INCLUDING: The implications of Brexit for shares, bonds, property and more

Issue 401 August 2016 £4.50 www.whatinvestment.co.uk

MONEY MAKERS GO GO TOKYO? GLOBE TROTTER Where is the value for The opportunities We track down the income investor in available in the Investec manager today’s markets? Japanese market Blake Hutchins No wonder investors love property

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hatever else the EU investor. Such dislocations were amplified by VITESSE EVENTS the aftermath of the referendum result. In this Head of Events Ben Brougham 020 7250 7051 referendum result does, it has Events Manager Jenna Read 020 7250 7050 shone a bright, but murky, month’s magazine we look at where the value may have emerged for income investors from light on the character of our politicians. VITESSE MEDIA PLC Whichever side they were on, they seemed the recent turbulence. Despite the brutal, Executive Chairman Chris Ingram 020 7250 7010 W Chief Executive Officer Niki Baker 020 7250 7042 blunt impact on the market of the Brexit eager to extrapolate from the flimsiest of Sales Director Tim Griffiths 020 7250 7032 facts the firmest of rhetoric. With the result result, the flux that has ensued at the political Director of Digital and Social Media Jonathan Sumner 020 7250 7039 announced, the slabs of political sophistry are level has caused the share prices of banks and slowly being peeled away. other sectors to fall. However, as the fog of Email format: [email protected] This issue of What Investment is dedicated uncertainty disappears, the gyrations of share to the task of unravelling from the reams of prices settle, and some opportunities for value speculation the actual impact of the UK’s will be created. decision to leave the EU. Given the sheer deluge of noise, claim and We hope that during the time between the counterclaim that faced investors in the days Follow @whatinvestment on Twitter vote happening and this magazine hitting the before and after the referendum, it would be Like What Investment on Facebook shelves some of the hyperbolic proclamations eminently reasonable for investors to take a Join What Investment on LinkedIn will have distilled into the sort of common ‘plague on all their houses’ approach, and Follow What Investment on Google+ sense that is of far more use to value and invest in the markets and assets that appear to income investors than the machinations of have absolutely no link to the referendum. politicians with a gallery to please, and an With that perspective in mind, we have What Investment is published by Vitesse Media Plc, Vitesse Media, 5th Floor, 14 Bonhill Street, London EC2A 4BX, Tel: 020 7250 7010. ambition to chase. gathered the thoughts of a slew of prominent An annual subscription to What Investment costs £38.80 for 12 investors to understand where the value is issues (UK), £48.80 (Europe) and £68.80 (rest of the world). Claims Property concerns in Japan, one of the few markets that look for non-delivery must be made within 14 days. Our cover feature this month looks at the case exempt from the impact of world affairs, Member of ABC for investing in property. Whatever the result though it’s an economy that has domestic Average monthly circulation – of the referendum, the UK economy has been problems aplenty. January to December 2015: 7,083 pregnant with uncertainty for some time, and It is worth considering that the Japanese yen property is an asset class that typically bears has performed well this year, as a safe haven ADVICE TO READERS: Information carried in What Investment is checked for accuracy, the brunt of any investor nerves. Conversely, during a time of trouble, and may aid the case but we recommend that you make enquiries and, if necessary, many investors were nervous about owning for Japanese stocks this year. take legal advice before entering into any transactions. property assets in 2016 due to fears that For many investors, Japan’s economy interest rates would rise or that valuations also offers a glimpse into the future – the ISSN 0263 953X. © Vitesse Media Plc. would be excessive. ageing population, sclerotic pace of political All rights reserved in respect of all articles, drawings, photographs, etc That farrago of considerations is explored reform and deflation are portents for other published in What Investment anywhere in the world. Reproduction or imitations of these are expressly forbidden without permission in depth this month, to see where the economies around the world, particularly of the publishers. Editorial contributions requiring an answer should opportunities may lie. those in the Eurozone. be accompanied by a stamped self-addressed envelope. Conditions of sale and supply: this periodical is sold subject to the following Although the gyrations of the FTSE have So Japan is potentially a haven from the conditions, namely that it shall not, without the prior written consent been greying the hair of investors over the past strife of today, and offers an insight into of the publishers, be lent, resold, hired out or otherwise disposed of in a mutilated condition or in any unauthorised cover by way of trade. year, in truth the movements have been more the potential strife of the future. All advertising is subject to the terms of our current rate card. akin to the sideways shuffle than the limbo. Happy investing! u Severe movements in the valuations of Printed in England by Stephens & George Ltd. particular sectors and stocks are what throw David Thorpe News agency distribution by Comag Specialists, Tavistock Road, up buying opportunities for the alert private Editor West Drayton, Middlesex UB7 7QE, Tel: 01895 433800.

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Cover Story 34 On shaky foundations Regulars A farrago of concerns plagued News and views property investors at the * start of the year, and then 3 Editor ’s comment came Brexit – but is there an 6 News round-up opportunity amid the carnage?

Markets and asset allocation 18 Money makers * * Recent market volatility has 10 Prospero shunted equity valuations 14 Market chronicle around, but where is the value 28 Taxing matters for the income investor? 31 The property portal

* Funds in focus 26 The big interview – Blake Hutchins 22 The yen also rises 32 New offers * Japan is an economy in 48 The three best... UK smaller companies funds turmoil, but is now a good 81 Platform perspectives time to invest in the country’s stock market? * Pensions and retirement planning 50 Annuity rates 51 Tom McPhail

26 Globe trotter * Blake Hutchins established a Savings and tax rates strong reputation managing his * Investec Global Quality Equity 52 Borrowing rates Income fund when it was 53 Best ways to save Luxembourg based – now he 55 Tax rates and data has brought it to the UK

* Performance data 56 Unit trusts 71 Investment trusts Special section: 76 Exchange-traded funds 41 What Investment Trust In this month’s special section, we look at the opportunities Investor insight for investors within the AIC Flexible Investment sector and * 78 The Hare Supper Investment Club weigh up the attractions of those trusts that have adopted a 82 Terry Bond cautious stance for years

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

1 The three best FTSE 100 stocks to buy to profit from Brexit, but avoid Tesco shares 2 Stephanie Flanders: The best way to invest in the world after Brexit 3 The one FTSE 250 stock that has been made a bargain by Brexit, according to star investor Feed 4 Follow @whatinvestment on Twitter JP Morgan: The best income stocks to buy after Brexit 5 ews Why Brexit has made BT shares a poor income investment, by star investor N Month to 13 July 2016 Train buys more DMGT Star fund manager Nick Train, whose £2.6 avoid being crushed by the internet and, billion Lindsell Train UK Equity fund has preferably, find ways to enhance their returned 11 per cent over the past year products or services in a digital world. compared with a loss of just less than 1 per ‘I know you will regard it as incredible in cent for the average fund in the IA UK All current circumstances, but I also believe that Companies sector during the same period, these sorts of ideas – thinking through the has revealed the FTSE 100 stock he has impact of technology change – are far more been buying more of despite intense share important to the long-run value of your price weakness this year. The share in question is Daily Mail and General Trust. Shares in the company ‘As investors remember that it’s have dropped from £9.80 to £6.56 over new ideas that make the difference the past year. He commented, ‘We saw Daily Mail & and create the equity wealth’ General Trust management over the month and were reminded of the following. Nick Train ‘DMGT has made a total investment of equity investments than the fluctuations and £80 million into a property website/portal accounts for 16 per cent of DMGT’s market machinations of Brexit. As citizens we should – PrimeLocation.com – purchased in capitalisation. I report this to explain why we all watch those closely, but as investors December 2005. That £80 million all-in continue to add to our holding in DMGT, remember that it’s new ideas that make the cost has turned into a £170 million capital which has been a poor performer in 2016, but difference and create the equity wealth.’ distribution and a retained 31.3 per cent stake where we find significant value. But also The Lindsell Train UK Equity fund has in quoted successor company Zoopla. That because it seems to us that this sort of return weathered the Brexit-related storm in equity stake today is worth £350 million, for a total on smart investment in digital properties is markets well, largely thanks to the fund’s return on an £80 million investment of, so far, what investors need to be alert to. This is how holdings in three shares that are often viewed £520 million. real money is going to be made over the next as ‘defensive’: drinks giant Diageo, branded ‘By the way, the stake in Zoopla alone decade – finding companies that can, first, goods conglomerate Unilever and Relx.

Unilever shares ‘remain good value’ despite share price hike Mick Dillon, lead manager of the Brown Advisory Global Lifesciences. Dillon commented that the company has a Leaders fund, has asserted that while Unilever shares are not product that is a new method of performing open-heart ‘spectacularly cheap’, the consistent growth rates achieved by surgery that reduces the length of time the operation takes, as the company mean that the shares are good value. well as the length of time the patient must spend in hospital. Dillon and his co-manager, Bertie Thomson, place The managers next highlighted Visa and MasterCard, with particular emphasis on the ability of companies to deliver Thomson commenting that the growth of cashless payments a return on invested capital of around 20 per cent, and is a priority for global policymakers, and that boosts both noted that Unilever averages around 19 per cent a year Visa and MasterCard, which have 85 per cent of the market over 25 years. and receive a slice of every transaction. He added, ‘It is a 120-year-old company, and we think that The investors have no interest in investing in companies the economics of the business right now make it good value.’ that produce commodities, as they feel the companies cannot Another stock on which the managers are keen is Edwards develop brands of their own.

6 www.WhatInvestment.co.uk Feed NewsFollow @whatinvestment on Twitter Why investors should expect inflation Gold price will to triple as a result of Brexit continue to rise, says prominent analyst

Despite the move towards more ‘risk-on’ assets in recent days, investors should continue to expect the gold price to rise, according to Nitesh Shah, commodity strategist at ETF Securities. Positive economic data from the US, coupled with the view that the Bank of England will boost stock markets, and maybe economic growth, with an interest rate cut and perhaps more quantitative easing, has pushed many investors back into equities, The decision of UK voters to opt for an exit In terms of the wider economy, Zangana with the US S&P 500 hitting an from the European Union is likely to mean said, ‘In our view, the long-term impact on all-time high and the UK FTSE 100 that UK investors have to deal with a trebling the UK economy will be determined by how advancing significantly from the lows of the inflation rate in the coming months, much access to the single market the UK reached immediately after the EU according to Azad Zangana, senior manages to retain, how migration flows are referendum result. economist at Schroders. impacted by government policy, and how A US interest rate rise was expected He commented, ‘The depreciation in much the UK government manages to save in in the coming months, but the market sterling is likely to raise import prices and subscription costs. Most studies offer a range view is now that this will be delayed therefore overall inflation, causing demand of scenarios concluding that the most likely due to Brexit uncertainty, despite the for goods and services to fall as the outcome would be lower long-term potential positive economic data. That has purchasing power of households is eroded. growth compared to remaining in the EU. further boosted investor sentiment. Moreover, the worsening outlook for the ‘Restrictions on EU migration could cause But Shah commented that if labour market is likely to lead to an increase the UK labour market to become less flexible economic growth continues in the US in precautionary savings, exacerbating the fall to demand, raising the likelihood of more but rates don’t rise, the twin effects will in demand in the economy. pronounced wage, inflation and interest rate be a weakness in the value of the dollar Zangana added, ‘Overall, we expect GDP cycles. A more cyclical economy would not and a leap in inflation. growth to be considerably lower in the near only make recessions more frequent, but Because both the dollar and gold are term, and inflation to rise sharply. Our Brexit international investors could demand a traditionally viewed as safe havens, if the scenario estimated a fall of 0.9 per cent in discount on UK assets given the higher dollar is weakening, investors seeking a GDP by the end of 2017 compared to our volatility of expected returns.’ safe haven will turn to gold. baseline forecast, and an increase in the level The economist concluded his remarks with Additionally, higher inflation is a of CPI [Consumer Price Index] inflation of the comment, ‘Uncertainty will remain high positive for the gold price because the 0.6 per cent.’ for some time, and the full extent of the precious metal is traditionally seen as a A 0.6 per cent rise in inflation would take damage done to the economy will not be store of value, and holds it worth during the level to 0.9 per cent, triple the current visible for many years. In the near term, the inflationary periods, even as paper level, although this would still be less than UK is likely to experience a stagflationary currencies are depreciating in value. half the Bank of England’s own target. period of lower growth but higher inflation.’

www.WhatInvestment.co.uk 7 Feed NewsFollow @whatinvestment on Twitter Invesco Perpetual: Brexit probably won’t lead to recession in the UK John Greenwood, the veteran chief and the first half of next, ‘and part of that He commented that while currency economist at Invesco Perpetual, has asserted may be a technical recession, defined as two weakness pushes up the cost of imported that while there is ‘no doubt’ the economy consecutive quarters of negative GDP goods, and effectively imports inflation into will slow down in the wake of the Brexit growth, but that is not our base case’. the economy, commodity prices generally result, he doesn’t see the country tipping The economist added that the effect of the are weak, as is domestic demand. into recession. lower GDP could linger on past the middle Both of these factors would keep inflation He commented that the slowdown of next year. low. He feels that inflation would be in the economy will likely be felt in unlikely to rise above the 2 per cent a decline in the level of business target set by the Bank of England. He investment, ‘with signs already there of ‘The slowdown in the economy will commented that the last time inflation got weakening business confidence, with above that level, in 2012, commodity prices projects delayed and postponed’. likely be felt in a decline in the were much higher. Greenwood continued, ‘The problem for level of business investment’ He added that quantitative easing an analyst is to forecast the extent to which may also be deployed. On the previous that happens, because it is trying to measure occasions that quantitative easing was what doesn’t happen.’ implemented in the UK, asset prices rose He added that the rate of employment Greenwood next turned his thoughts to steeply. The theory behind quantitative growth in the economy will slow, particularly the outlook for inflation. The downward easing is that this boost in asset prices if companies do start to move staff abroad. spiral of the pound since the referendum makes people feel wealthier, causing Greenwood forecast that UK GDP would result has prompted fears that inflation them to spend or borrow more, and that approximately halve, from 2 per cent to 1 could shift sharply upwards. stimulates the economic activity necessary per cent, over the second half of this year But the economist is more circumspect. to drive growth.

Mundy places faith in Lloyds shares Alastair Mundy, who runs the £832 Such inflation would be bad for Lloyds Banking Group shares, despite million Temple Bar Investment Trust, companies such as Unilever, which the negativity that surrounds the which has returned 93 per cent over the Mundy refuses to own. He commented, banking sector following the EU past decade compared with 56 per cent ‘I know the news in the world says referendum result. for the average trust in the AIC UK Unilever is the stock to buy right now, Mundy agreed that Lloyds doesn’t Equity Income sector during the same not RBS or Tesco, but I think it is have exceptional growth potential, but time period, has asserted that Lloyds unfeasible, given that Unilever is such an can be a ‘boring income stock’. He Banking Group will be amongst the obvious and lazy buy [as a share] that I added, ‘As a value investor you don’t ‘winners’ in share price terms in the could in future convince someone to pay have to fight every fight; there is coming years. me a higher price for my Unilever shares nothing wrong with some easy wins. Mundy remarked that a central premise than I would have to pay now.’ ‘Lloyds could soon have a dividend of his investment case is that bond yields He added, ‘Unilever does a lot of yield of 8 per cent. Now in a world will rise, perhaps as a consequence of the business in emerging markets, and the where gilts yield less than 1 per cent, introduction of ‘helicopter money’ by rise of the dollar would damage the the market could come to view that as central banks eager to stimulate growth prospects there.’ unsustainable, and the shares would economic growth or inflation. In contrast, the investor is keen on rerate to a 5 per cent yield.’

8 www.WhatInvestment.co.uk SCOTTISH AMERICAN INVESTMENT COMPANY

SAINTS’ CORE BELIEF IS THAT INCOME, GROWTH AND DEPENDABILITY MAKE A POWERFUL COMBINATION.

TIME AFTER TIME. SAINTS (The Scottish American Investment Company) was founded way back in 1873 to invest in American railways but these days aims to deliver dividend growth ahead of any rise in inflation, mainly from a portfolio of global equities, though investments are also made in bonds and property. The Trust, which is managed by Baillie Gifford, seeks out attractive, quality companies which offer long-term growth potential rather than merely providing a high yield. SAINTS pays out a regular dividend every quarter. It has successfully grown its dividend every year for more than 35 years – over the last 10 years SAINTS has increased its dividend by 64% compared to a 27% rise in the Consumer Price Index.*

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Total dividend per ordinary share 9.45 9.8 10.2 10.5 10.7 (net) – pence per share* Past performance is not a guide to future returns.

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*Source: Baillie Gifford & Co, data as at 31 December 2015. Your call may be recorded for training or monitoring purposes. The Scottish American Investment Company P.L.C. is available through the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA, which are managed by Baillie Gifford Savings Management Limited (BGSM). BGSM is an affiliate of Baillie Gifford & Co Limited, which is the manager and secretary of The Scottish American Investment Company P.L.C. Markets and asset allocation

Prospero What Investment examines the latest movements in the UK stock market

he EU referendum result will, Sales were actually up 0.2 per cent, but on Marks & Spencer releases in the coming months, provide a like-for-like basis UK sales were down by disappointing Q1 results ample excuse for knaves and more than 4.3 per cent. The clothing and other underachievers who have failed to homeware division, which is a key part of achieve their goals. the business to the extent that when it New River Retail’s 11 per T How credible that strategy will ultimately grows the company does, showed a like-for- cent Q1 dividend increase prove to be amongst market participants is like decline of more than 8 per cent. open for debate, but the impacts of Brexit The new chief executive, Steve Rowe, has on different parts of the market are easy made growing the clothing division a focus Sales volumes up 6 per cent to decipher. of his business plan, though he commented at housebuilder Persimmon If the worst-case sort of scenarios put in the wake of the results that it was too forward by many of the more ardent early for the changes he has made to be felt advocates of the UK remaining in the in the results. EU come to fruition, then it is likely that Marks & Spencer left its full-year Top fund manager buys and sells consumer spending will be hit. forecasts unchanged. Further details of the turnaround plan are expected in November, TOP TEN BUYS Market disappointment and investors in the shares have a chunky 1 Lloyds Banking Group It is therefore admirable that in announcing yield to comfort them until then. 2 Legal & General Group its first-quarter results – numbers that 3 Capita disappointed the market – Marks & Retail destination 4 Bellway Spencer’s management did not try to use If investors are interested in switching 5 HSBC Holdings Brexit uncertainty as a justification. The their retail exposure to a part of the 6 Compass Group company said it was ‘too early’ to know market somewhat less reliant on the 7 AstraZeneca if the EU referendum result would have wealth of the nation than Marks & 8 WPP a material impact on the prospects for Spencer then property company New 9 Aviva the business. River Retail is a stock that may fit the bill. 10 Ladbrokes

TOP TEN SELLS 1 Centrica 2 BT Group 3 Rio Tinto 4 Royal Dutch Shell 5 Smith & Nephew 6 BP 7 ITV 8 Aviva 9 GlaxoSmithKline 10 Anglo American

What the table shows: Stocks that fund managers in the IA UK All Companies sector have been buying and selling most over the past month. Estimate based on funds’ top ten holdings data. Property company New River Retail has enjoyed a strong start to the year Source: FE Trustnet (12/7/15)

10 www.WhatInvestment.co.uk Markets and asset allocation

UK shares index performance (% growth) Stock Watch: Burberry to 30 June 2016

FTSE 100 Investors in clothing and accessory Additionally, the business seemed to FTSE 250 business Burberry are probably always lose much of its mojo when the chief FTSE AIM 100 going to have a bumpy ride. creative officer, Christopher Bailey, was FTSE All-Share The first sapling of this volatility is promoted to chief executive. Market Banks reaction to that promotion was tepid, the nature of any clothing brand – Beverages and positively hostile to the pay packet that it is subject to the whims of the Chemicals fashion-conscious. received by Bailey. Construction & Materials That sapling of uncertainty takes further All of that contributed to the share Electricity root when one realises that the company’s price of the premium brand business Electronic & Electrical Equip current market position, as a purveyor of being firmly in the bargain bin. Financial Services accoutrements for the trendy and the However, the opportunities are just as Fixed Line Telecoms aspirational, was once dented by a apparent, with the sharp decline in the Food & Drug Retailers perception that a different, less affluent, value of sterling making the company’s Food Producers market segment had taken to wearing products cheaper overseas. Forestry & Paper Burberry’s products. The weakness of the pound and the Gas, Water & Multi-utilities The risks take rather firm roots indeed news that Bailey is to be replaced next General Industrials when one considers that Burberry’s key year by far more gnarled retail industry General Retailers area of growth in recent years has been veteran Marco Gobbetti, CEO of French Healthcare Equip & Svcs the emerging markets, and results this luxury label Celine, has seen the shares Industrial Metals year are expected to underwhelm due to enjoy a little rally. It may be a case of no Industrial Transport the decline in the number of Chinese news is good news for these shares for IT Hardware tourists visiting Hong Kong. some time to come. Life Insurance Media Mining Its tenants are firms such as Asda, referendum result being announced, but Nonlife Insurance Poundland and Primark, which are aimed the first-quarter results of the companies Oil & Gas Producers at the more cost-conscious consumer. show that some of them are still doing a Personal Goods The company produced a strong start roaring trade. Pharma & Biotech Software & Comp Svcs to the year, with a first-quarter dividend Persimmon is an example of this, Support Services increase of 11 per cent. revealing sales volumes up 6 per cent, Tech Hardware & Equip When announcing the results, chief and prices up by a similar amount. The Telecom Services executive David Lockhart commented that sales rate was 1 per cent higher than Tobacco the business was founded in 2009, in the the previous year. Transport teeth of a previous downturn. He added The group has a long-term plan to return Travel & Leisure that the properties the company owns tend cash to shareholders, to the tune of £2.76 Utilities to be let to tenants with businesses that billion by 2021. That equates to £9 per involve selling products that customers buy share, of which £3.50 per share has already -30-20 -100 10 20 30 40 50 60 70 80 90 ‘day in, day out’. been paid out.

Despite those numbers, the company’s 1 month 3 months A home for your capital? shares have fallen steeply, making one 6 months 1 year Shares in the housebuilders suffered severe wonder whether the risk vs reward metrics u losses in the immediate aftermath of the are quite in tune right now. Source: FE Trustnet

www.WhatInvestment.co.uk 11 Markets and asset allocation

Small-cap outlook David Thornton rounds up the recent action taking place in the UK’s small-cap markets

he Brexit referendum produced loose, and might even be relaxed further. a shock result as far as the Gilt yields have fallen even lower. This is Share View: Victoria & markets were concerned. With also positive. Inland Homes hindsight, the complacency surrounding a • Likewise, a ‘punishment Budget’ now winT for Remain was always surprising seems to be off the cards. Victoria is one of those housing-related given how close the polls were. • The stock market has not collapsed, it stocks that has been hit in the current The shock is magnified by the starkness has gone up. The FTSE All-Share Index market. No one knows how the economy of the outcome in a straight ‘in or out’ rose to its highest level for almost a year will pan out, but chairman Geoff Wilding vote. Meanwhile, the media’s response has in the aftermath. believes that Victoria is in much better been a uniform outpouring of angst. Most • Shares that are more focused on the shape than that implied by the 25 per commentators have let their emotions domestic economy, especially many cent drop in the share price. do the talking, rather than providing small- and mid-cap stocks, have been With a 15 per cent market share in UK cool analysis. We would be forgiven for hit hard. Very hard in some cases. carpets and flooring, Victoria should be thinking the sky had fallen in! The first four points suggest the economy able to make gains at the expense of the The world will carry on, of course, and might defy the doom-laden consensus and 55 per cent that is imported. Sterling whenever I see such an overwhelming avoid a serious recession. We might well devaluation hands a cost advantage to negative consensus, my investment instinct see a slowdown, but many smaller-caps domestic producers like Victoria relative is to bet against it. So let’s take a quick exposed to the domestic economy, such to European competitors. There will also look at the state of play and what we as housebuilders and related stocks, have be some foreign exchange gains from actually know, rather than what the media lost a third of their value since the vote. translating the 20 per cent of profits that fears will happen in the future. This makes it more of a time for bargain are generated in Australia. • Sterling has fallen. We know this is good hunting than panic selling. u The shares are now on a p/e of ten for most UK shares. Companies with times this year’s earnings, which looks international operations, exporters and For more share analysis, why not subscribe terrific value – if there’s no recession. domestic businesses that face foreign to Growth Company Investor? Visit Inland Homes shares have also been competition will all benefit. www.growthcompany.co.uk or call 020 whacked in the post-Brexit market and • Monetary policy looks set to remain 7250 7055 to find out more. are down over 40 per cent from their peak in January. With a South East focus, Inland looks vulnerable to a housing downturn. However, even with lower immigration there’s still a fundamental undersupply of lower-priced houses in this region. Inland specialises in regenerating brownfield sites that need a lot of work to get through the planning process. This adds a lot of value and gives it the option to sell sites on or develop them itself. It has just booked £9 million profit on two land sales and acquired the former Tesco HQ in Cheshunt with a view to turning it into a new ‘urban village’. At 50p, the shares now stand on a 40 per cent discount to net asset value, which looks very attractive given Inland’s proven ability to add value to its asset base. Many smaller-caps exposed to the domestic economy, such as housebuilders, have lost a third of their value

12 www.WhatInvestment.co.uk Growth stocks

Top-level performa­nce With sales growing strongly and good cash generation, internet registry services provider CentralNic looks to be a good value play in an interesting industry, writes David Thornton

entralNic Group is one of the companies that makes the internet work. All those websites that we visit while surfing have addresses known as Cdomain names. There are long-standing top-level domains (TLDs) like .com, supplemented by a wave of over 1,000 new ones like .xyz and .bank. These TLDs need to be administered and managed by a ‘registry’. The registry acts as a wholesale distribution engine for web addresses. It checks to see if a domain is available, registers it for you and charges an annual fee to maintain it for your use. The world’s largest registry business is Verisign, which is listed in the US with an $8 billion market cap. It controls the .com TLD and has about 150 million domains registered. There are around 40 of these domain name wholesalers around the world, This industry is all about volume, and business, and raised another £10 million last with CentralNic ranked seventh. CentralNic has become the leader in new year to acquire Instra, significantly expanding CentralNic’s strength as a registry services top-level domains with a 23 per cent market CentralNic’s retail capability. It provides a provider rests on the reliability and efficiency share covering 35 TLDs. There’s an ongoing one-stop shop for corporates to register of its technology platform. It receives fees focus on winning new clients and looking to domains and protect their brands across the from customers who register and maintain benefit from rapid demand growth in China world, as well as domain names and website domain names and then it shares this income and other emerging markets. hosting for small companies and individuals. with the owner of the TLD. Growth is being CentralNic has also moved into the fields A key attraction of this business is the fact driven by the expansion in new TLDs, of retailing domains and providing domain that it generates cash. Domain name fees are where CentralNic has exclusive contracts services for enterprise customers. After its paid in advance and are renewed on an annual to wholesale five of the top 20 names. 2013 float, it made acquisitions to broaden the basis. There are likely to be further acquisitions as the company develops, so there’s no CENTRALNIC GROUP www.centralnic.com dividend at the moment. However, the board says that it intends to instigate a progressive Recommendation – BUY dividend in the future. Sales are growing strongly, driven mainly by Ticker: AIM:CNIC Spread: 44p-47p Sector: Technology 12-month high/low: 73.5p/35p the retail and enterprise divisions. The Instra Mid-price: 45.5p Market cap: £44m acquisition will kick in this year and help revenues to rise by around 120 per cent. Earnings per share are forecast to rise by 40 per RESULTS Turnover (£m) Pre-tax profit (£m) EPS (p) DPS (p) p/e Yield (%) cent over the two years to 2017, yet the stock Dec 2015 (A) 10.4 3.0 3.7 - 12.1 - trades on a single-figure p/e ratio for that year. Dec 2016 (E) 23.3 5.3 4.1 - 11.0 - The US market leaders Verisign and GoDaddy Dec 2017 (E) 27.0 7.0 5.2 - 8.7 - are much larger businesses, but they trade on SECTOR PEERS Ticker Market cap Pre-tax profit p/e p/e’s in the low 20s. CentralNic looks like a u Minds + Machines MMX £76m -£10.1m - good value play in an interesting industry. Verisign VRSN $9,328m $483.3m 20.4 GoDaddy GDDY $2,632m -$120.4m - This recommendation is from Growth Company Investor. Call 020 7250 7055 to subscribe.

www.WhatInvestment.co.uk 13 Market chronicle

GLOBAL MARKETS

UK equities 14 12 10 8 Global equities 6 4 Brexit may have been dominating the news, but 2 0 China could well be the greater cause for concern -2 % total return -4 -6 -8 July 15 – July 16 tephanie Flanders, chief market uncertainty to take at least 1 percentage FTSE All-Share MSCI AC World strategist for Europe at JP Morgan point from UK growth over the next year, European equities Asset Management, commented, while the fall in the pound should add 1 to 2 14 ‘We expect the Brexit decision to cut UK percentage points to inflation. The Eurozone 11 growth, push up inflation and leave a cloud economy is also likely to be negatively 8 S of uncertainty hanging over the country for affected, both by the hit to business 5 2 years. But now more than ever, European confidence and investment and a reduction -1 investors need to take a global view.’ in exports to the UK, which in the case of % total return -4 She continued, ‘Looking beyond the Belgium, the Netherlands and Ireland -7 immediate market reaction, the broad represent a significant chunk of their GDP. July 15 – July 16 global environment sketched out in our last These countries will feel the effects of any DJ Euro Stoxx 50 MSCI AC World outlook paper remains broadly in place. The slowdown in exports to the UK.’ US equities Eurozone recovery has been slightly stronger She continued, ‘We believe the immediate 14 than expected and there is less fear than hit to Eurozone investment and growth 11 there was then that financial instability in ought to be manageable. The Eurozone 8 China is about to spread to the rest of the economy grew at an annualised rate of 5 world. But concerns about the strength 2.2 per cent in the first quarter. Sentiment 2 of the US recovery remain, along with indicators had been rising in the lead-up -1 % total return -4 longer-term worries about central bank to the Brexit vote and unemployment has -7 potency and the continued slump in continued to decline. July 15 – July 16 productivity in the developed economies. ‘Investment has made a rising contribution S&P 500 MSCI AC World Investors should have modest expectations to growth in the region in the past 12 Japanese equities for developed market equity returns from months and we had hoped to see this 14 12 here and explore alternate asset classes to continue, supported by the European 10 8 diversify and – potentially – raise their Central Bank’s enhanced focus on 6 supporting business lending. There is a risk 4 risk-adjusted returns.’ 2 Flanders added, ‘The key points of focus that this turnaround in capital spending will 0 -2 for the rest of the year will be politics, the get caught up in the aftershocks of Brexit

% total return -4 -6 US Federal Reserve and the strength of – notably the dramatic sell-off in European -8 -10 recovery in the Eurozone and the US. bank stocks – but we do not think a July 15 – July 16 Though the dollar has risen recently, the Eurozone recession is imminent.’ Nikkei 225 MSCI AC World weakening of the US currency, coupled She said, ‘In our view, the continued slump Emerging market equities with a stronger oil price, were striking and in global productivity – output per head – 14 12 welcome developments in the first part of poses a much more serious long-term threat 10 8 2016. It would be costly for the global to the recovery [than Brexit]. The problem is 6 4 2 economy, and especially for emerging global and has actually affected emerging 0 -2 markets, if the dollar rose markedly in market economies even more than developed -4 -6 -8 the second half of the year. But the most ones. But it is fair to say that the US is now % total return -10 -12 important focus will be growth in US at the forefront of these concerns. That is -14 -16 productivity and profits. Both of these need not merely because the US is the world’s July 15 – July 16 to strengthen in the second half of 2016 for most important economy but, being further MSCI Emerging Mkts MSCI AC World fears of recession to subside.’ along in the cycle, it is also where the Source: FE Trustnet Elaborating on these comments, she said, downside of weak productivity for profits ‘In the short term, we expect Brexit-related and growth could now be starting to bite.’

14 www.WhatInvestment.co.uk Market chronicle

‘We expect Brexit-related uncertainty to take at least 1 percentage point from UK growth over the next year’

US equities the Brexit vote. This has made it extremely American culture is much more focused on There was some positive news for the US difficult for the index as a whole to recover consumption than is the Asian culture, so in economy over the month when the latest the ground lost at the start of the year. a world where consumption is the engine non-farm payroll data showed further She added, ‘With the Eurozone domestic of growth it makes sense to focus on the progress being made in terms of US economy continuing to recover and the euro consumption economies. unemployment. at a less competitive level than a year ago, ‘It is possible that emerging market assets It has been a peculiar feature of global we might have expected more domestically have seen their low point for the current stock markets in recent times that good oriented stocks to outperform export- cycle,’ remarked Jane. ‘We said at the start economic news has often been greeted with oriented ones. Brexit and a general risk-off of the year that it was a bad time to be a sea of red on stock charts. That is because mood in markets may have put that story on underweight emerging markets, and that markets anticipate good economic news hold, as far as investors are concerned, but has been borne out by events - rather more bringing forward the time of an interest rate we believe the macroeconomic fundamentals quickly than we had expected. If the dollar rise. But on this occasion the positive data are still broadly supportive of Eurozone and commodities stabilise from here and was greeted with a lusty lurch forward. equities. For income investors, a 3.7 per cent we see confidence in the US recovery Joshua Mahony, market analyst at IG average dividend yield on European equities reassert itself, that is likely to attract Group, asserted that this change of tone is a compares very favourably with either the 0.7 further flows to emerging markets. But we consequence of the market taking the view per cent yield on European corporate bonds would not bet heavily on these economies that the EU referendum result in the UK or the 2.3 per cent dividend yield now while fundamental improvements in has sufficiently dented sentiment that US available in the US.’ competitiveness and corporate earnings rates will not rise despite notable signs of growth have yet to be won.’ economic improvement. Emerging markets equities He added, ‘Russia and Brazil have gained David Jane, multi-asset investor at Miton, from a perceived bottoming-out in their Eurozone equities told What Investment that, despite the waves economic prospects, coupled with extremely Flanders commented, ‘As usual, in looking at of negativity engulfing global markets, there attractive valuations. At the low point for European equities, it pays to look past the are countries and markets with strong emerging markets in mid-February, the headline numbers, which were distorted by growth potential. price-to-book ratio for emerging market the losses of energy companies in 2015 and, He has a preference amongst the emerging assets as a whole was 1.15, not far from the more recently, by a collapse in valuations in markets for the Latin American countries. historic low of the 1990s. The fall in sterling the financial sector, which alone accounts for Jane remarked that in a world of low growth has boosted the FTSE 100 in local currency 25 per cent of the value of the index. and low inflation the markets to be invested terms because of its heavy reliance on ‘Financials are down 25 per cent year-to- in are the countries that can generate their foreign earnings. But the performance in date, having taken another beating following own demand. He commented that the Latin dollar terms has been less rosy.’ u

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www.WhatInvestment.co.uk 15 Market chronicle

Gilt yields tumbled in the aftermath of the EU Bonds referendum result, but what do they tell us?

here is much debate among next year, and that she is buying emerging market participants as to the markets and gold as a means to profit. CENTRAL BANK RATES significance of the collapse in She commented that economic indicators UK 0.50% (Mar 2009: 1.00%) gilt yields since the EU referendum result. suggest that US corporate profits have MichaelT Count, fixed interest fund manager peaked, and a slowdown in bank lending US 0.50% (Dec 2015: 0.25%) at Canada Life Investments, commented that to corporates points to a recession on the EU 0.00% (Mar 2016: 0.05%) falling gilt yields are simply a function of the horizon. She believes that it would be a market moving to risk-off mode, and buying ‘shallow recession’, with just a couple of Japan 0.00% (Feb 2016: 0.10%) the assets that offer the least risk. months of negative numbers. China 4.35% (Oct 2015: 4.60%) He said. ‘The assumption that UK Johnson asserted that if a recession were to (last interest rate move) Source: global-rates.com economic growth will now be weaker, at least occur, the probability is that it would lead in the short term, means that expectations for to the US Federal Reserve keeping interest BOND YIELDS interest rate rises get pushed out further into rates low, and probably engaging in more 2.5 the future. Indeed, the short end of the rates quantitative easing, a policy she does not market is now pricing in further monetary believe will be terribly efficacious. easing by the Bank of England. Whether or The bond investor commented that she 2.0 not to cut rates or do more QE will be a believes quantitative easing to be a ‘terrible tricky decision, with the need to balance policy’. She added, ‘It doesn’t work because it 1.5 growth and inflation carefully.’ encourages saving, not spending. It especially % yield The counter-argument is that investors doesn’t work in Europe where there is a 1.0 are fleeing equities but continue to hold savings culture anyway.’ sterling-denominated assets, implying that A recession and a policy of further 0.5 the market hasn’t completely lost confidence quantitative easing would, says Johnson, ‘point July 15 – July 16 in UK assets. to the dollar being weaker’. A weaker dollar is UK ten-year gilts US ten-year treasuries Turning his thoughts to where he is definitely good for emerging markets and What the chart shows: How the yields on UK and US ten- finding value in the market, he said, ‘While gold. This is because, in Johnson’s words, year government bonds have changed over the past year Source: Bloomberg corporate bond spreads were initially ‘emerging markets fund themselves through pushed considerably wider, it was met dollar financing’. She added that she has for a BOND SECTOR RETURNS with institutional buying. With political long time taken the view that US rates would uncertainty and sterling volatility, it is likely not rise as fast as the market has expected, 15 that we will continue to see international ‘because the US Federal Reserve effectively 13 companies shun the sterling market as a sets interest rates for the world, as the world 11 source of raising funds, keeping bonds in uses the dollar as a reserve currency’. 9 short supply. We expect the sterling corporate A deterioration in economic conditions 7 bond market to be quite illiquid over the would add further incentive for the US 5 summer, which means it remains vital to be Federal Reserve to keep rates as they are. % total return 3 invested in good-quality stable companies.’ A cheap dollar benefits emerging market He continued, ‘In terms of winners, assets because it keeps real borrowing costs 1 corporates with sizeable overseas sales low, stimulating economic activity. Johnson -1 UK gilts Sterling Sterling Global and earnings should benefit – for example, has thus bought more emerging market and corporate high-yield bonds companies in the pharmaceuticals and natural commodity company bonds. bond resources sectors. We continue to be bullish A weaker dollar also benefits gold because 1 month 1 year on regulated UK utilities, due to the sector’s the greenback and the precious metal are What the table shows: Total return in % over one month stable nature.’ both viewed as safe havens in times of and one year (to date below) of the average fund in the Christine Johnson, manager of the Old uncertainty. If the dollar is weakening in following sectors, from left to right: IMA UK Gilts, IMA £ Corporate Bond, IMA £ High-Yield, IMA Global Bonds. Mutual Strategic Bond fund, has asserted value, its attraction as a safe haven diminishes, Source: FE Trustnet (30/6/16) that signals point to a US recession coming boosting the relative attraction of gold. u

16 www.WhatInvestment.co.uk Market chronicle

The property market was showing weakness Property even before the UK voted for Brexit

he potential of Brexit has caused values and rental growth being hurt.’ the peak and decline of the UK A sign of that slowdown was evident AVERAGE UK HOUSE PRICE property cycle to be accelerated, in June, before the referendum result 205 but the direction of travel was evident was announced, when data showed 203 considerably prior to that, according to commercial property rents rising by 0.2 T 201 Charu Lahiri, investment manager at per cent, which is lower than the annual 199

Heartwood Investment Management. rate of inflation, according to data from £ thousands She added, ‘Since the end of last year, we property adviser CBRE. 197 have been consistent in our view that the Miles Gibson, head of research at CBRE 195 UK property market was entering the UK, said, ‘Overall, rents and capital values July 15 – July 16 later stage of its post-2008 recovery cycle, continued to grow in June, with the Source: Nationwide (not seasonally adjusted) especially in highly valued areas such as industrial sector in particular showing London and the South East.’ strong growth in a month of significant GLOBAL PROPERTY SHARES She continued, ‘Arguably, Brexit has uncertainty. Clearly, capital value growth accelerated the cycle further towards the has slowed, but occupier demand has 30 tipping point of a slowdown. Indeed, most remained high across the country, pushing 26 22 commentators are expecting a slowdown in up All Property rental growth as fast as any 18 capital values over the coming months. other month this year.’ 14 ‘Moreover, an uncertain economic John Greenwood, chief economist at 10 environment is likely to lead to businesses Invesco Perpetual, believes that investors, % total return 6 2 holding off investment decisions, which including property investors, shouldn’t -2 raises questions for the strength of the expect too much from an interest rate cut. July 15 – July 16 occupational market and rental demand He said, ‘If people didn’t find it attractive FTSE EPRA / NAREIT Global Index going forward. It is possible that we could to borrow at 0.5 per cent, I can’t see why Source: FE Trustnet see a double whammy of both capital they would do so at 0.25 per cent.’ u

GOLD PRICE

1,400 GoldCommodities and oil continue their traditional roles in times of stress 1,300 1,200

1,100 US$ per ounce f the world is caught in flux, between the been accelerating this rebalancing process, 1,000 risk-on and risk-off camps, commodity with some now pointing to the second half of July 15 – July 16 market participants have left the world 2016 as the point when the market will reach Source: BullionVault in no doubt as to which side they are on, with equilibrium between supply and demand.’ Icrude oil prices falling and gold rallying. Turning his thoughts to the outlook for COMMODITY RETURNS Neil Gregson, manager of the JP Morgan gold, he commented, ‘One of the stand-out 1 month 1 year Natural Resources fund, commented, ‘In beneficiaries of Brexit and the related fall Gold 18.10 32.59 terms of oil and gas, despite a lack of OPEC in investor risk appetite has been gold, Silver 26.78 40.62 coordination, there are increasing signs that which has reached two-year highs. The Aluminium 24.39 21.54 the market is rebalancing of its own accord, outlook for gold equities continues to Oil 8.48 -8.82 with US production now at 8.8 million improve as the impact of cost-cutting and Agriculture 10.82 14.11 barrels per day versus a peak of 9.6 million better capital allocation translates into free Source: FE Trustnet (30/6/16, in £) barrels in April 2015. Oil demand growth has cash flow generation.’ u

www.WhatInvestment.co.uk 17 Money makers Recent market volatility has shunted equity valuations around, but where is the value for the income investor?

nvestors of an optimistic nature often take the view that periods when markets fall are a buying opportunity, but the problem for investors sifting through theI rubble left in markets following the EU referendum result is that many existing themes have been reinforced, rather than new trends emerging. Neil Woodford has long been cautious on the prospects for the global economy, and feels that Brexit reinforces the risks, to the extent that it has any relevance at all. He commented, ‘With a bit of time, I think people will take a more measured view, and realise that this changes nothing fundamental – the economic path of the UK and global uncertainty means it is economy will continue broadly uninterrupted unlikely that interest rates will over the long term.’ rise in the near future. Colin Morton, who runs the Franklin Nathan Sweeney, fund of funds Templeton UK Equity Income fund, manager at Architas, remarked, ‘In a world remarked that the income stocks that have of persistent low growth, it makes sense to done best since the referendum result pay a premium for income. I expect this was announced are the defensive and trend [of defensive global bond proxies internationally focused businesses in which performing well] to persist until global an investor with a cautious perspective would growth reasserts itself, which doesn’t look long have focused. These include tobacco likely any time soon.’ companies, consumer staples like Unilever Woodford has long contended that UK and businesses such as National Grid. interest rates are unlikely to rise in the near Many investors have been cautious on the term; indeed, he suggests that a rate cut is investment case for such large defensive more likely. stocks because they are viewed as ‘bond In an attempt to stabilise markets and proxies’. This is a term used to describe large economic sentiment, Bank of England companies that have a dividend yield that governor Mark Carney announced that an appears so secure that it has the same level of interest rate cut is likely in the near term, and risk as the income on a bond. that there may be further quantitative easing. Because bond yields have been exceptionally While What Investment has long been low in recent years, many traditional bond sceptical of the efficacy of quantitative investors have bought the equities instead. easing as a method of generating economic However, if interest rates were to rise, that growth, on the previous occasions on which would push bond yields up, prompting those it has been deployed the effect has been to investors to exit the equities and switch back boost asset prices, and push bond yields to the bonds. downwards. A repeat of that scenario would Morton noted that the current economic aid the mega-cap stocks.

18 www.WhatInvestment.co.uk ‘In a world of persistent low growth, it makes sense to pay a premium for income’

Morton added that persistently low interest UK is in the FTSE 100, which emerged surely a slowdown in economic activity means rates are likely to be very damaging for bank relatively unscathed from the Brexit-induced that the dividend potential of the companies shares. This is because banks are required by sell-off. He added that fund houses also have is weakened. regulators to keep a certain proportion of capital employed in overseas equity markets, Message responded, ‘It is the right question their assets in cash or bonds. Falling interest the returns from which are higher for a to ask. There may not be special dividends rates and bond yields mean that the returns sterling-based investor as the pound weakens. now but the regular dividends should be OK, banks can achieve on that slug of their assets and the share prices have fallen, which means falls, thus denting profitability. Equity potential that the attractiveness of the dividends they The shares of RBS and Barclays both fell Faith in the potential of equity markets is do pay has gone up.’ by more than 10 per cent on the first day something of a trademark of Nick Train. The He concluded his comments on the banks of trading after the referendum result was veteran manager of the Finsbury Growth & with the remark, ‘At the moment, I am likely announced. Eric Moore, manager of the Income Trust told What Investment that he is to add to the investments I have in banks, at Miton UK Income fund, concurred with the likely to use the cash in the trust to invest in the margin.’ idea that bank shares will be among the losers two FTSE 100 stocks, London Stock Lloyds is the fifth-largest investment in the from the referendum. He noted that if a Exchange Group and Schroders – both of Old Mutual UK Equity Income fund. profound economic slowdown were to take which suffered severe share price falls in the place, the likelihood is that banks would be immediate aftermath of the referendum. Growth opportunities lumbered with a higher volume of bad debts. Train said, ‘While some UK banks and Simon Gergel, manager of the Merchants other financials fell by up to 20 per cent, Investment Trust, has followed the opposite Diversified exposure it was notable that LSE [London Stock path to Woodford and Morton. As he Moore is more interested in the investment Exchange Group] was “only” down 8 per watched the valuations at which some of case for insurance companies. He explained, cent. This share price was supported by the the mega-cap defensive companies trade, ‘Those companies already had decent yields, joint announcement from LSE and Deutsche he promptly switched away from them, and while the market will be worried that Bourse that their merger remains on track – and into companies with a little more they have exposure to capital markets, the but perhaps also by the recognition that growth potential. exposure is very diversified. I think they have LSE’s earnings are not as vulnerable to UK This includes Lloyds Banking Group, been oversold, as demand for insurance and economic activity as are those of a domestic which he comments has become ‘more savings products increases. The market mortgage lender, for example. investible as the balance sheet has been reaction has been so severe that Legal & ‘We can see that politicians across Europe made stronger’. He adds, ‘The bank General has fallen as far as Barclays. and the UK may be keen to allow the merger achieves a decent return on capital and ‘I am also keen on [wealth manager] St. to go through in order to demonstrate the dividend is attractive, so we have been James’s Place; during the Lehman crisis continuing goodwill. buying more shares.’ they had 96 per cent customer retention, ‘Schroders, on a dividend yield of nearly A value income stock in which Gergel has which shows the durability of their earnings 4 per cent and net cash on its balance sheet, bought more shares of late is Inmarsat. He in a crisis.’ looks very attractive to us.’ commented that the shares have fallen steeply This view is echoed by Morton, who added Stephen Message, who runs the Old in value of late for reasons that are unrelated that fund management companies have also Mutual UK Equity Income fund, to the EU referendum, but added, ‘The bad suffered severe sell-offs in the wake of the commented, ‘You have to look at the news around the stock is now fully reflected referendum result, with the market wary that valuations of the banks. Barclays trades at in the valuations at which the shares trade.’ stock markets losing money will translate into less than half its book value, and now Lloyds William Meadon, manager of the JP lower profits for investment firms. trades at book value.’ Morgan Claverhouse Investment Trust, is Morton takes a different view, contending But if the changed regulatory environment cool on the investment case for the banks. that the majority of the capital invested in the has diminished the risks of a banking crisis, He opined, ‘In this new world, the dividend

www.WhatInvestment.co.uk 19 ‘Persistently low interest rates are likely to be very damaging for bank shares’

outlook for the banks does not look very That dollar revenue is something on which A new chief executive has come in who has encouraging as the yield curve flattens, Message is also keen, noting, ‘The big oil started to cut prices; he is a born retailer.’ demand for loans falls and bad debts are companies, BP and Shell, earn their money in Curtis added that the scale of the share likely to increase.’ dollars and pay the dividend in dollars. So a price fall means that ‘there is very little weak sterling against the dollar increases the recovery priced into the share price. Home truths value of those earnings and dividends for a Meanwhile, we get paid to wait.’ One area of the market that has been UK investor.’ popular with income investors in recent He added that the big pharmaceutical Educational psychology years but was in the teeth of a savage companies GlaxoSmithKline and Moore asserted that there is one stock he sell-off as the referendum results poured in AstraZeneca are also dollar dividend payers. thinks can gain 10 per cent from the lows it is the housebuilders. However, Message achieved in the wake of the Brexit sell-off. commented that, in many ways, it is too Holding back The stock to which he is referring is soon to be looking for bargains in the Job Curtis, the veteran manager of the City educational company Pearson. He market. ‘I was worried about the valuations of London Investment Trust, which has remarked, ‘This is a company that has of the housebuilders before this happened. increased its dividend for every one of the already taken several years of pain. People The UK housing market has been in a bull past 50 years, has revealed exclusively for may take the view that a company like market for a long time now.’ What Investment the reasons that he won’t Pearson has already had its recession. Morton doesn’t agree with this analysis, invest in more oil stocks right now, despite Pearson also pays its dividend in dollars, confiding that he has been buying more of the oil price rising. which could make the yield attractive, and I the housebuilders amid the price falls. Oil giant Shell is the second-largest think you could see a rerating of 10 per cent Meadon comments that the picture is investment in the trust, accounting for 4.4 in the shares from here.’ mixed for UK housebuilders. ‘Berkeley Group per cent of the capital employed. BP is the The Miton Income fund has a yield of 4.5 has committed to delivering a dividend for sixth-largest holding, accounting for 2.4 per per cent and is among the top 25 per cent of the next three years and should be able to cent. Both of those positions mean that the funds in the IA UK Equity Income sector withstand a tough trading period in the short City of London Investment Trust has less over one and three years. term, albeit earnings will be more volatile. exposure to the big oil stocks than does the A key focus for income investors currently is For other housebuilders, while their fate average fund in the market as a whole. to find stocks that appear to have resolutely will be determined by what happens to the Curtis told What Investment that while he defensive qualities. For investors such as UK economy, the structural shortage of noted the oil price rise of recent months, and Jamie Clark at Liontrust, BT has those housing in the UK is one issue that’s not expects it to rise from here, ‘I think we have characteristics as broadband is now viewed going to go away.’ enough Shell and BP shares right now. The by many as a necessity. It didn’t need a referendum to find a dividend looks OK this year, but I don’t think But Morton is less keen. He remarked plethora of reasons to be cautious about we can be as sure about future years on the that BT shares have fallen steeply since the the investment case for BP and Shell. dividend. We have confidence that the oil announcement on 24 June that the UK had Low global growth and inflation has price will continue to rise – demand is rising voted to leave the EU. contributed to the oil price falling, with in emerging markets – but I think we have Morton noted that BT has a substantial oversupply also being a factor. But Moore enough of the shares at the moment.’ pension deficit, and that this deficit is unlikely took the opportunity of the Brexit sell-off to One stock he has been buying more of for to be helped by falling bond yields. buy more shares. He commented, ‘While income of late is retailer Marks & Spencer. Bond yields in the UK have fallen because Shell and BP may struggle to grow their He commented, ‘The shares have been very some investors are fleeing riskier assets, such dividends in tough economic times, they pay out of favour, falling from over £5 to £3. But as equities, and buying bonds. Bond yields are the dividend in dollars, making it a larger the dividend yield is nearly 5 per cent, and it also tumbling because the market expects the yield for sterling investors.’ is a dividend that is fully covered by cash flow. Bank of England to cut interest rates in

20 www.WhatInvestment.co.uk ‘A weak sterling against the dollar increases the value of those earnings and dividends for a UK investor’

liquid way, which is more possible with large-cap stocks. The liquidity of mid-cap stocks tends to come under a lot more pressure during times of stress.’ The fund manager added, ‘In terms of the dividend outlook for the FTSE 100, we anticipate that investors will still secure dividend growth from a number of blue-chip companies, particularly utilities, pharma and tobacco. Unilever also ticks many of our criteria for quality.’

Fund mix Nathan Sweeney of Architas concluded his remarks with a comment on the funds he has bought for income in the current climate. He said, ‘We use a wide range of funds to provide a mix of diversified income sources. Shell and BP pay their dividends in dollars, making it a larger yield for sterling investors ‘One fund that we have added to portfolios this year is Fidelity Money Builder future. By buying bonds now, an investor is Blue-chip boost Dividend, because it is conservatively ensuring that they get the present higher Meadon concluded his comments with the managed so should perform well in the yield, rather than having to buy bonds at a remark, ‘In the immediate aftermath of the current volatile markets, and it has a strong lower yield when rates are cut. Brexit vote, investors have seen the FTSE long-term track record.’ That matters to the BT pension fund 100 significantly outperform the FTSE He continued, ‘We have held the CF because the capital is invested in bonds, 250, because its attributes and composition Woodford Equity Income fund across a both now and in the future. If bonds are not make it less beholden to the vagaries of the number of portfolios since shortly after its generating the level of income required to UK economy. launch in 2014. The fund has delivered meet the liabilities of the pension fund, then ‘For example, 70 per cent of FTSE 100 consistent returns, both in terms of capital BT will have to make up that deficit from its revenues come from overseas, so any fall in and income, as Woodford has continued his own resources. sterling is generally going to benefit the long-held faith in investing in small and Morton noted that this means ‘the cash blue-chip companies that make up the under-researched start-ups that provide flow that shareholders might have thought index, making them better positioned to very strong potential returns. would be coming to them will go to the cope with the prevailing environment. ‘Overall, Woodford’s current and previous pension fund instead’. They also present a number of attractive UK funds have tended to perform well at Recent events around the BHS pension valuations.’ stress points in the market due to their fund may also mean that pension fund Meadon then turned his attention to defensive nature. As such, we partly use trustees take a more hardline view in future. the outlook for the future, remarking, his funds as a form of market correction He continued that the decision of UK ‘We would argue that there is going to insurance while also acknowledging his electors to leave the EU may mean that be greater emphasis on safety first.’ ability to deliver potential higher returns the regulatory environment in which BT He added, ‘Investors will tend to put a in bull markets due to his holdings in operates changes.’ great premium on being able to deal in a smaller companies.’ u

www.WhatInvestment.co.uk 21 The yen also rises Japan is an economy in turmoil, but is now a good time to invest in the country’s stock market?

hose who make a living from prices – including stocks – rise, and whether pronouncing on the state of the such manoeuvres work for the wider world and its economy have economy is irrelevant. often sought recourse to using Japan’s That is a view to which Jane has largely economyT as a sort of bogeyman, as an become converted. Following years in which example of the future we must avoid. he held substantial investments in Japan, he A favourite refrain of most fund managers sold down his holdings to ‘virtually nothing’ is that they prefer to ignore what is three months ago. happening to the economy and focus The investments he does have are in instead on the underlying companies. Japanese-listed property businesses, REITs. Such a Pooterish ambition is perhaps even He said that quantitative easing has a habit harder to achieve in Japan, where a suite of pushing property prices upwards, so of policies vulgarly called ‘Abenomics’, in while he has little faith in the ability of reference to prime minister Shinzō Abe, policymakers in Japan to grow the economy, are being pursued. profit can be had from exposure to the Those policies can be bundled into three property market. ‘arrows’: fiscal stimulus, monetary stimulus and structural reforms. David Jane, multi-asset fund manager at ‘The aim of Abenomics is to Miton, noted that while the first two of improve the environment for those are easy to achieve as they involve governments spending money and corporate profits, so that the profits becoming popular, structural reforms on can be passed on to workers’ the other hand require a willingness to become unpopular. The monetary stimulus strand of Abenomics involves, as it did when deployed Rob Worthington, portfolio manager of in the UK and the US, keeping interest the Old Mutual Japanese Equity fund, takes rates low and pumping cash into the system a slightly different view. He commented through quantitative easing. That the policy that the picture for Japanese inflation may not be having the desired effect in has improved dramatically, while the Japan is evidenced by the fact that Japan government is soon to increase public now has negative interest rates. spending by 1 per cent a year. Similarly, the country’s tipping into He commented, ‘The aim of Abenomics is recession last year demonstrated the fact to improve the environment for corporate that the fiscal stimulus element has also yet profits, so that the profits can be passed on to have the desired effect. to workers in the form of wage increases. Prime Minister Abe announced earlier this And that has happened – wages are up by year that a proposed sales tax increase would 5 per cent since Abe came to power.’ not go ahead following months of insisting Jane commented that politicians in the that it would happen. On three previous country seem more focused on militarism occasions when the sales tax went up the and protecting the banking system than on country entered recession soon afterwards. fundamentally improving the economy. He Those of a bullish disposition on Japan opined that negative interest rates are more contend that interest rates at the current likely to increase saving than consumption, level and quantitative easing will make asset and that young people in Japan have been

22 www.WhatInvestment.co.uk experience, psychology and sentiment when it comes to investing in Japan. ‘However, the reformist government, under the direction of Shinzō Abe and a supportive Bank of Japan, provides a powerful platform for positive, structural and psychological change. It is never easy to deliver reform on such a large scale, but the appetite for change is unquestionable.’ He continued, ‘Although more does need to be done, the government is addressing some of the very important issues. There are currently over 100 government plans under way that include focusing on improving productivity, support for an ageing population and overseas business initiatives. ‘There is also a desire to increase the birth rate from 1.4 to 1.8 by 2025. This will require reforms in business culture, expanding nursery school availability and increasing wages for lower-income earners.’

Slow process Nicholas Weindling, manager of the JP Morgan Japan fund, commented, ‘It’s certainly true that Japan’s economy remains below targets set by Abenomics, although it’s worth noting that it is distinctly better turned into positioned now than it was three years ago. pessimists, ‘Tepid domestic demand, headwinds which dents their from emerging Asian economies and a spending. manufacturing sector that is fragile in Kuniyuki Sugihara, portfolio comparison to other developed economies manager for Japanese equity at SuMi will continue to plague the recovery. These Trust, commented ‘Long-term investors are headwinds that we cannot ignore. With in Japan have experienced lost decades, this in mind, cyclical sectors – including deflation and numerous false dawns. exporters, manufacturing companies and ‘Japan has struggled with an ageing commodities, which are all currently population, a lack of population growth and underperforming – seem worth avoiding.’ very high levels of cash on both corporate He added, ‘Global investors whipsawed by and personal balance sheets. Overcoming Japan could be forgiven for being sceptical these obstacles highlights the importance of about the market. Although one of the

www.WhatInvestment.co.uk 23 ‘Whether Abenomics works or otherwise, there is little doubt that the market is looking good value’

best-performing equity markets in 2015, it may actually be one of the smartest He added that he has faith in the third of so far this year Japan has been relentlessly investments around.’ those arrows – structural reform – to come battered, as falling confidence in Abenomics Simon Edelsten, manager of the Artemis good. Japan has long had a culture that and a stubborn rally in the Japanese yen Global Select fund, which has returned 70 was perceived to be hostile to minority confounds policymakers and complicates per cent in five years compared to 42 per cent shareholders, but he believes that this is their fight against entrenched deflation.’ for the average fund in the IA Global sector changing, particularly in the face of James Sullivan, investment director at in the same period, has made the opposite government action. Coram Asset Management, told What journey to that of Jane: after a period of Sugihara commented, ‘There is a clear Investment, ‘Whether Abenomics works shunning Japan, he has started to invest sea change at a corporate level as well. or otherwise, there is little doubt that meaningful amounts into Japanese equities. Companies are now showing a greater the market is looking good value – so commitment to shareholders through the Abenomics delivering on its promises in Known unknowns profitability improvement alongside an time should offer further material upside Edelsten commented that while there are increase in dividends and share buy-backs. from here. a great many uncertainties pertaining to ‘In our opinion, a good example of ‘Investing in Japan can often feel Japan, ‘They are at least uncertainties that corporate reform would be Pola Orbis, counterproductive when considering the we know about and that the market has which has reshaped its corporate strategy to ageing demographic, the ballooning national priced in, as opposed to uncertainties with target improved brand management. This debt burden and the fluctuation of the Eurozone banks, with Donald Trump and in turn should prioritise profitability over currency, but adopting a value-led approach, with China.’ volume expansion, improving return on

Fund options

Simon Evan-Cook, multi-asset good companies at acceptable valuations. ‘We also own Eastspring Japan Smaller investment manager at Premier, has Both are very good at their jobs, and give Companies, which is again very well run revealed the funds that he currently us the best ideas in the market without the and highly active, and gives us access to a favours in Japan. dead weights that drag down the index. different and less efficient part of the He said, ‘We have a decent weighting to ‘We own these funds together because Japanese stock market. And last but not Japan because valuations look attractive, they give us a great blend of styles and, least, we own Coupland Cardiff Japan particularly in light of Japanese therefore, companies, without subjecting us Income & Growth, which harnesses the companies’ potential to grow their to death through over-diversification.’ proven power of dividend investing.’ earnings having been depressed for Adrian Lowcock, investment director at Lowcock is also keen on Schroder several years. Our portfolio managers here AXA Wealth, is also keen on the GLG Tokyo. He added, ‘Manager Andrew are reporting very robust earnings growth fund. He said, ‘Manager Stephen Harker Rose is an extremely knowledgeable and from their holdings, often approaching tends to be a contrarian investor and looks experienced investor in Japan, with over double figures, and at a time when most for good businesses that are capable of a 30 years under his belt. He looks for other markets are struggling for any turnaround. He likes to buy stocks that companies that play to Japan’s economic growth at all.’ look cheap by using a range of tools strengths and conducts detailed analysis Evan-Cook continued, ‘GLG Japan to determine a valuation. He avoids of the companies before he invests. CoreAlpha and Lindsell Train Japan sectors and companies that have already Strong franchises with long-term growth operate at opposite ends of the investment performed strongly. The focus of this fund potential feature in his portfolio. spectrum, with the former concerned with is large-cap with a value bias, and Harker ‘He invests with a focus on small and finding acceptable companies at very cheap takes a long-term buy-and-hold view as he mid-sized companies with a good spread valuations and the latter looking for very waits for his investments to turn around. across sectors.’

24 www.WhatInvestment.co.uk ‘Companies such as Nissan and Yamaha are growing market share – there are plenty of good-value stocks out there’

equity and its ability to increase both a truly dominant market position.’ of healthcare spending globally. dividends and share buy-backs. Companies The second stock he mentioned is Citizen ‘Benefiting from this is Asahi Intecc, the are also starting to concentrate more on Watch. Edelsten described this company as world market leader in guidewires. In Japan, profitability rather than market share.’ the largest maker of wrist watches on earth. guidewire procedures, which are employed Jane noted that the yen has been much The fund manager takes the view that in minimally invasive surgery, are used for stronger than was expected. A central aim while the strong yen may dent the earnings 90 per cent of open-heart procedures. In the of policies such as quantitative easing is to of Japanese companies this year, ‘If you US this statistic stands at just 55 per cent make the currency fall in order to make take a longer-term view, then there is while in China this remains a new concept, exports more competitive. money to be made. And it is worth noting suggesting that the company has significant that these companies have extremely opportunity for growth. Safe haven strong balance sheets.’ ‘Asahi Intecc has shown consistently strong The yen has long played a role in financial This is a view echoed by Worthington, who earnings growth, boosted by the increasing markets as being a safe haven. This is commented that despite all of the negativity use of this procedure as well as more because many investors take advantage around exports, ‘Companies such as Nissan incidents of heart disease due to the ageing of the exceptionally low interest rates to and Yamaha are growing market share, while population and unhealthy lifestyles.’ borrow yen and buy US government bonds. Japanese Airlines is an international brand An area that Worthington asserts looks Although in times of severe market stress and is performing well – there are plenty of particularly attractive right now is robotics, the likelihood is that the yield on US good-value stocks out there.’ where he believes Japan is amongst the government bonds will be low, the income The sector that Weindling finds most world leaders. Two of the stocks he has plus the gain from the currency mean that attractive is healthcare, as this offers bought for this theme are Keyence and investors can make money. However, the exposure to the theme of ageing Harmonic Drive, a company that makes result of this is that the yen rises, to no demographics. He said, ‘Our biggest speed reducers and other components for obvious benefit to the Japanese economy. focus is on healthcare names with unique robots. Continuing the medical theme, he is Indeed, many investors point to the strong competitive advantage as the sector is set also keen on SanBio, which has developed a yen hurting Japanese exports as a reason to to continue benefiting from rising levels treatment for strokes. u avoid the country. Justin Onuekwusi, a multi-asset investor at Legal & General, commented that the yen ETF options tends to be a safe haven in times of market strife, and that Japanese equities tend to Adam Laird, analyst at Hargreaves Whereas standard funds put most weight perform in a way that is completely Lansdown, has highlighted some of the in the largest, most frequently traded uncorrelated to the wider market. options available to investors looking for companies, the JPX-Nikkei 400 screens But he continued that his faith in the exposure to Japan via ETFs. companies using accounting measures investment case for Japanese equities has He said, ‘For a straightforward (return on equity, profit, etc). ‘waned’ as he feels the strength of the exposure, I’d look at iShares Core MSCI ‘It also removes companies that fall currency will harm exporters, while the Japan IMI UCITS ETF (IJPA). This is short on corporate governance standards. benefits to the domestic economy of one of the most diversified Japan funds It’s a new index and the strategy has yet Abenomics is not obvious. available, following a broad index of to be proven over the long run, but it’s Edelsten remarked, ‘While the Japanese around 1,200 stocks. Its ongoing charge quickly becoming a staple in the toolkits exporters do not have quite as strong a is just 0.2 per cent. of those investing in Japan. position as in the past, there are still world ‘I’ll make one smart beta suggestion ‘I’ll also suggest the db X-trackers leaders there. We are invested in a business too. JPX-Nikkei 400 Index has been JPX-Nikkei 400 UCITS ETF (XDNS), called Shimano, which has the largest widely adopted in Japan, and is even which physically replicates the index with market share in the world in making used by the Japanese Central Bank. a low ongoing charge of 0.2 per cent.’ bicycle brakes and other parts. They have

www.WhatInvestment.co.uk 25 The big interview

Globe trotter Blake Hutchins established a strong reputation managing his Investec Global Quality Equity Income fund when it was Luxembourg based – now he has brought it to the UK

lake Hutchins, co-manager of the shows it to be relatively typical of a global Investec Global Quality Equity income fund, with large exposures to Income fund, is a young man in a tobacco and consumer staples such as hurry. One suspects he hasn’t done many Johnson & Johnson. Bface-to-face interviews with journalists, but However, one stock that stands out as being he has a politician’s ability to tweak a question a bit more adventurous is pharmaceutical asked of him closer to the one he wants to giant GlaxoSmithKline. Many investors are answer. That shouldn’t be taken to imply sceptical of the investment case for GSK, dishonesty; rather cleverness. taking the view that the company has A bugbear for many private investors is been pursuing the wrong strategy, has an the often esoteric naming of funds. ‘Quality’ unsustainable dividend or should be broken and ‘value’ are words with a meaning to the up into its constituent parts. industry, but can baffle the general audience. GSK’s chief executive, Andrew Witty, is to Investors who say they buy ‘quality companies retire next year. Hutchins commented that at attractive valuations for the long term’ seem he has the stock amongst the top ten largest particularly to infuriate the man in the street. investments in his fund because the company As a well-known investor commented to is turning itself around. ‘It has divided itself What Investment, ‘Who are the people buying into three divisions: pharmaceuticals, vaccines expensive, crap shares for the short term?’ and consumer healthcare. All of those So it is refreshing that Hutchins is ‘The key is that Unilever is very divisions are good businesses; all can achieve determined to relay what he means by quality. good at focusing innovation on the a good return on capital. We know the stock He explained that a key determinant of has been unfashionable, but we think that all quality means ‘businesses with an enduring higher-margin parts of the business’ of the divisions can grow their free cash flow competitive advantage, sustainable and high yield, and the consumer healthcare division returns on capital, strong free cash flow and looks particularly attractive, with an 11 per low capital intensity’. calls ‘network effect’. This means companies cent margin.’ A business with low capital intensity is that have strong market positions as a one that doesn’t require a high level of the consequence of customer loyalty. Hutchins Margin maven cash it generates to be reinvested in order used the example of Visa. He noted that He is also keen on the investment case for to maintain revenues. Oil and mining almost all merchants in the world accept Visa Unilever, a consumer goods company that companies are examples of businesses with cards, because so many consumers have them. many investors believe trades on a particularly high capital intensity, and Hutchins has no The merchants would be extremely reluctant high valuation relative to its growth potential. investment in them. Companies with high to stop being Visa customers, as it would Hutchins commented, ‘The key is free cash flow yields are those that can pay reduce their sales to consumers, thus that Unilever is very good at focusing its dividends to shareholders from the surplus of preserving Visa’s revenue base. innovation on the higher-margin parts cash they have left over from their day-to-day He commented that the definition he uses of the business, and it has disposed of operations, rather than having to use retained of quality is unoriginal – it has long been the non-core assets. We believe that when earnings or debt. Oil majors such as BP and hallmark of investors such as Warren Buffett looking at the quality of a company, the Shell fall into this category. – but he hopes to do it slightly differently by management can make a big difference. A final characteristic he identifies as having a focus on income. Paul Polman [chief executive of Unilever] belonging to a quality company is what he A look at the top ten holdings in the fund has done a good job, focusing the business

26 www.WhatInvestment.co.uk The big interview

‘Although he has a significant exposure to the US, he doesn’t find much value in the behemoths of that index‘

on products with higher price points.’ Another of the features that he believes are essential to a quality company is the ability of the management to deploy the capital it generates efficiently.

Smoking returns Three of the top ten investments in the fund are tobacco companies, with Hutchins commenting, ‘We take a seven-year view when we invest in companies, and with tobacco companies we have confidence in the dividend growth for the coming years. We don’t think that the growth in emerging markets, particularly in China, will be a big driver, but the tobacco companies that are not reliant on China remain interesting.’ Huchins is keen on software companies as recurring revenues roll in for years after capital expenditure The UK-listed tobacco stock with the greatest exposure to emerging market 86 per cent. In the same time period the IA committed, recurring revenues roll in for years growth is British American Tobacco. Global Equity Income sector, which hosts the ahead. In the UK, he is an investor in Sage Over the past five years the Luxembourg- UK-domiciled global equity income funds, Group, a provider of accountancy software, domiciled version of this fund has returned has returned 48 per cent. and in the US, ADP Group. The largest geographical weightings in Because businesses use Sage’s software in Investec Global Quality Equity Income: the funds are to the US, then the UK, then their everyday operations, they are reluctant top ten holdings Europe. Hutchins commented that this to change, as that disrupts their business. reflects the quality of the stock markets. That helps Sage to achieve a high level of (% of total portfolio) But although he has a significant exposure recurring revenue. to the US, he doesn’t find much value in the That ability to be crucial to the operations Imperial Brands 5.2 behemoths of that index, with companies of a customer is one of the features Hutchins GlaxoSmithKline 5.1 such as Apple, Microsoft and IBM absent identifies as belonging to a quality company. Microsoft 4.9 from the fund. Warren Buffett calls such barriers to rivals Nestlé 4.8 Many market participants would argue that entering the market a ‘moat’. u Philip Morris International 4.7 those businesses are not similar to the flaky Johnson & Johnson 4.4 tech stocks of yore, and may even fit the bill as ‘quality’ companies. But Hutchins remains Investec Global Quality Equity Income Altria Group 4.1 sceptical, commenting that companies Sector: IA Global Equity Income Unilever 3.7 deriving their revenue from selling hardware Launched: June 2016 Novartis 3.3 must constantly create new products, Manager tenure: Since launch Proctor & Gamble 3.2 committing significant capital in the process. Fund size: n/a Source: Fund factsheet, May 2016 In contrast, he is eager to invest in software Ongoing charge: 1.61 per cent companies, as once the initial capital is

www.WhatInvestment.co.uk 27 Taxing matters

It’s a giving thing Andrew Miles, head of research at Ascot Lloyd, writes exclusively for What Investment on the subject of lifetime gifting

n George Osborne’s Emergency Budget within seven years; however, full credit is in July 2015, he announced that given for any IHT already paid. family homes passed to children or grandchildren would benefit from an Potentially exempt transfers (PETs) Iadditional inheritance tax allowance starting A PET is a transfer to an individual or a trust at £100,000 and rising to £175,000 by 2020, where the beneficiary becomes absolutely resulting in a potential nil-rate band of up to entitled to the trust property at age 18. These £1 million for couples. Nevertheless, the tax is transfers are not immediately exempt, but an increasing problem for savers. there is no IHT to pay if the donor survives Many years of sustained house price for seven years. If death occurs within seven inflation means that more and more estates years, the value of any PET is deducted from potentially fall into the IHT net. In London the nil-rate band, resulting in a reduced and many parts of the South East, the allowance with which to offset the estate. average property price now exceeds the The amount due is reduced on a sliding scale current nil-rate band (£325,000), whereas if the gift was given away between three in 1997 this threshold was approximately and seven years before the person died. A double the average house price. As any seven-year life assurance policy can be taken excess is liable to tax at 40 per cent, this can Gifts from income, lump sums of up to out so that gifts can be made without fear of result in a hefty tax bill and a substantial £3,000 and any number of small gifts of the impact of tax on death within seven years. reduction in the value of your estate that £250 or less each tax year are exempt from Due to the way in which inheritance tax passes to your beneficiaries. inheritance tax, as well as gifts to charities, liability is calculated, the order in which you The good news is that a range of planning national museums and political parties. In gift can have a significant impact on the techniques are available to address any addition, there is no inheritance tax on any amount of tax you have to pay, so careful potential liability, and these can be easily gifts that married couples or civil partners forward planning is imperative. incorporated into the financial arrangements give to each other – as long as they live in the In order for a gift to be effective from an of any individual whose estate is likely to UK permanently. IHT planning perspective there must not be exceed the threshold. These techniques However, any gift that does not fall into any benefit retained by the donor, at the time range from widely accepted schemes to the IHT exemptions detailed above may or in the future. Such transfers are called ‘gifts more complex, lesser-known strategies, be considered to be a ‘chargeable lifetime with reservation’ and are still counted as part generally depending on the amount of tax transfer’ or a ‘potentially exempt transfer’. If of the donor’s estate for the purpose of potentially saved. control is required over any gifted property, calculating IHT. This prevents a situation including cash and liquid assets, it is advisable where a parent gives away a house to their Giving it away to consider a trust arrangement, although care children but continues to live in it rent-free. As well as arrangements that take effect after should be taken that they don’t fall foul of the Gifting assets is an important but very death, opportunities are plentiful for effective ‘gifts with reservation’ rules outlined below. often overlooked way of passing wealth to planning while you are still alive. The most future generations and thereby significantly straightforward way of mitigating IHT Chargeable lifetime transfers reducing an IHT bill. These strategies, liability is gifting assets to reduce the value of Gifts into some trusts, such as discretionary however, may not be suitable for every an estate, as there is no limit to the amount trusts, are classed as chargeable lifetime individual and specialist advice should be of assets that may be given away. A gift can transfers. Here, tax is levied at 20 per cent sought when considering any investment. u be anything that has a value, e.g. money, (half of the rate applied at death) on the property, possessions or a loss in value when cumulative total of all gifts in excess of the If you have a question that you would like something is transferred (e.g. if a parent sells nil-rate band and is payable at the time the our tax experts to answer, please email a house to a child for less than it is worth, asset is gifted. The transfer is also brought [email protected] the difference in value counts as a gift). back into account on death if that occurs

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a p roduct The property portal

A hard rain is gonna fall The vote to leave the EU in June’s referendum is already having a negative impact on the value of property-related investments, explains Steven Grahame

he UK electorate’s vote to leave the European Union is likely to lead to a seismic shift in the UK’s economic landscape. Lower economicT growth, uncertainty about the UK’s place in the world economy and questions surrounding how its industries will adjust to the new trading and financial environment are likely to lead the majority of investors to reduce risk and seek to protect their capital. There will be higher risk premiums and investors will demand greater prospective returns from investments. This was amply demonstrated by investor demand for safe-haven assets immediately following the referendum, with German government bond yields falling by 0.3 per cent, Swiss sovereigns time to sell, given the losses that such a by 0.2 per cent and UK gilts by 0.7 per ‘Listed property assets have been transaction may crystallise, even if selling cent. Equity markets also adjusted to among the weakest assets since were possible. reflect the new environment, with the By holding property allocations in two FTSE 250 Index falling by 6.7 per cent. the EU referendum’ parts – a liquid element and an illiquid Listed property assets have been among element – investors can gain similar the weakest assets since the referendum, exposure to most core property funds with UK REIT prices falling by around fund structures (or through their own and UK REITs, while avoiding the 16 per cent and core property funds property portfolios). Ultimately, the liquidity problems they suffer in times reducing their pricing of units by physical market is expected to fall, but of market stress. between 5 and 10 per cent. by how much and how quickly is much This structure also enables investors to more difficult to quantify. capitalise on periods of illiquidity in the Period of adjustment In light of the price declines they have market, for example by investing in The physical property market takes suffered, investors will reconsider their property at significant discounts in times longer to adjust, with clearing prices allocations to core property funds (and of stress, such as when core REITs are reflecting both current sentiment and UK REITs). Such funds’ unit prices selling at a 30 to 40 per cent discount to investors’ expectations over much longer are linked to the valuations of their their pre-Brexit NAVs. u holding periods, say eight to ten years. underlying assets – without, at times, any Indeed, these holding periods are far suitable transactional reference point. Steven Grahame is manager of the North more attuned to institutional investors, Given the lack of evidence to quantify Row Capital Liquid Property fund who generally invest over longer time declines in the physical property market, frames, sometimes within more illiquid one could argue that it is an inappropriate All valuations from 23/6/16 to 8/7/16

www.WhatInvestment.co.uk 31 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

paying investments. The aim is for the Fund managers: Neil Goddin and fund to yield more than the Japanese Craig Bonthron market, and the yield at launch is Product of the Month – August 2016 estimated to be 2.7 per cent. This may Minimum investment: £1,000 seem quite low compared with the 4 per Annual management fee: 1 per cent Baillie Gifford Japanese cent of the UK market, but the dividend Contact: www.kamescapital.com Income Growth growth prospects are very good. While I’m not as positive on the outlook Patrick Connolly says: In both the open and closed-ended fund for Japan today as I was three years ago, In these uncertain space, Baillie Gifford’s managers have there is undoubtedly a culture change investment times, developed quite a reputation as managers taking place as regards companies’ absolute return funds of Japanese equities. treatment of shareholders and the rise of should, in theory, have While opinions are sharply divided on dividend payments. The trend is one of n an important role in Patrick Connolly the investment case for Japanese equities rising dividends and increasing numbers is head of many investors’ (see page 22), it hasn’t traditionally been of companies paying them. By investing communications portfolios. viewed as an income market. in the companies with the strongest at financial However, the reality is adviser Chase balance sheets, this fund may well turn de Vere that too many of these Fund manager: Matthew Brett out to be a less volatile way of investing funds perform poorly, Minimum investment: £10,000 in the Japanese equity market, as well as either being too highly correlated to Annual management fee: 0.25 per cent a way of diversifying your investment stock markets or producing cash-like income stream. returns and imposing hefty charges for (rising to 0.65 per cent after 12 months) Early investors in the fund can also the privilege. Contact: www.bailliegifford.com benefit from a discount in the investment Kames is one of a small number charge, which has been reduced from of companies that are worthy of Jason Hollands says: 0.65 per cent to 0.25 per cent for 12 consideration in this sector. It has a This fund is a welcome months, if you invest before 30th strong and well-resourced investment addition. There are September 2016. With an increasing team and, despite a recent poor patch, the very few of its kind in focus on fund charges, this will be of UK Equity Absolute Return fund is one existence – Japanese interest to many investors and, at 0.65 of the more consistent in the sector. n equity funds that are per cent, the fund will still be good value This new launch is a market-neutral Jason Hollands is MD, business seeking to provide an for money in a year’s time. fund, as is the UK fund. This means there development & income. And, with Overall I give it 4.5 out of 5. should be very little correlation to stock communications at the need for income markets. The difference between this online investment service Bestinvest and diverse sources and the UK fund, as the names suggest, for obtaining it a is that this product has a global remit. growing phenomenon, I think it will Kames Global Equity It is unlikely to have more than 10 per fill a gap for investors. Market Neutral cent invested in the UK. The Japanese equity team at Baillie The fund will use a strong investment Gifford is one of the best, in my opinion. Kames has cut quite a swathe through the process to screen and analyse potential The members have worked together for market for absolute return funds, and this opportunities. They’ll be looking to hold many years and have a tried and tested latest offering is an attempt to provide a balanced portfolio with diversified risks. process. This fund will use that very same diversification away from the travails of the However, as they see themselves as expert process but have a bias towards income- UK stock market. stockpickers rather than economic

32 www.WhatInvestment.co.uk Funds in focus

‘US corporate profits appear to have peaked, and so the outlook for dividend growth is becoming tougher‘

forecasters, especially in the current income investors, TOP TEN FUNDS environment, they’ll be looking to take as companies have IA FUNDS stock-specific rather than style or historically had a ONE YEAR geographical risks. preference for using 1 WAY - Charteris Gold & Precious Metals 194.5 The charging structure is interesting, cash for share buy- 2 MFM - Junior Gold 193.4 giving investors the choice of a higher n backs rather than cash 3 CF Ruffer - Gold 187.8 Darius 4 Investec - Global Gold 186.4 annual charge with no performance fee or McDermott pay-outs to investors, 5 Legg Mason - IF Japan Equity 182.1 a lower charge with a performance fee is managing but a focus on dividend 6 Smith & Williamson - Global Gold & Resources 180.3 built in. director of fund generators should in 7 BlackRock - Gold & General 177.7 platform Chelsea 8 Old Mutual - BlackRock Gold & General 176.8 The ingredients seem to be in place Financial Services theory lead to a more 9 Invesco Perpetual - Japanese Smaller Companies 158.4 for this fund to do well. It has a strong conservative portfolio 10 BlackRock - Global Screened Corporate Bond 149.4 investment team and a repeatable of stocks, with good cash generation FIVE YEARS process, it should have little correlation at a time when investors are generally 1 Legg Mason - IF Japan Equity 434.4 to markets, and Kames is taking risks more cautious. 2 JB - Multistock Health Innovation 319.1 3 AXA - Framlington Biotech 280.4 in areas where it believes it has the There might therefore be a case for 4 Polar Capital - Healthcare Opportunities 280.0 expertise. Let’s see if it can deliver. switching existing US exposure into a 5 Baillie Gifford - Japanese Smaller Companies 264.9 fund such as this, though my preference 6 Candriam - Equities L Biotechnology 258.9 7 Pimco GIS - Euro Ultra Long Duration 243.0 would be the Aviva Investors US Equity 8 Fundsmith - Equity 240.6 Income II fund, which has an established 9 Schroder - Global Healthcare 229.0 Standard Life American track record. 10 L&G - Global Health & Pharma Index Trust 228.1 Equity Income Right now, however, I’m very sceptical INVESTMENT TRUSTS of the wisdom of sterling-based investors ONE YEAR Political and economic turmoil at home using their hard-earned cash to buy dollar 1 Independently Managed - Tejoori 481.3 may tempt investors to look to the US assets when the pound is at a three- 2 Alpha Real Capital - Industrial Multi Prop Trust 273.2 decade low against the greenback and 3 Burford - Capital Limited Ord NPV 214.2 market as a safe haven. That is amplified 4 Kuala - FastForward Innovations Ord 1P 177.4 by the strength of the dollar relative when US shares are trading well above 5 New City Inv Mgrs - Golden Prospect Precious Metal 169.4 to sterling. long-term valuations and are expensive 6 Oxford Tech Mgmt - Oxford Technology 2 VCT 164.4 7 Chelverton Asset Mgmt - Chelverton Gth Trust 161.0 against other developed markets. Indeed, 8 Trading Emissions - Trading Emissions 153.5 Fund manager: Scott Eun US corporate profits appear to have 9 Baillie Gifford - Baillie Gifford Shin Nippon 150.0 peaked, and so the outlook for dividend 10 Oxford Tech Mgmt - Oxford Technology 3 VCT 148.9 Minimum investment: £1,000 growth is becoming tougher. FIVE YEARS Annual management fee: 0.94 per cent, While it may be tempting to see the 1 Independently Mgd - Adams Ord EUR0.01 1,231.3 Contact: uk.standardlifeinvestments.com 2 EPIC Private Equity - EPE Special Opps 403.9 US market as attractive when Europe is 3 New Eur Prop Invts - New Eur Prop Invts 399.4 engaged in a political crisis following 4 Baillie Gifford - Baillie Gifford Shin Nippon 361.5 Darius McDermott says: the UK’s decision to leave the EU, 5 Independently Managed - Vietnam Holding 331.8 6 NVM Private Equity - Northern Investors Co 324.1 The recently launched Standard Life the US also faces uncertainties around 7 Frostrow Capital - The Biotech Growth Trust 317.7 American Equity Income fund is the the direction of monetary policy and 8 Albion Ventures - Kings Arms Yard VCT 315.1 9 SV Life Sciences Mgrs - Internl Biotech Trust 298.1 latest product to emerge in a small but the pain being inflicted on its export 10 Big Yellow Group - Big Yellow Group 297.6 growing subsector of funds that focus on competitiveness from the strong dollar. higher-yielding US companies, most of And let’s not mention the potential The figures show how £100 has grown over the periods which have underperformed the broader prospect of President Trump. shown to 30 June with net income reinvested. Figures US equity market in recent years. are calculated on a bid-to-bid pricing basis. The US is not a natural home for Source: FE Trustnet

www.WhatInvestment.co.uk 33 On shaky foundations A farrago of concerns plagued property investors at the start of the year, and then came Brexit – but is there an opportunity amid the carnage, asks David Thorpe

rivate investors who forwent the ubiquitous repeats that litter the TV schedules between Christmas and New Year in order to look at their investment Pportfolio had plenty to ponder on examining their property exposure. Back in that pre-Brexit world, the fear of many was that the interest rate rise the Bank of England said was imminent would push up the cost of capital and force a wave of defaults, and a collapse in prices. Valuations looked chunky, particularly in prime London, and there were fears that a US interest rate rise or the decline in the oil price would staunch the flow of capital from overseas investors who had pumped up the valuations of UK property assets as they sought a ‘safe haven’. Meanwhile, the effects of quantitative easing continued to be felt throughout the property market as abundant liquidity and record-low rates supported valuations and pushed down the yields available on property investments, reducing their appeal to traditional income investors. Property investment trusts that for years had traded at wide discounts were swept to premiums as investors rushed to place cash with the asset class. It was around this time that the multi-asset fund investor Simon Evan-Cook of Premier began to sell down his property holdings and move back into equities. He told What Investment at the time that he had made the switch because the equity market volatility that started to make its presence felt had pushed equity

34 www.WhatInvestment.co.uk ‘If inflation pushes up the cost of living, saving for a deposit will be harder for the first-time buyer’

will be harder for the first-time buyer, dampening demand. Once property prices start to fall, the natural instinct of investors is to anticipate them falling further, and so to delay purchases, creating a downward spiral. At the prime end of the market, the overseas buyers who have flocked to London in recent years in search of a safe haven may eye the substantial price drops on London property keenly, and decide to go bargain hunting. Those price drops are not merely a function of Brexit; prime London valuations have been in the doldrums since stamp duty changes were announced by the chancellor last year. Justin Onuekwusi, multi-asset investor at Legal & General, commented that he had Overseas investors may decide to go bargain hunting in the prime London property market started to withdraw cash from prime London commercial property in June 2015, as he was valuations down, while property assets of liquidity, and that is what quantitative concerned about the impact of a slowdown in remained at premium prices. easing may well solve, even if it can’t avert a China and a rise in the value of the US dollar. And then came Brexit. wider recession. The dollar rising has the impact of In our June issue, we noted that the Of course, lower interest rates, looser weakening economic growth in most turbulence likely to be wrought by Brexit monetary policy and dented confidence will emerging market economies, and to could wreak havoc on the property market. all have a similar impact, pushing the value of depreciate those nations’ currencies. That But while the dent to confidence, and perhaps sterling downwards. would dampen the demand for London to actual economic growth, that is the legacy The spectre of inflation haunts many a prime commercial property. He added that of the EU referendum result is undoubtedly a UK market participant and consumer with the level of yield available was also sufficiently negative for property, the policy response may memories of the 1970s, but the picture is unattractive to cause him to move his not be. very different now. weighting to UK property to ‘neutral’ from Bank of England governor Mark Carney UK headline inflation is 0.3 per cent, a the previous overweight. announced that a fresh slug of quantitative number considerably below the 2 per cent Although the property market is in flux and easing would be deployed, that interest rates level considered by the Bank of England to concerns around a rising dollar have dimmed, would be cut, and that extra liquidity would be optimal. A moderate increase in inflation the fund manager is reluctant to plunge back be made available to banks to get them caused by weaker sterling, but boosting UK into the market. He commented that he has lending more. exporters, may not be the worst scenario for further ‘diluted’ his exposure to property by the economy. not allocating new capital to the asset class, Price inflation From the point of view of the housing even as new money enters his funds. As investors such as David Jane, multi-asset market, the considerable risk from inflation He added that he rarely has more than 10 investor at Miton, have opined in the past, is that it could result in existing mortgage per cent allocated to physical property as it is quantitative easing doesn’t necessarily holders finding they have less income an illiquid asset class. improve growth, but it does push up asset available to meet their repayments. That Onuekwusi explained that the value he prices. It may also be the case that the impact could lead to repossessions, increasing the does find in the market is focused around of Brexit will be a short-term crisis of supply of properties on the market. regional property, where he remarked that confidence and a tactical deployment of Simultaneously, if inflation pushes up ‘the valuations are buoyant and the capital away from risk assets, causing a crisis the cost of living, saving for a deposit demand is strong’.

www.WhatInvestment.co.uk 35 ark McKenzie, portfolio manager since the UK voted to leave the EU on 23 and investment manager on the June. The scale of that sell-off was placed MThomas Miller Investments Diversified into context at the end of June by rplan, Assets fund, has revealed the three The which noted that around 75 per cent of all investment trusts he has faith in for its clients switching out of funds over the accessing the UK property market at a time weekend sold property funds. when many investors fear the impact of the Greenwood commented that it would take EU referendum result on the market. property ‘a deep recession, a crisis big enough for 20 He told What Investment that over the million people to want to delay spending’ past year he has reduced his investments for Brexit to have a real impact. At present, in UK property funds as a result of the the City veteran’s view is that the economy rise in valuations. McKenzie has been trusts will enter a ‘dull’ period where growth is particularly concerned about the valuations weak, rather than a recession. of property in London and the South East, He added that very large property and the three trusts in which he is invested to buy companies such as Land Securities could have significant exposure away from the suffer in such an economic climate South East. because they own sites that have yet to be He added that the funds in which he is developed. The value of those sites may invested are generally ‘specialist’, focused have to be written down, or tenants may be on a particular area of the market. hard to find for them, but with the costs The first such funds he selected, MedicX of development sucking up cash and Investment Trust and Primary Healthcare restricting their ability to pay dividends. Properties Investment Trust, own medical In contrast, he pointed to Alpha Real properties. He remarked that the tenant of Estate, a property fund that he noted the properties owned by these trusts is often invests in buildings principally through the NHS, so the rental yields are unlikely to issuing loans. be affected by a wider economic malaise. Greenwood remarked that by investing He commented, ‘During the sell-offs in via loans, the company has a lower risk the days after the referendum these trusts exposure to the properties in which it is fell by a relatively modest amount, while invested. He noted that the company some of the property trusts fell by 16 per trades at a near 40 per cent discount to its cent in two days.’ net assets, and said, ‘It is a trust that is The other trust on which he is keen is overlooked a little by investors. It isn’t Tritax Big Box REIT. This is a fund that Tenants may be hard to find in the post-Brexit marketed very much, and in many ways economic landscape looks to be more explicitly exposed to the the trust is rubble from the bubble.’ fates of the wider economy, as the tenants The second trust on which Greenwood are often small businesses. share price falls, it would be like trying to is keen is Real Estate Investors, a property McKenzie commented, ‘The premium at catch a falling knife to buy those right now.’ company with its portfolio of assets which the trust was trading has been eroded Nick Greenwood, the City veteran who focused around Birmingham. Greenwood by recent events; that is a positive. While invests in other investment trusts through commented that before the EU there is more vulnerability to the economy, his Miton Worldwide Opportunities fund, referendum result the property boom most of Tritax Big Box REIT’s customers has divulged the two property funds he in London was starting to have a ‘ripple are on long leases, and it is a big trust so thinks can do well in a post-Brexit world. effect’, pushing up the values of property there is plenty of liquidity.’ He commented that property companies in secondary cities such as Birmingham. He continued, ‘While some of the more have been particularly hard hit by the He noted that the dividend of 3p general property trusts have seen rapid sell-off that has swept through markets represents a yield of 5 per cent.

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* Subscription offer is for Direct Debit payments only. £29.99 for the first year, rising to £38.80 per year thereafter he decision of three prominent fund for property demand. Second, Brexit could houses to suspend trading in their lead to a recession; that too would be propertyT funds highlights the dangers of bad news.’ investing in an illiquid asset through an Open- Stevenson added, ‘The reality is that no open-ended fund, but investors with a one really knows where property is headed long-term view have no reason to panic. over the next couple of years. If the pound This is the view of a slew of analysts. remains weak, it is possible that foreign Property funds run by Aviva, M&G, ended buyers will see UK property as a cheap safe Standard Life and Columbia Threadneedle haven. Admittedly, that prospect seems some suspended withdrawals from their funds. way off yet. In the meantime, the yield This means that investors may have to wait attraction remains compelling. as long as six weeks to get their cash out. fund ‘So being locked into a commercial property Paul Milburn, senior analyst at Lowes fund may not be the worst thing to happen if Financial Management, commented, it prevents a hasty response to a change in ‘Income payments to investors...will sentiment. Property investing is necessarily continue to be made. Prior to this news, crisis long-term, and investors should not look to other open-ended property funds investing jump in and out of funds investing in this in UK commercial property, including Legal ‘Unfortunately, Brexit has triggered relatively illiquid sector.’ & General, M&G and Henderson, had But Laith Khalaf, senior analyst at made fair value adjustments to their funds. a flight from property – both Hargreaves Lansdown, was more cautious. These were made to reflect the potential for commercial and residential’ He said, ‘The problem that these funds a fall in the underlying property values, face is that it takes time to sell commercial which appears to have been stimulated by property to meet withdrawals, and the cash the decision by the UK public to vote to buffers built up by the managers have been leave the European Union.’ allocate to our favoured property funds.’ eroded by investors heading for the door, He added, ‘Although they have delivered His thoughts were echoed by Tom both in the run-up to the EU referendum exceptionally strong capital growth, we Stevenson, investment director at Fidelity, and in the aftermath. continue to see property funds as an who said, ‘Unfortunately, Brexit has triggered ‘These managers will now be adding to important income source diversifier. It is a flight from property – both commercial the supply of commercial properties on the important to remember that over the and residential – as worries have grown that market, which is likely to put downward longer term 75 per cent of the return from uncertainty over the UK economy will deter pressure on prices. Foreign investors might commercial property comes from rental investors, especially from overseas. The share be tempted in by the fall in sterling, but income and rental income growth, and it is prices of property companies have been equally they may decide to steer well clear within income-producing portfolios that we among the hardest hit in the UK market of an economy in limbo.’ take our exposure. because of their domestic exposure. The He concluded his comments with the ‘The suspension of trading in these funds of shift in sentiment in the quoted property remark, ‘Investors in property funds need to course causes some concern, and highlights sector has, unsurprisingly, been reflected in focus on the reasons they bought commercial again whether funds with illiquid assets such increased nervousness about other investment property in the first place, and consider as physical property should be daily pricing. vehicles, such as open-ended property funds.’ whether they are still intact, because there For now, we believe that the property fund He continued, ‘Whether investors would may be challenging times ahead. managers have been prudent in their actions, be right to redeem is currently a moot point. ‘Diversification and income are both by implementing the adjustments to the Yes, the case for investing in commercial real legitimate reasons for investing in the value of the underlying properties and by estate is undoubtedly worse than it was – for commercial property funds, but high costs suspending trading, in order to provide more two reasons. First, Brexit could lead to a and poor liquidity are two drawbacks that realistic valuations and protect the unit reduction in jobs in, say, financial services in investors need to be willing to shoulder holders. For the moment, we will continue to London. That would obviously be a negative before investing in the sector.’

38 www.WhatInvestment.co.uk hile a common chunk of the The second argument posited by those rhetoric that preceded the who believe that rents would fall in a EUW referendum was about house price post-Brexit world is the idea that overseas movements, a widespread assumption Buy-to-let buyers would be put off the UK, freeing up was that prices falling would push swathes of the market. rents downwards, which would boost Overseas buyers need to be divided into the economy. two types. The first is those who are buying Much of the energy of policymakers since and rents prime properties, usually in the south of the financial crisis has focused on creating England and with capital preservation and the wealth effect; that is, according to the status in mind. theory, the idea that if people feel richer, rising The second group consists of folk who they will be confident enough to spend and look at the relative health of the UK so generate sufficient economic activity to economy and the strength of sterling. drag the country into economic growth. Doubts over the health of the economy That helps to explain why house prices in and an almost certain decline in the value most parts of the UK continued to rise even of sterling may well cause that second type in years when the economy appeared to be of buyer to flee the market. mired in recession. However, if sterling is falling, that causes With policymakers having bet almost all imported inflation to enter the economy. of their chips on the wealth effect helping This inflation causes the cost of living to the economy to recover, a fall in house rise and reduces the purchasing power of prices may serve to dent the economy. consumers, and so meaning that they have Turning to the impact on rents, some less capacity to save. In order to make a media outlets have opined that a fall in return on their loans, banks lending to house prices would cause rents to fall, aspiring house buyers will move interest because many of those renting now rates upwards, which makes houses less would be able to buy, freeing up more affordable and prevents many of those rental properties. currently renting from buying. By that theory, because the supply of If Brexit did cause house prices to fall, then rental properties increases (through more the reaction of those whose business is to current renters being able to afford to buy) A fall in house prices could dent the economy allocate capital will, quite rationally, be to and the demand for rental properties falls build fewer of them. No one particularly (through people who were in the market for prices would not be as a result of increased wants to invest in an asset when the price is a rental property exiting in order to enter supply; it would be the consequence of a falling. Additionally, if inflation becomes the market to buy), the price of rental deterioration in the level of economic steep, the costs of building those new houses accommodation would fall. confidence and activity, with banks more would rise, as material and wage costs rise. This fails to factor in the reasons why nervous about lending. So the economic case presented to house prices may fall. House prices falling Such a deterioration, if it impacted on investors is to invest in an asset where the because the supply is rising faster than house prices, would also cause worsening price is falling but the costs are rising. Most the demand is relatively healthy for the conditions for people in the real economy will choose not to make that investment, economy, and probably does send prices – i.e. wages would fall and jobs would be which will cause fewer houses to be built. downwards in a way that is positive for the fewer, making even the cheaper houses From the opposite point of view, the UK economy. That would potentially cause difficult to afford and so not causing a wave is already in the teeth of a housing shortage. rents to fall. of current renters to enter the market as If that becomes even more acute, the However, as discussed previously in this buyers, with the result that rental properties shortage of supply would push house prices, feature, a Brexit-induced fall in house would not become more profuse. and rents, even higher than they are now. u

www.WhatInvestment.co.uk 39 Investment trusts Equipped to deliver

Investment Trusts can take a truly long-term view in stormy market conditions and smooth income payments through the ups and downs of the economic cycle. No wonder then that you could fi nd them as relevant to your needs today as they’ve been to those of the previous generations whose prosperity they’ve helped to build. To get a fi rm grasp on the advantages beneath the surface, download your free Schroders Guide to Investment Trusts at www.schroders.co.uk/its Please remember, past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and you may not get back the amounts originally invested.

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SPECIAL SECTION: What Investment Trust AUGUST 2016 Stock horror! Paul Lewis has unveiled surprising research that suggests shares do worse than cash over most five-year periods. Nick Britton investigates

he BBC Radio 4 supine equity investor, who neglects to defences against it: saving regularly, which presenter Paul diversify and is content with a dud tracker neutralises the risk of hitting a bad patch in Lewis recently fund. Data from Morningstar shows that the markets, and diversification. Do either one of threw down the gauntlet to average investment company has beaten both these things, and preferably both, and you theT investment industry by high-interest cash and the FTSE 100 over stack the odds in your favour. asserting that what he calls three, five, ten and 21 years – by a country What makes equity investing worthwhile ‘active cash’ has beaten mile (see table). What’s more, the average is that when shares outperform cash, they shares over the majority (57 per cent) of investment company yields 3.6 per cent, more outperform in leaps and bounds. The trouble five-year periods since 1995. than double the typical savings account. is that no-one knows when those stretches of Active cash means switching to the best For all this, I think it’s important to exceptional returns will be. available deposit accounts each year, while to acknowledge Lewis’s central point. Equities Fund manager Nick Train has one of the represent shares Lewis selected an HSBC are not a one-way bet, and can lose us money best answers to this question. When asked index fund tracking the FTSE 100 – ‘a over extended periods if we’re unlucky. But his advice for coping with the irregular and typical tracker: not cheap, not expensive’. his conclusion that you need almost two uneven pattern of stock market returns, he It gets worse for equity fans. Even when decades to make investing in shares quotes the couplet attributed to US humorist Lewis stretched the holding period to ten worthwhile shows an unhealthy and Ogden Nash: ‘Shake and shake the ketchup years, he found shares beat cash just 50 per potentially damaging level of risk aversion – bottle, None will come and then a lot’ll.’ u cent of the time. He concludes that the risks especially now that interest rates have of equities are greatly underestimated, while dwindled to historic lows. Nick Britton is head of training at the their advantages versus cash are exaggerated. Stock markets are volatile, and volatility is Association of Investment Companies and But don’t rush to the best-buy savings unsettling. But investors have two formidable a former editor of What Investment tables just yet. Investment boffin Abraham Okusanya has picked one particularly ugly Performance comparison nit out of Lewis’s research. He points out that Lewis’s chosen tracker has drastically Total return on £100 after: 1 year 3 years 5 years 10 years 21 years underperformed the FTSE 100 over the Average investment company 100 125 141 196 542 21-year period in question, returning 244 per AIC UK All Companies sector 88 121 152 201 752 cent versus 316 per cent for the index. Others have questioned the validity of FTSE 100 104 117 132 161 402 comparing the returns of an uncommonly High-interest cash (£25,000+ to invest) 100 101 102 111 159 active and well-informed cash investor, who Source: Morningstar (data to 30/6/16) switches accounts each year, with those of a

Supplement contents

Flexible friends Caution reigns What are the opportunities for investors within the AIC Many trusts have adopted a cautious stance for years. Is now 42 45 Flexible Investment sector? the time to buy them?

WHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 41 Trusts for diversity

Flexible friends What are the opportunities for investors within the AIC Flexible Investment sector?

t times of severe market strife, policy allows them to invest in a range of flexible sector has returned a gain of asset allocation typically gains asset types”. There are 12 companies 3.9 per cent while investment trusts a greater prominence for the included in the sector. overall have made a negative 0.5 per private investor. ‘The interesting feature of these trusts cent total return. Over five and ten years, AMulti-asset funds offer a way for the is they are typically more defensive, performance has unsurprisingly lagged private investor to have professionals being diversified across asset classes but still delivered very respectable carry out the asset allocation for them. including bonds, gold and alternatives cumulative total returns of 27.4 per The AIC Flexible Investment sector as well as equities and cash. In fact, cent and 67.8 per cent respectively. was launched last year, and offers some of these trusts were originally ‘Investors who are looking for stable investors the opportunity to compare the set up to manage the assets of wealthy income and are concerned about potential performance of the various multi-asset families with capital preservation a market volatility due to political and investment trusts. priority above growth.’ macroeconomic events – such as the US Robert Murphy of Edison Research He continued, ‘The defensiveness of election, central bank policy and weak commented, ‘The Flexible Investment these trusts is borne out by recent global growth – might find these trusts sector is defined as “companies whose performance: over the past year the well worth a look.’

42 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST Trusts for diversity

‘The interesting feature of these trusts is they are typically more defensive, being diversified across asset classes’

Personal Assets in approach with the Ruffer Investment equity exposure following a market fall Company and also the firm’s flagship with the Trojan Fund. We retain our view open-ended fund, the Trojan Fund. The that the fund is likely to lag market rises The Personal Assets Investment Trust is current positioning is very defensive, but should preserve capital in difficult a £635 million trust run by the veteran with 22 per cent in cash or near cash market conditions.’ Sebastian Lyon, and the fund manager instruments and over 10 per cent in has a substantial investment of his own gold bullion.’ Capital Gearing money in the fund. Matthew Read, senior analyst at The trust is the absolute best performer Quoted Data, commented, ‘Personal in the Flexible Investment sector over the Assets has benefited recently from the Tepes is keen on this investment trust, past year, returning 11 per cent compared strong performance of its gold and fixed commenting that it is ‘another with a with a loss of 0.37 per cent for the income holdings, but its longer-term truly flexible investment remit and a average in the sector. The trust also has a performance record versus peers is also manager that has conviction in his asset strong track record over the past five compelling. During the past five years, it allocation’. years, returning 27 per cent. has provided annualised share price and The volatility of the market this year Monica Tepes, fund analyst at Cantor NAV total returns of 5.3 per cent and 5.9 has been kind to the Capital Gearing Fitzgerald, commented that the trust has per cent respectively. These returns are Investment Trust, as the £109 million ‘a truly flexible investment remit and is both the second highest in the Flexible vehicle has returned over 5 per cent this fully taking advantage of it, along with Investment sector, behind the returns of calendar year compared with less than the prospect of solid long-term return RIT Capital Partners, but RIT Capital 1 per cent for the sector average. and the additional benefit of better Partners has exhibited much greater The largest exposures in the fund are capital preservation’. NAV return volatility.’ to bonds, and in particular government Lyon has long maintained a starkly Innes Urquhart of Winterflood bonds. The largest individual investment pessimistic view of global growth. This is Securities commented, ‘Personal Assets in the fund is a UK government bond reflected in the trust having 23 per cent has long been noted for its strong, often (gilt) with a maturity date of next year. of its capital held in cash. The equity unfashionable, viewpoint on the market. That focus on short-dated gilts may holdings are clustered around large, However, it is not, in our opinion, reflect a view that UK interest rates were typically defensive, businesses. Only 4.5 necessary to agree with every point of its due to rise. per cent of the capital in the fund is investment outlook to become an investor That relatively positive investment deployed in UK equities. in the fund. Rather it is the recognition perspective is also reflected in the fact The Personal Assets Investment Trust that this is a low-volatility vehicle that that the third-largest investment is an trades at a discount to its net assets of 0.6 should deliver attractive absolute returns index-linked government bond; such an per cent. over the longer term. investment would typically be used to Jason Hollands, managing director of ‘Although Sebastian Lyon is bearish protect the investor from inflation. Tilney Bestinvest, commented, ‘Managed on the prospects for equities at present The equity holdings are all investments by Sebastian Lyon at Troy Asset due to valuations, he has demonstrated in other companies’ funds. The largest Management, this has some similarities his willingness in the past to increase individual fund holding is the Invesco

WHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 43 Trusts for diversity

‘Investors who are looking for stable income and are concerned about volatility might find these trusts well worth a look’

Perpetual UK Smaller Companies fund. cent and 4.9 per cent respectively (fifth goes to the charity annually thus equates Richard Curling, manager of the Jupiter and third places), but with a one-year approximately to the fees that would Fund of Investment Trusts, commented of NAV standard deviation of 5.21 per cent otherwise be paid by investors. Indeed, this trust, ‘It has the objective of delivering its volatility is the lowest in the Flexible given that relatively few investment trusts a positive absolute return and protecting Investment sector.’ charge fees as high as 1 per cent, it may capital after taxes, fees and inflation. The Capital Gearing Investment Trust be that this trust returns slightly more It is run by the hugely experienced and trades at a premium to its net assets of than just the fees to the trust every year. respected Peter Spiller (since launch) and 0.9 per cent. The top ten investments in the fund the highly capable Alastair Laing. include holdings in a range of mandates ‘The Trust has lost money only once in BACIT that invest in particular regions and the past ten years (2 per cent in 2014) and countries around the world. has delivered a cumulative return of 75 per The largest individual investment is in cent over that decade. The managers are Investing in a way that also contributes to the Polar Capital Japanese Alpha fund. naturally cautious and prepared to sacrifice achieving positive change is very much a This fund has not been a particularly some upside potential to protect capital on key consideration for many younger strong performer over the past three the downside.’ investors. years. Eight of the top ten holdings in Curling added, ‘Capital Gearing aims The Battle Against Cancer Investment the trust are hedge fund strategies, which to achieve capital growth in absolute Trust (BACIT) fits the bill for those indicates that capital preservation is a terms, principally through investment in interested in that theme, as the trust’s focus for this trust. Overall, hedge funds quoted closed-ended and other collective income is devoted to funding cancer account for around 30 per cent of the investment vehicles. These will be research. assets of the BACIT Investment Trust. invested in equities or property. Capital It is a £470 million vehicle that invests The largest geographical exposure in Gearing also has a willingness to hold entirely in other funds, with 1 per cent of the trust is to European equities, while in cash, bonds, index-linked securities and net asset value annually donated to a currency terms the largest exposure is to commodities when appropriate. range of charities. In 2015, the trust the US dollar. ‘The trust’s largest allocation is to fixed returned 12 per cent compared with 3 per The BACIT Investment Trust has 9 per income (34 per cent in index-linked cent for the average trust in the sector. cent of its capital invested in emerging government bonds; 3 per cent in Tepes commented that BACIT is ‘a market assets. conventional government bonds; 28 per unique investment proposition, helping John Greenwood, investment trust cent in preference shares/corporate debt to fund cancer research and with no analyst at Brewin Dolphin, commented, as at 31/5/16), while the second-largest management fees at company level and ‘Both for its defensive qualities and for allocation is to investment trusts (26 per underlying fund level’. the truly creditable ethos behind its cent) with the balance held as cash (8 per There are no management fees because creation, BACIT offers the real chance cent) and gold at 1 per cent. the fund houses in which the capital of of giving the financial sector a good ‘Capital Gearing has also benefited the trust is invested do not charge to name while giving investors access to from a strong allocation to fixed income. manage the capital, due to the charitable leading fund managers accustomed Its share price and NAV total returns intentions of the trust. to creating wealth against a risk- over the past five years have been 3.2 per The 1 per cent of net asset value that controlled framework.’ u

44 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST Trusts for shelter

Caution reigns Many trusts have adopted a cautious stance for years. Is now the time to buy them?

he EU referendum result is just Ruffer Investment Company stormy market weather of recent months the latest in a line of events to has been more beneficial. provoke concern amongst Few fund managers have been quite as One caveat as to the further performance private investors, and prompts many to bearish on the global economy since the is that the managers have positioned the considerT where the boltholes are for financial crisis as the managers of the trust in expectation of a prolonged period of capital seeking shelter from the myriad Ruffer Investment Trust. deflation, while the travails of sterling since market storms. John Newlands, investment trust the EU referendum make it more likely that In this feature, What Investment researcher at Brewin Dolphin, inflation will be the preoccupation of has gathered the thoughts of a slew commented, ‘This takes a multi-asset investors in future market storms. of prominent analysts to highlight approach but with a strong emphasis on That expectation of an extended period of those trusts that are prudent buys for capital preservation. It is invested across very low inflation can be seen in the trust private investors. index-linked gilts, cash and other liquid having 45 per cent of its capital deployed in assets such as gold and equities.’ US and UK government bonds. The roaring bull markets that faced The largest exposure is to Japan, while the investors in the years immediately after largest currency exposure is to the pound. the financial crisis have not been helpful The trust trades at a premium to its net to the Ruffer Investment trust, but the assets of just less than 1 per cent.

PWHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 45 Trusts for shelter

‘The interesting thing about this trust is it owns 20 per cent of the management company Sanditon Asset Management Ltd’

RIT Capital managers and direct investments/ He continued, ‘The interesting thing co-investments.’ about this trust is that it owns 20 per cent The 2015 calendar year proved to be of the management company Sanditon This is a long-established investment particularly strong for the trust, with it Asset Management Ltd, which, if it is trust in which Lord Jacob Rothschild returning 22 per cent. The trust trades at successful, will be worth a material amount and his renowned business family have a discount to its net assets of 5 per cent, to the investment trust, adding some nice an investment of comfortably more than according to data from the AIC. upside potential.’ £115 million. By owning a share in the underlying fund The £3 billion trust has returned 40 per Sanditon Investment Trust management company, shareholders in the cent over the past three years, making it trust are gaining exposure to an asset that is the most successful trust in the flexible uncorrelated with the wider market. sector during that time period. The Richard Curling, who runs the Jupiter Fund average trust returned 18 per cent in of Investment Trusts, is keen on the tiny John Laing Environmental the same period. Sanditon Investment Trust as a fund that is Investment Trust The trust has particularly large exposure capable of protecting investors’ capital to the US dollar and US equities, though during down markets. in the investment trust’s most recent That the Sanditon Investment Trust is set The John Laing infrastructure investment update to investors Lord Rothschild, as up for preserving capital in down markets trusts are well known for their strong chairman, commented that markets are in can be seen in the recent performance. On performance and the chunky premiums to ‘the eye of the storm’, and confirmed that a one-year basis the trust has returned a their net assets at which they trade. the exposure to the US was being trimmed gain of 0.3 per cent, while the average trust James Burns, fund manager at Brooks back a little. in the AIC UK All Companies sector has Macdonald, commented that because John A determination to be on the same lost 9.9 per cent this year, yet in the 2015 Laing Environmental is a relatively new side as the currencies it believes will calendar year, when the market was in trust, and trades at a discount of less than hold their strength relative to the rest more positive territory, the trust 2 per cent, the reassuringly expensive tag of the world is evident amongst the top significantly underperformed. often applied to infrastructure-type funds exposures, with investments in the dollar, The trust has investments in UK and doesn’t apply in this case. sterling (pre-Brexit), the yen, the Swiss international equities, and can also take He said, ‘One of the problems with franc and a basket of Scandinavian short positions. investment trusts that invest in alternative currencies. The trust has an exceptionally The market cap of the trust is £51.3 asset classes is that they are only uncorrelated bearish view on the Eurozone, with less million and the discount is 0.8 per cent. in calm times, because if there is major invested in Eurozone equities than in Curling commented, ‘This is a small turbulence then the share prices will fall in emerging markets. investment trust investing in pan-European line with the market.’ Newlands commented that the trust ‘has equities with the objective of delivering at But Burns believes that this investment an exceptional long-term track record least 2 per cent per annum above inflation trust is genuinely uncorrelated, commenting through an unconstrained investment with a low correlation to equity markets. that ‘the sun won’t be going away any time approach seeking to deliver long-term It is run by the hugely experienced Tim soon’, a reference to the range of solar capital growth, while preserving Russell and Chris Rice (ex Cazenove investments held in the trust. shareholders’ capital. The portfolio is Capital) who use a business cycle approach He noted that a slug of the revenue invested via a combination of external to investing.’ of the investment trust comes from

46 www.WhatInvestment.co.uk – WHAT INVESTMENT TRUST Trusts for shelter

‘The weakness of sterling may also mean that the price of power goes up, benefiting the trust’

government subsidies, to create a revenue purchased in the secondary market, from bonds, though at present only around a stream that is not economically sensitive. banks or private equity firms. third of the capital is at work in the fixed Burns said, ‘The weakness of sterling may The trust has returned just over 7 per cent interest market. The three largest fund also mean that the price of power goes up, since the start of the year. holdings are vehicles that invest in benefiting the trust.’ European equities. He added that the trust has also reached a BH Global GBP Matthew Read, senior analyst at Quoted decent size, ensuring that there are no Data, commented, ‘This trust aims to liquidity concerns. deliver a combination of income and The John Laing Environmental This is an investment trust that invests in capital growth with lower volatility Investment Trust has a market the hedge funds run by the experienced than traditional equity markets. It has a capitalisation of just over £250 million, firm of Brevan Howard. multi-asset approach (it invests in UK and has a yield of over 6 per cent. Burns commented that the environment and overseas equities, fixed income, The trust has returned 10 per cent since of recent years featured unanimity at a specialist assets and property with the aim its launch in 2014. global level that interest rates should of generating uncorrelated returns) with remain low, and the path of currencies yield being the principal determinant predictable. of value. Sequoia Economic Infrastructure As Brevan Howard’s fund managers ‘During the past five years, the trust tend to make the bulk of their returns has provided annualised share price and This is an investment trust that invests in from the movements of rates and NAV total returns of 9.6 per cent and the bonds of infrastructure projects. currencies, returns have suffered. 6.7 per cent respectively However, it is With the decline in the value of sterling, However, in recent months, as turmoil the only trust in its global equity income the expectation amongst market has gripped the market, the performance peer group that offers a multi-asset participants is that inflation will rise has improved. approach, while its focus on income in the UK. Newlands commented, ‘This investment differentiates it from almost all of its The bonds to which the investors in this company takes a multi-strategy approach, peers in the flexible investment sector – trust are gaining exposure are linked to investing across trading teams at leading BlackRock Income Strategies is the the Retail Prices Index (RPI), offering hedge fund group Brevan Howard.’ only other trust that has both a flexible investors a measure of protection. The core investments of the trust are investment style and a strong focus on Burns noted that the trust has a yield bonds, as well as investments in currencies income generation.’ of around 6.5 per cent, and added that and short positions, where the fund He continued, ‘However, this trust historically its performance has been managers invest in the potential for the has only been running this strategy for much less volatile than that of the market price of a particular asset to fall. about 15 months and it is still too early as a whole. to say how this will perform over the This trust has assets of £325 million. The Seneca Global Income & Growth longer term.’ infrastructure assets to which the trust is In 2015 the trust returned 11 per cent, exposed must have a credit rating of no compared with just over 1 per cent for the worse than investment grade, with a broad This trust will be familiar to many What average trust in the sector. geographical exposure to the US, the UK, Investment readers, having recently won a The trust trades at a premium to its net Europe and Australia. What Investment Trust Award. assets of 3.8 per cent, and has a yield of The assets owned by the trust tend to be The trust invests in global equities and 4.2 per cent. u

PWHAT INVESTMENT TRUST – www.WhatInvestment.co.uk 47 Funds in focus

The three best... UK smaller companies funds Each month, What Investment gathers together three experienced and high-performing multi-asset fund managers and asks them to select their favourite open-ended fund or investment trust in a particular sector, assessing the performance to date

Franklin UK Smaller Companies co-managers Richard Bullas, Paul Spencer Henderson UK Smaller Companies and Mark Hall have seen the fund perform The concept of ‘active well under their stewardship. Their in-house The British public’s share’ has become a research places a heavy focus on analysing a decision to leave the popular measure in recent company’s business model, balance sheet and EU will dominate fund times as a metric to management. The approach is to identify analysis for months and distinguish between high-quality long-term investment ideas with years to come, but in the index-hugging managers a market cap of £100 million to £1 billion. immediate aftermath a n n John Husselbee, Ian Rees, and true stockpickers There is an overriding emphasis within their look at smaller companies head of multi-asset head of research, who remain benchmark selection criteria on companies with strong through this lens is at Liontrust multi-asset funds agnostic. However, for balance sheets and positive cash generation as particularly relevant. at Premier Asset Management investors wishing to seek a means to eliminate poor companies and Only time will tell whether the UK fares diversification and truly permanent loss of capital. This provides better inside or outside the EU, but in active managers, they could do a lot worse greater downside protection. Ideas are then the short to medium term a downward than head for the UK Smaller Companies combined into a manageable portfolio with adjustment to economic expectations is sector, which can provide this in abundance. 40 to 50 holdings where sector weights are not only expected but clearly justified. The This reasonably sized sector provides a driven by individual stock decisions but are uncertainty over next steps and what our new choice of over 40 funds. With a much larger monitored to ensure that diversification across leaders can or cannot negotiate – not only hunting ground of opportunities and a lack of different industries and factors is achieved. with Europe but with the rest of the world – dominance at either sector or stock level, this Unfortunately, the perceived domestic bias will no doubt cause delay in further corporate sector allows talented managers to express of smaller companies has seen the sector investment. The pound has tumbled against their investment approach fully, unhindered underperform the UK market (FTSE 100) by the major currencies and, in doing so, by the relative considerations of needing to nearly 16 per cent since the start of 2016 as increased the cost of imports. own the big blue-chip stocks. investors downgrade their outcomes for the If you are a company, like many in the This sector has been a positive contributor UK. This has become more prevalent since small-cap arena, that relies upon imports to for us over many years, with a preference for the result of the EU referendum. manufacture your goods, then costs have identifying managers with a process that adds Understandably, investors are weighing increased by 10 per cent overnight. Whether rigour to investment selection, alongside considerations given expectations of weaker these costs can be passed on to clients is consideration for sensible portfolio spending, reduced housing volumes, lower questionable and, if not, corporate earnings construction and management. This has business activity and heightened risk of a will suffer. helped steer us away from managers who recession. However, the recent pull-back has This is exactly the environment in which adopt a ‘story-led’ approach whereby a led to some significant differences in relative experienced smaller company managers fashionable narrative serves as the investment performance and valuation, creating pockets should thrive, and there will be winners rationale, with limited fundamental analysis of genuine value. and losers as the story pans out. One such of the stocks. Instead, we favour holdings such Now seems a useful entry point to the sector manager is Neil Hermon, manager of the as Franklin UK Smaller Companies. and funds such as Franklin for the longer- Henderson UK Smaller Companies fund for Managed by a very experienced UK team, term investor. the past 14 years. This fund may not go as far

48 www.WhatInvestment.co.uk Funds in focus

down the capitalisation scale to find What you need to know opportunities as some others, but you may argue that this provides better liquidity. Franklin UK Henderson UK Miton UK The focus is on finding growth but then Smaller Companies Smaller Companies Smaller Companies paying the right price. The portfolio is Sector (IA UK Smaller Companies) (IA UK Smaller Companies) (IA UK Smaller Companies) weeded down to around 100 stocks, providing Vital statistics investors with a broad, diversified exposure to Type of fund Unit trust Unit trust Unit trust this sector. No doubt with a weaker pound Launched 1991 1983 2012 Hermon and his peers will be hoping for Manager Richard Bullas, Neil Hermon Gervais Williams increased takeover activity to boost valuations Paul Spencer Martin Turner and smaller company prices. Manager since 2012 2002 Launch Fund size £283m £113m £142m Ongoing charge (1) 0.83% 0.84% 0.88% Miton UK Smaller Companies Yield 1.28% 1.7% 0.79% % in top ten holdings (2) 31% 22% 31%

Following the Brexit vote, (3) Consistency rating the almost-inevitable slowdown in British GDP Periods in top quartile 2 / 5 2 / 5 1 / 3 Years beating sector average 4 / 5 4 / 5 2 / 3 growth and the increased (4) chance of a shallow Return on £1,000 recession sent UK-focused Five-year total return 1,360 1,670 n/a n (Sector average) 1,430 1,430 1,430 David Coombs, share prices tumbling. head of multi-asset Unsurprisingly, the at Rathbone Unit domestically oriented Trust Management FTSE 250 fell almost What Investment’s verdict 10 per cent in short order, while the overseas Plus points... Very strong recent Strong, consistent Managers have very earnings of the FTSE 100 sent that index to track record performance over an long and successful extended time period track record a ten-month high. The FTSE SmallCap has yo-yoed up and down since the vote, falling as much as 7 per cent before rapidly recovering Managers have been Performs much more Exposure to micro Caveats... at the helm for a strongly in down companies makes it much of the losses. relatively short time markets than bull ones more volatile But where there’s fear there’s opportunity. My funds have been underweight the UK Notes: (1) charges for open-ended funds are for clean share classes; (2) % of fund’s total assets in its for some time, and that small position top ten holdings, a measure of portfolio concentration; (3) the number of years of top-quartile/above- was reduced further months before June’s average performance over the past ten years (each year measured to date below); (4) total return on £1,000, bid-to-bid, with dividends reinvested referendum. We felt the result was too binary Source: FE Trustnet/IA (as at 12/7/16) and the volatility too wild. We have, however, increased our exposure to mid-cap companies through the Mercantile Investment Trust decades’ experience; he is backed up by for those companies that can dramatically since the vote because we think market values Martin Turner, who has 20 years in the game. improve productivity, leading to greater cash are overstating the headwinds to the UK. The fund has an aggressive allocation of flows in the medium term that can be paid Of course, investors have to decide for more than 80 per cent to FTSE AIM and out in dividends. They prefer businesses themselves whether they are optimistic SmallCap shares. It tends to hold between 80 that are funding expansion through equity, about the future for the UK in these highly and 100 names – diversification that helps to rather than debt. Debt may generally be uncertain times or if they believe prices could allay some of the risks brought by its small- cheaper, but it restricts a firm’s options. yet go lower. For those who are looking for and micro-cap bias. While smaller companies Rather than increasing cash flows to help pure smaller company exposure in the IA generally tend to be highly geared to the service borrowing, that cash can be returned sector, we believe the Miton UK Smaller British economy, many ascendant companies to shareholders. Companies fund is a well-managed vehicle are disruptive or innovative enterprises that However, this fund has not escaped the with a fantastic record of picking tomorrow’s can continue to expand more globally despite brunt of the post-Brexit sell-off. Investors will winners. Miton manager Gervais Williams muted economic conditions here. need to be willing to hold it for the long term, is highly respected, with more than three Messrs Williams and Turner are searching and it is not for the faint-hearted. u

www.WhatInvestment.co.uk 49 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 Hodge Lifetime 1 £4,492.82 Hodge Lifetime 1 £5,127.62 buy one and go into ‘income drawdown’ Ret Advantage 2 £4,337.76 Legal & General 2 £4,947.36 instead. Since April 2015, HM Treasury has Canada Life 3 £4,265.28 Ret Advantage 3 £4,899.24 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 Legal & General 1 £2,345.88 Legal & General 1 £3,049.20 and guarantee to pay a set income throughout Ret Advantage 2 £2,263.80 Standard Life 2 £2,782.80 your lifetime, no matter how long that turns Aviva 3 £2,225.64 Aviva 3 £2,782.44 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 Hodge Lifetime 1 £4,205.72 Hodge Lifetime 1 £4,739.87 optional benefits you wish to include: for example, you choose how frequently you Ret Advantage 2 £4,036.56 Ret Advantage 2 £4,512.72 want to receive income and whether to Canada Life 3 £4,002.84 Canada Life 3 £4,470.36 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 Ret Advantage 1 £2,023.92 Legal & General 1 £2,643.72 and your own circumstances and health. Legal & General 2 £2,014.20 Ret Advantage 2 £2,432.52 Crucially, rates also vary between different providers. Even for the exact same annuity, Aviva 3 £1,955.52 Aviva 3 £2,410.33 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 Retirement 1 £5,158.92 Just Retirement 1 £5,767.08 right, so see the table, right, for examples of Legal & General 2 £4,950.24 LV= 2 £5,629.00 the latest annuity rates. LV= 3 £4,827.00 Aviva 3 £5,620.92

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 Retirement 1 £4,553.04 Just Retirement 1 £5,034.12

● Legal & General 2 £4,441.08 Aviva 2 £4,964.52 All the data is based on payments being made monthly in arrears, with a Aviva 3 £4,335.00 LV= 3 £4,777.00 minimum payment period of five years. Source: JLT Pension Decision. Rates as at 30/6/16

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

What now for pensions? Amid the current political and policy uncertainty, Tom McPhail has one piece of advice for long-term pension investors – keep saving

ife’s been moving pretty fast since is to ignore the short-term turbulence and to the EU referendum result in late keep saving for retirement. June, so if this article is already So now it all gets political. I’ve no idea what obsolete and we’ve become a satellite state of the new prime minister’s policy agenda will Lthe USA or the Green Party is now in charge, be, apart from delivering on the Brexit then I apologise. promise and not upsetting everyone too What do our changing circumstances and much. The fact that the opposition parties in more uncertain future mean for our pensions? Westminster are in some disarray gives her Some of the effects of Brexit have been the luxury of time, but it won’t last long. shockingly sudden. Gilt yields have plunged Lower sterling exchange rates could see to lows probably not seen since the 14th the country importing inflation within a century as investors scrambled for the relative few months, and if that coincides with safety of government debt. a contraction in the economy then things This drop in yields has fed through could get worse before they get better. immediately in two areas of retirement saving. Annuity rates, which have been on a Use it while you have it downward trend for the past year, accelerated Several cost-saving measures could help the their decline, meaning that a 65-year-old in government out of a fix. Pension tax relief good health is now being offered a lifetime is probably top of the list; if you want to income rate of less than 5 per cent in ‘Gilt yields have plunged to stimulate the economy then cutting the tax exchange for their retirement savings. lows probably not seen since relief granted to higher earners puts more money in the high street and saves the Soaring liabilities the 14th century’ Exchequer some outgoings. If you’re wealthy Through similar mechanisms, final salary and you haven’t already maxed out on your scheme liabilities have soared higher than pension saving then get on with it. ever, with the cost of meeting the promises only have rates not gone up, they’re heading Other issues likely to come under the made to their members now standing at in the opposite direction. So wait if you will, government’s review include the Lifetime £1,747 billion. but be prepared to wait a long time. By ISA, which I rather like and which I hope You could throw in another £1 trillion to contrast, now might be a very good time to will not be axed, either to save money or cover the cost of the unfunded promises ask your final salary scheme for an updated because everything gets squeezed out by made to public sector employees and the transfer value, as the numbers may be inflated; Brexit planning. The state pension triple upshot is a whole heap of money owed by the always talk to a financial adviser about lock also has to be on borrowed time, given shareholders and taxpayers of the UK to the anything relating to final salary benefits, that its sustainability was open to question current and future employees of this country, though, as they require specialist knowledge. even before the Brexit result. though mainly those over the age of around Away from the gilt market, equity Undoubtedly our new prime minister will 45 or the diminishing number still directly investments have been on a roller-coaster make announcements in the days and weeks employed by the government. ride, with some shares doing pretty well and to come; keep an eye out for the Tory party So for now at least, guarantees have got others taking a hammering. The general rule conference at the beginning of October and more expensive. Locking into a guarantee at is that if you have overseas earnings then the then the Autumn Statement towards the end this time, for example by buying an annuity, weaker pound looks like good news for you, of the year, when we will probably learn more may not look appealing, but just remember while companies focused on the UK’s about her economic policies. u that after the banking crisis, around six years domestic market, such as retailers and banks, ago, economists were confidently predicting have suffered the most. The most important Tom McPhail is head of pensions research at that rates would be going up again soon. Not thing that long-term pension investors can do Hargreaves Lansdown

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

Best borrowing rates

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 Metro Bank 0345 0808 500 5.9% d £90.91 Yes Sainsbury’s Bank 0800 030 4418 0.00% Nectar Purch MC 1st 27 months Hitachi Personal Fin hitachipersonalfinance.co.uk 6.9% ae £92.22 Yes Post Office Money® postoffice.co.uk 0.00% Matched MC 1st 27 months Ikano Bank www.ikano.co.uk 7.3% a £92.72 Yes Yorkshire Bank 0800 678 3320 0.00% Gold MasterCard 1st 26 months Sainsbury’s Bank 0800 169 8503 7.4% ac £92.85 Yes AA 0800 032 2004 0.00% Dual MasterCard 1st 26 months first direct 0800 242424 7.5% ad £93.03 Yes Barclaycard 0800 731 0200 0.00% Plat Purch & BT V 1st 25 months RAC Fin Services www.rac.co.uk 7.7% a £93.24 Yes Lloyds Bank 0800 056 0100 0.00% Plat Purch & BT MC 1st 24 months Nationwide BS 0800 545 3000 11.8% a £98.51 Yes Bank of Scotland 0800 328 5984 0.00% Plat 24 Mth MC 1st 24 months AA www.theaa.com 11.9% ae £98.63 No Halifax 0800 028 3258 0.00% BT&Purchase MC 1st 24 months Tesco Bank 0345 600 6016 12.3% ab £99.15 Yes Virgin Money 0800 389 2875 0.00% All Round MC 1st 24 months M&S Bank 0800 363400 12.6% a £99.53 Yes Bank of Ireland UK 0800 085 0444 0.00% Matched MC 1st 24 months

£5,000 – Over three years Standard Rates – Purchases Ikano Bank www.ikano.co.uk 4.1% a £147.68 Yes AA 0800 032 2004 6.4% E Low Rate Credit Card 56 days Hitachi Personal Fin hitachipersonalfinance.co.uk 4.2% ae £147.88 Yes Bank of Scotland 0800 328 5984 6.4% E Platinum Low Rate M’Card 56 days Sainsbury’s Bank 0800 169 8503 4.2% ac £147.89 Yes Lloyds Bank 0800 056 0100 6.4% E Platinum Low Rate M’Card 56 days cahoot www.cahoot.com 4.4% ae £148.40 Yes Halifax 0800 028 3258 6.4% E Low Rate CC MasterCard 56 days RAC Fin Services www.rac.co.uk 4.5% a £148.52 Yes Virgin Money 0800 389 2875 6.4% Low Rate CC MasterCard 50 days M&S Bank 0800 363400 4.5% a £148.53 Yes Barclaycard 0800 731 0200 6.9% E Low Rate Platinum Visa 56 days Tesco Bank 0345 600 6016 4.7% ab £148.96 Yes Co-operative Bank 0800 346 494 6.9% 3 Year Fixed Rate Visa 56 days first direct 0800 242424 4.9% ad £149.40 Yes MBNA mbna.co.uk 7.4% E Everyday Plus Amex 49 days Santander 0800 028 4055 4.9% ae £149.48 Yes Tesco Bank 0345 300 4278 7.8% E Clubcard Low APR MC 51 days Nationwide BS 0800 545 3000 5.5% a £150.68 Yes TSB tsb.co.uk 7.9% E Low Rate Advance M’Card -

£10,000 – Over five years Introductory Rates – Balance Transfers Ikano Bank www.ikano.co.uk 3.2% a £180.37 Yes Halifax 0800 028 3258 0.00% 40 Month BT MC 1st 40 months HSBC 0800 032 4735 3.3% a £180.80 Yes MBNA mbna.co.uk 0.00% Plat Bal Trf CC Visa 1st 40 months M&S Bank 0800 363400 3.3% a £180.80 Yes Virgin Money 0800 389 2875 0.00% 40 Mth BT M’Cd 1st 40 months cahoot www.cahoot.com 3.4% ae £181.14 Yes Tesco Bank 0345 300 4278 0.00% Clubcard BT MC 1st 40 months first direct 0800 242424 3.4% ad £181.23 Yes Sainsbury’s Bank 0800 030 4418 0.00% Nectar BT MC 1st 40 months Tesco Bank 0345 600 6016 3.4% ab £181.23 Yes Bank of Scotland 0800 328 5984 0.00% Plat 39 Mth MC 1st 39 months Sainsbury’s Bank 0800 169 8503 3.4% ac £181.24 Yes Lloyds Bank lloydsbank.com 0.00% Plat 39 Mth MC 1st 39 months Santander 0800 028 4055 3.5% ae £181.85 Yes Barclaycard 0800 731 0200 0.00% Plat 37 BT Visa 1st 37 months Hitachi Personal Fin hitachipersonalfinance.co.uk 3.8% ae £182.96 Yes Post Office Money® postoffice.co.uk 0.00% Bal Transfer MC 1st 37 months RAC Fin Services www.rac.co.uk 3.8% ae £182.96 Yes HSBC www.hsbc.co.uk 0.00% Credit Card Visa 1st 32 months

a = APR dependent on credit rating. b = Clubcard holders only. c = Nectarcard E = Alternative terms may be offered according to credit status and application method. holders only. d = Existing customers or those opening a current account. e = Age Fees apply for all balance transfers. restrictions may apply. f = Min. income restrictions may apply.

BUY-TO-LET

Lender Phone Rate Period LTV Fee Notes Redemption period Virgin Money 0345 850 2325 1.77% V to 1.9.18 60% £995 Maximum 4 properties within total advance of £2m. Not FTB To 1.9.18 Coventry BS 0800 121 8899 2.49% V for term 65% £1,999 Maximum 3 properties within total advance of £1m. Not FTB None HSBC 0808 256 6876 2.79% F to 31.8.18 75% £349 Any number of properties within total advance of £2m To 31.8.18 Virgin Money 0345 850 2325 2.29% F to 1.9.19 60% £1,995 Maximum 4 properties within total advance of £2m. Not FTB To 1.9.19 Virgin Money 0345 850 2325 2.85% F to 1.9.21 60% £1,995 Maximum 4 properties within total advance of £2m. Not FTB To 1.9.21

ASU = Accident, sickness & unemployment insurance. B+C = Buildings & contents insurance. F = Fixed rate. U = Unemployment insurance. FTB = First-time buyer. HP = House purchase. MIP = Mortgage indemnity premium. STB = Second-time buyer. 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 5/7/16 Source: Moneyfacts

52 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 Virgin Money Via branch Defined Access Saver 6 Instant £1 1.26% Yly State Bank of India 0800 532 532 Instant Access Savings 4 Instant £500 1.25% Mly West Brom BS Via branch Limited Access Saver Instant £1 1.15% Yly Chelsea BS Via branch Triple Access Saver 4 Instant £100 1.10% Yly Yorkshire BS Via branch Triple Access Saver 4 Instant £100 1.10% Yly National Counties BS Via branch 4th Issue Branch Saver Instant £500 1.06% Yly NO-NOTICE ACCOUNTS RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Yly Virgin Money www.virginmoney.com Saving to Buy Issue 2 None £1 1.20% Yly ICICI Bank UK Via branch SuperSaver Savings None £1 1.15% Mly Coventry BS 0800 121 8899 Easy Access Saver 2 None £100 1.15% Yly West Brom BS 0845 330 0622 Direct Ltd Acc Saver 2 None (B) £1,000 1.15% Yly Investec Bank www.investec.co.uk E-asy Access Account None £25,000 1.10% Yly INTERNET ACCOUNTS Tesco Bank www.tesco.com Internet Saver None £1 1.27%* Yly Virgin Money www.virginmoney.com Defined Access E-Saver 6 None £1 1.26% Yly State Bank of India www.sbiuk.com Online Remittance 4 Instant £500 1.25% Mly United Bank UK Via branch Online Easy Access None £500 1.25% Yly Shawbrook Bank www.shawbrook.co.uk Easy Access - Issue 5 None £1,000 1.25% Yly Nottingham BS www.nottingham.com eSaver Instant Issue 4 None £500 1.21% Yly NOTICE ACCOUNTS Bank and Clients 01935 609600 6 Month Notice Account 6 Month £1,000 1.60% Yly Secure Trust Bank www.securetrustbank.com 120 Day Notice Issue 17 120 Day £1,000 1.56% Qly Charter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Yly Shawbrook Bank www.shawbrook.co.uk 120 Day Notice Issue 35 120 Day (K) £1,000 1.55% Yly Raphaels Bank 01296 436661 Sapphire Account 6 Month £5,000 1.55% Yly Al Rayan Bank 0845 606 0786 120 Day Notice 120 Day £250 1.51% Mly MONTHLY INTEREST Charter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Mly Al Rayan Bank 0845 606 0786 120 Day Notice 120 Day £250 1.51% Mly RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Mly Charter Savings Bank www.chartersavingsbank.co.uk 60 Day Notice Issue 2 60 Day (W) £1,000 1.45% Mly Buckinghamshire BS 01494 879500 Chiltern Gold Generator 7 180 Day £1,000 1.35% Mly FirstSave www.firstsave.co.uk 60 Day Notice 60 Day (W) £5,000 1.35% Mly CHILDREN’S ACCOUNTS Saffron BS 0800 072 1100 Children’s Regular Saver G £5 4.00% F OM HSBC 0800 032 4729 My Savings Instant £10 3.00% Mly Nationwide BS Via branch Smart Limited Access Instant £1 2.50% Yly Mansfield BS 0162 355 4265 Young Saver (1st Issue) Instant £1 2.50% Yly NS&I www.nsandi.com Children’s Bond Issue 35 5 Year £25 2.50% F Yly Harpenden BS 0158 276 5411 18 Club Age 18 £1 2.47% 1/2 Yly CURRENT ACCOUNTS Halifax 0345 720 3040 Reward Current Instant (A) - £5.00pm N Mly TSB 0345 835 3863 Classic Plus Instant (D) £1 4.89% Mly Nationwide BS 0800 302010 FlexDirect Instant (M) £1 4.89%* Mly Tesco Bank www.tescobank.com Current Account Instant ( J) £1 2.96% Mly Bank of Scotland 0345 721 3141 Classic with Vantage Instant (C) £1 1.98% Mly Yorkshire Bank 0800 121 7365 B Current Account Instant (E) £1 0.50% Mly

All rates are shown as AER unless otherwise stated. * = Introductory rate for a limited period. A = Funding of £750 per month required, with 2 separate direct debits and no overdraft during month. B = Operated by post or telephone. C = Funding of £1K per month required. 1.49% paid at £1, 2.96% - £3K, 0% paid on portion of balance over £5K. D = Funding of £500 per month required. Credit interest only payable when account is registered for paperless statements and online banking. 0% paid on portion of balance at £2K and over. E = £2 pm fee waived for first 12 months. 0% paid on portion of balance over £2K. F = Fixed rate. G = 1-year term regular savings account, min £5, max £100 per month. H = Operated by internet or telephone. J = 0% paid on portion of balance at £3K and over. K = Operated by internet, telephone or post. M = Funding of £1K per month required, 0% paid on portion of balance over £2.5K. N = Paid as a reward. OM = On Maturity. P = Operated by post. S = Over 50s. T = Operated by Telephone. W = Operated by internet.

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 5/7/16 Source: Moneyfacts

www.WhatInvestment.co.uk 53 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 Al Rayan Bank 0845 606 0786 120 Day £250 1.55% Mly Al Rayan Bank 0800 408 6407 12 Month £1,000 1.50% Qly Bank and Clients 01935 609600 90 Day £1,000 1.50% Yly Leeds BS 0845 045 4078 31.7.17 £100 1.25% OM Buckinghamshire BS 0149 487 9500 180 Day £100 1.36% Mly Buckinghamshire BS 0149 487 9500 1 Year £100 1.25% OM Coventry BS 0800 121 8899 Instant £1 1.30% Yly Bank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.20% Yly M&S Bank 0808 002 2222 None £1 1.30% Yly Aldermore 0345 604 2678 1 Year £1,000 1.20% Yly Virgin Money 0845 600 4466 Instant £1 1.26% Yly Tesco Bank 0845 678 5678 1 Year £1 1.16% Yly Harpenden BS 01582 765411 Instant £1 1.25% Yly Metro Bank Via branch 1 Year £1 1.15% Yly Melton Mowbray BS 01664 414141 Instant £25 1.25% Yly Skipton BS skipton.co.uk 1 Year £500 1.15% Yly Penrith BS 01768 863675 Instant £100 1.25% Yly AA theAA.com 1 Year £500 1.15% Yly Family BS 03330 140 141 None £500 1.21% Yly Post Office Money postoffice.co.uk 1 Year £500 1.15% Yly

Cash ISAs £15,240 Fixed cash ISAs £15,240 Al Rayan Bank 0845 606 0786 120 Day £250 1.55% Mly Al Rayan Bank 0800 408 6407 12 Month £1,000 1.50% Qly Bank and Clients 01935 609600 90 Day £1,000 1.50% Yly Leeds BS 0845 045 4078 31.7.17 £100 1.25% OM Yorkshire Bank ybonline.co.uk 40 Day £15,000 1.50% Yly Buckinghamshire BS 0149 487 9500 1 Year £100 1.25% OM Clydesdale Bank 0800 222 426 40 Day £15,000 1.50% Yly Bank of Cyprus UK bankofcyprus.co.uk 1 Year £500 1.20% Yly Buckinghamshire BS 0149 487 9500 180 Day £100 1.36% Mly Aldermore 0345 604 2678 1 Year £1,000 1.20% Yly Coventry BS 0800 121 8899 Instant £1 1.30% Yly Shawbrook Bank shawbrook.co.uk 1 Year £5,000 1.20% OM M&S Bank 0808 002 2222 None £1 1.30% Yly Tesco Bank 0845 678 5678 1 Year £1 1.16% Yly Virgin Money 0845 600 4466 Instant £1 1.26% Yly Metro Bank Via branch 1 Year £1 1.15% Yly Harpenden BS 01582 765411 Instant £1 1.25% Yly Skipton BS skipton.co.uk 1 Year £500 1.15% Yly Melton Mowbray BS 01664 414141 Instant £25 1.25% Yly Post Office Money postoffice.co.uk 1 Year £500 1.15% Yly

All rates are shown as AER. * = Introductory rate for a limited period. B = Operated by Telephone or Post. H = Operated by Internet or Telephone. K= Operated by Internet, Post or Telephone. OM = On Maturity. P = Operated by Post. S = Over 50s. W = Operated by internet.

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 5/7/16 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 0.80% (H) Yearly Income Bonds None £500 £1 million 1.00% ( J) Monthly Investment None £20 £1 million 0.45% (P) Yearly

Tax-free products

Direct ISA None £1 £15,000 1.00% (H) Yearly Children’s Bonds Issue 35 5 Year Bond £25 £3,000 2.50% F Yearly

National Savings & Investments Enquiry number: 0500 500 000. All rates are shown as AER. F = Fixed Rate. H = Operated by Internet or Telephone. J = Operated by Internet, Post or Telephone. OM = Interest paid on maturity. P = Operated by Post. 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 30/6/16 Source: Moneyfacts

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

TAX RATES FOR 2016/17 MORTGAGE CALCULATOR Income tax Inheritance tax Cost per £1,000 of mortgage – Basic rate (£0-32,000 of taxable income) 20% Rates remember to add the monthly cost of Higher rate (£32,001-150,000 of taxable income) 40% Nil £1 – £325,000 any repayment vehicle (endowment, ISA, Additional rate (over £150,000 of taxable income) 45% 40% £325,000+ etc) to the total on an interest-only loan. Dividend ordinary rate 7.5% 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 £11,000* excess charged at the death rate subject to mortgage mortgage Personal savings allowance (basice rate taxpayers) £1,000 reductions as follows: Personal savings allowance (higher rate taxpayers) £500 2.0% £1.67 £4.27 Dividend allowance £5,000 Years between % of full tax 2.5% £2.09 £4.52 Marriage allowance £1,100** gift and death rates chargeable 3.0% £2.50 £4.79 Blind person’s allowance £2,290 0-3 100 3.5% £2.92 £5.06 * allowance is reduced by £1 for every £2 of income over £100,000. 3-4 80 4.0% £3.34 £5.33 ** a spouse or civil partner who is not liable to income tax (or not 4-5 60 4.5% £3.75 £5.62 liable at the higher or additional rate) can transfer this amount of 5-6 40 5.0% £4.17 £5.91 their personal allowance to their spouse or civil partner. The recipient 6-7 20 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 £11,100 (and to charities, museums, universities or 8.5% £7.09 £8.14 Trustees generally £5,550 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. From 6 April 2015, the following limit has applied For the tax year 2016/17, this is £40,000. Savings above to investments in ISAs: the annual allowance will be subject to tax charges. The INFLATION INDICATOR allowance is tapered to £10,000 for those with an ‘adjusted Overall annual investment limit £15,240 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 From 1 July 2014, the cash limit was abolished – (to May 2016) 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 2016/17 tax year, the lifetime allowance is £1 million. National Insurance contributions (NICs) from 6/4/16 Current rate 0.3% 1.4% Class 1 (Employed) Contracted in rates Class 1A and 1B (employers only) 13.8% 1 month ago 0.3% 1.3% Earnings per week Employer % Employee % Class 2 (self-employed) £2.80 per week 1 year ago 0.1% 1.0% (small earnings exemption) £5,965 3 years ago 2.7% 3.1% £0.01 - £112.00 - - Class 3 (voluntary) £14.10 per week 5 years ago 4.5% 5.2% £112.01 - £155.00 - - Class 4 (self-employed) 0% on profits up to £8,060 10 years ago 2.2% 3.0% £155.01 - £827.00 13.8 12 9% on profits from £8,060 to £43,000 Over £827.00 13.8 2 2% on profits above £43,000 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 55 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 30 June 2016, 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

FUNDFUND 6 MONTHSMONTHS 1 1 YEAR YEAR 3 3 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 11 YEARYEAR 3 YEARS 5 YEARS 10 10 YEARSYEARS TER YIELD £ £ £ £ £ £ £ £ £ % % % % £ ££ ££ ££ ££ % %% FTSE 100 107 - 104 - 117 - 132 - 161 --- Schroder Asian Income Z Acc 113 43 109 23 119 39 146 5 325 5 0.95 4.37 FTSE All Share 104 - 102 - 119 - 136 - 169 --- Schroder Instl Pacific I Acc 111 70 107 41 112 69 123 32 263 13 0.51 3.38 (IA) ASIA PACIFIC EXCLUDING JAPAN Scottish Mutual Far Eastern Acc 109 76 100 85 115 59 115 58 237 23 1.07 1.87 Scottish Widows Pacific Growth A 113 49 103 71 113 68 108 67 192 47 1.65 1.40 Aberdeen Asia Pacific Equity I 114 28 103 74 105 78 114 60 244 19 1.12 1.90 SLI Asian Pacific Growth Plat 1 Acc 111 71 104 65 121 32 130 16 255 16 - 1.85 Aberdeen Glb Asia Pac Eq R2 115 22 103 75 105 77 112 64 229 28 1.26 - SLI Pacific Basin Trust 108 87 100 84 114 61 115 54 220 39 0.86 1.92 Aberdeen Global Asian Smaller Cos R2 113 41 103 70 101 82 129 20 339 4 1.41 - Smith & Williamson Oriental Growth 115 18 116 4 133 13 129 18 - - 1.69 0.32 Allianz Total Return Asian Equity C 110 74 102 80 130 16 125 26 245 18 1.24 1.55 SSgA Asia Pacific ex-Japan Eq Tracker 114 32 111 14 116 50 116 49 - - 0.90 2.96 Aviva Investors Apac Eq MoM 1 2 GBP Inc 109 77 102 79 115 54 114 62 174 50 1.31 1.99 Stewart Inv Asia Pac Ldrs B Acc GBP 113 51 112 10 136 5 154 3 369 3 0.89 1.17 AXA Rosenberg Asia Pacific ex Japan Z 112 60 103 76 111 75 115 59 238 22 1.09 2.71 Stewart Investors Asia Pacific B Acc GBP 115 13 112 8 142 4 164 2 387 2 1.04 1.05 Baillie Gifford Pacific B Acc 105 91 101 83 122 29 140 9 257 15 0.79 0.55 Stewart Invs Asa Pac Sstnbty B Acc GBP 114 38 114 7 145 3 177 1 424 1 1.00 0.90 Baring ASEAN Frontiers I GBP Acc 118 3 116 5 104 79 123 29 - - 1.25 - T. Rowe Price Asian ex-Japan Eq Q GBP 111 69 107 45 121 33 123 28 - - 1.17 - Baring Eastern GBP I Inc 109 82 105 60 134 8 125 27 234 26 1.80 0.27 T. Rowe Price Asian Opp Eq Q GBP 112 64 107 43 ------1.17 - BGF Asian Dragon D2 115 24 108 38 136 6 138 10 - - 1.11 - Templeton Asian Growth W Acc GBP 117 6 96 93 96 84 93 74 230 27 1.34 - BlackRock Asia D Acc GBP 113 54 105 63 124 23 - - - - - 0.99 Threadneedle Asia ZNA 112 57 103 69 123 27 122 35 238 21 0.91 2.40 BlackRock Asia Special Situations D Acc 112 61 108 40 ------0.62 Threadneedle Pacific ex-Japan Gr Instl 111 68 103 77 120 35 117 47 - - 0.79 1.88 BlackRock Pacific ex Japan Eq Tkr D Acc 115 21 109 21 115 52 117 45 - - 0.19 3.06 Tiburon Taipan D Unhedged GBP 118 4 118 3 121 34 101 70 - - 2.02 - Cavendish Asia Pacific B 109 79 100 86 115 55 116 51 - - 0.87 1.59 Vanguard Pacific Ex-Jap Stk Idx GBP Acc 113 52 109 26 115 56 122 36 - - 0.30 3.52 CF Canlife Asia Pacific C Acc GBP 104 96 87 95 98 83 92 75 227 30 0.89 1.57 Veritas Asian A GBP 114 36 115 6 149 2 146 6 316 6 1.24 0.21 Coutts Pacific Basin Equity Ser 4 111 72 104 64 117 48 115 53 226 32 1.26 1.90 VT Halo Global Asian Cnsmr B £ Net Acc 113 42 109 27 ------1.07 Emerise Pacific Rim Equity Fd R/A USD 109 83 103 73 103 81 89 77 185 48 1.80 - Waverton Asia Pacific A USD 112 59 106 53 111 74 114 61 224 35 1.51 5.85 F&C Pacific Growth 2 114 40 109 30 125 21 115 57 157 52 1.10 1.24 Average/Total 112 98 106 96 120 85 122 77 245 52 1.20 2.08 Fidelity As Pacific Opps W GBP Acc 122 1 127 1 ------1.31 Fidelity Asia Focus W-Acc-GBP 114 27 108 36 119 40 112 65 - - 1.17 - (IA) ASIA PACIFIC INCLUDING JAPAN Fidelity Asia W Acc 114 29 109 22 131 14 125 24 303 7 - 1.11 Aberdeen Asia Pacific and Japan Eq I Acc 113 3 105 6 110 7 122 6 213 4 - 1.60 Fidelity Asian Dividend W Acc 116 12 112 9 ------2.08 Baillie Gifford Developed As Pac B 113 4 115 2 135 2 155 3 262 1 0.73 1.13 Fidelity Asian Special Sits A-GBP 117 7 111 15 134 9 135 14 283 11 1.94 0.05 GAM Star Asia-Pacific Equity Inst EURAcc 101 7 97 7 111 6 119 7 126 6 1.76 - Fidelity Emerging Asia W Acc 114 34 108 33 135 7 - - - - - 0.73 IP Pacific Z Acc 110 6 106 5 127 4 143 4 243 3 - 1.14 Fidelity Emerging Asia W-Acc-GBP 116 9 111 11 133 12 130 17 - - 1.18 - JPM Pacific Equity A (dist) GBP 111 5 113 4 126 5 135 5 184 5 1.90 1.35 Fidelity Index Pacific ex Japan W Acc 112 56 109 28 ------3.45 Matthews Asia Funds Asia Dividend I GBP 116 2 114 3 130 3 158 1 - - 1.33 - Fidelity Instl Pacific ex Japan 107 88 105 61 120 36 129 21 247 17 0.90 1.73 Smith & Williamson Far East Inc&Gr B 119 1 124 1 141 1 156 2 257 2 - 2.06 Fidelity Instl South East Asia 113 44 109 32 126 20 129 19 300 9 0.94 1.76 Average/Total 112 7 110 7 126 7 141 7 214 6 1.43 1.46 First State Asia All-Cap B GBP Acc 114 35 ------(IA) CHINA/GREATER CHINA First State Asia Focus B GBP Acc 115 14 ------GAM Star Asian Equity Instl GBP Acc 105 93 92 94 111 73 103 69 - - 1.32 - Aberdeen Glb Chinese Equity R2 104 19 96 15 101 33 103 25 219 12 1.23 - GS Asia Equity R Acc 108 86 106 51 131 15 122 34 199 45 1.15 - Allianz China Equity RT GBP 103 24 91 23 133 12 116 15 - - - - Guinness Asian Equity Income X GBP Acc 116 11 108 35 ------1.24 - Baillie Gifford Greater China B 108 7 103 2 138 9 130 6 - - 1.13 0.61 Halifax Far East C 112 55 104 67 114 63 111 66 172 51 1.57 1.64 Baring China Select I GBP Inc 103 25 93 21 121 26 106 24 - - 1.50 0.41 Henderson Asia Pac Cap Growth I 114 30 111 12 124 24 121 40 235 24 1.08 0.98 Baring Hong Kong China I GBP 103 28 90 25 126 16 108 22 257 6 1.23 - Henderson Asian Dividend Income I Acc 113 45 106 50 116 49 137 11 225 33 1.11 5.88 Fidelity China Consumer W Acc 105 15 97 12 139 6 - - - - - 1.08 Henderson Instl Asia Pac exJpn Enh Eq I 114 39 109 31 114 60 115 55 213 41 0.83 2.44 Fidelity China Focus Y-GBP 108 6 95 16 150 1 135 4 - - 1.15 1.27 Hermes Asia Ex Japan Equity F £ Acc 113 46 108 37 155 1 - - - - 0.89 - First State Greater China Growth B 105 13 99 8 123 21 140 3 376 1 1.06 1.72 HSBC Asian Growth Retail Acc 115 20 105 62 113 64 99 72 183 49 1.79 0.83 GAM Star China Equity Instl GBP Acc 94 32 83 33 123 22 120 10 - - 1.06 - HSBC Pacific Index Accumulation C 115 17 109 24 114 62 115 52 205 42 0.31 2.55 GS China Opportunity Equity R GBP Inc 104 21 90 26 127 15 113 19 - - 1.23 0.84 Invesco Asia Consumer Demand A Inc 111 73 103 72 115 53 117 46 - - 2.02 0.24 Henderson China Opportunities I GBP Acc 106 12 100 6 142 5 126 7 298 3 1.09 1.21 Investec Asia ex Japan I Acc Net 110 75 99 87 123 28 125 25 288 10 1.00 1.70 Henderson Horizon China A2 103 22 100 5 142 4 116 16 - - 1.88 - IP Asian Equity Income Z Acc 118 5 106 55 118 44 128 23 - - - 3.95 HSBC Chinese Equity Retail Acc 103 27 88 31 121 25 108 23 170 15 1.78 1.19 IP Asian Z Acc 115 19 108 34 128 18 129 22 261 14 - 1.28 HSBC GIF Chinese Equity AD 104 20 88 30 128 14 116 14 224 10 1.90 0.82 JB EF Asia Focus-USD B 113 47 102 78 124 25 123 31 - - 1.98 - Invesco PRC Equity A-AD USD 106 10 95 18 122 24 114 18 254 7 2.21 - JOHCM Asia ex-Japan A GBP Inc 112 66 106 49 120 37 - - - - 1.69 0.24 IP HK & China Z Acc 108 5 102 3 139 7 148 1 302 2 - 1.49 JOHCM Asia ex-Japan Sm & Md-Cp A £ I 104 95 105 57 134 11 - - - - 3.77 - JB EF China Evolution-USD B 107 9 96 14 ------1.92 - JPM Asia C Acc 112 62 108 39 121 30 116 50 235 25 0.93 1.11 JPM Greater China A (dist) USD 106 11 95 17 124 20 124 9 272 5 1.90 2.70 JPM Institutional Asia I Acc 111 67 106 52 119 41 115 56 216 40 0.70 1.86 JPM Hong Kong A (dist) USD 103 23 92 22 118 28 117 13 215 13 1.90 2.48 Jupiter Asia Pacific Income L GBP Q Inc 105 92 107 42 121 31 120 42 - - 2.00 - Jupiter China I Acc 94 33 86 32 118 27 112 20 - - 1.02 1.02 Jupiter Asian I Acc 107 90 105 59 124 26 121 39 221 36 - 0.80 Legg Mason IF MC China X Acc £ 107 8 97 13 125 19 111 21 - - - 0.04 L&G Asian Income I Acc 116 10 105 58 112 71 136 12 205 43 - 4.52 Legg Mason MC Greater China A USD Inc 109 4 100 7 126 17 115 17 227 9 - 0.48 L&G Pacific Index I Acc 115 23 109 19 115 57 118 43 221 37 0.38 3.06 Matthews As Funds China Div I USD Acc 110 3 104 1 137 10 - - - - 1.50 - Legg Mason IF MC Asia Pac X Acc £ 114 37 109 29 117 46 123 30 226 31 - 0.97 Matthews Asia Funds China I GBP 97 31 89 28 111 32 101 26 - - 1.50 - Legg Mason MC Asia Lg-Trm Uncons M £ Inc 112 65 106 56 112 70 - - - - - 2.52 Matthews Asia Funds China Sm Coms I Acc 104 18 98 10 132 13 - - - - 1.75 - Legg Mason MC Asia Pac X USD Inc 114 33 107 44 113 67 116 48 - - - - Neptune China C Acc GBP 101 30 90 24 113 30 100 27 207 14 - 1.57 Liontrust Asia Income I Inc 115 26 106 54 120 38 - - - - 1.25 5.34 Neuberger Berman China Eq USD A Acc 102 29 95 19 149 2 142 2 - - 2.12 - M&G Asian GBP I Acc 107 89 99 90 112 72 118 44 240 20 0.98 1.56 New Capital China Equity GBP Ord Acc 86 34 67 34 113 31 - - - - 1.27 - Marlborough Fast East Growth P Inc 108 85 104 68 119 42 106 68 195 46 - 2.73 Old Mutual Henderson China Opps U2 £ Acc 105 14 99 9 139 8 - - - - - 0.90 Matthews Asia Funds Asia Small Co I GBP 109 80 99 89 117 47 - - - - 1.75 - Pictet-Greater China I GBP 104 17 94 20 123 23 120 12 248 8 1.24 - Matthews Asia Funds Pacific Tiger I GBP 113 53 110 18 134 10 142 8 - - 1.29 - Schroder ISF Greater China C Acc 110 2 101 4 142 3 133 5 288 4 1.32 - MFS Meridian Asia Pacific ex-Jap W1 USD 117 8 111 13 125 22 121 38 221 38 1.00 - SLI China Equities A Acc GBP 105 16 89 27 126 18 120 11 - - 2.06 - Mirae Asset Asia Great Consumer Eq R GBP 104 97 99 88 ------0.99 - Templeton China W Acc GBP 111 1 98 11 114 29 95 28 221 11 1.55 - Mirae Asset Asia Sector Leader Eq R GBP 105 94 101 81 ------Threadneedle China Opportunities ZNA Acc 103 26 88 29 136 11 125 8 - - 1.46 1.79 New Capital As Pac Eq Inc GBP Ord Inc 102 98 86 96 90 85 99 73 - - 1.31 3.70 Average/Total 104 34 94 34 128 33 118 28 252 15 1.52 1.20 Newton Asian Income Instl W Net Acc 122 2 119 2 118 43 148 4 303 8 - 4.26 (IA) EUROPE EXCLUDING UK Newton Oriental Institutional W Net Acc 114 31 110 17 104 80 101 71 202 44 - 1.98 7IM European ex UK Equity Value C Inc 101 67 99 98 ------3.74 Old Mutual Aberdeen Asia Pac U2 GBP Acc 115 15 104 66 ------2.30 Aberdeen European Eq Enh Idx Net B Acc 104 32 104 51 ------2.13 Old Mutual Asia Pacific R GBP Acc 113 50 107 46 129 17 144 7 273 12 1.01 1.29 Aberdeen European Equity I 107 10 107 28 115 90 125 65 143 62 1.16 2.00 Old Mutual Asian Equity Inc R GBP Acc 109 84 97 92 106 76 91 76 - - 0.94 - Aberdeen Global European Eq (ex-UK) R2 106 16 106 40 114 91 122 76 142 65 1.10 - Old Mutual IP Asian U2 GBP Acc 115 25 109 25 ------1.52 Alliance Trust SF European Gr 2 102 56 104 50 127 43 139 30 182 31 0.79 1.63 Old Mutual Pacific Equity R GBP Acc 109 81 97 91 113 66 121 41 - - 1.05 - Allianz Continental European C 102 57 110 15 129 31 152 10 213 11 0.97 0.85 Principal Asian Equity I USD Acc 112 63 101 82 113 65 122 37 - - 1.68 - Allianz European Equity Income C Inc 104 30 103 63 119 76 130 52 - - - 3.63 Royal London Asia Pac ex Jpn Tracker Z 115 16 109 20 115 51 113 63 225 34 1.05 2.92 © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Santander Premium Pac Basin ex Jpn Eqs A 112 58 107 47 127 19 122 33 229 29 1.05 2.02 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. Schroder Asian Alpha Plus Z Acc 109 78 106 48 118 45 133 15 - - 0.96 1.35 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no Schroder Asian Income Maximiser Z Acc 113 48 111 16 115 58 136 13 - - 0.96 7.38 guarantee of future results.

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FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD ££ £ £ £ £ £ ££ £% % % % £ ££ ££ £ £ % % Artemis European Growth I 101 71 101 89 125 52 132 46 137 68 0.85 2.12 BGF European Value D2 101 26 102 27 125 18 148 12 183 13 1.07 - Artemis European Opportunities I Acc 104 29 108 22 131 24 - - - - 1.63 1.45 Candriam Quant Eqs Europe C Acc 104 17 105 20 120 31 121 37 135 25 1.86 - Aviva Investors Euro Eq MoM 1 2 GBP Inc 100 90 102 80 125 49 129 55 153 55 1.06 1.35 Capital Group Eurp Gr & Inc (LUX) Bh $ 104 19 107 16 ------1.70 - Aviva Investors Euro Eq MoM 2 2 GBP Inc 108 7 117 7 134 17 130 48 165 45 1.07 1.24 Carmignac Pf Grande Europe F GBP Acc Hdg 93 46 84 50 114 39 109 40 - - 1.16 - Aviva Investors European Eq 2 GBP Acc 100 86 108 23 136 9 148 17 205 14 0.84 0.96 Digital Stars Europe GBP 92 50 98 42 145 2 165 3 243 3 1.68 - AXA Framlington European Z GBP Acc 104 31 105 42 123 59 146 20 181 32 0.75 2.40 Fidelity European Dynamic Grth W-Acc-GBP 108 4 118 2 136 7 159 7 237 4 1.16 - AXA Rosenberg European Z 106 15 104 53 125 48 121 78 140 66 1.08 3.25 Fidelity Instl Pan European 101 30 101 36 120 33 135 23 179 14 0.88 2.03 Baillie Gifford European B Acc 107 8 113 11 130 27 158 6 233 7 0.75 1.54 GAM Star (Lux) - European Momentum IAcc 101 32 110 10 143 3 164 4 209 7 2.52 - Barclays Europe (ex-UK) Alpha R GBP Acc 98 101 106 38 128 33 ------GAM Star European Equity EUR Acc Instl 98 39 104 23 124 20 146 13 187 12 1.70 - Baring European Growth GBP I Inc 99 93 101 90 123 58 127 57 158 51 - 1.68 GS Europe CORE Equity R GBP Inc 105 11 109 11 133 11 134 25 165 19 0.75 2.74 BlackRock Continental Euro D Acc 102 59 106 33 128 34 143 26 233 8 0.92 1.75 GS Europe Eq Ptnrs Port R GBP Inc 105 13 107 15 131 13 139 16 178 16 1.05 1.05 BlackRock Continental Euro Eq Tkr D Acc 103 34 103 66 122 68 124 70 - - 0.17 2.83 GS GIVI Europe Equity Port R Acc Snap 105 10 107 17 124 21 - - - - 0.45 - BlackRock Continental Euro Inc D Acc 105 21 113 10 138 8 170 3 - - 1.10 4.12 Hermes Sourcecap European Alpha F £ Acc 103 21 105 21 119 35 138 18 - - 0.87 - BlackRock European Dynamic D Acc 103 35 109 21 135 11 156 7 291 2 0.93 1.52 IFSL Trade Union Unit Trust 109 3 101 35 106 46 110 39 125 26 1.10 2.05 BlackRock Systm Continen Euro D GBP Acc 101 64 104 58 ------2.24 JB EF Euroland Value-GBP R 102 23 93 47 114 41 107 42 123 27 1.08 - Cavendish European Fund B 101 74 106 41 114 92 119 82 - - 0.90 1.09 JB EF Europe Focus-EUR B 98 41 103 26 112 43 108 41 123 28 1.96 - CF Canlife European C GBP Acc 102 62 105 47 127 41 123 75 143 63 - 1.60 JOHCM European Select Val A GBP 110 2 113 4 134 9 154 9 253 2 1.47 0.54 CF Miton European Opps B Acc 107 13 ------JPM Europe Eq Plus A (dist) (perf) GBP 98 40 101 33 126 16 150 11 - - 2.39 0.90 CF Odey Continental European I Acc 105 22 108 24 118 79 126 64 198 21 1.09 0.57 JPM Europe Select Eq Pls A dist perf GBP 100 34 97 43 114 42 124 35 - - 1.90 2.49 CFIC Oriel European B Inc 102 55 105 44 126 44 145 23 172 36 1.68 1.35 JPM Europe Strategic Growth A (dist) GBP 105 14 112 5 145 1 160 6 203 9 1.90 0.92 Digital Stars Europe ex-UK GBP 107 9 119 5 146 3 153 9 262 5 2.49 - JPM Europe Strategic Value A (dist) GBP 100 35 98 41 116 38 116 38 116 29 1.90 2.11 EdenTree Amity European B 102 49 106 36 127 38 129 54 193 22 0.92 2.48 Jupiter JGF European Gr D GBP Acc 99 37 112 6 140 5 169 1 279 1 0.90 - F&C European Growth & Income 2 Acc 100 85 103 64 126 46 151 14 190 24 0.87 2.25 Jupiter JGF European Opps D EUR Acc 101 31 102 29 121 27 137 19 196 11 0.90 - Fidelity European Opportunities W Acc 101 66 104 52 127 39 127 59 168 41 - 1.56 Legg Mason QS MV EurpEq Gr&Inc A Inc A 106 8 110 9 125 17 131 28 138 24 1.87 2.39 Fidelity European W Acc 106 14 106 32 125 53 136 36 168 42 - 1.90 LO Funds - Europe High Conv I A 107 5 114 3 134 10 163 5 219 5 3.46 - Fidelity Index Europe ex UK W Acc 103 43 103 74 ------2.67 M&G European Strategic Value GBP I Acc 102 25 101 34 123 22 130 31 - - 0.91 2.03 FP Argonaut European Alpha R GBP Acc 90 106 96 104 125 50 139 31 198 20 - 0.99 M&G Pan European Dividend GBP I Acc 99 38 101 32 121 28 136 20 - - 0.93 4.12 FP Argonaut European Enh Inc R GBP Acc 89 108 90 105 126 45 142 28 - - - 5.10 M&G Pan European Select GBP I Acc 107 6 108 14 123 23 133 26 168 18 0.93 2.48 FP Argonaut European Income R GBP Acc 102 61 105 46 124 55 135 42 167 43 - 5.71 MFS Meridian European Core Eq W1 GBP 106 7 ------1.00 - FP CRUX European I GBP Acc 108 6------MFS Meridian European Research WH1 GBP 93 48 94 46 109 45 124 34 - - 0.99 - FP CRUX European Special Sit A Acc GBP 108 5 113 9 133 19 152 11 - - - - MFS Meridian European Value W1 GBP 112 1 121 1 139 6 165 2 - - 1.25 - Franklin European Opportunities W Acc 105 20 101 88 120 75 130 51 146 61 1.05 1.41 New Capital Dynamic European Eq GBP 91 51 93 48 134 8 - - - - 1.40 1.11 GAM Star Cont European Eq Instl GBP Acc 102 60 110 16 130 28 152 13 191 23 1.55 - Pioneer SICAV Euroland Equity N GBP ND 104 20 105 19 120 30 129 32 178 15 0.98 - Guinness European Equity Income X GBPAcc 111 1 113 13 ------1.24 - Pioneer SICAV Eurp Eq Tgt Inc N GBP DSA 103 22 104 24 ------0.99 5.93 Halifax European C 103 47 102 81 123 61 124 74 151 59 1.53 1.24 Pioneer SICAV Top Europn Plyrs N GBP ND 101 29 100 38 119 34 134 24 156 20 0.98 - Henderson European Focus I Acc 102 58 104 61 135 13 158 5 181 33 - 1.59 Polar Capital European Income I Acc 105 9 108 13 ------Henderson European Growth Inst GBP I 106 17 110 18 135 14 155 8 224 9 1.08 1.38 Principal European Equity I Acc 101 28 106 18 124 19 138 17 174 17 1.29 - Henderson European Selected Opps I Acc 103 45 104 55 130 25 150 15 214 10 1.10 1.72 Schroder ISF European Eq Yld Z Acc EUR 102 24 102 30 116 37 131 29 139 23 1.07 - Henderson Instl European Enh Eq I 103 41 103 65 122 64 127 58 - - 0.79 2.54 SLI European Equity Uncons D Acc 96 45 99 40 118 36 132 27 - - 0.99 - Hermes Sourcecap Europe ex UK F GBP Acc 104 33 108 25 123 60 - - - - 0.88 - SLI Pan-European Trust 97 44 99 39 114 40 131 30 150 22 0.78 2.04 HL Multi-Manager European A Acc 102 51 109 20 ------0.63 SVM All Europe SRI Instl 93 47 97 45 121 29 135 22 - - 1.23 1.04 HSBC European Growth Accumulation C 99 98 101 91 117 86 111 84 154 54 - 1.30 T. Rowe Price European Equity Q EUR 100 36 101 37 123 24 140 14 - - 0.78 - HSBC European Index Accumulation C 103 39 103 69 122 66 125 67 159 50 0.28 2.58 Threadneedle Pan European Focus ZNA Acc 97 43 102 28 130 14 140 15 215 6 0.92 1.02 HSBC GIF Euroland Equity AD 99 96 99 99 117 80 109 85 142 64 1.85 0.65 Threadneedle Pan Eurp Eq Div ZNI 105 12 109 12 128 15 151 10 200 10 1.14 3.79 IP European Equity Income Z Acc 100 83 100 97 130 29 147 19 - - - 3.67 Threadneedle Pan Eurp ZNA Acc 100 33 101 31 122 26 136 21 207 8 - 1.57 IP European Equity Z Acc 101 65 100 95 135 12 142 27 186 28 - 2.32 THS European Growth & Value Z 98 42 97 44 123 25 124 36 153 21 1.87 1.55 IP European Opportunities Z Acc 100 81 107 29 139 7 150 16 - - - 1.85 Vanguard SRI European Stock GBP Acc 104 16 104 25 120 32 - - - - 0.35 2.88 JOHCM Continental European A GBP 103 44 105 48 133 18 145 21 211 12 1.73 0.16 Virgin Climate Change 92 49 91 49 110 44 126 33 - - 1.96 - JPM Europe C Net Acc 101 69 105 43 130 26 138 32 178 34 0.93 2.19 Winton European Equity I GBP 101 27 105 22 ------JPM Europe Dynamic (ex-UK) C Acc 101 78 104 60 134 15 143 25 201 16 0.93 1.55 Average/Total 101 51 104 50 125 46 138 42 180 29 1.30 2.07 Jupiter European I Acc 101 70 113 12 142 4 172 2 302 1 1.04 0.69 (IA) EUROPEAN SMALLER COMPANIES Jupiter European Income I Acc 100 82 103 71 118 78 134 44 - - - 4.09 Jupiter European Special Sits I Acc 101 79 103 62 122 71 135 40 200 17 1.05 1.37 Aberdeen European Smlr Coms Eq I Acc 101 9 103 18 113 19 123 19 163 14 - 1.32 Kames European Equity B Acc 97 103 102 85 117 82 127 56 140 67 0.99 2.73 Baring Europe Select GBP I Inc 106 3 117 5 148 8 173 5 297 2 0.82 1.29 L&G European I Acc 101 80 100 96 128 35 134 43 160 49 - 0.52 Carmignac Pf Euro-Entrepr F GBP Acc Hdg 92 23 84 23 ------1.17 - L&G European Index I Acc 103 38 103 67 122 69 126 63 166 44 0.31 2.91 F&C European Small Cap R EUR Acc 94 22 99 21 130 17 164 8 203 10 1.04 - Lazard European Alpha Retail C Acc 100 87 104 59 127 37 137 35 174 35 - 2.16 F&C European SmallCap Ex UK C Acc GBP 97 19 103 19 ------1.31 Legg Mason IF MC Eurp Eq Income X Acc £ 100 89 100 94 116 87 126 62 160 48 - 2.68 Franklin European Sm-Md Cap Gr A Acc EUR 96 20 101 20 120 18 146 17 222 7 1.83 - Liontrust European Growth I Inc 109 4 119 6 134 16 136 38 - - 0.99 1.42 Henderson European Smlr Coms I 104 5 110 11 148 5 142 18 215 8 1.08 1.09 M&G European Index Tracker GBP A Acc 103 37 102 78 122 67 125 69 162 47 0.72 2.21 IP European Small Companies Z Acc 100 12 109 12 148 7 149 15 160 15 - 0.95 M&G European Select GBP I Acc 103 46 104 54 121 74 129 53 152 57 0.94 1.51 JPM Europe Dynamic Sm Cp A dist perf EUR 100 11 116 7 145 10 168 7 233 5 1.94 1.04 Man GLG Continental Eurp Gr Prf Acc C 104 25 122 2 171 1 184 1 274 4 1.06 0.44 JPM Europe Small Cap A (dist) GBP 98 18 109 13 145 9 157 11 188 13 1.90 1.50 Marlborough Eurpn Multi-Cap P Inc 109 3 127 1 149 2 152 12 186 27 - 0.94 JPM Europe Smaller Companies C Acc 104 6 123 1 159 1 150 14 196 12 0.93 0.72 MFS Meridian Continental Eurp Eq WH1 GBP 96 104 98 101 111 94 121 80 - - 1.00 - Lazard Eurpn Smlr Coms Retl C Acc 98 17 110 10 157 2 186 1 - - - 1.21 Montanaro European Income £ Inc 105 19 120 3 131 23 - - - - 0.83 0.36 M&G European Smaller Coms GBP I Acc 102 8 109 14 131 16 148 16 202 11 0.94 1.20 Neptune European Opportunities C Acc GBP 90 107 88 106 104 96 103 86 151 58 - 1.20 MFS Meridian Europ Sm Cos W1 EUR Acc 108 1 116 6 149 4 186 2 292 3 1.25 - Newton Cont European Instl W Net Acc 107 11 111 14 132 22 - - - - - 2.05 Old Mutual Eurp Ex UK Smlr Coms R £ Acc 107 2 118 4 ------0.95 - Old Mutual European Eq ex UK R GBP Acc 98 99 97 102 117 83 124 71 157 52 0.98 1.48 Pictet-Small Cap Europe I GBP 100 13 108 15 135 15 152 12 226 6 1.25 - Old Mutual Henderson European U2 GBP Acc 102 50 104 56 122 65 - - - - - 1.58 Pioneer SICAV Eurpn Potential N GBP ND 95 21 99 22 ------0.99 - Old Mutual Threadneedle Eurp Sel U2 Acc£ 104 24 110 17 127 40 - - - - - 1.37 Schroder European Sm Cos Z Acc 99 14 104 17 140 12 151 13 203 9 0.94 0.76 OYSTER Continental European Sel R GBP D 107 12 114 8 ------1.24 - SLI Europe ex UK Smlr Coms Retl £ Acc 103 7 118 2 148 6 181 3 - - - 0.04 Royal London Europe ex UK Tracker Z Acc 103 36 103 70 122 72 - - - - - 2.70 SLI European Smaller Coms D Acc 99 15 115 8 154 3 176 4 - - 0.97 - Royal London European Growth 101 75 108 26 133 21 130 47 157 53 1.57 0.07 T. Rowe Price Eurp Smaller Co Eq Q GBP 100 10 112 9 140 13 160 9 - - 1.12 - Royal London European Growth M Acc 102 53 103 73 127 42 136 37 211 13 0.70 2.39 Threadneedle Eurp Sm Cos 2 ZNA 105 4 118 3 141 11 170 6 306 1 1.05 0.75 Royal London European Opps M Acc 99 92 102 84 123 62 130 50 - - - 2.07 Threadneedle PanEurpSmCos Z Net £ Acc 99 16 108 16 136 14 160 10 289 4 0.93 0.90 Sanlam FOUR European ex-UK Equity A GBP 96 105 96 103 117 84 121 79 - - 1.25 - Average/Total 100 23 109 23 142 19 160 19 226 15 1.17 1.01 Santander Premium Europe Ex UK Eqs A 101 72 102 77 122 70 124 72 162 46 1.04 1.68 (IA) FLEXIBLE INVESTMENT Schroder European Alpha Income Z Acc 103 48 103 68 142 5 - - - - 0.92 - 7IM AAP Adventurous C Acc 101 102 97 124 121 38 131 45 - - 0.83 1.38 Schroder European Alpha Plus Z Acc 102 52 102 83 112 93 122 77 170 38 0.92 1.77 7IM Adventurous C Acc 99 122 95 134 122 36 134 37 161 37 1.68 0.47 Schroder European Opportunities Z Acc 98 100 100 93 126 47 137 34 199 19 0.85 1.53 Aberdeen Capital Trust Inc 103 71 102 72 116 87 126 71 149 46 1.63 1.42 Schroder European Z Acc 105 23 106 30 128 36 141 29 199 18 0.77 2.48 Aberdeen Multi-Mgr Equity Mgd Ptfl I Acc 101 110 101 90 122 33 135 35 166 30 - 0.52 Scottish Mutual European Acc 102 63 104 57 122 73 133 45 170 39 1.04 1.45 Alliance Trust SF Absolute Gr 2 104 56 106 25 124 23 143 16 186 15 0.85 0.36 Scottish Widows Europe Select Growth A 105 18 106 39 111 95 119 81 153 56 1.63 0.99 Allianz Glbl Fundamental Strat RT2 H-GBP 103 74 105 50 ------Scottish Widows European Growth A 101 77 101 92 115 88 117 83 148 60 1.63 1.05 Allianz RiskMaster Growth Mlt Asst C Acc 111 7 110 9 120 46 - - - - - 0.68 Seeyond Fct Pls Eurp Ex U.K. Eq N/A(Gbp) 100 84 101 87 ------2.08 Allianz RiskMaster Mod Mlt Asst C Acc 109 12 108 14 118 73 - - - - - 0.89 SLI European Equity Growth Plat 1 Acc 99 94 102 86 117 85 130 49 188 25 - 1.68 Architas MA Active Dynamic A Acc 104 55 103 65 120 57 131 46 - - 1.71 0.60 SLI European Equity Income Plat 1 Acc 102 54 107 27 122 63 145 22 - - - 3.21 Architas MA Active Growth A Acc 102 87 102 81 121 43 137 27 172 24 - 0.90 SLI European Ethical Equity Plat 1 Acc 99 95 102 79 118 77 125 66 - - - 1.56 Artemis Strategic Assets I 98 128 91 145 99 125 115 97 - - 0.82 - SLI European Trust 99 91 102 82 115 89 125 68 171 37 0.86 2.55 Aviva Investors Multi-Mgr Flexible 2£Acc 102 83 102 71 125 17 139 19 - - 1.64 0.49 SLI European Trust II Ret Acc 100 88 103 75 117 81 126 61 170 40 1.77 1.28 AXA IM Smart Diversified Growth Z NetAcc 106 34 107 22 ------Smith & Williamson European Equity B 101 68 103 72 133 20 138 33 183 29 0.87 1.58 Barclays Adventurous Growth Port D Acc 98 129 94 135 114 103 - - - - 1.82 1.53 SSgA Europe ex UK Equity Tracker 104 27 106 35 124 56 124 73 - - 0.90 2.44 Barclays Wealth Global Mkts 5 CL R Acc 106 38 102 83 117 82 119 90 - - 1.08 1.83 Stonehage European All Cap Equity B Inc 110 2 119 4 136 10 147 18 279 3 1.97 - Baring Dynamic Emerging Market I GBP Acc 114 3 99 110 102 124 96 102 - - 0.92 - SVM Continental Europe Instl 99 97 106 31 141 6 144 24 204 15 1.23 1.29 BPM Trust Inc 102 92 101 92 112 112 - - - - - 0.81 T. Rowe Price Continental Eurp Eq Q GBP 103 40 105 45 130 30 - - - - 0.82 - Capital Group EmMkts Ttl Opps(LUX)Bh CHF 118 1 108 13 105 121 - - - - 1.90 - Threadneedle European exUK Gr R 101 76 105 49 123 57 135 41 183 30 1.09 1.55 Capital Group Glbl Abs Inc Grw(LUX)Bdh £ 112 6 113 5 123 29 148 9 - - 1.89 1.68 Threadneedle European ZNA 101 73 106 37 125 51 135 39 186 26 - 1.15 Capital Group Global Allc (LUX) Bdh 113 4 118 2 ------1.74 0.48 Threadneedle Eurp Sel ZNA 104 28 109 19 129 32 158 4 237 6 0.82 1.15 Carmignac Pf EM Patrimoine F GBP Acc Hdg 108 17 102 69 112 111 102 101 - - 1.19 - THS Continental Growth & Value X Acc 97 102 98 100 ------Carmignac Pf Patrimoine F GBP Acc Hdg 101 101 96 127 118 74 115 95 - - 1.16 - TM Sanditon European A Acc 103 42 102 76 ------1.64 Cavendish Worldwide B Inc 104 61 101 100 118 72 126 70 190 12 0.88 0.91 Vanguard FTSE Dev Eurp ex UK Eq Idx Acc 104 26 106 34 124 54 126 60 - - 0.25 2.72 CCM CFS Balanced Opportunities A Acc 89 150 84 148 91 126 79 104 - - 1.60 - Average/Total 102 108 105 106 126 96 136 86 184 68 1.06 1.87 CF Bentley Global Growth Acc 103 81 100 102 117 83 119 91 - - 3.02 - (IA) EUROPE INCLUDING UK CF Bentley Sterling Bal A 100 117 99 115 111 115 122 87 138 52 2.30 - Allianz Europe Equity Growth P GBP 104 18 111 7 132 12 157 8 - - 0.72 0.77 CF Canlife Portfolio VII C Acc 102 94 98 118 ------1.76 Allianz Europe Equity Growth Sel RT GBP 105 15 111 8 142 4 ------CF Cautela Retail Acc 97 138 95 132 102 122 - - - - - 1.48 CF IM Global Strategy A Acc 110 11 110 6 129 5 126 69 - - 1.49 0.60

www.WhatInvestment.co.uk 57 Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD ££ £ £ £ £ £ ££ £% % % % £ ££ ££ £ £ % % CF KB Catalyst Acc 105 46 108 16 128 7 146 11 194 11 0.94 1.74 Threadneedle Nav Growth 104 58 104 55 122 34 144 14 197 6 1.53 0.81 CF KB NewGate Trust Inc 103 70 106 27 118 78 129 57 157 40 1.34 1.73 TM Balanced Growth Fund 104 47 103 66 114 101 127 65 152 45 2.07 2.19 CF Miton Worldwide Opportunities B Acc 104 64 104 58 120 49 127 66 139 51 1.58 0.44 TM Cerno Select C Acc 102 88 101 89 ------CF Odey Opus I Acc 97 137 96 129 115 97 131 52 196 9 1.08 0.43 Total Clarity Portfolio 6 A 106 37 104 59 118 66 122 84 - - 1.69 2.06 CF Prudential Dyn Focused 60-100 A Acc 104 49 ------Troy Spectrum O Acc 108 16 110 11 126 12 133 39 - - 1.49 0.39 CF Prudential Dynamic 60-100 P Acc 102 93 102 80 121 44 135 34 - - - 1.15 Troy Trojan O Inc 110 9 114 3 121 40 128 63 200 4 1.03 0.45 CF Purisima EAFE Total Return PCG B nc 101 103 100 105 111 116 115 96 - - 1.80 0.72 UBS Targeted Return C 95 145 93 141 109 118 123 81 - - 1.45 1.76 CF Ruffer Equity & General C Acc 97 140 94 139 105 120 132 44 173 22 - 0.07 Unicorn Mastertrust B 100 116 102 75 124 22 145 13 182 16 1.75 0.89 CF Ruffer Japanese C Acc 91 148 88 147 116 89 164 1 - - 1.23 0.11 VT iFunds Spectrum Green A Acc 101 104 102 79 114 102 125 73 - - - - CF Stewart Ivory Inv Mkts Acc 103 79 104 52 125 21 145 12 178 17 1.16 2.99 VT iFunds Spectrum Indigo A Acc 98 133 97 122 102 123 107 99 - - - - CF Waverton Portfolio B 106 31 106 32 121 42 135 33 - - 1.85 1.33 VT iFunds Spectrum Orange A Acc 100 120 101 91 118 71 126 68 - - - 0.40 City Financial Multi Asset Dyn I Acc 97 136 94 137 116 90 124 78 - - - 0.40 VT TC Growth Portfolio Acc 100 118 98 120 ------0.33 Close Growth Portfolio X Acc 99 126 98 119 119 62 137 26 - - 0.95 1.54 WAY Global Red Portfolio Trust E Acc 103 75 104 53 125 20 137 25 164 32 - - Close Managed Growth X Acc 98 131 99 113 119 60 - - - - 1.12 0.72 WAY MA Growth Portfolio E Acc 99 125 98 117 115 93 125 74 - - 2.17 - Close Strategic Alpha X Acc 97 139 97 125 121 41 136 29 - - 1.82 0.28 Zurich Horizon Multi-Asset V Z Acc 105 41 108 15 ------1.12 Close Tactical Select Passive Gr X Acc 103 73 103 67 120 51 - - - - 0.66 1.87 Average/Total 103 150 102 148 118 126 130 104 171 54 1.48 1.19 Coram Global Opportunities A GBP 106 32 105 38 ------(IA) GLOBAL Courtiers Total Return Growth 104 48 106 31 130 4 153 5 - - 2.01 0.17 Discovery Managed Growth B GBP Acc 100 115 100 107 120 47 130 55 - - - 0.62 Aberdeen Ethical World Equity I Acc 115 23 105 184 110 211 121 176 164 103 1.12 1.87 F&C Managed Growth 1 Acc 103 72 105 39 121 39 129 59 152 44 1.89 0.01 Aberdeen Global World Equity R2 115 24 109 118 115 199 132 159 192 63 1.18 - F&C MM Navigator Select C Acc 102 100 102 87 124 24 130 53 - - - 0.26 Aberdeen World Eq Enh Idx Net B Acc 108 93 110 90 ------1.78 F&C Multi Man Invest Trust Fd C Net Acc 95 146 96 128 119 65 131 51 153 42 - 0.94 Aberdeen World Equity I 116 18 109 113 115 200 133 157 192 64 1.13 1.84 Family Investments Child Trust 103 77 102 84 115 96 127 64 142 49 1.47 1.62 Alliance Trust SF Global Gr 2 104 187 108 127 129 116 159 57 185 76 0.85 0.47 Fidelity Multi Asset Adventurous Y Acc 107 23 106 37 124 27 138 23 - - - 0.40 Allianz Best Styles Global AC Eq C Acc 104 193 ------Fidelity Multi Asset Open Advntrs Y 105 39 102 77 114 100 - - - - - 0.43 Allianz Best Styles Global Eq RT GBP 105 183 108 129 ------Fidelity Multi Asst Allctor Advtrs Y Acc 110 10 107 19 122 37 - - - - - 1.00 Allianz Global Small Cap Equity RT GBP 104 186 105 173 ------First State Diversified Grth B Acc £ 107 22 103 63 ------0.30 Ardevora Global Equity A 111 47 121 11 159 6 186 10 - - - - FP Brompton Global Opps B GBP Acc 104 54 106 30 124 25 - - - - 1.90 0.54 Ardevora Global Long Only Equity C Acc 114 34 120 15 ------FP Brunswick Growth Portfolio C Acc GBP 101 107 101 99 118 67 115 94 - - 2.47 - Artemis Global Growth I 105 167 105 179 144 25 177 19 212 43 1.00 1.73 FP Pictet Multi Asset Portfolio A Acc 102 86 101 96 ------Artemis Global Select I Acc 109 84 115 30 137 54 170 26 - - 1.17 0.59 FP Tatton Oak Advanced B 102 99 101 97 120 54 131 47 - - 1.51 0.78 Artemis Instl Global Cap 105 163 105 180 144 21 177 18 - - 0.82 1.84 Franklin Diversified Growth W Acc 92 147 91 144 ------2.53 Aviva Investors Intl Idx Tr 2 £ Acc 110 70 112 56 135 72 158 65 - - 0.50 1.81 Franklin Diversified Income W Acc 95 144 95 131 ------5.35 AXA Framlington Global Opps Z Inc 105 158 106 150 134 81 148 104 159 111 - 0.67 GAM Star Global Equity Instl GBP Acc 102 96 102 85 115 94 - - - - 1.96 - AXA Rosenberg Global Z 109 78 111 81 133 88 151 90 174 90 1.06 2.11 GAM Star Growth Institutional GBP Acc 101 105 100 103 116 85 - - - - 1.68 - Baillie Gifford Global Alpha Gr B Acc 105 178 110 104 136 66 165 41 - - 0.68 0.65 HC KB Capital Growth A Acc 104 53 107 18 113 104 123 83 - - 1.83 1.05 Baillie Gifford Global Discovery B Acc 99 241 101 223 143 28 188 8 304 6 0.88 - HC Sequel Growth Target Ret Str B £ Acc 99 124 95 133 ------Baillie Gifford Global Select B Acc 108 91 ------Henderson Multi-Manager Active I Acc 106 27 106 35 124 26 130 54 153 43 - 0.41 Baillie Gifford International B Acc 106 138 112 69 138 44 165 39 239 20 0.69 0.58 Hermes Multi Asset Inflation F GBP Acc 103 66 99 114 ------Baillie Gifford Long Term Glbl Gr B 102 227 113 52 165 2 179 15 264 12 0.85 - IFSL Brooks Macdonald Strat Growth A GBP 96 141 97 126 ------0.38 Barclays Global Core R Acc 112 44 114 37 127 129 ------IFSL Brunsdon Adventurous Gr C Acc 99 123 100 106 112 110 - - - - - 0.44 Baring Global Growth GBP I Inc 108 100 108 124 131 102 146 112 203 50 - 0.37 IFSL Select Z Acc GDP 100 112 102 73 119 59 131 48 155 41 - 0.73 BlackRock Consensus 100 D Acc 108 113 109 119 130 112 - - - - 0.27 1.83 Ingenious Glbl Growth Retl Acc 104 50 106 23 119 61 132 43 - - - - BlackRock Global Equity D Acc 106 139 107 145 124 156 130 165 190 66 0.92 1.00 Investec Managed Growth I Acc Net 100 119 101 98 126 14 141 17 172 25 0.85 0.77 BlackRock Global Equity D GBP Acc 106 148 106 154 126 141 - - - - 0.24 2.56 IP Managed Growth Z Acc 105 44 103 64 125 15 146 10 186 14 - 1.20 BlackRock Overseas Equity I Acc GBP 110 75 113 51 138 47 165 40 217 36 0.24 1.59 JPM Portfolio C Acc 100 113 102 88 126 13 148 8 176 20 0.93 1.87 BNY Mellon LT Glbl Eq Instl W Net Acc 112 40 117 18 136 71 164 42 - - - 1.07 Jupiter Merlin Growth I Acc 103 68 105 40 126 11 143 15 196 10 1.81 0.86 Candriam Eqs L Sustainable Wld C EUR Acc 111 51 113 53 132 99 155 70 171 91 1.83 - L&G Multi Manager Growth I Acc 101 111 99 116 114 99 108 98 - - 1.73 1.03 Candriam Quant Eqs World C Acc 111 56 112 57 132 101 150 96 167 98 1.88 - L&G Multi-Index 7 I Acc 105 42 103 68 ------2.62 Carmignac Pf Investissemnt F GBP Acc Hdg 98 244 88 248 123 165 121 175 - - 1.17 - L&G Worldwide I Acc 102 98 102 82 123 28 137 24 168 27 0.82 1.53 CF Adam Worldwide Acc 106 149 106 156 123 159 139 140 219 33 1.37 1.79 LO Funds - All Roads MltAst EUR IA 117 2 119 1 109 119 - - - - 0.70 - CF Canlife Global Equity C Acc GBP 111 49 112 63 137 56 153 84 217 35 0.81 1.42 M&G Managed Growth GBP I Acc 108 19 105 47 113 109 105 100 160 38 1.03 1.02 CF Macquarie Global Infras Sec B Acc 121 8 115 29 135 74 153 83 - - 1.13 2.25 Man GLG Stockmarket Managed Profl Acc C 96 142 94 138 116 84 131 50 148 47 0.93 1.24 CFIC Oriel Global B Inc 108 97 112 58 133 84 161 52 213 39 1.29 0.83 Margetts Opes Income R GBP Acc 101 108 102 86 118 77 134 36 - - 0.90 3.43 Clerical Medical International Managed 116 19 110 99 115 194 146 111 182 80 0.99 1.98 Margetts Venture Strategy Fd R GBP Acc 110 8 108 17 119 64 128 62 206 3 0.93 1.09 Dimensional International Core Eq Acc 110 58 112 65 136 70 159 61 - - 0.46 1.67 MFS Meridian Global Total Return WH1 GBP 107 24 106 26 116 88 - - - - 1.20 - Dimensional International Val Acc 108 107 105 171 127 131 143 120 160 109 0.57 1.95 MGTS Clarion Explorer Portfolio R Acc 109 15 107 21 120 48 125 75 - - 1.33 0.35 Dodge & Cox Worldwide Global Stk GBP Acc 110 65 106 159 132 95 160 56 - - 0.69 - MGTS Frontier Adventurous R Acc 109 13 106 29 118 69 123 80 - - 2.89 0.30 Dominion Global Trends - Managed GBP I 106 150 112 73 115 195 ------MI Downing Diversified Global Mgrs A Acc 99 127 102 78 115 98 126 67 - - 1.75 0.50 Dominion Global Trends Lxy Cnsmr GBP I 102 217 99 229 107 214 119 178 ---- MI Momentum Factor 3 A Acc 106 29 105 44 113 107 - - - - 3.22 1.71 EdenTree Amity International B 110 66 106 151 116 193 127 168 232 21 0.83 2.31 MI Momentum Factor 4 A Acc 106 28 104 54 116 86 - - - - - 1.28 Electric & General Net Income A 114 28 125 7 147 16 - - - - - 2.03 MI Momentum Factor 5 A Acc 106 30 104 56 118 79 - - - - - 1.58 F&C Global Thematic Opps 1 Acc 104 200 100 228 120 181 136 147 154 119 2.43 - Neptune Global Alpha C Acc GBP 91 149 89 146 128 8 122 86 177 18 0.72 - F&C Institutional Global Eq 4 Inc 109 85 111 77 146 17 177 17 224 26 0.03 1.93 Newton Multi Asset Gr Inst W Net Acc 106 26 113 4 140 1 162 3 197 7 - 1.85 F&C MM Navigator Boutiques C Acc 103 214 103 202 128 121 142 125 ---- Newton Multi Asset Income Inst W Net Acc 107 25 107 20 ------3.88 F&C Responsible Global Equity 2 107 127 110 95 135 73 161 50 207 47 0.80 0.85 Newton Osprey Sterling Income 105 45 110 10 134 2 163 2 274 1 1.14 0.91 Fidelity Allocator World Y 108 99 110 103 133 93 - - - - - 0.88 Newton SRI for Charities Inc NAV 106 36 105 43 121 45 138 22 - - 0.83 2.96 Fidelity Gl Consmr Industries W-Acc-GBP 113 36 120 13 146 18 183 11 309 5 1.17 - NFU Mutual Mixed Portfolio Max100% C 108 18 105 41 113 108 119 88 - - - 1.85 Fidelity Gl Financial Servs W-Acc-GBP 102 224 105 170 126 138 150 93 153 120 1.16 - Old Mutual Cirilium Dynamic R GBP Acc 101 109 99 111 122 35 136 31 - - 1.24 0.47 Fidelity Global Focus W Acc 107 119 110 98 136 64 161 51 229 23 - 0.62 Old Mutual Foundation 5 R GBP Acc 104 62 97 121 ------0.98 Fidelity Global Health Care W-Acc-GBP 106 154 110 101 163 4 205 5 304 7 1.16 - PIMCO GIS Div and Inc Bldr R £ Unhdg Inc 113 5 106 28 118 70 - - - - 1.20 3.89 Fidelity Global Industrials W Acc GBP 120 10 116 22 116 192 109 183 186 73 1.19 - Premier Diversified C Inc 104 60 105 48 120 55 124 76 - - 1.43 1.75 Fidelity Global Special Situations W Acc 104 195 107 137 140 37 164 43 - - - 0.55 Premier Multi Asset Global Gr C Net Inc 105 40 106 33 132 3 157 4 - - 1.98 1.13 Fidelity Index World W Acc 109 83 112 68 136 63 - - - - - 1.99 P-Solve Inflation Plus A Inc 106 35 105 42 117 80 123 82 163 35 1.75 - Fidelity Instl Glbl Foc 108 111 110 100 136 62 163 49 240 18 0.90 1.49 Pyrford Glbl Tot Ret(Sterling)B GBP Acc 106 33 ------Fidelity MoneyBuilder Global 104 196 104 186 124 153 141 133 166 99 2.33 0.19 Rathbone Dragon Trust £ Acc 104 52 103 61 127 9 129 60 172 26 0.89 0.97 Fidelity Open World Y 105 161 105 163 123 162 ------RBS INV Adventurous Growth 103 69 103 60 122 32 136 30 - - 2.06 0.55 Fidelity Undiscovered Talent Y Acc 104 199 102 206 ------0.12 RHFS Diversified Strategy C Acc 102 91 101 95 ------Fidelity Wealthbuilder Y Acc 104 189 105 169 128 126 147 109 178 87 - 1.07 River & Mercantile Dyn Asst Allc B Acc 104 65 102 70 ------1.59 First State Glbl Lstd Infras B GBP Acc 126 4 129 3 155 8 181 13 - - 0.95 2.59 S&W ILEX Trust Acc 105 43 105 49 111 114 96 103 122 54 1.60 3.31 First State Global Resources B Acc 143 1 109 109 97 223 58 192 122 125 0.89 1.95 S&W Starhunter Managed Acc 102 97 100 104 113 106 124 77 163 36 1.73 0.01 FP Brompton Global Equity B GBP Acc 106 145 109 108 128 125 - - - - 1.71 0.33 Sand Aire Generation Inc 100 114 96 130 119 63 126 72 159 39 1.14 0.88 FP Charteris Global Macro A Acc 125 5 114 38 ------Sarasin EquiSar IIID P Acc 104 57 105 51 109 117 119 92 143 48 1.24 1.64 FP Matterley UK & Intl Growth Acc 105 177 104 190 123 161 142 128 - - 1.49 1.67 Sarasin FoF Global Equity P Acc 97 134 92 143 118 68 - - - - 1.60 0.15 FP Octopus Global Growth B 104 185 104 188 122 173 - - - - 1.49 0.88 Sarasin FoF Global Growth P Acc 98 132 93 142 ------1.37 1.19 FP Octopus International Equity B Acc 105 164 107 135 133 90 150 95 - - 0.93 1.22 Schroder Dynamic Multi Asset Z Acc 101 106 99 112 115 95 122 85 - - 0.50 0.85 FP Russell International Gr Assets C Acc 103 213 103 199 134 79 158 62 - - 1.07 0.73 Schroder MM Diversity Tactical Z Acc 102 90 101 93 116 91 - - - - 1.42 0.36 FP SCDavies Global Equity A Acc GBP 105 159 106 157 126 139 150 97 - - 2.32 0.04 Sentinel Enterprise B Acc 109 14 106 36 118 75 116 93 - - - 1.96 FP WHEB Sustainability C 107 121 109 105 138 51 133 156 - - - 0.18 SF Adventurous 104 59 108 12 125 16 130 56 - - 3.00 0.15 FP WM Global Corp Autonomies I GBP Acc 111 57 116 27 ------0.50 Smith & Williamson Deucalion 97 135 94 136 113 105 129 61 141 50 1.30 0.25 Fundsmith Equity T Acc 116 15 133 1 171 1 241 1 - - 1.17 0.96 Smith & Williamson MM Global Invmt B 98 130 94 140 112 113 119 89 133 53 - 2.38 GAM Global Diversified Instl GBP Acc 107 133 104 197 121 176 151 91 180 85 1.11 0.62 Spectrum Income Fund O Acc 103 78 102 74 ------2.28 GAM Star Composite Glb Eq GBP Acc 108 103 109 120 129 115 152 87 - - 1.90 - Standard Life Wealth Acer Fund 102 89 105 45 120 53 129 58 166 31 1.15 1.42 GAM Star Global Quality Instl GBP Inc 115 27 120 14 140 38 - - - - 1.16 0.24 Standard Life Wealth Bridge Inc 102 85 106 34 122 31 136 32 176 19 0.83 1.87 GAM Star Worldwide Eq GBP Ordinary Acc 102 226 96 239 114 204 122 174 164 102 1.62 - Standard Life Wealth Merlin 102 95 104 57 120 56 132 42 175 21 1.21 1.54 GS GIVI Glbl Eq-GM Tilt R Snap Acc 113 35 113 48 133 85 - - - - 0.50 - SVS Brown Shipley Growth I Acc 99 121 99 109 120 52 132 41 - - 1.97 1.39 GS Glbl CORE Equity R Snap Acc 109 80 117 20 153 10 177 16 212 41 0.75 - SVS Church House UK Managed Acc 103 82 101 94 119 58 140 18 168 28 1.59 1.23 GS Glbl Equity Partners R GBP Inc 105 171 106 160 132 98 154 78 184 78 1.15 0.10 TB Wise Income B Inc 103 80 100 101 126 10 149 7 173 23 1.46 5.90 GS Glbl Sm Cap Core Eq R Snap GBP Acc 108 98 111 84 141 35 168 29 - - 0.85 0.14 TB Wise Investment B Acc 104 51 99 108 115 92 131 49 164 33 1.53 0.83 GS Global Eq Ptnrs ESG R Snap Inc 105 172 105 177 123 160 140 136 - - 1.00 0.70 TB Wise Strategic B Acc 96 143 97 123 118 76 133 38 168 29 2.41 0.31 GS Global Millennials Equity R Inc 105 180 104 189 127 136 - - - - 1.15 0.24 The Norfolk Trust 108 20 110 7 125 19 139 20 198 5 0.93 1.46 GS Strategic Global Equity R GBP Inc 104 197 103 201 124 154 135 151 189 67 1.05 0.69 The Notts Trust 108 21 110 8 125 18 139 21 196 8 0.88 1.41 Guinness Alternative Energy X 98 246 91 244 102 221 75 191 - - 1.24 - Thesis Palm 104 63 102 76 117 81 123 79 - - 1.33 0.14 Guinness Global Energy X 128 3 102 204 94 224 82 190 - - 1.24 - Thesis Thameside Managed 102 84 103 62 120 50 132 40 164 34 2.01 0.27 Guinness Global Innovators Y GBP ACC 106 140 110 93 148 14 201 6 309 4 0.99 - Threadneedle Global Equity Z Net GBP Acc 103 67 105 46 123 30 136 28 189 13 - 1.08 Guinness Global Money Managers X 93 254 84 250 117 190 155 76 - - 1.24 - Threadneedle Nav Adventurous Managed 103 76 106 24 128 6 151 6 209 2 1.57 0.69 Halifax Ethical C 115 21 105 176 123 168 147 110 180 84 1.52 0.85

58 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% £ £ £ £ £ % % £ £ £ £ £ % % Halifax Fd of Inv Tr C 97 248 99 230 121 178 131 162 163 106 1.51 0.58 Sarasin EquiSar Socially Rspnb P£Hdg Acc 94 253 94 243 114 203 134 152 - - 0.98 2.01 Halifax Intl Growth C 109 88 109 114 124 152 155 74 187 72 1.51 0.82 Sarasin Global Div (Sterling Hdg) P Acc 100 236 101 222 ------2.90 Harris Associates Glb Concntr Eq Q/A $ 105 175 103 200 ------2.56 Sarasin Global Dividend P GBP Acc 109 79 114 33 ------2.67 Harris Associates Glbl Eq Fd R/A USD 98 245 97 236 113 206 132 161 171 92 2.15 - Schroder Global Alpha Plus Z Acc 104 202 110 96 136 68 150 98 - - - 0.85 Henderson Global Care Growth I GBP Acc 106 147 106 155 138 46 156 67 217 34 - 0.65 Schroder Global Equity I Acc 107 116 111 75 137 53 155 72 213 38 0.53 0.96 Henderson Global Growth I Acc 105 162 110 97 151 13 177 20 298 8 - - Schroder Global Equity Income Z Acc 108 94 108 125 132 100 156 69 - - 0.90 3.18 Henderson Instl Glbl (50/50) Enh d Eq 3 105 173 105 183 123 163 143 119 - - 0.39 2.90 Schroder Global Healthcare Z Acc 107 124 112 70 165 3 229 2 330 1 0.93 0.51 Henderson Multi-Manager Global Sel I Acc 104 203 102 208 118 187 115 181 123 124 - 0.41 Schroder Global Recovery Z Acc 107 131 ------Henderson World Select I 105 174 105 178 125 147 153 85 215 37 0.85 0.67 Schroder ISF Glbl Eq Alpha Z EUR Acc 106 142 110 89 128 122 143 123 187 71 1.06 - Heriot Global A Acc 107 135 104 196 126 137 - - - - - 0.02 Schroder ISF Glbl Eq Yield Z EUR Acc 109 90 108 123 137 52 158 63 186 74 1.06 - Hermes Global Equity ESG F GBP Acc 105 169 108 131 ------0.71 - Schroder ISF Global Energy Z EUR Acc 136 2 91 245 70 226 50 193 - - 1.07 - Hermes Global Equity F GBP Acc 108 95 110 86 138 49 167 34 - - 0.65 - Schroder ISF Global Smaller Comp C Acc 109 82 110 88 143 30 164 48 247 16 1.34 - Hermes Global Small Cap Equity F GBP Acc 110 64 112 61 ------Schroder MM International Z Acc 108 104 109 115 132 94 168 31 225 25 1.36 0.26 HL Multi-Manager Special Sits A Acc 100 233 101 219 126 140 144 117 179 86 1.49 0.57 Schroder QEP Glbl Active Val Z Acc 110 60 108 121 127 130 141 132 - - 0.77 1.96 HSBC FTSE All-World Index C Acc 110 74 111 78 ------2.01 Schroder QEP Global Core Eq A Acc 110 76 113 50 137 59 164 46 - - 0.37 1.96 Investec Global Dynamic I Acc Net GBP 103 210 102 210 130 111 151 92 186 75 0.87 0.94 Scot Wid MM International Eq A 107 120 109 116 128 119 149 100 194 58 1.83 0.38 Investec Global Equity I Acc Net GBP 104 194 102 211 127 135 148 106 194 60 0.88 1.19 Scottish Mutual Intl Growth Acc 102 215 108 130 133 92 141 134 170 94 1.04 0.61 Investec Global Franchise I Net Acc 112 41 125 5 144 23 - - - - 0.85 1.22 Scottish Mutual Opportunity 100 238 101 216 125 149 138 144 167 97 0.17 2.44 Investec Global Special Sits I Net Acc 103 208 101 214 127 127 142 130 - - 0.91 0.01 Scottish Widows Global Growth G Acc 109 86 109 110 124 155 - - - - - 0.77 Investec Global Strat Eq I Acc Net GBP 103 212 101 217 135 75 159 59 191 65 0.86 0.91 Scottish Widows Global Select Growth A 115 25 108 126 113 207 139 141 166 100 1.62 0.89 IP Global Equity Z Acc 100 229 100 225 121 177 - - - - - 1.46 Scottish Widows Intl Eq Tracker I Acc 110 68 112 72 133 87 150 99 189 68 0.61 - IP Global ex UK Core Equity Index 107 117 113 39 138 50 164 44 - - 0.72 1.43 Scottish Widows Opportunity A 102 223 102 213 123 164 142 127 163 105 2.00 0.47 IP Global ex UK Enhanced Index 108 102 112 62 138 45 169 28 220 32 0.37 1.89 SF Metropolis Value A Acc 106 153 112 59 134 76 155 73 - - 1.47 - IP Global Opportunities Z Acc 108 106 105 185 130 108 167 35 194 61 - 1.21 SKAGEN Global A 105 166 108 128 115 198 128 167 221 31 1.00 - IP Global Smaller Companies Z Acc 107 122 106 153 132 96 152 86 259 13 - 0.95 SKAGEN Kon-Tiki A 115 22 105 172 103 220 95 187 228 24 1.79 - Janus Global Research A USD 107 118 105 168 128 123 142 126 208 46 2.50 - SLI Global Equities A Acc GBP 100 230 104 195 124 158 147 108 - - 1.49 - JB EF Luxury Brands-GBP Ra 105 179 102 205 103 219 - - - - 1.27 0.30 SLI Global Equity Trust 102 218 108 133 131 104 158 64 204 49 0.15 1.44 JOHCM Glbl Smaller Companies A USD Inc 107 128 106 149 ------1.25 - SLI Global Equity Uncons Plat 1 Acc 98 243 107 146 134 77 156 68 202 51 - 0.29 JOHCM Global Opportunities A GBP Inc 114 32 123 10 151 11 - - - - 2.51 - SLI Global Smaller Coms Ret Plat 1 Acc 108 92 114 34 137 58 ------JOHCM Global Select A GBP 110 63 105 175 142 34 164 47 - - 0.81 0.24 SLI International Trust 105 184 108 122 144 24 182 12 246 17 0.14 1.64 JPM Global Dynamic A (dist) GBP 104 190 105 166 127 134 139 142 170 93 1.90 1.03 Standard Life Wealth Falcon Acc 100 237 104 194 122 169 143 124 223 29 1.55 0.45 JPM Global Focus A (dist) USD 105 176 104 187 129 117 133 155 - - 1.90 1.51 Stewart Investors Wldwd Eq B Acc GBP 120 11 125 8 136 69 160 54 - - 2.41 0.53 JPM Global Unconstrained Eq C Acc 100 231 103 198 131 105 148 103 169 95 0.93 0.88 Stewart Investors Wldwd Ldrs B Acc GBP 119 12 126 4 143 29 175 21 224 27 0.92 0.69 JPM Multi-Manager Growth C Net Acc 98 242 100 224 124 157 131 163 151 122 0.83 1.38 Stewart Invs Wldwd Sstnbty B Acc GBP 118 13 124 9 139 42 - - - - - 0.72 Jupiter Ecology I Acc 106 141 107 138 129 118 142 129 187 70 0.80 0.72 Stonehage Fleming Glb Sel Eq B Inc GBP 108 112 110 91 136 61 ------Jupiter Fund of Investment Trusts I Acc 96 250 97 237 121 175 126 169 164 104 - 0.99 Stonehage Fleming Global Eqs II B Inc 103 211 102 212 113 205 120 177 133 123 1.70 1.54 Jupiter Global Managed I Acc 111 50 110 94 128 124 153 82 201 53 0.99 1.74 Stonehage Fleming Global Equities B Inc 104 201 104 193 119 185 132 158 156 116 1.87 2.24 Jupiter JGF Global Ecology Growth DA D 107 125 107 144 126 143 134 154 165 101 1.00 0.24 SVM World Equity Instl 100 234 101 221 120 183 155 75 208 44 1.98 0.88 Jupiter JGF Global Equities L GBP A Inc 110 73 110 87 123 167 150 94 - - 2.00 0.59 SVS Brown Shipley Dynamic I Acc 99 239 98 233 115 197 124 171 - - 2.08 1.24 Jupiter Merlin Worldwide Portfolio I Acc 106 143 108 134 125 150 139 139 193 62 1.81 0.01 T Bailey Growth Inst Acc 104 191 106 148 131 103 153 80 200 54 1.74 - Kames Global Equity B Acc 106 152 107 142 130 109 154 79 154 118 1.30 0.90 T. Rowe Price Glbl Foc Grth Eq Q GBP 107 130 115 31 154 9 171 24 202 52 0.92 - Kennox Strategic Value Institutional Acc 123 6 116 26 121 179 - - - - - 2.16 T. Rowe Price Glbl Grth Eq Q GBP 109 87 112 71 142 33 160 55 - - 0.92 - L&G Gbl Health & Pharma Index I Acc 108 110 112 64 161 5 228 3 329 2 0.32 1.33 Templeton Growth W Acc 102 222 98 232 122 170 140 135 161 108 0.90 1.71 L&G Global 100 Index I Acc 108 100 113 46 130 110 151 88 195 56 0.32 2.78 Threadneedle Glbl Extnd Alpha Net 2I GBP 107 136 113 55 144 20 174 22 - - 1.43 0.14 L&G Global Equity Index I Acc 110 72 112 66 133 91 - - - - 0.87 1.89 Threadneedle Glbl Select ZNA 107 137 113 43 138 48 157 66 213 40 0.89 0.47 L&G International Index I Acc 110 62 113 42 137 57 159 60 - - 0.39 1.94 THS International Growth & Val X GBP Acc 99 240 94 240 111 210 - - - - - 1.44 Lazard Managed Equity Instl 105 168 106 152 129 114 154 77 185 77 1.05 1.84 Troy Trojan Global Eq O Acc 110 71 121 12 144 26 173 23 248 15 1.11 0.93 Legg Mason CB Glbl Equity A Inc (A) $ 107 134 102 203 114 201 135 149 - - 1.86 0.61 UBS (Lux) ES Glb Opp Uncons (USD) Q-acc 109 89 ------Legg Mason IF MC Glb Alpha X Acc £ 107 115 107 139 125 144 147 107 157 114 - 0.37 UBS FTSE RAFI Developed 1000 Index J Acc 110 61 111 82 ------1.73 Legg Mason MC Glbl Res X GBP Inc 120 9 104 191 98 222 84 189 - - - 0.15 UBS Global Optimal C 102 219 101 215 122 172 137 146 159 112 - 0.91 Lindsell Train Global Equity B 112 38 118 17 158 7 219 4 - - - 0.85 UBS MSCI World Minimum Vol Idx J Acc 122 7 133 2 ------1.54 LO Funds - Emerging Consumer (USD) I A 114 33 109 106 106 216 - - - - 1.10 - Vanguard FTSE Dev Wld ex UK Eq Idx Acc 112 45 116 28 141 36 168 30 - - 0.30 1.84 LO Funds - Golden Age (USD) I A 108 108 109 112 145 19 166 36 - - 0.95 - Vanguard Glbl Sm Cap Idx Acc 113 37 113 49 140 40 164 45 - - 0.40 1.35 M&G Fund of Invest Trust Shares A Acc 100 235 100 226 119 184 132 160 152 121 1.19 0.63 Vanguard LifeStrategy 100% Equity A Acc 110 69 111 80 133 83 153 81 - - 0.33 1.92 M&G Global Basics GBP I Acc 116 20 112 67 112 208 106 184 168 96 0.93 1.35 Vanguard SRI Global Stock GBP Acc 110 59 113 40 136 67 - - - - 0.40 1.65 M&G Global Dividend GBP I Acc 115 26 107 141 117 191 145 113 - - 0.91 3.51 Veritas Global Focus A GBP 111 53 116 23 140 39 166 38 288 10 1.14 0.32 M&G Global Leaders GBP I Acc 105 157 107 136 119 186 138 143 159 110 0.92 1.45 Virgin Global Share 108 96 105 174 ------0.67 M&G Global Recovery GBP I Acc 112 43 111 83 132 97 - - - - 0.92 0.83 VT Price Value Portfolio A GBP Acc 105 165 105 162 ------M&G Global Select GBP I Acc 108 109 110 102 125 151 143 122 208 45 0.91 1.02 Waverton Equity A GBP 102 220 100 227 120 182 137 145 - - 1.34 0.35 Majedie Global Equity X GBP Acc 104 188 108 132 ------0.18 Waverton Global Equity A GBP 111 48 110 85 127 132 140 137 178 88 1.53 0.48 Majedie Global Focus X GBP Acc 101 228 105 182 ------0.54 Winton Global Equity I GBP Acc 106 155 105 181 129 113 ------Margetts Greystone Global Growth R Acc 104 205 106 158 128 120 149 102 223 30 - - Average/Total 107 255 108 250 129 226 149 193 201 125 1.12 1.12 Margetts Intl Strategy R GBP Acc 105 170 106 161 125 148 139 138 194 59 0.74 0.50 (IA) GLOBAL BONDS Margetts Opes Growth R GBP Acc 105 160 109 111 131 106 148 105 206 48 0.88 0.78 Marlborough Global P Acc 107 132 107 147 130 107 143 121 156 117 -- Aberdeen Euro Corporate Bond I Acc 116 59 121 48 109 97 119 66 183 32 - 1.42 McInroy & Wood Smaller Comps Pers Inc 106 146 111 79 143 31 155 71 290 9 - 1.68 Aberdeen Glb Sel Euro HY Bd R1 114 71 119 60 112 74 116 75 - - 0.89 4.61 MFS Meridian Glbl Rsrch Focus W1 USD Acc 112 39 113 45 134 80 151 89 195 57 0.98 - Aberdeen Glb Sel Glb Crdt Bd R2 106 109 105 106 116 54 - - - - 0.83 - MFS Meridian Global Concentrated W1 GBP 116 17 ------1.30 - Aberdeen Global Sel High Yield Bd R1 109 88 112 82 114 64 122 57 187 28 0.93 5.64 MFS Meridian Global Energy WH1 GBP 112 42 97 238 88 225 89 188 - - 1.00 - Aberdeen World Government Bond I Acc 121 11 129 6 120 28 122 54 182 36 - 0.31 MFS Meridian Global Equity W1 GBP 114 31 116 25 137 55 170 27 240 19 1.19 - Allianz Flexi Asia Bond PQ (H2-GBP) 105 117 104 115 108 103 - - - - 0.86 5.25 MI Thornbridge Global Opps C Acc 111 52 116 24 123 166 130 164 - - 0.91 1.56 Allianz US High Yield P GBP 116 60 109 87 111 85 - - - - 0.80 6.42 Morgan Stanley UK Global Brands I GBP 114 29 125 6 144 22 187 9 310 3 1.00 1.25 Aviva Investors Glbl Agg MoM 1 2 GBP Inc 104 125 104 113 112 76 115 77 119 57 0.80 1.98 MT Total Return 103 206 105 167 127 133 149 101 212 42 0.65 1.40 Aviva Investors Global HY Bd Amh GBP Inc 104 126 100 132 108 104 123 53 - - 1.50 6.71 NatWest International Growth NAV 105 181 105 164 125 145 144 114 181 82 - 0.64 AXA US Short Duration Hi Yld Z Net Acc 103 132 100 129 107 107 115 78 - - 0.77 4.68 Neptune Global Equity C Acc GBP 95 251 94 241 115 196 111 182 158 113 - 0.74 Baillie Gifford Global Bond B 120 17 129 7 120 30 124 48 - - 0.60 0.84 Neptune Global Smaller Coms C Acc GBP 91 255 87 249 105 218 101 186 - - 2.50 - Baring International Bond I GBP Inc 119 26 127 14 116 47 119 67 186 29 1.08 0.88 New Capital Global Eq Conviction $ Ord 111 46 113 44 ------Baring Strategic Bond I GBP Inc 101 137 100 128 102 112 106 93 164 48 - 1.32 Newton Global Equity Instl W Net Acc 108 105 113 41 137 60 159 58 199 55 - 1.17 BlackRock Overseas Corp Bd Tkr D Acc 118 36 124 26 122 16 134 18 - - 0.17 2.41 Newton Global Opps Instl W Net Acc 109 81 117 19 143 32 167 32 224 28 - 1.12 BlackRock Overseas Govt Bd Tracker D Acc 122 8 131 3 122 20 124 47 - - 0.18 1.00 NFU Mutual Global Growth C 116 16 111 76 118 189 122 173 162 107 - 1.05 Candriam Bds Credit Opps C Acc EUR 115 68 121 49 110 95 121 59 186 30 1.80 - Old Mutual Ethical R GBP Acc 114 30 114 32 134 82 - - - - - 0.23 Candriam Bds Euro High Yield C EUR Acc 116 53 122 35 118 34 136 15 213 11 1.28 - Old Mutual Fidelity Glbl Foc U2 GBP Acc 108 114 110 92 136 65 - - - - - 0.79 Candriam Bds Global High Yield C Acc 118 37 122 40 114 67 127 34 197 18 1.23 - Old Mutual Global Best Ideas R GBP Acc 102 216 102 207 120 180 134 153 175 89 - 0.29 Candriam Bds Total Return C 113 76 117 72 109 101 109 86 164 49 0.98 - Old Mutual Global Equity R GBP Acc 107 126 112 60 151 12 198 7 231 22 1.14 0.72 Capital Group Glbl Hi Inc Opps(LUX)Bdh £ 110 86 100 131 100 117 106 94 - - 1.70 5.37 Old Mutual Voyager Glbl Dyn Eq R GBP Acc 104 204 94 242 110 212 116 180 - - 1.06 1.01 Capital Group Global Bd (LUX) Cdh 118 39 123 27 111 86 - - - - 0.10 1.93 Old Mutual World Index U2 GBP Acc 109 77 113 47 ------1.36 Carmignac Pf Glb Bond F GBP Acc Hdg 107 99 107 95 126 10 134 20 - - 0.84 - Orbis OEIC Global Equity Standard 117 14 118 16 139 43 179 14 266 11 - - CF Canlife Global Bond C Acc GBP 117 51 122 43 118 36 - - - - - 2.56 Pictet-Global Megatrend Sel I dy GBP 110 67 109 117 140 41 160 53 - - 1.23 - CF Canlife Global High Yield Bd C Acc 106 105 99 134 ------5.01 Polar Capital Global Alpha I USD 111 55 114 35 127 128 - - - - 1.03 - Courtiers Investment Grade Bd Retl R 106 104 ------Premier Global Alpha Growth C Acc 104 192 109 107 144 27 167 33 - - 1.27 0.95 Dimensional Global Short Dated Bd Acc 103 129 104 112 109 102 114 82 145 53 0.33 1.49 Principal Global Equity I Acc 107 129 111 74 133 89 166 37 188 69 1.27 - Dodge & Cox Worldwide Global Bd GBP Inc 117 43 119 58 ------0.60 3.73 Purisima Global Total Return A 106 151 113 54 133 86 143 118 182 79 1.32 0.51 F&C Global Bond 2 Acc 106 102 109 86 119 32 132 23 190 24 0.32 1.56 Rathbone Global Opportunities I Acc 104 198 114 36 148 15 170 25 248 14 - 0.24 Fidelity Gl Infl Link Bd Y-GBP-Hdg 103 130 101 125 100 116 103 96 - - 0.51 0.75 RBS International Growth 1 105 181 105 164 125 145 144 114 181 82 1.63 0.64 FP Octopus Fixed Income B Acc 105 116 105 105 110 89 114 80 - - 1.08 2.86 River and Mercantile World Recovery B 105 156 101 220 134 78 - - - - 1.25 0.72 FP SCDavies Global Fixed Inc A Acc GBP 100 139 97 136 101 114 107 92 - - 1.50 2.83 S&W Aubrey Global Conviction 100 232 101 218 126 142 136 148 - - 1.75 - FP Shenkman Hi Yld Euro Plus A Acc 115 67 120 54 111 87 122 56 - - 0.95 - S&W Saltus Global Equities A Inc 96 249 97 235 ------0.02 GAM Star Cat Bond Instl GBP Acc 102 135 105 108 115 58 - - - - 1.37 1.96 S&W Smithfield Income and Growth Inc 102 225 98 231 122 174 141 131 - - 0.80 2.09 GAM Star Credit Opp (EUR) Instl EUR Acc 113 75 117 67 122 22 - - - - 1.13 - Sand Aire Capital 97 247 89 247 114 202 124 172 157 115 1.15 0.76 GAM Star Credit Opp (USD) Instl USD Acc 114 74 120 56 140 3 - - - - 1.13 - Sanlam FOUR Global Equity A GBP 102 221 97 234 112 209 129 166 - - 1.22 - GAM Star Dynamic Global Bond Inst USDAcc 125 4 125 18 116 48 - - - - 0.85 - Sanlam FOUR Stable Global Eq A GBP Acc 111 54 117 21 ------GAM Star MBS Total Return Inst Acc £ Hdg 101 138 102 120 ------1.20 - Sanlam Global Best Ideas A GBP Acc 106 144 107 140 106 215 102 185 - - 1.51 0.69 GS Em Mkts Corp Bd R GBP H Inc 108 94 104 111 112 73 - - - - 0.95 4.19 Sanlam Global Financial A GBP 107 123 102 209 106 217 117 179 - - 1.59 0.97 GS Em Mkts Debt Local R GBP Inc 125 5 116 74 94 127 99 98 - - 0.95 5.17 Sarasin EquiSar Glbl Theme Stg Hdg P Acc 94 252 91 246 110 213 126 170 - - 0.98 1.84 GS Em Mkts Debt R GBP H Inc 111 83 110 85 120 29 - - - - 1.00 4.92 Sarasin EquiSar Global Thematic P Acc 103 209 104 192 118 188 135 150 181 81 0.97 1.70 GS Emerging Mkts Dbt Blnd R Inc GBP 117 47 112 84 107 106 - - - - 0.91 5.41 Sarasin EquiSar Socially Rspnb P Acc 103 207 107 143 122 171 144 116 - - 1.00 1.69 GS Euro Fixed Income R Acc 118 31 126 17 115 57 126 40 189 26 0.60 -

www.WhatInvestment.co.uk 59 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 Euro Short Duration Plus Bd R Acc 113 78 118 64 ------0.45 - Aberdeen Global Emerging Mkts Quant Eq B 118 36 104 46 108 45 97 42 165 26 0.93 1.68 GS Glbl Credit Pt (Hdg) R GBP H Inc 106 107 106 104 114 63 127 35 169 45 0.65 2.66 Allianz Emerging Markets Equity C 123 7 108 22 120 7 93 50 177 22 1.19 1.89 GS Glbl Fixed Income + Hdgd R £Hdg Inc 104 120 106 100 115 59 - - - - 0.75 1.47 Artemis Global Emerging Markets I IncGBP 115 59 103 55 ------2.58 GS Glbl Fixed Income Hdgd R £Hdg Inc 105 115 106 97 114 65 - - - - 0.60 1.33 Aviva Investors EM Eq MoM 1 2 GBP Inc 121 13 110 11 118 14 121 6 275 4 1.33 0.28 GS Glbl Fixed Income Port R Acc 120 20 127 15 122 21 129 31 201 15 0.60 - AXA Framlington EmerG Markets Z GBP Acc 117 46 111 7 111 33 103 26 205 10 0.90 0.98 GS Glbl High Yield R GBP Hdg Dis 105 111 97 137 105 109 - - - - 0.85 5.79 Baillie Gifford Em Mkts Lead Coms B Acc 110 79 104 48 113 21 103 33 176 24 0.87 0.75 GS Opportunistic Corporate Bond R £H Dis 104 123 101 124 104 110 - - - - 0.95 3.77 Baillie Gifford Emerg Mkts Gr B Acc 105 82 100 75 113 23 103 28 210 7 0.83 0.62 GS US Fixed Income R Cap 116 56 124 25 126 9 144 9 212 12 0.60 - Baring Emerging Markets Inst Acc 111 76 107 27 113 22 93 53 187 15 1.80 0.90 Henderson Horizon Euro Corp Bond H2 EUR 117 52 121 46 110 91 123 50 - - 0.74 - Baring Global Emerging Markets I GBP Acc 112 74 106 31 112 24 94 47 191 13 1.28 - Henderson Instl Overseas Bond A 121 16 129 8 116 49 116 74 177 41 1.20 0.13 BlackRock Emerging Markets D Acc 118 34 103 60 107 49 101 36 185 17 0.92 1.19 Investec Global Bond I Inc Gross GBP 117 40 123 28 113 69 116 73 195 20 0.63 1.26 BlackRock Emerging Markets Eq Tkr D Acc 118 37 102 68 110 41 98 40 - - 0.27 2.46 IP Global Bond Z Acc 107 100 112 83 110 93 124 45 180 39 - 1.57 Candriam Eqs L Emerging Markets C EURAcc 115 58 103 58 112 26 103 31 180 20 2.01 - Janus Flexible Income I USD Inc 116 64 122 38 124 13 142 11 227 6 0.77 2.34 Candriam Eqs L Sust Emerg Mkts C Acc 114 62 103 59 116 18 102 35 - - 1.96 - Janus High Yield I USD Inc 117 48 117 69 122 19 144 10 223 7 0.86 5.65 Carmignac Pf EM Discovery F GBP Acc Hdg 105 81 97 77 122 5 117 10 - - 2.73 - Janus US Short-Term Bnd I USD Inc 113 80 119 62 117 43 126 37 182 37 0.84 0.98 Charlemagne Magna Emerg Mkts Div B Inc 119 22 106 36 104 59 114 11 - - - 3.42 JB BF Total Return-EUR B 114 72 115 78 98 123 98 99 152 52 1.09 - Dimensional Emerging Mkts Core Eq Acc 119 33 106 38 111 31 100 38 220 5 0.78 1.90 JPM Global (ex-UK) Bond C Net Acc 106 101 109 88 117 41 127 36 140 54 0.58 1.15 Edinburgh Partners Emerging Opps I £ Inc 114 66 105 44 ------1.03 L&G Global Inflation Lnkd Bd Idx I Acc 106 108 104 109 ------0.34 F&C Emerging Markets 2 125 4 117 1 115 20 105 23 286 2 0.84 0.92 Legg Mason BW Glb Fxd Inc X Inc S $ 121 14 121 45 116 55 131 24 200 16 0.89 2.55 Fidelity Emerging Markets W Acc 110 78 106 37 121 6 121 7 - - - 0.86 Legg Mason BW Glb OppcFxInc A Inc M $ 122 9 122 41 116 46 134 19 - - 1.45 2.11 Fidelity Index Emerging Markets W Acc 117 48 102 63 ------2.24 Legg Mason IF WA Glb Mlt Strat Bd X Inc 108 93 102 121 107 105 113 84 - - - 5.48 FP Henderson Rowe FTSE RAFI Em Mkt B 125 2 100 74 103 63 - - - - - 3.07 Legg Mason WA Asian Opp X Inc (M) $ 120 21 122 42 117 42 125 41 - - - 3.42 GAM Star North of South EM Eq £Inst Acc 125 3 111 9 116 19 - - - - 1.38 - Legg Mason WA Glb Hi Yld X USD Dist D 119 28 113 80 112 79 130 29 - - 0.92 6.51 GS Emerg Mkts CORE Eq R Close GBP Inc 117 43 104 52 117 16 112 14 - - 1.05 1.60 Loomis Sayles Glbl Opp Bd Fd R/D GBP 120 22 125 21 117 44 122 58 - - 1.50 1.08 GS Emerging Mkts Eq R GBP Inc 115 56 107 25 128 3 109 17 188 14 1.35 0.36 Loomis Sayles Multisect Inc Fd R/D GBP 119 24 119 61 120 26 139 13 - - 1.36 4.20 GS GIVI Emerging Mkts Eq R Snap Acc 116 49 102 69 111 27 - - - - 0.70 - M&G European Corporate Bond GBP I Acc 116 57 121 47 109 96 117 71 181 38 0.66 1.78 Henderson Emerg Mkts Opps I Acc 120 21 113 3 120 9 106 21 180 19 - 1.33 M&G European High Yield Bond GBP I Acc 111 82 117 70 110 94 119 68 187 27 0.93 3.82 Hermes Global Emerging Markets F GBP Acc 113 69 106 34 125 4 120 8 - - 1.17 - M&G Global Government Bond GBP I Acc 124 6 129 5 120 25 131 25 219 8 0.71 1.04 HSBC GIF Global Em Mkts Equity AD 118 40 102 66 105 55 82 57 133 29 1.91 1.39 M&G Global Macro Bond GBP I Acc 116 58 120 53 118 39 136 16 216 9 0.80 1.59 Investec Emerg Markets Equity I Net Acc 114 64 100 72 105 56 - - - - 0.97 1.40 Man GLG Corporate Bond Profl Acc C 115 69 120 52 121 24 132 22 241 5 0.69 2.62 Investec Emerging Markets Dyn Eq I Acc 111 77 ------Marlborough Global Bond P Inc 111 84 113 81 122 18 134 17 208 14 - 3.87 IP Global Emerging Markets Z Acc 115 53 109 21 118 13 118 9 207 9 - 1.64 MFS Meridian Global Credit WH1 GBP 107 96 107 94 102 113 107 89 - - 0.75 - JB EF Emerging Equity-GBP R 118 35 105 45 ------1.17 - MFS Meridian Global High Yield WH1 GBP 107 98 100 133 ------0.90 - JOHCM Emerging Markets GBP A 116 50 104 47 111 32 103 29 - - 1.90 12.91 Mirabaud Global HY Bonds DH Cap, GBP 103 128 100 130 113 72 - - - - 0.89 - JOHCM Global Emerging Mkts Opps GBP A 112 73 102 67 119 11 103 27 - - 2.20 - New Capital Global Value Credit GBP 104 127 102 122 111 82 121 60 167 47 1.07 - JPM Em Mkts Small Cap A (dist) perf GBP 121 12 114 2 131 2 126 2 - - 1.90 1.51 New Capital Wealthy Nat Bd GBP Inst Inc 108 95 106 98 118 40 130 28 - - 1.23 3.47 JPM Emerging Markets B Net Acc 120 19 109 17 107 50 102 34 201 11 1.18 1.18 Newton International Bd Instl W Net Acc 121 13 128 11 120 31 123 52 192 22 - 1.08 JPM Emerging Markets Income C Acc 123 6 105 39 104 60 - - - - 0.87 4.42 Old Mutual Global Bond S GBP Inc 116 62 122 36 111 88 115 79 - - 2.04 1.61 Jupiter Global Emerging Markets I Acc 117 47 108 24 120 8 110 16 - - 1.11 0.94 Old Mutual Global Strat Bd R GBP H Acc 105 118 101 126 97 124 104 95 - - 0.92 - L&G Global Emerging Markets Index I Acc 118 41 103 62 110 38 98 41 - - 0.49 2.56 Old Mutual Global Strat Bond P GBP Acc 106 110 102 123 99 121 108 87 175 42 0.62 1.38 Lazard Developing Markets Retail C Acc 119 24 109 19 107 47 84 56 - - - 0.71 OYSTER European Corporate Bds R GBP D HP 102 134 99 135 ------0.84 4.56 Lazard Emerging Markets Instl Acc 124 5 107 26 107 51 103 30 211 6 1.06 1.71 Pictet-Asian Local Currency Dbt I GBP 118 29 124 24 120 27 130 30 214 10 0.99 - Legg Mason IF MC Emerg Mkts X Acc £ 118 38 107 29 103 64 93 51 150 28 - 0.54 Pictet-Latin Amer Lcl Ccy Dbt I GBP 133 3 120 55 99 120 97 100 - - 0.99 - Legg Mason IF QS Emerging Mrkts Eq X Acc 119 29 104 54 110 34 104 24 180 21 - 0.96 PIMCO GIS Crdt Abs Ret E $ Acc 112 81 113 79 112 80 - - - - 1.80 - Legg Mason QS Emerging Makts Eq A $ Acc 121 15 106 33 104 61 86 55 - - 1.99 - PIMCO GIS Euro Bond E Inc 117 45 123 29 113 68 121 61 173 43 1.36 0.58 M&G Global Emerging Markets GBP I Acc 118 39 105 40 103 65 100 37 - - 1.00 1.62 PIMCO GIS Euro Credit E Acc EUR 117 42 122 37 110 90 113 83 - - 1.36 - Man GLG Unconstrained Emerg Mkt Eq C£Acc 116 52 ------PIMCO GIS Euro Income Bond E Inc 116 65 119 59 105 108 111 85 - - 1.39 4.21 Marlborough Emerging Markets Trust P Inc 112 72 104 51 110 37 92 54 181 18 - 2.30 PIMCO GIS Euro Lg Average Dur Ins Acc 137 2 147 2 150 2 185 2 312 1 0.46 - MFS Meridian Emerging Markets Eq WH1 GBP 105 80 92 78 89 71 81 58 - - 1.35 - PIMCO GIS Euro Low Duration E Acc 113 77 117 71 99 119 - - - - 1.36 - MI Somerset Emerg Mkts Div Gr A Acc 115 55 106 35 112 25 126 4 - - 1.30 2.31 PIMCO GIS Euro Real Return Ins Acc 117 49 122 34 109 100 107 91 170 44 0.46 - MI Somerset Emerg Mkts Sm Cp B Acc 119 23 112 6 116 17 124 5 - - 1.72 1.41 PIMCO GIS Euro Short-Term E Acc 113 79 116 75 97 125 93 102 135 55 1.15 - MI Somerset Global Emerg Mkts B Acc 119 27 110 12 111 30 107 19 - - 1.35 1.55 PIMCO GIS Euro Ultra Lg Dur Inst 140 1 149 1 157 1 243 1 - - 0.46 - Mirabaud Equities GEM D GBP Acc 114 67 102 64 ------1.11 - PIMCO GIS Glbl Adv Instl GBP Prtly H Acc 108 91 108 92 112 77 - - - - 0.70 - Neptune Emerging Markets C Acc GBP 113 68 112 5 119 10 96 44 - - - 0.66 PIMCO GIS Glbl AdvRlRetIntl GBPPtlyH Inc 110 87 104 116 101 115 - - - - 0.69 2.83 Neuberger Berman Emerg Mkts Eq USD A Acc 119 28 110 15 109 42 100 39 - - 2.30 - PIMCO GIS Glbl Real Ret R Acc GBP H 108 92 106 101 114 66 124 44 - - 0.76 - Newton Emerging Income Instl W Net Acc 121 14 110 16 99 69 - - - - - 3.91 PIMCO GIS Global Bd ex-US E Inc 117 44 126 16 133 5 160 3 - - 1.39 1.08 Newton Global Emerging Mkts Instl W Acc 113 70 ------PIMCO GIS Global Bond R GBP Hdg Inc 105 112 106 102 116 51 133 21 179 40 0.76 2.17 NFU Mutual Global Emerging Markets C 126 1 110 13 104 58 94 49 - - - 1.16 PIMCO GIS Low Average Dur R GBP Hdg Inc 101 136 101 127 104 111 107 88 - - 0.75 1.95 Old Mutual Global Em Mkts R GBP Acc 113 71 105 41 118 12 108 18 - - 1.37 - PIMCO GIS Total Ret Bd R GBP Hdg Inc 104 124 104 114 109 98 115 76 - - 0.77 2.26 Old Mutual JPM Em Mkts U2 GBP Acc 121 16 109 20 110 36 - - - - - 1.54 PIMCO Select Global Bond R GBP Inc 105 113 106 99 115 60 130 26 - - - 1.60 OYSTER Emerging Opportunities R GBP D 120 20 100 73 ------1.35 - Pioneer SICAV Emerg Mkts Bd N GBP ND 119 23 125 20 132 6 157 5 262 2 0.82 - Pictet-Emerging Mkts High Div I dm GBP 119 30 101 71 100 66 - - - - 1.36 4.57 Pioneer SICAV Euro Aggt Bd N GBP HDA 104 122 106 103 ------0.75 0.65 Polar Capital Emerg Mkts Inc I USD Acc 118 42 105 43 100 67 113 13 - - 1.27 - Pioneer SICAV Euro High Yield N GBP ND 116 61 120 57 113 71 124 46 - - 0.82 - Polar Capital Emerging Markets Gr I USD 117 44 105 42 105 57 104 25 - - 1.29 - Pioneer SICAV Glbl Aggregate Bd N GBP ND 118 35 123 30 118 37 128 33 - - 0.64 - Principal Emerging Market Equity I Acc 114 61 101 70 103 62 94 46 176 23 1.78 - Pioneer SICAV Glbl High Yield N GBP ND 118 30 115 77 118 38 140 12 - - 0.80 - Schroder Global Emerg Mkt Z Acc 115 57 104 49 110 40 103 32 197 12 0.95 1.35 Pioneer SICAV US Dollar Agg Bd N GBP HND 104 119 104 110 ------0.72 - Schroder ISF QEP Glbl Emerg Mkts Z £ Acc 119 25 103 56 105 54 - - - - 1.11 - Royal London European Corporate Bond M 116 55 121 51 110 92 - - - - - 2.57 Schroder QEP Glbl EMM Z GBP Acc 119 26 104 53 ------2.77 Royal London Global Index Linked M 109 90 108 89 116 50 124 49 - - - 0.21 Scottish Widows Emerging Markets A 119 32 104 50 106 52 94 48 154 27 1.73 0.87 Royal London International Govt Bd M Inc 106 103 108 90 115 61 - - - - - 1.26 SLI Global Emerging Mrkt Eq Inc Plat 1 A 114 63 103 61 108 44 - - - - - 2.37 Schroder ISF Euro Corp Bd Z Acc 118 34 124 23 116 53 120 63 195 21 0.58 - SLI Global Emerging Mrkt Eq Plat 1 Acc 115 60 102 65 110 35 - - - - - 1.18 Schroder ISF Glb Corp Bond Z Acc USD 118 32 ------0.58 - T. Rowe Price Emg Mkts Eq Q GBP 120 17 110 14 117 15 106 20 187 16 1.17 - Schroder ISF Glbl Credit Dur Hdgd C Acc 114 73 116 73 100 118 94 101 135 56 0.74 - Templeton Em Mkts Smlr Coms W Acc£ 111 75 108 23 139 1 131 1 - - 1.65 - Schroder ISF Glbl High Yld C USD Acc 117 41 119 63 129 7 152 8 247 4 0.80 - Templeton Global Emerging Markets W Acc 122 11 109 18 99 68 69 59 119 30 1.35 1.39 Schroder ISF Glbl Infl Lnk Bd C Acc 122 10 124 22 111 83 114 81 183 33 0.66 - Threadneedle Global EM Eq ZNA Acc 120 18 107 30 110 39 105 22 209 8 0.93 1.04 Scottish Widows Cautious A Acc 105 114 105 107 115 56 128 32 154 51 1.50 1.29 UBS Emerging Markets Equity Income C Acc 115 54 98 76 97 70 95 45 - - - 5.09 Scottish Widows International Bd A Acc 121 15 128 10 118 35 126 38 183 35 1.36 - UBS Global Emerging Market Oppo Q £ Acc 114 65 107 28 111 29 - - - - 1.25 - Scottish Widows Overseas FI Track I Acc 122 7 131 4 121 23 123 51 196 19 0.64 0.74 UBS Global Emerging Markets Equity C Acc 116 51 106 32 111 28 93 52 170 25 - 1.42 SLI European Corp Bd D Acc 118 33 123 31 112 78 120 62 198 17 0.54 - Vanguard Emerging Mrkts Stk Idx GBP Acc 117 45 103 57 107 48 96 43 - - 0.40 2.21 SLI Global Bond A Acc GBP 120 18 128 12 119 33 118 70 - - - - Average/Total 117 82 106 78 111 71 104 59 196 30 1.30 1.92 SLI Global Corporate Bond D Acc 119 25 125 19 134 4 159 4 - - - - (IA) GLOBAL EMERGING MARKETS BOND SLI Global High Yield Bond D Acc 117 50 118 65 124 12 153 7 - - 0.73 - SLI Global Index Linked Bond Plat 1 Acc 109 89 108 91 115 62 122 55 160 50 - 0.62 Aberdeen Emerging Markets Bond I Acc 111 31 106 29 110 14 123 10 - - - 6.25 SLI Shrt Dur Glbl Idx-Lnkd Bd Plat 1 Acc 104 121 103 117 ------0.48 Allianz Emerging Mkts Flex Bd R H-GBP 111 32 102 31 ------4.77 Smith & Williamson Global Govt Bd B Inc 107 97 108 93 112 75 - - - - - 0.80 Aviva Investors Em Mkts LclCcy Bd Ia£Inc 123 10 116 19 98 21 101 15 - - 0.78 4.78 T. Rowe Price Euro Corp Bd Q EUR 117 46 123 32 112 81 119 65 184 31 0.57 - Baillie Gifford Emerg Mkts Bd B 124 8 117 16 93 29 97 18 - - 0.76 4.59 T. Rowe Price Eurp High Yld Bd Q EUR 116 54 123 33 123 15 - - - - 0.77 - Baring Em Mkts Dbt Loc Ccy I USD Inc 124 5 115 23 95 27 92 22 - - 1.30 6.26 T. Rowe Price Glbl Aggregate Bd Q EUR 121 12 128 9 123 14 130 27 211 13 0.61 - BNY Mellon EM Debt Lcl Ccy C GBP Inc 124 9 116 22 94 28 93 21 - - 1.21 4.89 T. Rowe Price Glbl High Yld Bd Q USD 119 27 118 66 127 8 154 6 255 3 0.70 - BNY Mellon Emerging Mkts Corp Dbt W£ H 110 33 107 28 120 9 - - - - 0.80 3.63 Templeton Global Bond W Mdis GBP H1 98 141 93 139 96 126 102 97 - - 0.98 4.88 Candriam Bds Em Mkts C USD Acc 123 11 128 4 135 2 160 1 290 1 1.34 - Templeton Global Total Ret Bd W Acc H3 100 140 95 138 98 122 107 90 - - - 3.99 Candriam Bds Emerging Dbt Lcl Curs C$Acc 125 2 119 13 102 18 109 13 - - 1.37 - Threadneedle Dollar Bond 1 ZNI 115 66 121 44 125 11 139 14 189 25 - 1.91 Fidelity Emerging Mkt Debt A-Acc-Euro 121 16 127 5 135 1 155 2 275 2 1.66 - Threadneedle European Bd Z Net GBP Inc 116 63 121 50 117 45 124 43 191 23 0.64 1.31 First State EM Local Currency B £ HdgInc 112 30 100 34 ------6.11 Threadneedle Eurp Corp Bd Z Net GBP 118 38 122 39 111 84 119 69 168 46 - 1.20 First State Emerg Mkts Bd B GBP Hdg Acc 109 35 108 26 118 11 - - - - - 4.48 Threadneedle Eurp Hi Yld Bd Z GBP Acc 115 70 117 68 109 99 116 72 - - - 3.87 HSBC GIF Global Em Mkts Local Dbt AD 122 12 116 20 100 19 103 14 - - 1.61 1.60 Threadneedle Glbl Bd ZNI 120 19 127 13 122 17 125 42 183 34 - 1.36 Invesco Emerging Mkts Bd A-SD USD 119 22 125 6 130 7 147 4 239 4 1.29 4.81 TM UBS (UK) - Global Fixed Income E Acc 103 131 102 119 ------2.04 Investec Em Mkt Lcl Ccy Dt I Acc Grs GBP 122 14 114 24 93 30 94 20 201 9 0.95 4.94 Vanguard Glb Bd Idx GBP Hdg Acc 106 106 107 96 116 52 126 39 - - 0.20 1.65 Investec Emerg Mkts Blnded Dbt I Grs Acc 120 20 119 12 109 15 - - - - 0.94 4.63 Vanguard Glbl ShTerm Bd Idx GBP Hdg Acc 102 133 103 118 ------0.87 JB BF EM Inflation Linked-GBP R 117 25 100 36 92 32 88 25 - - 1.05 - Waverton Global Bond A USD 110 85 115 76 113 70 120 64 - - 1.28 5.41 JB BF EM Opportunities-Ra GBP Dis 113 26 104 30 ------1.00 5.24 Average/Total 113 141 115 139 114 127 125 102 190 57 0.89 2.59 JB BF Emerging Bond-USD B Acc 124 6 129 3 132 4 152 3 269 3 1.60 - JB BF Local Emerging-GBP R 113 27 100 35 92 31 89 24 - - 1.32 - (IA) GLOBAL EMERGING MARKETS L&G Emerg Mkts Govt Bd USD Idx I Acc 122 13 130 2 134 3 - - - - - 4.37 7IM Emerg Mrkts Equity Value C Inc GBP 119 31 ------Legg Mason WA EM Ttl Ret Bd A Inc (D) $ 121 17 122 10 119 10 132 8 223 7 1.83 3.31 Aberdeen Emerging Markets Equity I Acc 122 8 111 8 108 43 114 12 293 1 1.20 1.24 Loomis Sayles Em Debt & Ccies R/D USD 125 3 118 14 95 24 94 19 - - 1.60 4.14 Aberdeen Glb Em Mkt Eq R2 122 9 111 10 108 46 112 15 281 3 1.29 - M&G Emerging Markets Bond GBP I Acc 119 23 123 8 131 5 146 5 237 5 0.95 4.35 Aberdeen Global Em Mkts Sm Cos R2 122 10 112 4 106 53 126 3 - - 1.46 - MFS Meridian EM Debt Local Ccy WH1 GBP 113 28 98 38 ------1.15 -

60 www.WhatInvestment.co.uk Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD ££ £ £ £ £ £ ££ £% % % % £ ££ ££ £ £ % % MFS Meridian Emerg Mkts Dbt WH1 GBP Acc 110 34 108 25 113 12 134 7 - - 1.03 - Principal Japanese Equity I Acc 103 48 104 47 118 44 141 39 117 32 1.27 - Pictet-Emerging Local Ccy Dbt I dy GBP 124 4 119 11 97 22 100 16 210 8 0.99 5.02 Royal London Japan Tracker Z Acc 103 42 106 36 123 30 144 35 145 16 1.03 1.47 Pictet-Global Emerging Debt I GBP 121 18 130 1 ------0.89 - Santander Premium Japan Equity A 102 51 104 51 119 41 131 51 110 38 1.03 0.67 PIMCO GIS Emerg Local Bond E USD Acc 126 1 116 17 96 23 98 17 - - 1.89 - Schroder Tokyo Z Acc 102 49 103 53 125 23 154 16 158 9 0.92 0.87 PIMCO GIS Emerg Mkts Bd Inst GBP Hdg Acc 112 29 107 27 113 13 127 9 196 10 0.79 - Scottish Widows Japan Gr A 104 35 105 42 117 46 135 46 112 37 1.65 0.15 PIMCO GIS Emerg Mkts Corp Bd Inst £H Inc 107 36 98 37 103 17 111 12 - - 1.18 4.90 SLI Japanese Equity Growth Plat 1 Acc 105 24 110 22 125 21 156 13 122 29 - 0.41 PIMCO GIS Emerging Asia Bond E USD 120 21 118 15 109 16 114 11 - - 1.50 5.88 SLI Japanese Trust 108 15 112 12 129 13 156 12 146 15 0.86 0.46 Schroder ISF Em Mkt Lcl Ccy Bd C 124 7 116 18 99 20 - - - - 0.89 - SSgA Japan Equity Tracker 104 37 107 29 124 25 147 28 - - 0.90 1.37 SLI Emerging Market Debt Plat 1 Acc 119 24 122 9 130 6 - - - - - 3.91 Threadneedle Japan Growth I 103 45 104 48 117 47 135 48 - - 0.66 0.86 SLI EmMkts Dbt Uncons Plat 1 Acc 107 37 101 32 ------4.39 Threadneedle Japan ZNA Acc 102 53 103 52 115 51 133 50 98 39 - 0.59 Templeton Emerging Mkts Bd W Qdis GBP H1 103 38 100 33 95 26 - - - - 1.12 9.48 Tiburon Taiko Unhdg GBP 103 46 110 19 124 26 146 30 - - 1.84 - Threadneedle Em Mkt Bd ZNI 121 19 124 7 125 8 140 6 233 6 - 5.32 Vanguard Japan Stock Idx GBP Acc 104 36 107 31 122 36 145 33 - - 0.30 1.36 Threadneedle Emerg Mark Local ZNI Inc 122 15 116 21 95 25 92 23 - - 0.90 6.65 Average/Total 105 64 108 63 127 56 156 53 141 40 1.05 0.87 Average/Total 118 38 114 38 109 32 115 25 237 10 1.19 4.95 (IA) JAPANESE SMALLER COMPANIES (IA) GLOBAL EQUITY INCOME Aberdeen Glb Japanese Sm Cos R2 £ 112 6 113 7 154 4 200 5 219 3 0.93 - Aberdeen World Equity Income I Acc 121 1 112 18 107 29 - - - - - 3.64 Baillie Gifford Japan Small Co B Acc 125 2 137 2 185 1 265 1 225 2 0.61 0.31 Artemis Global Equity Income I GBP Acc 102 34 103 32 ------1.25 BGF Japan Small & MidCap Opps D2 115 5 121 5 132 6 167 6 - - 1.09 - Artemis Global Income I Inc 102 33 104 31 137 6 173 2 - - 0.99 4.12 BNY Mellon Japan Sm Cap Focus W GBP Acc 120 3 127 4 ------0.92 0.27 Aviva Investors Global Eq Inc 2 GBP Acc 107 28 111 20 134 10 153 10 177 5 1.14 2.76 Henderson Horizon Japanese SmlrCos H2 $ 117 4 127 3 168 3 215 2 241 1 1.20 - Baillie Gifford Glbl Income Growth B Inc 110 19 114 13 132 12 153 11 170 6 0.70 3.27 IP Japanese Smaller Companies Z Acc 151 1 158 1 170 2 210 4 155 5 - - BlackRock Global Income D Acc 113 10 121 5 136 7 170 3 - - - 3.01 M&G Japan Smaller Cos GBP I Acc 111 7 113 6 150 5 210 3 199 4 0.95 0.70 CF Canlife Global Equity Income C Acc £ 113 14 114 12 129 14 - - - - - 3.39 Average/Total 121 7 128 7 160 6 211 6 208 5 0.95 0.43 Courtiers Glbl (ex UK) Eq Inc Retl R 113 9------(IA) MIXED INVESTMENT 0-35% SHARES Fidelity Global Dividend W Acc 113 12 124 4 145 1 - - - - - 2.96 Fidelity Global Enhanced Income W Acc 114 8 124 3 ------3.98 7IM AAP Income C Acc 103 41 100 50 110 34 118 22 143 12 1.32 3.15 Guinness Global Equity Income Y GBP Acc 116 6 119 7 ------0.99 - 7IM AAP Moderately Cautious C Acc 103 38 101 42 113 25 122 19 - - 0.69 1.53 Henderson Global Equity Income I GBP Acc 109 23 113 14 134 9 169 4 - - - 3.56 7IM Cautious C Acc 102 47 100 48 ------1.36 Investec Global Dividend I Acc Net GBP 108 25 113 15 ------2.69 7IM Moderately Cautious C Acc 101 49 98 51 111 29 120 20 151 9 1.37 1.97 IP Global Equity Income Z Acc 104 32 106 26 126 19 164 5 - - - 3.64 7IM Personal Injury C Acc 102 44 101 44 111 26 122 17 - - 0.72 1.56 JB EF Global Equity Income-EUR B 109 22 110 23 135 8 137 18 156 7 1.50 - Aberdeen Multi-Asset Gr 1 Port I GBP Acc 105 16 106 9 ------0.53 JPM Global Equity Inc C Net Acc 107 27 112 17 128 16 - - - - 0.93 2.90 Architas MA Activ Mdrt Inc A Acc 104 28 105 19 115 15 124 14 146 11 1.57 2.93 Jupiter Global Equity Income I Acc 110 20 111 19 126 20 - - - - - 3.12 AXA Defensive Distribution Z Acc Net 105 14 104 25 113 22 124 15 124 17 0.99 1.77 Lazard Global Equity Income Retl C Acc 113 13 102 33 112 28 130 20 - - - 5.12 Barclays High Income Portfolio R Inc 103 36 100 49 108 39 - - - - 1.45 - Legg Mason IF CB Glbl Eq Inc X Inc 106 29 104 29 129 15 150 12 - - - 3.72 Barclays Income Plus Port R Acc 104 29 102 36 111 32 - - - - - 3.41 Legg Mason IF MC Glb Eq Inc X Acc £ 112 15 112 16 119 25 146 15 - - - 3.15 Barclays Income R GBP Acc 104 30 103 35 110 35 ------Liontrust Global Income I Inc 112 16 107 25 122 22 147 14 145 8 0.90 5.53 Barclays Wealth Global Mkts 1 R Acc 103 39 102 40 108 40 110 28 - - 0.93 1.54 Neptune Global Income C Acc GBP 97 36 95 35 114 27 - - - - - 4.04 BlackRock Consensus 35 D Acc 111 1 113 1 122 3 - - - - 0.29 1.57 Newton Gbl Income Instl W Net Acc 117 3 129 1 145 2 177 1 266 1 - 3.54 CF Canlife Portfolio III C Acc 105 19 105 15 ------1.94 Old Mutual Newton Global Inc U2 GBP Acc 117 5 128 2 144 3 - - - - - 3.30 CF Miton Defensive Multi Asset B Acc 103 37 104 30 106 43 113 26 153 7 1.38 1.71 Pictet-High Dividend Selection I dm GBP 117 4 120 6 125 21 143 16 - - 0.99 3.26 CF Prudential Dynamic 0-30 P Acc 103 40 104 32 116 12 127 9 - - - 2.39 PIMCO Global Dividend E USD Inc 113 11 104 30 116 26 - - - - 2.19 4.10 CF Prudential Dynamic Focused 0-30 P Acc 106 9 107 4 114 18 126 10 - - - 2.38 Pioneer SICAV Glbl Eq Trgt Inc N GBP DM 108 26 111 22 ------0.99 6.52 City Financial Multi Asset Divs I Acc 100 54 97 52 113 20 118 23 - - - 2.53 Premier Global Utilities Income C 115 7 115 10 139 4 131 19 140 9 1.25 5.19 Fidelity Multi Asset Allocator Def Y 106 7 107 7 116 10 - - - - - 1.22 Sarasin Global Higher Div Stg Hdg P Acc 102 35 102 34 128 17 148 13 - - - 4.62 Fidelity Multi Asset Defensive Y 105 15 105 16 116 11 124 16 - - 1.10 0.73 Sarasin Global Higher Dividend P Acc 112 17 116 8 139 5 161 7 216 3 - 3.97 Fidelity Multi Asset Open Dfnsv Y 105 17 104 23 113 21 - - - - - 1.13 SLI Global Equity Income Plat 1 Acc 105 31 111 21 133 11 162 6 216 4 - 2.07 Fidelity Multi Ast Inc Y Accumulation 105 18 105 18 119 7 135 3 - - - 3.82 TB Saracen Global Income and Growth Acc 109 24 106 28 121 23 156 8 - - 1.02 2.22 FP Brompton Global Cnsrv B GBP Acc 104 34 104 22 ------1.84 1.51 The TM Overstone UCITS Eq Inc J Acc 109 21 108 24 130 13 - - - - - 2.23 FP Matterley Regular High Income Acc 100 53 101 43 111 31 126 11 154 6 1.10 4.63 Threadneedle Global Eq Inc ZNI Inc 112 18 116 9 128 18 155 9 - - 0.88 3.82 FP New Capital Glbl Alpha Ord GBP Acc 103 42 102 38 ------0.04 UBS Global Enhanced Equity Income C Acc 105 30 106 27 ------10.05 FP New Horizon Cautious B Inc 105 20 104 24 111 30 114 25 122 19 1.85 1.07 Veritas Global Equity Income A GBP 120 2 115 11 120 24 139 17 225 2 1.15 3.53 FP New Horizon Inc B Inc 104 33 102 37 109 38 118 24 123 18 1.87 2.49 Average/Total 110 36 112 35 129 29 153 20 190 9 1.12 3.77 GAM Star Defensive Instl GBP Acc 101 48 100 46 111 27 - - - - 1.69 - GS Wealthbuilder MA Conservative R GBP H 104 23 104 21 ------0.85 1.39 (IA) JAPAN Henderson Multi-Manager Diver I GBP Acc 102 46 100 45 109 37 124 13 127 16 - 3.05 Aberdeen Global Japanese Eq R2 £ 113 8 118 7 139 7 170 9 - - 0.92 - IFSL Brooks Macdonald Def Inc A Inc 101 50 101 41 113 23 128 7 151 10 2.09 3.47 Aberdeen Japan Eq Enh Idx Net B Acc 105 29 108 27 ------1.52 IFSL Brunsdon Cautious Gr C Acc 102 45 103 34 111 28 - - - - - 2.24 Aberdeen Japan Equity I 113 9 118 8 139 8 177 6 178 2 1.11 0.69 Investec Diversified Income I Acc Net 104 24 105 14 114 19 127 8 155 5 0.86 4.23 Allianz Japan Equity RT GBP 109 13 115 10 130 11 160 11 145 17 - - JPM Cautious Managed C Net Acc 104 26 105 13 121 4 120 21 135 13 0.83 0.79 Aviva Investors Japan Eq MoM 1 2 GBP Inc 105 31 107 32 125 18 141 38 122 30 1.32 0.47 Jupiter Distribution I Acc 102 43 104 28 119 6 139 2 157 4 0.90 3.06 AXA Framlington Japan Z Inc 119 4 129 2 162 3 193 3 155 11 - 0.39 Jupiter Merlin Conservative I Acc 104 27 104 29 110 33 - - - - 0.95 3.43 AXA Rosenberg Japan Z 104 34 109 23 126 17 141 36 116 34 1.08 1.08 L&G Mixed Investment 0-20% I Acc 106 13 ------Baillie Gifford Japanese B Acc 110 12 110 21 132 9 177 5 177 4 0.68 0.81 L&G Mixed Investment 0-35% I Acc 107 5 106 10 120 5 - - - - - 2.32 Baring Japan Growth I GBP Acc 110 11 111 13 121 37 154 15 115 35 - 0.67 L&G Mixed Investment Income 0-35% I Acc 107 3------BGF Japan Flexible Equity D2 105 26 110 17 119 42 144 34 121 31 1.09 - L&G Multi-Index 3 I Acc 106 12 106 11 ------2.01 BlackRock Japan Equity Tracker D Acc 105 27 107 30 125 20 147 26 - - 0.17 1.54 Libero Cautious B Acc 106 8 107 8 115 13 - - - - - 1.45 BNY Mellon Japan All Cap Equity W GBP 106 21 113 11 ------0.92 0.59 Margetts Greystone Conservative R Acc 101 51 102 39 110 36 - - - - - 1.96 Capital Group Japan Equity (LUX) Bh 89 63 86 62 ------1.79 - Old Mutual Cirilium Cnsrv R GBP Acc 104 25 104 26 115 17 - - - - 1.09 1.33 Cavendish Japan Fund B 104 33 108 28 119 40 147 29 - - 0.93 0.69 Royal London Cautious Managed A £ Acc 104 35 104 27 ------1.21 CF Canlife Japan C GBP Acc 105 28 106 33 115 50 138 41 136 24 0.88 0.71 Royal London Sustainable Mgd Gr C Acc 104 21 107 6 122 1 - - - - - 3.55 CF Morant Wright Japan B Acc 99 58 104 49 124 24 150 24 158 8 1.17 0.78 Scottish Mutual Cautious 104 22 104 31 117 9 134 4 158 3 0.17 3.38 CF Morant Wright Nippon Yield B Acc 101 54 106 34 130 12 171 8 - - 1.41 2.47 Thesis Optima Income B Acc 100 52 100 47 113 24 122 18 133 15 - 4.07 Coutts Global Japan Equity Ser 4 106 20 111 14 131 10 155 14 136 23 - 0.66 Threadneedle Defensive Eq&Bd Z Net £ Acc 106 11 106 12 115 16 129 6 162 2 - 2.08 Fidelity Index Japan W Acc 105 30 106 39 ------1.65 Threadneedle Defensive Z Net GBP Acc 107 4 107 5 115 14 126 12 153 8 - 1.84 Fidelity Instl Japan 106 22 106 38 122 35 153 18 147 13 0.88 0.74 Threadneedle Nav Cautious Managed Inc 107 6 108 3 118 8 133 5 171 1 1.54 1.63 Fidelity Japan Smaller Companies W Acc 111 10 117 9 145 5 175 7 165 7 - 0.25 TM UBS (UK) - Global Yield C Acc 104 32 103 33 ------2.97 Fidelity Japan W Acc 105 25 105 44 121 38 135 47 114 36 - 0.55 Vanguard LifeStrategy 20% Eq A Acc 109 2 110 2 122 2 141 1 - - 0.29 1.34 First State Japan Focus B GBP Acc 123 2------VT Turcan Connell Income Port Gr Inc 106 10 105 17 107 42 - - - - - 3.01 GAM Star Japan Equity Instl GBP Acc 118 5 125 5 141 6 166 10 135 26 1.67 - WAY Global Cautious Portfolio E Acc 104 31 105 20 107 41 113 27 133 14 1.68 - GS Japan Equity R Snap GBP Inc 107 18 110 18 129 14 152 20 146 14 1.05 0.40 Average/Total 104 54 104 52 114 43 124 28 145 19 1.16 2.18 Halifax Japanese C 104 38 105 41 119 43 138 43 127 28 1.53 0.31 (IA) MIXED INVESTMENT 20-60% SHARES Henderson Instl Japan Enhanced Eq A Acc 103 44 105 45 118 45 - - - - 1.70 0.11 Henderson Japan Opportunities I 100 57 101 55 122 33 151 21 142 19 0.87 0.89 7IM AAP Balanced C Acc 102 84 99 122 116 55 125 70 - - 0.71 1.38 HSBC Japan Index C Acc 103 41 106 37 123 32 145 32 131 27 0.23 1.46 7IM Balanced C Acc 101 114 96 131 114 73 124 74 155 22 1.47 1.30 HSBC MERIT Japan Equity Instl A Acc 103 43 105 43 120 39 136 45 - - 0.56 0.98 7IM Sustainable Balance C Acc 103 75 103 62 120 16 132 32 - - 1.50 1.73 IP Japan Z Acc 107 16 108 26 125 22 149 25 175 5 - 1.02 Aberdeen Managed Distribution I Acc 105 24 103 64 113 86 132 28 162 13 - 3.34 JB EF Japan Stock-JPY R 107 17 109 24 127 16 150 22 145 18 - - Aberdeen MM Diversity D Acc 102 98 102 77 112 93 117 86 - - 1.87 1.19 JOHCM Japan Dividend Growth A GBP Inc 101 55 102 54 ------0.77 1.31 Aberdeen Multi-Asset Gr 2 Port I GBP Acc 104 51 103 55 ------0.59 JOHCM Japan GBP A 96 59 98 58 108 53 140 40 140 20 0.84 0.60 Aberdeen Multi-Mgr Cautious Mgd I Acc 102 96 102 81 115 62 127 60 151 26 - 1.69 JPM Japan C Acc 121 3 129 3 166 2 200 2 82 40 0.93 0.08 Aberdeen Multi-Mgr Multi Asset Dist I 102 94 102 74 116 53 130 40 127 40 - 3.80 JPM Japan Select Equity A (dist) JPY 104 32 106 40 116 48 134 49 117 33 1.80 0.94 Acumen Conservative X Acc 108 5 108 6 ------1.55 Jupiter Japan Income I Acc 103 47 110 20 128 15 147 27 156 10 - 1.83 Alliance Trust SustFutDefensvMgd2Net£Inc 102 95 103 60 ------2.09 Jupiter JGF Japan Select D USD Acc 105 23 109 25 122 34 141 37 - - 1.02 - Allianz RiskMaster Cnsrv Mlt Asst C Acc 109 2 108 5 115 61 - - - - - 0.94 L&G Japan Index I Acc 104 40 106 35 123 31 145 31 136 25 0.27 1.44 Architas MA Active Interm Inc A Acc 104 52 105 29 119 26 135 16 - - - 3.44 Legg Mason IF Japan Equity X Acc 148 1 182 1 236 1 434 1 225 1 - - Artemis Monthly Distribution I Inc 105 29 108 9 133 1 - - - - - 4.35 Legg Mason IF MC Japan Alpha X Acc £ 107 19 111 15 113 52 137 44 139 22 - 0.17 Aviva Investors Distribution 2 GBP Inc 103 63 105 31 120 13 143 6 167 11 0.83 3.47 Lindsell Train Japanese Eq B GBP Quoted 117 6 127 4 150 4 188 4 - - - 0.56 Aviva Investors Multi-Mgr 20-60% 2 £Acc 103 74 102 72 119 28 132 30 - - 1.39 1.03 M&G Japan GBP I Acc 100 56 99 56 124 29 154 17 148 12 0.94 0.83 AXA Distribution Z Acc 103 60 102 71 114 75 129 44 162 15 1.01 2.74 Man GLG Japan CoreAlpha Profl Acc C 95 60 94 60 116 49 138 42 178 3 0.91 1.37 AXA Ethical Distribution Z Acc 97 139 96 132 113 82 136 14 124 41 1.02 3.41 Matthews Asia Funds Japan I GBP 116 7 122 6 ------AXA Global Distribution Z Acc 111 1 112 1 126 3 140 10 193 2 1.01 2.14 MFS Meridian Japan Equity A1 USD Acc 108 14 110 16 124 28 150 23 - - 2.05 - AXA IM Lifetime Distribution A GBP Inc 109 4 107 13 ------2.40 Neptune Japan Institutional C Acc GBP 104 39 98 57 ------0.34 Barclays Balanced Port D Acc 100 122 97 129 111 98 - - - - 1.60 2.62 Neptune Japan Opportunities C Acc GBP 79 64 70 63 100 56 118 53 170 6 - 0.99 Barclays Cautious Port D Acc 102 93 100 105 110 100 - - - - 1.45 3.71 Old Mutual Schroder Tokyo U2 GBP Acc 102 52 104 50 125 19 - - - - - 1.04 Barclays Wealth Global Mkts 2 CL R Acc 104 49 102 73 112 91 114 89 - - 1.00 2.28 Pictet-Japanese Equity Opps I GBP 102 50 105 46 124 27 152 19 139 21 0.99 - Barclays Wealth Global Mkts 3 CL R Acc 105 31 102 69 114 72 118 81 - - 1.11 2.23 Polar Capital Japan Alpha I 94 62 94 59 106 55 - - - - 1.02 - Baring Multi Asset Income I GBP Inc 100 129 ------Polar Capital Japan I JPY Inc 94 61 94 61 106 54 123 52 - - 1.22 1.35 BlackRock Consensus 60 D Acc 108 7 109 3 119 25 - - - - 0.27 2.02

www.WhatInvestment.co.uk 61 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% £ £ £ £ £ % % £ £ £ £ £ % % BlackRock Global Multi Asset Inc D Acc 102 85 101 90 113 87 124 75 156 19 - 5.02 Total Clarity Portfolio 3 A 105 34 106 24 118 36 126 67 - - 1.56 2.13 CF Canlife Portfolio IV C Acc 103 69 104 43 ------2.32 Total Clarity Portfolio 4 A 104 37 105 32 120 14 127 62 - - 1.68 1.90 CF Miton Cautious Multi Asset B Acc 104 47 104 37 109 103 118 84 171 7 0.99 1.74 UBS Multi-Asset Income C Acc Net 102 79 99 117 108 104 115 88 - - - 3.29 CF Prudential Dyn Focused 10-40 A Acc 105 35 ------Vanguard LifeStrategy 40% Equity A Acc 109 3 110 2 125 4 145 4 - - 0.30 1.34 CF Prudential Dynamic 10-40 P Acc 103 71 103 65 117 45 128 53 - - - 2.16 Virgin Bond, Gilt and UK Share 106 22 104 39 ------0.85 CF Prudential Dynamic 20-55 P Acc 102 99 102 68 117 47 129 45 - - - 1.75 Waverton Cautious Income P GBP Inc 104 40 106 22 ------4.22 CF Prudential Dynamic Focused 20-55P Acc 105 33 105 33 116 54 128 54 - - - 2.90 WAY Global Blue Managed Portfolio E Acc 103 62 104 40 117 40 126 68 152 25 - - CF Ruffer Total Return C Acc 104 42 100 109 111 95 124 73 199 1 - 1.46 WAY MA Cautious Portfolio E Acc 101 116 100 96 111 96 118 82 - - 1.98 - CF Seneca Diversified Income Fund B Inc 98 136 99 119 113 90 121 78 121 42 - 6.01 Zurich Horizon Multi-Asset I Z Acc 106 14 108 7 ------1.24 City Financial Multi Asset Bal I Acc 98 137 94 133 114 71 121 79 - - - 1.88 Zurich Horizon Multi-Asset II Z Acc 104 48 106 18 ------1.73 Close Conservative Portfolio X Acc 101 115 100 104 115 59 127 64 - - 0.94 1.74 Average/Total 103 141 102 135 116 109 129 92 155 42 1.38 2.48 Close Diversified Income Port X Acc 102 78 103 58 115 58 132 33 - - 0.83 4.14 (IA) MIXED INVESTMENT 40-85% SHARES Close Managed Conservative X Acc 100 121 102 84 117 49 - - - - 1.13 1.80 Close Managed Income X Acc 102 100 103 49 119 23 - - - - 1.18 3.58 7IM AAP Moderately Adventurous C Acc 102 87 97 123 119 60 129 69 - - 0.72 1.40 Close Tactical Select Passv Cnsrv X Acc 105 23 106 17 121 10 - - - - 0.68 2.25 7IM Moderately Advent C Acc 100 114 95 130 118 70 129 70 162 34 1.57 0.79 Coram Global Defensive A GBP 103 59 104 44 ------Aberdeen Multi-Asset Gr 3 Port I GBP Acc 104 46 102 70 ------0.88 Courtiers Total Return Cautious Risk 103 73 104 35 119 27 133 23 - - 1.88 0.42 Aberdeen Multi-Asset I 106 17 102 73 111 107 129 67 167 28 1.49 2.32 Discovery Balanced B GBP Inc 100 126 100 103 115 68 133 26 148 29 - 3.29 Aberdeen Multi-Mgr Balanced Mgd I Acc 101 108 101 95 118 65 131 52 163 29 - 1.03 Elite Income Tust B Acc 99 134 99 118 114 69 127 58 144 32 2.10 2.10 Acumen Progressive X Acc 103 67 102 72 ------0.72 F&C MM Navigator Distribution C Inc 101 102 101 89 116 51 129 46 - - - 5.32 Alliance Trust SF Managed 2 101 93 103 61 125 13 147 11 178 20 0.85 1.13 F&C MM Navigator Moderate C Acc 101 112 102 67 120 20 131 34 - - - 1.96 Alliance Trust Sust Fut Cau Mgd 2Net£Inc 101 94 103 64 ------2.10 Fidelity Multi Asset Allocator Strat Y 108 9 107 15 118 34 - - - - - 1.20 Architas MA Active Prog A Acc 103 53 104 45 120 46 132 48 170 24 1.63 2.47 Fidelity Multi Asset Bal Inc Y Acc 106 18 106 16 ------3.12 Aviva Investors Multi-Mgr 40-85% 2 £Acc 103 70 102 68 122 27 137 30 - - 1.52 0.74 Fidelity Multi Asset Open Strat Y Acc 105 28 103 52 114 74 125 71 135 35 - 1.42 AXA Framlington Managed Balanced Z Acc 104 43 104 42 121 38 139 26 182 18 - 1.43 Fidelity Multi Asset Strategic Fund Y 107 12 106 21 120 17 131 39 - - 1.19 0.71 Baillie Gifford Managed B Acc 105 35 107 16 123 22 144 15 205 5 0.47 1.96 FP Brompton Global Balanced B GBP Acc 104 53 105 25 ------1.90 1.12 Barclays Dividend & Growth I Acc 99 123 97 122 114 97 130 60 - - 1.65 3.72 FP Brompton Global Inc I GBP Inc 104 55 104 38 118 32 - - - - 2.14 2.85 Barclays Growth Port D Acc 99 126 95 128 111 108 121 94 - - 1.68 1.85 FP Distinction Diversified Real Return B 100 124 98 126 100 108 98 91 - - 1.60 - Barclays Wealth Global Mkts 4 CL R Acc 105 25 102 80 115 89 118 98 - - 1.05 1.53 FP New Horizon Balanced Inc & Gr B Inc 106 20 106 19 122 6 141 8 171 6 1.91 1.61 BlackRock Balanced Growth D Acc 99 125 100 107 114 96 123 88 148 51 - 3.07 FP Russell Multi Asset Income C Inc 103 67 102 83 114 78 - - - - - 4.16 BlackRock Balanced Managed A Acc 99 121 100 108 113 103 121 93 150 46 1.59 0.89 FP Tatton Oak Cautious Growth B 104 41 103 54 117 41 128 55 - - 1.39 1.36 BlackRock Consensus 70 D Acc 108 11 108 11 120 44 - - - - 0.26 2.05 FP Tatton Oak Distribution B Acc 101 105 100 110 112 94 - - - - 1.30 5.07 BlackRock Consensus 85 D Acc 107 15 107 15 121 33 - - - - 0.23 2.27 FP Tellsons Endeavour RF GBP Acc 102 82 100 108 ------1.62 CF Canlife Balanced C GBP Acc 103 62 104 40 120 41 133 46 153 43 - 2.14 GAM Star Cautious Institutional GBP Acc 101 107 100 95 115 67 - - - - 1.64 - CF Canlife Portfolio V C Acc 102 80 102 66 ------1.76 GS Global Inc Builder Port R GBP P-H Inc 107 13 106 20 ------0.90 3.31 CF Canlife Portfolio VI C Acc 102 77 101 97 ------1.84 GS Wealthbuilder Multi-Asset Bal R GBP H 104 39 103 57 ------0.90 1.00 CF Odey Portfolio I Acc 97 135 98 118 112 106 136 32 - - - 0.44 Halifax Cautious Managed C 104 56 102 75 113 88 125 72 146 31 1.50 1.31 CF Prudential Dyn Focused 40-80 A Acc 103 58 ------HC Sequel Cautious Trgt Ret Str B £ Acc 101 106 99 116 ------0.94 CF Prudential Dynamic 40-80 P Acc 101 95 102 82 118 64 131 53 - - - 1.45 HC Sequel Monthly Income Retail GBP Inc 102 80 101 90 ------4.71 CF Resilient MM Balanced Managed X 103 55 103 57 120 40 130 61 - - 2.64 1.38 Henderson Cautious Managed I Acc 101 109 100 111 114 77 133 25 162 14 - 3.27 CF Ruffer European C 99 118 99 116 120 51 128 74 237 1 - 0.30 Henderson Multi-Manager Dist I Inc 102 77 103 66 115 64 127 65 170 9 - 3.29 CF Seneca Diversified Growth B Acc 96 137 96 126 114 99 124 85 136 56 - 2.59 Henderson Multi-Manager Inc & Gr I Inc 102 81 102 79 117 48 127 66 171 8 - 2.39 City Financial Multi Asset Growth I Acc 97 133 94 133 114 100 118 97 133 59 - 0.95 HL Multi-Manager Equity & Bond A Acc 100 128 100 102 119 29 139 11 156 20 1.42 2.45 Clerical Medical Balanced Managed 109 6 103 63 110 110 126 82 157 39 0.99 2.22 HSBC Open Global Distribution C Acc 107 11 107 14 120 18 135 15 - - 1.43 3.69 Close Balanced Portfolio X Acc 100 111 99 111 119 61 137 31 - - 0.86 1.64 HSBC Open Global Return C Acc 108 8 107 12 122 9 133 22 - - - 1.15 Close Managed Balanced X Acc 99 124 100 105 118 69 - - - - 1.37 0.99 IFSL Brooks Macdonald Cautious Growth A 102 87 104 41 118 31 131 38 132 36 2.75 1.54 Close Tactical Select Passive Bal X Acc 105 27 105 27 122 26 - - - - 0.65 2.02 Insight Global Multi-Strategy W Acc 104 38 102 78 115 63 - - - - - 1.08 Consistent Practical Investment A Acc 99 128 98 119 117 79 149 7 172 21 1.11 4.02 Investec Cautious Managed I Acc Net 106 17 101 94 107 106 120 80 159 16 0.84 1.30 Coram Global Balanced A GBP 108 10 108 10 ------IP Distribution Z Acc 101 117 100 97 112 92 137 13 181 4 - 4.99 Courtiers Total Return Balanced Risk 104 48 105 29 125 10 145 13 - - 1.90 0.30 IP European High Income Z Acc 104 44 106 23 120 21 132 27 - - 0.91 3.93 EdenTree Higher Income B 105 32 102 81 117 78 135 34 209 4 0.83 5.07 IP Global Distribution Z Acc 101 118 100 107 ------4.30 EFA Eden SRI A GBP Acc 100 109 101 93 ------2.60 JPM Global Allocation C Net Acc 100 123 98 124 ------1.59 Elite Balanced Trust B Acc 100 110 100 99 120 45 126 81 149 47 2.05 0.25 JPM Multi-Asset Income C Net Acc 102 97 100 100 114 81 130 43 - - 0.83 3.95 F&C MM Navigator Progressive C Acc 100 115 100 106 122 32 131 54 - - - 1.27 Jupiter Enhanced Distribution GBP Inc 101 111 ------Family Balanced International B 103 56 103 62 117 76 128 73 - - 1.14 1.59 Jupiter Merlin Income I Acc 101 108 101 85 110 99 129 50 169 10 1.61 3.35 Fidelity MoneyBuilder Balanced Y Inc 104 49 107 14 124 14 152 2 196 7 - 4.28 Kames Ethical Cautious Managed B Acc 96 140 98 123 122 8 145 5 - - - 2.26 Fidelity Multi Asset Allocator Growth Y 108 9 106 22 118 67 - - - - - 1.07 L&G Distibution I Acc 102 89 101 86 114 76 130 41 148 28 0.67 3.69 Fidelity Multi Asset Growth Y 107 14 105 32 120 39 131 58 - - 1.32 0.76 L&G Mixed Investment 20-60% I Acc 106 15 105 27 ------1.98 Fidelity Multi Asset Inc & Gro Y Acc 106 18 107 12 ------3.53 L&G Mixed Investment Inc 20-60% I Acc 108 6------Fidelity Multi Asset Open Growth Y Acc 105 24 104 47 114 102 123 90 140 54 - 2.39 L&G Multi Manager Income I Acc 102 83 102 82 113 83 117 85 - - 1.75 2.84 FP Brompton Global Growth B GBP Acc 102 88 103 53 ------1.92 0.83 L&G Multi-Index 4 I Acc 105 25 105 26 ------1.99 FP New Horizon Growth B Inc 106 19 106 20 121 37 127 78 134 58 2.38 - Legal & General Mlt-Idx Inc 4 I Acc GBP 106 16 ------FP Tatton Oak Capital Growth B 102 82 102 75 119 59 131 57 - - 1.45 0.92 M&G Episode Allocation GBP I Acc 100 120 98 127 115 60 127 57 - - 0.99 1.70 FP Thoroughbred Core Alpha B 102 84 100 100 117 81 129 64 - - 1.55 0.96 M&G Episode Income GBP I Acc 103 61 100 101 118 35 137 12 - - 0.86 3.98 GAM Star Balanced Institutional GBP Acc 101 97 100 98 116 88 - - - - 1.66 - Margetts Greystone Cautious Mgd R Acc 103 72 103 63 117 44 133 21 128 39 - 3.32 GS Wealthbuilder Multi-Asset Gr R GBP H 105 36 103 59 ------1.00 0.84 Margetts Providence Strategy R GBP Acc 101 110 101 92 114 80 130 42 158 17 0.62 3.06 HC KB Endeavour Multi-Asset Bal A Acc 104 39 103 60 111 109 114 99 - - 1.72 0.54 Marlborough Cautious P Inc 102 76 102 80 118 37 129 49 142 34 - 1.11 HC Sequel Balanced Trgt Ret Str B £ Acc 99 120 95 129 ------0.41 MGTS Clarion Prudence Portfolio R Acc 100 127 99 112 111 97 127 59 - - 2.32 1.67 HC Sequel Global Opportunities A Acc 101 101 101 90 122 29 144 17 - - 1.92 0.88 MGTS Frontier Cautious R Acc 99 130 99 120 110 101 125 69 - - 2.73 2.98 Henderson Instl Global Care Managed I 102 78 102 67 129 5 150 6 190 10 0.85 1.52 MI Hawksmoor Vanbrugh B Acc 104 50 104 36 119 22 133 24 - - 1.94 1.96 Henderson Multi-Manager Managed I Acc 104 40 103 56 120 43 129 63 138 55 - 0.52 MI Miton Cautious Mthly Inc A Acc units 105 32 103 56 117 43 131 35 - - - 2.56 HL Multi-Manager Balanced Managed A Acc 101 100 101 84 120 42 135 36 160 36 1.45 1.13 MI PanDYNAMIC PanBalanced B Acc 101 104 99 114 113 85 116 87 - - 0.98 1.41 HSBC Ash Institutional A Acc 103 54 103 54 120 47 139 25 184 14 0.83 1.75 Newton Managed Income Inst W Net Acc 107 10 108 4 115 56 - - - - - 4.12 HSBC Balanced Acc C 103 60 103 51 118 72 129 66 154 41 - 1.99 NFU Mutual Mixed Portfolio 20-60% C 106 21 105 28 117 42 128 56 - - - 2.15 Hurlingham Mgd Grw Retail B Acc 103 69 106 26 123 18 134 40 157 40 - 0.30 Old Mutual Cirilium Balanced R GBP Acc 102 86 101 88 115 57 131 36 - - 1.24 1.17 IFSL Brooks Macdonald Balanced A Acc 98 129 98 120 114 101 127 77 149 49 2.14 0.99 Old Mutual Cirilium Strat Inc R GBP Inc 103 70 103 61 116 50 134 17 - - 1.24 3.60 IFSL James Hambro Barnham Broom 102 85 100 101 123 20 - - - - - 1.22 Old Mutual Foundation 3 R GBP Acc 105 27 100 106 ------2.16 IFSL James Hambro Harrier Bal A Inc 103 68 ------Old Mutual Voyager Diversified R GBP Acc 99 131 92 135 99 109 109 90 132 37 - 1.38 IFSL James Hambro Harrier Cap Gr Inc 102 83 101 91 122 31 - - - - - 0.84 PIMCO GIS Glbl Multi-Asset E GBP Hdg 97 138 94 134 105 107 97 92 - - 2.15 - IFSL James Hambro Penrhos GBP Inc 101 105 99 115 119 53 135 35 195 8 1.61 1.88 Premier Multi Asset Cnsrv Gr C 100 125 100 99 109 102 118 83 128 38 1.03 0.56 IFSL James Hambro Rires 101 92 101 89 126 9 131 59 - - 1.42 1.56 Premier Multi-Asset Distribution CNetInc 99 132 99 113 124 5 148 1 155 21 1.43 5.03 IP Global Balanced Index 102 75 105 34 125 11 148 9 - - 0.70 1.99 Premier Multi-Asset Monthly Inc C NetInc 99 133 99 115 121 11 147 2 - - - 5.27 IP Managed Income Z Acc 103 57 103 58 123 17 144 16 185 13 - 2.76 RBS Collective Stakeholder Invest 105 30 104 46 114 70 128 52 154 24 1.50 1.70 JPM Balanced Managed C Net GBP Acc 99 122 100 103 ------0.83 1.26 RBS INV Cautious Growth 103 66 103 53 116 52 129 47 - - 1.90 1.47 Jupiter High Income I Inc 97 136 98 117 119 52 142 20 168 27 1.06 4.54 RBS INV Income 102 88 102 70 118 38 134 20 - - 2.00 2.81 Jupiter Merlin Balanced I Acc 104 42 106 18 124 16 144 19 187 12 1.66 2.42 Royal London Sustainable Div C Inc 104 46 108 11 127 2 146 3 - - - 2.21 L&G Mixed Investment 40-85% I Acc 106 21 105 36 ------2.65 Sarasin FoF Global Strategic Gr P Acc 101 103 99 121 117 46 - - - - 1.35 2.93 L&G Multi Manager Balanced I Acc 101 96 99 112 114 98 112 100 - - 1.77 1.38 Sarasin Globalsar Strategic P Acc 103 65 103 59 119 30 132 29 154 23 - 2.42 L&G Multi-Index 5 I Acc 105 29 105 35 ------2.11 Schroder Global Multi-Asset Income Z Acc 103 68 97 130 ------4.51 L&G Multi-Index 6 I Acc 105 33 103 49 ------2.34 Schroder Mixed Distribution Z Acc 104 58 102 76 117 39 - - - - 1.17 5.62 Lazard Managed Balanced Instl Acc 104 45 104 41 123 19 145 14 171 22 0.86 2.59 Schroder MM Diversity Income Z Acc 104 43 104 45 113 89 134 19 - - 1.40 3.60 Legal & General Mlt-Idx Inc 5 I Acc GBP 106 20 ------Schroder MM Diversity Z Acc 102 90 100 98 108 105 127 61 - - 1.21 0.51 Legal & General Mlt-Idx Inc 6 I Acc GBP 107 16 ------Scottish Widows Balanced A 104 57 103 50 118 33 134 18 158 18 2.00 0.59 Libero Balanced B Acc 102 76 102 74 118 68 133 44 - - - 2.03 Sentinel Income B Acc 102 92 ------Libero Strategic B Acc 102 79 102 77 115 90 126 79 - - - 0.50 SF Cautious Inc 100 119 104 42 119 24 129 48 - - 2.00 2.98 M&G Episode Growth GBP I Acc 95 140 94 132 112 105 123 89 153 42 0.97 2.26 SLI Dynamic Distribution Plat 1 Acc 96 141 97 128 122 7 142 7 165 12 - 4.05 Man GLG Balanced Managed Profl Acc C 97 134 95 131 116 85 131 49 149 48 0.92 1.43 Standard Life Wealth Phoenix B Inc 102 91 103 51 114 79 122 77 144 33 0.89 2.20 Margetts Greystone Balanced R Acc 101 103 102 79 118 66 136 33 - - - 0.95 SVS Brown Shipley Income I Acc 102 101 101 93 115 66 128 51 - - 1.93 3.84 Margetts Select Strategy R GBP Acc 101 99 102 78 119 58 135 38 179 19 0.68 1.47 T Bailey Dynamic Inst Inc 101 113 101 87 120 19 131 37 146 30 1.79 2.00 Marks & Spencer Worldwide Mgd Acc 106 22 106 24 122 28 141 21 171 23 1.66 0.93 TB Doherty Cautious Managed B GBP Acc 103 64 103 47 113 84 123 76 - - - 0.14 Marlborough Balanced P Acc 102 86 103 52 117 80 123 87 149 50 - 1.50 Thesis Optima Balanced B Acc 99 135 98 125 115 65 127 63 150 27 - 2.95 McInroy & Wood Balance Pers Inc 112 2 115 2 128 6 146 12 230 2 1.00 1.73 Threadneedle Equity & Bd Z £ Acc 106 19 108 10 120 15 132 31 175 5 - 1.48 McInroy & Wood Income Pers Inc 108 8 110 8 122 24 140 23 202 6 - 2.93 Threadneedle Global Multi Asst Inc Z Inc 105 26 108 8 ------3.42 MFM Hathaway Inc 103 74 102 76 125 12 147 10 184 15 1.59 1.29 Threadneedle Nav Balanced Managed 104 45 105 30 121 12 141 9 188 3 1.52 1.82 MGTS Clarion Meridian Portfolio R Acc 99 119 100 104 116 83 134 39 - - 2.32 1.01 TM UBS (UK) - Global Balanced C Acc 104 54 103 48 ------1.32 MI Hawksmoor Distribution B Acc 104 51 103 50 122 30 - - - - - 4.22 TM UBS (UK) - UK Balanced C Acc 105 36 105 34 ------1.95 NatWest Balanced 101 106 101 86 116 86 127 75 152 45 - 2.11

62 www.WhatInvestment.co.uk Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD ££ £ £ £ £ £ ££ £% % % % £ ££ ££ £ £ % % Neptune Balanced C Acc GBP 99 127 98 121 112 104 120 95 163 30 - 0.74 Halifax North American C 110 66 116 54 148 45 195 26 236 38 1.51 0.38 Newton Global Balanced Ex 1 Net 107 13 109 9 126 8 138 27 215 3 0.55 2.09 Henderson Instl North Amer Enh Eq A 111 44 117 52 144 63 184 53 232 41 1.76 0.59 Newton Multi Asset Bal Instl W Net Acc 108 7 110 7 122 23 131 50 193 9 - 2.29 Henderson US Growth I Acc 104 107 110 95 141 75 177 69 264 12 1.09 - NFU Mutual Mixed Portfolio 40-85% C 107 12 105 28 115 95 124 83 - - - 2.03 Hermes US All Cap Equity F GBP Acc 111 47 119 25 ------Old Mutual Cirilium Moderate R GBP Acc 102 90 100 102 118 63 133 47 - - 1.24 0.92 HSBC American Index C Acc 111 46 119 26 151 28 202 12 248 25 0.18 1.50 Old Mutual Foundation 4 R GBP Acc 105 37 99 113 ------1.20 HSBC MERIT US Equity Institutional A Acc 110 59 118 40 149 39 199 20 - - 0.54 1.06 Old Mutual Managed R GBP Acc 101 104 101 83 118 71 144 18 182 17 1.16 1.24 INTECH US Core A USD Acc 114 18 122 14 155 16 201 17 247 27 1.70 - Orbis OEIC Global Balanced Standard 118 1 119 1 133 2 ------Investec American I Acc Net GBP 112 29 113 75 141 73 149 90 195 60 0.85 0.80 Premier Multi-Asset Gr&Inc C Net Inc 103 71 104 46 124 15 151 3 - - - 2.83 IP US Equity Z Acc 109 72 110 94 137 91 182 59 187 62 - 0.34 RBS Balanced Acc 101 106 101 86 116 86 127 75 152 44 1.56 2.12 Janus Opportunistic Alpha A USD Inc 98 118 98 117 129 103 116 93 - - 2.33 - RBS INV Balanced Growth 103 73 103 65 120 48 133 45 - - 1.97 0.84 Janus US Research A USD 108 76 112 86 141 76 175 72 218 49 2.68 - Rosetta Andromeda Growth Net GBP Inc 103 61 106 23 119 56 131 56 169 26 - 1.36 Janus US Twenty A USD 102 111 109 101 149 34 190 43 272 7 2.22 - Rosetta Andromeda Income Net GBP Inc 104 41 107 17 115 92 128 72 - - - 2.70 JB EF Health Innovation-USD B 97 119 95 118 188 1 319 1 - - 1.81 - Royal London Sustainable World C Acc 105 30 110 6 137 1 177 1 - - - 1.63 JOHCM US Small Mid Cap Equity A GBP Inc 110 64 108 105 ------1.35 - Sand Aire FENIX Balanced 97 131 92 135 117 77 123 91 145 52 1.13 1.54 JPM America Equity A (dist) USD 105 97 114 74 143 67 187 51 240 35 1.90 0.01 Sarasin FoF Global Diversified Gr P Acc 100 116 95 127 ------1.29 1.49 JPM America Equity C Net Acc 104 106 114 70 ------0.06 Schroder Managed Balanced Z Acc 105 26 102 69 116 82 131 51 - - - 1.43 JPM US C Acc 107 88 113 80 145 56 188 46 238 37 0.93 0.74 Schroder MM Diversity Balanced Z Acc 102 81 101 88 115 94 - - - - 1.36 1.07 JPM US Equity Income C (acc) - GBP 113 24 120 18 146 51 202 13 - - 0.93 2.13 Scottish Friendly Managed Growth 95 139 99 114 123 21 131 55 136 57 1.46 - JPM US Select C Acc 107 85 113 76 149 38 199 19 266 10 0.93 0.54 Scottish Mutual Growth 100 117 100 109 119 55 133 43 163 31 0.16 2.63 JPM US Select Eq Plus A (dist) GBP 106 95 110 99 145 57 188 48 - - 1.90 1.23 Scottish Widows Progressive A 103 72 102 71 121 36 139 24 162 33 2.00 0.52 Jupiter JGF North American Eqs D $ Acc 113 27 119 30 149 36 194 33 - - 1.25 - Sentinel Growth B Acc 100 113 ------Jupiter North American Income I Acc 113 26 120 20 142 72 190 42 275 5 1.04 1.78 Sentinel Universal B Acc 103 65 104 48 121 35 134 42 - - - 2.17 L&G US Index I Acc 111 38 119 29 153 22 201 15 263 14 0.25 1.60 SF Positive Inc 102 89 106 25 120 49 123 86 - - 2.50 1.69 Legg Mason CB Growth A USD Inc A 105 100 110 100 144 61 173 75 158 64 1.63 - SLI Global Advantage Plat 1 Acc 101 98 101 94 119 57 138 28 170 25 - 1.58 Legg Mason CB US Agrsv Gr X A USD Inc 105 99 104 113 138 90 183 57 245 30 1.13 - SLI Multi-Asset Trust Ret Acc 103 63 101 92 117 75 134 41 160 35 1.00 2.02 Legg Mason CB US Appreciation X Inc (A)$ 115 12 122 11 149 40 195 28 - - 1.12 0.33 Smith & Williamson MM Endurance Bal B 97 132 97 124 115 93 122 92 157 38 - 1.73 Legg Mason CB US Lg Cp Gr X USD Acc 111 37 123 10 164 3 225 2 - - - - Standard Life Wealth Bal Bridge 104 44 106 19 118 62 129 65 162 32 0.83 3.20 Legg Mason IF CB US Eq X Acc 107 83 108 103 139 87 178 65 131 66 - 0.44 Sun Climate Assets B GBP Acc 111 3 111 3 129 4 151 5 - - 1.36 2.64 Legg Mason IF CB USEq Inc X Inc 116 6 124 4 144 64 - - - - 1.05 1.90 SVS Brown Shipley Balanced I Acc 100 112 101 96 ------2.19 Legg Mason IF MC Nth Am X Acc £ 110 69 111 90 144 65 175 73 226 45 - 0.67 SVS Church House Bal Equity Income Inc 101 102 101 85 116 84 137 29 145 53 1.57 4.01 Legg Mason MC North Amer X GBP Inc 109 73 110 98 139 85 164 86 - - - - TB Doherty Active Managed B GBP Acc 104 50 104 44 119 54 126 80 - - - 0.09 Loomis Sayles U.S. Eq Leaders N/A GBP 111 50 127 2 168 2 - - - - - 0.25 TB Doherty Balanced Managed B GBP Acc 105 34 105 30 117 74 124 84 - - - - Loomis Sayles U.S. Research Fd R/A USD 111 51 118 34 145 53 188 50 244 32 1.70 - Thesis Optima Growth B Acc 98 130 96 125 117 73 129 68 158 37 - 0.73 M&G North American Dividend GBP I Acc 113 23 115 63 139 84 176 71 217 51 0.91 2.47 Threadneedle Global Eq & Bd Z Net £ Acc 103 64 105 38 122 25 135 37 183 16 - 1.37 M&G North American Value GBP I Acc 111 49 115 60 148 48 190 41 195 61 0.91 0.98 Threadneedle Nav Growth Managed 103 59 104 43 121 34 140 22 189 11 1.48 1.41 Man GLG American Growth Profl Acc C 109 74 109 102 137 92 173 77 219 48 0.97 0.32 TM Fulcrum Diversified Growth C GBP 96 138 92 134 107 111 118 96 - - 1.48 - Marlborough US Multi-Cap Income P Inc 111 39 119 27 141 74 188 49 216 52 - 0.01 TM UBS (UK) - Global Growth C Acc 103 52 103 55 ------1.11 MFS Meridian US Concentrated Gr WH1 GBP 103 109 105 112 130 102 - - - - 1.20 - TM UBS (UK) - UK Growth C Acc 105 38 105 39 ------1.81 MFS Meridian US Value WH1 GBP 106 94 105 111 130 100 173 76 - - 1.00 - TM UBS (UK) - UK Income Focus C Acc 105 31 105 31 ------3.81 Neptune US Income C Acc GBP 112 33 120 19 147 49 188 47 - - - 2.29 Total Clarity Portfolio 5 A 105 28 105 33 120 50 129 71 - - 1.26 1.98 Neptune US Opportunities C Acc GBP 101 117 102 116 130 101 163 87 251 19 - - UBS Global Allocation (UK) C Acc 102 91 99 110 115 91 130 62 - - - 2.35 New Capital US Growth GBP Ord Acc 92 120 92 120 140 78 160 88 - - 1.17 - Vanguard LifeStrategy 60% Equity A Acc 109 5 111 5 128 7 148 8 - - 0.31 1.91 Old Mutual North American Eq R GBP Acc 110 63 117 50 162 6 218 4 259 16 0.93 0.54 Vanguard LifeStrategy 80% Equity A Acc 110 4 111 4 131 3 151 4 - - 0.29 1.71 Old Mutual Schroder US Mid Cp U2 GBP Acc 115 13 117 44 158 12 - - - - - 0.29 Virgin Bond, Gilt, UK and Overseas Share 105 23 105 37 ------1.12 Old Mutual Threadneedle Amer Sel A Acc£ 106 92 112 83 140 81 ------Zurich Horizon Multi-Asset III Z Acc 103 66 106 21 ------1.66 Old Mutual US Dividend R GBP Acc 112 36 116 55 136 93 - - - - 1.08 - Zurich Horizon Multi-Asset IV Z Acc 104 47 107 13 ------1.35 OYSTER US Selection R GBP D PR 116 10 121 16 ------1.22 - Average/Total 103 140 102 135 119 111 133 100 169 59 1.30 1.73 Perkins US Strategic Value I USD Inc 117 3 122 15 139 82 166 83 - - 1.75 - (IA) MONEY MARKET PIMCO GIS StocksPlus E Acc 115 15 120 23 153 21 204 9 - - 1.45 - Pioneer SICAV US Fundamntl Gr N GBP ND 109 70 119 24 162 5 212 6 - - 0.98 - Aberdeen Cash I Acc 100 3 100 3 101 6 102 4 114 6 0.37 0.40 Polar Capital NA I USD Inc 110 60 117 43 149 37 - - - - 0.97 - Aviva Investors Cash 2 GBP Acc 100 6 100 6 101 5 100 10 - - 0.28 0.39 Principal US Equity I Acc 108 81 113 78 146 52 189 44 233 40 1.05 - F&C Money Markets 4 GBP 100 10 100 7 101 4 102 8 115 5 0.20 0.40 Royal London US Growth 107 90 107 110 141 77 178 68 206 58 1.55 - F&C Short Duration Bond 4 100 1 101 1 102 1 104 2 - - 0.08 0.81 Royal London US Tracker Z Acc 111 48 118 31 151 29 202 14 - - 0.23 1.39 Henderson Instl Cash R Acc 100 5 100 8 101 8 102 5 116 1 0.37 0.33 Sanlam FOUR US Dividend Income A GBP Acc 120 1 128 1 ------Henderson Money Market UT 100 4 100 5 101 7 102 7 114 7 0.32 0.30 Santander Premium US Equities A 110 65 117 46 152 23 203 10 240 34 1.03 0.80 ILF GBP Liquidity Class 1 100 9 100 10 101 9 101 9 114 8 0.20 0.27 Schroder QEP US Core I Acc 111 52 118 35 149 42 198 21 275 4 0.32 1.56 IP Money Z Acc 100 2 100 2 101 3 102 3 115 4 - 0.51 Schroder US Mid Cap Z Acc 116 11 117 45 158 10 196 25 311 1 - 0.04 Marlborough Cash Trust 100 7 100 4 102 2 104 1 116 2 0.15 0.46 Scottish Mutual North Amer Acc 108 82 114 68 146 50 184 54 249 22 1.05 0.19 NFU Mutual Deposit C 100 11 100 11 100 11 99 11 - - - 0.42 Scottish Widows American Growth A 110 62 117 53 143 70 189 45 249 24 1.62 0.18 Premier UK Money Market B Inc 100 8 100 9 101 10 102 6 116 3 - 0.35 SLI American Eqty Unconstrained Plat 1 A 110 61 118 38 158 11 197 23 250 20 - 0.15 Average/Total 100 11 100 11 101 11 102 11 115 8 0.25 0.42 SLI North American Trust 109 75 115 61 153 18 193 35 254 18 0.84 0.36 (IA) NORTH AMERICA Smith & Williamson North American Eq B 108 78 112 88 130 99 165 85 221 47 0.86 0.75 7IM US Equity Value C Inc GBP 107 91 110 92 ------1.82 SSgA North America Equity Tracker 114 16 120 17 152 26 194 29 - - 0.90 1.54 Aberdeen Global North American Eq R2 GBP 111 54 112 85 130 98 160 89 213 53 0.98 - T. Rowe Price US Blue Chip Eq Q GBP 102 114 115 62 162 4 214 5 293 2 0.82 - Aberdeen North American Equity I 111 40 113 79 133 95 166 84 231 42 1.12 0.90 T. Rowe Price US Large Cap Eq Q GBP 112 35 124 5 161 8 209 8 - - 0.82 - Aberdeen Northern Amr EqEnhIdx Net B Acc 110 68 116 57 ------1.27 T. Rowe Price US Large Cap Grth Eq Q GBP 102 113 114 66 160 9 210 7 293 3 0.82 - ACS US Equity Tracker T1 A GBP Acc 111 41 118 32 ------1.87 T. Rowe Price US Large Cap Val Eq Q GBP 114 22 118 33 145 58 190 40 229 43 0.82 - Allianz Best Styles US Eq RT GBP 108 80 114 69 ------Threadneedle Amer Ext Alp I GBP 104 101 114 64 145 54 193 38 - - 0.81 0.28 Allianz US Equity C 112 28 118 39 149 44 178 66 244 31 0.87 0.64 Threadneedle Amer Sel ZNA 107 86 113 77 144 60 181 62 259 15 0.82 0.68 Artemis US Equity I GBP Acc 107 89 116 56 ------0.40 Threadneedle Amer ZNA 106 93 114 73 149 35 192 39 275 6 0.81 0.60 Artemis US Extended Alpha I GBP Acc 108 79 123 7 ------0.02 UBS S&P 500 Index C Acc 114 17 122 13 ------1.61 Artemis US Select I GBP Acc 104 103 114 67 ------0.23 UBS US Equity C Acc 107 87 107 109 142 71 180 63 208 57 - 0.52 Aviva Investors US Eq Inc 2 GBP Acc 116 8 122 12 143 69 - - - - 0.88 2.49 UBS US Growth C Acc 102 115 114 71 154 17 194 30 - - - - Aviva Investors US Eq MoM 1 2 GBP Inc 111 58 120 21 156 14 201 16 248 26 1.03 0.58 Vanguard US Equity Index Acc 114 21 120 22 153 19 203 11 - - 0.20 1.49 Aviva Investors US Equity Inc II 2 £ Acc 116 7 123 8 ------2.39 VT De Lisle America B GBP 112 34 117 49 144 66 193 37 - - 1.33 0.32 AXA Framlington American Growth Z Acc 103 110 108 104 151 30 183 56 269 8 0.72 - Winton US Equity I GBP 111 56 111 89 ------AXA Rosenberg American Z 111 43 117 42 150 33 196 24 238 36 1.05 1.24 Average/Total 109 120 114 120 146 104 187 93 236 66 1.12 0.87 Baillie Gifford American B Acc 108 77 123 9 150 32 195 27 268 9 0.67 - (IA) NORTH AMERICAN SMALLER COMPANIES BGF US Basic Value D2 114 19 110 96 138 89 180 64 228 44 1.07 - Allianz US Small Cap Equity RT GBP 101 14 93 14 ------BlackRock North American Eq Tkr D Acc 112 31 117 48 149 41 193 34 - - 0.17 1.67 Artemis US Smaller Companies I GBP Acc 111 8 114 4 ------BlackRock US Dynamic D Acc 105 98 112 87 145 55 177 70 211 55 0.94 0.47 F&C US Smaller Comp Fd C Net Inc 110 9 112 6 140 6 184 3 253 5 - - BlackRock US Equity Tracker D Acc 111 45 118 37 151 27 - - - - - 1.64 GS US Sm Cap CORE Eq R Snap GBP Inc 109 12 110 7 138 8 174 6 227 6 0.85 0.21 BlackRock US Opportunities D Acc 107 84 107 108 148 47 171 79 250 21 - 0.17 Hermes US Smid Equity F £ Acc 116 2 119 1 152 2 - - - - 0.85 - Boston Company US Opportunities W NetAcc 102 116 103 115 140 80 168 82 234 39 - 0.24 Janus US Venture A USD 110 10 107 9 147 4 191 2 294 3 2.47 - Candriam Quant Eqs USA C USD Acc 114 20 117 51 143 68 183 58 202 59 1.83 - JPM US Smaller Companies C Acc 103 13 99 13 123 9 152 8 227 7 0.93 - Candriam Sust North America C Acc 116 9 118 36 140 79 181 61 213 54 2.16 - Jupiter US Small and Midcap Coms I Acc 109 11 105 11 ------Cavendish North American Fund B 106 96 110 91 135 94 149 91 - - 0.83 0.49 Legg Mason IF Royce US Smlr Coms X Acc 112 5 104 12 120 11 133 9 205 9 - 0.63 CF Canlife North American C Acc GBP 119 2 124 3 150 31 193 36 266 11 0.81 1.01 Legg Mason RY US Sm Cp Opp X USD Acc 116 3 105 10 122 10 157 7 214 8 1.24 - CF Miton US Opportunities B Acc 116 5 123 6 157 13 - - - - - 0.24 Neuberger Berman US Sm Cap USD A Acc 116 1 117 3 140 7 - - - - 1.94 - CF Richmond Core I 104 108 95 119 112 104 118 92 152 65 2.06 - Schroder US Smaller Comp Z Acc 111 6 112 5 145 5 181 5 284 4 - 0.11 Dodge & Cox Worldwide US Stock A GBP 112 30 113 81 145 59 194 31 217 50 0.70 - T. Rowe Price US Smaller Co Eq Q GBP 114 4 118 2 153 1 207 1 306 2 1.12 - F&C North American 2 111 55 114 65 153 20 194 32 255 17 0.81 0.95 Threadneedle Amer SmCos ZNA 111 7 108 8 148 3 181 4 314 1 - 0.04 Fidelity American Special Sits W Acc 111 53 117 41 161 7 221 3 245 29 - 0.76 Average/Total 111 14 109 14 139 11 173 9 258 9 1.34 0.25 Fidelity American W Acc 110 67 110 93 139 83 170 80 210 56 - - Fidelity Index US W Acc 111 42 119 28 152 25 - - - - - 1.70 (IA) PERSONAL PENSIONS Fidelity Instl America 111 57 115 59 155 15 198 22 264 13 0.88 0.47 Thesis B&CE Contracted Out Pensions 101 3 98 3 115 3 134 1 186 1 0.98 1.41 Franklin Mutual Shares W Acc 112 32 112 84 138 88 182 60 181 63 1.03 1.17 Virgin Pension Growth 104 2 101 2 115 2 129 3 154 3 1.00 2.26 Franklin US Opportunities W Acc 102 112 108 106 149 43 185 52 - - 0.93 - Virgin Pension Income Protector 108 1 109 1 119 1 133 2 160 2 1.00 1.65 GAM North American Growth Instl GBP Acc 113 25 110 97 131 96 178 67 249 23 0.95 0.25 Average/Total 104 3 103 3 116 3 132 3 167 3 0.99 1.77 GAM Star Capital App US Eq Instl GBP Acc 104 102 104 114 130 97 169 81 - - 2.16 - (IA) PROPERTY GAM Star GAMCO US Equity Instl GBP Acc 116 4 112 82 ------1.19 - GAM Star US All Cap Equity Inst GBP Acc 115 14 115 58 144 62 172 78 - - 1.64 - Aberdeen European Property Share I Acc 100 29 107 24 143 5 144 19 156 6 - 2.95 GS US CORE Equity R Snap GBP Inc 109 71 117 47 152 24 200 18 225 46 0.75 0.61 Aberdeen Property Share I Acc 89 48 93 46 132 17 161 10 102 17 - 2.44 GS US Equity Portfolio R GBP Inc 104 105 108 107 139 86 175 74 243 33 1.09 0.12 Aberdeen UK Property A Inc 92 45 95 45 122 31 121 33 104 14 - 1.76 GS US Focused Growth Equity R GBP Inc 104 104 114 72 148 46 184 55 246 28 1.15 - Aviva Investors As Pacific Prpty I£Acc 127 1 142 1 122 30 126 32 - - 1.23 1.81

www.WhatInvestment.co.uk 63 Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % Aviva Investors European Prpty I GBP Inc 110 15 112 18 96 45 94 36 - - 1.50 3.20 Baring Korea I GBP Acc 106 153 98 184 122 61 103 102 170 36 - 0.06 Aviva Investors Property Trust 2 GBP Acc 101 26 99 37 125 25 129 29 94 18 - 2.33 Baring Latin America I GBP Acc 133 30 106 108 86 186 69 146 139 54 1.28 - BlackRock Gbl Prty Secs Eq Trkr D Acc 118 4 129 5 141 7 172 3 - - - 2.21 Baring MENA I GBP Inc 108 130 96 194 115 93 150 21 - - 2.06 1.33 BNY Mellon Glbl Prop Secs I Hdg GBP 105 18 111 20 142 6 177 1 - - 2.05 1.70 Baring Russia R GBP Inc 132 33 126 11 91 170 67 151 104 75 2.05 - F&C Global Real Estate Securities 3 Acc 118 6 130 4 ------1.14 BGF Emergingope D2 116 76 109 86 92 167 74 135 113 66 1.37 - F&C Property Growth & Income I Acc 103 23 109 22 148 4 147 18 162 4 - 4.82 BGF India D2 114 87 114 50 172 9 139 38 280 12 1.23 - F&C Real Estate Securities B GBP Acc 107 17 120 10 166 1 173 2 - - 1.48 - BGF Latin American D2 134 29 107 99 90 172 69 147 166 42 1.33 - F&C UK Property 2 inc 95 36 98 38 115 38 118 35 - - 1.19 3.69 BGF New Energy D2 110 114 112 69 127 48 121 72 119 64 1.32 - F&C UK Property Feeder 1 GBP Acc 95 39 ------BGF World Agriculture D2 109 124 100 166 110 116 113 88 - - 1.33 - Fidelity Global Property W Acc 114 11 121 9 140 8 168 7 - - - 1.86 BGF World Energy D2 127 42 102 151 87 179 77 131 108 71 1.32 - First State Asian Property Sec B Acc 116 7 111 19 119 34 149 14 - - 1.53 2.44 BGF World Mining D2 157 10 108 91 86 185 44 168 86 83 1.32 - First State Glbl Prpty Sec B GBP Acc 113 13 119 11 139 9 164 8 - - 1.11 1.86 BlackRock Dynamic Allocation A GBP Acc 97 211 97 192 ------FP Charteris Property A Acc 88 49 92 47 111 42 - - - - 2.29 4.05 BlackRock Dynamic Diversified Gr D Acc 97 214 97 189 107 127 112 93 132 58 - 1.22 HC UK Student Accommodation A Acc 100 28 101 33 112 41 - - - - - 7.17 BlackRock Gold and General D Acc 204 5 178 6 159 24 76 132 156 48 1.16 0.27 HC UK Student Accommodation Feeder A Acc 100 30 100 34 109 44 - - - - - 5.51 BlackRock Managed Volatility 106 147 105 114 117 80 - - - - - 1.89 Henderson Horizon Asia Pac Prop H2 $ Acc 118 5 116 17 115 39 143 20 187 3 1.22 - BlackRock Managed Volatility I C 106 145 105 116 116 84 - - - - 0.24 1.72 Henderson Horizon Glbl Prpty Eqs H2 USD 119 3 133 3 137 11 163 9 202 1 1.19 - BlackRock Managed Volatility II C 106 155 104 132 116 89 - - - - 0.24 1.69 Henderson Horizon PanEurpPtyEqs H2 EUR 104 19 119 12 164 2 168 6 147 8 1.22 - BlackRock Managed Volatility III C 106 154 103 144 116 86 - - - - 0.26 1.79 Henderson UK Property PAIF Feeder I Acc 93 40 97 39 120 32 130 25 103 15 - 3.52 BlackRock Market Advantage D GBP Acc 105 160 102 153 ------0.29 Henderson UK Property PAIF I Acc Net 93 40 97 39 120 32 130 25 103 15 - 3.52 BlackRock Ntrl Resources Gr & Inc D Acc 128 39 108 89 104 138 90 119 - - - 3.69 HSBC Open Global Property C Acc 109 16 116 16 135 14 149 15 - - 1.59 1.63 BNY Mellon Brazil Equity W GBP 148 12 113 61 83 192 63 159 - - 1.04 1.85 JPM Global Property Secs C Acc 104 22 109 21 128 21 154 13 - - 0.93 1.47 Candriam Eqs L Australia C AUD Acc 114 83 112 67 115 90 113 87 203 23 1.81 - Kames Property Income B Gross Acc 93 42 97 41 ------5.73 Candriam Eqs L Biotechnology C USD Acc 84 227 82 224 163 19 265 3 545 1 1.81 - Kames Property Income Feeder (Acc) B Acc 93 43 96 42 ------5.33 Carmignac Pf Commodities F GBP Acc Hdg 109 121 90 221 105 133 68 149 - - 1.16 - L&G UK Property Feeder I Acc 98 31 103 28 129 19 134 22 140 9 - 3.48 Carmignac Pf Emergents F GBP Acc Hdg 101 187 93 213 117 81 105 98 - - 3.58 - L&G UK Property I Acc 98 32 103 29 129 20 134 23 140 10 - 3.15 Carmignac Pf Euro-Patrim F GBP Acc Hdg 103 173 91 218 101 144 - - - - 1.17 - M&G Feeder of Property GBP I Acc 95 38 99 36 123 28 129 28 112 12 1.05 3.64 CF Bentley Sterling Income 102 182 101 157 101 147 102 106 - - 2.30 1.12 M&G Property GBP I Acc 95 37 100 35 124 27 130 24 114 11 1.05 3.62 CF Bentley USD Bal 109 123 112 63 123 59 137 41 169 39 2.39 0.10 MGTS St Johns High Income Property Acc 102 24 105 25 118 35 - - - - - 2.77 CF Canlife Global Infrastructure C Acc 118 64 113 59 128 45 - - - - - 1.59 Old Mutual Global Prpty Secs R GBP Inc 104 20 117 14 130 18 - - - - - 1.56 CF Canlife Global Resource C Acc 142 17 108 93 99 152 - - - - - 0.86 Premier Pan Europe Prop Share C Acc 97 35 104 27 156 3 172 4 159 5 1.04 3.41 CF Canlife Strategic Return C GBP Acc 115 81 111 71 ------Principal Global Property Secs I Acc 115 9 126 6 138 10 171 5 - - 1.23 - CF Canlife Total Return C Acc 104 163 98 183 107 126 - - - - - 1.69 Royal London Property A Acc 104 21 108 23 137 12 142 21 151 7 0.85 2.93 CF Eclectica Agriculture A Net GBP 107 143 104 121 106 128 105 99 - - 1.88 - Schroder Global Real Est Secs Inc Z Acc 122 2 133 2 132 16 148 16 - - 0.98 5.20 CF Ruffer Gold C Acc 191 7 188 3 172 10 53 164 96 76 - 0.29 Schroder Global Real Estate Secs Z Acc 113 12 124 7 134 15 155 12 - - 1.18 0.96 CF Ruffer Pacific C Acc 102 178 95 203 135 39 146 24 227 20 - 0.59 Scot Wid MM Global Rel Est Sec A Inc 114 10 124 8 135 13 160 11 200 2 1.90 2.21 CF Waverton Alternatives II B Inc 98 202 99 178 104 137 104 101 - - 2.63 0.55 SKAGEN m2 A 115 8 117 15 113 40 - - - - 0.76 - Charlemagne Magna Africa G EUR Acc 114 88 93 214 ------SLI Global Real Estate Plat 1 Acc 110 14 117 13 123 29 130 27 90 19 - 1.72 Consistent UT Inc 103 169 99 172 114 99 134 48 135 56 1.13 4.76 SLI Global REIT Plat 1 Acc 100 27 105 26 125 26 148 17 - - - 2.35 F&C High Income 100 197 97 186 98 157 97 114 110 70 1.72 5.56 SLI UK Real Estate Inc Feeder Ret Inc 92 47 96 44 115 37 120 34 109 13 - 3.58 F&C Overseas Equity-Linked UK Gilt 3 107 140 104 119 164 17 219 5 - - 0.39 1.38 SLI UK Real Estate Institutional Acc 92 44 96 43 117 36 - - - - - 3.19 F&C Overseas Equity-Linked UK Inf 3 106 152 101 155 157 26 209 8 - - 0.39 0.20 Threadneedle UK Prpty Authrsd Invmt INI 97 34 101 32 126 24 127 31 - - - 4.86 F&C UK Equity-Linked Gilt 3 118 63 116 36 148 32 192 10 - - 0.37 1.33 Threadneedle UK Prpty Authrsd Tr INI 97 33 101 31 126 23 127 30 - - - 4.86 F&C UK Equity-Linked Inflation 3 117 65 112 64 142 35 184 11 - - 0.43 0.19 TM Hearthstone UK Resid Feeder (Retail) 92 46 92 48 109 43 ------Fidelity Emerg Eur Mid East&Africa W Acc 116 75 103 143 105 134 107 97 - - - 2.05 TM Hearthstone UK Residential D 102 25 103 30 127 22 - - - - - 1.24 Fidelity India Focus Y-GBP 113 95 112 62 163 20 138 40 - - 1.22 0.02 Average/Total 103 49 109 48 128 45 145 36 135 19 1.30 3.09 Fidelity Latin America W-Acc-GBP 137 21 114 56 89 173 75 133 - - 1.20 - (IA) PROTECTED FP Brunswick Diversified Port C Acc GBP 103 175 103 141 113 103 116 82 131 59 2.58 0.59 FP Octopus Dynamic Mixed Asset B Acc 107 141 107 100 118 75 119 76 - - 0.82 1.61 Investec Multi Asset Protector A Acc Net 100 6 97 2 112 1 114 5 - - 2.08 - FP Russell Real Assets C Acc 112 105 107 98 108 124 112 92 - - 1.24 0.70 MFS Meridian Prudent Wealth W1 GBP 113 1 ------1.34 - FP SCDavies Global Alts A Acc GBP 98 210 96 195 102 140 98 112 - - 2.46 - Scottish Widows Capital Proct 18 100 5 95 7 104 6 122 3 - - - - FP WM Global Trend B Acc GBP 107 135 104 128 107 125 - - - - - 0.72 Scottish Widows Capital Proct 21 100 4 98 1 112 2 ------Franklin India W Acc GBP 116 74 115 42 174 8 144 27 375 4 1.14 - Scottish Widows Capital Protected 16 98 8 91 8 104 7 122 4 - - 0.00 - GAM Star Alpha Technology USD Inc 106 150 118 28 127 51 125 65 - - 1.61 - Scottish Widows Capital Protected 17 98 9 96 6 105 5 123 2 - - 0.00 - GAM Star India Equity GBP Instl 113 97 116 38 ------Scottish Widows Capital Protected 19 103 2 97 4 109 3 123 1 - - - - GS BRICs Eq R GBP Inc 116 72 104 124 124 56 93 118 183 30 1.25 1.03 Scottish Widows Capital Protected 20 99 7 96 5 105 4 ------GS Glbl Currency Plus R £ Hdgd Inc 98 206 101 162 101 145 - - - - 1.25 - Scottish Widows Safety Plus A 101 3 97 3 95 8 92 6 105 1 1.11 - GS Glbl Strategic Income Bd R GBP H Dis 98 203 97 187 99 151 - - - - 0.85 2.86 Average/Total 101 9 96 8 106 8 116 6 105 1 1.51 - GS India Equity Portfolio R GBP Inc 111 109 115 43 194 1 178 13 - - 1.35 - (IA) SHORT-TERM MONEY MARKET GS N-11 Equity Port R GBP Inc 110 115 103 140 97 159 101 107 - - 1.25 0.84 Architas Liquidity A Net Acc 100 2 100 1 101 2 101 5 - - - 0.39 GS NA Energy & Energy Infra Eq R Acc 129 38 82 225 ------1.15 - Baillie Gifford Cash A Inc 100 9 100 8 100 5 101 4 112 5 0.16 0.17 GS Strat Abs Ret Bd I R GBP H Inc 99 199 99 174 99 155 - - - - 0.50 2.19 BlackRock Cash D Acc 100 3 100 3 101 1 101 2 113 3 0.31 0.24 GS Strategic Abs Ret Bd II R Acc H 97 212 95 205 93 164 - - - - 0.75 2.97 Fidelity Cash Acc 100 7 100 7 100 6 101 6 112 4 0.40 - GS US Mortgage Backed Secs R Acc 115 80 123 15 127 50 141 33 220 22 0.55 - JPM Sterling Liquidity Agency (dist.) 100 6 100 6 101 4 102 1 113 2 0.25 0.24 GS US Real Estate Bal R Acc 113 98 119 21 134 40 - - - - 1.10 - L&G Cash I Acc 100 5 100 4 101 3 101 3 113 1 0.21 0.27 Henderson Diversified Alts Y GBP Acc 102 179 101 163 114 100 - - - - - 2.34 Royal London Short Term Money Mkt A Acc 100 1 100 2 100 7 101 7 109 8 - 0.52 Henderson Gartmore Fd Latin Am H Acc 136 24 118 25 92 166 72 138 177 31 0.85 2.26 Scottish Widows Cash A Acc 100 10 100 10 100 10 100 10 110 7 0.61 - Henderson Global Financials I Acc 100 190 98 181 120 72 134 49 141 53 1.09 1.33 SLI Short Term Money Market 100 8 100 9 100 9 100 9 110 6 0.63 0.13 HL Multi-Mgr Asia and Emerging Mkt A Acc 115 78 107 97 ------0.51 Threadneedle UK Short-Term MMkt R 100 4 100 5 100 8 100 8 - - 0.57 - HSBC GIF Brazil Equity AD 162 9 107 102 72 204 50 166 104 73 2.16 1.80 Average/Total 100 10 100 10 100 10 101 10 111 8 0.39 0.28 HSBC GIF BRIC Markets Equity AD 129 37 109 84 113 104 90 121 165 43 1.86 1.50 HSBC GIF GEM Debt Total Return M1D 117 67 119 23 124 57 136 44 - - 1.35 0.35 (IA) SPECIALIST HSBC GIF Indian Equity AD 107 144 105 117 134 41 99 109 191 29 1.90 - Aberdeen Eastern European Equity I Acc 119 60 114 54 94 163 89 122 104 72 1.27 1.36 HSBC GIF Latin American Equity M1D 137 23 106 107 82 195 67 152 - - 1.40 1.67 Aberdeen Financial Equity I Inc 111 108 108 92 121 67 132 52 123 60 - 0.68 HSBC GIF Russia Equity AD 136 25 121 18 88 178 61 161 - - 2.16 2.59 Aberdeen Global Indian Equity R2 117 69 116 35 166 14 151 20 383 3 0.40 - Invesco Asia Infrastructure A Inc 113 93 105 110 115 94 102 105 196 26 2.01 0.77 Aberdeen Latin American Equity I Acc 146 14 117 29 88 176 80 127 - - - 1.63 Invesco Global Health Care A 98 208 97 188 140 36 183 12 258 14 2.43 - Aberdeen Multi-Mgr Ethical I Acc 107 137 108 94 131 42 140 34 175 33 - 0.16 Invesco India Equity A 112 103 113 58 174 7 145 26 292 11 2.20 - Aberdeen Sterling Opps Corp Bd I Acc 103 168 103 139 109 121 114 86 - - - 3.10 Invesco Korean Equity A Inc 108 133 104 134 163 22 128 62 277 13 2.39 - Allianz German Equity - P - GBP 97 213 106 109 122 63 - - - - 1.01 0.89 Investec Diversified Gr I Acc Net 100 196 97 185 110 113 123 69 - - 1.00 1.33 Allianz Global Agricult Trends RT GBP 112 106 110 80 130 44 125 64 - - - - Investec Enhanced Natural Res I Acc Net 132 34 115 41 102 143 82 126 - - 0.00 0.02 Allianz Income and Growth RM H2-GBP 98 209 90 220 101 146 - - - - - 6.61 Investec Global Energy I Acc Net GBP 123 49 99 175 82 194 74 136 111 68 0.89 1.91 Allianz Oriental Income R GBP 108 132 110 77 121 66 131 54 194 28 - 0.71 Investec Global Gold I Acc Net GBP 215 3 186 4 159 23 79 129 164 44 0.87 0.07 Allianz Renminbi Currency P (H2-GBP) GBP 100 194 95 204 98 158 - - - - 0.55 3.23 Investec Short Dated Bond I Gross Acc 100 189 101 160 102 142 104 100 119 63 - 0.32 Allianz Renminbi Fixed Income P H2-GBP 103 177 97 191 102 141 - - - - 0.60 4.72 Investec Target Return I Acc Net GBP 100 191 100 171 99 154 97 113 110 69 0.77 0.88 Artemis Global Energy I Acc 127 44 96 201 64 206 59 163 - - 0.87 0.26 Investec UK Total Return I Acc Net 95 218 94 209 104 136 118 80 137 55 0.74 1.99 Aviva Investors Glbl Convert Ia GBP Inc 109 125 115 46 117 78 130 58 - - 0.81 0.10 IP Balanced Risk 10 Z Acc 110 117 103 142 118 77 - - - - - 0.42 Aviva Investors Global Bal Inc I GBP Acc 105 158 109 82 123 60 134 47 - - 1.18 5.42 IP Balanced Risk 6 Z Acc 106 146 102 150 111 112 - - - - - 0.16 Aviva Investors Global Cau Inc I GBP Acc 105 156 108 90 119 74 130 59 - - 0.93 4.03 IP Balanced Risk 8 Z Acc 108 129 103 145 114 97 - - - - - 0.33 Aviva Investors Multi-asset I R3 GBP Acc 103 167 104 135 116 87 - - - - - 0.70 IP Emerging European Z Acc 121 55 115 47 96 160 82 125 - - - 3.26 Aviva Investors Multi-Asset II R3 £ Acc 104 166 104 130 121 69 136 42 - - - 1.00 IP Global Financial Capital Z Acc 91 226 92 217 112 106 - - - - - 5.01 Aviva Investors Multi-asset III R3 £ Acc 105 161 104 125 125 54 - - - - - 1.23 IP Latin American Z Acc 130 36 105 111 78 200 70 142 157 47 - 1.80 Aviva Investors Multi-Asset IV R3 £ Acc 105 159 104 131 127 46 145 25 - - - 1.39 JB BF ABS-EUR B 113 92 117 33 99 156 98 110 121 61 1.12 - Aviva Investors Multi-Asset V R3 GBP Acc 106 149 104 127 131 43 140 36 - - - 1.24 JPM Africa Equity A (dist) perf GBP 114 86 89 223 91 168 94 117 - - 1.90 2.23 AXA Framlington Biotech GBP Z Acc 82 229 78 227 163 21 280 1 417 2 0.80 - JPM Brazil Equity A (dist) USD 153 11 107 103 73 203 52 165 - - 1.90 1.06 AXA Framlington Financial Z GBP Acc 95 222 92 216 113 102 130 60 96 77 - 1.67 JPM Emerging Europe Equity C Net Acc 120 57 111 74 82 193 70 144 112 67 0.93 3.76 AXA Framlington Health Z Inc 103 176 104 133 164 15 216 6 313 10 - 0.23 JPM Emerging Middle East Eq A (dist) USD 110 118 96 193 99 153 112 94 170 34 1.95 4.11 Baillie Gifford Diversified Gr B Acc 100 193 99 176 110 114 120 75 - - 0.86 1.59 JPM Global Convert (EUR) A (dist) GBP H 95 219 93 212 109 119 114 84 - - 1.65 1.32 Baillie Gifford Multi Asset Gr B Acc 101 186 ------JPM Global Financials Fd C Acc 94 224 92 215 111 110 124 67 95 78 0.93 2.05 Baring Australia I GBP 108 127 117 31 113 101 107 96 197 25 1.32 - JPM India A (dist) USD 114 85 115 48 150 31 130 55 257 15 2.10 0.31 Baring Eastern Europe I GBP Acc 124 47 115 45 85 187 70 143 104 74 1.24 - JPM Korea Equity A (dist) USD 115 82 111 73 115 95 95 116 - - 1.90 0.10 Baring Frontier Markets I GBP Inc 109 120 104 129 118 76 - - - - 1.89 0.84 JPM Latin America Eq A (dist) USD 135 27 108 88 86 184 75 134 169 37 1.90 0.52 Baring German Growth I GBP Acc 99 200 105 118 126 52 132 51 237 19 0.82 1.80 JPM Natural Resources C Acc 142 16 102 146 86 183 44 167 83 84 0.93 1.13 Baring Global Agriculture I GBP 111 111 100 167 110 115 115 83 - - 0.94 0.69 JPM Russia A (dist) USD 127 43 121 19 89 175 63 158 92 80 1.90 3.50 Baring Global Mining A GBP Inc 137 22 100 165 90 171 - - - - 2.30 0.33 JPM Turkey Equity A (dist) EUR 116 71 104 138 84 190 83 124 116 65 1.95 0.76 Baring Global Resources I GBP Acc 116 73 101 156 100 149 66 154 90 81 1.26 - Junior Gold P Acc 266 1 193 2 145 34 34 169 ---- Baring India I GBP Inc 114 89 114 55 163 18 - - - - 1.75 - Junior Oils P Acc 113 96 70 228 48 207 28 170 40 86 - -

64 www.WhatInvestment.co.uk Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % Jupiter Emerging European Opps I Acc 124 45 115 44 85 189 71 139 86 82 1.21 3.31 BlackRock European Absolute Alpha D Acc 100 49 105 13 112 16 133 7 - - 0.97 - Jupiter Financial Opportunities I Acc 99 198 102 149 122 62 135 45 169 38 1.00 1.08 BlackRock Glbl Long/Short Eq A Acc 91 98 ------Jupiter India I Acc 108 134 119 20 184 3 141 31 - - 1.13 - BlackRock UK Absolute Alpha D 98 66 101 35 120 7 114 29 148 4 0.93 - Jupiter International Financials I Acc 98 204 100 168 123 58 162 17 - - 1.02 1.55 BNY Mellon Absolute Return Bd X 114 2 118 3 102 51 - - - - 0.06 - Jupiter JGF Global Fincls D GBP Acc 101 188 104 137 125 53 140 35 - - 1.06 - BNY Mellon Absolute Return Eq GBP U Acc 98 70 100 47 105 39 117 22 - - 1.36 - Jupiter JGF India Select D USD Acc 108 128 121 17 183 4 138 39 328 7 1.10 - Carmignac Pf Capital Plus F GBP Acc Hdg 100 47 99 54 105 41 113 34 - - 0.87 - Jupiter JGF New Europe L GBP A Inc 124 48 116 39 85 188 72 137 - - 2.00 1.30 Castlefield Managed Mlt-Ast Instl Inc 101 31 100 51 108 28 114 30 142 5 2.23 - Kames Diversified Growth GBP B Acc 102 184 100 169 112 109 130 57 - - 0.56 2.91 CF Eclectica Absolute Macro A Net GBP 92 95 88 92 99 60 107 41 - - 1.98 - Kames Diversified Monthly Income B Inc 103 174 104 122 ------5.85 CF Odey Absolute Return I GBP 99 61 105 14 131 3 201 1 - - 5.06 - LO Funds - Global Energy I A 135 28 96 200 83 191 84 123 - - 1.20 - City Financial Absolute Equity I Acc 80 100 91 91 143 1 180 2 - - 1.24 - LO Funds-Cmdty Risk Premia (USD)IA 122 53 109 83 87 180 - - - - 0.95 - F&C Global Equity Market Neutral C Acc 95 87 ------Loomis Sayles Strat Alpha Bd Fd HN/D GBP 102 181 99 173 103 139 - - - - 1.00 1.82 FP Argonaut Absolute Return R GBP Acc 80 101 86 94 124 4 153 3 - - - - M&G Episode Defensive GBP I Acc 97 215 96 197 100 148 - - - - 0.70 - FP Octopus Global Strategies B 99 53 100 48 106 32 - - - - 1.62 0.62 M&G Global Convertibles GBP I-H Acc 98 207 98 179 116 88 - - - - 0.93 1.41 GAM Star (Lux) - Emerging Alpha I £ Acc 98 73 99 56 ------1.59 - Man GLG ABS Corporate Acc Gross G 99 201 96 198 106 130 117 81 - - 0.25 2.21 GAM Star (Lux) - European Alpha I GBP 93 94 103 22 111 18 - - - - 4.03 - Manek Growth 107 139 94 210 88 177 65 155 57 85 2.97 - GAM Star Discretionary FX GBP 95 89 94 85 107 29 129 8 - - 3.88 - Marlborough ETF Commodity P Acc 121 54 102 147 76 202 60 162 ---- GAM Star Global Rates GBP Acc 96 80 92 89 98 65 115 26 - - 3.13 - Marlborough ETF Global Growth P Acc 103 172 107 101 117 83 129 61 - - - 0.03 GAM Star Keynes Quant Strat Inst GBP Acc 100 39 96 78 112 15 117 20 - - 5.46 - Matthews Asia Funds India I GBP 109 119 110 79 177 6 148 22 - - 1.50 - GS Global Absolute Ret R GBP Hdg Inc 100 48 ------1.00 - McInroy & Wood Emerging Mkts Pers Inc 118 61 111 72 116 85 122 70 - - 1.50 1.88 H2O Multireturns N/D(GBP) 87 99 100 49 ------2.14 MFS Meridian Latin American Eq WH1 GBP 123 51 95 206 69 205 - - - - 1.35 - Henderson Credit Alpha Y Acc Net 98 74 96 79 99 57 104 48 - - 1.52 0.76 MI TwentyFour AM Monument Bond I Acc 100 195 98 180 105 132 114 85 - - 1.01 1.91 Henderson European Absolute Ret I Acc 97 78 98 62 120 6 144 4 - - 1.11 0.32 MI TwenytFour AM Asset Backed Inc A Inc 96 217 94 208 122 65 - - - - - 5.48 Henderson Multi-Manager Abs Ret I Acc 101 25 100 46 106 36 110 37 - - - 0.88 Mirabaud Conv. Bonds Europe DH GBP Hdg 95 223 96 196 ------1.60 - Henderson UK Absolute Return I Acc 99 52 104 17 122 5 135 6 - - 1.08 0.28 Mirae Asset India Sector Leader Eq R GBP 112 107 110 76 ------Hermes Absolute Ret Crdt F GBP Hdg Acc 101 28 101 36 ------Neptune Africa C Acc GBP 117 66 89 222 95 161 98 111 - - 1.70 2.27 IFSL Brooks Macdonald Def Cap A Acc 100 36 101 38 111 19 124 11 - - - 1.28 Neptune India C Acc GBP 114 84 114 53 169 12 132 53 - - 1.77 0.28 Ignis Absolute Return Gov Bd C GBP 100 38 100 40 100 55 114 28 - - 0.94 - Neptune Latin America C Acc GBP 132 32 118 27 89 174 80 128 - - - 0.83 Insight Glbl Abs Return W Acc 102 20 98 61 110 22 - - - - - 1.35 Neptune Russia & Greater Russ C Acc GBP 124 46 117 32 80 197 62 160 120 62 - 2.11 IP Global Targeted Returns Z Acc 101 30 102 26 ------1.06 Neuberger Berman Diversified Ccy USD Adv 111 112 119 22 115 96 118 79 - - 1.56 - JB BF Absolute Ret Def R GBP 101 34 98 67 98 61 102 51 - - 0.95 - Newton 50/50 Global Equity 1 Net Acc 104 164 106 105 122 64 141 32 194 27 0.55 2.32 JB BF Absolute Ret Pl R GBP 102 21 99 57 99 59 105 46 136 7 1.37 - Newton Maiden 109 126 113 57 136 37 161 18 203 24 0.45 2.63 JB BF Absolute Return R GBP 101 27 98 66 98 62 103 50 - - 1.32 - Newton Mlti Ast Dvrs Ret Inl W Net Acc 103 171 101 159 114 98 122 71 - - - 3.43 JB EF Absolute Ret Europe-GBP Rh 96 82 98 63 105 40 - - - - 1.25 - Old Mutual BlackRock Gold & Gen U2 Acc£ 204 6 177 7 158 25 - - - - - 0.37 JPM Gbl Macro Opportunities C Net Acc 103 13 107 11 132 2 - - - - 0.93 0.33 Old Mutual JPM Natural Res U2 GBP Acc 144 15 104 126 87 181 - - - - - 1.30 Jupiter Absolute Return I Acc 108 9 111 8 116 12 124 10 - - 0.84 0.63 Pictet - Emerging Europe P dy GBP 123 50 108 96 77 201 64 157 92 79 2.22 0.69 Jupiter Strategic Reserve I Acc 100 42 98 59 103 50 - - - - - 1.07 Pictet-Agriculture I dy GBP 113 100 104 123 115 92 118 78 - - 1.22 0.09 Kames Absolute Return Bond B GBP Acc 101 33 101 33 104 43 - - - - 0.69 - Pictet-Biotech I dy GBP 83 228 81 226 151 30 219 4 341 5 1.22 - Kames UK Equity Absolute Return B Acc 96 84 97 75 104 45 114 31 - - 0.82 - Pictet-Clean Energy I dy GBP 107 136 95 207 121 70 112 90 - - 1.23 - Liontrust GF Eurp Strat Eq C3 H Int Acc£ 102 23 104 16 ------Pictet-Health I dy GBP 106 151 102 152 171 11 195 9 327 8 1.22 - LO Funds - Absolute Return Bd I A EUR 113 4 116 4 94 70 96 54 122 10 0.68 - Pictet-Indian Equities I GBP 113 94 112 70 168 13 130 56 250 17 1.38 - LO Funds - Tactical Alpha (EUR) I A 112 5 115 6 96 67 95 55 - - 1.66 - Pictet-Premium Brands I dy GBP 102 183 100 170 106 129 120 73 225 21 1.22 0.15 Man GLG Alpha Select Alternative IN GBP 95 88 98 60 109 24 113 33 - - 2.45 - Pictet-Russian Equities I GBP 141 18 128 10 93 165 71 140 - - 1.47 - Man GLG European Alpha Alt IN H GBP 99 62 97 74 100 56 106 44 - - 1.68 - Pictet-Security I dy GBP 113 101 118 24 155 28 174 14 - - 1.23 - Marlborough Defensive Fund P Inc 96 81 98 68 98 64 104 47 - - - 1.22 Pictet-Timber I dy GBP 105 157 104 136 113 105 136 43 - - 1.22 0.45 Newton Global Dynamic Bd Inst 103 15 102 27 106 34 116 24 168 2 0.81 2.17 Pictet-Water I dy GBP 118 62 125 12 146 33 170 15 252 16 1.22 0.46 Newton Managed Targeted Ret Ins W NetAcc 106 10 108 10 ------1.57 PIMCO GIS Commodity Real Ret E USD Inc 127 40 101 158 80 196 68 150 - - 1.64 0.37 Newton Real Return Instl W Net Acc 108 8 108 9 116 11 121 16 184 1 - 2.38 Polar Capital Biotechnology I USD Inc 93 225 90 219 ------Old Mutual AR Govt Bd R GBP Acc 97 79 ------Polar Capital Financial Opps R USD 95 221 94 211 117 82 133 50 - - 1.76 2.13 Old Mutual Global Eq AR R £ Hgd Acc 98 67 103 19 114 13 142 5 - - 1.92 - Polar Capital Global Convert I Acc 110 116 112 65 ------Old Mutual UK Opportunities R GBP Acc 94 93 97 73 109 25 ------Polar Capital Global Insurance R GBP Acc 113 90 125 13 152 29 214 7 - - 1.47 - OYSTER Absolute Return GBP R GBP D 103 14 102 30 ------0.70 2.00 Polar Capital Healthcare Blue Chip I Acc 110 113 110 75 ------Pioneer SICAV Sterling AR Bd N GBP ND 98 72 95 82 ------0.98 - Polar Capital Healthcare Opps I Inc 102 180 99 177 181 5 280 2 - - 1.22 - Polar UK Absolute Equity I Sterling 102 18 115 7 ------Principal Preferred Secs I USD Acc 113 91 122 16 136 38 167 16 245 18 0.42 - Premier Defensive Growth C Net Inc 100 45 100 43 108 27 117 21 - - - 0.05 RWC Enhanced Income Fund R GBP Acc 103 170 104 120 ------1.17 - Premier Multi Asset Absolute Ret C Acc 100 41 100 41 109 23 120 17 - - 1.20 - RWC Global Convertibles Fund R GBP Acc 96 216 96 202 ------1.10 - Royal London Abs Ret Govt Bd M GBP Acc 99 54 100 52 ------0.52 RWC Income Opportunities Fund R GBP Acc 107 138 109 85 ------1.12 - RWC Core Plus B EUR 111 6 115 5 103 47 97 53 - - 1.24 - Sarasin Food and Agriculture Opps P Acc 115 77 112 68 117 79 125 63 - - 0.99 1.41 RWC Europe Absolute Alpha Fund R GBP 91 97 88 93 ------2.20 - Schroder Diversified Growth I Acc 100 192 97 190 112 107 118 77 168 40 0.80 1.63 RWC US Absolute Alpha R GBP 98 71 103 20 ------2.80 - Schroder GAIA Egerton Equity A GBP 105 162 112 66 109 118 125 66 - - 2.43 - S&W Saltus Multi Asset A Acc 98 64 97 70 106 37 110 36 - - 2.59 2.09 Schroder ISF Asian Total Ret C 116 70 118 26 127 49 153 19 - - 1.33 - Sanlam FOUR Multi Strat A GBP Acc 100 40 100 39 ------Schroder ISF Emerg Europe C Acc 123 52 116 34 94 162 90 120 145 52 1.36 - Schroder Absolute Return Z Acc 100 44 97 69 99 58 109 39 127 8 0.92 0.93 Schroder ISF European Div Max Z Acc 102 185 101 154 110 117 123 68 - - 1.08 - Schroder Absolute UK Dynamic P2 Acc 92 96 93 87 104 42 122 13 - - 1.25 - Schroder ISF Glbl Emerg Mkt Opp C USD 112 102 106 106 112 108 95 115 - - 1.35 - Schroder European Abs Trgt P2 Acc Euro 110 7 118 2 97 66 106 45 - - 1.01 - Schroder ISF Global Divi Max Z GBP Inc 109 122 108 87 124 55 143 29 - - 1.08 6.76 Schroder ISF Asian Bd Abs Ret Z Acc USD 113 3 ------0.93 - Schroder ISF Indian Equity C Acc 111 110 114 51 157 27 147 23 - - 1.38 - Schroder ISF EMMA Dbt AbsRet Z Acc H 123 1 123 1 98 63 94 56 156 3 1.08 - Schroder ISF Latin Amer C USD 130 35 105 115 79 199 66 153 147 50 1.36 - SLI Glb Absl Ret Glb Bd Strats A Acc 100 37 101 34 103 46 107 42 - - - - Schroder ISF Wealth Preservat C Acc 136 26 131 8 105 135 102 104 176 32 1.04 - SLI Global Absolute Ret Strat Plat 1 Acc 95 86 95 81 107 30 124 9 - - - 1.45 Schroder Small Cap Discovery Z Acc 108 131 106 104 127 47 - - - - - 1.45 Smith & Williamson Enterprise C 95 91 98 58 117 9 121 15 - - 0.95 - Scottish Widows Latin America A Acc 147 13 117 30 91 169 71 141 170 35 1.81 1.12 Smith & Williamson MM Cautious Growth B 102 24 101 31 109 26 119 18 141 6 - 0.56 SF Peterhouse Smlr Coms Gold B Net Acc 185 8 129 9 ------SVS Church House Tenax Abs Ret Stg A Acc 102 16 103 23 112 17 119 19 - - 1.35 1.57 SKAGEN Vekst A 107 142 105 113 109 120 103 103 160 46 1.85 - The Tenax Fund A Inc shares 102 17 102 24 ------1.44 SLI Enhanced-Diversification Plat 1 Acc 95 220 96 199 ------0.85 Threadneedle Abs Ret Bd Inst Net GBP 97 75 91 90 95 69 100 52 122 9 0.70 - Smith & Williamson Global Gold & Res B 210 4 180 5 164 16 70 145 167 41 - - Threadneedle Credit Opp Inst Net Hdg GBP 102 19 101 32 107 31 113 32 - - 0.70 2.12 Stewart Investors Glb EM Ldrs B Acc GBP 120 58 114 49 120 73 140 37 337 6 0.91 1.17 Threadneedle Dynamic Real Return ZNA 104 12 103 18 117 10 - - - - - 1.12 Stewart Investors Glbl EmMkts B Acc GBP 120 56 113 60 115 91 134 46 323 9 1.06 1.07 Threadneedle Global Opps Bd Z Net Acc 98 65 92 88 ------0.36 Stewart Invs Glbl EmMkts Stnty B Acc GBP 119 59 110 78 121 68 144 28 - - 1.03 1.34 Threadneedle UK Absolute Alpha ZNA 95 92 99 53 112 14 123 12 - - 0.93 0.18 Stewart Invs Indian Sbctnt B Acc GBP 112 104 116 40 185 2 ------TM Cartesian UK Absolute Alpha A Acc 99 55 103 21 ------Stewart Invs Latin America B Acc GBP 137 20 125 14 99 150 108 95 - - 1.14 1.27 TM Fulcrum Divers Cor Abs Ret C GBP Acc 97 76 96 80 ------Stonehage UK Equity Income B Inc 106 148 108 95 120 71 141 30 156 49 1.65 4.43 TM Fulcrum Diversified Abs Ret C GBP Acc 97 77 94 83 106 33 ------T. Rowe Price Frontier Mkts Eq Q GBP 115 79 110 81 ------1.27 - TM Sanditon European Select A Acc 98 68 94 84 ------T. Rowe Price Glbl Natrl Res Eq Q EUR 127 41 114 52 111 111 99 108 - - 0.85 - TM Sanditon UK Select A NET Acc 101 26 99 55 ------Templeton BRIC W Acc GBP 117 68 101 161 108 122 77 130 134 57 1.60 - UBS (Irl) Inv Sel Glb Eq L/S £ H Q-PF 98 69 ------Templeton Frontier Markets W Acc GBP 113 99 105 112 108 123 120 74 - - 1.71 - Vontobel Fund Twtyfr Abs Ret Crdt G acc 102 22 ------0.38 - Templeton Latin America W Acc GBP 138 19 116 37 87 182 68 148 163 45 1.40 - VT icf Absolute Return Portfolio F GBP 101 29 101 37 105 38 114 27 - - 2.06 - Threadneedle Latin Amer ZNA 133 31 102 148 79 198 65 156 146 51 - 1.43 VT TC Absolute Return Portfolio A Acc 100 50 102 28 111 20 117 23 - - 2.83 - Waverton Alternatives A GBP Inc 98 205 98 182 ------WAY Absolute Return Port E Acc 100 35 96 76 104 44 112 35 - - 1.13 2.49 WAY Charteris Gold& PrecMtls Elite E Acc 255 2 195 1 - - 112 91 - - - - Average/Total 100 101 100 94 107 70 117 56 142 11 1.54 1.25 WAY Global Momentum E Acc 104 165 101 164 106 131 112 89 - - 1.55 0.38 (IA) TECHNOLOGY AND TELECOMMUNICATIONS Average/Total 116 229 108 228 116 207 115 170 181 86 1.32 1.62 Aberdeen Global Technology Eq R2 112 5 114 7 137 10 156 10 254 6 0.95 - (IA) TARGETED ABSOLUTE RETURN AXA Framlington Global Technology Z Acc 105 7 113 8 162 4 175 8 321 2 - - 7IM Unconstrained C Acc 100 46 96 77 118 8 - - - - - 0.40 Cavendish Technology Fund B 103 10 112 9 150 7 164 9 - - 0.88 0.02 Aberdeen Absolute Return Bd I Acc 99 56 97 72 95 68 104 49 118 11 - 1.94 Close FTSE TechMark X Acc 96 14 103 11 146 8 182 4 302 5 1.04 1.62 Absolute Insight Credit B2p2 GBP 95 90 94 86 103 49 - - - - 2.84 - Fidelity Gbl Technology W-Acc-GBP 112 4 124 1 175 1 210 1 308 4 1.16 - Absolute Insight Currency B3p GBP 96 83 97 71 101 54 107 43 - - 0.95 - Fidelity Global TeleComms W GBP Acc 114 2 117 4 131 11 150 13 249 7 1.17 - Absolute Insight Emerg Mkt Debt B3p GBP 105 11 102 25 106 35 116 25 - - 1.22 - GAM Star Technology Instl GBP Acc 101 11 102 12 131 12 182 5 - - 1.71 - Absolute Insight Eq Mkt Netrl B3p£Acc 99 57 100 45 102 52 109 40 - - 1.10 - Henderson Global Technology I 104 9 115 6 150 6 181 6 312 3 1.03 0.20 Absolute Insight W Acc 99 60 98 64 103 48 109 38 - - - 0.48 Invesco Global Technology A 99 13 109 10 141 9 152 12 198 9 1.99 - Artemis Pan-European Abs Ret I GBP HgAcc 96 85 102 29 ------0.11 L&G Global Tech Index I Acc 107 6 117 5 162 5 195 3 - - 0.32 1.17 Artemis US Absolute Return I GBP Hdg Acc 99 58 106 12 ------MFM Techinvest Technology A Acc 99 12 89 13 126 13 154 11 235 8 1.74 - Aviva Investors Mlt-Strat Trgt Inc 2£Inc 100 43 104 15 ------5.01 Neptune Global Technology C GBP Acc 104 8------Aviva Investors Mlt-Strat Trgt Ret 2£Acc 98 63 100 50 ------Pictet-Digital Communication I dy GBP 115 1 122 2 170 2 199 2 380 1 1.20 - Baring Multi Asset I GBP Acc 101 32 98 65 110 21 121 14 - - 0.79 2.15 Polar Capital Global Technology I USD 112 3 121 3 164 3 181 7 - - 1.69 - BlackRock Absolute Return Bond D Acc 100 51 100 44 102 53 - - - - - 1.13 Average/Total 106 14 112 13 150 13 176 13 284 9 1.24 0.75 BlackRock Emerging Mkts Abs Alpha D Acc 99 59 100 42 ------

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% £ £ £ £ £ % % £ £ £ £ £ % % (IA) UK ALL COMPANIES HSBC FTSE 100 Index Accumulation C 104 28 100 58 112 194 127 201 145 152 0.17 3.56 HSBC FTSE 250 Index C Acc 93 218 94 198 124 70 150 74 205 35 0.18 2.92 7IM UK Equity Value C Inc GBP 107 5 102 30 ------3.93 HSBC FTSE All Share Index C Acc 102 62 99 86 114 171 131 174 154 131 0.17 3.49 Aberdeen Foundation Growth C Acc 102 57 99 85 114 176 130 178 - - - 3.72 HSBC MERIT UK Equity I A Inc 101 94 97 128 112 199 128 187 - - 0.53 3.56 Aberdeen Global UK Equity R1 105 12 97 133 107 235 128 191 148 149 0.98 2.31 HSBC UK Focus R Acc 99 117 98 110 112 190 136 131 - - 1.54 2.54 Aberdeen Responsible UK Equity I Acc 108 2 101 47 112 198 129 184 155 128 - 2.89 HSBC UK Freestyle Retail Acc 98 130 98 119 110 224 126 205 142 165 1.69 3.15 Aberdeen UK Enhanced Equity B Acc 105 18 101 40 115 154 131 170 - - - 3.84 HSBC UK Growth & Income C Acc 98 139 97 137 112 197 129 185 143 161 1.00 3.47 Aberdeen UK Equity I Acc 106 9 98 120 107 234 131 175 160 118 1.10 2.84 Investec UK Alpha I Inc Net 98 142 99 97 134 21 170 15 223 20 0.87 2.60 Aberdeen UK Mid-Cap Equity I Acc 97 162 94 186 117 137 151 71 185 61 - 2.25 Investec UK Special Situations I Acc Net 99 122 93 204 107 238 136 130 186 57 0.85 2.90 Alliance Trust SF UK Growth 2 Acc 96 174 96 145 125 57 149 77 178 73 0.85 2.15 IP Children´s Z Acc 94 207 88 252 115 167 156 45 181 70 - 3.24 Alliance Trust UK Ethical 2 91 234 91 228 120 98 145 95 172 86 - 2.48 IP High Income Z Acc 97 152 101 39 127 47 166 23 218 25 - 3.54 Allianz UK Growth C Acc 101 81 96 160 116 146 132 163 134 180 - 2.31 IP Income & Growth Z Acc 100 101 101 44 125 61 159 42 182 67 - 4.24 Allianz UK Index C Acc 102 71 99 99 113 181 130 180 155 129 0.70 3.17 IP Income Z Acc 96 168 100 70 125 58 163 28 211 27 - 3.31 Allianz UK Mid Cap C Acc 93 212 99 95 129 40 160 35 218 24 - 2.06 IP UK Enhanced Index No Trail 101 80 100 61 120 95 144 99 168 95 0.41 3.66 Allianz UK Unconstrained C Acc 101 83 95 162 115 165 147 87 153 137 - 1.64 IP UK Focus Z Acc 96 166 89 246 116 139 168 17 190 53 - 3.04 Architas MM UK Equity A Acc 95 184 96 151 116 145 134 141 141 168 1.25 2.40 IP UK Growth Z Acc 96 173 90 241 116 140 160 39 164 103 - 3.26 Ardevora UK Equity A 100 104 110 3 138 12 192 5 - - - - IP UK Strategic Income Z Acc 97 158 99 89 129 39 172 13 225 18 - 3.50 Artemis Capital I Acc 90 242 90 233 117 129 147 88 144 158 0.94 2.65 JOHCM UK Dynamic A Acc 100 99 94 194 120 99 154 53 - - 1.00 4.55 Artemis Institutional UK Special Sit 96 177 96 147 122 81 148 80 205 34 0.77 2.57 JOHCM UK Growth GBP A 92 226 85 263 110 223 139 116 174 78 0.83 2.14 Artemis UK Select I Acc 84 271 86 260 111 217 138 124 161 115 0.86 2.64 JOHCM UK Opportunities A GBP Acc 106 7 109 5 130 35 163 29 237 14 0.79 2.98 Artemis UK Special Situations I Acc 95 182 97 142 119 110 139 114 187 56 0.81 2.57 JPM UK Dynamic C Acc 96 179 97 124 124 72 154 54 180 71 0.93 2.48 Aviva Investors UK Eq MoM 1 2 GBP Inc 101 88 103 29 137 15 184 9 242 12 1.03 1.46 JPM UK Equity Blue Chip C Acc 99 114 99 109 115 152 134 145 - - 0.93 3.37 Aviva Investors UK Eq MoM 2 2 GBP Inc 100 98 101 42 106 243 122 219 78 192 1.03 2.93 JPM UK Equity Core E Net Acc 101 91 99 81 119 106 138 121 149 145 0.40 3.56 Aviva Investors UK Eq MoM 3 2 GBP Inc 99 120 93 207 109 231 134 143 117 188 1.07 2.80 JPM UK Equity Growth C Acc 100 109 103 27 130 36 156 48 - - 0.93 2.32 Aviva Investors UK Equity 2 GBP Acc 98 136 101 43 124 71 147 89 209 30 0.82 2.75 JPM UK Equity Plus C Net Acc 95 183 ------Aviva Investors UK Growth 2 GBP Acc 91 233 94 193 110 219 128 188 164 102 0.82 1.66 JPM UK Strategic Equity Inc C Net Acc 94 208 94 196 114 172 135 138 148 146 0.93 4.27 Aviva Investors UK Index Tracking 2 £Inc 104 34 102 35 118 123 132 160 157 123 0.23 3.78 Jupiter Growth & Income I Acc 96 167 91 231 114 173 150 73 215 26 1.01 3.43 Aviva Investors UK Opportunities 2 £ Acc 91 229 92 218 113 187 134 144 185 59 0.78 2.76 Jupiter Responsible Inc Fd I Acc 96 180 90 234 112 200 140 111 156 126 - 4.15 AXA Framlington UK Growth Z GBP Acc 97 148 97 135 120 94 138 120 178 75 0.72 2.55 Jupiter UK Alpha I Acc 91 232 87 258 112 202 141 107 183 65 0.86 3.05 AXA Framlington UK Mid Cap Z Acc 89 243 95 172 132 27 186 8 - - 0.93 1.73 Jupiter UK Growth I Acc 80 274 78 270 109 227 147 90 169 90 1.03 1.92 AXA Framlington UK Select Opps Z Inc 91 236 93 209 115 162 138 122 196 43 - 2.47 Jupiter UK Special Situations I Acc 102 65 98 112 119 103 159 40 220 22 0.78 2.44 AXA General Acc 100 111 99 87 116 142 132 161 146 151 1.04 3.19 Kames Ethical Equity B Acc 88 252 93 210 122 87 151 67 207 32 0.82 2.35 Baillie Gifford UK Equity Alpha B Acc 99 126 96 153 110 220 133 157 170 89 0.69 2.22 Kames UK Equity B Acc 96 169 99 105 119 107 133 150 184 62 0.82 2.44 Barclays UK Alpha R Acc 100 106 96 149 119 109 149 75 166 97 - - Kames UK Opportunities B Acc 93 219 93 205 117 133 134 147 - - 1.10 2.44 Barclays UK Alpha S2 R Acc 100 112 96 158 117 125 ------L&G (A&L) Capital Growth Acc 102 69 98 114 111 210 125 209 145 154 1.42 2.73 Barclays UK Core R Acc 105 15 104 22 118 119 135 136 148 148 -- L&G (N) Tracker I Acc 102 58 99 76 115 153 132 166 154 132 - 4.01 Barclays UK Lower Cap R Acc 90 239 95 165 134 22 ------L&G Ethical I Acc 92 225 92 215 121 88 145 94 169 94 0.32 3.14 Barclays UK Opportunities R Acc 102 53 99 84 124 66 155 51 - - - - L&G Growth I Acc 97 159 104 16 136 16 135 134 - - 0.79 1.80 BlackRock 100 UK Equity Tracker D Acc 104 22 101 48 114 179 - - - - - 4.01 L&G UK 100 Index I Acc 104 25 101 50 113 180 129 186 155 130 0.24 4.07 BlackRock Mid Cap UK Equity Tkr D Acc 93 215 94 195 125 65 - - - - 0.19 3.28 L&G UK Alpha I Acc 101 86 93 199 117 130 118 225 - - 0.80 - BlackRock UK D Acc 94 200 100 59 119 102 135 139 151 138 0.92 2.38 L&G UK Index I Acc 102 54 99 74 116 147 133 154 163 105 0.23 3.78 BlackRock UK Equity D Acc 99 113 100 57 121 90 - - - - - 2.75 L&G UK Select Equity I Acc 102 63 101 52 120 101 137 127 165 100 - 3.21 BlackRock UK Equity Tracker D Acc 102 51 99 77 116 148 133 152 163 108 0.16 3.86 L&G UK Special Situations I Acc 101 93 106 10 140 9 163 27 - - 0.83 1.58 BlackRock UK Focus D Acc 97 153 100 69 122 82 - - - - - 2.33 Lazard UK Omega Retail C Acc 101 89 97 129 127 49 152 61 173 81 - 3.14 BlackRock UK Special Situations D Acc 96 175 94 189 109 230 127 199 191 51 0.92 2.67 Legg Mason IF QS UK Equity X Acc 95 188 98 111 123 80 138 123 145 155 - 3.93 Candriam Eqs L United Kingdom C GBP Acc 104 30 103 26 118 116 127 196 156 127 1.89 - Liontrust FTSE 100 Tracker R Inc 104 29 100 56 112 191 127 198 151 139 0.46 3.57 Castlefield CFP SDL UK Bufftlgy Inst Inc 93 214 107 7 143 3 188 6 - - - 0.88 Liontrust Macro UK Growth I Acc 89 244 87 254 116 143 - - - - - 4.02 Castlefield UK Opportunities Instl Inc 97 154 97 126 119 104 131 168 - - 2.31 2.03 Liontrust Special Situations I Inc 102 56 107 8 130 31 174 12 326 1 0.92 2.05 Cavendish Opportunities B Inc 94 203 92 217 122 85 151 69 209 28 0.83 1.65 Liontrust UK Growth I Inc 107 6 109 4 130 33 159 41 232 17 0.92 2.51 Cavendish UK Select Fund B 98 145 87 255 106 242 133 158 - - 0.88 2.21 M&G Index Tracker GBP A Acc 101 77 99 90 115 163 131 169 158 121 0.46 3.46 CF Canlife UK Equity C Acc 89 248 88 249 ------2.35 M&G Recovery GBP I Acc 99 121 89 245 94 258 100 242 151 141 0.91 1.81 CF IM UK Growth A Inc 104 40 103 28 117 134 125 208 - - 1.44 3.21 M&G UK Select GBP I Acc 94 211 90 236 111 209 129 182 161 116 0.91 2.40 CF Lindsell Train UK Equity Acc 102 49 107 9 141 7 192 4 - - 0.83 2.19 Majedie UK Equity X Acc 101 84 94 184 119 108 151 66 223 19 0.78 2.87 CF Miton UK Value Opp B Instl Acc 85 267 91 227 142 5 - - - - - 1.61 Majedie UK Focus X Acc 99 125 92 214 126 54 162 31 245 10 1.53 1.94 CF Purisima UK Total Return A PCG 98 137 95 163 108 232 124 214 - - 1.46 1.95 Man GLG UK Select Professional Acc C 92 227 92 216 117 128 136 132 - - 0.96 1.13 CFIC Oriel UK B Inc 104 39 104 18 124 76 155 52 164 101 1.18 2.04 Man GLG Undervalued Assets Profl Acc C 91 235 90 235 ------2.16 Clerical Medical FTSE100 Tracker 104 37 100 68 111 213 124 210 143 163 1.00 3.37 Marks & Spencer UK 100 Comp Acc 103 43 99 79 111 205 126 207 145 153 1.03 3.82 Close OLIM UK Equity Income X Acc 98 129 100 60 117 127 148 79 185 60 1.56 4.54 Marks & Spencer UK Selection Acc 99 118 96 159 114 175 131 173 139 173 1.61 2.28 Coutts UK Equity Progressive Ser 3 104 32 101 37 115 155 129 181 150 143 0.84 3.05 Marlborough UK Multi-Cap Growth P Inc 97 150 105 15 134 20 162 30 246 8 - 1.29 Dimensional UK Core Equity GBP Acc 102 68 99 100 116 141 137 126 163 106 0.36 3.39 MFM Artorius A GBP Acc 85 270 91 225 139 11 - - - - - 0.35 Dimensional UK Value Acc 99 119 87 253 98 254 113 237 112 189 0.54 4.10 MFM Bowland 98 147 105 14 151 2 130 179 169 91 2.09 1.80 EdenTree Amity UK B 95 192 95 177 120 92 151 65 187 55 0.87 2.74 MFM Slater Growth P Acc 86 265 94 190 153 1 160 37 317 2 0.80 1.02 EdenTree UK Equity Growth B 87 262 89 248 118 121 166 21 220 23 0.84 1.96 MFM Slater Recovery P Acc 82 272 91 229 133 25 120 222 163 104 - 1.27 Elite Webb Cap Smaller Co Inc & Gr B Acc 86 264 86 261 135 17 85 244 - - - 3.85 MFM UK Primary Opportunities P Inc 97 161 99 73 117 131 114 236 131 182 - 2.38 Evenlode Income B Inc 107 4 112 1 138 13 181 10 - - 1.19 3.29 MFS Meridian UK Equity W1 GBP 105 14 104 20 115 168 139 115 191 52 1.00 - F&C FTSE All-Share Tracker 2 Inc 102 60 99 88 115 169 131 171 159 119 0.38 3.60 MI Brompton UK Recovery Trust Acc 99 123 94 185 116 138 137 125 166 98 2.55 0.63 F&C Institutional UK Eq 4 99 128 101 51 117 132 132 159 171 88 0.02 3.55 MI Chelverton UK Equity Growth B Acc 95 196 106 12 ------1.09 F&C Responsible UK Equity Gr 2 96 164 97 141 124 73 148 81 162 112 0.81 2.45 Mirabaud Equities UK High Income A cap. 93 216 92 222 105 247 117 231 153 136 1.54 - F&C UK Alpha 2 98 134 99 92 111 206 111 238 144 160 0.86 2.32 Montanaro UK Income STG Unhedged 89 249 95 170 129 41 145 96 - - 0.23 3.32 F&C UK Mid-Cap C Net Acc 93 220 95 181 137 14 174 11 266 7 - 2.47 NatWest Growth NAV 100 102 102 32 130 37 160 36 241 13 - 2.15 Family Asset Trust 102 70 99 98 111 208 126 204 125 185 1.03 3.07 Neptune UK Mid Cap C Acc GBP 92 224 90 239 135 18 209 1 - - - 1.84 Family Charities Ethical Tr Inc 101 87 97 130 106 241 117 232 107 191 1.46 2.66 Neptune UK Opportunities C Acc GBP 94 198 90 237 117 135 147 85 - - - 2.57 Fidelity FAST UK Y GBP Acc 101 78 104 21 131 30 156 47 - - 3.41 - Newton UK Equity Instl W Net Acc 100 95 106 13 131 28 149 76 196 42 - 3.07 Fidelity Index UK W Acc 102 52 99 83 115 160 131 172 158 122 - 3.60 Newton UK Opportunities Instl W Net Acc 103 42 110 2 141 6 167 18 234 16 - 2.42 Fidelity Instl UK 98 138 100 66 122 84 148 78 184 63 0.87 2.27 NFU Mutual UK Growth C 97 149 98 122 110 221 124 213 147 150 - 2.69 Fidelity MoneyBuilder Growth Y Inc 94 201 96 156 120 93 147 83 182 68 0.68 3.14 Old Mutual Artemis UK Spec Sits U2 Acc£ 95 186 97 140 120 96 - - - - - 2.60 Fidelity Special Situations W Acc 95 187 96 152 120 100 153 58 193 50 - 2.06 Old Mutual BlackRock UK Spec Sits U2Acc£ 97 155 95 179 109 226 - - - - - 1.09 Fidelity UK Opportunities W Acc 96 165 102 36 133 23 - - - - - 1.41 Old Mutual Equity 1 A GBP Acc 89 251 97 136 140 8 187 7 161 117 1.10 1.17 Fidelity UK Select W Acc 98 131 100 67 126 50 147 91 195 45 - 1.93 Old Mutual UK Alpha R GBP Acc 94 206 89 247 107 237 132 164 124 186 1.08 4.37 FP Matterley Equity Acc 96 178 95 164 106 240 132 162 197 40 1.60 2.01 Old Mutual UK Dynamic Eq R GBP Inc 90 237 99 94 142 4 197 3 - - 3.62 - FP New Capital UK Select Equity Ord Acc 94 210 ------Old Mutual UK Equity R GBP Acc 100 103 98 115 123 77 151 70 172 85 0.95 2.52 FP Octopus UK Equity B Acc 97 160 96 157 115 156 139 117 - - 1.11 2.45 Old Mutual UK Index R GBP Acc 101 79 98 113 113 183 128 189 149 144 - 3.73 FP Russell UK Growth Assets C Acc 99 115 94 187 112 192 135 134 - - 1.07 2.13 Old Mutual UK Mid Cap R GBP Acc 88 254 97 139 139 10 205 2 315 3 0.84 1.42 Franklin UK Managers' Focus W Acc 94 204 95 169 134 19 167 19 - - 0.95 2.14 Orbis OEIC UK Equity Standard 102 64 95 176 ------Franklin UK Mid Cap W Acc 87 261 88 250 121 89 158 43 297 5 0.89 2.09 Premier Ethical C Inc 88 258 91 230 127 44 166 22 195 46 0.99 2.53 Franklin UK Opportunities W Acc 105 19 106 11 127 46 147 84 171 87 0.90 3.12 Premier UK Growth C Net Inc 90 240 92 224 125 60 136 129 173 83 1.03 2.72 Franklin UK Rising Dividends W Acc 105 16 108 6 133 24 154 57 178 74 0.95 3.51 Rathbone Income I Inc 98 146 101 38 126 55 163 26 173 80 0.81 4.06 GAM MP UK Equity Unit Trust Acc 99 127 95 178 112 201 130 176 156 124 1.10 1.16 Rathbone Recovery I Inc 92 222 95 183 123 78 143 101 - - 0.81 2.85 GAM UK Diversified Instl GBP Acc 103 41 92 211 114 177 140 108 169 93 1.11 1.50 RBS Growth 1 98 141 100 53 122 83 144 97 194 49 1.30 2.15 GVQ Opportunities A GBP 93 217 ------River & Mercantile UK Eq Hi Alpha B 100 96 93 206 123 79 147 82 - - 0.82 2.61 GVQ UK Focus I 95 194 92 212 130 32 169 16 205 36 1.00 2.14 River & Mercantile UK Eq L/T Rec B 101 76 94 197 127 43 154 55 - - 1.17 1.78 Halifax Special Situations C 105 11 97 125 100 253 100 241 112 190 1.51 1.93 River and Mercantile UK Dynamic Eq B Acc 99 124 97 132 127 48 164 24 - - 1.19 2.82 Halifax UK FTSE 100 Idx Track C 104 20 100 55 111 216 124 211 134 179 1.53 3.01 Royal London FTSE 350 Tracker Z Acc 102 48 99 72 116 149 133 149 - - 0.12 3.97 Halifax UK FTSE AllSh Idx Track C 102 66 99 104 113 185 127 197 144 159 1.50 2.95 Royal London Sustainable Leaders C Acc 99 116 104 19 130 34 172 14 203 38 - 2.37 Halifax UK Growth C 101 90 98 116 112 196 127 200 141 170 1.51 2.49 Royal London UK All Share Tracker Z Acc 102 55 99 80 115 164 134 148 - - 0.13 3.87 Henderson Global Care UK Income I 97 156 99 101 132 26 167 20 186 58 0.84 4.59 Royal London UK Equity M Acc 100 110 98 121 118 118 132 167 162 111 0.53 3.66 Henderson Instl High Alpha UK Eq I Acc 98 135 98 117 124 68 153 59 - - 0.77 4.76 Royal London UK Ethical Eqty Inst M Inc 95 195 90 238 119 105 136 128 - - 1.09 3.79 Henderson Instl Mainstream UK Eq Trust I 100 107 99 106 120 91 147 86 165 99 0.54 4.35 Royal London UK FTSE4Good Tracker 100 100 97 127 111 211 127 202 135 178 1.50 2.08 Henderson Instl UK Enhanced Equity I 102 59 99 82 115 157 133 153 161 113 0.52 3.96 Royal London UK Growth 98 133 99 108 118 113 139 113 161 114 1.53 1.46 Henderson Instl UK Equity Tracker Trust 102 72 99 103 112 195 128 195 140 172 1.04 3.31 Royal London UK Growth M Acc 98 144 93 202 115 161 126 203 175 77 - 3.09 Henderson UK Alpha I Acc 95 191 95 168 129 38 119 224 137 176 1.06 2.35 Royal London UK Mid-Cap Growth Instl M 89 247 91 232 125 63 163 25 301 4 0.74 2.63 Henderson UK Equity Inc & Gr I Inc 95 185 92 221 118 112 151 68 189 54 0.82 4.50 Royal London UK Opportunities M Acc 94 202 93 200 117 126 133 156 - - 0.72 2.89 Henderson UK Index I Acc 102 61 99 91 115 165 132 165 159 120 0.44 3.00 RWC UK Focus Fund R GBP 88 257 87 257 ------1.15 - Henderson UK Tracker A Acc 104 35 100 65 111 214 123 217 141 169 1.22 2.75 S&W Revera UK Dynamic Ret Acc 87 259 84 265 115 158 144 98 - - 1.55 0.93 HL Multi-Manager UK Growth A Acc 94 197 95 173 ------2.05 Sanlam FOUR Active UK Equity A 87 263 80 267 95 256 106 240 - - 1.48 - HSBC Common For Growth Income 96 171 95 182 113 186 139 119 154 133 0.75 3.82 Santander N&P UK Growth RI 91 230 95 171 105 249 116 233 143 162 1.30 2.52

66 www.WhatInvestment.co.uk Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD ££ £ £ £ £ £ ££ £% % % % £ ££ ££ £ £ % % Santander Premium UK Equities A 94 209 96 161 110 225 122 220 138 175 1.01 2.46 Henderson UK Strategic Income 97 49 99 39 115 58 132 59 115 48 1.70 3.48 Santander Stockmarket 100 Trcr Gr RA 104 31 100 62 112 188 128 194 154 134 0.35 3.90 HL Multi-Manager Income & Growth A Acc 95 57 96 59 122 30 152 19 180 17 1.33 4.41 Santander UK Growth RA Acc 91 231 95 174 105 245 117 229 141 167 1.26 2.22 HSBC Income Accumulation C 99 33 98 41 112 69 130 60 142 41 - 4.21 Sarasin Charities Thtc UK Eq GBP A Acc 95 193 92 219 105 246 117 228 - - 0.95 3.95 Insight Eq Inc Booster W Acc 101 19 98 49 115 59 135 51 - - - 8.15 Sarasin EquiSar UK Thematic Opp P Acc 88 256 81 266 98 255 110 239 - - 0.98 2.03 Insight Equity Income W Acc 100 24 97 54 118 54 143 37 172 24 - 4.72 Sarasin EquiSar UK Thematic P Acc 96 170 93 201 107 239 116 234 - - 0.96 3.53 Investec UK Equity Income I Net Acc 103 10 106 6 ------3.45 Schroder Core UK Equity Z Acc 103 45 95 180 105 248 121 221 148 147 0.84 4.69 JOHCM UK Equity Income A GBP Acc 97 51 91 72 114 64 147 31 200 7 0.80 5.45 Schroder Income Fd Z Acc 105 17 95 167 118 122 155 50 201 39 0.91 4.68 JPM UK Higher Inc C Net Acc 97 46 99 40 118 48 139 43 147 39 0.93 4.78 Schroder MM UK Growth Z Acc 101 92 95 175 112 203 139 118 156 125 1.40 2.10 Jupiter Income Trust I Acc 105 5 106 5 127 17 151 24 157 32 0.94 3.97 Schroder Prime UK Equity I Acc 103 47 97 134 118 120 134 140 180 72 0.51 3.18 Kames UK Equity Income B Inc 99 30 104 8 125 23 149 26 - - 1.11 4.52 Schroder Recovery Z Acc 108 3 94 191 117 124 160 38 220 21 0.92 2.77 L&G UK Equity Income I Acc 97 50 98 48 114 63 138 46 - - 0.88 4.48 Schroder Specialist Value UK Eq I Acc 105 13 98 123 115 151 152 63 194 48 0.77 3.38 Lazard Multicap UK Income Instl Acc 98 40 97 52 121 39 146 34 159 30 1.01 4.81 Schroder UK Alpha Plus Z Acc 98 132 96 143 115 150 142 106 195 44 0.90 2.47 Liontrust Macro Equity Income I Acc 94 64 93 68 118 50 139 41 180 14 - 5.97 Schroder UK Equity Z Acc 98 143 96 150 120 97 142 105 183 64 0.91 2.62 M&G Dividend GBP I Acc 98 37 98 42 118 55 136 49 153 35 0.91 4.92 Schroder UK Mid 250 Z Acc 88 253 85 264 113 184 152 64 172 84 0.91 1.79 Majedie UK Income X Acc 93 71 92 71 131 8 - - - - 0.79 5.20 Schroder UK Opportunities Z Acc 96 181 92 213 102 252 151 72 234 15 0.82 2.96 Man GLG UK Income Professional Acc C 92 72 93 67 122 34 136 50 138 42 0.92 5.07 Scot Wid MM UK Equity Focus A Acc 97 163 93 203 111 204 126 206 142 166 1.81 1.40 Marlborough Multi Cap Income P Acc 87 79 90 74 130 11 173 2 - - - 5.65 Scot Wid MM UK Equity Growth A Acc 97 157 92 223 111 212 128 192 144 157 1.82 1.77 MFM Slater Income P Inc 87 77 92 70 128 15 - - - - - 5.23 Scottish Friendly UK Growth 93 221 97 138 125 64 142 103 182 66 1.56 - MGTS Ardevora UK Income Instl Net Acc 97 48 103 12 133 4 - - - - 1.31 4.91 Scottish Mutual UK All Share Idx 102 50 100 71 116 144 134 142 167 96 0.08 3.84 MI Chelverton UK Equity Income B Acc 87 80 90 75 124 24 171 4 - - 1.00 5.40 Scottish Mutual UK Equity Acc 94 199 92 220 111 215 124 212 141 171 1.02 3.06 NatWest Equity Income NAV 99 28 101 23 121 41 151 23 195 10 - 4.75 Scottish Mutual UK Stockmarket 104 27 101 49 114 178 130 177 - - 0.04 3.99 Neptune Income C Acc GBP 98 43 100 29 114 61 129 61 158 31 - 5.31 Scottish Mutual UK Stockmarket Ser 3 92 223 93 208 125 62 156 46 - - 0.06 3.18 Neptune Quarterly Income C Acc GBP 92 73 94 64 111 70 132 57 164 28 1.00 4.30 Scottish Widows UK All Share Track I Acc 101 75 99 107 114 170 133 155 162 110 0.35 3.73 Newton UK Income Instl W Net Acc 107 3 113 2 132 5 157 12 180 13 - 3.90 Scottish Widows UK Growth A 100 105 96 146 108 233 118 227 127 184 1.61 2.39 NFU Mutual UK Equity Income C 101 18 104 9 121 42 143 36 - - - 4.71 Scottish Widows UK Select Gr A 104 21 96 148 95 257 96 243 128 183 1.61 2.08 Old Mutual Artemis Income U2 GBP Acc 99 35 100 30 121 38 - - - - - 4.34 Scottish Widows UK Tracker G Acc 103 44 99 93 111 218 - - - - - 3.23 Old Mutual Newton UK Income U2 GBP Acc 107 2 113 1 132 6 - - - - - 3.77 Seeyond Fct Plus U.K. Eq N/A(Gbp) 96 172 96 154 ------3.60 Old Mutual UK Equity Income R GBP Acc 95 60 94 65 120 45 154 16 180 15 0.94 5.11 SF Delmore Growth & Income A Inc 100 108 101 41 117 136 124 215 162 109 2.17 3.91 Old Mutual Woodford Equity Inc U2GBP Acc 95 59 99 32 ------3.72 SLI UK Equity General Trust Retl Acc 94 205 91 226 105 244 120 223 143 164 0.84 0.85 Premier Income C Inc 93 68 96 57 122 32 149 29 179 18 0.88 4.95 SLI UK Equity Growth Plat 1 Acc 89 250 87 256 104 250 115 235 135 177 - 3.35 Premier Monthly Income C 94 67 96 58 121 36 151 25 176 22 0.95 5.18 SLI UK Equity High Alpha Plat 1 Acc 87 260 87 259 112 189 135 133 209 29 - 3.54 Premier Optimum Income C Inc 93 69 94 62 122 31 149 27 134 44 1.44 8.55 SLI UK Equity Recovery Plat 1 Acc 109 1 96 155 118 117 140 110 - - - 1.95 QAM Downing Monthly Income Acc 94 66 89 77 113 66 138 47 - - 1.93 5.29 SLI UK Equity Unconstrained Plat 1 Acc 82 273 79 269 109 228 142 104 289 6 - 2.21 Rathbone Blue Chip Income And Gr I Inc 98 44 103 16 124 26 151 20 179 20 0.90 4.30 SLI UK Ethical Plat 1 Acc 85 268 89 244 114 174 146 92 174 79 - 2.13 RBS Equity Income 1 99 28 101 22 121 40 151 22 195 9 1.32 4.75 SLI UK Opportunities Plat 1 Acc 85 269 80 268 110 222 117 230 144 156 - 0.78 River & Mercantile UK Equity Income B 97 47 95 60 118 52 146 32 - - 0.93 4.51 Smith & Williamson UK Equity Gr B 90 241 89 243 125 56 140 109 173 82 - 1.49 Royal London UK Equity Income M Acc 100 21 103 11 134 3 174 1 218 3 - 4.43 SSgA UK Equity Tracker 104 24 102 33 118 114 134 146 163 107 0.70 3.84 Santander Dividend Income RI 94 65 97 53 123 28 137 48 - - - 5.85 Stonehage Core UK Equity B Inc 102 73 94 192 111 207 133 151 139 174 1.90 - Santander Enhanced Income Port Inst Inc 95 58 98 43 118 51 127 62 - - 0.80 7.29 SVM UK Growth Instl 88 255 96 144 124 67 158 44 245 9 1.16 1.48 Santander Equity Income Inst Inc 95 61 98 44 126 21 148 30 173 23 0.68 5.42 SVM UK Opportunities Instl 93 213 99 78 126 53 152 60 207 33 1.09 1.37 Schroder Income Maximiser Z Acc 103 9 95 61 113 68 141 39 180 16 0.91 7.89 TB Saracen Growth Beta 89 246 88 251 125 59 142 102 151 140 1.44 1.87 Schroder UK Alpha Income Z Inc 97 45 96 56 118 53 160 10 209 6 0.86 5.21 Threadneedle Ethical UK Eq Net GBP Z Acc 96 176 ------Scot Wid MM UK Equity Income A Acc 98 38 99 37 119 47 139 45 148 37 1.81 4.44 Threadneedle Nav UK Index Tracker 102 67 99 102 113 182 128 190 150 142 1.15 2.88 Scottish Widows UK Equity Income A Acc 99 32 97 55 109 72 119 64 118 46 1.36 4.80 Threadneedle UK Extnd Alpha Inst Net GBP 101 74 103 25 131 29 162 32 204 37 1.17 2.53 SLI UK Equity High Inc Plat 1 Acc 89 76 90 76 115 57 135 52 154 34 - 5.15 Threadneedle UK Gr&Inc ZNI 103 46 102 31 126 51 161 34 208 31 - 3.83 SLI UK Equity Income Uncons Plat 1 Acc 86 81 89 78 124 27 154 15 - - - 4.36 Threadneedle UK Growth R 95 190 99 96 126 52 146 93 169 92 1.05 2.36 Smith & Williamson UK Equity Inc B 100 23 100 27 128 14 149 28 165 26 - 4.79 Threadneedle UK Inst Inst Net GBP 101 82 100 64 118 111 140 112 181 69 0.78 3.05 TB Saracen UK Income Fund Acc 90 75 87 79 ------3.01 Threadneedle UK Mid 250 ZNA 86 266 90 242 124 74 156 49 245 11 0.87 1.65 Threadneedle UK Eq Alpha Inc ZNI 102 16 101 24 127 18 166 6 216 5 0.88 4.85 Threadneedle UK Overseas Earn Z Net Inc 105 10 104 23 ------2.88 Threadneedle UK Eq Inc ZNI 102 14 103 10 130 12 163 7 217 4 - 4.39 Threadneedle UK Select ZNI 95 189 99 75 129 42 154 56 194 47 - 3.04 Threadneedle UK Monthly Inc ZNI 98 41 101 20 128 16 156 13 197 8 - 4.72 Threadneedle UK ZNI 100 97 101 46 124 69 152 62 197 41 - 2.62 Troy Trojan Income O Acc 104 8 110 3 136 2 172 3 240 2 1.05 3.98 TM Cartesian UK Enhanced Alpha A Acc 90 238 90 240 109 229 128 193 - - - 0.04 UBS UK Equity Income C Acc Net 107 1 99 36 113 67 134 53 - - - 4.75 TM Cartesian UK Opportunities A Acc 89 245 86 262 104 251 123 216 133 181 - 0.31 Unicorn UK Income B Inc 87 78 91 73 118 49 159 11 257 1 0.89 5.21 TM Sanditon UK A GBP Acc 101 85 94 188 ------0.67 Vanguard FTSE U.K. Eq Inc Idx Acc 103 13 99 38 115 60 141 40 - - 0.25 4.73 TM UBS (UK) - UK Eq C Acc 104 38 104 17 ------2.43 VT Odd Real Income GBP A Acc 102 15 ------UBS UK Opportunities C Acc Net 104 33 95 166 112 193 123 218 122 187 - 3.57 Average/Total 98 81 98 79 121 75 145 66 171 48 1.09 4.86 Unicorn Outstanding British Co Instl 97 151 104 24 127 45 162 33 - - 1.18 1.41 Unicorn UK Growth A 92 228 100 63 122 86 144 100 176 76 1.97 - (IA) UK GILTS Vanguard FTSE U.K. All Shr Idx UT Acc 104 26 102 34 118 115 135 137 - - 0.15 3.89 Allianz Gilt Yield C 111 8 112 18 120 22 134 17 177 4 0.53 1.74 Virgin UK Idx Tracking Trust 104 36 101 45 115 159 129 183 154 135 1.00 2.72 BlackRock UK Gilts All Stocks Tkr D Acc 110 16 112 12 123 10 137 7 - - 0.16 1.82 VT Castlebay UK Equity A Accumulation 106 8 100 54 ------2.06 CF Canlife UK Government Bond C GBP Inc 109 25 111 25 119 25 129 21 153 16 - 1.77 VT Garraway UK Equity Mrkt I GBP net Acc 98 140 98 118 124 75 - - - - - 4.51 F&C Fixed Annuity Conv 4 Acc 117 6 120 6 143 5 - - - - - 2.08 VT Smart Dividend UK A Acc-Retail 104 23 97 131 107 236 118 226 - - 2.40 10.07 F&C Institutional Ret Annuity 3 £ Acc 120 2 123 2 149 2 - - - - - 2.53 Average/Total 97 274 96 270 119 258 141 244 175 192 0.99 2.75 Henderson Instl Long Dated-Gilt I Acc 118 4 121 5 143 6 171 4 209 2 0.54 1.87 (IA) UK EQUITY AND BOND INCOME Henderson Instl UK Gilt I Acc 110 22 111 23 120 21 134 15 169 9 0.54 1.51 Cavendish UK Balanced Income B 97 12 95 12 117 8 148 5 - - 0.63 5.00 HSBC Gilt & Fixed Interest C Acc 110 23 111 22 120 20 132 20 161 15 - 2.60 CF Canlife UK Equity and Bd Inc C Acc £ 98 11 101 5 121 6 140 7 161 7 0.80 5.04 HSBC UK Gilt Index C Acc 110 18 112 16 122 14 136 12 - - 0.17 2.70 CF IM UK Equity and Bd Inc A Acc 103 3 103 4 117 10 129 11 - - 1.57 3.82 Invesco Gilt A 111 9 113 9 124 8 137 8 169 10 0.90 1.18 HSBC Monthly Income C Acc 102 5 101 8 115 11 130 10 144 9 - 4.20 L&G All Stocks Gilt Index I Acc 110 19 112 17 123 13 136 11 171 7 - 1.82 JPM UK Eq & Bd Inc Fd C Net Acc 100 9 101 9 120 7 139 8 156 8 0.93 3.65 M&G Gilt & Fixed Interest Inc GBP I Acc 110 15 112 13 122 15 135 13 174 5 0.66 1.13 Jupiter Monthly Income I Acc 100 8 101 6 121 5 143 6 170 4 0.97 5.38 Newton Long Gilt Ex 2 Grs 119 3 122 3 146 3 175 2 216 1 0.25 1.84 M&G Extra Income GBP I Acc 103 1 104 3 122 3 150 3 175 3 0.92 4.72 Old Mutual Gilt A GBP Acc 111 13 112 14 122 16 135 14 163 13 0.69 2.85 Marlborough Extra Income P Inc 98 10 100 10 122 4 151 2 165 6 - 4.33 Royal London Short Dur Gilts M GBP Inc 102 26 102 26 ------0.83 Royal London UK Income with Growth 100 7 101 7 117 9 138 9 169 5 1.53 4.78 Royal London UK Government Bond M Acc 110 24 112 20 121 19 134 16 169 8 - 2.69 Scottish Widows High-Reserve A Acc 101 6 99 11 112 12 123 12 128 10 1.36 4.35 Santander Sterling Government Bond IA 110 17 112 11 119 24 127 22 - - - 2.00 Threadneedle Mgd Income Z Net £ Inc 103 2 104 1 123 2 149 4 190 2 - 4.37 Schroder Gilt & Fixed Interest Acc 110 21 112 21 121 18 133 19 161 14 0.56 2.61 Threadneedle Mth Etr Income ZNI Inc 103 4 104 2 127 1 160 1 207 1 - 4.51 Schroder Instl Lg Dtd Sterling Bd I 118 5 121 4 145 4 172 3 205 3 0.27 2.60 Average/Total 101 12 101 12 119 12 142 12 167 10 1.09 4.51 Scottish Widows Gilt G Acc 110 20 111 24 119 23 - - - - - 0.79 Scottish Widows UK Fix-Int Trkr I Acc 111 12 112 15 123 12 137 10 171 6 0.37 1.63 (IA) UK EQUITY INCOME SLI UK Gilt Plat 1 Acc 111 14 112 19 121 17 133 18 167 11 - 1.20 Aberdeen UK Equity Income I Acc 105 7 100 31 109 71 134 54 161 29 1.10 4.43 Threadneedle Sterling Bd ZNI Inc 111 11 112 10 123 11 137 9 163 12 - 1.50 Allianz UK Equity Income C Inc 95 62 92 69 108 74 133 55 148 38 - 5.08 Threadneedle UK Fixed Interest I 111 10 113 8 124 9 139 6 - - 0.41 1.59 Ardevora UK Income A 98 42 103 14 131 9 170 5 - - - 5.23 Vanguard U.K. Government Bd Idx GBP Acc 112 7 114 7 126 7 143 5 - - 0.15 1.69 Artemis Income I Inc 99 31 100 28 120 44 151 21 193 11 0.79 4.30 Vanguard U.K. Long Dur Gilt Idx Acc 121 1 124 1 150 1 180 1 - - 0.15 2.02 Aviva Investors UK Equity Income 2 £ Acc 99 26 101 19 123 29 - - - - 0.81 4.36 Average/Total 112 26 114 26 128 25 142 22 175 16 0.42 1.87 AXA Framlington Blue Chip Eq Inc Z £ Acc 98 39 98 46 120 43 142 38 - - - 3.18 AXA Framlington Monthly Income Z GBP Inc 97 53 97 50 131 10 146 33 117 47 - 5.48 (IA) UK INDEX-LINKED GILTS Barclays UK Equity Income R Acc 99 34 99 34 122 35 ------Barclays UK Equity Income S2 R Acc 99 36 99 33 122 33 ------AXA Sterling Index Lkd Bond Z Net 117 5 117 4 138 2 167 1 225 2 0.33 - BlackRock UK Income D Acc 97 52 99 35 126 19 139 44 179 19 0.92 4.63 Baillie Gifford Act Idx-Lk Glt Pl B Inc 117 4 116 5 133 13 158 7 - - 0.42 0.27 Castlefield B.E.S.T. Income Instl Inc 93 70 94 63 116 56 132 56 125 45 2.87 4.83 BlackRock Index Linked Gilt Trkr D Acc 118 1 117 2 139 1 - - - - 0.29 0.47 CF Canlife UK Equity Income C Acc GBP 96 54 101 25 121 37 139 42 157 33 0.93 4.99 F&C Inflation Linked Annuity Conv 4 Acc 115 12 116 7 136 7 - - - - - 0.94 CF Miton UK Multi Cap Inc Instl B Acc 92 74 98 45 140 1 - - - - - 4.46 F&C Institutional Active Index Lnkd3£Acc 117 2 117 3 138 3 - - - - - 0.31 CF Woodford Equity Income C GBP Acc 96 55 102 17 ------2.89 Henderson Index Linked Bond I Acc 116 8 115 9 134 11 161 4 226 1 0.54 0.08 Charifund GBP Inc 101 20 101 21 125 22 154 14 164 27 0.47 5.32 L&G All Stocks Idx Lnkd Gilt Idx I Acc 115 13 115 13 134 12 156 9 217 7 - 0.17 Courtiers UK Equity Income Retl R 103 11 ------M&G Index-Linked Bond GBP I Acc 116 10 115 10 135 8 160 6 223 4 0.57 - Elite Charteris Premium Income Instl Acc 106 4 101 26 104 75 107 66 - - 1.08 3.91 Newton Idx Linked Gilt Ex 2 Grs 117 3 117 1 137 5 161 3 224 3 0.25 0.39 F&C Responsible UK Income 2 95 56 98 47 124 25 153 18 171 25 0.85 4.56 Royal London Index Linked M Acc 115 14 115 11 135 9 158 8 220 6 - 0.56 F&C UK Equity Income 2 103 12 103 13 114 62 127 63 145 40 1.85 4.36 Schroder All Mats Idx Lnkd Bd I Acc 115 15 114 15 133 15 154 12 210 9 0.28 0.52 Fidelity Enhanced Income W Acc 100 22 103 15 119 46 145 35 - - 1.04 7.51 Schroder Instl Index Linked Bond I Acc 117 6 116 6 137 4 163 2 221 5 0.26 0.58 Fidelity MoneyBuilder Dividend Y Inc 102 17 106 7 126 20 163 8 178 21 0.67 4.85 Scottish Widows UK Idx Lnkd Trkr I Acc 116 9 115 12 133 14 156 10 214 8 0.37 0.46 FP Miton Income Inst Acc 100 25 102 18 128 13 153 17 - - 0.93 4.83 Threadneedle UK Index Linked I 116 11 114 14 134 10 155 11 - - 0.44 0.32 Franklin UK Equity Income W Acc 105 6 107 4 131 7 161 9 188 12 0.91 4.53 Vanguard U.K. Infl-Lnkd Gilt Idx Acc 117 7 115 8 136 6 160 5 - - 0.15 - Halifax UK Equity Income C 99 27 97 51 109 73 118 65 136 43 1.54 4.49 Average/Total 116 15 116 15 135 15 159 12 220 9 0.35 0.42 HC KB Enterprise Equity Income Acc 95 63 94 66 113 65 132 58 151 36 2.30 4.66

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% £ £ £ £ £ % % £ £ £ £ £ % % (IA) UK SMALLER COMPANIES CF Greenmount 110 22 102 184 112 251 126 170 173 50 1.61 1.41 CF Gulland 105 103 109 33 130 17 150 20 206 15 1.29 1.13 Aberdeen UK Smaller Companies Eq I Acc 94 11 91 37 119 38 148 34 174 29 - 2.30 CF Heartwood Bal Multi Asset I Acc 101 261 99 283 110 281 123 193 - - 1.22 1.12 Aberforth UK Small Companies Acc 89 34 86 47 127 29 156 30 199 26 0.86 3.34 CF Heartwood Cautious Multi Asset I Acc 102 212 101 233 109 285 122 197 - - 1.23 0.91 Artemis UK Smaller Companies I Acc 93 15 99 10 128 26 156 29 170 34 0.84 1.86 CF Heartwood Defensive Multi Asset I Acc 102 228 101 221 106 302 - - - - 1.29 0.68 Aviva Investors UK Smaller Coms 2 £ Acc 86 43 90 39 121 36 161 22 226 19 1.13 1.12 CF Heartwood Growth Multi Asset I Acc 100 300 99 287 113 235 128 154 - - 1.39 1.39 AXA Framlington UK Smlr Coms Z GBP Acc 89 35 96 19 150 5 187 5 204 24 0.88 1.13 CF Heartwood Income Multi Asset I 101 252 100 261 109 291 121 210 - - 1.27 3.09 Baillie Gifford British Smlr Coms B Acc 92 20 93 29 119 39 156 28 261 10 0.69 1.38 CF Heartwood Income Plus Mlt Asst I Inc 100 321 98 310 111 267 127 166 - - 1.26 3.75 BlackRock UK Smaller Companies D Acc 93 13 97 14 128 25 158 26 234 15 0.92 1.23 CF Helm Investment Fund 100 311 98 315 113 231 110 241 134 109 1.13 1.46 Castlefield UK Smaller Coms Instl Inc 91 23 98 13 124 33 136 42 - - 2.77 - CF Holly Fund 107 46 92 350 71 332 59 267 96 120 1.20 1.23 Cavendish AIM B 96 4 96 21 132 19 143 39 174 30 0.89 0.74 CF Institutional World 104 142 104 120 120 85 135 80 147 86 1.07 0.92 CF Miton UK Smaller Companies B Acc 90 27 96 18 157 3 - - - - - 0.77 CF KB Feelgood Trust £ Inc 104 120 106 86 117 149 129 146 148 82 1.12 1.59 CFIC Octopus UK Micro Cap Growth P 93 12 94 25 114 41 134 43 - - 1.07 0.01 CF Lorimer Trust 99 341 97 320 119 113 142 35 - - 0.81 2.10 Dimensional UK Smlr Coms Acc 92 19 93 28 126 30 165 18 226 18 0.66 2.83 CF Mermaid 103 176 100 265 119 101 137 66 221 7 1.33 0.53 F&C UK Smaller Companies 2 91 26 94 27 134 15 177 9 258 11 0.85 1.37 CF Navajo GBP Acc 108 44 108 45 123 53 131 131 191 24 1.48 0.70 Fidelity UK Smaller Companies W Acc 93 14 96 16 134 17 212 2 - - - 1.59 CF New Grande Motte GBP 106 82 107 64 126 31 145 23 - - 1.33 1.10 Franklin UK Smaller Companies W Acc 83 46 89 42 129 23 144 37 161 35 0.99 1.42 CF New Viaduct Inc 102 234 107 73 128 27 152 16 - - 1.40 0.58 Halifax Smaller Companies C 92 18 90 40 113 44 143 40 171 33 1.51 1.50 CF New Villture Trust 100 291 98 309 109 286 126 174 127 117 1.35 0.20 Henderson UK & Irish Smaller Cos I Acc 87 41 86 46 109 45 129 44 144 36 - 0.63 CF Robin A Acc 101 286 98 306 111 269 118 223 - - 0.95 - Henderson UK Smlr Coms I 90 28 91 34 129 24 174 10 248 13 0.82 1.46 CF Ruffer Absolute Return O Acc 103 149 99 289 110 272 122 202 195 20 1.53 1.42 Investec UK Smaller Companies I Inc Net 85 45 91 36 127 28 158 25 289 7 0.85 1.33 CF The Abbotsford Fund 102 217 103 139 121 71 135 81 - - 1.22 1.59 IP UK Smaller Companies Eq Z Acc 90 29 95 22 132 20 163 20 226 17 - 1.64 CF The Mulberry 104 116 103 137 118 128 120 219 144 95 1.38 1.35 JPM UK Smaller Companies C Acc 83 47 88 44 113 42 138 41 173 31 0.93 1.29 CF Westchester USD Acc 103 163 112 16 155 1 204 1 286 1 1.41 - Jupiter UK Smaller Companies Fd I 98 1 101 6 135 14 158 27 184 28 - 0.83 CFIC Loudwater B GBP Acc 105 97 107 69 120 98 - - - - - 4.96 Kames UK Smaller Companies B Acc 86 44 92 30 122 34 145 36 250 12 1.10 1.64 City Financial High Yield Opps I Inc 102 222 100 278 ------10.52 L&G UK Smaller Companies I Acc 87 42 90 38 126 31 162 21 223 20 - 1.67 Elite CAM Balanced Discret Port C Acc 95 359 94 346 106 304 114 235 - - 2.00 0.51 Lazard UK Smaller Companies Retail C Inc 90 31 87 45 121 35 147 35 200 25 - 2.56 Elite CAM Cautious Discret Port C Acc 96 355 97 331 109 295 117 228 - - 1.85 1.65 Liontrust UK Smaller Cos I Inc 94 10 105 3 147 6 199 3 303 5 - 0.29 Elite Specialist Portolio Instl Inc 99 331 96 336 100 325 110 243 - - 1.35 1.15 M&G Smaller Companies GBP I Acc 88 39 92 31 114 40 143 38 204 23 0.93 1.83 Explorer Funds Buckingham 101 271 99 296 111 268 106 247 134 108 1.37 1.13 Marlborough Nano Cap Growth P Acc 95 5 99 7 ------0.41 Explorer Funds Cardinal 105 115 107 56 120 84 135 78 179 40 1.30 1.14 Marlborough Special Situations P Acc 91 24 98 12 141 12 171 12 308 4 - 0.83 F&C MM Lifestyle Balanced B Inc 101 275 100 280 120 82 133 93 - - 1.19 2.52 Marlborough UK Micro Cap Growth P Acc 95 6 99 8 143 11 180 8 323 1 - 0.65 F&C MM Lifestyle Cautious B Inc 100 306 100 251 119 100 132 112 - - 1.19 2.71 MFM Techinvest Special Situations A Acc 95 7 108 1 168 1 183 7 133 37 1.84 - F&C MM Lifestyle Defensive B Inc 101 285 101 220 119 109 133 100 - - 1.19 2.64 MI Discretionary Unit Inc 96 3 99 11 144 9 166 17 188 27 0.42 0.88 F&C MM Lifestyle Foundation B GBP Inc 102 230 101 223 ------2.32 MI Downing UK Micro-Cap Growth B 89 36 94 26 143 10 173 11 - - 2.04 0.21 F&C MM Lifestyle Growth B Inc 101 266 98 305 117 144 129 134 - - 1.19 2.40 Old Mutual UK Smlr Coms Foc R GBP Inc 94 8 103 4 144 8 183 6 312 3 1.80 0.19 Fidelity Diversified Growth A 106 81 104 122 115 204 124 190 - - 1.18 2.06 Old Mutual UK Smlr Coms R GBP Acc 91 22 99 9 134 16 171 13 279 8 1.00 0.94 Fidelity Instl Europe ex UK 100 326 101 234 123 58 137 65 167 55 0.89 1.55 River & Mercantile UK Eq Sm Cos B Acc 88 40 95 23 152 4 217 1 - - 0.95 1.29 Fidelity Instl IdxLnkd Bd Inc 117 5 117 6 138 10 165 9 226 5 0.33 0.68 Royal London UK Smaller Companies M 89 33 91 33 132 18 169 14 - - - 1.90 Fidelity Instl Lng Bd Inc 119 4 122 4 147 3 177 3 226 6 0.33 2.50 Schroder Instl UK Smaller Cos I Acc 91 21 95 24 130 22 161 23 236 14 0.52 1.68 Fidelity Instl Sel Emerg Mkt Acc 116 6 104 124 115 186 101 258 - - 1.16 1.43 Schroder UK Dynamic Smaller Coms Z Acc 91 25 91 32 119 37 165 19 313 2 0.86 0.69 Fidelity Instl Sel Glbl Eq 107 54 109 40 135 11 160 11 208 13 0.88 1.03 Schroder UK Smaller Companies Z Acc 92 17 96 17 132 21 169 15 221 21 0.91 1.19 Fidelity Instl Sterl Core Pls Bd Inc 115 9 118 5 141 8 171 8 - - 0.49 2.72 Scottish Widows UK Smaller Companies A 92 16 90 41 113 43 155 31 172 32 1.61 1.28 Fidelity Instl UK Aggt Bd Inc 108 37 109 34 123 55 142 37 - - 0.42 2.98 SF Webb Capital Smlr Coms Gr B Net Acc 96 2 91 35 ------Fidelity Instl UK Gilt Inc 110 24 111 22 123 48 140 46 182 38 0.32 1.86 SLI UK Smaller Companies Plat 1 Acc 90 32 102 5 127 27 152 32 289 6 - 1.38 Fidelity Reduced Dur UK Corp Bd Acc 100 319 98 303 105 310 - - - - - 3.31 TB Amati UK Smaller Companies B 94 9 108 2 145 7 158 24 269 9 1.39 0.84 Fidelity Target 2020 105 85 103 127 115 197 123 192 147 91 1.95 0.50 Threadneedle UK Sm Cos ZNI Inc 88 38 96 20 139 13 168 16 229 16 - 1.34 Fidelity Target 2025 104 124 103 154 117 142 129 147 - - 1.90 0.31 Unicorn UK Smaller Companies A 88 37 89 43 125 32 152 33 207 22 1.86 0.39 Fidelity Target 2030 103 151 103 129 122 64 136 70 - - 1.88 0.39 Wood Street Microcap Inv C Acc 90 30 97 15 160 2 199 4 - - - 0.86 Folla Inc 102 202 104 126 127 28 115 234 163 58 1.14 1.38 Average/Total 91 47 95 47 132 45 163 44 227 37 1.13 1.24 FP 8AM Focussed A Inc 104 133 103 149 109 292 ------(IA) UNCLASSIFIED SECTOR FP 8AM Multi-Strategy Port I A Inc 98 352 98 308 106 305 - - - - 2.86 1.41 Aberdeen Multi-Asset Cnsrv Port I GBPAcc 101 262 101 238 ------0.21 FP 8AM Multi-Strategy Port II A Inc 99 328 102 197 114 226 122 205 - - - 1.84 Aberdeen Sterling Bond I GBP Acc 108 35 109 41 120 94 131 125 158 67 - 1.93 FP 8AM Multi-Strategy Port III A Inc 99 344 99 286 115 199 - - - - 2.70 - Aberdeen Sterling Govt Bd I GBP Acc 110 23 111 23 120 89 132 116 170 51 - 1.14 FP 8AM Tactical Growth Port A Inc 105 86 100 250 107 301 108 245 - - 1.97 0.80 Aberdeen Sterling Idx-Lnkd Bd I GBP Acc 116 7 115 10 131 16 152 17 206 14 - 0.19 FP Active Portfolio Overlay C Acc 99 329 ------Aberdeen Sterling Shrt Term Gov Bd I Acc 102 231 102 181 103 317 105 251 132 111 - 0.26 FP Aggressive Portfolio Overlay C Acc 101 258 ------Aptus Global Financials B Acc 84 365 84 352 112 248 - - - - - 5.05 FP Apollo Multi Asset Adven D GBP Acc 91 363 89 351 104 315 98 262 - - 3.72 - Architas Diversified Real Assets D Acc 103 171 104 121 ------3.91 FP Apollo Multi Asset Bal D GBP Acc 95 357 95 342 105 311 104 253 - - 2.15 0.07 Architas MA Active Reserve A Net Acc 103 164 105 100 116 171 122 196 - - 1.22 2.69 FP Apollo Multi Asset Cau D GBP Acc 95 361 94 347 105 312 106 248 - - 2.15 0.29 Architas MA Blended Growth A Acc 104 141 104 119 119 108 129 140 128 116 1.53 1.85 FP Balanced Portfolio Overlay C Acc 102 194 ------Architas MA Blended Interm A Acc 105 107 106 88 119 115 132 108 142 99 1.13 1.79 FP CAF Alternative Strategies A Acc 99 337 99 284 108 299 109 244 - - 1.47 0.43 Architas MA Blended Moderate A Acc 105 99 106 84 119 103 132 111 147 85 1.11 1.73 FP CAF Fixed Interest A Acc 105 105 105 92 111 265 116 231 - - 1.00 2.82 Architas MA Blended Prog A Acc 104 143 104 115 118 119 132 110 137 105 1.23 1.91 FP CAF International Equity A Acc 104 122 105 96 129 24 145 24 - - 1.17 0.89 Architas MA Blended Reserve A Acc 105 91 106 83 116 165 126 177 141 100 1.02 2.35 FP CAF UK Equity A Acc 96 356 95 341 116 157 141 41 - - 1.24 2.85 Architas MA Passive Dynamic A Acc 109 32 105 98 117 147 117 227 - - 0.65 1.95 FP Cautious Portfolio Overlay C Acc 104 148 ------Architas MA Passive Growth A Acc 106 73 106 75 121 70 129 138 - - 0.65 1.70 FP Defensive Portfolio Overlay C Acc 105 94 ------Architas MA Passive Interm A Acc 106 68 108 50 122 63 133 94 - - 0.65 1.94 FP Frontier MAP Balanced C 101 272 96 338 104 316 103 254 - - 1.27 0.50 Architas MA Passive Moderate A Acc 107 53 109 42 124 40 134 88 - - 0.65 1.75 FP Multi-Asset DRP III Retail 107 49 108 51 117 152 122 200 - - 0.33 2.07 Architas MA Passive Prog A Acc 106 80 108 52 123 51 132 106 - - 0.65 1.90 FP Multi-Asset DRP IV Retail Acc 105 92 105 93 ------0.25 2.40 Architas MA Passive Prudent A Acc 106 61 107 58 120 80 - - - - 0.65 1.37 FP Multi-Asset DRP V Retail 105 87 105 97 116 161 128 160 - - 0.32 2.74 Architas MA Passive Reserve A Acc 108 41 110 32 124 35 133 103 - - 0.65 1.76 FP Multi-Asset DRP VI Retail Acc 106 67 107 70 ------0.25 2.74 Architas MM Divers Prot 85 R Net Acc 100 301 99 302 100 324 - - - - 0.02 - FP Multi-Asset DRP VII Retail 107 57 103 140 112 259 120 218 - - 0.33 2.85 Architas MM Diversified Protector 70 101 249 99 288 105 307 103 257 - - 2.39 - FP Multi-Asset DRP VIII Retail 108 36 103 151 104 313 99 261 - - 0.37 2.65 Architas MM Diversified Protector 80 100 289 99 292 102 318 100 260 - - 2.20 - FP Numis Mid Cap A GBP Acc 95 360 ------Architas MM Monthly High Inc A Acc 103 177 102 206 113 245 124 187 128 114 0.94 4.54 FP Russell Defensive Assets C Acc 103 168 101 235 102 320 105 249 - - 0.88 2.49 Artemis Instl Eq Income Acc 99 336 100 271 120 88 151 18 205 16 0.78 4.15 FP Russell Multi Asset Growth I C £ Acc 103 158 ------Baillie Gifford Active Gilt Plus B Inc 110 19 112 14 122 69 136 75 169 53 0.42 1.37 FP Russell Multi Asset Growth II C £ Acc 102 209 ------Baillie Gifford Actv Lng Gilt Pls B Inc 120 2 123 2 145 5 174 6 211 12 0.43 1.97 FP Russell Multi Asset Growth III C Acc 101 241 100 254 113 237 - - - - - 1.70 Baring Dynamic Capital Growth I GBP Inc 102 201 100 264 113 242 124 189 151 76 - 2.29 FP Russell Multi Asset Growth IV C £ Acc 99 335 ------Baring Targeted Return Inc 101 273 100 277 113 227 121 207 146 94 0.90 3.10 FP Russell Multi Asset Growth V C £ Acc 99 334 ------Baring UK Growth GBP I Inc 100 323 98 316 114 222 129 143 154 72 - 2.28 FP Shenkman Hansa High Yield 115 8 114 12 92 329 90 264 ---- BlackRock Growth and Recovery A Acc 92 362 97 327 131 15 157 12 193 21 1.03 0.90 FP Verbat Portfolio 3 Fund B Acc 105 114 105 95 117 153 132 107 - - 1.10 1.11 Bothwell Asia Pacific (ex Japan) B 111 18 102 179 119 114 122 199 264 3 0.05 2.65 FP Verbat Portfolio 4 Fund B Acc 101 267 102 202 117 137 131 129 - - 1.24 0.95 Bothwell Europe B 101 240 105 91 123 42 129 142 176 47 0.02 2.65 FP Verbat Portfolio 5 Growth Fund B Acc 102 213 103 130 120 97 133 101 - - 1.31 1.63 Bothwell Global Bond B 122 1 131 1 123 50 130 132 211 11 0.01 1.41 FP Verbat Portfolio 5 Income Fund B Inc 106 70 107 67 123 52 139 53 - - 1.45 3.67 Bothwell Global Equity B 103 182 107 72 132 14 143 32 183 35 0.03 1.33 FP Verbat Portfolio 6 Fund B Acc 103 178 101 214 114 217 126 176 - - 1.28 1.16 Bothwell Japan Tracker B 105 100 109 39 126 30 151 19 128 115 0.02 1.61 FP Verbat Portfolio 7 Fund B Acc 105 111 102 208 116 179 128 153 - - 1.46 0.99 Bothwell North America B 111 17 116 8 152 2 195 2 278 2 0.01 1.18 Hawthorn Portfolio A Inc 98 348 97 325 ------0.70 Bothwell Sterling Government Bond B 111 16 112 13 123 56 141 39 189 26 0.01 1.67 HC Stirling House Balanced Acc 104 145 105 103 118 125 - - - - - 0.15 Bothwell UK Equity 350 B 99 342 97 324 115 194 131 128 159 66 0.01 3.90 HC Stirling House Defensive Acc 106 66 107 61 115 192 - - - - - 3.03 Bothwell UK Equity Smaller Companies B 84 366 80 354 99 327 129 144 195 19 0.02 2.81 HC Stirling House Dynamic Acc 103 187 104 123 117 150 - - - - - 0.01 Carmignac Pf Sécurité F GBP Acc Hdg 102 221 103 136 109 289 - - - - 0.75 - HC Stirling House Growth Acc 103 161 104 110 120 86 - - - - - 0.06 Carvetian Capital Hendom Income 104 123 104 118 115 185 136 77 183 32 1.54 1.57 Henderson Core 3 Income I Inc 103 173 103 157 110 282 - - - - - 4.39 Cazenove Caversham Inc 104 118 101 237 120 83 141 40 187 27 1.01 1.06 Henderson Core 4 Income I Inc 103 150 103 145 111 271 - - - - - 4.39 CF Aquarius 102 193 101 212 119 112 129 151 154 73 1.40 0.93 Henderson Core 5 Income I Inc 104 136 103 142 114 220 - - - - - 4.64 CF Arbor 106 77 106 89 117 155 121 206 157 70 1.56 0.52 Henderson Core 6 Income & Growth I Inc 104 121 103 141 115 187 - - - - - 3.74 CF Asset Value Inv Glbl Instl Acc 110 20 106 78 114 224 115 232 159 63 1.27 5.21 Henderson Diversified Growth A 103 189 101 245 110 279 113 238 - - 1.72 0.02 CF Benton Investment 102 200 101 231 116 181 126 169 - - 1.49 1.10 Henderson Instl Absolute Rtn Bd Y 100 327 99 300 100 326 103 255 - - 0.69 1.00 CF Broden 104 117 104 125 118 117 132 117 182 37 1.29 1.60 Henderson Instl High Alpha Credit I 106 76 106 80 118 131 138 58 - - 0.68 3.32 CF Buxton Acc 104 147 101 243 116 158 140 48 231 4 0.64 0.68 Henderson Instl High Alpha Gilt Y 109 27 111 26 119 111 136 76 - - 0.68 1.71 CF Circus 105 101 104 116 117 132 124 184 152 75 1.26 1.42 Henderson Multi Asst Crdt I Acc Grs £H 101 248 102 192 110 276 - - - - - 3.08 CF Cranmer Investment Fund 103 185 100 262 114 213 122 201 183 31 2.34 1.07 HSBC Common For Income Income 109 28 111 21 123 54 137 67 175 48 0.50 3.80 CF Crystal Fund 112 13 116 7 123 45 135 79 213 10 1.11 0.53 HSBC Global Strategy Balanced C Acc 107 47 109 36 125 33 - - - - 0.82 1.48 CF Dartmoor Fund 104 132 100 282 113 243 126 172 178 44 1.48 - HSBC Global Strategy Cautious C Acc 107 58 107 57 116 182 - - - - 0.72 1.55 CF Davids 105 98 101 222 118 122 132 114 159 64 1.35 - HSBC Global Strategy Dynamic C Acc 108 38 110 29 130 19 - - - - 0.94 1.39 CF Drygate 97 353 97 321 116 166 134 87 149 79 1.43 2.60 HSBC World Selection Advent Port Acc C 108 33 110 31 ------0.99

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% £ £ £ £ £ % % £ £ £ £ £ % % HSBC World Selection Balanced C Acc 107 45 107 62 125 32 139 55 - - 1.22 1.89 Santander Max 30% Shares Income Port XI 103 159 104 113 ------3.05 HSBC World Selection Cautious C GBP Acc 106 74 106 82 115 184 126 175 - - 1.18 1.89 Santander Max 30% Shares Portfolio XA 103 157 103 143 ------1.89 HSBC World Selection Conser Port Acc C 107 60 106 81 ------1.94 Santander Max 50% Shares Portfolio XA 103 174 103 134 117 145 132 121 - - - 1.87 HSBC World Selection Dynamic C Acc 109 30 108 44 130 21 143 29 - - 1.27 1.81 Santander Max 60% Shares Income XI 101 276 101 225 116 160 133 104 - - - 3.72 HSBC World Selection Income C Acc 105 106 105 101 116 180 131 127 - - 1.25 4.38 Santander Max 70% Shares Portfolio XA 101 250 102 207 116 168 131 130 - - - 1.37 Iceberg Trust A 104 119 102 188 113 247 115 233 - - 1.51 - Santander Max 70% Shares RA 101 251 103 131 115 191 129 150 153 74 1.34 1.58 IFSL Galatea Opportunity Instl GBP Acc 100 298 101 240 110 274 122 203 - - - 0.63 Santander Premium Sterling Bond A 106 65 107 63 117 148 132 120 143 96 1.02 2.40 IFSL Sinfonia Adventurous Growth A Acc 103 170 100 268 116 162 128 155 - - 2.12 0.43 Schroder Instl Growth I Acc 101 256 101 244 102 321 105 252 114 118 0.47 0.03 IFSL Sinfonia Balanced Managed A Acc 103 179 101 229 117 140 132 113 - - 1.96 0.33 Schroder Instl Sterling Bd I Acc 110 21 112 18 122 66 135 86 168 54 0.27 2.45 IFSL Sinfonia Cautious Managed A Acc 106 83 106 77 118 121 133 95 - - 1.84 0.19 Schroder Managed Wealth Z Acc 104 137 104 117 114 218 122 198 140 102 - 0.52 IFSL Sinfonia Income and Growth A Acc 102 204 102 196 116 163 133 95 - - 1.93 0.66 Schroder Sterling Broad Market Bd I Acc 108 40 110 30 123 44 139 57 177 45 0.32 3.48 IFSL Sinfonia Income Portfolio A Acc 107 52 109 37 117 133 128 158 - - 1.85 0.54 Scottish Widows Adventurous Gr D Acc 103 155 100 274 115 195 128 161 - - 1.82 0.99 IFSL Tilney Bestinvest Agrsv Gr Cln Acc 101 243 102 187 120 91 135 84 - - - 0.95 Scottish Widows Adventurous Solution G 100 308 98 314 118 124 - - - - - 1.56 IFSL Tilney Bestinvest Defensive Cln Acc 101 245 103 156 112 249 120 217 - - - 1.71 Scottish Widows Bal Solution G Acc 100 302 99 297 114 216 - - - - - 2.00 IFSL Tilney Bestinvest Growth Clean Acc 102 229 103 161 120 92 133 99 - - - 1.10 Scottish Widows Balanced Gr D Acc 102 225 101 215 116 156 125 180 - - 1.76 1.57 IFSL Tilney Bestinvest Inc & Gr Cln Acc 101 254 102 175 118 123 130 133 - - - 2.17 Scottish Widows Balanced Growth A 104 134 102 173 113 246 124 191 147 92 1.65 1.55 IFSL Tilney Bestinvest Inc Clean Acc 101 244 102 176 116 174 128 159 - - - 2.22 Scottish Widows Cau Solution G Acc 101 278 100 273 111 261 - - - - - 2.88 Insight Inv UK Broad Mkt Bd Gross P 109 31 111 27 124 37 143 31 176 46 0.37 2.48 Scottish Widows Cautious Gr D Acc 102 203 102 204 113 234 122 195 - - 1.77 1.68 Insight UK Govt Long Mat Bd P2 119 3 122 3 146 4 176 4 221 8 0.38 1.81 Scottish Widows Corporate Bd Trkr W Acc 107 50 108 46 ------3.65 JPM Diversified Real Return C Acc 112 14 108 43 113 244 - - - - 0.83 1.46 Scottish Widows Defensive Solution G Acc 101 253 101 246 110 275 - - - - - 2.59 M&G Episode Macro GBP T-H Acc 100 296 97 330 119 105 112 239 - - 0.95 - Scottish Widows Discovery Solution G Acc 100 308 99 295 113 239 - - - - - 2.40 M&G Income Allocation Euro A Acc 112 12 111 25 ------1.68 4.21 Scottish Widows Diversified Portfolio 104 135 102 171 108 296 114 236 - - 1.86 0.59 M&G Prudent Allocation Euro A Acc 115 10 114 11 ------0.75 Scottish Widows Dynamic Income A Acc 104 146 102 178 111 262 124 185 148 83 1.40 2.07 Marten Fund 108 43 106 85 115 208 128 164 166 56 1.74 3.91 Scottish Widows Dynamic Solution G Acc 100 313 98 311 117 151 - - - - - 1.83 MGTS AFH Tactical Core R Acc 102 214 104 112 114 219 129 137 - - - 1.84 Scottish Widows Environmental Investor G 101 280 97 323 115 192 - - - - - 1.45 MGTS Future Money Dynamic Growth R Acc 101 264 99 285 116 176 128 152 - - 0.87 1.16 Scottish Widows Ethical G Acc 102 227 96 333 112 255 - - - - - 1.29 MGTS Future Money Income R Acc 100 292 100 255 116 175 132 115 - - 0.90 3.52 Scottish Widows Managed Income A Acc 105 102 104 108 111 266 122 194 147 88 1.40 1.77 MGTS Future Money Real Growth R Acc 101 277 100 267 115 205 126 171 - - 0.87 1.63 Scottish Widows Momentum Income A Acc 104 130 103 144 112 258 124 188 147 87 1.39 1.92 MGTS Future Money Real Value R Acc 101 235 101 227 113 238 125 179 - - 0.91 1.64 Scottish Widows Progressive Gr D Acc 103 180 101 210 118 130 126 173 - - 1.77 1.65 MI PanDYNAMIC PanDefensive B Acc 102 207 103 159 105 309 113 237 - - 0.88 2.37 Scottish Widows Stockmarket Growth A 103 152 101 224 116 178 129 148 148 80 1.67 1.65 MI Thornbridge UK C Acc 99 333 92 349 105 306 116 230 143 98 1.11 2.64 Scottish Widows Strategic Growth A 104 128 102 182 116 170 129 141 150 77 1.63 1.60 New Capital Swiss Select Eq Ord Acc 111 15 115 9 ------1.88 - Scottish Widows Strategic Solution G Acc 99 332 98 317 115 203 - - - - - 1.93 OHP Fund 108 34 111 28 127 29 139 56 - - 1.53 0.95 Sentinel Defensive B Acc 100 304 100 252 110 280 119 222 - - - 0.55 Old Mutual Bond 3 R GBP Inc 105 88 95 345 89 331 107 246 130 113 - 8.65 SLI MyFolio Managed I Plat 1 Acc 102 218 102 170 112 254 125 181 - - - 1.44 Old Mutual Cirilium Bal Pasv R GBP Acc 107 51 108 47 122 62 - - - - 0.85 0.82 SLI MyFolio Managed II Plat 1 Acc 101 255 102 190 116 177 131 124 - - - 1.58 Old Mutual Cirilium Cnsrv Pasv R GBP Acc 106 63 107 59 117 138 - - - - 0.85 0.65 SLI MyFolio Managed III Plat 1 Acc 100 317 101 239 118 120 136 69 - - - 1.47 Old Mutual Cirilium Dyn Pasv R GBP Acc 107 48 107 54 124 39 - - - - 0.85 1.10 SLI MyFolio Managed Income I Plat 1 Acc 103 186 103 148 111 264 - - - - - 1.80 Old Mutual Cirilium Mod Pasv R GBP Acc 108 42 109 38 124 36 - - - - 0.85 1.11 SLI MyFolio Managed Income II Plat 1 Acc 101 281 101 217 114 225 - - - - - 2.20 Old Mutual Equity 2 A GBP Acc 99 343 93 348 108 298 135 82 150 78 1.08 4.19 SLI MyFolio Managed Income III Plat1 Acc 100 307 101 241 115 183 - - - - - 2.58 Old Mutual Generation Target 4 A GBP Inc 100 318 96 337 109 294 - - - - - 3.82 SLI MyFolio Managed Income IV Plat 1 Acc 100 322 100 259 117 139 - - - - - 2.65 Old Mutual Generation Trgt 3 R GBP Acc 103 175 ------SLI MyFolio Managed Income V Plat 1 Acc 100 315 101 218 119 116 - - - - - 2.68 Old Mutual Spectrum 3 R GBP Acc 101 242 99 293 109 283 122 204 - - - 2.92 SLI MyFolio Managed IV Plat 1 Acc 99 339 100 258 121 75 140 49 - - - 1.42 Old Mutual Spectrum 4 R GBP Acc 101 282 98 319 109 293 121 209 - - - 2.26 SLI MyFolio Managed V Plat 1 Acc 99 340 101 249 123 46 144 27 - - - 1.29 Old Mutual Spectrum 5 R GBP Acc 100 312 97 328 109 290 121 212 - - - 2.02 SLI MyFolio Market I Plat 1 Acc 104 129 104 109 114 211 129 135 - - - 0.99 Old Mutual Spectrum 6 R GBP Acc 99 330 96 339 109 287 120 214 - - - 1.83 SLI MyFolio Market II Plat 1 Acc 104 127 104 105 118 129 136 73 - - - 1.27 Old Mutual Spectrum 7 R GBP Acc 99 338 95 340 110 278 121 208 - - - 1.66 SLI MyFolio Market III Plat 1 Acc 104 125 104 107 120 90 138 60 - - - 1.58 Old Mutual Spectrum 8 R GBP Acc 99 346 95 344 110 277 120 215 - - - 1.49 SLI MyFolio Market IV Plat 1 Acc 105 113 105 104 122 61 140 50 - - - 1.82 Premier Liberation No. IV Class C Acc 102 192 103 153 121 74 135 83 - - 1.41 2.67 SLI MyFolio Market V Plat 1 Acc 105 93 105 94 124 34 142 34 - - - 1.71 Premier Liberation No. V Class C Acc 102 190 102 168 121 73 138 59 148 81 1.34 1.90 SLI MyFolio Multi-Man Inc I Plat 1 Acc 103 172 103 138 109 288 - - - - - 1.57 Premier Liberation No. VI Class C Acc 103 154 102 174 122 67 137 61 159 65 1.66 1.85 SLI MyFolio Multi-Man Inc II Plat 1 Acc 102 211 102 191 112 257 - - - - - 2.15 Premier Liberation No. VII Class C Acc 104 139 102 200 119 102 132 123 131 112 1.86 1.28 SLI MyFolio Multi-Man Inc III Plat 1 Acc 102 196 102 180 113 232 - - - - - 2.52 Prestney GBP Inc 105 109 103 160 115 207 119 221 140 101 1.32 1.41 SLI MyFolio Multi-Man Inc IV Plat 1 Acc 102 205 102 203 114 223 - - - - - 2.66 Rathbone Active Income and Growth Inc 101 283 100 279 113 230 - - - - - 0.34 SLI MyFolio Multi-Man Inc V Plat 1 Acc 102 210 102 189 116 172 - - - - - 2.66 Rathbone Global Alpha Instl GBP Acc 98 347 100 281 ------0.91 SLI MyFolio Multi-Man IV Plat 1 Acc 101 270 101 230 121 79 141 42 - - - 1.18 Rathbone Heritage Inst Inc 103 153 109 35 133 12 - - - - - 1.72 SLI MyFolio Multi-Man V Plat 1 Acc 101 265 101 213 122 65 143 30 - - - 1.00 Rathbone Multi Asset Enhanced Gr S Acc 104 131 103 128 123 47 - - - - - 0.64 SLI MyFolio Multi-Manager I Plat 1 Acc 102 197 102 183 112 260 124 183 - - - 1.07 Rathbone Multi Asset Strategic Gr S Inc 103 162 104 106 121 77 133 97 - - - 1.23 SLI MyFolio Multi-Manager II Plat 1 Acc 102 226 102 194 115 198 132 122 - - - 1.14 Rathbone Multi Asset Total Return S Inc 102 195 104 114 115 202 124 186 - - - 1.85 SLI MyFolio Multi-Manager III Plat 1 Acc 101 247 101 211 117 136 136 71 - - - 1.29 Rathbone Strategic Income Portfolio Acc 104 138 ------Smith & Williamson Cash 100 305 100 266 100 323 101 259 112 119 0.73 0.23 Rathbone Sussex Growth 101 287 100 263 120 87 132 119 193 22 1.62 1.35 SVS Cornelian Cautious D Acc 102 224 102 172 116 167 134 90 158 68 1.24 1.95 Rathbone Sussex Income 95 358 97 329 114 212 137 64 198 18 1.26 4.23 SVS Cornelian Defensive D Acc 102 220 102 185 113 241 127 165 - - 1.61 2.34 RBS Your Portfolio II 1 103 169 103 135 113 233 - - - - - 2.20 SVS Cornelian Growth D Acc 102 215 103 164 120 81 142 36 174 49 1.21 1.35 RBS Your Portfolio III 1 101 238 101 219 115 201 - - - - - 1.38 SVS Cornelian Managed Growth D Acc 102 216 103 163 119 107 140 45 - - 1.31 1.76 RBS Your Portfolio IV 1 101 274 100 256 116 159 - - - - - 1.13 SVS Cornelian Managed Income D GBP Acc 102 223 103 165 ------3.44 RBS Your Portfolio V 1 100 295 100 269 119 110 - - - - - 0.96 SVS Cornelian Progressive D Acc 103 183 103 133 123 49 148 22 - - 1.36 1.13 RBS Your Portfolio VI 1 101 268 101 247 121 76 - - - - - 0.92 SWIP Asset Allocator A 102 233 101 228 104 314 103 256 - - 2.06 0.30 Royal London Cash Plus M GBP Inc 100 297 100 253 102 322 - - - - - 0.62 SWIP IPS Growth Portfolio P Net Inc 103 165 103 147 121 78 136 72 - - 1.00 2.39 Royal London Duration Hedged Credit Z 97 354 97 332 102 319 - - - - - 3.69 SWIP IPS Higher Income Ptfl P Net Inc 103 184 103 146 112 256 120 216 - - 1.02 2.72 Royal London Enhanced Cash Plus Y £ Acc 100 290 101 236 ------1.29 SWIP IPS Income Portfolio P Net Inc 103 188 103 150 111 270 120 220 - - 0.95 2.66 Royal London Sustainable Mgd Inc C Acc 105 95 106 76 120 99 - - - - - 3.55 SWIP Managed Growth 2 L Net GBP Acc 105 84 106 79 ------2.40 S&W Acacia 101 263 102 167 129 23 154 15 190 25 0.78 1.84 SWIP Managed Growth 4 L Net GBP Acc 103 160 103 162 ------2.39 S&W Bay 109 26 112 15 130 20 150 21 205 17 0.84 2.18 SWIP Managed Growth 6 L Net GBP Acc 103 167 102 201 ------2.32 S&W Beech 98 349 97 322 112 253 121 211 183 34 0.84 2.10 The Alkerton Trust Income I/A 100 299 98 312 115 189 129 136 - - 1.28 3.74 S&W Brighton Rock 100 325 101 242 122 68 135 85 - - 1.57 0.74 The Aurinko Acc 103 166 102 199 116 173 137 63 178 43 1.44 1.74 S&W Jetwave Trust Acc 98 350 96 335 114 214 126 168 157 71 1.40 3.10 The Beamish 99 345 95 343 98 328 79 266 92 121 0.44 - S&W Lancaster 101 288 100 276 114 221 117 226 138 103 1.96 0.31 The Jay 100 293 98 313 117 141 134 91 - - 1.08 0.58 S&W Langham Trust 106 78 102 205 105 308 105 250 136 106 1.92 - The Monoux 105 89 112 20 138 9 163 10 - - 1.39 0.66 S&W Magnum 104 140 105 102 129 22 144 28 185 29 1.03 1.86 The New Floco Inc 106 64 112 17 142 7 171 7 - - 1.21 0.98 S&W Marathon Inc 100 316 99 291 118 126 131 126 185 30 1.31 1.79 The New Jaguar Inc 106 69 111 24 143 6 174 5 - - 1.35 0.58 S&W MF 101 237 101 216 120 96 129 139 - - 1.92 0.80 The Oenoke Acc 106 79 107 68 124 41 139 54 179 42 1.42 1.17 S&W New Sarum Real Return Fund A Inc 102 219 101 226 111 263 ------The Pendennis Acc 107 56 107 65 124 38 139 51 179 41 1.29 1.67 S&W Norton 102 191 101 232 120 95 128 163 163 57 1.40 1.50 The Primrose Fund 104 144 99 299 116 169 128 156 - - 1.55 0.03 S&W Quercus Unit Trust 102 206 97 326 106 303 111 240 - - 1.35 1.53 The Windrush Inc 105 110 100 260 115 188 128 162 - - 1.53 - S&W Skye Inc 87 364 82 353 117 134 154 14 180 39 0.63 2.42 Thesis Abaco GBP 100 294 100 275 114 210 118 225 - - 1.05 - S&W Staffordshire Portfolio 101 269 105 99 112 252 117 229 - - 1.18 1.98 Thesis Darin A Inc 105 112 106 90 123 43 137 62 157 69 1.47 1.50 S&W Sylvan Alder Invest 101 257 102 169 121 72 139 52 186 28 0.83 1.18 Thesis Eden Investment Inc 101 239 100 257 115 206 125 178 - - 1.85 1.87 S&W Sylvan Bromfield 100 310 102 195 119 104 143 33 183 33 0.95 0.80 Thesis Headway A Inc 103 181 102 166 113 229 118 224 143 97 1.57 1.43 S&W Sylvan Global Opportunities 100 303 103 158 120 93 141 44 182 36 0.62 0.86 Thesis Lion Growth Inc 105 96 102 198 122 59 136 74 163 59 1.89 0.29 S&W Sylvan Hornbeam 101 260 98 318 115 190 133 102 192 23 0.69 2.71 Thesis Ord Acc 105 108 108 49 132 13 145 25 - - 1.19 0.98 S&W The Rosslyn Net Inc 101 246 98 304 113 228 - - - - - 0.96 Thesis PM A Acc 105 90 107 55 123 57 141 38 - - 1.39 1.16 S&W Thoroughbred 101 284 99 290 118 118 133 92 159 62 1.46 1.09 Threadneedle Target Ret Retl Grs EUR 109 29 106 87 89 330 88 265 133 110 1.38 - S&W Witch General Inc 98 351 96 334 113 240 126 167 161 60 1.25 0.91 Threadneedle UK Eq Income (ex LV) Retl 102 232 102 186 128 26 155 13 - - 1.06 4.47 S&W Worldwide 101 279 99 298 112 250 121 213 170 52 2.03 0.69 TM Market GBP Inc 100 324 98 307 110 273 ------Santander Atlas Income Portfolio II 104 126 102 193 122 60 141 43 - - 2.15 5.30 TM NewCourt A 2011 Inc 100 320 99 301 108 297 ------Santander Atlas Portfolio 3 IA 103 156 103 132 114 215 129 145 134 107 - 2.22 TM Oak 109 25 112 19 128 25 144 26 216 9 1.26 0.92 Santander Atlas Portfolio 4 IA 102 198 103 155 117 154 132 118 147 90 - 1.99 TM Opus Inc 108 39 107 60 115 209 - - - - - 0.86 Santander Atlas Portfolio 5 IA 101 236 100 269 115 200 129 149 146 93 - 1.42 TM Private Portfolio Trust A2000 Inc 100 314 99 294 109 284 - - - - - 0.22 Santander Atlas Portfolio 6 IA 102 208 101 248 115 196 125 182 - - - 1.75 VT Rossie House Portfolio B Inc 101 259 101 209 ------0.93 Santander Atlas Portfolio 7 IA 102 199 100 272 116 164 128 157 147 89 - 1.15 WAY Green Portfolio Elite E Acc 106 62 102 177 113 236 110 242 ---- Santander Balanced International Trg RA 105 104 104 111 119 106 136 68 160 61 1.50 0.84 Average/Total 103 366 103 354 116 332 130 267 167 121 1.19 1.82 Santander Bond Monthly Income RI 106 71 107 74 117 143 132 109 137 104 1.06 3.12 Santander Global Emerging Shares RA 114 11 103 152 107 300 94 263 - - 2.17 0.69 (IA) £ CORPORATE BOND Santander Investment Income Port XI 106 72 107 66 117 135 133 98 - - - 3.89 Aberdeen Corporate Bond I GBP Acc 106 44 106 44 120 33 138 25 162 22 - 3.81 Santander Investment Income RI 107 59 107 53 118 127 134 89 147 84 0.58 2.81 Alliance Trust Monthly Inc Bd B Net Acc 101 89 102 85 111 78 125 70 - - 0.67 5.60 Santander Investment Portfolio XA 106 75 107 71 117 146 133 105 - - - 2.67 Alliance Trust SF Corporate Bd 2 105 70 105 65 119 40 138 28 159 27 0.60 3.67 Santander Max 100% Shares Portfolio XA 107 55 108 48 130 18 140 47 - - - 0.28

www.WhatInvestment.co.uk 69 Unit trusts

FUNDFUND 66 MONTHS MONTHS 1 1YEAR YEAR 33 YEARS YEARS 5 5YEARS YEARS 10 10 YEARS YEARS TER TER YIELD YIELD FUND 66 MONTHS MONTHS 1 YEAR 3 3 YEARSYEARS 5 YEARSYEARS 10 10 YEARS YEARS TER YIELD YIELD £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % £ £ £ £ £ % % Aviva Investors Corporate Bd 2 GBP Inc 105 57 106 45 118 48 136 37 161 24 0.72 3.43 L&G High Income I Acc 107 2 100 20 112 14 120 19 153 13 0.42 7.16 Aviva Investors Monthly Inc Pls R3 £ Acc 106 40 107 37 122 19 137 30 151 40 - 3.76 M&G Global Fltng Rt Hi Yld GBP I-H Acc 102 25 101 19 ------0.83 3.39 AXA Sterling Corporate Bond Z Net Acc 106 31 107 32 117 62 135 44 125 55 0.54 3.61 M&G Global High Yield Bond GBP I Acc 105 7 102 11 113 11 128 9 162 11 0.81 4.90 AXA Sterling Crdt Shrt Dura Bd Z Net Acc 102 86 102 86 106 84 113 73 - - 0.43 1.30 Marlborough High Yield Fixed Int P Inc 101 29 102 12 116 5 127 11 162 10 - 6.50 AXA £ SmartBeta Cr Bd Z Acc Net 107 9 109 10 120 32 - - - - - 2.16 Neuberger Berman HY Bd GBP A Acc 107 3 100 22 108 21 123 15 - - 1.40 - Baillie Gifford Inv Grade Bd B 107 20 107 23 120 29 142 12 153 36 0.30 3.41 Neuberger Berman Shrt Dur HY Bd £ I Acc 104 12 99 25 108 22 - - - - 0.80 - Baillie Gifford Inv Grade Lg Bd B 110 7 110 8 129 6 160 2 187 5 0.27 4.33 Newton Global High Yield Bd Instl W NAcc 107 5 102 8 107 24 119 20 151 14 - 5.85 Barclays Sterling Corporate Bond R Acc 106 28 106 51 120 30 137 29 149 44 - - Old Mutual Threadneedle HY Bd U2 Acc£ 102 26 101 14 116 7 - - - - - 5.15 BlackRock Corporate Bond 1-10 Year D Acc 104 75 105 68 115 69 130 59 - - 0.17 3.35 PIMCO GIS Global Hi Yld Bd R GBP Hdg Inc 104 10 101 18 110 20 123 13 - - 0.80 5.28 BlackRock Corporate Bond D Acc 105 58 107 30 121 26 140 16 175 10 0.58 3.72 PIMCO GIS US High Yld Bd R GBP Hg Inc 106 6 101 16 110 18 - - - - 0.80 5.41 BlackRock Corporate Bond Tracker D Acc 107 21 108 16 121 28 139 24 - - 0.17 3.02 Royal London Global High Yield Bd M Inc 104 14 102 7 113 12 - - - - - 5.30 CF Canlife Corporate Bond C Acc GBP 105 66 106 63 117 61 134 49 167 17 0.81 3.83 Royal London Shrt Dur Glbl HY Bd M Inc 101 28 102 10 110 17 - - - - - 7.22 Clerical Medical Income Acc 105 53 106 53 115 70 130 57 137 53 - 4.79 Schroder Monthly High Income Z Acc 103 16 105 2 123 1 128 8 176 4 0.82 5.84 Close Bond Income Portfolio X Acc 103 78 104 77 114 73 129 60 - - 0.54 4.21 Scottish Widows High Income Bd Acc 103 17 96 29 103 27 116 21 147 16 1.63 5.83 F&C Corporate Bond C Net Inc 105 67 106 54 120 36 136 36 159 26 - 3.98 SLI Higher Income Plat 1 Acc 103 19 102 6 116 4 130 5 164 8 - 4.82 F&C Institutional All Stks Corp Bd 3£Acc 107 16 108 12 123 10 - - - - - 3.65 Threadneedle High Yld Bd ZNI 102 22 102 13 115 8 129 6 174 5 - 5.89 F&C Institutional Lng Dtd Corp Bd3£Acc 112 1 114 1 136 1 - - - - - 3.99 Average/Total 104 30 101 30 112 28 126 22 162 18 0.86 5.62 F&C Responsible Sterling Bond C Net Inc 106 35 107 27 119 47 135 43 - - - 3.46 Fidelity Instl UK Corp Bd Inc 106 37 106 46 121 23 140 19 171 13 0.42 3.73 (IA) £ STRATEGIC BOND Fidelity Instl UK Lng Corp Bd Inc 111 4 112 5 132 4 159 3 197 3 0.42 4.02 Aberdeen Strategic Bd I Acc 102 65 101 59 112 42 127 35 - - - 4.06 Fidelity MB Inc Reduced Dur Y Net Acc 99 92 98 91 103 85 - - - - - 2.65 Aberdeen World Opportunistic Bond I Acc 105 14 104 20 114 37 - - - - - 3.55 Fidelity MoneyBuilder Income Net Y 106 33 107 35 120 35 137 32 171 15 0.57 3.56 Allianz Strategic Bond C Inc 105 15 106 10 119 13 138 10 156 19 0.91 3.13 GS Sterling Credit R Acc 107 25 108 18 122 14 143 10 - - 0.65 - Architas MM Strategic Bond A Acc 105 22 103 33 109 58 120 45 141 31 1.07 3.06 Halifax Corporate Bd C 105 54 106 60 116 65 127 64 130 54 1.01 3.86 Artemis High Income I 100 74 99 67 117 27 140 3 164 14 0.69 6.09 Henderson All Stocks Credit I Acc 106 36 107 33 119 39 136 41 165 19 0.55 3.35 Artemis Strategic Bond QI Acc 103 45 103 39 116 33 129 32 168 9 0.58 4.55 Henderson Instl Long Dated Cred I Acc 112 3 113 4 131 5 157 4 186 6 0.55 3.30 Aviva Investors Higher Inc Pls 2 GBP Inc 105 23 105 15 121 9 140 6 167 10 0.62 4.95 Henderson Sterling Bond I Acc 105 56 106 47 119 45 136 39 145 48 - 3.41 Aviva Investors Managed Hi Inc 2 GBP Inc 105 16 104 25 118 22 135 15 168 8 0.63 5.04 HSBC Corporate Bond C Acc 106 32 107 28 121 21 138 26 151 39 - 3.97 Aviva Investors Strategic Bd 2 GBP Inc 102 52 102 42 116 31 133 20 - - 0.73 4.09 Insight Corporate Bond Instl W Net Acc 106 39 107 41 117 58 134 46 148 45 - 3.04 AXA Framlington Managed Income Z GBP Acc 102 53 100 64 117 25 - - - - - 5.16 IP Corporate Bond Z Acc 103 79 104 78 114 74 130 58 171 14 - 4.00 AXA Sterling Strategic Bond Z Net 109 5 110 5 121 7 138 11 134 35 0.51 1.53 JPM Sterling Corporate Bond C Net Acc 107 24 108 14 122 17 140 18 139 52 0.68 2.89 Baillie Gifford Corp Bd B Inc 104 30 103 28 118 16 139 7 177 4 0.55 4.35 Jupiter Corporate Bond I Acc 105 52 106 56 118 54 133 55 164 21 - 3.10 Baillie Gifford Sterling Agg Bd C Gr Acc 109 8------Kames Ethical Corporate Bond B Acc 105 63 106 58 119 43 136 40 154 35 0.58 3.44 Baillie Gifford Stlg Agg Pls Bd C Gr Acc 109 6------Kames Investment Grade Bond B Acc 105 65 106 57 122 18 143 11 173 12 0.81 3.33 Barclays Sterling Bond R Acc 110 1 111 3 123 5 ------Kames Sterling Corporate Bond B Acc 105 68 106 61 118 52 137 31 158 31 0.58 3.26 BlackRock Fixed Inc Global Opps D Acc 100 76 99 68 102 72 107 55 158 18 - 0.77 L&G Fixed Interest I Acc 106 30 107 22 121 25 140 20 169 16 0.34 3.76 BNY Mellon Global Oppc Bd I GBP Hdg Acc 98 80 93 79 ------0.85 4.66 L&G Managed Monthly Income I Acc 107 26 107 21 122 12 141 15 175 11 0.44 4.09 CF IM Bond A Inc 105 21 106 9 118 14 134 18 - - 1.54 2.11 L&G Short Dated Stlg Corp Bd Idx I Acc 102 85 103 84 ------2.70 City Financial Divers Fxd Intr R Acc 100 72 98 76 ------6.70 L&G Sterling Corporate Bond Index I Acc 107 12 108 11 121 24 - - - - - 2.54 EdenTree Amity Sterling Bond B 101 66 101 56 117 26 130 29 - - 0.78 5.22 L&G Sterling Income I Acc 104 73 104 76 117 60 133 54 151 41 - 4.27 F&C Extra Income Bond C Net Inc 103 41 103 34 116 32 130 30 153 21 - 4.36 Legg Mason IF WA Retirement Inc Bd X Inc 105 61 104 75 106 82 112 74 120 57 - 2.92 F&C Institutional Aggt Fxd Intr 3 £ Acc 109 7 111 4 123 6 - - - - - 2.77 M&G Corporate Bond GBP I Acc 106 47 107 40 119 41 138 27 189 4 0.66 3.42 F&C Strategic Bond Fd C Net Inc 100 75 100 60 107 64 118 46 146 30 - 2.49 M&G Global Corporate Bond GBP I-H Acc 105 62 105 74 ------2.60 Fidelity Extra Income Net Y 104 36 104 23 117 23 137 13 174 7 0.78 4.15 M&G Short Dated Corp Bd GBP I Inc 101 90 101 87 106 83 110 75 122 56 0.55 1.88 Fidelity Strategic Bond Net Y 105 17 104 22 117 28 135 16 181 1 0.68 3.23 M&G Strategic Corporate Bond GBP I Acc 104 72 105 69 116 63 135 42 200 2 0.66 3.14 Franklin Strategic Bond W Inc 104 29 104 21 113 38 129 33 - - 0.85 4.59 Marlborough Bond Income P Inc 104 71 105 72 119 42 136 35 158 30 - 4.81 GAM Star Credit Opp (GBP) Instl GBP Acc 102 54 103 31 130 1 - - - - 1.14 - Morgan Stanley UK Sterling Corp Bd I Acc 105 64 106 50 121 27 144 9 186 7 0.60 2.92 GS Sterling Broad Fixed Inc R Acc 110 4 111 2 124 3 142 2 163 16 0.60 - Newton Long Corporate Bd Ex 1 Gross 110 6 112 6 129 7 154 6 179 9 0.26 3.38 GS Stlg Broad Fixed Inc+ R Acc 110 2 113 1 127 2 148 1 180 2 0.75 - Old Mutual Bond 2 A GBP Acc 107 11 107 31 118 56 134 50 146 46 0.99 4.18 HC KB Enterprise Fixed Income A Net Acc 105 24 104 24 111 46 125 39 - - 1.12 2.72 Old Mutual Corporate Bond R GBP Acc 105 50 105 71 118 53 137 34 152 37 0.64 3.10 Henderson Fixed Intr Mth Inc I Inc 102 56 103 29 120 12 131 25 148 27 0.78 5.78 Old Mutual Fidelity Moneybldr Inc U2Acc£ 107 17 107 24 ------3.63 Henderson Preference & Bond I Acc 103 48 103 30 118 15 131 26 159 17 0.68 5.02 Old Mutual IP Corporate Bond U2 GBP Acc 103 76 105 73 115 71 - - - - - 3.17 Henderson Strategic Bond I Acc 102 51 103 32 118 19 132 24 174 6 0.68 4.71 PIMCO GIS Glbl Inv Grd Crdt R Inc GBP H 106 38 106 64 115 72 125 68 - - 0.76 3.69 Hermes Multi Strategy Credit F GBP Acc H 104 31 102 50 ------0.79 - PIMCO GIS UK Corporate Bond Inst 107 10 109 9 125 9 146 8 - - 0.46 - HL Multi-Manager Strategic Bond A Acc 103 44 102 40 112 43 125 38 - - 1.30 2.22 PIMCO GIS UK Lg Tm Cp Bd Ins £ Acc 111 5 113 3 135 2 164 1 212 1 0.46 - Insight Global Select Bond Int W Net Acc 98 81 98 73 109 61 - - - - - 2.74 PIMCO Select UK Corporate Bond R GBP Acc 106 29 108 19 122 11 140 17 - - - - Insight Infl Lnkd Corp Bd W Acc 102 57 101 58 109 60 - - - - - 2.27 Premier Corporate Bond Monthly Income C 101 88 101 88 113 75 125 69 140 51 1.00 3.64 Investec Strategic Bond I Acc Net 102 50 101 52 106 65 110 52 138 33 0.61 2.42 Rathbone Ethical Bond I Inc 102 84 103 80 120 31 140 21 164 20 0.70 4.67 IP Monthly Income Plus Z Acc 100 73 99 66 112 41 131 27 179 3 - 5.40 RBS Extra Income 1 106 43 106 42 118 51 134 47 154 34 1.04 3.08 IP Tactical Bond Z Acc 102 58 102 51 111 49 127 36 - - - 1.95 Royal London Corporate Bond M Acc 105 51 106 48 122 13 142 13 158 29 - 4.21 JPM Global Bond Opportunities C Net Acc 105 26 102 45 ------4.44 Royal London Corporate Bond Monthly Inc 104 74 105 66 116 64 127 65 140 50 1.04 4.11 JPM Income C Net Acc 104 28 101 55 ------0.68 6.37 Royal London Ethical Bond M Acc 105 69 106 62 121 20 142 14 - - - 4.18 JPM Strategic Bond C Net Acc 103 47 102 47 107 63 113 50 - - 0.68 3.02 Royal London Inv Grade SD Credit Inc Z 102 87 ------Jupiter Strategic Bond I Acc 104 32 104 19 116 30 137 12 - - 0.73 4.70 Royal London Short Dur Crdt M GBP Inc 102 83 103 79 ------3.52 Kames Strategic Bond B Acc 102 61 100 62 108 62 120 44 155 20 - 2.67 Royal London Sterling Credit M GBP Acc 105 59 106 49 122 16 - - - - - 4.17 L&G Dynamic Bond I Acc 101 68 100 65 109 59 120 43 - - 0.64 4.42 Santander Corporate Bond IA 106 41 107 29 119 46 - - - - - 3.72 Legg Mason IF BW Glbl Inc Optr X Inc 108 9 103 38 110 53 - - - - 1.10 5.13 Schroder All Maturities Corp Bd Z Acc 107 19 107 25 120 34 133 53 - - 0.46 4.10 Legg Mason WA Macro Opps Bd X Acc (H) £ 105 25 105 17 ------1.25 - Schroder Instl Long Dated Corp Bd I Acc 112 2 113 2 134 3 155 5 182 8 0.27 4.07 Loomis Sayles Strategic Income H-N/D GBP 104 35 97 77 104 68 - - - - - 4.40 Schroder UK Corporate Bond Z Acc 107 15 107 20 119 44 134 51 165 18 0.61 4.46 M&G Optimal Income GBP I Acc 102 62 101 54 112 44 133 22 - - 0.91 2.54 Scottish Widows Corporate Bd G Acc 106 45 106 59 117 59 - - - - - 3.17 M&G UK Inflation Lnkd Corp Bd GBP I Acc 102 63 99 71 103 71 109 53 - - 0.66 0.42 SLI AAA Income Plat 1 Acc 107 14 107 26 116 66 128 62 146 47 - 2.09 Man GLG Strategic Bond Profl Acc C 103 46 100 61 110 51 - - - - 0.83 3.09 SLI Corporate Bond Plat 1 Acc 105 60 105 70 118 49 139 23 149 43 - 4.31 Marks & Spencer High Income Acc 106 12 106 11 116 34 129 31 147 28 1.00 4.07 SLI Ethical Corp Bond Plat 1 Acc 106 34 107 39 120 37 137 33 156 33 - 3.37 MI TwentyFour AM Dynamic Bond I Acc 99 78 99 72 117 24 135 14 - - 1.10 5.07 SLI Investment Grade Corp Bd Plat 1 Acc 106 27 106 55 118 55 134 48 149 42 - 3.41 MI TwentyFour AM Focus Bond A Inc 100 71 98 74 111 47 - - - - - 5.53 SLI Short Duration Credit Plat 1 Acc 101 91 100 89 109 80 123 71 144 49 - 2.32 Muzinich Glbl Tctl Crdt Hdg GBP Acc A 105 27 105 18 ------1.24 - Smith & Williamson Fxd Interest B 106 48 105 67 115 68 133 52 159 28 - 2.73 NatWest High Yield NAV 105 19 106 13 120 10 140 4 166 12 - 3.54 SVS Brown Shipley Sterling Bond I Acc 103 80 99 90 111 79 126 66 - - 0.77 4.35 NFU Mutual Gilt & Corp Bond C 110 3 110 6 124 4 139 8 167 11 - 3.22 SVS Church House Inv Grade Fxd Intr Acc 103 81 103 82 111 77 126 67 157 32 1.05 2.64 Old Mutual Bond 1 A GBP Inc 98 79 96 78 114 36 132 23 140 32 1.08 5.81 TB Walker Crips Corporate Bond B Inc 103 77 103 81 112 76 128 63 161 23 - 4.20 Old Mutual Fidelity Strat Bd U2 GBP Acc 105 18 105 16 118 17 - - - - - 2.93 Threadneedle III UK Corp Bond R Net Acc 106 46 106 43 118 50 135 45 - - 1.08 3.48 Old Mutual Monthly Income Bd R GBP Acc 103 40 98 75 109 57 128 34 131 36 0.85 5.88 Threadneedle M/L Dated Corp Bd Instl Inc 109 8 111 7 127 8 146 7 - - 0.46 3.48 Old Mutual Voyager Strat Bond R GBP Inc 104 33 103 35 105 67 118 47 146 29 - 3.87 Threadneedle Nav Income Inc 105 55 106 52 117 57 132 56 152 38 1.45 2.77 PIMCO GIS Divers Inc Dur Hdg Inst£HdgAcc 103 43 99 69 104 70 - - - - 0.69 - Threadneedle UK Corp Bd Inst Net GBP 106 42 107 36 119 38 136 38 161 25 0.55 3.80 PIMCO GIS Income R Inc GBP H 103 39 103 37 115 35 - - - - 0.80 4.01 Threadneedle UK ShrtDtdCorpBd INI 102 82 103 83 108 81 116 72 - - 0.44 2.40 PIMCO GIS UK GBP Low Duration Inst Acc 101 67 102 46 104 69 108 54 - - 0.46 - Threadneedle UK Social Bond ZNA GBP Acc 107 22 108 15 ------2.92 PIMCO Select UK Income Bond R GBP Inc 103 49 104 26 110 52 125 37 - - - 4.34 TwentyFour Corporate Bond £ Acc hdg 105 49 107 38 ------Pioneer SICAV Strategic Inc N GBP HND 104 34 102 48 110 54 121 42 176 5 0.97 - UBS Corporate Bond UK Plus C Acc Net 107 18 107 34 115 67 129 61 - - - 3.81 Premier Strategic High Income Bond C Inc 100 77 99 70 111 50 116 49 134 34 - 5.32 UBS Sterling Corporate Bd Indexed C Acc 107 23 108 17 122 15 - - - - - 3.06 Rathbone Strategic Bond Instl Inc 104 37 103 27 112 40 - - - - 1.28 4.38 Vanguard UK Inv Grade Bd Idx GBP Acc 107 13 108 13 121 22 139 22 - - 0.20 2.90 RBS High Yield 1 105 19 106 13 120 10 140 5 166 13 1.05 3.54 Average/Total 106 92 106 91 119 85 136 75 160 57 0.61 3.50 Royal London Sterl Extra Yld Bd A 102 60 101 57 116 29 138 9 150 24 0.88 6.55 (IA) £ HIGH-YIELD Santander Strategic Bond IA 101 70 102 41 111 48 121 41 - - - 4.05 Aberdeen European High Yield Bond I Acc 102 27 103 3 118 3 129 7 - - - 6.49 Sarasin Sterling Bond I Acc 107 11 108 8 118 20 134 17 163 15 0.86 3.69 Aberdeen Global High Yield Bond I Acc 104 13 97 28 105 26 120 18 148 15 - 4.95 Schroder Strategic Bond Z Acc 102 64 100 63 110 55 - - - - - 3.77 Aviva Investors High Yld Bd 2 GBP Inc 102 24 103 4 120 2 138 2 - - 0.74 5.48 Schroder Strategic Credit Z GBP Acc 101 69 102 49 109 56 118 48 151 23 - 5.14 AXA Global High Income Z Net Acc 104 11 97 27 106 25 123 14 170 6 0.80 7.38 Scottish Widows Strategic Income A Acc 106 13 106 12 118 18 134 19 148 26 1.38 3.90 AXA Pan Eurpn High Yield Bond Z Acc 102 23 103 5 116 6 134 3 145 17 - 5.73 SLI Strategic Bond Plat 1 Acc 102 55 102 44 112 39 133 21 - - - 3.29 Baillie Gifford High Yield Bd B Inc 103 21 101 17 114 10 132 4 193 1 0.38 4.56 SPW Strategic Invmt Grd Bd P GBP Acc 103 38 103 36 121 8 - - - - 0.44 - Baring High Yield Bond I GBP Hdg Inc 104 15 96 30 101 28 111 22 154 12 1.24 6.51 Threadneedle Strategic Bond ZNI 103 42 102 43 112 45 124 40 150 25 - 4.38 F&C Maximum Income Bond C Net Inc 103 18 101 15 114 9 121 17 118 18 - 5.34 Virgin Income Trust 108 10 109 7 118 21 131 28 152 22 1.00 1.67 Fidelity Global High Yield Y Acc 107 4 102 9 111 15 - - - - 0.87 5.61 Waverton Sterling Bond A GBP 102 59 101 53 105 66 112 51 - - 1.06 5.19 Hermes Global High Yield Bond F £ Hg Acc 105 8 100 21 ------0.79 - Average/Total 104 81 103 79 114 72 129 55 158 36 0.86 3.97 Investec Monthly High Income I Acc Net 105 9 105 1 112 13 122 16 164 9 0.75 4.13 IP High Yield Z Acc 101 30 97 26 110 19 140 1 186 2 - 5.75 JPM Global High Yield Bd C Net Acc 107 1 100 23 107 23 124 12 164 7 0.73 6.33 Kames High Yield Bond B Acc 103 20 99 24 111 16 127 10 183 3 0.81 4.90

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 30 June 2016, 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 6 MONTHS 11 YEARYEAR 33 YEARSYEARS 5 YEARS 1010 YEARS YIELDYIELD DISCDISC FUND 6 MONTHS 11 YEARYEAR 3 3 YEARSYEARS 5 YEARS 10 10 YEARSYEARS YIELDYIELD DISCDISC ££ ££ £ £ £ £ %% %% ££ ££ ££ ££ ££ %% %% ASIA PACIFIC - EXCLUDING JAPAN EUROPEAN EMERGING MARKETS Aberdeen Asian Income 117 2 99 12 96 15 124 9 286 7 4.72 -7.26 Baring Emerging Europe 120 1 108 2 85 2 72 2 108 1 4.18 -16.12 Aberdeen Asian Smaller 116 4 107 5 89 16 139 6 391 2 1.23 -13.61 BlackRock Emerging Europe plc 115 2 111 1 95 1 75 1 91 2 0.90 -13.00 Aberdeen New Dawn 111 10 99 14 97 14 107 14 229 12 2.28 -16.31 Average/Total 118 2 109 2 90 2 74 2 100 2 2.54 -14.56 All Asia Asset Capital Limited 94 16 88 16 193 1 - - - - - 443.07 EUROPEAN SMALLER COMPANIES Asian Total Return Investment Company 116 5 113 2 119 9 121 11 248 11 1.76 -10.21 European Assets 90 4 96 4 137 3 192 1 221 2 7.26 -6.26 Edinburgh Dragon 115 6 105 9 108 12 118 12 267 9 1.08 -12.45 JPMorgan European Smaller Comp 91 3 111 1 166 1 153 3 247 1 1.22 -17.35 Fidelity Asian Values 118 1 119 1 151 2 148 4 317 4 0.69 -13.46 Montanaro European Smaller 92 2 106 2 118 4 128 4 - - 1.40 -20.02 Henderson Far East Income 108 14 101 11 111 10 131 8 249 10 6.47 -4.36 TR European Growth 94 1 101 3 160 2 158 2 194 3 1.13 -17.96 Invesco Asia 112 8 107 6 140 4 136 7 293 6 1.80 -13.67 Average/Total 92 4 103 4 145 4 158 4 221 3 2.75 -15.40 JPMorgan Asian 110 13 102 10 120 8 106 15 207 14 1.05 -12.77 FLEXIBLE INVESTMENT Martin Currie Asia Unconstrained 111 11 99 13 109 11 121 10 164 15 2.69 -18.05 BACIT 101 7 101 7 114 4 - - - - 1.71 -0.17 Pacific Assets 110 12 106 8 143 3 179 1 304 5 1.07 -6.34 BlackRock Income Strategies 88 10 90 10 105 7 108 6 147 5 5.69 -3.84 Pacific Horizon 108 14 97 15 122 6 118 13 212 13 0.19 -11.52 Capital Gearing 107 2 108 3 102 9 116 4 182 3 0.57 1.11 Schroder Asia Pacific 111 9 109 4 124 5 143 5 285 8 1.42 -12.46 Henderson Alternative Strategies Trust 102 6 96 9 96 10 74 8 71 7 1.50 -21.55 Schroder Oriental Income 117 2 110 3 120 7 159 2 330 3 3.92 -1.74 Invesco Perp Select Balanced 105 5 102 6 113 6 ------4.94 Scottish Oriental Smaller Cos 114 7 106 7 104 13 149 3 414 1 1.37 -13.86 Miton Global Opportunities 105 3 104 4 119 2 120 3 120 6 - -11.00 Average/Total 112 16 104 16 122 16 133 15 280 15 2.12 17.19 New Star Investment Trust 105 4 104 5 113 5 104 7 54 8 0.39 -39.54 ASIA PACIFIC - INCLUDING JAPAN Personal Assets 110 1 113 1 119 3 128 2 180 4 1.47 -2.04 Witan Pacific 112 1 104 1 116 1 131 1 200 1 1.79 -16.23 RIT Capital Partners 99 9 108 2 151 1 140 1 192 2 1.88 -2.10 Average/Total 112 1 104 1 116 1 131 1 200 1 1.79 -16.23 Ruffer Investment Company 101 8 96 8 102 8 112 5 198 1 1.61 -0.94 COUNTRY SPECIALISTS: ASIA PACIFIC Average/Total 102 10 102 10 113 10 113 8 143 8 1.85 -8.50 Aberdeen New Thai 127 2 112 6 103 9 183 3 384 1 1.88 -15.66 GLOBAL Fidelity China Special 102 9 97 8 177 3 150 4 - - 1.24 -18.91 Alliance Trust 103 10 111 4 132 14 154 10 194 14 2.09 -11.45 India Capital Growth 105 7 112 5 180 2 130 7 76 7 - -23.70 Bankers 96 22 96 24 121 21 164 7 222 9 2.66 -8.84 JPMorgan Chinese 103 8 94 9 129 8 115 8 240 4 1.04 -15.15 British Empire 109 3 102 12 113 23 108 24 139 20 2.34 -13.37 JPMorgan Indian 113 4 113 4 162 5 134 6 240 3 - -14.02 Brunner 100 14 99 17 122 20 144 17 185 17 2.92 -18.94 Kubera Cross-Border 78 10 75 10 33 10 23 9 - - - -71.53 Caledonia Investments 96 19 96 22 136 12 151 13 147 19 2.34 -23.32 New India 110 5 116 3 165 4 144 5 319 2 - -13.91 Edinburgh Worldwide 94 24 89 25 137 8 150 14 213 11 - -12.37 VietNam Holding 122 3 139 1 195 1 332 1 148 6 - -19.77 EP Global Opportunities 106 7 102 13 126 18 153 11 189 15 1.27 -3.63 VinaCapital Vietnam Opp Fund 130 1 133 2 151 6 216 2 169 5 - -23.74 Establishment Investment Trust 96 23 97 21 86 27 101 25 129 22 3.17 -32.37 Weiss Korea Opportunity 106 6 110 7 144 7 - - - - 1.68 -7.85 F&C Global Smaller Companies 102 11 104 9 136 11 185 5 285 3 1.05 -1.88 Average/Total 110 10 110 10 144 10 159 9 225 7 1.46 -22.42 F&C Managed Portfolio Growth 96 20 96 23 128 15 132 21 - - - 0.57 COUNTRY SPECIALISTS: EUROPE Foreign & Colonial Investment Trust 103 9 108 7 138 6 161 9 226 8 2.14 -11.25 JPMorgan Russian Securities 132 1 123 1 86 1 64 1 104 1 3.47 -16.43 Hansa Trust 'A' Class A 93 25 87 26 97 25 77 26 118 24 2.26 -34.38 Average/Total 132 1 123 1 86 1 64 1 104 1 3.47 -16.43 Hansa Trust 89 27 85 27 97 25 75 27 111 25 2.29 -35.13 COUNTRY SPECIALISTS: LATIN AMERICA Independent 93 26 110 5 161 4 185 4 202 12 1.67 7.71 JPMorgan Brazil 143 1 102 1 68 1 52 1 - - 0.79 -15.92 JPMorgan Elect Managed Growth 96 20 98 19 127 17 149 15 197 13 1.14 -4.29 Average/Total 142 1 102 1 68 1 52 1 - - 0.79 -15.92 JPMorgan Overseas 97 18 99 16 124 19 130 23 214 10 1.56 -15.29 Law Debenture Corporation 100 13 99 18 111 24 153 12 231 6 3.33 -6.43 COUNTRY SPECIALISTS: OTHER Lazard World Trust Fund 107 5 103 11 133 13 142 19 129 21 3.77 -12.44 Cambria Africa 105 1 70 4 6 5 2 5 - - - 33.75 Lindsell Train 111 1 129 1 219 1 290 1 593 1 1.28 30.26 Masawara 86 4 88 2 85 2 79 2 - - - -29.42 Majedie Investments 99 15 101 15 169 3 187 3 127 23 3.07 -4.44 Qatar Investment Fund 102 2 100 1 126 1 167 1 - - 3.88 -13.34 Martin Currie Global Portfolio 111 2 111 2 137 8 174 6 237 5 2.14 -0.67 Tau Capital 75 5 76 3 22 4 17 4 - - - -62.50 Mid Wynd International 104 8 108 6 143 5 148 16 273 4 1.22 -4.79 Tiso Blackstar Group 91 3 56 5 53 3 53 3 39 1 0.43 -51.23 Monks 102 12 103 10 127 16 131 22 186 16 0.35 -14.47 Average/Total 92 5 78 5 59 5 64 5 39 1 2.16 -24.55 Scottish Investment Trust 106 6 101 14 120 22 136 20 183 18 2.56 -14.52 EUROPE Scottish Mortgage 98 16 105 8 170 2 192 2 339 2 1.09 -0.12 BlackRock Greater Europe 99 1 107 1 128 6 139 7 211 4 1.96 -5.33 Terra Capital 109 4 111 2 137 7 143 18 - - 4.10 -15.53 European Investment 90 5 81 8 113 8 118 8 125 7 2.54 -17.38 Witan 98 17 98 20 136 10 162 8 230 7 2.42 -8.44 Fidelity European Values 96 2 96 4 126 7 144 5 185 5 2.03 -14.98 Average/Total 100 27 102 27 133 27 151 27 212 25 2.17 -9.99 Henderson European Focus Trust 86 7 90 7 130 5 163 2 239 2 2.69 -13.81 GLOBAL EMERGING MARKETS Henderson EuroTrust 90 3 96 4 130 4 163 3 236 3 2.26 -12.60 Aberdeen Emerging Markets 112 9 104 7 105 6 90 8 153 5 - -14.39 JPMorgan European Growth Pool 90 4 97 3 132 2 140 6 166 6 2.59 -12.50 Aberdeen Frontier Mkts Investment 114 8 99 11 109 4 127 3 - - - -8.73 JPMorgan European Income Pool 89 6 95 6 139 1 158 4 - - 4.01 -12.03 Africa Opportunity C 102 11 81 13 ------19.75 Jupiter European Opportunities 85 8 98 2 131 3 193 1 330 1 0.75 -10.65 © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may Average/Total 91 8 95 8 129 8 152 8 213 7 2.35 -12.41 not be copied, distributed or combined with other third-party data without prior written consent; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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www.WhatInvestment.co.uk 71 Investment trusts

FUNDFUND 6 MONTHS 11 YEAR 3 YEARS 5 5 YEARSYEARS 10 YEARS YIELD DISCDISC FUNDFUND 6 MONTHS 1 YEAR 3 3 YEARS YEARS 5 YEARSYEARS 10 10 YEARS YEARS YIELDYIELD DISCDISC ££ £ £ £ £ £ £ %% %% ££ ££ £ £ £ %% %% Africa Opportunity 118 3 101 9 83 9 106 5 - - 3.35 -22.28 NORTH AMERICA Ashmore Global Opp GBP 99 12 102 8 73 10 49 11 - - - -23.71 BlackRock North American 117 2 125 1 128 2 - - - - 3.28 -8.93 Ashmore Global Opp USD 98 13 105 5 73 11 52 10 - - - -35.28 Gabelli Value Plus+ Trust 102 5 98 5 ------0.30 -10.07 BlackRock Frontiers 118 4 112 1 124 1 152 1 - - 3.72 -3.40 JPMorgan American 112 4 115 3 146 1 184 1 283 1 1.30 -4.36 Fundsmith Emerging Equities Trust 106 10 104 6 ------2.10 Middlefield Canadian Income 115 3 99 4 91 4 100 3 - - 5.95 -17.36 Genesis Emerging Markets Fund 119 2 107 3 109 5 102 7 226 4 - -13.11 North American Income Trust 117 1 124 2 123 3 172 2 217 2 3.46 -15.04 JPMorgan Emerging Markets 117 7 109 2 115 3 111 4 229 3 0.94 -14.27 Average/Total 112 5 112 5 122 4 152 3 250 2 2.86 -11.15 JPMorgan Global Emerg Mkts Inc 117 6 98 12 93 8 105 6 - - 4.90 -8.75 NORTH AMERICAN SMALLER COMPANIES Templeton Emerging Mkts Invmt Tr TEMIT 126 1 100 10 96 7 83 9 230 2 1.63 -13.80 JPMorgan US Smaller Companies 101 2 106 2 140 2 197 1 232 2 - -15.98 Utilico Emerging Markets 118 4 105 4 123 2 139 2 255 1 3.39 -9.82 Jupiter US Smaller Companies 115 1 105 3 108 3 161 3 243 1 - -11.36 Average/Total 112 13 102 13 100 11 101 11 218 5 2.99 -14.57 North Atlantic Smaller Cos 94 3 111 1 152 1 193 2 216 3 - -19.87 GLOBAL EQUITY INCOME Average/Total 103 3 108 3 133 3 184 3 230 3 - -15.74 Blue Planet Investment Trust 94 10 91 10 115 5 - - - - 9.23 -31.54 PRIVATE EQUITY F&C Managed Portfolio Income 97 8 97 8 115 6 135 7 - - 4.58 -0.37 3i 117 6 111 10 186 3 240 3 127 11 4.02 21.15 Henderson International Income 109 5 110 3 129 3 155 3 - - 3.47 -3.11 Aberdeen Private Equity 103 15 105 16 115 20 148 16 - - 2.40 -35.92 Invesco Perp Select Glo Eq Inc 101 6 103 5 126 4 160 1 - - 3.79 -5.10 Adamas Finance Asia 78 29 77 28 85 23 12 30 - - - -24.82 London & St Lawrence 96 9 96 9 112 7 155 4 193 4 4.41 -10.79 Apax Global Alpha 101 18 95 22 ------6.38 -23.49 Murray International B 121 2 97 7 75 10 111 9 233 2 5.64 -22.75 Avanti Capital 100 19 80 26 126 15 83 26 62 15 - -36.59 Murray International 123 1 108 4 101 9 124 8 258 1 4.71 -7.78 B.P.Marsh & Partners 106 12 110 12 133 13 183 7 131 10 2.37 -34.27 Scottish American 112 4 111 2 135 1 146 6 197 3 3.82 3.64 Better Capital PCC 2009 120 5 110 11 76 26 102 21 - - - -21.83 Securities Trust of Scotland 116 3 117 1 110 8 153 5 187 5 3.97 -7.65 Better Capital PCC 2012 75 30 45 31 31 30 ------55.20 Seneca Gbl Income & Growth Tst 101 6 102 6 130 2 158 2 146 6 4.24 0.52 Candover Investments 43 33 34 33 24 31 16 28 6 20 - -61.55 Average/Total 107 10 103 10 115 10 144 9 203 6 4.79 -8.49 Dunedin Enterprise 101 17 103 19 82 25 102 22 105 13 1.52 -36.67 GLOBAL HIGH INCOME EIH 110 8 113 8 160 5 153 13 - - - -22.86 Henderson Diversified Income 101 2 104 2 121 2 135 2 - - 5.81 0.72 Energiser Investments 73 31 71 30 147 6 157 11 15 19 - 186.46 Invesco Perpetual Enhanced Income Ltd 106 1 105 1 138 1 177 1 174 1 7.01 1.56 EPE Special Opportunities 133 1 143 3 231 2 404 1 42 16 - -2.84 Average/Total 103 2 104 2 129 2 156 2 174 1 6.41 1.14 F&C Private Equity Trust 102 16 117 7 137 9 166 9 200 4 4.75 -19.31 GLOBAL SMALLER COMPANIES FastForward Innovations Limited 82 28 177 1 183 4 107 20 22 18 - 76.68 Marwyn Value Investors 75 2 70 2 104 2 130 2 160 2 5.31 -26.49 HarbourVest Global Priv Equity 98 20 105 17 141 7 195 6 - - - -31.06 Oryx International Growth 92 1 116 1 203 1 260 1 210 1 - -12.44 HgCapital Trust 111 7 112 9 118 19 121 19 247 3 3.35 -16.77 Average/Total 84 2 93 2 153 2 195 2 185 2 5.31 -19.46 ICG Enterprise Trust 96 22 96 21 122 18 153 14 176 6 1.80 -27.91 HEDGE FUNDS Livermore Investments 83 26 83 25 65 28 223 4 - - 0.09 -57.29 AcenciA Debt Strategies 106 7 101 6 116 5 133 4 125 2 4.31 -13.70 LMS Capital 82 27 77 29 76 27 93 23 93 14 - -37.27 Alternative Liquidity Fund 128 1 ------84.30 Mithras 105 14 105 18 124 16 148 15 253 2 0.66 -17.68 BH Global GBP 99 9 96 8 110 6 115 8 - - - -6.59 Northern Investors 126 3 137 4 262 1 324 2 506 1 3.58 1.30 BH Global USD 111 3 114 3 127 3 139 3 - - - -5.65 Oakley Capital Investments 88 25 78 27 83 24 84 25 - - - -37.12 BH Macro EUR 109 5 110 5 88 12 101 11 - - - -9.40 Pantheon International Ord PLC 98 21 101 20 123 17 180 8 177 5 - -31.21 BH Macro GBP 97 10 95 9 89 11 111 9 - - - -8.82 Pantheon International 'R' PtRedPrf 95 23 91 23 112 21 166 10 162 7 - -37.10 BH Macro USD 107 6 110 4 103 9 132 5 - - - -9.16 Princess Private Equity 108 9 119 6 135 11 147 17 - - 7.39 -24.84 Boussard & Gavaudan EUR 124 2 137 1 142 1 129 6 - - - -19.37 Private Equity Investor 92 24 85 24 91 22 90 24 107 12 - -30.24 Boussard & Gavaudan GBP 109 4 118 2 141 2 124 7 - - - -22.30 Qannas Investments 108 10 109 13 129 14 - - - - - 1.16 DW Catalyst GBP 97 11 81 11 93 10 100 12 - - - -11.07 Reconstruction Capital II 121 4 148 2 63 29 26 27 24 17 - -32.22 Global Fixed Income Realisation 93 13 70 13 25 13 16 13 - - - -64.63 St Peter Port Capital 53 32 42 32 19 32 15 29 - - - -73.99 Highbridge Multi-Strategy Fund GBP 95 12 97 7 106 7 105 10 175 1 - -8.94 Standard Life Euro Private Eq 108 11 107 14 134 12 154 12 160 8 2.33 -30.45 Third Point Offshore GBP 86 14 78 12 105 8 140 2 - - - -19.86 SVG Capital 105 13 107 15 135 10 197 5 145 9 - -29.62 Third Point Offshore USD 102 8 91 10 124 4 169 1 - - - -19.18 Symphony International Holding 126 2 130 5 138 8 146 18 - - - -40.16 Average/Total 105 14 100 13 105 13 116 13 150 2 4.31 -21.64 Average/Total 98 33 101 33 118 32 144 30 138 20 3.13 -19.50 JAPAN PROPERTY DIRECT - ASIA PACIFIC Aberdeen Japan 98 4 93 3 140 3 170 3 255 1 0.90 -11.90 Alpha Real Trust 102 3 127 1 183 1 133 2 - - 2.90 -37.67 Baillie Gifford Japan 102 3 106 2 150 2 245 1 190 2 - -4.77 Aseana Properties 105 2 86 3 116 3 111 3 - - - -29.37 CC Japan Income & Growth 103 2 ------3.35 0.07 Macau Property Opportunities 67 4 50 5 75 5 85 4 124 1 - -52.36 JPMorgan Japanese 107 1 113 1 150 1 198 2 139 3 0.88 -15.93 Pacific Alliance China Land 107 1 100 2 125 2 185 1 - - - -14.44 Schroder Japan Growth 93 5 92 4 126 4 169 4 137 4 1.38 -10.98 Trinity Capital 52 5 53 4 80 4 42 5 44 2 - -61.63 Average/Total 101 5 101 4 141 4 195 4 180 4 1.63 -8.70 Average/Total 87 5 83 5 116 5 111 5 84 2 2.90 -39.09 JAPANESE SMALLER COMPANIES PROPERTY DIRECT - EUROPE Atlantis Japan Growth 107 3 109 5 136 3 182 3 108 3 - -9.06 Alpha Pyrenees Trust 100 4 7 10 2 9 0 8 0 6 - - Baillie Gifford Shin Nippon 121 1 150 1 194 1 362 1 258 1 - 2.42 AXA Property 101 3 123 2 147 3 117 2 76 2 - -14.78 Fidelity Japanese Values 110 2 113 4 132 4 164 4 108 2 - -18.76 Dolphin Capital Investors 47 10 34 9 18 8 19 7 8 5 - -87.07 JPMorgan Japan Smaller Cos 106 4 122 2 153 2 195 2 98 4 - -15.45 Dragon Ukrainian Properties 125 1 62 8 60 7 32 6 - - 30.74 -65.17 Prospect Japan 102 5 118 3 117 5 142 5 65 5 - -29.16 Eastern European Property Fund 98 5 88 5 60 6 67 4 50 3 - -51.21 Average/Total 109 5 122 5 146 5 209 5 127 5 - -14.00 European Real Estate IT 90 7 109 3 215 2 75 3 - - - -28.21 Glenwick 41 11 3631 1 3316 1 1421 1 459 1 - 62.56 LATIN AMERICA Kennedy Wilson Europe Real Estate Plc 81 8 88 6 ------4.99 -17.09 Aberdeen Latin American Income 136 1 114 1 78 2 73 1 - - 5.74 -15.41 Ottoman Fund 67 9 67 7 74 5 57 5 29 4 - -13.62 BlackRock Latin American 132 2 109 2 89 1 66 2 157 1 3.85 -13.96 Redefine International 94 6 93 4 137 4 - - - - 7.15 14.69 Average/Total 134 2 112 2 83 2 69 2 157 1 4.80 -14.68 Schroder European Real Estate Inv Trust 102 2 ------2.14 5.33 Average/Total 86 11 430 10 448 9 224 8 104 6 11.26 -19.46

72 www.WhatInvestment.co.uk Investment trusts

FUNDFUND 6 MONTHS 11 YEAR 3 YEARS 5 5 YEARSYEARS 10 YEARS YIELD DISCDISC FUNDFUND 6 MONTHS 1 YEAR 3 3 YEARS YEARS 5 YEARSYEARS 10 10 YEARS YEARS YIELDYIELD DISCDISC ££ £ £ £ £ £ £ %% %% ££ ££ £ £ £ %% %% PROPERTY DIRECT - UK GLI Alternative Finance 91 26 ------8.91 -12.31 Custodian REIT 100 5 101 5 ------6.17 2.61 Honeycomb Investment Trust 100 10 ------0.83 1.55 Drum Income Plus REIT 99 6 74 12 ------0.02 11.99 ICG-Longbow Senior Sec. UK Prop Debt Inv 97 17 102 8 109 5 - - - - 6.03 -1.64 Ediston Property Investment Company 99 7 101 6 ------5.31 -3.98 JPMorgan Global Convertibles Income Fund 98 13 91 17 97 12 - - - - 5.16 -9.74 F&C Commercial Property 87 10 84 10 116 7 139 5 154 1 5.27 -16.68 NB Distressed Debt Inv Extended Life 119 2 100 9 88 13 ------8.24 F&C UK Real Estate Investments 89 9 94 8 144 4 143 4 138 2 5.65 -9.56 NB Distressed Debt New Glb 98 15 83 21 ------22.62 Industrial Multi Property 135 1 273 1 641 1 120 7 18 5 - -42.29 NB Distressed Debt 106 6 105 6 103 8 116 4 - - - -8.61 LXB Retail Properties 104 3 113 3 127 6 129 6 - - - -1.84 NB Gbl Floating Rate Income USD 112 5 115 3 108 6 134 3 - - 4.18 -4.97 Primary Health Properties 101 4 115 2 153 3 174 2 - - 4.74 31.74 NB Global Floating Rate Income GBP 102 7 97 11 98 11 109 5 - - 4.20 -4.68 Schroder Real Estate Invest 87 10 89 9 136 5 178 1 84 4 4.91 -14.67 P2P Global Investments 87 27 85 20 ------6.96 -15.85 Secure Income REIT 109 2 104 4 ------5.59 Project Finance Investments 101 9 ------4.80 4.72 Standard Life Inv. Prop. Inc. 95 8 100 7 156 2 167 3 120 3 6.01 -5.36 Ranger Direct Lending Fund 98 14 96 13 ------10.31 -15.89 UK Commercial Property 87 12 83 11 110 8 118 8 - - 5.10 -15.40 Starwood Eurpn Real Estate Finance 101 8 105 5 121 2 - - - - 6.15 2.89 Average/Total 99 12 111 12 198 8 146 8 103 5 4.80 -5.75 TwentyFour Income 96 20 89 18 115 3 - - - - 6.80 0.29 TwentyFour Select Monthly Income 93 24 92 15 ------7.72 -1.62 PROPERTY SECURITIES UK Mortgages 97 18 ------6.72 0.84 TR Property 95 1 100 1 162 1 169 1 211 1 2.96 -16.15 VPC Specialty Lending Investments 92 25 88 19 ------9.52 -16.50 Average/Total 95 1 100 1 162 1 169 1 211 1 2.96 -16.15 Average/Total 101 27 99 21 107 13 132 5 - - 6.95 -6.20 PROPERTY SPECIALIST SECTOR SPECIALIST: ENVIRONMENTAL Camper & Nicholsons Marina 104 3 95 7 85 6 33 3 - - - -10.84 Impax Environmental Markets 116 1 117 1 147 1 165 1 185 1 0.79 -12.85 Empiric Student Property 98 7 104 6 ------5.57 3.34 Jupiter Green 101 2 96 3 123 2 144 2 149 2 0.47 -11.52 GCP Student Living 98 6 105 5 142 2 - - - - 4.31 -2.51 Leaf Clean Energy 92 3 106 2 73 3 46 3 - - - -50.02 Ground Rents Income Fund Plc 103 5 108 3 123 4 - - - - 3.28 -0.75 Ludgate Environmental 71 6 71 5 46 4 40 4 - - - -26.90 MedicX 108 1 117 2 141 3 163 1 - - 6.72 50.31 Menhaden Capital 81 4 ------23.46 South African Property Opps 78 9 52 9 37 7 29 4 - - - -58.73 Trading Emissions 76 5 84 4 44 5 21 5 17 3 - -54.72 Target Healthcare REIT 104 2 108 4 122 5 - - - - 5.67 9.78 Average/Total 89 6 95 5 87 5 83 5 117 3 0.63 -29.91 Terra Catalyst 86 8 93 8 200 1 134 2 - - - -57.07 Tritax Big Box 103 4 119 1 ------4.74 4.88 SECTOR SPECIALIST: FINANCIALS Average/Total 98 9 100 9 121 7 90 4 - - 5.05 -6.84 Polar Capital Global Financials 91 1 89 1 ------3.49 -13.91 SECTOR SPECIALIST Average/Total 91 1 89 1 ------3.49 -13.91 Avarae Global Coins 104 3 100 2 121 1 144 1 90 1 - -17.24 SECTOR SPECIALIST: FORESTRY & TIMBER Polo Resources 132 2 93 4 23 4 13 4 - - - -75.56 Cambium Global Timberland 100 2 36 2 15 2 11 2 - - - -72.91 Tejoori 451 1 481 1 64 3 40 3 9 3 - -71.34 Phaunos Timber 128 1 134 1 88 1 66 1 - - - -17.58 US Traded Life Interests PtRedPrf 91 4 98 3 89 2 138 2 62 2 - -27.68 Average/Total 114 2 85 2 51 2 39 2 - - - -45.24 Average/Total 195 4 193 4 74 4 84 4 53 3 - -47.96 SECTOR SPECIALIST: INFRASTRUCTURE SECTOR SPECIALIST: BIOTECHNOLOGY & HEALTHCARE 3i Infrastructure 106 9 110 7 151 1 185 2 - - 4.24 10.07 Adams 75 5 73 5 146 4 - - - - - 167.86 BBGI SICAV 113 5 122 1 145 3 - - - - 4.20 17.97 Biotech Growth 82 4 77 4 158 3 318 1 581 1 - -8.66 GCP Infrastructure Investment 102 10 111 6 134 6 157 6 - - 6.39 10.46 International Biotechnology 85 3 85 3 180 2 298 2 344 3 - -12.79 HICL Infrastructure Company 116 4 116 3 149 2 193 1 272 1 4.49 20.85 108 1 109 1 135 5 192 4 - - 2.01 -8.39 Polar Capital Glb Healthcare Infrastructure India 76 11 89 10 50 9 18 8 - - - -73.57 Worldwide Healthcare 97 2 100 2 184 1 267 3 439 2 0.88 -8.95 International Public Partnerships 111 7 117 2 136 4 163 4 - - 4.39 12.79 Average/Total 89 5 89 5 160 5 269 4 455 3 1.44 25.81 John Laing Infrastructure 113 6 111 5 129 7 158 5 - - 5.30 17.25 SECTOR SPECIALIST: COMMODITIES & NATURAL RESOURCES PME African Infrastructure 135 1 113 4 83 8 49 7 - - - -38.64 Baker Steel Resources 166 2 89 7 44 7 23 7 - - - -37.98 Sequoia Economic Infrastructure Inc 107 8 106 8 ------4.65 3.17 BlackRock Commodities Income 124 5 90 6 78 3 59 2 106 2 9.23 -8.58 Vietnam Infrastructure Listed 124 2 ------15.50 BlackRock World Mining Trust plc 159 3 103 4 77 4 46 3 91 3 7.77 -14.48 Vietnam Infrastructure 118 3 103 9 135 5 168 3 - - - -24.39 City Natural Resources 123 6 111 2 84 2 39 5 117 1 5.69 -22.84 Average/Total 111 11 110 10 123 9 136 8 272 1 4.81 -5.41 Duke Royalty 93 10 93 5 11 10 ------4.69 El Oro 110 9 105 3 75 5 65 1 - - 4.37 -34.85 SECTOR SPECIALIST: INFRASTRUCTURE - RENEWABLE ENERGY Geiger Counter 125 4 81 9 55 6 19 9 - - - -35.84 Bluefield Solar Income Fund 99 4 97 5 ------7.27 -2.00 Global Resources IT 92 11 41 12 ------78.99 Foresight Solar 99 3 98 4 ------6.43 -0.78 Golden Prospect Precious Metal 221 1 169 1 114 1 42 4 - - - -16.48 Greencoat UK Wind 109 1 109 1 128 1 - - - - 5.47 11.99 New City Energy 92 12 71 11 42 8 26 6 - - 9.09 -32.14 John Laing Environmental Assets 97 5 98 3 ------6.33 2.12 Riverstone Energy 113 8 88 8 ------24.52 NextEnergy Solar 96 6 97 5 ------6.31 1.30 Tiger Resource Finance 114 7 75 10 30 9 23 8 20 4 - -36.77 Renewables Infrastructure Grp 100 2 99 2 ------6.37 -1.97 Average/Total 128 12 93 12 61 10 38 9 84 4 7.23 -29.01 Average/Total 100 6 100 6 128 1 - - - - 6.36 1.78 SECTOR SPECIALIST: DEBT SECTOR SPECIALIST: INSURANCE & REINSURANCE STRATEGY Alcentra Eur Floating Rate Inc 94 23 93 14 102 9 - - - - 5.70 -9.19 Blue Capital Gbl Reinsurance Fund 108 3 123 2 131 2 - - - - 6.73 -8.34 Axiom European Financial Debt Fund 94 22 ------0.63 4.73 CATCo Reinsurance Opps C 109 2 ------1.41 Blackstone/GSO Loan Financing 113 3 119 1 ------8.51 -7.20 CATCo Reinsurance Opps 110 1 133 1 186 1 199 1 - - 5.36 -2.14 Carador Income Fund USD 100 12 96 12 101 10 155 1 - - 14.40 -8.53 Average/Total 109 3 128 2 158 2 199 1 - - 6.04 -3.02 Chenavari Capital Solutions 96 21 92 16 ------8.90 -9.71 SECTOR SPECIALIST: LEASING CVC Credit Partners Euro Opps EUR 112 4 117 2 107 7 - - - - 5.04 -2.88 Amedeo Air Four Plus 103 2 105 4 ------8.21 18.71 CVC Credit Partners Euro Opps GBP 100 11 100 10 111 4 - - - - 5.03 -3.84 Doric Nimrod Air One 102 5 112 2 115 1 148 1 - - 8.18 10.55 Duet Real Estate Finance 139 1 113 4 138 1 146 2 - - 11.74 -10.82 Doric Nimrod Air Three 100 6 103 5 ------8.06 23.16 Fair Oaks Income Fund 98 16 103 7 ------12.29 -5.64 Doric Nimrod Air Two 97 7 96 6 115 2 - - - - 8.47 17.93 Funding Circle SME Income Fund 96 19 ------6.19 -1.94 DP Aircraft I 113 1 124 1 ------8.78 5.28

www.WhatInvestment.co.uk 73 Investment trusts

FUNDFUND 6 MONTHS 11 YEAR 3 YEARS 5 5 YEARSYEARS 10 YEARS YIELD DISCDISC FUNDFUND 6 MONTHS 1 YEAR 3 3 YEARS YEARS 5 YEARSYEARS 10 10 YEARS YEARS YIELDYIELD DISCDISC ££ £ £ £ £ £ £ %% %% ££ ££ £ £ £ %% %% Nimrod Sea Assets 41 8 27 7 ------50.00 -61.29 Henderson Opportunities 84 14 75 17 127 4 166 4 - - 2.50 -16.19 SQN Asset Finance Income 102 3 106 3 ------7.07 7.46 Invesco Perp Select UK Equity 94 9 101 2 135 2 197 2 - - 3.85 -3.98 SQN Asset Finance Income C 102 4 ------2.46 5.84 JPMorgan Mid Cap 77 18 97 6 148 1 215 1 213 5 2.93 -8.20 Average/Total 95 8 96 7 115 2 148 1 - - 12.65 3.46 Jupiter UK Growth 89 12 86 14 112 11 133 9 229 3 2.43 -0.80 SECTOR SPECIALIST: LIQUIDITY FUNDS Keystone 91 11 93 10 115 9 155 8 233 2 3.15 -11.51 Invesco Perp Select Liquidity 98 2 99 2 100 2 102 2 - - - -2.08 Manchester & London 102 1 106 1 98 14 77 14 95 11 2.41 -24.81 JPMorgan Elect Managed Cash 100 1 101 1 100 1 102 1 114 1 0.35 -1.31 Mercantile 82 16 91 13 129 3 162 5 207 6 2.91 -12.13 Average/Total 99 2 100 2 100 2 102 2 114 1 0.35 -1.70 Sanditon Investment Trust 99 4 100 4 ------0.42 1.00 Schroder UK Growth 97 6 95 8 103 13 130 12 170 7 3.49 -14.39 SECTOR SPECIALIST: LITIGATION Schroder UK Mid Cap 80 17 84 15 118 7 161 6 260 1 2.37 -18.14 Juridica Investments 148 1 78 1 81 1 115 1 - - 14.45 -25.47 Threadneedle UK Select Trust 96 8 91 12 104 12 131 11 167 8 2.83 -16.49 Average/Total 148 1 78 1 81 1 115 1 - - 14.45 -25.47 Woodford Patient Capital Trust 83 15 74 18 ------0.19 -3.59 SECTOR SPECIALIST: SMALL MEDIA, COMMUNICATION & IT COMPANIES Average/Total 91 18 92 18 115 16 143 15 180 12 2.42 -10.42 Herald 91 1 96 1 125 1 129 1 204 1 - -23.56 UK EQUITY & BOND INCOME Average/Total 91 1 96 1 124 1 129 1 204 1 - -23.56 Aberdeen Smaller Companies Inc 86 9 85 9 107 9 163 2 139 6 3.75 -21.35 SECTOR SPECIALIST: TECHNOLOGY, MEDIA & TELECOMMUNICATIONS Acorn Income Fund 89 8 104 2 131 1 217 1 318 1 4.44 3.12 Allianz Technology Trust 96 2 102 2 155 1 181 1 296 1 - -12.11 City Merchants High Yield 101 4 101 4 129 2 136 7 193 4 5.63 0.24 Polar Capital Technology 100 1 108 1 153 2 175 2 291 2 - -10.00 CQS New City High Yield 105 1 104 1 114 7 124 9 213 2 7.72 3.33 Average/Total 98 2 105 2 154 2 178 2 293 2 - -11.06 Henderson High Income 95 6 98 6 122 3 161 3 200 3 5.31 -1.26 SPLIT - CAPITAL SHARE Investors Capital A Share 102 3 101 3 116 4 145 4 - - 5.05 -9.54 JPMorgan Income & Growth Cap Share 39 1 25 1 32 1 44 1 - - - - Investors Capital B Share 102 2 98 5 116 5 132 8 - - - -9.60 M&G High Income Cap Share 23 2 14 2 11 2 23 2 5 1 - - Investors Capital Units Unit 100 5 96 7 114 6 138 6 - - 4.44 -12.40 Average/Total 31 2 19 2 22 2 34 2 5 1 - - M&G High Income Packaged Unit 92 7 93 8 114 8 141 5 163 5 4.67 -15.19 Average/Total 97 9 98 9 118 9 151 9 204 6 5.13 -6.96 SPLIT - INCOME SHARE JPMorgan Income & Growth Inc 2016 101 1 106 1 129 3 167 2 - - 4.94 -9.56 UK EQUITY INCOME Jupiter Dividend & Gr Comm Common 98 3 99 2 134 2 166 3 - - 2.16 -8.48 BlackRock Income and Growth 93 19 96 15 123 9 145 16 147 20 3.51 -4.76 M&G High Income Inc 2017 99 2 86 3 137 1 169 1 201 1 15.33 -20.80 British & American 95 17 103 5 147 2 183 4 174 11 9.65 80.47 Average/Total 99 3 97 3 133 3 167 3 200 1 7.48 -12.95 City of London 100 9 100 9 124 8 155 11 220 5 4.21 -0.14 Diverse Income Trust 88 24 99 11 138 4 192 3 - - 3.37 -0.01 SPLIT - ORDINARY INCOME SHARE Dunedin Income Growth 103 2 98 13 102 24 128 23 158 17 5.00 -12.25 Aberforth Geared Income Ord/Inc 84 14 95 10 158 5 204 3 - - 5.68 -7.68 Edinburgh Investment 95 13 104 4 132 6 173 6 262 2 3.65 -4.68 Ecofin Water & Power Opps Ord/Inc 115 4 98 8 126 9 135 9 154 4 5.64 -21.15 F&C Capital & Income 100 6 101 7 118 16 138 20 171 13 3.89 1.09 Electra Private Equity Ord/Inc 101 10 119 4 173 2 221 2 308 1 - -20.56 Finsbury Growth & Income 103 1 107 3 140 3 198 2 292 1 2.01 -1.47 JPEL Private Equity 113 5 113 5 151 6 107 13 120 6 - -30.74 Invesco Income Growth 98 10 97 14 122 11 161 9 206 6 3.87 -12.23 JPMorgan Income & Capital Ord/Inc 88 13 79 14 116 12 147 8 - - 9.52 -11.28 Investment Company 98 10 103 5 130 7 178 5 239 3 6.46 2.76 Jupiter Dividend & Growth Trust 103 9 91 11 123 11 125 11 66 10 30.00 400.00 JPMorgan (2 Ord & 1 Zero Dividend Pref) 92 21 89 24 115 19 135 21 - - 4.46 -7.82 JZ Capital Partners Ord/Inc 109 7 95 9 98 14 128 10 84 8 5.12 -45.98 JPMorgan Claverhouse 93 20 94 16 118 15 143 18 163 16 3.91 -10.26 M&G High Income Geared Unit 94 12 80 13 111 13 157 6 156 3 15.28 -17.82 JPMorgan Elect Managed Inc 95 15 98 12 121 12 145 17 147 19 3.96 -4.92 NB Private Equity Partners 106 8 102 6 145 7 161 5 - - 4.81 -30.48 JPMorgan Income & Growth Inv Trust Units 95 18 93 18 117 17 152 14 - - 4.92 -9.33 Origo Partners 18 15 7 15 4 15 1 15 - - - -97.19 Lowland 90 22 90 23 113 20 156 10 205 7 3.61 -5.04 Picton Property Income 96 11 99 7 167 3 178 4 121 5 4.98 -13.18 Merchants Trust 96 12 92 21 103 23 126 25 151 18 6.00 -7.11 Premier Energy and Water Ord/Inc 112 6 85 12 132 8 148 7 182 2 5.78 -14.75 Murray Income Trust 102 4 100 10 103 22 128 24 164 15 4.76 -11.50 Taliesin Property 130 1 127 2 214 1 317 1 - - - 14.22 Perpetual Income & Growth 89 23 91 22 120 13 161 8 230 4 3.54 -7.97 UIL Ord/Inc 126 2 120 3 123 10 121 12 112 7 5.74 -45.47 Schroder Income Growth 95 13 93 17 115 18 150 15 187 10 4.24 -10.47 Vinaland 117 3 149 1 162 4 101 14 83 9 - -33.63 Shires Income 100 7 92 19 109 21 139 19 133 22 5.95 -13.25 Average/Total 101 15 97 15 133 15 150 15 139 10 9.26 1.62 Small Companies Dividend 95 15 110 1 158 1 240 1 172 12 4.10 1.19 SPLIT - ZERO DIVIDEND SHARE Standard Life Equity Income 84 25 89 25 120 14 154 12 198 9 3.88 -1.46 Aberforth Geared Income ZDP 2017 100 13 103 10 113 10 130 5 - - - 2.77 Temple Bar 100 8 92 20 100 25 132 22 199 8 3.89 -8.78 Acorn Income Fund (Split) ZDP 2017 103 5 102 12 113 9 - - - - - 1.52 Troy Income & Growth 102 4 108 2 134 5 165 7 134 21 3.29 -1.91 Ecofin Water & Power Opps ZDP 2016 102 7 103 11 110 11 125 6 - - - -1.60 Value And Income 103 3 101 8 123 10 152 13 165 14 4.33 -14.51 JPEL Priv.Eq (Split) ZDP 2017 113 1 121 1 132 2 - - - - - 6.31 Average/Total 96 25 98 25 122 25 157 25 187 22 4.42 -2.57 JPMorgan Income & Capital ZDP 2018 101 8 103 9 113 8 132 4 - - - 3.30 UK SMALLER COMPANIES Jupiter Dividend & Growth ZDP 101 11 104 7 133 1 158 1 173 2 - -7.79 Aberforth Smaller Companies 78 16 78 15 120 10 152 9 197 11 2.87 -16.90 M&G High Income ZDP 2017 101 9 104 5 117 5 149 2 188 1 - 3.05 Athelney Trust 86 7 93 8 149 4 172 6 224 7 3.95 -7.62 Picton Property Income - ZDP 2016 101 10 102 12 117 4 - - - - - 0.10 BlackRock Smaller Companies 82 12 88 11 132 7 166 8 318 2 2.18 -14.15 Small Companies Dividend - ZDP 2018 103 4 104 4 115 7 - - - - - 4.33 BlackRockThrogmorton Trust plc 82 10 93 9 132 8 166 7 241 6 2.27 -16.18 Taliesin Property ZDP 2018 105 3 106 3 ------9.29 Chelverton Growth Trust 136 1 161 1 185 2 264 1 189 12 - 7.14 UIL ZDP 2016 101 11 104 8 115 6 143 3 - - - 1.44 Dunedin Smaller Companies 90 4 87 13 105 14 143 12 203 9 3.28 -18.64 UIL ZDP 2018 102 6 104 6 130 3 - - - - - 8.02 Henderson Smaller Companies 82 10 89 10 141 6 200 4 281 4 2.39 -14.68 UIL ZDP 2020 105 2 106 2 ------13.69 Invesco Perpetual UK Smaller 90 5 94 7 146 5 192 5 286 3 3.96 -6.64 Average/Total 103 13 105 13 119 11 140 6 181 2 - 3.42 JPMorgan Smaller Companies 80 15 88 12 119 11 149 10 198 10 1.52 -17.10 UK ALL COMPANIES Miton UK Microcap 91 3 95 6 ------0.51 Aberdeen UK Tracker 99 5 97 5 113 10 132 10 164 9 3.76 -9.19 Montanaro UK Smaller Companies 80 14 83 14 107 13 123 13 209 8 2.41 -20.90 Artemis Alpha Trust 87 13 80 16 81 16 73 15 119 10 1.82 -25.16 Rights & Issues Investment Trust 107 2 121 2 206 1 236 2 280 5 2.21 -15.93 Aurora 99 3 101 3 118 6 80 13 91 12 0.78 4.08 River and Mercantile UK Micro Cap 88 6 97 5 ------1.65 Crystal Amber 96 7 95 7 116 8 161 7 - - 3.38 -2.92 Standard Life UK Smaller Co. 83 9 107 3 118 12 144 11 360 1 1.84 -8.10 Damille Investments II 100 2 95 9 97 15 ------17.10 Strategic Equity Capital 81 13 78 16 174 3 200 3 187 13 0.44 -10.13 Fidelity Special Values 91 10 91 11 127 5 178 3 215 4 1.84 -8.01

74 www.WhatInvestment.co.uk Investment trusts

FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC FUND 6 MONTHS 1 YEAR 3 YEARS 5 YEARS 10 YEARS YIELD DISC FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ YIELD% DISC% FUND 6 MONTHS£ 1 YEAR£ 3 YEARS£ 5 YEARS£ 10 YEARS£ YIELD% DISC% £ £ £ £ £ % % £ £ £ £ £ % % SVM UK Emerging 84 8 99 4 132 9 89 14 130 14 - -21.55 Puma VCT 8 100 30 100 39 100 41 - - - - 7.14 -13.92 Average/Total 89 16 97 16 140 14 171 14 236 14 2.44 -11.41 Puma VCT 9 100 30 100 39 98 43 ------9.99 VCT AIM QUOTED Puma VCT VII 100 30 100 39 100 41 - - - - 7.69 -17.85 Amati VCT 2 95 7 104 5 111 10 147 5 86 7 6.30 -5.93 The Income & Growth VCT 99 39 111 20 139 13 217 6 250 7 2.26 -10.12 Amati VCT 91 11 97 8 109 11 100 11 102 5 8.10 -5.13 Triple Point Income VCT 100 30 146 2 132 21 148 24 - - 10.00 -26.13 Artemis VCT 107 1 124 1 192 2 218 1 175 1 6.84 -7.82 Triple Point VCT 2011 103 18 103 32 126 24 128 33 - - 20.90 -6.53 Downing ONE VCT 98 4 102 6 144 5 121 10 100 6 5.65 -7.91 Average/Total 99 58 104 58 118 58 146 52 194 32 8.11 -14.44 Hargreave Hale AIM VCT 1 96 6 99 7 133 6 151 3 110 3 - -4.14 VCT GENERALIST PRE-QUALIFYING Hargreave Hale AIM VCT 2 93 8 94 9 120 7 131 8 - - - -6.08 Downing Three VCT 'H' 99 4 98 3 ------6.25 -9.09 New Century AIM 2 VCT 104 3 121 2 196 1 136 7 - - 2.94 -2.15 Pembroke VCT B 100 2 86 4 ------2.56 New Century AIM VCT 104 2 120 3 183 3 129 9 68 8 0.72 -11.20 Puma VCT 10 100 2 100 2 ------6.74 -2.21 Octopus AIM VCT 2 93 9 94 10 114 9 145 6 106 4 - -8.36 Triple Point Income VCT C 103 1 105 1 ------5.00 0.00 Octopus AIM VCT 92 10 93 11 115 8 149 4 156 2 2.79 -8.11 Average/Total 101 4 97 4 ------6.00 -4.62 Unicorn AIM VCT 97 5 107 4 164 4 173 2 - - 0.75 -13.82 VCT SPECIALIST: ENVIRONMENTAL Average/Total 97 11 105 11 144 11 145 11 113 8 4.26 -7.33 Foresight Solar & Infrastructure VCT 91 12 96 12 111 7 122 7 - - 6.49 -10.37 VCT GENERALIST Foresight Solar & Infrastructure VCT C 98 10 95 13 93 11 - - - - 5.95 1.08 Albion Development VCT 99 38 102 33 116 33 144 27 165 20 7.35 -3.61 Hazel Renewable Energy VCT 1 106 2 109 6 158 2 147 4 - - 4.48 -4.62 Albion Enterprise VCT 98 43 106 27 126 25 145 26 - - 5.71 -9.25 Hazel Renewable Energy VCT 2 106 2 121 2 158 1 147 3 - - 4.48 -4.37 Albion Technology & Gen VCT 94 44 93 49 106 37 120 34 143 26 7.46 -6.60 Iona Environmental VCT A 100 7 100 11 100 8 100 8 - - - 197.58 Albion VCT 100 30 109 23 123 28 147 25 134 28 7.52 -7.66 Iona Environmental VCT B 98 11 107 7 82 12 ------37.35 Baronsmead Second Venture Trust 103 15 113 14 135 19 173 18 217 13 4.94 -3.78 Iona Environmental VCT 100 7 102 10 55 13 55 9 - - 11.97 -24.01 Baronsmead VCT 5 102 24 112 16 165 5 186 12 151 23 5.19 -5.69 Octopus VCT 3 100 7 103 8 96 9 - - - - 6.13 4.35 Baronsmead Venture Trust 101 25 111 18 136 17 175 16 222 11 5.27 -4.07 Octopus VCT 4 101 5 103 8 96 9 - - - - 6.13 4.35 British Smaller Companies VCT 114 4 122 4 146 9 166 21 270 5 6.04 -3.71 Ventus VCT 2 C 102 4 112 4 149 4 123 6 - - 8.00 -20.36 British Smaller Companies VCT2 107 8 111 18 124 26 169 19 298 3 7.83 -6.09 Ventus VCT 2 90 13 114 3 138 6 183 2 100 2 8.08 -19.11 Calculus 'C' 100 30 100 39 110 36 116 35 - - 5.00 14.25 Ventus VCT C 101 6 110 5 147 5 130 5 - - 8.03 -20.09 Calculus VCT 92 49 99 44 87 49 86 43 - - - 8.42 Ventus VCT 106 1 125 1 153 3 188 1 171 1 14.49 -15.27 Chrysalis VCT 115 3 114 12 173 4 227 5 234 9 7.75 -19.12 Average/Total 100 13 107 13 118 13 133 9 135 2 7.66 3.99 Crown Place VCT 101 28 101 35 118 31 139 28 175 19 9.09 -5.39 VCT SPECIALIST: ENVIRONMENTAL PRE-QUALIFYING Downing Four VCT Dp2011 Gen 73 56 84 52 85 50 79 44 - - 9.09 -29.16 Ventus VCT 2 D 105 1 110 1 ------3.70 -17.01 Downing Four VCT Dp2011 Gen A Shs 94 45 100 38 100 39 116 36 - - - 23.02 Ventus VCT D 105 1 110 1 ------3.70 -16.75 Downing Four VCT Dp2011 Low Carb 74 55 82 54 88 48 88 41 - - 39.84 -67.61 Average/Total 105 2 110 2 ------3.70 -16.88 Downing Four VCT Dp2011 Str A Shs 137 1 149 1 100 39 116 36 - - - 19.13 VCT SPECIALIST: HEALTHCARE & BIOTECHNOLOGY Downing Four VCT Dp2011 Str s 71 57 73 57 82 51 78 45 - - 9.09 -30.86 Hygea VCT 92 1 73 1 67 1 102 1 151 1 10.31 -35.76 Downing Four VCT DP67 93 46 98 46 130 22 104 38 - - - -11.33 Average/Total 92 1 73 1 67 1 102 1 151 1 10.31 -35.76 Downing Four VCT DSO 1 75 54 68 58 52 57 55 51 - - - -61.70 Downing Four VCT DSO 1 B 50 58 83 53 81 52 78 45 - - 19.99 -10.82 VCT SPECIALIST: INFRASTRUCTURE Downing Four VCT DSO 1 D 100 30 109 25 97 44 ------0.67 Foresight VCT Infrastructure 102 1 102 1 99 1 - - - - 2.81 -2.35 Downing Three VCT 'C' 79 53 79 55 51 58 61 49 - - - -88.96 Average/Total 102 1 102 1 99 1 - - - - 2.81 -2.35 Downing Three VCT 'D' 98 42 98 45 89 47 87 42 - - 19.99 -64.82 VCT SPECIALIST: MEDIA, LEISURE & EVENTS Downing Three VCT 'F' 101 28 100 39 96 45 - - - - 7.46 -2.90 Edge Performance VCT 'C' 96 11 79 12 19 14 19 10 - - - 26.44 Downing Two VCT 'C' 101 25 118 8 63 56 70 48 - - - -89.24 Edge Performance VCT 'D' 96 10 96 2 77 7 74 3 - - - 1.01 Downing Two VCT 'D' 105 10 105 29 95 46 94 40 - - - -64.07 Edge Performance VCT 'E' 87 13 87 11 69 9 71 4 - - - -18.16 Downing Two VCT 'F' 103 21 102 34 101 38 - - - - 7.25 -0.57 Edge Performance VCT 'F' 97 9 91 9 69 10 63 6 - - - -9.87 Elderstreet VCT 106 9 113 15 176 3 182 15 277 4 4.13 -9.90 Edge Performance VCT 'G' 85 14 88 10 74 8 67 5 - - - -9.73 Foresight 3 VCT 88 50 86 50 77 53 52 52 86 30 7.89 -36.08 Edge Performance VCT 'H' 97 8 96 2 88 3 - - - - 4.64 8.65 Foresight 4 VCT 88 52 86 51 63 55 56 50 75 31 8.79 -34.81 Edge Performance VCT 'I' 89 12 94 6 86 6 ------2.35 Foresight VCT 102 23 96 48 111 35 133 30 96 29 9.44 -12.24 IBIS Media VCT 1 100 1 98 1 48 11 26 9 24 1 - -58.88 Foresight VCT Planned Exit 88 51 73 56 68 54 71 47 - - 20.83 -11.19 Ingenious Entertainment VCT 1D 100 1 49 13 46 12 44 7 - - - 0.00 Kings Arms Yard VCT 104 11 106 28 124 26 315 1 155 22 5.41 -4.48 Ingenious Entertainment VCT 1F 100 1 95 4 91 1 90 1 - - - 0.00 Maven Income & Growth VCT 2 101 27 114 11 135 18 188 10 213 15 2.74 -6.55 Ingenious Entertainment VCT 1G 100 1 92 7 88 4 - - - - - 0.00 Maven Income & Growth VCT 3 123 2 128 3 144 11 246 3 208 17 2.78 1.26 Ingenious Entertainment VCT 2D 100 1 49 13 46 12 44 7 - - - 0.00 Maven Income & Growth VCT 4 109 7 114 12 121 30 166 20 149 25 5.83 -8.19 Ingenious Entertainment VCT 2F 100 1 95 4 91 1 90 1 - - - 0.00 Maven Income & Growth VCT 5 110 6 119 5 190 1 240 4 138 27 3.49 -6.45 Ingenious Entertainment VCT 2G 100 1 92 7 88 4 - - - - - 0.00 Maven Income & Growth VCT 104 14 115 10 139 14 212 7 315 1 3.51 0.13 Average/Total 96 14 86 14 70 14 59 10 24 1 4.64 -7.86 Maven Income and Growth VCT 6 103 21 118 9 156 6 199 9 156 21 2.04 -13.92 VCT SPECIALIST: MEDIA, LEISURE & EVENTS PRE-QUALIFYING Mobeus Income & Growth 2 VCT 103 17 109 24 189 2 255 2 183 18 2.65 -9.49 Ingenious Entertainment VCT 1 H 100 1 98 1 97 1 - - - - - 0.00 Mobeus Income & Growth 4 VCT 103 19 111 21 138 15 155 23 212 16 2.54 -10.36 Ingenious Entertainment VCT 2 H 100 1 98 1 97 1 - - - - - 0.00 Mobeus Income & Growth VCT 104 12 111 17 152 7 188 11 215 14 2.42 -9.36 Average/Total 100 2 98 2 97 2 ------Neptune-Calculus Inc & Growth 92 48 119 7 144 10 103 39 75 32 9.59 -3.27 Northern 2 VCT 112 5 119 6 148 8 184 13 252 6 7.75 2.31 VCT SPECIALIST: TECHNOLOGY Northern 3 VCT 104 13 111 21 136 16 184 14 217 12 6.21 -5.57 Oxford Technology VCT 2 107 2 164 1 87 3 99 4 52 4 13.16 -31.90 Northern Venture Trust 93 47 100 37 122 29 165 22 311 2 8.51 -11.72 Oxford Technology VCT 3 118 1 151 2 113 2 151 3 122 2 12.17 -34.66 Octopus Apollo VCT 103 19 105 30 112 34 131 31 - - 6.33 -4.73 Oxford Technology VCT 4 98 3 121 3 157 1 261 1 110 3 21.28 -27.91 Octopus Eclipse VCT 98 41 101 35 143 12 128 32 150 24 6.67 -4.79 Oxford Technology VCT 94 4 83 4 42 4 211 2 234 1 3.47 -38.42 Octopus Titan VCT 100 37 107 26 133 20 199 8 - - 4.40 -5.04 Average/Total 104 4 130 4 100 4 181 4 129 4 12.52 -33.22 ProVen Growth and Income VCT 99 40 97 47 117 32 137 29 237 8 8.42 -8.67 ProVen VCT 103 16 104 31 128 23 174 17 231 10 7.10 -7.23

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 30 June 2016, 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 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 DOM FUND 6 MTHS 1 YR 3 YRS TER TICKER CURR SIZE DOM £ £ £ % (£m) £ £ £ % (£m) £ £ £ % (£m) £ £ £ % (£m) AFRICA EQUITY GBP CORPORATE BOND db x-trackers MSCI Africa TOP 50 1C 118 98 105 0.65 XMKA $ 20 LUX db x-trackers II iBoxx GBP Liqd Corp 1D 107 109 - 0.20 XG&C £ 3 LUX iShares Core £ Corporate Bond 110 112 127 0.20 SLXX £ 1,468 IRL ALT - FUND OF FUNDS - MULTISTRATEGY iShares £ Corporate Bond 0-5yr 102 104 111 0.20 IS15 £ 892 IRL db x-trackers db Hedge Fund 2C 108 110 110 0.90 XHFD $ 206 LUX iShares £ Corporate Bond ex-Financials 110 111 126 0.20 ISXF £ 270 IRL db x-trackers db Hedge Fund 3C 97 94 96 0.90 XHFG £ 206 LUX SPDR® Barclays 0-5 Year Stlg Corp Bd ETF 102 103 - 0.20 SYBQ £ 67 IRL ASIA BOND - LOCAL CURRENCY SPDR® Barclays Sterling Corporate Bd ETF 108 110 126 0.20 SYBS £ 182 IRL SPDR® Citi Asia Local Government Bd ETF 122 123 115 0.50 SYBX $ 8 IRL GBP DIVERSIFIED BOND - SHORT-TERM ASIA EXCLUDING JAPAN EQUITY iShares £ Ultrashort Bond 100 101 - 0.17 ERNS £ 188 IRL db x-trackers MSCI AC Asia ex Japan 1C 113 103 119 0.65 DXS5 $ 465 LUX PIMCO Sterling Short Maturity Source ETF 101 101 102 - QUID £ 174 IRL HSBC MSCI AC FAR EAST ex JAPAN ETF 113 103 - 0.60 HMAD $ 112 IRL GBP GOVERNMENT BOND HSBC MSCI EM Far East ETF 114 104 117 0.40 H4ZI $ 20 IRL db x-trackers II iBoxx £ Gilts 1D 112 114 127 0.20 XBUT £ 5 LUX SPDR® MSCI EM Asia ETF 114 104 - 0.55 SPYA $ 137 IRL iShares Core UK Gilts 112 113 126 0.20 IGLT £ 1,537 IRL WisdomTree Emerging Asia Equity Inc ETF 117 - - - WTEA $ 6 IRL iShares UK Gilts 0-5yr 103 103 106 0.20 IGLS £ 1,084 IRL ASIA EXCLUDING JAPAN SMALL/MID-CAP EQUITY SPDR® Barclays 1-5 Year Gilt ETF 103 104 107 0.15 SYB5 £ 370 IRL SPDR® Barclays 15+ Year Gilt ETF 121 124 152 0.15 SYBL £ 83 IRL iShares MSCI AC Far East ex-Japan Sm Cap 109 99 112 0.74 IUS9 $ 42 IRL SPDR® Barclays UK Gilt ETF 112 114 127 0.15 SYBG £ 134 IRL ASIA-PACIFIC EXCLUDING JAPAN EQUITY Vanguard UK Gilt UCITS ETF 113 115 129 0.12 VGOV £ 147 IRL db x-trackers MSCI Pacific exJapan(DR)1C 113 110 116 0.45 DXS6 $ 382 LUX GBP INFLATION-LINKED BOND HSBC MSCI Pacific ex Japan ETF 113 110 115 0.40 H4ZH $ 33 IRL iShares MSCI Pacific ex-Japan Dist 113 110 116 0.60 IPXJ $ 186 IRL db x-trackers II iBoxx UKGilt InflLnkd1D 116 115 136 0.20 XBUI £ 6 LUX Source Man GLG Asia Plus ETF 118 105 - - MPAS $ 57 IRL iShares £ Index-Linked Gilts 117 115 136 0.25 INXG £ 946 IRL Vanguard FTSE Dev Asia Pac exJpn ETF 114 111 116 0.22 VAPX $ 92 IRL GERMANY LARGE-CAP EQUITY ASIA-PACIFIC INC. JAPAN EQUITY WisdomTree Germany Equity ETF EUR 104 - - - WTEZ € 19 IRL SPDR® S&P Pan Asia Div Aristocrats ETF 117 116 129 0.55 ZPRA $ 26 IRL GLOBAL BOND AUSTRALIA & NEW ZEALAND EQUITY ETFS Lombard Odier IM Glb Gov Bd Fmt GO 119 124 - 0.25 CORE $ 34 IRL iShares MSCI Australia 114 113 111 0.50 SAUS $ 401 IRL iShares Global AAA-AA Government Bond 119 124 116 0.20 IS0Z $ 42 IRL Lyxor Australia (S&P/ASX 200) ETF D-USD 114 114 113 0.40 LAUU $ 39 LUX iShares Global Government Bond 123 132 123 0.20 IGLO $ 666 IRL BRAZIL EQUITY GLOBAL BOND - GBP HEDGED HSBC MSCI Brazil ETF 162 109 85 0.60 H4ZG $ 8 IRL db x-trackers II Global Sovereign 2D 107 109 118 0.25 XGSG £ 633 LUX CANADA EQUITY GLOBAL CORPORATE BOND db x-trackers MSCI Canada 1C 127 110 113 0.35 D5BH $ 106 LUX ETFS Lombard Odier IM Glb Corp Bd Fmt GO 116 121 - 0.35 CRED $ 32 IRL HSBC MSCI Canada ETF 126 110 113 0.35 HCAD $ 27 IRL iShares Global Corporate Bond 119 125 126 0.20 IS0X $ 578 IRL iShares MSCI Canada 128 110 - 0.48 SXR2 $ 438 IRL GLOBAL CORPORATE BOND - GBP HEDGED Lyxor Canada (S&P/TSX 60) ETF D-USD 127 112 116 0.40 LCAU $ 62 LUX BMO Barclays 1-3 Year Glbl Corp Bd £ H 102 - - - ZC1G £ 14 IRL CHINA EQUITY BMO Barclays 3-7 Year Glbl Corp Bd £ H 105 - - - ZC3G £ 15 IRL BMO Barclays 7-10 Year Glbl Corp Bd £ H 108 - - - ZC7G £ 15 IRL HSBC MSCI China ETF 105 91 124 0.60 HMCD $ 112 IRL ETFS Lombard Odier IM Glb Corp Bd FmtGO£ 106 - - - CRGH £ 32 IRL CHINA EQUITY - A SHARES GLOBAL EMERGING MARKETS BOND db x-trackers CSI300 1C 90 79 143 0.50 XCHA $ 199 LUX db x-trackers Harvest CSI300 (DR) 1D 93 80 - - RQFI $ 185 LUX Ashmore SICAV EM Totl Ret Source ETF Acc 127 126 - 1.27 ATRF $ 820 LUX ETFS-E Fund MSCI China A GO ETF 91 77 - 0.88 CASH $ 16 IRL iShares JP Morgan $ Emerging Mkts Bd 123 130 138 0.45 IEMB $ 3,990 IRL iShares MSCI China A 90 75 - 0.65 CNYA $ 17 IRL SPDR® BofA Merrill Lynch0-5YrEM$GovBdETF 116 122 - 0.40 ZPR5 $ 33 IRL Lyxor ETF CSI 300 A-Share C-USD 91 78 - 0.40 CSIL $ 4 FRA GLOBAL EMERGING MARKETS BOND - EUR BIASED Lyxor Fortune SG ETF MSCI China A (DR)C$ 90 77 - - CNAA $ 26 FRA iShares JP Morgan $ EM Bd EUR Hdgd 124 128 - 0.50 EMBE € 708 IRL CONVERTIBLE BOND - GLOBAL GLOBAL EMERGING MARKETS BOND - LOCAL CURRENCY SPDR® Thomson Reuters Glb Convert Bd ETF 110 114 - 0.50 ZPRC $ 321 IRL ETFS Lombard Odier IM EM Lcl GvtBdFdm GO 123 - - - LOCL $ 177 IRL EMEA EQUITY iShares Emerging Asia Local Govt Bd 122 123 119 0.50 IS0S $ 38 IRL iShares Emerging Markets Local Govt Bd 126 120 101 0.50 IEML $ 2,159 IRL db x-trackers MSCI EM EMEA 1C 123 101 92 0.65 XMEAs $ 55 LUX Lyxor Em Mkts Lcl Ccy Bd (DR) ETF D-USD 107 101 84 0.58 EMBD $ 2 LUX EMERGING EUROPE EQUITY PIMCO EM Advtg Lcl Bd Res ETF Acc USD 127 122 104 - EMLB $ 83 IRL db x-trackers MSCI EM Eastern Europe 1C 123 107 86 0.65 X4ME $ 9 LUX PIMCO EM Advtg Lcl Bd Res ETF Inc USD 127 122 - - EMLI $ 83 IRL SPDR® MSCI EM Europe ETF 121 105 - 0.55 SPYB $ 7 IRL SPDR® Barclays Emerging Mkts Lcl Bd ETF 124 121 107 0.55 SYBM $ 1,177 IRL EUR BOND - LONG TERM GLOBAL EMERGING MARKETS CORPORATE BOND iShares Euro Gov Bd 20yr Trgt Duration 140 150 - 0.15 IS05 € 26 IRL Ashmore SICAV EM Corp Dbt Source ETF Acc 119 112 - 1.41 ACDF $ 1,175 LUX iShares Euro Government Bond 10-15yr 122 134 137 0.20 IEGZ 94 IRL iShares $ Emerging Markets Corporate Bd 121 125 131 0.50 IS0Q $ 133 IRL € SPDR® BofA Merrill Lynch EM Corp Bd ETF 120 124 131 0.50 SYBE 15 IRL EUR CORPORATE BOND $ ETFS Lombard Odier IM Eur Corp Bd Fmt GO 118 123 - 0.30 FWEC € 21 IRL GLOBAL EMERGING MARKETS EQUITY iShares Core Euro Corporate Bond 118 124 111 0.20 IEAC € 5,925 IRL FT Emerging Markets AlphaDEX® ETF A USD 114 100 - - FEM $ 15 IRL iShares Euro Corp Bd Interest Rate Hdgd 113 117 99 0.25 IS0Y € 627 IRL HSBC MSCI Emerg Mkts ETF 118 104 107 0.60 HMEM $ 203 IRL iShares Euro Corporate Bond ex-Fincls 119 124 112 0.20 IEXF € 1,731 IRL iShares Core MSCI Emerging Markets IMI 118 104 - 0.25 EMIM $ 2,018 IRL iShares Euro Corporate Bond Fincls 116 122 110 0.20 EUCF € 41 IRL iShares Edge MSCI EM Minimum Volatility 118 108 109 0.40 EUNZ $ 420 IRL iShares Euro Covered Bond 116 122 110 0.20 ICOV € 1,191 IRL iShares Emerging Markets Dividend 123 99 89 0.65 EUNY $ 147 IRL iShares Glbl Corp Bd EUR Hdgd 120 125 - 0.25 IBCQ € 1,061 IRL iShares MSCI Emerging Markets (Acc) 118 104 108 0.68 IEMA $ 304 IRL Lyxor FTSE Emerging Minimum Var ETF C $ 118 105 - - MVMX $ 53 LUX EUR CORPORATE BOND - SHORT-TERM Source MSCI Emerging Markets ETF 118 104 107 1.05 EMSM $ 102 IRL iShares Euro Corp Bd ex-Fincls 1-5yr 115 120 104 0.20 IEX5 € 1,405 IRL SPDR® MSCI EM Beyond BRIC ETF 121 108 - 0.55 ZPRB $ 5 IRL iShares Euro Corporate Bond 1-5yr 115 120 105 0.20 IE15 € 2,371 IRL SPDR® MSCI Emerging Markets ETF 119 105 109 0.42 SPYM $ 144 IRL iShares Euro Ultrashort Bond 113 118 - 0.14 ERNE € 633 IRL SPDR® S&P Emerging Markets Dividend ETF 127 101 83 0.55 SPYV $ 66 IRL Vanguard FTSE Emerging Markets ETF 119 103 111 0.29 VDEM $ 355 IRL EUR DIVERSIFIED BOND WisdomTree Emerg Mkts Eq Inc ETF 124 100 - - DEMD 27 IRL iShares Euro Aggregate Bond 118 126 116 0.25 IEAG € 1,752 IRL $ GLOBAL EMERGING MARKETS SMALL/MID-CAP EQUITY EUR FLEXIBLE BOND iShares MSCI Emerging Markets Small Cap 112 102 109 0.74 IEMSz $ 227 IRL iShares Euro Corporate Bond BBB-BB 117 122 - 0.25 IS06 € 413 IRL SPDR® MSCI Emerging Markets SmallCap ETF 114 105 114 0.55 EMSCz $ 23 IRL EUR GOVERNMENT BOND WisdomTree Emerg Mkts SmCp Div ETF 122 108 - - WTED $ 4 IRL iShares Austria Government Bond 120 126 115 0.20 IS0H € 9 IRL GLOBAL EQUITY - CURRENCY HEDGED iShares Belgium Government Bond 122 129 122 0.20 IBEL € 15 IRL iShares MSCI World EUR Hedged 110 112 121 0.55 IWDE € 458 IRL iShares Core Euro Government Bond 119 128 120 0.20 IEGA € 902 IRL Lyxor ETF MSCI World Mthly Hdg D-USD A/I 109 114 - 0.45 WLDU 1,004 FRA iShares Euro Government Bond 5-7yr 116 124 111 0.20 IEGY € 235 IRL $ iShares Finland Government Bond 119 125 112 0.20 IS0J € 3 IRL GLOBAL EQUITY INCOME iShares France Government Bond 121 128 117 0.20 IFRB € 13 IRL Lyxor SG Global Qual Inc NTR ETF C-GBP 116 122 130 0.45 SGQL £ 554 LUX iShares Germany Government Bond 120 127 113 0.20 IS0L € 24 IRL Lyxor SG Global Qual Inc NTR ETF D-GBP 116 117 130 0.45 SGQP £ 554 LUX iShares Italy Government Bond 116 128 126 0.20 IS0M € 795 IRL iShares Netherlands Government Bond 121 127 115 0.20 INLD € 7 IRL GLOBAL FRONTIER MARKETS EQUITY iShares Spain Government Bond 118 128 127 0.20 IS0P € 484 IRL db x-trackers S&P Select Frontier 1C 123 104 112 0.95 DX2Z $ 43 LUX EUR HIGH-YIELD BOND GLOBAL HIGH-YIELD BOND iShares Euro High Yield Corporate Bond 117 120 110 0.50 IHYG € 4,353 IRL iShares Global High Yield Corp Bond 119 119 121 0.50 HYLD $ 399 IRL EUR MONEY MARKET GLOBAL HIGH-YIELD BOND - GBP HEDGED Lyxor Smart Cash ETF C-GBP 100 101 - - CSH2 £ 509 LUX BMO Barclays Global High Yield Bond £ H 106 - - - ZHYG £ 17 IRL Lyxor Smart Cash ETF C-USD 111 - - - - $ 509 LUX iShares Glbl Hi Yld Corp Bd GBP Hdgd 106 101 - 0.55 GHYS £ 81 IRL EUR ULTRA SHORT-TERM BOND GLOBAL INFLATION-LINKED BOND iShares Euro Government Bond 0-1yr 113 117 97 0.20 IEGE € 124 IRL iShares Global Inflation Linked Govt Bd 118 120 123 0.25 IGIL $ 389 IRL EUROPE EQUITY - CURRENCY HEDGED GLOBAL INFLATION-LINKED BOND - GBP HEDGED BMO MSCI Europe ex-UK Inc Leaders £ H 96 - - - ZIEG £ 26 IRL db x-trackers II iBoxx Glbl Infl-Lnkd 3D 109 108 118 0.25 XGIG £ 560 LUX db x-trackers MSCI EMU (DR) 1C 101 104 - 0.25 XD5D $ 601 LUX GLOBAL INFLATION-LINKED BOND - USD HEDGED db x-trackers MSCI EMU (DR) 2C 90 87 - 0.25 XD5S £ 601 LUX iShares MSCI EMU USD Hdg 101 - - 0.40 CEBP $ 33 IRL db x-trackers II iBoxx Glbl Infl-Lnkd 2C 120 126 132 0.25 XG7U $ 560 LUX iShares MSCI Europe ex-UK GBP Hedged 91 89 - - EUXS £ 33 IRL GLOBAL LARGE-CAP BLEND EQUITY Lyxor Euro Stoxx 50 DR ETF Dailly H CGBP 89 85 - - MSEX £ 5,680 FRA db x-trackers FTSE All-Wld ex UK (DR) 1C 112 113 - - XDEX £ 29 IRL Lyxor Euro Stoxx 50 DR ETF Dailly H CUSD 99 101 - - MSEU $ 5,680 FRA db x-trackers MSCI World (DR)1C 111 114 - 0.19 XDWD $ 1,175 IRL Source STOXX EuroZ Exporters ETF A USD H 104 105 - - EZXU $ 13 IRL FundLogic MS Scntf Beta Glbl Eq Ftrs ETF 114 119 - - GEF $ 206 IRL UBS ETF MSCI Swtzl 20/35 H GBP A acc 94 95 - 0.30 UC93 £ 416 LUX HSBC ESI Worldwide Equity ETF 114 109 - 0.25 HEWD $ 609 IRL UBS ETF MSCI Swtzl 20/35 H GBP A dis 94 95 - 0.30 UC94 £ 416 LUX HSBC MSCI World ETF 110 113 136 0.35 HMWD $ 129 IRL WisdomTree Europe Equity ETF GBP Hdg 94 - - - HEDP £ 100 IRL HSBC Worldwide Equity ETF 111 112 - 0.25 HWWD $ 202 IRL WisdomTree Europe Equity ETF USD Hdg 105 106 - - WTDH $ 100 IRL iShares Core MSCI World 111 114 139 0.20 IWDA $ 4,842 IRL WisdomTree Germany Equity ETF GBP Hdg 93 90 - - DXGP £ 19 IRL iShares DJ Glbl Sustainability Screened 110 111 130 0.60 IGSG $ 81 IRL WisdomTree Germany Equity ETF USD Hdg 103 - - - DXGE $ 19 IRL iShares Edge MSCI World Minimum Volatil 122 134 158 0.30 IQQ0 $ 1,049 IRL EUROPE EQUITY INCOME iShares Edge MSCI World Momentum Factor 114 121 - 0.30 IWFM $ 106 IRL iShares Edge MSCI World Multifactor 107 - - - IFSW $ 65 IRL UBS ETF FTSE 250 GBP A dis 94 95 - 0.25 FRC1 £ 7 LUX iShares Edge MSCI World Quality Factor 112 119 - 0.30 IWFQ $ 177 IRL WisdomTree Europe Equity Income ETF 107 104 - - EEIE € 22 IRL iShares MSCI ACWI 112 113 133 0.60 IUSQ $ 279 IRL EUROPE LARGE-CAP BLEND EQUITY iShares MSCI World Dist 111 114 137 0.50 IWRD $ 4,171 IRL iShares DJ Eurp Sustainability Screened 104 103 121 0.45 IESE € 178 IRL iShares MSCI World GBP Hedged 98 96 125 0.55 IGWD £ 164 IRL iShares Edge MSCI Europe Minimum Volatil 110 117 138 0.25 EUN0 € 911 IRL Lyxor ETF DJ Global Titans 50 D-USD A/I 112 120 - - MGTU $ 31 FRA iShares Edge MSCI Europe Momentum Factor 109 112 - 0.25 CEMR € 27 IRL Lyxor ETF MSCI All Country World C-USD 111 112 - - ACWU $ 114 FRA iShares Edge MSCI Europe Multifactor 101 - - - FSEU € 99 IRL Ossiam World Minimum Var NR ETF 1C USD 117 125 148 0.65 WDMV $ 42 LUX iShares Edge MSCI Europe Quality Factor 107 111 - 0.25 CEMQ € 9 IRL PowerShares Global Buyback Achievers ETF 111 113 - 0.39 BUIB $ 51 IRL iShares MSCI Europe (Acc) 104 104 120 0.33 IMAE € 434 IRL SG Twenty20 Global Explorer ETN 93 92 - - GE05 £ 0 JEY WisdomTree Europe Equity ETF EUR 106 - - - WTDF € 100 IRL Source Goldman Sachs Eq Factor Wld ETF 111 115 - - EFIW $ 448 IRL Source MSCI World ETF 111 114 137 0.45 SC0J $ 335 IRL EUROPE LARGE-CAP VALUE EQUITY SPDR® MSCI ACWI ETF 112 114 135 0.40 SPYY $ 282 IRL iShares Edge MSCI Europe Value Factor 102 97 - 0.25 CEMS € 23 IRL SPDR® MSCI ACWI IMI ETF 112 113 140 0.40 SPYI $ 23 IRL Vanguard FTSE All-World ETF 111 112 134 0.25 VWRD $ 640 IRL EUROPE MID-CAP EQUITY Vanguard FTSE Developed World ETF 110 113 - - VEVE 47 IRL iShares Edge MSCI Europe Size Factor 103 105 - 0.25 CEMT € 11 IRL $ GLOBAL LARGE-CAP VALUE EQUITY EUROPE SMALL-CAP EQUITY iShares Edge MSCI World Value Factor 105 103 - 0.30 IWFV $ 150 IRL WisdomTree Europe SmallCap Dividend ETF 103 109 - - DFEE € 36 IRL SPDR® S&P Global Div Aristocrats ETF 121 116 135 0.45 ZPRG $ 139 IRL EUROZONE LARGE-CAP EQUITY Vanguard FTSE All-World High Div Yld ETF 112 112 126 0.29 VHYL $ 281 IRL iShares EURO STOXX 50 ex-Financials 109 109 - 0.20 EXFN € 36 IRL GLOBAL SMALL-CAP EQUITY iShares MSCI EMU Large Cap 103 102 - 0.49 IS3G € 139 IRL iShares Edge MSCI World Size Factor 112 113 - 0.30 IWFS $ 52 IRL EUROZONE MID-CAP EQUITY SPDR® MSCI World Small Cap ETF 113 113 - 0.45 ZPRS $ 57 IRL iShares MSCI EMU Mid Cap 103 106 - 0.49 IS3H € 129 IRL © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not FIXED TERM BOND 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. iShares iBonds Sep 2018 USD Corporate 113 120 - 0.10 EI18 $ 430 IRL Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no FRANCE LARGE-CAP EQUITY guarantee of future results. iShares MSCI France 106 105 - 0.25 ISFR € 8 IRL

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 (£m) SIZE DOM £ £ £ % (£m) £ £ £ % (£m) HIGH-YIELD BOND - OTHER HEDGED SECTOR EQUITY NATURAL RESOURCES PIMCO ST HY Corp Bd Source ETF EUR H 121 118 - - STHE € 589 IRL iShares Global Timber & Forestry 104 103 118 0.65 WOOD $ 54 IRL INDIA EQUITY iShares Oil & Gas Explor & Production 136 98 78 0.55 IS0D $ 87 IRL db x-trackers Nifty 50 1C 112 109 142 0.85 DBX7 $ 161 LUX SECTOR EQUITY OTHER INDONESIA EQUITY ROBO Global® Robotics&Automation ETF 112 110 - 0.95 ROBO $ 34 IRL HSBC MSCI Indonesia ETF 130 126 98 0.60 HIDD $ 20 IRL SECTOR EQUITY PRECIOUS METALS ETFS DAXglobal Gold Mining GO ETF 221 195 165 0.65 AUCO $ 74 IRL ISLAMIC EQUITY - OTHER iShares Gold Producers 225 190 147 0.55 IS0E $ 326 IRL iShares MSCI Emerging Markets Islamic 120 105 100 0.85 ISEM $ 16 IRL VanEck Vectors Gold Miners ETF 223 184 - - GDX $ 107 IRL iShares MSCI USA Islamic 116 120 145 0.50 ISUS $ 33 IRL VanEck Vectors Junior Gold Miners ETF 244 207 - - GDXJ $ 34 IRL ISLAMIC GLOBAL EQUITY SECTOR EQUITY PRIVATE EQUITY iShares MSCI World Islamic 115 116 133 0.60 ISWD $ 83 IRL iShares Listed Private Equity 111 108 129 0.75 IPRV $ 263 IRL JAPAN EQUITY - CURRENCY HEDGED SECTOR EQUITY TECHNOLOGY db x-trackers JPX-Nikkei 400 (DR) 2D 80 75 - - XDNG £ 127 IRL db x-trackers MSCI EM Info Tech 1C 117 113 143 0.65 XMK1 $ 49 LUX db x-trackers JPX-Nikkei 400 (DR) 4C 90 - - - XDNU $ 127 IRL ETFS ISE Cyber Security GO ETF Acc 99 - - - USPY $ 26 IRL db x-trackers MSCI Japan (DR) 6C 79 74 105 0.60 XMJG £ 1,363 LUX iShares S&P 500 Information Tech Sect 108 - - 0.15 IUIT $ 9 IRL db x-trackers MSCI Japan ETF (DR) 2D 89 89 - 0.60 XMUJ $ 1,363 LUX Lyxor MSCI World Info Tech TR ETF C-USD 107 119 162 0.40 TNOW $ 45 LUX iShares JPX-Nikkei 400 EUR Hedged 91 90 - 0.42 NK4E € 13 IRL Source Technology S&P US Select Sect ETF 111 124 166 0.30 XLKS $ 425 IRL iShares MSCI Japan EUR Hedged 90 88 103 0.64 IJPE € 1,552 IRL SPDR® S&P US Technology Select Sect ETF 111 - - - ZPDT $ 10 IRL iShares MSCI Japan GBP Hedged 79 74 105 0.64 IJPH £ 220 IRL iShares MSCI Japan USD Hedged 89 89 - 0.64 IJPD $ 336 IRL SECTOR EQUITY UTILITIES Lyxor JPX-Nikkei 400 ETF DR Dly Hdg CGBP 81 76 - - JPXX £ 575 FRA db x-trackers MSCI EM Utilities 1C 122 107 104 0.65 XMKU $ 1 LUX Lyxor JPX-Nikkei 400 ETF DR Dly Hdg CUSD 90 90 - - JPXU $ 575 FRA Lyxor MSCI World Utilities TR ETF C-USD 123 133 144 0.40 UTIW $ 50 LUX Nomura JPX-Nikkei 400 Net TR Dly $Hg ETF 90 - - - NJXU $ 21 IRL Source Utilities S&P US Select Sect ETF 133 151 167 0.30 XLUS $ 6 IRL Nomura JPX-Nikkei 400 Net TR Dly Hg ETF 92 - - - NJXE € 48 IRL SPDR® S&P US Utilities Select Sect ETF 133 - - - ZPDU $ 8 IRL Nomura Nikkei 225 EUR-Hedged ETF 92 89 - - NXKE € 19 IRL Nomura Nikkei 225 USD-Hedged ETF 91 90 - - NXKU $ 27 IRL SECTOR EQUITY WATER Source JPX-Nikkei 400 ETF USD Hedged 90 90 - - N4US $ 197 IRL iShares Global Water 121 124 151 0.65 IH2O $ 351 IRL Source STOXX Japan Exporters A USD 103 103 - - JEXE $ 9 IRL SOUTH AFRICA & NAMIBIA EQUITY UBS ETF MSCI Japan H GBP A acc 79 74 - 0.45 UC62 £ 83 LUX UBS ETF MSCI Japan H GBP A dis 79 74 - 0.45 UC61 £ 83 LUX HSBC MSCI South Africa ETF 129 99 114 0.60 HZAD $ 3 IRL WisdomTree Japan Equity ETF GBP Hdg 75 - - - DXJP £ 22 IRL iShares MSCI South Africa 128 99 114 0.65 IRSA $ 29 IRL WisdomTree Japan Equity ETF USD Hdg 86 84 - - WTDX $ 22 IRL TAIWAN LARGE-CAP EQUITY JAPAN LARGE-CAP EQUITY HSBC MSCI Taiwan ETF 121 108 129 0.60 HTWD $ 6 IRL db x-trackers MSCI Japan (DR) 1C 105 107 120 0.50 DBXJ $ 1,363 LUX TURKEY EQUITY iShares Core MSCI Japan IMI 107 109 123 0.20 IJPA $ 989 IRL HSBC MSCI Turkey ETF 122 106 82 0.40 HTRD $ 5 IRL iShares MSCI Japan Acc 106 106 - 0.48 SXR5 $ 342 IRL iShares MSCI Japan Dist 105 107 128 0.59 IJPN/L $ 1,579 IRL UK EQUITY INCOME Source MSCI Japan ETF 105 107 120 0.45 SC0I $ 29 IRL BMO MSCI UK Income Leaders £ 99 - - - ZILK £ 13 IRL Vanguard FTSE Japan ETF 105 106 122 0.19 VJPN $ 540 IRL iShares UK Dividend 100 95 120 0.40 IUKD £ 779 IRL WisdomTree Japan Equity ETF JPY 101 - - - WTIZ $ 22 IRL WisdomTree UK Equity Income ETF 100 - - - WUKD £ 3 IRL JAPAN SMALL/MID-CAP EQUITY UK LARGE-CAP BLEND EQUITY iShares MSCI Japan Small Cap Dist 114 121 145 0.58 IDJP $ 264 IRL db x-trackers FTSE 100 (DR) 1C 106 103 116 0.09 XDUK £ 61 LUX db x-trackers FTSE 100 (DR) Income 1D 106 103 116 0.30 XUKX/L £ 235 LUX KOREA EQUITY db x-trackers FTSE 100 Equal Wtd (DR) 1D 99 - - 0.11 XFEW £ 19 IRL HSBC MSCI Korea ETF 115 113 116 0.60 HKOD $ 6 IRL db x-trackers FTSE All-Share (DR) 1D 104 101 117 0.40 DBXZ £ 108 LUX LATIN AMERICA EQUITY FT United Kingdom AlphaDEX® ETF A GBP 92 92 118 0.80 FKU £ 12 IRL HSBC FTSE 100 ETF 106 103 115 0.35 H4ZB £ 155 IRL HSBC MSCI EM LA ETF 139 109 87 0.60 HMLD $ 8 IRL iShares Core FTSE 100 Dist 107 103 115 0.40 ISF/L £ 3,925 IRL iShares MSCI EM Latin America Dist 138 108 86 0.74 LTAM $ 202 IRL Lyxor ETF FTSE 100 C-GBP 106 103 116 0.16 L100.L £ 500 FRA SPDR® MSCI EM Latin America ETF 139 108 86 0.55 SPYL $ 4 IRL Lyxor ETF FTSE All Share A/I 103 101 117 0.40 LFAS £ 11 FRA MONEY MARKET - OTHER Ossiam FTSE 100 Minimum Var ETF 1C GBP 109 110 130 0.45 UKMV £ 39 LUX Commerzbank CCBI RQFII Mny Mkt ETF A 109 110 - - CCMR 255 GBR Ossiam FTSE 100 Minimum Var ETF 1D GBP 104 107 - 0.45 UKMD £ 39 LUX Commerzbank CCBI RQFII Mny Mkt ETF B 108 111 - - CCMG £ 255 GBR Source FTSE 100 ETF 106 103 115 0.35 SC0A £ 69 IRL Commerzbank CCBI RQFII Mny Mkt ETF C 107 110 - - CCME € 255 GBR SPDR® FTSE UK All Share ETF 104 103 119 0.20 SPYF £ 137 IRL db x-trackers II Sterling Cash 1D 100 100 101 0.15 DXS1 £ 60 LUX UBS ETF MSCI UK IMI SRI GBP A dis 103 103 - 0.38 UKSR £ 59 IRL db x-trackers US Dollar Cash 1C 111 118 113 0.15 3011 $ 55 LUX Vanguard FTSE 100 ETF 106 103 116 0.10 VUKE £ 2,052 IRL Lyxor Fed Funds US Dollar Cash ETF C-USD 111 - - - FEDF $ 38 LUX UK LARGE-CAP VALUE EQUITY OTHER AFRICA & MIDDLE EAST EQUITY PowerShares FTSE RAFI UK 100 ETF 107 98 107 0.50 PSRU £ 8 IRL db x-trackers MSCI GCC Select 1C 109 91 - 0.59 XGLF $ 54 IRL SPDR® S&P UK Dividend Aristocrats ETF 102 102 116 0.30 SPYG £ 81 IRL iShares MSCI GCC ex-Saudi Arabia 113 102 113 0.80 IGCC $ 7 IRL UK MID-CAP EQUITY Lyxor ETF Kuwait FTSE Coast Kuwait40 A/I 104 99 80 0.65 LKUU $ 4 FRA db x-trackers FTSE 250 (DR) 1D 94 94 125 0.35 DBXY £ 103 LUX OTHER AMERICAS EQUITY HSBC FTSE 250 ETF 95 95 126 0.35 HMCX £ 42 IRL db x-trackers MSCI Mexico (DR) 1C 112 103 94 0.65 D5BI $ 57 LUX iShares FTSE 250 94 94 125 0.40 MIDD/L £ 940 IRL HSBC MSCI Mexico Capped ETF 112 104 94 0.60 HMED $ 8 IRL Lyxor ETF FTSE 250 A/I 94 95 126 0.35 L250 £ 10 FRA UBS ETF MSCI Canada H GBP A acc 106 97 - 0.43 UC87 £ 194 LUX Source FTSE 250 ETF 94 94 126 0.35 SC0B £ 21 IRL UBS ETF MSCI Canada H GBP A dis 106 97 - 0.43 UC88 £ 194 LUX Vanguard FTSE 250 ETF 93 93 - - VMID £ 155 IRL OTHER ASIA-PACIFIC EQUITY US EQUITY - CURRENCY HEDGED HSBC MSCI Malaysia ETF 120 111 89 0.60 HMYD $ 5 IRL BMO MSCI USA Income Leaders £ H 104 - - - ZISG £ 8 IRL db x-trackers S&P 500 (DR) 2C 101 102 - - XDPG £ 431 IRL OTHER BOND iShares S&P 500 EUR Hedged 114 120 129 0.45 IUES € 1,128 IRL FinEx Tradable Russian Corp Bds ETF USD 119 132 127 0.50 FXRU $ 32 IRL iShares S&P 500 GBP Hedged 101 101 133 0.45 IGUS £ 105 IRL LAM Sun Glbl ZyFin India Sov Entp Bd ETF 112 - - - GNT1 $ 4 IRL UBS ETF Barcl US Liq Corp 1-5 HGBP A dis 104 104 - 0.23 - £ 500 LUX US LARGE-CAP BLEND EQUITY UBS ETF Barcl US Liq Corp H GBP A dis 109 110 - 0.23 UC85 £ 477 LUX db x-trackers MSCI USA (DR) 1C 113 120 - 0.07 XD9U $ 1,366 IRL FT US Large Cap Core AlphaDEX® ETF A USD 114 116 - 0.66 FEX $ 43 IRL OTHER EUROPE EQUITY FundLogic MS Scntf Bta US Eq Fctrs ETF $ 115 - - - USEF $ 115 IRL WisdomTree ISEQ 20® UCITS ETF 93 108 - - WTIE € 22 IRL HSBC S&P 500 ETF 113 121 154 0.09 H4ZF $ 1,481 IRL iShares Edge MSCI USA Multifactor 111 - - - IFSU $ 4 IRL OTHER INFLATION-LINKED BOND iShares Edge S&P 500 Minimum Volatility 123 137 170 0.20 IBCK $ 1,599 IRL SPDR® Barclays EM Infl Lnkd Lcl Bd ETF 125 118 108 0.55 SYBI $ 32 IRL iShares S&P 500 Dist 113 121 153 0.40 IUSA/L $ 6,250 IRL POLAND EQUITY iShares US Equity Buyback Achievers 110 108 - 0.55 CEM2 $ 9 IRL Lyxor FTSE USA Minimum Variance ETF CUSD 120 - - - MVUX $ 86 FRA iShares MSCI Poland 104 87 85 0.74 IPOL $ 31 IRL Lyxor MSCI North America ETF C-USD 113 119 - - NORA $ 4 FRA PROPERTY - INDIRECT EUROPE Lyxor S&P 500 ETF D-USD 113 121 155 0.17 LSPU $ 1,650 LUX iShares MSCI Target UK Real Estate 92 93 - 0.40 2B7N £ 9 IRL Ossiam Shiller BarclCp® USScVlTr IC$ Acc 115 - - - UCAP $ 218 LUX PowerShares S&P 500 VEQTOR ETF 106 111 - 0.39 SPVX $ 2 IRL PROPERTY - INDIRECT GLOBAL Source MSCI USA ETF 113 120 153 0.30 SC0H $ 58 IRL HSBC FTSE EPRA/NAREIT Developed ETF 119 130 141 0.40 HPRD $ 159 IRL Source S&P 500 ETF 113 121 154 0.20 P500 $ 1,846 IRL SPDR® Dow Jones Global Real Estate ETF 119 131 145 0.40 SPYJ $ 146 IRL SPDR® Russell 3000 US Total Market ETF 113 119 - 0.25 ZPR3 $ 2 IRL SPDR® S&P 500 ETF 113 121 154 0.09 SPY5 $ 806 IRL PROPERTY - INDIRECT NORTH AMERICA VanEck Vectors Morningstar US WidMot ETF 123 - - - GMVM $ 3 IRL iShares MSCI Target US Real Estate 119 134 - 0.40 CEM1 $ 4 IRL Vanguard FTSE North America ETF 113 119 - - VNRT $ 17 IRL iShares US Property Yield 122 143 - 0.40 IUSP $ 542 IRL Vanguard S&P 500 ETF 113 121 154 0.09 VUSD $ 10,000 IRL PROPERTY - INDIRECT OTHER US LARGE-CAP GROWTH EQUITY iShares UK Property 86 89 130 0.40 IUKP £ 675 IRL Lyxor ETF Russell 1000 Growth C-USD 110 121 - - RUSG $ 4 FRA RUSSIA EQUITY US LARGE-CAP VALUE EQUITY db x-trackers MSCI Russia Capped 1C 132 114 84 0.65 DBXV $ 112 LUX iShares MSCI USA Dividend IQ 120 132 - 0.35 QDIV $ 95 IRL HSBC MSCI Russia Capped ETF 132 114 85 0.60 HRUD $ 36 IRL Lyxor ETF Russell 1000 Value C-USD 115 120 - - RUSV $ 3 FRA Lyxor ETF Russia (DJ Russia GDR) D-GBP 133 113 83 0.65 RUSL £ 299 FRA PowerShares FTSE RAFI US 1000 ETF 115 118 - 0.39 PSRF $ 200 IRL Source RDX ETF 132 113 84 1.20 RDXS $ 10 IRL PowerShares S&P 500 Hi Div Low Voltl ETF 127 145 - 0.30 HDLG $ 190 IRL SECTOR EQUITY AGRICULTURE SPDR® MSCI USA Value Wtd ETF USD 113 117 - 0.25 ZPRU $ 4 IRL SPDR® S&P 500 Low Volatility ETF 121 138 163 0.35 SPY1 $ 81 IRL ETFS S-Network Glbl Agri Business GO ETF 113 105 106 0.65 MOOO $ 12 IRL SPDR® S&P US Dividend Aristocrats ETF 125 135 162 0.35 SPYD $ 1,735 IRL iShares Agribusiness 113 104 114 0.55 IS0C $ 40 IRL WisdomTree US Equity Income ETF 125 134 - - DHSD $ 21 IRL SECTOR EQUITY BIOTECHNOLOGY US MID-CAP EQUITY Source NASDAQ Biotech ETF 84 83 - - SBIO $ 81 IRL db x-trackers Russell Midcap(DR) 1C 115 116 - 0.29 XRSM $ 81 IRL SECTOR EQUITY COMMUNICATIONS SPDR® S&P 400 US Mid Cap ETF 117 117 148 0.30 SPY4 $ 413 IRL db x-trackers MSCI EM Telecom Svcs 1C 119 100 96 0.65 XMKT $ 1 LUX US SMALL-CAP EQUITY Lyxor MSCI World Telecom Svcs TR ETF C$ 120 125 147 0.40 TELW $ 37 LUX db x-trackers Russell 2000 (DR) 1C 111 108 - 0.37 XRS2 $ 188 IRL SECTOR EQUITY CONSUMER GOODS & SERVICES ETFS Russell 2000 US Small Cap GO ETF 111 108 136 0.45 RTWO $ 26 IRL db x-trackers MSCI EM Cnsmr Discret 1C 114 107 110 0.65 XMKD $ 1 LUX iShares S&P SmallCap 600 115 115 147 0.40 IDP6 $ 318 IRL db x-trackers MSCI EM Cnsmr Staples 1C 124 113 104 0.65 XMKS $ 5 LUX Lyxor ETF Russell 2000 C-USD 110 109 - 0.40 RUS2 $ 2 FRA iShares MSCI Emerging Markets Cons Gr 116 114 - 0.60 CEMG $ 4 IRL Source Russell 2000 ETF 111 108 135 0.45 SC0K $ 14 IRL iShares S&P 500 Consumer Discret Sect 110 - - 0.15 IUCD $ 1 IRL SPDR® MSCI USA Small Cap Val Wtd ETF USD 116 111 - 0.30 ZPRV $ 13 IRL Lyxor MSCI World Cnsmr Discret TR ETF C$ 104 110 139 0.40 DISW $ 46 LUX SPDR® Russell 2000 US Small Cap ETF 111 109 - 0.30 ZPRR $ 41 IRL Lyxor MSCI World CnsmrStapl TR ETF C-USD 118 132 150 0.40 STAW $ 74 LUX WisdomTree US SmallCap Dividend ETF 121 120 - - DESD $ 7 IRL Source Cnsmr Discret S&P US Sel Sect ETF 110 121 160 0.30 XLYS $ 166 IRL USD CORPORATE BOND Source Cnsmr Stapl S&P US Sel Sect ETF 120 137 162 0.30 XLPS $ 23 IRL db x-trackers Barclays USD Cp Bd(DR)1D 121 - - 0.20 XDGU $ 246 IRL SPDR® S&P US Cnsmr Discret Sel Sect ETF 110 - - - ZPDD $ 8 IRL iShares $ Corp Bd Intr Rt Hdgd 112 118 - 0.25 IS3F $ 60 IRL SPDR® S&P US Cnsmr Staples Sel Sect ETF 120 - - - ZPDS $ 10 IRL iShares $ Corporate Bond 122 130 138 0.20 LQDA $ 3,959 IRL SECTOR EQUITY ENERGY iShares $ Short Dur Corp Bd 114 121 - 0.20 SDIG $ 872 IRL db x-trackers MSCI EM Energy 1C 130 103 84 0.65 XMKE $ 1 LUX iShares $ Ultrashort Bond 112 119 - 0.16 ERND $ 100 IRL ETFS US Energy Infrastructure MLP GO ETF 132 97 - 0.45 XMLP $ 12 IRL Lyxor USD Liq Inv Grd Corp Bds ETF D-USD 121 - - - USIG $ 301 LUX iShares S&P 500 Energy Sect 129 - - 0.15 IUES $ 3 IRL PIMCO LD US Corp BD Source ETF USD Inc 115 122 - - LDCU $ 33 IRL Lyxor MSCI World Energy TR ETF C-USD 128 110 101 0.40 NRGW $ 83 LUX SPDR® Barclays 0-3 Year US Corp Bd ETF 113 120 - 0.20 SYBF $ 135 IRL Source Energy S&P US Select Sect ETF 128 110 104 0.30 XLES $ 77 IRL SPDR® Barclays 10+ Year US Corp Bd ETF 126 - - - SYBN $ 61 IRL Source Morningstar US Engy InfrasMLP ETF 139 98 90 - MLPS $ 202 IRL UBS ETF Barcl MSCI USLqCrp Sus USD A dis 120 - - 0.20 UC97 $ 56 LUX Source Mstar US Enrgy Infra MLP ETF B 139 98 91 - MLPD $ 202 IRL UBS ETF Barcl US Liq Corp 1-5 USD A dis 115 123 - 0.18 UEF7 $ 500 LUX SPDR® S&P US Energy Select Sector ETF 127 - - - ZPDE $ 220 IRL USD DIVERSIFIED BOND SECTOR EQUITY FINANCIAL SERVICES iShares US Aggregate Bond 117 124 127 0.25 EUNX $ 932 IRL db x-trackers MSCI EM Financials 1C 115 97 103 0.65 XMKF $ 0 LUX SPDR® Barclays US Aggregate Bond ETF 117 124 - 0.17 SYBU $ 21 IRL iShares S&P 500 Financials Sect 105 - - 0.15 IUFS $ 8 IRL USD DIVERSIFIED BOND - SHORT-TERM Lyxor MSCI World Financials TR ETF C-USD 100 101 118 0.40 FINW $ 16 LUX Source Financials S&P US Select Sect ETF 105 110 136 0.30 XLFS $ 466 IRL PIMCO USD Short Mat Source ETF 112 119 116 - MINT $ 1,112 IRL SPDR® S&P US Financials Select Sect ETF 105 - - - ZPDF $ 10 IRL USD GOVERNMENT BOND SECTOR EQUITY HEALTHCARE db x-trackers II iBoxx $ Trs (DR) 1D 117 125 127 0.15 XUTD $ 130 LUX db x-trackers MSCI EM Healthcare 1C 111 107 133 0.65 XMKH $ 9 LUX db x-trackers II iBoxx $ Trs 1-3 (DR) 1D 112 119 116 0.15 XUT3 $ 40 LUX iShares S&P 500 Health Care Sect 110 - - 0.15 IUHC $ 19 IRL iShares $ Treasury Bond 20+yr 130 142 - 0.20 IS04 $ 218 IRL Lyxor MSCI World Hlth Care TR ETF C-USD 107 111 159 0.40 HLTW $ 196 LUX iShares $ Treasury Bond 7-10yr 120 129 132 0.20 BTMA $ 1,693 IRL Source Health Care S&P US Sel Sect ETF 110 114 173 0.30 XLVS $ 80 IRL SPDR® Barclays 1-3 Year US Trs Bd ETF 112 119 - 0.15 SYBW $ 122 IRL SPDR® S&P US Health Care Select Sect ETF 110 - - - ZPDH $ 7 IRL SPDR® Barclays US Treasury Bond ETF 117 125 - 0.15 SYBT $ 210 IRL SECTOR EQUITY INDUSTRIAL MATERIALS USD HIGH-YIELD BOND db x-trackers MSCI EM Industrials 1C 112 95 98 0.65 XMKI $ 0 LUX iShares $ High Yield Corporate Bond 121 119 124 0.50 IS0R $ 2,502 IRL db x-trackers MSCI EM Materials 1C 127 106 89 0.65 XMKM $ 1 LUX iShares $ Shrt Dur Hi Yld Corp Bd 118 119 - 0.45 SDHY $ 383 IRL Lyxor MSCI World Indtls TR ETF C-USD 114 117 138 0.40 INDW $ 78 LUX PIMCO ST HY Corp Bd Source ETF 119 119 124 - STHY $ 589 IRL Lyxor MSCI World Materials TR ETF C-USD 119 106 114 0.40 MATW $ 62 LUX PIMCO ST HY Corp Bd Source ETF USD Acc 120 119 - - STYC $ 589 IRL Source Industrials S&P US Sel Sect ETF 116 124 154 0.30 XLIS $ 59 IRL SPDR® Barclays 0-5 Year US Hi Yld Bd ETF 118 118 - 0.40 SYBK $ 55 IRL Source Materials S&P US Select Sec ETF 117 113 140 0.30 XLBS $ 7 IRL USD INFLATION-LINKED BOND SPDR® S&P US Industrials Select Sect ETF 116 - - - ZPDI $ 2 IRL db x-trackers II iBoxx$Trs InflLnk(DR)1D 119 122 122 0.20 XUIT $ 16 LUX SPDR® S&P US Materials Select Sect ETF 117 - - - ZPDM $ 7 IRL SPDR® Barclays US TIPS ETF 118 - - - SYBY $ 226 IRL SECTOR EQUITY INFRASTRUCTURE USD MODERATE ALLOCATION db x-trackers S&P Global Infras 1C 125 119 139 0.60 DX2E $ 98 LUX SPDR® Morningstar Mlt-Asst Glb Infrs ETF 121 123 - - ZPRI 42 IRL iShares Emerging Market Infrastructure 122 109 119 0.74 IEMI $ 61 IRL $ VIETNAM EQUITY db x-trackers FTSE Vietnam 1C 117 107 120 0.30 DXS7 $ 255 LUX

www.WhatInvestment.co.uk 77 Investment clubs

Returns to dine out on The Hare Supper Investment Club, now in its ninth year, focuses on research and maintaining the diversity of its share holdings

e last met the Hare Currently with 12 members, club occasion, commencing with a drink at Supper Investment chairman Nic Olson explains how the the bar followed by a two-course meal, Club in 2011, when club has evolved and whether their followed by the formal club meeting.’ the coalition government was still in its portfolio strategy is more tortoise or hare. honeymoonW period, the News of the World ‘In recent years we have had the sad loss A good spread phone hacking story was making all the of the founder, Pate Terrell, and two other Their current strategy is summarised as headlines and UKIP’s voice started to original members have died, while five ‘research, monitoring, majority voting’. be heard. members have retired,’ says Nic. ‘We The club splits its investments between The markets have seen a lot of changes recruit new members through personal FTSE 100 stocks with good dividend since that time, but how has the Hare introductions, although we feel that yields, main market stocks with a higher Supper Investment Club changed? And the current number of members is a degree of volatility, small companies such how has the EU referendum affected comfortable and workable arrangement. as those listed on AIM and derivative- its portfolio? ‘Each monthly meeting is a social based funds.

78 www.WhatInvestment.co.uk Investment clubs

In addition, the club has made plays on We have also seen our fair share of The club’s top ten holdings gold and the US dollar/sterling exchange losses: this year these have included rate, with a core holding via Gold Bullion GW Pharmaceuticals, Sprue Aegis, based in Zurich. Autotrader, ITV, Next and Whitbread. Holding % of the portfolio They currently invest £1,000 into each ‘However, on the whole we currently blue-chip and Main Market share, with outperform the All-Share Index ARM Holdings 12.0 £500 invested into small companies and (dividends excluded) due to the wide St James’s Place 8.8 high-risk stocks. spread of investments.’ CF Woodford Equity Income 6.2 Constant renewal The wrong horse Vodafone 6.2 Nic continues, ‘We maintain our practice Like many retail investors, the past few Diageo 5.2 of total liquidation of the portfolio every months up to and following the EU three years, rolling over £500 each into referendum have been difficult. ‘We were Aviva 5.2 the next three years, but we have recently unanimous in our belief that the UK BT 4.4 raised the monthly contribution to £100 would vote in favour of Remain,’ says per member. Nic. ‘We were wrong, and have suffered GlaxoSmithKline 4.2 ‘In recent years we have taken accordingly, with property-related shares, Scottish Mortgage Invt Trust 3.9 substantial profits in specific equities builders and travel companies falling rather than certain sectors. These include most sharply in our portfolio.’ Intl Consolidated Airlines 3.8 Churchill China, Glencore, easyJet, Nic continues, ‘Away from the Total 59.9% Betfair, Telford Homes and Lloyds Bank. investment club, members invest in

The Share Centre’s view

Ian Forrest is investment research analyst at The Share Centre My initial thought is growth potential in their top ten holdings as My only other observation is the strategy that this is a well- they are exclusively larger, FTSE 100 stocks of investing comparatively small amounts organised investment and funds. This makes dividend returns into smaller companies with higher risk. club that appears to more important if their investment portfolio While I understand the thinking behind have a clear investment is to show any significant returns. this, I would caution against doing it strategy. There is a good spread of sectors in this with too many stocks as they will pay By their own portfolio but I would like to see a wider proportionally higher transaction costs, admission, their geographical spread. The club could, often suffering larger price spreads, and investments are weighted towards larger perhaps, look to large global stocks or there will be more effort involved in companies, giving them an overall low to stocks with significant business outside managing a larger number of companies. medium risk profile but good dividend the UK such as Compass and Unilever, This portfolio is well diversified on the potential. I would only add a note of caution which would also reduce their UK whole and I am pleased to see that there is regarding this strategy, given recent research exposure. This will offer some protection a real focus on the social side of meetings from The Share Centre which shows there should the UK fall into negative growth with food and drink being equally as is a trend of dividend cover coming down following the Brexit vote. important in the structure of their meetings. for certain sectors and big income stocks, They might also consider niche areas We wish them the best of luck for the so they should be wary given the uncertain in the UK, as those companies are less future and hope that, whether their nature of the equity markets. likely to be affected by a downturn if portfolio is tortoise or hare, they continue I would also suggest that there is less they operate within a specialist field. to make good gains and enjoy the race.

www.WhatInvestment.co.uk 79 Investment clubs

‘Do your own research, and don’t believe everything you read in the newspapers’

Liontrust Asset Management’s view

John Husselbee, head of multi-asset at Liontrust, reviews the macro outlook for investment clubs

It’s no surprise to see Brexit vote and the currency has however, we may well be entering that the Hare Supper effectively acted like the share price of uncharted territory. Club’s focus has been UK plc. For investors with overseas assets, The vote has revealed many fault lines in on the Brexit vote, and this weakness provided a performance the UK – between generations as much as the surprise victory for boost, and many are now weighing up political parties – and there is still little the Leave campaign at whether the currency will drop further or clarity on how our exit from the EU the end of June. if it might be time to lock in some of might look in practice. While markets were these unexpected gains. Markets will move on and get distracted initially wrong-footed by the Leave vote, We continue to reiterate our message for by other global events – we have five and we saw the FTSE 100 fall sharply investment clubs – focus on the long term. European elections in the next 18 months in the immediate aftermath of the vote, The biggest risk is giving way to panic and and the small matter of the Clinton/ the market more than recovered these abandoning a long-term strategy based on Trump battle in the US. losses and actually ended the quarter in short-term anxiety. It would be easy to become bearish as positive territory. The Hare Supper Investment Club markets and asset classes continue to bend It looks increasingly clear that – for now should not be disheartened by short-term the laws of finance, but with central banks at least – we have a political rather than a losses. Despite a volatile aftermath, we are still so prevalent, it would take a brave financial crisis on our hands. clearly nowhere near the crisis of 2008 in investor to fight the Fed/ECB/Bank of Sterling took the initial brunt of the financial terms; politically speaking, England/Bank of Japan. varying degrees, depending on their following the meeting. All members have importance of the treasurer’s role.’ personal and business circumstances, but access to view the club’s account online. We concluded by asking Nic, who there is no correlation between personal, ‘We decide when to sell our shares using previously qualified and practised as a private strategies and that of the club.’ stop-losses and limits. We also sell when stockbroker, what the most important our research suggests we should and when lessons he has learned about investing are. Come prepared there is a collective decision to do so. We His response: ‘Do your own research, The club’s members are detailed to sometimes sell shares to take a partial or and don’t believe everything you read research and monitor individual total profit.’ in the newspapers. I also advise that shareholdings, communicating mostly investors should make collective and by email between meetings. ‘If members Words of wisdom unemotional decisions.’ u want to nominate shares to be put on the So what advice would the Hare Supper watch list, they start by doing their own Investment Club, in its ninth year of Liontrust is a specialist fund management research before the meeting,’ says Nic. trading, give to new investment clubs? company that focuses on asset classes where it ‘During the meeting we may carry out Nic suggests, ‘Firstly, have defined roles has particular expertise. Its fund managers are additional research and then vote. and responsibilities for individual shares. independent thinkers who have the courage of ‘If a decision is made to purchase a Next the club should alternate the chair their convictions in investment decisions. stock, this will be done the morning at meetings. And finally to appreciate the

80 www.WhatInvestment.co.uk Platform perspectives

Tumultuous times Mark Polson looks at some of the implications for platforms of the UK’s decision to leave the EU

read a funny tweet the other day. It So when it comes to robo-advice, cash flow said: ‘2015 – someone eats a bacon planning or whatever it may be, the UK has sandwich in a weird way. 2016 – long been an entry point to the EU – if you everything’s on fire!’ can make it work here, you’ve got a good II’m just the wrong side of 40 and I can’t chance of making it work over there. So it remember a time like this, ever. It’s quite is an open question as to whether the dizzying, and I feel for anyone trying to innovation that has targeted the UK market make investment calls at a time like this. will keep starting its journey here, or whether Short of stocking up on canned goods and territories on mainland Europe will pick up possibly a hunting rifle or two, I’m not fintech money that might have been spent in sure what you do. Buy shares in canned Shoreditch and elsewhere. goods manufacturers and hunting rifle Similarly, might providers of capital to manufacturers, I suppose. existing platforms decide that their bucks But it turns out that many of you are would be better spent across the North Sea? indeed making calls, which is either brave An investment case that says ‘build UK, or monumentally dumb, or maybe both. deploy Europe’ is much more persuasive Platforms specialising in share trading than one that stays in the UK – especially reported intense activity levels on the Friday if swathes of higher earners do find their after the Brexit vote, with both Interactive ‘I can’t remember a time like this, finance jobs heading off to Frankfurt, Paris Investor and Alliance Trust Savings saying it ever, and I feel for anyone trying or even (whisper it) Edinburgh. was one of their busiest ever days. Hargreaves Lansdown was similarly busy, and had issues to make investment calls’ On the upside... (as did others) in getting prices from market Enough doom and gloom. Here’s a counter makers at some points during the day. argument. You may or may not know – Conversely, platforms I’ve spoken to that will have been relieved to see that markets doesn’t matter – that the fund and platform specialise in fund-based investment, and recovered pretty quickly (as I write, the industry is facing yet another major especially those that serve advised clients, FTSE is back up above 6,500). If your regulatory bombshell in the guise of reported barely increased activity in terms of income depends on the health of the markets something called MiFID II. That’s the transactions, though there was certainly more then that’s good news. second instalment of the Markets in traffic hitting the help desks. However, it might be more interesting to Financial Instruments Directive. keep an eye on the strategic rationale of If we’re not playing in the EU, then we don’t Platform reflections providers for being in the UK market. I’ve have to play with MiFID II for our domestic We’re nowhere close to the dust settling, written in these pages before about the investment market. That matters because a) of course, but I thought it might be worth withdrawal of AXA from the UK long- there is a lot of nonsense in the MiFID thinking through a couple of the potential term savings and investments market, and proposals and b) it saps development resource implications for platforms of all the nonsense although that had nothing to do with Brexit, and increases costs for providers like nothing that’s currently going on. there are lessons to be drawn. As you may else. If it’s not going to be a Thing, then we First of all, I don’t think anyone particularly know, the UK, along with the Nordics and don’t have to worry about it; in turn, that needs to worry about the financial health of Holland, is particularly fertile ground for might help free some providers up to work their platform on the basis of June’s vote. If people to launch new propositions. on their propositions. Most of them could do your platform is of a stockbroking heritage Although regulation is fierce here, that’s a with it. with lots of active investors, it will have been better price to pay for many than struggling I’ll see you in September, if the world hasn’t loving the immediate post-referendum to beat the bancassurers for distribution as burnt down by then. u period, as all those lovely trading charges you’d have to in France, Italy or Spain. rolled in. If it’s more of a fund shop, charging Germany is also attractive, but heavily Mark Polson is the founder of price comparison percentage fees rather than fixed amounts, it stitched up by a few big providers. website The Lang Cat

www.WhatInvestment.co.uk 81 The last word

High finance Terry Bond learns about his friend’s impressive investment portfolio

ete and I go way back. We met has complete discretion over buying and as seven-year-old new bugs in selling within these parameters. To date Mrs Pond’s class at Tettenhall this year the overall profit from these College, a minor public school in investments is 11 per cent. PStaffordshire. We have been friends • 15 per cent of the total capital is invested ever since and have enjoyed numerous in European stock markets via an overseas hilarious holidays around the world. asset management company. 20 per cent Invariably the vacations have been with of that 15 per cent is in gold and gold wives, but our French trip last month was mines, while the rest is in German, Swiss a men-only adventure. and French Triple A (highest-quality) My friend, who has amassed more moolah stocks. To date this year the shares in this than the Greek national debt, has bought portfolio are showing a 7 per cent return himself a new car. I’m not a motoring geek when measured in Swiss francs, but this so I take his word that it is a Mercedes- goes up to 11 per cent if the measurement AMG SL 63. He also tells me that it has a is in sterling. A pioneer of the investment club V8 engine that is twin turbocharged, it can • 7 per cent of the total capital is with an movement, Terry Bond has been a go from a standing start to 60 miles per asset management fund specialising in private investor for three decades. hour in four seconds and has a top speed IPO and pre-IPO businesses. So far this He is a member of the London-based of 186 miles per hour. year the value of this investment has gone Mashed Pesetas club. I’m impressed, but on closer inspection up by 5 per cent. I note a couple of downsides. It only has • Pete has given discretion to two two seats, and when the automatic roof is sophisticated and qualified individuals to tucked away in the boot there is almost no ‘Prior to departure we vowed that invest in FTSE 100 stocks on his behalf, room for any luggage. Also, I can see a whatever happened on the journey with the proviso that no more than 5 per difficulty in checking out that top speed cent can be invested in any one stock. The claim. Pete’s home is in London’s would remain on the journey’ adviser who has 10 per cent of the total fashionable Holland Park, where the capital is showing a loss to date of 18 per volume of traffic means that car speeds cent. The adviser who controls 5 per cent rarely reach double figures. investment strategies during the fortnight, of the capital is showing a loss of 4 per Now, however, we are going to spend a what I can do is to give you an insight into cent to date. couple of weeks frightening the locals Pete’s financial affairs. Note that he is a • As I mentioned earlier, Pete is himself by winding the new Merc up to its full sophisticated and successful investor who an experienced investor with excellent potential and blazing a trail to Biarritz. has several millions in the stock market. connections in the City and industry, Here, in percentage terms, is a breakdown so he decides where the remaining 23 Money talks of his holdings and their performance to per cent of the total capital is placed. The full story of the holiday is, sadly, date this year. At present he has 13 per cent almost forever a secret because, to protect our • 40 per cent of his total capital is entrusted entirely in AIM stocks and 10 per cent reputations and our liberties, prior to to a leading London stockbroking firm. in fine wine. departure we vowed that whatever The capital is divided thus: 20 per cent in Interesting and impressive, isn’t it? I happened on the journey would remain FTSE 100 stocks; 5 per cent in FTSE thought so too, particularly as I heard all on the journey. 350 stocks; 5 per cent in American stocks; about it as we bowled along in wall-to-wall So to assuage your disappointment, 5 per cent in European stocks; and 5 per sunshine through the French countryside in and because we talked a great deal about cent in fixed interest stocks. The broker our shiny new Mercedes. Happy days! u

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