ALSO In this issue:

l The Budget

l Fixed Interest

l Equities

WWW.BARRATTANDCOOKE.CO.UK

TELEPHONE: 01603 624236

january 2015

1/1/11 1/1/12 1/1/13 1/1/14 5/4/14 1/7/14 5/10/14 1/1/15

FTSE 100 5900 5572 5898 6749 6696 6803 6528 6566 FTSE All Share 3063 2858 3093 3610 3605 3630 3486 3533 Dow Jones (US) 11578 12218 13104 16577 16413 16956 17010 17823 S&P 500 (US) 1258 1250 1426 1848 1865 1973 1968 2059 Nikkei 225 (Japan) 10229 8455 10395 16291 15064 15326 15709 17451 WMA Balanced 2978 2895 3063 3395 3415 3443 3441 3549

GrowthEquities

Higher YieldEquities

Mid-Cap Equities

OverseasEquities

Collective Investments

Babcock Compass Diageo Dixons Carphone Experian Johnson Matthey Reckitt Benckiser Rio Tinto SAB Miller Sage Unilever

Aberdeen AM BATS BHP Billiton British Land GlaxoSmithKline HSBC Pearson Royal Dutch Shell Severn Trent Standard Life

Booker DS Smith Halma James Fisher Marston’s Regus Rexam Senior SSP Group TalkTalk Telecom UBM

Colgate-Palmolive ConocoPhillips CR Bard Johnson & Johnson Nestlé Roche

City of London IT Edinburgh Dragon IT Fundsmith Equity Fund Henderson Intl Income IT Inv Perpetual UK Smaller IT John Laing Infrastructure Fd JPM American IT JPM Emerging Markets IT Jupiter US Smaller Cos IT Worldwide Healthcare Trust

In the red corner, the Russian Bear; in the blue corner, the US Bull

2014 was totally unpredictable.

On a humanitarian front:

1. In the former Soviet states we saw: Russia’s invasion of Crimea, the shooting down of an airliner in the Ukraine and the Rouble plummeting from 54 to 110 versus the US dollar

2. West Africa witnessed the devastation of the Ebola virus 3. There were more ‘international refugees’ from the Middle East than in the second

world war, as the civil atrocities continued Whilst on the economic and political scene:

4. We watched as Scotland marginally remained part of the United Kingdom 5. UKIP and the SNP became ‘heavyweights’ and could hold the balance of power at

the 7th May 2015 General Election 6. Accounting irregularities took place at Tesco which sent shudders through the

market as corporate governance came into question from ‘cooking the books’ 7. The price of oil tumbled from $115 to $56 a barrel (although industry is yet to see

the benefits) None of these phenomena could have been predicted in one’s wildest dreams at the beginning of 2014.

1/1/11 1/1/12 1/1/13 1/1/14 5/4/14 1/7/14 5/10/14 1/1/15

FTSE 100 5900 5572 5898 6749 6696 6803 6528 6566 FTSE All Share 3063 2858 3093 3610 3605 3630 3486 3533 Dow Jones (US) 11578 12218 13104 16577 16413 16956 17010 17823 S&P 500 (US) 1258 1250 1426 1848 1865 1973 1968 2059 Nikkei 225 (Japan) 10229 8455 10395 16291 15064 15326 15709 17451 WMA Balanced 2978 2895 3063 3395 3415 3443 3441 3549

Growth Equities

Higher Yield Equities

Mid-Cap Equities

Overseas Equities

Collective Investments

Babcock Compass Diageo Dixons Carphone Experian Johnson Matthey Reckitt Benckiser Rio Tinto SAB Miller Sage Unilever

Aberdeen AM BATS BHP Billiton British Land GlaxoSmithKline HSBC Pearson Royal Dutch Shell Severn Trent Standard Life

Booker DS Smith Halma James Fisher Marston’s Regus Rexam Senior SSP Group TalkTalk Telecom UBM

Colgate-Palmolive ConocoPhillips CR Bard Johnson & Johnson Nestlé Roche

City of London IT Edinburgh Dragon IT Fundsmith Equity Fund Henderson Intl Income IT Inv Perpetual UK Smaller IT John Laing Infrastructure Fd JPM American IT JPM Emerging Markets IT Jupiter US Smaller Cos IT Worldwide Healthcare Trust

In the red corner, the Russian Bear; in the blue corner, the US Bull

2014 was totally unpredictable.

On a humanitarian front:

1. In the former Soviet states we saw: Russia’s invasion of Crimea, the shooting down of an airliner in the Ukraine and the Rouble plummeting from 54 to 110 versus the US dollar

2. West Africa witnessed the devastation of the Ebola virus 3. There were more ‘international refugees’ from the Middle East than in the second

world war, as the civil atrocities continued Whilst on the economic and political scene:

4. We watched as Scotland marginally remained part of the United Kingdom 5. UKIP and the SNP became ‘heavyweights’ and could hold the balance of power at

the 7th May 2015 General Election 6. Accounting irregularities took place at Tesco which sent shudders through the

market as corporate governance came into question from ‘cooking the books’ 7. The price of oil tumbled from $115 to $56 a barrel (although industry is yet to see

the benefits) None of these phenomena could have been predicted in one’s wildest dreams at the beginning of 2014.

1/1/11 1/1/12 1/1/13 1/1/14 5/4/14 1/7/14 5/10/14 1/1/15

FTSE 100 5900 5572 5898 6749 6696 6803 6528 6566 FTSE All Share 3063 2858 3093 3610 3605 3630 3486 3533 Dow Jones (US) 11578 12218 13104 16577 16413 16956 17010 17823 S&P 500 (US) 1258 1250 1426 1848 1865 1973 1968 2059 Nikkei 225 (Japan) 10229 8455 10395 16291 15064 15326 15709 17451 WMA Balanced 2978 2895 3063 3395 3415 3443 3441 3549

Growth Equities

Higher Yield Equities

Mid-Cap Equities

Overseas Equities

Collective Investments

Babcock Compass Diageo Dixons Carphone Experian Johnson Matthey Reckitt Benckiser Rio Tinto SAB Miller Sage Unilever

Aberdeen AM BATS BHP Billiton British Land GlaxoSmithKline HSBC Pearson Royal Dutch Shell Severn Trent Standard Life

Booker DS Smith Halma James Fisher Marston’s Regus Rexam Senior SSP Group TalkTalk Telecom UBM

Colgate-Palmolive ConocoPhillips CR Bard Johnson & Johnson Nestlé Roche

City of London IT Edinburgh Dragon IT Fundsmith Equity Fund Henderson Intl Income IT Inv Perpetual UK Smaller IT John Laing Infrastructure Fd JPM American IT JPM Emerging Markets IT Jupiter US Smaller Cos IT Worldwide Healthcare Trust

In the red corner, the Russian Bear; in the blue corner, the US Bull

2014 was totally unpredictable.

On a humanitarian front:

1. In the former Soviet states we saw: Russia’s invasion of Crimea, the shooting down of an airliner in the Ukraine and the Rouble plummeting from 54 to 110 versus the US dollar

2. West Africa witnessed the devastation of the Ebola virus 3. There were more ‘international refugees’ from the Middle East than in the second

world war, as the civil atrocities continued Whilst on the economic and political scene:

4. We watched as Scotland marginally remained part of the United Kingdom 5. UKIP and the SNP became ‘heavyweights’ and could hold the balance of power at

the 7th May 2015 General Election 6. Accounting irregularities took place at Tesco which sent shudders through the

market as corporate governance came into question from ‘cooking the books’ 7. The price of oil tumbled from $115 to $56 a barrel (although industry is yet to see

the benefits) None of these phenomena could have been predicted in one’s wildest dreams at the beginning of 2014. BARRATT & COOKE IS THE TRADING NAME OF BARRATT & COOKE LIMITED REGISTERED IN ENGLAND No. 5378036

REGISTERED ADDRESS: 22 MELTON STREET, EUSTON SQUARE, LONDON, NW1 2EPBARRATT & COOKE LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL AUTHORITY

who are based at 25 THE NORTH COLONNADE, CANARY WHARF, E14 5HSCONDUCT

On top of this:

1. Global interest rates have actually fallen rather than risen 2. Inflation has dropped and is likely to come under further pressure 3. Sterling has fallen sharply against the US dollar since the Scottish vote in October,

from a high of 1.72 in 2014 to today’s (1st January) 1.55 4. The FTSE 100 fell by 2.7% to 6566 during 2014, instead of rising above 7000 as

predicted by most commentators Indeed, December 2014 proved as volatile as any month during the year.

Open High Low Close 01/12/2014 05/12/2014 15/12/2014 31/12/2014

FTSE 100 6656 6742 6182 6566

5. While the EU economies of Greece, Italy and France are gradually bringing down the might of Germany

Despite all of this apparent ‘bedlam’, the US economy and the UK economy have improved out of all recognition compared with Europe and the rest of the world, with:

1. Falling unemployment 2. Increased Gross Domestic Product (GDP) 3. Improved corporate profitability

Despite bulging ‘deficits’. LET US NOW LOOK MORE CLOSELY AT: THE FALLING OIL PRICE, INFLATION / INTEREST RATES AND STERLING TO CLARIFY OUR INVESTMENT POLICY

Falling oil price

Oil (Brent crude) has had a dramatic fall in price from US$115 to US$56 per barrel. This has had a significant effect at the pumps, bringing a litre of petrol down from £1.29 to £1.09. Will it reach £1 per litre? We have all seen the effects in our pockets. The reason for the dramatic fall is down to the most basic rule in economics - supply and demand:

1. The US turning on the shale gas ‘taps’ in conjunction with Saudi Arabia maintaining their high volume of production has led to excess supply

2. A fall in demand caused by a slowdown in China, other emerging markets and Europe Other factors include:

3. An ever increasing efficiency of use, i.e. engines becoming more economical 4. The Arabs maintaining cheap production to reduce the price of oil, endeavouring to

put other ‘higher cost producers’ (such as US shale) out of business

The fall in oil price must:

1. Help UK industry 2. Help the individual consumer 3. Help the UK economy 4. Bring inflation down still further 5. Affect oil exporting countries, such as Russia

Yes, this has brought down the price of oil temporarily, but as we all know, this is a high risk policy and the situation could change just as quickly. Of course, in the longer term, the Arabs really want the highest possible price for oil – some of my readers will still remember:

‘Shake your money’ (Sheikh Yamani)

the former chairman of OPEC, and the havoc he wrought on the western economies in the 1980s. Inflation / Interest Rates

At the start of 2014, with the UK economy improving, it was anticipated that wage inflation would rise. This, in conjunction with various bouts of quantitative easing actually making it out of ‘the system’ and into ‘real life’, was expected to drive inflation higher. The antidote to inflation is to increase interest rates to take the heat out of the economy and in the spring, the governor of the Bank of England, Mark Carney indicated that interest rates would start to rise soon. However, the unexpected fall in the oil price, causing a potential fall in inflation in the short term, has led to a delay in interest rate rises. It is Barratt & Cooke’s view that:

1. Inflation will now fall in the near future but rise again in due course 2. Interest rates will eventually rise from 300 year lows

Sterling

Many analysts have been talking about the strength of Sterling, with companies complaining that this strength will affect corporate profitability. However, Sterling isactually very weak against the US dollar, and is only slightly firmer against a very weak Euro. 01/01/2014 High Low 31/12/2014 US$ to the £ 1.72 1.52 1.56 € to the £ 1.29 1.19 1.29

This relative weakness in the value of Sterling will help UK exports, particularly to the US, whilst the relative rise against the very weak Euro should make little difference at thisstage.

BARRATT & COOKE’S INVESTMENT POLICY

Fixed Interest

It is essential for most clients to have sufficient ‘safety and liquidity’ and this should be in liquid UK Government Stocks (Gilts). We have changed our stance from being:

All in Index-Linked Gilts

to

A proportion in Index-Linked Gilts (Inflation will rise again in due course)

and

A proportion in very short dated conventional Gilts (To hold for redemption and then reinvest on redemption for higher income when interest rates have risen).

Equities

Most New Year scribes predict the FTSE 100 to rise to approximately 7,200 with the most optimistic predicting 7,700. We are not quite so optimistic, but shall be surprised if at some stage we do not break through the 15 year high of 6930 and then (given the ongoing volatility) break the psychological barrier of 7,000. In the same way, the scribes are saying that the US is too high, but we see no point in pulling in the reins yet, while the Dow Jones powers ahead; US investment has proved a very good hedge against UK (and European) issues in politics, currency and markets. Global stock markets will remain volatile as in December with:

1. The oil price 2. Mineral prices 3. Germany likely to fall into deflation (along with the rest of Europe) 4. European and Russian political uncertainty 5. The uncertainty of the UK general election 6. The strength of the US dollar

Though all these points could be considered a threat to the UK economy, conversely they could be a strength, causing considerable volatility on the interpretation of events, rather than actual facts. It is a fact that the UK economic data is good (see the Autumn Statement below) and that the lower oil price is good for the UK economy for both ‘corporate profitability’ and ‘consumer spending’.

It is a fact that ‘corporate Britain’ has recovered from the depths of 2009 with stronger balance sheets, greater profitability and higher dividends. The FTSE 100 still looks fair value on the fundamentals of: P/E: 15.1 Yield: 3.6% Dividend Cover: 1.9x Let us now look at various sectors: Oils Of course all oil companies have been affected by the oil price, particularly the ancillary oil stocks. But the Arabs will not flood the market forever and one day the oil price will go up again. At that time oil stocks will look cheap, but that is some way away. Miners We still consider Rio Tinto and BHP Billiton to be quality mining sector stocks which are held in most portfolios. They are both large enough to see out any declines in metal prices and will be there for the recovery. Supermarkets We have discussed these at length in the past. Tesco is too low to sell and J Sainsbury is our core supermarket stock. Telecoms / Media Following the takeover bid from BT for EE, we are expecting further activity in this sector, and in particular possible takeover activity with Sky and TalkTalk. Pharmaceuticals Following the failed bids for AstraZeneca and Shire there is likely to be further M&A activity in this sector. Insurance Following Aviva’s bid for Friends Life there could be further consolidation in the insurance sector. However, our core theme remains:

UK LISTED GLOBAL BRANDS such as: Unilever

Reckitt Benckiser Diageo GlaxoSmithKline

which have portfolios of strong brands with a global reach.

Corporate Actions

Since the October 2014 newsletter, AbbVie’s bid for Shire has been withdrawn. The following have also taken place: Bonds repaid: Pearson, Severn Trent, Kingfisher Rights Issues: Mothercare, Consort Medical, UBM, RPC Name changes: AMEC – AMEC Foster Wheeler British Sky Broadcasting – Sky Mergers: Dixons and Carphone Warehouse – Dixons Carphone Bids: Aviva have made a takeover bid for Friends Life Demerger: Indivior from Reckitt Benckiser Our advice is to hold Indivior for the time being, but we shall be reviewing all clients’ holdings in due course. It is again widely predicted that 2015 will be the year of the ‘mega-merger’, where 2014proved to be such a damp squib with (as above) the failure of takeover bids for:

AstraZeneca Shire Many ‘mega-mergers’ have been rumoured, and we shall see (or not!): Mining: Glencore and Rio Tinto Oil: Royal Dutch Shell and BP Pharmaceuticals: Bidders could return for AstraZeneca and Shire Drinks: AB InBev and SAB Miller The Telecom sector is the most likely to have activity following:

BT’s bid for EE Watch this space: Vodafone, TalkTalk, Telefónica, O2, Sky etc. As corporate activity takes place, we will keep clients informed. The Autumn Statement

Just as night follows day, it is inevitable that as the general election draws nigh, the economic data becomes stronger and stronger. The Autumn Statement was true to form with:

1. Growth forecasts increased to 3% for 2014 and then averaging 2.3% through to 2019 (this is much stronger than virtually any other European economy)

2. CPI predicted to be 1.5% in 2014 and 1.2% in 2015, but this was before oil prices crashed and therefore inflation is now likely to be less

3. Unemployment set to fall to 5.4% in 2015 (we can all remember Mark Carney stating that he would raise interest rates when unemployment fell below 7%)

4. The Government’s annual spending and taxation plans forecast to be £4bn in surplus by 2018-2019 (how can they predict this when one has no idea who will be the next Government?!)

There were the following significant announcements:

1. Residential property stamp duty will be altered; whereby, properties under £925,000 will have less stamp duty and properties over £2m will have considerably more stamp duty (thereby ‘stymieing’ Labour’s Mansion Tax)

2. ISA allowances will rise: 06/04/2014 £11,880 01/07/2014 £15,000 06/04/2015 £15,240 But much more importantly, on death, a spouse may leave the value of their ISA to their spouse, which could produce a very large tax efficient pot for a surviving spouse, particularly if both spouses have contributed the maximum annually to ISA (i.e. £30,480 per couple from April 2015)

3. Junior ISA (JISA) allowance will increase from £4,000 to £4,080 on 6th April 2015

4. Children’s Trust Funds will be allowed to be transferred into JISAs as from 6th April 2015. If you intend to do this, please contact your advisor who will then deal with this after 6th April

5. Special Dividends will now be treated as income, and shareholders will not be given a capital option. This makes ISAs even more important

6. Finally, the 3.5% War Loan will be repaid. We resent the Government remark regarding their generosity in repaying this stock 100 years on. However this is complete and utter nonsense; 5% War Stock was repaid at par in 1932, but stockholders could elect conversion into 3.5% War Stock, which was standing at a premium at the time (very few people know this fact, but I have been in the market a very long time!)

Compliance Corner

Source of wealth: under money laundering regulations we are required to verify the source of wealth, with documentary evidence, for any additional monies added to the portfolio – your advisor will discuss this with you when applicable. In Conclusion

Stockmarkets are driven by world events. On the one hand we have the ‘Russian bear’ which has been wounded by imperialism in the Ukraine and the crash in the oil price. On the other hand we have the ‘US bull’ which is roaring, rampant and seemingly unstoppable, which has been excited by the prospects of cheap oil and US shale gas fracking. Both are very dangerous animals!

We have an impotent Europe, where even Germany is likely to go into deflation, yet, China and the emerging markets are growing, albeit at a somewhat slower rate. The UK economy sits precisely in the middle, reflecting the economic growth of China and the US but affected by our major export market, Europe. There is therefore no doubt that stock markets will be very volatile between now and the general election and beyond. However, sitting on the tightrope, we balance our hopes and fears with liquidity and international quality. Though I have endeavoured to weave a path through a web of complex financial situations, I can assure my readers that the ‘5th April General Election Special’ will be worth reading – I cannot wait!! Happy New Year.

C W L BarrattJanuary 2015 A bit of fun: The Championship League

With Ipswich Town in 2nd place and Norwich City in 7th place there is much talk that Norwich and Ipswich could be in the play-off finals for the last remaining place for promotion to the Premiership. I am prepared to give any client odds of: 25/1 on: Norwich beating Ipswich in the 2015 Championship play-off final and therefore gaining promotion to the premiership. Maximum bet £1, and if I win, all my winnings will be given to charity. If you wish to ‘invest’ £1, please send this to your advisor by 31st January 2015 (it might be the one time in my life that I cheer for Ipswich, but that is what hedge funds do all the time!).

REGULATORY DISCLAIMER: This newsletter is provided solely to enable clients to make their own investment decisions. The information within this newsletter does not constitute advice or a personal recommendation, or take into account the particular investment objectives, financial situations, or needs of individual clients. It may therefore not be suitable for all recipients. If you have any doubts as to the suitability of this service, you should seek advice from your investment adviser. The past is not necessarily a guide to future performance. The value of investments and the income from them can fall as well as rise and investors may get back less than they originally invested. Certain Investment Trusts will permit using gearing as an investment strategy. Gearing is a strategy which involves borrowing money to increase holdings of investments or investing in warrants or derivatives. Such a strategy is likely to result in movements in the price of the relevant security being amplified significantly and may be subject to sudden and large falls in value and investors may get back nothing at all. Any tax rates and reliefs are those currently applying, are dependent on individual circumstances, and could be subject to change. All estimates and prospective figures quoted in this newsletter are forecasts and are not guaranteed. Within our advisory service we offer advice on a wide range of investments including shares, corporate bonds, gilts and managed funds. Within the RDR our advisory service is recognised by the FCA as a ‘restricted’ service as we do not offer advice on the whole of the financial planning market which includes products such as life policies and personal pension schemes. Barratt and Cooke is the trading name of Barratt & Cooke Limited. Registered in England No. 5378036. Barratt & Cooke Limited is authorised and regulated by the Financial Conduct Authority, who are based at 25 The North Colonnade, Canary Wharf, E14 5HS.

SOURCE: FTSE International Limited (‘FTSE’) © FTSE 2012. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

We have an impotent Europe, where even Germany is likely to go into deflation, yet, China and the emerging markets are growing, albeit at a somewhat slower rate. The UK economy sits precisely in the middle, reflecting the economic growth of China and the US but affected by our major export market, Europe. There is therefore no doubt that stock markets will be very volatile between now and the general election and beyond. However, sitting on the tightrope, we balance our hopes and fears with liquidity and international quality. Though I have endeavoured to weave a path through a web of complex financial situations, I can assure my readers that the ‘5th April General Election Special’ will be worth reading – I cannot wait!! Happy New Year.

C W L BarrattJanuary 2015 A bit of fun: The Championship League

With Ipswich Town in 2nd place and Norwich City in 7th place there is much talk that Norwich and Ipswich could be in the play-off finals for the last remaining place for promotion to the Premiership. I am prepared to give any client odds of: 25/1 on: Norwich beating Ipswich in the 2015 Championship play-off final and therefore gaining promotion to the premiership. Maximum bet £1, and if I win, all my winnings will be given to charity. If you wish to ‘invest’ £1, please send this to your advisor by 31st January 2015 (it might be the one time in my life that I cheer for Ipswich, but that is what hedge funds do all the time!).

REGULATORY DISCLAIMER: This newsletter is provided solely to enable clients to make their own investment decisions. The information within this newsletter does not constitute advice or a personal recommendation, or take into account the particular investment objectives, financial situations, or needs of individual clients. It may therefore not be suitable for all recipients. If you have any doubts as to the suitability of this service, you should seek advice from your investment adviser. The past is not necessarily a guide to future performance. The value of investments and the income from them can fall as well as rise and investors may get back less than they originally invested. Certain Investment Trusts will permit using gearing as an investment strategy. Gearing is a strategy which involves borrowing money to increase holdings of investments or investing in warrants or derivatives. Such a strategy is likely to result in movements in the price of the relevant security being amplified significantly and may be subject to sudden and large falls in value and investors may get back nothing at all. Any tax rates and reliefs are those currently applying, are dependent on individual circumstances, and could be subject to change. All estimates and prospective figures quoted in this newsletter are forecasts and are not guaranteed. Within our advisory service we offer advice on a wide range of investments including shares, corporate bonds, gilts and managed funds. Within the RDR our advisory service is recognised by the FCA as a ‘restricted’ service as we do not offer advice on the whole of the financial planning market which includes products such as life policies and personal pension schemes. Barratt and Cooke is the trading name of Barratt & Cooke Limited. Registered in England No. 5378036. Barratt & Cooke Limited is authorised and regulated by the Financial Conduct Authority, who are based at 25 The North Colonnade, Canary Wharf, E14 5HS.

SOURCE: FTSE International Limited (‘FTSE’) © FTSE 2012. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Equity Suggestions – January 2015 Price Net* 52 Week

FTSE 100 COMPANIES 01/01/15 Yield High Low

AUTOMOBILES & PARTS GKN PLC Ordinary Shares 344p 2.4% 418p 281p BANKS HSBC Holdings PLC Ordinary Shares 609p 4.8% 688p 585p

Standard Chartered PLC Ord Shares 963p 5.4% 1434p 884p BEVERAGES Diageo PLC Ordinary Shares 1849p 2.8% 2011p 1690p

SABMiller PLC Ordinary Shares 3361p 1.9% 3857p 2651pCHEMICALS Johnson Matthey PLC Ordinary Shares 3397p 1.9% 3452p 2695pFINANCIAL SERVICES Aberdeen Asset Mgmt PLC Ord Shares 432p 4.2% 498p 361pFOOD PRODUCERS Unilever PLC Ordinary Shares 2628p 3.5% 2763p 2292p FOOD RETAILERS Sainsbury (J) PLC Ordinary Shares 247p 7.1% 383p 221p HOUSEHOLD PRODUCTS Reckitt Benckiser PLC Ordinary Shares 5210p 2.6% 5415p 4353p

Dixons Carphone PLC Ordinary Shares 462p 1.5% 470p 265p LIFE INSURANCE Prudential PLC Ordinary Shares 1492p 2.3% 1574p 1192p

Standard Life PLC Ordinary Shares 400p 4.0% 429p 341p MEDIA Pearson PLC Ordinary Shares 1190p 4.2% 1351p 981p MINING BHP Billiton PLC Ordinary Shares 1389p 5.3% 2102p 1251p

Rio Tinto PLC Ordinary Shares 3000p 4.2% 3642p 2600p OIL & GAS BP PLC Ordinary Shares 411p 6.2% 527p 364p

Royal Dutch Shell PLC ‘B’ Shares 2233p 5.1% 2614p 1985p PHARMACEUTICAL AstraZeneca PLC Ordinary Shares 4556p 3.7% 4845p 3540p

GlaxoSmithKline PLC Ordinary Shares 1376p 5.8% 1706p 1297p Shire PLC Ordinary Shares 4533p 0.3% 5470p 2818p

REAL ESTATE British Land Company PLC Ord Shares 777p 3.6% 789p 616p SOFTWARE & COMPUTER Sage Group PLC Ordinary Shares 466p 2.6% 474p 347p SUPPORT SERVICES Babcock Intl Group PLC Ordinary Shares 1058p 2.1% 1301p 993p

Experian PLC Ordinary Shares 1088p 2.1% 1182p 910p Royal Mail PLC Ordinary Shares 430p 4.7% 618p 388p

TOBACCO British American Tobacco PLC Ord Shrs 3500p 4.2% 3807p 2871p TRAVEL & LEISURE Compass Group PLC Ordinary Shares 1101p 2.4% 1124p 888p UTILITIES Severn Trent PLC Ordinary Shares 2006p 4.1% 2086p 1626p FTSE 250 COMPANIES AEROSPACE Senior PLC Ordinary Shares 303p 1.7% 320p 249p CHEMICALS Victrex PLC Ordinary Shares 2082p 2.2% 2132p 1536p ELECTRONIC & ELEC EQUIP Halma PLC Ordinary Shares 688p 1.7% 694p 553p FOOD PRODUCERS Booker PLC Ordinary Shares 164p 2.1% 173p 115p INDUSTRIALS DS Smith PLC Ordinary Shares 322p 3.3% 359p 232p

James Fisher PLC Ordinary Shares 1199p 1.7% 1565p 1003p Melrose Industries PLC Ordinary Shares 267p 3.0% 331p 235p Rexam PLC Ordinary Shares 454p 3.8% 550p 436p

INSURANCE Jardine Lloyd Thompson PLC Ord Shares 896p 3.1% 1106p 815p MEDIA UBM PLC Ordinary Shares 483p 4.6% 570p 384p SUPPORT SERVICES Regus PLC Ordinary Shares 208p 1.8% 235p 160p TELECOMMUNICATIONS TalkTalk Telecom Group PLC Ord Shares 304p 4.1% 334p 261p TRAVEL & LEISURE Marston’s PLC Ordinary Shares 144p 4.7% 157p 135p

SSP Group PLC Ordinary Shares 295p - 295p 210p OVERSEAS COMPANIES** Price Gross*# 52 Week

01/01/15 Yield High Low FOOD PRODUCERS Nestlé SA Registered Shares 4712p 2.9% 4735p 4124p HEALTHCARE PRODUCTS Johnson & Johnson Common Stock 6709p 2.7% 7025p 5524p

Becton Dickinson Common Stock 9185p 1.7% 9242p 6446p HOUSEHOLD PRODUCTS Colgate-Palmolive Common Stock 4439p 2.1% 4575p 3834p MEDICAL EQUIPMENT CR Bard Common Stock 10690p 0.5% 11193p 8020p OIL & GAS ConocoPhillips Common Stock 4431p 4.2% 5588p 3904p PHARMACEUTICALS Roche Holdings AG Genusscheine NPV 17434p 2.9% 19107p 15089p

* These yields are estimated and not guaranteed. ** Nominee clients only. Source: Bloomberg # Dividend income may be subject to local Government withholding tax (currently 35% in Switzerland, 15% in the USA).

Equity Suggestions – January 2015 Price Net* 52 Week

FTSE 100 COMPANIES 01/01/15 Yield High Low

AUTOMOBILES & PARTS GKN PLC Ordinary Shares 344p 2.4% 418p 281p BANKS HSBC Holdings PLC Ordinary Shares 609p 4.8% 688p 585p

Standard Chartered PLC Ord Shares 963p 5.4% 1434p 884p BEVERAGES Diageo PLC Ordinary Shares 1849p 2.8% 2011p 1690p

SABMiller PLC Ordinary Shares 3361p 1.9% 3857p 2651p CHEMICALS Johnson Matthey PLC Ordinary Shares 3397p 1.9% 3452p 2695p FINANCIAL SERVICES Aberdeen Asset Mgmt PLC Ord Shares 432p 4.2% 498p 361p FOOD PRODUCERS Unilever PLC Ordinary Shares 2628p 3.5% 2763p 2292p FOOD RETAILERS Sainsbury (J) PLC Ordinary Shares 247p 7.1% 383p 221p HOUSEHOLD PRODUCTS Reckitt Benckiser PLC Ordinary Shares 5210p 2.6% 5415p 4353p

Dixons Carphone PLC Ordinary Shares 462p 1.5% 470p 265p LIFE INSURANCE Prudential PLC Ordinary Shares 1492p 2.3% 1574p 1192p

Standard Life PLC Ordinary Shares 400p 4.0% 429p 341p MEDIA Pearson PLC Ordinary Shares 1190p 4.2% 1351p 981p MINING BHP Billiton PLC Ordinary Shares 1389p 5.3% 2102p 1251p

Rio Tinto PLC Ordinary Shares 3000p 4.2% 3642p 2600p OIL & GAS BP PLC Ordinary Shares 411p 6.2% 527p 364p

Royal Dutch Shell PLC ‘B’ Shares 2233p 5.1% 2614p 1985p PHARMACEUTICAL AstraZeneca PLC Ordinary Shares 4556p 3.7% 4845p 3540p

GlaxoSmithKline PLC Ordinary Shares 1376p 5.8% 1706p 1297p Shire PLC Ordinary Shares 4533p 0.3% 5470p 2818p

REAL ESTATE British Land Company PLC Ord Shares 777p 3.6% 789p 616p SOFTWARE & COMPUTER Sage Group PLC Ordinary Shares 466p 2.6% 474p 347p SUPPORT SERVICES Babcock Intl Group PLC Ordinary Shares 1058p 2.1% 1301p 993p

Experian PLC Ordinary Shares 1088p 2.1% 1182p 910p Royal Mail PLC Ordinary Shares 430p 4.7% 618p 388p

TOBACCO British American Tobacco PLC Ord Shrs 3500p 4.2% 3807p 2871p TRAVEL & LEISURE Compass Group PLC Ordinary Shares 1101p 2.4% 1124p 888p UTILITIES Severn Trent PLC Ordinary Shares 2006p 4.1% 2086p 1626p FTSE 250 COMPANIES AEROSPACE Senior PLC Ordinary Shares 303p 1.7% 320p 249p CHEMICALS Victrex PLC Ordinary Shares 2082p 2.2% 2132p 1536p ELECTRONIC & ELEC EQUIP Halma PLC Ordinary Shares 688p 1.7% 694p 553p FOOD PRODUCERS Booker PLC Ordinary Shares 164p 2.1% 173p 115p INDUSTRIALS DS Smith PLC Ordinary Shares 322p 3.3% 359p 232p

James Fisher PLC Ordinary Shares 1199p 1.7% 1565p 1003p Melrose Industries PLC Ordinary Shares 267p 3.0% 331p 235p Rexam PLC Ordinary Shares 454p 3.8% 550p 436p

INSURANCE Jardine Lloyd Thompson PLC Ord Shares 896p 3.1% 1106p 815p MEDIA UBM PLC Ordinary Shares 483p 4.6% 570p 384p SUPPORT SERVICES Regus PLC Ordinary Shares 208p 1.8% 235p 160p TELECOMMUNICATIONS TalkTalk Telecom Group PLC Ord Shares 304p 4.1% 334p 261p TRAVEL & LEISURE Marston’s PLC Ordinary Shares 144p 4.7% 157p 135p

SSP Group PLC Ordinary Shares 295p - 295p 210p OVERSEAS COMPANIES** Price Gross*# 52 Week

01/01/15 Yield High Low FOOD PRODUCERS Nestlé SA Registered Shares 4712p 2.9% 4735p 4124p HEALTHCARE PRODUCTS Johnson & Johnson Common Stock 6709p 2.7% 7025p 5524p

Becton Dickinson Common Stock 9185p 1.7% 9242p 6446p HOUSEHOLD PRODUCTS Colgate-Palmolive Common Stock 4439p 2.1% 4575p 3834p MEDICAL EQUIPMENT CR Bard Common Stock 10690p 0.5% 11193p 8020p OIL & GAS ConocoPhillips Common Stock 4431p 4.2% 5588p 3904p PHARMACEUTICALS Roche Holdings AG Genusscheine NPV 17434p 2.9% 19107p 15089p

* These yields are estimated and not guaranteed. ** Nominee clients only. Source: Bloomberg # Dividend income may be subject to local Government withholding tax (currently 35% in Switzerland, 15% in the USA).

Equity Suggestions – January 2015 Price Net* 52 Week

FTSE 100 COMPANIES 01/01/15 Yield High Low

AUTOMOBILES & PARTS GKN PLC Ordinary Shares 344p 2.4% 418p 281p BANKS HSBC Holdings PLC Ordinary Shares 609p 4.8% 688p 585p

Standard Chartered PLC Ord Shares 963p 5.4% 1434p 884p BEVERAGES Diageo PLC Ordinary Shares 1849p 2.8% 2011p 1690p

SABMiller PLC Ordinary Shares 3361p 1.9% 3857p 2651pCHEMICALS Johnson Matthey PLC Ordinary Shares 3397p 1.9% 3452p 2695pFINANCIAL SERVICES Aberdeen Asset Mgmt PLC Ord Shares 432p 4.2% 498p 361p FOOD PRODUCERS Unilever PLC Ordinary Shares 2628p 3.5% 2763p 2292p FOOD RETAILERS Sainsbury (J) PLC Ordinary Shares 247p 7.1% 383p 221p HOUSEHOLD PRODUCTS Reckitt Benckiser PLC Ordinary Shares 5210p 2.6% 5415p 4353p

Dixons Carphone PLC Ordinary Shares 462p 1.5% 470p 265p LIFE INSURANCE Prudential PLC Ordinary Shares 1492p 2.3% 1574p 1192p

Standard Life PLC Ordinary Shares 400p 4.0% 429p 341p MEDIA Pearson PLC Ordinary Shares 1190p 4.2% 1351p 981p MINING BHP Billiton PLC Ordinary Shares 1389p 5.3% 2102p 1251p

Rio Tinto PLC Ordinary Shares 3000p 4.2% 3642p 2600p OIL & GAS BP PLC Ordinary Shares 411p 6.2% 527p 364p

Royal Dutch Shell PLC ‘B’ Shares 2233p 5.1% 2614p 1985p PHARMACEUTICAL AstraZeneca PLC Ordinary Shares 4556p 3.7% 4845p 3540p

GlaxoSmithKline PLC Ordinary Shares 1376p 5.8% 1706p 1297p Shire PLC Ordinary Shares 4533p 0.3% 5470p 2818p

REAL ESTATE British Land Company PLC Ord Shares 777p 3.6% 789p 616p SOFTWARE & COMPUTER Sage Group PLC Ordinary Shares 466p 2.6% 474p 347p SUPPORT SERVICES Babcock Intl Group PLC Ordinary Shares 1058p 2.1% 1301p 993p

Experian PLC Ordinary Shares 1088p 2.1% 1182p 910p Royal Mail PLC Ordinary Shares 430p 4.7% 618p 388p

TOBACCO British American Tobacco PLC Ord Shrs 3500p 4.2% 3807p 2871p TRAVEL & LEISURE Compass Group PLC Ordinary Shares 1101p 2.4% 1124p 888p UTILITIES Severn Trent PLC Ordinary Shares 2006p 4.1% 2086p 1626p FTSE 250 COMPANIES AEROSPACE Senior PLC Ordinary Shares 303p 1.7% 320p 249p CHEMICALS Victrex PLC Ordinary Shares 2082p 2.2% 2132p 1536p ELECTRONIC & ELEC EQUIP Halma PLC Ordinary Shares 688p 1.7% 694p 553p FOOD PRODUCERS Booker PLC Ordinary Shares 164p 2.1% 173p 115p INDUSTRIALS DS Smith PLC Ordinary Shares 322p 3.3% 359p 232p

James Fisher PLC Ordinary Shares 1199p 1.7% 1565p 1003p Melrose Industries PLC Ordinary Shares 267p 3.0% 331p 235p Rexam PLC Ordinary Shares 454p 3.8% 550p 436p

INSURANCE Jardine Lloyd Thompson PLC Ord Shares 896p 3.1% 1106p 815p MEDIA UBM PLC Ordinary Shares 483p 4.6% 570p 384p SUPPORT SERVICES Regus PLC Ordinary Shares 208p 1.8% 235p 160p TELECOMMUNICATIONS TalkTalk Telecom Group PLC Ord Shares 304p 4.1% 334p 261pTRAVEL & LEISURE Marston’s PLC Ordinary Shares 144p 4.7% 157p 135p

SSP Group PLC Ordinary Shares 295p - 295p 210pOVERSEAS COMPANIES** Price Gross*# 52 Week

01/01/15 Yield High Low FOOD PRODUCERS Nestlé SA Registered Shares 4712p 2.9% 4735p 4124p HEALTHCARE PRODUCTS Johnson & Johnson Common Stock 6709p 2.7% 7025p 5524p

Becton Dickinson Common Stock 9185p 1.7% 9242p 6446p HOUSEHOLD PRODUCTS Colgate-Palmolive Common Stock 4439p 2.1% 4575p 3834p MEDICAL EQUIPMENT CR Bard Common Stock 10690p 0.5% 11193p 8020p OIL & GAS ConocoPhillips Common Stock 4431p 4.2% 5588p 3904p PHARMACEUTICALS Roche Holdings AG Genusscheine NPV 17434p 2.9% 19107p 15089p

* These yields are estimated and not guaranteed. ** Nominee clients only. Source: Bloomberg # Dividend income may be subject to local Government withholding tax (currently 35% in Switzerland, 15% in the USA).

Equity Suggestions – January 2015 Price Net* 52 Week

FTSE 100 COMPANIES 01/01/15 Yield High Low

AUTOMOBILES & PARTS GKN PLC Ordinary Shares 344p 2.4% 418p 281p BANKS HSBC Holdings PLC Ordinary Shares 609p 4.8% 688p 585p

Standard Chartered PLC Ord Shares 963p 5.4% 1434p 884p BEVERAGES Diageo PLC Ordinary Shares 1849p 2.8% 2011p 1690p

SABMiller PLC Ordinary Shares 3361p 1.9% 3857p 2651p CHEMICALS Johnson Matthey PLC Ordinary Shares 3397p 1.9% 3452p 2695p FINANCIAL SERVICES Aberdeen Asset Mgmt PLC Ord Shares 432p 4.2% 498p 361p FOOD PRODUCERS Unilever PLC Ordinary Shares 2628p 3.5% 2763p 2292p FOOD RETAILERS Sainsbury (J) PLC Ordinary Shares 247p 7.1% 383p 221pHOUSEHOLD PRODUCTS Reckitt Benckiser PLC Ordinary Shares 5210p 2.6% 5415p 4353p

Dixons Carphone PLC Ordinary Shares 462p 1.5% 470p 265pLIFE INSURANCE Prudential PLC Ordinary Shares 1492p 2.3% 1574p 1192p

Standard Life PLC Ordinary Shares 400p 4.0% 429p 341p MEDIA Pearson PLC Ordinary Shares 1190p 4.2% 1351p 981p MINING BHP Billiton PLC Ordinary Shares 1389p 5.3% 2102p 1251p

Rio Tinto PLC Ordinary Shares 3000p 4.2% 3642p 2600p OIL & GAS BP PLC Ordinary Shares 411p 6.2% 527p 364p

Royal Dutch Shell PLC ‘B’ Shares 2233p 5.1% 2614p 1985p PHARMACEUTICAL AstraZeneca PLC Ordinary Shares 4556p 3.7% 4845p 3540p

GlaxoSmithKline PLC Ordinary Shares 1376p 5.8% 1706p 1297p Shire PLC Ordinary Shares 4533p 0.3% 5470p 2818p

REAL ESTATE British Land Company PLC Ord Shares 777p 3.6% 789p 616p SOFTWARE & COMPUTER Sage Group PLC Ordinary Shares 466p 2.6% 474p 347p SUPPORT SERVICES Babcock Intl Group PLC Ordinary Shares 1058p 2.1% 1301p 993p

Experian PLC Ordinary Shares 1088p 2.1% 1182p 910p Royal Mail PLC Ordinary Shares 430p 4.7% 618p 388p

TOBACCO British American Tobacco PLC Ord Shrs 3500p 4.2% 3807p 2871p TRAVEL & LEISURE Compass Group PLC Ordinary Shares 1101p 2.4% 1124p 888p UTILITIES Severn Trent PLC Ordinary Shares 2006p 4.1% 2086p 1626p FTSE 250 COMPANIES AEROSPACE Senior PLC Ordinary Shares 303p 1.7% 320p 249p CHEMICALS Victrex PLC Ordinary Shares 2082p 2.2% 2132p 1536p ELECTRONIC & ELEC EQUIP Halma PLC Ordinary Shares 688p 1.7% 694p 553p FOOD PRODUCERS Booker PLC Ordinary Shares 164p 2.1% 173p 115p INDUSTRIALS DS Smith PLC Ordinary Shares 322p 3.3% 359p 232p

James Fisher PLC Ordinary Shares 1199p 1.7% 1565p 1003p Melrose Industries PLC Ordinary Shares 267p 3.0% 331p 235p Rexam PLC Ordinary Shares 454p 3.8% 550p 436p

INSURANCE Jardine Lloyd Thompson PLC Ord Shares 896p 3.1% 1106p 815p MEDIA UBM PLC Ordinary Shares 483p 4.6% 570p 384p SUPPORT SERVICES Regus PLC Ordinary Shares 208p 1.8% 235p 160p TELECOMMUNICATIONS TalkTalk Telecom Group PLC Ord Shares 304p 4.1% 334p 261p TRAVEL & LEISURE Marston’s PLC Ordinary Shares 144p 4.7% 157p 135p

SSP Group PLC Ordinary Shares 295p - 295p 210p OVERSEAS COMPANIES** Price Gross*# 52 Week

01/01/15 Yield High Low FOOD PRODUCERS Nestlé SA Registered Shares 4712p 2.9% 4735p 4124p HEALTHCARE PRODUCTS Johnson & Johnson Common Stock 6709p 2.7% 7025p 5524p

Becton Dickinson Common Stock 9185p 1.7% 9242p 6446p HOUSEHOLD PRODUCTS Colgate-Palmolive Common Stock 4439p 2.1% 4575p 3834p MEDICAL EQUIPMENT CR Bard Common Stock 10690p 0.5% 11193p 8020p OIL & GAS ConocoPhillips Common Stock 4431p 4.2% 5588p 3904p PHARMACEUTICALS Roche Holdings AG Genusscheine NPV 17434p 2.9% 19107p 15089p

* These yields are estimated and not guaranteed. ** Nominee clients only. Source: Bloomberg # Dividend income may be subject to local Government withholding tax (currently 35% in Switzerland, 15% in the USA).

INVESTMENT TRUST & UNIT TRUST/OEIC SUGGESTIONS Price Net* 52 Week Disc** 01/01/15 Yield High Low to NAV

UK Perpetual Inc & Growth I/T 398p 3.0% 404p 351p (1.4%) City of London I/T 379p 3.9% 391p 346p (1.3%)

Worldwide Fundsmith Equity Fund 191p 0.5% 193p 150p -Henderson Intl Income Trust 123p 3.5% 124p 103p (1.2%) JP Morgan American I/T 289p 0.9% 294p 226p (0.6%) Odey Allegra Developed Mkts Fund 12816p - 12816p 10505p -Personal Assets Trust 34850p 1.6% 35120p 31810p (0.9%)

Smaller Companies Invesco Perpetual UK Smaller I/T 320p 2.0% 347p 281p 10.1% Jupiter US Smaller Companies I/T 670p - 702p 588p 7.4% Schroder UK Mid Cap I/T 436p 1.9% 528p 404p 7.4%

Emerging Markets Aberdeen Asian Income Fund I/T 200p 4.0%# 214p 172p (3.0%) Edinburgh Dragon Trust 273p 0.8% 288p 225p 9.3% JP Morgan Emerging Markets I/T 595p 0.9% 623p 499p 9.7%

Frontier Markets BlackRock Frontiers I/T 111p 3.5% 133p 104p 1.0% Healthcare Worldwide Healthcare Trust 1714p 0.8% 1807p 1181p 1.9% Infrastructure John Laing Infrastructure Fund 123p 5.3%# 126p 114p (9.1%) Technology Polar Capital Technology Trust 583p - 587p 431p (2.1%)

* These yields are estimated and not guaranteed # Gross Yield ** () = premium

FIXED INTEREST STOCKS Base Rates UK US Europe

0.5% 0.25% 0.05% Index Linked Government Stocks

Price

Gross Interest

Yield

Gross Redemption

Yield* Tax Rate

Dividend Dates

Redemption Date

01/01/15 Nil 40% 0.125% Treasury Index Linked 2019** 1.875% Treasury Index Linked 2022**

110.9 156.0

0.1% 1.5%

1.5% 1.8%

1.4% 1.1%

May/Nov May/Nov

22 Nov 2019 22 Nov 2022

Conventional Government Stock 1.0% Treasury 2017

Index Linked Corporate Bonds

100.8 1.0% 0.7% 0.3% Mar/Sep 07 Sep 2017

National Grid 1.25% Index Linked 2021 110.9 1.3% 4.0% 2.4% Apr/Oct 06 Oct 2021 Severn Trent 1.3% Index Linked 2022

106.6 1.3% 4.2% 2.5% Jan/Jul 11 Jul 2022

* Equivalent Gross Redemption Yield for Index Linked Gilts assuming that future RPI inflation averages 3% to redemption. ** Price adjusted for inflation (please note the published price may be significantly different as it does not include accrued inflation).

Bond Funds*** Price 01/01/15

Gross Yield

Fidelity Moneybuilder Income Fund 120.2p 3.9% M&G Strategic Corp Bond Fund 1074.3p 3.5% M&G UK Inflation Linked Corp Bond Fund 112.9p -Old Mutual Corporate Bond Fund 111.9p 3.9% *** Nominee clients only

Source: Bloomberg REGULATORY DISCLAIMER: This newsletter is provided solely to enable clients to make their own investment decisions. The information within this newsletter does not constitute advice or a personal recommendation, or take into account the particular investment objectives, financial situations, or needs of individual clients. It may therefore not be suitable for all recipients. If you have any doubts as to the suitability of this service, you should seek advice from your investment adviser. The past is not necessarily a guide to future performance. The value of investments and the income from them can fall as well as rise and investors may get back less than they originally invested. Certain Investment Trusts will permit using gearing as an investment strategy. Gearing is a strategy which involves borrowing money to increase holdings of investments or investing in warrants or derivatives. Such a strategy is likely to result in movements in the price of the relevant security being amplified significantly and may be subject to sudden and large falls in value and investors may get back nothing at all. Any tax rates and reliefs are those currently applying, are dependent on individual circumstances, and could be subject to change. All estimates and prospective figures quoted in this newsletter are forecasts and are not guaranteed. Within our advisory service we offer advice on a wide range of investments including shares, corporate bonds, gilts and managed funds. Within the RDR our advisory service is recognised by the FCA as a ‘restricted’ service as we do not offer advice on the whole of the financial planning market which includes products such as life policies and personal pension schemes. Barratt and Cooke is the trading name of Barratt & Cooke Limited. Registered in England No. 5378036. Barratt & Cooke Limited is authorised and regulated by the Financial Conduct Authority, who are based at 25 The North Colonnade, Canary Wharf, E14 5HS.

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