 161 179 0.84 1.26 L&G UK 100 Index Trust I Acc 100 175 104 182 117 140 137 185 177 140 0.24 3.74 SLI UK Equity Growth Plat 1 Acc 102 54 107 103 114 196 137 186 154 182 - 2.66 L&G UK Alpha Trust I Acc 100 127 113 38 123 80 150 107 277 19 0.80 1.69 SLI UK Equity High Alpha Plat 1 Acc 107 9 112 43 122 87 155 90 255 31 - 2.99 L&G UK Index Trust I Acc 100 150 105 142 119 106 142 142 190 110 0.23 3.59 SLI UK Equity Recovery Plat 1 Acc 99 192 103 208 145 10 177 22 - - - 0.94 L&G UK MID Cap Index I Acc 101 104 107 91 ------2.35 SLI UK Equity Unconstrained Plat 1 Acc 109 6 117 18 117 152 164 59 351 6 - 1.71 L&G UK Select Equity I Acc 100 128 104 184 121 96 150 110 188 115 - 2.80 SLI UK Ethical Plat 1 Acc 103 36 117 19 134 32 171 41 236 44 - 1.42 L&G UK Special Situations Trust I Acc 102 76 110 60 137 23 176 25 - - 0.83 1.51 SLI UK Opportunities Plat 1 Acc 109 7 127 3 137 22 178 20 208 79 - 0.66 Lazard UK Omega C Acc 101 81 107 102 120 99 161 72 222 55 - 2.42 Smith & Williamson UK Equity Gr B 102 64 109 64 122 90 170 44 212 73 - 1.43 Lazard UK Omega Equity C Acc GBP 101 116 106 118 117 144 - - - - 0.97 - SSgA UK Equity Tracker 99 203 104 167 118 130 141 157 184 123 0.70 - Legg Mason IF QS UK Equity X Acc 96 256 100 247 109 225 138 178 169 162 - 3.41 Stonehage Core UK Equity B Inc 95 259 97 257 106 240 130 215 166 172 1.90 - LF Canlife UK Equity C Acc 100 156 104 193 103 244 - - - - - 2.28 SVM UK Growth Instl 104 26 117 20 131 40 175 31 274 21 1.16 - LF IM UK Growth A Inc 99 216 105 151 119 112 142 151 - - 1.44 2.66 SVM UK Opportunities Instl 103 30 111 52 138 19 177 24 256 30 1.09 - LF Lindsell Train UK Equity Acc 101 110 111 46 134 31 185 16 368 4 0.83 1.92 TB Evenlode Income B Inc 101 80 106 109 133 34 177 23 - - - 2.60 LF Miton UK Value Opps B Instl Acc 102 68 115 25 143 12 - - - - - 1.59 TB Saracen UK Alpha B Acc 103 28 114 32 129 46 172 35 188 116 1.44 1.84 Liontrust FTSE 100 Tracker R Inc 99 182 104 198 116 157 135 198 172 155 0.46 3.43 Threadneedle Ethical UK Equity Z Acc 97 250 107 106 ------1.47 Liontrust Macro UK Growth I Acc 100 120 104 179 109 224 142 149 - - - 3.37 Threadneedle Navgtr UK Idx Trkr Rtl Acc 99 188 104 189 117 142 138 179 176 144 1.15 2.74 Liontrust Special Situations I Inc 103 48 108 90 139 17 172 36 369 3 0.92 1.77 Threadneedle UK Extnd Alpha Ins Acc GBP 100 131 104 199 121 94 161 71 209 77 1.17 2.18 Liontrust Sust Fut UK Gr 2 Net Acc 101 96 113 37 130 42 172 38 216 67 0.85 1.35 Threadneedle UK Growth & Inc Z Inc 97 248 101 238 117 146 155 91 220 59 - 3.58 Liontrust UK Ethical 2 Net Acc 101 86 113 34 127 57 170 43 208 78 - 1.74 Threadneedle UK Institutional Ins Acc 100 132 104 161 119 110 147 119 200 94 0.78 2.54 Liontrust UK Growth I Inc 102 78 105 135 131 37 162 65 234 47 0.92 2.28 Threadneedle UK Mid 250 Z Acc GBP 101 89 115 24 129 52 172 39 280 18 0.87 1.20 M&G Index Tracker GBP A Acc 100 159 105 160 118 125 139 171 183 129 0.46 3.31 Threadneedle UK Overseas Earn Z Inc 99 198 103 205 120 100 - - - - - 2.66 M&G Recovery GBP I Acc 102 60 105 136 120 103 125 228 172 154 0.91 1.33 Threadneedle UK Select Z Inc GBP 99 208 104 175 118 134 159 78 206 83 - 2.48 M&G UK Select GBP I Acc 100 173 105 153 112 206 141 158 187 117 0.91 1.45 Threadneedle UK Z Inc GBP 99 206 103 202 121 98 155 95 217 64 - 2.59 Majedie UK Equity X Acc 98 237 101 242 117 150 152 100 244 38 0.78 2.67 TM Sanditon UK A GBP Acc 97 242 93 261 ------3.02 Majedie UK Focus X Acc 98 239 103 212 117 145 167 56 260 25 1.53 1.71 TM UBS (UK) - UK Eq C Acc 98 231 104 172 119 107 - - - - - 2.45 Man GLG UK Select Professional Acc C 101 117 106 110 108 229 146 124 - - 0.90 1.44 UBS UK Opportunities C Acc Net 102 67 107 95 128 56 155 92 167 170 - 2.97 Man GLG Undervalued Assets Profl Acc C 105 20 120 14 138 20 - - - - - 2.46 Unicorn Outstanding British Co Instl 103 32 110 54 129 47 156 88 309 11 1.18 1.45 Marks & Spencer UK 100 Comp Acc 100 139 104 197 116 162 134 201 164 176 1.03 3.34 Unicorn UK Growth A 106 13 123 5 165 5 197 11 291 13 1.97 0.72 Marks & Spencer UK Selection Acc 98 228 101 235 108 230 133 206 153 185 1.61 3.79 Vanguard FTSE 100 Index A GBP Acc 99 193 104 174 ------2.69 Marlborough UK Multi-Cap Growth P Inc 103 33 123 6 157 8 200 9 323 8 - 0.75 Vanguard FTSE U.K. All Shr Idx UT Acc 100 172 105 149 119 118 142 145 - - 0.15 3.61 MFM Bowland 105 21 121 9 170 3 212 6 260 26 2.09 0.71 Virgin UK Idx Tracking Trust 99 214 103 204 115 174 135 193 174 148 1.00 2.80 MFM UK Primary Opportunities P Inc 100 126 112 44 136 26 161 70 172 156 - 2.06 VT Cape Wrath Focus GBP A Net Acc 93 261 90 262 ------0.92 MFS® Meridian UK Equity W1 GBP 100 167 104 165 115 173 134 199 209 76 1.00 - VT Castlebay UK Equity A Accumulation 102 59 104 186 116 159 - - - - - 2.93 MI Brompton UK Recovery Trust Acc 104 25 112 40 127 59 164 60 229 51 2.55 0.56 VT Garraway UK Equity Mrkt I GBP net Acc 104 27 108 72 114 194 147 118 - - - 3.44 MI Charles Stanley Equity A Acc 99 186 105 143 110 221 128 221 202 89 1.60 1.98 VT Munro Smart Beta UK A Acc Retail 100 164 104 163 114 193 129 217 153 186 2.40 4.23 MI Chelverton UK Eq Growth B Acc 111 4 132 1 196 1 - - - - - 0.96 VT Sorbus Vector A 105 17 112 41 ------0.29 Mirabaud UK Equity High Alpha A GBP Acc 102 63 110 55 122 89 140 166 184 122 1.48 - VT Strategic Value Net Inc 103 42 114 28 ------1.58 Montanaro UK Income STG Unhedged 101 85 114 29 137 24 172 37 283 17 0.23 3.07 Wesleyan UK Growth X Acc 101 91 106 119 ------2.86 NatWest Growth NAV 99 211 108 75 131 41 170 45 277 20 - 2.07 Average/Total 101 264 107 263 121 247 153 234 209 195 0.97 2.37 Neptune UK Mid Cap C Acc GBP 97 246 107 105 117 153 166 58 - - - 1.85 (IA) UK EQUITY AND BOND INCOME Neptune UK Opportunities C Acc GBP 101 109 107 93 115 171 151 105 237 43 - 2.11 Newton UK Equity Inst W Acc 98 233 103 209 118 135 146 126 187 119 0.79 3.33 Cavendish UK Balanced Income B 98 6 102 6 115 5 144 3 - - 0.63 4.77 Newton UK Opportunities Inst W Acc 99 217 103 214 121 95 160 76 217 65 0.80 2.03 HSBC Monthly Income C Acc 98 8 101 7 110 9 130 9 164 7 - 4.02 NFU Mutual UK Growth C 100 122 109 71 121 97 140 169 180 135 - 2.36 Jupiter Monthly Income I Acc 99 2 106 1 128 1 151 2 199 2 0.97 4.63 Old Mutual Artemis UK Spec Sits U2 £ Acc 100 144 102 226 114 188 - - - - - 2.28 LF Canlife UK Eq and Bond Inc C Acc 100 1 103 4 117 2 144 4 175 5 0.80 4.15 Old Mutual Equity 1 A GBP Acc 101 95 120 11 162 6 232 2 247 37 1.10 0.85 LF IM UK Equity & Bond Income A Acc 99 5 102 5 110 8 129 10 129 9 1.57 3.84 Old Mutual Newton UK Opps U2 GBP Acc 98 219 105 137 119 111 - - - - - 2.01 M&G UK Income Distribution GBP I Acc 99 3 103 3 116 3 143 5 197 3 0.91 3.74 Old Mutual UK Alpha R GBP Acc 101 99 107 92 114 198 145 130 177 141 1.08 3.02 Royal London UK Income with Growth 98 9 100 10 107 10 131 8 170 6 1.53 4.58 Old Mutual UK Dynamic Eq R GBP Inc 100 129 120 13 169 4 240 1 - - 2.30 - Scottish Widows High Reserve A Acc 99 4 103 2 113 7 133 7 156 8 1.36 4.13 Old Mutual UK Equity R GBP Acc 98 224 104 196 115 179 151 106 203 88 0.95 2.44 Threadneedle Managed Eq Inc Z Inc 97 10 101 9 114 6 142 6 195 4 - 3.89 Old Mutual UK Index R GBP Acc 100 166 104 162 117 143 138 180 177 143 - 3.25 Threadneedle Mthly Etr Inc Z Inc GBP 98 7 101 8 116 4 151 1 218 1 - 3.97 Old Mutual UK Mid Cap R GBP Acc 102 75 121 8 161 7 231 3 422 2 0.85 0.99 Average/Total 98 10 102 10 115 10 140 10 178 9 1.11 4.17 Old Mutual Woodford Eq Inc U2 GBP Acc 88 264 88 263 99 247 - - - - - 3.25 (IA) UK EQUITY INCOME Polar Capital UK Value Opports I GBP Acc 106 15 116 21 ------Aberdeen UK Equity Income I Acc 98 68 100 71 109 70 127 75 178 41 1.10 3.91 Premier Ethical C Inc 102 52 112 39 129 49 183 19 251 32 0.99 1.92 Allianz UK Equity Income C Inc 101 18 109 13 116 43 144 54 183 38 - 4.07 Premier UK Growth C Inc 103 35 108 73 124 73 158 81 206 82 1.03 3.20 Ardevora UK Income A GBP Inc 99 46 101 65 114 57 146 47 - - - 3.79 Rathbone UK Opportunities I Inc 104 23 110 61 128 55 163 64 - - 0.81 2.32 Artemis Income I Inc 99 49 107 21 120 21 152 27 223 10 0.79 3.89 RBS Growth 1 99 211 106 121 123 81 153 98 221 56 1.30 2.07 Aviva Investors UK Equity Income 2 £ Acc 100 37 105 39 119 24 153 22 - - 0.81 4.04 River & Mercantile UK Eq Hi Alpha B 102 57 109 68 131 39 172 40 248 36 0.82 2.21 AXA Framlington Blue Chip Eq Inc Z £ Acc 98 65 101 67 112 61 141 59 - - - 4.06 River & Mercantile UK Eq L/T Rec B 102 55 111 49 137 21 192 12 - - 1.17 1.66 AXA Framlington Monthly Income Z GBP Inc 102 12 110 9 128 5 172 5 168 49 - 4.32 River and Mercantile UK Dynamic Eq B Acc 100 140 108 76 131 38 172 34 205 85 1.19 2.15 Barclays UK Equity Income R Acc GBP 99 55 106 26 116 45 149 40 - - - - Royal London FTSE 350 Tracker Z Acc 100 157 105 158 119 119 142 154 188 113 0.12 3.26 Barclays UK Equity Income S2 R Acc GBP 99 54 106 28 116 50 150 39 - - - - Royal London Sustainable Leaders C Acc 101 92 108 81 125 71 169 49 225 53 - 1.88 BlackRock UK Income D Acc 98 63 101 68 116 48 148 45 213 14 0.92 4.01 Royal London UK All Share Tracker Z Acc 100 142 105 144 118 127 141 156 - - 0.13 3.22 Castlefield B.E.S.T. Sust Inc Instl 93 85 98 77 103 79 130 74 150 54 2.87 3.99 Royal London UK Dividend Growth M 102 65 109 70 117 151 144 134 200 96 - 2.77 Courtiers UK Equity Income Retl R 99 47 112 6 ------4.21 Royal London UK Equity M Acc 101 83 106 124 116 161 144 138 181 133 0.53 3.02 F&C Responsible UK Income 2 98 64 106 31 120 20 150 35 191 34 0.85 3.89 Royal London UK FTSE4Good Tracker 99 210 103 210 113 202 133 206 161 178 1.50 2.45 F&C UK Equity Income 2 99 60 102 63 117 40 131 73 164 52 1.85 3.80 Royal London UK Growth 100 133 107 100 116 168 145 133 176 145 1.53 1.57 Fidelity Enhanced Income W Acc 95 83 96 82 103 80 125 76 - - 1.04 6.73 Royal London UK Mid-Cap Growth Instl M 103 51 114 27 125 69 176 30 365 5 0.74 1.51 Fidelity MoneyBuilder Dividend Y Inc 94 84 95 83 107 76 137 65 190 35 0.67 4.75 Royal London UK Opportunities M Acc 101 82 104 200 110 217 143 140 200 95 0.72 2.65 FP Miton Income B Acc 99 48 103 53 120 16 152 29 196 31 0.93 5.43 RWC UK Focus Fund R GBP 103 45 109 67 124 78 168 53 - - 1.06 - Franklin UK Equity Income W Acc 98 67 103 51 122 11 159 16 211 16 0.54 4.45 S&W Revera UK Dynamic Ret Acc 102 77 108 89 114 186 156 89 - - 1.55 1.69 Halifax UK Equity Income C 99 52 104 50 115 53 135 69 166 51 1.54 4.57

66 www.WhatInvestment.co.uk Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % HC Kleinwort Hambros Equity Income A Acc 99 53 103 55 110 67 137 64 173 45 2.30 4.14 Vanguard UK Lg Dur Gilt Idx A Grs Acc 97 21 99 7 118 2 143 2 - - 0.15 1.84 HL Multi-Manager Income & Growth A Acc 99 43 104 49 116 47 154 20 200 27 1.32 4.08 Average/Total 98 28 99 27 110 26 123 25 162 18 0.46 1.45 HL Select UK Income Shares A Acc 97 71 ------HSBC Income Accumulation C 97 72 101 69 108 74 132 72 171 48 - 4.28 (IA) UK INDEX-LINKED GILTS Insight Equity Income Booster Inst W Acc 101 20 105 38 117 38 144 53 - - - 7.55 AXA Sterling Index Linked Bond Z Net 96 14 98 14 125 5 145 2 213 2 0.33 - Insight Equity Income Inst W Acc 101 15 105 35 118 36 151 30 206 20 - 4.23 Baillie Gifford Act Idx-Lk Glt Pls B Inc 96 9 99 7 123 9 140 11 - - 0.42 1.22 Investec UK Equity Income I Net Acc 98 61 103 56 118 34 - - - - - 2.76 F&C Institutional Active Index Lnkd3£Acc 96 13 98 10 125 3 145 3 - - - 0.04 IP Income & Growth Z Acc 95 81 100 73 108 72 141 60 155 53 - 3.99 HSBC Index-Linked Gilt index Acc C 96 4 99 6 ------2.04 Janus Henderson UK Eq Inc&Gr I Inc 101 21 104 44 115 52 150 37 218 12 0.82 3.79 iShares Index Linked Gilt Idx (UK) D Acc 96 10 99 5 126 1 147 1 - - 0.29 0.37 JOHCM UK Equity Income A GBP Acc 104 5 111 7 127 7 162 13 290 3 0.80 4.29 Janus Henderson Index-Linked Bond I Acc 96 12 98 12 125 4 142 5 215 1 0.54 - JPM UK Higher Income C Net Acc 101 14 108 16 120 19 145 51 186 37 0.93 2.46 L&G All Stocks IdxLnk Gilt Idx Tr I Acc 96 11 98 8 123 11 140 9 203 6 - - Jupiter Income Trust I Acc 101 16 104 41 124 9 160 15 188 36 0.94 3.76 M&G Index-Linked Bond GBP I Acc 96 6 98 9 124 7 141 8 210 4 0.56 - Kames UK Equity Income GBP B Inc 98 66 103 54 119 27 149 42 - - 1.11 4.51 Newton Index Lkd Gilt Exempt 2 Acc 96 5 99 2 126 2 144 4 212 3 0.25 2.52 L&G UK Equity Income I Acc 100 28 105 40 116 51 140 63 - - 0.88 4.51 Royal London Index Linked M Acc 97 3 99 1 124 8 142 6 209 5 - 0.30 Lazard Multicap UK Income A Acc 100 39 106 27 120 15 152 28 203 25 1.01 4.23 Schroder All Mats Idx Lnkd Bd I Acc 97 2 99 3 123 10 140 10 199 8 0.28 0.21 LF Canlife UK Equity Income C Acc 99 44 101 66 114 58 142 58 167 50 0.93 3.92 Scottish Widows UK Idx Lnkd Trkr I Acc 96 7 98 13 121 13 140 12 203 7 0.37 0.25 LF Livingbridge UK Multi Cap Inc C £ Acc 107 2 ------Threadneedle UK Index Lnkd Ins Acc 96 8 98 11 122 12 139 13 198 9 - 0.36 LF Miton UK Multi Cap Inc B Acc Instl 100 25 111 8 133 3 190 1 - - 0.82 3.96 Vanguard UK Infl-LnkdGltIdx A Grs Acc 97 1 99 4 124 6 141 7 - - 0.15 - LF Woodford Equity Income C Sterling Acc 93 87 91 85 104 78 - - - - - 3.69 Average/Total 96 14 99 14 124 13 142 13 207 9 0.35 0.81 Liontrust Macro Equity Income I Acc 98 69 102 64 112 63 145 49 206 21 - 4.66 M&G Charifund GBP Inc 99 50 105 37 118 33 153 21 196 30 0.47 4.85 (IA) UK SMALLER COMPANIES M&G Dividend GBP I Acc 96 80 99 76 111 66 132 71 172 47 0.91 3.70 Aberdeen UK Smaller Companies Eq I Acc 104 25 118 31 142 32 175 37 270 30 - 1.42 Majedie UK Income X Acc 100 34 107 22 111 65 171 7 - - 0.79 4.69 Aberforth UK Small Companies Acc 99 45 109 44 126 43 178 35 269 31 0.86 2.74 Man GLG UK Income Professional Acc C 102 8 117 1 137 2 174 4 203 24 0.91 5.86 Artemis UK Smaller Companies I Acc 106 12 119 23 164 13 195 27 234 38 0.84 1.96 Marlborough Multi Cap Income P Acc 103 6 110 10 120 18 175 3 - - - 2.36 Aviva Investors UK Smaller Coms 2 £ Acc 105 15 119 25 135 39 180 34 328 19 1.13 0.90 MGTS Ardevora UK Income Instl Net Acc 100 35 102 60 117 41 152 26 - - 1.31 3.71 AXA Framlington UK Smlr Coms Z GBP Acc 105 13 123 11 161 17 234 8 339 15 0.88 0.91 MI Chelverton UK Equity Income B Acc 102 9 116 2 137 1 190 2 297 2 1.00 4.39 Baillie Gifford British Smlr Coms B Acc 101 41 108 45 126 44 166 43 313 22 0.69 0.65 MI Downing Monthly Income Acc 101 19 112 4 116 44 153 23 - - 1.93 4.56 BlackRock UK Smaller Companies D Acc 105 16 124 9 161 16 205 22 333 16 0.92 0.88 NatWest Equity Income NAV 100 41 104 45 118 31 148 43 231 7 - 4.31 Castlefield B.E.S.T Sust UK SmComs Instl 103 31 122 14 160 19 189 31 254 32 2.77 - Neptune Income C Acc GBP 104 4 109 15 125 8 152 25 196 29 - 3.68 Cavendish AIM B 107 9 128 3 190 3 249 3 308 23 0.89 0.24 Neptune Quarterly Income C Acc GBP 102 13 106 29 110 69 135 68 173 46 1.00 3.56 Dimensional UK Smlr Coms Acc 101 42 108 46 123 46 167 41 281 28 0.66 2.24 Newton UK Income Inst W Acc 99 58 102 61 118 30 147 46 194 33 0.79 4.09 F&C UK Smaller Companies 2 105 19 121 17 151 25 207 21 350 13 0.85 1.11 NFU Mutual UK Equity Income C 97 73 102 62 116 49 140 62 - - - 4.49 Fidelity UK Smaller Companies W Acc 102 39 111 42 139 36 201 24 - - - 1.35 Old Mutual Artemis Income U2 GBP Acc 99 45 106 25 118 35 - - - - - 3.77 FP Octopus UK Micro Cap Growth P Acc 104 22 125 7 155 22 188 33 235 37 - - Old Mutual Newton UK Income U2 GBP Acc 99 56 102 59 119 29 - - - - 0.71 4.07 Franklin UK Smaller Companies W Acc 110 4 122 13 149 26 218 17 212 40 0.83 1.04 Old Mutual UK Equity Income R GBP Acc 100 27 105 33 112 62 151 33 205 23 0.94 3.44 Halifax Smaller Coms C 104 30 117 35 139 35 166 44 235 36 1.51 0.82 Premier Income C Inc 101 23 104 43 121 13 158 17 212 15 0.88 4.76 Investec UK Smaller Companies I Inc Net 103 33 121 15 141 34 192 30 392 8 0.85 1.59 Premier Monthly Income C 100 24 104 42 121 14 157 19 214 13 0.95 4.68 IP UK Smaller Companies Eq Z Acc 104 27 118 28 157 21 212 19 306 24 - 0.89 Premier Optimum Income C Inc 100 32 107 23 123 10 163 12 207 19 1.44 7.23 Janus Henderson UK Smaller Coms I Acc 105 18 118 30 146 28 198 25 351 12 0.82 1.41 Rathbone Blue Chip Income And Gr I Inc 93 86 94 84 105 77 136 67 179 40 0.90 4.14 Janus Henderson UK&Irish Smr Coms I Acc 104 23 115 39 132 41 160 45 210 41 - 1.10 Rathbone Income I Inc 96 79 100 72 115 55 152 24 198 28 0.81 3.93 JPM UK Smaller Companies C Acc 107 11 120 21 141 33 174 38 252 33 0.93 - RBS Equity Income 1 99 42 104 46 118 32 148 44 231 8 1.32 4.30 Jupiter UK Smaller Companies Fd I 114 1 136 1 195 2 244 4 322 20 - 0.77 River & Mercantile UK Equity Income B 100 31 104 48 119 28 151 31 - - 0.93 4.08 Kames UK Smaller Companies GBP B Acc 104 26 120 19 144 31 189 32 313 21 1.10 1.49 Royal London UK Equity Income M 100 29 105 34 120 23 168 9 - - 0.68 4.01 L&G UK Smaller Companies Trust I Acc 104 21 113 40 128 42 171 40 299 25 - 1.31 Santander Dividend Income RI 100 33 105 36 117 39 144 52 - - - 5.20 Lazard UK Smaller Companies C Inc 101 40 112 41 134 40 173 39 252 34 - 1.79 Santander Enhanced Income II 101 22 107 20 119 26 140 61 - - 0.80 5.35 LF Livingbridge UK Micro Cap C Acc 107 5 124 10 159 20 251 2 - - - 0.37 Santander Equity Income II 100 30 106 30 119 25 151 32 203 26 0.68 5.40 LF Miton UK Smaller Companies B Acc 111 2 116 37 148 27 220 14 - - - 0.62 Schroder Income Fd Z Acc 107 1 109 14 121 12 167 10 264 4 0.91 0.97 Liontrust UK Micro Cap I Acc 107 6 118 27 ------Schroder Income Maximiser Z Acc 106 3 107 17 117 37 150 34 221 11 0.91 6.97 Liontrust UK Smaller Companies I Inc 107 8 121 16 176 7 233 9 454 2 - 0.12 Schroder UK Alpha Income Z Inc 98 62 103 52 111 64 143 56 232 6 0.86 4.89 M&G Smaller Companies GBP I Acc 100 44 118 32 145 30 176 36 270 29 0.91 1.34 Scot Wid MM UK Equity Income A Acc 99 51 102 58 114 59 144 55 175 44 1.81 4.38 Marlborough Nano Cap Growth P Acc 107 10 120 22 161 18 - - - - - 0.27 Scottish Widows UK Equity Income A Acc 100 36 104 47 115 56 136 66 148 55 1.36 4.15 Marlborough Special Situations P Acc 105 17 120 20 162 15 220 15 395 7 - 0.95 Slater Income P Inc 103 7 107 19 120 22 172 6 - - - 4.57 Marlborough UK Micro Cap Growth P Acc 105 14 123 12 171 9 230 12 452 3 - 0.68 SLI UK Equity High Inc Plat 1 Acc 102 10 107 18 114 60 150 36 177 43 - 3.89 MFM Techinvest Special Situations A Acc 103 34 117 36 181 5 241 6 220 39 1.84 - SLI UK Equity Income Uncons Plat 1 Acc 102 11 110 11 115 54 165 11 206 22 - 3.85 MI Discretionary Unit Inc 102 38 116 38 173 8 232 11 285 26 0.42 0.64 Smith & Williamson UK Equity Inc B 96 78 99 74 108 73 142 57 182 39 - 4.38 MI Downing UK Micro-Cap Growth B 95 47 99 47 124 45 194 28 - - 2.04 0.23 SVS Albion Olim UK Equity Acc 99 57 105 32 120 17 145 48 209 18 1.50 3.84 Old Mutual UK Smaller Coms R GBP Acc 102 35 125 4 176 6 232 10 383 9 1.05 0.59 TB Guinness UK Eq Inc Y Clean Income 97 74 97 81 ------3.73 Old Mutual UK Smlr Coms Foc R GBP Inc 100 43 134 2 218 1 297 1 512 1 1.56 - TB Saracen UK Income B Acc 100 26 115 3 ------4.53 River & Mercantile UK Eq Sm Cos B Acc 102 37 117 33 154 23 238 7 442 4 0.95 0.97 Threadneedle UK Eq Inc Z Inc GBP 97 75 101 70 117 42 158 18 225 9 - 4.15 Royal London UK Smaller Companies M 103 32 118 26 138 38 192 29 284 27 - 1.05 Threadneedle UK Equity Alpha Inc Z Inc 95 82 98 80 108 75 149 41 210 17 0.88 4.54 Schroder Instl UK Smaller Cos I Acc 104 24 121 18 164 12 215 18 371 10 0.52 1.55 Threadneedle UK Monthly Inc Z Inc 97 77 99 75 108 71 145 50 194 32 - 4.62 Schroder UK Dynamic Smaller Coms Z Acc 98 46 111 43 152 24 197 26 409 6 0.86 0.39 Troy Trojan Income O Acc 97 76 98 79 116 46 150 38 234 5 1.05 4.12 Schroder UK Smaller Companies Z Acc 105 20 118 29 163 14 219 16 330 17 0.91 0.90 UBS UK Equity Income C Acc Net 101 17 107 24 131 4 161 14 178 42 - 3.91 Scottish Widows UK Smlr Coms A 104 28 117 34 139 37 166 42 243 35 1.61 0.96 Unicorn UK Ethical Income B Inc 99 59 109 12 ------4.40 SLI UK Smaller Companies Pltfrm 1 Acc 110 3 125 5 169 10 208 20 353 11 - 0.77 Unicorn UK Income B Inc 100 40 112 5 128 6 169 8 353 1 0.89 4.00 TB Amati UK Smaller Companies B 107 7 124 8 188 4 242 5 427 5 1.39 0.68 Vanguard FTSE U.K. Eq Inc Idx Acc 100 38 103 57 110 68 134 70 - - 0.25 4.76 Threadneedle UK Smaller Coms Z Inc 102 36 125 6 165 11 221 13 349 14 - 0.71 VT Odd Real Income GBP A Acc 97 70 98 78 ------3.49 Unicorn UK Smaller Companies A 104 29 119 24 146 29 204 23 329 18 1.86 1.14 Average/Total 99 87 104 85 117 80 150 76 202 55 1.04 4.28 Average/Total 104 47 119 47 155 46 206 45 321 41 1.12 1.01

(IA) UK GILTS (IA) UNCLASSIFIED SECTOR Aberdeen Sterling LD Govt Bd I GBP Acc 97 26 99 3 117 4 143 3 203 2 - 1.26 Abbotsford GBP Acc 100 134 105 101 123 74 147 49 182 54 1.22 1.21 Allianz Gilt Yield C Inc 97 13 99 4 109 9 116 21 165 5 0.53 1.25 Aberdeen Diversified-Core Advnts I Acc 106 3 114 6 ------1.52 Aviva Investors UK Gilts MoM 1 2 GBP Inc 97 15 98 25 106 24 115 23 135 18 0.78 1.23 Aberdeen Diversified-Core Cau I Acc 101 82 104 133 ------0.67 F&C Institutional Ret Annuity 3 £ Acc 105 1 108 1 127 1 156 1 - - - 1.66 Aberdeen Diversified-Core Cnsrv I Acc 100 173 101 241 ------0.83 Franklin UK Gilt W Inc 98 3 99 5 ------0.93 Aberdeen Diversified-Core Gr I Acc 104 18 109 28 ------1.92 HSBC Gilt & Fixed Interest C Acc 98 5 99 9 108 20 117 18 150 16 - 2.68 Aberdeen Sterling Bond I GBP Acc 98 274 99 267 107 233 119 208 156 85 - 1.31 HSBC UK Gilt Index C Acc 97 11 99 13 109 13 119 13 - - 0.17 2.65 Aberdeen Sterling Govt Bd I GBP Acc 97 283 99 278 107 236 115 221 159 77 - 0.67 Invesco Gilt A GBP QD 97 25 98 24 108 19 119 12 156 10 0.90 0.91 Aberdeen Sterling Idx-Lnkd Bd I GBP Acc 96 293 98 283 124 63 140 88 202 27 - 0.56 iShares Over 15 Yrs Gilts Idx (UK) D Acc 97 17 ------Aberdeen Sterling Shrt Term Gov Bd I Acc 99 239 99 280 101 259 100 241 122 114 - 0.08 iShares UK Gilts All Stks Idx (UK) D Acc 97 9 99 8 109 7 120 7 - - 0.16 1.71 Arbor GBP Inc 103 28 106 67 123 68 143 66 154 92 1.56 0.28 Janus Henderson Instl Lg Datd Gilt I Acc 97 28 99 15 116 5 137 5 197 3 0.54 1.64 Architas Diversified Real Assets D Acc 98 263 99 274 110 204 - - - - - 2.90 Janus Henderson Instl UK Gilt I Acc 97 18 98 21 108 18 116 22 156 11 0.54 1.17 Architas MA Active Reserve A Acc 98 280 99 276 108 225 120 199 147 99 1.22 2.52 L&G All Stocks Gilt Index Trust I Acc 97 10 99 14 109 11 119 10 159 7 - 1.46 Architas MA Passive Prudent A Acc 100 198 101 224 115 156 130 146 - - 0.65 0.98 LF Canlife UK Government Bond C Inc 97 8 98 20 107 22 114 24 145 17 - 1.58 Architas MM Divers Prot 85 R Net Acc 100 196 101 239 102 255 105 237 - - 0.02 - M&G Gilt & Fixed Interest Inc GBP I Acc 97 12 99 18 109 10 119 8 162 6 0.66 0.63 Architas MM Diversified Protector 70 100 192 102 206 109 211 119 209 - - 2.39 - Newton Long Gilt Exempt 2 Acc 97 27 99 2 117 3 142 4 204 1 0.25 1.62 Architas MM Diversified Protector 80 99 205 101 237 105 249 110 232 - - 2.20 - Old Mutual Gilt A GBP Acc 97 23 98 22 107 21 116 19 152 14 0.69 2.77 Artemis Instl Equity Income IN Acc 99 224 107 56 119 116 151 35 225 8 0.78 3.78 Royal London Short Dur Gilts M GBP Inc 99 2 99 6 101 26 - - - - - 0.36 Aviva Investors UK Credit MoM 1 2 £ Inc 98 260 101 226 108 226 122 182 142 105 - 3.65 Royal London UK Government Bond M Acc 98 6 99 11 108 15 117 17 158 9 - 2.59 Baillie Gifford Active Gilt Plus B Inc 98 269 99 279 108 221 116 218 158 79 0.42 1.18 Santander Sterling Government Bond IA 97 14 99 16 109 12 119 11 - - - 1.00 Baillie Gifford Active Lng Glt Pls B Inc 97 289 98 285 115 154 136 108 201 29 0.43 1.72 Schroder Gilt & Fixed Interest Acc 98 4 99 10 108 16 117 16 150 15 0.56 2.50 Baring Dynamic Capital Growth I GBP Inc 101 125 105 112 112 189 127 163 154 93 - 2.47 Scottish Widows Gilt G Acc 97 24 98 27 105 25 113 25 - - - 0.51 Baring Targeted Return A GBP Inc 101 119 106 80 113 173 128 160 155 91 0.90 3.43 Scottish Widows UK Fix-Int Trkr I Acc 97 22 98 23 108 17 118 14 159 8 0.37 1.45 BlackRock Growth and Recovery A Acc 105 5 124 1 161 2 206 1 268 1 1.03 0.92 SLI UK Gilt Plat 1 Acc 97 20 98 26 107 23 116 20 156 12 - 0.52 Carmignac Pf Sécurité F GBP Acc Hdg 101 100 102 208 105 244 113 224 - - 0.75 - Threadneedle Sterling Bond Z Inc 97 19 99 19 109 14 118 15 152 13 - 1.09 Carmignac Sécurité A EUR Acc 96 292 104 125 125 52 111 230 153 95 1.03 - Threadneedle UK Fixed Interest Z Acc 97 16 99 17 109 8 119 9 165 4 - 0.75 Carvetian Capital Hendom Income 99 221 106 78 121 91 135 111 196 31 1.54 1.10 Vanguard UK Govt Bd Idx GBP Acc 97 7 99 12 110 6 122 6 - - 0.12 1.37 Cazenove Caversham Inc 99 217 104 137 124 57 145 60 204 25 1.01 1.16

www.WhatInvestment.co.uk 67 Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % CF Aquarius 100 184 104 136 121 87 142 79 161 74 1.40 0.98 LF Heartwood Income Multi Asset I Inc 99 215 101 214 109 212 121 188 - - 1.27 2.92 CF Benton Investment 101 127 105 90 123 65 143 67 177 61 1.49 1.52 LF Heartwood Income Plus Multi Ast I Inc 100 155 103 159 113 177 132 124 - - 1.26 3.62 CF Broden 101 87 106 84 123 75 145 61 194 39 1.29 0.61 LF KB Feelgood Trust £ Inc 99 250 101 213 116 138 130 142 155 88 1.12 0.77 CF Buxton Acc 100 185 100 254 111 192 130 145 230 5 0.64 1.29 LF New Institutional World Inc 101 92 ------CF Circus 100 190 104 145 119 108 137 97 160 76 1.26 0.64 LF New Villture Inc 103 31 104 141 116 143 131 136 142 106 1.35 0.24 CF Crystal Fund 97 285 100 253 120 93 126 172 204 26 1.11 0.96 LF Robin A Acc 102 41 103 151 115 150 133 121 163 73 0.95 0.08 CF Dartmoor Fund 100 132 100 249 112 186 129 153 183 52 1.48 - LF Ruffer Absolute Return O Acc 100 147 99 281 108 224 120 197 195 35 1.53 1.52 CF Davids 100 165 100 246 116 139 134 118 158 80 1.35 0.22 M&G (Lux) Em Mkts Inc Opps CH GBP Acc 107 2 ------CF Drygate 101 117 104 122 114 159 136 105 181 56 1.43 2.07 M&G Episode Macro GBP T-H Acc 105 4 108 30 118 129 141 80 - - 2.51 - CF Gulland 100 182 104 126 126 44 155 23 213 15 1.29 0.87 M&G Income Allocation Euro A Acc 100 195 111 9 133 21 - - - - 1.68 1.63 CF Holly Fund 95 297 97 287 104 253 76 244 85 119 1.20 1.50 M&G Prudent Allocation Euro A Acc 98 252 109 18 ------1.49 0.08 CF Lorimer Trust 102 50 108 43 123 67 146 52 206 23 0.81 1.83 Marten Fund 96 295 101 230 117 136 130 143 173 64 1.74 3.67 CF Mermaid 100 201 99 275 111 197 131 139 226 7 1.33 0.96 MGTS AFH Tactical Core R Acc 98 253 101 225 114 161 128 158 - - - 1.58 CF New Grande Motte GBP 99 216 104 118 123 73 146 55 - - 1.33 0.99 MGTS IBOSS 1 R Acc 100 161 102 192 ------0.66 CF New Viaduct Inc 102 37 108 46 126 48 162 17 - - 1.40 0.42 MGTS IBOSS 2 R Acc 101 124 104 144 ------0.84 CF The Mulberry 99 212 103 164 118 127 134 115 143 103 1.38 0.53 MGTS IBOSS 4 R Acc 101 106 106 74 ------0.90 Chestnut Fund Inc 101 76 104 135 112 184 129 152 - - - 0.88 MGTS IBOSS 6 R Acc 101 83 107 59 ------0.88 Elite Specialist Portolio Instl Inc 95 296 97 286 104 252 107 234 - - 1.35 1.58 MI Charles Stanley MltAst 1 Defesv B Acc 100 189 101 232 106 242 107 236 - - 0.88 1.65 F&C MM Lifestyle Balanced B Inc 103 32 109 17 126 43 153 32 - - 1.19 1.92 Navajo GBP Acc 102 40 108 38 128 30 156 21 207 22 1.48 0.27 F&C MM Lifestyle Cautious B Inc 102 53 107 48 122 78 146 54 - - 1.19 1.97 New Capital Swiss Sel Eq CHF Ord Acc 108 1 116 3 170 1 - - - - 1.81 - F&C MM Lifestyle Defensive B Inc 101 108 105 111 117 134 139 90 - - 1.19 1.80 OHP Fund 100 139 106 86 127 36 147 47 - - 1.53 0.38 F&C MM Lifestyle Foundation B GBP Inc 100 186 103 182 113 181 - - - - - 1.59 Old Mutual Cirilium Adventurous Pasv R 104 13 ------F&C MM Lifestyle Growth B Inc 103 22 112 8 130 28 154 28 - - 1.19 1.85 Old Mutual Cirilium Bal Pasv R GBP Acc 101 129 103 165 123 69 142 76 - - 0.85 0.83 Fidelity Diversified Growth A 100 137 103 149 115 148 128 161 - - 1.18 1.96 Old Mutual Cirilium Consrv Pasv R GBPAcc 100 188 102 210 115 152 127 169 - - 0.85 0.56 Fidelity Instl Europe ex UK 96 291 111 10 125 54 155 24 185 51 0.89 1.14 Old Mutual Cirilium Dyn Pasv R GBP Acc 102 42 106 79 132 23 156 20 - - 0.85 0.99 Fidelity Instl IdxLnkd Bd Inc 96 294 99 282 125 50 147 48 220 11 0.33 0.22 Old Mutual Cirilium Mod Pasv R GBP Acc 101 66 105 114 128 29 150 39 - - 0.85 0.98 Fidelity Instl Lng Bd Inc 97 286 100 265 117 132 143 71 216 12 0.33 2.20 Old Mutual Creation Advnturs R GBP Acc 101 73 ------Fidelity Instl Sel Emerg Mkt Acc 103 25 121 2 153 3 156 22 - - 1.16 0.67 Old Mutual Creation Balanced R GBP Acc 100 197 102 195 110 200 121 186 - - - 1.64 Fidelity Instl Sel Glbl Eq 102 47 106 77 136 16 179 5 238 3 0.88 0.96 Old Mutual Creation Cnsrv R GBP Acc 100 193 102 201 109 207 119 206 - - - 1.70 Fidelity Instl Sterl Core Pls Bd Inc 97 287 100 245 118 123 144 63 215 13 0.49 2.56 Old Mutual Creation Dynamic R GBP Acc 100 146 104 139 114 160 129 151 - - - 1.31 Fidelity Instl UK Gilt Inc 97 281 99 272 110 206 121 184 172 66 0.32 1.65 Old Mutual Creation Moderate R GBP Acc 100 179 103 174 112 185 126 174 - - - 1.43 Fidelity Target 2020 A Acc 100 199 102 198 113 170 127 164 157 82 1.95 0.45 Old Mutual Equity 2 A GBP Acc 98 270 101 234 113 165 137 99 192 42 1.08 2.97 Fidelity Target 2025 A Acc 101 130 104 131 119 105 139 91 171 67 1.90 0.52 Old Mutual Generation Trgt 3 R GBP Inc 99 218 102 212 107 239 113 226 - - - 2.28 Fidelity Target 2030 A Acc 101 96 106 66 126 42 153 30 192 41 1.88 0.57 Old Mutual Generation Trgt 4 R GBP Inc 99 229 101 218 107 241 120 201 - - - 2.67 Folla Inc 100 142 106 71 119 113 140 85 142 104 1.14 0.97 Old Mutual Generation Trgt 5 R GBP Acc 100 201 102 202 ------1.84 FP 8AM Tactical Growth A Inc 102 57 106 75 121 88 129 156 - - 1.97 1.31 Prestney GBP Inc 101 113 105 113 121 89 131 134 146 100 1.32 1.62 FP Active Portfolio Overlay C Acc 102 35 108 35 ------0.92 0.92 Rathbone Active Income and Growth Inc 101 72 106 73 122 82 136 106 - - - 2.15 FP Aggressive Portfolio Overlay C Acc 103 21 110 14 ------0.95 Rathbone Global Alpha Instl GBP Acc 103 29 109 24 133 22 - - - - - 0.78 FP Apollo Multi Asset Adven D GBP Acc 105 8 111 11 118 126 126 170 - - 2.45 - Rathbone Heritage Inst Inc 101 118 105 92 127 35 - - - - - 1.34 FP Apollo Multi Asset Bal D GBP Acc 104 11 109 19 121 90 128 157 - - 1.97 0.13 Rathbone Sussex Growth 104 15 113 7 138 11 165 14 221 10 1.62 0.53 FP Apollo Multi Asset Cau D GBP Acc 104 10 109 22 120 103 131 137 - - 2.15 0.25 Rathbone Sussex Income 100 131 109 21 123 72 147 46 223 9 1.26 3.36 FP Balanced Portfolio Overlay C Acc 101 68 106 89 ------0.95 Royal London Cash Plus M Inc 100 159 100 247 101 258 102 238 - - - 0.30 FP CAF Alternative Strategies A Acc 100 175 101 233 102 257 111 228 - - 1.47 0.75 Royal London Duration Hedged Credit Z 102 38 106 72 109 216 118 211 - - - 2.98 FP CAF Fixed Interest A Acc 98 265 100 264 105 251 111 231 - - 1.00 2.66 Royal London Enhanced Cash Plus Y Acc 100 154 101 242 ------1.15 FP CAF International Equity A Acc 105 7 110 16 144 4 183 2 - - 1.17 0.78 Royal London Sustainable Mgd Inc C Acc 99 236 102 191 111 194 127 168 - - - 3.79 FP CAF UK Equity A Acc 101 112 106 88 119 106 148 40 - - 1.24 2.32 S&W Acacia 104 12 115 5 141 8 180 4 244 2 0.78 1.48 FP Cautious Portfolio Overlay C Acc 100 160 103 170 ------1.00 S&W Bay 101 107 108 37 135 18 161 18 228 6 0.84 1.73 FP Defensive Portfolio Overlay C Acc 99 232 101 238 ------0.82 S&W Beech 100 143 103 161 113 175 127 166 195 32 0.84 2.48 FP Frontier MAP Balanced C 101 126 104 120 107 231 116 216 - - 1.43 1.11 S&W Brighton Rock 99 241 103 178 119 104 146 58 185 50 1.57 0.88 FP Luceo 3 A Acc 99 235 101 235 ------S&W Daisybelle 99 207 99 273 109 214 131 141 - - 1.16 0.72 FP Luceo 4 A Acc 100 136 103 152 ------S&W Devonshire Trust 99 230 102 187 109 215 119 205 - - 1.35 1.82 FP Luceo 5 A Acc 101 77 106 83 ------S&W Enterprise Trust 100 167 104 132 122 84 134 117 140 108 1.31 2.23 FP Luceo 6 A Acc 102 55 108 41 ------S&W Gryphon Dover Net Inc 98 271 99 271 103 254 122 183 138 109 2.00 3.78 FP Luceo 7 A Acc 102 62 108 31 ------S&W Gryphon East River Net Inc 99 209 103 181 122 85 131 131 153 94 1.71 1.26 FP Russell Invsmts Defensive Assts C Acc 99 214 100 248 102 256 102 239 - - 0.88 2.70 S&W Gryphon Peapod Net Inc 100 158 104 143 126 49 140 89 182 55 1.74 1.20 FP Shenkman Hansa High Yield 95 298 105 99 131 25 125 175 - - - 3.66 S&W Headway 104 17 109 20 124 61 137 101 159 78 1.49 0.06 FP Verbat Portfolio 3 Fund B Acc 100 191 103 173 115 155 129 150 - - 1.32 0.77 S&W Jetwave Trust Acc 101 103 108 36 125 53 148 44 188 47 1.40 2.41 FP Verbat Portfolio 4 Fund B Acc 101 122 104 119 117 133 137 104 - - 1.33 1.15 S&W Knotts Investment Inc 100 148 105 110 113 166 132 126 193 40 1.02 2.37 FP Verbat Portfolio 5 Growth Fund B Acc 101 91 106 87 122 86 143 72 - - 1.33 0.86 S&W Lancaster 100 144 103 156 119 107 135 113 156 86 1.96 0.99 FP Verbat Portfolio 5 Income Fund B Inc 99 245 103 172 116 140 138 93 - - 1.22 3.57 S&W Langham Trust 99 227 103 157 112 183 114 223 141 107 1.92 0.24 FP Verbat Portfolio 6 Fund B Acc 101 74 107 53 122 83 138 94 - - 1.35 0.93 S&W Magnum 102 63 104 117 118 120 144 62 194 37 1.03 2.10 FP Verbat Portfolio 7 Fund B Acc 102 58 108 42 127 34 146 57 - - 1.34 0.93 S&W Marathon Inc 101 69 107 58 123 66 147 51 200 30 1.31 1.59 Hawthorn Portfolio A Inc 103 27 104 129 113 169 - - - - - 0.82 S&W MF 101 116 107 60 131 27 153 29 194 36 1.92 1.45 HC Stirling House Balanced Acc 100 174 104 130 117 130 134 119 - - - 0.34 S&W Millennium Inc 100 138 106 82 120 97 129 154 137 110 1.42 2.67 HC Stirling House Dynamic Acc 102 36 109 25 127 32 147 45 - - - 0.29 S&W Milne 100 169 102 188 118 128 132 127 148 97 1.33 1.21 HC Stirling House Growth Acc 101 95 106 64 122 79 143 70 - - - 0.25 S&W Norton 99 237 100 257 113 172 131 132 166 68 1.40 1.43 HC Stirling House Monthly Income Ret Acc 98 278 100 262 105 250 113 225 - - - 2.76 S&W Quercus Unit Trust 101 105 100 260 105 247 115 222 - - 1.35 1.73 HSBC Common For Income Income 98 279 99 269 109 213 120 200 164 69 0.50 2.96 S&W Skye Inc 102 52 108 39 113 168 159 19 233 4 0.63 2.47 HSBC Global Strategy Adventurous AC 105 9 ------S&W Staffordshire Portfolio 101 115 107 50 126 41 137 102 155 87 1.18 1.60 HSBC Global Strategy Balanced C Acc 101 89 105 94 127 33 150 38 - - 0.82 1.61 S&W Stellar 102 39 108 44 124 56 154 25 - - 1.05 1.25 HSBC Global Strategy Cautious C Acc 99 234 102 207 113 176 123 180 - - 0.72 1.81 S&W Sylvan Alder Invest 101 109 108 45 124 58 150 37 195 33 0.83 1.36 HSBC Global Strategy Dynamic C Acc 103 33 107 51 137 13 165 13 - - 0.94 1.36 S&W Sylvan Bromfield 101 88 109 27 126 45 152 33 209 19 0.95 0.96 HSBC World Selection Advent Port Acc C 104 16 109 29 141 10 - - - - - 1.26 S&W Sylvan Global Opportunities 101 84 109 23 127 37 153 31 210 18 0.62 0.93 HSBC World Selection Balanced C Acc 101 99 104 127 123 70 148 41 - - 1.22 1.66 S&W Sylvan Hornbeam 100 181 103 150 120 99 141 83 208 21 0.69 2.57 HSBC World Selection Cautious C GBP Acc 99 246 100 244 108 222 120 196 - - 1.18 1.03 S&W The Rosslyn Net Inc 101 120 103 171 119 110 137 103 - - - 0.86 HSBC World Selection Conser Port Acc C 99 242 101 227 113 178 - - - - - 1.60 S&W Thoroughbred 101 78 106 69 118 125 143 65 188 48 1.46 1.13 HSBC World Selection Dynamic C Acc 102 34 107 61 134 19 165 15 - - 1.27 1.64 S&W Witch General Inc 101 75 107 55 118 118 140 86 186 49 1.25 1.15 HSBC World Selection Income C Acc 98 256 101 220 113 182 126 171 - - 1.25 3.90 S&W Worldwide 101 81 103 158 117 137 132 128 164 72 2.03 0.75 IFSL Galatea Opportunity Instl GBP Acc 102 43 103 166 107 237 120 201 - - - 0.39 Santander Atlas Income Portfolio II 98 258 101 221 112 188 138 96 - - 2.15 4.59 IFSL James Hambro Master 101 93 106 63 120 92 142 78 190 46 0.86 2.23 Santander Balanced International Trg RA 100 150 103 154 120 101 142 77 182 53 1.50 0.74 IFSL Tilney Bestinvest Agrsv Gr Cln Acc 102 61 106 65 124 64 147 50 - - - 0.56 Santander Bond Monthly Income RI 97 288 99 277 105 248 117 212 143 102 1.06 1.42 IFSL Tilney Bestinvest Defensive Cln Acc 100 164 102 193 109 218 120 191 - - - 1.17 Santander Global Emerging Shares RA 103 26 115 4 141 9 133 123 164 70 2.17 0.50 IFSL Tilney Bestinvest Growth Clean Acc 101 71 105 102 120 98 141 82 - - - 0.53 Santander Investment Income Port XI 98 276 100 243 108 223 121 189 - - - 3.88 IFSL Tilney Bestinvest Inc & Gr Cln Acc 100 177 103 168 113 162 133 122 - - - 1.66 Santander Investment Income RI 98 275 100 250 108 228 120 194 158 81 0.58 2.78 IFSL Tilney Bestinvest Inc Clean Acc 100 157 103 169 112 187 128 159 - - - 1.81 Santander Investment Portfolio XA 98 273 100 258 107 240 118 210 - - - 2.09 Insight Inv UK Broad Mkt Bd Gross P 99 243 102 199 113 171 127 162 177 63 0.37 2.03 Santander Max 100% Shares Portfolio XA 103 19 108 33 141 6 175 8 - - - 0.74 Insight UK Govt Long Mat Bd P2 97 282 100 263 118 122 142 75 210 16 0.38 1.46 Santander Max 30% Shares Income Port XI 98 254 101 231 107 235 - - - - - 3.10 Janus Henderson Diversified Gr A Acc 101 104 104 148 110 198 121 187 - - 1.72 0.12 Santander Max 30% Shares Portfolio XA 98 255 101 222 108 227 - - - - - 1.90 Janus Henderson Instl Abs Ret Bd Y Acc 100 133 100 251 100 261 100 242 - - 0.69 0.51 Santander Max 50% Shares Portfolio XA 99 222 103 155 115 157 131 135 - - - 1.52 Janus Henderson Instl Hi Alp Crdt I Acc 99 247 102 204 109 210 124 176 - - 0.68 2.51 Santander Max 60% Shares Income XI 99 220 103 180 110 199 129 155 - - - 3.17 Janus Henderson Instl Hi Alp Gilt Y Acc 98 268 99 270 107 232 116 217 - - 0.68 1.20 Santander Max 70% Shares Portfolio XA 100 170 105 107 118 117 137 100 - - - 1.33 Janus Henderson Mlt Ast Crdt I Acc GBPH 101 80 104 140 113 167 123 181 - - - 2.56 Santander Max 70% Shares RA 100 170 105 115 120 102 136 109 172 65 1.34 1.97 Janus Henderson UK Strategic Inc UT Inc 96 290 100 261 116 142 132 125 135 111 1.70 3.82 Santander Multi Index 1 RA 98 261 101 229 ------1.98 LF Greenmount Inc 101 79 106 70 125 55 135 112 192 43 1.61 0.79 Santander Multi Index 2 RA 99 233 103 167 ------1.72 LF Heartwood Balanced Multi Asset I Acc 100 153 103 162 114 158 129 149 - - 1.22 0.68 Santander Multi Index 3 RA 100 183 104 128 ------1.86 LF Heartwood Cautious Multi Asset I Acc 99 208 101 217 110 205 120 193 - - 1.23 0.87 Santander Sterling Bond A 98 277 100 256 108 230 119 204 151 96 1.02 2.19 LF Heartwood Defensive Multi Asset I Acc 99 228 100 255 105 245 112 227 - - 1.29 0.43 Schroder Instl Growth I Acc 98 262 96 288 98 263 99 243 98 118 0.47 - LF Heartwood Growth Multi Asset I Acc 101 98 106 76 120 96 141 84 - - 1.39 0.42 Schroder Managed Wealth Z Acc 99 219 102 197 118 121 130 147 145 101 - 0.95

68 www.WhatInvestment.co.uk Unit trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS TER YIELD FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ TER% YIELD% £ £ £ £ £ % % £ £ £ £ £ % % Schroder Stlg Broad Mkt Bd I Acc 99 225 102 203 113 179 127 165 178 58 0.32 3.17 BlackRock Volatility Strategy II C Acc 101 49 105 33 125 19 - - - - - 1.34 Scottish Widows Adventurous Gr D Acc 101 70 107 57 127 38 146 53 - - 1.82 0.85 BlackRock Volatility Strategy III C Acc 102 21 107 15 127 11 - - - - - 1.69 Scottish Widows Adventurous Solu G Acc 101 94 105 108 122 76 148 42 - - - 1.09 BlackRock Volatility Strategy IV C Acc 103 4 110 1 128 8 - - - - - 1.72 Scottish Widows Bal Solution G Acc 100 135 103 175 113 174 131 138 - - - 1.52 Carmignac Pf Capital Plus F GBP Acc Hdg 101 41 103 65 104 82 111 68 - - 0.75 - Scottish Widows Balanced Gr D Acc 101 97 104 123 116 141 133 120 - - 1.76 1.18 FP 8AM Multi-Strategy I A Inc 99 73 102 69 108 80 - - - - 2.86 1.08 Scottish Widows Balanced Growth A 100 152 103 163 116 145 130 148 164 71 1.65 1.35 FP 8AM Multi-Strategy II A Inc 100 51 105 34 119 39 133 40 135 12 2.06 1.70 Scottish Widows Cau Solution G Acc 100 200 102 205 108 229 120 195 - - - 2.26 FP 8AM Multi-Strategy III A Inc 102 23 107 10 122 29 - - - - 2.70 0.75 Scottish Widows Cautious Gr D Acc 100 151 103 177 109 208 121 185 - - 1.77 1.55 FP 8AM Multi-Strategy IV A Inc 101 32 107 13 125 17 - - - - 3.20 0.52 Scottish Widows Corporate Bd Trkr W Acc 98 259 101 216 111 195 - - - - - 2.78 IFSL Sinfonia Adventurous Growth A Acc 101 31 108 9 124 22 146 17 - - 2.12 1.03 Scottish Widows Defensive Solution G Acc 99 211 102 211 107 238 117 213 - - - 2.10 IFSL Sinfonia Balanced Managed A Acc 101 46 106 22 122 33 143 21 - - 1.96 1.00 Scottish Widows Discovery Solution G Acc 100 163 102 194 110 202 126 173 - - - 1.83 IFSL Sinfonia Cautious Managed A Acc 99 87 103 63 116 51 134 38 - - 1.84 0.97 Scottish Widows Diversified 100 176 102 185 113 180 119 207 - - 1.86 0.51 IFSL Sinfonia Income and Growth A Acc 100 57 104 46 118 45 138 31 - - 1.93 1.44 Scottish Widows Dynamic Income A Acc 99 213 102 186 111 190 124 177 161 75 1.40 1.91 IFSL Sinfonia Income Portfolio A Acc 98 92 101 91 112 66 123 55 - - 1.85 1.14 Scottish Widows Dynamic Solution G Acc 101 102 105 116 120 94 143 68 - - - 1.41 IP Balanced Risk 10 Z Acc 104 1 107 18 114 61 127 51 - - - - Scottish Widows Environmental Inv G 100 178 107 54 115 153 142 73 - - - 1.18 IP Balanced Risk 8 Z Acc 103 6 105 32 111 68 122 59 - - - - Scottish Widows Ethical G Acc 102 46 110 13 119 109 141 81 - - - 1.07 Janus Henderson Core 3 Income I Inc 99 85 101 89 109 73 119 66 - - - 3.63 Scottish Widows Managed Income A Acc 98 257 101 223 109 217 117 215 155 89 1.40 1.55 Janus Henderson Core 4 Income I Inc 98 88 102 81 112 67 - - - - - 4.18 Scottish Widows Momentum Income A Acc 99 249 101 228 109 219 119 203 156 84 1.39 1.75 Janus Henderson Core 5 Income I Inc 98 90 102 72 114 59 130 46 - - - 4.32 Scottish Widows Progressive Gr D Acc 101 64 106 85 122 77 142 74 - - 1.77 1.07 Janus Henderson Core 6 Inc&Gr I Inc 99 76 104 50 119 40 - - - - - 3.80 Scottish Widows Stockmarket Gr A 102 60 105 91 124 62 146 56 177 62 1.67 1.31 L&G Multi-Index 3 I Acc 99 83 101 83 113 64 - - - - - 1.92 Scottish Widows Strategic Growth A 101 65 105 103 123 71 144 64 178 59 1.63 1.32 L&G Multi-Index 4 I Acc 100 71 103 64 116 52 - - - - - 1.97 Scottish Widows Strategic Solution G Acc 101 110 104 147 115 147 136 110 - - - 1.49 L&G Multi-Index 5 I Acc 100 56 104 47 121 35 - - - - - 2.13 Sentinel Defensive B Acc 100 156 101 236 105 246 116 220 - - - 0.22 L&G Multi-Index 6 I Acc 101 44 106 30 124 21 - - - - - 2.23 Smith & Williamson Cash 100 166 100 252 100 260 101 240 106 116 0.73 0.07 L&G Multi-Index 7 I Acc 101 27 107 14 127 12 - - - - - 2.24 Smith & Williamson Eagle 103 20 111 12 127 39 148 43 178 60 2.17 0.45 L&G Multi-Index Income 4 I Acc 99 79 103 67 ------3.20 Smith & Williamson Forest 102 44 108 32 141 7 170 9 208 20 1.70 0.87 L&G Multi-Index Income 5 I Acc 100 52 107 21 ------3.34 Smith & Williamson Orchard 102 49 109 26 142 5 170 10 205 24 2.20 0.50 L&G Multi-Index Income 6 I Acc 99 80 104 49 ------3.40 Smith & Williamson Plain Andrews UT GBP 102 51 103 153 117 135 124 179 132 112 1.47 1.25 Rathbone Multi Asset Enhanced Gr S Acc 103 5 109 2 132 4 152 9 - - - 0.93 SVS Capital Balanced Scheme Acc 100 141 106 68 122 81 - - - - - 0.60 Rathbone Multi Asset Strategic Gr S Inc 102 14 106 27 124 23 143 22 - - - 1.35 SWIP Asset Allocator A Acc 100 145 101 240 106 243 107 235 - - 2.06 0.69 Rathbone Multi Asset Total Return S Inc 99 75 101 84 110 72 122 57 - - - 1.52 SWIP IPS Growth P Net Inc 101 67 106 81 126 40 151 36 - - 1.00 1.80 Rathbone Strategic Income Portfolio Acc 98 89 103 61 ------3.67 SWIP IPS Higher Income P Net Inc 99 231 102 189 110 203 120 192 - - 1.02 3.19 Santander Atlas Portfolio 3 IA 100 69 102 75 109 74 121 60 146 11 - 1.71 SWIP IPS Income P Net Inc 99 240 102 209 107 234 116 219 - - 0.95 2.40 Santander Atlas Portfolio 4 IA 100 50 104 51 115 57 132 43 163 4 - 1.64 SWIP Managed Growth 4 L Net GBP Acc 100 187 103 160 115 149 - - - - - 2.31 Santander Atlas Portfolio 5 IA 101 42 105 37 118 46 137 34 168 3 - 1.35 SWIP Managed Growth 6 L Net GBP Acc 101 114 105 109 120 95 - - - - - 2.29 Santander Atlas Portfolio 6 IA 102 22 107 17 122 27 142 24 - - - 1.33 The Alkerton Trust Income I/A 100 180 104 134 117 131 136 107 - - 1.28 3.25 Santander Atlas Portfolio 7 IA 102 16 108 5 127 13 151 11 182 2 - 1.12 The Aurinko Acc 100 204 105 95 119 111 140 87 191 44 1.44 1.42 SLI MyFolio Managed I Plat 1 Acc 100 64 102 74 109 79 120 63 - - - 1.38 The Beamish 101 111 105 106 109 209 111 229 105 117 0.44 0.30 SLI MyFolio Managed II Plat 1 Acc 101 47 104 55 113 63 129 47 - - - 1.25 The Cranmer Investment 99 206 102 200 111 191 127 167 179 57 2.34 1.33 SLI MyFolio Managed III Plat 1 Acc 102 24 106 28 117 47 139 30 - - - 1.22 The Jay 99 223 104 141 111 193 138 92 155 90 1.08 0.46 SLI MyFolio Managed Income I Plat 1 Acc 100 68 102 79 109 75 119 65 - - - 1.99 The Kingfisher Fund Acc 100 170 100 258 100 262 108 233 - - - - SLI MyFolio Managed Income II Plat 1 Acc 100 67 103 68 110 71 125 52 - - - 2.02 The Mishka Fund 98 272 99 268 111 196 117 214 118 115 1.68 1.89 SLI MyFolio Managed Income III Plat1 Acc 101 43 104 45 114 58 132 42 - - - 1.96 The Monoux 102 48 108 47 136 15 178 6 - - 1.39 0.45 SLI MyFolio Managed Income IV Plat 1 Acc 101 38 105 40 116 50 137 35 - - - 2.12 The New Floco Inc 100 140 105 98 133 20 178 7 - - 1.21 0.76 SLI MyFolio Managed Income V Plat 1 Acc 101 30 106 25 122 34 144 20 - - - 2.08 The New Jaguar Inc 101 123 105 96 132 24 180 3 - - 1.35 0.45 SLI MyFolio Managed IV Plat 1 Acc 103 12 108 7 122 30 149 12 - - - 1.23 The Oenoke Acc 102 56 105 105 128 31 151 34 195 34 1.42 1.08 SLI MyFolio Managed V Plat 1 Acc 103 9 108 3 126 16 157 2 - - - 1.02 The Pendennis Acc 102 45 108 40 126 46 154 26 190 45 1.29 1.25 SLI MyFolio Market I Plat 1 Acc 100 66 102 78 111 69 122 56 - - - 1.54 The Windrush Inc 102 59 102 190 116 144 131 133 210 17 1.53 0.62 SLI MyFolio Market II Plat 1 Acc 101 48 103 57 116 49 133 41 - - - 1.44 Thesis Abaco GBP 103 24 107 52 122 80 138 95 132 113 1.05 - SLI MyFolio Market III Plat 1 Acc 102 25 105 35 122 32 143 23 - - - 1.65 Thesis Darin A Inc 105 6 110 15 137 12 166 11 213 14 1.47 1.34 SLI MyFolio Market IV Plat 1 Acc 102 15 107 19 127 10 153 8 - - - 1.70 Thesis Eden Investment Inc 102 54 105 93 119 114 137 98 - - 1.85 1.41 SLI MyFolio Market V Plat 1 Acc 102 13 107 11 132 3 161 1 - - - 1.55 Thesis Headway A Inc 101 85 102 184 119 115 132 129 148 98 1.57 1.36 SLI MyFolio Multi-Man Inc I Plat 1 Acc 100 62 102 80 109 78 115 67 - - - 1.78 Thesis Lion Growth Inc 104 14 108 34 136 17 165 16 194 38 1.89 0.14 SLI MyFolio Multi-Man Inc II Plat 1 Acc 100 61 102 70 110 70 122 58 - - - 1.79 Thesis Ord Acc 101 90 107 49 137 14 166 12 - - 1.19 0.10 SLI MyFolio Multi-Man Inc III Plat 1 Acc 101 34 104 54 115 56 129 50 - - - 1.96 Thesis PM A Acc 101 128 104 124 125 51 145 59 - - 1.39 0.53 SLI MyFolio Multi-Man Inc IV Plat 1 Acc 101 33 104 48 116 53 132 45 - - - 2.12 Threadneedle Managed Bond Z Acc 98 267 101 215 113 164 124 178 156 83 - 1.92 SLI MyFolio Multi-Man Inc V Plat 1 Acc 101 28 105 39 120 37 140 26 - - - 2.02 TM New Court A 2011 Inc 103 30 104 121 113 163 130 144 - - - 0.39 SLI MyFolio Multi-Man IV Plat 1 Acc 103 10 107 16 123 25 148 13 - - - 0.68 TM Oak 101 86 104 138 131 26 154 27 202 28 1.26 0.99 SLI MyFolio Multi-Man V Plat 1 Acc 103 8 108 8 127 14 155 5 - - - 0.60 TM Opus Inc 101 121 105 100 126 47 135 114 - - - 0.59 SLI MyFolio Multi-Manager I Plat 1 Acc 100 60 102 71 109 77 119 64 - - - 0.56 TM Private Portfolio Trust A2000 Inc 103 23 105 104 115 151 - - - - - 0.55 SLI MyFolio Multi-Manager II Plat 1 Acc 101 35 104 53 114 60 129 49 - - - 0.69 Trojan Ethical Income O Acc 99 248 103 179 ------3.13 SLI MyFolio Multi-Manager III Plat 1 Acc 102 19 105 31 118 44 138 32 - - - 0.75 VT AJ Bell Passive Adventurous I Acc 100 162 ------SVS Cornelian Cautious D Acc 100 70 103 62 113 62 129 48 162 6 1.24 1.81 VT AJ Bell Passive Balanced I Acc 99 210 ------SVS Cornelian Cautious RMP G GBP Acc 99 86 101 85 ------1.75 VT AJ Bell Passive Cautious I Acc 99 251 ------SVS Cornelian Defensive D Acc 99 82 101 82 109 76 121 61 - - 1.61 1.73 VT AJ Bell Passive Moderately Adv I Acc 100 194 ------SVS Cornelian Defensive RMP G GBP Acc 98 91 100 92 ------1.37 VT AJ Bell Passive Moderately Cau I Acc 99 238 ------SVS Cornelian Growth D Acc 101 45 106 29 122 28 147 16 187 1 1.21 1.45 VT Multi-Asset DRP III Retail Acc 97 284 98 284 109 220 120 190 - - 0.29 1.41 SVS Cornelian Growth RMP G GBP Acc 100 58 105 41 ------1.90 VT Multi-Asset DRP IV Retail Acc 98 266 99 266 110 201 - - - - 0.33 1.74 SVS Cornelian Managed Growth D Acc 100 53 105 43 118 42 140 27 - - 1.31 1.81 VT Multi-Asset DRP V Retail Acc 99 244 101 219 115 146 134 116 - - 0.25 2.19 SVS Cornelian Managed Gwth RMP G GBP Acc 99 78 103 66 ------1.94 VT Multi-Asset DRP VI Retail Acc 99 226 103 183 118 119 - - - - 0.29 2.26 SVS Cornelian Managed Income D GBP Acc 100 54 105 38 ------3.23 VT Multi-Asset DRP VII Retail Acc 100 203 104 146 120 100 132 130 - - 0.32 2.28 SVS Cornelian Progressive D Acc 101 26 107 12 127 9 156 3 - - 1.36 1.32 VT Multi-Asset DRP VIII Retail Acc 100 168 105 97 124 60 120 198 - - 0.47 1.97 SVS Cornelian Progressive RMP G GBP Acc 101 37 106 23 ------2.02 VT Rossie House Portfolio B Inc 101 101 107 62 124 59 - - - - - 1.37 Average/Total 101 92 104 92 119 82 136 68 161 12 1.46 1.68 VT Vanneck Equity B GBP Acc 98 264 103 176 118 124 143 69 - - - 4.33 (IA) £ CORPORATE BOND WAY Green Portfolio Elite E Acc 100 149 102 196 119 112 131 140 - - 2.47 - Average/Total 100 298 104 288 118 263 135 244 176 119 1.26 1.47 Aberdeen Corporate Bond I GBP Acc 98 64 102 42 111 38 128 27 174 26 - 2.74 Aberdeen Sterling SD Corp Bd I GBP Inc 100 17 101 80 ------1.45 (IA) VOLATILITY MANAGED Aviva Investors Corporate Bd 2 GBP Inc 98 74 101 68 109 63 123 57 173 28 0.72 3.03 Allianz RiskMaster Cnsrv Mlt Asst C Acc 99 77 101 86 116 54 124 54 - - - 1.07 Aviva Investors Monthly Inc Pls R3 £ Acc 98 66 102 48 110 46 127 28 169 35 - 3.24 Allianz RiskMaster Growth Mlt Asst C Acc 100 55 104 56 125 18 139 29 - - - 0.87 AXA Sterling Corporate Bond Z Net Acc 99 50 103 19 113 18 126 40 145 54 0.54 3.15 Allianz RiskMaster Mod Mlt Asst C Acc 100 65 102 73 119 41 132 44 - - - 0.89 AXA Sterling Crdt Shrt Dura Bd Z Net Acc 100 15 100 87 104 82 108 75 - - 0.43 1.37 Architas MA Blended Growth A Acc 104 2 106 24 131 6 152 10 157 9 1.53 1.02 AXA £ Buy and Maintain Crdt Z Acc Net 98 77 100 83 111 36 124 49 - - - 2.70 Architas MA Blended Interm A Acc 101 36 103 60 122 31 140 28 160 8 1.13 1.51 Baillie Gifford Investment Grd Bd B Inc 99 43 101 56 110 42 126 41 168 37 0.30 2.96 Architas MA Blended Moderate A Acc 100 59 102 77 118 43 135 36 161 7 1.11 1.52 Baillie Gifford Invm Grd Lng Bd B Inc 96 89 101 78 112 22 135 8 209 4 0.27 3.15 Architas MA Blended Prog A Acc 102 17 105 42 126 15 146 18 163 5 1.23 1.49 Barclays Sterling Corporate Bd R Acc GBP 98 72 101 64 109 59 125 44 162 47 - - Architas MA Blended Reserve A Acc 99 84 101 90 113 65 125 53 149 10 1.02 2.26 BlackRock Corporate Bond 1-10 Year D Acc 99 37 102 45 110 50 122 60 - - 0.17 2.96 Architas MA Passive Dynamic A Acc 103 7 108 4 135 1 148 15 - - 0.65 1.76 BlackRock Corporate Bond D Acc 99 29 103 20 114 10 130 16 192 12 0.58 3.04 Architas MA Passive Growth A Acc 104 3 107 20 135 2 154 6 - - 0.65 1.59 BNY Mellon Global Credit GBP W Acc H 99 33 102 49 106 77 - - - - 0.53 2.02 Architas MA Passive Interm A Acc 101 39 103 59 124 24 142 25 - - 0.65 1.69 Close Bond Income Portfolio X Acc 100 6 104 4 113 17 125 43 - - 0.54 3.96 Architas MA Passive Moderate A Acc 100 63 102 76 120 38 137 33 - - 0.65 1.53 F&C Corporate Bond C Net Inc 99 35 102 28 111 39 127 29 173 29 - 3.81 Architas MA Passive Prog A Acc 102 18 104 44 129 7 148 14 - - 0.65 1.68 F&C Institutional All Stks Corp Bd 3£Acc 99 41 102 41 112 25 129 17 - - - 2.73 Architas MA Passive Reserve A Acc 99 81 101 88 117 48 133 39 - - 0.65 1.38 F&C Institutional Lng Dated Corp Bd3£Acc 98 78 102 25 117 1 145 1 - - - 3.04 Aviva Investors Multi-asset I R3 GBP Acc 99 72 101 87 107 81 120 62 - - - 0.89 F&C Responsible Sterling Bond C Net Inc 98 63 101 70 109 58 123 53 172 31 - 3.31 Aviva Investors Multi-Asset II R3 £ Acc 101 40 104 52 115 55 135 37 - - - 1.01 Fidelity Instl UK Corp Bd Inc 98 54 102 30 112 24 129 20 184 18 0.42 2.86 Aviva Investors Multi-asset III R3 £ Acc 101 29 105 36 121 36 146 19 - - - 1.18 Fidelity Instl UK Lng Corp Bd Inc 98 84 102 29 117 4 141 4 221 2 0.42 3.02 Aviva Investors Multi-Asset IV R3 £ Acc 102 20 106 26 125 20 153 7 - - - 1.27 Fidelity MoneyBuilder Income Net Y 98 58 102 46 109 57 125 45 179 21 0.57 3.34 Aviva Investors Multi-Asset V R3 GBP Acc 103 11 108 6 131 5 156 4 - - - 1.12 Fidelity Short Dated Crprate Bd Y Gr Acc 99 24 101 75 ------1.17 BlackRock Volatility Strategy I C Acc 99 74 103 58 123 26 - - - - - 1.21 Franklin UK Corporate Bond W Inc 99 52 101 53 ------2.24

www.WhatInvestment.co.uk 69 Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 1010 YEARS YEARS TERTER YIELDYIELD FUND 66 MONTHS MONTHS 1 YEAR 33 YEARSYEARS 5 YEARSYEARS 1010 YEARS YEARS TER YIELDYIELD £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % GlobalAccess Global Corp Bd M Dis GBP 99 44 101 66 106 75 113 72 - - - 2.28 PIMCO GIS US Hi Yld Bd R GBPH Inc 100 28 102 26 111 23 121 18 - - 0.80 5.25 GS Sterling Credit R Acc GBP 98 62 101 71 111 33 128 24 - - 0.65 - Royal London Global High Yield Bd M Inc 100 30 102 25 113 17 - - - - - 4.90 Halifax Corporate Bd C 99 48 102 40 108 68 119 65 139 56 1.01 3.27 Royal London Shrt Dur Glbl HY Bd M Inc 100 24 102 33 107 29 - - - - - 5.39 HSBC Corporate Bond C Acc 98 61 102 39 111 30 128 22 165 43 - 3.33 Schroder High Yld Opportunities Z Acc 103 1 107 3 125 2 146 1 209 3 0.82 6.22 HSBC Sterling Corp Bd Idx Acc C 98 71 101 73 ------2.21 Scottish Widows High Income Bd Acc 101 14 103 23 105 32 113 26 157 17 1.63 5.24 Insight Corporate Bond Inst W Acc 99 36 103 11 113 13 128 23 169 36 - 2.42 SLI Higher Income Plat 1 Acc 101 18 103 20 114 11 130 8 188 8 - 3.69 IP Corporate Bond Z Acc 100 4 104 5 110 48 123 58 179 22 - 3.35 T. Rowe Price Global High Inc Bd Qdh GBP 101 21 105 6 ------0.77 5.54 iShares Corporate Bond Index (UK) D Acc 98 69 101 65 111 40 126 37 - - 0.17 2.59 Threadneedle HY Bd Z Inc GBP 101 9 105 9 113 13 129 10 195 5 - 4.64 Janus Henderson All Stocks Credit I Acc 98 65 101 55 110 52 125 47 176 24 0.55 2.81 Average/Total 101 37 104 36 113 33 125 27 186 18 0.86 4.83 Janus Henderson Instl Lg Datd Crdt I Inc 97 87 101 54 114 7 139 5 208 5 0.55 3.01 (IA) £ STRATEGIC BOND Janus Henderson Sterling Bond UT I Acc 99 51 102 38 110 45 127 32 162 48 - 2.81 JPM Sterling Corporate Bond C Grs Acc 98 55 101 52 111 35 129 21 187 15 0.68 1.86 Aberdeen Sterling Opps Corp Bd I Acc 99 51 102 49 110 34 117 47 - - - 2.80 Jupiter Corporate Bond I Acc 98 70 100 85 108 66 122 61 168 38 - 2.22 Aberdeen Strategic Bd I Acc 101 19 104 20 110 38 123 30 - - - 3.11 Kames Ethical Corporate Bond GBP B Acc 98 57 101 69 110 51 123 52 166 42 0.58 3.05 Aberdeen World Opportunistic Bond I Acc 99 66 102 58 105 64 - - - - - 3.02 Kames Investment Grade Bond GBP B Acc 99 27 103 13 113 20 129 18 189 14 0.81 2.72 Allianz Strategic Bond C Inc 98 74 100 77 103 69 117 48 159 27 0.91 1.30 Kames Sterling Corporate Bond GBP B Acc 99 30 102 24 110 47 125 46 173 30 0.58 2.91 Architas MM Strategic Bond A Acc 99 65 102 59 110 41 115 53 147 34 1.07 3.14 L&G Fixed Interest Trust I Acc 98 59 102 35 112 28 128 25 185 17 0.34 3.22 Artemis High Income I Inc 102 12 106 10 116 7 138 4 197 6 0.69 5.41 L&G Managed Monthly Income Trust I Acc 99 45 103 18 113 15 131 14 192 13 0.44 3.26 Artemis Strategic Bond I Quarterly Acc 101 14 105 13 115 8 132 9 189 10 0.58 3.81 L&G Short Dated Stlg Corp Bd Idx I Acc 100 19 101 72 107 71 - - - - - 2.04 Aviva Investors Higher Inc Pls 2 GBP Inc 99 62 102 47 111 27 129 13 183 12 0.62 4.23 L&G Sterling Corporate Bond Index I Acc 98 76 100 86 110 53 124 50 - - - 2.25 Aviva Investors Managed Hi Inc 2 GBP Inc 99 63 102 52 110 36 126 23 182 15 0.63 4.45 L&G Sterling Income I Acc 100 3 103 10 111 32 126 35 163 46 - 3.37 Aviva Investors Strategic Bd 2 GBP Inc 99 59 101 63 108 53 124 26 - - 0.73 3.28 LF Canlife Corporate Bond C Acc 99 47 102 34 111 37 124 48 179 23 0.81 3.73 AXA Framlington Managed Income Z GBP Acc 101 20 105 15 117 5 135 5 - - - 3.58 LF Canlife Short Duration Corp Bd C Acc 100 11 101 63 ------2.51 AXA Sterling Strategic Bond Z Net 98 79 100 76 109 45 121 38 140 36 0.51 1.68 Liontrust Sust Fut Corp Bd 2 Grs Inc 99 22 104 6 114 8 131 13 185 16 0.60 3.66 Baillie Gifford Corporate Bond B Inc 100 34 104 21 114 10 132 8 202 3 0.55 3.57 M&G Corporate Bond GBP I Acc 100 10 103 14 112 27 127 31 199 7 0.66 3.01 Baillie Gifford Sterling Agg Bd C Acc 98 76 101 71 ------1.97 M&G Global Corporate Bond GBP I-H Acc 99 26 102 26 107 69 - - - - 0.77 2.24 Baillie Gifford Stlg Agg Pls Bd C Acc 99 70 101 66 ------2.52 M&G Short Dated Corp Bd GBP I Inc 100 8 101 59 105 79 111 74 121 57 0.55 1.56 Barclays Sterling Bond R Acc GBP 98 73 100 75 111 28 123 32 - - - - M&G Strategic Corporate Bond GBP I Acc 101 1 104 3 111 31 127 33 212 3 0.66 2.86 BlackRock Fixed Inc Global Opps D Acc 101 16 103 43 107 55 105 64 156 29 - 1.89 Marlborough Bond Income P Inc 99 21 103 15 111 29 127 30 171 33 - 4.00 BlackRock Sterling Strategic Bd D £ Acc 101 23 104 22 ------2.27 Morgan Stanley UK Sterling Corp Bd I Acc 99 23 103 17 112 23 129 19 198 8 0.60 2.56 BNY Mellon Global Oppc Bd GBP I Acc H 100 29 103 40 97 74 - - - - 0.78 3.86 Newton Long Corp Bd Exempt 1 Acc 97 86 101 77 114 9 135 7 196 9 0.26 2.98 City Financial Divers Fxd Intr R Acc 95 84 98 83 102 73 - - - - - 6.20 Old Mutual Bond 2 A GBP Acc 98 80 102 37 109 61 121 63 156 52 0.99 3.91 Close Select Fixed Income X Inc 100 42 104 25 ------4.11 Old Mutual Corporate Bond R GBP Acc 100 9 103 21 109 62 126 36 169 34 0.74 2.18 EdenTree Amity Sterling Bond B 101 15 106 11 113 15 126 22 - - 0.78 4.55 Old Mutual Fidelity Mnybldr Inc U2 £ Acc 99 31 103 16 110 43 - - - - - 3.42 F&C Extra Income Bond C Net Inc 100 28 104 29 110 32 127 20 169 19 - 3.66 Old Mutual Invesco Perpt Corp Bd U2 £Acc 100 16 102 22 109 56 - - - - - 2.57 F&C Institutional Aggt Fxd Intr 3 £ Acc 98 77 100 72 110 37 124 25 - - - 2.02 PIMCO GIS GlInGd Crdt R GBPH Inc 99 49 102 44 107 72 114 71 - - 0.76 3.01 F&C Strategic Bond Fd C Net Inc 100 44 100 73 102 72 108 63 151 31 - 1.25 PIMCO GIS UK Corporate Bd Instl GBP Acc 99 46 102 43 114 11 132 11 196 10 0.46 - Fidelity Extra Income Net Y 100 41 104 28 112 20 128 15 190 7 0.78 3.60 PIMCO GIS UK L/T Corp Bd Instl GBP Acc 98 73 102 31 117 2 144 2 231 1 0.46 - Fidelity Strategic Bond Net Y 99 58 102 50 105 66 119 43 182 14 0.68 2.73 Premier Corporate Bond Monthly Income C 100 12 102 23 105 78 120 64 152 53 1.00 3.24 GAM Star Credit Opps (GBP) Instl GBP Acc 104 1 111 2 128 1 162 1 - - 1.14 - Rathbone Ethical Bond I Inc 100 2 106 1 116 5 137 6 194 11 0.70 4.21 GS Stlg Broad Fxd Inc Plus R Acc GBP 98 78 99 78 112 21 127 17 177 17 0.34 - RBS Extra Income 1 98 83 100 84 107 70 121 62 168 39 1.04 2.35 HC Kleinwort Hambros Fixed Income A Acc 98 75 99 79 103 68 110 60 - - 1.12 2.04 Royal London Corporate Bond M Acc 99 25 103 7 113 16 132 10 180 19 - 3.84 Hermes Multi Strategy Credit F GBP Acc H 100 33 102 56 111 26 - - - - 0.79 - Royal London Corporate Bond Monthly Inc 99 42 103 12 111 41 123 56 156 51 1.04 3.88 HL Multi-Manager Strategic Bond A Acc 100 49 103 44 109 50 119 42 - - 1.27 2.80 Royal London Inv Grade SD Credit Inc Z 100 7 101 60 ------2.39 HSBC Global High Income Bond C Acc 99 53 ------Royal London Sterling Credit M Acc 99 32 103 9 113 19 131 12 - - - 3.69 Insight Infl-Lnkd Corp Bd Inst W Acc 100 32 104 30 112 17 121 39 - - - 1.96 Santander Corporate Bond IA 98 75 101 79 109 55 123 54 - - - 3.54 IP Monthly Income Plus Z Acc 100 36 105 14 112 24 129 12 199 4 - 4.62 Schroder All Maturities Corp Bd Z Acc 98 68 102 36 112 26 128 26 - - 0.46 3.91 IP Tactical Bond Z Acc 100 38 102 53 106 63 116 52 - - - 2.32 Schroder Instl Long Dated Corp Bd I 97 88 102 27 117 3 143 3 199 6 0.27 4.07 Janus Henderson Fxd Intr MthInc I Inc 100 35 105 19 115 9 133 7 170 18 0.78 5.05 Schroder Sterling Corporate Bond Z Acc 100 14 105 2 115 6 130 15 180 20 0.61 4.05 Janus Henderson Preference & Bond I Acc 100 39 104 24 112 18 128 16 178 16 0.68 4.52 Scottish Widows Corporate Bd G Acc 98 85 101 76 108 65 122 59 - - - 1.94 Janus Henderson Strategic Bond I Inc 99 52 102 45 109 48 124 27 186 11 0.68 4.07 SLI AAA Income Plat 1 Acc 98 79 99 89 105 80 114 69 143 55 - 1.77 JPM Global Bond Opportunities C Grs Acc 101 17 103 35 109 47 - - - - - 3.80 SLI Corporate Bond Plat 1 Acc 98 53 102 47 109 60 126 39 166 41 - 3.62 Jupiter Strategic Bond I Acc 100 47 102 48 110 31 124 28 - - 0.73 3.91 SLI Ethical Corp Bond Plat 1 Acc 98 67 101 57 110 54 125 42 168 40 - 2.55 Kames Strategic Bond GBP B Acc 101 18 104 26 106 59 116 51 165 23 - 2.30 SLI Investment Grade Corp Bd Plat 1 Acc 98 82 101 61 108 64 124 51 164 45 - 3.04 L&G Dynamic Bond Trust I Acc 102 4 103 33 102 71 111 59 199 5 0.64 6.33 SLI Short Duration Credit Plat 1 Acc 100 5 102 32 106 73 116 67 158 50 - 1.71 Legg Mason IF BW Glbl Inc Optr X Inc 100 45 101 65 109 44 117 49 - - 1.10 3.56 Smith & Williamson Fxd Interest B 99 38 100 82 108 67 116 66 159 49 - 2.27 Legg Mason IF WA Retirement Inc Bd X Inc 99 69 101 64 108 54 108 62 131 37 - 3.36 SVS Brown Shipley Sterling Bond I Acc 98 60 100 88 101 83 114 70 - - 0.77 2.67 Legg Mason WA Mcr OppBd X GBPH Acc 99 57 108 5 116 6 - - - - 1.26 - SVS Church House Invmt Grd Fxd Intr Acc 99 28 101 62 106 74 115 68 171 32 1.05 2.13 LF IM Bond A Inc 97 82 99 81 103 70 113 55 - - 1.54 1.87 Threadneedle Navigator Inc Retl Inc GBP 98 56 101 58 110 49 123 55 164 44 1.45 2.09 Loomis Sayles Strategic Inc H-N/DG GBP 101 21 104 27 114 11 - - - - - 4.30 Threadneedle Stlg MLD Corp Bd InsGrsInc£ 98 81 101 51 114 12 133 9 - - - 2.52 M&G Optimal Income GBP I Acc 102 7 105 18 112 22 127 21 217 2 0.91 2.30 Threadneedle Stlg SD Corp Bd Ins Inc £ 100 13 101 74 106 76 112 73 - - - 1.69 M&G UK Inflation Lnkd Corp Bd GBP I Acc 101 24 102 55 106 60 109 61 - - 0.66 0.31 Threadneedle UK Corp Bd Ins Inc 99 39 102 33 112 21 127 34 174 27 0.55 2.98 Man GLG Strategic Bond Profl Acc C 102 11 107 7 107 58 122 36 - - 0.83 3.89 Threadneedle UK Social Bd Z Acc£ 99 34 101 67 110 44 - - - - - 2.64 Marks & Spencer High Income Acc 99 64 102 54 109 49 119 44 153 30 1.00 2.08 TwentyFour Corporate Bond GBP Acc 99 20 103 8 113 14 - - - - - 0.98 MI TwentyFour AM Dynamic Bond I Acc 102 9 107 9 113 14 133 6 - - 1.10 4.71 Vanguard UK Inv Grd Bd Idx GBP Acc 99 40 101 50 111 34 126 38 175 25 0.20 2.56 Muzinich Global Tact Crdt HGBP Acc A 99 54 101 69 107 56 - - - - 1.21 - Vanguard UK Short-Term IG Bd Idx GBP Acc 100 18 100 81 105 81 - - - - 0.20 1.32 NatWest High Yield NAV 98 71 101 61 109 42 127 18 189 8 - 3.06 Average/Total 99 89 102 89 110 83 126 75 176 57 0.60 2.80 Newton Global Dynamic Bd Inc Inst W Inc 99 68 101 68 ------3.32 NFU Mutual Gilt & Corp Bond C 98 80 99 80 110 33 123 29 167 20 - 3.03 Old Mutual Bond 1 A GBP Inc 102 5 107 8 111 25 130 11 163 25 1.08 5.05 (IA) £ HIGH-YIELD Old Mutual Fidelity Strat Bd U2 GBP Acc 99 56 102 51 107 57 - - - - - 2.44 Aberdeen Eurpn High Yld Bond I Acc 101 7 104 15 117 7 131 3 - - - 5.70 Old Mutual Monthly Income Bd R GBP Acc 100 40 103 41 104 67 118 46 149 32 0.85 4.15 Aberdeen Global High Yield Bond I Acc 101 6 104 14 109 27 119 23 165 16 - 5.13 Old Mutual Voyager Strat Bd R GBP Inc 99 60 102 57 106 62 112 58 157 28 - 3.73 Aviva Investors High Yield Bd 2 GBP Inc 100 32 102 31 112 20 132 2 - - 0.74 4.75 PIMCO GIS Divers Inc Dur H Ins GBP H Acc 102 10 105 17 113 13 116 50 - - 0.69 - AXA Global High Income Z Net Acc 101 11 104 19 111 22 122 16 191 6 0.80 5.05 PIMCO GIS Divers Inc R USD Inc 93 85 94 84 126 2 129 14 245 1 0.87 3.88 AXA Pan European High Yield Bond Z Acc 101 13 104 13 115 8 131 6 172 15 - 4.48 PIMCO GIS Income R GBP Hedged Inc 100 43 103 36 112 19 123 33 - - 0.80 3.93 Baillie Gifford High Yield Bond B Inc 102 4 106 4 117 6 130 7 226 1 0.38 3.74 PIMCO Sel UK Income Bond R GBP Inc 100 46 101 67 105 65 113 56 - - - 4.29 Barings Dev and EM HY Bd I GBP H Inc 101 19 104 18 107 30 111 27 155 18 1.25 6.52 Rathbone Strategic Bond Instl Inc 101 27 104 31 113 12 123 35 - - 1.28 3.24 Barings European High Yield Bd D USD Acc 101 23 103 21 ------0.71 - RBS High Yield 1 98 71 101 61 109 42 127 19 189 9 1.05 3.06 BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H 101 8 104 17 ------4.48 Royal London Ethical Bond M Acc 99 55 103 34 113 16 131 10 146 35 - 3.75 EVI (IRL) US High Yield Bond I2 GBP 100 29 102 28 112 19 125 14 - - 0.82 - Royal London Global Bd Opp Z GBP 102 8 107 6 ------5.55 F&C Maximum Income Bond C Net Inc 101 20 104 12 113 18 127 12 182 10 - 4.58 Royal London GMAP Cnsrv M GBP Acc 99 67 101 70 ------1.82 Fidelity Global High Yield Y Acc 102 5 104 11 120 3 128 11 - - 0.87 5.35 Royal London Short Dur Crdt M GBP Inc 100 31 103 38 111 30 - - - - - 3.74 GlobalAccess Global Hi Yld Bd M Dis GBP 100 26 102 34 111 24 119 21 - - - 4.97 Royal London Sterl Extra Yld Bd A 102 6 109 3 124 3 142 2 183 13 0.88 5.73 GS Europe High Yield Bd Base Inc EUR 96 37 107 2 134 1 - - - - 1.35 3.18 Sanlam Strategic Bond P GBP Acc 101 13 109 4 123 4 140 3 - - 0.44 - Hermes Global High Yld Crdt F GBP Acc H 101 10 105 10 113 12 - - - - 0.82 - Santander Strategic Bond IA 101 26 104 23 110 35 123 31 - - - 4.42 Investec Monthly High Income I Acc GBP 100 25 102 30 115 9 123 15 181 12 0.75 4.26 Sarasin Sterling Bond I Acc 97 81 100 74 110 40 120 40 164 24 0.86 3.70 IP High Yield Z Acc 102 3 109 1 115 10 131 4 222 2 - 5.66 Schroder Strategic Bond Z Acc 103 2 106 12 112 23 123 34 - - - 2.94 JPM Global High Yield Bond C Grs Acc 101 16 103 24 111 21 120 19 172 14 0.73 4.17 Schroder Strategic Credit Z GBP Acc 100 30 103 39 111 29 118 45 159 26 - 4.19 Kames High Yield Bond GBP B Acc 101 22 103 22 109 28 121 17 202 4 0.81 4.64 Scottish Widows Strategic Income A Acc 99 61 102 60 110 39 125 24 166 21 1.38 3.08 Kames Short Dated HY Glbl Bd GBPH B Acc 100 31 ------SLI Strategic Bond Plat 1 Acc 101 25 103 32 108 51 122 37 - - - 2.46 L&G High Income Trust I Acc 103 2 106 5 120 4 130 9 173 13 0.42 5.65 Threadneedle Strategic Bond Z Inc 100 37 102 46 109 46 120 41 165 22 - 3.45 M&G Global Fltng Rt Hi Yld GBP I-H Acc 100 27 102 32 110 26 - - - - 0.84 3.33 Tideway GBP Credit A GBP Acc 101 22 105 16 ------M&G Global High Yield Bond GBP I Acc 101 17 104 16 113 15 126 13 185 9 0.81 3.91 Tideway GBP Hybrid Capital A GBP Acc 103 3 112 1 ------Marlborough High Yield Fixed Int P Inc 101 15 105 7 118 5 131 5 190 7 - 4.85 Virgin Income Trust 97 83 98 82 106 61 114 54 148 33 1.00 1.23 Neuberger Berman HY Bd GBP A Acc 99 36 100 36 106 31 116 24 - - 1.40 - Waverton Sterling Bond A GBP 100 48 103 37 108 52 113 57 - - 1.06 4.44 Neuberger Berman Shrt Dur HY Bd £InsAccH 100 34 101 35 104 33 113 25 - - 0.80 - Zurich Horizon Mthly+Income Z Inc 99 50 103 42 ------4.11 Newton Global High Yield Bond Int W Acc 99 35 102 29 113 16 119 22 182 11 0.61 4.90 Average/Total 100 85 103 84 110 74 123 64 173 37 0.87 3.40 Old Mutual Threadneedle HY Bd U2 GBP Acc 101 12 105 8 113 14 - - - - - 4.76 PIMCO GIS Glbl Hi Yld Bd R GBPH Inc 100 33 102 27 110 25 120 20 - - 0.80 4.76

70 www.WhatInvestment.co.uk Investment Trust performance tables What the tables show

The figures show the value of £100 invested over six months and one, three, five and ten years to 28 February 2018, on a mid-to-mid basis with net income reinvested. Investment trusts are listed by AIC sector. An average performance figure is shown for each sector. Each trust is ranked according to its sector. The yield is defined as the dividends for the current financial year, whether already declared or forecast, as a percentage of the share price at month-end. Special dividends are excluded. Discount is the difference between the value of the underlying assets of an investment trust and the value indicated by its share price. The highlighted figures represent the top three investment trusts over three years in each sector. All data supplied by Morningstar. For more information, please visit www.morningstar.co.uk

FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARSYEARS 5 YEARS 1010 YEARSYEARS YIELDYIELD DISCDISC FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 3 YEARSYEARS 55 YEARS 10 YEARSYEARS YIELDYIELD DISCDISC ££ ££ £ £ ££ %% %% ££ ££ ££ ££ ££ %% % % ASIA PACIFIC - EXCLUDING JAPAN Jupiter European Opportunities 108 1 131 1 148 1 194 4 386 1 0.88 0.79 Average/Total 100 8 120 8 139 8 185 8 259 8 2.12 -5.86 Aberdeen Asian Income 99 14 109 11 124 13 115 14 277 8 4.21 -8.52 Aberdeen Asian Smaller 99 15 105 15 122 14 107 15 400 1 1.16 -14.11 EUROPEAN EMERGING MARKETS Aberdeen New Dawn 103 6 118 6 135 10 134 11 262 10 1.69 -13.41 Baring Emerging Europe 108 2 118 2 179 1 124 2 117 1 3.85 -12.37 All Asia Asset Capital Limited 114 1 42 16 22 16 - - - - - 49.82 BlackRock Emerging Europe plc 113 1 125 1 177 2 145 1 110 2 1.53 -5.23 Edinburgh Dragon 103 5 115 8 136 9 132 12 269 9 0.89 -13.83 Average/Total 111 2 122 2 178 2 135 2 114 2 2.69 -8.80 Fidelity Asian Values 100 10 107 13 160 6 195 2 296 7 1.18 -5.68 EUROPEAN SMALLER COMPANIES Henderson Far East Income 100 11 111 9 132 11 140 10 229 12 5.85 -0.19 European Assets 100 4 125 4 148 4 211 3 307 3 0.23 0.73 102 7 119 5 161 5 188 4 324 4 1.48 -12.36 Invesco Asia JPMorgan European Smaller Comp 110 1 138 2 194 2 267 2 349 1 1.11 -7.30 JPMorgan Asian 102 8 126 4 164 3 181 6 210 14 3.86 -10.33 Montanaro European Smaller 103 3 128 3 178 3 179 4 274 4 0.99 -9.10 100 12 116 7 138 8 151 9 180 15 2.02 -12.77 Martin Currie Asia Unconstrained TR European Growth 104 2 140 1 220 1 316 1 319 2 0.96 -1.12 99 13 109 11 129 12 178 7 239 11 1.02 -4.62 Pacific Assets Average/Total 104 4 133 4 185 4 243 4 312 4 0.82 -4.20 Pacific Horizon 112 2 149 1 176 2 199 1 216 13 - -6.99 FLEXIBLE INVESTMENT Schroder Asia Pacific 107 4 129 3 164 4 182 5 321 5 1.21 -10.40 Aberdeen Diversified Income & Growth 104 5 113 5 104 13 118 11 159 8 4.31 -3.49 Schroder Asn Total Return Inv. Company 108 3 134 2 180 1 191 3 298 6 1.25 1.20 Capital Gearing 98 12 101 11 121 9 117 12 200 4 0.52 1.33 Schroder Oriental Income 100 9 109 10 142 7 154 8 325 3 3.71 0.37 Establishment Investment Trust 100 8 114 4 137 5 119 10 183 7 2.88 -18.43 Scottish Oriental Smaller Cos 93 16 105 14 119 15 116 13 392 2 1.17 -14.57 F&C Managed Portfolio Growth 106 3 117 3 136 6 174 4 - - - 2.18 Average/Total 103 16 113 16 138 16 158 15 283 15 2.19 -4.77 F&C Managed Portfolio Income 102 6 108 7 125 8 154 6 - - 4.07 2.13 ASIA PACIFIC - INCLUDING JAPAN Henderson Alternative Strategies Trust 98 11 106 8 137 4 123 8 76 10 1.67 -14.96 Witan Pacific 103 1 114 1 143 1 150 1 234 1 1.50 -13.93 Invesco Perp Select Balanced Risk Alloc 105 4 105 9 116 11 128 7 - - - 0.01 Average/Total 103 1 114 1 143 1 150 1 234 1 1.50 -13.93 Miton Global Opportunities 114 1 124 1 176 1 198 1 205 2 - 1.71 COUNTRY SPECIALISTS: ASIA PACIFIC New Star Investment Trust 108 2 120 2 163 2 163 5 102 9 0.71 -26.16 Aberdeen New India 96 10 109 10 125 9 187 6 282 3 - -13.36 Personal Assets 97 13 100 12 118 10 120 9 185 6 1.40 1.22 Aberdeen New Thai 112 5 118 8 137 7 121 8 397 1 1.74 -14.80 RIT Capital Partners 100 7 104 10 134 7 181 2 201 3 - 4.73 Fidelity China Special 108 6 133 4 191 2 277 1 - - 1.02 -12.49 Ruffer Investment Company 99 10 98 13 107 12 115 13 216 1 0.78 1.47 India Capital Growth 102 7 124 5 156 5 236 4 95 7 - -11.59 Seneca Gbl Income & Growth Tst 99 9 110 6 138 3 174 3 200 5 3.63 0.95 JPMorgan Chinese 116 3 151 1 176 4 208 5 293 2 0.50 -10.98 Average/Total 102 13 109 13 132 13 145 13 173 10 2.22 -3.64 JPMorgan Indian 94 11 107 11 124 10 181 7 175 6 - -12.44 GLOBAL Kubera Cross-Border 98 8 120 7 130 8 70 9 63 8 - -21.16 Alliance Trust 102 16 111 15 160 6 195 10 277 10 1.86 -5.42 Vietnam Enterprise 120 1 147 2 ------18.59 Bankers 107 5 118 7 154 9 194 11 296 8 2.18 0.84 VietNam Holding 113 4 123 6 186 3 272 2 273 4 - -15.33 British Empire 103 15 110 16 145 12 157 20 201 18 1.66 -11.09 VinaCapital Vietnam Opp Fund 120 2 135 3 224 1 269 3 225 5 2.03 -18.53 Brunner 106 10 118 7 150 11 184 13 231 16 2.18 -10.54 Weiss Korea Opportunity 97 9 115 9 142 6 - - - - 2.01 -3.07 98 21 102 22 130 18 175 17 177 20 2.04 -18.12 Average/Total 107 11 126 11 159 10 202 9 225 8 1.46 -13.85 Edinburgh Worldwide 122 1 144 2 179 5 251 4 328 6 - 2.75 COUNTRY SPECIALISTS: EUROPE EP Global Opportunities 98 22 106 20 125 21 168 18 242 15 1.44 -9.59 JPMorgan Russian Securities 117 1 116 1 198 1 117 1 94 1 3.85 -14.22 F&C Global Smaller Companies 99 20 105 21 141 15 183 14 387 4 0.97 -3.15 Average/Total 117 1 116 1 198 1 117 1 94 1 3.85 -14.22 Foreign & Colonial Investment Trust 106 9 117 9 152 10 205 8 281 9 1.60 -3.40 COUNTRY SPECIALISTS: LATIN AMERICA Hansa Trust 'A' Class A 106 7 115 11 125 20 138 22 143 21 1.63 -28.00 103 14 112 13 121 22 133 23 139 22 1.65 -28.92 JPMorgan Brazil 104 1 104 1 131 1 81 1 - - 1.13 -15.15 Hansa Trust Independent 121 2 170 1 255 1 346 1 456 2 0.83 16.30 Average/Total 104 1 104 1 131 1 81 1 - - 1.13 -15.15 JPMorgan Elect Managed Growth 104 12 112 14 136 17 180 15 249 14 1.43 -3.12 COUNTRY SPECIALISTS: OTHER Law Corporation 97 23 109 17 119 23 147 21 253 12 2.95 -10.99 Cambria Africa 96 1 108 1 130 1 11 3 1 3 - 417.32 Lazard World Trust Fund 104 13 119 6 160 7 189 12 183 19 3.43 -6.22 Gulf 95 2 80 3 87 2 128 1 163 1 3.26 -15.60 Lindsell Train 111 4 124 5 228 2 317 2 672 1 1.65 23.66 Tau Capital 90 3 103 2 45 3 15 2 9 2 - -57.57 Majedie Investments 105 11 99 23 129 19 205 7 133 23 3.47 -11.06 Average/Total 93 3 97 3 88 3 51 3 58 3 3.26 114.72 Martin Currie Global Portfolio 101 19 106 19 139 16 179 16 251 13 1.74 -0.57 EUROPE Mid Wynd International Inv Tr PLC O Inc 106 6 115 10 159 8 211 6 356 5 1.01 2.19 BlackRock Greater Europe 101 4 118 7 146 2 163 8 244 5 1.66 -4.03 Monks 112 3 131 4 196 3 239 5 266 11 0.16 3.80 European Investment 102 3 120 4 127 8 171 7 165 8 2.32 -10.10 Scottish Investment Trust 102 18 107 18 143 14 168 19 221 17 2.42 -7.28 Fidelity European Values 99 5 121 3 136 7 174 6 217 6 1.88 -9.15 Scottish Mortgage 106 7 132 3 183 4 290 3 445 3 0.65 -1.16 Henderson European Focus Trust 95 8 111 8 136 6 201 1 283 3 2.25 -0.61 Witan 102 17 115 11 143 13 200 9 310 7 2.12 -1.94 Henderson EuroTrust 99 6 119 6 143 3 198 2 304 2 2.16 -3.70 Average/Total 105 23 117 23 155 23 202 23 282 23 1.78 -4.83

JPMorgan European Growth Pool 103 2 121 2 142 4 181 5 209 7 2.20 -9.92 © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. JPMorgan European Income Pool 96 7 119 5 136 5 197 3 267 4 3.59 -10.19 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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www.WhatInvestment.co.uk 71 Investment trusts

FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARSYEARS 5 YEARS 1010 YEARSYEARS YIELDYIELD DISCDISC FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 3 YEARSYEARS 55 YEARS 10 YEARSYEARS YIELDYIELD DISCDISC ££ ££ £ £ ££ %% %% ££ ££ ££ ££ ££ %% % % GLOBAL EMERGING MARKETS JPMorgan Japan Smaller Cos 117 4 133 4 195 3 268 2 255 4 - -13.17 Average/Total 123 4 146 4 219 4 297 4 403 4 - -5.55 Aberdeen Emerging Markets 103 6 119 4 145 3 130 5 140 6 3.34 -13.20 Aberdeen Frontier Markets Investment 92 14 92 13 110 11 121 8 124 8 2.55 -12.47 LATIN AMERICA Africa Opportunity 114 1 119 3 107 12 110 10 137 7 - -20.71 Aberdeen Latin American Income 95 2 103 2 134 2 86 2 - - 4.80 -13.70 Ashmore Global Opp GBP 100 11 99 11 101 13 63 12 40 10 - -35.55 BlackRock Latin American 102 1 113 1 139 1 103 1 114 1 2.47 -14.81 Ashmore Global Opp USD 101 9 95 12 112 10 75 11 61 9 - -34.97 Average/Total 98 2 108 2 136 2 95 2 114 1 3.64 -14.26 BlackRock Frontiers 107 2 116 7 161 1 197 1 - - 3.11 1.52 NORTH AMERICA 106 3 116 5 115 9 ------0.02 Fundsmith Emerging Equities Trust BlackRock North American 104 2 101 3 150 2 173 3 - - 4.94 -4.08 Genesis Emerging Markets Fund 103 7 116 6 136 6 120 9 201 4 1.49 -13.84 Gabelli Value Plus+ Trust 97 4 93 5 123 4 - - - - 0.96 -5.96 JPMorgan Emerging Markets 105 4 123 1 151 2 149 3 215 1 1.23 -11.88 JPMorgan American 102 3 107 1 144 3 207 1 372 1 1.25 -5.00 JPMorgan Global Emerg Mkts Inc 105 5 112 8 126 8 126 7 - - 3.66 -4.90 Middlefield Canadian Income 97 5 100 4 120 5 115 4 217 3 5.23 -10.59 100 10 ------3.67 -1.42 Jupiter Emerging & Frontier Income North American Income Trust 107 1 105 2 163 1 194 2 304 2 3.08 -6.27 102 8 122 2 144 4 127 6 204 3 1.05 -11.81 Templeton Emerging Mkts Invmt Tr TEMIT Average/Total 101 5 101 5 140 5 172 4 298 3 3.09 -6.38 Terra Capital 99 12 106 10 143 5 158 2 213 2 - -19.68 NORTH AMERICAN SMALLER COMPANIES Utilico Emerging Markets 99 13 110 9 131 7 139 4 190 5 3.18 -14.03 JPMorgan US Smaller Companies 107 2 100 2 148 1 230 1 412 1 - -3.30 Utilico Emerging Markets Sub 2018 4 15 73 14 ------Jupiter US Smaller Companies 103 3 97 3 128 3 136 3 350 2 - -10.45 Average/Total 96 15 108 14 129 13 126 12 152 10 2.59 -13.78 North Atlantic Smaller Cos 107 1 110 1 148 2 200 2 259 3 - -20.52 GLOBAL EQUITY INCOME Average/Total 106 3 102 3 141 3 189 3 340 3 - -11.42 Blue Planet Investment Trust 101 4 110 4 163 2 215 1 - - 10.11 -10.65 PRIVATE EQUITY Gabelli Merger Plus+ Trust 97 7 ------8.80 6.20 3i 98 21 141 4 213 3 356 1 193 11 2.82 35.07 Henderson International Income 101 5 111 3 141 5 171 5 - - 3.20 0.61 Aberdeen Private Equity 113 4 122 5 172 12 207 12 191 12 2.84 -4.20 Invesco Perp Select Glo Eq Inc 104 2 110 5 143 4 186 3 261 3 3.12 -1.36 Adamas Finance Asia 45 31 39 31 39 27 33 28 - - - -34.96 JPMorgan Global Growth & Income 105 1 115 1 160 3 207 2 333 1 3.72 3.75 91 24 98 20 ------6.05 -14.88 Murray International 97 8 109 6 136 6 133 7 265 2 4.02 3.21 B.P.Marsh & Partners 122 3 145 3 206 4 247 3 259 5 1.74 -10.20 Scottish American 102 3 113 2 172 1 184 4 246 4 3.00 4.34 Better Capital PCC 2009 110 6 60 29 101 22 64 24 - - - -45.41 Securities Trust of Scotland 99 6 103 7 135 7 141 6 211 5 3.55 -5.88 Better Capital PCC 2012 71 27 86 24 51 26 34 27 - - - -47.09 Average/Total 101 8 110 7 150 7 177 7 263 5 4.94 0.03 Candover Investments 85 26 96 22 34 29 28 29 6 25 - -25.48 GLOBAL HIGH INCOME Dunedin Enterprise 152 2 174 2 175 10 156 19 179 14 3.54 -14.99 Henderson Diversified Income 99 2 103 2 113 2 138 2 201 2 4.98 2.27 EIH 90 25 87 23 96 23 130 20 153 17 - -32.22 Invesco Perpetual Enhanced Income Ltd 100 1 106 1 124 1 170 1 236 1 6.44 2.65 Electra Private Equity 105 10 110 13 177 9 246 4 328 2 - -18.94 Average/Total 99 2 104 2 118 2 154 2 219 2 5.71 2.46 Energiser Investments 51 30 44 30 38 28 42 26 16 23 - -21.23 GLOBAL SMALLER COMPANIES EPE Special Opportunities 53 29 64 27 155 16 296 2 59 20 - -46.13 Marwyn Value Investors 79 4 98 3 72 2 99 2 145 2 6.35 -33.68 F&C Private Equity Trust 103 12 115 11 168 14 211 10 231 8 3.51 -5.54 Marwyn Value Investors Realisation 126 1 143 1 ------16.19 FastForward Innovations Limited 182 1 176 1 218 2 225 6 29 21 - 91.89 Oryx International Growth 107 2 119 2 164 1 271 1 305 1 - -17.24 HarbourVest Global Priv Equity 99 18 101 19 144 18 213 9 - - - -18.27 ScotGems 92 3 ------3.87 HgCapital Trust 102 14 114 12 174 11 178 18 261 4 2.67 -10.65 Average/Total 101 4 120 3 118 2 185 2 225 2 6.35 -17.74 ICG Enterprise Trust 112 5 122 5 158 15 201 15 220 9 2.44 -11.06 HEDGE FUNDS JPEL Private Equity 106 9 104 17 183 6 241 5 134 18 - -14.43 100 16 105 16 178 8 222 7 190 13 0.11 -38.25 AcenciA Debt Strategies 192 1 194 1 253 1 304 1 274 2 3.44 - Livermore Investments LMS Capital 101 15 115 10 64 25 72 23 66 19 - -34.09 Alternative Liquidity Fund 133 2 157 2 ------45.87 Mithras 108 8 120 7 170 13 211 11 301 3 1.69 -7.24 BH Global GBP 104 4 106 8 108 8 115 9 - - - -6.59 Northern Investors 94 22 75 26 125 20 220 8 390 1 13.39 -5.53 BH Global USD 98 8 96 10 123 4 129 6 - - - -6.25 Oakley Capital Investments 99 20 106 15 103 21 110 21 170 16 - -28.20 BH Macro GBP 100 7 94 11 94 10 100 10 141 7 - -8.05 Pantheon International Ord PLC 103 13 109 14 143 19 200 16 209 10 - -15.59 BH Macro USD 95 10 90 12 111 7 117 8 206 5 - -7.61 99 18 117 9 205 5 202 14 258 6 - -8.28 Boussard & Gavaudan EUR 94 11 111 4 161 2 169 2 236 3 - -19.44 Princess Private Equity 66 28 63 28 73 24 104 22 - - - -22.64 Boussard & Gavaudan GBP 102 5 108 7 138 3 164 4 - - - -19.06 Qannas Investments Reconstruction Capital II 94 23 104 18 224 1 55 25 23 22 - -24.06 Global Fixed Income Realisation 85 12 130 3 84 11 30 11 18 8 - -47.89 St Peter Port Capital 100 17 79 25 28 30 18 30 12 24 8.57 -65.42 Highbridge Multi-Strategy Fund GBP 105 3 110 6 118 6 128 7 191 6 - 0.61 Standard Life Private Eq 104 11 119 8 181 7 203 13 179 15 3.65 -11.00 Third Point Offshore GBP 102 6 110 5 104 9 145 5 220 4 0.05 -13.88 Symphony International Holding 109 7 96 21 153 17 180 17 251 7 4.14 -34.71 Third Point Offshore USD 97 9 99 9 119 5 165 3 335 1 0.05 -14.84 Average/Total 99 31 103 31 138 30 163 30 172 25 4.08 -17.54 Average/Total 109 12 117 12 128 11 142 11 202 8 1.18 -17.17 PROPERTY DIRECT - ASIA PACIFIC JAPAN Alpha Real Trust 104 4 116 3 204 2 269 1 148 3 1.83 -20.52 Aberdeen Japan 110 5 113 5 131 4 173 4 295 2 0.96 -10.30 92 6 92 5 132 4 146 5 87 5 - -27.82 Baillie Gifford Japan 118 1 137 1 198 1 315 1 506 1 - 4.53 Aseana Properties Macau Property Opportunities 123 1 127 1 88 6 161 4 218 2 - -20.03 CC Japan Income & Growth 111 4 122 3 ------2.23 0.02 Pacific Alliance China Land 106 3 101 4 145 3 172 3 390 1 - -10.44 JPMorgan Japanese 116 2 130 2 173 2 247 2 285 3 1.15 -11.01 98 5 89 6 92 5 113 6 69 6 - -6.54 Schroder Japan Growth 112 3 115 4 162 3 215 3 281 4 1.59 -5.93 Trinity Capital Vinaland 112 2 124 2 236 1 258 2 105 4 - -3.71 Average/Total 113 5 123 5 166 4 237 4 341 4 1.48 -4.54 Average/Total 106 6 108 6 150 6 186 6 169 6 1.83 -14.84 JAPANESE SMALLER COMPANIES PROPERTY DIRECT - EUROPE Atlantis Japan Growth 125 2 149 2 188 4 249 4 338 2 - -6.85 48 10 80 8 3 8 1 7 0 6 - -99.00 Baillie Gifford Shin Nippon 127 1 156 1 292 1 406 1 724 1 - 8.38 Alpha Pyrenees Trust AXA Property 91 6 89 7 129 2 143 1 97 1 - -13.56 Fidelity Japanese Values 121 3 146 3 201 2 267 3 296 3 - -10.56 Dolphin Capital Investors 110 3 93 6 29 6 21 6 6 5 - -63.89

72 www.WhatInvestment.co.uk Investment trusts

FUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARSYEARS 5 YEARS 1010 YEARSYEARS YIELDYIELD DISCDISC FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 3 YEARS 55 YEARSYEARS 10 YEARS YIELDYIELD DISCDISC ££ ££ ££ £ ££ %% %% ££ ££ ££ ££ ££ %% % % Dragon Ukrainian Properties 101 4 120 3 86 3 79 3 22 3 - -50.87 Duke Royalty 97 7 85 8 50 10 6 9 - - 5.17 8.24 Eastern European Property Fund 64 9 61 9 46 5 33 4 35 2 - -64.23 El Oro 104 5 107 3 151 3 85 3 - - 3.61 -23.06 Globalworth Real Estate Investments 122 1 140 2 189 1 - - - - 4.89 9.55 Geiger Counter 104 4 71 11 107 8 56 6 22 5 - 10.29 Ottoman Fund 71 8 59 10 29 7 29 5 16 4 - -10.71 Global Resources IT 89 10 100 4 50 11 ------37.68 Phoenix Spree Deutschland 118 2 150 1 ------1.59 21.62 Golden Prospect Precious Metal 95 8 77 10 113 6 49 7 36 4 - -9.80 RDI REIT 91 7 100 5 75 4 134 2 - - 7.54 -11.04 Riverstone Energy 92 9 91 7 121 5 ------21.56 Schroder European Real Estate Inv Trust 97 5 110 4 ------4.14 -6.47 Tiger Resource Finance 71 11 83 9 57 9 25 8 17 6 - -22.35 Average/Total 91 10 100 10 73 8 63 7 29 6 4.54 -28.86 Average/Total 101 11 95 11 109 11 59 9 53 6 4.51 -12.46 PROPERTY DIRECT - UK SECTOR SPECIALIST: DEBT AEW UK REIT 102 5 111 5 ------8.80 3.46 Alcentra Eur Floating Rate Inc 98 19 101 20 107 15 118 4 - - 5.36 -6.60 Custodian REIT 101 8 107 9 125 4 - - - - 5.65 10.09 Axiom European Financial Debt Fund 115 1 120 1 ------5.61 0.82 Drum Income Plus REIT 103 4 101 15 ------6.28 1.70 BioPharma Credit 88 32 ------3.86 3.53 Ediston Property Investment Company 100 10 111 3 122 5 - - - - 5.18 0.83 Blackstone/GSO Loan Financing 94 29 104 15 152 3 - - - - 10.64 2.43 F&C Commercial Property 96 18 106 12 112 8 173 5 249 2 4.26 0.57 Carador Income Fund USD 90 31 86 29 120 8 118 5 - - 9.73 -6.46 F&C UK Real Estate Investments 100 11 106 10 120 6 217 2 231 3 4.78 -0.38 Chenavari Capital Solutions 95 27 101 21 102 16 - - - - 8.33 -7.25 KCR Residential REIT 83 19 73 16 ------31.74 Chenavari Toro Income Fund Limited 97 25 106 13 ------8.31 -17.82 LXB Retail Properties 78 20 57 17 53 11 63 9 - - - -22.76 CVC Credit Partners Euro Opps EUR 97 23 112 3 152 2 - - - - 4.95 1.81 LXI REIT 99 15 104 13 ------3.56 -0.54 CVC Credit Partners Euro Opps GBP 102 9 109 10 126 4 - - - - 4.89 0.67 Pacific Industrial & Logistics REIT 99 13 ------5.02 5.25 Fair Oaks Income 2014 107 2 ------15.40 14.16 Picton Property Income 104 3 110 6 139 1 275 1 214 4 3.97 -1.06 Fair Oaks Income 2017 99 12 103 18 157 1 - - - - 13.52 3.55 Primary Health Properties 99 14 111 4 137 2 169 6 282 1 4.65 24.47 Funding Circle SME Income Fund 104 4 110 7 ------6.19 3.85 PRS REIT 98 16 ------4.54 1.52 GCP Asset Backed Income 97 22 99 22 ------6.05 0.67 Regional REIT 101 9 102 14 ------7.87 -2.61 Hadrian's Wall Secured Investments 95 26 99 23 ------6.12 -0.12 Schroder Real Estate Invest 102 7 109 8 117 7 199 4 168 7 3.95 -4.82 Honeycomb Investment Trust 97 21 111 4 ------7.05 11.60 Secure Income REIT 100 12 114 1 ------3.89 4.35 ICG-Lgbow Senior Sec. UK Prop Debt Inv 103 6 108 12 118 9 128 3 - - 5.88 2.46 Standard Life Inv. Prop. Inc. 104 2 113 2 131 3 209 3 210 5 5.12 5.98 JPMorgan Global Convertibles Income Fund 100 11 111 6 107 14 - - - - 4.64 -2.79 Supermarket Income REIT 108 1 ------5.50 7.96 NB Distressed Debt Inv Extended Life 98 18 92 28 100 18 - - - - 2.66 -12.46 The Local Shopping REIT 102 6 106 11 102 10 97 8 46 8 - -25.71 NB Distressed Debt New Glb 99 16 97 25 102 17 - - - - 1.38 -16.01 UK Commercial Property 97 17 109 7 111 9 158 7 203 6 4.25 -5.86 NB Distressed Debt 94 28 92 27 107 12 111 7 - - 1.36 -7.34 Average/Total 99 20 103 17 115 11 173 9 200 8 5.13 -1.46 NB Global Floating Rate Income GBP 98 19 97 24 107 13 106 8 - - 3.67 -5.76 PROPERTY SECURITIES NB Global Floating Rate Income USD 91 30 83 30 120 7 117 6 - - 3.68 -6.28 97 24 106 14 81 19 - - - - 2.65 -15.77 TR Property 103 1 126 1 128 1 233 1 277 1 2.97 -2.65 P2P Global Investments 99 12 110 8 115 10 169 1 188 1 7.19 1.09 Average/Total 103 1 126 1 128 1 233 1 277 1 2.97 -2.65 Real Estate Credit Investments RM Secured Direct Lending 103 6 104 16 ------4.14 4.36 PROPERTY SPECIALIST SQN Secured Income 98 17 109 9 ------6.81 -5.35 AEW UK Long Lease REIT 97 5 ------3.13 5.57 Starwood European Real Estate Finance 99 15 104 17 121 6 130 2 - - 5.99 6.20 94 9 100 5 ------4.76 -6.91 TOC Property Backed Lending 102 8 103 18 ------6.76 5.49 Empiric Student Property 75 11 79 7 92 6 - - - - 6.00 -19.37 TwentyFour Income 104 5 108 11 113 11 - - - - 5.95 -0.66 GCP Student Living 97 6 102 1 137 2 - - - - 4.26 -6.56 TwentyFour Select Monthly Income 104 3 114 2 126 5 - - - - 6.56 3.25 Ground Rents Income Fund Plc 97 7 87 6 119 5 133 2 - - 3.33 -8.64 UK Mortgages 99 14 96 26 ------6.72 3.91 Impact Healthcare REIT 104 1 ------5.77 4.89 VPC Specialty Lending Investments 101 10 111 5 ------8.72 -13.85 MedicX 96 8 101 4 120 4 147 1 181 1 7.29 27.39 Average/Total 99 32 104 30 117 19 125 8 188 1 6.27 -1.71 Residential Secure Income 99 3 ------2.59 1.90 SECTOR SPECIALIST: ENVIRONMENTAL South African Property Opps 67 12 73 8 40 7 30 3 14 2 - -21.01 Impax Environmental Markets 105 2 115 2 171 2 225 2 227 1 0.76 -6.63 Target Healthcare REIT 93 10 101 2 126 3 - - - - 6.00 3.24 Jupiter Green 102 3 109 4 131 3 171 3 168 2 0.65 -4.59 Triple Point Social Housing REIT 98 4 ------3.68 -0.59 68 5 67 5 84 4 47 4 25 4 - -52.06 Tritax Big Box 99 2 101 2 142 1 - - - - 4.77 -1.22 Leaf Clean Energy 100 4 110 3 ------23.89 Average/Total 93 12 93 8 111 7 103 3 98 2 4.69 -1.78 Menhaden Capital Trading Emissions 236 1 254 1 368 1 276 1 76 3 - 8.61 SECTOR SPECIALIST Average/Total 122 5 131 5 188 4 180 4 124 4 0.70 -15.71 Polo Resources 128 1 75 1 84 1 18 1 - - - -67.75 SECTOR SPECIALIST: FINANCIALS Average/Total 128 1 75 1 84 1 18 1 - - - -67.75 Polar Capital Global Financials 109 1 113 1 156 1 - - - - 2.73 -2.96 SECTOR SPECIALIST: BIOTECHNOLOGY & HEALTHCARE Average/Total 108 1 113 1 156 1 - - - - 2.73 -2.96 Adams 80 6 45 6 42 5 - - - - - 70.65 SECTOR SPECIALIST: FORESTRY & TIMBER BB Healthcare 94 4 100 4 ------0.30 Cambium Global Timberland 109 1 111 1 47 2 22 2 11 2 - -49.21 Biotech Growth 89 5 98 5 99 4 214 3 736 1 - -4.46 Phaunos Timber 90 2 93 2 132 1 87 1 67 1 4.37 -18.60 International Biotechnology 96 3 103 3 126 3 288 1 514 3 - -2.89 Average/Total 100 2 102 2 90 2 55 2 39 2 4.37 -33.90 120 1 140 1 174 1 194 4 - - 1.12 29.71 Worldwide Healthcare 97 2 106 2 136 2 272 2 612 2 0.90 1.44 SECTOR SPECIALIST: INFRASTRUCTURE Average/Total 96 6 99 6 115 5 242 4 621 3 1.01 15.69 102 1 105 1 140 1 188 1 280 1 3.99 -1.63 SECTOR SPECIALIST: COMMODITIES & NATURAL RESOURCES BBGI SICAV 92 5 100 3 125 2 153 2 - - 4.80 11.01 96 3 98 5 122 4 148 4 - - 6.47 5.49 Baker Steel Resources 137 1 128 1 155 1 58 5 - - - -10.30 GCP Infrastructure Investment HICL Infrastructure Company 91 6 93 6 107 5 148 4 210 3 5.38 -2.70 BlackRock Commodities Income 109 2 100 5 107 7 88 2 81 3 5.15 -0.03 88 7 58 9 27 8 13 8 - - - -89.03 BlackRock World Mining Trust plc 102 6 114 2 151 2 91 1 82 1 3.95 -10.85 Infrastructure India International Public Partnerships 95 4 99 4 125 3 150 3 229 2 4.64 7.00 City Natural Resources 106 3 94 6 138 4 77 4 82 2 4.66 -19.93

www.WhatInvestment.co.uk 73 Investment trusts

FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARSYEARS 5 YEARS 1010 YEARSYEARS YIELDYIELD DISCDISC FUND 66 MONTHSMONTHS 11 YEAR YEAR 33 YEARSYEARS 5 YEARS 10 YEARSYEARS YIELDYIELD DISCDISC ££ ££ £ ££ £ %% %% ££ ££ ££ ££ ££ %% % % John Laing Infrastructure 87 8 87 7 103 6 131 6 - - 5.97 -0.82 Polar Capital Glb Healthcare ZDP 2024 101 8 ------1.96 PME African Infrastructure 76 9 73 8 79 7 60 7 20 4 - -61.36 Premier Gbl Infrastructure ZDP 2020 100 11 102 7 ------4.50 Sequoia Economic Infrastructure Inc 96 2 102 2 ------5.63 3.86 Ranger Direct Lending ZDP 2021 105 1 101 8 ------1.39 Average/Total 91 9 91 9 103 8 124 8 185 4 5.27 -14.24 Regional REIT ZDP 2019 102 7 ------2.09 SECTOR SPECIALIST: INFRASTRUCTURE - RENEWABLE ENERGY UIL ZDP 2018 101 9 103 6 110 3 140 1 - - - 3.49 UIL ZDP 2020 101 9 107 2 128 1 - - - - - 10.91 Bluefield Solar Income Fund 106 1 110 1 133 2 - - - - 6.46 3.53 UIL ZDP 2022 104 4 113 1 ------12.42 Foresight Solar 99 5 104 5 123 5 - - - - 6.24 0.08 Average/Total 103 11 105 8 118 3 135 2 - - - 5.75 Greencoat Renewables 95 7 ------5.67 9.47 Greencoat UK Wind 103 2 107 2 138 1 - - - - 5.53 11.46 UK ALL COMPANIES John Laing Environmental Assets 98 6 101 6 116 6 - - - - 6.22 4.73 Artemis Alpha Trust 106 4 118 4 119 10 110 13 162 11 1.44 -16.67 NextEnergy Solar 100 4 105 4 128 3 - - - - 5.76 6.49 Aurora 100 12 110 8 143 5 145 9 137 12 0.99 1.43 Renewables Infrastructure Grp 101 3 106 3 125 4 - - - - 6.10 4.55 Crystal Amber 103 9 85 13 138 6 206 3 - - 2.63 -6.39 Average/Total 100 7 105 6 127 6 - - - - 6.00 5.76 Damille Investments II 95 14 71 16 103 14 83 14 - - - -9.87 SECTOR SPECIALIST: INSURANCE & REINSURANCE STRATEGY 105 6 111 7 151 3 210 2 310 3 1.80 -1.51 108 3 113 6 124 7 191 5 262 6 1.97 -16.92 Blue Capital Alternative Income Fund 62 1 63 1 89 1 99 2 - - 10.98 -16.19 Henderson Opportunities 102 10 103 11 121 9 172 7 291 5 3.50 -1.60 CATCo Reinsurance Opps 59 2 57 2 87 2 129 1 - - 7.40 -11.83 Invesco Perp Select UK Equity JPMorgan Mid Cap 113 2 127 2 157 2 244 1 329 1 1.92 -4.84 Average/Total 60 2 60 2 88 2 114 2 - - 9.19 -14.01 Jupiter UK Growth 97 13 100 12 106 13 138 10 194 8 2.27 -2.71 SECTOR SPECIALIST: LEASING Keystone 105 8 106 9 106 12 138 11 237 7 3.19 -10.40 Amedeo Air Four Plus 104 1 114 1 ------7.71 11.09 Manchester & London 126 1 153 1 202 1 161 8 190 9 0.78 -5.31 Doric Nimrod Air One 94 5 100 5 115 3 121 2 - - 8.82 -1.31 Mercantile 106 5 119 3 145 4 192 4 291 4 2.40 -9.34 Doric Nimrod Air Three 101 2 109 3 117 2 - - - - 8.25 43.66 Sanditon Investment Trust 84 15 80 15 80 15 - - - - 1.10 -10.57 Doric Nimrod Air Two 101 3 110 2 115 4 135 1 - - 8.41 25.19 Schroder UK Growth 101 11 104 10 115 11 127 12 178 10 3.53 -12.38 DP Aircraft I 96 4 102 4 147 1 - - - - - 15.94 Schroder UK Mid Cap 105 6 116 5 124 8 173 6 322 2 2.49 -14.78 SQN Asset Finance Income 93 6 85 6 101 5 - - - - 8.20 -10.13 Woodford Patient Capital Trust 79 16 81 14 ------13.31 SQN Asset Finance Income C 91 7 85 7 ------2.16 -9.78 Average/Total 102 16 106 16 129 15 164 14 242 12 2.14 -8.45 Average/Total 97 7 100 7 119 5 128 2 - - 7.26 10.67 UK EQUITY & BOND INCOME SECTOR SPECIALIST: LIQUIDITY FUNDS Aberdeen Smaller Companies Inc 116 1 132 1 159 1 192 1 310 1 2.50 -10.96 Invesco Perp Select Liquidity 101 1 101 2 100 2 102 1 111 1 - -1.33 City Merchants High Yield 94 3 99 4 112 3 140 3 227 4 5.51 -5.50 JPMorgan Elect Managed Cash 100 2 101 1 103 1 101 2 107 2 0.35 -1.56 CQS New City High Yield 99 2 104 2 121 2 130 4 229 2 6.67 3.13 Average/Total 100 2 101 2 102 2 102 2 109 2 0.35 -1.44 Henderson High Income 93 4 99 3 109 4 151 2 229 3 5.34 -2.80 SECTOR SPECIALIST: LITIGATION Average/Total 100 4 109 4 125 4 153 4 249 4 5.00 -4.03 Juridica Investments 112 1 109 1 59 1 103 1 112 1 - -38.63 UK EQUITY INCOME Average/Total 112 1 108 1 59 1 103 1 112 1 - -38.63 BlackRock Income and Growth 100 6 103 15 117 12 150 10 166 20 3.38 -1.12 SECTOR SPECIALIST: SMALL MEDIA, COMMUNICATION & IT COMPANIES British & American 69 23 83 23 88 23 118 23 156 22 14.67 111.27 Herald 109 1 127 1 173 1 201 1 401 1 - -14.91 City of London 98 18 103 16 115 15 149 12 237 7 4.20 1.72 Average/Total 109 1 127 1 173 1 200 1 401 1 - -14.91 Diverse Income Trust 101 5 113 5 134 2 184 2 - - 3.26 -1.70 SECTOR SPECIALIST: TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Dunedin Income Growth 98 14 107 8 108 18 122 22 181 19 4.68 -9.85 Allianz Technology Trust 120 1 140 1 215 1 359 1 561 2 - -1.95 Edinburgh Investment 91 22 94 22 105 20 138 17 237 6 4.17 -9.05 Polar Capital Technology 111 2 125 2 201 2 289 2 642 1 - -1.21 F&C Capital & Income 98 14 115 3 130 4 157 6 210 13 3.44 1.23 Average/Total 115 2 133 2 208 2 324 2 602 2 - -1.58 F&C UK High Income 98 13 104 13 121 8 143 16 205 14 4.88 -5.97 Finsbury Growth & Income 100 7 112 6 136 1 187 1 382 1 1.90 0.30 SECTOR SPECIALIST: UTILITIES Invesco Income Growth 93 21 99 21 105 19 133 20 196 16 4.06 -11.85 Ecofin Global Utilities & Infra 85 2 103 1 ------5.77 -14.54 Investment Company 100 8 103 17 92 22 173 4 225 10 6.47 -12.79 EF Realisation 124 1 86 2 ------17.22 JPMorgan Claverhouse 107 1 115 4 131 3 174 3 214 12 3.60 -0.82 Average/Total 105 2 95 2 ------5.77 -15.88 JPMorgan Elect Managed Inc 99 9 106 11 118 10 149 11 183 18 3.82 -1.48 SPLIT - ORDINARY INCOME SHARE Lowland 101 4 106 10 122 7 154 7 248 3 3.53 -5.89 Aberforth Split Level Income Ord/Inc 93 7 ------4.42 -7.47 Merchants Trust 99 10 106 12 115 16 144 15 198 15 5.23 -5.14 Acorn Income Fund 106 2 119 1 169 1 212 2 531 1 4.00 -2.52 98 14 104 14 110 17 127 21 195 17 4.33 -8.14 Chelverton Small Cos Dividend 99 5 116 2 165 2 260 1 350 2 3.44 -0.02 Perpetual Income & Growth 94 20 99 20 96 21 135 19 230 9 3.93 -9.33 EJF Investments 113 1 ------5.88 -2.01 Schroder Income Growth 99 11 107 9 116 14 147 14 245 4 4.10 -6.41 JZ Capital Partners Ord/Inc 88 9 84 7 122 5 108 7 122 4 - -35.58 Shires Income 103 2 121 1 126 5 154 8 239 5 4.69 -2.16 NB Private Equity Partners 101 4 100 4 145 4 212 3 - - 3.69 -17.51 Standard Life Equity Income 102 3 117 2 122 6 164 5 231 8 4.08 -1.88 Origo Partners 70 11 60 9 24 8 11 8 2 6 - -94.54 Temple Bar 99 11 102 18 119 9 136 18 273 2 3.37 -4.95 Polar Capital Glb Healthcare 90 8 97 5 119 6 159 4 - - 1.78 -6.05 Troy Income & Growth 97 19 100 19 116 13 148 13 159 21 3.54 -0.21 Premier Global Infrastructure 87 10 86 6 91 7 158 5 127 3 7.25 -4.98 Value And Income 98 17 108 7 118 11 152 9 216 11 4.26 -15.86 Ranger Direct Lending Fund 98 6 77 8 ------13.34 -25.58 Average/Total 98 23 105 23 116 23 149 23 219 22 4.50 0.00 UIL Ord/Inc 103 3 102 3 163 3 137 6 99 5 4.60 -40.61 UK SMALLER COMPANIES Average/Total 95 11 94 9 125 8 157 8 205 6 5.38 -21.53 Aberforth Smaller Companies 102 13 111 13 127 14 183 12 294 10 2.25 -11.58 SPLIT - ZERO DIVIDEND SHARE Athelney Trust 103 10 110 14 148 11 235 2 219 12 3.42 -5.25 Aberforth Split Level Income ZDP 2024 102 6 ------5.70 BlackRock Smaller Companies 108 7 127 4 173 5 231 6 468 2 1.58 -11.67 Acorn Income Fund (Split) ZDP 2022 105 2 106 4 116 2 131 2 - - - 6.10 BlackRock Throgmorton Trust plc 111 4 129 3 178 4 235 3 453 3 1.87 -12.18 JZ Capital Partners ZDP 2022 103 5 104 5 ------10.75 Chelverton Growth Trust 101 15 85 17 151 10 197 10 197 13 - -21.43 NB Private Equity-ZDP 2022 104 3 106 3 ------6.74

74 www.WhatInvestment.co.uk Investment trusts

FUND 6 6 MONTHSMONTHS 11 YEAR YEAR 33 YEARS YEARS 55 YEARS 1010 YEARSYEARS YIELDYIELD DISCDISC FUNDFUND 66 MONTHSMONTHS 11 YEAR YEAR 3 YEARS 55 YEARSYEARS 10 YEARS YIELDYIELD DISCDISC £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % Downing Strategic Micro-Cap Inv. Trust 93 18 ------0.83 Northern Venture Trust 100 25 97 43 133 10 167 10 356 1 9.06 -5.49 Dunedin Smaller Companies 108 6 119 8 145 12 160 13 310 8 2.49 -16.30 Octopus Apollo VCT 102 17 107 20 112 35 126 34 137 29 8.65 -4.46 Gresham House Strategic plc 97 17 101 16 ------1.82 -29.92 Octopus Titan VCT 104 9 105 23 119 28 148 23 188 19 5.39 -4.95 Henderson Smaller Companies 110 5 126 6 159 8 225 7 406 4 2.22 -10.18 Pembroke VCT 96 44 96 44 99 41 - - - - 2.83 -4.55 Invesco Perpetual UK Smaller 105 9 116 10 168 6 234 4 378 6 2.85 -4.60 ProVen Growth and Income VCT 97 42 104 24 114 34 150 20 138 28 - -3.92 JPMorgan Smaller Companies 116 1 129 2 152 9 188 11 299 9 2.10 -15.66 ProVen VCT 95 46 103 28 119 29 140 29 147 26 - -4.10 Miton UK Microcap 106 8 106 15 ------0.55 -3.07 Puma VCT 10 100 26 100 36 98 43 - - - - 7.79 -9.57 Montanaro UK Smaller Companies 102 12 112 12 129 13 146 14 272 11 1.86 -18.36 Puma VCT 9 100 26 100 36 100 40 - - - - 8.70 -19.16 Rights & Issues Investment Trust 101 14 119 7 227 1 316 1 382 5 1.42 -7.94 The Income & Growth VCT 103 13 108 16 122 20 159 15 237 9 2.82 -10.38 River and Mercantile UK Micro Cap 100 16 117 9 163 7 ------11.04 Triple Point Income VCT 100 26 115 6 168 4 152 19 100 32 10.00 -20.74 Standard Life UK Smaller Co. 113 3 127 5 181 3 209 9 492 1 1.35 -2.34 Triple Point Income VCT C 97 43 109 15 118 30 - - - - 4.74 0.00 Strategic Equity Capital 103 11 115 11 119 15 234 5 364 7 0.34 -14.03 Average/Total 108 48 111 48 134 48 165 41 195 34 5.07 -4.24 SVM UK Emerging 116 2 139 1 185 2 224 8 132 14 - -20.36 VCT GENERALIST PRE-QUALIFYING Average/Total 105 18 117 17 160 15 215 14 333 14 1.87 -11.95 Calculus VCT 99 6 81 9 ------13.78 VCT AIM QUOTED Downing Four Generalist Shs 100 3 100 3 ------1.27 Amati VCT 2 110 3 134 3 179 2 192 5 150 8 4.89 -7.26 Downing Two VCT 'K' 100 3 95 7 ------1.63 Amati VCT 109 4 137 2 168 3 177 6 169 5 5.45 -7.78 Pembroke VCT B 98 8 99 6 ------3.14 -5.77 Artemis VCT PLC O Inc 127 1 145 1 260 1 384 1 455 1 - -2.70 Puma VCT 11 97 9 100 4 ------5.43 -3.51 Hargreave Hale AIM VCT 1 105 6 111 6 125 9 164 8 168 6 - -5.75 Puma VCT 12 92 10 92 8 ------5.43 -4.35 Hargreave Hale AIM VCT 2 106 5 116 4 131 5 166 7 213 4 - -7.44 Triple Point Income VCT D 103 2 104 1 114 1 - - - - 4.86 0.00 New Century AIM 2 VCT 100 9 107 8 123 10 217 2 76 10 - -20.11 Triple Point Income VCT E 99 7 ------0.00 New Century AIM VCT 110 2 112 5 137 4 212 3 80 9 0.75 -19.75 Triple Point VCT 2011 A 105 1 104 2 ------0.00 Octopus AIM VCT 2 100 8 106 10 129 6 159 10 151 7 - -5.01 Triple Point VCT 2011 B 100 3 100 4 ------0.00 Octopus AIM VCT 100 10 106 9 127 8 161 9 221 3 - -5.25 Average/Total 99 10 97 9 114 1 - - - - 4.72 -4.08 Unicorn AIM VCT 100 7 109 7 128 7 196 4 262 2 1.08 -13.43 VCT SPECIALIST: ENVIRONMENTAL Average/Total 107 10 118 10 150 10 203 10 194 10 3.04 -9.45 Foresight Solar & Infrastructure VCT 103 6 107 9 111 9 134 7 - - 6.42 -2.11 VCT GENERALIST Foresight Solar & Infrastructure VCT C 104 3 109 7 99 10 - - - - 5.99 -4.68 Albion Development VCT 103 11 112 8 122 22 142 27 183 21 5.84 -4.77 Hazel Renewable Energy VCT 1 105 2 115 1 121 8 184 5 - - 4.42 1.41 Albion Enterprise VCT 101 21 106 22 127 16 157 17 149 25 5.24 -4.94 Hazel Renewable Energy VCT 2 109 1 114 4 133 5 183 6 - - 4.46 -2.72 Albion Technology & Gen VCT 102 15 112 10 105 37 140 30 142 27 5.95 -5.52 Octopus VCT 3 102 7 93 11 93 11 87 8 - - - -7.13 Albion VCT 101 22 111 11 130 11 143 26 154 24 7.25 -3.32 Octopus VCT 4 102 7 93 11 93 11 87 8 - - - -7.13 Baronsmead Second Venture Trust 103 11 107 19 127 17 149 22 216 15 0.69 -2.90 Ventus VCT 2 C 104 4 111 5 149 3 206 2 - - 6.67 -6.98 Baronsmead Venture Trust 103 10 109 13 130 13 155 18 230 13 0.79 -2.87 Ventus VCT 2 D 100 11 114 2 126 6 - - - - 4.17 -8.54 British Smaller Companies VCT 102 16 101 34 130 12 164 14 239 8 - -4.98 Ventus VCT 2 102 9 108 8 147 4 203 4 151 2 7.19 -8.19 British Smaller Companies VCT2 99 39 99 40 120 25 135 32 287 3 4.59 -5.90 Ventus VCT C 104 4 111 5 152 2 206 1 - - 6.67 -6.03 Chrysalis VCT 107 5 115 5 145 6 194 7 232 11 - -19.87 Ventus VCT D 100 11 114 2 126 6 - - - - 4.17 -7.98 Crown Place VCT 103 14 108 18 121 23 142 28 160 23 6.99 -6.11 Ventus VCT 100 10 107 9 156 1 204 3 275 1 7.62 -2.96 Downing Four VCT Dp2011 Gen A Shs 200 3 200 3 400 2 400 2 - - - -7.38 Average/Total 103 12 108 12 125 12 166 9 213 2 5.78 -5.25 Downing Four VCT Dp2011 Low Carb 248 1 248 1 279 3 324 3 - - - 76.32 VCT SPECIALIST: ENVIRONMENTAL PRE-QUALIFYING Downing Four VCT Dp2011 Str A Shs 233 2 233 2 467 1 467 1 - - - 26.09 Foresight Solar & Infrastructure VCT D 97 1 97 1 ------0.21 79 48 69 48 75 47 124 35 64 34 - -68.23 Downing Four VCT DP67 Average/Total 97 1 97 1 ------0.21 Downing Four VCT DSO 1 B 100 26 100 36 80 46 83 38 - - - 181.64 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY Downing Four VCT DSO 1 D 89 47 89 45 92 44 81 40 - - - -43.93 Hygea VCT 108 1 110 1 75 1 92 1 265 1 - -20.61 Downing ONE VCT 102 18 104 26 115 32 145 25 74 33 9.17 -5.30 Average/Total 108 1 110 1 74 1 92 1 265 1 - -20.61 Downing Three VCT 'F' 99 40 85 47 72 48 69 41 - - - -37.41 Downing Three VCT 'H' 109 4 112 8 101 38 ------2.58 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY PRE-QUALIFYING Downing Three VCT 'J' 100 26 100 36 100 39 - - - - - 4.50 Downing Four Healthcare Shs 100 1 100 1 ------0.17 Downing Two VCT 'F' 96 45 89 46 84 45 81 39 - - - -25.93 Average/Total 100 1 100 1 ------0.17 Downing Two VCT 'G' 99 36 104 25 98 42 ------10.00 VCT SPECIALIST: MEDIA, LEISURE & EVENTS Elderstreet Draper Esprit VCT 106 6 98 42 115 33 211 5 213 16 7.14 -7.18 Edge Performance VCT 'H' 90 6 84 6 52 6 48 3 - - - -32.26 Foresight 4 VCT 99 37 113 7 153 5 88 37 103 31 - -17.58 Edge Performance VCT 'I' 95 5 90 5 54 5 47 4 - - - -37.64 Foresight VCT 100 33 106 21 107 36 106 36 191 18 - -12.53 Ingenious Entertainment VCT 1 H 100 1 97 1 86 1 - - - - - 0.00 Kings Arms Yard VCT 105 7 116 4 139 8 174 9 244 6 4.69 0.58 Ingenious Entertainment VCT 1G 100 1 96 3 56 3 53 1 - - - 0.00 Maven Income & Growth VCT 2 100 26 103 29 116 31 147 24 251 5 1.07 -8.91 Ingenious Entertainment VCT 2 H 100 1 97 1 86 1 - - - - - 0.00 Maven Income & Growth VCT 3 102 20 102 31 125 18 150 21 242 7 3.76 -8.27 Ingenious Entertainment VCT 2G 100 1 96 3 56 3 53 1 - - - 0.00 Maven Income & Growth VCT 4 102 18 102 30 120 27 126 33 186 20 1.06 -11.95 Average/Total 97 6 93 6 65 6 50 4 - - - -34.95 Maven Income & Growth VCT 5 101 23 101 33 121 23 204 6 132 30 0.62 -15.14 VCT SPECIALIST: TECHNOLOGY Maven Income & Growth VCT 100 24 101 32 120 26 138 31 301 2 1.57 -5.00 Oxford Technology VCT 2 124 1 186 1 300 1 289 1 128 4 - -32.60 Maven Income and Growth VCT 6 100 26 99 41 128 15 167 12 254 4 - -4.35 Oxford Technology VCT 3 124 2 109 3 109 3 125 2 177 2 - -39.17 Mobeus Income & Growth 2 VCT 105 8 110 12 122 21 234 4 198 17 - -18.09 Oxford Technology VCT 4 105 4 98 4 151 2 116 3 173 3 - -26.00 Mobeus Income & Growth 4 VCT 99 35 108 17 125 19 158 16 174 22 6.58 -10.89 Oxford Technology VCT 114 3 118 2 81 4 79 4 350 1 2.50 -19.84 Mobeus Income & Growth VCT 100 34 109 13 129 14 183 8 225 14 3.17 -10.71 Average/Total 117 4 128 4 160 4 152 4 207 4 2.50 -29.40 Northern 2 VCT 99 37 103 27 137 9 167 11 236 10 8.59 -3.76 Northern 3 VCT 99 40 100 35 140 7 166 13 230 12 2.22 -4.87

www.WhatInvestment.co.uk 75 ETF performance tables What the tables show

The figures show the value of £100 invested over six months, one year and three years to 28 February 2018, on a market value with income reinvested. Funds are listed by Morningstar category. TER is the expense ratio quoted by the groups and is a measure of a fund’s annual operating costs including management and performance fees, but excluding sales charges and transaction costs. All data supplied by Morningstar. For more information, please visit www.morningstar.co.uk

FUND 6 6 MTHS MTHS 1 YR1 YR 3 3YRS YRS TER TER TICKERTICKER CURRCURR SIZESIZE DOM FUNDFUND 66 MTHS MTHS 11 YR YR 33 YRSYRS TER TICKERTICKER CURRCURR SIZESIZE DOMDOM ££ £ £ £ £ % (£m)(£m) ££ ££ ££ % (£m)(£m) UBS ETF MSCI EMU GBPH A dis 103 - - - UB0F £ 3,369 LUX AFRICA & MIDDLE EAST EQUITY UBS ETF MSCI Europe GBPH A acc 104 - - - UBEU £ 266 LUX UBS ETF MSCI Swtzl 20/35 GBPH A acc 98 106 - 0.30 UC93 £ 683 LUX X MSCI GCC Select ETF 1C 95 96 - 0.65 XGLF $ 19 IRL UBS ETF MSCI Swtzl 20/35 GBPH A dis 101 109 - 0.30 UC94 £ 683 LUX AFRICA EQUITY WisdomTree Europe Equity ETF GBP Hedged 103 108 - 0.35 HEDP £ 93 IRL WisdomTree Europe Equity ETF USD Hdg Acc 97 98 - 0.58 HEDS $ 93 IRL X MSCI EM Africa Swap ETF 1C 103 113 117 0.65 XMKA $ 29 LUX WisdomTree Europe Equity ETF USD Hedged 97 99 - 0.58 WTDH $ 93 IRL WisdomTree Germany Eq ETF GBP Hedged 106 109 - 0.35 DXGP £ 23 IRL ALT - CURRENCY WisdomTree Germany Eq ETF USD Hedged 105 105 - 0.48 DXGE $ 23 IRL X MSCI EMU ETF 1C - USD Hedged 98 102 - 0.25 XD5D $ 2,061 LUX First Trust FactorFX ETF A USD 95 - - - FTFX $ 8 IRL X MSCI EMU ETF 2C - GBP Hedged 103 111 - 0.25 XD5S £ 2,061 LUX ALT - DEBT ARBITRAGE EUROPE EQUITY INCOME Lyxor EUR 2-10Y Infl Expct ETF C EUR 96 103 - 0.25 INFL £ 937 LUX iShares MSCI Europe Qual Div ETF EUR Dis 96 - - - EQDS € 4 IRL ASIA BOND WisdomTree Europe Equity Income ETF 99 110 127 0.32 EEIE € 43 IRL WisdomTree Europe Equity Income ETF Acc 100 112 - 0.32 EEIP € 43 IRL X II USD Asia ex Japan Corp Bd ETF 1D 92 91 - - ALQD $ 27 LUX EUROPE EX-UK LARGE-CAP EQUITY ASIA BOND - LOCAL CURRENCY BMO MSCI Europe ex-UK Inc Ldrs ETF EUR 158 171 - - ZIEU € 22 IRL iShares Em Asia Lcl Govt Bd ETF USD Dist 96 96 116 0.50 IS0S $ 67 IRL EUROPE LARGE-CAP BLEND EQUITY ASIA EXCLUDING JAPAN EQUITY iShares Edge MSCI Eurp Mini Vol ETF Acc 95 107 127 0.25 EUN0 € 801 IRL HSBC MSCI AC FAR EAST ex JAPAN ETF 105 121 150 0.60 HMAD $ 218 IRL iShares Edge MSCI Eurp Mltfctr ETF Acc 101 113 - 0.45 FSEU € 327 IRL HSBC MSCI EM Far East ETF 106 123 152 0.60 H4ZI $ 29 IRL iShares Edge MSCI Eurp Mom Fctr ETF Acc 99 110 137 0.25 CEMR € 88 IRL SPDR® MSCI EM Asia ETF 103 119 146 0.55 SPYA $ 281 IRL iShares Edge MSCI Eurp QualFctr ETF Acc 96 107 129 0.25 CEMQ € 24 IRL WisdomTree Emerging Asia Equity Inc ETF 102 112 - 0.54 WTEA $ 10 IRL iShares MSCI Europe ETF EUR Acc 98 109 127 0.33 IMAE € 609 IRL X MSCI AC Asia ex Japan Swap ETF 1C 103 118 144 0.65 DXS5 $ 556 LUX iShares MSCI Europe SRI ETF EUR Acc 97 110 126 0.44 IESE € 335 IRL WisdomTree Europe Equity ETF EUR Acc 98 112 - 0.32 WTDF € 93 IRL ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITY EUROPE LARGE-CAP VALUE EQUITY iShares MSCI AC FarEast exJpn SC ETF$Dis 100 106 129 0.74 IUS9 $ 52 IRL iShares Edge MSCI Eurp Val Fctr ETF Acc 100 109 125 0.25 CEMS € 1,348 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITY EUROPE MID-CAP EQUITY HSBC MSCI Pacific ex Japan ETF 100 104 133 0.40 H4ZH $ 30 IRL iShares MSCI Pacific ex-Jpn ETF USD Dist 100 104 132 0.60 IPXJ $ 350 IRL iShares Edge MSCI Eurp Sz Fctr ETF Acc 100 113 139 0.25 CEMT € 14 IRL Lyxor MSCI Pacific Ex Japan ETF D USD 98 103 - 0.30 PAXJ $ 95 LUX iShares MSCI Europe Mid Cap ETF EUR Acc 99 - - - EUMD € 591 IRL Vanguard FTSE Dev Asia Pac exJpn ETF 101 108 141 0.22 VAPX $ 260 IRL iShares MSCI Europe Mid Cap ETF EUR Dist 100 - - - EMID € 591 IRL X MSCI Pacific ex Japan ETF 1C 100 104 132 0.45 DXS6 $ 467 LUX EUROPE SMALL-CAP EQUITY ASIA-PACIFIC INC. JAPAN EQUITY WisdomTree Europe SmallCap Div ETF 100 116 156 0.38 DFEE € 60 IRL SPDR® S&P Pan Asia Div Aristocrats ETF 100 108 144 0.55 ZPRA $ 83 IRL WisdomTree Europe SmallCap Div ETF Acc 100 116 - 0.38 WTD7 € 60 IRL AUSTRALIA & NEW ZEALAND EQUITY EUROZONE LARGE-CAP EQUITY iShares MSCI Australia ETF USD Acc 98 99 126 0.50 SAUS $ 329 IRL iShares EURO STOXX 50 exFncl ETF EUR Acc 96 108 128 0.20 EXFN € 45 IRL Lyxor Australia (S&P/ASX 200) ETF D USD 99 100 127 0.40 LAUU $ 64 LUX iShares MSCI EMU Large Cap ETF EUR Acc 98 113 133 0.49 IS3G € 122 IRL WisdomTree Euroz Eqlty Div Gr ETF EUR 104 121 - - EGRP € 9 IRL BRAZIL EQUITY WisdomTree Euroz Eqlty Div Gr ETF EURAcc 103 121 - - EGRA € 9 IRL HSBC MSCI Brazil ETF 110 112 155 0.60 H4ZG $ 28 IRL EUROZONE MID-CAP EQUITY CANADA EQUITY iShares MSCI EMU Mid Cap ETF EUR Acc 101 119 152 0.49 IS3H € 276 IRL HSBC MSCI Canada ETF 97 97 119 0.35 HCAD $ 26 IRL FIXED TERM BOND iShares MSCI Canada ETF USD Acc 96 96 118 0.48 SXR2 $ 664 IRL Lyxor MSCI Canada ETF D USD 96 97 121 0.40 LCAU $ 36 LUX iShares iBonds Sep 2018 $ Corp ETF $ Dis 94 91 - 0.10 EI18 $ 361 IRL X MSCI Canada ETF 1C 96 96 118 0.35 D5BH $ 213 LUX FRANCE LARGE-CAP EQUITY CHINA EQUITY iShares MSCI France ETF EUR Acc 100 118 147 0.25 ISFR € 39 IRL HSBC MSCI China ETF 107 131 156 0.60 HMCD $ 261 IRL ICBCCS WisdomTree S&P China 500 ETF B 109 127 - - CHIN $ 13 LUX GBP CORPORATE BOND X Harvest FTSE China A-H 50 ETF 1D 107 120 - 0.65 AH50 $ 7 LUX iShares Core £ Corp Bond ETF GBP Dist 98 101 113 0.20 SLXX £ 1,510 IRL CHINA EQUITY - A SHARES iShares £ Corp Bond 0-5yr ETF GBP Dist 99 101 107 0.20 IS15 £ 1,387 IRL iShares £ Corp Bond ex-Fncl ETF GBP Dist 98 100 112 0.20 ISXF £ 247 IRL ETFS-E Fund MSCI China A GO ETF 98 105 115 0.88 CASH $ 19 IRL Lyxor iBoxx £ Liq Corp Lng Dtd ETF D GBP 98 104 - 0.09 COUK.LN £ 16 LUX GF International FTSE China A ETF 93 - - - PRCE $ 7 LUX SPDR® Blmbrg Bcly 0-5 Yr Stlg Corp B ETF 99 101 106 0.20 SYBQ £ 98 IRL iShares MSCI China A ETF USD Acc 103 110 - 0.65 CNYA $ 47 IRL SPDR® Blmbrg Bcly Stlg Corp Bd ETF 98 101 113 0.20 SYBS £ 188 IRL Lyxor CSI 300 A-Share ETF C-USD 110 122 134 0.40 CSIL $ 4 FRA Lyxor Fortune SG MSCI China A DR ETF Acc 94 103 111 0.65 CNAA $ 44 FRA GBP DIVERSIFIED BOND - SHORT-TERM X CSI300 Swap ETF 1C 106 119 131 0.50 XCHA $ 322 LUX iShares £ Ultrashort Bond ETF GBP Dist 100 101 102 0.09 ERNS £ 446 IRL X Harvest CSI300 ETF 1D 102 115 130 - RQFI $ 203 LUX PIMCO Sterling Short Maturity Source ETF 100 100 102 - QUID £ 263 IRL CONVERTIBLE BOND - GLOBAL GBP GOVERNMENT BOND SPDR® Thomson Reuters Glb Convert Bd ETF 99 100 132 0.50 ZPRC $ 574 IRL iShares Core UK Gilts ETF GBP Dist 98 99 110 0.20 IGLT £ 1,772 IRL EMEA EQUITY iShares UK Gilts 0-5yr ETF GBP Dist 99 99 102 0.20 IGLS £ 1,430 IRL Lyxor FTSE Actr UK Gilts (DR) ETF D GBP 98 99 111 - GILS.LN £ 155 LUX X MSCI EM EurpMdl East&Africa Swap ETF1C 108 117 133 0.65 XMEAs $ 54 LUX Lyxor FTSE Actr UK Glts0-5Y(DR)ETF D GBP 99 99 - - GIL5 £ 109 LUX SPDR® Blmbrg Bcly 1-5 Yr Gilt ETF 99 98 102 0.15 SYB5 £ 547 IRL EUR BOND - LONG TERM SPDR® Blmbrg Bcly 15+ Yr Gilt ETF 97 99 119 0.15 SYBL £ 27 IRL iShares Govt Bond 10-15yr ETF EUR Dist 96 106 124 0.20 IEGZ € 55 IRL SPDR® Blmbrg Bcly UK Gilt ETF 97 99 111 0.15 SYBG £ 153 IRL iShares Govt Bond 20y TgtDur ETF Dist 95 104 122 0.15 IS05 € 27 IRL Vanguard UK Gilt ETF 98 99 111 0.12 VGOV £ 107 IRL EUR CORPORATE BOND GBP INFLATION-LINKED BOND ETFS Lombard Odier IM Eur Corp Bd Fmt GO 95 104 - 0.30 FWEC € 14 IRL iShares £ Index-Lnkd Gilts ETF GBP Dist 97 99 124 0.25 INXG £ 841 IRL iShares Corp Bond ex-Fncl ETF EUR Dist 96 104 126 0.20 IEXF € 1,283 IRL Lyxor FTSE ActrUKGltInflLnkd(DR)ETF DGBP 97 99 - 0.07 GILI.LN £ 35 LUX iShares Corp Bond Fncl ETF EUR Dist 96 106 128 0.20 EUCF € 193 IRL Lyxor UK£ 10Y Infl Expc ETF C GBP 100 - - - UKBE £ 54 LUX iShares CorpBd IntrRt Hdg ETF EUR Dist 97 106 123 0.25 IS0Y € 1,540 IRL GBP MODERATE ALLOCATION iShares Covered Bond ETF EUR Dist 95 103 123 0.20 ICOV € 1,045 IRL iShares Core Corp Bond ETF EUR Dist 96 105 127 0.20 IEAC € 7,084 IRL BMO Enhanced Income UK Equity ETF 99 - - - ZWUK £ 6 IRL EUR CORPORATE BOND - SHORT-TERM GERMANY LARGE-CAP EQUITY iShares Corp Bond 1-5yr ETF EUR Dist 96 104 126 0.20 IE15 € 3,181 IRL WisdomTree Germany Eq ETF EUR Acc 102 113 - 0.32 WTEZ € 23 IRL iShares Corp Bond SRI 0-3yr ETF Dist 96 104 - 0.25 QDVL € 440 IRL iShares CorpBd exFncl 1-5y ETF Dist 96 104 125 0.20 IEX5 € 1,563 IRL GLOBAL BOND EUR DIVERSIFIED BOND ETFS Lombard Odier IM Glb GovBdFmt GO 94 99 - 0.25 CORE $ 37 IRL iShares Global AAA-AA Govt Bd ETF $ Dist 94 98 118 0.20 IS0Z $ 59 IRL iShares Aggregate Bond ETF EUR Dist 95 104 124 0.25 IEAG € 1,386 IRL iShares Global Govt Bond ETF USD Dist 94 95 120 0.20 IGLOz $ 745 IRL X II Global Government Bond ETF 3C USD H 93 - - - XGSI $ 886 LUX EUR FLEXIBLE BOND GLOBAL BOND - GBP HEDGED iShares Corp Bond BBB-BB ETF EUR Dist 96 106 129 0.25 IS06 € 298 IRL ETFS Lombard Odier IM Glb GovBdFmt GO £H 99 100 - - COGH £ 37 IRL EUR GOVERNMENT BOND X II Global Agg Bd Swap ETF 3D GBP H 99 100 - 0.30 XBGG £ 683 LUX iShares Govt Bond 5-7yr ETF EUR Dist 95 104 125 0.20 IEGYz € 227 IRL X II Global Government Bond ETF 2D GBP H 99 100 103 0.25 XGSG £ 886 LUX iShares Core Govt Bond ETF EUR Dist 96 104 124 0.20 IEGA € 1,164 IRL GLOBAL CORPORATE BOND iShares France Govt Bond ETF EUR Dist 95 104 122 0.20 IFRB € 198 IRL iShares Germany Govt Bond ETF EUR Dist 94 101 121 0.20 IS0L € 19 IRL ETFS Lombard Odier IM Glb Corp Bd Fmt GO 96 99 - 0.30 CRED $ 69 IRL iShares Italy Govt Bond ETF EUR Dist 97 107 124 0.20 IS0M € 474 IRL iShares Global Corp Bond ETF USD Dist 94 95 121 0.20 IS0X $ 964 IRL iShares Spain Govt Bond ETF EUR Dist 97 107 127 0.20 IS0P € 397 IRL GLOBAL CORPORATE BOND - EUR HEDGED EUR HIGH-YIELD BOND iShares Global Corp Bond EURH ETF Dist 94 104 125 0.20 IBCQ € 1,247 IRL iShares High Yield CorpBd ETF EUR Dist 96 107 133 0.50 IHYG € 3,801 IRL GLOBAL CORPORATE BOND - GBP HEDGED EUR ULTRA SHORT-TERM BOND BMO Barclays 1-3Y Glb Corp Bd (GBPH) ETF 99 99 - - ZC1G £ 25 IRL iShares Govt Bond 0-1yr ETF EUR Dist 95 103 120 0.20 IEGE € 113 IRL BMO Barclays 3-7Y Glb Corp Bd (GBPH) ETF 98 100 - - ZC3G £ 24 IRL iShares Ultrashort Bond ETF EUR Dist 96 104 122 0.09 ERNE € 2,229 IRL BMO Barclays 7-10Y Glb Corp Bd(GBPH) ETF 98 100 - - ZC7G £ 24 IRL ETFS Lombard Odier IM Glb Corp Bd FmtGO£ 99 101 - 0.30 CRGH £ 69 IRL EUROPE EQUITY - CURRENCY HEDGED GLOBAL CORPORATE BOND - USD HEDGED BMO MSCI Europe ex-UK Inc Ldrs(GBPH) ETF 102 107 - - ZIEG £ 70 IRL iShares MSCI EMU USD Hedged ETF Acc 98 102 - 0.38 CEBP $ 247 IRL iShares Global Corp Bond ETF USD H Acc 93 - - - CRPU $ 964 IRL iShares MSCI Europe ex-UK GBPH ETF Dist 103 110 - 0.40 EUXS £ 281 IRL Lyxor EURO STOXX 300 (DR) ETFMthlyH CGBP 103 - - 0.30 MFEG £ 299 LUX © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not Lyxor Euro Stoxx 50 DR ETF Daily H CGBP 102 107 106 0.20 MSEX £ 6,226 FRA 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. Lyxor Euro Stoxx 50 DR ETF Daily H CUSD 95 98 120 0.20 MSEU $ 6,226 FRA Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Source STOXX EuroZ Exporters ETF A USD H 97 98 - - EZXU $ 17 IRL guarantee of future results. UBS ETF MSCI EMU GBPH A acc 103 - - - UB0E £ 3,369 LUX

76 www.WhatInvestment.co.uk Exchange-traded funds

FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR (£m)SIZE DOM FUND 6 MTHS£ 1 YR£ 3 YRS£ TER% TICKER CURR SIZE(£m) DOM £ £ £ % (£m) £ £ £ % (£m) GLOBAL EMERGING MARKETS BOND ISRAEL LARGE/MID-CAP EQUITY iShares JP Morgan $ EM Bd ETF USD Acc 92 - - - JPEA $ 5,949 IRL iShares TA-35 Israel ETF USD Acc 104 99 - 0.60 QDVM $ 13 IRL iShares JP Morgan $ EM Bond ETF USD Dist 92 94 130 0.45 IEMB $ 5,949 IRL SPDR® BofA Lynch0-5YrEM$GovBdETF 93 92 122 0.42 ZPR5 $ 71 IRL JAPAN EQUITY - CURRENCY HEDGED Vanguard USD Emerg Mrkts Govt Bd ETF 92 93 - - VDET $ 96 IRL iShares JPX-Nikkei 400 EURH ETF Acc 104 118 - 0.25 NK4E € 50 IRL X USD Emerging Mkts Bd Qual Wght ETF 1D 91 92 - 0.37 XQUA $ 61 IRL iShares MSCI Japan EUR Hedged ETF Acc 104 119 137 0.64 IJPE € 2,373 IRL GLOBAL EMERGING MARKETS BOND - EUR BIASED iShares MSCI Japan GBP Hedged ETF Acc 109 115 112 0.64 IJPH £ 192 IRL iShares MSCI Japan SRI EURH ETF Acc 103 117 - 0.35 SUJS € 54 IRL iShares JP Morgan $ EM Bond EURH ETF Dis 93 105 135 0.50 EMBE € 2,114 IRL iShares MSCI Japan USD Hedged ETF Acc 104 106 130 0.64 IJPD $ 496 IRL Lyxor JPX Nikkei 400(DR)ETF DlyHdg C GBP 109 115 114 - JPXX £ 729 LUX GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCY Lyxor JPX Nikkei 400(DR)ETF DlyHdg C USD 103 105 130 - JPXU $ 729 LUX Nomura JPX-Nikkei 400 Net TR Dly $Hg ETF 102 104 - - NJXU $ 13 IRL ETFS Lombard Odier IM EM Lcl GvtBdFdm GO 96 100 - 0.55 LOCL $ 226 IRL Nomura JPX-Nikkei 400 Net TR Dly Hg ETF 106 120 - - NJXE € 51 IRL iShares JPMorgan EM Lcl Govt Bd ETF$Dist 97 102 123 0.50 IEML $ 5,578 IRL Nomura Nikkei 225 EUR-Hedged ETF 109 121 - 0.60 NXKE € 31 IRL PIMCO EM Advtg Lcl Bd Res ETF Acc USD 96 100 130 - EMLB $ 227 IRL Nomura Nikkei 225 USD-Hedged ETF 106 106 - 0.60 NXKU $ 20 IRL PIMCO EM Advtg Lcl Bd Res ETF Inc USD 97 101 131 - EMLI $ 227 IRL Source JPX-Nikkei 400 ETF USD Hedged 105 107 - - N4US $ 285 IRL SPDR® Blmbrg Bcly EM Lcl Bd ETF 97 101 122 0.55 SYBM $ 2,711 IRL UBS ETF MSCI Japan GBPH A acc 109 - - - UB0C £ 844 LUX VanEck Vectors JP Morgan EM LC Bd ETF A$ 96 - - - G2X1 $ 41 IRL UBS ETF MSCI Japan GBPH A dis 109 - - - UB0D £ 844 LUX GLOBAL EMERGING MARKETS CORPORATE BOND WisdomTree Japan Equity ETF GBP Hedged 111 115 - 0.45 DXJP £ 247 IRL WisdomTree Japan Equity ETF USD Hdg Acc 105 - - - DXJA $ 247 IRL iShares JPMorgan $ EM Corp Bd ETF $ Dist 93 93 129 0.50 IS0Q $ 242 IRL WisdomTree Japan Equity ETF USD Hedged 105 105 - 0.48 WTDX $ 247 IRL SPDR® BofA Merrill Lynch EM Corp Bd ETF 93 93 128 0.50 SYBE $ 13 IRL X JPX-Nikkei 400 ETF 2D - GBP Hedged 109 115 - - XDNG £ 270 IRL X JPX-Nikkei 400 ETF 4C - USD Hedged 103 105 - - XDNU $ 270 IRL GLOBAL EMERGING MARKETS EQUITY X MSCI Japan ETF 2D - USD Hedged 104 106 130 0.60 XMUJL $ 3,602 LUX FT Emerging Markets AlphaDEX® ETF A USD 106 121 162 - FEM $ 49 IRL X MSCI Japan ETF 6C - GBP Hedged 109 115 112 0.60 XMJG £ 3,602 LUX HSBC MSCI Emerg Mkts ETF 104 118 143 0.40 HMEM $ 308 IRL JAPAN LARGE-CAP EQUITY iShares Core MSCI EM IMI ETF USD Acc 103 117 142 0.25 EMIM $ 6,866 IRL iShares Edge MSCI EM Mini Vol ETF $ Acc 102 110 127 0.40 EUNZ $ 446 IRL iShares Core MSCI Japan IMI ETF USD Acc 107 111 152 0.20 IJPA $ 3,151 IRL iShares EM Dividend ETF USD Dist 99 107 131 0.65 EUNY $ 256 IRL iShares MSCI Japan ETF USD Acc 106 109 146 0.48 SXR5 $ 363 IRL iShares MSCI EM ETF USD Acc 104 118 142 0.68 IEMA $ 800 IRL iShares MSCI Japan ETF USD Dist 106 109 145 0.59 IJPN/L $ 1,522 IRL iShares MSCI EM SRI ETF USD Acc 104 116 - 0.35 QDVS $ 118 IRL iShares MSCI Japan SRI ETF 105 - - 0.30 SUJP $ 20 IRL Lyxor FTSE Emerging Minimum VarETF C USD 101 107 - 0.40 MVMX $ 18 LUX Source MSCI Japan ETF 102 105 139 0.45 SC0I $ 14 IRL PowerShares FTSE EM Hi Div LwVol ETF$Inc 101 108 - 0.16 EMHD $ 16 IRL Source STOXX Japan Exporters A USD 106 111 - - JEXE $ 6 IRL Source MSCI Emerging Markets ETF 103 117 141 1.05 EMSM $ 556 IRL Vanguard FTSE Japan ETF 107 110 149 0.19 VJPN $ 1,460 IRL SPDR® MSCI Emerging Markets ETF 103 117 143 0.42 SPYM $ 258 IRL WisdomTree Japan Equity ETF JPY Acc 108 109 - 0.40 WTIZ $ 247 IRL SPDR® S&P Emerging Markets Dividend ETF 108 115 130 0.55 SPYV $ 145 IRL X MSCI Japan ETF 1C 106 110 146 0.50 DBXJ $ 3,602 LUX Vanguard FTSE Emerging Markets ETF 103 114 139 0.29 VDEM $ 1,228 IRL WisdomTree Emerging Mkts Eq Inc ETF 106 114 138 0.46 DEMD $ 27 IRL JAPAN SMALL/MID-CAP EQUITY WisdomTree Emerging Mkts Eq Inc ETF Acc 106 115 - 0.46 WTD8 $ 27 IRL X MSCI Emerging Markets ETF 1C 103 - - - XMME $ 703 IRL iShares MSCI Japan Small Cap ETF USD Dis 106 114 173 0.58 IDJP $ 751 IRL GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITY KOREA EQUITY iShares MSCI EM Small Cap ETF USD Dist 104 112 138 0.74 IEMSz $ 335 IRL HSBC MSCI Korea ETF 108 121 163 0.60 HKOD $ 8 IRL SPDR® MSCI Emerging Markets SmallCap ETF 103 110 140 0.55 EMSCz $ 60 IRL LATIN AMERICA EQUITY WisdomTree Emerging Markets SmCp Div ETF 105 115 149 0.54 WTED $ 14 IRL HSBC MSCI EM LA ETF 103 111 139 0.60 HMLD $ 13 IRL GLOBAL EQUITY - CURRENCY HEDGED iShares MSCI EM Latin Amer ETF USD Dist 103 110 137 0.74 LTAM $ 441 IRL iShares MSCI World EUR Hedged ETF Acc 103 116 148 0.55 IWDE € 1,442 IRL MONEY MARKET - OTHER iShares MSCI World GBP Hedged ETF Acc 108 113 123 0.55 IGWD £ 220 IRL Lyxor MSCI World ETF Mthly Hdg D-USD A/I 102 104 142 0.30 WLDU $ 1,571 FRA Commerzbank CCBI RQFII Mny Mkt ETF A 99 100 - - CCMR 254 GBR Lyxor SG Global Qual Inc NTR ETF MH CGBP 98 101 - - SGQX £ 988 LUX Commerzbank CCBI RQFII Mny Mkt ETF B 94 96 - - CCMG £ 254 GBR Vanguard Glb Min Vol ETF Shr USD Acc 96 98 - - VDMV $ 10 IRL Commerzbank CCBI RQFII Mny Mkt ETF C 97 100 - - CCME € 254 GBR X MSCI World ETF 2D - GBP Hedged 108 - - - XDWG £ 2,627 IRL Lyxor Fed Funds US Dollar Cash ETF C USD 94 91 - 0.09 FEDF $ 32 LUX Lyxor Smart Cash ETF C GBP 100 100 - 0.12 CSH2 £ 645 LUX GLOBAL EQUITY INCOME Lyxor Smart Cash ETF C USD 95 92 - 0.16 - $ 645 LUX Fidelity Global Qual Inc ETF Inc 104 - - - FGEQ $ 37 IRL X II GBP Cash Swap ETF 1D 100 100 101 0.15 DXS1 £ 90 LUX iShares MSCI World Qual Div ETF USD Dist 95 - - - WDQV $ 12 IRL X USD Cash Swap ETF 1C 94 91 114 0.15 3011 $ 25 LUX Lyxor SG Global Qual Inc NTR ETF C GBP 93 96 124 0.45 SGQL £ 988 LUX OTHER AMERICAS EQUITY Lyxor SG Global Qual Inc NTR ETF D GBP 93 96 123 0.45 SGQP £ 988 LUX Vanguard FTSE All-World High Div Yld ETF 100 103 136 0.29 VHYL $ 483 IRL HSBC MSCI Capped ETF 85 101 101 0.60 HMED $ 8 IRL UBS ETF MSCI Canada GBPH A acc 105 103 - 0.43 UC87 £ 572 LUX GLOBAL FRONTIER MARKETS EQUITY UBS ETF MSCI Canada GBPH A dis 101 102 - 0.43 UC88 £ 572 LUX X S&P Select Frontier Swap ETF 1C 110 117 163 0.95 DX2Z $ 126 LUX X MSCI Mexico ETF 1C 83 99 99 0.65 D5BI $ 59 LUX GLOBAL HIGH-YIELD BOND OTHER ASIA-PACIFIC EQUITY iShares Fallen Angels HY CorpBd ETF $Dis 97 99 - 0.50 WING $ 320 IRL HSBC MSCI ETF 109 114 112 0.60 HMYD $ 4 IRL iShares Global HY Corp Bd ETF USD Dist 95 97 127 0.50 HYLD $ 647 IRL OTHER BOND GLOBAL HIGH-YIELD BOND - GBP HEDGED FinEx Tradable Russian Corp Bds ETF USD 95 95 148 0.50 FXRU $ 42 IRL iShares $ Floating Rate Bd ETF EURH Dist 96 - - - FLOE € 137 IRL BMO Barclays Global Hi Yld Bd (GBPH) ETF 100 102 - - ZHYG £ 68 IRL UBS ETF BlombgBarcl US Liq Corp GBPH A 97 100 103 0.23 UC85 £ 661 LUX iShares Global HY Corp Bd GBPH ETF Dist 100 102 109 0.55 GHYS £ 105 IRL UBS ETF BlombgBarcl US LqCrp1-5Yr GBPH A 98 99 103 0.23 - £ 825 LUX GLOBAL INFLATION-LINKED BOND OTHER EUROPE EQUITY iShares Global Infl Lnkd GovBd ETF $ Acc 95 96 119 0.25 IGIL $ 531 IRL WisdomTree ISEQ 20® ETF 97 108 - 0.49 WTIE € 17 IRL GLOBAL INFLATION-LINKED BOND - GBP HEDGED OTHER INFLATION-LINKED BOND X II Global Infl-Lnkd Bd ETF 3D GBP H 98 99 108 0.25 XGIG £ 1,057 LUX Lyxor US TIPS (DR) ETF MthlyH D GBP 98 - - - TIPH £ 515 LUX GLOBAL INFLATION-LINKED BOND - USD HEDGED SPDR® Blmbrg Bcly EM Infl Lnkd Lcl BdETF 95 98 122 0.55 SYBI $ 53 IRL UBS ETF BlombgBarcl TIPS 1-10 GBPH A acc 98 98 - 0.25 UBTP £ 780 LUX X II Global Infl-Lnkd Bd ETF 2C USD H 93 91 122 0.25 XG7U $ 1,057 LUX EQUITY GLOBAL LARGE-CAP BLEND EQUITY iShares MSCI Poland ETF USD Acc 94 117 129 0.74 IPOL $ 77 IRL HSBC Economic Scale Worldwide Equity ETF 104 108 141 0.25 HEWD $ 321 IRL HSBC Multi Factor Worldwide Equity ETF 103 109 143 0.25 HWWD $ 182 IRL PROPERTY - INDIRECT EUROPE iShares Ageing Population ETF USD Acc 101 106 - 0.40 AGED $ 149 IRL iShares Core MSCI World ETF GBP H Dist 108 - - 0.20 IWDG £ 9,337 IRL iShares MSCI Target UK Rl Est ETF £ Dist 98 101 - 0.40 2B7N £ 40 IRL iShares Core MSCI World ETF USD Acc 102 106 143 0.20 IWDA $ 9,337 IRL PROPERTY - INDIRECT GLOBAL iShares Dow Jones Glb Sust Scrn ETF $Acc 104 109 142 0.60 IGSG $ 99 IRL iShares Edge MSCI Wld Min Vol ETF $ Acc 97 100 141 0.30 IQQ0 $ 1,418 IRL HSBC FTSE EPRA/NAREIT Developed ETF 91 90 115 0.40 HPRD $ 83 IRL iShares Edge MSCI Wld Mltfct ETF $ Acc 106 111 - 0.50 IFSW $ 439 IRL SPDR® Dow Jones Global Real Estate ETF 90 87 112 0.40 SPYJ $ 104 IRL iShares Edge MSCI Wld Mom Fctr ETF $ Acc 111 120 163 0.30 IWFM $ 769 IRL iShares Edge MSCI Wld Qual Fctr ETF $Acc 104 107 144 0.30 IWFQ $ 377 IRL PROPERTY - INDIRECT NORTH AMERICA iShares MSCI ACWI ETF USD Acc 103 108 143 0.60 IUSQ $ 446 IRL iShares MSCI World ETF USD Dist 102 106 142 0.50 IWRD $ 3,949 IRL iShares MSCI Target US Rl Est ETF $ Dist 87 84 112 0.40 CEM1 $ 7 IRL MS Scientific Beta Glb Eq Fact ETF USD 102 106 143 - GEF $ 198 IRL iShares US Property Yield ETF USD Dist 85 80 110 0.40 IUSP $ 464 IRL Ossiam World Minimum Var NR ETF 1C USD 105 106 142 0.65 WDMV $ 18 LUX Source Rel Est S&P US Sel Sect ETF 87 87 - - XRES $ 14 IRL PowerShares Glb Buyback Achrs ETF USDInc 103 106 151 0.39 BUIB $ 90 IRL PROPERTY - INDIRECT OTHER Source Eq Factor Wld ETF 103 107 140 - EFIW $ 454 IRL Source MSCI World ETF 104 108 144 0.45 SC0J $ 530 IRL iShares UK Property ETF GBP Dist 98 101 95 0.40 IUKP £ 719 IRL SPDR® MSCI ACWI ETF 103 108 145 0.40 SPYY $ 921 IRL SPDR® MSCI ACWI IMI ETF 103 107 146 0.40 SPYI $ 45 IRL RMB BOND - ONSHORE Vanguard FTSE All-World ETF 102 107 143 0.25 VWRD $ 1,289 IRL Vanguard FTSE Developed World ETF 102 107 143 - VEVE $ 118 IRL X II Harvest China Government Bd ETF 1D 99 97 - - CGB $ 20 LUX Vanguard Glb Liqd Factor ETF Shr USD Acc 101 105 - - VDLQ $ 15 IRL Vanguard Glb Momt Fac ETF Shr USD Acc 106 112 - - VDMO $ 19 IRL RUSSIA EQUITY WisdomTree Glbl Eqlty Div Gr ETF USD 105 112 - 0.33 GGRP $ 8 IRL HSBC MSCI Russia Capped ETF 116 114 174 0.60 HRUD $ 182 IRL WisdomTree Glbl Eqlty Div Gr ETF USD Acc 104 110 - 0.33 GGRA $ 8 IRL Lyxor Russia DJ Russia GDR ETF D-GBP A/I 116 119 169 0.65 RUSL £ 522 FRA X FTSE All-World ex UK ETF 1C 103 107 - - XDEX £ 29 IRL Source RDX ETF 118 118 170 1.20 RDXS $ 16 IRL X MSCI World ETF 1C 102 106 142 0.19 XDWD $ 2,627 IRL X MSCI Russia Capped Swap ETF 1C 115 114 170 0.65 DBXV $ 222 LUX GLOBAL LARGE-CAP VALUE EQUITY SECTOR EQUITY AGRICULTURE iShares Edge MSCI Wld Val Fctr ETF $Acc 106 108 140 0.30 IWFV $ 1,202 IRL iShares Agribusiness ETF USD Acc 103 103 128 0.55 IS0C $ 70 IRL SPDR® S&P Global Div Aristocrats ETF 98 101 128 0.45 ZPRG $ 318 IRL Vanguard Global Value Factor ETF USD Acc 104 104 - - VDVA $ 114 IRL SECTOR EQUITY BIOTECHNOLOGY GLOBAL SMALL-CAP EQUITY Source NASDAQ Biotech ETF 94 99 109 - SBIO $ 363 IRL iShares Edge MSCI Wld Size Fctr ETF $Acc 102 107 143 0.30 IWFS $ 260 IRL SECTOR EQUITY COMMUNICATIONS SPDR® MSCI World Small Cap ETF 103 105 147 0.45 ZPRS $ 210 IRL Lyxor MSCI World TelecomSvcsTR ETF C USD 93 92 116 0.40 TELW $ 39 LUX HIGH-YIELD BOND - OTHER HEDGED SPDR® MSCI World Telecms ETF USD Acc 92 91 - - WTEL $ 5 IRL X MSCI World Telecom Services ETF 1C 93 92 - - XWTS $ 39 IRL PIMCO ST HY Corp Bd Sour ETF GBPH Inc 100 102 - - STHS £ 915 IRL PIMCO ST HY Corp Bd Sour ETF Inc EURH 96 105 133 - STHE € 915 IRL SECTOR EQUITY CONSUMER GOODS & SERVICES INDIA EQUITY iShares MSCI EM Consumer Gr ETF USD Acc 102 117 149 0.60 CEMG $ 15 IRL iShares S&P 500 Cnsmr Discr Sect ETF$Acc 111 110 - 0.15 IUCD $ 25 IRL WisdomTree India Quality ETF USD Acc 97 - - - WTD0 $ 7 IRL iShares S&P 500 Cnsmr Stpls Sect ETF$Acc 93 - - - 2B7D $ 5 IRL X Nifty 50 Swap ETF 1C 98 109 122 0.85 DBX7 $ 146 LUX Lyxor MSCI World Cnsmr Disc TR ETF C USD 109 112 148 0.40 DISW $ 36 LUX Lyxor MSCI World Cnsmr Stp TR ETF C USD 94 96 129 0.40 STAW $ 32 LUX EQUITY Source Cnsmr Discret S&P US Sel Sect ETF 111 110 160 0.30 XLYS $ 91 IRL Source Cnsmr Stapl S&P US Sel Sect ETF 93 90 128 0.30 XLPS $ 30 IRL HSBC MSCI Indonesia ETF 100 109 127 0.60 HIDD $ 25 IRL SPDR® MSCI Wld Cnsmr Discret ETF USD 110 113 - - WCOD $ 19 IRL ISLAMIC EQUITY - OTHER SPDR® MSCI World Cnsmr Stapl ETF 94 95 - - WCOS $ 21 IRL SPDR® S&P US Cnsmr Discret Sel Sect ETF 111 111 - 0.15 ZPDD $ 40 IRL iShares MSCI EM Islamic ETF USD Dist 102 120 139 0.85 ISEM $ 34 IRL SPDR® S&P US Cnsmr Staples Sel Sect ETF 93 90 - 0.15 ZPDS $ 14 IRL iShares MSCI USA Islamic ETF USD Dist 101 98 129 0.50 ISUS $ 33 IRL X MSCI World Consumer Dscrt ETF 1C 108 112 - 0.36 - $ 166 IRL X MSCI World Consumer Staples ETF 1C 94 95 - 0.37 XDWS $ 109 IRL ISLAMIC GLOBAL EQUITY iShares MSCI World Islamic ETF USD Dist 100 102 131 0.60 ISWD $ 103 IRL

www.WhatInvestment.co.uk 77 Exchange-traded funds

FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM FUND 6 MTHS 1 YR 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 (£m)SIZE DOM £ £ £ % (£m) £ £ £ % (£m) iShares S&P 500 GBP Hedged ETF Acc 111 116 132 0.45 IGUS £ 261 IRL SECTOR EQUITY ENERGY UBS ETF Fact MSCI USA LowVol H GBP A dis 104 107 - 0.35 ULOV £ 40 IRL ETFS US Energy Infrastructure MLP GO ETF 86 73 79 0.25 XMLP $ 31 IRL UBS ETF Fact MSCI USA PrmVal H GBP A dis 112 115 - 0.35 UPVL £ 25 IRL iShares S&P 500 Energy Sect ETF USD Acc 103 89 - 0.15 IUES $ 156 IRL UBS ETF Fact MSCI USA Qual H GBP A dis 109 114 - 0.35 UQLT £ 67 IRL Lyxor MSCI World Energy TR ETF C USD 103 95 108 0.40 NRGW $ 146 LUX UBS ETF Fact MSCI USA TtlShdYd H GBP A 108 111 - 0.35 UTSY £ 36 IRL Source Energy S&P US Select Sect ETF 104 89 103 0.30 XLES $ 169 IRL WisdomTree US Equity Inc ETF GBP Hdg Acc 101 101 - 0.35 DHSG £ 26 IRL Source Morningstar US Engy InfrasMLP ETF 91 76 79 - MLPS $ 512 IRL X S&P 500 ETF 2C - GBP Hedged 111 116 - - XDPG £ 1,065 IRL Source Mstar US Enrgy Infra MLP ETF B 91 76 79 - MLPD $ 512 IRL US LARGE-CAP BLEND EQUITY SPDR® MSCI World Energy ETF 103 95 - - WNRG $ 166 IRL SPDR® S&P US Energy Select Sector ETF 103 89 - 0.15 ZPDE $ 389 IRL First Trust US Lg Cp Cor AlphaDEX® A USD 106 105 146 0.66 FEX $ 118 IRL X MSCI World Energy ETF 1C 104 95 - 0.37 - $ 306 IRL HSBC S&P 500 ETF 105 107 154 0.09 H4ZF $ 2,272 IRL iShares Edge MSCI USA Mltfct ETF USD Acc 105 105 - 0.35 IFSU $ 94 IRL SECTOR EQUITY FINANCIAL SERVICES iShares Edge MSCI USA Momt Fac ETF $ Acc 114 130 - 0.20 QDVA $ 29 IRL iShares Edge MSCI USA Qual Fac ETF $ Acc 107 106 - 0.20 IUQF $ 11 IRL iShares S&P 500 Financials Sect ETF $Acc 112 110 - 0.15 IUFS $ 1,780 IRL iShares Edge S&P 500 Min Vol ETF USD Acc 102 101 150 0.20 IBCK $ 914 IRL Lyxor MSCI World Financials TR ETF C USD 106 109 151 0.40 FINW $ 63 LUX iShares MSCI USA SRI ETF USD Acc 108 109 - 0.30 QDVR $ 88 IRL Source Financials S&P US Select Sect ETF 112 110 173 0.30 XLFS $ 457 IRL iShares S&P 500 ETF USD Dist 104 105 151 0.40 IUSA/L $ 5,903 IRL SPDR® MSCI World Financials ETF USD Acc 106 109 - - WFIN $ 344 IRL iShares US Equity Buyback Achiev ETF$Acc 105 101 141 0.55 CEM2 $ 24 IRL SPDR® S&P US Financials Select Sect ETF 112 110 - 0.15 ZPDF $ 470 IRL Lyxor S&P 500 ETF D USD 104 106 153 0.17 LSPU $ 4,528 LUX X MSCI World Financials ETF 1C 106 109 - - - $ 288 IRL MS Scientific Beta US Eq Fact ETF USD 102 102 - - USEF $ 27 IRL SECTOR EQUITY HEALTHCARE Ossiam Shiller BclyCp®US SectValTR 1C$ 104 106 - 0.65 UCAP $ 1,118 LUX PowerShares S&P 500 VEQTOR ETF $ Inc 112 110 - 0.39 SPVX $ 3 IRL iShares Healthcare Innov ETF USD Acc 114 124 - 0.40 HEAL $ 165 IRL Source MSCI USA ETF 105 106 152 0.30 SC0H $ 56 IRL iShares S&P 500 Health Care Sect ETF$Acc 100 104 - 0.15 IUHC $ 657 IRL Source RBIS Equal Risk Equity US ETF 99 99 - - RUQR $ 4 IRL Lyxor MSCI World HealthCare TR ETF C USD 99 103 127 0.40 HLTW $ 223 LUX Source S&P 500 ETF 105 106 154 0.20 P500 $ 2,056 IRL Source Health Care S&P US Sel Sect ETF 100 104 136 0.30 XLVS $ 109 IRL SPDR® S&P 500 ETF 104 105 152 0.09 SPY5 $ 2,037 IRL SPDR® MSCI World Health Care ETF 98 102 - - WHEA $ 51 IRL VanEck Vectors Morningstar US WidMot ETF 104 104 - - GMVM $ 19 IRL SPDR® S&P US Health Care Select Sect ETF 100 104 - 0.15 ZPDH $ 63 IRL Vanguard FTSE North America ETF 105 106 151 - VNRT $ 100 IRL X MSCI World Health Care ETF 1C 98 102 - 0.37 - $ 176 IRL Vanguard S&P 500 ETF 104 105 152 0.09 VUSD $ 16,596 IRL WisdomTree US Eqlty Div Gr ETF USD 104 106 - 0.38 DGRP $ 6 IRL SECTOR EQUITY INDUSTRIAL MATERIALS WisdomTree US Eqlty Div Gr ETF USD Acc 106 109 - 0.38 DGRA $ 6 IRL iShares S&P 500 Indstr Sect ETF USD Acc 105 - - - 2B7C $ 5 IRL X MSCI USA ETF 1C 104 105 151 0.07 - $ 2,958 IRL iShares S&P 500 Matrls Sect ETF USD Acc 104 - - - 2B7B $ 3 IRL X MSCI USA Minimum Volatility ETF 1D 100 102 - - XMVU $ 6 IRL Lyxor MSCI World Materials TR ETF C USD 104 110 139 0.40 MATW $ 61 LUX X S&P 500 Swap ETF 1C 104 106 153 0.20 XSPUl $ 2,265 LUX Lyxor MSCI WorldIndustrials TR ETF C USD 109 114 157 0.40 INDW $ 70 LUX US LARGE-CAP GROWTH EQUITY Source Industrials S&P US Sel Sect ETF 106 106 155 0.30 XLIS $ 93 IRL Source Materials S&P US Select Sec ETF 104 106 138 0.30 XLBS $ 5 IRL Lyxor Russell 1000 Growth ETF Acc 108 115 165 0.40 RUSG $ 103 FRA SPDR® MSCI World Industrials ETF USD Acc 104 109 - - WNDU $ 30 IRL SPDR® MSCI World Materials ETF USD Acc 105 111 - - WMAT $ 14 IRL SPDR® S&P US Industrials Select Sect ETF 107 108 - 0.15 ZPDI $ 74 IRL US LARGE-CAP VALUE EQUITY SPDR® S&P US Materials Select Sect ETF 104 106 - 0.15 ZPDM $ 12 IRL BMO MSCI USA Income Leaders ETF USD 199 191 - - ZIUS $ 20 IRL X MSCI World Industrials ETF 1C 105 110 - - XDWI $ 37 IRL Fidelity US Quality Income ETF Acc 104 - - - FUSA $ 114 IRL X MSCI World Materials ETF 1C 104 110 - - XDWM $ 17 IRL Fidelity US Quality Income ETF Inc 106 - - - FUSD $ 114 IRL iShares Edge MSCI USA Val Fac ETF $ Acc 108 105 - 0.20 IUVF $ 1,136 IRL SECTOR EQUITY INFRASTRUCTURE iShares MSCI USA Quality Div ETF USD Dis 102 102 153 0.35 QDIV $ 206 IRL iShares EM Infrastructure ETF USD Dist 92 100 116 0.74 IEMI $ 74 IRL Lyxor FTSE US Qul LV Div DR ETF Dist A/I 101 - - - BUCK $ 8 FRA Lyxor FTSE USA Core Infras Cpd ETF D USD 99 - - - BILD $ 42 LUX Lyxor Russell 1000 Value ETF Acc 102 98 141 0.40 RUSV $ 18 FRA X S&P Global Infrastructure Swap ETF 1C 89 97 122 0.60 DX2E $ 254 LUX PowerShares FTSE RAFI US 1000 ETF USDInc 102 100 143 0.39 PSRF $ 240 IRL PowerShares S&P 500 HiDivLwVolETF$Inc 94 90 - 0.30 HDLG $ 204 IRL SECTOR EQUITY NATURAL RESOURCES SPDR® MSCI USA Value Wtd ETF USD 106 105 151 0.25 ZPRU $ 23 IRL SPDR® S&P 500 Low Volatility ETF 98 99 146 0.35 SPY1 $ 67 IRL iShares Global Timber&Forestry ETF $ Dis 105 114 147 0.65 WOOD $ 97 IRL SPDR® S&P US Dividend Aristocrats ETF 100 98 147 0.35 SPYD $ 1,629 IRL iShares Oil & Gas Explr&Prod ETF USD Acc 109 88 89 0.55 IS0D $ 148 IRL WisdomTree US Equity Inc ETF 97 94 137 0.29 DHSD $ 26 IRL SECTOR EQUITY OTHER WisdomTree US Equity Inc ETF Acc 102 98 - 0.29 WTD9 $ 26 IRL iShares Automation&Robotics ETF USD Acc 113 129 - 0.40 RBOT $ 1,610 IRL US MID-CAP EQUITY ROBO Global® Robotics and Atmtn GO ETF 111 125 180 0.80 ROBO $ 953 IRL iShares Edge MSCI USA Size Fac ETF $ Acc 104 102 - 0.20 IUSF $ 7 IRL SPDR® S&P 400 US Mid Cap ETF 103 99 144 0.30 SPY4 $ 646 IRL SECTOR EQUITY PRECIOUS METALS X Russell Midcap ETF 1C 103 101 - 0.35 XRSM $ 103 IRL ETFS DAXglobal Gold Mining GO ETF 82 84 122 0.65 AUCO $ 135 IRL iShares Gold Producers ETF USD Acc 82 82 117 0.55 IS0E $ 368 IRL US SMALL-CAP EQUITY VanEck Vectors Gold Miners ETF 83 84 - 0.51 GDX $ 81 IRL ETFS Russell 2000 US Small Cap GO ETF 104 101 145 0.45 RTWO $ 33 IRL VanEck Vectors Junior Gold Miners ETF 83 75 - 0.52 GDXJl $ 52 IRL First Trust US Sm Cap Core AlphaDEX® ETF 100 - - - FYX $ 1 IRL iShares S&P SmallCap 600 ETF USD Dist 103 99 149 0.40 IDP6 $ 601 IRL SECTOR EQUITY PRIVATE EQUITY Lyxor Russell 2000 ETF C-USD 102 100 144 0.40 RUS2 $ 3 FRA iShares Listed Private Eq ETF USD Dist 99 106 147 0.75 IPRV $ 334 IRL Source Russell 2000 ETF 103 100 143 0.45 SC0K $ 224 IRL SPDR® MSCI USA Small Cap Val Wtd ETF USD 103 95 135 0.30 ZPRV $ 77 IRL SECTOR EQUITY TECHNOLOGY SPDR® Russell 2000 US Small Cap ETF 103 100 144 0.30 ZPRR $ 367 IRL WisdomTree US SmallCap Dividend ETF 101 94 140 0.38 DESD $ 13 IRL ETFS ISE Cyber Security GO ETF Acc 112 111 - 0.75 ISPY $ 320 IRL X Russell 2000 ETF 1C 103 100 - 0.30 XRS2 $ 396 IRL iShares Digitalisation ETF USD Acc 109 116 - 0.40 DGTL $ 240 IRL iShares S&P 500 Info Tech Sect ETF$Acc 112 124 - 0.15 IUIT $ 709 IRL USD CORPORATE BOND Lyxor MSCI World Info Tech TR ETF C USD 112 123 186 0.40 TNOW $ 156 LUX Source KBW NASDAQ Fintech ETF 109 - - - FTEK $ 27 IRL iShares $ Corp Bond ETF USD Acc 92 - - - LQDA $ 4,617 IRL Source Technology S&P US Select Sect ETF 111 120 185 0.30 XLKS $ 558 IRL iShares $ Corp Bond ETF USD Dist 92 92 120 0.20 LQDA $ 4,617 IRL SPDR® MSCI World Technology ETF USD Acc 111 123 - - WTEC $ 80 IRL iShares $ Corp Bond Intr Rt H ETF $ Dist 97 94 122 0.25 IS3F $ 178 IRL SPDR® S&P US Technology Select Sect ETF 111 120 - 0.15 ZPDT $ 35 IRL iShares $ Floating Rate Bd ETF USD Dist 95 - - - FLOT $ 137 IRL X MSCI World Information Tech ETF 1C 111 123 - 0.36 XDWT $ 200 IRL iShares $ Intermdt Crdt Bd ETF USD Dist 92 - - - ICBU $ 46 IRL iShares $ Short Dur Corp Bd ETF USD Acc 93 - - 0.20 SDIA $ 2,013 IRL SECTOR EQUITY UTILITIES iShares $ Short Dur Corp Bd ETF USD Dist 93 91 116 0.20 SDIG $ 2,013 IRL iShares $ Ultrashort Bond ETF USD Dist 94 91 116 0.09 ERND $ 161 IRL iShares S&P 500 Utilts Sect ETF USD Acc 87 - - - 2B7A $ 4 IRL Lyxor $ ETF D USD 95 - - - BUOY $ 259 LUX Lyxor MSCI World Utilities TR ETF C USD 85 91 120 0.40 UTIW $ 15 LUX Lyxor USD Liq Inv GrdCorpBdsETF D USD 92 92 - 0.10 USIG $ 219 LUX Source Utilities S&P US Select Sect ETF 85 89 132 0.30 XLUS $ 6 IRL PIMCO LowDur US CorpBd Sour ETF USD Inc 94 92 121 0.39 LDCU $ 155 IRL SPDR® MSCI World Utilities ETF USD Acc 87 94 - - WUTI $ 3 IRL SPDR® Blmbrg Bcly 0-3 Yr US Corp Bd ETF 94 91 116 0.20 SYBF $ 94 IRL SPDR® S&P US Utilities Select Sect ETF 85 89 - 0.15 ZPDU $ 5 IRL SPDR® Blmbrg Bcly 10+ Yr US Corp Bd ETF 93 94 - 0.20 SYBN $ 79 IRL X MSCI World Utilities ETF 1C 87 94 - - XDWU $ 7 IRL SPDR® Blmbrg Bcly 3-10 Yr US Corp BdETF 92 91 - 0.20 SYBR $ 15 IRL SPDR® Blmbrg Bcly US Corp Bd ETF 92 92 - 0.20 SYB1 $ 31 IRL SECTOR EQUITY WATER UBS ETF BlombgBarcl US LqCrp1-5Yr USD A 93 91 117 0.18 UEF7 $ 825 LUX iShares Global Water ETF USD Dist 96 103 140 0.65 IH2O $ 468 IRL UBS ETF BlombgBarclMSCI USLqCpSu $ A dis 91 91 - 0.20 UC97 $ 91 LUX Vanguard USD Corporate Bond ETF 92 92 - - VDCP $ 67 IRL & NAMIBIA EQUITY X USD Corporate Bond ETF 1D 92 92 - 0.20 XDGU $ 662 IRL HSBC MSCI South Africa ETF 111 122 131 0.60 HZAD $ 3 IRL USD DIVERSIFIED BOND iShares MSCI South Africa ETF USD Acc 109 120 129 0.65 IRSA $ 144 IRL iShares US Aggregate Bond ETF USD Acc 92 - - - IUAA $ 794 IRL TAIWAN LARGE-CAP EQUITY iShares US Aggregate Bond ETF USD Dist 92 90 115 0.25 EUNX $ 794 IRL SPDR® Blmbrg Bcly US Aggt Bd ETF 92 90 115 0.10 SYBU $ 19 IRL HSBC MSCI Taiwan ETF 96 108 143 0.60 HTWD $ 9 IRL USD DIVERSIFIED BOND - SHORT-TERM EQUITY PIMCO USD Short Mat Source ETF 94 92 117 - MINT $ 2,209 IRL HSBC MSCI Turkey ETF 91 118 108 0.60 HTRD $ 5 IRL UK EQUITY INCOME USD GOVERNMENT BOND BMO MSCI UK Income Leaders ETF GBP 99 104 - - ZILK £ 34 IRL iShares $ Treasury Bd 1-3yr ETF USD Acc 93 - - - IBTA $ 1,905 IRL iShares UK Dividend ETF GBP Dist 96 98 101 0.40 IUKD £ 678 IRL iShares $ Treasury Bd 20+y ETF USD Dist 88 90 110 0.20 IS04 $ 427 IRL WisdomTree UK Equity Income ETF 96 99 - 0.29 WUKD £ 4 IRL iShares $ Treasury Bd 7-10yr ETFUSD Dist 89 89 112 0.20 BTMA $ 1,833 IRL iShares US Mortg Backed Secs ETF USD Dis 92 90 - 0.28 QDVP $ 521 IRL UK LARGE-CAP BLEND EQUITY iShares US Mortgage Backed Secs ETF $Acc 92 - - 0.28 IMBA $ 521 IRL First Trust UK AlphaDEX® A GBP 103 111 116 0.80 FKU £ 24 IRL Lyxor iBoxx $ Treas 7-10Y(DR)ETF D USD 89 89 - 0.07 US71 $ 12 LUX First Trust UK AlphaDEX® B GBP 102 109 - - FKUD £ 24 IRL Lyxor iBoxx $ Trs 3-5Y (DR) ETF D USD 92 89 - 0.07 US35 $ 11 LUX HSBC FTSE 100 ETF 99 104 117 0.07 H4ZB £ 151 IRL SPDR® Blmbrg Bcly 10+ Yr US Trs Bd ETF 88 90 - 0.15 SPPX $ 1 IRL iShares Core FTSE 100 ETF GBP Dist 99 104 118 0.07 ISF/L £ 5,415 IRL SPDR® Blmbrg Bcly 1-3 Yr US Trs Bd ETF 93 90 113 0.15 SYBW $ 96 IRL Lyxor FTSE All Share ETF A/I 99 104 118 0.40 LFAS £ 9 FRA SPDR® Blmbrg Bcly 3-5 Yr US Trs Bd ETF 93 91 - 0.15 SPP3 $ 3 IRL Ossiam FTSE 100 Minimum Var ETF 1C GBP 95 99 108 0.45 UKMV £ 16 LUX SPDR® Blmbrg Bcly 5-7 Yr US Trs Bd ETF 92 91 - 0.15 SPP5 $ 2 IRL Ossiam FTSE 100 Minimum Var ETF 1D GBP 93 97 99 0.45 UKMD £ 16 LUX SPDR® Blmbrg Bcly 7-10 Yr US Trs Bd ETF 89 89 - 0.15 SPP7 $ 2 IRL Source FTSE 100 ETF 98 103 116 0.35 SC0A £ 11 IRL SPDR® Blmbrg Bcly US Trs Bd ETF 91 90 113 0.15 SYBT $ 159 IRL SPDR® FTSE UK All Share ETF 99 104 118 0.20 SPYF £ 455 IRL Vanguard USD Treasury Bond ETF 91 90 - - VDTY $ 33 IRL UBS ETF MSCI UK IMI SRI GBP A dis 97 103 117 0.28 UKSR £ 87 IRL X II US Treasuries 1-3 ETF 1D 93 90 113 0.15 XUT3 $ 31 LUX Vanguard FTSE 100 ETF 99 103 117 0.10 VUKE £ 2,552 IRL X II US Treasuries ETF 1D 91 90 113 0.15 XUTD $ 228 LUX X FTSE 100 Equal Weight ETF 1D 100 106 - 0.11 XFEW £ 23 IRL X FTSE 100 ETF 1C 99 103 117 0.09 XDUK £ 124 LUX USD HIGH-YIELD BOND X FTSE 100 Income ETF 1D 99 103 116 0.30 XUKX/L £ 116 LUX iShares $ High Yld Corp Bd ETF USD Acc 94 - - - IHYA $ 3,200 IRL X FTSE All-Share ETF 1D 99 104 118 0.40 DBXZ £ 71 LUX iShares $ High Yld Corp Bd ETF USD Dist 94 93 124 0.50 IS0R $ 3,200 IRL iShares $ Short Dur HY CorpBd ETF $ Dist 95 93 124 0.45 SDHY $ 583 IRL UK LARGE-CAP VALUE EQUITY Lyxor BofAML $ High Yield Bd ETF D USD 94 99 - 0.45 UHYG $ 198 LUX Lyxor FTSE UK QualLow Vol Dd(DR)ETF DGBP 96 - - - DOSH £ 9 LUX Lyxor BofAML $ ST H Yld Bd ETF D USD 95 - - - HYST $ 88 LUX PowerShares FTSE RAFI UK 100 ETF GBP Inc 101 106 121 0.50 PSRU £ 8 IRL PIMCO ST HY Corp Bd Sour ETF Inc 95 94 128 - STHY $ 915 IRL PowerShares FTSE UK Hi Div LwVol ETF£Inc 96 93 - - UKHD £ 5 IRL PIMCO ST HY Corp Bd Sour ETF USD Acc 95 94 - - STYC $ 915 IRL SPDR® S&P UK Dividend Aristocrats ETF 92 93 98 0.30 SPYG £ 97 IRL PowerShares US HY Fallen Angels ETF $Inc 96 94 - 0.03 HYFA $ 40 IRL SPDR® Blmbrg Bcly 0-5 Yr US HY Bd ETF 95 93 126 0.40 SYBK $ 46 IRL UK MID-CAP EQUITY USD INFLATION-LINKED BOND HSBC FTSE 250 ETF 100 107 122 0.35 HMCX £ 39 IRL iShares FTSE 250 ETF GBP Dist 100 108 122 0.40 MIDD/L £ 866 IRL iShares $ TIPS 0-5 ETF USD Dist 94 - - - TIP5 $ 323 IRL Lyxor FTSE 250 ETF A/I 100 107 123 0.35 L250 £ 9 FRA Lyxor US TIPS (DR) ETF D USD 92 90 - 0.09 TIPU $ 515 LUX Source FTSE 250 ETF 100 107 123 0.35 SC0B £ 15 IRL SPDR® Blmbrg Bcly US TIPS ETF 93 90 - 0.10 SYBY $ 394 IRL Vanguard FTSE 250 ETF 100 107 123 - VMID £ 646 IRL X II US Treasuries Inflation-Lnkd ETF 1D 93 90 114 0.20 XUIT $ 8 LUX X FTSE 250 ETF 1D 101 108 123 0.35 DBXY 57 LUX £ USD MODERATE ALLOCATION US EQUITY - CURRENCY HEDGED SPDR® Morningstar Mlt-Asst Glb Infrs ETF 95 99 - 0.40 ZPRI $ 61 IRL BMO MSCI USA Income Leaders (GBPH) ETF 110 114 - - ZISG £ 11 IRL iShares Edge S&P 500 MinVol ETF EURH Acc 105 115 - 0.25 IS31 € 914 IRL VIETNAM EQUITY iShares S&P 500 EUR Hedged ETF Acc 106 119 159 0.45 IUES € 2,599 IRL X FTSE Vietnam Swap ETF 1C 140 145 154 0.85 DXS7 $ 254 LUX

78 www.WhatInvestment.co.uk Platform perspectives

Horses for courses Mark Polson gives the runners and riders in the platform stakes for a number of different types of investor

t’s spring, in case you hadn’t noticed, billion under management and a nice website. and as the snow melts it’s a good time The portfolios have done OK so far in terms to revisit the direct investing market in of performance, and communication is good. a bit more detail. I’m not sure there is much eVestor: Newer than Nutmeg and half the Iof an ISA season any more, but platforms price. Puts flesh-and-blood advice alongside continue to bid for your business at this time the online stuff. Still evolving as a proposition of year. So, instead of looking at issues around but has the potential to be quite swish. regulation, technology, tax and all that kind Wealthify: Recently bought by Aviva, of stuff, what I’ll do this month is simply give Wealthify is a nice, clean platform, now you a few platforms that I think are worth backed by a massive, financially strong your time if you’re looking for a venue to institution, which isn’t a bad thing at all. favour with your hard-earned. I’m going to break this down into three types: Do it yourself • Do it with me The irony of giving tips on which DIY • Do it for me platform to use isn’t lost on me. But we do • Do it yourself get a remarkable number of investors writing Within each section, I’ll offer a couple of to us and saying, ‘I don’t want anyone to tell options for different types of investors. me what to do; which platform should I use?’ Confused auto-investors, this list is for you: Do it with me iWeb: Part of the Lloyds family, iWeb is the Platforms in this segment stop short of giving ‘The irony of giving tips on choice of the cognoscenti who want to keep you investment advice, but do offer you a which DIY platform to use costs as low as possible and who aren’t fussed helping hand if you need it. All of them will at all about gimcracks and gewgaws like also let you do it yourself if you don’t want isn’t lost on me’ pretty-pretty mobile apps and nice-looking any help. You’ll often find that the investment websites. If you know what you want and you options they steer you towards are their know how to get it, then this is a very low- own; this will either bother you or it won’t, HL, a more modern website and a range of cost way to do it. Its £5 trades are legendary. depending on the level of conspiracy theory attractively priced Fiddy funds makes this a Interactive Investor: This is a very nice to which you cleave. solid choice. It’s particularly good for those all-rounder for those who aren’t absolute If you’re looking for someone to help who want a bit more help along the way. beginners. II recently took over TD Direct you along the way, I assume you’re not an and is quite a chunky monkey in terms of experienced investor, and so are unlikely to Do it for me size. It’s just had a big tech upgrade that be trading regularly. I also assume you’re If you’d like someone else to make the hasn’t been completely smooth, so you’ll read not chucking in hundreds of thousands of decisions for you but you don’t want to pay some moans, but I think it’s through that pounds. So let’s find someone who is easy to a flesh-and-blood adviser, this segment is now. It’s unusual (in this segment) in having use, has a preferred fund list and/or a series for you. In it you will find the robo-advisers a very credible pension proposition powered of risk-rated funds you can invest in, and is and similar services, the differences between by Barnett Waddingham. You pay a bit more, priced well for the more modest investor. which don’t really need to detain us here. but you also lots of free trades each year. Our shortlist, then: Pretty much any of these services will assess So there you have it – a few things to look Hargreaves Lansdown: Yes, it’s an obvious your risk, recommend a portfolio and sort it at as you feel the sap rising. Next month we’ll pick, but HL now has about £9 billion in its out for you in an ISA or general account. All get back to looking at what’s going on. I have own risk-rated funds, and added more clients of them invest in a range of ETFs, and most a feeling that Standard Life selling off its in a month last year than most platforms charge 1 per cent or so – perhaps a bit more back book to Phoenix and AJ Bell going for manage in a year. Still expensive, still good. when you include trading spreads (which an IPO will feature strongly. u Fidelity Personal Investing: The Lang most don’t disclose properly). Our finishers: Cat’s award-winner for this segment in 2017 Nutmeg: The biggest of the UK robos, Mark Polson is the founder of price comparison and still a very good pick. A bit cheaper than Nutmeg has a pension wrapper, over £1 website The Lang Cat

www.WhatInvestment.co.uk 79 Investment clubs

Knights of the Round Table Drawing their membership from the Bognor Regis Round Table, the Minton Investment Club has battled valiantly against the vagaries of the stock market for the past 30 years

n September of 1987, a group of current cash in their units. David continues, ‘Each weekend away, and previous excursions have and ex Bognor Regis Round Table group then allocates a member to present included dinner with our local MP in the members set up an investment club in their suggestions, and the club subsequently House of Commons with a private tour of the a bid to keep in touch after they all left the votes on a majority basis for their preferred Palace of Westminster, dinner at Brasenose Iorganisation. Out of the original 16 members, options.’ Interestingly, the club is strict in the College, Oxford University and dinner at eight still invest together through the Minton sense that no proposals are accepted unless Queens’ College, Cambridge University.’ Investment Club, and when members leave, the relevant group have held discussions, The first shares the club bought were in new participants have been drawn from other whether this is by email, Skype or a more UK-based industrial group GEC, which were former ‘tablers’ or ‘rotarians’. formal meeting. held until 1997. The group acknowledge Club spokesperson David Myers is one that, initially, they had a higher tolerance of of those founding members and has twice Business and pleasure risk, and their portfolio included a number held the position of chairman and treasurer The club meets monthly, alternating between of smaller listed companies, some of which within the set-up. Indeed, the club has a business meetings at members’ homes and ended up as write-offs. ‘We learnt our unique structure, in that it consistently has dinner meetings in local pubs and restaurants. lesson, and now we are much more risk- 16 members. Each year, a new chairman The social nature of the group is evident averse, focusing on companies in the FTSE undertakes the role, and he separates the as each year the chairman hosts a ‘Summer 350, ideally with decent yields and growth remainder into three groups of five members Chairman’s Party’, where members and prospects,’ David says. and a treasurer sits within one of these partners are invited to join the chairman at At present, the club has a portfolio of 22 groups. David explains, ‘Each group is then his house for a fun barbecue They also have shares, which over the year to January 2018 responsible for putting forward proposals at an annual sail from Chichester to Cowes on has experienced a 15 per cent gain. One of the the monthly business meeting for any share a member’s boat, with lunch at the Island longest-held shares is global drinks company sales and purchases.’ Sailing Club thereafter. Diageo, which has given them an 18 per Before each group meets, the treasurer In addition, David describes how every five cent average annual return (AAR) excluding informs them of the current cash balance years the Minton members and their partners dividends since it was bought in May 2005. available to invest or any cash requirements have an anniversary dinner to celebrate More recent purchases have included SSP – for example, if a member has asked to the club starting: ‘This normally involves a Group (55 per cent AAR), PhotoMe (36

80 www.WhatInvestment.co.uk Investment clubs

per cent AAR) and Unite Group (32 per David explains how, in the beginning, The club’s top ten holdings cent AAR). David acknowledges that the members were asked to pay a £50 subscription members chose these companies as they and then £20 monthly instalments, with the have strong management, good growth latter increasing to £25 over time. ‘We also Holding % of the portfolio prospects in their sectors and an attractive generate over £3,000 in annual dividends, dividend yield. and with disposal proceeds the cash is used Halma 10.2 to fund new investments, normally around Rio Tinto 8.4 Success stories £2,000 per company,’ David says. When recounting their most successful Over the years, the members have adopted EasyJet 7.9 investments, the Minton Investment club various approaches to limit falls, whether Diageo 7.1 highlight oilfield services provider Petrofac, it’s using stop-losses or individual members Intercontinental Hotels 7.1 which they held from November 2007 monitoring stock performance between and have only recently disposed of as they meetings. They say that none of these Hill & Smith 5.0 took significant profits from the group over methods have been very successfully, as when GVC 4.8 the years. They also recognise that Halma shares are sold after reaching a stop-loss, most has been a strong performer since it was seemed to recover after a few weeks! 4.8 purchased a decade ago. The Minton Investment club close by 4.3 The club has a set of rules that was agreed advising those looking to set up an investment upon at the start and was based on those club to get together with like-minded people GKN 4.3 of the National Association of Investment who want to take investment seriously but Total 63.9 Clubs. The club has amended the rules a also want a balance of having a good time too. number of times over its existence, particularly ‘Having a set of rules, monthly accounts and to clarify the process when members want to minutes all assist in giving the club a structure this to be very helpful over our 30 years of cash in some of their units. going forward, and we have notably found existence,’ concludes David. u

The Share Centre’s view

Graham Spooner is investment research analyst at The Share Centre The group’s focus, after interest and relaxing the heavier exposure. the fact that they continually monitor the poor experience with There has been a mixed performance portfolio’s performance and undertake as the smaller companies, in the Engineering sector of late, and I much research as possible before moving is geared to larger blue- wouldn’t want them to lose out given the forward. I feel that other investment clubs chip companies, which huge successes they’ve had over the past could benefit from this way of thinking, is understandable, three decades. This strategy could go back to particular when membership is ten or more. but in some ways a their bad experiences in the past, but I also I am particularly impressed with the shame because smaller respect the fact that the group has dipped its emphasis that the Minton members put companies can be more interesting to follow toes into the ETF market, which is a good on the social element of being involved in for an investment club of this maturity and way to gain quick exposure to other areas an investment club. As well as alternating expertise. I understand that in the club there of the market. I genuinely believe that they between business meetings and dinner is a wide range of professions, including might find paddling outside the FTSE 350 meetings, it’s encouraging to see the solicitors, accountants, engineers, surveyors, more interesting, and hopefully rewarding. members inviting their partners and family bankers, doctors and dentists, and therefore The club has a distinctive way of choosing members to summer parties and having an there is a huge amount of experience and their investment ideas, by creating miniature annual sail and lunch meet. knowledge to draw upon. clubs within the overall investment club. I respect that the associates describe The portfolio of 22 investments is about This is a very interesting strategy, and I’d the benefits of being part of an the right size for this group. I do notice, hope that it’s a good way for members to investment club as a way to debate and however, that they have around 42 per participate by researching new sectors and make decisions in a ‘friendly and fun cent of their holdings in just two sectors learning from peers. The investment club environment with the opportunity of – Engineering and Travel & Leisure. The appears to be well run, and it’s good that getting decent return on capital’. That’s remainder of the portfolio covers most the members are strict with their rules, what it’s all about – encouraging those sectors, but their weightings are obviously particularly with regard to proposals not who may not have wanted to invest on much lower, so something to consider in the being accepted if they haven’t been discussed their own to have the confidence to do so future could be building on other sectors of within the sub-group. Moreover, I respect with friends and colleagues.

www.WhatInvestment.co.uk 81 The last word

Growing pains Terry Bond offers some advice on recruiting new members to an investment club and what constitutes a reasonable monthly subscription

nvestment clubs are a phenomenon that The second query we have is rather related booms or bursts according to the stock to the first. When we started the club, the market’s financial climate. They were monthly sub was £40 a month. Time has born in the US in the 1950s, flourished in the pushed this up to £120 a month, and now IUK in the 70s, floundered a bit in the 80s as there is a rather radical suggestion on the the stock market hiccupped, gradually grew in table that instead of asking ‘strangers’ to join numbers during the decades either side of the we increase the sub to £500 a month. That century change then dwindled again as we way we will have a healthy amount to invest experienced another cycle of uncertainty. at each meeting. At one point there were over 12,500 clubs Your old mate, Mac. registered in Britain. Now I guess that figure has halved. However, all is not doom and Caution is the name of the game gloom. Those clubs still in existence seem My reply to Mac was as follows: to be here to stay. Each month, the previous Dear Mac, two pages of What Investment report on Lovely to hear from you. I well recall the A pioneer of the investment club the activities of successful clubs that are Medditup meeting, and the delicious Banks’s movement, Terry Bond has been a usually making reasonable profits, and most beer that slipped down so easily! private investor for three decades. of them are achieving the principal aims of There is no right or wrong number for the He is a member of the London-based their monthly meetings, which are to learn membership of an investment club. Anything Mashed Pesetas club. how to trade shares and to make profits. between two and 20 is fine (over that number is becomes difficult to manage). And, while it Long in the tooth seems sensible to recruit new blood, be very Hundreds of these established clubs have ‘All is not doom and gloom – careful who you choose as new members and been in existence for 20 years or more now – those clubs still in existence how you do so. long enough for most of them to have built You mention that the Medditups are a a comfortable nest egg for the future of their seem to be here to stay’ cliquey lot; that’s OK, but there’s a real danger members. Well done them, but a letter this that any newcomer will feel an outsider. I month from an old friend has reminded me was a member of a ten-strong club where our that such success can bring its own problems. never seem to agree on. First, our membership recruitment drive doubled the membership. Mac Scott, erstwhile secretary of the has dwindled from a high of 20 fellows down It increased our breadth of knowledge and Medditup club in the West Midlands, wrote: to nine. The drop has been insidious rather buying power, but also resulted in a separate Dear Terry, than deliberate; people have left the club for clique of people with very diverse personalities Long time, no speak. You will hopefully unrelated reasons ranging from moving work and opinions. Meetings became so fractious remember that you gave a talk to the location to dropping dead, but the fact is that and unpleasant that within six months the Meddituppers in 1996, shortly after the club we have not had a new member for ten years, membership voted to disband. got going. As I remember it, your tips on how and the truth is there’s no great appetite to To your second query: don’t put the monthly to run an investment club outshone your tips recruit anyone. sub up to £500 – it’s too much. No matter on selecting winning shares, but never mind The remainers have all become close friends, how well you know your fellow members you – we’ve soldiered on, and over time we have our partners have joined us on the social can never be sure who can afford what, and become quite good at the game. Most years occasions we organize two or three times a £6,000 a year is a significant sum. No matter we show a profit. There have been a couple of year and they too have become friends. To how defensive your club portfolio is, there’s healthy cash distributions, and the war chest be honest, we are now a comfy, cosy clique always an element if risk involved, and unless is building up towards another payout in the of mainly retired old farts who don’t want or you are sure every member can just shrug off near future. need to go to the trouble of cultivating and a disastrous year, stick to a relatively small I’m writing now for your guidance on a educating new acquaintances. But are we too subscription and continue to enjoy the ride. couple of points that we debate endlessly but few? Should we look for more members? Terry. u

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* £29.99 for the first year, rising to the standard subscription rate (currently £38.80 per year) thereafter MID WYND INTERNATIONAL INVESTMENT TRUST

These global hunters chart a carefully measured course.

HE Mid Wynd hunters are free to hunt Profits T in both developed and emerging markets, exploiting global trends like robotics and e-commerce. But with over 70 years’ combined experience between them, they’ve Fig. 1: learned to take a prudent approach to The Mid Wynd hunters portfolio construction; considering spy another Global Profit. with care the likelihood of losses alongside Profits – flying neither too high nor too low. And holding a portion in cash if and when they think equity prices are sky-high. Compared to other Global Equity funds, it’s a strategy that aims both to reduce volatility and to protect

capital. Indeed their overall style is The value of any investment, and any DISCRETE ANNUAL PERFORMANCE characterised by discipline and value income from it, can rise and fall 2017 2016 2015 2014 2013 12 months to 18.3% 24.4% 12.6% 11.8% 27.0 % for money. A measured, straight and with movements in stockmarkets, 31 December MSCI AC level approach. currencies and interest rates. These 13.2% 28.7% 3.3% 10.6% 20.5% World NR GBP Please ensure that you understand can move irrationally and can be Please remember that past performance is not a whether this fund is suitable for affected unpredictably by diverse guide to the future. Source: Artemis, mid to mid in sterling. All figures show total returns with you. We recommend that you get factors, including political and dividends reinvested. independent financial advice before economic events. This could mean making any investment decisions. that you won’t get back the amount This information does not constitute you originally invested. The fund’s an offer, invitation or solicitation to past performance should not be deal in the securities of this fund. considered a guide to future returns.

To find out more about the Trust, speak to your financial adviser or visit artemisfunds.com/midwynd The Trust’s past performance should not be considered a guide to future returns. The Trust may invest in emerging markets, which can involve greater risk than investing in developed markets. More volatility (sharper rises and falls in unit/share prices) can be expected. It may invest in the shares of small and medium-sized companies. Shares in smaller companies carry more risk than larger, more established companies because they are often more volatile and, under some circumstances, harder to sell. Information for reliably determining the value of smaller companies – and the risks that owning them entails – can be harder to come by. It may borrow money to make further investments, an investment approach known as ‘gearing’. This can enhance investment returns in rising markets but will reduce returns when markets fall. Third parties whose data may be included in this document do not accept any liability for errors or omissions. For information, visit artemisfunds.com/third-party-data. Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority. Financial advisers and retail investors: The Trust currently conducts its affairs so that the shares in issue can be recommended by financial advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (“FCA’s”) rules in relation to non-mainstream investment products and intends to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

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