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WEEKinvestmentweek.co.uk 14 September 2020

By Lauren Mason

Twitter: @LaurenMason_IWA Joe Biden win in November’s US Election is a “foregone conclusion” given “diabolical” economic fundamentals under incumbent President Donald Trump, according to some industry commentators, while others have branded the Democratic candidate as a “fuddy duddy” who is unlikely to win over the US general public, warning his Presidency would lead to higher corporate taxes and increasing regulatory scrutiny of the mega-cap tech stocks.

This comes less than eight weeks before the polls take place, with the former Vice-President (pictured) currently at a seven-point lead relative to the incumbent President, according to an average of national polls by FiveThirtyEight.

David Absolon, investment director at Heartwood Investment Management, pointed out only three presidents have been “overwhelmingly re-elected” in modern history: Richard Nixon, Bill Clinton and Ronald Reagan.

He said each had “solid” positive net approval ratings at 17.7%, 16.1% and 15.3%. At time of writing, however, Trump’s net approval rating stands at a minus 12.1%.

“Trump is losing support from one of his most crucial constituencies: senior voters. For years, the Republican Party has relied on older Americans to offset the sizeable advantage enjoyed by Democrats with younger voters,” Absolon explained.

“But seniors are also among the most vulnerable to Covid-19 and some polls suggest they are losing faith in Trump as he pushes to reopen the economy, at the expense of stopping the virus.”

Thomas McMahon, senior analyst at Kepler Partners, believes Trump losing out in his bid for re-election is a “foregone conclusion” given

the US’s “diabolical” economic fundamentals – and the fact Trump’s popularity has chiefly been driven by his economic focus over the years – as well as his poor handling of thecoronavirus pandemic.

“Many Americans have been willing to support the man if he can deliver growth and jobs. But I think it is a vocal minority who will support him if these evaporate,” he reasoned.

Last Friday, the S&P 500 and Dow Jones indices suffered a blow as they were dragged down by a sudden fall in the performance of the FAANG (Facebook, Amazon, Apple, Netflix and Google) stocks, sparking fears the US tech sector – accounting for a vast proportion of its stockmarket – climbed too quickly and overheated.

Biden’s impactOne of the biggest concerns among investors regarding a Biden victory is the tech sector will come under greater scrutiny, leading to major headwinds for the largest components of the US stockmarket.

However, the team that runs the Manchester & London investment trust is calling for a Biden victory, as they “already see most of the fears priced into the ‘mega tech’ stocks”.

It said: “We would welcome a certain type of break-up for Google. We worry most for Facebook and Apple (which we do not own), but

we guess that Facebook can drive its earnings forward even against some strong regulatory headwinds.

“We believe a more professional government will provide certainty for investors and drive growth. We also applaud all environmentally positive policies.”

Zehrid Osmani, manager of Martin Currie Global Portfolio trust, said Biden’s focus on green energy infrastructure is “more front-end loaded” than Trump’s infrastructure plans, which means the US “might get more of that coming rapidly”.

“The flip side of that coin is it will be negative for the high carbon intensive sectors such as energy, basic materials, dirty utilities in particular,” he added.

Jonathan Waghorn, co-manager of the Guinness Global Energy fund, concurred that Biden’s climate and clean energy manifesto published in July promotes “a significant level of spending”, at up to $2trn in just four years.

“The proposals made by Biden come soon after the announcement of an EU Green Deal, which we see as a clear example that clean energy infrastructure investment can kickstart economic growth post-Covid over the near term while also providing long-term clean, sustainable and competitive energy for the future,” he explained.

David Zahn, head of European fixed income at Franklin Templeton, said this alignment with Europe should serve to improve relations between the two regions generally.

“If the US and Europe become more aligned again on the need to tackle climate change, it would likely create more innovation in financial markets,” he argued. “That said, there is a general fear of increases in taxes and the uncertainty over future US tax policy.”

Fran Radano, manager of the BlackRock North American Income trust, said a Democratic sweep – which he believes is on the table – will create a “difficult market backdrop” due to a rise in corporate taxes (which will make the US less competitive relative to global peers) and a rise in personal tax (which willharm consumer spending).

Don’t rule out TrumpHowever, Felix Wintle, manager of the Tyndall North American fund, believes Trump is most likely to win because Biden is “too old” and a “fuddy duddy”, and “does not have the drive or self confidence that Trump has”.

“Healthcare is under more of a threat with Biden than Trump, but we have already undergone the biggest upheaval in US healthcare under Obama and that did not really affect healthcare investors too badly,” he explained.

Mark Dowding, CIO at BlueBay Asset Management, pointed out just two weeks ago, the gap between Trump and Biden was smaller than Hilary Clinton’s lead over Trump at the same point in the campaign four years ago.

“In this context, it would be wrong to write off Trump just yet,” he said. “Maintaining a focus on facts and data will be important during an ideologically charged campaign – albeit one which seems to holdlimited relevance for financial markets for the time being.”

Is Biden ‘foregone conclusion’ for Presidency or unlikely ‘fuddy duddy’?

Tesla share price shows US market is going its own way: Leader, page 12

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2 Contents

investmentweek.co.uk 14 September 2020

CAPITAL AT RISK. THIS INFORMATION IS FOR PROFESSIONAL INVESTORS ONLY. IT IS NOT FOR USE WITH OR BY PRIVATE INVESTORS. The above information reflects the current view of the managers and may change. For information about formal investment restrictions please refer to the fund’s prospectus. The fund is a sub-fund of Artemis Investment Funds ICVC. For further information, visit www.artemisfunds.com/oeic. Issued by Artemis Fund Managers Ltd which is authorised and regulated by the Financial Conduct Authority. For your protection calls are usually recorded.

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2Property 3Rathbones’ David Coombs calls for innovation as suspended property funds prepare for ‘significant’ write-downs.Investment Trusts 4Three trusts snapped up during Covid crisis by Miton Global Opportunities.News 5Exclusionary ESG: ‘The tree that fell in the forest that no one heard’.Awards 6Finalists for Investment Company of the Year Awards 2020 revealed.Industry 8Adapt to a ‘new normal’: Investment careers in the wake of Covid-19.News 9Aviva Investors Global Emerging Markets Equity Unconstrained fund increases exposure to North Asia.

Leader 12Tesla share price shows US market is going its own way.Diversity 122020: The year to reset.Comment 13Food for thought: A sustainable take on agricultural investing.Deep Dive 14In a brand new series replacing Bull Bears, Investment Week takes a deep dive into one particular asset class each week. This week four commentators look at UK equities.Statistics 20Unit trusts, OEICs and investment trusts.

http://www.artemisfunds.com/corporatebond

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14 September 2020 investmentweek.co.uk

3Property

Rathbones’ Coombs calls for innovation as suspended property funds prepare for ‘significant’ write-downsBy Mike Sheen

Twitter: @michaeljsheenInnovation is needed within the UK property fund market to offer greater flexibility, diversification and protection for investors, according to head of multi-asset investments at Rathbones David Coombs, who is expecting substantial write-downs in the values of open-ended UK property vehicles when they eventually end their ongoing suspensions.

A number of funds across the IA UK Direct Property sector remain suspended owing to material uncertainty in the valuation of underlying holdings in the wake of the coronavirus pandemic, with billions of pounds of investor capital locked up in the vehicles since early March.

However, the path towards reopening appears to be clearing, with the Royal Institution of Chartered Surveyors (RICS) having recommended a “general lifting” of material valuation uncertainty on a range of property sub sectors last week (9 September).

While fund suspensions remain in place, RICS has said there no longer remains the same material uncertainty in “all UK real estate”, excluding “some assets valued with reference to trading potential” such as within some leisure and hospitality assets.

Speaking to Investment Week, Coombs pointed to the performance of vehicles in the REIT market, with the Association of Investment Companies’ Property – UK Commercial sector down 19.5% year-to-date, according to FE fundinfo.

Coombs said that while he does not expect the open-ended property funds to be “marked down as far as that” upon reopening, he expects the valuation write-downs to be “significant”.

Office and retail property, which were arguably the areas of the property market most impacted by lockdown measures in response to the pandemic, represent significant proportions of the IA UK Direct Property sector’s exposure, averaging 21.6% and 12.8% of portfolios respectively, according to data from FE fundinfo.

Coombs said: “If you were selling a big retail unit today, for example, I would suspect it would be significantly lower [in price] than it would have been in the middle of last year.

“If you are selling a 30/40-storey skyscraper in Canary Wharf today, I would expect it to be [valued] significantly lower – perhaps 20% or 30% lower – than it would have been in February.

“If you look at the valuation of those suspended funds, those valuations are wrong, and the market

value of those underlying assets is significantly lower than the suspended price.”

StructureCoombs also noted that while these funds will have to sell assets upon reopening at a discount, this would be “fairer” than “suspending them month after month” owing to liquidity concerns, such as those seen in the wake of the Brexit referendum in 2016 and more recently in 2018.

In August, the Financial Conduct Authority (FCA) finally opted to take action on the “liquidity mismatch” inherent in the open-ended property fund structure with proposals that included the introduction of a 180-day notice period for redemptions.

The proposals were welcomed by open-ended property fund providers such as Aegon Asset Management (formerly Kames Capital), with co-manager of the Aegon Property Income fund Richard Peacock commenting they would encourage long-term investment horizons while allowing managers “to hold lower cash weightings, [and] buy and sell assets in a disciplined manner in response to flows”.

Cash weightings in the sector have been a source of discomfort for fund buyers in recent times, with funds in the IA UK Direct Property sector averaging

a weighting of 16.5% at the end of August.Funds with higher cash weightings in the sector,

such as the £2.9bn AUM L&G UK Property fund, could be among the first reopen, according to equity research analyst at Quilter Cheviot Oliver Creasey.

However, Creasey warned that while property funds “suspended immediately” after material uncertainty clauses were imposed in March, “it is very unlikely that they will reopen as quickly”.

He explained that funds have no regulatory obligation to reopen so the decision will be made at the discretion of the relevant asset manager, which will likely be concerned about the scale of potential redemptions and will want to avoid having to once again suspend owing to liquidity issues.

InnovationCoombs, who has not owned property funds in his portfolios since selling out of them prior to the 2016 referendum, said the FCA’s proposals are “very sensible” and overcome the “illusion of daily liquidity” within a property vehicle.

However, he questioned the high levels of exposure to property funds held by other buyers and multi-asset fund managers, which he said is based on a flawed understanding of how the asset class performs in volatile market conditions.

“During the Covid-19 crisis, and during the 2008 Global Financial Crisis, commercial property has performed very much like a cyclical asset. So I question whether, in future risk-adjusted portfolios, commercial property should account for such large weightings in more cautious models.”

Coombs said what is needed is the emergence of greater choice within the property fund market, such as that seen in the US market, where there is more variety in the strategy and size of property vehicles.

He added: “In the UK, we have been stuck in these big commercial property funds that have a lot of London and regional office space, retail and industrial, and benchmarked to the [Investment Property Databank] index, which most have underperformed because of fees or in maintaining liquidity.

“There has been a lot of complete lack of innovation and a lack of specialism, they have all been mundane, broad exposures.

“I want to be much more nuanced in the sub sectors of the commercial property market that I want to invest in.

“This is the kick up the backside the industry needs to provide people like myself something that is much more attractive.”

If you look at the valuation of those suspended funds, those valuations are wrong, and the market value of those underlying assets is significantly lower than the suspended price – Coombs

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4 Investment Trusts


Three trusts snapped up during Covid crisis by Miton Global OpportunitiesBy David Brenchley

Twitter: @davidbrenchleyThe managers of the Miton Global Opportunities fund have increased their exposure to alternative investment trusts as they saw an “enormous dislocation” in markets during the March coronavirus market sell-off.

Co-manager Charlotte Cuthbertson told Investment Week the market had become “incredibly narrow” in recent months, with investors chasing healthcare and technology to the detriment of all other sectors.

That is just as true in the investment company world, with Cuthbertson noting “dislocation[s] between what is going on in the underlying portfolios of our investee trusts and how the share price is reacting”.

“We have seen an enormous widening of discounts,” Cuthbertson said. “During the crash, we saw market makers marking down the share prices of investee trust between 25% and 30%, irrespective of whether the fundamental portfolio was going to be affected by Covid.”

This was particularly the case within alternatives sectors, despite many not being as sensitive to Covid-19 as equity funds.

As a result, the trust, which looks to find “deep-value special situations” within the investment trust space, took the opportunity to add three names, all of which saw little disruption from the pandemic.

Tufton Oceanic AssetsCuthbertson and co-manager Nick Greenwood met with the management of ship leasing trust Tufton Oceanic Assets a few times pre-crisis, despite the mandate not being an obvious candidate for investors looking for out-of-favour investments.

The trust had traded almost constantly on a premium for the first couple of years since its IPO. As recently as 11 March, the share price was 6% above its net asset value. However, when markets began to fall, this rating slumped, eventually reaching a 22% discount on 1 April.

Despite this, Cuthbertson said she and Greenwood had liked the management team, as well as the areas the vehicle was investing into and how it was allocating capital. However, “because shipping is perceived to be so cyclical, we could see in the future an opportunity where investors got nervous of the sector and it fell to a discount”.

Indeed, at its share price low, the trust was offering a dividend yield in excess of 8% that was covered 1.5 times by its cashflow.

On the Covid impact, the manager noted around 85% of Tufton’s ships had more than three years to run on their leases, at which point the world might, hopefully, have returned to normal. As a result, “there were no issues of them having to re-lease the ships” during the pandemic.

Further, Cuthbertson added: “In comparison to something like aircraft leasing, which we do not own, the counterparties that Tufton have are strong companies like Trafigura

and Maersk so we didn’t think there was any counterparty risk.”

Yellow CakeYellow Cake says it offers investors exposure to the price of uranium by purchasing and storing it physically while also exploiting a range of expected opportunities connected with owning the metal.

Cuthbertson said the company “should act like an ETF” as a play on the uranium price, which was rising through the pandemic. Despite that, Miton Global Opportunities was able to pick up shares at a 30% discount.

The investment in the trust was “an arbitrage between perception and reality”, the manager said. “Most western investors believe that nuclear power is dead, and it might be in Western Europe, but in countries like India, China and the Middle East, nuclear power is integral to their power plans because lots of these countries have real problems with pollution.”

Currently, there are 480 nuclear reactors in the world, but predictions are for that number to rise to 650 in a few years’ time, “so you can see the demand would be growing for uranium”.

“And because the price of uranium has been so low for so many years, people just have not been looking for it – mines have been mothballed; it has not been economic for anybody to set up a uranium mine,” she added.

But the manager believes the supply-demand tension will come to the fore soon and the price of uranium, which has been in a bear

market since the Fukushima nuclear disaster in Japan, in 2011, will start to rise. That happened during the pandemic, with the uranium price rising by almost 50%, from $23 to $34, between March and May, according to Trading Economics.

Ground Rents IncomeInvestors turned “very nervous” on the property market during the pandemic, with discounts in the investment companies property sectors widening to as much as 50% at one point, as rent and mortgage holidays disrupted many trusts’ abilities to collect rent and, in turn, pay shareholders dividends.

That was not the case for Ground Rents Income, said Cuthbertson, but it still got caught up in the wider sell-off, presenting an opportunity. At one point, Ground Rents went from a discount of 15% out to 38%. It has since narrowed to 24%.

The trust owns a portfolio of ground rents, which must be paid by a property owner, with the average rent just £250 per annum, paid once every year. Should a property owner not pay their ground rent, they forfeit their house altogether, so Cuthbertson reasoned it was unlikely such a small payment would be missed, even during Covid.

“[Ground Rents Income] is much more protected than, say, some of the retail-focused property funds,” she said. “We spoke to them a couple of weeks ago and they have not struggled collecting their ground rents.”

Miton Global Opportunities share price performance over five years (%)

From 7 September 2015 to 7 September 2020. Source: FE fundinfo

Sept 2015-10

10

30

50

70

90

Sept 2016 Sept 2017 Sept 2018 Sept 2019 Sept 2020

0Premier Miton Investors - Miton Global OpportunitiesIT Flexible Investment

Differing fortunes for the three trust picks (%)

From 6 September 2015 to7 September 2020. Source: FE fundinfo

-30

-20

-10

0

10

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Sept 2015 Sept 2016 Sept 2017 Sept 2018 Sept 2019 Sept 2020

Yellow Cake Ground Rents Income fundTufton Oceanic

See pages 33-35For full investment trust performance statistics


5News

Exclusionary ESG: ‘The tree that fell in the forest that no one heard’By James Baxter-Derrington

Twitter: @jamesbaxterdAn ESG policy defined by excluding companies is “the weakest form of ESG”, according to Mike Kelly, global head of multi-asset at PineBridge Investments, who said the investment principle was “never supposed to be all about how you select securities”, but rather “how you engage with those securities once you are an owner”.

“If you are a university student in your 20s without any financial assets, making speeches [about environmental concerns] out on the campus, then good for you. Keep doing what you can,” Kelly said. “But when you look at the asset management industry, it would be a shame if that is all we did.”

Kelly added that while credit is owed to “excluders” who “did kind of start the movement”, the “real power” lies in getting asset owners and managers focused on engaging with companies for the “purpose of improvement”.

Passive investing falls under the

banner of exclusion, according to Kelly, who defines ESG indices as “just another form of exclusion” but is quick to assert that the industry is “on the same journey” and active ESG is not competing with passive ESG as “we want everybody to do better”.

“You do want managers on both sides of that fence, you want managers who bring all the different perspectives to the table. Those who are allocating to passive have a responsibility they need to recognise, which is to monitor the indexer’s engagement on their behalf,” he explained.

“As long as [the industry] is shifting away from active towards passive, the corollary has to be shifting towards much more active engagement, instead of merely how one selects.”

ESG scores play a large role in not only selection, but in charting the improvement of investable firms and for Kelly the myriad scores in the industry mean that “ESG is in the eye of the beholder”.

“You find a lot of the providers are

ranking the same security very, very differently and this is frustrating to many of us.”

He points to the Sustainability Accounting Standards Board’s (SASB) method of “measurable

metrics” as a possible way to improve upon the current scoring system as they require “material kinds of disclosures” which are “hard to fudge” because they feature in annual reports and “if they are not accurate, the company is taking on a lot of liability”.

“SASB is about not just disclosing everything in the world – do not give us a truckload of data – we want to focus on the materiality of the metrics that you are disclosing based on the industry you are in.”

While Kelly’s approach relies on engagement, he acknowledged that in some industries “engagement has not had any success, not just as a firm but as an industry”.

“We do not own companies with a material amount of revenue from weapons of mass destruction or slave labour, child labour,” he said.

“But our preference would always be engage first, vote against second, exclude third. If everyone starts by excluding, nothing improves.”

Our preference would always be engage first, vote against second, exclude third. If everyone starts by excluding, nothing improves – Kelly

By James Baxter-Derrington

The coronavirus pandemic has only accelerated growth trends and there will “never [be] room for value” in PGIM-owned Jennison’s head of global equity Mark Baribeau’s portfolios, the manager has said.

The co-manager of the PGIM Jennison Global Opportunities fund, (pictured), who has headed up the $358m vehicle since 2015, explained the crisis has only served to “accelerate or highlight” the key trends the team has been playing since the start of the year, including e-commerce, digital payments and the digital transformation of enterprises.

“The pandemic has not changed our focus at all – it has reinforced our view that these are the better ways to distribute products, these are the better ways to manage your companies and these are the better

ways for consumers to live,” he said.These trends are defined by

Baribeau as the “NEXT – or New Exceptional Technologies – economy”, and also include health technology, mobility and autonomy, on-demand consumption, and the global consumer.

Within this framework, the fund seeks out companies that are “emerging as market leaders in their specific industry” with “typically unique business models” that hold certain competitive advantages.

“We really like it if the company has developed a proprietary technology or it is enjoying a network effect in business,” said Baribeau.

“In other words, the bigger the platform gets, the more consumers use it, the more robust the product offering, the more businesses want to be on that platform, and you get a self-fulfilling ecosystem that becomes

hard for competitors to penetrate.”He added “good old-fashioned

economies of scale” also play a part in their stock selection.

From here, there are three core “catalysts for growth” that the “big double-digit compounders” offer, driving the fund’s performance over time.

“Number one, and maybe the most important, this company is introducing a very disruptive product or service to the market,” the manager explained.

“Secondly, which is more common, is just new product cycles. Innovation is the lifeblood of all successful businesses out there.

“Lastly, we look for companies where their addressable market is expanding. Perhaps they are moving into a new geography or

they are moving to an adjacent vertical market.”

“What we are trying to find are structural winners,” Baribeau continued. “These are companies that are either defining the

structural shift in an industry…or they are benefiting from the structural shift in the industry.

“When you tend to come at the market from this focus, you obviously migrate to growth companies because they are winning.”

PGIM Jennison Global Opportunities fund has returned 47% year-to-date, outperforming both its global large-cap growth equity peer group’s average gain of 34.2% and its MSCI ACWI Growth benchmark’s return of 28.3%, according to data from Morningstar.

PGIM’s Baribeau: Why there is ‘never room for value’ in portfolios

See page 13To read Stewart Investors’ Lorna Logan on food for thought: A sustainable take on agricultural investing

6 Awards


Finalists for Investment Company of the Year Awards 2020 revealedBy Katrina Lloyd

Twitter: @KatrinaLloydIWInvestment Week is pleased to announce the finalists for the 22nd Investment Company of the Year Awards in association with the AIC.

The shortlists for the awards are constructed using scores provided by the AIC, using Morningstar data.

Investment companies need a three-year track record to 30 June 2020 to be included in the main award categories but may be shortlisted in the Best New Issue category (covering the 24-month period to 30 June 2020).

Within each sector, companies have their cumulative fair NAV returns calculated over three discrete periods in sterling terms.

Returns over the 12 months to 30 June 2020 are given a 40% weighting, the 12 months to 30 June 2019 are given a 30% weighting, while the 12 months to 30 June 2017

accounts for 20% of the overall score. The final 10% weight is given to the

full cumulative NAV return over the three years to 30 June 2020.

These scores are added to give a single score out of 100, the highest of which will be shortlisted for consideration within the various awards sectors. The shortlist for the Best New Issue category will be announced after the judging day. Winners will be announced during a virtual ceremony on 19 November.

Meanwhile, new categories for the Investment Company of the Year Awards in 2020 include the Rising Star of the Year Award and the Jackie Beard Award for Outstanding Contribution to the Industry.

The Rising Star of the Year Award is an individual award aimed at highlighting the achievements of newer members of the industry and the skills they can bring to the sector. The award is open to nominees with a maximum of six years’ experience

in the investment company industry. Individuals can nominate themselves or be nominated by colleagues.

Judges will consider professional progression and performance but will take into account factors including: passion for the sector; excellence in their role; improvements to existing processes or products; engagement in industry-wide initiatives; and helping promote the investment company sector more widely.

To make a nomination, contact [email protected] by October 9th providing the following information: name of nominee; company name; job role; number of years in the industry; and a short statement of no more than 200 words explaining why they should win this award this year.

Finally, nominated by the judging panel, the Jackie Beard Award for Outstanding Contribution to the Industry will be presented in tribute to Jackie to an individual who has

Katrina Lloyd, editor-in-chief of Investment WeekGenevra Banszky von Ambroz, fund manager and partner at Smith & Williamson Investment ManagementJames Carthew, head of investment companies at Marten & CoCharlotte Cuthbertson, assistant fund manager at Premier Miton InvestorsSimon Elliott, head of Investment Trust Research at Winterflood SecuritiesSarah Godfrey, director - investment companies at Edison GroupNick Greenwood, fund manager at Premier Miton InvestorsAnthony Leatham, head of investment companies research at Peel Hunt LLPEwan Lovett-Turner, director, investment companies research at Numis Securities LimitedSimon Moore, director, head of research at Trust Research LtdIain Scouller, managing director, Stifel

Judging panelWinners are chosen by our panel during judging sessions, where qualitative factors will also be considered. The panel includes some of the UK’s leading researchers and investors in investment companies. We are pleased to announce our judging panel for the awards this year includes:

UK ALL COMPANIES

Artemis Alpha Trust Aurora Baillie Gifford UK GrowthInvesco Perpetual Select UK Equity JPMorgan Mid Cap Mercantile Schroder UK Mid Cap

UK INCOME

British & American Diverse Income Dunedin Income Growth Finsbury Growth & Income Murray Income Shires Income Troy Income & Growth

UK SMALLER COMPANIES

Aberdeen Smaller Companies BlackRock Throgmorton Gresham House Strategic JPMorgan Smaller Companies Oryx International Growth Standard Life UK Smaller Companies

ASIA PACIFIC

Aberdeen New Dawn Pacific Horizon Schroder Asia Pacific Schroder Asian Total Return

EUROPE

Baillie Gifford European Growth BlackRock Greater Europe European Opportunities

Fidelity European Values Henderson EuroTrust

OVERSEAS

Lindsell Train Manchester & London Mid Wynd International Martin Currie Global Portfolio Monks Scottish Mortgage

OVERSEAS INCOME

Henderson International Income Invesco Perpetual Select Global Equity Income JPMorgan Asia Growth & Income JPMorgan Global Growth & Income Schroder Oriental Income Scottish American Securities Trust of Scotland

OVERSEAS SMALLER COMPANIES

Atlantis Japan Growth Baillie Gifford Shin Nippon Edinburgh Worldwide Herald JPMorgan Japan Smaller Companies Montanaro European Smaller North Atlantic Smaller Companies

EMERGING MARKETS

Aberdeen Emerging Markets Baring Emerging Europe Fundsmith Emerging Equities Genesis Emerging Markets Gulf Investment Fund JPMorgan Emerging Markets Templeton Emerging Markets

FLEXIBLE

Bailiwick InvestmentsBMO Managed Portfolio Growth Capital Gearing Personal Assets RIT Capital Partners Tetragon Financial UIL

SINGLE COUNTRY

Baillie Gifford Japan Canadian General Investments Fidelity Japan JPMorgan American JPMorgan China Growth & Income JPMorgan Japanese JPMorgan Russian Securities

PRIVATE EQUITY/GROWTH CAPITAL

3i BMO Private Equity HarbourVest Global Private Equity HgCapital ICG Enterprise Oakley Capital Investments Pantheon International

DEBT

BioPharma Credit Blackstone/GSO Loan FinancingGCP Asset Backed IncomeHoneycomb RM Secured Direct LendingVPC Specialty Lending Investments

PROPERTY

Alpha Real Trust GCP Student Living Impact Healthcare REITLXI REIT Phoenix Spree Deutschland Target Healthcare REITTritax Big BoxUrban Logistics REIT

BIOTECH, HEALTHCARE & TECH

Allianz Technology BB Healthcare Biotech Growth International Biotechnology Polar Capital Technology Worldwide Healthcare

COMMODITIES/NATURAL RESOURCES

Baker Steel Resources BlackRock Energy and Resources IncomeBlackRock World Mining Golden Prospect Precious Metal

HEDGE FUNDS

BH Global BH Macro Pershing Square HoldingsThird Point Offshore

FINANCIALS, LEASING & INSURANCE

Amedeo Air Four PlusDoric Nimrod Air Two DP Aircraft I EJF Investments

INFRASTRUCTURE

3i Infrastructure BBGI SICAV Ecofin Global Utilities & InfrastructureGCP Infrastructure

ENVIRONMENTAL AND RENEWABLES

Bluefield Solar Income Greencoat UK WindImpax Environmental MarketsMenhaden Renewables Infrastructure

GENERALIST VCT

Albion Development VCT Albion Enterprise VCT Albion Technology & Gen VCT Crown Place VCT Pembroke VCT Triple Point Income VCT

SPECIALIST VCT

Amati AIM VCT Edge Performance VCT Hargreave Hale AIM VCT Octopus AIM VCT Unicorn AIM VCT Ventus VCT

GROUP OF THE YEAR Aberdeen Standard InvestmentsAlbion Capital GroupBaillie GiffordBlackRockGravis Capital Management JP Morgan Asset Management (UK) Schroders

2020 FINALISTS

gone above and beyond their job role to make a significant contribution to the investment company sector.

Visit event.investmentweek.co.uk/icoya2020 for more information


www.ig.com/prime


8 Industry

Adapt to a ‘new normal’: Investment careers in the wake of coronavirus

As investment firms continue to deal with the immediate impacts of Covid-19, new questions are constantly emerging about how the pandemic will affect those working in the sector over the longer term.

Investment professionals and those looking to enter the sector want to know what the pandemic means for their careers, and which skills they need to develop for the post-pandemic world.

Impact on career developmentEconomic uncertainty resulting from Covid-19 is set to continue for the next year at least, and firms are now thinking about how they will need to restructure to meet the new challenges they face while continuing to serve their clients to the highest standard.

We have already seen major shifts from active to passive investing, and in firms reorienting themselves from product providers to solutions providers. As a result of this pandemic, we can now expect further shifts.

Investment houses will need to be disciplined with costs and very deliberate in the use of human capital. The pandemic has also changed the way people work and, while it has proven that flexible structures can get the job done, it has called into question traditional working practices.

As companies digest what these challenges and learnings mean for them, we may see more reticence to recruit new people or make other significant changes to teams. Professionals already in the sector might find it harder to move between roles, slowing the pace of their career development.

Certain areas of the profession might struggle more than others. Some of our members are expecting fewer positions to be created for pure finance roles, while anticipating opportunities to continue emerging in the main growth areas we were seeing before the pandemic – fields such as ESG, big data and artificial intelligence (AI).

For those looking to start out in the investment profession, the situation is complex. Remote working is continuing to be the norm for many companies and, while reports suggest workers have taken to mastering virtual forms of communication well, it is still difficult to learn skills this way and even harder for new joiners. They can be instructed via video calls and effective

mentoring arrangements can be put in place, but virtual tools are ultimately a stop-gap.

For new employees finding their feet, there is nothing that replaces being in the office of an organisation, observing behaviours and seeing how people interact.

There is also no easy solution when it comes to holding interviews and arranging internships virtually. They can be done, but both inevitably work better in person.

It is not all bad news, though. The pandemic has encouraged firms to think more freely and we are likely to see them increasingly hiring people with new skills and different backgrounds. Businesses are more conscious of the need to respond to rapidly changing environments and they know that to respond flexibly, they need people who think differently from one another – a team that only looks at a problem or opportunity through one lens will see it in only one way.

As firms look for employees with the skills and knowledge to provide new solutions and strategies, we will see an increased and welcome diversity in the sector.

Broader range of skills neededThe work culture as we know it has an emphasis on specialising, not generalising – but too much specialism in one area can impact a professional’s ability to progress within an organisation. It may be some of those who have been in the profession for some time are more at risk. These

professionals can strengthen their position by developing the right skills.

A broad range of both technical and softer competencies will be increasingly critical for the investment professional in the post-Covid-19 world.

The CFA Institute’s recent study, Investment Professional of the Future, which polled 3,832 industry leaders, found that 49% believe T-shaped skills (a deep knowledge of a specialism combined with multi-disciplinary skills) will be most important in future.

Post-pandemic, employers will be looking for people who can offer more than straightforward investment analysis, much of which can now be modelled. Having a grasp of programmable language and its use in data sets or a good understanding of elements of digitisation such as AI and blockchain will be beneficial.

Likewise, a solid grounding in ESG will be increasingly required, as regulatory frameworks change and the sector tries to move towards some standardisation. Investors’ preference for a more sustainable investment approach is only likely to increase as people become more aware ESG can enhance overall investment performance.

Firms will look out for people who can demonstrate an understanding of how ESG can be applied in an investment portfolio and who can identify the risks and opportunities that are likely to arise.

Equally important will be strong communication and relationship management skills. After all, data analysis and portfolio knowledge can be useful only if they can be explained well to clients.

Changing client needs are likely to drive the development of the sector over the next few years, and those who work effectively with others and devise new ways to deliver value to clients will stand out.

New forms of team workingAs remote working continues, team working and interpersonal skills will be paramount and we may see these areas prioritised in training.

Covid-19 will have an ongoing impact on careers in the investment profession for some time. We are currently conducting a survey about investment careers and the interim results are indicating some big changes are afoot.

For those who are able to navigate the changes, however, there are good opportunities for increasing skillsets and being ready to kickstart career development when conditions improve.

Will Goodhart is chief executive of the CFA Society of the UK

See investmentweek.co.uk

For our live Coronavirus Blog

The pandemic has encouraged firms to think more freely and we are likely to see them increasingly hiring people with new skills and different backgrounds



9News

Aviva Investors GEM Equity Unconstrained fund increases exposure to North AsiaBy Ellie Duncan

The £18.3m Aviva Investors Global Emerging Markets Equity Unconstrained fund has shifted exposure towards North Asia and away from Latin America, which had been a drag on performance in the early part of the coronavirus crisis.

Alistair Way, head of emerging market equities at Aviva Investors, said the shift reflected a wider change in the geographical composition of emerging markets over the years, as Latin America and EMEA have “become more of the periphery than the core of emerging markets”.

The fund, which was launched at the end of July 2019, had a 2% overweight to Brazil going into the coronavirus crisis earlier this

year, which was “harmful” to performance.

“Performance in the first leg of coronavirus was quite disappointing in terms of the drawdown against the index. It certainly felt like some of our positions, like a moderate overweight in Brazil and Indonesia, were quite harmful for performance,” he explained. “We were overweight Brazil because we found a number of stocks that we loved.”

Brazil is now a slightly less than neutral position in the portfolio, according to Way, while Korea is a “decent overweight” at 4% to 5%.

As the coronavirus crisis unfolded, Way said the team tried to form a judgment about which countries were “astute enough to try to deal with the crisis at an early

stage”, and identified Korea and Taiwan as having taken immediate action to control and monitor the spread of the pandemic.

“We really struggled during the sell down with some of our small-cap holdings because, as is often the case in a crisis, there was heavy technical selling of small caps,” Way added.

But he said they took the opportunity to add to some of the fund’s small-cap holdings in Korea, particularly those exposed to the electric vehicle supply chain, including LG Chem and EcoPro BM.

“Increasingly, emerging markets is a North Asian phenomenon, or Asian at the very least,” he noted.

Regarding the US-China trade tensions, Way said there has been “lots of posturing moving up to the

In challenging times, experience counts

For Professional Clients Only. Fund share values are sensitive to stock market volatility, adverse market, economic, political, regulatory, geopolitical and other conditions, in international markets, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments. Investments rated below investment grade are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. No Fund is a complete investment programme and you may lose money investing. The Fund may engage in other investment practices that may involve additional risks, please review the prospectus for a complete description.

Source: Eaton Vance as at 31 July 2020. Issued by Eaton Vance Management (International) Limited (EVMI), regulated by the Financial Conduct Authority. Not intended for use in any jurisdiction where it would be contrary to local law/regulation. This material is not an offer to invest in the Fund mentioned, which is a sub-fund of Eaton Vance International (Ireland) Funds plc (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a UCITS. The Company is a recognised scheme in the UK as per FSMA 2000. The Funds are distributed by EVMI. Copies of the latest prospectus and/or KIID may be obtained from Citi Fund Services (Ireland) Limited, 1 North Wall Quay, Dublin 1, Ireland, or from EVMI: eatonvance.co.uk

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US elections” and said that most noticeable has been the change in attitude to US-listed Chinese companies.

“In response, we bought shares in the Stock Exchange of Hong Kong (HKEX) because we think the obvious beneficiary of this will be a shift back in liquidity towards Asia,” he added, noting that HKEX was added to the fund in May.

With Huawei having been “severely curtailed” by US controls placed on it, the fund has been reducing its exposure to direct suppliers to Huawei and increasing exposure to Korean technology.

Way said Samsung Electronics, added to the fund at the end of July, “is going to be a massive beneficiary” and is now 4.9% of the fund.

According to data from FE fundinfo, the fund has returned 7.5% in the year to 8 September 2020, against the IA Global Emerging Markets sector average of 0.7% and ahead of the MSCI Emerging Markets benchmark return of 4.4%.


Aegon Asset Management is the new name for Kames Capital.Aegon Asset Management UK plc is authorised and regulated by the Financial Conduct Authority.

We are active global investors

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In a complex world we think and act across traditional boundaries.

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12


Opinion

INVESTMENTWEEK

Last Tuesday (8 September), electric vehicle and clean energy giant Tesla saw its share price freefall more than 20% – its largest fall since IPO in 2010 – after it failed to make the cut for inclusion within the S&P 500 index. This wiped an eye-watering $70bn off of its market value.

It also came days after negative sentiment towards US tech stocks began to permeate markets, with the sector dragging Wall Street lower since last Friday and through to time of writing (9 September), while fellow tech ‘superheroes’ Apple and Amazon dropped 6.7% and 4.3% respectively as all major US indices fell into the red.

Had somebody chopped the past few days off of any ten-year line graph showing the performance of the tech-focused Nasdaq index, the S&P 500, the FAANG stocks or indeed the performance of Tesla’s share price, investors would still be watching their returns stretch ever higher and wonder whether our ‘new normal’ has nipped the theory of mean reversion between growth and value in the bud.

However, in the throes of what has arguably been one of the strangest years most of us have ever experienced, the behaviour of the US stockmarket has also been unorthodox, given economic fundamentals appear to be at odds with the stockmarket’s performance.

When it was announced that US GDP growth during Q2 was the worst on record, for example, the S&P 500 and Nasdaq indices reached new highs.

As Joe Amato, chief investment officer – equities at Neuberger Berman has questioned: “Is the market going to come back to the real world, or is the real world going to catch up to the market?”

Views on this are mixed, with some believing sky-high valuations must surely correct sometime soon as the pandemic continues to rear its ugly head, while others believe the strength of the individual tech companies will continue to drive stellar returns, regardless of the economic backdrop.

In a recent article on Investment Week’s website, a number of fund managers highlighted the structural tailwinds Tesla will benefit from.

Co-manager of the Kames Global Sustainable Equity fund Malcolm McPartlin said one of the major structural trends to have “meaningfully benefitted” from the crisis has been the “shift away from a carbon-centred economy”, with Tesla leading the pack as an “industry altering disrupter”.

But turning to politics, there is an election looming in the US. With some calling for a Biden victory, such as the team running the Manchester & London investment trust, and others ruling him out of the runnings as a “fuddy duddy” – as can be seen on our front page this week – there are still unanswered questions surrounding the potential regulation of technology firms, and whether this could mark a turning point for the sector continuing to defy expectations.

Tesla share price shows US market is going its own way

2020 has certainly been a year to remember. Covid-19 has forced the world to slow down, reset and think about how we live our lives. There has been historic solidarity for the Black Lives Matter movement with high-profile footballers and Formula 1 drivers showing their support by taking the knee, and people of all races coming together for peaceful protests. Companies, big and small, have started to look within their own organisations to remove

any barriers that may exist to reflect the wider society. For me, this is very much welcomed. As one of the few

(and I mean very few) black COOs in asset management, it bothers me that there are not more black people in C-suite roles. Diversity and inclusion has been on the agenda for asset managers for many years. Ironically, however, these programmes have typically not been inclusive enough.

But what do we mean by diversity and inclusion?It is not uncommon for diversity and inclusion to be used

interchangeably, and for diversity to be baked into the cake of inclusion, but these are two distinctly separate things.

The term diversity includes the innumerable ways that humans are different; inclusion is a more generic term implying how welcome an organisation makes us feel.

Very simply put, diversity is the presence of difference and can be measured, tracked and recorded. Inclusion is defined as the achievement of a work environment in which all individuals are treated fairly and respectfully, have equal access to opportunity and resources and can contribute fully towards the organisation’s success.

So, what can asset management firms do in order to push forward the conversation? Firstly, they need to understand that, while the front door is open, the internal doors often remain closed when it comes to progression. They need to create a talent action plan that outlines talent processes and career development which should also encompass BAME role models at a senior level.

Line managers need to have diversity objectives built into their job descriptions to ensure they are developed as inclusive leaders. It is important that through continuous training firms address unconscious bias and, while on the outset it may feel uncomfortable, it is an effective way to drive behavioural change.

Leadership on these issues is a key factor in change; however, it is everyone’s responsibility and needs to happen at every level. Everyone in an organisation has a responsibility to make people feel comfortable and accepted. When employees feel like they belong, they contribute more fully as they feel a closer connection to the firm.

In my opinion, diversity is not just about race, ability, sexual orientation or gender. At the very core it is about backgrounds and mindset. Changing a firm’s mindset leads to an increase in productivity, an ability to successfully function and grow on a global scale, and most importantly it gives people a sense of belonging. Use this extraordinary year to reset and seek out those different mindsets.

2020: The year to reset

Diversity

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13See investmentweek.co.uk

For our new ESG hub, as well as our live ESG blog

Agricultural techniques have changed dramatically over the last 50 years, particularly in more developed nations. More efficient farm machinery, genetic modification of seeds and the use of fertilisers and agrochemicals have all helped to increase crop yields significantly. However, while the industrialisation of farming has brought

a multitude of benefits, it is also contributing to an array of unintended negative consequences, particularly for the environment.

The Stockholm Resilience Centre has identified nine planetary boundaries which humanity should not breach if we are to maintain a safe operating space for society. Modern agriculture practices contribute negatively to eight of the nine boundaries, including biodiversity loss, climate change, fresh water use, land system change and nitrogen and phosphorus flows to the biosphere and oceans. In most of these areas, we are already in breach of safe limits. Agricultural emissions alone account for nearly a quarter (23%) of the world’s greenhouse gas emissions, and if the entire food chain is included, estimates stretch to as high as 37%.

The need to embrace the shift to more sustainable agriculture techniques is evident, and through engagement with each level of the supply chain, investors can accelerate that shift. The transition presents several investment opportunities, with Bank of America estimating that the ‘future food solutions’ market, which is

worth over $200bn currently, is set to grow at an 8.6% CAGR to 2025.

Understanding the challenge at handA range of factors contribute to the scale of agricultural emissions. Cattle and dairy cows emit enough greenhouse gasses to put them on par with the highest-emitting nations, while agricultural expansion and large-scale commercial agricultural production are significant contributors to global deforestation. Lastly, the overuse of chemical fertiliser adds to water pollution and soil degradation.

There are also unavoidable pressures – global populations are set to rise to almost 10 billion by 2050, meaning agricultural demand could grow by 40%, while demand for meat products in emerging markets could rise by 76% by 2050, according to the United Nations.

There is also a severe imbalance in the production and distribution of food globally, with 80% of countries today not producing enough food to feed themselves. At the same time, 50% of the population is either overweight or undernourished (39% overweight, 11% undernourished), while one third of all of the food that is grown globally goes to waste.

Sustainable agriculture needs a makeoverOne way of creating a more sustainable agricultural system is to increase the use of more holistic regenerative farming techniques to rebuild soil quality and, in the process, help to sequester carbon. There is evidence to suggest yields from this type of agriculture can be higher than conventional agriculture, while at the same time helping to prevent soil erosion, re-mineralising the soil, protecting groundwater and reducing damaging pesticide and fertiliser runoff.

Investing in the future of foodThe market for sustainable food ingredients has been increasing rapidly in developed markets along with soaring demand for plant-based proteins. The global plant-based protein market is estimated to reach $35.5bn in 2024. Considering a typical plant-based burger uses up to 95% less water and land, generates 90% fewer GHGs and requires 46% less energy than a normal beef burger, this can only be a good thing for the environment.

Indoor vertical farming is also booming, especially in urban areas, with the potential

to promote more local production and offering up to 300 times more yield than conventional outdoor farms. Precision farming offers huge potential. Agri-robots, AI and big data, satellite positioning, drones, weather prediction and soil testing all offer the potential to enhance yields and reduce environmental impacts. The food waste management sector is steadily growing and is anticipated to expand at a compound annual growth rate of 5% between 2019 and 2025.

For investors, the opportunities are clear and we hold several companies across our funds that we believe are well placed to contribute and benefit from this transition, such as Vitasoy, the Hong Kong listed maker of over 300 plant-based products.

Two of our favourite Danish companies, Novozymes and CHR Hansen are also playing a significant role in improving global food and agricultural practices. Novozymes is the global leader in producing natural enzymes and microorganisms that are used in the food and agriculture industries, helping to increase crop yields, reduce the need for agro-chemicals and improve animal health as well as extracting protein from plants. CHR Hansen, another global leader in manufacturing microbes and enzymes, helps to improve the yield, taste, nutritional value and shelf life of a wide range of foods, while at the same time reducing the need for artificial additives and preservatives.

The future of sustainable agriculture offers a myriad of investment opportunities that can benefit investors, and at the same time, help to support and promote a more sustainable and resilient food system.


Food for thought: A sustainable take on agricultural investing

Comment

Lorna Logan is an investment analyst at Stewart Investors

Modern agriculture practices contribute negatively to eight of the nine boundaries, including biodiversity loss, climate change, fresh water use, land system change and nitrogen and phosphorus flows to the biosphere and oceans. In most of these areas, we are already in breach of safe limits

Food ingredients 77.9 107.0Plant-based protein 21.1 40.6Cultured meat 13.9 27.9Personalised AI nutrition 6.7 10.4Vertical farming 5.1 17.3Precision aquaculture 0.5 0.9Food waste management 38.0 49.5Animal health 39.8 52.7

BofA Future Food Market Solutions (US$bn) 2020 2025

Source: BofA Global

Photo: Brendan Williams


14


A Deep Dive Into…UK Equities

In a brand new series replacing Bull Bears, Investment Week takes a deep dive into one particular asset class each week. Four commentators – one specialist fund manager, one multi-asset manager, one fund-picker and one CIO or economist – will each provide their in-depth takes on the market area, including the biggest potential risks, long-term themes and where they are seeing investment opportunities.

its three other divisions, largely based on recurring subscriptions, have remained resilient. GlaxoSmithKline stands out with its leading position in the global vaccine market, already vaccinating some 40% of the world’s children. However, this is just one capability in a portfolio of hundreds of individual drugs that create resilient cashflows for investors. Unilever sells 400 brands across 190 countries and can therefore withstand a change in regulation in one country or weakness in a product line.

Debt is more toxic than everCorporate debt has risen to extreme levels (see chart above). Many companies that look cheap on short-term ‘value’ metrics have balance sheets that will not withstand another downturn. Balance sheets must be repaired and those companies whose cashflow will be absorbed by debt repayments will not be able to invest for growth.

ESG mattersReputation matters, and those who have behaved responsibly before and during the Covid-19

crisis are likely to be rewarded. Companies that did not treat customers, suppliers or employees fairly during the pandemic may suffer the consequences for years to come. Governance and incentives need to be focused on long-term strategy rather than short-term outputs. Too many UK companies reward short-term outcomes where results can be manipulated, such as growth in earnings per share or where management have no control, for example, with short-term relative share price performance. We continue to argue for and back those companies with more balanced measures such as organic growth, return on capital, stakeholder satisfaction and balance sheet strength.

Rachel Reutter is co-manager of the JOHCM UK Opportunities fund

Rachel ReutterFund manager

“When the facts change, I change my mind” is a quote commonly attributed to the legendary economist John Maynard Keynes. This is sound investment advice at a time when we are experiencing events that none of us have witnessed before.

The changing ways in which consumers, companies and governments operate requires the mental agility to challenge long-held convictions. The outlook for some sectors and companies, such as airlines or office property companies, has become bleak or at best, unknowable. Being able to admit where the facts have changed for the worse and implement a sell decision is vital for protecting client capital. Calmer periods will eventually come after this storm, but it is important to avoid the boats that sink while the storm is blowing.

On the positive side we know that for every loser in life, there is often a winner, and we believe there are some fantastic UK large-cap businesses that are positioned to benefit from the new environment.

Here are five factors we think investors should consider as we move forward in the ‘new normal’ and try to find those companies that will deliver long-term capital growth:

The strong get strongerThe UK has plenty of best-in-class businesses with large market shares, levers to pull (thanks to characteristics such as high margins and strong cash flows), solid balance sheets and the ability to take market share on the other side of this crisis. Homeserve is on track to double its profitability in the next five years due to investment in new geographies and in building the leading trade search platform, Checkatrade.com. Sage has invested heavily in cloud technology and as an enabler of remote working practices, meaning its double-digit revenue growth should accelerate. After years of investment in technology and distribution capabilities, Next has transformed itself into

the UK’s leading online clothes retailer, with 88% of profit now coming from online. We expect the trend of smaller retailers migrating onto Next’s online platform to continue in the coming years as they struggle with higher operational costs.

Seek out structural shifts When the near term is so volatile and uncertain, identifying sustainable structural change is key to protecting and growing capital. One of the largest changes in recent months has been the enormous role the government has taken in dealing with our economy and lives. Years of austerity have hollowed out western governments and this is now being reversed with capabilities being rebuilt and governments turning to the private sector to find solutions.

Serco is a company at the heart of this trend, where organic growth has accelerated from 6% last year to a current rate of 14%, in part due to Covid-related projects. Intertek now runs the world’s largest network of testing and certification for businesses that need to prove they are compliant with Covid-19 prevention measures. It also plays a key role in supply chain audit, which is an increased focus for governments and consumers. Meanwhile, in the utilities sector, SSE will benefit from fiscal policy initiatives that governments are using to deliver growth and a greener economy. Britain can generate more energy from offshore wind than Saudi Arabia can generate from its entire oil reserves, and SSE is the UK market leader.

Diversity of cashflowInvestors should consider larger conglomerates over smaller, domestic companies that rely on one product or geography. A diverse set of cashflows means that if one product or region hits the rocks, the business can rely on other unaffected divisions for its survival.

Companies such as RELX can cope with a downturn in its exhibitions business because

MSCI UK ex Financials net debt/EBITDA

Source: MSCI, FactSet Fundamentals, Morgan Stanley Research

1982 1986 1990 1994 1998 2002 2006 2010 2014 2018

3.0

2.5

2.0

1.5

1.0

0.5

0.0

15


8.24%The total return of UK equities over the last decade

See pages 20-35For full fund and trust performance statistics

players has limited the upside potential of the UK over recent years, it is worth considering that the different shape of the UK equity market could be a positive for those constructing multi-asset portfolios. We would argue that the UK is one of the few geographies that provides real diversification away from the concentrated style risk many other areas of the market have so far benefitted from but which also makes them vulnerable to a tech-based pullback. Anybody who doesn’t think this will ever happen is in our opinion being potentially naïve.

CurrencyAnother factor that needs to be considered is currency. Until recently the dollar had strengthened almost uninterrupted from 2014 against pound sterling, acting as a significant tailwind to all international assets. We have begun to see the reversal of this long-term trend and the tailwind has quickly turned into a currency headwind. This headwind has so far been offset by phenomenal gains in US assets, but if the dollar were to weaken (or the pound were to strengthen through for example, a better Brexit outcome) at the same time as US equity markets struggled then it would be domestic UK assets that provide much needed diversification.

Valuation Not only do UK assets deliver

diversification in a world where diversifying assets are much harder to come by, but UK assets look very cheap on many traditional valuation metrics, trading back at levels last seen almost a decade ago. This valuation opportunity can even be observed over the short term as the UK has failed to recoup all the losses of the coronavirus period.

Within our UK holdings we are looking to identify a range of UK managers with the track record and ability to take advantage of these valuation opportunities.

This means selecting managers who can capitalise on the volatility and negativity surrounding UK assets in what could be a once-in- a-lifetime opportunity. Some managers we favour include Ed Legget, manager of Artemis UK Select; George Godber, manager of Polar Capital Value Opportunities; Margaret Lawson, manager of SVM UK Growth; and Henry Dixon, manager of Man GLG UK Income.

We would, however, caution that in multi-asset investing diversification is key, and while we are positive on the potential of UK assets from here, the trends that have dominated recent history could continue for some time longer.

Chris Rush is senior investment manager at IBOSS

In our opinion, UK equities remain an area of substantial opportunity relative to wider equity markets. The UK equity debate has many parallels and crossovers with the ongoing value versus growth discussion. It is probably fair to say that while UK equities remain extremely unpopular, the opinion that they could offer significant upside from here is more widely accepted – though just as importantly not widely adopted.

Being unpopular is never easyWe have seen a raft of fund manager departures within the value space, some high profile and some less so. However, while many value funds have been removed from prominence, the effect on UK equity funds has been much broader in nature, as UK assets have suffered significant outflows across multiple strategies. Concerningly, the major outflows from the IA UK equity sectors (UK All Companies and UK Equity Income) occurred in earnest from June of this year, shedding circa £100bn worth of assets – more than was lost in the coronavirus drawdown.

As mentioned previously, the idea that UK equities could be an area of opportunity from here does not seem too contentious; we have a relatively strong government at least by European standards, our own currency and some world beating companies. However, as with all investing, timing is everything and those multi-asset propositions which have heavily favoured UK assets have suffered a difficult period of performance. The MSCI United Kingdom index has underperformed the MSCI World in nine of the last ten discrete calendar years and by 75% in the last five years. Much like the underperformance of value investing over the last decade, attempting to time when to go long UK equities has been close to a

widow maker trade.

The wrong kind of companies?The reasons why UK equity stocks have been so unpopular are relatively easy to identify. The average UK index is heavily weighted to areas of the market that have become increasingly less popular including oil, tobacco, and finance. These areas have fallen out of favour for multiple reasons – ESG factors, Brexit uncertainties and value versus growth to name a few. While I believe all of these points are pertinent, I do think that they are perhaps the symptoms rather than the cause, and would hazard a guess that the biggest reason for the UK’s unpopularity is less to do with what the FTSE contains but rather what it is lacking.

We need only look at the most popular stocks and areas in the world currently and over the last five years to identify that technology companies have been driving returns for almost all areas and across portfolios. The US FAANGs (and Tesla) are some of the most discussed stocks having accounted for a huge proportion of US returns over the last five years and in the recent market bounce back. The UK, in keeping with wider Europe is, for the most part, bereft of the companies necessary to benefit from this major tech based trend and has therefore struggled because of it on a relative basis. In short, we maybe just don’t have enough of the ‘right’ kind of companies.

A small portion of the UK has benefited from the outperformance of technology firms. In fact, many of the best-performing UK funds have large exposures to technology companies that sit within AIM. This sub-area of the market has seen stellar returns that have been almost comparable to the aforementioned US technology companies.

Though the lack of major tech

Chris RushMulti-asset manager

10-yr performance UK equities, global equities and US equities (%)

Source: FE fundinfo

Sep 10 Sep 11 Sep 12 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19

300

250

200

150

100

50

0

-50

MSCI North AmericaMSCI WorldMSCI UK

Discrete calendar performance2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

MSCI UK 16.32 -8.82 11.71 19.16 -2.21 0.5 18.43 10.19 -1.84 12.27MSCI World 22.74 -3.04 11.80 28.24 4.87 11.46 24.32 10.74 -4.84 15.28

Source: FE fundinfo

16


Since the vote to leave the EU in June 2016 it has been one challenge after another. Underperformance in UK equities has been stark compared to other developed markets, having returned just under 16% to investors over five years. In contrast, the US has returned 129% while even a heavily maligned region like Europe has returned over 43%. It would then come as no surprise to learn that the IA UK All Companies sector has been the worst performer in terms of net retail sales in four of those past five years.

The narrative for UK equities for the majority of last year, was that they were trading on a valuation discount of around 30%. However, that began to change prior to the General Election in December 2019, when we saw a bounce – particularly for domestically -focused equities – which has a strong overlap with value investing.

But Covid-19 quickly put this rally to bed and the actions of central banks across the globe have meant there is once again a tailwind for growth companies. Consequently, UK equities have not witnessed the recovery many of its peers have made following the sell-off in February and March, with the MSCI United Kingdom down more than 20% year-to-date.

While the overhang of Brexit has impacted any recovery, arguably the bigger reason is the traditional composition of the UK index. It contains fewer technology companies and has more financials and consumer

discretionary stocks. The UK’s biggest sector overweight, when compared to the MSCI World, is to the energy sector (10% versus 3%) – which is comfortably the worst performing sector year to date (-37%).

It is a major challenge for investors – particularly with tax hikes, the potential for rising unemployment due to the unwinding of the furlough scheme, and more dividend cuts on the horizon. This is without considering the uncertainty over further Covid waves.

It is particularly bleak for the large caps, as you are literally choosing from banks, miners, pharmaceuticals and utilities. I would argue that with the exception of pharma, you really need to see a value drive for any sort of sustained earnings growth for these companies.

The second chart on the right from Fidelity shows the plight of the UK economy. It highlights the ‘close-to-real-time’ indicators of current activity across several key developed market and emerging market economies versus the pre-Covid peak. This indicates the UK has seen one of the largest falls in GDP, tucked in alongside a number of emerging market economies.

So, what are the chances of a value rally coming to the rescue? I would say slim in the short to medium term. There is major disruption going on, particularly in healthcare and technology - both heavily growth-driven sectors. One

catalyst for value is inflation, but that looks unlikely given there were no signs of inflation in 2019, when unemployment numbers were at record lows. Why should it be any different now?

Schroder Recovery manager Kevin Murphy believes there is an opportunity in this market. He said much of the UK’s attraction as a market comes from its large weightings in miners, oil companies and banks, which are all trading on low valuations. He said the opportunity is deep and broadening, adding that there are “sectors which are genuinely cheap and offer the potential for some very significant increases for patient long-term investors”.

What if value is not the answer? I would argue that there has never been a more important time to be active when investing in UK equities. Pure stockpickers in the small and mid-cap space looks a sensible alternative in this environment. A few we have held across our managed portfolios include the likes of LF Gresham House UK Multi-Cap Income, Montanaro UK Income and Liontrust UK Smaller Companies.

The indiscriminate nature of the sell-off this year has meant that large, medium and small caps in the UK are all currently down around 20%. But while there are major challenges for large caps, many believe there are opportunities for small and mid caps with balance sheet strength.

Liontrust UK Smaller Companies

manager Anthony Cross says that for smaller companies, their ability to trade through a downturn and emerge on the other side in a position to take advantage of any subsequent upturn is important. He believes that businesses that have strong barriers to competition, attractive market positions and a history of higher returns should stand them in good stead – allowing them to take advantage of weaker competitors when the dust settles.

A note I read from Lazard on the outlook for UK equities concurs adding that “those companies that structure to survive, stand an excellent chance of emerging stronger to thrive longer term.” It cites those that have taken advantage of equity placement limits and furlough schemes to fortify their balance sheets as an example.

I think it really is a time to hold your nerve with UK equities, given the challenges they face. But there are plenty of strong managers who run multi-cap/small and mid-cap funds who can really take advantage of generational buying opportunities across numerous sectors.

Darius McDermott is managing director at Chelsea Financial Services

A Deep Dive Into…UK Equities

Darius McDermott Fund buyer

16%Percentage return of UK equities over past fi ve years, compared to 129% for US equities

Index performance over five years (%)

Source: FE fundinfo

Sep 2015 Sep 2016 Sep 2017 Sep 2018 Sep 2019 Sep 2020

160

120

-40

0

40

80

MSCI USAMSCI WorldMSCI JapanMSCI EuropeMSCI UK

%

GEAR-implied activity levels vs pre-Covid peak

Source: Fidelity International

-20 -15 -10 -5 0 5

PolandCzechia

South AfricaIndia

HungaryUK

Mexico

EurozoneSwedenTurkey

ITBrazilJapanKorea

USSwitzerland

China

healthcare and utilities in the process. However, banks and energy stocks continue to underperform as lower for longer interest rates and credit quality concerns hinder the former and demand destruction in the face of abundant supply hampers the latter. For UK equities to pick up in a meaningful way, we would need to see broad based improvement across these sectors.

Another reason UK stocks have underperformed, particularly over recent months, is the strength of the pound. This is because the FTSE 100 is dominated by multinational companies, which derive the majority of their revenue overseas, meaning when the pound is strong it acts as headwind to profits. The key driver behind pound strength is US dollar weakness and while the dollar has already fallen 10% since March, we think it has significant further downside and could depreciate as much as 20% over the coming years. If sustained,

a strong pound is bad news for UK equities and the economy, as it tries to establish an independent future outside the EU.

To summarise, UK equities are attractively valued and should benefit from a deal on Brexit, a rebound from overly pessimistic dividend expectations and a rotation toward cyclical/value based sectors following a noticeable improvement in the economic outlook. However, considerable uncertainty remains and at this juncture the risk to reward ratio is simply better elsewhere.

John Leiper is chief investment officer at Tavistock Wealth

17


UK equities are deeply unloved, suffering as they do from a confluence of factors including a weak domestic economy, poor handling of the coronavirus and ongoing anxiety over Brexit. This is reflected in the relative underperformance of UK equities versus developed market peers which has fallen consistently over time, but most notably during the last few years. At three standard deviations from the four-year moving average, the valuation disparity is now extreme. As shown in the chart, prior such instances have resulted in subsequent reversion towards the mean, either within the prevailing downtrend or by forming the bottom of a new uptrend. Either way, the FTSE 100 has considerable potential for catch-up growth. This is reinforced by light investor positioning as highlighted in the latest Bank of America Global Fund Manager Survey which puts the UK in the top underweight spot at a net negative -37% allocation. The bar is low meaning even the slightest improvement in fundamentals, or change in circumstances, could lead to outsized gains.

With a looming October deadline, the next catalyst is Brexit and while near-term negotiations are likely to get worse before they get better, we continue to believe a deal will eventually be reached. If that is your base case, there is clear upside to UK equities although investors will need cast iron conviction and a strong stomach to navigate the interim volatility.

The rebound in global equities, outside the UK, has been led by the US but market breadth is thin and most of the gains have been driven by a narrow group of global technology companies whose business models are particularly suited to the coronavirus, and before that to a world of low inflation and low interest rates. Overall tech and internet stocks represent approximately a third of US equities, while in the UK the equivalent index weight is less than 3%. This disparity

explains much of the ongoing underperformance of UK equities.

Instead, UK equities are largely geared to value and cyclical stocks with energy, financials, industrials and materials accounting for approximately half of the FTSE 350. These sectors have fallen out of favour for a wide range of reasons including dividend cuts, falling energy prices and a broader structural shift towards companies with exposure to environmental, societal and good corporate governance standards. They also do best in a reflationary world when interest rates are rising.

The odds on higher rates any time soon are slim to none, but the Fed’s recent announcement that it was shifting to average inflation targeting felt like a key moment.

As a result, Powell’s speech can be seen as the klaxon for a potential new phase in the global macroeconomic cycle, one that mirrors the Volcker pivot of the early 1980s. If we do see a return to inflation, this should benefit real assets such as commodities and I see the UK as a commodity play. Commodities have performed very well over the last few months as demonstrated by iron ore prices which recently allowed Rio Tinto to return $2.5bn to shareholders, making it one of the UK’s biggest dividend payers. While this is an extreme example, investors are likely too pessimistic on forecast dividend cuts. This is what we saw in swap markets following the subprime mortgage crisis in 2008 and history suggests dividends can, and will, rebound over time.

With some research suggesting herd immunity may be much higher than we think it is, and the ratio of deaths to new cases falling globally, the hope is we can continue to work our way through the coronavirus. If this coincides with an improving economic outlook, alongside a rise in risk sentiment, then we could see a significant rotation within equity markets towards value/cyclical sectors. This could work to the benefit of laggards like the UK. We have seen some signs of this already with basic materials and industrials leading UK equities higher, displacing defensives like

John LeiperMarket strategist

Next week, we deep dive into: Fixed Income

%

UK bottom of GDP pack

Source: Bloomberg, Tavistock Wealth

-25 -20 -15 -10 -5 0 5

UK

France

Italy

Portugal

Belgium

Canada

Germany

US

Australia

China

www.lgim.com/extrashot


20

3 1 3 5 3 Fund Month year year year Mstar yr size % Rnk % Rnk % Rnk % Rnk Rating Vol (£m)

Fidelity UK Select W Acc -11.1 117 -0.9 59 23.7 54 QQQQQ 4.7 438FP Octopus UK Equity B Acc -10.8 116 -11.3 157 9.1 157 QQQ 4.6 18FP Russell Invsmts UK Growth Assts C Acc -16.3 185 -12.6 170 9.5 152 Q 5.9 48Franklin UK Managers’ Focus W Acc -6.9 67 -2.7 68 20.2 69 QQQQ 5.0 296

Franklin UK Mid Cap W Acc -11.3 120 -1.2 61 17.1 100 QQQ 6.2 1015Franklin UK Opportunities W Acc -12.3 128 -5.3 89 18.1 84 QQQQ 4.5 43Franklin UK Rising Dividends W Acc -9.5 95 -1.7 64 33.3 34 QQQQ 4.0 106GlobalAccess UK Opportunities M Acc GBP -17.0 197 -8.1 102 20.3 68 QQQQ 4.3 384GVQ Opportunities A GBP Inc -28.3 243 -31.3 231 - - Q 6.7 56GVQ UK Focus I GBP Inc -28.8 244 -31.0 230 -16.6 214 QQ 6.9 151Halifax Special Situations C -25.9 241 -17.5 200 1.9 187 QQ 4.9 105Halifax UK FTSE 100 Idx Track C -17.2 200 -13.4 178 12.2 134 QQQ 4.1 1024Halifax UK FTSE AllSh Idx Track C -15.8 175 -11.6 161 13.4 127 QQQ 4.3 1443Halifax UK Growth C -18.2 211 -15.4 188 8.3 162 QQ 4.4 3434HL Multi-Manager UK Growth A Acc -9.8 101 -11.6 160 12.5 131 QQQ 5.5 153HL Select UK Growth A Acc 0.3 31 16.1 15 - - QQQQQ 4.1 286HSBC Common For Growth Income -18.5 213 -19.2 209 -4.1 200 QQ 5.1 7

HSBC FTSE 100 Index Accumulation C -16.4 187 -11.0 155 17.0 102 QQQ 4.2 769HSBC FTSE 250 Index C Acc -8.0 77 -4.0 80 17.4 97 QQQQ 5.3 1081HSBC FTSE All Share Index C Acc -14.4 149 -9.2 120 18.4 82 QQQ 4.4 1590

HSBC UK Focus R Acc -20.5 223 -19.3 210 -4.7 202 QQ 4.5 4HSBC UK Growth & Income C Acc -21.2 229 -19.8 212 -5.5 205 Q 4.6 255HSBC UK Multi-Factor Eq Instl A Inc -14.8 161 -9.5 128 15.2 118 QQQ 4.3 29IFSL CAF UK Equity A Acc -9.9 102 -10.5 145 9.4 155 QQQ 4.6 88Invesco UK Companies UK Z Acc -13.9 138 -17.5 201 -2.2 194 QQ 5.4 132Invesco UK Enhanced Index UK Z Acc -16.3 184 -10.0 136 17.2 99 QQQQ 4.5 457

Invesco UK Eq High Inc UK Z Acc -22.8 236 -31.8 232 -23.7 217 Q 5.6 3135Invesco UK Equity Inc UK Z Acc -22.7 235 -30.9 229 -23.5 215 Q 5.6 1437

Invesco UK Focus UK Z Acc -12.0 125 -16.2 191 9.4 154 QQQQ 4.6 100Invesco UK Growth UK Z Acc -14.1 141 -17.1 198 4.7 176 QQQ 4.7 604

iShares 100 UK Equity Index (UK) D Acc -16.3 186 -10.7 150 18.0 86 QQQQ 4.2 1270iShares Mid Cap UK Equity Idx (UK) D Acc -8.2 82 -4.2 81 17.6 95 QQQ 5.6 592

iShares UK Equity Index (UK) D Acc -14.6 155 -9.1 119 18.7 75 QQQ 4.4 10238Janus Henderson Instl Hi Alp UK Eq I Acc -16.1 180 -10.1 140 10.8 144 QQQQ 4.4 12Janus Henderson Instl MainstrmUKEq I Acc -16.6 192 -9.9 135 12.5 132 QQQQ 4.3 165Janus Henderson Instl UK Eq Trck A Inc -15.6 171 -11.9 166 12.2 135 QQQ 4.4 63Janus Henderson Instl UK Idx Opps I Acc -14.5 151 -9.1 118 18.6 77 QQQQ 4.4 708Janus Henderson UK Alpha I Acc -10.5 109 -11.9 164 17.0 103 QQQ 5.9 303

JOHCM UK Dynamic A Acc -24.7 240 -22.2 216 4.7 177 QQQ 5.5 1344JOHCM UK Growth GBP A Inc -4.0 48 -9.0 115 4.2 180 QQQ 6.1 158

JOHCM UK Opportunities A GBP Acc -6.8 65 0.4 51 24.6 53 QQQQQ 3.3 334JPM UK Dynamic C Net Acc -18.7 215 -18.1 203 3.6 183 QQQ 5.3 69JPM UK Equity Core E Net Acc -14.2 142 -10.0 138 17.8 90 QQQQ 4.4 1066JPM UK Equity Growth C Net Acc -7.0 68 -0.4 55 29.5 46 QQQQ 4.8 163JPM UK Equity Index E Acc - - - - - - - - 27JPM UK Equity Plus C Net Acc -9.8 100 -0.9 58 - - QQQQ 4.6 116JPM UK Equity Value C Net Acc -20.6 225 -23.7 221 -2.2 195 QQ 5.8 40Jupiter Growth & Income I Acc -19.2 219 -26.7 225 -14.1 212 QQ 5.1 33Jupiter Responsible Inc I Acc -10.7 114 -10.6 148 4.0 181 QQQ 4.4 42Jupiter UK Growth I Acc -23.2 238 -32.1 233 -28.3 219 Q 6.7 526

Jupiter UK Special Situations I Acc -19.4 220 -17.0 197 8.4 161 QQQ 4.7 1602Kames Ethical Equity GBP B Acc 1.0 27 1.1 45 16.1 111 QQQQ 5.1 490

Kames UK Equity GBP B Acc -6.5 63 -6.2 93 17.7 93 QQQQ 4.6 165Kames UK Opportunities GBP B Acc 5.3 15 7.2 32 30.3 41 QQQQ 5.2 125L&G (N) Tracker I Acc -14.4 148 -9.2 121 18.1 83 QQQQ 4.3 1531L&G Ethical I Acc -9.0 91 -3.9 79 10.5 146 QQQ 5.2 254L&G Future Wld Gender Lead UK Idx I Acc -17.6 207 - - - - - - 7L&G Future World ESG UK Index I £ Acc -16.5 188 - - - - - - 236L&G Growth I Acc 7.3 9 14.4 21 56.6 12 QQQQ 7.4 216

L&G UK 100 Index I Acc -16.0 179 -10.4 143 17.9 87 QQQ 4.0 1102L&G UK 350 Index A Acc -15.2 165 -10.8 151 13.3 128 QQQ 4.3 117L&G UK Alpha I Acc -18.0 210 -42.4 234 -27.6 218 Q 5.8 51

L&G UK Index I Acc -14.3 146 -9.5 129 17.8 89 QQQQ 4.3 5601L&G UK Mid Cap Index I Acc -11.7 122 -8.8 112 - - QQ 5.9 276L&G UK Select Equity I Acc -3.5 45 -5.5 91 23.0 57 QQQ 6.2 310L&G UK Special Situations I Acc -22.3 232 -29.7 227 -5.5 204 QQ 5.9 162Lazard UK Omega C Acc -14.4 147 -15.5 189 8.6 160 QQ 4.8 210Legg Mason IF QS UK Equity X Acc -5.7 57 -8.1 101 6.2 170 QQQ 4.5 26LF Canlife UK Equity C Acc -14.3 144 -13.5 179 -4.7 201 Q 4.9 604LF IM UK Growth A Inc -7.5 73 -0.7 57 28.0 48 QQQQQ 4.1 24

LF Lindsell Train UK Equity Acc -11.8 123 15.4 17 62.7 8 QQQQQ 3.5 6218LF Majedie UK Equity X Acc -10.6 111 -14.2 184 9.4 153 QQQ 4.5 1296LF Majedie UK Focus X Acc -6.2 60 -3.4 77 19.8 70 QQQQ 5.0 1012LF Miton UK Value Opps B Instl Acc -8.1 80 -8.7 110 12.4 133 QQ 6.4 345LF Purisima UK Total Return A PCG -9.6 98 -3.1 74 21.2 63 QQQQ 4.2 7Liontrust Macro UK Growth I Acc -14.0 139 -16.3 192 -8.2 210 QQ 5.3 21

Liontrust Special Situations I Inc -2.1 40 15.3 18 58.5 11 QQQQQ 4.1 5494Liontrust Sust Fut UK Gr 2 Net Acc -1.1 34 13.3 24 46.9 20 QQQQQ 4.8 582Liontrust UK Ethical 2 Net Acc -1.6 38 14.9 19 45.7 21 QQQQQ 5.1 579

Liontrust UK Growth I Inc -9.7 99 3.2 39 40.4 24 QQQQ 4.1 480Liontrust UK Mid Cap C Acc GBP -10.7 115 -25.3 222 -14.4 213 QQ 6.2 88Liontrust UK Opportunities C Acc GBP -12.4 130 -17.8 202 -5.5 206 QQ 6.6 10M&G Index Tracker GBP A Acc -14.3 145 -9.5 126 16.7 107 QQQ 4.4 439

M&G Recovery GBP I Acc -18.5 212 -22.7 217 -4.0 199 QQ 6.7 1420M&G UK Select GBP I Acc 1.8 25 5.9 34 27.4 49 QQQQQ 4.4 543

Man GLG Undervalued Assets Profl Acc C -19.0 218 -18.7 206 6.3 169 QQ 5.8 1020Marks & Spencer UK 100 Comp Acc -16.9 196 -12.6 171 11.9 139 QQQ 4.6 227Marks & Spencer UK Selection Acc -21.2 228 -21.4 215 -6.1 208 Q 5.2 83Marlborough Multi-Cap Growth P Inc 5.8 13 8.3 30 63.1 7 QQQQQ 5.6 254

Merian UK Alpha R GBP Acc -16.5 190 -11.7 162 10.6 145 QQQ 5.2 872Merian UK Dynamic Equity R GBP Inc 5.3 16 -1.2 60 49.2 17 QQQQ 7.0 423

Merian UK Mid Cap R GBP Acc 3.0 20 -4.3 82 39.2 25 QQQQ 7.5 2894MFM UK Primary Opportunities P Inc -7.8 74 -4.4 84 35.8 30 QQQ 4.6 19MFS Meridian UK Equity W1 GBP -12.8 132 -5.4 90 18.6 76 QQQQ 4.0 14MGTS AFH DA UK Multi-Cap Gr I GBP Acc -14.5 150 - - - - - - 92MI Brompton UK Recovery Trust Acc -9.0 90 -7.5 100 17.8 88 QQQ 4.5 8MI Charles Stanley Equity A Acc -0.6 32 10.9 27 33.0 35 QQQQ 4.2 11MI Chelverton UK Equity Growth B Acc 11.3 4 31.9 2 108.7 1 QQQQQ 5.7 712Mirabaud UK Equity High Alpha A GBP Acc 1.2 26 -3.0 72 19.6 72 QQQ 6.3 16Montanaro UK Income GBP -1.4 37 2.3 43 - - QQQQQ 5.0 633NFU Mutual UK Growth C -9.2 93 0.8 47 29.8 43 QQQQ 4.4 321

Unit Trusts/OEICsFunds data supplied by Morningstar. Performance over one, three and five years on a cumulative bid-to-bid basis with income re-invested net of basic-rate tax. Figures based on closing price valuations available prior to 4 September 2020.

UK Direct PropertyAberdeen UK Property Feeder UT I Acc -10.2 24 -7.8 24 -7.9 20 - 0.7 813Aberdeen UK Property I Acc -10.2 23 -7.7 23 -7.8 19 - 0.7 984ARC TIME Commercial Lng Inc Fdr I NetAcc -0.9 8 7.4 9 16.4 5 - 0.3 181ARC TIME Commercial Long Inc A Gross Acc -0.2 7 9.8 4 20.8 3 - 0.4 446ARC TIME Social Long Inc Fdr Tr I NetAcc 3.2 3 14.1 2 - - - - 62ARC TIME Social Long Income A Gross Acc 4.0 2 17.0 1 - - - - 101Aviva Inv UK Prpty Fdr Acc 1 GBP Acc -15.2 29 -12.0 27 -8.9 22 - 0.9 178Aviva Inv UK Prpty Fdr Inc 1 GBP Inc -15.1 28 -11.9 26 -8.6 21 - 0.9 103Aviva Investors UK Property 2 GBP Acc -14.8 27 -11.0 25 -6.9 16 - 0.9 393BMO UK Property 2 Inc 0.5 6 0.7 10 9.0 9 - 1.5 471BMO UK Property Feeder 1 Acc 1.2 5 0.1 14 7.1 10 - 1.5 370Janus Henderson UK Pty PAIF Feeder I Acc -2.2 12 8.1 8 10.8 7 - 1.9 1433Janus Henderson UK Pty PAIF I Acc -2.1 11 8.2 7 10.8 6 - 1.9 756Kames Property Inc Feeder(Acc) GBP B Acc -7.6 20 -7.2 22 1.4 14 - 1.2 166Kames Property Income GBP B Gross Acc -6.8 19 -4.9 17 5.5 11 - 1.2 427L&G UK Property Feeder I Acc -1.5 9 9.2 5 21.3 2 - 0.6 2866L&G UK Property I Acc -1.6 10 9.2 5 21.4 1 - 0.6 2866LF Canlife UK Property ACS I Acc -7.8 21 - - - - - - 341M&G Feeder of Property GBP I Acc -10.4 25 -6.6 20 -7.3 18 - 0.9 1427M&G Property Portfolio GBP I Acc -10.5 26 -6.6 21 -7.2 17 - 0.9 2243MGTS St Johns High Income Property Acc 2.1 4 10.0 3 19.9 4 - 0.2 148MGTS St Johns Property Athrsd Tr GBP Acc 6.9 1 - - - - - - 0Royal London Property A Acc -5.2 13 -0.4 16 10.7 8 - 0.6 379SLI UK Real Estate Acc Feeder P 1 Acc -6.0 18 0.6 13 - - - 0.6 944SLI UK Real Estate Inc Feeder P 1 Inc -5.9 16 0.6 12 - - - 0.6 334SLI UK Real Estate Platform 1 Acc -5.9 17 0.6 11 1.4 15 - 0.6 1594Threadneedle UK Prpty Authrsd GBP InsInc -5.9 15 -5.1 18 1.8 12 - 1.2 793Threadneedle UK Prpty Authrsd Invmt INI -5.9 14 -5.1 19 1.7 13 - 1.2 1023VT Redlands Prpty A GBP Acc -8.2 22 -0.4 15 - - - 1.7 97Sector average/count -4.9 29 0.3 27 4.8 22 0.9 757

UK EQUITIESUK All CompaniesAllianz UK Mid Cap C Acc -4.1 49 -4.4 83 19.5 73 QQ 6.8 36Allianz UK Opportunities C Acc GBP -10.7 112 -8.3 106 21.3 62 QQQ 6.2 93Architas MM UK Equity S Acc -11.9 124 -4.7 86 16.8 105 QQQ 4.9 102Ardevora UK Equity B GBP Acc 2.0 24 14.1 22 43.7 22 QQQQQ 3.6 167Artemis Capital I Acc -13.0 134 -13.3 177 11.0 142 QQQ 6.0 216Artemis Instl UK Special Sits IN Acc -7.0 69 -8.7 111 5.6 172 QQQ 5.6 55Artemis UK Select I Acc -5.0 55 -9.5 127 8.8 159 QQQ 6.7 680

Artemis UK Special Situations I Acc -6.3 61 -8.3 105 6.6 166 QQQ 5.6 459Artorius A GBP Acc 7.1 10 29.2 4 60.5 10 QQQQ 6.4 13AS SICAV I UK Eq X SInc GBP -4.4 51 7.6 31 34.2 32 QQQQ 4.9 33ASI UK All Share Tracker C Acc -14.8 158 -9.8 133 17.1 101 QQQ 4.4 1531ASI UK Equity Enhanced Index B Acc -15.3 167 -11.1 156 - - QQQ 4.5 484ASI UK Equity I Acc -4.0 47 8.4 29 35.9 29 QQQQ 5.0 409ASI UK Equity Index Managed B Acc -15.6 170 -10.6 147 17.7 94 QQQ 4.1 839

ASI UK Ethical Equity P1 Acc -9.4 94 -9.0 116 13.3 129 QQQ 6.8 280ASI UK Growth Equity P1 Acc -13.7 136 -12.4 168 2.2 186 QQ 4.8 132ASI UK High Alpha Equity P1 Acc -15.9 178 -16.5 195 -4.7 203 QQ 5.8 75ASI UK Impact Employ Opprt Eq P1 Acc -3.8 46 - - - - - - 0ASI UK Mid-Cap Equity I Acc 9.5 5 25.1 9 55.7 13 QQQQQ 5.4 127ASI UK Opportunities Equity P1 Acc 7.8 8 12.0 26 35.3 31 QQQ 6.3 138ASI UK Recovery Equity P1 Acc -36.3 245 -55.4 235 -29.2 220 Q 8.1 52ASI UK Responsible Equity I Acc -1.4 36 14.7 20 53.3 14 QQQQ 5.0 38ASI UK Unconstrained Equity P1 Acc -21.7 230 -28.4 226 -23.5 216 Q 7.4 256Aviva Investors UK Index Tracking 2 £Inc -15.8 174 -10.4 144 16.5 110 QQQ 4.2 693Aviva Investors UK Lstd Eq Hi Alp2GBPAcc -19.0 217 -26.6 224 -11.3 211 Q 7.0 155Aviva Investors UK Lstd Eq MoM1 2 GBPInc -8.0 76 22.9 10 68.7 4 QQQQQ 3.9 342Aviva Investors UK Lstd Eq Uncons2GBPAcc -8.6 87 -12.8 172 13.4 126 QQQ 6.0 154Aviva Investors UK Lstd S&M Cap2 GBP Acc -4.8 54 0.9 46 30.5 40 QQQ 6.5 155AXA Framlington UK Growth Z GBP Acc -3.1 44 8.8 28 29.9 42 QQQQQ 4.5 149AXA Framlington UK Mid Cap Z GBP Acc -1.1 33 6.7 33 29.7 44 QQQQQ 5.3 441

AXA Framlington UK Select Opps ZI Acc -8.6 86 0.4 50 16.0 114 QQQ 5.1 1225AXAWF Fram UK F Cap GBP -7.5 72 0.6 49 - - QQQQ 4.9 289Baillie Gifford UK Equity Alpha B Acc 5.5 14 30.0 3 75.1 3 QQQQQ 5.9 596Baillie Gifford UK Equity Core B Acc -9.6 97 - - - - - - 241Baillie Gifford UK Equity Focus B GBPAcc 7.8 7 16.1 14 - - QQQQQ 5.4 153Barclays UK Alpha R Acc GBP -15.7 172 -16.4 193 1.5 189 QQQ 4.9 378Barclays UK Alpha S2 R Acc GBP -15.5 169 -16.2 190 1.7 188 QQ 4.7 40Barclays UK Core R Acc GBP -17.6 205 -14.3 186 9.2 156 QQ 4.6 225Barclays UK Lower Cap R Acc GBP -2.7 43 -8.2 103 21.8 61 QQQ 6.4 53Barclays UK Opportunities R Acc GBP -17.6 206 -9.4 125 19.7 71 QQQQ 4.3 64

BlackRock UK D Acc -2.4 41 13.9 23 47.8 18 QQQQQ 4.8 508BlackRock UK Equity D Acc -8.6 84 3.0 41 35.9 28 QQQQQ 4.7 443

BlackRock UK Special Situations D Acc -10.7 113 -1.3 62 31.4 38 QQQQ 5.4 525BMO FTSE All-Share Tracker 2 Inc -14.8 160 -10.0 139 16.7 108 QQQ 4.4 341BMO Responsible UK Equity 2 Acc -8.7 89 2.5 42 31.7 37 QQQQ 5.0 434BMO Select UK Equity 2 Acc -17.5 203 -11.9 165 6.4 167 QQ 5.2 42BMO UK Mid-Cap C Acc -18.9 216 -18.4 205 0.0 190 QQ 6.7 28BNY Mellon UK Equity Inst W Acc -12.4 129 -2.6 67 18.5 80 QQQQ 4.0 653BNY Mellon UK Opportunities Inst W Acc -12.9 133 -2.5 65 20.4 67 QQQQQ 4.4 259Castlefield CFP SDL UK Bufftlgy Inst Inc 0.5 29 28.1 5 80.6 2 QQQQQ 5.4 1341CFP SDL Free Spirit General (Acc) 15.6 1 38.3 1 - - QQQQQ 4.7 19

Dimensional UK Core Equity GBP Acc -14.7 157 -9.9 134 16.6 109 QQQ 4.8 632Dimensional UK Value Acc -23.5 239 -25.7 223 -4.0 198 Q 5.6 455EdenTree Amity UK B -6.0 58 -2.8 69 13.2 130 QQQQ 4.9 139EdenTree UK Equity Growth B -4.1 50 -0.6 56 22.7 58 QQQQ 5.4 70ES R&M UK Dynamic Equity B Acc -6.8 66 -8.2 104 23.1 56 QQQQ 5.0 55ES R&M UK Equity High Alpha Fund B Acc -14.6 153 -14.7 187 13.6 125 QQQ 5.8 66ES R&M UK Recovery Fund B Inc -12.5 131 -14.1 183 20.5 66 QQQ 5.8 152Family Asset Trust -16.9 195 -13.0 174 10.4 147 QQQ 4.2 58Family Charities Ethical Tr Inc -17.9 209 -10.9 153 11.0 143 QQQ 3.3 130Fidelity FAST UK Y-ACC-GBP -10.0 105 5.4 35 32.8 36 QQQQQ 4.3 21

Fidelity Index UK P Acc -14.6 152 -9.2 122 18.4 81 QQQQ 4.3 2614Fidelity Instl UK Acc -10.2 107 -8.6 109 11.1 141 QQQQ 4.4 150

Fidelity Special Situations W Acc -20.1 222 -18.1 204 7.1 165 QQQ 5.6 2164Fidelity UK Opportunities W Acc -2.5 42 -6.9 97 20.7 65 QQQ 5.3 389


21Key to Symbols: Morningstar Analyst Ratings Œ „ ´ ‰ ˆ Á



Halifax UK Equity Income C -19.2 69 -17.5 53 5.4 34 QQQ 4.4 1725HL Multi-Manager Income & Growth A Acc -15.5 47 -19.7 63 -4.0 61 QQQ 4.9 2512HL Select UK Income Shares A Acc -8.6 11 -4.7 12 - - QQQQ 3.6 145HSBC Income Accumulation C -20.7 77 -20.1 64 -4.3 63 QQ 4.7 116Invesco Income & Growth UK Z Acc -14.4 38 -9.8 26 7.4 29 QQQ 4.4 334Janus Henderson UK Eq Inc&Gr I Inc -20.1 74 -27.0 79 -14.3 73 QQ 5.2 173Janus Henderson UK Responsible Inc I Inc -9.3 13 -2.3 9 16.2 17 QQQQQ 4.5 199

JOHCM UK Equity Income A GBP Acc -21.2 79 -25.1 78 -3.1 59 QQ 6.1 1544JPM UK Equity Income C Net Acc -9.9 17 -8.5 22 - - QQQQ 4.8 246

Jupiter Income Trust I Acc -23.4 84 -22.5 72 3.1 37 QQ 4.8 1219Kames UK Equity Income GBP B Inc -12.8 30 -11.9 34 11.8 26 QQQ 4.5 44L&G UK Equity Income I Acc -18.9 67 -24.3 77 -8.6 70 QQ 5.5 192Lazard Multicap UK Income A Acc -16.7 57 -15.1 44 6.2 33 QQQ 4.7 56LF ASI Income Focus A Sterling Acc -25.2 85 -47.2 82 - - Q 5.7 157LF Canlife UK Equity Income C Acc -15.9 53 -14.1 42 2.6 41 QQQ 4.6 238LF Gresham House UK Mlt Cap Inc C £ Acc 4.9 2 19.7 1 - - QQQQQ 4.6 71LF Majedie UK Income X Acc -15.1 42 -16.1 46 -3.4 60 QQ 4.8 148LF Miton UK Multi Cap Inc B Acc Instl 4.8 3 1.4 3 24.5 3 QQQQQ 3.9 872LF Montanaro UK Income A GBP Acc - - - - - - - - 9Liontrust Income C Acc GBP -11.1 23 -1.0 6 30.0 1 QQQQQ 4.3 320Liontrust Macro Equity Income I Acc -15.3 45 -16.7 52 -2.9 56 QQQ 5.0 66M&G Dividend GBP I Acc -16.7 58 -18.6 59 -1.2 53 QQQ 4.9 908M&G Equity Investment for Chrts GBP Inc -15.7 50 -10.7 29 12.7 23 QQQQ 4.4 823

Man GLG Income Professional Acc C -14.2 37 -11.1 32 18.7 10 QQQ 5.2 1027Marlborough Multi Cap Income P Acc -9.6 16 -8.6 23 3.1 38 QQQ 5.5 1087Merian UK Equity Income R GBP Acc -16.1 55 -18.2 55 -3.0 58 QQQ 5.4 52MI Chelverton UK Equity Income B Acc -15.7 51 -18.9 60 3.8 35 QQQ 6.5 422MI Downing Monthly Income Acc -10.5 20 -22.6 73 -4.1 62 QQ 5.5 45NFU Mutual UK Equity Income C -18.9 66 -15.8 45 3.7 36 QQQ 4.3 151Premier Income C Inc -17.2 61 -21.9 70 -4.4 64 QQ 6.0 192Premier Monthly Income C -17.4 62 -22.2 71 -4.8 68 QQQ 6.0 129Premier Optimum Income C Inc -17.7 64 -23.6 76 -4.7 66 QQ 6.2 101Quilter Inv UK Eq Lrg-Cp Inc U2 GBP Acc -13.9 36 -8.7 24 12.4 25 QQQQ 4.2 334Quilter Inv UK Eq Lrg-Cp Val U2 GBP Acc -15.1 43 -6.9 15 18.1 11 QQQQ 4.2 17Quilter Investors UK Eq Inc U2 (GBP) Acc -16.7 59 - - - - - - 70

Rathbone Income I Inc -15.5 48 -13.5 40 6.6 31 QQQQ 4.2 780Royal London UK Equity Income M -16.4 56 -11.0 31 13.6 21 QQQQ 4.8 1787

Santander Enhanced Income II -2.9 5 0.2 4 20.7 7 QQQQ 4.5 47Santander Equity Income R Inc -5.0 7 -2.7 10 16.8 15 QQQQ 5.1 113

Schroder Income Fd Z Acc -22.9 82 -20.4 66 1.1 48 QQQ 4.9 1319Schroder Income Maximiser Z Acc -20.5 76 -19.2 62 -0.4 51 QQQ 4.5 780Schroder UK Alpha Income Z Inc -12.8 29 -16.3 48 0.4 50 QQQQ 4.8 92Scottish Widows UK Equity Income A Acc -19.3 70 -18.5 58 2.3 44 QQ 4.8 413Slater Income P Inc -14.9 41 -18.3 57 -9.1 71 QQ 5.2 84SPW MM UK Equity Income A Acc -15.9 52 -16.3 49 2.8 39 QQQ 4.5 654SVS Albion Olim UK Equity Acc -19.7 71 -20.6 67 2.4 43 QQQ 4.8 18TB Guinness UK Eq Inc Y Clean Income -16.0 54 -18.3 56 - - QQ 5.5 0TB Saracen UK Income B Acc -16.7 60 -17.8 54 -1.7 54 Q 6.8 3

Threadneedle UK Eq Inc Z Inc GBP -12.1 27 -7.3 16 17.2 13 QQQQQ 4.4 3524Threadneedle UK Equity Alpha Inc Z Inc -8.4 10 -5.7 14 14.2 20 QQQQQ 4.4 289Threadneedle UK Monthly Inc Z Inc -14.9 40 -13.8 41 1.7 47 QQQQ 4.5 338TM RWC UK Equity Income R Acc -20.7 78 - - - - - - 281

Trojan Income O Acc -9.5 15 -0.2 5 22.9 4 QQQQQ 3.4 3515UBS UK Equity Income C Acc Net -29.2 86 -33.7 81 -5.2 69 Q 5.6 83Unicorn UK Ethical Income B Inc -12.7 28 -14.2 43 - - QQQ 5.4 53Unicorn UK Income B Inc -10.8 21 -12.6 39 6.5 32 QQQQ 5.7 575Vanguard FTSE UK Eq Inc Idx £ Acc -17.5 63 -16.3 47 1.8 45 QQQ 4.6 1058VT Tyndall Real Income GBP A Acc -23.2 83 -20.1 65 - - - 5.7 2Sector average/count -14.1 86 -13.8 82 5.9 74 4.8 491

UK Equity And Bond IncomeHSBC Monthly Income C Acc -14.6 6 -12.0 6 4.9 6 Q 3.7 101LF Canlife UK Equity and Bond Inc C Acc -7.6 2 -3.6 3 16.1 3 QQ 3.3 21M&G UK Income Distribution GBP I Acc -13.1 5 -8.4 4 13.6 4 QQ 3.8 466Royal London UK Income with Growth -9.8 4 -9.1 5 6.7 5 Q 3.8 207Threadneedle Managed Eq Inc Z Inc -7.3 1 -2.7 2 19.5 2 QQ 3.7 76Threadneedle Mthly Etr Inc Z Inc GBP -7.8 3 -0.1 1 23.4 1 QQQ 3.7 231TM Stnhg Flm UK Bal Inc B -24.0 7 -26.8 7 -11.8 7 Q 5.6 55Sector average/count -12.0 7 -9.0 7 10.3 7 3.9 165

BONDS£ Corporate BondArtemis Corporate Bond I Acc GBP - - - - - - - - 386ASI (AAM) Sterling Short Dtd Corp I Inc 2.7 80 5.9 86 - - QQ 0.9 112ASI (SLI) Corporate Bond P1 Acc 4.8 28 14.3 21 29.9 33 QQQQ 1.9 228ASI AAA Bond P1 Acc 2.3 86 7.0 80 16.7 75 QQ 0.9 232ASI Corporate Bond I Acc 4.5 39 12.9 36 30.2 30 QQQQ 1.7 967ASI Ethical Corporate Bond P1 Acc 3.8 61 11.8 54 28.0 43 QQQ 1.9 441ASI Investment Grade Corp Bnd P1 Acc 3.9 55 12.2 50 28.8 41 QQQ 1.9 406ASI Short Dated Corp Bd P1 Acc 1.6 95 4.3 90 - - Q 0.8 188ASI Short Dated Stlg Corp Bd Trkr B Acc 2.2 87 - - - - - - 45ASI Short Duration Credit P1 Acc 3.5 64 6.9 82 15.3 77 QQ 1.5 49ASI Sterling Corp Bond Tracker B Acc 5.6 14 - - - - - - 296Aviva Investors Corporate Bd 2 GBP Inc 3.8 58 11.4 61 25.2 65 QQQ 1.6 2828Aviva Investors Mthly Inc Pls 2 GBP Acc 4.5 41 13.2 30 27.9 44 QQQ 1.7 248AXA Sterling Buy & Mntn Crdt Z GBP Acc 3.4 68 12.0 52 29.1 37 QQQ 1.9 356AXA Sterling Corporate Bond Z Gross Acc 3.5 65 11.3 62 30.4 27 QQQ 1.5 58AXA Sterling Crdt Shrt Dura Bd Z Grs Acc 1.5 96 3.9 91 8.6 83 Q 0.7 619Baillie Gifford Investment Grd Bd B Inc 2.8 76 12.3 47 29.1 38 QQQQ 1.8 172Baillie Gifford Invm Grd Lng Bd B Inc 5.4 20 20.7 5 44.8 5 QQQQQ 2.5 209Barclays Sterling Corporate Bd R Acc GBP 3.9 56 10.9 67 25.7 59 QQQ 1.6 139BlackRock Corporate Bond 1-10 Year D Acc 3.8 59 10.1 71 23.9 68 QQ 1.5 1220

BlackRock Corporate Bond D Acc 4.7 32 13.3 25 31.2 25 QQQQ 1.9 1233BMO Corporate Bond C Inc 4.2 45 11.2 64 26.7 54 QQQ 1.7 22BMO Long Dated Sterling Corp Bd 3 Acc 7.1 6 23.1 3 52.3 2 QQQQQ 3.0 44BMO Responsible Sterling Corp Bd C Inc 4.2 44 12.4 44 27.5 50 QQQ 1.6 183BMO Sterling Corporate Bond 3 Acc 4.6 35 13.7 24 31.2 24 QQQQ 1.7 207BNY Mellon Corporate Bond Inst W Acc 5.8 11 13.3 28 33.3 15 QQQ 2.0 27BNY Mellon Global Credit GBP W Acc H 8.6 4 17.6 11 27.6 49 QQQQ 1.9 484BNY Mellon Long Corp Bd Exempt 1 Acc 5.1 24 18.5 8 42.1 8 QQQQQ 2.3 34Close Bond Income Portfolio X Acc 4.1 48 10.0 73 25.7 58 QQQ 1.3 242EdenTree Amity Short Dated Bond B 1.7 94 3.7 92 - - - - 66Fidelity Idx Sterling Corp Bd P GBP Acc - - - - - - - - 20Fidelity Instl Lng Dtd Stlg Corp Bd Inc 5.2 23 20.2 6 46.8 4 QQQQQ 2.9 586Fidelity Instl Sterling Corp Bond Inc 5.6 15 14.3 19 32.0 19 QQQQ 1.7 337

Fidelity MoneyBuilder Income W Inc 3.3 73 11.3 63 25.8 57 QQQ 1.7 3191Fidelity Short Dated Crprate Bd W Acc 2.0 92 5.7 88 - - Q 0.8 161Franklin Sterling Corporate Bd W GBP Acc 3.7 63 12.8 37 - - QQQ 1.8 46GlobalAccess Glbl Corp Bd M Dis GBP Hdg 4.5 38 13.0 32 23.2 70 QQQQ 1.8 401GS Sterling Credit R Acc GBP 5.5 17 15.1 16 31.9 20 QQQ 2.0 25Halifax Corporate Bd C 3.8 62 11.8 55 25.3 64 QQ 1.9 1700

Ninety One UK Alpha I Inc -9.5 96 -2.8 70 21.9 60 QQQQQ 4.1 2234Ninety One UK Equity Income I Acc -8.4 83 4.9 36 36.0 27 QQQQQ 3.8 119

Ninety One UK Special Situations I Acc -22.3 231 -21.0 214 -2.9 196 QQ 6.6 451Ninety One UK Sustainable Equity I £ Acc 3.8 19 - - - - - - 37Ocean UK Equity B Acc -5.2 56 - - - - - - 7OneFamily Stockmarket 100 Trust RA -17.0 199 -11.8 163 15.3 117 QQQ 4.0 430Polar Capital UK Value Opports I GBP Acc -7.8 75 -8.6 107 - - QQ 6.3 831Premier Ethical C Inc 12.6 3 12.7 25 38.7 26 QQQQQ 6.0 146Premier UK Growth C Inc 14.0 2 27.8 7 50.9 16 QQQQ 6.3 134Quilter Inv UK Eq Opports U2 (GBP) Acc -7.4 71 -8.9 113 5.5 173 QQ 5.6 236Quilter Investors Equity 1 A (GBP) Acc 0.7 28 -8.6 108 33.9 33 QQQQ 7.6 64Quilter Investors UK Eq Gr U2 (GBP) Acc -12.3 127 -1.7 63 24.7 51 QQQQ 4.4 230Quilter Investors UK Equity U2 (GBP) Acc -14.6 156 - - - - - - 196Rathbone UK Opportunities I Inc 4.5 18 -0.1 54 22.3 59 QQQQ 5.6 40RBS UK Equity 1 Acc -14.6 154 - - - - - - -Royal London FTSE 350 Tracker Z Acc -15.1 164 -9.7 131 17.8 91 QQQ 4.3 5741

Royal London Sustainable Leaders C Acc 2.0 23 27.9 6 65.4 5 QQQQQ 3.7 2061Royal London UK All Share Tracker Z Acc -14.8 159 -9.1 117 17.8 92 QQQQ 4.4 506Royal London UK Dividend Growth M -6.5 62 1.2 44 24.7 52 QQQQ 4.9 812Royal London UK Equity M Acc -14.9 163 -5.7 92 16.7 106 QQQQ 4.2 611Royal London UK FTSE4Good Tracker -15.3 166 -8.9 114 13.8 124 QQQ 4.1 111Royal London UK Growth -11.3 121 -4.6 85 18.5 78 QQQQ 4.7 947Royal London UK Mid-Cap Growth Instl M -6.1 59 3.5 38 23.6 55 QQQQ 5.7 391Royal London UK Opportunities M Acc -9.1 92 -9.6 130 4.3 179 QQ 6.4 698RWC UK Focus R GBP Acc 2.2 21 -6.4 96 12.0 137 QQQ 5.2 6Sanlam Active UK A GBP -8.7 88 -6.3 94 6.1 171 QQQ 5.0 81Santander UK Equities A -7.3 70 -4.9 87 15.9 115 QQQ 5.2 277Santander UK Growth RA Acc -1.9 39 0.3 52 20.8 64 QQQ 5.4 767Sarasin Charity Thematic UK Eq GBP A Acc -14.0 140 -7.2 98 11.9 138 QQQ 4.1 11Sarasin UK Equity P Acc -14.3 143 -10.0 137 9.0 158 QQQ 4.1 3Schroder Core UK Equity Z Acc -16.8 194 -13.2 176 6.3 168 QQ 4.8 43Schroder MM UK Growth Z Acc -17.0 198 -17.3 199 -0.1 191 QQ 4.7 13Schroder Prime UK Equity I Acc -16.2 183 -9.8 132 16.1 112 QQQ 4.4 184

Schroder Recovery Z Acc -22.6 234 -23.3 218 -0.6 192 QQ 5.2 738Schroder Responsible Value UK Eq I Acc -23.2 237 -19.4 211 4.9 175 QQQ 4.5 38Schroder UK Alpha Plus Z Acc -8.6 85 -3.5 78 16.0 113 QQQQ 4.9 514Schroder UK Equity Z Acc -22.4 233 -23.5 220 -5.9 207 QQ 4.9 306Schroder UK Mid 250 Z Acc -8.0 78 -12.6 169 2.4 185 Q 7.4 779Schroder UK Opportunities Z Acc -20.9 227 -23.5 219 -7.6 209 QQQ 4.7 85Scottish Friendly UK Growth 4.7 17 3.1 40 25.7 50 QQQQ 5.9 5Scottish Widows UK All Share Track I Acc -15.5 168 -10.6 146 14.5 123 QQQ 4.8 4709Scottish Widows UK Growth A -18.6 214 -16.4 194 4.4 178 QQ 4.8 1954Scottish Widows UK Select Gr A -12.3 126 -3.2 75 18.1 85 QQ 5.3 25Scottish Widows UK Tracker G Acc -17.3 202 -13.7 181 10.2 150 QQQ 4.6 321Slater Growth P Acc 5.9 12 20.8 12 51.8 15 QQQQ 5.2 595Slater Recovery P Acc 6.3 11 27.5 8 64.6 6 QQQQ 4.5 95SLI UK Equity General Trust Retl Acc -17.5 204 -19.0 207 -1.9 193 Q 5.1 571Smith & Williamson UK Equity Gr B Inc -10.5 110 -5.1 88 15.1 119 QQQ 5.6 22SPW MM UK Equity Focus A Acc -16.2 182 -11.5 159 10.0 151 QQQ 4.7 1450SPW MM UK Equity Growth A Acc -16.5 189 -13.7 182 3.8 182 QQ 5.3 76State Street UK Equity Tracker -16.2 181 -10.7 149 16.9 104 QQQ 4.2 7865SVM UK Growth Instl 0.4 30 3.9 37 28.7 47 QQQQ 6.2 150SVM UK Opportunities Instl -8.0 79 -9.4 124 18.5 79 QQQ 6.8 117SVS Church House UK Equity Growth A Acc -6.7 64 0.7 48 30.8 39 QQQ 4.1 68TB Evenlode Income B Inc -9.9 104 15.9 16 61.4 9 QQQQQ 3.7 3686TB Saracen UK Alpha B Acc -10.5 108 -7.3 99 15.9 116 QQQ 7.0 11Threadneedle UK Equity Opps Z Inc GBP -20.8 226 -19.1 208 4.9 174 QQ 5.3 65Threadneedle UK Extnd Alpha Ins Acc GBP -17.3 201 -10.2 141 15.0 121 QQQQ 4.9 130Threadneedle UK Growth & Inc Z Inc -14.9 162 -9.3 123 14.9 122 QQQQ 4.8 262Threadneedle UK Institutional Ins Acc -16.8 193 -13.2 175 10.4 148 QQQ 4.9 943Threadneedle UK Mid 250 Z Acc GBP -1.2 35 -2.5 66 17.3 98 QQQ 6.2 55Threadneedle UK Select Z Inc GBP -13.9 137 -14.3 185 7.1 164 QQQ 4.2 279Threadneedle UK Sustainable Eq Z Acc -4.6 53 0.1 53 - - QQQQ 4.6 23

Threadneedle UK Z Inc GBP -15.9 176 -12.8 173 12.0 136 QQQ 5.2 1600TM CRUX UK Core Fund B Inc -13.2 135 -3.3 76 29.6 45 QQQQQ 4.0 71TM CRUX UK Special Situations I GBP Acc -10.0 106 - - - - - - 34TM Stonehg Flm Opps B Inc -8.2 81 -11.0 154 10.3 149 QQ 7.0 151TM UBS (UK) - UK Eq C Acc -15.9 177 -10.8 152 15.0 120 QQQQ 4.0 10UBS UK Opportunities C Acc Net -27.7 242 -30.5 228 -3.4 197 Q 5.4 18Unicorn Outstanding British Co Instl -9.9 103 -3.0 71 18.7 74 QQQQ 4.6 121Unicorn UK Growth A -4.4 52 -3.0 73 41.2 23 QQQ 7.1 88Vanguard Active UK Equity A Acc - - - - - - - - 16Vanguard FTSE 100 Idx Unit Tr £ Acc -17.8 208 -11.4 158 - - QQQ 4.1 305

Vanguard FTSE UK All Shr Idx Unit Tr£Acc -15.8 173 -10.2 142 17.5 96 QQQ 4.2 10505Virgin UK Idx Tracking Trust -16.6 191 -12.4 167 11.7 140 QQQ 4.2 2349VT Cape Wrath Focus GBP A Net Acc -11.1 118 -13.7 180 - - Q 8.4 5VT Castlebay UK Equity A Accumulation 2.2 22 22.2 11 47.3 19 QQQQQ 3.8 -VT Downing Unique Opportunities A Acc - - - - - - - - 7VT Garraway UK Equity Mrkt F GBP net Acc -11.2 119 -6.4 95 7.5 163 QQ 5.6 60VT Munro Smart Beta UK A Acc Retail -20.5 224 -20.2 213 3.2 184 Q 4.4 4VT Sorbus Vector A 8.5 6 19.2 13 - - QQQQ 4.7 36Wesleyan UK Growth X Acc -20.0 221 -16.7 196 - - QQ 4.8 50Sector average/count -10.6 245 -6.6 235 17.5 220 5.1 643

UK Equity IncomeAllianz UK Equity Income C Inc -13.2 33 -8.2 21 12.6 24 QQQ 5.4 54Ardevora UK Income C GBP Inc -15.2 44 -11.7 33 2.7 40 QQQ 4.2 8

Artemis Income I Inc -13.4 35 -7.4 18 16.6 16 QQQQ 4.3 4179ASI UK High Income Equity P1 Acc -18.7 65 -23.3 74 -11.4 72 QQ 5.3 340ASI UK Income Equity I Acc -6.7 9 2.2 2 25.9 2 QQQQQ 4.1 147

ASI UK Income Unconstrained Eq P1 Acc -20.4 75 -28.9 80 -20.4 74 QQ 5.7 802Aviva Investors UK Listed Eq Inc 2 £ Acc -11.7 25 -7.8 19 14.9 18 QQQQ 5.0 1003AXA Framlington Monthly Income Z GBP Inc -13.1 31 -12.5 38 10.9 27 QQQQ 4.8 269AXA Framlington UK Equity Income Z £ Acc -6.0 8 -1.3 7 19.2 9 QQQQ 4.3 69Barclays UK Equity Income R Acc GBP -20.0 73 -21.2 68 -4.4 65 QQ 4.9 66Barclays UK Equity Income S2 R Acc GBP -19.9 72 -21.4 69 -4.7 67 QQ 4.9 95BlackRock UK Income D Acc -9.4 14 -4.1 11 17.5 12 QQQQ 4.0 327BMO Responsible UK Income 2 Inc -11.0 22 -5.4 13 13.6 22 QQQQ 4.3 333BMO UK Equity Income 2 Inc -11.9 26 -9.4 25 14.9 19 QQQ 5.4 41BNY Mellon Equity Income Bster Inst WAcc -21.7 81 -23.5 75 -2.9 56 QQ 4.5 71BNY Mellon Equity Income Inst W Acc -21.6 80 -19.1 61 2.5 42 QQQ 4.7 127BNY Mellon UK Income Inst W Acc -15.3 46 -7.4 17 17.0 14 QQQQ 4.2 987Castlefield B.E.S.T. Sust Inc Instl -8.9 12 -12.4 37 -0.4 52 QQQ 3.8 19Courtiers UK Equity Income Retl R -14.6 39 -16.4 51 - - QQ 6.0 15DMS Charteris Premium Income I Acc 3.4 4 -10.1 27 21.7 6 QQQ 4.7 7DMS Kleinwort Hambros Eq Inc A Acc -13.3 34 -16.4 50 -2.2 55 QQ 5.2 39ES Ardevora UK Income Instl Net Acc -15.7 49 -12.3 35 1.8 46 QQQ 4.2 6ES R&M UK Equity Income Fund B Inc -4.4 6 -2.1 8 19.7 8 QQQQQ 4.0 129Fidelity Enhanced Income W Inc -11.3 24 -12.4 36 0.9 49 QQQ 3.6 247

Fidelity MoneyBuilder Dividend W INC -10.3 19 -10.8 30 6.8 30 QQQQ 3.8 565FP Octopus UK Multi Cap Income S GBP Acc 6.7 1 - - - - - - 19FP Premier Miton Income B Acc -10.0 18 -10.6 28 9.1 28 QQQQ 4.6 191

Franklin UK Equity Income W Acc -13.2 32 -7.9 20 22.4 5 QQQQQ 4.6 805GAM UK Equity Income Instl Acc -19.1 68 - - - - - - 163


22


Unit Trusts/OEICS


M&G Charibond Charities Fxd Intst GBPAcc - - - - - - - - 109M&G Optimal Income GBP I Acc 1.8 75 5.9 71 18.9 57 QQQQ 2.0 2511

M&G UK Inflation Lnkd Corp Bd GBP I Acc 2.5 60 6.1 69 12.3 68 Q 0.7 650Man GLG Strategic Bond I GBP Cap -4.0 91 5.8 73 28.3 18 QQQ 2.5 421Man GLG Strategic Bond Profl Acc C -3.8 90 -3.0 83 5.5 72 Q 2.6 93Marks & Spencer High Income Acc 2.3 64 6.9 65 20.5 50 QQQ 2.1 249Merian Global Strategic Bond R GBP Acc 9.3 8 19.5 3 27.4 20 QQQQQ 1.2 96Merian Monthly Income Bond R GBP Acc 9.6 5 16.5 9 28.6 16 QQQQQ 2.1 34MI TwentyFour AM Dynamic Bond I Acc 3.9 41 10.7 35 23.4 35 QQQQ 2.2 1940

Muzinich Global Tact Crdt HGBP Inc H 2.3 62 9.7 44 - - QQQ 1.7 2099NFU Mutual Gilt & Corp Bond C 2.2 66 8.7 53 23.3 36 QQQ 1.4 211Ninety One Global Total Ret Crdt I £ Acc 3.4 52 - - - - - - 155Nomura Fds Global Dynamic Bond I GBP H 8.8 9 22.0 2 31.6 6 QQQQQ 2.1 1438PIMCO GIS Divers Inc Dur H Ins GBP H Acc -1.9 88 1.7 82 15.2 67 QQ 2.8 1148PIMCO GIS Divers Inc Instl GBPH Inc 3.5 48 12.2 23 28.9 14 QQQQ 2.1 12584PIMCO GIS Income Instl GBPH Inc 2.7 58 6.7 68 20.4 51 QQQ 1.8 51556PIMCO Sel UK Income Bond Instl GBP Acc 1.5 78 5.4 76 15.7 66 QQ 1.5 443Quilter Inv Stlg Divers Bd U2 (GBP) Acc 7.9 10 15.1 11 24.9 27 QQQQ 1.3 221Quilter Investors Bond 1 A (GBP) Inc 5.6 19 10.9 32 21.2 47 QQQQ 1.5 53Quilter Investors Divers Bd U2 (GBP) Acc 9.6 6 - - - - - - 116Quilter Investors Strat Bd R GBP Inc 0.7 81 7.1 64 16.7 63 QQQ 2.4 40Rathbone Strategic Bond Instl Inc 5.2 22 10.3 38 25.4 24 QQQQ 1.4 177RBS Global Bond 1 Inc 1.8 74 - - - - - - -

RLBF II Royal London Ethical Bond M Acc 4.0 38 13.7 18 30.8 8 QQQQ 1.6 1205RLBF II Royal London Shrt Dur Crdt M Inc 1.0 79 6.9 66 17.6 61 QQ 1.1 1059Royal London Global Bd Opps Z GBP 0.2 82 10.0 42 - - QQQ 2.9 217Royal London GMAP Cnsrv M GBP Acc 2.0 71 9.3 49 - - QQQ 1.2 220Royal London Monthly Income Bd M GBP Inc -0.2 84 - - - - - - 42Royal London Sterl Extra Yld Bd A -2.8 89 7.8 61 29.9 10 QQQQ 3.1 1901Sanlam GBP Credit A GBP Acc 4.4 33 9.5 46 - - QQQQ 1.2 82Sanlam GBP Hybrid Capital Bd A GBP Acc 6.2 14 14.0 15 - - - 2.6 161Santander Strategic Bond IA 4.3 34 8.3 56 20.5 49 QQQ 2.0 18Sarasin Sterling Bond I Acc 4.6 32 13.8 17 29.5 11 QQQQ 1.6 106Schroder Strategic Bond Z Acc 4.8 28 11.7 27 22.4 41 QQQ 2.7 36Schroder Strategic Credit Z GBP Acc 2.7 59 7.7 62 18.4 59 QQQ 2.3 834Scottish Widows Strategic Income A Acc 2.4 61 8.2 57 23.1 38 QQQ 2.3 187SLI Total Return Credit B Acc GBP 4.8 27 12.4 21 - - QQQQ 2.4 100TCW Fds MetWest Unconstrain Bd RGHG-QD 1.9 72 5.8 72 - - - 1.4 397TCW Funds Tcw Income IGHG YD Inc -0.9 86 3.9 79 10.7 70 - 1.8 163Threadneedle Strategic Bond Z Inc 5.0 24 10.9 33 22.8 39 QQQQ 1.9 226UBS Global Strategic Bond C Acc 5.8 18 - - - - - - 11Virgin Money Bond & Gilt Fd GBP 2.3 63 8.3 55 18.6 58 QQ 1.1 558VT Garraway Divers Income R Acc -20.8 92 -22.2 84 -17.2 73 Q 4.3 8Waverton Sterling Bond A GBP 7.8 11 18.0 5 30.6 9 QQQQ 1.1 317Sector average/count 3.6 92 10.2 84 22.9 73 1.9 1282

£ High YieldASI European High Yield Bond I Acc 2.5 8 7.8 15 22.0 20 QQQ 3.2 52ASI Global High Yield Bond I Acc 1.3 21 6.5 20 17.8 28 QQQ 3.0 522ASI High Yield Bond P1 Acc 2.1 10 8.9 10 23.2 14 QQQQ 2.7 346Aviva Investors High Yield Bd 2 GBP Inc 2.3 9 6.9 18 19.4 24 QQQQ 2.7 76

AXA Global High Income Z Gross Acc 3.1 3 8.7 11 22.3 19 QQQQQ 2.7 114AXA Pan European High Yld Bond Z Grs Acc -2.6 42 3.8 33 18.4 27 - 3.0 26

Baillie Gifford High Yield Bond B Inc 1.4 17 10.6 4 28.0 2 QQQQQ 3.3 801Barings Dev and EM HY Bd I GBP H Inc -0.5 36 2.9 37 13.7 30 Q 3.5 339Barings European High Yield Bd B GBP Acc -1.3 40 6.6 19 - - - 3.0 409Barings Global High Yield Bond I GBP Acc -0.9 39 4.6 30 - - QQ 2.9 1334Barings US High Yield Bond A GBP Dis -0.1 34 - - - - - - 89BMO Multi-Sector Higher Income Bd C Inc 2.9 5 11.4 1 26.8 6 QQQQQ 2.1 28BNY Mellon Glb ShrtDtd HY Bd GBP W Acc H -2.4 41 2.9 36 - - QQ 2.1 572BNY Mellon Global High Yield Bd Int WAcc 3.0 4 11.2 2 28.8 1 QQQQ 2.2 128Eaton Vance Intl(IRL) US HY Bd I Acc £ H 0.0 31 5.5 28 18.9 26 - 2.7 111Federated Hermes Glb HY Crdt F GBP Acc H 0.6 25 8.2 12 23.9 11 QQQ 3.3 249Federated Hermes SDG Enggmt HYCrdtF£AccH - - - - - - - - 368Fidelity Global High Yield W Acc 0.1 30 5.7 26 26.9 5 QQQ 3.4 286GlobalAccess Global Hi Yld Bd M Dis GBPH 1.6 14 4.9 29 19.3 25 - 2.8 465GS Europe High Yield Bd R Inc GBP Hdg 0.8 24 9.9 6 23.8 13 - 3.4 60Invesco High Yield UK Z Acc 0.0 33 5.8 25 21.2 22 QQQQ 3.5 223JPM Global High Yield Bond C Grs Acc 2.0 12 9.1 8 22.9 16 - 2.7 108Kames High Yield Bond GBP B Acc 0.6 26 9.3 7 20.2 23 QQQ 3.8 365Kames Short Dated HY Glbl Bd GBPH B Acc 1.4 19 5.5 27 - - QQQ 2.2 26L&G High Income I Acc 3.9 2 8.0 13 27.5 4 QQQ 3.5 1367Liontrust GF High Yield Bond C5 Acc GBP 2.8 6 - - - - - - 49Lord Abbett Global Hi Yld Fd Cl GBP H Ac 0.4 29 - - - - - - 198Lord Abbett Global High Yield I USD Acc -6.7 44 - - - - - - 21Lord Abbett High Yield I GBP Hdg Acc 2.1 11 - - - - - - 1749

M&G Global Fltng Rt Hi Yld GBP I-H Acc -5.0 43 -1.8 38 7.7 34 Q 3.1 276M&G Global Hi Yld ESG Bd GBP I-H Acc - - - - - - - - -

M&G Global High Yield Bond GBP I Acc 0.5 28 7.9 14 22.9 15 QQQQ 2.7 1438Man GLG High Yield Opports Profl Acc C 8.0 1 - - - - - - 33Marlborough High Yield Fixed Int P Inc 1.3 20 6.3 22 22.4 18 QQQ 2.9 57Neuberger Berman HY Bd GBP A Acc 0.0 31 3.6 34 15.2 29 - 2.8 2525Neuberger Berman Shrt Dur HY Bd £InsAccH -0.2 35 3.3 35 9.9 32 - 2.0 676Ninety One Monthly High Income I Acc £ 1.4 16 6.3 23 25.1 7 QQQQ 2.8 137

PIMCO GIS Glb Hi Yld Bd Instl GBP H Inc 1.1 23 7.6 16 21.3 21 QQQQQ 2.4 4063PIMCO GIS US Hi Yld Bd Instl GBPH Acc 1.2 22 7.0 17 24.0 10 - 2.6 2700Quilter Investors Hi Yld Bd U2 GBP Acc 0.5 27 10.8 3 24.3 9 QQQQ 3.0 13Royal London Global High Yield Bd M£Inc 2.6 7 9.1 9 22.6 17 QQQQ 2.8 2252Royal London Shrt Dur Glbl HY Bd M£Inc -0.7 37 4.1 32 9.5 33 QQ 1.5 1497Schroder High Yield Opportunities Z Acc 1.8 13 6.4 21 28.0 3 QQQ 4.1 430Scottish Widows High Income Bd Acc 1.4 15 4.5 31 12.7 31 Q 3.3 151T. Rowe Price Glb High Inc Bd Qdh GBP -0.8 38 6.1 24 24.9 8 QQQ 3.5 675

Threadneedle HY Bd Z Inc GBP 1.4 18 10.3 5 23.8 12 QQQQ 2.8 964Sector average/count 0.8 44 6.7 38 21.2 34 2.9 630

Global BondsAB Euro High Yield I2 GBP H Acc -0.8 106 5.2 111 21.9 97 - 3.6 329AB Glbl Pls Fxd Inc I2 GBP H Acc 0.2 88 7.4 86 14.7 121 QQQ 1.3 776AB Global Dynamic Bd I2 GBP Acc 0.8 72 3.3 130 9.6 132 QQ 1.3 845AB Short Dur Hi Yld I2 GBP H Acc 1.5 65 6.2 98 14.9 118 QQQ 2.3 771ACUMEN Portfolio 3 Acc -3.3 149 -0.2 149 - - Q 1.5 20Allianz Flexi Asia Bond PQ H2 GBP -0.1 91 1.0 146 14.4 122 - 2.3 426Allianz Global Multi Sect Crdt W GBP Acc -0.5 100 3.1 132 11.7 128 QQ 1.7 230Allianz US High Yield AM USD -8.1 179 2.1 141 28.2 80 Q 2.8 894Allianz US Short Dur Hi Inc Bd P H2 GBP 0.5 79 3.8 124 - - - 2.3 845

AS SICAV I SelEuro HYBd X MInc GBP 0.5 76 1.4 145 42.7 38 QQQ 3.1 602ASI Global Corporate Bond Tracker B Acc 4.7 21 13.2 29 - - QQQ 1.9 3910ASI Global Inflat-Link Bond Trkr B Acc 2.3 47 - - - - - - 47ASI Global Inflation-Link Bd P1 Acc 1.7 60 11.9 37 22.6 94 QQQ 1.6 1068ASI Short Dated Gbl Infl Lnk Trckr B Acc 2.9 35 - - - - - - 155ASI Short Dated Glbl Corp Bd Trkr B Acc 3.0 34 - - - - - - 22ASI Short Dur Gbl Infl Lnk P1 Acc 1.4 66 6.4 96 11.7 127 QQ 0.8 383

Aviva Investors Global HY Bd Amh GBP Inc -0.7 105 3.8 126 13.9 124 QQQ 3.0 4030

HSBC Corporate Bond C Acc 5.2 21 14.3 20 32.6 16 QQQQ 2.0 900HSBC Sterling Corp Bd Idx Acc C 4.3 43 12.7 39 - - QQQ 1.7 301

Invesco Corporate Bond UK Z Acc 5.5 16 12.5 42 24.8 66 QQQ 1.3 3377iShares Corporate Bond Index (UK) D Acc 3.8 57 12.7 38 29.4 35 QQQ 1.8 5654

Janus Henderson All Stocks Credit I Acc 4.9 25 13.8 23 30.1 31 QQQ 1.6 334Janus Henderson Instl Lg Datd Crdt I Inc 6.9 7 23.4 2 51.8 3 QQQQQ 3.3 220Janus Henderson Sterling Bond UT I Acc 4.8 26 14.1 22 32.1 18 QQQQ 1.6 361JPM Sterling Corporate Bond C Grs Acc 4.5 37 13.0 34 30.3 29 QQQ 1.7 302Jupiter Corporate Bond I Acc 8.8 3 18.2 9 31.5 21 QQQQ 1.7 197Kames Ethical Corporate Bond GBP B Acc 4.1 49 11.7 57 25.5 62 QQQ 1.6 458Kames Investment Grade Bond GBP B Acc 5.4 18 11.7 58 27.8 46 QQQQ 1.8 450Kames Sterling Corporate Bond GBP B Acc 5.2 22 13.3 26 27.6 48 QQQQ 1.8 261L&G Fixed Interest I Acc 4.8 29 14.4 18 32.5 17 QQQQ 2.0 1315L&G Managed Monthly Income I Acc 4.8 30 14.8 17 33.9 14 QQQQ 2.0 413L&G Short Dated £ Corporate Bd Idx I Acc 2.7 78 7.0 81 15.2 78 QQ 0.9 1595

L&G Sterling Corporate Bond Index I Acc 3.3 71 11.7 59 27.3 52 QQQ 1.5 1197L&G Sterling Income I Acc 2.7 82 8.1 77 21.5 74 QQQ 1.4 401LF Canlife Corporate Bond C Acc 4.2 46 12.6 41 29.0 40 QQQ 1.9 303LF Canlife Short Duration Corp Bd C Acc 1.1 97 3.0 93 - - Q 0.8 167Liontrust Monthly Income Bond B Grs Inc 4.5 40 8.7 76 26.3 56 QQ 2.0 472Liontrust Sust Fut Corp Bd 2 Grs Inc 4.8 27 12.1 51 31.4 22 QQQQ 2.2 651

M&G Corporate Bond GBP I Acc 4.0 54 12.2 49 27.4 51 QQQ 1.9 3102M&G Short Dated Corp Bd GBP I Inc 2.7 81 5.8 87 12.2 81 Q 1.0 256

M&G Strategic Corporate Bond GBP I Acc 4.0 52 11.0 65 25.3 63 QQQ 2.1 2333Marlborough Bond Income P Inc 3.2 74 9.6 74 24.1 67 QQQ 1.6 30Merian Corporate Bond R GBP Acc 8.6 5 18.9 7 35.1 12 QQQQ 1.8 446Morgan Stanley UK Sterling Corp Bd I Acc 4.0 51 11.9 53 27.9 45 QQQQ 1.9 283Neuberger Berman Corp Hyb Bd GBP I Acc 2.6 83 11.0 66 - - - 2.3 1207

PIMCO GIS GlInGd Crdt Instl GBPH Acc 1.8 93 10.1 72 23.1 72 QQQQ 2.0 20534PIMCO GIS UK Corporate Bd Instl GBP Acc 2.4 85 11.7 56 29.9 32 QQQ 1.8 783PIMCO GIS UK L/T Corp Bd Instl GBP Acc 3.4 66 18.1 10 43.9 7 QQQQQ 2.6 332Premier Corporate Bond Mn Inc C 2.1 90 6.5 84 14.0 79 QQ 1.1 46Quilter Inv Stlg Corp Bd U2 GBP Acc 3.4 69 10.8 68 25.7 60 QQQ 1.7 53Quilter Investors Bond 2 A (GBP) Acc 2.2 88 8.8 75 23.6 69 QQ 1.8 85Quilter Investors Corp Bd U2 (GBP) Acc 8.9 2 - - - - - - 205Quilter Investors IG Corp Bd U2 GBP Acc 6.3 10 12.6 40 25.6 61 QQQ 1.3 192Rathbone Ethical Bond I Inc 6.5 9 15.7 14 35.1 11 QQQQQ 1.7 1708Rathbone High Quality Bond S Acc 2.6 84 - - - - - - 261

Royal London Corporate Bond M Acc 3.8 60 13.2 31 31.4 23 QQQQ 1.7 1404Royal London Corporate Bond Monthly Inc 2.8 77 10.4 70 26.6 55 QQQ 1.5 237Royal London Inv Grade SD Credit Z Inc 2.7 79 6.9 83 - - QQ 0.7 1434Royal London Sterling Credit M Acc 3.4 67 13.0 33 30.8 26 QQQQ 1.8 2639Royal London Sustainable Mgd Inc C Acc 4.1 47 13.3 27 29.7 34 QQQ 1.5 148Santander Corporate Bond IA 4.7 33 12.3 45 27.7 47 QQQ 1.8 466Sarasin Responsible Corporate Bond P Acc 4.4 42 12.4 43 - - QQQ 1.8 302Schroder All Maturities Corp Bd Z Acc 5.7 13 15.3 15 34.1 13 QQQQ 1.8 1264Schroder Long Dated Corporate Bond I 6.7 8 25.5 1 58.7 1 QQQQQ 2.9 397Schroder Sterling Corporate Bond Z Acc 9.0 1 22.0 4 44.4 6 QQQQQ 2.3 1052Scottish Widows Corporate Bd G Acc 3.3 70 10.7 69 26.9 53 QQQ 1.9 3415Smith & Williamson Fxd Interest B 3.3 72 11.7 60 23.1 71 QQQ 1.3 37SVS Church House Invmt Grd Fxd Intr Acc 4.6 36 7.5 79 16.1 76 QQ 1.1 363Threadneedle SterlingCorpBd Ins Inc 4.7 34 13.2 29 30.3 28 QQQ 2.0 1079Threadneedle Stlg MLD Corp Bd InsGrsInc£ 5.4 19 17.1 12 39.2 9 QQQQ 2.3 289Threadneedle Stlg SD Corp Bd Ins Inc £ 2.2 89 6.3 85 13.0 80 Q 1.5 1057Threadneedle UK Social Bd Z Acc£ 2.9 75 7.8 78 22.2 73 QQ 1.1 228TwentyFour Corporate Bond GBP Acc 4.1 50 12.2 48 29.1 39 QQQ 1.4 678UBS Corporate Bond UK Plus K Acc Gross 5.8 12 15.7 13 35.2 10 QQQQ 2.3 617UBS Sterling Corporate Bd Indexed K Acc 4.8 31 12.9 35 29.2 36 QQQ 1.9 370

Vanguard UK Invm Grd Bd Idx £ Acc 4.0 53 12.3 46 28.1 42 QQQ 1.6 3623Vanguard UK S/T Invm Grd Bd Idx £ Acc 2.1 91 5.3 89 10.8 82 Q 0.6 2193Sector average/count 4.2 97 12.2 93 28.9 83 1.7 936

£ Strategic BondAllianz Strategic Bond C Inc 26.4 1 46.7 1 56.4 1 QQQQQ 2.1 2079Architas MM Strategic Bond S Acc -1.9 87 2.9 81 16.2 65 QQ 2.1 28

Artemis High Income I Inc -0.2 85 3.7 80 19.6 55 QQQQ 2.8 962Artemis Strategic Bond I Quarterly Acc 3.5 47 10.3 39 26.1 22 QQQQ 1.5 1746

ASI (SLI) Strategic Bond P1 Acc 4.1 36 10.2 41 20.7 48 QQQ 1.7 125ASI Global Opprtunistic Bd I Acc 3.6 46 11.9 26 21.8 43 QQQ 2.1 123ASI Sterling Opp Corp Bond I Acc 4.2 35 9.4 47 21.4 46 QQ 1.5 230ASI Strategic Bond I Acc 5.2 21 11.6 29 23.7 33 QQQQ 1.8 87Aviva Investors Higher Inc Pls 2 GBP Inc 4.7 29 12.1 25 27.1 21 QQQQ 2.1 377Aviva Investors Managed Hi Inc 2 GBP Inc 4.0 39 10.6 37 25.0 26 QQQQ 2.3 129Aviva Investors Strategic Bd 2 GBP Inc 6.0 15 9.0 51 19.1 56 QQQQ 1.4 316AXA Framlington Managed Income Z Grs Acc -0.1 83 5.8 74 22.7 40 QQQQ 2.9 452AXA Sterling Strategic Bond Z (G) Acc 3.4 50 14.1 14 28.0 19 QQQ 1.6 190Baillie Gifford Sterling Agg Bd B Acc 3.6 45 14.4 12 - - - - 1320Baillie Gifford Stlg Agg Pls Bd B Acc 3.7 43 13.1 19 - - QQQ 1.7 64Baillie Gifford Strategic Bond B Inc 2.9 56 13.9 16 33.1 5 QQQQQ 2.4 1282Barclays Sterling Bond R Acc GBP 3.4 51 14.1 13 29.2 12 QQQQ 1.6 154BlackRock Sterling Strategic Bd D £ Acc 4.7 31 10.8 34 - - QQQQ 2.2 78BMO Multi-Sector Bond C Inc 3.3 53 9.9 43 23.6 34 QQQQ 1.6 51BNY Mellon Global Dynamic Bd IncInstWInc 2.0 68 7.6 63 - - QQQ 1.5 100BNY Mellon Infl-Lnkd Corp Bd Inst W Acc 1.9 72 6.7 67 22.0 42 QQ 1.5 60BNY Mellon Sus Stlg Bd Inst W Acc 3.2 55 - - - - - - 32Carmignac Pf Uncons Glb Bd W GBP Acc Hdg 3.7 44 12.1 24 23.9 31 QQQQ 1.8 773Close Select Fixed Income X Inc 2.7 57 8.1 59 24.9 28 QQQ 1.9 197DMS Kleinwort Hambros Fxd Inc A Acc 2.2 65 4.0 78 11.6 69 QQ 1.4 49EdenTree Amity Sterling Bond B 4.7 30 11.2 30 24.7 30 QQQQ 1.5 24Federated Hermes MltStgy Crdt F GBP AccH 2.0 69 6.0 70 17.6 60 QQQ 2.8 470Federated Hermes Uncons Crdt F GBP Acc H 9.6 7 - - - - - - 480Fidelity Extra Income W Inc 1.5 77 9.4 48 24.8 29 QQQQ 2.3 564

Fidelity Strategic Bond W Inc 5.9 17 12.4 22 21.8 44 QQQQ 1.5 1053GAM Star Credit Opps (GBP) Instl GBP Acc 4.1 37 8.8 52 33.6 3 - 2.9 717HL Multi-Manager Strategic Bond A Acc 3.4 49 9.2 50 21.4 45 QQQ 1.5 579IFSL CAF Fixed Interest A Acc 2.0 70 7.9 60 16.6 64 QQQ 1.7 56

Invesco Monthly Inc Plus UK Z Acc 4.9 25 8.5 54 23.8 32 QQQQ 2.5 2292Invesco Tactical Bond UK Z Acc 10.0 3 11.6 28 19.8 53 QQQ 1.2 610

Janus Henderson Fxd Intr MthInc I Inc 5.3 20 17.1 7 33.6 4 - 2.1 893Janus Henderson Preference & Bond I Acc 5.2 23 15.9 10 31.1 7 QQQQQ 2.1 811Janus Henderson Strategic Bond I Inc 6.0 16 16.7 8 28.5 17 QQQQQ 1.7 3120JPM Global Bond Opportunities C Grs Acc 3.3 54 11.0 31 23.2 37 QQQQ 1.3 99Jupiter Strategic Bond I Acc 3.8 42 12.7 20 25.0 25 QQQQQ 1.3 4364

Kames Strategic Bond GBP B Acc 9.8 4 19.2 4 29.0 13 QQQQ 2.3 221L&G Dynamic Bond I Acc 7.0 13 10.6 36 9.1 71 QQQ 2.3 198Legg Mason IF BW Glbl Inc Optr X Inc 10.4 2 17.9 6 35.1 2 QQQQQ 1.5 257Legg Mason IF WA Glb Mlt Strat Bd X Inc 2.0 67 4.9 77 19.7 54 QQ 2.5 160Legg Mason IF WA Retirement Inc Bd X Inc 4.0 40 9.7 45 20.3 52 QQ 1.5 12

Legg Mason WA Mcr OppBd X GBPH Acc 7.8 12 8.2 58 28.7 15 - 3.0 5270LF IM Bond A Inc 0.8 80 10.3 40 16.8 62 QQ 1.5 105Liontrust Strategic Bond B Gross Acc 4.8 26 - - - - - - 341Loomis Sayles Strategic Inc H-N/DG GBP 1.7 76 5.5 75 25.7 23 - 2.3 22


23 Œ „ ´ ‰ ˆ Á

Key to Symbols: Morningstar Analyst Ratings



AXA Global Short Duration Bond Z GBP Acc 2.0 56 4.8 116 - - QQQ 1.0 238AXA US Short Duration Hi Yld Z Gross Acc 1.4 67 5.7 104 10.8 130 Q 1.4 762AXAWF Asian Short Dur Bds F Cap USD -1.7 122 13.4 24 47.1 22 QQQ 2.5 150AXAWF Euro Credit Short Dur F Cap EUR -1.8 125 -3.1 156 23.5 90 QQQ 1.6 2952AXAWF European High Yld Bds F Cap EUR -4.4 159 -1.8 153 - - QQ 2.9 91AXAWF Global Buy & Mntn Crdt I Cap GBP H 4.8 20 13.7 22 24.6 85 QQQQ 1.7 210AXAWF Global Credit Bonds F Cap EUR H 2.5 45 5.6 107 - - QQQ 2.2 78AXAWF Global Green Bds F Cap EUR -0.3 98 5.1 112 - - QQQQ 2.1 346AXAWF Global Infl Bds F Cap EUR 0.8 71 4.8 115 40.3 49 QQQQ 2.5 1870AXAWF Global Infl Sh Dur Bds F Cap USD -4.8 165 6.0 100 - - QQ 2.4 531AXAWF Global Strategic Bds F Cap USD -3.0 142 13.7 20 45.1 25 QQQQ 2.5 664AXAWF US Dynamic HY Bds F Cap USD 2.6 43 17.6 6 - - QQQQQ 3.4 381AXAWF US High Yield Bonds F Cap USD -2.7 140 11.9 39 50.2 14 QQQQ 2.5 2618Barings Global Bond I GBP Inc -2.3 133 12.6 33 38.7 58 QQQQ 2.4 63Barings Global Invm Grd Strats S GBP Dis -1.1 113 - - - - - - 84Barings Strategic Bond I GBP Inc -3.9 153 2.5 136 5.7 140 Q 3.4 32BMO Global Total Ret Bd (GBP Hdg) C Inc 3.2 32 5.7 103 9.6 133 QQQ 1.1 71

BNY Mellon International Bond Inst W Acc -2.6 136 10.9 56 41.4 42 QQQQQ 2.3 442Candriam Bds Crdt Opps C EUR Cap -1.2 116 -1.3 152 30.5 74 - 1.5 1445

Candriam Bds Euro High Yld C EUR Cap 0.3 84 5.9 102 49.6 16 QQQQQ 2.0 2577Candriam Bds Global Hi Yld C EUR Cap 4.5 24 8.8 73 54.0 9 QQQQQ 1.9 194

Candriam Bds Total Ret C EUR Cap -0.7 104 -3.2 157 22.3 96 QQQ 1.7 1024Capital Group Euro Bond (LUX) Ch -2.0 128 - - - - - - 772Capital Group Glb Hi IncOpps(LUX)Z -1.6 121 11.4 48 60.3 5 QQQQ 2.8 903Capital Group Global Bd (LUX) Z EUR -2.6 138 9.1 71 37.6 62 QQQQ 2.2 340Capital Group US Corp Bd (LUX) Z 2.2 53 21.4 3 61.1 3 QQQQQ 2.8 150Carmignac Pf Uncons Euro FI F GBP Acc H 6.4 10 11.4 47 14.3 123 - 1.5 846Colchester Glbl Rl Ret Bd GBP H Acc I 2.2 50 11.8 40 24.2 87 QQQQ 1.4 348

Colchester Global Bond GBP Hdg Acc I 2.2 51 9.2 67 18.5 106 QQQ 0.8 1106Courtiers Investment Grade Bd Retl R -1.8 124 1.7 144 - - QQ 1.0 11Dimensional Global Short Dated Bd Acc 0.4 80 2.5 135 6.1 139 QQ 0.3 4910

Dodge & Cox Worldwide Global Bd GBP Inc 0.5 78 14.7 17 53.5 10 QQQQQ 2.5 352Eaton Vance Intl(IRL) GlbHYBd I Acc $ -5.2 171 11.3 49 - - QQQQ 2.8 13Fidelity Global Infl-Link Bd Y-Dis-GBP H 2.2 54 6.8 91 11.3 129 QQ 0.7 1184FP Octopus Fixed Income B Acc 1.7 59 7.4 85 16.3 113 QQQ 1.7 24FP SCDavies Global Fixed Inc A Acc GBP -2.4 135 -1.0 150 0.8 143 Q 1.5 2GAM Multibond Total Return Bond EUR B -4.6 163 -7.8 162 16.0 115 QQ 1.9 94GAM Star Credit Opps (EUR) Instl EUR Acc -1.9 126 -2.9 155 45.0 27 QQ 3.2 1988GAM Star Credit Opps (USD) Instl USD Acc -4.2 155 6.7 94 49.8 15 - 3.2 1513GlobalAccess Glbl Shrt Dur Bd M Dis GBPH 0.7 74 2.4 139 8.9 134 QQQ 1.4 143GlobalAccess Global Govt Bd M Dis GBP H 2.3 49 9.1 70 11.8 126 QQQ 0.8 108GS Euro Short Dur Bd Plus R Acc EUR -1.3 117 -2.3 154 25.7 84 QQQQ 1.6 258GS Glbl Crdt (Hdg) R Inc GBP Hdg 7.6 3 18.5 4 27.3 81 QQQQ 2.2 996GS Glbl Fxd Inc Plus (Hdg) R Inc GBP Hdg 6.0 11 13.3 26 19.5 103 QQQQ 1.2 1371GS Glbl Hi Yld R Inc GBP Hdg 2.2 52 7.1 90 17.4 109 QQQ 3.2 2287GS Global Fixed Inc (Hdg) R Inc GBP Hdg 6.6 9 16.4 10 22.5 95 QQQQ 1.0 764GS Global Fixed Income R Acc USD 0.1 90 14.3 19 45.0 26 QQQQQ 2.3 123GS ShrtDur Opptsc CorpBd R Inc GBP Hdg 3.1 33 6.1 99 14.9 119 - 2.6 137GS US Fixed Income R Acc USD -0.3 95 15.8 12 43.2 35 QQQQ 2.7 95

Invesco Global Bond UK Z Acc 0.2 87 5.3 109 22.7 92 QQQ 1.6 304iShares Overseas Corp Bd Idx (UK) D Acc -1.0 110 13.1 31 48.6 18 QQQQ 2.5 2802iShares Overseas Govt Bd Idx (UK) D Acc -3.6 151 9.2 68 39.3 52 QQQQ 2.5 1752

Janus Henderson Flexible Inc I1m USD -0.1 92 14.8 16 40.1 50 QQQQQ 2.7 648Janus Henderson High Yield I1m USD -4.4 160 11.1 53 44.5 30 QQQQ 2.8 356

Janus Henderson Hrzn Euro Corp Bd H2 EUR -0.5 102 4.7 117 40.3 47 QQQQQ 1.9 1629Janus Henderson Instl Overseas Bd A Inc -3.8 152 8.0 80 34.6 69 QQQ 2.5 218Janus Henderson US Sh-Trm Bd I1m USD -4.0 154 6.5 95 27.0 82 QQQQ 2.5 186JPM Global (ex-UK) Bond C Grs Acc 2.7 38 13.2 28 19.9 101 QQQQ 0.9 181JPM Global Corporate Bond C Acc - - - - - - - - 354L&G Global Inflation Linked Bd Idx I Acc 4.6 22 11.7 42 17.1 112 QQQ 1.0 1376Lazard Global Fixed Income A Acc USD -3.1 145 8.1 79 35.2 68 QQQ 2.3 28

Legg Mason BW Glb FI X USD Dis(S) -5.5 173 -1.3 151 31.5 72 QQ 2.4 442Legg Mason BW Glb Oppc FI A USD Dis(M) -3.2 146 0.3 148 35.8 66 QQQ 2.3 534Legg Mason WA Asian Opps X USD Dis(M) -2.9 141 9.7 64 47.2 21 QQQQ 2.4 412

Legg Mason WA Glb Hi Yld X USD Dis(D) -1.3 120 27.7 1 70.3 2 - - 70LF Canlife Global High Yield Bond C Acc 0.3 85 4.7 118 17.9 108 QQ 3.3 16LF Canlife Global Macro Bond C GBP Acc 0.7 75 11.1 52 42.7 39 QQQQ 1.9 195Loomis Sayles Global Opp Bd R/D GBP -2.3 132 7.9 81 38.5 59 QQQQ 2.2 156Loomis Sayles Multisector Inc R/D GBP -5.5 174 5.2 110 39.0 54 QQQ 2.3 765Lord Abbett Glbl Mlt Sect Bd I USD Acc -6.3 175 - - - - - - 55Lord Abbett Multi Sector Inc I USD Acc -3.1 144 15.4 14 60.4 4 QQQQQ 2.8 596Lord Abbett Short Dur Inc I USD Acc -7.2 177 5.6 106 30.7 73 QQQQQ 2.5 3077

M&G European Corporate Bond GBP I Acc -0.3 97 2.5 137 37.8 60 QQQQ 1.7 71M&G Global Government Bond GBP I Acc -2.7 139 7.5 83 46.6 23 QQQQQ 2.0 220

M&G Global Macro Bond GBP I Acc 2.7 40 13.5 23 43.5 33 QQQQ 2.0 1448Marlborough Global Bond P Inc -0.3 96 9.2 69 35.7 67 QQQQ 1.8 471MFS Meridian Global Credit WH1 GBP 7.0 5 11.6 44 22.7 93 QQQ 2.3 23MFS Meridian Global High Yield WH1 GBP 1.5 63 6.7 93 23.3 91 QQQQ 2.6 267MFS Meridian Global Oppc Bd WH1 GBP 1.5 64 11.6 43 - - QQQQ 1.4 508MFS Meridian Inflation Adjstd Bd W1 USD -0.9 109 13.7 21 39.1 53 QQQ 2.7 96MFS Meridian Limited Maturity W1 USD -4.2 156 7.2 88 29.2 77 QQQQQ 2.5 794MFS Meridian US Corporate Bond WH1 GBP 6.8 7 15.3 15 - - - 2.0 619MFS Meridian US Government Bond W1 USD -3.1 143 10.8 58 33.3 70 QQQ 2.9 353MFS Meridian US Total Return Bd WH1 GBP 3.9 25 10.0 61 17.3 110 - 1.4 594Mirabaud Global Hi Yld Bds DH GBP Acc 2.5 44 3.0 133 15.4 116 QQ 2.7 179

MS INVF Euro Corporate Bond I -0.5 101 3.7 127 42.4 41 QQQQQ 2.0 3737Neuberger Berman Strat Inc A GBP MD 2.3 46 - - - - - - 860New Capital Glbl Val Crdt GBP Acc 5.1 18 9.8 63 19.9 102 QQQ 1.5 373New Capital Wlthy Ntn Bd GBP Inst Inc 5.3 16 14.6 18 28.8 79 - 2.1 1583Nomura Fds Asia High Yield Bond I USD -4.3 158 6.0 101 49.2 17 QQQ 3.5 29Nomura Fds Asia Investment Grd Bd I USD -1.1 114 17.0 8 54.9 7 QQQQQ 2.7 15Nomura Fds Global High Yield Bd I USD 0.1 89 12.1 35 57.6 6 QQQQ 3.0 21Nomura Fds US High Yield Bond I USD -4.9 166 9.4 66 54.3 8 QQQQ 3.1 2241Nordea 1 - Flexible Fixed Income BC EUR -0.1 93 2.0 142 - - QQQQ 1.6 3058

Pictet-Asian Local Ccy Debt I GBP -4.5 162 7.4 84 42.5 40 QQQQ 2.3 336Pictet-EUR Bonds HI USD -7.4 178 17.5 7 51.0 11 - 2.8 671Pictet-EUR High Yield I -3.2 147 1.8 143 43.0 36 QQQ 2.5 375Pictet-EUR Short Term High Yield I EUR -4.6 164 -3.6 159 29.0 78 QQ 2.4 1260Pictet-Latin Amer Lcl Ccy Dbt I GBP -13.0 181 -8.3 163 43.4 34 - 4.0 67Pictet-US High Yield I dm GBP -5.0 167 8.2 78 38.9 55 QQQ 2.8 198PIMCO European S/T Opports Ins Acc -1.8 123 -3.5 158 23.6 89 QQQQ 1.6 270PIMCO GIS Credit Opps Bd Instl Acc -6.3 176 5.5 108 36.9 64 - 2.5 110PIMCO GIS EUR Lng Avrg Dur Instl EUR Acc -2.0 130 25.0 2 77.6 1 QQQQ 3.3 143PIMCO GIS Euro Bond Instl EUR Acc -1.3 118 7.2 89 44.0 31 QQQQQ 2.0 2782

PIMCO GIS Euro Credit Instl EUR Acc -2.0 129 3.5 129 41.1 46 QQQQ 1.9 1039PIMCO GIS Euro Income Bond Instl EUR Acc -1.1 111 2.2 140 44.8 28 QQQQQ 1.9 2928

PIMCO GIS Euro Short-Term Instl EUR Acc -2.1 131 -4.8 160 19.0 104 QQQ 1.6 614PIMCO GIS Glb Advtg Ins GBP Prtly H Acc 1.6 62 8.5 76 26.5 83 QQ 1.3 356PIMCO GIS Glb Bd Ex-US Instl GBP H Inc 0.5 77 - - - - - - 727

PIMCO GIS Glb Bd Instl GBPH Acc 3.4 31 10.9 57 21.2 100 QQQQQ 0.9 12251PIMCO GIS Glb Rl Ret Instl GBP H Acc 3.9 26 12.4 34 24.5 86 QQQQQ 1.6 1671

PIMCO GIS Low Avrg Dur Instl GBPH Inc 1.6 61 2.8 134 4.9 141 - 0.5 909PIMCO GIS Ttl Ret Bd Instl GBPH Inc 5.5 13 11.0 55 18.2 107 - 1.0 4696

Robeco Global Credits FH GBP 7.4 4 16.7 9 - - QQQQQ 1.9 2286Robeco Global Credits Short Matrty IH £ 2.9 36 - - - - - - 564

Robeco High Yield Bonds FH £ 0.8 73 8.5 77 29.3 76 QQQQQ 2.6 9961RobecoSAM Global SDG Credits FH £ 6.6 8 - - - - - - 526

RobecoSAM SDG Credit Income CH GBP 5.2 17 - - - - - - 575Royal London European Corporate Bd Z Inc -1.1 112 3.9 123 38.8 56 QQQQ 1.9 94Royal London Global Index Linked M Inc 3.7 28 12.8 32 23.9 88 QQQQ 1.4 311Royal London International Govt Bd M Inc 2.8 37 11.2 51 16.0 114 QQ 0.9 466Royal London Shrt Dur Glb Idx Lnkd M Inc 2.7 41 7.3 87 - - QQQ 0.6 505Russell Inv Global Bond I Income -1.9 127 10.5 59 41.4 43 QQQQQ 2.3 1570

Schroder ISF EURO Corp Bd Z Acc EUR 0.3 81 6.4 97 48.6 19 QQQQQ 2.0 9813Schroder ISF Glb InflLnkdBd C Acc EUR 0.9 70 4.7 119 41.2 45 QQQQ 2.5 885

Schroder ISF Glbl Corp Bd Z Acc USD -0.3 99 18.3 5 - - QQQQ 2.8 1947Schroder ISF Glbl Hi Yld C Acc USD -5.2 169 8.6 75 47.6 20 QQQ 3.2 1707Scottish Widows International Bd A Acc -4.4 161 7.6 82 32.3 71 QQQ 2.5 178SLI European Corporate Bd D Acc EUR -1.3 119 3.2 131 38.7 57 QQQQ 2.0 2709SLI Global Bond A Acc GBP -5.0 168 5.6 105 29.4 75 QQ 2.3 222SLI Global Corporate Bond D Acc USD -2.4 134 16.0 11 50.8 12 QQQ 2.8 1756SLI Global High Yield Bond D Acc USD -5.5 172 8.9 72 45.6 24 QQQ 3.2 940Smith & Williamson Glbl Inf-Lkd Bd X Inc 1.9 58 11.6 45 21.2 99 QQQ 1.4 176T. Rowe Price Dyn Glb Bd Qh GBP 6.9 6 2.4 138 6.3 138 QQ 1.0 701T. Rowe Price Dyn Glbl Bd CAccGBP 8.3 1 3.8 125 - - QQQ 1.1 69T. Rowe Price Euro Corp Bd Q EUR -0.9 108 3.7 128 40.3 48 QQQQ 2.0 235

T. Rowe Price Eurp Hi Yld Bd Q EUR 0.2 86 1.0 147 44.8 29 QQQ 3.1 186T. Rowe Price Glb Aggr Bd Q EUR -0.6 103 11.9 36 42.8 37 QQQQQ 2.4 369

T. Rowe Price Glb HY Bd Q USD -5.2 170 9.9 62 50.7 13 QQQQ 2.9 1101T. Rowe Price US Aggr Bd Qh GBP 3.7 29 9.4 65 14.8 120 - 1.2 332TCW Fds MetWest Total Return Bd RGHG-QD 5.5 15 11.9 37 - - - 1.0 200

Templeton Global Bond W(Mdis)GBP-H1 -4.3 157 -6.5 161 1.3 142 Q 1.9 6872Templeton Global Total Ret Bd W Acc H3 -8.3 180 -15.3 164 -6.5 144 Q 2.6 96Threadneedle Dollar Bond Z Inc GBP -0.2 94 15.4 13 43.7 32 QQQQQ 2.6 75Threadneedle European Bd Z Inc GBP 1.1 68 10.0 60 39.9 51 QQQQQ 1.9 137Threadneedle Global Bd Z Inc GBP -2.6 137 11.8 41 37.7 61 QQQQ 2.5 541TM UBS (UK) - Global Fixed Income E Acc 2.3 48 4.1 120 8.1 135 QQ 1.0 6Vanguard Ä Govt Bd Idx £ H Acc 0.3 83 13.2 27 18.9 105 - 1.1 5442Vanguard Ä Invm Grd Bd Idx £ H Acc 0.3 82 8.8 74 15.1 117 - 1.1 2839Vanguard Äz Infl-Lnkd Bd Idx Ä Acc -3.4 150 3.9 122 36.3 65 QQQQQ 2.3 2218

Vanguard Glb Bd Idx £ H Acc 2.7 39 11.2 50 17.3 111 QQQQ 0.9 14905Vanguard Glb Corp Bd Idx £ H Acc 3.5 30 - - - - - - 1575Vanguard Glb S/T Bd Idx £ H Acc 2.0 57 5.0 113 7.4 136 QQ 0.3 1931Vanguard Glb S/T Corp Bd Idx £ H Acc 2.1 55 - - - - - - 949Vanguard Global Credit Bond Inv GBPH Acc 8.3 2 - - - - - - 137Vanguard Jpn Govt Bd Idx £ H Acc -3.2 148 4.0 121 10.4 131 - 0.7 506Vanguard U.S. Govt Bd Idx £ H Acc 5.5 14 11.1 54 13.1 125 - 1.2 3276Vanguard U.S. Invm Grd Crdt Idx £ HAcc 5.0 19 13.3 25 21.9 98 - 1.7 1890VT Redlands Fixed Income A GBP Acc -0.8 107 6.7 92 - - QQQ 1.8 55Waverton Global Strategic Bond A USD 3.8 27 13.2 30 41.4 44 QQQQ 2.0 108Wellington Global Bond N GBP Acc H 1.1 69 11.4 46 37.4 63 QQQQ 1.9 1359Wellington Global Crdt Pls N GBP Acc H 4.5 23 - - - - - - 1170Wellington Global Impact Bond N GBP AccH 2.7 42 - - - - - - 89Wellington Oppc Fxd Inc N GBP Acc H 5.7 12 - - - - - - 416Wellington World Bond N GBP Acc Hdg -1.2 115 5.0 114 7.0 137 QQ 0.7 174Sector average/count 0.0 181 7.7 164 31.0 144 2.0 1128

Global Emerging Markets BondASI EM Local Ccy Bond Tracker B Acc -7.3 - - - - 588ASI Emerging Markets Bond I Acc 0.2 2.7 26.0 Q 3.7 54Aviva Investors EM Lcl Ccy Bd Ia GBP Inc -8.9 -4.1 33.9 QQQQ 3.3 1242AXAWF Em Mkts Sh Dur Bds F Cap USD -4.6 8.3 41.6 QQQ 3.0 617Baillie Gifford Emerging Mkts Bd B Inc -8.7 -7.4 32.2 QQQ 3.5 257Barings EM Corp Bd A GBP Acc 11.1 16.4 - - 3.8 45Barings EM Debt Blnd Ttl Ret C GBP Acc 14.4 15.7 - - 4.0 349Barings EM Debt Short Duration A USD Dis 3.3 16.7 - QQQQQ 3.4 88Barings EM Local Debt C GBP Acc 4.4 - - - - 1569Barings EM Sovereign Debt Tr A GBP Acc 7.4 - - - - 540BNY Mellon EM Dbt Lcl Ccy GBP C Inc -8.9 -9.5 28.3 QQ 3.7 195BNY Mellon Em Mkts Corp Dbt GBP W Acc H 5.6 10.3 30.5 - 3.9 256Candriam Bds Em Dbt Lcl Ccis C USD Cap -6.0 -3.4 35.5 QQQ 3.1 285

Candriam Bds Em Mkts C USD Cap -9.5 2.2 47.8 QQQ 4.2 1551Capital Group EM Lcl Ccy Dbt(LUX) Z -5.4 0.2 46.2 QQQQQ 3.3 589Capital Group EmMkts Dbt (LUX) Z -2.2 7.2 51.7 QQQ 3.1 995Colchester Lcl Mkts Bd £ Hdg IncI 1.9 - - - - 1954Eaton Vance Intl(IRL) EMLclInc I Acc $ -2.1 9.5 57.6 QQQQQ 3.5 200Eaton Vance Intl(IRL)EmMktsDbtOpps SAcc$ -1.4 14.1 61.1 QQQQQ 3.3 23Fidelity Emerging Mkt Dbt A-Acc-EUR -4.4 9.0 48.8 QQQ 4.3 2004First State Emerg Mkts Bd B Hdg Acc GBP 2.7 6.7 23.7 - 3.5 39GAM Multibond Emerging Bond USD B -3.9 4.6 46.2 QQQ 3.1 93GAM Multibond Local Emerging Bond GBP R -0.7 -6.1 12.9 - 3.8 3377GlobalAccess Emerging Mkt Dbt M Dis GBPH 2.2 6.8 24.7 - 3.3 224GS EM Corp Bd R Inc GBP Hdg 4.6 10.1 25.7 - 3.0 2295GS Em Mkts Dbt Blnd R Inc GBP -0.8 4.1 34.7 - 3.2 697GS Em Mkts Dbt R Inc GBP Hdg 1.5 3.9 21.3 - 3.7 4806GS Emerging Mkts Dbt Lcl R Inc GBP -7.4 -4.3 36.0 QQQ 3.5 1198HSBC GIF Global EM Local Dbt AD -8.1 -7.6 26.0 QQQ 2.7 1340Invesco Emerging Markets Bond A USD SD -5.2 5.6 47.1 QQQ 4.0 116Invesco Global Emerg Mkts Bd UK Z Acc -5.3 3.0 - QQ 3.9 25JPM Emerg Mkts Lcl Ccy Dbt A (dist) GBP -8.5 -4.1 32.9 QQQ 3.1 1382JPM Emerging Markets Debt A (dist) GBP -6.7 6.6 45.5 QQQ 3.6 2434L&G EM Govt Bond Lcl Ccy Index I Acc -7.8 -2.1 - QQQQ 3.0 1008

L&G EM Govt Bond US$ Index I Acc -1.7 6.6 48.3 QQQQ 3.1 889Lazard Em Mrkts Ttl Ret Dbt A Acc USD 0.1 7.7 40.3 QQQ 2.6 108Lazard Emerg Mrkts Dbt Blnd A Acc USD -5.4 4.7 45.4 QQQ 3.1 35Lazard Emerging Markets Bond A Acc USD -5.1 9.5 53.0 QQQQ 3.5 7Lazard Emerging Mrkts Lcl Dbt A Acc USD -8.1 -3.2 38.6 QQQ 3.2 936Lazard EmMkts DbtUnrtrcd Blnd A Acc USD -5.5 3.4 - QQQ 3.2 535Legg Mason WA EM TR Bd A USD Dis(D) -1.3 7.0 44.3 QQQ 2.9 14Lord Abbett EM Corp Dbt I USD Acc -4.7 - - - - 15M&G (Lux) Em Mkts Hrd Ccy Bd C GBP Acc -5.2 10.4 - QQQQ 3.7 176M&G Emerging Markets Bond GBP I Acc -4.6 9.4 58.7 QQQQ 3.4 827Merian Emerging Market Debt U1 GBP Inc -4.9 9.4 52.5 QQQQ 3.7 71Merian Local Ccy EmMkt Dbt U1 GBP Inc -7.2 -3.5 34.2 QQQ 3.5 115MFS Meridian Em Mkts Dbt Lcl Ccy WH1GBP -2.2 -2.9 17.8 - 4.2 33MFS Meridian Emerging Mkts Dbt WH1 GBP 3.0 6.3 22.2 - 3.0 2278Mirabaud Global Emerg Mkt Bd DH GBP Acc 2.0 - - - - 157Neuberger Berman EM Corp Dbt GBP I Acc 3.4 7.7 23.6 - 2.9 118Neuberger Berman EM Dbt Blnd GBP I Acc -2.8 0.8 - - 3.1 1197Neuberger Berman EM Dbt LclCcy GBP I Acc -2.1 - - - - 2024Neuberger Berman EM DbtHrdCcy GBP I C 2.0 7.3 - - 3.5 2413Neuberger Berman Shrt DurEM DbtGBP I Acc 3.1 6.4 - - 2.0 4383Ninety One EM Blnded Dbt I Acc £ 0.0 4.0 47.0 QQQ 3.3 108

Ninety One EmMkts Lcl Ccy Dbt I Acc £ -6.5 -1.2 39.9 QQQ 3.3 168Nomura Fds Emerging Market LC Debt I USD -6.0 -0.6 44.3 QQQQ 3.0 47

Pictet-Emerging Local Ccy Dbt I dy GBP -7.0 -2.9 34.1 QQQ 3.1 2156Pictet-Global Emerging Debt I GBP -3.2 12.0 53.5 QQQQ 3.3 2602

Pictet-Shrt-Trm Em Lcl Ccy Dbt HI dy GBP -0.9 -8.8 1.0 - 2.9 32PIMCO GIS Em Mkts Bd Instl GBPH Acc 3.0 8.8 32.2 - 3.2 3211

PIMCO GIS Emerg Lcl Bd Instl GBP UnH Acc -6.4 0.1 45.1 QQQQ 3.6 1610Quilter Inv Em Mkts Bd U2 (GBP) Acc -6.4 - - - - 24Russell Inv EMkt Dbt Lcl Ccy I GBP -6.0 -3.7 36.3 QQQ 3.0 248T. Rowe Price EM Bd Ih GBP 10 -1.0 1.4 26.6 - 4.0 227T. Rowe Price Em Lcl Mkts Bd Q EUR -6.5 -1.4 47.5 QQQQQ 3.2 75


24


Unit Trusts/OEICs


TCW Fds Emerging Mkts Income RGHG-QD 0.6 - - - - 202Templeton Emerging Mkts Bd W(Qdis)GBP-H1 -5.5 -15.6 3.7 - 3.2 4626Threadneedle EM Bd Z Inc GBP -3.8 7.5 53.0 QQQ 3.5 184Threadneedle EM Local Z Inc GBP -7.1 -0.6 41.9 QQQQ 3.6 68Vanguard Emerging Mkts Bd Inv GBP H Acc - - - - - 116Wellington Blended Oppc Em Mkts Dbt N H 1.8 - - - - 978Sector average/count -2.4 71 3.3 61 37.3 51 3.4 909

UK GiltsASI (AAM) Sterling Govt Bond I Acc 3.0 10 14.1 13 25.2 16 QQQ 1.8 142ASI Sterling Inflation-Linked Bond I Acc -4.8 28 15.4 7 41.7 5 QQQ 3.6 42ASI Sterling Long Dated Govt Bond I Acc 4.4 3 25.5 2 50.1 1 QQQQQ 3.3 22ASI Sterling Short Term Govt Bond I Acc 1.2 26 3.1 27 4.4 24 Q 0.3 78ASI UK Government Bond P1 Acc 3.2 8 14.1 12 25.9 13 QQQ 1.9 42BNY Mellon Long Gilt Exempt 2 Acc 4.5 2 24.1 4 48.3 3 QQQQQ 3.1 54Fidelity Index UK Gilt P GBP Acc - - - - - - - - 5Franklin UK Gilt W Acc 2.1 23 14.1 11 - - QQQ 1.7 77HSBC Gilt & Fixed Interest C Acc 2.7 18 13.4 21 24.2 20 QQ 1.8 60HSBC UK Gilt Index C Acc 2.8 16 13.9 15 26.1 11 QQQ 1.8 193iShares Over 15 Yrs Gilts Idx (UK) D Acc 4.3 4 26.8 1 - - QQQQQ 3.2 1708

iShares UK Gilts All Stks Idx (UK) D Acc 3.0 12 14.3 10 27.0 7 QQQ 1.8 4851Janus Henderson Instl Lg Datd Gilt I Acc 4.1 5 23.9 5 45.9 4 QQQQQ 3.3 71Janus Henderson Instl UK Gilt I Acc 2.9 13 13.9 16 25.1 17 QQQ 1.9 70JPM UK Government Bond C Acc - - - - - - - - 228

L&G All Stocks Gilt Index I Acc 2.8 17 13.7 18 25.8 14 QQQ 1.8 1520LF Canlife UK Government Bond C Inc 2.8 15 12.1 23 21.9 22 QQ 1.7 118M&G Gilt & Fixed Interest Inc GBP I Acc 2.6 19 11.8 24 23.8 21 QQ 1.7 573Quilter Investors Gilt Index A GBP Acc 3.0 11 13.8 17 24.9 18 QQQ 1.9 379Royal London Short Duration Gilts M Inc 0.9 27 2.0 28 4.0 25 Q 0.2 873

Royal London UK Government Bond M Acc 3.5 7 14.5 9 26.2 10 QQQ 1.8 956Santander Sterling Government Bond IA 3.1 9 14.7 8 27.0 8 QQQ 1.8 370Schroder Gilt & Fxd Int A Acc GBP 2.5 22 13.2 22 24.6 19 QQQ 1.8 281Scottish Widows Gilt G Acc 1.6 25 11.7 25 21.7 23 QQ 1.8 2438Scottish Widows UK Fix-Int Trkr I Acc 2.5 21 13.6 19 26.1 12 QQQ 1.8 283Threadneedle Sterling Bond Z Inc 2.6 20 13.4 20 25.6 15 QQQ 1.9 502Threadneedle UK Fixed Interest Z Acc 2.8 14 14.0 14 26.6 9 QQQ 1.9 328

Vanguard UK Govt Bd Idx £ Acc 3.5 6 16.0 6 29.2 6 QQQQ 2.0 3730Vanguard UK Lg Dur Gilt Idx £ Acc 4.8 1 25.2 3 48.6 2 QQQQQ 3.1 539Wesleyan Risk Averse A Acc 1.7 24 5.8 26 - - - 0.4 3Sector average/count 2.6 28 14.7 28 28.0 25 2.0 685

MAJOR MARKETSEurope Excluding UKAB Eurozone Eq Ptf I EUR Acc -10.4 111 -8.2 91 51.1 53 QQQ 4.9 916

Allianz Continental European C Acc 20.5 5 31.7 7 97.9 4 QQQQQ 4.5 207Allianz European Equity Income C Inc -11.1 112 -13.3 97 26.5 85 QQ 4.1 22Artemis European Growth I Acc -12.1 113 -18.7 102 23.8 88 QQ 5.5 121

Artemis European Opportunities I Acc -1.5 84 1.8 70 51.7 50 QQQ 4.2 152AS SICAV I Eurp Eq Ex UK X Acc GBP 4.9 33 32.7 6 90.0 9 QQQQQ 3.8 122ASI Europe ex UK Equity I Acc 5.1 32 33.2 5 93.7 7 QQQQQ 3.7 420ASI Europe ex UK Ethical Equity P1 Acc 11.1 18 16.5 24 70.1 17 QQQQ 4.4 222ASI Europe ex UK Growth Equity P1 Acc 6.8 26 8.0 37 55.4 39 QQQ 4.1 78ASI Europe ex UK Income Equity P1 Acc 2.6 51 4.6 58 48.0 57 QQQQ 4.0 626ASI European Equity Enhanced Index B Acc -0.4 74 5.0 54 57.8 29 QQQ 4.0 147ASI European Equity Tracker B Acc 0.2 71 - - - - - - 62Aviva Investors Contnn Eurp Eq 2 GBP Acc 2.4 54 -2.1 79 43.7 71 QQQ 4.4 148AXA Framlington European Z GBP Acc 0.9 61 4.1 60 47.0 63 QQQQ 4.0 58AXA Rosenberg European Z -4.4 98 -8.3 92 31.9 80 QQ 4.2 17AXAWF Fram Eurozone F Cap EUR -3.3 95 -0.9 77 44.5 66 QQQQ 4.6 928Baillie Gifford European B Acc 34.8 1 43.0 2 137.2 1 QQQQQ 5.0 1707Barclays Europe (ex-UK) Alpha R Acc GBP 18.5 7 21.1 18 55.5 38 QQQQ 4.0 38Barings European Growth I GBP Inc -4.7 100 -4.8 85 40.5 75 QQ 4.8 58BlackRock Continental Euro D Acc 18.3 8 35.0 4 93.3 8 QQQQQ 4.1 721

BlackRock Continental Eurp Inc D Acc 4.6 35 11.3 33 60.7 27 QQQQ 3.7 1657BlackRock European Dynamic D Acc 16.2 10 28.7 10 95.3 5 QQQQQ 4.4 4426

BlackRock Systm Continen Euro D GBP Acc 1.5 57 5.6 52 51.8 48 QQQ 4.0 10BMO Select European Equity 2 Acc 7.7 24 12.7 29 64.6 24 QQQQ 4.0 428BNY Mellon Continental European InstWAcc 1.1 60 12.0 31 59.4 28 QQQQ 3.5 136Castlefield B.E.S.T Sust Eurp Gen Inc 16.0 11 - - - - - - 15Comeragh European Growth B EUR Acc -2.7 93 -10.9 96 - - Q 4.9 45

Comgest Growth Europe ex UK GBP SU Acc 10.7 19 35.4 3 - - QQQQQ 3.6 143EdenTree Amity European B -1.0 80 -3.8 83 43.9 70 QQQ 4.5 39ES AllianceBernstein Eurp Ex UKEqIGBPAcc -5.1 103 - - - - - - 163Federated Hermes Eurp exUK Eq F GBP Acc 13.8 15 23.3 14 93.9 6 QQQQQ 4.6 58Fidelity European Opportunities W Acc 1.9 55 4.0 61 47.6 60 QQQ 4.2 353

Fidelity European W Acc 4.4 39 21.8 16 76.8 13 QQQQ 3.3 2799Fidelity Index Europe ex UK P Acc 0.1 72 7.0 39 55.5 37 QQQ 3.9 338FP Argonaut European Alpha R GBP Acc -10.3 110 -7.6 89 9.5 96 QQ 4.1 44FP Argonaut European Income Opp R Acc 0.5 66 6.2 45 - - QQQ 3.8 2FP Carmignac European Leaders A GBP Acc 21.2 4 - - - - - - 89GAM Star Continental Eurp Eq Instl £ Acc 8.8 21 6.4 43 54.4 45 QQQQ 4.3 398GlobalAccess Eurp ex-UK Alpha M Acc GBPH 6.8 27 12.3 30 22.9 89 - 4.5 112Guinness European Equity Income Y £ Inc -3.3 96 - - - - - - 5Halifax European C -2.8 94 1.6 72 49.3 55 QQQ 4.0 328HL Multi-Manager European A Acc 7.2 25 14.1 27 66.8 20 QQQQ 4.6 117HSBC European Growth Accumulation C -5.8 104 -9.1 93 24.3 87 QQ 4.5 143HSBC European Index Accumulation C 0.5 64 7.9 38 57.4 31 QQQQ 3.9 1941HSBC GIF Euroland Equity AD -12.3 114 -17.9 100 19.5 90 QQ 5.0 371Invesco European Equity Inc UK Z Acc -2.0 87 -9.3 94 30.1 82 QQQ 4.4 387Invesco European Equity UK Z Acc -7.3 107 -14.2 98 28.5 84 QQ 5.1 1501Invesco European Opps UK Z Acc 4.0 42 -7.5 88 16.9 92 QQ 4.0 24Invesco Eurp ex UK Enh Idx UK Z Acc -0.5 76 2.5 69 - - QQQ 4.0 5

iShares Continen Eurp Eq Idx (UK) D Acc 0.5 65 6.9 40 56.8 34 QQQ 4.0 3713Janus Henderson European Focus I Acc 4.5 37 10.8 34 56.3 35 QQQQQ 3.9 212

Janus Henderson European Gr I Acc 3.0 48 3.2 66 57.0 32 QQQQ 4.2 823Janus Henderson European Sel Opps I Acc 3.5 45 9.9 35 52.7 46 QQQQ 3.7 1771

Janus Henderson Instl Eurp Idx Opp I Acc 0.4 67 6.0 48 55.3 40 QQQ 4.0 38JOHCM Continental European A GBP 2.5 52 4.6 57 47.8 59 QQQQ 4.2 579

JPM Europe (ex-UK) Rsh Enh Idx Eq E Acc - - - - - - - - 46JPM Europe C Net Acc -2.2 89 2.5 68 50.0 54 QQQ 4.2 119

JPM Europe Dynamic (ex-UK) C Net Acc -1.7 85 -2.0 78 44.2 67 QQQ 4.5 453Jupiter European I Acc 2.9 49 27.9 11 86.3 11 QQQQQ 3.9 4519

Jupiter European Income I Acc -3.8 97 -5.7 86 35.3 78 QQ 4.0 56Jupiter European Special Sits I Acc 3.2 46 5.0 55 47.1 62 QQQQ 3.8 336

L&G European Equity Income I Acc -1.1 82 - - - - - - 239L&G European I Acc 28.4 2 19.3 19 69.8 18 QQQQ 5.1 139

L&G European Index I Acc -0.1 73 5.9 50 54.7 43 QQQ 3.9 3009Lazard European Alpha C Acc 3.1 47 4.8 56 46.8 64 QQQ 4.2 76Lazard European Equity C Acc GBP 2.4 53 3.5 65 48.7 56 QQQ 4.1 20Legg Mason IF MC Eurp Uncons X Acc £ 14.9 14 30.2 9 77.4 12 QQQQ 3.9 46LF Canlife European C Acc -2.1 88 1.2 73 41.5 73 QQ 3.8 54LF Lightman European R Acc -4.9 101 - - - - - - 222LF Miton European Opportunities B Acc 24.6 3 59.5 1 - - QQQQQ 4.5 1795LF Montanaro European Income A GBP Acc - - - - - - - - 13

Liontrust European Growth I Inc 5.3 30 6.8 41 64.7 23 QQQ 4.3 114Liontrust European Income Instl Acc -0.5 75 -2.3 80 33.0 79 QQ 4.0 85Liontrust European Opports C Acc GBP -6.1 105 -20.1 103 25.5 86 Q 5.7 80Liontrust Eurp Enh Inc Instl Hdg Acc 0.5 63 2.8 67 11.0 94 - 4.3 28Liontrust Sust Fut Eurp Gr 2 Net Acc 15.1 13 17.2 22 72.1 15 QQQQ 3.6 282M&G European Index Tracker GBP A Acc 0.3 68 5.0 53 51.6 51 QQQ 3.9 80M&G European Select GBP I Acc -0.9 77 -2.6 81 40.6 74 QQQ 4.1 131Man GLG Continental Eurp Gr Prf Acc C 17.6 9 23.6 13 100.4 3 QQQQQ 4.1 2074Man GLG Eurp Alpha Inc Profl Acc C 1.3 59 - - - - - - 15Marlborough European Multi-Cap P Inc 13.4 16 9.4 36 107.1 2 QQQQ 5.3 226Merian European Equity ex UK R GBP Acc -0.9 78 -7.8 90 28.5 83 QQ 4.2 31MFS Meridian Continen Eurp Eq WH1 GBP 5.6 29 27.1 12 51.8 49 - 3.8 18MGTS AFH DA European Equity I GBP Acc -1.5 83 - - - - - - 145MI Chelverton European Select B Acc 4.2 41 - - - - - - 2Montanaro European Income £ Inc 3.7 44 13.9 28 - - QQQQ 4.3 341OYSTER Europe R GBP D 8.7 22 -10.7 95 38.0 76 QQ 4.5 16Polar Cptl Eurp Ex UK Inc I GBP Acc -9.4 109 -6.0 87 37.1 77 QQ 3.8 201Quilter Inv Eurp (ex UK) Eq Gr U2 GBPAcc 15.8 12 30.3 8 87.3 10 QQQQQ 3.9 96Quilter Inv Eurp (ex UK) Eq U2 (GBP) Acc 4.5 38 11.7 32 55.8 36 QQQQ 3.9 235Robeco QI Continental Eurp Cnsrv Eqs F £ -6.9 106 3.8 63 - - QQQ 3.3 3Royal London Europe ex UK Tracker Z Acc 0.2 69 6.1 46 55.1 42 QQQ 4.0 699Royal London European Growth 0.6 62 14.9 26 63.4 25 QQQQ 3.8 243Royal London European Growth M Acc 2.6 50 5.7 51 51.4 52 QQQ 3.8 1689Russell Inv Continental Eurp Eq I -2.3 90 -2.9 82 42.6 72 QQQ 4.2 380RWC Continental European Eq R GBP Acc 9.5 20 - - - - - - 44Santander Europe (Excluding UK) Eqs A -1.7 86 0.0 75 44.1 69 QQ 4.1 72Schroder European Alpha Income Z Acc -14.5 116 -23.3 104 18.9 91 QQ 5.4 133Schroder European Alpha Plus Z Acc -8.8 108 -18.1 101 30.1 81 Q 5.3 123

Schroder European Recovery Z Acc -16.0 117 -17.8 99 10.7 95 Q 5.5 176Schroder European Z GBP Acc 3.7 43 1.6 71 56.8 33 QQQ 4.5 1214

Scottish Widows European Gr A -2.5 92 0.7 74 44.2 68 QQQ 4.1 880Scottish Widows Eurp Sel Gr A -4.6 99 18.9 20 68.5 19 QQQQ 4.7 235SLI European Trust 5.6 28 6.7 42 52.6 47 QQQ 4.0 295Smith & Williamson European Equity B 4.7 34 4.5 59 46.1 65 QQQ 4.5 24State Street Europe ex UK Equity Tracker -1.1 81 6.0 49 54.5 44 QQQ 3.7 4996SVM Continental Europe Instl 18.9 6 21.5 17 70.4 16 QQQ 4.6 18T. Rowe Price Cont Eurp Eq CAccGBP 5.2 31 17.8 21 - - QQQQ 3.8 5

T. Rowe Price Cont Eurp Eq Q GBP 4.5 36 17.0 23 66.2 22 QQQQ 3.7 131Threadneedle European Sel Z Acc GBP 8.7 23 22.7 15 76.5 14 QQQQQ 3.6 1746

Threadneedle European Z Acc GBP 4.4 40 15.5 25 57.7 30 QQQQ 3.9 984TM CRUX European I GBP Acc 1.4 58 3.8 64 - - QQQ 4.2 222

TM CRUX European Special Sit A Acc GBP -2.4 91 -4.2 84 47.4 61 QQQ 4.6 1265TM Stonehage European All Cap Eq B Inc -14.2 115 -24.5 105 11.5 93 QQ 4.7 37TT Europe Ex-UK Equity H GBP Acc 12.0 17 -37.0 106 -11.9 97 Q 8.7 4Vanguard Äz Stk Idx Ä Acc -5.0 102 -0.8 76 47.8 58 QQQQ 4.3 1557

Vanguard FTSE Dev Äpe ex-UK Eq Idx £ Acc -1.0 79 6.1 47 55.1 41 QQQ 3.8 2377Waverton European Capital Gr R GBP Inc 1.8 56 6.3 44 62.7 26 QQQQ 3.8 174Waverton European Dividend Gr L GBP Inc 0.2 70 3.9 62 66.2 21 QQQ 4.0 46Sector average/count 2.6 117 6.2 106 52.7 97 4.3 547

Europe Including UKAB European Eq Ptf I Acc -10.3 43 -8.2 39 37.2 26 QQQQ 4.6 404

Allianz Europe Equity Gr Sel RT GBP 16.2 3 22.2 11 78.1 8 QQQQ 4.3 794Allianz Europe Equity Growth P GBP 15.6 4 24.6 9 83.0 5 QQQQ 4.5 5512BGF European Value D2 1.0 23 -8.1 37 24.7 36 QQQQ 4.2 505

Candriam Quant Equities Europe C Acc EUR -4.6 38 -4.6 35 33.3 27 QQQ 3.8 362Capital Group Eurp Gr&Inc (LUX) Bh USD -13.9 46 -3.6 33 30.6 29 - 4.2 188

Comgest Growth Europe EUR I Acc 7.8 7 30.8 6 88.9 4 QQQQQ 3.5 3525Comgest Growth Europe Opps EUR I Acc 21.8 1 38.2 2 129.0 2 QQQQQ 4.9 1085

Comgest Growth Eurp Smlr Coms EUR I Acc 16.7 2 55.0 1 134.8 1 QQQQQ 4.8 628Federated Hermes Eurp Alp Eq F GBP Acc 4.0 16 6.4 22 51.3 19 QQQ 4.3 121

Fidelity European Dynamic Gr W-Acc-GBP 6.6 11 37.2 3 105.4 3 QQQQQ 3.8 5159GAM Star (Lux) - European Momentum IÄAcc -1.1 28 4.2 27 44.8 22 QQQQ 4.5 14GAM Star European Equity Instl EUR Acc 10.6 5 10.7 20 54.0 16 QQQQQ 4.2 257GS Europe COREÆ Equity R Inc GBP -4.4 36 -1.8 32 51.7 18 QQQQ 4.2 1741IFSL Trade Union Unit Trust 4.8 14 27.9 7 73.5 11 QQQQQ 3.9 72JOHCM European Concentrated Value B EUR -11.5 44 -11.8 41 - - QQ 4.1 92JOHCM European Select Val A GBP -8.4 41 -15.4 43 27.7 32 QQQQ 4.2 622JPM Europe Equity Plus A perf (dist) GBP -8.8 42 -7.6 36 29.4 31 QQQQ 4.3 1279JPM Europe Strategic Growth A (dist) GBP -0.5 27 14.5 13 69.0 12 QQQQ 4.0 867JPM Europe Strategic Value A (dist) GBP -17.5 48 -25.3 47 9.7 44 QQ 5.2 1145

Jupiter European Growth D GBP Acc 3.3 17 25.5 8 81.4 6 QQQQQ 3.9 1240Jupiter European Opps D EUR Acc 4.3 15 5.0 26 44.2 23 QQQQQ 3.8 59

Lazard European Alt C Acc EUR -0.5 26 -0.4 30 - - - 1.7 317Legg Mason QS MV Eurp Eq G&I A EUR DisA -7.4 40 -8.1 38 23.3 40 QQQ 3.6 29LO Funds Europe High Convc EUR NA 6.1 12 13.0 16 65.0 13 QQQQQ 3.6 829M&G Pan European Select GBP I Acc -1.2 29 5.2 25 53.0 17 QQQQ 4.0 130Merian European Equity U1 GBP Acc -3.7 34 -8.4 40 16.6 41 Q 4.2 35MFS Meridian Blnd Rsrch Eurp Eq WH1 GBP -4.6 37 5.7 24 26.7 34 - 4.4 5MFS Meridian European Core Eq W1 GBP -3.0 32 12.5 17 - - QQQ 3.7 117MFS Meridian European Research WH1 GBP 0.7 24 19.8 12 32.0 28 - 3.9 2628MFS Meridian European Value W1 GBP 1.9 22 23.9 10 79.6 7 QQQQQ 3.4 3909New Capital Dynamic Eurp Eq GBP Ord Inc 2.1 20 11.8 19 24.0 37 - 3.9 164Overstone UCITS EAFE Eq A USD -13.6 45 -15.4 44 15.8 42 - 4.3 14OYSTER Europe Growth and Income R EUR 5.3 13 -14.4 42 25.7 35 QQ 4.4 7Pictet-European Equity Sel I EUR -16.5 47 -17.9 46 23.6 39 Q 5.6 222Pictet-Quest Europe Sust Eqs P dy EUR -2.8 31 6.4 21 48.2 20 QQQQ 3.4 559Principal European Equity I Acc USD 2.9 18 12.2 18 59.0 15 QQQQQ 3.8 29RWC European Equity R GBP Acc 7.2 9 - - - - - - 32Schroder ISF Eurp Eq Yld Z Acc EUR -18.6 49 -17.3 45 14.3 43 QQQ 4.5 63Seilern Europa EUR U R (Founders) 7.0 10 33.6 5 74.0 10 QQQQQ 3.3 74SLI European Equity Uncons D Acc EUR -2.3 30 -1.4 31 23.7 38 QQQ 4.0 10SVM All Europe SRI B Acc 2.0 21 -3.9 34 27.2 33 QQQ 5.6 20

T. Rowe Price Eurp Eq Q EUR 2.5 19 14.1 14 46.9 21 QQQQQ 3.6 93Threadneedle Pan Eurp Focus Z Acc GBP 9.2 6 37.1 4 75.2 9 QQQQ 3.8 84

Vanguard Äpean Stk Idx Ä Acc -6.0 39 0.6 29 41.8 24 QQQQ 3.7 3290Vanguard SRI European Stk £ Acc -4.1 35 1.3 28 40.8 25 QQQ 3.8 277

Virgin Climate Change 7.4 8 13.7 15 30.1 30 QQ 4.1 62Wellington Focused European Eq N GBP Acc -3.1 33 - - - - - - 2Wellington Strategic Eurp Eq N GBP Acc 0.4 25 5.9 23 62.2 14 QQQ 3.8 1008Sector average/count 0.0 49 7.3 47 50.2 44 4.1 810

JapanAB Japan Strategic Val I Acc -5.6 63 -9.7 66 40.2 57 Q 4.1 61

AS SICAV I Japanese Eq X Acc GBP 10.1 19 10.4 35 63.7 27 QQQQ 4.2 438ASI Japan Equity Enhanced Index B Acc -2.4 56 4.9 50 53.4 43 QQQ 3.6 19ASI Japan Equity Tracker B Acc 1.1 47 - - - - - - 46

ASI Japanese Equity I Acc 10.6 17 11.7 30 65.0 26 QQQQ 4.2 56ASI Japanese Growth Equity P1 Acc 9.0 24 15.8 24 61.6 28 QQQQ 4.3 229Aviva Investors Japan Eq MoM 1 2 GBP Inc 0.7 50 1.7 53 48.1 48 QQQ 4.2 171AXA Framlington Japan Z Inc 5.2 30 10.6 34 84.4 12 QQQQ 4.9 145AXA Rosenberg Japan Z -3.0 58 0.6 55 49.4 47 QQQ 4.0 62Baillie Gifford Japanese B Acc 5.5 29 17.9 22 96.3 9 QQQQQ 4.6 3008

Baillie Gifford Japanese Inc Gr B £ Inc 1.8 37 18.5 21 - - QQQQ 4.3 753Barings Japan Growth I GBP Acc 9.5 22 23.0 13 92.6 10 QQQQQ 4.1 23

Capital Group Japan Equity (LUX) Z 9.7 20 17.9 23 78.8 17 QQQQ 4.0 92


25 Œ „ ´ ‰ ˆ Á




Comgest Growth Japan GBP U Acc 19.8 5 49.5 1 143.5 3 QQQQQ 4.5 2454Fidelity Index Japan P Acc 1.3 45 11.2 31 59.7 31 QQQ 3.8 504

Fidelity Instl Japan Acc 13.1 14 21.4 16 80.8 16 QQQQ 4.5 66Fidelity Japan Smaller Companies W Acc 10.9 16 12.0 29 81.9 15 QQQQ 4.4 94Fidelity Japan W Acc 9.2 23 23.5 12 71.1 21 QQQQ 4.3 50First State Japan Focus B Acc GBP 19.2 7 45.3 5 146.9 2 QQQQQ 5.0 127GAM Multistock Japan Equity JPY R 9.5 21 14.3 25 67.6 24 QQQQ 3.6 156

GAM Star Japan Ldrs Instl GBP Acc 18.7 8 30.2 10 116.4 7 QQQQQ 4.1 402GlobalAccess Japan M Acc GBP Hdg 10.3 18 6.1 48 19.0 60 - 4.9 180GS Japan Equity Ptnrs R Inc GBP Hdg 24.0 2 36.5 7 - - - 4.8 1045GS Japan Equity R Inc GBP Snap 8.1 26 21.8 14 74.7 19 QQQQ 3.8 785Halifax Japanese C -4.8 61 -0.1 56 41.7 53 QQ 3.7 68

HSBC Japan Index C Acc 1.3 46 9.9 39 58.0 33 QQQQ 3.8 1342HSBC Japan Multi-Factor Eq Instl A Acc -1.0 54 5.6 49 52.4 44 QQQ 3.7 14Invesco Japan UK Z Acc -15.7 70 -15.4 68 18.0 61 Q 4.0 187

iShares Japan Equity Index (UK) D Acc 1.6 39 10.3 36 59.9 30 QQQ 3.9 1867Janus Henderson Instl Jpn Idx Opps A Acc 0.9 49 8.3 44 53.5 42 QQQ 3.8 133Janus Henderson Japan Opps I Acc 8.8 25 19.0 20 82.5 13 QQQQQ 3.9 27JOHCM Japan GBP A -9.2 67 -9.8 67 28.9 58 QQ 4.5 152

JPM Japan C Net Acc 19.2 6 47.6 4 123.1 5 QQQQQ 5.0 1545JPM Japan Select Equity A (dist) JPY -0.2 53 9.5 42 55.0 40 QQQ 3.8 53Jupiter Japan Income I Acc 1.5 40 19.8 17 76.0 18 QQQQ 4.1 621Jupiter Japan Select D USD Acc 1.9 36 19.7 18 72.4 20 QQQQ 4.0 113L&G Japan Index I Acc 1.3 44 9.6 41 57.4 36 QQQ 3.7 1194Lazard Japanese Strategic Eq C Inc GBP H 12.9 15 2.1 52 15.9 62 - 5.6 7Legg Mason IF Japan Equity X Acc 21.9 3 48.7 2 191.2 1 QQQQQ 6.2 1067

LF Morant Wright Japan B Acc -6.1 64 -8.8 64 41.0 55 QQQ 4.2 351LF Morant Wright Nippon Yield B Acc -6.8 66 -9.2 65 42.7 52 QQQ 4.3 342

Lindsell Train Japanese Eq B GBP QutdInc 3.8 32 21.5 15 99.9 8 QQQQ 4.6 602Liontrust Japan Equity C Acc GBP 2.1 35 2.7 51 54.2 41 QQ 4.8 190Liontrust Japan Opportunities C Acc GBP 2.6 34 -6.3 62 7.7 63 Q 5.8 62M&G Japan GBP I Acc -4.2 59 -8.0 63 40.8 56 QQ 4.7 152

Man GLG Japan CoreAlpha Profl Acc C -16.7 71 -17.0 69 19.7 59 Q 4.9 1114Matthews Japan Fund I GBP Acc 13.3 13 19.0 19 86.1 11 QQQQ 4.3 146MFS Meridian Japan Equity A1 USD 3.2 33 8.3 45 55.6 39 QQQ 3.6 3New Capital Japan Equity JPY Inst Acc 14.6 11 14.2 26 68.4 23 QQQQ 4.7 58Nikko AM Japan Value D GBP 1.5 41 - - - - - - 40Nomura Fds Japan High Conviction I GBP 24.3 1 47.6 3 - - QQQQQ 5.0 181Nomura Fds Japan Strategic Value R JPY -6.1 65 -0.3 57 - - QQ 4.4 275OYSTER Japan Opportunities R JPY -9.2 68 -2.0 60 50.5 45 QQQ 3.7 291Pictet-Japan Index I GBP 0.7 51 9.7 40 56.2 38 QQQ 3.7 380Pictet-Japanese Equity Opps I GBP 0.0 52 7.8 46 65.5 25 QQQQ 4.1 887Pictet-Japanese Equity Sel I GBP -1.4 55 8.8 43 57.8 35 QQQ 4.3 88Polar Capital Japan Value S -10.6 69 -4.4 61 46.2 50 Q 4.5 114Quilter Investors Jpn Eq U2 (GBP) Acc -2.6 57 1.0 54 47.1 49 QQ 3.7 245Royal London Japan Tracker Z Acc 1.5 42 9.9 38 58.4 32 QQQ 3.8 1099Russell Inv Japan Equity I 4.0 31 11.1 32 69.2 22 QQQQ 4.0 257RWC Nissay Japan Focus R GBP Acc Unhdg 21.7 4 42.6 6 126.1 4 QQQQQ 5.8 219Santander Japan Equities A 0.9 48 6.3 47 49.5 46 QQQ 3.8 35Schroder Tokyo Z Acc £ -4.7 60 -1.5 59 45.0 51 QQQ 3.7 1120Scottish Widows Japan Gr A -4.9 62 -0.5 58 41.6 54 QQ 3.6 160SLI Japanese Trust 6.5 28 13.1 28 60.5 29 QQQQ 4.2 206SLMT Standard Life Japan Inst S Acc 7.0 27 13.8 27 - - QQQQ 4.1 159State Street Japan Equity Tracker 1.7 38 10.0 37 58.0 34 QQQQ 3.6 84

T. Rowe Price Jap Eq CAccGBP 16.9 9 32.1 8 - - QQQQQ 4.4 254T. Rowe Price Japanese Equity Q EUR 15.9 10 30.7 9 119.4 6 QQQQQ 4.4 1467

Threadneedle Japan Z Acc GBP 14.4 12 26.7 11 82.1 14 QQQQ 4.1 766Vanguard Jpn Stk Idx £ Acc 1.4 43 10.6 33 57.1 37 QQQ 3.6 2685

Sector average/count 4.5 71 12.6 69 66.5 63 4.3 470

North AmericaAB American Gr Ptf I Acc 24.1 17 75.6 13 175.9 11 QQQQ 4.1 4513

AB Concntr US Eq I USD Acc 8.7 75 56.0 25 133.6 24 QQQ 4.9 742AB Select US Equity I USD Acc 7.9 82 37.0 75 104.5 66 QQQ 4.1 2551

Allianz Best Styles US Equity RT GBP 7.7 85 33.0 84 102.4 67 QQQ 4.4 2172Allianz US Equity C Acc 6.0 96 30.5 88 97.5 75 QQQ 4.7 28Artemis US Extended Alpha I Acc GBP 8.1 80 44.4 39 134.9 21 QQQ 4.0 427

Artemis US Select I Acc GBP 7.7 86 53.6 31 134.6 22 QQQ 4.5 1853AS SICAV I American Focused Eq X Acc GBP 10.4 52 42.1 51 104.6 65 QQ 4.4 126ASI American Equity Enh Index B Acc 9.9 61 38.1 69 106.4 63 QQQ 4.4 74ASI American Equity I Acc 10.3 55 43.0 44 108.1 57 QQQ 4.4 124ASI American Equity Tracker B Acc 10.3 53 - - - - - - 68ASI American Income Eq P1 Acc 7.4 87 33.6 83 - - QQQ 4.1 133ASI American Unconstrained Equity P1 Acc 7.2 89 24.0 105 80.9 95 QQ 4.4 74

Aviva Investors US Eq Inc 2 GBP Acc -8.8 131 8.8 121 62.3 108 QQQ 4.5 85Aviva Investors US Equity Inc II 2 £ Acc -9.6 134 7.5 124 59.7 110 QQQ 4.5 194AXA Framlington American Growth Z Acc 24.2 16 75.2 14 143.1 18 QQQ 5.4 685AXA Rosenberg American Z 2.2 111 28.6 96 90.9 86 QQQ 5.0 197Baillie Gifford American B Acc 74.0 1 162.7 1 345.9 1 QQQQQ 7.5 5050BGF US Basic Value D2 -9.8 135 4.6 128 43.6 119 QQ 4.7 338Blackrock ACS US Equity Tracker T1 11.7 42 44.9 38 127.3 25 QQQQ 4.5 756BlackRock US Dynamic D Acc 10.0 57 35.8 79 114.4 48 QQQQ 4.7 127BlackRock US Opportunities D Acc -9.4 133 8.0 123 47.9 117 QQ 5.5 57BMO North American Equity 2 Acc 4.5 104 30.0 90 97.9 72 QQQ 4.7 88BNY Mellon US Equity Income GBP W Inc -16.0 142 1.0 133 - - QQ 5.5 165BNY Mellon US Equity Income Instl W Acc -14.4 141 - - - - - - 78BNY Mellon US Opps Inst W Acc 26.7 13 36.6 78 91.1 85 QQQ 6.6 51Brown Advisory US Equity Growth $ B 22.2 22 91.9 6 178.4 10 QQQQ 4.5 1324Brown Advisory US Flexible Eq B $ Acc 13.9 32 52.7 32 125.2 31 QQQ 4.8 372Brown Advisory US Mid-Cap Gr $ C Acc 5.2 102 53.8 29 - - QQQQ 5.6 276Brown Advisory US Sust Gr USD C Acc 22.3 21 88.9 7 - - QQQQ 4.5 1214Candriam Quant Equities USA C Cap USD 9.4 70 28.7 95 89.4 87 QQQ 4.6 361Candriam Sust North America C USD Cap 10.9 48 29.5 91 80.5 96 QQQ 4.4 38

Capital Group AMCAP (LUX) Z 11.0 47 43.2 43 110.7 53 QQQ 4.2 89Capital Group Inv Co of Amer(LUX) Z 5.9 97 27.8 101 93.6 80 QQQ 4.0 348Comgest Growth America GBP U Acc 11.8 39 55.7 26 127.0 26 QQQ 3.7 182

Dodge & Cox Worldwide US Stock A GBP -5.4 124 11.6 117 76.1 101 QQQQ 5.4 1667Fidelity American Special Sits W Acc -10.3 136 1.8 131 44.6 118 QQQ 4.3 524

Fidelity American W Acc GBP 6.9 92 35.2 81 93.6 81 QQQ 3.6 940Fidelity Index US P Acc 10.1 56 42.7 50 122.8 34 QQQQ 4.4 2251

Fidelity Instl America 3.2 107 27.5 102 85.1 90 QQQ 4.3 149Franklin US Opportunities W Acc 26.8 12 70.8 16 145.4 17 QQQQQ 5.3 98

GAM Multistock Health Innovt Eq USD B 3.7 105 5.4 126 29.5 122 Q 4.8 107GAM North American Growth Instl GBP Acc -9.0 132 11.2 118 51.7 116 QQQ 5.2 84GAM Star Capital Apprec US Eq Instl £Acc 2.6 110 39.0 67 84.1 93 QQQ 4.8 69GAM Star US All Cap Equity Instl GBP Acc 10.5 51 34.6 82 101.4 69 QQQQ 4.0 56GlobalAccess US Equity M Acc GBP Hdg 15.7 28 28.4 99 55.5 112 - 5.2 203GS US COREÆ Equity R Inc Snap GBP 9.7 67 36.8 77 114.5 47 QQQQ 4.6 1217GS US Equity R Inc GBP 9.5 69 39.7 63 96.5 77 QQQ 4.6 522GS US Focused Growth Equity R Inc GBP 30.9 8 72.9 15 146.5 16 QQQ 5.6 26Halifax North American C 8.3 78 32.8 85 97.8 73 QQQ 4.3 460Harris Associates US Equity Fd R/A GBP 6.1 94 - - - - - - 272

HSBC American Index C Acc 11.1 45 42.8 48 120.1 40 QQQQ 4.5 6154HSBC US Multi-Factor Eq Instl A Acc 9.9 60 40.5 60 113.0 51 QQQQ 4.5 194Invesco US Enhanced Index UK Z Acc 8.6 77 35.5 80 - - QQQ 4.6 7Invesco US Equity UK Z Acc 9.7 63 18.6 111 73.0 103 QQ 5.1 362

iShares North American Eq Idx (UK) D Acc 11.1 44 42.8 49 122.3 35 QQQQ 4.6 6143


iShares US Equity Index (UK) D Acc 11.7 41 44.2 41 125.3 30 QQQQ 4.5 1904Janus Henderson Instl NA Idx Opps A Acc 11.6 43 41.1 58 113.3 50 QQQ 4.6 466Janus Henderson INTECH US Cor A2 USD 0.9 115 21.9 106 81.9 94 QQQ 4.5 22Janus Henderson Oppc Alp A1 USD 7.1 90 41.7 53 78.5 98 QQQ 5.6 15Janus Henderson US Forty A2 USD 23.3 19 76.1 12 152.3 15 QQQ 4.6 447

Janus Henderson US Growth I Acc 18.2 25 68.7 17 121.1 37 QQQ 4.5 332Janus Henderson US Research A2 USD 10.3 54 41.2 56 98.6 71 QQ 4.6 8Janus Henderson US Strat Val I USD Inc - - - - - - - - 79

JPM America Equity A (dist) USD 9.0 74 39.4 65 107.7 59 QQ 4.7 1903JPM US Equity Income C Net Acc -5.5 125 20.9 107 79.9 97 QQQQQ 4.3 3066

JPM US Research Enhanced Idx Eq E Acc - - - - - - - - 171JPM US Select C Net Acc 18.5 24 50.3 34 125.3 29 QQQQ 4.7 666JPM US Select Equity Plus A (dist) GBP 14.2 31 42.0 52 110.2 54 QQQ 4.8 2084

Jupiter North American Income I Acc -6.0 127 15.9 112 76.4 100 QQ 4.5 146L&G US Index I Acc 11.1 46 43.6 42 123.4 33 QQQQQ 4.7 3901

Lazard US Equity Concntr C Acc USD -1.3 117 30.1 89 - - QQQ 4.6 394Legg Mason CB US Agrsv Gr X USD Dis(A) 1.0 113 12.0 115 52.7 115 QQ 5.0 668

Legg Mason CB US Apprec X USD Dis(A) 5.5 100 38.6 68 108.4 55 QQQ 4.0 146Legg Mason CB US Eq Sust Ldrs X GBP Acc 12.9 36 55.5 28 - - QQQ 4.2 157Legg Mason CB US Lg Cp Gr X USD Acc 22.3 20 68.7 18 162.6 13 QQQQ 4.5 1706Legg Mason IF CB US Eq Inc X Inc -2.3 122 28.4 97 96.0 79 QQQ 4.2 26Legg Mason IF CB US Eq X Acc -4.6 123 5.2 127 52.8 114 Q 5.5 25Legg Mason IF MC US Uncons X Acc £ 15.9 27 66.2 21 136.0 20 QQQQQ 4.4 193LF Canlife North American C Acc 13.3 33 40.5 61 120.3 39 QQQ 4.4 159LF Miton US Opportunities B Acc 10.7 50 41.6 54 112.0 52 QQQQ 4.8 806Liontrust US Income C Acc GBP 1.0 112 25.6 103 91.7 83 QQ 4.3 25Liontrust US Opportunities C Acc GBP 12.9 35 53.7 30 107.4 61 QQ 5.1 231Loomis Sayles US Equity Inc Fd R/A USD -1.4 119 15.2 113 68.6 105 QQ 4.4 12Lord Abbett Innovation Growth I USD Acc 37.9 7 104.2 5 193.4 4 QQQQ 5.8 70M&G North American Dividend GBP I Acc 3.4 106 37.7 73 119.4 41 QQQ 4.7 663M&G North American Value GBP I Acc -7.4 129 1.7 132 57.6 111 QQQ 4.8 197Majedie Asset Mgmt US Equity Z GBP Acc 5.7 98 39.2 66 92.3 82 QQQ 4.4 197Marlborough US Multi-Cap Income P Inc 9.3 71 55.5 27 125.4 28 QQQQQ 4.0 81

Merian North American Equity R GBP Acc 7.8 84 28.7 94 106.1 64 QQQQ 4.9 2074Merian US Equity Income R GBP Acc 4.8 103 19.6 110 73.9 102 QQQQ 4.9 93MFS Meridian US Concentrated Gr WH1 GBP 15.5 29 58.3 24 101.5 68 - 4.9 428MFS Meridian US Value WH1 GBP -1.4 118 7.5 125 35.5 120 - 5.1 1185MGTS AFH DA North American Eq I GBP Acc 7.3 88 - - - - - - 154

Morgan Stanley US Advantage I Acc GBP 39.4 5 104.3 4 - - QQQQQ 5.5 901MS INVF US Advantage I 38.4 6 106.5 3 222.8 3 QQQQQ 5.7 9905MS INVF US Growth Z 58.8 2 134.5 2 291.0 2 QQQQQ 6.8 3607Natixis Loomis Sayles US Eq Ldrs N/A £ 25.5 14 66.7 20 182.8 7 QQQQ 4.7 1187

New Capital US Future Leaders GBP UnHAcc 23.6 18 - - - - - - 147New Capital US Growth GBP Acc 41.7 3 64.3 22 96.4 78 - 5.8 184Ninety One American Franchise I Acc £ 10.0 59 58.9 23 161.1 14 QQQQ 4.1 426OYSTER US Small&Mid Company Gr R GBP D 0.0 116 20.1 108 87.0 89 QQ 5.2 32Pictet-USA Index I GBP 9.6 68 41.2 57 115.6 44 QQQQ 4.3 2069Polar Capital North American I 0.9 114 20.0 109 85.0 91 QQ 5.0 852Quilter Inv Nrth Amer Eq U2 (GBP) Acc 7.9 81 - - - - - - 188Quilter Inv US Eq Small/MC U2 GBP Acc -5.9 126 11.9 116 65.0 106 QQQ 5.5 86Quilter Investors US Eq Gr A (GBP) Acc 39.6 4 87.3 8 189.9 5 QQQQ 5.5 190Quilter Investors US Eq Inc U2 (GBP) Acc -13.1 139 - - - - - - 135Robeco BP US Large Cap Equities F £ -10.8 137 4.3 129 53.5 113 QQ 4.9 746Robeco QI US Conservative Equities F £ -14.0 140 9.2 120 - - QQQ 4.0 107Royal London US Growth 11.8 40 29.4 92 88.9 88 QQQ 5.0 225Royal London US Tracker Z Acc 12.9 37 44.3 40 121.4 36 QQQQ 4.6 6679Russell Inv US Quant I 6.1 95 28.8 93 91.5 84 QQQ 4.5 156Sanlam US Dividend A GBP Acc -1.9 121 12.2 114 76.6 99 QQQQ 4.4 31Santander United States Equities A 13.0 34 38.1 70 107.5 60 QQQQ 4.8 78Schroder QEP US Core I Acc 9.7 65 39.7 62 113.4 49 QQQQ 4.4 115Schroder US Eq Inc Mxmsr Fund Z Acc £ 5.2 101 28.4 98 - - QQ 4.2 195

Schroder US Mid Cap Z Acc -6.7 128 11.0 119 64.6 107 QQQ 5.5 1003Scottish Widows American Growth A 7.9 83 32.7 86 97.5 76 QQQ 4.2 493Seilern America USD U I 10.9 49 67.4 19 178.5 9 QQQQ 4.2 303SLI North American Trust 14.3 30 38.0 71 100.4 70 QQ 4.2 336Smith & Williamson North American Eq B 9.7 66 45.9 37 115.1 46 QQQ 4.5 85State Street North America Equity Trkr 9.8 62 41.4 55 118.7 43 QQQQ 4.4 265

StocksPLUSô Instl USD Acc 9.7 64 42.9 47 124.6 32 QQQQ 4.6 2581T. Rowe Price US Blue Chip Eq Q GBP 24.7 15 77.8 11 178.8 8 QQQQ 5.2 884

T. Rowe Price US Eq CAccGBP 6.3 93 37.9 72 - - QQQ 4.3 12T. Rowe Price US Eq Q GBP 5.6 99 36.8 76 108.2 56 QQQQ 4.3 675

T. Rowe Price US Lg Cap Gr Eq CAccGBP 29.6 9 - - - - - - 70T. Rowe Price US Lg Cap Gr Eq Q GBP 27.0 11 78.7 10 186.8 6 QQQQ 5.2 2412

T. Rowe Price US Lg Cap Val Eq CAccGBP -8.2 130 8.7 122 - - QQQ 4.5 4T. Rowe Price US Lg Cap Val Eq Q GBP -11.2 138 3.8 130 60.1 109 QQQ 4.7 478Threadneedle Amer Extnd Alpha Ins AccGBP 17.0 26 51.9 33 140.0 19 QQQ 4.9 65Threadneedle American Sel Z Acc GBP 18.6 23 49.5 35 134.4 23 QQQ 5.0 1058Threadneedle American Z Acc GBP 12.2 38 46.0 36 126.8 27 QQQ 4.8 2717Threadneedle US Eq Inc Z Inc GBP 3.2 108 31.5 87 97.5 74 QQQQQ 4.0 84UBS S&P 500 Index C Acc 10.0 58 42.9 46 120.6 38 QQQQ 4.3 548UBS US Equity C Acc 6.9 91 25.2 104 84.6 92 QQ 5.9 187UBS US Growth C Acc 28.0 10 80.5 9 171.1 12 QQQQ 5.3 384

Vanguard U.S. 500 Stk Idx $ Acc 9.1 73 41.1 59 119.1 42 QQQQ 4.3 6394Vanguard U.S. Eq Idx £ Acc 8.6 76 39.6 64 115.5 45 QQQQ 4.6 8469

Vanguard U.S. Fdml Val GBP Inv Dist Shrs -17.0 143 -11.5 135 34.6 121 Q 6.7 15Vanguard U.S. Opps GBP Inv Dist Shrs 3.1 109 28.2 100 107.7 58 QQQQ 5.6 1246VT De Lisle America B GBP -1.5 120 -2.3 134 69.2 104 QQQ 6.5 31VT Tyndall North American A GBP Net Acc 8.3 79 42.9 45 - - QQQ 4.9 23Wellington US Research Eq N GBP UnH Inc 9.3 72 37.2 74 107.1 62 QQQ 4.6 2165Sector average/count 9.4 143 40.4 135 109.9 122 4.8 914

MANAGEDFlexible Investment7IM AAP Adventurous C Acc -1.4 109 5.0 88 34.1 81 QQQ 3.5 1957IM Adventurous C Acc 1.9 66 4.0 93 31.8 89 QQQ 3.9 144AB Em Mkts Mlt-Asst I GBP H Acc 6.5 28 -3.0 122 29.7 92 - 5.2 972ACUMEN Portfolio 6 Acc 4.2 45 13.4 42 - - QQQ 3.7 215Allianz Global Fdmtl Strat RT2 H GBP 9.9 11 7.9 67 23.4 96 QQQ 2.3 59Architas MA Active Dynamic S Acc 3.1 52 10.2 56 57.1 23 QQQ 4.3 49Architas MA Active Growth S Acc -1.0 100 9.7 60 49.9 43 QQQ 4.3 102Artemis Strategic Assets I Acc -3.7 127 -17.3 136 -2.5 117 Q 4.6 300ASC Bridge Income 6.3 29 15.8 31 50.1 41 QQQQ 3.0 492ASC Merlin Income 7.7 21 16.9 26 48.7 45 QQQQ 3.1 12ASI Multi-Manager Equity Managed I Acc -4.2 132 3.4 97 38.5 72 QQ 4.1 104Aviva Investors Multi-Mgr Flexible 2£Acc 2.0 65 10.2 55 50.3 40 QQQQQ 4.0 73Aviva Investors Sustainable Inc &Gr2£Acc -5.3 138 - - - - - - 5AXAWF Global Flexible Prpty F Cap USD -9.7 155 8.1 65 41.4 62 - 3.1 340Baillie Gifford Multi Asset Income B Inc 2.0 63 - - - - - - 39Barclays Wealth Global Mkts 5 R Acc GBP 4.9 39 18.5 18 59.0 20 QQQQ 3.5 23BMO Managed Growth 1 Acc -2.6 122 2.0 105 35.7 78 QQQ 3.2 73

BMO MM Navigator Growth C Acc -1.4 110 -0.3 116 34.0 82 QQ 3.6 109BMO Multi-Manager Investment Trust C Acc 7.6 23 18.4 19 57.7 22 QQQQ 4.1 14

BNY Mellon Mlt-Asst Growth Inst W Acc 2.9 53 16.6 27 53.5 32 QQQQ 4.1 1563BNY Mellon Mlt-Asst Income Inst W Acc -2.2 118 1.7 106 37.5 73 QQQ 3.5 125Capital Group EM Ttl Opps (LUX) Z 0.2 88 6.4 79 52.8 34 QQQQ 3.3 830

26


Unit Trusts/OEICs


Threadneedle Managed Eq Z Acc 6.3 30 16.5 29 56.3 25 QQQQ 3.2 412TM Balanced Growth Fund 3.6 51 7.3 70 30.3 91 QQQ 3.6 70TM Cerno Select C Acc 11.2 9 12.7 48 32.7 85 QQQQ 2.5 105TM Fulcrum Diversified Growth C GBP 6.9 26 13.2 45 15.8 108 - 2.5 32TM Stnhg Flm Intrnl B Inc 7.3 25 13.3 43 61.5 14 QQ 4.2 697Trojan Ethical Fund O Acc 8.5 17 - - - - - - 159

Trojan O Acc 6.1 32 14.5 36 39.7 70 QQQQQ 1.4 5133Trojan Spectrum O Acc 1.1 75 13.6 41 56.3 27 QQQQ 3.3 136UBS Multi Asset Defensive Gr (GBP) C Acc -8.5 151 - - - - - - 14Unicorn Mastertrust B -2.5 121 3.0 98 47.1 49 QQQ 4.8 96VT AJ Bell Adventurous I Acc 0.6 81 11.9 51 - - QQQ 3.5 77VT AJ Bell Global Growth I Acc 0.8 78 - - - - - - 40VT Esprit Careful Growth GBP Acc 1.6 69 - - - - - - 56VT Esprit Tactical Alpha Plus GBP Acc 5.1 37 - - - - - - 20VT Esprit Tactical Balanced GBP Acc 0.1 89 - - - - - - 62VT Esprit Tactical Growth GBP Acc 1.5 71 - - - - - - 103VT Esprit Tactical Income GBP Inc -5.0 137 - - - - - - 11VT Garraway Multi Asset Dyn I Acc 3.8 48 -8.9 135 12.1 110 Q 5.1 11VT Grosvenor Adventurous A GBP Acc 6.1 31 14.2 38 - - QQQQ 4.1 152VT PEF Global Multi-asset A GBP Acc -7.4 147 - - - - - - 10VT Redlands Multi-Asset A GBP Acc 0.6 82 3.4 96 - - QQQ 2.2 91VT Thistledown Income Z GBP Net Acc -4.6 135 -4.2 128 31.9 88 QQQ 2.7 11VT Ursus Arctos 1 Net GBP Inc 9.3 13 20.7 12 67.5 11 QQQ 5.0 -WAY Flexible Global Growth Port Tr E Acc 3.8 49 11.0 53 44.4 56 QQQ 3.6 42Wellington Multi-Asset Ttl Ret Inc N£Acc -4.1 131 - - - - - - 14Sector average/count 1.5 156 9.3 137 43.6 117 3.5 226

Mixed Investment 0-35% Shares7IM AAP Income C Acc -5.1 53 -1.1 51 16.4 34 QQ 2.3 657IM AAP Moderately Cautious C Acc 1.3 22 4.5 37 17.0 33 QQQ 1.7 4817IM Cautious C Acc 1.7 20 7.4 20 18.4 29 QQQ 1.4 437IM Income Gross Inc -8.5 54 -3.8 53 12.5 41 QQ 2.0 227IM Moderately Cautious C Acc 2.9 10 4.1 39 15.3 36 QQQ 2.1 2027IM Personal Injury C Acc 1.7 21 7.1 23 19.2 27 QQQ 1.4 186Architas MA Active Moderate Income S Acc 1.1 25 7.4 21 25.7 10 QQQQ 1.9 100Architas MM Monthly High Inc S Acc -2.3 48 0.7 48 14.8 37 QQQ 2.5 74AXA Defensive Distribution Z Acc Gross -1.3 46 3.1 42 19.8 25 QQQ 2.0 235Barclays Wealth Global Mkts 1 R Acc GBP 3.2 7 7.6 19 18.8 28 QQQ 0.9 8BlackRock Consensus 35 D Acc 1.1 26 9.2 10 36.6 2 QQQQQ 1.7 236DMS Stirling House Monthly Inc Ret Acc 0.1 37 5.9 30 18.0 31 QQQ 1.5 3EF Brompton Global Cnsrv B GBP Acc 2.5 15 9.1 11 27.1 8 QQQQ 2.0 12EF New Horizon Cautious B Inc 0.7 32 2.3 45 14.3 38 QQ 2.1 18EF New Horizon Inc B Inc -2.7 50 -0.7 50 10.4 42 QQ 2.3 32Fidelity Mlt Asst Allctr Defesv W Acc 2.8 11 12.6 4 25.0 11 QQQQ 1.4 93Fidelity MltAsst Income W Inc -0.6 44 6.9 27 25.7 9 QQQQ 2.3 947Fidelity MltAsst Open Def W Acc 0.8 31 6.6 28 24.6 13 QQQQ 1.8 64FP Russell Invsmts Multi Asst Gr I C Acc 0.4 34 4.8 35 - - QQQ 1.9 58GS Global MA Cnsv R Inc GBP PtH 4.3 3 10.5 7 27.4 6 QQQQ 2.0 349IFSL Avellemy 3 B GBP Inc -0.3 42 - - - - - - 19IFSL Brooks Macdonald Def Inc A Inc -0.2 39 5.0 34 18.3 30 QQQQ 2.0 36IFSL Sinfonia Income Portfolio A Acc -0.1 38 5.8 31 24.4 14 QQQQ 1.6 10Janus Henderson Mlt-Mgr Divers I Inc 1.1 27 5.6 32 17.6 32 QQQQ 2.0 43JPM Multi-Asset Cautious C - - - - - - - - 592

Jupiter Distribution I Acc -0.3 41 2.1 46 16.1 35 QQQ 1.6 595Jupiter Merlin Conservative I Acc 3.4 6 13.7 3 32.1 3 QQQQQ 1.7 167

L&G Mixed Investment 0-20% I Acc 1.9 19 8.0 17 - - QQQQ 1.5 13L&G Mixed Investment 0-35% I Acc 1.0 29 8.4 13 27.4 7 QQQQ 2.0 1203L&G Mixed Investment Income 0-35% I Acc -1.2 45 4.7 36 - - QQQ 2.2 90LF Aegon Risk-Managed 1 A Acc - - - - - - - - 2LF Canlife Managed 0%-35% C Acc -3.8 52 0.8 47 - - QQ 1.7 37LF Canlife Portfolio III C Acc -0.2 40 7.3 22 23.1 17 QQQQ 1.5 108

LF Miton Defensive Multi Asset B Acc 3.0 9 8.2 14 23.4 16 QQQ 1.6 55Libero Cautious B Acc -1.6 47 0.1 49 13.6 40 QQ 1.2 22MI Charles Stanley Monthly Hi Inc Acc -0.5 43 3.4 41 13.7 39 QQQ 2.0 70

Ninety One Diversified Income I Acc £ 3.4 5 8.1 15 20.5 23 QQQQ 1.5 1382Optimal Multi Asset Defensive A GBP 0.4 35 -3.4 52 5.4 43 Q 1.3 4Prima Cautious Acc - - - - - - - - 2Quilter Investors Cirilium Cnsrv R 1.9 18 3.5 40 24.8 12 QQQ 2.6 69Royal London Cautious Managed A Acc 0.9 30 7.8 18 22.9 19 QQQQ 1.3 259Royal London GMAP Defensv M GBP Acc -2.4 49 2.5 44 - - QQ 1.5 84

Royal London Sustainable Mgd Gr C Acc 6.8 1 19.3 1 43.5 1 QQQQQ 1.7 644Sarasin IE GlobalSar Income GBP P Acc 3.7 4 8.5 12 22.0 22 QQQQ 1.3 210Schroder Fusion 3 F Acc 1.3 23 7.1 24 - - QQQQ 1.5 27Schroder Portfolio 3 F - - - - - - - - 1Scottish Widows Cautious A Acc 2.7 12 9.5 8 19.9 24 QQQ 1.3 130SVS Brown Shipley Cautious I Acc 2.5 13 7.0 26 - - QQQ 1.9 16Thesis Brunsdon Cautious Growth C 0.7 33 5.2 33 19.6 26 QQQ 1.9 62Thesis Optima Income B Acc 5.5 2 12.4 5 23.4 15 QQQQ 1.9 6Threadneedle Managed Bond Fcs Z Acc 2.1 17 10.8 6 31.9 4 QQQQQ 1.6 284TM UBS (UK) - Global Yield C Acc 1.1 28 6.0 29 22.3 20 QQQ 2.2 114

Vanguard LifeStrategy 20% Eq A Grs Acc 2.5 14 13.8 2 31.3 5 QQQQQ 1.4 1886VT AJ Bell Cautious I Acc 1.2 24 9.2 9 - - QQQQ 1.5 30VT Garraway Multi Asset Divs I Acc -13.3 55 -16.0 54 -8.7 44 Q 3.6 6VT Greystone Conservative Managed R Acc 3.1 8 8.0 16 22.9 18 QQQQ 2.0 22VT Grosvenor Cautious A GBP Acc 0.2 36 4.1 38 - - QQQ 2.0 122WAY Global Cautious Portfolio E Acc 2.3 16 7.1 25 22.2 21 QQQ 1.8 50Wesleyan Low Risk/Rwd Gr X Acc -3.4 51 3.0 43 - - QQ 2.0 27Sector average/count 0.5 55 5.8 54 20.9 44 1.8 199

Mixed Investment 40-85% Shares7IM AAP Moderately Adventurous C Acc -0.9 108 5.0 94 30.9 87 QQQ 2.9 5127IM Moderately Adventurous C Acc 2.4 55 4.6 100 29.7 91 QQQ 3.5 313ACUMEN Portfolio 5 Acc 3.3 42 11.9 54 38.6 57 QQQ 3.2 169Architas MA Active Prog S Acc -0.8 107 9.4 68 42.9 37 QQQ 3.6 182ASC Balanced Bridge Income 4.2 33 14.4 39 44.4 32 QQQQQ 2.4 782ASI Global Balanced Growth P1 Acc 1.2 72 8.4 76 40.5 51 QQQQ 3.3 543ASI Multi-Asset I Acc 1.2 70 14.7 37 45.7 30 QQQQ 3.4 142ASI Multi-Manager Balanced Managed I Acc -3.6 139 3.9 106 30.5 89 QQQ 3.4 25Aviva Investors Multi-Mgr 40-85% 2 £Acc 1.2 71 8.5 75 41.3 48 QQQQ 3.5 163AXA Framlington Managed Balanced Z Acc 4.7 29 18.2 14 49.8 20 QQQQ 3.1 1059Baillie Gifford Managed B Acc 20.7 1 41.2 2 99.8 2 QQQQQ 3.8 5897Barclays Dividend and Growth I Acc GBP -3.8 143 -0.5 126 18.5 112 Q 3.8 19Barclays Multi-Impact Growth R Acc GBP 8.7 7 21.0 10 - - QQQQQ 2.5 9Barclays Wealth Global Mkts 4 R Acc GBP 4.7 30 17.5 16 53.2 14 QQQQ 3.2 48BlackRock Balanced Growth D Acc 5.6 21 18.8 13 49.0 21 QQQQ 3.2 205BlackRock Balanced Managed A Acc 6.3 17 18.1 15 46.2 26 QQQQ 3.3 557BlackRock Consensus 70 D Acc -1.0 110 7.4 81 38.7 55 QQQQ 2.5 193BlackRock Consensus 85 D Acc -1.1 112 8.6 74 46.2 27 QQQQ 2.9 2386

BMO MM Navigator Balanced C Acc -3.4 135 -2.1 135 25.7 103 QQ 3.7 94BNY Mellon Dynamic Total Ret USD A Acc -6.7 161 2.4 117 26.5 101 - 2.5 14BNY Mellon Global Balanced Expt 1 Acc 0.6 87 16.8 19 51.8 16 QQQQ 2.9 527

BNY Mellon Mlt-Asst Balanced Inst W Acc 0.8 80 15.3 27 43.1 36 QQQQ 2.9 2035Castlefield B.E.S.T Port Founder Inc 2.3 56 - - - - - - 43Climate Assets B GBP Acc 3.5 40 19.5 11 60.5 8 QQQQQ 2.8 32Close Balanced Portfolio X Acc -0.4 99 13.6 47 36.4 66 QQQ 2.8 1143Close Managed Balanced X Acc 4.9 26 14.1 41 41.9 45 QQQQ 3.2 310


Capital Group Global Allc (LUX) Z 0.3 86 17.0 25 68.1 10 QQQQQ 2.2 712Close Growth Portfolio X Acc 2.4 61 19.8 13 47.0 50 QQQQ 3.3 386Close Managed Growth X Acc 7.7 20 18.8 16 52.9 33 QQQQ 3.8 65Close Strategic Alpha X Acc 8.7 15 19.5 15 55.9 29 QQQQ 4.7 12Close Tactical Select Passive Gr X Acc -1.8 111 9.7 59 44.6 55 QQQ 3.6 58Courtiers Total Return Growth 2.9 54 12.0 50 50.1 42 QQQQ 3.9 118Credo Dynamic A Retail GBP Acc 2.0 64 8.9 63 - - QQQ 4.0 26Discovery Managed Growth B GBP Acc 1.9 67 7.2 73 40.2 68 QQQ 3.7 8DMS Kleinwort Hambros Growth A Acc 1.4 74 9.0 62 40.2 67 QQQ 3.4 69DMS Sequel Growth Trgt Ret Strat B£Acc -7.5 149 -4.6 129 20.6 100 QQ 4.1 75DMS Stirling House Dynamic Acc 9.6 12 21.3 11 61.3 15 QQQQQ 3.2 19DMS Verbatim Multi-Index Portfolio 6 A 1.5 70 9.7 58 47.7 48 QQQ 3.3 33EF 8AM Focussed A Inc 2.5 57 6.5 77 41.2 63 QQQ 3.6 16EF 8AM Tactical Growth A Inc -2.1 114 6.8 76 33.6 84 - 3.1 16EF Brompton Global Opps B GBP Acc 4.8 40 11.2 52 46.2 52 QQQ 3.5 14EF Brunswick Growth Portfolio C Acc GBP -1.3 108 5.8 84 48.0 46 QQQ 4.3 15Embark Horizon Multi-Asset V Z Acc 4.7 41 19.8 14 73.8 9 QQQQQ 4.3 31ES Share Centre Multi Manager Gr A Acc 5.4 35 14.1 39 54.5 31 QQQQ 3.9 32Family Investments Child Trust -6.8 144 -4.6 130 27.0 93 Q 4.1 717Fidelity MltAsst Open Adv W Acc -1.9 112 7.4 69 44.1 57 QQQ 3.2 264Fidelity Multi Asset Allctr Advtrs W Acc 2.3 62 16.4 30 56.4 24 QQQQ 3.5 105First State Diversified Gr B Acc GBP 2.4 59 2.2 103 24.4 95 QQQ 2.2 23FP Mattioli Woods Adventurous E GBP Inc 11.7 8 23.3 9 - - QQQQ 4.6 57FP Mattioli Woods Cautious E GBP Inc -2.1 117 3.6 95 - - QQQ 2.2 230FP Mattioli Woods Growth E GBP Inc 2.7 56 9.8 57 - - QQQ 3.6 315Galatea Opportunity Instl GBP Acc -9.1 152 -1.0 119 7.3 116 - 2.1 18Global Macro Allocation Fund I GBP Acc 4.6 43 7.4 68 43.2 58 QQQQQ 3.1 86HL Multi-Manager High Income A Acc -5.6 140 -5.2 132 - - Q 3.8 504HL Multi-Manager Strategic Assets A Acc 0.3 85 -0.2 115 - - QQ 2.3 175IFSL Avellemy 8 B GBP Inc - - - - - - - - 3IFSL Brooks Macdonald Strat Growth A GBP 5.0 38 15.4 34 45.6 54 QQQ 4.5 54IFSL James Hambro Harrier AdventurousAcc - - - - - - - - 11IFSL James Hambro Master 0.0 91 12.2 49 41.1 64 QQQ 2.9 54IFSL Sanlam Growth A Inc 1.5 72 - - - - - - 16Invesco Managed Growth UK Z Acc -4.5 134 -6.1 133 33.6 83 QQ 4.4 330Janus Henderson Mlt-Mgr Active I Acc 0.4 84 6.8 75 42.4 60 QQQ 3.1 192JPM Diversified Growth C Net Acc 0.7 79 7.1 74 46.0 53 - 2.9 65JPM Multi-Asset Growth C - - - - - - - - 57

Jupiter Merlin Growth I Acc -1.2 103 15.5 33 50.5 39 QQQQ 3.4 1646L&G Multi Manager Growth I Acc -1.0 99 7.3 72 39.0 71 QQ 4.0 164L&G Worldwide I Acc -0.4 94 4.5 89 34.8 80 QQQ 3.7 84Lazard Diversified Return C Acc USD -9.2 153 0.3 114 - - - 2.0 18LF Aegon Risk-Managed 5 A Acc - - - - - - - - 2LF Aegon Risk-Managed 6 A Acc - - - - - - - - 2LF Bentley Global Growth A Acc 0.9 76 5.6 86 31.9 87 QQQ 3.4 23LF Bentley Sterling Balanced Acc -2.1 116 0.4 112 9.4 115 QQ 1.7 187LF Canlife Portfolio VII C Acc -1.3 105 4.4 91 37.2 76 QQ 3.7 33LF Catalyst Trust Acc 13.3 6 31.4 6 74.5 8 QQQQQ 3.3 58LF Cautela Retail Acc -3.2 124 1.3 107 11.1 113 Q 2.9 18LF Havelock Global Select A GBX Acc -1.1 102 - - - - - - 19LF IM Global Strategy A Acc 10.0 10 21.9 10 80.4 7 QQQQ 3.8 40LF Miton Worldwide Opportunities B Acc -1.2 104 2.4 101 47.7 47 QQQQ 4.1 45LF Odey Continental European I Acc -9.7 154 -3.7 125 36.1 77 QQ 4.5 95LF Odey Opus I Acc -5.6 141 -1.7 121 11.2 111 QQ 4.6 129LF Purisima EAFE Total Return PCG B nc 4.2 46 5.9 82 51.8 35 QQ 4.2 4LF Ruffer Equity & General C Acc 0.2 87 1.1 108 17.5 106 QQQ 2.4 130LF Ruffer Japanese C Acc 20.3 3 42.5 4 83.3 6 QQQQQ 3.9 452LF Stewart Ivory Investment Markets Acc -2.4 119 5.7 85 40.8 65 QQQQ 3.8 21LF Waverton Portfolio B Inc 4.0 47 17.8 20 60.8 16 QQQQ 3.1 312Liontrust Global Alpha C Acc GBP 29.2 1 58.1 1 105.2 2 QQQQ 4.5 134Liontrust Sust Fut Managed Gr 2 Net Acc 26.3 2 57.1 2 121.4 1 QQQQQ 4.1 430LO Funds All Roads EUR NA -0.7 98 7.3 71 48.7 44 QQQQ 2.1 1097M&G Emerging Markets Monthly Inc I £ Acc - - - - - - - - -M&G Managed Growth GBP I Acc -2.4 120 2.8 99 55.9 30 QQ 4.3 759Man Stockmarket Managed Profl Acc C -2.0 113 2.7 100 26.8 94 QQQ 3.4 131Margetts Opes Income R GBP Acc -5.5 139 -3.5 124 19.7 102 QQ 3.9 7Margetts Venture Strategy R GBP Acc 0.8 77 6.1 81 60.0 18 QQQ 4.0 83MFM Bowland 14.4 5 31.0 7 99.6 4 QQQQ 4.7 39MFS Meridian Diversified Income WH1 GBP -2.1 115 5.3 87 19.7 101 QQQ 2.7 100

MFS Meridian Global Total Ret WH1 GBP 2.8 55 5.8 83 23.4 97 QQQ 3.0 1423MFS Meridian Prudent Capital W1 GBP 2.4 60 24.3 8 - - QQQQQ 2.3 2494

MGTS Clarion Explorer Portfolio R Acc 0.1 90 9.1 61 57.9 21 QQQ 3.8 23MGTS Wealth Solutions Adventurous GBPAcc - - - - - - - - 0MI Charles Stanley Multi Asst5 Adv A£Acc 6.0 33 13.9 40 - - QQQQ 3.6 5MI Diversified Strategy C Acc 0.7 80 6.4 78 40.2 66 - 3.3 -MI Hawksmoor Global Opps D GBP Acc 4.5 44 - - - - - - 25MI Momentum Focus 3 A Acc -0.2 92 -0.4 117 16.5 107 QQ 2.2 14MI Momentum Focus 4 A Acc -4.8 136 -3.1 123 18.7 105 QQ 2.9 11MI Momentum Focus 5 A Acc -6.8 145 -4.2 127 21.6 98 QQ 3.5 19MI Thameside Diversified Glb Mgrs A Acc -4.3 133 -3.9 126 21.0 99 QQQ 2.3 21Neuberger Bm Uncrltd Strats GBP I Acc -0.7 97 4.1 92 - - - 1.3 1234New Capital Strat Port UCITS USD InstAcc 15.4 4 35.6 5 85.2 5 QQQQQ 3.6 205Newgate GBP Inc 3.7 50 13.2 44 42.5 59 QQQQ 3.4 6Newton SRI for Charities GBP Inc 2.5 58 15.7 32 50.5 38 QQQQ 3.4 102NFU Mutual Mixed Portfolio Max100% C -7.4 148 - - - - - - 77Nomura Fds Diversified Growth I GBP 5.3 36 14.7 35 - - QQQQ 2.5 12Osprey Sterling Inc 6.7 27 14.5 37 62.5 13 QQQQ 3.7 14PIMCO GIS Strategic Inc Inst USD Acc -6.2 143 - - - - - - 754Premier Diversified Dynamic Growth D Inc 9.0 14 - - - - - - 17Premier Liberation No. VII Class C Acc -7.1 146 -5.0 131 32.5 86 QQ 4.3 32Premier Multi Asset Global Gr C Inc -3.9 130 -0.6 118 42.2 61 QQQ 4.1 195

Pyrford Glbl Tot Ret(Sterling)B GBP Acc -0.2 93 2.0 104 - - QQ 1.2 2249Quilter Investors Cirilium Adventurous R -1.0 101 2.3 102 - - Q 4.8 90Quilter Investors Cirilium Dynamic R -0.5 95 0.9 110 37.4 74 QQ 4.6 516RBS Managed Equity Growth 1 Acc -1.3 106 - - - - - - -S&W ILEX Trust Acc -6.0 142 -7.2 134 10.1 114 - 2.3 19S&W Starhunter Managed Acc 0.6 83 8.0 66 30.4 90 - 3.3 20Sanlam AI Global Managed Risk I GBP Acc -8.5 150 -1.4 120 11.1 112 QQ 2.5 48Sarasin FoF Global Equity P Acc 8.4 18 16.5 28 51.7 36 QQ 4.6 35Schroder Dynamic Multi Asset Z Acc 1.4 73 6.3 80 19.1 104 QQQ 2.4 982Schroder MM Diversity Tactical Z Acc -1.3 107 0.5 111 19.5 103 QQ 3.1 102Schroder Portfolio 8 F - - - - - - - - 2Scottish Widows Opportunity A -3.7 128 3.8 94 37.2 75 QQQ 4.4 85Sentinel Enterprise B Acc 13.3 7 52.6 3 101.7 3 QQQQQ 4.1 115Smith & Williamson MM Global Invmt B -3.7 129 1.0 109 35.2 79 QQQQ 4.1 13SVS Brown Shipley Dynamic I Acc 7.8 19 17.4 22 50.8 37 QQQ 3.9 33SVS Heritage Balanced A Acc -3.3 126 4.4 90 - - QQQ 2.9 24TB Elite Strategic A Accumulation -3.2 123 0.3 113 - - Q 4.6 19TB Enigma Dynamic Growth B Acc GBP -0.5 96 10.7 54 - - QQQQ 3.3 10TB Wise Multi-Asset Growth B Acc 1.7 68 8.8 64 56.1 28 QQQQ 4.2 56TB Wise Multi-Asset Income B Inc -14.9 156 -20.3 137 13.0 109 QQ 5.8 84The Norfolk Trust 7.6 22 17.4 21 60.5 17 QQQQQ 3.1 23The Notts Trust 7.4 24 17.0 24 59.1 19 QQQQQ 3.1 13Thesis Brunsdon Adventurous Growth C 5.5 34 12.7 47 46.8 51 QQ 5.1 56Thesis Elfynn Trust Acc 4.7 42 17.4 23 56.3 26 QQQQ 3.6 15Thesis Palm 8.6 16 18.7 17 63.4 12 QQQQ 4.2 0Thesis Thameside Managed -3.3 125 12.8 46 39.7 69 QQQ 3.1 294

27 Œ „ ´ ‰ ˆ Á



Close Tactical Select Passive Bal X Acc -2.5 129 7.0 83 38.8 54 QQQ 3.0 250Courtiers Total Return Balanced Risk 2.0 59 9.9 64 37.4 62 QQQQ 3.0 290DMS Kleinwort Hambros Multi AstBal A Acc 1.4 67 8.8 72 32.6 84 QQQQ 2.6 53DMS Sequel Bal Trgt Ret Strat B£Acc -3.8 142 -2.3 136 17.8 118 QQ 3.5 81DMS Sequel Glbl Trgt Inc Strat A£Acc -3.9 146 4.7 98 36.3 67 QQQ 4.2 2DMS Stirling House Growth Acc 8.0 10 17.3 18 48.2 22 QQQQQ 2.5 72DMS Verbatim Multi-Index Portfolio 5 A 2.2 58 10.6 61 42.3 39 QQQQ 3.0 54EdenTree Higher Income B -9.3 167 -6.1 145 17.9 117 QQ 3.4 96EF Brompton Global Growth B GBP Acc 3.9 38 11.0 58 40.4 52 QQQ 3.5 12Elite Balanced Trust B Acc 5.2 22 13.8 45 38.1 59 QQQ 3.2 18Embark Horizon Multi-Asset III Z Acc 1.7 62 14.7 36 47.9 24 QQQQQ 3.1 235Embark Horizon Multi-Asset IV Z Acc 1.5 66 13.8 44 55.6 12 QQQQ 3.8 96ES Share Centre Multi Mgr Gr&Inc A Inc 3.1 47 10.8 60 37.2 64 QQQ 3.4 74Family Balanced International B -4.3 150 -0.6 127 26.5 100 - 3.5 115Fidelity MltAsst Inc & Gr W Inc -1.5 118 5.4 90 28.3 94 QQQ 2.6 72Fidelity MltAsst Open Gr W Acc -1.5 116 6.7 84 38.2 58 QQQ 3.1 513Fidelity MoneyBuilder Balanced W Inc -5.4 155 -2.6 137 12.6 120 QQ 2.5 316Fidelity Multi Asset Allctr Growth W Acc 2.4 54 14.6 38 42.2 41 QQQQ 2.7 343FP Mattioli Woods Balanced E GBP Inc 0.0 94 7.5 80 - - QQQ 2.9 753FP Russell Invsmts Mlt Asst Gr IV C Acc -0.7 106 4.8 97 - - QQ 3.6 29FP Russell Invsmts Multi Asst Gr V C Acc -1.6 119 3.9 107 - - QQ 4.2 11GS Global MA Gr R Inc GBP PtH 2.6 52 9.3 70 43.2 35 QQQ 3.5 161HL Multi-Manager Balanced Managed A Acc -3.5 136 -1.6 133 27.1 98 QQQ 3.6 853HSBC Balanced Acc C -3.9 147 1.6 122 28.0 95 QQQ 3.3 327IFSL AMR Diversified A GBP Acc -3.5 137 1.8 120 - - QQ 3.6 18IFSL Avellemy 6 B GBP Inc 0.7 86 - - - - - - 347IFSL Avellemy 7 B GBP Inc 0.1 92 - - - - - - 66IFSL Beaufort Multi Asset Blend Gr A Acc 4.0 35 - - - - - - 32IFSL Brooks Macdonald Balanced A Acc 4.2 32 12.9 51 38.6 56 QQQ 3.8 135IFSL James Hambro Barnham Broom 3.9 37 16.0 23 47.4 25 QQQQ 2.7 43IFSL James Hambro Harrier Bal Inc 2.0 60 14.4 40 41.2 49 QQQQ 2.4 56IFSL James Hambro Harrier Cap Gr Inc 3.2 43 16.1 21 48.0 23 QQQQ 2.9 67IFSL James Hambro Penrhos GBP Inc 2.2 57 13.4 49 42.7 38 QQQQ 2.8 9IFSL James Hambro Rires -1.0 109 11.0 57 41.7 46 QQQ 2.7 13IFSL Sanlam Balanced A Inc 1.3 68 - - - - - - 51IFSL Sinfonia Adventurous Growth A Acc -2.8 132 2.1 119 36.9 65 QQ 4.1 17IFSL Sinfonia Balanced Managed A Acc -2.4 126 3.3 109 33.9 75 QQQ 3.8 30Invesco Global Balanced Idx UK (NoTr)Acc -9.8 169 -8.1 146 19.4 111 QQ 3.5 52Invesco Managed Income UK Z Acc -5.5 156 -8.6 147 18.1 115 QQ 3.9 193Janus Henderson Instl Gl Rpnsb Mgd I Acc 9.3 5 28.3 5 60.8 7 QQQQQ 3.2 297Janus Henderson Mlt-Mgr Managed I Acc -0.5 100 5.7 89 33.5 77 QQQ 2.9 333JPM Multi-Asset Moderate C - - - - - - - - 1257Jupiter Distribution and Growth I Inc -13.5 171 -20.6 150 -5.1 124 Q 4.0 254

Jupiter Merlin Balanced Port I Acc -1.1 111 12.7 52 45.8 29 QQQQ 2.7 1820L&G Mixed Investment 40-85% I Acc -1.6 121 7.1 82 41.5 47 QQQ 3.3 555L&G Multi Manager Balanced I Acc 0.3 89 7.9 77 34.2 74 QQ 3.7 20L&G Real Capital Builder I Acc 7.4 15 - - - - - - 170L&G Real Income Builder I Acc -4.0 148 3.6 108 - - QQ 3.3 123Lazard Managed Balanced A Acc -2.2 125 11.9 55 45.3 31 QQQQ 3.2 33LF Aegon Risk-Managed 4 A Acc - - - - - - - - 2LF Canlife Balanced C Acc -1.5 117 5.1 92 33.2 79 QQQ 3.2 182LF Canlife Portfolio V C Acc 0.9 77 8.8 71 33.8 76 QQQQ 2.6 173LF Canlife Portfolio VI C Acc 1.0 75 7.8 78 37.4 63 QQQ 3.1 86LF Miton Balanced Multi Asset B Acc 5.2 25 - - - - - - 2LF Odey Portfolio Sterling Instl Acc -8.3 164 -2.9 139 5.6 122 QQ 2.7 119LF Resilient MM Balanced Managed X Acc -1.4 115 5.3 91 32.6 83 QQQ 3.2 35LF Waverton Charity Growth & Inc Acc 5.8 18 - - - - - - 11Libero Balanced B Acc 0.1 93 8.8 73 35.5 70 QQQ 3.2 22Libero Strategic B Acc -1.7 122 4.5 101 25.6 104 QQQ 3.0 9Liontrust Balanced C Acc GBP 16.2 3 35.5 4 74.7 4 QQQQQ 3.3 452Liontrust Sust Fut Cau Mgd 2 Net Inc 8.5 9 24.1 7 56.3 11 QQQQQ 2.8 353Liontrust Sust Fut Mgd 2 Net Inc 15.1 4 39.5 3 84.5 3 QQQQQ 3.7 1657M&G Charity Multi Asset GBP Acc - - - - - - - - 165

M&G Episode Growth GBP I Acc 6.9 16 6.2 87 34.2 73 QQQ 4.1 819Man Balanced Managed Profl Acc C -4.4 151 -1.4 132 19.8 110 QQQ 3.2 608Margetts Select Strategy R GBP Acc -3.7 141 -0.7 128 25.4 105 QQQ 3.4 130Marks & Spencer Worldwide Mgd Acc -4.0 149 2.8 113 37.9 60 QQQ 3.7 575Marlborough Balanced P Acc 1.0 74 9.4 69 43.9 34 QQQ 3.4 64Marlborough Extra Income P Inc -3.5 138 4.3 105 27.8 97 QQQQ 3.4 39Mazarin Balanced A GBP Acc 4.9 28 - - - - - - 92McInroy & Wood Balance Pers Inc 3.8 39 16.7 20 51.8 15 QQQQQ 2.6 834McInroy & Wood Income Pers Inc -2.5 130 4.5 102 27.8 96 QQQ 2.2 214MFM Hathaway Inc 4.9 27 13.6 46 54.3 13 QQQQQ 4.3 35MGTS Clarion Meridian Portfolio R Acc -0.2 97 4.4 103 28.9 93 QQQ 3.3 50MGTS Clarion Navigator Portfolio X Acc - - - - - - - - 2MGTS Future Money Dynamic Growth R Acc -0.2 98 5.8 88 33.1 80 QQQ 3.3 37MGTS Wealth Solutions Balanced GBP Acc - - - - - - - - 0MI Charles Stanley Multi Asst 4 Gr B Acc 5.2 23 13.0 50 35.2 71 QQQ 3.0 36MI Charles Stanley Multi Asst3 Mod A£Acc 3.9 36 9.6 67 - - QQQQ 2.3 34MI Hawksmoor Distribution C Acc -1.8 123 2.8 112 33.3 78 QQQ 3.3 212New Capital Global Balanced GBP Acc 7.5 14 - - - - - - 158NFU Mutual Mixed Portfolio 40-85% C -7.0 162 - - - - - - 350Optimal Multi Asset Opportunities A GBP 0.3 90 -2.9 140 18.4 113 QQQ 3.0 3Orbis OEIC Global Balanced Standard 0.0 95 -1.4 131 50.9 18 QQQ 3.2 42Premier Diversified Balanced Gr D Inc 3.0 49 - - - - - - 15Premier Diversified Growth D Inc 7.8 12 15.4 25 60.5 9 QQQQQ 3.3 184Premier Liberation No. VI Class C Acc -6.0 158 -3.3 142 29.5 92 QQ 3.8 98

Premier Multi-Asset Growth&Inc C Inc -3.9 145 -0.4 125 30.7 88 QQQ 3.7 843Prima Balanced Acc - - - - - - - - 20Quilter Investors Cirilium Moderate R 0.2 91 2.2 118 35.7 69 QQQ 4.0 536RBS Managed Growth 1 Acc -0.7 104 - - - - - - -Royal London GMAP Adventurous M GBP Acc -6.0 159 2.4 115 - - QQ 3.2 193Royal London GMAP Gr M GBP Acc -5.1 154 3.1 110 - - QQQ 2.8 230

Royal London Sustainable World C Acc 17.7 2 51.1 1 111.7 1 QQQQQ 3.5 1632Sarasin FoF Global Diversified Gr P Acc 7.9 11 16.0 22 42.0 43 QQQQQ 2.9 21Sarasin Global Equity Real Return P Acc 9.0 6 27.5 6 66.3 6 QQQQ 2.9 128Sarasin IE GlobalSar Dynamic GBP P Acc 8.7 8 19.3 12 51.7 17 QQQQ 2.5 474Sarasin IE GlobalSar Dynamic USD P Acc 5.6 20 22.1 8 72.7 5 QQQQQ 2.5 147Schroder Fusion 6 F Acc -2.1 124 2.4 116 - - QQ 2.9 37Schroder Fusion 7 F Acc -2.9 134 0.0 124 - - QQ 3.4 29Schroder Managed Balanced Z Acc 4.3 31 9.7 65 40.7 50 QQQ 3.5 1643Schroder MM Diversity Balanced Z Acc -2.8 131 -1.7 134 18.0 116 QQ 3.1 103Schroder Portfolio 6 F - - - - - - - - 4Schroder Portfolio 7 F - - - - - - - - 9Scottish Friendly Managed Growth 5.8 19 0.8 123 22.7 106 QQ 4.4 40Scottish Widows High Reserve A Acc -12.3 170 -10.1 148 10.4 121 Q 3.9 220Scottish Widows Progressive A -2.8 133 4.3 104 32.8 81 QQQ 3.7 192Sentinel Growth B Acc 4.1 34 22.0 9 44.2 33 QQQQ 2.9 88Sentinel Universal B Acc -0.7 105 4.9 95 32.7 82 QQQQ 3.3 120Smith & Williamson MM Endurance Bal B -3.6 140 1.6 121 21.6 108 - 3.5 29SVS Brown Shipley Balanced I Acc 5.2 24 13.9 42 37.9 61 QQQ 3.2 165SVS Brown Shipley Growth I Acc 7.8 13 17.3 17 46.2 28 QQQQ 3.6 69SVS Church House Balanced Eq Inc A Inc -9.8 168 -3.0 141 18.2 114 QQQ 3.2 52TB Doherty Active Managed B GBP Acc -1.6 120 -2.7 138 20.6 109 QQ 4.4 15TB Doherty Balanced Managed B GBP Acc -0.6 103 -1.1 130 22.1 107 QQ 3.9 11TB New Sarum Real Return Fund B Net Inc 3.2 44 9.7 66 42.0 42 - 4.1 27TB Opie Street Balanced R GBP Inc -3.9 144 - - - - - - 34

TB Opie Street Growth R GBP Acc 3.4 41 - - - - - - 22Thesis Optima Growth B Acc -2.5 128 5.0 93 27.1 99 QQ 4.0 22

Threadneedle Managed Eq Focused Z Acc 3.0 48 11.5 56 42.3 40 QQQQ 3.1 753TM UBS (UK) - Global Growth C Acc -1.2 113 6.2 86 35.9 68 QQQ 3.6 744TM UBS (UK) - UK Growth C Acc -4.4 152 2.8 114 30.4 90 QQQ 3.1 14TM UBS (UK) - UK Income Focus C Acc -8.4 165 -4.6 144 17.1 119 QQ 3.0 12Vanguard Global Balanced A GBP Acc -1.3 114 15.8 24 - - QQQQ 2.7 144

Vanguard LifeStrategy 60% Equity A Acc 1.5 63 15.0 34 50.4 19 QQQQQ 2.5 8889Vanguard LifeStrategy 80% Equity A Acc 0.7 84 15.4 26 60.3 10 QQQQQ 3.2 4231

Vanguard Target Retirement 2020 Acc 1.5 64 13.9 43 - - QQQQQ 2.1 22Vanguard Target Retirement 2025 Acc 1.5 65 14.9 35 - - QQQQQ 2.5 58Vanguard Target Retirement 2030 Acc 1.3 69 15.0 33 - - QQQQQ 2.7 61Vanguard Target Retirement 2035 Acc 1.1 73 15.2 32 - - QQQQQ 2.8 61Vanguard Target Retirement 2040 Acc 0.9 78 15.2 31 - - QQQQQ 3.0 52Vanguard Target Retirement 2045 Acc 0.7 83 15.3 30 - - QQQQ 3.2 41Vanguard Target Retirement 2050 Acc 0.8 81 15.3 28 - - QQQQ 3.2 27Vanguard Target Retirement 2055 Acc 0.7 85 15.3 29 - - QQQQ 3.2 17Vanguard Target Retirement 2060 Acc 0.7 82 - - - - - - 3Vanguard Target Retirement 2065 Acc 0.8 79 - - - - - - 3Verus Sustainable Balanced Fd A GBP Acc 3.2 45 10.9 59 32.0 86 QQQQ 2.8 8Virgin Bond, Gilt, UK and Overseas Share -7.1 163 -0.9 129 26.3 102 QQ 3.1 84Volare Balanced A GBP Acc 2.9 50 10.6 62 - - QQQQ 2.9 83Volare Growth A GBP Acc 0.9 76 10.4 63 - - QQQ 3.6 43Volare Strategic Income A GBP Inc -2.5 127 3.0 111 - - QQQ 2.8 4VT AJ Bell Balanced I Acc 1.9 61 13.5 48 - - QQQQ 2.6 158VT AJ Bell Moderately Adv I Acc 0.5 88 11.9 53 - - QQQQ 3.1 97VT Cantab Balanced A GBP Acc 3.1 46 - - - - - - 34VT Cantab Moderate A GBP Acc 2.4 53 - - - - - - 64VT Garraway Multi Asset Growth I Acc -4.5 153 -11.8 149 4.7 123 Q 4.6 15VT Greystone Balanced Managed R Acc -0.1 96 6.5 85 38.9 53 QQQ 4.2 101VT KMGIM Medium High Risk A Acc - - - - - - - - 3VT Seneca Diversified Growth B Acc -6.5 160 4.7 99 35.1 72 QQ 4.0 135VT Tatton Blended Active A Acc -0.5 101 - - - - - - 35VT Tatton Oak Capital Growth B Acc -0.5 102 4.8 96 32.6 85 QQQ 3.8 41VT Vanneck Defensive GBP Acc -5.8 157 - - - - - - 31WAY Global Growth Portfolio E Acc 2.8 51 7.8 79 42.0 44 QQQ 3.6 11Wesleyan Moderate High Rk/Rwd Inc X Acc -8.5 166 -3.4 143 - - Q 3.6 17Sector average/count 0.6 171 8.7 150 38.1 124 3.2 332

Mixed Investment 20-60% Shares7IM AAP Balanced C Acc 0.5 67 4.9 74 24.7 69 QQQ 2.3 11067IM Balanced C Acc 3.6 24 5.7 60 24.3 71 QQQ 2.7 5447IM Sustainable Balance C Acc 3.9 19 13.2 15 35.0 17 QQQQQ 2.1 131ACUMEN Income Portfolio Acc -6.9 157 -4.4 136 - - Q 2.8 22ACUMEN Portfolio 4 Acc 0.8 61 6.1 55 28.2 52 QQQQ 2.5 116Architas Diversified Global Income S£Acc -3.6 131 -1.9 123 14.6 113 QQ 3.0 9Architas MA Active Interm Income S Acc 0.1 72 8.7 36 34.0 22 QQQQ 2.8 264Architas Positive Future S 8.7 5 - - - - - - 0

Artemis Monthly Distribution I Inc -5.3 146 -0.9 117 28.8 46 QQQ 3.2 756ASC Phoenix B Income 3.9 20 13.5 14 34.2 21 QQQQQ 1.9 158ASI Diversified Income I Acc -0.1 79 -1.3 118 20.3 90 QQQ 2.4 179ASI Dynamic Distribution P1 Acc -5.1 145 -2.7 132 8.6 126 QQQ 3.0 183ASI Multi-Manager Cautious Managed I Acc -1.7 109 5.3 66 27.3 57 QQQ 2.6 125ASI Multi-Manager Diversity D Acc -0.2 82 7.5 43 22.4 77 QQQ 2.1 45ASI Multi-Manager Multi-Asset Dist I Acc -4.2 137 -0.2 113 21.3 87 QQQ 3.4 29Aviva Investors Distribution 2 GBP Inc -3.0 124 3.8 83 21.6 84 QQQQ 2.8 237Aviva Investors Multi-Mgr 20-60% 2 £Acc 1.4 50 7.7 41 30.3 37 QQQQ 2.5 140AXA Distribution Z Acc -5.9 149 0.4 109 19.8 91 QQQ 2.6 648AXA Ethical Distribution Z Acc -1.7 110 0.5 107 19.5 92 QQQ 3.1 195AXA Global Distribution Z Acc 1.2 54 13.1 16 50.8 3 QQQQQ 2.6 315AXA IM Lifetime Distribution A GBP Inc -5.9 151 3.0 89 30.3 36 QQQQ 2.8 847Barclays Multi-Asset Bal Inc R Dis GBP -2.6 119 0.1 111 16.5 102 QQ 3.3 49Barclays Multi-Asset Cau Inc R Acc GBP -1.0 100 1.4 101 16.1 106 QQ 2.6 66Barclays Wealth Global Mkts 2 R Acc GBP 3.8 22 12.1 21 32.1 27 QQQQ 1.9 33Barclays Wealth Global Mkts 3 R Acc GBP 4.4 15 15.5 6 44.1 6 QQQQQ 2.6 79BlackRock Consensus 60 D Acc -1.2 103 6.5 51 34.9 18 QQQQ 2.3 255

BMO MM Navigator Cautious C Acc -3.3 126 -2.2 127 19.2 96 QQ 3.4 333BMO MM Navigator Distribution C Inc -9.7 163 -8.0 141 9.2 124 QQ 3.5 761

BNY Mellon Global Multi-StrategyInstWAcc -8.0 161 -0.5 114 18.0 100 - 2.7 87Carmignac Pf Patrimoine F GBP Acc Hdg 10.3 4 8.4 37 16.2 105 QQQ 2.0 1241

Close Conservative Portfolio X Acc 0.6 64 10.3 29 28.0 53 QQQQ 2.1 862Close Diversified Income Port X Acc 1.0 59 5.1 72 21.6 85 QQQ 2.1 584Close Managed Conservative X Acc 1.1 58 6.8 48 26.4 63 QQQ 2.5 208Close Managed Income X Acc -2.3 115 1.7 99 20.7 88 QQQ 2.8 129Close Tactical Select Passv Cnsrv X Acc -1.9 112 5.8 58 31.2 30 QQQQ 2.3 206Courtiers Total Return Cautious Risk 1.2 55 5.1 73 23.0 75 QQQ 2.1 270Discovery Balanced B GBP Inc -0.7 95 3.1 88 25.3 68 QQQ 3.3 58DMS Sequel Cau Trgt Ret Strat B£Acc -3.0 123 -2.5 129 13.6 115 QQ 3.0 98DMS Sequel Cautious Inc Strat Retl£Inc -2.9 122 -5.6 139 9.5 123 Q 3.0 3DMS Stirling House Balanced Acc 5.8 10 14.7 9 39.1 11 QQQQQ 1.8 32DMS Verbatim Multi-Index Portfolio 3 A 2.6 33 10.2 30 28.3 50 QQQQ 1.9 31DMS Verbatim Multi-Index Portfolio 4 A 3.0 29 11.2 23 36.2 15 QQQQ 2.4 49EF Brompton Global Balanced B GBP Acc 3.9 18 11.1 24 37.1 13 QQQQ 2.8 23EF Brompton Global Inc B GBP Inc -0.6 92 3.7 86 27.6 54 QQQ 3.0 9EF Brunswick Diversified Port B Acc GBP -0.2 80 8.9 35 28.7 47 QQQQ 2.4 23EF New Horizon Balanced Inc & Gr B Inc -0.5 89 0.6 106 25.7 66 QQQ 3.0 30EF Tellsons Endeavour A GBP Acc 5.4 12 14.3 10 31.1 32 QQQQ 2.2 45Elite Income Trust B Acc -0.7 94 5.2 69 20.7 89 QQQ 2.7 17Embark Horizon Multi-Asset I Z Acc 1.5 48 12.1 19 32.7 24 QQQQQ 2.0 31Embark Horizon Multi-Asset II Z Acc 1.3 52 13.6 13 39.9 10 QQQQQ 2.5 163ES R&M Dynamic Asset Allocation Cl B Acc 3.0 30 9.0 34 30.5 35 QQQ 2.6 215ES Share Centre Multi Manager Inc A Inc 2.5 36 6.3 52 22.2 81 QQQ 2.9 30Fidelity Mlt Asst Allctr Strat W Acc 2.6 34 13.7 12 34.3 20 QQQQ 2.0 194Fidelity MltAsst Bal Inc W Inc -1.3 104 5.7 61 26.0 65 QQQ 2.4 76Fidelity MltAsst Open Str W Acc -0.9 98 6.8 46 30.9 33 QQQQ 2.5 675FP Carmignac Emerging Patrim A GBP Acc H 17.9 1 - - - - - - 24FP Carmignac Patrimoine A GBP Acc H 10.6 2 - - - - - - 23FP Russell Invsmts Mlt Asst Gr II C Acc 0.3 68 5.6 63 - - QQQ 2.4 39FP Russell Invsmts Mlt Asst Gr III C Acc -0.2 83 5.8 59 22.3 79 QQ 3.1 94FP Russell Invsmts Multi Asset Inc C Inc -6.6 155 -5.0 138 9.2 125 Q 3.5 14GS Global MA Bal R Inc GBP PtH 4.0 17 10.6 27 37.6 12 QQQQ 2.7 79GS Global MA Inc R Inc GBP-Prtly Hdg 2.3 41 10.3 28 34.8 19 QQQQ 3.0 67Halifax Cautious Managed C -6.4 152 -2.1 125 17.4 101 QQ 2.7 2569HL Multi-Manager Equity & Bond A Acc -5.9 150 -8.3 142 7.7 128 QQ 3.1 152HSBC World Selection Div Dis Port C Acc -0.2 81 5.6 64 32.5 25 QQQ 3.0 424IFSL Avellemy 4 B GBP Inc 0.8 62 - - - - - - 124IFSL Avellemy 5 B GBP Inc 0.8 60 - - - - - - 392IFSL Beaufort Multi Asset Blend Bal AAcc 3.7 23 - - - - - - 48IFSL Brooks Macdonald Cautious Growth A 0.5 66 7.4 44 28.9 45 QQQQ 2.9 97IFSL James Hambro Harrier Cautious Acc - - - - - - - - 1IFSL Ravenscroft Huntress Balanced B Inc 3.3 25 15.7 5 - - QQQQQ 2.3 16IFSL Sanlam Cautious A Inc 3.1 27 - - - - - - 96IFSL Sanlam Defensive A Acc - - - - - - - - 24IFSL Sinfonia Cautious Managed A Acc -1.0 101 5.4 65 29.8 40 QQQQ 2.4 31IFSL Sinfonia Income and Growth A Acc -2.6 120 3.5 87 29.0 44 QQQ 3.2 29

Invesco Distribution UK Z Acc -0.1 78 4.6 76 19.2 95 QQQ 2.8 1965Invesco European High Inc UK Z Acc -0.2 84 2.0 98 33.2 23 QQQQ 2.8 32



28


Unit Trusts/OEICs


Invesco Global Income Fund UK Z Acc 2.5 38 6.3 53 26.1 64 QQQ 3.6 49Janus Henderson Cautious Mgd I Acc -4.9 141 -2.2 126 11.3 119 QQ 2.9 1148Janus Henderson Mlt-Mgr Distr I Inc -0.6 91 4.6 77 22.8 76 QQQ 2.8 65Janus Henderson Mlt-Mgr Inc & Gr I Inc -0.7 93 4.4 79 24.1 72 QQQ 2.7 224JPM Multi-Asset Income C Net Acc -2.3 116 3.9 82 18.3 98 QQQ 2.9 312

Jupiter Merlin Income I Acc -0.4 87 9.8 32 28.2 51 QQQQ 2.2 2101Kames Diversified Monthly Inc GBP B Inc -3.5 128 5.3 67 28.6 49 QQQ 3.4 842

Kames Ethical Cautious Managed GBP B Acc 1.9 44 3.8 85 15.9 109 QQQQ 2.9 382L&G Distribution Trust I Acc -4.2 136 -2.7 130 10.1 122 QQ 2.6 40L&G Diversified I Acc - - - - - - - - 3L&G Mixed Investment 20-60% I Acc -0.8 97 5.9 57 31.1 31 QQQQ 2.6 1140L&G Mixed Investment Income 20-60% I Acc -4.6 139 1.1 103 - - QQ 2.9 100L&G Multi Manager Income I Acc -1.6 106 2.7 93 23.6 73 QQ 3.2 120LF Aegon Risk-Managed 2 A Acc - - - - - - - - 2LF Aegon Risk-Managed 3 A Acc - - - - - - - - 2LF Canlife Diversified Monthly Inc C Inc -2.5 118 - - - - - - 30LF Canlife Managed 20%-60% C Acc -0.4 88 - - - - - - 34LF Canlife Portfolio IV C Acc 0.1 73 7.9 39 27.6 55 QQQQ 2.1 245

LF Miton Cautious Multi Asset B Acc 2.1 42 6.8 45 30.5 34 QQQ 2.8 444LF Ruffer Total Return C Acc 5.6 11 9.9 31 22.3 80 QQQ 1.8 3328

Liontrust Sust Fut Defesv Mgd 2 Net Inc 7.3 7 21.2 2 48.6 5 QQQQQ 2.3 478M&G Episode Allocation GBP I Acc -3.1 125 -2.4 128 21.8 82 QQQ 3.3 471

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Artemis Instl Global Capital IN Acc -2.6 267 5.0 251 55.6 205 QQQ 4.3 44AS SICAV I Glbl Mid-Cap Eq X Acc H GBP - - - - - - - - 15

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ASI Global Uncons Eq P1 Acc 4.8 178 18.5 175 60.0 197 QQ 4.4 124ASI World Equity Enhanced Index B Acc 5.5 168 21.9 150 80.8 116 QQQQ 4.2 164Aviva Investors Climate Trnstn Glb Eq 2 - - - - - - - - 104Aviva Investors Glb Eq Uncons 2 GBP Acc 4.6 186 - - - - - - 121Aviva Investors Global Eq Endur 2 £ Acc 8.2 117 - - - - - - 272Aviva Investors Intl Idx Tr 2 £ Acc 7.1 137 26.8 117 91.2 79 QQQQ 4.2 555AXA Framlington Global Thematics Z Inc 23.3 22 52.5 21 125.8 18 QQQQ 4.6 73AXA Rosenberg Global Z 0.2 246 15.0 203 69.7 153 QQQ 4.4 296

AXAWF Global Factors-Sust Eq F Cap EUR 0.6 244 - - - - - - 711Axiom Concntr Glb Gr Eq A USD Acc 25.1 20 62.9 14 - - QQQQQ 4.9 40Axiom Global Equity A 19.4 39 - - - - - - 136

Baillie Gifford Global Alpha Gr B Acc 20.3 35 46.4 36 137.3 12 QQQQQ 4.7 4630Baillie Gifford Global Discovery B Acc 39.1 5 94.6 2 186.5 3 QQQQQ 6.8 1406

Baillie Gifford Global Stewardship B Acc 49.8 3 83.4 4 - - QQQQQ 5.9 485Baillie Gifford International B Acc 21.2 28 49.8 27 145.7 8 QQQQQ 4.7 1549

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BNY Mellon Long-Term Global Eq Int W Acc 6.4 149 39.8 61 108.9 46 QQQQ 3.8 1357BNY Mellon Sus Global Eq Instl W Acc 12.7 60 - - - - - - 67Brown Advisory Global Leaders C USD Acc 6.6 143 48.6 29 121.2 24 QQQQ 4.1 851Candriam Quant Equities MF Glb C Acc EUR -3.2 272 2.1 262 51.1 218 QQ 4.3 38

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Dimensional International Core Eq Acc 2.0 229 18.5 173 80.9 115 QQQQ 4.5 1011Dimensional International Val Acc -11.8 319 -4.8 280 42.6 240 QQQ 5.3 384

DMS Charteris Global Macro A Acc 4.4 189 16.4 192 61.3 189 - 5.6 5Dodge & Cox Worldwide Global Stk GBP Acc -7.0 299 -1.3 274 56.2 202 QQ 5.1 2636

Dominion Global Trends - Managed GBP I 4.4 187 21.8 152 69.1 156 QQQQ 3.9 -Dominion Global Trends Lxy Cnsmr GBP I -3.0 270 17.4 182 40.1 242 QQ 3.9 71EdenTree Amity International B 4.9 174 12.0 221 63.9 178 QQQ 4.2 118EF Brompton Global Equity B GBP Acc 6.6 144 20.9 157 72.2 144 QQQ 4.0 14EF WM Global Corp Autonomies I GBP Acc -3.1 271 15.2 200 76.5 130 QQQ 4.0 9Electric & General Net Income A 4.4 191 33.1 84 94.9 69 QQQQQ 3.6 106Equitile Resilience Feeder A GBP Acc 14.2 54 42.9 47 - - QQQ 5.4 -ES AllncBernst Lw Vlt Glb Eq I GBP Inc - - - - - - - - 2ES R&M Global High Alpha Fund B Acc -4.7 283 -1.9 277 - - QQ 5.5 120ES R&M Global Recovery Fund B Inc -7.1 300 -8.8 286 43.1 236 QQ 5.5 323Federated Hermes Glb Eq ESG F GBP Acc 8.1 119 20.8 159 81.5 111 QQQQ 4.1 924Federated Hermes Glb Eq F GBP Acc 7.1 136 23.2 142 86.7 90 QQQQQ 4.1 21Federated Hermes Glb Sm Cp Eq F GBP Acc -4.9 284 12.4 219 63.6 181 QQQ 5.0 73Federated Hermes Imp Opps Eq F GBP Acc 15.4 49 - - - - - - 270Federated Hermes SDG Enggmt Eq F GBP Acc -5.8 292 - - - - - - 671Fidelity Allocator World W Acc 1.8 230 20.7 160 77.5 125 QQQ 4.2 59Fidelity Global Cnsmr Inds W-Acc-GBP 11.8 69 42.6 48 118.1 29 QQQQQ 3.6 915

Fidelity Global Financial Svcs W-Acc-GBP -5.6 290 2.1 263 53.0 214 QQQQ 4.6 472Fidelity Global Focus W Acc 9.9 91 40.6 57 109.9 44 QQQQQ 4.5 480Fidelity Global Health Care W-Acc-GBP 5.5 166 37.7 67 71.9 145 QQQQ 3.6 1054Fidelity Global Industrials W-Acc-GBP -6.3 296 5.6 249 59.5 199 QQ 5.1 58

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Fundsmith Equity T Acc 9.3 103 50.3 25 156.0 6 QQQQQ 3.9 18834Fundsmith Sustainable Equity I Inc 6.9 140 - - - - - - 385GAM Global Diversified Instl GBP Acc 5.7 164 -0.3 270 36.7 247 QQ 4.2 95

GAM Multistock Luxury Brands Eq GBP Ra 2.4 222 28.1 105 83.5 100 QQQQ 4.1 215GAM Star Comps Glbl Eq Ord GBP Acc 9.9 92 24.1 136 73.0 142 QQQ 3.8 111GAM Star Disruptive Gr Instl GBP Acc 32.7 10 88.6 3 210.4 2 - 5.0 245GAM Star Worldwide Equity Ord GBP Acc 5.9 159 5.7 248 42.9 238 QQ 4.1 46GS Glb Sm Cp COREÆ Eq R Inc GBP Snap -8.0 306 6.3 245 64.1 177 QQQQ 5.8 337GS Glbl Eq Ptnrs ESG R Inc USD 7.7 123 34.3 76 87.7 87 QQ 3.9 26GS Global COREÆ Eq R Acc USD Snap 3.5 207 18.5 174 85.8 92 QQQQ 4.6 2901GS Global Equity Income R Inc GBP -5.2 286 11.2 224 57.2 200 QQQ 3.8 11GS Global Equity Ptnrs R Inc GBP 9.1 105 33.6 81 84.4 98 QQQ 4.0 655GS Global Millennials Eq R Inc USD 30.9 12 67.4 11 143.7 10 QQQQQ 4.4 639Guinness Global Energy X -41.5 331 -42.5 294 -32.0 257 QQ 8.1 107Guinness Global Innovators Y GBP ACC 26.2 18 45.9 37 136.9 14 QQQQ 4.8 266Guinness Global Money Managers X 0.6 242 -5.5 282 27.7 252 QQQ 6.1 4Guinness Sustainable Energy X GBP Acc 35.7 7 47.6 32 80.3 119 QQ 6.1 32Halifax Ethical C 2.8 216 17.4 183 66.8 167 QQQ 4.0 176Halifax Fund of Invmt Trusts C -0.2 250 6.4 244 47.8 227 QQQ 4.9 359Halifax Intl Gr C 1.8 231 13.0 217 67.0 164 QQQQ 4.0 1793

Harris Associates Global Eq R/A USD -9.0 308 -5.6 283 37.1 246 Q 5.9 947Heriot Global A Acc 11.7 72 42.6 49 109.8 45 QQQQ 3.7 136HL Multi-Manager Special Sits A Acc -1.0 257 3.3 258 42.9 239 QQQ 4.4 1090HL Select Global Growth Shares A GBP Acc 20.5 34 - - - - - - 469

HSBC FTSE All-World Index C Acc 6.1 153 24.6 132 87.7 86 QQQQ 4.1 2476IFSL CAF International Equity A Acc 5.3 169 21.8 153 79.5 121 QQQ 4.4 24


29 Œ „ ´ ‰ ˆ Á




IFSL Equilibrium Global Equity A Acc - - - - - - - - -IFSL Ravenscroft Huntress GlbBlueChpBInc 3.6 205 27.9 107 - - QQQQQ 3.2 11Invesco Global Equity UK Z Acc 1.0 236 0.1 267 46.0 231 Q 4.6 1129Invesco Global ex UK CorEqIdxUK(NoTr)Acc 1.2 235 7.1 240 62.5 184 QQQ 4.4 42Invesco Global ex UK Enh Idx UK Z Acc 4.8 179 20.0 162 81.4 113 QQQQ 4.3 62Invesco Global Focus UK Z (Acc) 40.5 4 38.9 63 116.4 35 QQQQQ 5.5 202Invesco Global Smaller Coms UK Z Acc -0.4 254 3.3 257 60.3 195 QQQQ 5.4 581Janus Henderson Glb Research A2 USD 6.1 154 25.5 126 71.4 146 QQ 4.2 46Janus Henderson Global Equity I Acc 15.6 47 38.3 66 116.2 36 QQQQ 4.3 670Janus Henderson Global Sust Eq I Acc 22.1 25 51.8 23 121.7 23 QQQQQ 4.4 1070Janus Henderson Instl Gl 50/50IdOpp 3Acc -5.0 285 4.5 254 47.5 229 QQQ 4.0 37Janus Henderson Mlt-Mgr Global Sel I Acc 2.9 214 11.4 222 54.8 209 QQQ 3.9 56JOHCM Global Opportunities A GBP Acc -6.3 295 - - - - - - 405JOHCM Global Opps Offshore A GBP Inc -6.3 297 11.2 223 63.6 180 QQQ 2.9 397JOHCM Global Select A GBP 11.4 77 40.0 59 92.2 75 QQQ 4.0 1365JPM Global Equity A (dist) GBP -0.2 252 8.9 233 55.3 207 QQQ 4.5 143JPM Global Focus A (dist) USD 7.2 134 19.9 165 79.7 120 QQQ 4.2 1310JPM Global Research Enh Idx Eq E Acc - - - - - - - - 326JPM Global Unconstrained Eq C Net Acc 21.0 30 42.0 53 101.2 52 QQQ 4.1 452JPM Multi-Manager Growth C Net Acc 7.6 125 22.0 149 71.3 147 QQQQ 4.0 360Jupiter Ecology I Acc 8.3 114 14.9 204 65.1 172 QQQ 4.6 538Jupiter Fund of Investment Trusts I Acc 8.7 109 18.1 178 60.5 194 QQQQ 4.8 109Jupiter Global Elgy Gr D EUR A Inc Dist 7.8 122 15.1 201 64.9 174 QQQ 4.5 11Jupiter Global Managed I Acc 2.2 225 26.9 115 82.4 108 QQQQ 3.7 310Jupiter Global Sustainable Eqs P Acc 11.5 75 - - - - - - 43Jupiter Global Value Equity Instl Acc -7.6 304 - - - - - - 150Jupiter Global Value L GBP A Inc -9.3 309 -5.0 281 41.7 241 QQQ 4.5 203Jupiter Merlin Worldwide Portfolio I Acc 0.6 243 17.7 181 60.1 196 QQQ 3.5 469Kames Global Equity GBP B Acc 9.7 97 22.1 148 82.8 106 QQQQ 5.4 91Kames Global Sustainable Eq GBP B Acc 33.4 9 63.1 13 - - QQQQQ 5.6 170

Kempen (Lux) Global Small-Cap I GBP -0.4 255 10.0 228 84.9 96 QQQQ 6.6 594Kennox Strategic Value Institutional Acc -14.6 323 -12.4 288 22.3 254 QQ 3.1 106L&G Future Wld Clmt Chg Eq Fct Idx I Acc -0.3 253 - - - - - - 81L&G Future World ESG Dev Idx I GBP Acc 9.0 106 - - - - - - 172L&G Glbl Dev Four Fac Idx J Acc -3.9 277 - - - - - - -L&G Global 100 Index I Acc 12.5 64 39.9 60 116.9 33 QQQQQ 4.1 280L&G Global Equity Index I Acc 4.9 173 24.6 133 87.9 85 QQQQ 4.2 154L&G Global Health & Pharma Index I Acc 10.4 87 33.5 82 77.5 126 QQQQ 3.7 621L&G Global Infrastructure Index I Acc -10.0 314 - - - - - - 433L&G Global Robotics&Atmtn Idx I GBP Acc - - - - - - - - -

L&G International Index I Acc 6.0 155 27.3 110 95.2 68 QQQQQ 4.2 2286Lazard Global Eq Franchise A Acc USD -11.9 321 -0.5 271 60.7 192 QQ 5.4 211Lazard Global Lstd Infras Eq A Acc GBP -5.9 293 2.2 261 43.8 234 QQQ 3.8 1416Lazard Global Managed Vol A Acc USD -11.6 318 5.9 247 56.6 201 QQQ 3.4 110Lazard Global Strategic Eq A Acc USD 7.2 131 31.9 90 83.4 102 QQ 3.8 9Lazard Global Sustainable Eq A Acc USD 6.3 150 33.4 83 94.3 70 QQQ 3.8 16Lazard Global Thematic A Acc USD 5.9 160 35.4 73 93.7 71 QQQQQ 3.9 19Lazard Managed Equity A Acc -5.5 289 8.7 234 47.7 228 QQQ 4.0 74Legg Mason MC Glb L-T Uncons X GBP Acc 12.1 66 44.6 41 - - QQQQ 3.6 50LF Adam Worldwide Acc -7.1 301 3.0 259 44.5 233 QQ 4.0 15LF Blue Whale Growth R Sterling Acc 21.1 29 - - - - - - 521LF Canlife Global Equity C Acc 8.4 113 24.9 131 77.3 128 QQQQ 4.0 740LF Heartwood Adventurous I Acc 11.7 71 - - - - - - 16LF Macquarie Global Infras Secs B Acc -10.7 315 1.6 266 47.1 230 QQQ 4.2 39LF Majedie Global Equity X GBP Acc 10.4 86 32.9 85 96.5 63 QQQ 4.2 40LF Majedie Global Focus X GBP Acc 3.2 211 24.0 138 74.5 138 QQQ 4.0 194LF Montanaro Better World A GBP Acc - - - - - - - - 24LF Montanaro Global Select A GBP Acc - - - - - - - - 7

Lindsell Train Global Equity B GBP Inc -4.1 279 42.2 51 125.0 20 QQQQ 3.7 7650Liontrust Global Equity C Acc GBP 27.2 17 49.9 26 105.0 47 QQQ 4.3 192Liontrust Global Smaller Coms C Acc GBP 20.1 36 61.7 15 99.2 56 QQQQQ 5.9 14Liontrust Sust Fut Glbl Gr 2 Net Acc 25.6 19 59.3 17 133.4 15 QQQQ 4.3 803LO Funds Emerging Hi Convc USD NA 11.4 76 6.6 243 67.5 163 QQQQ 4.1 308LO Funds Golden Age USD NA 2.1 227 28.2 104 69.8 152 QQ 3.8 632

M&G Global Dividend GBP I Acc -1.8 260 10.3 227 70.5 150 QQQQ 5.1 2011M&G Global Enhanced Equity Pre I GBP Acc - - - - - - - - 60M&G Global Listed Infras GBP I Acc -4.0 278 - - - - - - 290M&G Global Select GBP I Acc 4.9 171 29.4 97 82.7 107 QQQQ 4.5 555M&G Global Strategic Value GBP I Acc -9.8 312 -6.4 285 38.0 244 QQ 4.8 252M&G Global Themes GBP I Acc 2.4 223 22.1 147 88.6 83 QQQ 4.3 2168M&G Positive Impact Sterling I GBP Acc 9.9 93 - - - - - - 104Margetts Intl Strategy R GBP Acc 2.7 218 13.1 214 62.0 186 QQQ 4.1 110Margetts Opes Growth R GBP Acc 2.9 213 14.2 209 59.9 198 QQQQ 4.2 17Marlborough Global P Acc 4.7 183 14.0 210 61.8 187 QQ 4.5 21McInroy & Wood Smaller Comps Pers Inc 7.5 128 27.3 111 83.4 101 QQQQQ 4.5 146Merian Global Equity R GBP Acc 3.9 201 18.1 177 85.7 94 QQQQQ 4.5 872Merian World Equity U1 GBP Acc 4.1 197 17.0 185 81.8 110 QQQQ 4.6 159MFS Meridian Global Concntr W1 GBP 0.1 248 25.0 129 - - QQ 4.0 754MFS Meridian Global Equity Inc WH1 GBP 0.9 238 -0.6 272 - - - 4.5 2

MFS Meridian Global Equity W1 GBP -1.6 258 21.0 156 82.9 104 QQQ 4.1 2991MFS Meridian Global Rsrch Focus W1 USD 4.4 188 28.7 101 91.0 80 QQQQ 3.9 117MI Charles Stanley UK & Intl Gr A Acc -5.4 288 2.3 260 37.8 245 QQ 4.2 111MI Metropolis Value A Acc 9.4 101 9.0 232 65.5 170 QQQ 3.9 136MI Thornbridge Global Opps C Acc -11.8 320 0.1 268 54.6 210 QQQ 4.7 60Mirabaud Sustainable Glbl Fcs D GBP Acc 2.6 219 48.3 30 98.4 59 QQQ 3.7 371Montanaro Better World GBP 14.1 55 - - - - - - 272Morgan Stanley UK Global Brands I GBP 5.5 167 45.0 39 124.2 22 QQQQQ 3.6 1437Morgan Stanley UK Global Sustain I Acc - - - - - - - - 33MS INVF Emerging Leaders Equity Z 30.9 13 39.7 62 115.9 37 QQQQQ 5.1 306MS INVF Global Brands I 5.0 170 44.8 40 125.3 19 QQQQQ 3.6 14279MS INVF Global Opportunity Z 36.4 6 83.1 5 237.2 1 QQQQQ 4.8 12268MS INVF Global Quality I 6.4 148 42.4 50 114.4 39 QQQQ 3.6 1684MT Total Return 10.8 81 20.5 161 60.8 190 QQQQ 3.6 416New Capital Glbl Eq Convict USD Ord Acc 18.9 40 53.4 20 119.1 28 QQQQ 4.1 252NFU Mutual Global Growth C -8.5 307 -6.0 284 60.7 191 Q 5.2 24Nikko AM Global Equity D GBP Acc 10.6 82 46.7 34 - - QQQQ 4.0 118Ninety One Global Dynamic I Acc £ 4.3 193 18.8 171 68.9 158 QQQQ 4.9 235Ninety One Global Environment I 14.9 52 - - - - - - 97Ninety One Global Equity I Acc £ 6.6 145 23.4 140 75.9 132 QQQQ 4.5 129Ninety One Global Franchise I Acc 6.5 147 38.4 65 113.8 41 QQQQ 3.7 130Ninety One Global Quality Eq Inc I Inc-2 3.7 203 24.3 135 82.9 105 QQQQQ 3.4 23Ninety One Global Special Sits I Acc -20.8 328 -20.5 292 23.9 253 QQ 7.4 136

Ninety One Global StrategicEq I Acc £ 2.3 224 16.9 186 75.6 134 QQQQ 4.7 426Nomura Fds Global High Conviction I USD 8.3 115 43.4 44 - - QQQ 4.0 24Nordea 1 - Global Climate & Envir BC GBP 15.6 46 32.6 88 - - QQQQ 4.5 3179

Orbis OEIC Global Equity Standard 4.4 190 8.3 238 85.1 95 QQQQ 4.6 83Overstone UCITS Smaller Coms A USD -2.0 261 3.5 256 21.3 255 QQ 7.0 20

Pictet - Global Envir Opps I dy GBP 15.2 51 37.5 68 118.0 30 QQQQQ 4.3 3302Pictet - Global Thematic Opps-I GBP 9.2 104 30.4 94 - - QQ 4.2 825Pictet SmartCity I dm GBP 5.6 165 27.6 109 78.7 124 QQQQ 4.0 1292Pictet-Clean Energy I dy GBP 20.9 31 32.9 86 91.2 78 QQQQ 4.9 1034Pictet-Global Megatrend Sel I dy GBP 9.6 100 31.7 91 95.2 66 QQQQQ 4.3 8314Pictet-Premium Brands I dy GBP 4.6 185 31.7 92 74.9 137 QQQ 4.4 519Pictet-Security I dy GBP 7.2 132 38.8 64 103.6 49 QQQQQ 4.5 4966Pictet-Water I dy GBP 4.7 182 28.4 103 101.2 53 QQQQQ 4.0 5334PIMCO GIS RAE Glbl Dev Instl GBP UnH Acc -9.9 313 -1.3 275 48.7 225 QQQ 4.4 35Polar Cptl Atmtn & Artfcl Intllgnc I Acc 28.3 15 - - - - - - 457


Premier Global Alpha Growth C Acc 14.4 53 16.5 190 69.3 154 QQQQ 4.5 99Prima Adventurous Acc - - - - - - - - 2Principal Global Equity I Acc USD 8.5 112 15.0 202 60.6 193 QQQQ 4.2 12Purisima Global Total Return A 20.9 32 41.9 54 117.0 32 QQQQQ 4.7 4954Quilter Inv Glbl Dyn Eq R (GBP) Acc 1.7 232 15.5 196 61.7 188 QQ 4.2 403Quilter Inv Glbl Eq Idx U2 (GBP) Acc 7.9 120 29.4 99 97.7 60 QQQQQ 4.1 282Quilter Investors Ethical Eq R (GBP) Acc 6.9 139 14.6 207 73.8 139 QQQQ 4.7 120Quilter Investors Glbl Eq Gr U2 GBP Acc 10.4 85 32.8 87 99.6 54 QQQQQ 4.2 64Quilter Investors Glbl Uncons EqR £ Acc -26.4 330 -15.8 291 9.2 256 Q 6.6 100

Rathbone Global Opportunities I Acc 21.3 27 57.5 18 132.5 16 QQQQQ 4.4 2600Rathbone Global Sustainability I Acc 20.7 33 - - - - - - 18

Robeco BP Global Premium Eq F GBP -11.0 317 -3.6 279 - - Q 4.5 940Royal London Global Equity Divers M Acc 5.9 158 - - - - - - 2641Royal London Global Equity Select M Acc 10.4 84 - - - - - - 236Royal London GMAP Dyn M GBP Acc -4.1 280 6.8 241 - - QQ 4.1 58Russell Inv Global List Infras I GBP -15.5 324 -1.7 276 48.7 224 QQQ 4.5 281Russell Inv World Equity I 2.5 220 19.5 166 81.4 112 QQQQ 4.0 1345RWC Global Horizon R GBP Cap -2.0 262 9.4 230 63.0 183 QQQ 4.8 253S&W Aubrey Global Conviction 35.6 8 73.3 9 168.8 5 QQQQQ 5.9 74Sanlam Global High Quality C GBP Acc 0.0 249 19.3 169 95.4 64 QQQ 3.4 409Sanlam Global Value A GBP -6.8 298 -1.3 273 33.3 249 QQ 4.7 44Sarasin IE Global Eq Opps GBP P Acc 4.8 175 21.9 151 75.9 133 QQQ 4.1 172Sarasin IE Global Eq Opps USD P$ Acc 4.9 172 22.1 146 77.4 127 QQQ 4.1 78Sarasin Responsible Glb Eq Stg Hdg P Acc 15.9 45 34.1 78 62.0 185 - 4.4 55Sarasin Responsible Global Equity P Acc 11.5 73 37.0 69 95.2 67 QQQ 3.8 147Sarasin Thematic Global Eq Stg Hdg P Acc 11.9 68 26.8 118 51.9 217 - 4.9 124Sarasin Thematic Global Equity P Acc 6.7 142 26.6 119 79.3 122 QQQ 4.2 221Schroder Global Equity I Acc 11.3 78 35.7 72 103.2 50 QQQ 3.9 578Schroder Global Healthcare Z Acc 19.9 37 46.7 33 92.4 74 QQQQQ 3.9 398

Schroder Global Recovery Z Acc GBP -18.4 325 -15.1 290 - - QQ 5.1 253Schroder ISF Global Energy Z Acc EUR -43.3 332 -50.9 295 -51.9 258 Q 13.0 279Schroder ISF Global Eq Alp Z Acc EUR 13.6 57 32.4 89 95.3 65 QQ 4.1 1295Schroder ISF Global Eq Yld Z Acc EUR -19.1 326 -12.7 289 29.6 251 QQ 4.3 182

Schroder ISF Global Smlr Coms C Acc USD -3.2 274 3.7 255 52.4 215 QQQ 5.6 133Schroder MM International Z Acc 3.7 204 14.5 208 63.6 179 QQQQ 3.9 174Schroder QEP Glbl Active Val Z Acc -6.1 294 -2.0 278 42.9 237 QQQ 4.2 872

Schroder QEP Global Core Eq A Acc 3.6 206 21.7 154 80.4 118 QQQQ 4.0 717Scottish Widows Global Growth G Acc 2.1 228 14.7 206 69.0 157 QQQ 4.1 813Scottish Widows Global Sel Gr A 11.8 70 23.4 141 75.4 135 QQQ 3.9 14Scottish Widows Intl Eq Tracker I Acc 4.8 177 24.0 137 86.2 91 QQQQ 4.0 111Seilern World Growth USD U I 9.7 99 60.4 16 151.7 7 QQQQQ 4.0 1289SKAGEN Global A 3.4 208 30.1 95 92.0 77 QQQQ 3.8 2638SKAGEN Kon-Tiki A -2.6 268 -9.2 287 48.8 223 QQ 4.6 1164SLI International Trust 8.9 108 25.8 125 81.8 109 QQQQ 4.1 1531SPW MM International Equity A Acc 4.6 184 16.4 191 72.7 143 QQQ 4.2 2997Stewart Inv Wldwd Ldrs Sustnby B Acc GBP 3.8 202 16.7 187 73.8 140 QQQQ 2.6 33

Stewart Investors Wldwd Sustbl B Acc GBP 4.8 180 19.3 168 86.9 89 QQQ 3.0 504Stewart Investors Worldwide Eq B Acc GBP 2.4 221 10.7 225 69.3 155 QQQ 2.8 25Stonehage Flmg GlbBest IdeasEq C GBP Inc 12.1 65 49.4 28 116.5 34 QQQQ 3.8 1266SVM World Equity Instl 10.1 89 15.5 195 63.4 182 QQ 5.1 12SVS Church House Esk Global Equity A Acc 10.8 80 25.9 124 83.9 99 QQQQ 3.6 51T. Bailey Growth A Acc 10.2 88 18.4 176 65.5 169 QQQQ 4.6 232T. Rowe Price Glb Foc Gr Eq CAccGBP 31.2 11 73.8 8 - - QQQQQ 4.8 198T. Rowe Price Glb Foc Gr Eq Q GBP 29.2 14 70.4 10 179.1 4 QQQQQ 4.8 2172

T. Rowe Price Glb Growth Eq Q GBP 22.2 23 55.2 19 143.8 9 QQQQ 4.8 360Templeton Growth W Acc 6.2 152 8.1 239 50.9 219 QQQQ 3.9 32Threadneedle Glb Extnd Alp Ins Acc GBP 15.5 48 45.4 38 117.9 31 QQQQ 4.4 219Threadneedle Global Focus Z Grs Acc GBP 16.5 42 - - - - - - 137Threadneedle Global Select Z Acc 11.5 74 43.2 45 119.5 26 QQQQ 4.2 1118TM Stonehage Fleming Global Eqs B Inc 6.0 157 13.4 212 49.8 220 QQ 4.5 113TM Stonehage Fleming Global Eqs II B Inc -2.1 265 1.9 264 34.8 248 QQ 4.3 335TM UBS (UK) - Global Equity C Acc -2.0 264 6.8 242 48.0 226 QQ 4.4 168Trojan Global Equity O Acc 7.5 127 41.5 55 104.8 48 QQQQ 3.8 358UBS (Lux) ES Gl Opp Uncons$ Q-acc 9.8 94 47.7 31 - - QQQQQ 4.0 77UBS Global Optimal C 0.5 245 16.6 189 71.0 148 QQQ 4.8 20UBS MSCI World Minimum Vol Idx C Acc -7.6 303 - - - - - - 216

Vanguard ESG Dev Wld All Cp Eq Idx £ Acc 5.8 162 26.3 122 87.1 88 QQQQ 4.0 826Vanguard ESG Dev Wld All Cp Eq IdxUK£Acc - - - - - - - - 26

Vanguard FTSE Dev Wld ex-UK Eq Idx £ Acc 6.5 146 29.1 100 97.3 61 QQQQQ 4.0 8084Vanguard FTSE Glb All Cp Idx £ Acc 4.0 199 22.3 145 - - QQQQ 4.1 504

Vanguard Glb Small-Cp Idx £ Acc -3.2 273 8.4 237 64.1 176 QQQQ 5.3 1676Vanguard Global Equity A GBP Acc 11.3 79 26.6 120 - - QQQQ 4.3 111Vanguard Global Stock Index Inv EUR Acc 4.8 181 26.1 123 88.3 84 QQQQ 4.0 8329Vanguard LifeStrategy 100% Equity A Acc -0.2 251 15.6 194 70.6 149 QQQ 3.9 2088

Veritas Global Focus A GBP 4.8 176 24.9 130 93.1 73 QQQQQ 4.0 2632Veritas Global Focus A GBP 4.8 176 24.9 130 93.1 73 QQQQQ 4.0 2632

Virgin Global Share -3.4 276 1.9 265 49.4 221 QQ 3.9 113VT Cantab Sustainable Glbl Eq A GBP Acc - - - - - - - - 5VT Gravis Clean Energy Income C GBP Acc 15.2 50 - - - - - - 127VT Greystone Global Growth R Acc 9.8 96 26.9 114 85.8 93 QQQQ 4.5 89VT Price Value A GBP Acc 14.0 56 23.1 144 76.7 129 - 4.8 51VT Redlands Equity A GBP Acc 4.3 194 17.8 179 - - QQQ 4.2 318VT Tyndall Global Select A GBP Acc 7.2 135 36.7 71 89.4 82 QQQQ 3.7 34Waverton Global Equity A GBP 4.0 200 15.7 193 68.3 160 QQQ 4.0 111Waverton Tactical Equity A GBP 12.6 61 12.0 220 49.0 222 QQQ 3.6 142Wellington Durable Entrprs N GBP Acc UnH -7.9 305 - - - - - - 189Wellington Durb Coms N GBP Inc UnH -7.2 302 17.7 180 - - QQQQ 3.7 341Wellington Enduring Assts GBP N Acc UnH -9.4 310 9.2 231 65.2 171 QQQQ 3.0 222Wellington Glbl Quality Gr N GBP H Acc 10.0 90 52.0 22 136.9 13 QQQQQ 4.0 6133Wellington Global HlthC Eq N GBP Acc Unh 19.9 38 34.6 75 80.6 117 QQQQ 4.7 2718Wellington Global Impact N GBP Acc Unhdg 5.7 163 31.6 93 - - QQQQ 4.4 322Wellington Global Innovation N GBP UnH 27.6 16 75.5 7 - - QQQQQ 5.2 137Wellington Global Stewards N UnH USD Acc 4.2 196 - - - - - - 1Wesleyan International Growth X Acc 2.2 226 20.9 158 - - QQQ 4.2 33Winton Global Equity I GBP Acc -1.7 259 13.0 216 55.8 203 QQ 4.2 23Sector average/count 6.0 333 24.2 296 80.0 259 4.4 809

Global Equity IncomeAptus Global Financials B Acc -11.3 46 -25.1 49 1.6 39 QQ 8.1 45Architas Global Equity Income A Acc 0.0 17 12.6 19 - - QQQ 4.3 3Artemis Global Income I Inc -9.2 45 -8.3 41 27.6 33 QQQ 4.9 1314ASI Global Income Equity P1 Acc -3.5 29 8.3 27 47.3 23 QQQQ 3.7 116ASI World Income Equity I Acc -14.5 51 -11.5 46 28.2 32 QQ 3.9 39Aviva Investors Global Eq Inc 2 GBP Acc 1.3 13 21.6 10 71.8 8 QQQQ 3.8 205Baillie Gifford Global Inc Growth B Inc 7.9 4 28.8 3 95.2 1 QQQQQ 3.5 651Baillie Gifford Rspnb Glb Eq Inc B Inc 8.8 2 - - - - - - 136BlackRock Global Income D Acc -3.2 27 8.5 26 60.5 16 QQQQ 3.5 144

BNY Mellon Global Income Inst W Acc -7.7 42 11.3 22 69.4 9 QQQQQ 3.4 3922BNY Mellon Sust Glbl Eq Inc Inst W Acc -5.2 36 - - - - - - 46Courtiers Glbl (ex UK) Eq Inc Retl R -2.7 25 -2.9 37 - - QQ 4.3 23Davy Defensive Equity Income H GBP Acc -0.3 19 10.9 23 - - QQQQ 2.3 100Davy Global Equity Income U GBP Acc -3.3 28 12.5 20 - - QQQQ 3.3 12

Fidelity Global Dividend W Inc -0.8 21 20.9 11 75.9 6 QQQQQ 2.8 1772Fidelity Global Enhanced Income W Inc -2.5 24 15.4 15 67.4 11 QQQQQ 2.7 414Fidelity Global Infras W-Acc-GBP -17.2 53 -10.6 45 13.3 38 - 4.2 67GlobalAccess Global Eq Inc M Acc GBP Hdg 5.0 7 -1.2 36 17.0 37 - 5.1 96Guinness Global Equity Income Y GBP Acc 1.2 15 25.3 4 78.8 2 QQQQQ 3.3 1001

30



Unit Trusts/OEICs

HSBC Global Equity Income C Inc 4.1 8 20.5 12 - - QQQQ 3.8 55Invesco Global Equity Inc UK Z Acc -5.1 34 0.2 35 42.1 25 QQQ 4.6 570Janus Henderson Global Eq Inc I Inc -4.5 33 3.0 31 48.3 22 QQQ 3.6 661JPM Global Equity Income C Net Acc 1.5 12 24.2 6 76.9 4 QQQQQ 3.9 88Jupiter Global Equity Income I Acc -2.9 26 7.1 29 54.0 18 QQQ 3.4 15Kames Global Equity Income GBP C Inc 0.6 16 19.8 13 76.5 5 QQQQQ 3.8 500

Kempen (Lux) Global High Dividend I GBP -12.2 48 -6.7 40 43.0 24 QQ 5.0 272Lazard Global Equity Income C Acc -5.1 35 0.9 34 40.8 26 QQ 4.3 80Legg Mason IF CB Glb Infras Inc X Inc -0.8 20 14.0 18 - - QQQQQ 3.8 631Legg Mason IF CB Glbl Eq Inc X Inc -14.2 50 -16.8 48 21.3 35 QQ 4.3 14Legg Mason IF MC Glb Eq Inc X Acc £ -1.7 23 15.9 14 61.5 15 QQQQ 3.9 64LF Canlife Global Equity Income C Acc -4.2 31 7.3 28 49.4 20 QQQ 3.3 29LF Miton Global Infrastructure Inc B Acc -6.7 39 9.9 25 - - QQQQ 3.9 42Liontrust Global Dividend C Acc GBP 7.2 5 39.2 1 66.4 12 QQQQ 4.3 43Liontrust Global Income I Inc -14.9 52 -10.2 44 25.8 34 Q 4.6 108Merian Global Eq Inc (IRL) R GBP Inc 1.2 14 10.3 24 75.2 7 QQQQ 4.5 62Mirabaud Sust Glbl Hi Div D GBP Acc -4.0 30 22.7 9 62.0 14 QQQQ 3.5 65Morgan Stanley Glb Brands Eq Inc I Inc 2.9 9 35.0 2 - - QQQ 3.5 52Overstone Global Eq Inc Fd I Acc -12.7 49 -3.4 38 35.0 29 QQ 4.7 92Premier Global Infrastructure Inc C Inc -12.0 47 -8.3 42 34.0 30 QQ 4.3 45Premier Global Optimum Income C GBP Inc 8.8 3 - - - - - - 21Quilter Inv Glbl Eq Val U2 (GBP) Acc -7.1 41 11.9 21 69.2 10 QQQQQ 3.4 269Royal London Global Equity Income M Inc - - - - - - - - 20Sarasin Global Dividend P Acc 1.6 11 25.0 5 76.9 3 QQQQQ 3.8 151Sarasin Global Dividend Stg Hdg P Acc 5.4 6 23.7 7 49.6 19 - 4.3 119Sarasin Global Higher Div P Acc -1.4 22 14.7 16 65.3 13 QQQQ 3.4 375Sarasin Global Higher Div Stg Hdg P Acc 2.9 10 14.7 17 38.7 27 - 3.8 92Schroder Global Equity Income Z Acc -18.2 54 -12.0 47 30.2 31 QQ 4.4 194TB Chawton Global Equity Inc B GBP Inc 10.1 1 - - - - - - 10TB Evenlode Global Income B GBP Inc -4.2 32 - - - - - - 690TB Saracen Global Income and Growth BAcc -8.8 44 -9.1 43 35.8 28 QQ 4.8 82Threadneedle Glbl Eq Inc Z Inc GBP -6.4 38 3.8 30 48.5 21 QQQ 3.9 226Trojan Global Income O Acc -0.2 18 23.2 8 - - QQQQQ 3.1 388UBS Global Enhanced Equity Income C Acc -6.2 37 -4.9 39 18.2 36 Q 3.8 40Vanguard Global Equity Income A GBP Acc -7.1 40 0.9 32 - - QQQ 3.8 38

Veritas Global Equity Income A GBP -8.5 43 0.9 33 57.0 17 QQQ 3.6 330Veritas Global Equity Income A GBP -8.5 43 0.9 33 57.0 17 QQQ 3.6 330

Sector average/count -3.4 55 7.9 50 50.3 40 4.0 303

SMALLER COMPANIESUK Smaller Companies

Aberforth UK Small Companies Acc -23.1 51 -27.3 47 -11.9 45 Q 7.2 100Artemis UK Smaller Companies I Acc -18.8 50 -15.5 46 20.3 36 QQ 6.5 329

ASI (AAM) UK Smaller Companies I Acc 13.6 6 16.5 11 48.4 17 QQQQ 5.9 83ASI UK Smaller Companies P1 Acc 12.5 7 30.6 2 78.7 6 QQQQQ 5.7 1703

Aviva Investors UK Smaller Coms 2 £ Acc 3.7 24 10.2 17 34.6 29 QQQ 5.7 34AXA Framlington UK Smlr Coms Z GBP Acc 2.5 27 5.1 23 43.1 20 QQQQ 6.3 182Baillie Gifford British Smlr Coms B Acc 17.8 3 1.1 30 19.4 38 QQQ 6.4 186BlackRock UK Smaller Companies D Acc -1.1 34 4.7 25 48.8 16 QQQ 6.2 442BMO UK Smaller Companies 2 Acc -5.9 42 -3.3 33 27.2 34 QQQ 6.2 24Castlefield B.E.S.T Sust UK SmComs Instl 3.1 25 3.0 28 46.6 19 QQQ 5.5 13Dimensional UK Smlr Coms Acc -10.5 46 -7.7 39 10.6 42 QQ 6.2 347ES R&M UK Equity Smaller Coms Fd B Acc 12.3 8 10.6 16 49.3 15 QQQQQ 5.1 295Fidelity UK Smaller Companies W Acc -10.6 47 -7.9 40 19.7 37 QQ 6.2 275FP Octopus UK Micro Cap Growth P Acc 17.3 4 29.0 4 90.0 4 QQQQQ 5.4 44

Franklin UK Smaller Companies W Acc 0.7 30 4.0 27 27.7 32 QQQ 5.6 249Halifax Smaller Coms C -7.7 45 -10.7 45 13.1 39 QQ 6.8 121Invesco UK Smaller Coms Eq UK Z Acc -6.6 43 5.1 24 47.4 18 QQQ 5.6 577Janus Henderson UK Smaller Coms I Acc 0.9 29 4.2 26 36.6 28 QQQQ 6.3 208Janus Henderson UK&Irish Smr Coms I Acc -0.5 33 -8.3 41 6.2 44 QQ 6.2 105JPM UK Smaller Companies C Acc 7.4 15 16.2 12 37.4 26 QQQ 6.2 170Jupiter UK Smaller Companies Fd I -5.0 41 8.4 19 75.2 8 QQQ 6.8 235Kames UK Smaller Companies GBP B Acc 3.0 26 6.2 22 32.3 30 QQQ 5.9 240L&G UK Smaller Companies I Acc -2.5 36 -5.7 36 8.8 43 QQ 5.5 241Lazard UK Smaller Companies C Inc -4.3 39 -8.7 43 11.9 40 QQ 6.2 9LF Gresham House UK Micro Cap C Acc 8.8 12 21.6 8 61.7 10 QQQQQ 5.2 255LF Gresham House UK Smaller Coms C Acc 5.6 19 - - - - - - 4LF Miton UK Smaller Companies B Acc 36.8 1 17.5 9 41.6 21 QQQ 6.6 66LF Tellworth UK Smaller Companies R Acc -4.7 40 - - - - - - 294Liontrust UK Micro Cap I Acc 13.7 5 35.0 1 - - QQQQQ 5.6 91

Liontrust UK Smaller Companies I Inc 11.8 9 29.1 3 91.7 3 QQQQQ 5.4 1080M&G Smaller Companies GBP I Acc -3.3 37 -3.6 34 27.7 31 QQQ 5.9 377Marlborough Nano Cap Growth P Acc 4.7 22 23.2 7 77.5 7 QQQQ 6.8 194Marlborough Special Situations P Acc 8.5 14 8.5 18 51.8 14 QQQQ 5.8 1230Marlborough UK Micro Cap Growth P Acc 10.8 11 15.2 13 67.5 9 QQQQQ 6.2 1110

Merian UK Smaller Companies R GBP Acc 7.3 16 2.1 29 58.8 12 QQQQ 6.3 1155Merian UK Smaller Coms Foc R GBP Inc 4.7 21 -4.6 35 86.2 5 QQQQ 6.9 321

MFM Techinvest Special Situations A Acc 33.2 2 8.4 20 59.0 11 QQQ 7.3 7MGTS AFH DA UK Smaller Coms I GBP Acc 0.5 31 - - - - - - 126MI Downing UK Micro-Cap Growth B -12.4 49 -34.4 48 -19.2 46 Q 4.9 18MI Sterling Select Companies Inc -11.0 48 -8.7 42 38.7 24 QQQ 6.7 37Ninety One UK Smaller Companies I Inc 5.6 18 10.9 14 41.2 22 QQQQ 5.8 225Royal London UK Smaller Companies M 5.7 17 10.8 15 38.3 25 QQQQ 5.5 296Schroder Instl UK Smaller Cos I Acc 0.2 32 -0.3 31 39.3 23 QQQQ 5.8 534Schroder UK Dynamic Smaller Coms Z Acc -2.1 35 -7.1 38 27.5 33 QQQ 6.3 202Schroder UK Smaller Companies Z Acc 5.1 20 -0.4 32 37.1 27 QQQ 6.5 420Scottish Widows UK Smlr Coms A -7.7 44 -10.6 44 11.8 41 QQ 6.7 47

TB Amati UK Smaller Companies B 8.7 13 23.3 6 93.0 2 QQQQQ 6.4 460Threadneedle UK Smaller Coms Z Inc 11.0 10 7.1 21 56.4 13 QQQQ 6.3 214TM Stnhg Flm AIM B 4.3 23 25.1 5 112.0 1 QQQQ 6.9 68Unicorn UK Smaller Companies A -4.0 38 -6.0 37 22.5 35 QQ 6.7 40VT Teviot UK Smaller Companies Net Acc 1.3 28 17.0 10 - - QQQ 6.8 71Sector average/count 2.8 51 5.0 48 42.2 46 6.1 297

European Smaller CompaniesASI Europe ex UK Smaller Comp P1 Acc 13.0 4 15.2 4 87.0 7 QQQQ 5.0 36

ASI European Smaller Companies I Acc 12.4 5 37.7 1 100.3 2 QQQQQ 5.1 63Barings Europe Select I GBP Inc 2.1 17 10.5 9 79.9 8 QQQQ 4.4 1376

BMO European Smaller Coms R Acc EUR 5.4 14 -0.9 17 27.2 17 QQQ 5.0 12BNY Mellon Small Cap Euroland GBP W Acc 2.1 18 1.3 14 - - QQQ 5.5 45Carmignac Pf Euro-Entrprs W GBP Acc -5.3 25 1.2 15 - - QQ 5.9 20Invesco European Smlr Coms UK Z Acc 1.9 19 -9.0 20 24.1 18 QQ 5.1 115Janus Henderson European Smr Coms I Acc 14.1 3 14.6 5 107.5 1 QQQQ 5.7 184JPM Europe Dynamic Sm Cp A perf(dist)EUR 6.9 13 6.8 11 68.1 9 QQQQ 5.9 455JPM Europe Small Cap A (dist) GBP -0.7 22 -4.6 19 46.4 14 QQQ 5.9 443JPM Europe Smaller Companies C Acc 11.6 7 13.4 7 87.8 6 QQQQ 5.2 186Jupiter European Smaller Coms I GBP Acc - - - - - - - - 17Lazard European Smaller Coms C Acc 3.6 15 -2.0 18 51.5 13 QQ 5.3 224Lazard Pan-European Small Cap C Acc EUR 2.7 16 - - - - - - 68M&G Pan Eurp Sel Smllr Coms GBP I Acc 1.8 20 -12.5 21 35.3 16 QQQ 5.2 141

Merian Europe ExUK Smlr Coms R GBP Acc -2.0 24 -13.6 22 45.9 15 QQ 5.8 16MFS Meridian European Smlr Coms W1 EUR 1.5 21 14.2 6 64.7 10 QQQQQ 4.2 458Mirabaud - Discovery Europe D GBP Acc 8.9 8 4.0 12 - - QQQ 5.4 59Mirabaud-Discovery Eur ex UK D GBP Acc 7.7 10 3.4 13 - - QQQ 5.0 26Pictet-Family I GBP 7.0 12 7.3 10 61.7 11 QQQQ 5.0 167

Quilter Inv Eurp ex UK S/MC Eq U2GBP Acc -1.3 23 - - - - - - 22Schroder European Sm Cos Z Acc 7.2 11 0.1 16 60.9 12 QQQ 5.5 141

SLI European Smaller Coms D Acc EUR 14.3 2 25.2 2 88.6 5 QQQQQ 5.2 863T. Rowe Price Eurp Smlr Cm Eq Q GBP 18.8 1 13.0 8 90.2 4 QQQQ 5.3 141Threadneedle Eurp Smlr Coms Z Acc GBP 12.2 6 22.0 3 97.3 3 QQQQQ 4.8 431Wellington Pan Eurp Sm Cp Eq N GBP AccUh 8.6 9 - - - - - - 26Sector average/count 6.2 25 6.7 22 68.0 18 5.2 221

North American Smaller CompaniesAllianz US Micro Cap Equity C GBP Acc 14.9 4 - - - - - - 5Artemis US Smaller Companies I Acc GBP 7.1 5 47.2 3 132.1 2 QQQQQ 6.1 503BMO US Smaller Companies C Inc -9.6 19 4.0 16 47.4 14 QQQ 6.4 45Brown Advisory US Small Cap Blend B $ -6.8 15 14.9 10 72.1 8 QQQ 5.9 167Brown Advisory US SmlrComs Dollar B Acc 4.1 8 41.9 6 118.0 4 QQQQQ 6.1 357Federated Hermes US Smid Equity F GBPAcc -7.4 17 11.2 13 61.8 12 QQ 5.7 517GlobalAccess US Sm & Md Cp Eq M Acc GBPH 0.8 12 10.3 14 33.9 15 - 6.6 77GS US Sm Cp COREÆ Eq R Inc GBP Snap -8.2 18 9.0 15 62.0 11 QQQ 6.1 146Janus Henderson US Venture A2 USD 1.9 9 27.5 8 77.7 6 QQQQ 5.8 146JPM US Small Cap Growth C Acc 23.0 2 66.0 1 156.0 1 QQQQQ 6.9 279

Legg Mason IF Royce US Smlr Coms X Acc -0.6 13 11.5 11 56.6 13 QQ 6.6 148Legg Mason RY US SmCp Opp X USD Acc -1.9 14 2.0 17 63.5 10 QQ 7.6 327

LF Miton US Smaller Companies B Acc 30.3 1 - - - - - - 208Neuberger Berman US Sm Cap USD A Acc 1.3 10 33.0 7 89.7 5 QQQQ 5.1 336

New Capital US Small Cp Gr GBP UnHInsAcc 17.3 3 49.2 2 - - QQQQ 6.2 77Schroder US Smaller Comp Z Acc -7.1 16 11.5 12 66.8 9 QQQ 6.1 662

T. Rowe Price US Smlr Cm Eq CAccGBP 5.9 6 46.6 4 - - QQQQ 5.1 84T. Rowe Price US Smlr Cm Eq Q GBP 5.5 7 45.6 5 121.3 3 QQQQQ 5.1 1123Threadneedle AmerSmlrComs(US) Z Acc GBP 0.9 11 21.5 9 75.8 7 QQQ 5.9 334Sector average/count 3.8 19 26.6 17 82.3 15 6.1 292

Japanese Smaller CompaniesAS SICAV I Jpn SmlrComs X Acc GBP 1.8 5 16.8 2 77.4 5 QQQQ 4.6 323Baillie Gifford Japan Small Co B Acc 11.6 1 34.7 1 149.8 1 QQQQQ 6.3 821BGF Japan Small & MidCap Opps D2 3.5 4 5.3 5 70.9 6 QQQ 4.8 200BNY Mellon Jpn Sm Cp Eq Foc GBP W Acc 9.1 2 16.4 3 97.3 3 QQQ 5.8 90Invesco Japanese Smlr Coms UK Z Acc 3.9 3 9.7 4 117.0 2 QQQ 6.1 48Janus Henderson Hrzn Jpn Smr Coms H2 USD 1.7 6 3.0 6 81.8 4 QQQQ 4.6 183M&G Japan Smaller Companies GBP I Acc -0.9 7 -11.3 7 54.8 7 QQQ 5.4 65Sector average/count 4.4 7 10.7 7 92.7 7 5.4 247

SATELLITEAsia Pacific Excluding JapanAB Asia Ex-Japan Eq I GBP Acc -0.5 80 -8.3 96 - - Q 4.6 224Allianz Total Return Asian Equity C Inc 39.0 3 39.1 4 129.3 8 QQQQQ 4.9 56Alquity Asia USD Y -0.9 81 -2.3 93 - - Q 5.2 53

AS SICAV I Asia Pac Eq X Acc GBP 7.7 48 16.8 29 80.6 50 QQQ 4.2 1730AS SICAV I Asn Smllr Coms X Acc GBP -4.2 87 1.4 84 43.9 88 QQQ 4.5 588ASI (SLI) Asian Pacific Grth Eq P1 Acc 8.6 44 13.6 36 91.7 38 QQQQ 4.3 31ASI Asia Pacific Equity Enh Index B Acc 6.5 53 10.2 44 - - QQQ 4.2 185

ASI Asia Pacific Equity I Acc 6.9 51 16.3 31 80.3 52 QQQ 4.1 985AXA Rosenberg Asia Pacific ex Japan Z 3.7 65 2.6 76 72.9 63 QQQ 4.2 179Baillie Gifford Pacific B Acc 40.5 2 54.6 1 175.4 1 QQQQQ 4.9 1269Barings ASEAN Frontiers I GBP Acc -5.5 91 11.2 39 68.4 69 QQQQQ 5.6 244Barings Eastern I GBP Inc 28.4 5 36.8 8 142.0 6 QQQQQ 5.0 134

BGF Asian Dragon D2 7.3 49 12.9 38 96.7 33 QQQ 4.6 1538BlackRock Asia D Acc GBP 7.7 47 13.6 37 98.2 28 QQQ 4.6 142BlackRock Asia Special Situations D Acc 10.2 34 7.4 59 90.7 39 QQQ 4.6 101

BMO Asia Pacific Equity 2 Acc 1.8 69 14.0 35 97.6 30 QQQ 4.7 57BNY Mellon Asian Income Instl W Acc -10.1 97 2.4 80 58.0 79 QQQQ 4.0 998BNY Mellon Oriental Inst W Acc 40.8 1 37.8 6 124.9 12 QQQQ 5.1 111Comgest Growth Asia ex Japan EUR I Acc 12.2 28 9.8 47 - - QQQ 4.0 53Comgest Growth Asia Pac ex Jpn GBP U Acc 10.8 31 10.2 46 87.6 41 QQQQ 4.1 384Federated Hermes Asia exJpn Eq F GBP Acc -2.5 82 -3.3 94 81.3 49 QQQ 4.5 1697

Fidelity Asia Focus W-Acc-GBP 9.0 41 24.7 19 115.6 18 QQQQ 4.3 2053Fidelity Asia Pacific Opps W GBP Acc 9.9 36 37.0 7 143.7 5 QQQQQ 5.0 879Fidelity Asia W Acc 14.0 24 27.1 16 128.2 9 QQQQ 4.6 3508

Fidelity Asian Dividend W Inc -10.3 99 10.6 41 80.6 51 QQQQQ 4.6 77Fidelity Asian Special Sits A-Dis-GBP 3.4 66 9.1 49 94.0 37 QQQQ 4.3 2544Fidelity Emerging Asia W Acc 12.3 27 24.7 20 115.8 17 QQQQ 4.5 88Fidelity Emerging Asia W-Acc-GBP 1.5 70 14.8 34 96.6 34 QQQ 4.4 670

Fidelity Index Pacific ex Japan P Acc -10.3 100 0.8 86 63.5 75 QQ 5.0 436Fidelity Instl Pacific ex Japan Acc -9.3 96 -1.8 92 54.8 83 QQQ 4.8 14Fidelity Instl South East Asia Acc 6.9 50 16.3 32 98.3 27 QQQQ 4.1 167First State Asia All-Cap B Acc GBP 1.0 72 7.8 52 - - QQQ 4.0 187

First State Asia Focus B Acc GBP 3.8 64 21.2 25 97.2 31 QQQQQ 3.8 918GAM Multistock Asia Focus Equity USD B 19.7 11 23.4 22 124.4 13 QQQQ 4.2 102GAM Star Asian Equity Instl GBP Acc 17.5 15 15.6 33 95.6 35 QQQ 5.2 25GlobalAccess Asia Pac (ex-Jpn)M Acc GBPH 11.4 30 4.2 72 57.1 80 - 5.5 63GS Asia Equity R Acc USD 18.6 14 28.5 12 116.3 16 QQQQ 4.3 117Guinness Asian Equity Income Y GBP Inc -2.9 84 -1.2 89 66.3 73 QQQ 4.3 134Guinness Best of Asia Y GBP Acc 9.3 39 - - - - - - 0Halifax Far Eastern C 5.2 56 7.7 53 84.0 46 QQQ 4.2 192HSBC Pacific Index Accumulation C 0.2 77 7.6 55 79.8 56 QQQ 4.4 478Invesco Asia Consumer Demand A USD SD 22.3 8 25.0 17 98.2 29 QQQ 4.5 415Invesco Asian Equity Inc UK Z Acc -0.2 79 5.3 70 68.0 71 QQQQ 4.3 37

Invesco Asian UK Z Acc 5.4 55 6.3 65 108.9 23 QQQQ 4.7 1454iShares Pacific ex Jpn Eq Idx (UK) D Acc 0.5 73 7.6 56 81.4 48 QQQ 4.4 1298

Janus Henderson Asian Div Inc UT I Acc -10.2 98 0.8 85 59.4 78 QQQQ 3.8 116Janus Henderson AsiaPac Cptl Gr I Acc 8.1 46 16.7 30 100.8 26 QQQQ 4.5 199Janus Henderson Instl APexJpn IdOpp IAcc 2.4 68 8.2 50 82.7 47 QQQ 4.4 112

JOHCM Asia ex-Japan A GBP Inc 15.5 19 7.7 54 69.4 67 QQQ 4.3 92JOHCM Asia ex-Japan Sm & Md-Cp A £ I 9.9 37 7.9 51 46.1 87 QQQ 5.3 16

JPM Asia Growth C Net Acc 20.4 10 39.1 5 161.6 2 QQQQQ 4.6 1802JPM Asia Pacific Equity C Acc - - - - - - - - 40Jupiter Asia Pac Inc L GBP Q Inc -4.8 89 3.6 75 55.8 81 QQQ 4.2 9Jupiter Asian I Acc 4.1 61 2.6 77 60.7 77 QQQ 4.5 41Jupiter Asian Income I GBP Acc -4.9 90 6.9 63 - - QQQQ 4.3 707L&G Asian Income I Acc -14.4 102 -9.5 97 48.6 86 QQQ 4.5 302

L&G Pacific Index I Acc 0.4 75 7.2 61 80.0 55 QQQ 4.3 926Legg Mason IF MC Asia Pac X Acc £ 3.9 63 10.2 45 89.5 40 QQQQ 4.2 37Legg Mason IF MC Asia Uncons A Acc £ - - - - - - - - 38Legg Mason MC Asia L-T Uncons MGBPDis(A) 1.2 71 5.7 68 67.1 72 QQQ 3.6 47LF Canlife Asia Pacific C Acc 15.6 18 19.2 27 79.2 58 QQQ 4.3 118Liontrust Asia Income I Inc -0.1 78 4.0 73 73.8 61 QQQQ 4.2 80M&G Asian GBP I Acc -4.4 88 -3.6 95 52.1 84 QQ 4.7 146Marlborough Far East Growth P Inc 0.4 74 -1.8 91 71.6 64 QQ 4.6 39Matthews Asia Ex Japan Div I GBP Acc 21.5 9 44.6 2 - - QQQQQ 4.2 177Matthews Asia Small Coms I GBP Acc 15.1 22 24.6 21 84.9 45 QQQQ 4.8 12

Matthews Pacific Tiger Fund I GBP Acc 8.4 45 19.6 26 94.3 36 QQQQ 4.2 371Merian Asia Pacific R GBP Acc 8.8 43 10.8 40 114.9 19 QQQQQ 4.3 329Merian Asian Equity Income R GBP Acc 4.5 58 1.7 83 68.4 70 QQQQ 4.5 16Merian Pacific Equity R GBP Acc 9.5 38 5.8 67 75.3 59 QQQ 4.7 52MFS Meridian Asia Ex-Japan W1 USD 11.7 29 18.8 28 107.0 24 - 4.3 40Mirabaud Equities Asia ex Japan A USD 6.0 54 2.5 79 73.0 62 QQ 4.5 121


31 Œ „ ´ ‰ ˆ Á



New Capital As Pac Eq Inc GBP Ord Inc 10.7 32 3.6 74 35.3 89 - 4.9 25Ninety One Asia Pacific Franchise I Acc£ 19.5 12 32.4 10 133.7 7 QQQQQ 4.4 243Nomura Fds Asia ex Japan High Cnv I USD 23.4 7 34.1 9 151.0 4 QQQQQ 5.1 25Ostrum Pacific Rim Equity R/A USD -8.7 95 -0.4 88 52.0 85 Q 5.1 118Pictet-Asian Equities Ex Japan I USD 17.4 16 22.8 23 125.9 10 QQQQ 4.8 978Pictet-Pacific Ex Japan Index I GBP -7.6 93 2.2 81 66.0 74 QQQ 4.8 192Polar Capital Asian Stars I Acc 29.7 4 - - - - - - 1Quilter Inv APAC ex Jpn LC Eq U2 GBP Acc 4.4 60 5.7 69 104.0 25 QQQ 4.7 246Quilter Inv Asia Pac ex Jpn Eq U2 GBPAcc 10.1 35 27.4 15 96.8 32 QQQQ 4.8 263Quilter Investors Asia Pac U2 (GBP) Acc 8.9 42 - - - - - - 48Robeco Asian Stars Equities F £ 3.1 67 2.6 78 - - QQ 4.5 16Royal London Asia Pac ex Jpn Tracker Z 0.3 76 7.4 58 80.1 54 QQQ 4.4 994Santander Pacific Basin (Ex Jpn) Eqs A 6.8 52 10.4 42 85.2 44 QQQQ 4.0 27

Schroder Asian Alpha Plus Z Acc 15.3 21 22.3 24 118.1 15 QQQQQ 4.7 1267Schroder Asian Income Maximiser Z Acc -7.0 92 -1.3 90 55.3 82 QQQQ 3.7 265

Schroder Asian Income Z Acc -3.0 85 4.6 71 69.8 66 QQQQQ 3.9 1208Schroder Institutional Pacific I Acc -8.4 94 6.8 64 74.1 60 QQQQQ 4.4 388Scottish Widows Pacific Growth A 4.4 59 7.0 62 80.1 53 QQQ 4.2 114SLI Pacific Basin Trust 5.0 57 10.3 43 85.2 43 QQQ 4.5 1969State Street Asia Pacific Ex-JPN Eq Trkr -3.4 86 2.1 82 71.6 65 QQ 4.6 1141SVSBambuBlackAsiaexJpnAllCapB Cl AccShrs 19.0 13 27.9 14 125.5 11 QQQQQ 4.5 31

T. Rowe Price Asian ex-Jap Eq Q GBP 16.3 17 28.5 13 112.0 22 QQQQ 4.3 582T. Rowe Price Asian Opp Eq CAccGBP 14.3 23 - - - - - - 4T. Rowe Price Asian Opp Eq Q GBP 13.5 26 31.7 11 124.3 14 QQQQ 4.4 165Templeton Asian Growth W(acc)GBP 10.3 33 9.3 48 87.2 42 QQ 4.6 2238Threadneedle Asia Z Acc GBP 13.7 25 24.7 18 112.1 21 QQQQ 4.6 743TT Asia-Pacific Equity H GBP 4.1 62 7.6 57 112.9 20 QQQ 5.5 130

Vanguard Pac exJpn Stk Idx £ Acc -10.8 101 0.7 87 62.9 76 QQQ 4.8 2515Veritas Asian A GBP 26.9 6 44.0 3 156.1 3 QQQQQ 4.5 3948Veritas Asian A GBP 26.9 6 44.0 3 156.1 3 QQQQQ 4.5 3948

VT Halo Global Asian Cnsmr B £ Net Acc -2.6 83 6.2 66 69.3 68 QQ 5.0 51Waverton Asia Pacific A USD 9.2 40 7.2 60 79.6 57 QQQ 5.3 73Wellington Asian Opps N Uhdg GBP Acc 15.4 20 - - - - - - 456Sector average/count 7.3 103 13.3 98 91.0 90 4.5 543

Asia Pacific Including JapanASI Asia Pacific and Japan Eq I Acc 10.4 5 21.0 5 83.7 5 QQQQ 3.9 119

Baillie Gifford Developed Asia Pac B Acc 9.6 6 30.3 3 106.6 3 QQQQQ 4.6 187Invesco Pacific UK Z Acc 2.5 7 8.4 7 84.1 4 QQQQ 3.9 242

JPM Pacific Equity A (dist) GBP 15.2 3 31.0 2 128.8 1 QQQQQ 4.1 952Matthews Asia Dividend Fund I GBP Acc 11.7 4 16.3 6 82.9 6 QQQQQ 3.6 147

Stewart Inv APAC and Jpn Sstby B Acc GBP 1.2 8 1.8 8 52.5 7 QQQ 4.0 527SVS BambuBlack Asia Inc&Gr B 19.5 2 26.6 4 113.9 2 QQQQQ 4.2 46TM Cerno Pacific B Acc 40.0 1 47.5 1 - - QQQQQ 4.1 0Sector average/count 13.8 8 22.9 8 93.2 7 4.0 278

Global Emerging MarketsAB Emerging Markets Gr I Acc 9.8 19 4.4 43 80.4 32 QQQQ 5.1 585Allianz Emerging Markets Equity C Acc 7.8 26 5.8 37 80.0 33 QQQQ 4.6 149Alquity Future World USD Y -9.5 96 -9.7 86 - - Q 5.3 30Artemis Global Emerging Mkts I Acc GBP -11.7 105 -7.6 85 60.6 62 QQQ 4.2 294

AS SICAV I Em Mkts Eq X Acc GBP 2.7 57 1.7 54 64.5 58 QQQQ 4.8 1491AS SICAV I EM Smlr Coms X Acc GBP 1.3 64 -4.4 78 40.8 79 QQQ 5.2 212ASI (SLI) Emerging Markets Equity P1 Acc 2.2 61 3.4 47 79.5 36 QQQ 4.8 154ASI Emerging Markets Eq Enh Index B Acc 3.0 54 4.3 44 78.6 39 QQQ 4.4 105

ASI Emerging Markets Equity I Acc 2.6 59 1.4 55 63.9 60 QQQQ 4.9 1036ASI Emerging Markets Income Eq P1 Acc 0.3 70 4.5 42 79.0 37 QQQ 4.7 777Aubrey Global Emerging Markets Opps IC2$ 33.1 3 43.4 1 140.3 2 QQQQQ 5.4 127Aubrey Global Emerging Markets Opps RC1£ 32.9 4 42.8 2 - - QQQQQ 5.4 127Aviva Investors Glb EM Eq Uncons 2GBPAcc 8.0 25 - - - - - - 18AXA Framlington Emerging Mkts Z GBP Acc 7.0 30 11.0 22 80.9 30 QQQQ 4.7 89Baillie Gifford Em Mkts Lead Coms B Acc 16.5 9 27.9 6 144.0 1 QQQQQ 5.0 823Baillie Gifford Emerging Mkts Gr B Acc 11.0 16 20.2 11 127.3 4 QQQQQ 5.0 1303Barings Global Emerging Mkts I GBP Acc 5.5 38 11.9 20 101.1 16 QQQQ 4.9 528

BlackRock Emerging Markets D Acc 8.7 22 22.9 8 111.7 9 QQQQQ 4.5 497BMO Emerging Markets Equity 2 Acc -4.3 82 -2.6 73 55.7 68 QQQ 4.5 15BMO LGM Glbl EmMkts Gr and Inc B USD Acc -2.7 78 -0.6 63 58.4 64 QQQQ 4.3 276BNY Mellon Emerging Income Inst W Acc -10.2 100 -13.8 93 29.3 89 Q 4.1 72BNY Mellon Global Emerging Mkts Int WAcc 32.4 5 26.1 7 119.2 7 QQQQQ 5.1 230Candriam Eqs L Em Mkts C EUR Cap 13.6 12 8.1 27 85.7 24 QQQQ 4.5 1247Carmignac Emergents A EUR Acc 27.3 6 21.3 9 83.3 27 QQQQQ 4.4 682Carmignac Pf Emerg Discv W GBP Acc -5.8 89 -3.7 76 49.7 73 QQQQ 4.5 163Carmignac Pf Emergents W GBP Acc 34.2 2 30.7 4 94.9 20 QQQQ 4.6 150Comgest Growth Emerging Mkts Flx Ä I Acc -10.3 101 -14.0 94 20.7 91 Q 3.3 26

Comgest Growth Emerging Mkts GBP U Acc -0.3 73 -2.2 69 57.9 65 QQQ 4.4 3449Comgest Growth GEM Promis Coms USD I Acc -16.2 111 -33.1 101 5.5 92 Q 5.4 27Dimensional Emerging Mkts Core Eq Acc -1.4 76 -3.0 75 63.3 61 QQQ 4.7 1301

Eaton Vance Intl(IRL) Pr EM I Acc GBP U -11.4 104 -14.2 95 34.5 86 Q 4.5 208Edinburgh Partners Emerging Opps I £ Inc -5.2 86 -13.0 91 48.5 74 QQ 4.1 9Federated Hermes GEMs SMID Eq F GBP Acc 4.0 48 - - - - - - 163Federated Hermes Glb Em Mkts F GBP Acc 8.9 21 15.0 14 107.8 10 QQQQQ 4.6 4155Fidelity Emerging Mkts Foc W-Inc-GBP 5.0 40 - - - - - - 308

Fidelity Index Emerging Markets P Acc 4.9 41 5.6 39 77.3 43 QQQQ 4.5 475Fidelity Instl Emerg Mkts W Acc 6.5 32 12.3 18 84.2 25 QQQQQ 4.9 2591

First State Glb Emerg Mkts Foc B Acc GBP -6.3 90 - - - - - - 64FP Carmignac Emerging Discv A GBP Acc 0.0 71 - - - - - - 20FP Carmignac Emerging Markets A GBP Acc 36.3 1 - - - - - - 15FP Henderson Rowe FTSE RAFI Em Mkt B -8.7 94 -2.3 72 75.3 46 QQQ 4.7 32GAM Multistock EM Equity GBP C 4.6 45 2.2 52 79.9 34 QQQ 4.7 661GAM Star Emerging Equity Instl GBP Acc 2.7 56 1.1 57 87.2 23 QQQ 4.7 11GlobalAccess Emerging Mkt Eq M Acc GBP H 7.5 28 -5.1 79 32.8 87 - 5.6 434GS EM CORE Eq R Inc GBP Close 5.6 36 2.5 50 78.7 38 QQQQ 4.3 1841GS Emerging Markets Eq R Inc GBP 11.5 14 16.1 13 105.4 13 QQQQQ 4.5 2478Guinness Emerging Mkts Eq Inc Y GBP Dist -8.3 93 -2.1 68 - - QQQ 4.0 2HSBC GIF Global Emerging Mkts Eq AD 9.7 20 6.5 33 82.7 29 QQQ 4.5 190Invesco Global Emerg Mkts UK Z Acc 6.2 33 2.2 53 74.2 48 QQQQ 5.0 193iShares Emerging Mkts Eq Idx (UK) D Acc 3.4 52 7.0 29 76.5 44 QQQQ 4.4 2625Janus Henderson Emerg Mkts Opps I Acc 4.6 46 -0.6 64 60.1 63 QQQ 4.7 111

JOHCM Global Emerging Mkts Opps GBP A -2.9 80 -0.1 61 68.2 55 QQQ 4.5 321JPM Em Mkts Small Cap A (dist) perf GBP 0.9 67 6.6 31 73.2 51 QQQQQ 4.7 1088

JPM Emerging Markets B Net Acc 14.8 11 28.1 5 124.6 5 QQQQQ 4.8 2347JPM Emerging Markets Income C Net Acc -3.3 81 8.5 26 66.5 57 QQQ 4.1 424

Jupiter Global Emerging Markets I Acc -9.0 95 -21.4 100 43.8 78 QQ 5.1 51L&G Global Emerging Markets Index I Acc 2.9 55 6.5 32 73.6 50 QQQ 4.4 1038

Lazard Developing Markets C Acc 5.6 37 5.4 40 92.9 21 QQQQ 5.3 41Lazard Developing Markets Eq C Inc USD 10.8 18 9.7 24 100.3 17 QQQQ 5.1 22

Lazard Emerging Markets A Acc -12.7 106 -17.5 97 38.7 82 QQ 4.7 522Lazard Emerging Markets Eq A Inc USD -14.2 109 -18.4 98 36.9 85 Q 4.6 300

Lazard Emerging Mrkts Core Eq A Acc USD 0.9 65 -2.3 70 56.5 66 QQ 4.6 63Lazard Emerging World C Acc GBP 4.8 43 7.8 28 74.8 47 QQQQ 4.5 14Legg Mason IF MC Emerg Mkts X Acc £ 12.4 13 17.3 12 117.7 8 QQQQQ 4.7 21Legg Mason QS Em Mkts Eq A USD Acc -9.6 97 -13.1 92 32.7 88 Q 4.6 9Liontrust Emerging Markets C Acc GBP 1.9 62 1.1 58 80.4 31 QQQ 5.1 24

M&G Global Emerging Markets GBP I Acc -16.3 112 -12.4 90 45.1 76 QQ 5.3 496Magna Emerging Markets B EUR Acc -1.4 75 -2.7 74 - - QQ 5.1 93Magna Emerging Markets Div B GBP Inc -10.4 102 -3.8 77 51.9 72 QQQ 4.9 203Marlborough Emerging Markets Trust P Inc -4.6 84 -6.9 83 56.0 67 QQ 4.7 7



Merian Global Emerging Mkts R GBP Acc 2.3 60 2.3 51 71.3 54 QQQ 5.0 129MFS Meridian Emerging Mkts Eq WH1 GBP 4.8 42 -2.0 66 40.1 81 - 5.7 73MI Somerset Emerg Mkts Div Gr A Acc -17.1 113 -19.5 99 24.3 90 QQQ 4.5 540MI Somerset Emerg Mkts Sm Cp B Acc -10.0 99 -12.0 89 45.6 75 QQQ 5.2 15MI Somerset Emerging Mkts Disc A GBP Acc - - - - - - - - 8MI Somerset Glbl Em Mkts Screened A Acc£ 1.4 63 0.7 59 - - QQQ 4.7 49

MI Somerset Global Emerg Mkts B Acc 0.6 68 1.4 56 71.6 52 QQQQ 4.7 300Mirabaud Equities Glbl Em Mkts D GBP Acc 4.2 47 3.3 48 78.0 40 QQQQ 4.4 52Neuberger Berman Em Mkts Eq USD A Acc -0.8 74 -2.1 67 71.4 53 QQQ 4.2 321NFU Mutual Global Emerging Markets C -7.2 92 -0.2 62 79.7 35 QQQ 5.0 22Ninety One Emerg Markets Equity I Acc 3.6 50 4.3 45 75.7 45 QQQ 4.4 198Pictet-Emerging Markets I USD 8.3 23 8.7 25 83.2 28 QQQQ 4.8 223Pictet-Emerging Markets Index I GBP 6.0 35 5.9 36 77.6 42 QQQ 4.4 672Pictet-Emerging Mkts High Div I dm GBP -2.7 77 4.3 46 64.0 59 QQQ 4.5 57Pictet-Quest Emerg Sust Eq I GBP -7.2 91 -6.2 82 44.2 77 QQ 4.0 44PIMCO GIS RAE Em Mkts Instl GBP UnH Acc -15.4 110 -16.8 96 52.2 71 QQ 5.0 19Polar Capital Em Mkts Stars I USD Acc 26.4 7 - - - - - - 134Polar Capital Emerging Markets Inc I Acc -13.6 107 -10.7 87 37.1 84 QQ 4.2 72Quilter Inv Em Mkts Eq Gr U2 (GBP) Acc 16.2 10 32.1 3 131.0 3 QQQQQ 4.8 189Quilter Inv Em Mkts Eq Inc U2 (GBP) Acc -2.9 79 - - - - - - 119Quilter Inv Em Mkts Eq U2 (GBP) Acc 0.9 66 - - - - - - 113

Robeco Emerging Markets Equities I $ 3.5 51 6.9 30 89.5 22 QQQ 4.7 818Robeco Emerging Stars Equities F £ -4.5 83 -1.1 65 - - QQ 4.8 1236Robeco QI Emerging Cnsrv Eqs F £ -14.0 108 -7.1 84 40.2 80 QQ 3.9 2729

Royal London EM ESG Ldrs Eq Trkr Z £ Acc 10.9 17 - - - - - - 1396Russell Inv Emerging Markets I 2.6 58 -2.3 71 67.1 56 QQQ 4.5 1416RWC Global Emerging Markets R GBP Acc 7.6 27 0.0 60 - - QQ 5.8 854Schroder Global Emerg Mkt Z Acc 6.2 34 12.5 16 96.7 19 QQQQQ 4.5 812Schroder ISF QEP Glbl EM Z Acc GBP -5.2 85 -5.5 80 53.2 69 QQ 4.2 222Schroder QEP Glbl EMM Z GBP Acc -5.3 87 -6.0 81 52.9 70 QQ 4.1 73Scottish Widows Emerg Markets A 3.2 53 3.1 49 73.7 49 QQQ 4.5 1174T. Rowe Price EM Discv Eq CAccGBP -10.4 103 - - - - - - 1T. Rowe Price EM Discv Eq Qdn GBP 9 -5.8 88 - - - - - - 86

T. Rowe Price EM Eq Q GBP 3.7 49 12.3 17 100.0 18 QQQQ 4.4 1965Templeton Em Mkts Smlr Coms W(acc)GBP -9.6 98 -11.5 88 38.3 83 QQQ 5.5 342

Templeton Global Emerging Markets W Acc 6.9 31 12.0 19 103.4 15 QQQ 4.8 38Threadneedle Global EM Eq Z Acc GBP 18.0 8 20.7 10 83.9 26 QQQQ 5.2 440TT Emerging Markets Equity H GBP Acc 5.2 39 6.1 35 104.4 14 QQQQ 5.2 560UBS Global Emerging Markets Equity C Acc 7.4 29 11.7 21 107.1 11 QQQQ 4.9 788UBS Global Emerging Mkts Opp Q GBP 11.2 15 10.5 23 106.4 12 QQQQQ 4.6 2039

Vanguard Em Mkts Stk Idx £ Acc 4.6 44 6.4 34 77.9 41 QQQ 4.2 7802Vanguard ESG Em Mkts All Cp Eq Idx £ Acc - - - - - - - - 16Vanguard Global Emerging Markets A Acc -0.1 72 5.8 38 - - QQQ 4.8 176Vontobel mtx Sust EmMkts Ldrs N GBP 8.0 24 14.8 15 122.4 6 QQQQQ 4.0 5457Wellington Em Mkts Rsrch Eq N GBP UH Acc 0.5 69 4.6 41 - - QQQ 4.6 1028Sector average/count 2.5 113 3.1 101 73.5 92 4.7 648

China/Greater ChinaAllianz All China Equity WT GBP 45.9 3 - - - - - - 605Allianz China A-Shares Equity C - - - - - - - - 6AS SICAV I Chinese Eq X Acc GBP 16.3 27 38.1 13 107.7 24 QQQQ 4.6 459ASI China A Share Equity I 25.1 13 - - - - - - 9Baillie Gifford China B Acc 40.0 4 49.1 5 213.5 2 - 5.5 297Barings Hong Kong China I GBP Acc 33.4 7 43.4 8 148.0 6 QQQQ 5.3 1434

Comgest Growth China GBP U Acc 15.8 28 16.9 28 113.4 21 QQQ 4.6 259Fidelity China Consumer W Acc 20.1 20 38.6 11 146.5 8 QQQQ 5.0 254

Fidelity China Focus Y-Dis-GBP -4.9 35 -0.2 32 76.4 29 QQQ 4.4 2122First State All China B Acc USD 35.0 6 75.3 2 - - QQQQQ 4.9 23

First State Greater China Gr B Acc GBP 16.6 26 40.1 10 136.9 13 QQQQQ 4.5 565GAM Multistock China Evolution Eq USD B 24.7 14 21.8 23 135.3 15 QQQQ 4.8 66GAM Star China Equity Instl GBP Acc 21.1 19 19.0 27 95.0 26 QQ 6.0 199GS China Opportunity Equity R Inc GBP 22.8 17 38.4 12 139.4 12 QQQQ 5.2 53Guinness Best of China X GBP Acc 13.9 30 8.2 31 - - QQ 4.8 3HSBC GIF Chinese Equity AD 22.8 18 23.3 22 113.5 20 QQQ 4.8 914Invesco China Equity Fund UK Z Acc 24.5 15 43.8 7 141.6 10 QQQQQ 4.6 414Invesco PRC Equity A USD AD 14.9 29 19.1 26 107.8 23 QQQ 5.0 386

Janus Henderson China Opps I Acc 18.3 22 27.7 17 142.4 9 QQQQ 5.3 859Janus Henderson Hrzn Opps CHN A2 USD 17.9 24 21.0 24 121.6 18 QQ 5.3 113

JPM Greater China A (dist) USD 38.5 5 54.8 3 167.5 5 QQQQQ 5.3 995Jupiter China I Acc -5.5 36 -11.1 33 40.3 31 Q 4.8 86Liontrust China C Acc GBP 18.8 21 20.7 25 105.0 25 QQQ 4.6 21Matthews China Dividend Fund I USD Acc 8.0 34 27.4 18 121.0 19 QQQQ 4.2 13Matthews China Fund I GBP Acc 32.6 8 50.6 4 173.1 3 QQQQ 5.7 86Matthews China Small Coms Fd I USD Acc 64.8 1 88.3 1 245.0 1 QQQQQ 5.9 231Merian China Equity U1 GBP Acc 18.0 23 27.0 19 113.2 22 QQQ 4.7 37Neuberger Berman China Eq USD A Acc 12.8 32 25.1 21 132.8 16 QQQQ 5.4 535New Capital China Equity GBP Ord Acc 51.1 2 34.1 15 69.3 30 - 5.6 48Nomura Fds China I USD 13.4 31 15.1 30 90.0 28 QQ 4.9 14Pictet-Greater China I GBP 31.0 9 45.4 6 146.6 7 QQQQ 5.1 225Polar Capital China stars I USD Acc 29.5 10 - - - - - - 25Quilter Investors China Eq U2 (GBP) Acc 17.8 25 26.6 20 135.9 14 QQQQ 5.4 160

Schroder ISF Greater China C Acc USD 27.4 11 42.8 9 170.0 4 QQQQQ 4.7 1579SLI China Equities A Acc GBP 10.7 33 15.3 29 94.1 27 QQQ 4.7 136Templeton China W(acc)GBP 23.9 16 36.7 14 141.4 11 - 4.5 339Threadneedle China Opps Z Acc GBP 25.6 12 31.0 16 125.1 17 QQQQ 4.9 59Sector average/count 23.4 36 31.9 33 129.3 31 5 368

Property OtherASI European Real Estate Share I Acc 1.5 4 19.5 4 50.1 6 QQQQQ 4.2 109ASI Global Real Estate P1 Acc -1.7 7 11.3 10 38.5 15 - 1.1 542ASI Global Real Estate Share P1 Acc -16.4 24 -0.2 22 5.5 29 Q 4.9 57ASI Global REIT Tracker B -14.9 20 - - - - - - 43ASI UK Real Estate Share I Acc 2.5 3 18.4 6 30.9 20 - 4.4 335

AXAWF Fram Global Rl Est Secs F Cap EUR -15.0 21 4.9 16 47.8 8 QQQQ 4.4 217BMO European Real Estate Scs B Acc GBP -2.8 8 12.2 8 44.2 11 - 4.2 45BMO Global Real Estate Securities 3 Acc -17.9 27 3.1 18 43.5 13 QQQQ 4.4 34BMO Property Growth & Income I Acc -7.0 10 2.1 19 18.4 23 QQQ 3.2 442Fidelity Global Property W Acc -14.1 18 6.6 14 46.9 10 QQQQQ 3.9 229First State Asian Prpty Secs B Acc GBP -21.9 32 -5.6 28 34.1 17 QQQ 4.7 11

First State Glbl Prpty Secs B Acc GBP -10.7 13 10.1 11 43.6 12 QQQQQ 4.3 258GlobalAccess Glbl Prpty Secs M Acc GBP H -12.0 14 0.6 20 15.3 26 - 5.2 147HSBC Global Property C Acc -14.7 19 -3.1 25 16.4 25 QQ 4.0 278

iShares Glb Prpty Secs Eq Idx (UK) D Acc -21.1 29 -3.3 26 36.9 16 QQQ 4.9 3087Janus Henderson Hrzn AsPac Pty IncH2USD -12.7 16 11.3 9 56.5 5 QQQQ 3.8 29Janus Henderson Hrzn GlblPtyEqsH2USD -9.0 11 19.4 5 74.2 1 QQQQQ 4.3 754Janus Henderson Hrzn PanEurpPtyEqs H2EUR 0.5 6 21.9 2 64.2 3 QQQQQ 4.6 368Kempen (Lux) Global Property J -20.6 28 -0.2 21 - - QQQ 4.9 182

L&G Global Real Estate Div Index I Acc -21.5 30 -3.3 27 - - QQQ 5.0 621MS INVF Global Property IX -23.2 33 -14.1 32 14.3 27 QQ 4.8 451Neuberger Berman Glb RE Secs EUR M Acc -12.9 17 -6.1 29 - - - 4.0 14Premier Pan Europe Prop Share C Acc -4.7 9 6.8 13 17.3 24 QQQ 5.0 279Principal Glb Propty Secs I Acc USD -15.6 23 7.7 12 47.7 9 QQQQ 4.5 289Quilter Inv Glbl Prpty Scs R GBP HPt Inc -15.4 22 -2.8 24 19.0 22 - 4.8 34Sarasin IE Sust Glb Rl Est Eq GBP P Acc -16.5 25 -6.7 30 26.5 21 QQQ 4.5 72Schroder Glbl Cities Real Estt Inc Z Acc -21.8 31 -8.4 31 33.4 19 QQ 5.8 63Schroder Global Cities Real Estt Z Acc -10.3 12 13.5 7 57.4 4 QQQQ 4.4 983

32


Invesco Latin American UK Z Acc -28.2 240 -31.9 225 8.8 180 QQ 8.3 77Janus Henderson Diversified Alts Y Acc 2.2 82 10.9 76 32.3 126 - 2.4 74Janus Henderson Global Fncls I Acc -2.0 123 16.7 46 62.8 52 QQQQ 4.3 56Janus Henderson Latin American HÄ Acc -25.6 237 -23.9 217 40.9 101 QQQQ 8.3 24Janus Henderson Secured Lns Y Acc GBP -2.0 121 4.0 111 13.0 166 - 2.7 169JPM Africa Equity A perf (dist) GBP -11.2 190 -14.3 190 7.6 182 QQQQ 5.6 108JPM Brazil Equity A (dist) USD -23.1 230 -11.7 185 69.6 40 QQQQ 9.8 129

JPM Emerging Europe Equity C Net Acc -9.1 178 0.6 125 67.2 46 QQQQQ 5.4 60JPM Emerging Middle East Eq A (dist) USD -9.6 181 8.3 88 40.1 102 QQQQ 4.3 62JPM Global Convert (EUR) A (dist) GBP H 19.4 17 21.1 36 27.9 135 QQQQ 3.3 1034

JPM India A (dist) USD -14.6 200 -21.5 209 15.1 159 QQ 7.3 368JPM Korea Equity A (dist) USD 10.6 33 10.6 77 80.9 33 QQQ 5.0 251

JPM Latin America Equity A (dist) USD -22.1 226 -18.3 200 39.5 105 QQQQ 8.0 353JPM Natural Resources C Net Acc -10.6 185 -4.9 159 68.8 43 QQQ 6.4 511JPM Russia A (dist) USD -8.2 174 18.9 40 102.2 17 QQQ 5.7 366

Junior Gold P Acc 38.2 3 30.4 20 161.7 6 Q 11.7 18Jupiter Emerging European Opps I Acc -20.4 224 -8.7 176 60.6 57 QQQQ 6.0 78Jupiter Financial Innovt D GBP Acc 7.7 41 28.4 24 91.9 23 QQQQQ 5.8 61Jupiter Financial Opportunities I Acc 3.2 76 30.9 18 83.4 29 QQQQQ 4.9 550

Jupiter India I Acc -10.6 186 -32.2 228 14.0 163 QQ 7.0 464Jupiter India Select D USD Acc -10.0 183 -31.9 226 16.7 154 QQ 7.1 93Jupiter International Fincls I Acc 8.2 38 29.4 23 88.2 28 QQQQQ 5.8 49Jupiter Monthly Alternative Income I Acc -2.9 131 4.2 109 33.2 122 QQQ 3.1 209Kames Diversified Growth GBP B Acc 6.2 51 8.0 91 25.1 137 QQQ 2.5 480L&G Future World Sustainable Opps I £Acc 8.8 35 - - - - - - 57LF Bentley Sterling Income Inc -0.3 103 1.3 123 2.4 195 QQ 0.4 14LF Bentley USD Balanced Acc -2.5 127 8.8 85 34.0 120 QQQ 2.1 83LF Canlife Global Infrastructure C Acc -16.1 205 -6.6 168 39.1 106 QQQ 4.3 21LF Ruffer Gold C Acc 58.8 1 122.6 1 351.0 1 QQQQQ 9.0 1281LF Ruffer Pacific & Emerging Mkts C Acc -0.1 99 -3.0 144 28.1 133 QQ 3.8 288LF Waverton Alternatives II B Inc 1.3 88 -3.5 148 -3.3 199 - 0.5 34Liontrust India C Acc GBP -4.7 145 -23.3 214 23.2 141 QQ 7.5 32Liontrust Latin America C Acc GBP -24.3 233 -19.2 202 48.9 81 QQQQ 8.9 29Liontrust Russia C Acc GBP -1.1 113 32.5 15 148.9 7 QQQQQ 5.8 229LO Funds Cmdty Risk Premia USD NA -10.8 188 -8.2 174 14.2 161 - 3.6 161Loomis Sayles Strat Alpha Bd H-N/D GBP 3.3 74 3.5 114 8.0 181 - 1.4 23M&G Global Convertibles GBP I Acc 3.5 73 7.5 93 41.2 99 QQQ 2.5 274Magna MENA G EUR Acc -17.1 209 13.1 64 79.7 34 QQQQQ 5.2 39Marlborough Commodity Class P Acc -8.2 173 -9.5 180 4.4 192 - 3.5 10Matthews India Fund I GBP Acc -4.6 144 -5.5 163 38.7 108 QQQ 6.8 26McInroy & Wood Emerging Mkts Pers Inc -8.5 175 -1.1 134 49.4 78 QQQ 4.5 80Merian Financial Cntgnt Cptl R GBP H Acc 6.7 45 15.8 50 - - - 4.0 92Merian Gold & Silver R GBP Acc 31.3 8 49.8 8 - - QQQ 9.2 738MFS Meridian Latin American Eq WH1 GBP -12.0 195 -23.5 215 11.0 172 - 9.0 4MFS Meridian Managed Wealth WH1 GBP -1.8 119 -4.3 156 - - - 1.1 9

MFS Meridian Prudent Wealth W1 GBP 5.9 54 29.5 22 - - QQQQQ 2.3 3523MI Asset Backed Opps I Gross GBP Inc -2.0 122 5.8 101 - - - 3.2 115MI TwentyFour AM Monument Bond I Acc 0.0 96 3.6 113 11.4 169 - 1.2 1098Mirabaud Convertible Bds Eurp A EUR Acc -1.5 115 -5.1 161 21.7 146 QQ 2.0 80MS INVF Global Balanced Income IR -6.1 158 -5.0 160 29.1 130 QQQ 1.8 289

MS INVF Global Fixed Income Opps I -5.1 148 12.1 69 44.4 91 QQQQ 2.6 3721Neuberger Berman Divers Ccy USD A Acc -8.6 176 -0.9 132 16.5 155 - 2.5 6Neuberger Berman Glb Bd AbsRt GBP I4 Acc 1.2 90 -2.5 140 1.4 196 - 2.6 24Neuberger Berman Glb Eq Idx PW GBP I Acc 0.4 95 -1.4 135 - - - 3.1 29Ninety One Diversified Gr I Acc -1.5 117 -3.3 146 9.1 178 QQQ 2.7 1541Ninety One Enhanced Natural Res I Acc -4.8 146 1.6 122 52.6 70 - 5.1 43Ninety One Global Energy I Acc £ -25.1 236 -19.8 204 -7.3 203 QQQ 6.0 41Ninety One Global Gold I Acc £ 31.5 7 77.6 3 283.7 2 QQQQQ 9.5 371Ninety One MA Protector 2 I Acc -5.8 155 -0.2 130 17.0 151 - 1.7 88Ninety One MA Protector A Acc -6.9 162 -2.4 139 11.7 168 - 1.8 131Ninety One UK Total Return I Acc -22.7 228 -24.6 219 -15.0 205 - 6.3 25Nomura Fds India Equity I USD -9.8 182 -8.4 175 73.0 36 QQQQ 6.8 93Pictet - Emerging Europe P dy GBP -10.3 184 -9.4 179 69.1 42 QQQ 6.5 77Pictet Absolute Ret Fxd Inc HI GBP 2.0 83 7.0 95 11.2 171 - 0.9 1485Pictet TR - Atlas I GBP 7.8 40 - - - - - - 646Pictet-Biotech I dy GBP 18.3 18 14.5 54 32.8 124 QQQ 6.2 1471Pictet-Health I dy GBP 5.6 56 25.7 29 51.0 72 QQ 4.5 607Pictet-India Index I GBP -0.1 98 0.8 124 50.8 74 QQQQ 6.5 32Pictet-Indian Equities I GBP -6.8 160 -3.8 155 57.2 62 QQQ 6.5 206Pictet-Nutrition I dy GBP 5.1 60 25.0 31 71.9 37 QQQQQ 3.6 593Pictet-Russia Index I GBP -17.5 213 18.6 42 91.3 25 QQQ 6.4 35Pictet-Russian Equities I GBP -6.9 163 16.7 47 140.0 8 QQQ 6.3 431Pictet-Timber I dy GBP 13.9 25 11.5 74 62.8 51 QQQQQ 6.0 366

PIMCO GIS Asia Strat Intst Bd E USD Inc -1.9 120 14.4 55 49.1 80 QQQ 2.6 31PIMCO GIS Capital Scs E USD Acc -3.5 135 11.2 75 46.4 86 - 3.2 5522PIMCO GIS Cmdty Real Ret Instl GBP H Acc -6.8 161 -13.7 188 - - - 4.7 254PIMCO GIS Dynamic Bd Instl GBP H Acc 4.2 65 5.6 102 13.6 165 QQQ 1.1 2214PIMCO GIS Glb Lw Dur Rl Rt Ins GBP H Inc 2.8 77 4.4 106 7.5 183 Q 0.8 538PIMCO GIS Infl Strat Ins GBP Prtly H Acc -5.9 156 0.0 127 10.2 173 Q 3.4 52PIMCO Sel Dynamic Bd Ret GBP Acc 1.9 84 0.6 126 4.4 191 Q 1.0 200Polar Capital Biotech I Inc 28.2 12 41.5 11 96.1 22 QQQQQ 6.0 600Polar Capital Financial Opports R Inc -15.3 204 -15.7 196 12.8 167 QQQ 5.4 6Polar Capital Glbl Convert I Acc 4.8 61 20.6 38 50.4 76 QQQ 2.9 899

Polar Capital Global Ins R Acc -14.3 199 11.5 73 66.8 47 QQQQQ 4.2 1266Polar Capital Healthcare Opports I Inc 5.2 59 30.7 19 55.5 64 QQQQ 5.1 1380Polar Capital Hlthcare Blue Chip I Acc 4.2 66 25.1 30 59.3 60 QQQ 4.3 56Principal Preferred Secs I Acc USD -3.7 137 12.5 68 53.5 67 - 3.1 3534Quilter Inv Natrl Res Eq U2 (GBP) Acc -2.2 125 0.0 127 79.2 35 QQQQ 5.7 66Quilter Investors PM Eq U2 (GBP) Acc 26.5 14 48.9 9 197.0 4 QQQ 9.0 332Robeco FinTech F GBP 2.5 81 - - - - - - 951RWC Enhanced Income Fund R GBP Acc -19.1 220 -16.3 197 -6.3 201 QQ 3.3 110RWC Global Convertibles Fund R GBP Acc 15.1 21 14.9 52 22.7 142 QQQ 2.6 545RWC Income Opportunities Fund R GBP Acc -14.7 201 -7.9 171 9.5 177 Q 3.8 5RWC Sustainable Convertibles B EUR Acc 6.0 53 6.1 99 38.5 110 - 2.1 17Sanlam Real Assets A GBP Inc 7.0 43 - - - - - - 277Sarasin Food & Agriculture Opps P Acc -7.2 165 11.6 72 71.6 38 QQQQQ 4.4 351Schroder Diversified Growth I Acc 3.9 70 8.0 90 20.5 149 QQQ 2.3 4897Schroder GAIA Egerton Equity A Dis GBP 6.4 49 13.7 59 61.4 56 - 3.1 926Schroder India Equity Z 1.3 87 - - - - - - 24

Schroder ISF Asian Ttl Ret C Acc USD 11.2 32 17.1 44 97.8 19 QQQQQ 4.1 3537Schroder ISF Emerging Europe C Acc EUR -17.3 211 -1.9 137 82.3 32 QQQQQ 6.2 607Schroder ISF Eurp Div Mxmsr Z Acc EUR -22.3 227 -21.9 211 4.7 190 QQ 4.5 369Schroder ISF Glb Div Mxmsr Z Dis GBP Q -18.5 216 -15.6 194 21.9 144 QQ 4.3 1107Schroder ISF Glb Em Mkt Opps C Acc USD 3.2 75 14.2 56 96.9 21 QQQQ 4.7 1064Schroder ISF Indian Equity C Acc USD -6.2 159 -2.7 142 54.8 66 QQQQ 6.1 293Schroder ISF Inflation Plus C Acc EUR 2.5 80 2.2 119 44.5 90 QQQQ 2.0 16Schroder ISF Latin American C Acc USD -18.7 218 -15.6 195 43.5 92 QQQQQ 7.9 117Schroder Small Cap Discovery Z Acc 3.6 71 -3.6 150 39.0 107 QQ 5.3 170Scottish Widows Latin Amer A Acc -19.4 221 -21.4 208 50.8 73 QQQQ 8.2 5SKAGEN Vekst A -5.8 153 -3.0 145 49.5 77 QQ 4.7 565Smith & Williamson Artfcl Intllgnc Z GBP 37.8 4 110.6 2 - - QQQQQ 5.5 489Smith & Williamson Global Gold & Res B 28.6 11 44.9 10 175.4 5 QQQQ 9.2 67

Stewart Inv Indian Sbctnt Sustnby B GBP -0.2 102 6.8 97 53.0 69 QQQQQ 5.3 230Stewart Investors AsiaPac Ldrs B Acc GBP 4.2 64 18.8 41 69.4 41 QQQQ 3.3 6215Stewart Investors AsiaPac Sust B Acc GBP 4.1 68 24.7 33 82.9 30 QQQQQ 3.6 347Stewart Investors Glbl EM Ldrs B Acc GBP -16.6 206 -19.9 205 21.4 147 QQQ 4.1 839Stewart Investors Glbl EM Sust B Acc GBP -0.1 101 11.8 71 66.2 48 QQQQQ 3.2 353

Unit Trusts/OEICs



SKAGEN m2 A -12.4 15 3.8 17 67.4 2 QQQQ 4.4 150SPW MM Global Real Estate Sec A Inc -17.6 26 -1.9 23 33.8 18 QQQ 4.3 321TIME Freehold Inc Authorised A Gross Acc 5.0 1 22.5 1 47.9 7 - 0.3 313TIME Freehold Inc Authrd Fdr I Net Acc 4.1 2 19.7 3 41.9 14 - 0.2 32TM Home Investor D Unbnd Net 0.6 5 5.4 15 12.4 28 - 0.3 61VT Gravis UK Listed Prpty Fdr F £ UnHAcc - - - - - - - - 20VT Gravis UK Listed Prpty PAIF A GBP Acc - - - - - - - - 28Sector average/count -11.2 33 5.2 32 37.4 29 4.0 311

SpecialistAB International HC I GBP Acc - - - - - - - - 1064AB RMB Income Plus I2 Acc -0.7 108 4.7 105 33.6 121 - 2.1 169

AB Select Abs Alpha I GBP H Acc 6.8 44 13.9 57 25.3 136 - 2.4 549ACUMEN Portfolio 8 Acc 4.3 63 12.8 66 - - QQQQ 4.4 34AHFM Defined Returns B GBP Acc -3.1 133 8.8 84 37.0 112 - 3.1 1237Allianz Global Agricultural Trds RT GBP -12.5 196 -8.2 173 14.2 162 QQ 4.5 57

Allianz Income and Growth RM H2 GBP 15.0 22 26.0 28 47.5 84 QQQQQ 3.9 21146Allianz Oriental Income AT USD 35.8 5 54.2 6 133.3 10 QQQQQ 5.4 377Alquity Africa GBP Y -17.1 210 -20.2 206 -6.5 202 QQQ 4.7 13Alquity Indian Subcontinent USD Y -7.4 166 -24.6 218 - - Q 8.4 49Alquity Latin America USD Y -27.0 239 -34.5 230 - - QQ 8.1 15Architas Diversified Real Assets A Acc -1.5 116 2.9 117 16.1 156 QQQ 2.0 313

AS SICAV I Indian Equity X Acc GBP -7.5 168 -4.8 158 47.6 82 QQQQQ 5.8 867ASI Diversified Growth R Acc -0.6 106 -1.0 133 - - QQ 2.6 694ASI Dynamic MA Gr P1 Acc 1.1 91 8.7 86 15.5 157 - 3.0 300ASI Eastern European Equity I Acc -7.7 170 -1.5 136 58.3 61 QQQQQ 5.8 16ASI Financial Equity I Inc -8.1 172 9.0 82 71.4 39 QQQQ 4.2 45

ASI Latin American Equity I Acc -26.4 238 -27.4 222 40.9 100 QQQ 8.5 93ASI Multi-Manager Ethical I Acc 6.6 46 17.0 45 67.8 44 QQQQ 4.6 61Aviva Investors Glbl Convert Ia GBP Inc 14.0 24 24.9 32 62.1 54 QQQQ 3.1 280AXA Framlington Biotech GBP Z Acc 25.7 15 21.0 37 34.3 117 QQQQ 6.1 481AXA Framlington FinTech Z GBP Acc 11.8 30 35.2 14 97.5 20 QQQQQ 5.1 76AXA Framlington Health Z Inc 12.3 28 28.0 25 54.8 65 QQQ 4.7 541AXAWF Fram Global Conv F Cap EUR pf 7.8 39 9.3 81 47.2 85 QQQQ 2.3 724AXAWF Fram Robotech F Cap USD 28.6 10 51.6 7 - - QQQ 5.5 969Barings Australia I GBP Acc -5.4 150 8.9 83 61.8 55 QQQ 5.6 46Barings Eastern Europe I GBP Acc -17.1 208 -7.9 172 64.3 50 QQQQ 6.2 514Barings German Growth I GBP Acc -4.0 138 -11.3 183 41.3 98 QQQ 5.6 322Barings Global Agriculture I GBP -6.9 164 8.5 87 46.1 87 QQQ 4.8 37Barings Global Resources I GBP Acc -12.0 194 -12.8 186 22.2 143 QQQ 6.1 214Barings Korea I GBP Acc 22.5 16 6.0 100 41.6 97 QQQ 5.2 82Barings Latin America I GBP Acc -22.9 229 -21.5 210 24.1 138 QQQQ 7.5 138BGF Emerging Europe D2 -20.2 223 -13.2 187 53.1 68 QQQQ 6.2 467BGF India D2 -5.8 152 -6.4 167 49.4 79 QQQ 7.1 285

BGF Latin American D2 -28.3 241 -24.9 221 29.2 129 QQQ 8.3 569BGF Sustainable Energy D2 26.6 13 39.1 12 115.4 12 QQQQ 4.3 1508

BGF World Energy D2 -34.2 244 -33.1 229 -20.6 206 QQQ 7.4 1558BGF World Mining D2 13.4 27 16.2 49 132.4 11 QQQ 6.9 3604BlackRock Dynamic Allocation D GBP Acc 6.6 47 13.5 61 20.9 148 QQQQ 1.9 444BlackRock Dynamic Diversified Gr D Acc 6.1 52 13.1 63 19.3 150 QQQ 2.1 2074

BlackRock Gold and General D Acc 28.8 9 54.6 5 210.9 3 QQQQ 9.5 1771BlackRock Managed Volatility I C -0.7 107 7.8 92 29.9 128 QQQQ 1.6 1034BlackRock Managed Volatility II C -1.7 118 7.2 94 33.0 123 QQQQ 1.9 240BlackRock Managed Volatility III C -2.5 128 6.9 96 36.1 114 QQQQ 2.3 73BlackRock Market Advantage D GBP Acc -2.2 124 4.3 108 15.2 158 QQ 2.1 582BlackRock Ntrl Resources Gr & Inc D Acc -11.0 189 -6.3 165 43.5 93 QQQ 5.8 33BlackRock Strategic Growth D GBP Acc 4.2 67 - - - - - - 17Blackrock UK Managed Volatility I C £Acc -3.5 136 3.7 112 16.9 153 QQQ 1.3 61Blackrock UK Managed Volatility II C£Acc -7.9 171 -2.8 143 11.4 170 QQ 1.7 127Blackrock UK Managed Volatility IIIC£Acc -11.9 193 -7.1 170 10.0 174 QQ 2.2 37BMO Diversified Monthly Income 1 Inc -1.1 112 -2.6 141 4.1 194 QQ 2.0 49BMO Overseas Equity-Linked UK Gilt 3 Acc 8.2 37 36.5 13 89.2 27 - 4.2 66BMO Overseas Equity-Linked UK Infl 3 Acc 3.5 72 27.2 26 82.4 31 - 4.6 338BMO UK Equity-Linked Gilt 3 Acc -14.8 203 3.0 116 51.5 71 - 4.5 46BMO UK Equity-Linked Inflation 3 Acc -18.3 215 -3.8 152 46.0 88 - 4.9 140BNY Mellon 50/50 Global Eq Expt 1 Acc -4.4 140 9.7 79 42.4 95 QQ 4.4 99BNY Mellon Brazil Equity GBP W Acc -20.2 222 -6.1 164 101.2 18 QQQQQ 9.5 46BR Global Funds - Nutrition D2 USD 2.7 78 13.3 62 47.5 83 QQQ 3.9 57Brown Advisory Latin American B USD Inc -30.2 242 -43.0 231 4.2 193 QQ 8.2 88Candriam Eqs L Australia C AUD Cap -7.6 169 4.1 110 67.7 45 QQ 6.5 96

Candriam Eqs L Biotech C USD Cap 17.8 19 15.1 51 45.1 89 QQQQ 5.8 1474Capital Group New World (LUX) Z 7.5 42 23.1 34 90.2 26 QQQQQ 4.1 271

Carmignac Pf Green Gold W GBP Acc -6.0 157 -6.3 166 28.1 134 - 6.7 276Carmignac Pf L-S Eurp Eqs F GBP Acc 11.4 31 19.5 39 - - - 2.5 339

Comgest Growth India EUR I Acc -5.8 151 -14.2 189 36.5 113 QQQ 6.7 90Comgest Growth Latin America USD I Acc -18.6 217 -23.7 216 28.6 131 QQQQ 7.7 17CQS Global Convertible UCITS A GBP Acc 10.4 34 12.8 65 32.4 125 QQQQ 2.2 163DMS Charteris Gold and Prec Mtls B Acc 34.3 6 62.3 4 - - QQQ 10.7 31Eaton Vance Intl(IRL) PrGl DefEq I Acc£H -4.1 139 - - - - - - 499EF WM Global Trend B Acc GBP -2.8 129 -9.3 178 16.9 152 QQ 1.9 15ES Gold and Precious Metals A Acc 46.4 2 10.3 78 111.9 14 Q 9.1 4Fidelity China High Yield Y-Dis-USD -0.3 104 12.0 70 - - - 3.1 1059Fidelity Emerg Eur Mid East&Africa W Acc -13.1 197 -9.2 177 34.3 116 - 6.9 83

Fidelity India Focus Y-GBP -4.5 141 1.9 121 62.1 53 QQQQ 6.6 1246Fidelity Latin America W-Acc-GBP -24.7 235 -22.4 212 37.5 111 QQQQ 8.0 437First State Indian SubcontnnAllCap B GBP -4.5 142 -5.5 162 50.5 75 QQQQQ 6.4 3FP Foresight UK Infras Inc A GBP Acc 1.4 86 - - - - - - 499FP Octopus Dynamic Mixed Asset B Acc -0.5 105 8.3 89 34.9 115 QQQ 2.5 33FP Russell Invsmts Real Assets C GBP Acc -10.7 187 -7.1 169 9.1 179 Q 3.7 45FP SCDavies Global Alts A Acc GBP -4.6 143 -4.3 157 -4.0 200 - 1.5 3

Franklin India W(acc)GBP -2.3 126 -9.7 181 43.2 94 QQQQ 6.7 856GAM Multibond ABS EUR B -2.8 130 -3.7 151 23.7 139 - 2.0 9GAM Star Alpha Technology USD Inc 1.2 89 32.1 17 91.3 24 - 2.7 31GAM Star Cat Bond Institutional GBP Acc 6.3 50 6.5 98 13.7 164 - 0.9 1435GAM Star MBS Total Return Instl GBP Acc -1.0 111 2.2 120 9.9 175 - 3.2 668GAM Systematic Alt Rsk Pre GBP Acc -5.2 149 -3.4 147 1.4 197 - 1.3 44GS BRICs Eq R Inc GBP 11.9 29 32.4 16 136.2 9 QQQQQ 4.7 70GS Glbl Strat Inc Bd R Inc GBP Hdg 6.5 48 5.3 103 5.8 186 QQ 2.0 1020GS Glbl Strat Macro Bd R Inc GBP Hdg 4.6 62 -0.1 129 5.2 188 - 1.3 390

GS India Equity R Inc GBP 2.6 79 -3.8 153 57.2 63 QQQQ 7.1 1061GS N-11Æ Equity R Inc GBP -16.8 207 -22.9 213 5.8 185 Q 5.1 28GS NA Engy & Engy Infras Eq R Acc USD -34.2 245 -30.9 224 -30.4 207 QQ 8.4 28GS Strat Abs Ret Bd I R Inc GBP Hdg 3.9 69 4.7 104 6.0 184 - 0.7 544GS Strat Abs Ret Bd II R Inc GBP Hdg 5.4 58 4.3 107 5.5 187 - 1.3 127GS US Mortgg Bckd Secs R Acc USD -3.2 134 9.6 80 34.2 118 QQQQ 2.7 281GS US RlEstt Bal R Acc USD -2.9 132 18.5 43 60.6 58 - 3.4 168GSF II GS Balanced Allc R USD Inc -1.0 110 14.5 53 - - QQQQ 2.4 94HL Multi-Mgr Asia and Emerging Mkt A Acc 1.4 85 2.5 118 60.3 59 QQQ 4.9 196HSBC GIF Brazil Equity AD -32.3 243 -28.1 223 39.9 103 QQ 10.0 189HSBC GIF BRIC Markets Equity AD -7.4 167 3.4 115 104.4 16 QQQ 5.6 89HSBC GIF GEM Debt Total Return M1D -4.9 147 -2.3 138 21.8 145 QQ 2.7 438HSBC GIF Indian Equity AD -9.3 180 -15.5 193 34.0 119 QQ 7.4 789HSBC GIF Russia Equity AD -11.5 191 13.9 58 109.0 15 QQQ 6.1 132Invesco Emerging European UK Z Acc -17.5 212 -3.8 154 65.5 49 QQQQQ 6.0 14Invesco Global Fincl Cptl UK Z Acc -0.1 100 -3.6 149 14.7 160 - 4.5 19Invesco Global Hlth Care Innovt A USD AD 8.5 36 23.1 35 42.2 96 QQ 4.4 273Invesco India Equity A USD AD -5.8 154 -14.8 191 39.8 104 QQQ 7.2 173

33 Œ „ ´ ‰ ˆ Á



Insight Absolute Insight Ccy B3p GBP -0.8 72 -6.5 82 -13.4 76 - 0.5 47Invesco Global Targeted Inc UK Z Acc -1.2 75 -2.7 70 - - - 1.0 73

Invesco Global Tgtd Rets UK Z Acc -1.0 74 -3.4 72 2.1 53 - 0.8 7424Janus Henderson Abs Ret Fxd Inc I GBPAcc 2.5 44 - - - - - - 189Janus Henderson Eurp Abs Ret I Acc 10.3 6 10.5 14 13.8 24 - 1.6 22Janus Henderson Mlt-Ast AbsRet I Acc 0.8 54 2.1 51 9.0 35 - 1.6 107

Janus Henderson UK Absolute Return I Acc 3.6 31 4.9 36 12.7 27 - 0.7 1424JPM Global Macro C Net Acc 3.1 39 1.7 54 7.4 40 - 1.1 75

JPM Global Macro Opportunities C Net Acc 5.4 17 15.6 6 15.8 22 - 1.7 1443JPM Unconstrained Bond C Grs Acc 3.2 37 5.6 31 12.1 29 QQQ 1.0 443Jupiter Absolute Return I Acc -19.7 107 -26.0 93 -18.6 78 - 2.2 319Jupiter Merlin Real Return I GBP Acc 1.2 52 - - - - - - 8Kames Absolute Return Bond GBP B Acc 2.0 46 2.9 47 5.8 47 - 0.7 417Kames Global Eq Mkts Netrl GBP B Acc 15.7 3 12.5 10 - - - 1.5 68Kames UK Equity Absolute Ret GBP B Acc 4.1 27 4.5 40 -0.9 59 - 0.9 35L&G Multi-Asset Target Return I Acc 3.3 35 7.8 20 - - - 2.3 670LF Odey Absolute Return Sterling I Acc 19.1 2 10.8 13 1.1 55 - 5.3 466Liontrust GF Absolute Ret Bd C5 Acc GBP 3.1 40 - - - - - - 75Liontrust GF EurpStratEq C3 H Instl Acc£ -10.1 101 -5.8 80 3.4 50 - 4.0 41M&G Absolute Return Bond GBP I Acc 0.6 57 6.1 29 - - - 1.6 48M&G Global Target Return GBP I Acc 6.4 15 4.1 42 - - - 1.5 81Man Dyn Allc Professional C Acc -6.4 96 - - - - - - -Man GLG Absolute Value Profl CX £ Acc 3.6 30 18.4 3 - - - 1.1 382Man GLG Alpha Select Alt IL GBP Acc 4.7 22 20.6 2 35.9 2 - 0.9 1089Merian Global Equity Abs Ret R GBP H Acc -8.6 100 -17.7 89 -7.5 71 - 1.4 1105Merian Strategic Abs Ret Bd F2 GBP H Acc 9.1 8 11.7 11 16.9 20 - 0.9 53Merian UK Opportunities R GBP Acc 3.4 33 -3.7 77 -10.8 74 - 0.9 10Merian UK Specialist Equity R GBP Acc 12.7 4 8.9 17 - - - 1.9 416MI Activus Investment Z GBP Acc 8.8 10 7.0 24 - - - 2.4 -New Capital Global Alpha GBP Inst Acc 5.6 16 8.9 18 - - QQQQ 2.1 86Newton Managed Targeted Ret Inst W Acc 1.6 49 6.7 26 23.9 9 - 1.7 103Nordea 1 - GBP Diversified Return BC GBP -0.6 69 4.7 38 - - QQQ 1.4 2501Orbis OEIC Global Cautious Std GBP -3.6 87 - - - - - - 15OYSTER Absolute Return GBP R GBP D 4.3 26 7.7 21 14.4 23 QQQ 1.0 36Polar Capital Global Abs Rt I USD Acc 4.9 21 - - - - - - 34Premier Defensive Growth C Inc -4.1 91 -7.3 84 -4.2 67 - 1.0 109Premier Multi Asset Absolute Ret C Acc -0.8 71 1.4 56 7.7 39 - 1.4 186Quilter Inv Glbl Eq Abs Ret U2 (GBP) Acc -8.4 98 - - - - - - 270Quilter Investors Abs Rt Bd U2 GBP Acc 2.2 45 - - - - - - 593Royal London Abs Ret Govt Bd M GBP Acc 3.8 29 2.5 49 2.6 51 - 0.6 1235Royal London Duration Hedged Crdt Z Acc 1.3 51 4.3 41 12.4 28 Q 1.2 209RWC Pensato Europa Absolute Ret R GBPAcc 10.4 5 - - - - - - 15Sanlam High Income Real Ret A GBP Inc -1.0 73 1.1 59 6.5 44 - 3.2 37Sanlam Multi Strat A GBP Acc 5.1 20 12.9 9 25.7 6 - 1.5 404Schroder Absolute Return Bond Z GBPAcc -0.7 70 0.6 63 4.6 48 Q 1.7 70Schroder ISF Asn Bd TR Z Acc USD -2.5 84 13.6 8 - - QQQQ 2.3 140Schroder ISF EM Dbt Abs Rt Z Acc EUR H 0.0 64 -8.2 85 28.4 5 QQ 2.5 2087Schroder Multi-Asset Total Return Z Acc -2.1 80 -2.3 67 - - - 2.2 128Schroder UK Dynamic Abs Ret P2 GBP Acc -4.0 90 -2.5 69 9.6 33 - 2.2 214SLI Abs Ret Glb Bd Strats A Acc GBP 1.7 47 0.9 60 2.4 52 - 1.0 1307Smith & Williamson Defensive Growth B -3.5 86 4.7 37 20.4 13 QQQ 2.7 70Smith & Williamson Enterprise C -2.4 83 0.9 61 6.7 43 - 1.4 88SVS Church House Tenax AbsRt Strts A Acc 1.6 48 2.1 52 13.0 26 - 1.0 488Threadneedle Dynamic Rl Ret Z Acc 3.5 32 6.2 27 23.1 10 QQQ 2.1 2234Threadneedle UK Abs Alpha Z Acc GBP -8.6 99 -9.0 87 -6.8 70 - 1.5 90

TM Fulcrum Divers Cor Abs Ret C GBP Acc 4.5 24 7.3 22 6.3 45 - 1.5 181TM Fulcrum Diversified Abs Ret C GBP Acc 4.7 23 7.2 23 5.9 46 - 1.5 970TM Fulcrum Income C GBP Inc 1.3 50 - - - - - - 18TM Neuberger Berman Absolute Alpha F Acc -3.9 89 - - - - - - 27TM TELLWRT UK SEL A ACC 9.8 7 5.1 34 -4.1 66 - 2.2 8TMI Diversified Assets GBP Acc Hdg 3.9 28 9.3 16 25.2 8 - 2.7 67Uni-Global Cross Asset Navigator RA-USD -11.2 103 4.7 39 34.6 3 QQQ 2.3 193

Veritas Global Real Return A Inc GBP 3.2 36 16.6 5 65.9 1 - 2.7 288VT Clear Peak Cptl UK L/S Eq A GBP Acc - - - - - - - - 3VT iFunds Absolute Return Green A Acc -13.3 104 -18.9 90 -8.3 72 Q 2.4 16VT iFunds Absolute Return Orange A Acc -20.7 108 -25.9 92 -11.7 75 Q 3.2 27VT Woodhill UK Equity Strat Net Inc GBP -10.2 102 -4.4 78 -8.8 73 - 2.4 23Wellington Glbl Ttl Ret GBP N Acc H -0.3 67 - - - - - - 45Winton Absolute Return Futures I GBP Acc -18.6 106 -10.9 88 - - - 1.7 30Sector average/count 0.4 109 2.4 93 8.7 78 1.9 592

Investment Trusts



1 3 5 3 Fund year year year year Size Ltst Grng Ltst % Rnk % Rnk % Rnk Vol (£m) Disc Ltst NAV


Asia PacificAberdeen New Dawn Ord 5.4 6 17.3 5 89.7 6 4.5 326 -13.0 7 297Asia Dragon Ord 3.7 7 18.7 4 92.0 5 4.6 600 -11.8 3 470Invesco Asia Ord 8.7 5 10.3 7 97.0 4 4.7 220 -12.0 3 326Pacific Assets Ord -11.2 8 6.2 8 51.6 8 3.9 355 -9.9 -4 291

Pacific Horizon Ord 69.4 1 82.1 1 252.2 1 6.0 346 4.4 3 528Schroder Asian Total Return Inv. Company 11.6 4 24.7 2 146.4 2 4.8 401 -2.3 6 404Schroder AsiaPacific Ord 12.8 3 16.7 6 111.7 3 4.7 924 -11.3 0 545Witan Pacific Ord 13.4 2 21.7 3 88.7 7 3.6 232 -1.2 -4 378

Sector average/count 14.2 8 24.7 8 116.2 8 4.6

Asia Pacific IncomeAberdeen Asian Income Ord -9.0 3 -4.3 4 50.4 4 4.3 371 -12.1 9 210

Henderson Far East Income Ord -11.6 4 -3.2 3 54.8 3 4.0 426 2.1 1 294JPMorgan Asia Growth & Income plc 19.0 1 29.8 1 150.4 1 4.8 390 -1.7 0 415

Schroder Oriental Income Ord -4.3 2 2.0 2 65.2 2 4.4 645 -1.8 6 234Sector average/count -1.5 4 6.1 4 80.2 4 4.4

Asia Pacific Smaller CompaniesAberdeen Standard Asia Focus Ord -5.2 1 0.7 1 55.7 2 5.3 377 -14.7 0 1139

Fidelity Asian Values Ord -22.2 3 -7.2 2 70.8 1 4.9 277 -10.2 3 367Scottish Oriental Smaller Cos Ord -16.3 2 -16.8 3 30.4 3 5.0 292 -13.7 -7 993Sector average/count -14.6 3 -7.8 3 52.3 3 5.1

Debt - Direct LendingBioPharma Credit Ord -0.2 5 11.2 3 - - 2.8 1364 2.8 0 100GCP Asset Backed Income -7.5 7 6.1 5 - - 1.0 438 -5.6 -2 101HWSI Realisation Fund Limited 25.1 1 5.7 6 - - 2.8 89 -9.4 -6 62Pollen Street Secured Lending Ord 8.2 2 21.4 1 11.0 1 1.0 699 -9.3 47 936RDL Realisation Ord 7.0 3 10.4 4 -1.9 3 4.6 21 -52.6 123 88RM Secured Direct Lending -15.2 8 -5.1 7 - - 2.1 108 -12.7 4 92RM Secured Direct Lending ZDP 2021 1.4 4 - - - - - 12 -1.1 -6 109Secured Income Fund Ord -16.8 9 -9.8 8 - - 0.8 45 -18.1 -7 86SME Credit Realisation Fund -26.8 10 -33.6 9 - - 2.2 169 -28.0 16 79VPC Specialty Lending Investments Ord -5.5 6 12.4 2 1.8 2 2.2 254 -28.0 -10 97Sector average/count -3.0 10 2.1 9 3.6 3 2.2

Debt - Loans & BondsAlcentra Eur Floating Rate Inc Ord -9.4 8 -3.2 8 5.2 9 3.7 37 -2.0 0 91Axiom European Financial Debt Fund 1.6 1 0.0 7 - - 4.4 83 -8.9 0 94City Merchants High Yield Ord -6.1 6 0.9 5 22.5 6 3.3 191 -8.0 3 186CQS New City High Yield Ord -9.6 9 0.0 6 26.1 2 3.9 204 3.7 15 46CVC Credit Partners Euro Opps EUR -13.0 11 -17.5 10 24.9 5 4.0 113 -9.6 -8 91CVC Credit Partners Euro Opps GBP -9.7 10 -10.4 9 8.9 8 4.1 197 -9.2 -8 96Henderson Diversified Income Ord -1.7 5 7.1 2 25.1 4 2.6 174 -4.5 13 91Invesco Enhanced Income Ord -1.4 4 3.6 3 34.7 1 3.8 128 -6.9 22 73M&G Credit Income Investment Ord -9.0 7 - - - - - 140 -2.3 -4 97

Stewart Investors Global EM B Acc GBP -19.0 219 -18.3 201 23.5 140 QQQ 4.3 157Stewart Investors Latin Amer B Acc GBP -24.7 234 -24.7 220 38.5 109 QQQQQ 6.2 113

T. Rowe Price Frontier Mkts Eq Q GBP -17.8 214 -16.6 198 28.6 132 QQQQ 5.4 87T. Rowe Price Glb Nat Res Eq CAccGBP -13.6 198 -10.7 182 - - QQQ 6.2 2T. Rowe Price Glb Nat Res Eq Q GBP -14.7 202 -11.5 184 - - QQQ 5.9 66TB Guinness Global Energy I Acc -41.2 246 -31.9 227 -12.9 204 QQQ 8.3 17Templeton BRIC A(acc)USD 5.8 55 13.6 60 112.4 13 QQQQ 4.9 436Threadneedle Latin America Z Acc GBP -21.6 225 -21.3 207 31.0 127 QQQ 7.9 261TIME UK Infrastructure Income Acc -0.7 109 - - - - - - 45TM Fulcrum Diversified Liqd Alts CGBPAcc 0.0 96 - - - - - - 38TM Stonehage UK Equity Income B Inc -23.8 232 -19.6 203 -2.6 198 QQQ 4.7 91UTI India Dynamic Equity USD RDR 5.5 57 12.7 67 - - QQQQQ 6.7 277Vontobel Clean Technology N GBP 16.9 20 29.8 21 - - QQQQ 4.5 570VT Gravis UK Infras Inc C GBP Acc 1.1 92 16.5 48 - - QQQQQ 2.4 647VT icf Absolute Return Portfolio F GBP 0.4 94 -0.5 131 4.9 189 - 1.7 4VT Protean Capital Elder I Net Acc - - - - - - - - 74Vt Protean Capital Procsi Core A GBP Acc -1.4 114 - - - - - - 48VT RM Alternative Income Retail GBP Acc 0.7 93 - - - - - - 86VT SG UK Defined Return Assets A Acc -8.9 177 - - - - - - 36Waverton Absolute Return A GBP - - - - - - - - 51WAY Global Momentum E Acc -11.8 192 -15.1 192 9.6 176 QQ 2.2 16Wellington EmergingMarket Devpmt N £ UnH 13.6 26 26.7 27 - - QQQQQ 4.5 118Wellington FinTech N GBP Unhedged Acc 14.4 23 - - - - - - 269

Winton Diversified UCITS I GBP Inc -23.5 231 -17.0 199 - - - 2.5 296Winton Trend UCITS I GBP Acc -9.1 179 - - - - - - 25Sector average/count -2.2 246 4.3 231 47.4 207 4.7 540

Targeted Absolute Return7IM Real Return C Acc 0.4 59 1.5 55 18.6 18 QQQ 1.9 92Absolute Insight Credit B2p2 GBP 0.2 62 0.5 64 0.9 56 - 1.4 165Absolute Insight Emerg Mkt Debt B3p GBP 0.3 60 -3.5 73 -0.4 58 - 2.2 169

Absolute Insight Eq Mkt Netrl B3p GBP 0.2 61 -2.0 66 -1.6 62 - 0.4 13Absolute Insight W -1.9 78 -3.6 74 -3.4 64 - 1.2 228Allianz Fixed Income Macro E GBP Acc 7.6 14 - - - - - - 68Artemis Target Return Bond I GBP Acc - - - - - - - - 25Artemis US Absolute Return I Hdg Acc GBP -3.8 88 0.8 62 7.4 41 - 0.6 273

ASI Global Absolute Ret Strat P1 Acc 4.4 25 5.6 30 3.9 49 - 1.3 3787ASI Target Return Bond I Acc 2.6 42 6.9 25 7.9 38 - 1.1 36Aviva Investors Mlt-Strat Trgt Inc 2£Inc -5.7 95 -3.6 75 -1.6 61 - 2.1 1017Aviva Investors Mlt-Strat Trgt Ret 2£Acc 0.5 58 1.4 57 2.0 54 - 1.6 3671Baillie Gifford Diversified Gr B1 Acc 0.7 55 4.9 35 20.1 15 QQQ 2.3 6355Baillie Gifford Multi Asset Gr B1 Acc 0.7 56 6.2 28 - - QQQ 2.5 2128Barings Multi Asset I GBP Acc -2.4 82 2.6 48 20.3 14 QQQ 3.3 112BlackRock Absolute Return Bond D Acc 3.4 34 3.9 43 8.3 37 - 1.1 2768BlackRock Emerging Mkts Abs Alpha D Acc -23.5 109 -20.5 91 -15.7 77 - 3.3 5

BlackRock European Absolute Alpha D Acc 9.1 9 17.8 4 22.0 12 - 0.9 435BlackRock Systematic Glbl L/S Eq D Acc 5.3 18 10.5 15 - - - 1.4 8

BlackRock UK Absolute Alpha D -0.1 66 2.0 53 7.3 42 - 1.1 255BNY Mellon Absolute Ret Bd EUR X Acc 0.1 63 -5.8 81 19.6 17 - 1.8 281

BNY Mellon Absolute Ret Eq GBP U Acc 0.0 65 -3.6 76 -2.2 63 - 0.7 258BNY Mellon Global Absolute Ret Inst WAcc -4.9 93 1.3 58 11.0 31 - 2.2 405

BNY Mellon Global Dynamic Bd Inst Inc 1.0 53 5.5 32 10.7 32 QQ 0.9 2278BNY Mellon Mlt-Asst Divers Ret Inst WAcc 3.1 38 8.9 19 32.7 4 QQQQQ 2.8 335

BNY Mellon Real Return Inst W Acc 3.0 41 14.1 7 22.8 11 - 2.0 5653BNY Mellon Sus Real Return Ins W Acc 5.1 19 - - - - - - 362Castlefield Real Return Instl -6.6 97 -2.5 68 8.4 36 - 3.4 38Eaton Vance Intl(IRL) Glb Mac I Acc GBPH 8.0 13 - - - - - - 76Federated Hermes Abs Ret Crdt F GBP AccH 2.5 43 5.4 33 9.3 34 - 1.7 231FP Argonaut Absolute Return R GBP Acc 20.6 1 38.9 1 13.0 25 - 4.5 29FP Octopus Global Strategies B -1.9 78 -3.0 71 0.3 57 - 1.1 37FP Pictet Multi Asset Portfolio A Acc -0.3 68 2.5 50 16.4 21 QQ 2.3 223Franklin Absolute Return Bd W(acc) -1.6 77 - - - - - - 25GAM Multistock Abs Ret Eurp Eq GBP Rh -1.3 76 -4.6 79 -5.0 69 - 1.2 92GAM Star (Lux) - Convert Alpha I EUR Acc -4.7 92 -8.7 86 25.5 7 Q 2.1 37GAM Star (Lux) - European Alpha I GBP -2.8 85 3.0 46 -1.2 60 - 1.8 129GAM Star Emerging Market Rts Instl £ Inc 8.4 12 10.8 12 18.6 19 - 1.7 62GAM Star Global Rates GBP Acc 8.8 11 -1.2 65 -4.2 68 - 4.7 110GS Global Absolute Ret R Inc GBP Hdg -5.0 94 -6.9 83 -3.5 65 - 1.5 149H2O Multireturns N/D GBP -15.3 105 3.2 45 11.4 30 - 6.0 340IFSL Brooks Macdonald Def Cap A Acc -2.1 81 3.2 44 20.1 16 - 3.0 558

34



Investment Trusts


NB Distressed Debt Inv Extended Life -48.6 14 -47.3 13 -44.8 12 3.0 59 -36.3 -6 72NB Distressed Debt New Glb -36.4 13 -36.6 11 -29.4 10 3.4 25 -16.1 -14 58NB Distressed Debt Ord -32.9 12 -38.0 12 -30.1 11 3.7 11 -5.8 -21 68NB Global Floating Rate Income GBP Ord -0.7 3 1.8 4 10.3 7 3.6 370 -6.7 0 90TwentyFour Select Monthly Income Ord 0.4 2 7.5 1 25.8 3 4.6 192 -0.3 -2 89Sector average/count -12.6 14 -10.2 13 6.6 12 3.7

Debt - Structured FinanceBlackstone/GSO Loan Financing -13.3 3 -15.3 4 26.5 1 4.8 352 -16.2 -2 76Chenavari Toro Income Fund Limited -14.7 4 -0.8 2 24.6 2 5.1 213 -26.1 -8 74Fair Oaks Income 2017 Ord -35.0 5 -33.3 5 1.4 4 9.2 229 -1.6 0 51Marble Point Loan Financing Ord -43.4 6 - - - - - 107 -11.7 0 54TwentyFour Income Ord -3.5 2 3.0 1 10.0 3 3.4 536 -4.9 0 110UK Mortgages -0.4 1 -14.4 3 -16.9 5 1.1 219 -16.8 582 81Sector average/count -18.4 6 -12.2 5 9.1 5 4.7

EuropeBaillie Gifford European Growth Trust 47.4 1 32.8 2 78.7 2 5.1 419 -1.6 2 1154BlackRock Greater Europe Ord 15.5 2 41.1 1 104.1 1 4.4 381 -1.8 8 447European Opportunities Trust -21.3 8 -2.9 6 29.3 7 4.6 820 -10.8 0 722

Fidelity European Values Ord 5.5 4 25.4 3 73.4 3 3.7 1142 -6.5 8 273Henderson European Focus Trust Ord 0.7 5 -5.3 7 36.2 5 4.1 300 -13.2 1 1387Henderson EuroTrust Ord 12.8 3 16.4 4 69.4 4 3.8 295 -9.3 3 1378

JPMorgan European Growth Pool Ord -4.3 6 -2.6 5 35.2 6 4.2 235 -14.8 3 326JPMorgan European Income Pool Ord -19.9 7 -21.1 8 14.5 8 5.3 122 -15.8 7 143Sector average/count 4.6 8 10.5 8 55.1 8 4.4

FinancialsEJF Investments Ord -23.8 3 -3.8 1 - - 3.3 100 -27.0 6 167EJF Investments ZDP 2022 -1.3 1 - - - - - 18 -1.1 -14 117Polar Capital Global Financials Ord -17.8 2 -11.7 2 18.5 1 5.8 145 -9.9 8 117Sector average/count -14.3 3 -7.8 2 18.5 1 4.6

Flexible InvestmentAberdeen Diversified Income & Growth Ord -8.8 15 -9.3 17 -7.5 16 2.2 354 -17.5 20 118BMO Managed Portfolio Growth Ord 8.2 1 16.7 1 51.9 3 4.0 79 0.3 -9 220BMO Managed Portfolio Income Ord -6.9 13 -0.5 11 26.7 10 4.4 56 -1.1 -3 117Caledonia Investments Ord -13.6 18 -0.2 10 28.8 8 2.5 1810 -22.5 -3 3299Capital Gearing Ord 2.9 5 15.5 2 44.2 4 1.5 531 2.5 -4 4331CIP Merchant Capital Ord -1.9 8 - - - - - 41 -33.6 -3 74Hansa Trust ‘A’ Class A -4.8 10 -2.7 14 17.1 13 4.2 317 -35.8 -2 264Hansa Trust Ord -5.3 12 -7.2 15 12.4 15 4.2 317 -37.1 -2 264Henderson Alternative Strategies Trust 3.3 4 -0.1 9 39.4 6 2.8 122 -10.4 -38 308Invesco Perp Select Balanced Risk Alloc -0.7 7 4.3 8 18.5 12 2.3 8 -4.3 -3 145JPMorgan Multi-Asset Ord -5.2 11 - - - - - 83 -12.0 -8 95JZ Capital Partners Ord -81.3 23 -82.7 19 -77.3 17 4.7 372 -81.4 6 480JZ Capital Partners ZDP 2022 -41.9 22 -39.1 18 - - 0.1 52 -42.0 -7 439Miton Global Opportunities Ord -7.3 14 -2.1 12 54.7 2 4.5 70 -4.3 -2 254

Personal Assets Ord 6.1 2 14.2 3 42.8 5 1.4 1291 1.7 -8 44341RIT Capital Partners Ord -15.0 20 -2.5 13 27.5 9 2.0 3052 -7.8 20 1946Ruffer Investment Company Ord 5.7 3 4.9 7 16.1 14 1.9 448 -2.3 -11 249Seneca Global Income & Growth Trust Ord -13.8 19 -8.2 16 25.0 11 5.0 62 -0.1 11 145UIL Ord -32.6 21 7.1 5 73.5 1 6.3 251 -48.0 95 288UIL ZDP 2020 2.7 6 9.6 4 29.7 7 0.0 60 -0.9 12 153UIL ZDP 2022 -3.8 9 6.3 6 - - 0.0 64 -3.2 29 129UIL ZDP 2024 -11.5 16 - - - - - 34 -9.3 56 114UIL ZDP 2026 -13.0 17 - - - - - 28 -16.7 75 112Sector average/count -10.4 23 -4 19 24.9 17 2.8

GlobalAlliance Trust Ord 1.2 6 16.2 7 91.5 7 4.7 2764 -6.1 4 862AVI Global Trust Ord -1.7 7 7.1 11 72.6 9 5.0 850 -11.0 9 813Bankers Ord 7.9 5 28.1 6 95.3 6 3.9 1276 1.8 0 989Brunner Ord -4.7 10 14.1 9 69.5 10 4.4 379 -15.1 9 895

EP Global Opportunities Ord -13.9 14 -10.9 14 25.4 14 3.0 112 -11.7 -13 281F&C Investment Trust Ord -3.2 8 15.8 8 78.4 8 4.2 4067 -9.3 10 758

JPMorgan Elect Managed Growth Ord -4.0 9 10.2 10 48.1 11 4.7 247 -5.5 -2 838Lindsell Train Ord -10.8 12 47.6 3 149.8 3 3.3 217 3.0 -2 105355Majedie Investments Ord -19.8 15 -21.4 15 -11.0 15 4.4 130 -20.7 14 250Martin Currie Global Portfolio Ord 12.2 3 42.2 4 113.3 4 3.8 269 1.2 1 328Mid Wynd International Inv Tr PLC O Inc 8.1 4 40.6 5 111.9 5 3.8 325 3.0 1 615Monks Ord 17.2 2 53.3 2 185.1 2 5.0 2393 3.3 4 1065Scottish Investment Trust Ord -10.3 11 -3.8 12 42.4 12 3.7 581 -10.2 0 822

Scottish Mortgage Ord 64.6 1 98.7 1 258.2 1 6.0 13659 -4.1 6 939Witan Ord -11.7 13 -5.3 13 39.9 13 4.6 1654 -8.4 11 204


Global Emerging MarketsAberdeen Emerging Markets Ord -2.0 5 0.0 5 63.8 4 4.7 310 -19.2 1 671Ashmore Global Opp USD Ord -67.9 13 -63.0 12 -59.2 10 6.8 12 -50.5 -3 278BlackRock Frontiers Ord -25.4 11 -30.8 10 12.3 9 5.8 242 -6.2 10 99Fundsmith Emerging Equities Trust -1.9 4 -2.1 6 23.2 8 4.0 345 -12.4 -1 1294Genesis Emerging Markets Fund -2.4 6 12.9 4 80.1 3 4.3 1033 -12.5 -1 850Gulf Investment Fund Ord -7.5 7 35.8 1 32.8 6 4.8 126 -12.0 -11 136

JPMorgan Emerging Markets Ord 6.0 1 29.1 2 116.4 2 4.7 1393 -9.9 0 1158JPMorgan Global Emerg Mkts Inc Ord -10.3 9 -2.9 7 49.8 5 4.5 371 -9.1 7 123

Jupiter Emerging & Frontier Income Ord -7.9 8 -12.9 8 - - 5.7 74 -6.2 12 87Mobius Investment Trust Ord 4.5 3 - - - - - 108 -9.2 -5 103ScotGems -32.9 12 -42.6 11 - - 4.0 41 -25.3 -7 76

Templeton Emerging Mkts Invmt Tr TEMIT 5.9 2 13.9 3 119.8 1 5.1 2168 -11.4 0 891Utilico Emerging Markets Ord -22.2 10 -13.1 9 28.8 7 5.1 469 -16.5 3 206Sector average/count -12.6 13 -6.3 12 46.8 10 5.0

Global Equity IncomeHenderson International Income Ord -8.7 5 -3.6 5 44.8 4 3.8 293 -4.4 16 151Invesco Perp Select Glo Eq Inc Ord -5.0 3 1.0 4 39.8 6 4.8 50 -2.6 15 186

JPMorgan Global Growth & Income Ord 4.4 1 20.6 2 108.9 1 4.4 472 2.7 3 345Murray International Ord -16.7 6 -16.9 6 44.7 5 4.2 1280 -5.0 15 972

Scottish American Ord 3.9 2 26.6 1 102.4 2 3.4 639 3.6 13 411Securities Trust of Scotland Ord -5.0 4 17.1 3 68.1 3 4.4 201 -8.0 9 189Sector average/count -4.5 6 7.5 6 68.1 6 4.2

Growth CapitalSchroder UK Public Private Trust plc -32.7 1 -68.9 1 -73.2 1 6.7 419 -34.4 25 46Sector average/count -32.7 1 -68.9 1 -73.2 1 6.7

Infrastructure SecuritiesEcofin Global Utilities & Infra Ord 15.3 1 43.0 1 - - 4.8 156 1.1 15 166Premier Global Infrastructure Ord 13.7 2 1.8 3 25.8 1 8.3 25 -7.6 115 135Premier Global Infrastructure ZDP 2020 0.0 3 5.2 2 - - 0.0 30 -2.3 -2 124Sector average/count 9.7 3 16.7 3 25.8 1 4.4

JapanAberdeen Japan Ord 6.8 3 11.7 4 36.6 4 4.4 98 -15.7 12 716Baillie Gifford Japan Ord 5.6 4 18.1 3 102.7 3 5.7 785 -1.5 4 849

CC Japan Income & Growth Ord -17.0 6 -8.3 5 - - 4.6 181 -8.0 20 133Fidelity Japan Trust Ord 20.2 2 48.8 1 131.6 1 6.3 262 -5.6 24 200

JPMorgan Japanese Ord 22.4 1 47.8 2 122.9 2 5.6 966 -7.1 16 605Schroder Japan Growth Ord -9.8 5 -11.1 6 25.6 5 4.2 252 -16.9 12 197


Japanese Smaller CompaniesAtlantis Japan Growth Ord 0.5 3 17.9 3 76.2 3 6.3 109 -18.0 1 263AVI Japan Opportunity Ord 0.5 4 - - - - - 118 -0.1 7 100Baillie Gifford Shin Nippon Ord 16.1 1 32.1 2 170.0 1 7.0 567 -1.1 7 203JPMorgan Japan Smaller Cos Ord 13.9 2 32.8 1 114.9 2 5.3 270 -9.6 8 518Sector average/count 7.8 4 27.6 3 120.4 3 6.2

LeasingAmedeo Air Four Plus -59.9 3 -61.9 2 -54.5 1 8.3 632 -67.1 210 98DP Aircraft I Ord -89.6 5 -89.5 4 -84.9 3 2.7 213 -90.9 91 102KKV Secured Loan Fund C -45.9 2 -48.2 1 - - 1.9 128 -52.3 -9 92KKV Secured Loan Fund Ord -74.6 4 -75.6 3 -74.6 2 4.3 220 -69.5 2 62Tufton Oceanic Assets -19.8 1 - - - - - 233 -11.2 0 91Sector average/count -58.0 5 -68.8 4 -71.3 3 4.3

Property - DebtICG-Longbow Senior Sec. UK Prop Debt Inv -17.3 3 -10.2 4 -2.2 3 0.8 118 -21.8 -11 98Real Estate Credit Investments Ord -19.0 4 -8.7 3 3.8 2 2.3 332 -13.2 0 145Starwood European Real Estate Finance -11.9 1 -7.6 2 7.1 1 1.4 431 -18.6 -1 103TOC Property Backed Lending Ord -13.2 2 -2.2 1 - - 2.3 22 7.2 10 80Sector average/count -15.4 4 -7.2 4 2.9 3 1.7

Property - EuropeAberdeen Standard European Logistics Inc 19.7 1 - - - - - 249 1.7 -3 102Phoenix Spree Deutschland Ord 12.4 2 11.1 1 128.8 1 4.3 400 -24.9 48 412Schroder European Real Estate Inv Trust -35.3 4 -32.9 2 - - 1.9 161 -46.4 -7 121Tritax EuroBox Euro Ord 1.3 3 - - - - - 494 -12.9 -13 118Sector average/count -0.5 4 -10.9 2 128.8 1 3.1

Property - Rest of WorldMacau Property Opportunities Ord -50.2 1 -59.9 1 -61.0 1 2.7 111 -64.5 85 179Sector average/count -50.2 1 -59.9 1 -61 1 2.7

Property - UK CommercialAEW UK REIT Ord -7.4 5 -0.7 5 13.6 2 1.7 145 -16.2 23 91BMO Commercial Property Trust -37.3 12 -51.0 13 -43.2 9 1.1 963 -45.7 30 121BMO Real Estate Investments Ord -13.5 7 -23.7 9 -12.2 5 1.1 233 -29.4 39 96Custodian REIT Ord -23.1 9 -12.8 7 4.2 3 1.3 402 -9.6 30 96Ediston Property Investment Company -37.4 13 -47.4 11 -38.1 7 1.7 189 -45.3 43 91LXI REIT Ord -13.1 6 19.9 4 - - 1.9 641 -8.2 15 123Regional REIT Ord -24.5 10 -10.3 6 - - 1.6 461 -33.3 58 110Schroder Real Estate Invest Ord -45.0 14 -48.3 12 -39.3 8 1.7 308 -51.2 42 60Standard Life Inv. Prop. Inc. Ord -32.9 11 -27.7 10 -14.8 6 1.5 325 -32.1 36 80Supermarket Income REIT Ord 9.2 4 35.1 2 - - 1.3 439 19.8 21 96Tritax Big Box 14.0 3 23.5 3 58.9 1 2.4 2617 2.8 42 152UK Commercial Property REIT -15.8 8 -17.4 8 -5.8 4 1.2 1084 -20.3 12 84Urban Logistics REIT plc 21.8 1 37.6 1 - - 2.5 253 8.4 19 134Warehouse REIT Ord 14.3 2 - - - - - 403 8.0 30 108Sector average/count -13.6 14 -9.5 13 -8.5 9 1.6

Property - UK HealthcareImpact Healthcare REIT -5.2 2 15.6 1 - - 0.7 337 -5.5 -14 106Target Healthcare REIT -2.5 1 9.7 2 29.2 1 0.7 487 4.3 4 106Sector average/count -3.8 2 12.6 2 29.2 1 0.7

Property - UK ResidentialCivitas Social Housing Ord 42.1 1 14.9 2 - - 2.6 662 4.3 10 107GCP Student Living Ord -15.0 5 1.9 3 21.2 1 1.8 775 -20.7 -64 175PRS REIT Ord -4.2 4 -9.9 5 - - 0.8 455 -12.0 -17 94Residential Secure Income 3.2 3 1.6 4 - - 0.8 180 -13.4 26 108Triple Point Social Housing REIT Ord 37.4 2 21.9 1 - - 1.0 362 4.3 -20 106Sector average/count 12.7 5 6.1 5 21.2 1 1.4

Property SecuritiesTR Property Ord -16.9 1 3.4 1 32.8 1 4.8 1273 -13.3 16 394Sector average/count -16.9 1 3.4 1 32.8 1 4.8

Renewable Energy InfrastructureBluefield Solar Income Fund 7.5 4 40.8 2 76.1 2 1.5 404 20.8 0 113Foresight Solar Ord -6.0 8 17.0 6 41.6 5 1.9 572 14.6 -15 94Gore Street Energy Storage Fund Ord 21.7 1 - - - - - 72 12.4 -28 94Greencoat Renewables 5.4 5 29.3 4 - - 2.5 635 20.2 57 101Greencoat UK Wind -0.3 7 27.3 5 52.2 3 1.5 1796 13.3 26 118Gresham House Energy Storage Ord 13.7 2 - - - - - 230 15.3 0 96JLEN Environmental Assets Group Ord 4.7 6 30.4 3 49.0 4 1.6 505 28.9 -1 94NextEnergy Solar Ord -9.5 9 10.2 7 36.4 6 2.3 576 7.4 -9 98Renewables Infrastructure Grp 9.4 3 46.7 1 80.1 1 1.3 1935 21.3 -7 111Sector average/count 5.2 9 28.8 7 55.9 6 1.8

RoyaltiesHipgnosis Songs Ord 19.6 1 - - - - - 703 5.7 0 115Sector average/count 19.6 1 - - - - -

Technology & MediaAllianz Technology Trust Ord 34.9 2 114.6 1 299.3 1 6.1 971 -0.7 -2 2402Augmentum Fintech Ord 6.1 3 - - - - - 136 2.2 -11 116Polar Capital Technology Ord 42.4 1 92.9 2 264.8 2 5.1 2904 -1.2 -2 2117Sector average/count 27.8 3 103.8 2 282.0 2 5.6

35 Œ „ ´ ‰ ˆ Á




Data Source: © 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; 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.

The overall Morningstar RatingTM published here is based on a weighted average of a fund’s 3-, 5-, and 10-year ratings. 3-year volatility can be used as a measurement of risk. It is the standard deviation of the fund’s monthly returns over the past 36 months. Fund size is the latest fund size available to Morningstar at the time of calculation.

Morningstar Analyst Rating™ for funds: A summary expression of our forward-looking analysis of a fund. It is based on Morningstar research analysts’ investigation of five key pillars: people, process, parent, performance, and price.

Investment trust performance data is supplied by Morningstar. Data Source: © 2020 Morningstar, Inc. All Rights Reserved.

All data is calculated to (or is the most recent available at 04/09/20 on a mid-to-mid, net income re-invested, sterling basis.

Fund size, latest discount, latest gearing and latest NAV are provided by Morningstar as a guide only and are based on NAV estimates on a cum income basis with debt valued at fair. Fund size: the net assets of the fund, being the total value of all assets held, less all liabilities.

Discount: the discount or premium at which the share trades relative to its net asset value. Gearing: the gross gearing of the fund, being the ratio of total assets to net assets, rebased to 100.


UK All CompaniesArtemis Alpha Trust Ord 5.3 1 1.1 3 19.2 4 6.4 138 -19.6 -1 345Aurora Ord -8.8 5 -14.9 8 16.0 5 7.5 128 -7.5 -5 170Baillie Gifford UK Growth 2.6 2 12.1 1 34.3 1 5.3 281 -6.7 -1 186Fidelity Special Values Ord -29.1 11 -22.3 10 1.0 9 6.1 569 -9.3 15 186Henderson Opportunities Ord -0.9 3 -2.5 4 -2.7 10 7.3 83 -19.2 14 1052Independent Ord -10.3 6 -25.8 11 33.8 2 7.1 268 -15.7 -18 491Invesco Perp Select UK Equity Ord -12.8 9 -10.8 7 5.6 8 5.8 43 -3.0 14 145JPMorgan Mid Cap Ord -12.4 8 -8.2 6 7.1 7 7.2 245 -14.2 9 1027Jupiter UK Growth Ord -29.4 12 -37.4 12 -27.3 12 6.5 29 -5.2 -1 194Keystone Ord -14.3 10 -15.9 9 -13.6 11 6.2 189 -16.7 8 302

Mercantile Ord -6.8 4 2.3 2 26.1 3 6.6 1616 -9.2 17 216Schroder UK Mid Cap Ord -10.5 7 -4.9 5 7.2 6 7.0 192 -18.4 6 542Sector average/count -10.6 12 -10.6 12 8.9 12 6.6

UK Equity & Bond IncomeAcorn Income Fund (Split) ZDP 2022 -1.6 1 4.8 1 16.6 1 1.6 34 -3.2 -4 158Acorn Income Fund Ord -19.5 3 -32.3 3 -9.9 3 7.1 50 -17.9 62 313Henderson High Income Ord -19.3 2 -21.0 2 -3.7 2 5.0 185 -8.3 26 146Sector average/count -13.5 3 -16.2 3 1 3 4.6

UK Equity IncomeAberdeen Standard Equity Inc Trust Ord -23.0 25 -34.2 24 -29.5 25 6.3 140 -11.8 13 290

BlackRock Income and Growth Ord -16.0 16 -10.8 13 9.2 14 4.4 38 -4.3 4 165BMO Capital & Income Ord -17.1 18 -13.2 16 20.3 7 5.7 267 -0.6 7 250BMO UK High Income B Share Ord -9.1 5 -10.4 12 11.7 10 5.8 27 -10.1 9 86BMO UK High Income Ord -9.5 8 -10.3 10 11.9 9 5.7 74 -12.1 9 86BMO UK High Income Units -9.4 7 -10.4 11 10.9 12 5.8 111 -9.4 9 344British & American Ord -33.3 27 -64.5 27 -57.6 27 30.9 7 -24.1 35 29British&American 2025 3.5% - - - - - - 0.0 - 100Chelverton UK Dividend Trust Ord -17.7 19 -41.8 26 -14.0 21 10.5 27 -5.9 59 128Chelverton UK Dividend Trust ZDP 2025 -2.8 3 - - - - - 16 -4.7 0 111

City of London Ord -19.8 22 -15.2 17 5.1 15 4.6 1328 -0.3 14 323Diverse Income Trust Ord 2.8 1 -6.0 6 10.7 13 3.8 329 -5.4 -3 91Dunedin Income Growth Ord -0.6 2 15.0 1 41.5 2 4.3 396 -3.2 11 267

Edinburgh Investment Ord -16.4 17 -27.9 21 -18.7 23 4.8 895 -13.3 13 513Finsbury Growth & Income Ord -13.6 13 14.2 2 65.2 1 3.6 1767 0.6 1 805

Invesco Income Growth Ord -11.5 12 -12.2 15 0.2 18 4.7 151 -12.6 5 254Investment Company Ord -9.2 6 -6.5 7 -7.0 20 4.1 15 -12.4 -2 311JPMorgan Claverhouse Ord -19.4 20 -11.0 14 12.6 8 5.6 328 -3.1 16 586JPMorgan Elect Managed Inc Ord -15.8 15 -16.5 18 4.1 17 4.8 67 -4.1 5 85

Law Debenture Corporation Ord -6.3 4 -5.6 5 27.8 4 4.4 629 -2.0 27 563Lowland Ord -22.8 24 -30.1 22 -18.4 22 6.2 274 -9.7 18 1035

Merchants Trust Ord -21.2 23 -16.7 19 4.6 16 6.8 419 -2.1 26 364Murray Income Trust Ord -9.6 9 6.9 3 35.2 3 4.3 516 -6.3 7 776

Perpetual Income & Growth Ord -19.6 21 -31.4 23 -29.9 26 5.5 522 -10.6 14 249Schroder Income Growth Ord -10.0 10 -6.9 8 11.4 11 5.0 166 -2.2 10 236

Shires Income Ord -13.6 14 -8.7 9 21.0 6 5.0 70 -6.4 20 222Temple Bar Ord -37.5 28 -37.5 25 -19.8 24 7.8 554 -13.7 11 846Troy Income & Growth Ord -11.0 11 0.2 4 23.4 5 3.4 245 -1.4 -3 71

Value And Income Ord -24.6 26 -24.9 20 -4.2 19 4.2 108 -25.4 46 253Sector average/count -14.9 28 -15.4 27 4.7 27 6

UK Smaller CompaniesAberdeen Smaller Companies Inc Ord 0.2 7 14.8 6 42.4 6 5.6 70 -16.7 5 317

Aberforth Smaller Companies Ord -26.6 19 -28.6 16 -19.2 15 7.5 883 -14.3 2 994Aberforth Split Level Income Ord -34.8 20 -45.4 18 - - 9.6 96 -11.9 52 50Aberforth Split Level Income ZDP 2024 -1.4 8 1.7 9 - - 0.0 53 -3.8 -2 111Athelney Trust Ord -17.5 16 -17.5 15 0.1 13 5.1 5 -21.2 -6 233BlackRock Smaller Companies Ord -10.6 13 4.3 7 41.5 7 6.5 679 -12.5 9 1403

BlackRock Throgmorton Trust plc 6.2 5 41.4 1 91.5 1 6.4 498 1.6 23 590Crystal Amber Ord -53.9 21 -50.4 20 -36.2 16 9.0 102 -22.7 -1 113Downing Strategic Micro-Cap Inv. Trust -22.0 17 -47.4 19 - - 4.8 37 -32.1 -20 67Gresham House Strategic plc -4.8 11 19.8 4 32.0 9 6.6 44 -24.3 -9 1097

Henderson Smaller Companies Ord -5.0 12 3.6 8 33.1 8 7.0 661 -13.9 11 882Invesco Perpetual UK Smaller Ord -23.5 18 -9.5 12 23.1 11 5.7 161 -18.9 -2 477JPMorgan Smaller Companies Ord 14.7 2 39.0 2 60.8 4 7.3 220 -11.7 10 278Marwyn Value Investors Ord -16.5 15 -32.7 17 -43.1 17 4.4 94 -30.7 0 157Miton UK Microcap 15.2 1 -11.4 13 2.2 12 6.3 70 -13.6 -6 63Montanaro UK Smaller Companies Ord 14.3 3 18.0 5 31.0 10 5.4 221 -11.1 4 132Odyssean Investment Trust Ord -3.0 10 - - - - - 95 -9.7 -7 108Rights & Issues Investment Trust Ord -2.1 9 -8.8 10 88.8 2 5.3 142 -2.5 -11 1882River and Mercantile UK Micro Cap Ord 4.2 6 -9.3 11 51.6 5 6.0 96 -21.7 -4 207

Standard Life UK Smaller Co. Ord 13.4 4 24.9 3 78.6 3 6.1 559 -5.6 1 554Strategic Equity Capital Ord -11.9 14 -14.6 14 -15.7 14 5.0 158 -27.5 -9 249Sector average/count -7.9 21 -5.4 20 27.2 17 6.0

VCT AIM QuotedAmati AIM VCT Ord 18.6 1 29.0 1 99.2 1 5.9 182 -7.9 -8 171Artemis VCT PLC O Inc -1.2 6 3.9 6 85.9 2 10.9 10 -4.0 -46 32Hargreave Hale AIM VCT Ord 9.6 4 8.9 3 25.7 6 5.0 141 -6.5 -10 71Octopus AIM VCT 2 13.7 2 5.4 4 34.6 4 4.5 93 -6.3 -23 77Octopus AIM VCT Ord 13.0 3 4.0 5 32.0 5 4.6 135 -5.7 0 102Unicorn AIM VCT Ord 9.0 5 16.6 2 38.4 3 5.9 241 -13.0 -9 165Sector average/count 10.4 6 11.3 6 52.6 6 6.1

VCT GeneralistAlbion Development VCT Ord 0.1 13 30.9 2 49.2 3 2.0 73 -4.8 -21 77Albion Enterprise VCT Ord -0.7 14 24.4 5 48.4 4 2.4 74 -4.9 -23 108Albion Technology & Gen VCT Ord 1.1 11 21.7 6 22.0 16 4.2 85 -8.2 -6 77Albion VCT Ord -2.5 15 14.5 11 42.6 6 2.5 69 -4.1 -32 71Baronsmead Second Venture Trust Ord 4.1 6 3.2 19 19.8 20 3.6 182 -4.4 -22 74Baronsmead Venture Trust Ord 3.5 7 2.4 20 19.0 21 3.3 165 -7.0 -29 71British Smaller Companies VCT Ord -5.4 26 8.5 15 26.3 11 3.0 91 -7.8 -8 66British Smaller Companies VCT2 Ord -3.6 17 7.7 17 22.4 13 3.0 61 -4.9 -40 47Calculus VCT Ord -9.7 34 -10.6 34 - - 3.3 19 -6.0 -5 67Chrysalis VCT Ord -20.4 40 -3.8 27 25.5 12 2.6 16 -28.1 -16 57Crown Place VCT Ord 0.8 12 29.8 3 51.3 1 2.3 63 -2.4 -39 32Downing Four VCT DP67 -30.3 41 -2.1 25 -15.0 34 6.2 2 -6.9 -3 19Downing Four VCT DSO 1 D 87.1 1 44.6 1 50.2 2 2.5 1 -8.3 -29 12Downing ONE VCT -20.0 39 -20.4 36 -13.1 33 4.2 89 -10.7 -20 59Downing Three VCT ‘F’ Ord -6.3 28 19.3 8 -12.4 32 4.8 3 -38.8 -1 25Downing Three VCT ‘H’ Ord -34.4 42 -58.2 41 -58.6 38 4.3 4 -30.7 0 33Downing Three VCT ‘J’ Ord -48.6 45 -57.6 40 -57.6 37 4.8 5 -22.6 -25 48Downing Two VCT ‘F’ Ord -3.1 16 -22.5 37 -31.5 35 4.9 2 -28.2 -9 22Downing Two VCT ‘G’ Ord -37.1 43 -43.7 38 -43.0 36 48.5 9 -26.5 -4 34Downing Two VCT ‘K’ Ord -46.5 44 -52.9 39 - - 8.3 7 -6.5 -53 43Draper Esprit VCT -16.5 38 -11.3 35 -5.1 31 3.2 51 -7.9 -17 46Foresight 4 VCT Ord -12.4 37 -4.9 28 4.8 27 3.3 103 -13.7 -4 56Foresight VCT Ord -7.5 31 1.6 22 5.6 26 3.4 137 -13.4 -9 66Kings Arms Yard VCT Ord -5.9 27 9.5 13 40.1 7 2.6 76 -4.9 -13 20Maven Income & Growth VCT 3 Ord -4.7 22 -2.5 26 17.6 23 2.9 42 -9.0 -33 53Maven Income & Growth VCT 5 Ord -4.5 20 9.0 14 21.8 17 2.4 43 -13.8 -31 34

Maven Income & Growth VCT Ord -3.7 18 5.0 18 13.2 25 3.2 39 -6.3 -43 43Mobeus Income & Growth 2 VCT Ord -6.7 29 20.3 7 35.3 8 6.0 49 -4.5 -39 66Mobeus Income & Growth 4 VCT Ord -4.8 23 16.4 9 34.4 9 4.1 48 -3.1 -5 57Mobeus Income & Growth VCT Ord -5.2 25 24.6 4 45.6 5 3.9 67 -4.3 -30 53Northern 2 VCT Ord -7.9 32 -6.1 31 20.7 18 3.3 87 -4.6 -31 55Northern 3 VCT Ord -8.3 33 -5.1 29 22.1 15 3.4 87 -4.7 -10 81Northern Venture Trust Ord -7.3 30 -1.1 24 22.2 14 2.9 95 -4.6 -15 59Octopus Apollo VCT Ord 5.1 5 8.3 16 18.9 22 2.3 138 -4.9 -12 45Octopus Titan VCT Ord -4.4 19 2.2 21 16.0 24 1.5 895 -10.8 -30 89Pembroke VCT B 1.9 10 15.0 10 4.8 28 2.4 110 -4.3 -2 107ProVen Growth and Income VCT Ord -11.9 36 -9.0 33 3.3 29 2.4 121 -2.7 -37 54ProVen VCT Ord -10.9 35 -0.2 23 19.9 19 4.1 112 -4.5 -37 68Puma VCT 11 -4.7 21 -7.7 32 -4.8 30 1.0 29 -2.4 -12 77Puma VCT 12 8.7 2 -5.6 30 - - 2.3 32 7.1 -8 82The Income & Growth VCT Ord -4.8 24 14.2 12 32.4 10 2.8 63 -1.8 -60 65Triple Point Income VCT C 8.4 3 - - - - 5.8 11 -9.8 -6 83Triple Point Income VCT D 2.5 8 - - - - 5.4 8 -9.5 -47 58Triple Point VCT 2011 A 8.3 4 - - - - 2.3 4 8.5 -12 45Triple Point VCT 2011 B 2.1 9 - - - - 1.8 6 0.0 -1 97Sector average/count -5.9 45 0.2 41 13.5 38 4.4

VCT Generalist Pre QualifyingDowning Four Generalist Shs -27.3 3 -40.0 1 - - 3.7 35 -6.7 -27 62Seneca Growth Capital VCT B -8.0 2 - - - - - 7 -5.9 0 89Triple Point Income VCT E 10.7 1 - - - - 1.7 28 -9.9 -17 96Sector average/count -8.2 3 -40 1 - - 2.7

VCT Specialist: Healthcare & BiotechnologySeneca Growth Capital VCT 22.8 1 31.8 1 -2.5 1 10.8 2 -12.2 -25 22Sector average/count 22.8 1 31.8 1 -2.5 1 10.8

VCT Specialist: Healthcare & Biotechnology Pre QualifyingDowning Four Healthcare Shs -21.8 1 -33.5 1 - - 2.6 16 -4.9 -45 67Sector average/count -21.8 1 -33.5 1 - - 2.6

Specialist3i Infrastructure Ord 0.7 31 57.8 4 100.5 11 3.8 2228 18.4 -19 255Aberdeen Latin American Income Ord -24.5 51 -25.4 46 32.1 35 7.3 34 -9.3 15 59Aberdeen New India Ord -11.2 43 -11.7 42 39.5 28 6.4 293 -18.2 7 498Aberdeen New Thai Ord -33.0 53 -14.7 44 30.1 39 6.6 78 -14.8 11 465Ashoka India Equity Investment Ord 3.8 27 - - - - - 75 -1.8 5 111Baillie Gifford US Growth Ord 60.8 3 - - - - - 612 5.2 1 227Baring Emerging Europe Ord -21.9 49 -9.0 40 64.9 20 6.6 86 -12.5 -2 700BB Healthcare Ord 29.6 8 43.1 9 - - 6.9 737 0.1 0 155BBGI SICAV Ord 11.1 19 29.4 13 70.9 18 1.1 835 28.8 -5 132

Biotech Growth Ord 55.2 5 36.8 10 57.0 22 8.1 477 -0.7 11 1200BlackRock Energy and Resources Income -4.2 36 -0.3 33 32.1 36 6.4 80 -13.9 6 69BlackRock Latin American Ord -27.7 52 -24.9 45 30.6 38 9.3 140 -11.9 9 351BlackRock North American Ord -18.2 47 8.7 27 71.1 17 4.2 129 -9.0 -7 160BlackRock World Mining Trust plc 19.9 12 22.2 16 147.8 7 6.9 793 -10.7 11 450Blue Planet Investment Trust -33.2 54 -34.1 49 -7.2 45 9.7 15 -18.8 -1 33BMO Global Smaller Companies Ord -11.2 42 -7.0 38 32.7 34 5.2 787 -9.0 2 133CATCo Reinsurance Opps C 88.9 1 - - - - - 144 -20.1 -12 51CATCo Reinsurance Opps Ord 56.4 4 -77.8 51 -68.0 48 10.2 61 -17.2 -2 27CQS Natural Resources G&I Ord 15.1 16 -6.8 37 37.3 31 8.2 75 -18.0 15 111

Edinburgh Worldwide Ord 31.0 7 98.0 2 200.6 2 7.0 897 0.4 0 260European Assets Ord 4.8 26 -7.0 39 30.8 37 5.1 405 -9.6 2 112Fidelity China Special Ord 46.0 6 48.1 6 199.3 3 6.7 1780 -8.3 21 350Gabelli Value Plus+ Trust Ord -2.4 35 -6.2 36 33.5 33 6.0 124 -8.6 -9 126GCP Infrastructure Investment Ord 1.7 29 14.9 20 39.3 29 2.6 931 13.0 9 112Geiger Counter Ord 19.1 13 -1.8 34 48.3 26 13.8 16 11.8 11 18Herald Ord 21.8 11 48.5 5 133.0 8 4.7 1262 -13.6 -7 1905HICL Infrastructure PLC Ord 5.8 24 17.7 17 37.7 30 1.1 2870 11.8 0 150Impax Environmental Markets Ord 14.2 18 47.7 7 153.8 6 5.1 820 4.5 3 329India Capital Growth Ord -10.3 40 -33.1 48 10.2 42 8.4 92 -20.0 -4 82International Biotechnology Ord 17.9 15 27.6 15 55.3 23 5.6 274 -0.1 -2 719International Public Partnerships Ord 5.1 25 15.6 19 53.5 25 0.9 2374 12.3 -3 147Invesco Perp Select Liquidity Ord 0.8 30 1.8 31 0.6 44 0.4 3 -3.4 2 105JPMorgan American Ord 7.4 22 34.7 11 105.6 10 5.4 1088 -5.9 5 543JPMorgan Brazil Ord -10.6 41 -5.7 35 75.0 14 9.6 23 -9.9 -1 70

JPMorgan China Growth & Income plc 72.2 2 98.8 1 276.7 1 6.7 401 -3.8 8 549JPMorgan Elect Managed Cash Ord 0.4 32 2.6 30 4.4 43 0.3 6 -0.9 -89 103JPMorgan European Smaller Comp Ord 8.1 20 5.5 28 71.9 16 5.8 709 -14.1 4 441

JPMorgan Indian Ord -20.9 48 -26.1 47 15.0 41 7.6 528 -18.0 4 674JPMorgan Russian Securities Ord -5.2 37 46.4 8 163.6 5 6.2 304 -12.4 -2 665

JPMorgan US Smaller Companies Ord -8.0 39 14.1 23 80.3 13 6.4 189 -9.9 6 322Jupiter Green Ord 7.5 21 14.9 21 55.1 24 4.3 40 -4.6 -2 209Jupiter US Smaller Companies -11.8 45 15.9 18 59.5 21 6.5 141 -13.9 -1 1123Menhaden Ord 7.3 23 27.8 14 -13.8 46 3.8 96 -28.8 -2 120Middlefield Canadian Income Ord -12.9 46 -9.8 41 27.2 40 5.6 100 -14.5 -151 99

Montanaro European Smaller Ord 25.7 9 66.3 3 175.6 4 5.3 229 -3.7 2 1364North American Income Trust Ord -22.3 50 1.4 32 70.3 19 5.1 360 -10.9 3 246Polar Capital Glb Healthcare Ord 1.8 28 10.6 26 40.9 27 5.0 312 -11.3 7 257Polar Capital Glb Healthcare ZDP 2024 -0.5 33 4.6 29 - - 0.0 35 -2.3 -4 110Riverstone Energy Ord -56.6 55 -75.5 50 -65.6 47 8.9 303 -30.1 0 445Sequoia Economic Infrastructure Inc Ord -0.6 34 12.2 24 36.6 32 2.4 1624 10.9 6 98Smithson Investment Trust Ord 15.0 17 - - - - - 1810 2.9 -3 1417TR European Growth Ord 18.0 14 -12.2 43 73.7 15 6.4 555 -15.8 7 1103Vietnam Enterprise Ord -11.6 44 11.1 25 - - 7.5 1067 -11.4 -1 490VinaCapital Vietnam Opp Fund Ord -7.9 38 14.4 22 130.6 9 5.0 695 -20.1 -6 401

Worldwide Healthcare Ord 22.9 10 32.6 12 91.9 12 5.6 1982 0.9 -4 3358Sector average/count 6.0 55 10.6 51 65.5 48 5.8

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AT THE HEART OF INVESTMENT SINCE 1995...

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