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The Daily Telegraph Your Money - April 7, 2018

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Money
I N V E S T O R D I A RY
AIM SHARES
FUND OF THE WEEK
ASK JESSICA
B E ST B U YS
***
Saturday 7 April 2018 . telegraph.co.uk
Jet set
The world?s
cheapest stock
markets
Pain relief?
Hope for
bank爐ransfer
fraud victims
Silver lining
Is 56 too late
to start saving
for a pension?
Investing
Scams
Money Makeover
Page 4
Page 3
Page 3
?Pay dads to
stay at home
or shared
leave will fail?
Three years after the launch of shared
parental leave, calls for reform are
growing. Sam Meadows investigates
could help fix the gender pay gap at
many firms.
But the lack of pay parity is being
flagged as a major stumbling block to
the policy?s success.
ASADOUR GUZELIAN FOR THE TELEGRAPH
F
athers must be
given drastically
improved rights or
the Government?s
shared parental
leave policy risks
failing entirely,
experts have
warned.
The policy, three years old this
week, is meant to allow fathers to be
more involved in their children?s
early years and mothers to return to
the workplace sooner.
But the latest official estimates
suggest that as little as 2pc of eligible
parents have so far taken up the offer,
with a lack of awareness and equal
pay issues being blamed.
The Government launched a
�5m advertising campaign in
February to boost the prospects of a
policy that employment experts say
How does it work?
Women in the workplace have the
legal right to 52 weeks of maternity
leave. The first six weeks of this must
be paid at 90pc of their usual salary,
with the next 33 weeks paid at the
statutory level of �5.18 a week. Any
leave beyond this does not have to be
paid, although some employers
provide ?enhanced? packages with
better terms.
Under paternity leave, men only
have the right to two weeks of leave
paid at the statutory level.
Shared parental leave gives couples
the right to split the 52 weeks between
them. The mother must take the first
Sorrel and Dave Ashton shared parental
leave after their son, Cooper, was born
two weeks after birth off, but after that
either parent can take the leave.
The pay is at the statutory level for
both parents, although the mother can
still take six weeks of maternity pay at
90pc of her salary before switching.
Parents can take the leave one after
the other, or at the same time. The
right is also extended to same-sex
couples and adopting parents.
Fixing the gender pay gap?
Thousands of companies around the
country have declared their gender
pay gap in the past week. Shared
parental leave is often championed as
a way to help fix the issue. This is
because it allows mothers, who could
otherwise fall behind in their careers,
the chance to return to work sooner
after they have children.
According to Dr Jana Javornik, an
academic specialising in family policy
at the University of East London, other
European countries, such as Slovenia
and Sweden, introduced similar
policies four decades ago and now
have some of the smallest gender pay
gaps in the world.
Tom McLaughlin, an employment
lawyer at law firm BDBF, said: ?If
you take six months off work there
are obvious issues in needing to
hand over client relationships to
others and then pick up your work
again down the line.
?My wife and I did shared parental
leave, we?re both lawyers and it
allowed her to stay in touch better
and come back to work sooner.?
The other obvious benefit is that
fathers can be more involved in their
child?s upbringing.
Francesca Clark, 35, and her
husband Samuel Hutchinson,
39,爏plit eight months of leave
between them燼fter their son, Max,
was born爄n 2016. Ms Clark, who is
executive producer of HighTide, a
small theatre company, was able to
return to work for a major event the
company holds every year, but Mr
Hutchinson was also able to gain
valuable time with his son.
?It was a really positive experience
for us. Our employers were really
committed to making it happen,? she
said. ?I wanted Samuel to understand
what it was like to be at home with a
small child and I think we are both
better parents as a result.?
Sorrel Ashton, 29, and her
husband Dave, 32, also took
advantage of shared leave when their
son, Cooper, was born a year ago.
Mr Ashton said: ?Being at home for
three months was brilliant. Sorrel
and Cooper had built a very strong
bond and I was a bit of a third wheel.
I was able to get more involved.?
Why is the policy failing?
Estimates suggest a fraction of
eligible parents have applied while
some studies suggest more than
60pc of British companies have
never had a request for shared
parental leave.
Nat Whalley, of Organise, the
workplace campaigning site, said:
?Shared parental leave is a great
policy. But at the moment it?s a
missed opportunity for millions of
Continued on page 2
2
Saturday 7 April 2018 The Daily Telegraph
***
Money
PERSONAL FINANCE TEAM
PERSONAL
ACCOUNT
Marc Sidwell
Head of Personal Finance
@marcsidwell
Lauren Davidson
Personal Finance Editor
@laurendavidson
Spring is the perfect time
to revisit your financial
goals and plan ahead
H
ere?s to a prosperous new
year. The end of the
working week saw the
turning of the tax year,
always a busy time for money
management. This weekend, after
the rush, it?s worth pausing to note
the oddness of the date itself.
The tax year?s April 6 start is one
of the last fossils of a great old
tradition. Our legal and financial
year always used to end ? and begin
again ? with the arrival of spring.
In fact, the new year used to start
more than a week earlier, on March
25, or Lady Day. Nine months before
Christmas, Lady Day marks for
Christians the date of the
Annunciation, when Mary accepts
that she will bear the son of God.
For centuries, Lady Day served as
a moment of hope and rebirth, both
spiritual and pragmatic. Annual
farm contracts were renewed.
Candles were put away and fires
banked in preparation for warmer
days to come.
But when Britain adopted the
Gregorian calendar in the autumn
of 1752, the correction of our dating
system meant that the year jumped
overnight from Sept 2 to Sept 14.
This jump presented the taxman
with a horrifying prospect: 11 fewer
days in which to collect revenue. The
solution was to make every year after
1752 start 11 days later, on April 5, a
date which came to be known as
?Old Lady Day?.
In 1800, a further day?s correction
for a rogue leap year took the date to
April 6. There it remains, an arbitrary
memorial to the desire of taxmen
throughout history to wring every
last drop of revenue from each
passing year. That thought alone is a
useful reminder for anyone wishing
to make prudent plans to safeguard
their money.
But as the turning of the tax year
still falls in springtime, the older
tradition is worth observing as well.
January?s freezing weather is a
thankless time for keeping
resolutions. Combining the depths
of winter with the post-Christmas
spending hangover makes it an even
worse moment for embarking on
any planned course for financial
self-improvement.
Spring is altogether different.
Growth is in the air. Buoyed by
chocolate and the prospect of better
weather, April is the perfect time to
take steps toward fresh financial
beginnings.
Start by looking back. Take some
time to assess how things went for
you in the past tax year. Then begin
to plan for the future. Think
carefully about what your financial
targets are. How have your
JOHN LAWRENCE FOR THE TELEGRAPH
Marc Sidwell
Take steps now
to plan for your
financial future
priorities changed? What time
horizon do you need to look to?
What level of risk can you tolerate?
How much time can you devote to
managing your investments?
Now open your diary and mark
two new dates: June 24 and Sept 29.
These, with Lady Day and Christmas
Day, are the traditional quarter days
of the English year.
Midsummer and Michaelmas
(Scottish readers may prefer Lammas
on August 1) can still serve as valuable
moments to check your progress. Use
them to revisit the annual goals for
spending, saving and investing that
you set now.
These are not the only times you
may need to take action to manage
your money. But they are useful
checkpoints to keep track of your
overall plan for the new year.
Too many never take charge of
their finances because they
mistakenly believe it means getting
everything under perfect control. But
perfect control is impossible. We
never have our money quite where
we want it. Taxes shift with the
political weather. Rainy days and bad
luck intervene. Our goals and our
circumstances change constantly.
Instead, it helps to develop a
system with breathing space. Work to
improve your financial security
steadily, and move toward your
dreams. But also give yourself time to
step back, reflect and try to do better.
We can?t always stay on course.
That doesn?t matter if we set time
aside to consider our progress. Then
we can take control if things start to
drift, or change direction if we need
to head for a new destination.
Embrace the opportunities of a
new tax year, and let the traditional
seasonal signposts provide points
to燾heck your progress in the
months ahead.
Even if the taxman has left us
marking it on an odd day in April,
Happy New Year. Take heart with
the day, and begin again.
Landmark cases could force firms to offer dads fairer deal
CONTINUED FROM PAGE 1
working parents.?
The Government believes the
problem is a lack of awareness. The
Department for Business is also
currently evaluating the success of
the scheme with results expected
early next year.
Critics say the lower level of pay
for men in the scheme makes it
prohibitive. Research suggests
around 95pc of employers offer some
form of enhanced maternity pay, just
4.4pc do the same for paternity.
Men are often paid more than their
wives ? as evidenced by Britain?s
average gender pay gap of 9.8pc ?
meaning lots of couples may feel they
can?t afford to lose a chunk of the
higher salary.
Michael Bronstein, of employment
law specialists Dentons, said this
risked blocking lower-earning couples
from the scheme. ?For an affluent
couple the financial trade-off is
probably bearable,? he said. ?But for
a爈ess well-off couple, particularly
where the father earns more, it
probably wouldn?t be.?
Two tribunals relating to shared
parental leave and equal pay for
fathers are before the Court of Appeal.
If the court sides with the fathers
then this could force employers to
offer better terms, according to Deb
Tweedy, of employment law firm
Gordon Brown. She warned an
unintended consequence could be
that some firms cut enhanced
maternity pay.
Others who have used the scheme
say they had trouble at work as a
result. Mr Ashton, who is a paramedic,
said he was ?passed from pillar to post?
when he tried to ask his HR
department about the policy.
He also said failure to sign a form
meant he wasn?t paid on time on his
return and that he received little
support when he went back to work.
How can it be fixed?
Some new
parents
cannot
afford the
pay cut
The Government is using adverts to
inform expectant parents. In addition
the Women and Equalities Committee
published a range of proposals last
month, including replacing shared
parental leave with 12 weeks? leave
just for fathers. It also suggested
making paternity pay at 90pc a legal
right. The Government could also
enforce equal rights to enhanced
packages within shared parental leave.
Some employers already have
favourable paternity rights. Aviva, the
insurance company, allows any new
parent 26爓eeks? leave on full pay
regardless of gender.
Contact us
money@telegraph.co.uk
020 7931 2000
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supplement on Sunday,
appear online, where
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and share with their
friends via Twitter and
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space, some articles are
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www.theice.com/data
Reg closed
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14p (12.50)
?0.62 (0.61)
Mar 16
Mar 02
Mar 09
Mar 09
Mar 16
Mar 15
Mar 01
Mar 08
Mar 08
Mar 19
?0.15 (0.1310)
1.8p (3.60)
0.7p (0.60)
Apr 09
Mar 02
Mar 09
Apr 06
Mar 01
Mar 08
3.5p (3.50)
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Mar 16
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The Daily Telegraph Saturday 7 April 2018
***
Money makeover
Self-employed
and 56: is it too
late to save for
retirement?
Global Strategy range, or from 0.22pc
a year from the Vanguard LifeStrategy
range. Both offer a broad range of
investments for a very modest cost.
Investors can decide how much risk
they want to take by putting more or
less into the stock market, as opposed
to bonds.
JEFF GILBERT FOR THE TELEGRAPH
Kerry Nelson, of Nexus Financial
Planners, said:
This reader quit his job to become a writer.
Now he needs a pension, by Sam Brodbeck
W
orking for
yourself has
never been more
popular. Since
the financial
crisis, there has
been a self-employment boom in
Britain, while ?gig economy? giants
such as Uber and Deliveroo are
rewriting the rules of work.
Yet being your own boss means
forgoing valuable perks. Employee
benefits such as life insurance,
private healthcare and company
pensions can be far harder ? and
more expensive ? to replicate when
you are on your own.
A major government review of the
self-employed sector earlier this year
was criticised for failing to address
the huge pension savings gap.
Over a quarter of self-employed
workers are not saving at all,
according to research from Fidelity
International, a pension and
investment company. Of those who
do, less than half save every month.
Phil Andrews, 56, had some small
work pensions built up during his
career as a postman with Royal Mail.
But last year he cashed these in to
fund a new career as a freelance
content writer. His earnings
fluctuate between nothing and up to
�0 a week and he has sold a few
thousand copies of his self-published
novel The Best Year Of Our Lives.
Mr Andrews does not own his
property and is resigned to renting
forever. His only other financial
assets are some life insurance
policies that would pay out
�0,000 if he died. However, the
premiums are � a month and the
cover ends when he is 65. He lives
with his wife and one of his two
children; the other has moved out.
Mr Andrews said: ?The plan is to
turn my writing into an income to
match my Royal Mail salary and then
restart saving before I can take my
state pension in about a decade?s time.?
Angela Murfitt, of advice firm
Fairstone Financial Management,
said:
It is essential that Mr Andrews
undertakes a budgeting exercise to
determine how much spare income he
can commit to saving and whether this
will be built up in cash and paid over
to an investment in a series of lump
sums or on a regular basis.
The latter may be harder to
maintain due to the unpredictable
nature of his earnings. He is
contributing a sizeable sum towards
life insurance each month. It is worth
reviewing this cover to access a
potentially more appropriate
alternative such as ?family income?
benefit cover, which will cover the loss
of income to the household should he
die. This may free up some monthly
budget to put towards savings.
The state pension has changed and
everyone under state retirement age
was assessed in April 2016 and given a
credit against the new scheme. This is
individually calculated and can differ
tremendously depending on the
working pattern of the individual and
whether they have been in
employment, have been a member of
Hope at last for bank
transfer fraud victims
As losses mount, plans for
a formal redress scheme
are finally on the table,
writes Amelia Murray
V
ictims of bank transfer fraud
could be one step closer to
guaranteed reimbursement
after the payments regulator this
week met for the first time with
financial representatives from banks,
consumer groups and charities to
discuss an official redress scheme.
Under the current rules, banks or
building societies are not obliged to
refund individuals or businesses who
are tricked into sending money to
criminals, who often pose as police,
banks and other trusted authorities.
These are known as authorised push
payment (APP) scams.
Telegraph Money has consistently
highlighted the way banks are able to
avoid being held to account for
enabling this type of crime.
The victim?s bank will claim it
followed payment instructions for
these authorised transactions, and
the fraudster?s bank can refuse to
take responsibility for giving a
criminal an account.
The Payment Systems Regulator
(PSR) is consulting with a steering
group, which includes industry
body UK Finance, consumer lobby
organisation Which?, charity Age
UK and representatives from banks,
such as Barclays and Lloyds. The
purpose is to develop a
reimbursement scheme for victims
of bank transfer fraud.
The consultation will be ongoing
until September. During this time
they will develop a plan of
?appropriate outcomes? for the
?different situations? that can be
encountered in APP scams.
For example, the steering group
will lay out scenarios when one
hen there is
party is responsible, when
oth parties
no blame, and when both
red standards.
have not met the required
d on whether
Refunds may depend
the banks had ?met the expected
ictims ?had
standard of care? and victims
taken a requisite level of care?, the
tion notes
PSR said in its consultation
in February.
Bank transfer fraud iss one
of the fastest-growing
Balazs Kelemen was
defrauded of �700
crimes in the country, and the losses
can be life changing. According to
UK Finance, there were 43,875 cases
of APP scams reported in 2017. Losses
added up to a staggering �6m and
just 26pc was recovered.
Make banks act爋n fraud
Telegraph Money has long called for
banks to shoulder more responsibility
for the role they play in APP scams.
Our ongoing campaign has
highlighted weak procedures for
opening accounts, inconsistent
approaches to victims of fraud, and
individuals stuck in the middle of
banks? conflicting processes.
Some victims have also reported
fraud departments that are
?unavailable? out of working hours.
It is too easy for banks to place the
responsibility on individuals despite
scams getting more sophisticated.
In 2017, victims of
APP scams lost
�6m. Just 26pc
was爎ecovered
Telegraph Money continues to call for
the following:
�More consistency between all
providers. For example, TSB
refunded Telegraph Money reader
Dave Burton the �400 he lost to an
eBay fraudster for a non-existent
motorhome, following pressure from
this newspaper, because his police
report suggested the account was
opened with fake details.
But Nationwide refused to do the
same for Balazs Kelemen when he
was tricked by a similar scam.
This is despite police confirming a
false Romanian ID card and
counterfeit British Gas utility bill had
been used to open the Nationwide
account Mr Kelemen transferred
�700 into.
婸roof
pro
�Proof of proper
checks. Banks that
pro
rovide accounts
accoun to fraudsters should
provide
be
e able to dem
demonstrate that proper
che
h cks are carr
checks
carried out. If criminals are
t open accounts then
still able to
rules sho
should be tightened.
婱ore
i
�
More investment
into fraud
preventi and detection
prevention
systems. If banks were
responsible
for reimbursing
respon
victims
victim of APP scams, as they
are for
f debit and credit card
fraud,
frau they might be
incentivised
to stop it.
in e
inc
Phil Andrews is
now his own boss
as a freelance
content writer, but
his savings have
been depleted
their employer?s pension scheme or
been contracted in or out of ?SERPS?
(latterly known as the state second
pension).
Mr Andrews should contact the
Department for Work and Pensions
and ask for a state pension forecast.
This gives an estimate based on an
individual?s National Insurance record
and can also be done online.
From this he will be able to see how
many qualifying years he has earned
so far, and also a projection of the
likely level of pension at his actual
state retirement age. To gain the full
state pension, you need a minimum of
35 years? worth of National Insurance
payments. The new full state pension
is �4.34 per week, but Mr Andrews?
could receive more or less than this
amount depending on his record.
Any spare income or capital he can
build up now is going to help in the
future. As he has already taken some
pension as cash lump sums, his
maximum contributions to personal
pensions will be limited to �000 a
year. When seeking a broker to hold
an Isa or pension, he should carefully
consider ongoing costs. A typical
management charge would be around
0.35pc a year.
An ideal starter fund would be a
multi-asset fund that is passively
managed and can be obtained from as
little as 0.17pc a year from HSBC in its
It is quite likely that Mr Andrews will
have already completed the 35 years
required to qualify for the full new
state pension.
However, he should check his and his
wife?s entitlements online at gov.uk/
check-state-pension.
Mr Andrews has 11 years to consider
contributing regularly towards a
personal pension. He could contribute
�0 per month, which would be a
�0 net payment from himself, with
the remainder as tax relief. This would
have the potential to pay out a tax-free
lump sum of �430 with an annual
income of �0.
Combined with a state pension, this
will bring his income nearer to �000
a year, a long way short of what he will
have been used to earning. He should
start making monthly contributions
using a broker. This provides great
flexibility and access to an unrestricted
range of funds.
Mr Andrews may wish to engage an
adviser in this process as he has not
had very much experience of
investing. He might also consider
investing in an Isa with the same
broker. Isas behave differently from
pensions as you don?t pay tax on
withdrawals. He should broadly invest
an Isa in the same way as his pension.
This additional investment pot can
give him flexibility in either drawing
an income, or taking a lump sum.
In Mr Andrews? circumstances, I
would suggest funding regular
contributions in both a pension and
Isa, to enhance his state pension.
Would you like
a Money
Makeover?
If you want
our experts
to give you
practical tips
on how to reach
your financial
goals, please
email money@
telegraph.
co.uk with
the subject
line ?Give
me a Money
Makeover?
and provide
the following
information:
�
Your name,
age and phone
number (we
will not share
this with
anyone)
�
Your main
financial goals
(as much detail
as possible
please), details
of any debts
(including
mortgages)
and how you
would describe
your attitude to
investment risk
�
Your current
investments,
including cash
and property
�
You must be
willing to be
photographed
for the article,
which will
appear online
and in print
3
Saturday 7 April 2018 The Daily Telegraph
***
Money
GETTY IMAGES/ISTOCKPHOTO
4
Portugal is among the cheapest markets around the world at the moment, alongside China, Japan, Russia and Eastern Europe
Where is the cheapest
investment market?
fter markets in the UK
and US fell again this
week, investors are
turning further afield to
spread their risk.
Telegraph Money
looked at different ways markets can
be valued, to find those that are priced
for a buy and those looking frothy.
A
value of the index today, divided by
the average earnings for the past 10
years. If a market or stock performs
well on p/e but poorly in the Cape
measure, it could indicate
unsustainable earnings.
Dividend yield: The dividend yield
looks at the current payout rate for the
index ? taking the dividend amount for
the index as a percentage of total
market value.
In the table (right), the figures have
been compared to their long-term
average, and classified as cheap or
expensive relative to that. There are
some limitations to the data,
particularly in emerging or younger
markets, where the figures may not be
as reliable or go back as far.
The valuation measures
Where is cheap and expensive?
These figures show
you the bargain
countries to invest
in, says Laura Suter
Price to earnings: The price to
earnings (p/e) ratio takes a company?s
share price and divides it by its
earnings. This is done for an entire
index or country by dividing the total
market value of the index by the
earnings of all the companies.
The爈ower the figure, the cheaper
the爉arket.
Cyclical adjustment: The cyclicallyadjusted p/e (Cape) ratio is seen as a
more reliable measure, as it looks at
historical earnings rather than a
snapshot today. The ratio takes the
Japan, China and emerging Europe,
which includes Eastern Europe and
Russia, stand out as the cheaper
markets, which sit below their
historical levels on all measures.
Meanwhile, the US is the only major
market or region to be classed as
expensive on all measures.
Laith Khalaf, of Hargreaves
Lansdown, the broker that provided
the data, said: ?Long-term valuation
analysis suggests markets across most
of the globe are trading at reasonable
prices, with the exception of the US.?
American markets have been rated
as expensive for a while, and their p/e
ratio is similar to where it was a year
ago. However, on the Cape measure it
is more expensive than 12 months ago
? when it stood at 27.5.
Mr Khalaf added: ?Growth is
returning to the global economy and
this should be positive for company
earnings. A potential trade war could
prove to be a fly in the ointment if it
materialises. However, separating
bluster from policy is particularly
challenging where President Trump
is concerned.?
The UK looks expensive on both its
p/e and dividend yield measure.
However, the p/e measure is far below
this time last year, thanks to recent
market falls ? dropping from 21.8 then
to 19.7 today.
It could also be a top pick for those
wanting a contrarian bet.
?Political uncertainty and the
ongoing Brexit negotiations have put
a燿ampener on expectations, but the
UK is home to some world-class
companies and pays a decent level of
income to boot,? said Mr Khalaf.
Emerging markets, and emerging
Europe in particular, look cheap at the
moment. But each covers a wide
spread of countries: for example,
Brazil looks pricey, while Russia is
cheap based on historical measures.
The Daily Telegraph Saturday 7 April 2018
***
Money
?I?ve invested �,000 in
shares that dodge death tax?
To make your Isa
truly tax free, invest
in junior stock
market shares, says
Sam Brodbeck
H
?I find it too hard to pick the
stocks alone?
Roger Smith, 70, is an experienced
Isa investor but until two years ago
had stuck to funds and quoted
investment companies. After a
successful career fitting out kitchens,
he realised his estate was likely to
attract IHT.
His wife would receive his Isa
free of tax, but on her death the
family would have to pay death
duties at 40pc.
He approached Wealth Club, a
broker specialising in tax-efficient
investments, and opted to invest in
Octopus Investments? Aim IHT Isa.
To date, he has committed around
�,000.
?As most people do, I?ve taken
advantage of Isas over the years. But
when you get to a certain age you
begin to realise that to be more
tax-efficient you need to think about
GETTY
undreds of thousands
of investors made
last-minute
contributions to their
Isas last week. The
end of the tax year
always leads to a surge in new
investment as Britons rush to make
the most of the �,000 annual
allowance, which is lost forever after
April 5.
For growing numbers of savers,
finding investments free of
inheritance tax (IHT), as well as the
normal exemptions for capital gains
and income tax that Isas enjoy, is key.
Since 2013, investors have been
able to hold companies listed on Aim,
London?s junior stock market, within
Isa accounts.
This has allowed direct
investments in smaller companies
that also, crucially, qualify for
?business property relief ? and
therefore are exempt from IHT.
inheritance tax. That?s when I came
across IHT Isas,? said Mr Smith.
?Aim shares are very difficult to
pick. They are less liquid than the
bigger FTSE 100 companies and there
are big spreads on prices. It?s
important to track the firms closely to
make sure they still qualify to be
exempt from inheritance tax and I?m
not equipped to do that.?
He said he has invested around 5pc
of his wealth in Aim shares, with the
rest in stocks and shares Isas, pensions
and property.
Go it alone or get help?
Experienced investors may feel
comfortable picking their own Aim
stocks ? but this is risky. While many
Investing in James Halstead is
one option. Its flooring can be
found in carriages on
PeruRail?s mountain railways
?The greatest
risk is investors
not doing
enough of their
own research?
Aim firms are well-established
household names, such as online
retailer Boohoo.com or tonic maker
Fever-Tree, far more are tiny and
vulnerable to sudden changes in
market sentiment.
Chris Boxall, of Investor?s
Champion, an Aim analyst, said of
around 1,000 companies listed on the
exchange, only about 250 to 300 were
large and stable enough to consider.
He said: ?The greatest risk to investors
is not doing enough of their own
research; that?s where a lot come
unstuck. They?re used to the main
market where there?s a lot of coverage,
and they overcommit to a few stocks.?
Favourite Aim stocks include
�0m flooring firm James Halstead
and pub operator Young & Co. Both
have been run by the same family for
generations. Bargain Booze owner
Conviviality was a common pick until
a dramatic share price plunge over
the past few months. Its fall from
grace highlights the volatility Aim
shares can suffer.
There are strict rules around Aim
stocks? exemption from death duties.
Investments must be held directly (so
collective funds are excluded) and for a
minimum of two years. Companies
must also be classified as ?trading?
businesses; investment or property
firms do not qualify.
Several firms now offer IHT
portfolios that can be held in or
outside Isas. These include Octopus,
Unicorn, Downing and Amati. Brokers
such as Wealth Club operate buy lists
of their favourite managers.
The additional due diligence
required by managers means that fees
are higher than Isa investors might be
used to.
Most will charge an initial fee and an
annual management fee of around
1.5pc. Investors with larger sums
should haggle for lower fees.
Wealth Club?s Alex Davies said while
the broader Aim index had performed
poorly, individual stocks had done
very well, emphasising the advantage
specialist managers can bring.
Last year, Octopus?s Aim portfolio
returned 28pc, compared to the FTSE
AIM All-Share?s 26pc.
Income investors have options too.
Mr Boxall picked out Isle of Manbased Manx Telecom (yielding 6pc)
and touch screen maker Zytronic,
yielding 4.6pc.
5
6
Saturday 7 April 2018 The Daily Telegraph
***
Readers? letters
Jessica investigates
Mum died before
she got a refund
Many readers
complain that
the financial
institutions that
are keen to take
their money
are less willing to
answer legitimate
questions. Jessica
Gorst-Williams is
here to help
Send your questions
Write to
Jessica, Telegraph Money,
The Daily Telegraph,
111 Buckingham Palace Road,
London SW1W 0DT
A full postal address, a signature
and daytime telephone number
are needed
I am requesting your
assistance over a problem
with The Outside Clinic.
My late mother had been
pleased with the company in
2015 when she purchased
new glasses.
When she had her sight
retested in 2016, and ordered
new glasses again, she also
had her hearing tested.
The audiologist diagnosed
significant hearing loss and
recommended two hearing
aids costing �5 each.
These had a 60-day
money-back guarantee if they
proved unsuitable.
The hearing aids were
delivered and fitted. There
was a problem with one of
them because it kept falling
out of her ear.
I was told The Outside
Clinic would be in touch so
waited to report the problem.
No call came until The
Outside Clinic received a
written comment I had
made on its customer
satisfaction form.
An audiologist?s
appointment was arranged.
Unfortunately, I had to
cancel this appointment
some days later because my
mother was unwell.
My mother died shortly
after this, some 45 days after
the hearing aids had been
delivered. I was told the
glasses would be refunded
but not the hearing aids
because they had been
delivered.
AF, BERKS
In order to cancel the
delivery of your mother?s
new spectacles you
telephoned The Outside
Clinic 10 days later to relay
the sad news of her death.
Their money-back
guarantee on the hearing
aids stated: ?If you are not
satisfied with your hearing
aids in any way contact us
in writing, by telephone or
by爀mail as soon as you
are燼ware.
?If we are unable to meet
your expectations or
satisfaction within a
reasonable amount of time
you are entitled to a full
refund of costs paid towards
your hearing aids.
?This applies to the first
LETTER OF THE WEEK
receive the notification. You
were promised a refund of
the overpaid amounts and
I have been trying without
made many futile calls in an
success to get a refund from
effort to get it.
Vodafone for money it
Vodafone said a mistake
charged me for a phone I
appeared to have been made
never owned.
during the ordering process
Vodafone agrees the phone when you upgraded your
was not sent to me and has
account.
never shown any activity.
It told me that it had
I have called Vodafone
already reimbursed you the
and visited the local store
�8. In fact on the day I
with a copy of my bank
approached Vodafone, it
statement to prove no refund rang you to check your
has been received.
details. This was two
ANN DAVIS-PENSON, DORSET
months after promising you
the refund.
You first realised things
It turns out that, amid all
were not right when, having the muddles, Vodafone had
been unable to download
somehow set up three
bills from the website, you
accounts for you.
called Vodafone.
These had then been
You discovered you had
whittled down to one. It
been paying around � a
seems it may have
month for a phone that was
attempted to pay the refund
not yours. You were assured into one of the erstwhile
this would be looked into.
accounts that did not work.
However, nobody came
Three weeks after I had
back within the stated time
contacted Vodafone the
frame. You had to prompt
refund happened but, in
time and again for a
another twist, not once but
response. Then you were
twice. You quickly alerted
told that a text would be
Vodafone and it said it
sent to the number that
would retrieve the
wasn?t yours saying it was
duplicated payment from
going to be disconnected.
your bank. Despite your
This seemed unhelpful.
reminders, it didn?t do so.
You had no way of accessing
This was all particularly
the phone so would not
difficult for you as you run a
small business from home
It took Ann Davis-Penson nine and needed the phone bills
months to solve her overbilling for VAT returns. It had also
problem with Vodafone
transpired that Vodafone
Why has Vodafone
billed me �8?
60 days following delivery
and fitting. All warranties
are in addition to your
statutory [legal] rights.?
In the telephone
conversation you asked
what you should do with the
hearing aids as the company
said it wasn?t reimbursing
the money paid for them.
You recall being told you
could put them in the bin,
although the person you
spoke to later denied saying
this.
As things have turned out
it is fortunate you did not
dispose of them.
You were in a bereaved
state and it was seven
months before you emailed
them to ask if it would
reconsider its stance. It
refused.
You asked for a recording
of the original conversation
but it wasn?t forthcoming.
You tried a number of
avenues and engaged in a
protracted dialogue via
email, also to no avail.
I became involved and,
after some discussion, The
Outside Clinic agreed to
refund �790.
This was providing you
returned the hearing aids,
which you did.
You are consulting with
your brothers over what to
do with the money.
At least some of it will be
given to a charity for the
elderly.
You say a wrong has been
put right.
Caxton currency
card chaos
I would like to make
travellers aware of the
Caxton currency card.
I thought that having a
balance of ?500 and then
withdrawing ?100 would
leave me with ?400.
The machine in Cyprus did
ask whether I wanted
sterling or euros.
I said euros and received
two ?50 notes.
However, on my statement
when I got home it showed
�6.30 or ?167.44 had been
withdrawn.
SP, BUCKS
CaxtonFX said you should
always choose the local
currency, which is what
you燿id.
If you had opted for
sterling instead, the retailer
would have converted the
payment at its exchange rate
back to euros, and you
would have lost out.
Currency options should
appear on the screen of the
ATM you are using.
If the amount you wish to
withdraw is shown in
pounds, change it.
CaxtonFX said that it does
not see how many euros
were dispensed by the ATM
and it always advises
customers that it does not
charge for overseas ATM
withdrawals.
However, certain ATM
providers may charge a fee
had not linked your direct
debit with the remaining
account and for three
months had not been taking
the money.
Vodafone promised to
cover the � it had failed
to take by direct debit. Your
refund of the duplicated
sum was also at last
organised.
However, even worse was
to come when Vodafone
texted you saying your
account was unpaid and
both your phones were
being cut off. This led to you
missing two crucial business
calls during the two days
before you were
reconnected.
Once all was supposed to
be in order another strange
bill was raised by Vodafone,
which seemed to still be
having a problem
connecting different
accounts and numbers.
As a result, Vodafone
decided to not charge you
the balance of �. It also
offered � as a goodwill
payment.
However, I had to prompt
Vodafone to send this. It
arrived a month later than
originally expected.
This has finally been
resolved (we hope) some
nine months after you
started.
By then you had spoken
to around 20 people at
Vodafone.
and CaxtonFX said it makes
it clear that this can happen.
It said it has no jurisdiction
over local ATM providers,
how they process their
transactions or how clearly
they notify the燾ustomer.
Meanwhile, you did not
keep the ATM slip, which
would have shown the
amount of euros dispensed.
This is a shame, as had
you done so, we could have
taken the matter further.
Because of the volume of mail received, it is
not possible to respond to every letter, and
correspondence cannot be entered into. Please
do not send original documents or stamped and
addressed envelopes. Responsibility, legal or
otherwise, for answers given cannot be accepted.
Cases currently with an ombudsman, going
through a court of law or sent to other columns
will not be considered. In addition, I cannot take
up issues when the writer is a third party, other
than in exceptional circumstances. I cannot
respond to emails.
The Daily Telegraph Saturday 7 April 2018
7
***
Best buys
Mortgage Rates
Lender
The best savings rates
Initial Rate
Scheme Details
Revert Rate
APRC
Max LTV
Fee
Notes
Provider
Contact
Account
Notice/Term
Deposit
AER
Online
Branch Post Telephone
EASY ACCESS ? without a bonus
Fixed Rates
RCI Bank A
rcibank.co.uk
Freedom Savings Account
None
�0
1.30%
3
Paragon Bank
paragonbank.co.uk
Easy Access (Issue 4) savings account
None
�
1.25%
3
Shawbrook Bank
shawbrook.co.uk
Easy Access ? Issue 11
None
�000
1.25%
3
Free valuation. Free legal work for remortgages
Ford Money
fordmoney.co.uk
Flexible Saver
None
�
1.22%
3
Sainsbury?s Bank
sainsburysbank.co.uk
eSaver Special
None
�,000 1.21% G
3
Yorkshire BS
1.32%
Fixed to 30/6/20
4.99
4.5
65%
�5
Free valuation
West Brom
3.39%
Fixed to 31/5/20
4.24
4.2
95%
�
Purchases only. Free valuation
Sainsburys
1.79%
Fixed to 30/6/23
4.24
3.4
60%
�5
Barclays
2.44%
Fixed to 30/4/23
3.99
3.4
90%
�9
Free valuation. Free legal work for remortgages
First Direct
2.49%
Fixed for 10 years
3.94
2.8
60%
�
Free valuation. Free legal work for remortgages
Coventry
3.25%
Fixed to 30/06/28
4.49
3.8
90%
�9
Free valuation. Free legal work for remortgages
3
EASY ACCESS ? with a bonus
Variable rates
ICICI Bank UK
icicibank.co.uk
HiSAVE Bonus Saver ? Series Two
None
�0
1.35% G
3
Tesco Bank
tescobank.com
Internet Saver
None
�
1.30%
3
Bank of Cyprus UK
bankofcyprus.co.uk
Online Easy Access Account
None
�
1.20%
3
AA
theaa.com
Easy Saver ? Issue 7
None
�0
1.15%
3
Post Office Money
postoffice.co.uk
Online Saver Issue 29
None
�
1.05%
3
3
Nationwide
1.19%
Base +0.69% for 2 years
3.99
3.5
60%
�9
No ERC. Free valuation. Free legal work for remortgages. �0 cashback for FTBs
HSBC
1.79%
Base +1.29% for 2 years
3.94
3.7
90%
�9
No ERC. Free valuation. Free legal work for remortgages
NOTICE ACCOUNTS
Leeds
1.80%
3.89% discount for 5 years
5.69
4.2
80%
�9
Free valuation. Free legal work for remortgages
Secure Trust Bank
securetrustbank.com
180 Day Notice Account
180 Day
�000
1.66%
3
3
Coventry
1.64%
Variable for term
1.64
1.7
50%
�9
No ERC. Free valuation. Free legal work for remortgages
Secure Trust Bank
securetrustbank.com
120 Day Notice Account
120 Day
�000
1.56%
3
3
First Direct
Base +2.89% for term
3.24
3.5
90%
�0
No ERC. Free legal work for remortgages
Paragon Bank
paragonbank.co.uk
120 Day Notice (Issue 8)
120 Day
�0
1.55%
3
3.39%
Al Rayan Bank B
alrayanbank.co.uk
90 Day Notice Account
90 Day
�0
1.50%
3
Secure Trust Bank
securetrustbank.com
90 Day Notice Account
90 Day
�000
1.46%
3
Leeds BS
leedsbuildingsociety.co.uk
Regular Saver (Issue 14)
31.03.19
�pm
2.55%
Halifax
halifax.co.uk
Regular Saver
1 Year
� pm 2.50% F
3
Virgin Money
uk.virginmoney.com
Regular E-Saver Issue 10
20.04.2019
�pm
2.25% F
3
Yorkshire BS
ybs.co.uk
Monthly Regular Saver
2 Year
� pm 2.00% F
3
3
3
Principality BS
principality.co.uk
1 Year Regular Saver Bond Issue 18
1 Year
� pm 2.00% F
3
3
3
Buy to Let
Virgin Money
1.79%
Base +1.29% to 1/7/20
4.99
4.7
60%
�5
Hanley Economic
2.89%
2.30% discount for 2 years
5.19
4.8
80%
�
3
3
3
3
REGULAR SAVER
�0 cashback
Post Office
1.91%
Fixed to 30/4/20
4.99
4.5
75%
�5
Free valuation. �0 cashback
Barclays
2.18%
Fixed to 30/4/23
4.99
4.1
60%
�950
Free valuation & legal work for remortgages
Representative example A mortgage of �0,596 payable over 22 years, initially on a fixed rate until 30/04/23 at 1.65% and then on a variable rate of 4.90% for the remaining 17 years
would require 63 payments of �0.92 and 201 payments of �02.66. The total amount payable would be �7,868 made up of the loan amount plus interest (�,277) and fees (�995).
The overall cost for comparison is 3.6% APRC representative.
3
3
3
3
LONG TERM FIXED RATE BONDS
Secure Trust Bank
securetrustbank.com
7 Year Fixed Rate Bond (02.May.2025)
7 Year
�000
2.75% F
3
3
For fee-free advice on your next mortgage, Telegraph Mortgage Advice offers guidance from first steps to application.
To talk to one of our experts today, call 0333 122 9118.
Secure Trust Bank
securetrustbank.com
6 Year Fixed Rate Bond (03.May.2024)
6 Year
�000
2.70% F
3
3
Secure Trust Bank
securetrustbank.com
5 Year Fixed Rate Bond (03.May.2023)
5 Year
�000
2.65% F
3
Source, L&C Mortgages, correct as of 03/04/2018.
Vanquis Bank Savings
vanquissavings.co.uk
5 Year Fixed Rate Bond
5 Year
�000
2.61% F
3
Energy Tariffs
Close Brothers Savings
closesavings.co.uk
5 Year Term Deposit
5 Year
�,000 2.60% F
Rank Supplier
3
3
3
3
3
CASH ISAS ? VARIABLE RATES (ACCEPTS TRANSFERS IN?)
Fixed
or Variable
Tariff
Price
Promise
Cancellation
Fee
Manage
online?
Annual
Average Cost
Average
Annual Savings
Nationwide BS (Yes)
nationwide.co.uk
Single Access ISA
Instant
�
1.30%
3
Paragon Bank (Yes)
paragonbank.co.uk
Easy Access cash ISA (Issue 3)
None
�
1.25%
3
1
Bulb
Vari-Fair
Variable
n/a
n/a
Yes
�8
�7
Shawbrook Bank (Yes)
shawbrook.co.uk
Easy Access Cash ISA ? Issue 2
None
�000
1.25%
3
2
Together Energy
Together Fixed March19
Fixed
Fixed for 12 months
� per fuel
No
�8
�7
Al Rayan Bank (Yes) B
alrayanbank.co.uk
Instant Access Cash ISA
None
�
1.22%
3
Virgin Money (Yes)
uk.virginmoney.com
Easy Access Cash E-ISA Issue 23 (Flexible ISA) None
�
1.16%
3
2.25% F
3
3
Brilliant Energy
Fair Deal 3.3 Fixed 1 Year Paperless Billing
Fixed
Fixed for 12 months
� per fuel
Yes
�0
�5
4
Brilliant Energy
Fair Deal 3.3 Fixed 1 Year Paper Billing
Fixed
Fixed for 12 months
� per fuel
No
�0
�5
5
Zebra Power
Zebra Fixed Rate April 2019 v1
Fixed
Fixed for 12 months
� per fuel
Yes
�4
�2
3
3
3
3
CASH ISAS ? LONG TERM FIXED RATES (ACCEPTS TRANSFERS IN?)
ISA Saver Fixed ? 5 Years
5 Year
�0
3
3
United Trust Bank (Transfers only) via branch
Cash ISA 5 Year Bond
5 Year
�,000 2.25% F
3
3
NOTES
United Bank UK (Yes)
ubluk.com
5 Year Fixed Rate Cash ISA
5 Year
�000
2.21% F
3
3
*Savings calculated against the latest OFGEM Supply Market Indicator for average UK home energy bills. UK average dual fuel bill for next year calculated as �135 a year.
1.) Source: energyhelpline.com, 28/03/2018. 2.)燗ll calculations are for an average usage dual fuel household paying by monthly direct debit.
3.) Average usage as defined by OFGEM is 12,500 kWh pa of gas and 3,100 kWh pa of electricity. 4.) Expected savings include the announced price rises that came into effect in March 2017.
Furness BS (Yes)
furnessbs.co.uk
5 Year Fixed Rate Cash ISA (Issue 138)
5 Year
�000
2.20% F
3
3
3
Principality BS (Yes)
principality.co.uk
5 Year Fixed Rate Cash ISA Issue 189
5 Year
�0
2.08% F
3
3
3
Halifax
halifax.co.uk
Kids? Regular Saver
1 Year
� pm 4.50% F
3
HSBC
0800 032 4729
MySavings
None
�
2.75%
3
Penrith BS
penrithbuildingsociety.co.uk Junior Saver
None
�
2.50%
3
3
Harpenden BS
harpendenbs.co.uk
Children?s Fixed Term Savings Account 18 Club 18th Birthday �
2.21%
3
3
Cambridge BS
0345 601 4021
3 Year Children?s Fixed Rate Bond
3 Year
2.00% F
3
3
Notice or Term
Deposit Min Max
Halifax (Yes)
To compare energy tariffs across the market and find the cheapest deal in your area, contact Telegraph Energy Switching on 0330 037 0285.
Energy
Switching
You can save up to �1*
on your energy bills
To find out how, call 0330 037 0285
or visit telegraph.co.uk/switchenergy
Provided by energyhelpline for
Financial Services
Call centre open Monday to Friday 9am to 8pm, Saturday and Sunday 9am to 5pm. *10% of customers switching their gas and electricity bills with the Telegraph Energy Switching Service
between November 1, 2016 and November 30, 2016 saved �1 or more. Survey of more than 1,000 switches.
halifax.co.uk
CHILDREN?S ACCOUNTS
�000
3
National Savings and Investments
AER
Interest Paid
ACCOUNTS AND BONDS
Direct Saver
None
�
�
0.95%
Yearly
Income Bonds
None
�0
�
1.00%
Monthly
Investment Account
None
�
�
0.70%
Yearly
Investment Guaranteed Growth Bond ? 3-year term, Issue 1
3 Year Bond
�0
�000
2.20% F Yearly
Direct ISA
None
�
n/a
1.00%
Yearly
Junior ISA
None
�
n/a
2.50%
Yearly
TAX FREE PRODUCTS
All savings rates are shown as AER variable unless otherwise stated. Ticks indicate how the account is operated. A = Protected by a non-UK Compensation Scheme. B = This provider operates under Islamic
finance principles, rate shown is expected profit rate. C = Introductory Rate for a limited period. F = Fixed Rate. G = Interest rate is dependent upon the account balance. Regular Saver Accounts show minimum
monthly deposit. All borrowing rates and availability of products are subject to individual credit ratings. All rates and terms subject to change without notice and should be checked before finalising any
arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.
Source: savingschampion.co.uk ? Free unbiased advice on your savings. Rates correct at 3rd April 2018. All products subject to change without notice.
8
***
Saturday 7 April 2018 The Daily Telegraph
The Daily Telegraph Saturday 7 April 2018
9
***
Investing
Fund of the week
?One of our holdings fell
92pc ? but we still own it?
HARGREAVE AND SANTA BARBARA
MARLBOROUGH SPECIAL SITS
Key facts
Launch date
Return since manager start (1998) 2,929pc
vs average peer over 10 years
Return year to date
400
Marlborough
Special Situations
%
Stock pickers tell
James Connington
their strategy for
success and choose
their best and worst
investments so far
M
arlborough Special
Situations has
outperformed all of
its rival funds since
Isas launched in
1999. Stock-picking
veteran Giles Hargreave has run the
�5bn fund since 1998, and was
joined by co-manager Eustace Santa
Barbara in 2014.
During Mr Hargreave?s tenure the
fund, which invests in small UK
companies, has delivered a total
return of more than 2,900pc,
compared with 509pc for the average
peer, and 168pc for the FTSE All
Share index. Telegraph Money spoke
to the managers about what they are
buying and why they still own a
stock that has fallen 92pc.
Top 10 holdings (as of 28/02/2018)
1. NMC Health
like sectors that are volatile and
difficult to understand.
ESB: We don?t like companies with a
?me too? type product, as there are
lots of competitors or potential to be
disrupted: a pizza chain, for instance.
What have you bought lately?
ESB: Accesso, the virtual queuing
firm, RWS, a translation company, and
Focusrite, an audio equipment
manufacturer. We have also added
Games Workshop, which sells fantasy
figurines. It has a simple ambition:
?Make the best fantasy miniatures in
the world, sell them globally at a
profit, and do this forever.? We like it
when management can explain their
plan in a simple way.
GH: Right now, we think industrial
metals is a good place to be, with the
world economy growing. We?ve had
some big successes, such as Central
Asia Metals, a copper producer.
What puts you off a stock?
GH: High debt levels, for one thing,
which are unnecessary. We also don?t
CV: G. Hargreave and E. Santa Barbara
YEARS MANAGING
FUND: 20/4
ANNUALISED
RETURN: 19PC/14PC
Giles Hargreave is
K smaller
smalle
sma
llerr
lle
a top UK
company
ny
r,
investor,
o
who also
es
manages
the UK
Micro Cap
Growth
fund at
How do you invest the fund?
GH: I can?t tell you what is going to
happen to markets any more than
anyone else. There is all sorts of
potential bad news that may or may
not materialise, so I?d much rather
concentrate on the stocks.
We?re keen on backing companies
with successful management. We
have been doing this a long time, so
Marlborough.
Eustace Santa
Barbara joined
the firm in 2013,
and was
previously at
Close Brothers.
Bro
o
Close
Has Brexit hurt smaller firms?
GH: For the moment, Brexit is taking
the back foot, and not causing too
much anxiety. Theresa May seems to
have kept everyone calm, and the
market is worrying about other things.
In smaller companies, you always
have the possibility of bad
man
management or rising interest rates
dera
derailing an investment.
Why do you invest 8pc overseas?
GH: We can invest up to 20pc of the
fund outside the UK, but only do so if
we feel
fe we have some knowledge that
can be
b useful. For instance, the metals
and mining
m
sector is doing well, but
yo won?t find too many mines in
you
t UK, so you have to buy
the
overseas. We wouldn?t do that
100
Average peer
0
-100
2010
2012
2014
Init chge
Mid
Sell
Buy
Weekly
% chg
Init chge
Sell
Buy
Weekly
% chg
Practical Invest Inc
5.00
*226.1
242.1
+0.27
Multi-Mgr Active A Acc?
5.00
*218.7000
+0.51
JPM UK Sm Cos A Inc
3.00
Practical Invest Acc
5.00
*1196
1282
+0.25
Multi-Mgr Distbn A Inc
5.25
*132.2000
+0.08
JPM UK Strat Eq Inc A Acc
Multi-Mgr Divrsfd A Acc
?
*84.3300
+0.06
JPM UK Strat Eq Inc A Inc
Name
Mid
Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
AXA Investment Managers UK
Limited
Maitland Discretionary Inc
3.00 2346.93 2486.91
-1.47
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Name
Init chge
Sell
Mid
Buy
Weekly
% chg
Name
Init chge
Sell
Mid
Buy
Weekly
% chg
2pc
2. Dechra
1.9pc
3=. Sophos Group
1.6pc
3=. XP Power
1.6pc
5=. Hutchison China Meditech
1.5pc
5=. On the Beach
1.5pc
5=. Fever-Tree
1.5pc
5=. Restore
1.5pc
SOURCE: FE ANALYTICS
9=. Sanne Group
1.3pc
2016
9=. Hilton Food
1.3pc
2018
How to buy the
fund cheaply
The fund has an
annual ongoing
charge (OCF) of
0.8pc for the P
share class.
The fund
shop that you
invest via will
also have an
ongoing charge.
Our colour
coded tables at
telegraph.
co.uk/go/
cheapisa will
provide you
with a guide to
the cheapest
options available.
without an expert in the sector with a
history of good recommendations.
IN FOCUS: RESTORE
What have been your best and
worst investments?
?IT HAS BOUGHT UP ITS RIVALS?
GH: Restore, a storage business (see
right), is one of the best. We bought at
26p eight years ago, and the shares are
now at 563p.
Another is Dechra, a veterinary
pharmaceuticals company that we
have owned for almost all the 20 years
I have been running the fund.
For the worst, logistics firm DX
went from 100p when we invested to
8p today. We still own it, though,
because new management could
transform the company.
Do you invest in the fund?
GH: A substantial amount. I invested
in six of Marlborough?s funds at
inception, have added along the way,
and never sold.
ESB: I am an American citizen, so can?t
invest due to tax laws.
What would you have done if you
hadn?t become a fund manager?
ESB: Either engineering or music
composition. I?ve always liked
problem solving.
GH: I would have been playing cards
in one form or another.
Name
Init chge
Mid
Sell
Buy
Weekly
% chg
90.0800
+0.60
Jupiter Japan Inc Fd Inc
?
91.27
+0.98
3.00
*181.8000
+0.83
Jupiter Merlin Bal Prtfo Acc
?
178.92
+0.98
3.00
*108.5000
+0.84
Jupiter Merlin Bal Prtfo Inc
?
124.99
+0.98
Name
This is a prime example of a company
we particularly like, that we would
have the entire fund in if we could. We
mpany.
own about 11pc of the company.
ge business
It?s a document storage
with a very sensible
ent
structure. Management
has been increasing the
firm?s market share by
buying up smaller
ne
companies. It has gone
from a market share of a
han
few per cent to more than
nt.
20pc, which is significant.
ood
In addition to its very good
document storage business, it has
supplementary service units where its
scale is a real advantage.
These include scanning and
shredding services, which are
fragmented areas of the market that
Restore is trying to consolidate.
A lot of the time, the same
Life and Pension Prices
Init chge
Sell
Mid
Buy
Weekly
% chg
Name
Sell
Mid
Buy
Weekly
% chg
Aviva Life & Pensions UK Ltd
formerly National Westminster Life Assurance Ltd
Wellington Row, York, YO90 1WR. 01904 628982
Multi-Mgr Inc&Gwth A Acc
5.00
*172.3000
?
JPM Uncons Bond A Acc
3.00
*72.2200
+0.03
Jupiter Merlin Conserv Prtfo Acc?
*57.31
+0.09
Multi-Mgr Inc&Gwth A Inc
5.25
*150.8000
+0.07
JPM Uncons Bond A Inc
3.00
*57.2200
+0.03
Jupiter Merlin Conserv Prtfo Inc?
*49.56
+0.08
Multi-Mgr Mangd A Acc?
5.00
*271.5000
+0.37
JPM US A Acc
3.00
*1000.0000
+1.64
Jupiter Merlin Grth Prtfo Acc ?
*394.99
+0.81
M & G Securities Ltd
Mixed Inv 20 60% 1 S5 Acc
Multi-Mgr Mangd A Inc?
5.00
*264.5000
+0.38
JPM US A Inc
3.00
*138.4000
+1.62
Jupiter Merlin Grth Prtfo Inc ?
*383.88
+0.81
4.25 219.2400 228.7000
-0.34
JPM US Eq Inc � Hdg A Inc
3.00
*117.3000
+1.47
Jupiter Merlin Inc Prtfo Acc
289.94
+0.32
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
Gwth Managed
Sterling Bond Acc?
?
individual at a company is in charge
of the document storage and services
such as shredding, so there are
opportunities to cross-sell.
Restore is very well supported by
the market. If it wants to make an
acquisit
acquisition, the market is quick to
back it. It?
It?s a combination of very
good manag
management and a very simple
to understand business.
We added to our
holding recently, as
the company made an
acquisition that was
partly funded by
issuing new shares,
which we subscribed to.
The records
managem
management business is solid, and
should make incremental
improvements to margins in the
coming years. The business model
has consistent growth, predictable
earnings, and is hard for other
companies to replicate. Global
competitor Iron Mountain?s shares
trade at a 50pc premium to Restore?s.
GILES HARGREAVE AND EUSTACE SANTA
BARBARA EXPLAIN WHY THEY HOLD RESTORE
EVEN AFTER ITS SHARE PRICE SOARED
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
Name
-3pc
300
200
know lots of the top managers who
move around. Full confidence in a
management team makes a
tremendous difference.
We specialise in a few areas of the
market: we?ve got a technology expert,
a mining expert, and a biotech and
pharmaceutical expert.
These are the areas where
successful investments tend to
generate the greatest returns.
We don?t have more than 2pc in any
one stock, to avoid losing a chunk of
the fund if a company goes bust.
ESB: The average time we hold a
company is just under two years, but
there are some stocks we have held for
10 years or more. There are others that
we?re just coming to understand, and
so might be sold quicker if they don?t
work out.
July 1995
Name
Sell
Mid
Buy
Weekly
% chg
-0.68
SE Asia Equity
392.90
413.50
Deposit & Tres 3 S5 Acc
172.00
181.00
?
Fixed Interest
270.80
285.00
-0.29
Index-Linked
427.80
450.30
-0.35
Distribution
+0.11
88.00
92.50
374.30
-0.03
Pension Funds
Series 1 Life Funds
355.70
381.30
+0.08
Mxd Inv 20 60% 1 S12 Pens Ac 462.30
486.60
-0.09
Flexible Inv 1 S5 Acc
390.10
410.50
+0.13
Gwth Man Ser A
475.50
500.50
+0.06
Global Managed
363.90
383.00
+0.36
Flex Inv 1 S12 Pens Acc
499.50
525.80
+0.18
392.90
362.30
Sterling Bond Inc?
4.25 64.7900 67.5800
-0.35
JPM US Eq Inc A Acc
3.00
*166.6000
+1.46
Jupiter Merlin Inc Prtfo Inc
?
131.12
+0.32
Charibond Inc
?
123.18
413.50
-0.05
Global Man Ser A
520.10
+0.35
Amer Gwth Acc
5.25
*572.8
+1.42
Strategic Bond A Inc
4.00
*122.7000
-0.89
JPM US Eq Inc A Inc
3.00
*134.7000
+1.43
Jupiter Merlin WW Prtfo Acc ?
284.13
+0.89
Charibond Acc
?
3956.18
-0.16
American Equity
514.40
541.40
+1.40
UK Equity Ser A
506.20
532.80
-0.12
Biotech Acc
5.50
*165.0
-0.48
UK Absolute Return A Acc
5.00
155.9000
+0.06
JPM US Select A Acc
3.00
*155.8000
+1.56
Jupiter Merlin WW Prtfo Inc ?
284.12
+0.89
Charifund Inc
?
1535.08
+0.52
Japanese Equity
160.90
169.30
-0.12
Dep & Treas 1 S12 Pens Ac
194.30
204.50
?
Emerg Mkts Acc
5.25
270.2
-0.26
Fidelity International
UK Alpha A Acc?
5.25
145.1000
+0.83
JPM US Select A Inc
3.00
*153.8000
+1.59
Jupiter Monthly Inc Acc
*114.24
+0.23
Charifund Acc
?
23500.41
+0.52
European Equity
705.60
742.60
-0.76
Fixed Interest Ser A
371.00
390.50
-0.38
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
UK & Irish Small Co A Acc
5.00
632.6000
+0.41
JPM US Sm Cos A Acc
3.00
618.2000
+1.18
Jupiter Monthly Inc Inc
?
*30.40
-0.43
M&G Corp Bond A Inc
3.00
*40.22
SE Asia Equity
405.10
426.30
-0.66
Mxd Inv 20 60% 2 S12 Pens Ac 442.20
465.40
-0.09
Cash
162.40
170.90
?
478.50
+0.04
UK Equity Income A Inc
5.00
*609.8000
-0.80
JPM US Sm Cos A Inc
3.00
161.9000
+1.19
Jupiter N.American Inc Acc
?
143.85
+1.08
M&G Corp Bond A Acc
3.00
*69.42
-0.23
Fixed Interest
280.10
294.80
-0.28
Flex Inv 2 S12 Pens Ac
477.70
502.80
+0.19
UK Index A Acc
?
599.8000
+0.76
Jupiter N.American Inc Inc
?
119.85
+1.08
M&G Dividend A Inc
4.00
58.45
+0.67
Index-Linked
404.10
425.30
-0.35
Glob Man 2 S12 Pens Ac
472.70
497.50
+0.34
+0.67
Distribution
91.30
96.10
+0.11
UK 2 S12 Pens Ac
483.90
509.30
-0.12
Dep & Treas 2 S12 Pens Ac
189.00
198.90
-0.05
Fixed Interest Ser B
364.80
384.00
European Acc
5.25
859.2
+0.08
Financial Acc
5.25
654.3
+0.58
Global Opp Acc
5.25
1391.0
+0.22
Global Opp Inc
5.25
+0.16
1227.0
Unit Trust
UK Tracker A Acc
+0.15
?
269.1000
Global Tech
5.25
105.1
+1.15
Wealthbuilder
Health Acc
5.50
1731.0
+1.29
Investment Funds (OEIC)
Japan Acc
5.25
*598.3
+0.13
Managed Balanced Acc
5.25
377.6
+0.21
Managed Income Inc
5.25
*140.7
Managed Income Acc
5.25
*985.7
Monthly Inc Inc
5.25
*248.6
+0.12
Monthly Inc Acc
5.25
*601.4
+0.10
Enhanced Inc Fd
3.50
103.9
+0.58
UK Growth Acc
5.25
288.8
+0.24
Extra Income Fd
3.50
27.52
-0.36
UK Select Opps R Inc
5.25
*1828.0
-0.38
Moneybuilder Bal
?
48.05
-0.04
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
UK Select Opps R Acc
5.25
*3353.0
-0.39
Moneybuilder Inc
?
36.44
-0.60
JPM America Eq A Acc
3.00
86.4500
UK Smllr Cos Acc
5.25
295.8
+0.31
Growth & Income Funds
JPM America Eq A Inc
3.00
86.4400
3.50
131.1
US Growth A Acc
?
100.01
-0.02
?
Cash Fd Y Accum.Units
?
100.33
+0.01
?
Income Funds
-0.68
Pan Euro HY Bond Acc
5.25
*104.1
-0.29
+1.83
Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
+0.66
*109.15
M&G Dividend A Acc
4.00
650.81
-0.84
M&G Episode Growth A Inc
4.00
60.05
+0.81
Jupiter Strategic Bond Acc
?
97.80
-0.21
M&G Episode Income A Inc
4.00
*129.45
+0.22
Mixed Inv 20-60% 2 S5 Acc
305.60
321.70
+0.10
Mxd Inv 20 60% 3 S12 Pens Ac 441.80
441.80
-0.09
Jupiter Strategic Bond Inc
?
64.81
-0.20
M&G Episode Income A Acc
4.00
*169.3
+0.48
Growth Man
318.70
335.50
+0.09
Gwth Man Ser C
455.40
455.40
+0.04
Jupiter Strategic Res Acc
?
53.33
?
M&G Global Dividend A Inc
4.00
*196.55
+0.07
Flex Inv 3 S12 Pens Ac
478.90
478.90
+0.19
M&G Global Dividend A Acc
Jupiter Strategic Res Inc
?
51.91
?
4.00
*270.0
+1.22
Glob Man 3 S12 Pens Ac
474.40
474.40
+0.34
Mixed Inv 20 60% 3 S5 Acc
338.70
356.50
-0.06
UK 3 S12 Pens Ac
485.10
485.10
-0.12
-0.28
Jupiter UK Growth
?
317.76
+0.77
M&G Glbl Emrgng Mkts A Inc 4.00
261.34
+0.50
Growth Man
345.10
363.20
+0.09
Deposit & Tres 3 S12 Pens Ac
189.00
189.00
?
Jupiter Asian Fd
?
906.38
+1.70
Jupiter UK Smaller Cos
?
358.71
+0.49
M&G Glbl Emrgng Mkts A Acc 4.00
282.9
+0.49
Flex Inv 3 S5 Acc
372.70
392.30
+0.11
Fixed Interest Ser C
365.20
365.20
-0.35
Jupiter Asian Inc Fd Acc
?
*126.94
+0.28
Jupiter UK Special Sits Inc
?
*181.52
-0.20
M&G Glbl High Yld Bd A Inc
3.00
*49.96
-0.18
Global Managed
351.90
370.40
+0.34
M&G Glbl High Yld Bd A Acc
3.00
*130.71
+0.20
M&G Global Macro Bd A Inc
3.00
82.05
-0.21
+1.21
M&G Global Macro Bd A Acc
3.00
123.85
-0.22
+1.21
M&G Global Themes A Inc
4.00
851.19
+0.99
4.00
-0.93
M&G Global Themes A Acc
1323.22
+0.99
+0.62
JPM Asia Growth A Inc
3.00
*111.8000
-0.89
M&G Managed Growth A Inc 4.00
108.23
+0.74
75.38
+0.32
JPM Emg Euro Eq A Acc
3.00
*208.4000
+1.12
M&G Optimal Income A Inc
3.00
*149.21
-1.05
JPM Emg Euro Eq A Inc
3.00
*46.0400
+1.14
M&G Optimal Income A Acc
3.00
*210.84
+0.19
3.50
-0.50
JPM Emg Markets A Acc
3.00
*222.2000
+0.27
M&G Property Portfolio A Inc
3602
+1.18
JPM Emg Markets A Inc
3.00
*94.6600
+0.26
M&G Recovery A Inc
4.00
134.82
+0.63
?
117.09
117.09
Amer Sp Sits
3.50
1458
+1.11
JPM Emg Mkts Inc A Acc
3.00
*73.3800
+0.19
M&G Recovery A Acc
4.00
315.38
+0.63
European
3.50
2166
-0.09
JPM Emg Mkts Inc A Inc
3.00
*58.6300
+0.19
M&G Strategic Corp Bd A Inc 3.00
*75.28
-0.12
European Opps
3.50
492.2
+0.24
JPM Eur Dyn (ex-UK) � Hg A Acc3.00
*211.4000
+0.86
M&G Strategic Corp Bd A Acc 3.00
*116.43
-0.11
BNY Mellon Fund Managers
Global Special Sits
3.50
3745
+0.75
JPM Euro Dyn (ex-UK) A Acc 3.00
*215.7000
+0.51
M&G UK Inc Distribution A Inc 4.00
*757.33
+0.41
Investors: 0800 614330 Brokers: 08085 660000
www.bnymellonim.co.uk,
clientservices@bnymellon.com
Japan
3.50
360.6
+0.31
JPM Euro Dyn (ex-UK) A Inc
3.00
*96.8000
+0.51
M&G UK Inc Distribution A Acc 4.00
*6890.31
+0.41
Japan Smaller Cos
3.50
316.2
-0.16
JPM Europe A Acc
3.00
*1420.0000
+0.50
M&G UK Infl Lkd Corp A Inc
3.00
*114.78
-0.03
Global Focus
3.50
1895
+0.91
JPM Europe A Inc
3.00
*78.9400
+0.51
M&G UK Infl Lkd Corp A Acc 3.00
*118.4
+0.25
757.9000
BNY Mellon Investment Funds (ICVC)
103.0500
+0.75
JPM Euro Smaller Co A Acc
3.00
Special Sits
3.50
3839
+0.37
JPM Euro Smaller Co A Inc
3.00
South East Asia
3.50
1344
+0.75
JPM Global Bd Opps A Grs Acc ?
3.50
277.8
+0.11
JPM Global Bd Opps A Grs Inc ?
Index UK A Acc
Sterling Income Shares
Boston Co US Opp Fund
0%
117.21
+2.00
UK Select Acc
Insight Corporate Bd
0%
*92.66
-0.80
Target Funds
Insight Eq Inc Fund
0%
*167.72
-0.30
Insight Eq Inc Booster
0%
*124.33
+0.02
Target 2020
Insight Glob Abs Ret Inc
0%
*109.91
+0.35
?CAR - Net income reinvested
Insight Glob Multi-Strat Fd
0%
*121.34
+0.56
Insight Inflat-Link Corp Bd
0%
*107.30
+0.06
Long-Term Global Equity
0%
243.91
+0.88
Newton Asian Income
0%
*189.90
-1.05
?
3.50
64.74
-0.14
+0.01
N.A.A.C.I.F. Inc
?
83.45
+0.59
98.1600
+0.01
N.A.A.C.I.F. Acc
?
8221.41
+0.59
*54.4300
+0.13
?CAR - Net Income reinvested.
*49.1600
+0.14
JPM Global Bond A Gross Acc 3.00
*263.0000
+0.08
JPM Global Bond A Gross Inc 3.00
*204.1000
+0.10
JPM Global Eq Inc � Hdg A Acc 3.00
*81.6600
+1.45
(RBS Collective Investment Funds Ltd)
PO Box 249, York YO90 1ZY
0117 940 3848
JPM Global Eq Inc � Hdg A Inc 3.00
*54.9200
+1.46
Balanced Inc
5.00
*326.00
JPM Global Eq Inc Fd A Acc
3.00
*94.3800
+1.35
Balanced Acc
5.00
*418.30
?
JPM Global Eq Inc Fd A Inc
3.00
*76.8800
+1.36
Equity Income
5.00
*342.50
?
?
Natwest Investment Funds
JPM Global HiYld Bd A Grs Acc 3.00
*109.4000
+0.09
Extra Income
5.00
*109.00
Fundsmith LLP
JPM Global HiYld Bd A Grs Inc 3.00
*36.5800
+0.11
Growth
5.00
*385.20
PO Box 10846, Chelmsford, Essex, CM99 2BW.
0330 123 1815
www.fundsmith.co.uk enquiries@fundsmith.co.uk
JPM Global HiYldBdAGrsMthInc3.00
36.25
-0.36
JPM Global Macro Bal A Acc
3.00
*72.5100
?
JPM Global Macro Bal A Inc
3.00
*63.5600
+0.02
JPM Global Macro Opps A Acc 3.00
73.73
-0.23
Jupiter Asian Inc Fd Inc
JPM Global Macro Opps A Inc 3.00
73.05
-0.22
-0.35
JPM Global Uncons Eq A Acc 3.00
*1272.0000
187.57
+0.26
JPM Global Uncons Eq A Inc 3.00
153.56
+0.16
JPM Japan A Acc
3.00
801.90
+0.66
JPM Japan A Inc
3.00
Newton Cont European
0%
258.00
+0.06
Newton Global Dyn Bd
0%
*101.81
-0.67
Newton Glb High Yld Bd
0%
*59.71
-0.32
Newton Glb Inc Stg Inc
0%
*187.67
-0.11
Fundsmith Equity T Acc
?
348.04
+0.96
Newton Glb Opps
0%
270.35
+0.79
Fundsmith Equity T Inc
?
323.13
+0.96
Newton Intnl Bond
0%
230.00
Newton Multi-Asset Bal
0%
Newton Mult-Asset Div Ret
0%
Newton Mult-Asset Gwth
0%
Newton Oriental
0%
660.78
+0.11
Newton Real Return A
0%
111.38
+0.19
Newton UK Equity Fund
0%
*829.97
-0.14
Newton UK Inc
0%
*64.34
+0.06
Newton UK Opps
0%
315.75
+0.45
Carvetian Capital
Management Limited
Admin: Stuart House, St John?s St,
Peterborough PE1 5DD
Dealing & Enquiries: 0845 850 0255
Mid
Weekly
Buy % chg
?
*117.33
-0.42
Jupiter China Acc
?
*136.05
+0.28
+0.71
Jupiter China Inc
?
*130.73
+0.28
*94.4300
+0.65
Jupiter Corp Bond Inc
?
*56.59
-0.32
*464.1000
+0.13
Jupiter Dstrbtn Acc
?
*100.45
-0.10
*111.7000
+0.09
Jupiter Dstrbtn Inc
?
*58.21
-0.46
Name
Init chge
Sell
Mid
Weekly
Buy % chg
Jupiter US Sm&Md Inst I Acc ?
69.59
+0.67
Jupiter US Sm&Md Cap Ret Acc ?
64.24
+0.64
Name
Init chge
Sell
JPM Multi-Asset Income A Acc 3.00
*94.1600
+0.35
Jupiter Dstrbtn & Grth Inc
?
*117.65
-1.48
Glob Income
5.00
152.23
160.5
-0.10
JPM Multi-Asset Income A Inc 3.00
*65.0000
+0.34
Jupiter Eco Inc
?
*371.31
+0.40
Growth Fd
5.00
403.3
426.66
+1.17
64.53
-0.06
Jupiter Emerg Euro Opps
?
214.35
+0.82
JPM Multi-Man Gwth A Acc
3.00
*963.6000
+0.25
Jupiter European
?
2093.09
+0.62
-0.37
JPM Multi-Man Gwth A Inc
3.00
*881.6000
+0.24
Jupiter Euro Inc Acc
?
78.67
-0.06
5.00 104.4300 109.7100
-0.67
JPM Natural Res A Acc
3.00
*581.2000
+1.17
Jupiter Euro Inc Inc
?
53.97
-0.06
Kings Meadow, Chester, CH99 9UT
0870 333 1835
5.00
259.3000
+0.54
JPM Natural Res A Inc
3.00
*40.7400
+1.17
Jupiter Euro Special Sits
?
404.06
-0.33
High Income Inc
?
113.8
113.8
+0.44
Cautious Managed A Inc
5.00
149.4000
+0.54
JPM Portfolio A Acc
3.00
258.6000
+0.58
Jupiter Fin Opp
?
599.58
+0.70
High Income Acc
?
259.1
259.1
+0.50
China Opps A Acc
5.00
1414.0000
-1.33
JPM Sterling Corp Bd A Grs Acc 3.00
*92.4000
-0.29
Jupiter Fund Of Inv Trusts
?
247.96
+0.36
UK Select Port Inc
?
330.4
330.4
-0.12
Emerg Mkts Opps A Acc
5.00
207.2000
+0.44
JPM Sterling Corp Bd A Grs Inc 3.00
*55.4200
-0.29
Jupiter Global Emg Acc
?
71.98
+1.67
UK Selection Port
?
598.7
598.7
-0.13
-0.58
Asian Dividend Income Inc
Cautious Managed A Acc
1077.0000
JPM Multi-Asset Inc A Mth Inc 3.00
5.00
153.1
-0.26
European Growth A Acc?
5.25
228.2000
-0.52
JPM UK Dynamic A Acc
3.00
*196.3000
+0.98
Jupiter Global Eq Inc Acc
?
*69.52
+0.46
UK 100 Co?s Fund Inc
?
*207.2
207.2
Generation Fd
5.00
771.7
+0.25
European Sel Opps A Acc
5.00
1598.0000
+0.31
JPM UK Dynamic A Inc
3.00
*154.8000
+0.98
Jupiter Global Eq Inc Inc
?
*60.82
+0.46
UK 100 Co?s Fund Acc
?
*357.4
357.4
Fixed Int Mthly Inc A Inc
4.25 *21.7900 22.7300
-0.37
JPM UK Equity Core E Acc
?
*347.5000
+0.78
Jupiter Global Managed Acc
?
*225.74
+1.18
W?wide Man Inc
?
488.3
+0.12
?
W?wide Man Acc
?
783.4
+0.12
4.50
*282.3000
+1.58
JPM UK Equity Core E Inc
?
*59.4600
+0.78
Jupiter Global Managed Inc
*216.91
+1.18
Global Equity Inc A Inc?
5.25
*58.4200
+0.81
JPM UK Equity Gwth A Acc
3.00
*137.7000
+0.44
Jupiter Growth & Inc
?
98.01
+0.55
Global Growth Acc
4.25 2933.1599 3059.5100
+0.63
JPM UK Equity Gwth A Inc
3.00
*123.5000
+0.41
Jupiter Income
?
537.64
+0.43
Global Care Growth A Inc
Admin: Stuart House, St John?s St,
Peterborough PE1 5DD
Dealing & Client Services 0345 850 8818
Global Strategic Cap Acc?
5.00
231.6000
+0.17
JPM UK Higher Inc A Acc
3.00
*1041.0000
+0.77
Jupiter India Fd
?
125.09
+3.55
Unit Tst Inc
5.00
50.06
50.9
+0.48
Global Technology A Acc
5.00
1626.0000
+1.31
JPM UK Higher Inc A Inc
3.00
*541.6000
+0.74
Jupiter Int Financials
?
93.57
+0.65
Unit Tst Acc
5.00
129.1
131.3
+0.47
Multi-Mgr Abs Ret A Acc
5.00
*139.6000
+0.07
JPM UK Sm Cos A Acc
3.00
471.8000
+0.62
Jupiter Japan Inc Fd Acc
?
116.55
+0.97
5.00
*126.90
?
Intntl Growth
5.00
*496.80
?
Marks & Spencer Unit Trust
Management Ltd
FENIX Balanced Fd
Consistent Unit Trust
Management Co Ltd
?
High Yield
PO BOX 23850, Edinburgh EH7 5FY
Dealing and Admin 0330 123 3822
PO Box 9023 Chelmsford, CM99 2WB
Enquiries: 0800 832 832
Website: www.janushenderson.com
5.00
?
Liontrust Investment Funds
Janus Henderson Investors
Asia Pac Cap Gwth A Acc
Series 3 Life Funds
-0.38
53.75
244.1
American
Series 2 Life Funds
?
?
Growth Funds
454.60
*69.24
3.50
*202.8000
Gwth Man Ser B
494.10
Jupiter Responsible Inc Fd Inc ?
Moneybldr Gwth
3.00
UK 1 S5 Acc
Jupiter Abslt Rtn
J.P. Morgan Asset Management
JPM Asia Growth A Acc
*32.11
Jupiter Responsible Inc Fd Acc ?
-1.13
Moneybldr Div
AXA IM Funds www.axa-im.co.uk
5.25
972.4000
?Available as an ISA
Cash Fd Y
Pan Euro HY Bond Inc
5.00
+0.86
?
-0.15
-0.61
INITIAL CHARGE: This charge in percentage terms is
included in the purchase price of the units. It is levied
by the unit trust manager to cover administrative costs
and commissions.
* Denotes Ex-dividend
401.40
-0.08
American Equity
497.10
523.20
+1.39
Japanese Equity
153.60
161.60
-0.13
European Equity
685.10
721.10
-0.78
UK 3 S5 Acc
381.40
10
***
Saturday 7 April 2018 The Daily Telegraph
A
Opinion
Diary of a private investor
Markets have fallen
this year, but James
Bartholomew has
8pc in cash ? waiting
for more value shares
he just cannot resist
REUTERS
I
t has been a pretty
miserable start to 2018.
At one point the FTSE
100 index had fallen by
a tenth, although it has
recovered a bit since then.
What?s the reason?
At first I thought it was
just a normal reaction after
a good upward run at the
end of last year. I was not
too concerned. But then I
saw a commentary by
Professor Tim Congdon,
the economist, who noted
that growth in the money
supply in America has
slowed right down, and
that weak money growth is
likely in the eurozone this
year, too.
That matters because the
first thing that a cramped
money supply affects is the
stock market, and British
shares are strongly
influenced by what is
happening elsewhere.
Of course, the Federal
Reserve in the USA and the
European Central Bank
could improve the flow of
money in various ways,
such as by ceasing to raise
interest rates.
But both these central
banks have indicated they
will be tightening the
money supply instead. I
don?t expect them to
change tack quickly, partly
because they?d find it
embarrassing.
They probably will not
react until weak money
supply growth percolates
through to economic
activity, and that could take
Avation, which leases planes to airlines such as Air France and easyJet, has highly rated shares
three months or more. So I
have become more cautious
about what could happen
to shares in the next three
to six months.
It so happens that I
recently received cash
proceeds from the takeover
of Aldermore, an internetonly bank. I have kept that
cash and also reduced my
holding in certain shares. I
have sold ones that are
highly rated and not
offering much in the way of
dividend yield. Naturally
they tend to be those that
have done well and have
good prospects.
They are Homeserve, a
residential emergency
repairs service; Restore, a
lovely document storage
business; Avation, which
leases aeroplanes, and
Tristel, which supplies
products to prevent
infection in hospitals.
Although I like all of
these companies, I know
?That a Labour
government has
become less
likely is bullish?
that if the market falls
further, I will find it
psychologically easier to
hang on to shares that
provide handsome
dividends like those I
previously mentioned in
my mini-portfolio for 7pc
income. If one is losing
capital, the knowledge that
a good income is coming is
a great comfort.
Meanwhile, I have about
8pc of my portfolio in cash
now ? ready for me to feed
into the market as and
when it takes another dive
or when I see value that I
just can?t resist. I continue
to be bullish for the
medium and long term ? I
think there is still plenty of
good value to be found.
In fact, in the longer
term I am more optimistic
about the prospects for
shares than before. The
political backdrop has
quietly improved.
The Brexit transition
agreement is probably not
ideal as far as either
Leavers or Remainers are
concerned. But it means
that a final deal is more
likely and that resolution
would remove some of the
fears that are currently
stopping some
international investors
from buying British shares.
Also it seems that recent
events have caused the
popularity of the Labour
Party to fall back a little.
This is not a political
column, but the Labour
Party with its current
leadership would, in my
view, cause major damage
to share values and the
pound.
So the fact that a Labour
government has now
become a little less likely is
bullish.
On a mundane,
practical level, portfolio
management by individuals
just got a little more
difficult ? again. I subscribe
to data and research
service Morningstar, which
has recently removed from
its website the consensus
of broker forecasts for
individual company profits.
Private investors are now
left with no idea at all of
what is considered likely by
brokers ? and that is a
major disadvantage.
One of my own brokers,
AJ Bell, which I am
generally pretty happy
with, has also lost the
consensus forecasts it used
to show. Fortunately I have
found another website,
Web Financial Group (uk.
webfg.com), which still
shows them. I hope it
continues to do so.
Apparently the root
of the problem is fear
that the forecasts might
fall foul of the irritating
new European Union
regulations known as Mifid
II. Whatever each of us may
think of Brexit, let us hope
that one advantage will be
that we get rid of some EU
financial over-regulation
and give private investors a
decent chance again.
MPs? plan would ?destroy
spirit of pension freedoms?
P
ension companies should funnel
savers into ?default? funds at the
point of retirement, an
influential committee of MPs has said.
In the final part of its inquiry into
the pension freedom reforms, the
work and pensions committee called
on the Government to force firms to
offer a ?pathway? for retiring savers.
This would be subject to the same
0.75pc cap on management fees in
force while people build up their
savings. But firms have hit out at the
plans, arguing they would stop people
engaging with their pensions.
The 2015 reforms handed greater
control to over-55s around how they
spend their pensions, but also shifted
responsibility on to individuals.
Most people now put their pension
cash into ?drawdown? accounts,
where money remains invested into
retirement. In the past, almost
everyone bought an annuity, an
insurance contract that pays a fixed
income for life.
Jon Greer of Old Mutual Wealth, a
pension company, said the
committee?s proposals risked savers
?sleepwalking? into retirement.
?Drawdown requires engagement
from savers and shouldn?t be a
passive choice,? he said.
?According to the City watchdog?s
review of DIY pension investors,
37pc of drawdown sales are made
without advice. It is clear that this is
a considerable issue and needs to be
addressed. But a solution needs to
focus on engagement, which a
default fundamentally goes against.?
Sir Steve Webb, director at mutual
Royal London, said the proposals
would ?destroy the spirit of the
pension freedoms?.
He said it would be impossible for
a provider to know what was the best
option for a saver without having
knowledge of their other assets.
But MP Frank Field, committee
chairman, argued introducing a
?simple, suitable default pension
option? would provide a ?solid base?
for savers. He said: ?They would be
armed with a new range of clear,
transparent information in making
their choices.?
Sam Brodbeck
tone Financial Management,
said:
It is essential that Mr Andrews
undertakes a budgeting exercise to
determine how much spare income he
can commit to saving and whether this
will be built up in cash and paid over
to an investment in a series of lump
sums or on a regular basis.
The latter may be harder to
maintain due to the unpredictable
nature of his earnings. He is
contributing a sizeable sum towards
life insurance each month. It is worth
reviewing this cover to access a
potentially more appropriate
alternative such as ?family income?
benefit cover, which will cover the loss
of income to the household should he
die. This may free up some monthly
budget to put towards savings.
The state pension has changed and
everyone under state retirement age
was assessed in April 2016 and given a
credit against the new scheme. This is
individually calculated and can differ
tremendously depending on the
working pattern of the individual and
whether they have been in
employment, have been a member of
Hope at last for bank
transfer fraud victims
As losses mount, plans for
a formal redress scheme
are finally on the table,
writes Amelia Murray
V
ictims of bank transfer fraud
could be one step closer to
guaranteed reimbursement
after the payments regulator this
week met for the first time with
financial representatives from banks,
consumer groups and charities to
discuss an official redress scheme.
Under the current rules, banks or
building societies are not obliged to
refund individuals or businesses who
are tricked into sending money to
criminals, who often pose as police,
banks and other trusted authorities.
These are known as authorised push
payment (APP) scams.
Telegraph Money has consistently
highlighted the way banks are able to
avoid being held to account for
enabling this type of crime.
The victim?s bank will claim it
followed payment instructions for
these authorised transactions, and
the fraudster?s bank can refuse to
take responsibility for giving a
criminal an account.
The Payment Systems Regulator
(PSR) is consulting with a steering
group, which includes industry
body UK Finance, consumer lobby
organisation Which?, charity Age
UK and representatives from banks,
such as Barclays and Lloyds. The
purpose is to develop a
reimbursement scheme for victims
of bank transfer fraud.
The consultation will be ongoing
until September. During this time
they will develop a plan of
?appropriate outcomes? for the
?different situations? that can be
encountered in APP scams.
For example, the steering group
will lay out scenarios when one
hen there is
party is responsible, when
oth parties
no blame, and when both
red standards.
have not met the required
d on whether
Refunds may depend
the banks had ?met the expected
ictims ?had
standard of care? and victims
taken a requisite level of care?, the
tion notes
PSR said in its consultation
in February.
Bank transfer fraud iss one
of the fastest-growing
Balazs Kelemen was
defrauded of �700
crimes in the country, and the losses
can be life changing. According to
UK Finance, there were 43,875 cases
of APP scams reported in 2017. Losses
added up to a staggering �6m and
just 26pc was recovered.
Make banks act爋n fraud
Telegraph Money has long called for
banks to shoulder more responsibility
for the role they play in APP scams.
Our ongoing campaign has
highlighted weak procedures for
opening accounts, inconsistent
approaches to victims of fraud, and
individuals stuck in the middle of
banks? conflicting processes.
Some victims have also reported
fraud departments that are
?unavailable? out of working hours.
It is too easy for banks to place the
responsibility on individuals despite
scams getting more sophisticated.
In 2017, victims of
APP scams lost
�6m. Just 26pc
was爎ecovered
Telegraph Money continues to call for
the following:
�More consistency between all
providers. For example, TSB
refunded Telegraph Money reader
Dave Burton the �400 he lost to an
eBay fraudster for a non-existent
motorhome, following pressure from
this newspaper, because his police
report suggested the account was
opened with fake details.
But Nationwide refused to do the
same for Balazs Kelemen when he
was tricked by a similar scam.
This is despite police confirming a
false Romanian ID card and
counterfeit British Gas utility bill had
been used to open the Nationwide
account Mr Kelemen transferred
�700 into.
婸roof
pro
�Proof of proper
checks. Banks that
pro
rovide accounts
accoun to fraudsters should
provide
be
e able to dem
demonstrate that proper
che
h cks are carr
checks
carried out. If criminals are
t open accounts then
still able to
rules sho
should be tightened.
婱ore
i
�
More investment
into fraud
preventi and detection
prevention
systems. If banks were
responsible
for reimbursing
respon
victims
victim of APP scams, as they
are for
f debit and credit card
fraud,
frau they might be
incentivised
to stop it.
in e
inc
Phil Andrews is
now his own boss
as a freelance
content writer, but
his savings have
been depleted
their employer?s pension scheme or
been contracted in or out of ?SERPS?
(latterly known as the state second
pension).
Mr Andrews should contact the
Department for Work and Pensions
and ask for a state pension forecast.
This gives an estimate based on an
individual?s National Insurance record
and can also be done online.
From this he will be able to see how
many qualifying years he has earned
so far, and also a projection of the
likely level of pension at his actual
state retirement age. To gain the full
state pension, you need a minimum of
35 years? worth of National Insurance
payments. The new full state pension
is �4.34 per week, but Mr Andrews?
could receive more or less than this
amount depending on his record.
Any spare income or capital he can
build up now is going to help in the
future. As he has already taken some
pension as cash lump sums, his
maximum contributions to personal
pensions will be limited to �000 a
year. When seeking a broker to hold
an Isa or pension, he should carefully
consider ongoing costs. A typical
management charge would be around
0.35pc a year.
An ideal starter fund would be a
multi-asset fund that is passively
managed and can be obtained from as
little as 0.17pc a year from HSBC in its
It is quite likely that Mr Andrews will
have already completed the 35 years
required to qualify for the full new
state pension.
However, he should check his and his
wife?s entitlements online at gov.uk/
check-state-pension.
Mr Andrews has 11 years to consider
contributing regularly towards a
personal pension. He could contribute
�0 per month, which would be a
�0 net payment from himself, with
the remainder as tax relief. This would
have the potential to pay out a tax-free
lump sum of �430 with an annual
income of �0.
Combined with a state pension, this
will bring his income nearer to �000
a year, a long way short of what he will
have been used to earning. He should
start making monthly contributions
using a broker. This provides great
flexibility and access to an unrestricted
range of funds.
Mr Andrews may wish to engage an
adviser in this process as he has not
had very much experience of
investing. He might also consider
investing in an Isa with the same
broker. Isas behave differently from
pensions as you don?t pay tax on
withdrawals. He should broadly invest
an Isa in the same way as his pension.
This additional investment pot can
give him flexibility in either drawing
an income, or taking a lump sum.
In Mr Andrews? circumstances, I
would suggest funding regular
contributions in both a pension and
Isa, to enhance his state pension.
Would you like
a Money
Makeover?
If you want
our experts
to give you
practical tips
on how to reach
your financial
goals, please
email money@
telegraph.
co.uk with
the subject
line ?Give
me a Money
Makeover?
and provide
the following
information:
�
Your name,
age and phone
number (we
will not share
this with
anyone)
�
Your main
financial goals
(as much detail
as possible
please), details
of any debts
(including
mortgages)
and how you
would describe
your attitude to
investment risk
�
Your current
investments,
including cash
and property
�
You must be
willing to be
photographed
for the article,
which will
appear online
and in print
3
Saturday 7 April 2018 The Daily Telegraph
***
Money
GETTY IMAGES/ISTOCKPHOTO
4
Portugal is among the cheapest markets around the world at the moment, alongside China, Japan, Russia and Eastern Europe
Where is the cheapest
investment market?
fter markets in the UK
and US fell again this
week, investors are
turning further afield to
spread their risk.
Telegraph Money
looked at different ways markets can
be valued, to find those that are priced
for a buy and those looking frothy.
A
value of the index today, divided by
the average earnings for the past 10
years. If a market or stock performs
well on p/e but poorly in the Cape
measure, it could indicate
unsustainable earnings.
Dividend yield: The dividend yield
looks at the current payout rate for the
index ? taking the dividend amount for
the index as a percentage of total
market value.
In the table (right), the figures have
been compared to their long-term
average, and classified as cheap or
expensive relative to that. There are
some limitations to the data,
particularly in emerging or younger
markets, where the figures may not be
as reliable or go back as far.
The valuation measures
Where is cheap and expensive?
These figures show
you the bargain
countries to invest
in, says Laura Suter
Price to earnings: The price to
earnings (p/e) ratio takes a company?s
share price and divides it by its
earnings. This is done for an entire
index or country by dividing the total
market value of the index by the
earnings of all the companies.
The爈ower the figure, the cheaper
the爉arket.
Cyclical adjustment: The cyclicallyadjusted p/e (Cape) ratio is seen as a
more reliable measure, as it looks at
historical earnings rather than a
snapshot today. The ratio takes the
Japan, China and emerging Europe,
which includes Eastern Europe and
Russia, stand out as the cheaper
markets, which sit below their
historical levels on all measures.
Meanwhile, the US is the only major
market or region to be classed as
expensive on all measures.
Laith Khalaf, of Hargreaves
Lansdown, the broker that provided
the data, said: ?Long-term valuation
analysis suggests markets across most
of the globe are trading at reasonable
prices, with the exception of the US.?
American markets have been rated
as expensive for a while, and their p/e
ratio is similar to where it was a year
ago. However, on the Cape measure it
is more expensive than 12 months ago
? when it stood at 27.5.
Mr Khalaf added: ?Growth is
returning to the global economy and
this should be positive for company
earnings. A potential trade war could
prove to be a fly in the ointment if it
materialises. However, separating
bluster from policy is particularly
challenging where President Trump
is concerned.?
The UK looks expensive on both its
p/e and dividend yield measure.
However, the p/e measure is far below
this time last year, thanks to recent
market falls ? dropping from 21.8 then
to 19.7 today.
It could also be a top pick for those
wanting a contrarian bet.
?Political uncertainty and the
ongoing Brexit negotiations have put
a燿ampener on expectations, but the
UK is home to some world-class
companies and pays a decent level of
income to boot,? said Mr Khalaf.
Emerging markets, and emerging
Europe in particular, look cheap at the
moment. But each covers a wide
spread of countries: for example,
Brazil looks pricey, while Russia is
cheap based on historical measures.
The Daily Telegraph Saturday 7 April 2018
***
Money
?I?ve invested �,000 in
shares that dodge death tax?
To make your Isa
truly tax free, invest
in junior stock
market shares, says
Sam Brodbeck
H
?I find it too hard to pick the
stocks alone?
Roger Smith, 70, is an experienced
Isa investor but until two years ago
had stuck to funds and quoted
investment companies. After a
successful career fitting out kitchens,
he realised his estate was likely to
attract IHT.
His wife would receive his Isa
free of tax, but on her death the
family would have to pay death
duties at 40pc.
He approached Wealth Club, a
broker specialising in tax-efficient
investments, and opted to invest in
Octopus Investments? Aim IHT Isa.
To date, he has committed around
�,000.
?As most people do, I?ve taken
advantage of Isas over the years. But
when you get to a certain age you
begin to realise that to be more
tax-efficient you need to think about
GETTY
undreds of thousands
of investors made
last-minute
contributions to their
Isas last week. The
end of the tax year
always leads to a surge in new
investment as Britons rush to make
the most of the �,000 annual
allowance, which is lost forever after
April 5.
For growing numbers of savers,
finding investments free of
inheritance tax (IHT), as well as the
normal exemptions for capital gains
and income tax that Isas enjoy, is key.
Since 2013, investors have been
able to hold companies listed on Aim,
London?s junior stock market, within
Isa accounts.
This has allowed direct
investments in smaller companies
that also, crucially, qualify for
?business property relief ? and
therefore are exempt from IHT.
inheritance tax. That?s when I came
across IHT Isas,? said Mr Smith.
?Aim shares are very difficult to
pick. They are less liquid than the
bigger FTSE 100 companies and there
are big spreads on prices. It?s
important to track the firms closely to
make sure they still qualify to be
exempt from inheritance tax and I?m
not equipped to do that.?
He said he has invested around 5pc
of his wealth in Aim shares, with the
rest in stocks and shares Isas, pensions
and property.
Go it alone or get help?
Experienced investors may feel
comfortable picking their own Aim
stocks ? but this is risky. While many
Investing in James Halstead is
one option. Its flooring can be
found in carriages on
PeruRail?s mountain railways
?The greatest
risk is investors
not doing
enough of their
own research?
Aim firms are well-established
household names, such as online
retailer Boohoo.com or tonic maker
Fever-Tree, far more are tiny and
vulnerable to sudden changes in
market sentiment.
Chris Boxall, of Investor?s
Champion, an Aim analyst, said of
around 1,000 companies listed on the
exchange, only about 250 to 300 were
large and stable enough to consider.
He said: ?The greatest risk to investors
is not doing enough of their own
research; that?s where a lot come
unstuck. They?re used to the main
market where there?s a lot of coverage,
and they overcommit to a few stocks.?
Favourite Aim stocks include
�0m flooring firm James Halstead
and pub operator Young & Co. Both
have been run by the same family for
generations. Bargain Booze owner
Conviviality was a common pick until
a dramatic share price plunge over
the past few months. Its fall from
grace highlights the volatility Aim
shares can suffer.
There are strict rules around Aim
stocks? exemption from death duties.
Investments must be held directly (so
collective funds are excluded) and for a
minimum of two years. Companies
must also be classified as ?trading?
businesses; investment or property
firms do not qualify.
Several firms now offer IHT
portfolios that can be held in or
outside Isas. These include Octopus,
Unicorn, Downing and Amati. Brokers
such as Wealth Club operate buy lists
of their favourite managers.
The additional due diligence
required by managers means that fees
are higher than Isa investors might be
used to.
Most will charge an initial fee and an
annual management fee of around
1.5pc. Investors with larger sums
should haggle for lower fees.
Wealth Club?s Alex Davies said while
the broader Aim index had performed
poorly, individual stocks had done
very well, emphasising the advantage
specialist managers can bring.
Last year, Octopus?s Aim portfolio
returned 28pc, compared to the FTSE
AIM All-Share?s 26pc.
Income investors have options too.
Mr Boxall picked out Isle of Manbased Manx Telecom (yielding 6pc)
and touch screen maker Zytronic,
yielding 4.6pc.
5
6
Saturday 7 April 2018 The Daily Telegraph
***
Readers? letters
Jessica investigates
Mum died before
she got a refund
Many readers
complain that
the financial
institutions that
are keen to take
their money
are less willing to
answer legitimate
questions. Jessica
Gorst-Williams is
here to help
Send your questions
Write to
Jessica, Telegraph Money,
The Daily Telegraph,
111 Buckingham Palace Road,
London SW1W 0DT
A full postal address, a signature
and daytime telephone number
are needed
I am requesting your
assistance over a problem
with The Outside Clinic.
My late mother had been
pleased with the company in
2015 when she purchased
new glasses.
When she had her sight
retested in 2016, and ordered
new glasses again, she also
had her hearing tested.
The audiologist diagnosed
significant hearing loss and
recommended two hearing
aids costing �5 each.
These had a 60-day
money-back guarantee if they
proved unsuitable.
The hearing aids were
delivered and fitted. There
was a problem with one of
them because it kept falling
out of her ear.
I was told The Outside
Clinic would be in touch so
waited to report the problem.
No call came until The
Outside Clinic received a
written comment I had
made on its customer
satisfaction form.
An audiologist?s
appointment was arranged.
Unfortunately, I had to
cancel this appointment
some days later because my
mother was unwell.
My mother died shortly
after this, some 45 days after
the hearing aids had been
delivered. I was told the
glasses would be refunded
but not the hearing aids
because they had been
delivered.
AF, BERKS
In order to cancel the
delivery of your mother?s
new spectacles you
telephoned The Outside
Clinic 10 days later to relay
the sad news of her death.
Their money-back
guarantee on the hearing
aids stated: ?If you are not
satisfied with your hearing
aids in any way contact us
in writing, by telephone or
by爀mail as soon as you
are燼ware.
?If we are unable to meet
your expectations or
satisfaction within a
reasonable amount of time
you are entitled to a full
refund of costs paid towards
your hearing aids.
?This applies to the first
LETTER OF THE WEEK
receive the notification. You
were promised a refund of
the overpaid amounts and
I have been trying without
made many futile calls in an
success to get a refund from
effort to get it.
Vodafone for money it
Vodafone said a mistake
charged me for a phone I
appeared to have been made
never owned.
during the ordering process
Vodafone agrees the phone when you upgraded your
was not sent to me and has
account.
never shown any activity.
It told me that it had
I have called Vodafone
already reimbursed you the
and visited the local store
�8. In fact on the day I
with a copy of my bank
approached Vodafone, it
statement to prove no refund rang you to check your
has been received.
details. This was two
ANN DAVIS-PENSON, DORSET
months after promising you
the refund.
You first realised things
It turns out that, amid all
were not right when, having the muddles, Vodafone had
been unable to download
somehow set up three
bills from the website, you
accounts for you.
called Vodafone.
These had then been
You discovered you had
whittled down to one. It
been paying around � a
seems it may have
month for a phone that was
attempted to pay the refund
not yours. You were assured into one of the erstwhile
this would be looked into.
accounts that did not work.
However, nobody came
Three weeks after I had
back within the stated time
contacted Vodafone the
frame. You had to prompt
refund happened but, in
time and again for a
another twist, not once but
response. Then you were
twice. You quickly alerted
told that a text would be
Vodafone and it said it
sent to the number that
would retrieve the
wasn?t yours saying it was
duplicated payment from
going to be disconnected.
your bank. Despite your
This seemed unhelpful.
reminders, it didn?t do so.
You had no way of accessing
This was all particularly
the phone so would not
difficult for you as you run a
small business from home
It took Ann Davis-Penson nine and needed the phone bills
months to solve her overbilling for VAT returns. It had also
problem with Vodafone
transpired that Vodafone
Why has Vodafone
billed me �8?
60 days following delivery
and fitting. All warranties
are in addition to your
statutory [legal] rights.?
In the telephone
conversation you asked
what you should do with the
hearing aids as the company
said it wasn?t reimbursing
the money paid for them.
You recall being told you
could put them in the bin,
although the person you
spoke to later denied saying
this.
As things have turned out
it is fortunate you did not
dispose of them.
You were in a bereaved
state and it was seven
months before you emailed
them to ask if it would
reconsider its stance. It
refused.
You asked for a recording
of the original conversation
but it wasn?t forthcoming.
You tried a number of
avenues and engaged in a
protracted dialogue via
email, also to no avail.
I became involved and,
after some discussion, The
Outside Clinic agreed to
refund �790.
This was providing you
returned the hearing aids,
which you did.
You are consulting with
your brothers over what to
do with the money.
At least some of it will be
given to a charity for the
elderly.
You say a wrong has been
put right.
Caxton currency
card chaos
I would like to make
travellers aware of the
Caxton currency card.
I thought that having a
balance of ?500 and then
withdrawing ?100 would
leave me with ?400.
The machine in Cyprus did
ask whether I wanted
sterling or euros.
I said euros and received
two ?50 notes.
However, on my statement
when I got home it showed
�6.30 or ?167.44 had been
withdrawn.
SP, BUCKS
CaxtonFX said you should
always choose the local
currency, which is what
you燿id.
If you had opted for
sterling instead, the retailer
would have converted the
payment at its exchange rate
back to euros, and you
would have lost out.
Currency options should
appear on the screen of the
ATM you are using.
If the amount you wish to
withdraw is shown in
pounds, change it.
CaxtonFX said that it does
not see how many euros
were dispensed by the ATM
and it always advises
customers that it does not
charge for overseas ATM
withdrawals.
However, certain ATM
providers may charge a fee
had not linked your direct
debit with the remaining
account and for three
months had not been taking
the money.
Vodafone promised to
cover the � it had failed
to take by direct debit. Your
refund of the duplicated
sum was also at last
organised.
However, even worse was
to come when Vodafone
texted you saying your
account was unpaid and
both your phones were
being cut off. This led to you
missing two crucial business
calls during the two days
before you were
reconnected.
Once all was supposed to
be in order another strange
bill was raised by Vodafone,
which seemed to still be
having a problem
connecting different
accounts and numbers.
As a result, Vodafone
decided to not charge you
the balance of �. It also
offered � as a goodwill
payment.
However, I had to prompt
Vodafone to send this. It
arrived a month later than
originally expected.
This has finally been
resolved (we hope) some
nine months after you
started.
By then you had spoken
to around 20 people at
Vodafone.
and CaxtonFX said it makes
it clear that this can happen.
It said it has no jurisdiction
over local ATM providers,
how they process their
transactions or how clearly
they notify the燾ustomer.
Meanwhile, you did not
keep the ATM slip, which
would have shown the
amount of euros dispensed.
This is a shame, as had
you done so, we could have
taken the matter further.
Because of the volume of mail received, it is
not possible to respond to every letter, and
correspondence cannot be entered into. Please
do not send original documents or stamped and
addressed envelopes. Responsibility, legal or
otherwise, for answers given cannot be accepted.
Cases currently with an ombudsman, going
through a court of law or sent to other columns
will not be considered. In addition, I cannot take
up issues when the writer is a third party, other
than in exceptional circumstances. I cannot
respond to emails.
The Daily Telegraph Saturday 7 April 2018
7
***
Best buys
Mortgage Rates
Lender
The best savings rates
Initial Rate
Scheme Details
Revert Rate
APRC
Max LTV
Fee
Notes
Provider
Contact
Account
Notice/Term
Deposit
AER
Online
Branch Post Telephone
EASY ACCESS ? without a bonus
Fixed Rates
RCI Bank A
rcibank.co.uk
Freedom Savings Account
None
�0
1.30%
3
Paragon Bank
paragonbank.co.uk
Easy Access (Issue 4) savings account
None
�
1.25%
3
Shawbrook Bank
shawbrook.co.uk
Easy Access ? Issue 11
None
�000
1.25%
3
Free valuation. Free legal work for remortgages
Ford Money
fordmoney.co.uk
Flexible Saver
None
�
1.22%
3
Sainsbury?s Bank
sainsburysbank.co.uk
eSaver Special
None
�,000 1.21% G
3
Yorkshire BS
1.32%
Fixed to 30/6/20
4.99
4.5
65%
�5
Free valuation
West Brom
3.39%
Fixed to 31/5/20
4.24
4.2
95%
�
Purchases only. Free valuation
Sainsburys
1.79%
Fixed to 30/6/23
4.24
3.4
60%
�5
Barclays
2.44%
Fixed to 30/4/23
3.99
3.4
90%
�9
Free valuation. Free legal work for remortgages
First Direct
2.49%
Fixed for 10 years
3.94
2.8
60%
�
Free valuation. Free legal work for remortgages
Coventry
3.25%
Fixed to 30/06/28
4.49
3.8
90%
�9
Free valuation. Free legal work for remortgages
3
EASY ACCESS ? with a bonus
Variable rates
ICICI Bank UK
icicibank.co.uk
HiSAVE Bonus Saver ? Series Two
None
�0
1.35% G
3
Tesco Bank
tescobank.com
Internet Saver
None
�
1.30%
3
Bank of Cyprus UK
bankofcyprus.co.uk
Online Easy Access Account
None
�
1.20%
3
AA
theaa.com
Easy Saver ? Issue 7
None
�0
1.15%
3
Post Office Money
postoffice.co.uk
Online Saver Issue 29
None
�
1.05%
3
3
Nationwide
1.19%
Base +0.69% for 2 years
3.99
3.5
60%
�9
No ERC. Free valuation. Free legal work for remortgages. �0 cashback for FTBs
HSBC
1.79%
Base +1.29% for 2 years
3.94
3.7
90%
�9
No ERC. Free valuation. Free legal work for remortgages
NOTICE ACCOUNTS
Leeds
1.80%
3.89% discount for 5 years
5.69
4.2
80%
�9
Free valuation. Free legal work for remortgages
Secure Trust Bank
securetrustbank.com
180 Day Notice Account
180 Day
�000
1.66%
3
3
Coventry
1.64%
Variable for term
1.64
1.7
50%
�9
No ERC. Free valuation. Free legal work for remortgages
Secure Trust Bank
securetrustbank.com
120 Day Notice Account
120 Day
�000
1.56%
3
3
First Direct
Base +2.89% for term
3.24
3.5
90%
�0
No ERC. Free legal work for remortgages
Paragon Bank
paragonbank.co.uk
120 Day Notice (Issue 8)
120 Day
�0
1.55%
3
3.39%
Al Rayan Bank B
alrayanbank.co.uk
90 Day Notice Account
90 Day
�0
1.50%
3
Secure Trust Bank
securetrustbank.com
90 Day Notice Account
90 Day
�000
1.46%
3
Leeds BS
leedsbuildingsociety.co.uk
Regular Saver (Issue 14)
31.03.19
�pm
2.55%
Halifax
halifax.co.uk
Regular Saver
1 Year
� pm 2.50% F
3
Virgin Money
uk.virginmoney.com
Regular E-Saver Issue 10
20.04.2019
�pm
2.25% F
3
Yorkshire BS
ybs.co.uk
Monthly Regular Saver
2 Year
� pm 2.00% F
3
3
3
Principality BS
principality.co.uk
1 Year Regular Saver Bond Issue 18
1 Year
� pm 2.00% F
3
3
3
Buy to Let
Virgin Money
1.79%
Base +1.29% to 1/7/20
4.99
4.7
60%
�5
Hanley Economic
2.89%
2.30% discount for 2 years
5.19
4.8
80%
�
3
3
3
3
REGULAR SAVER
�0 cashback
Post Office
1.91%
Fixed to 30/4/20
4.99
4.5
75%
�5
Free valuation. �0 cashback
Barclays
2.18%
Fixed to 30/4/23
4.99
4.1
60%
�950
Free valuation & legal work for remortgages
Representative example A mortgage of �0,596 payable over 22 years, initially on a fixed rate until 30/04/23 at 1.65% and then on a variable rate of 4.90% for the remaining 17 years
would require 63 payments of �0.92 and 201 payments of �02.66. The total amount payable would be �7,868 made up of the loan amount plus interest (�,277) and fees (�995).
The overall cost for comparison is 3.6% APRC representative.
3
3
3
3
LONG TERM FIXED RATE BONDS
Secure Trust Bank
securetrustbank.com
7 Year Fixed Rate Bond (02.May.2025)
7 Year
�000
2.75% F
3
3
For fee-free advice on your next mortgage, Telegraph Mortgage Advice offers guidance from first steps to application.
To talk to one of our experts today, call 0333 122 9118.
Secure Trust Bank
securetrustbank.com
6 Year Fixed Rate Bond (03.May.2024)
6 Year
�000
2.70% F
3
3
Secure Trust Bank
securetrustbank.com
5 Year Fixed Rate Bond (03.May.2023)
5 Year
�000
2.65% F
3
Source, L&C Mortgages, correct as of 03/04/2018.
Vanquis Bank Savings
vanquissavings.co.uk
5 Year Fixed Rate Bond
5 Year
�000
2.61% F
3
Energy Tariffs
Close Brothers Savings
closesavings.co.uk
5 Year Term Deposit
5 Year
�,000 2.60% F
Rank Supplier
3
3
3
3
3
CASH ISAS ? VARIABLE RATES (ACCEPTS TRANSFERS IN?)
Fixed
or Variable
Tariff
Price
Promise
Cancellation
Fee
Manage
online?
Annual
Average Cost
Average
Annual Savings
Nationwide BS (Yes)
nationwide.co.uk
Single Access ISA
Instant
�
1.30%
3
Paragon Bank (Yes)
paragonbank.co.uk
Easy Access cash ISA (Issue 3)
None
�
1.25%
3
1
Bulb
Vari-Fair
Variable
n/a
n/a
Yes
�8
�7
Shawbrook Bank (Yes)
shawbrook.co.uk
Easy Access Cash ISA ? Issue 2
None
�000
1.25%
3
2
Together Energy
Together Fixed March19
Fixed
Fixed for 12 months
� per fuel
No
�8
�7
Al Rayan Bank (Yes) B
alrayanbank.co.uk
Instant Access Cash ISA
None
�
1.22%
3
Virgin Money (Yes)
uk.virginmoney.com
Easy Access Cash E-ISA Issue 23 (Flexible ISA) None
�
1.16%
3
2.25% F
3
3
Brilliant Energy
Fair Deal 3.3 Fixed 1 Year Paperless Billing
Fixed
Fixed for 12 months
� per fuel
Yes
�0
�5
4
Brilliant Energy
Fair Deal 3.3 Fixed 1 Year Paper Billing
Fixed
Fixed for 12 months
� per fuel
No
�0
�5
5
Zebra Power
Zebra Fixed Rate April 2019 v1
Fixed
Fixed for 12 months
� per fuel
Yes
�4
�2
3
3
3
3
CASH ISAS ? LONG TERM FIXED RATES (ACCEPTS TRANSFERS IN?)
ISA Saver Fixed ? 5 Years
5 Year
�0
3
3
United Trust Bank (Transfers only) via branch
Cash ISA 5 Year Bond
5 Year
�,000 2.25% F
3
3
NOTES
United Bank UK (Yes)
ubluk.com
5 Year Fixed Rate Cash ISA
5 Year
�000
2.21% F
3
3
*Savings calculated against the latest OFGEM Supply Market Indicator for average UK home energy bills. UK average dual fuel bill for next year calculated as �135 a year.
1.) Source: energyhelpline.com, 28/03/2018. 2.)燗ll calculations are for an average usage dual fuel household paying by monthly direct debit.
3.) Average usage as defined by OFGEM is 12,500 kWh pa of gas and 3,100 kWh pa of electricity. 4.) Expected savings include the announced price rises that came into effect in March 2017.
Furness BS (Yes)
furnessbs.co.uk
5 Year Fixed Rate Cash ISA (Issue 138)
5 Year
�000
2.20% F
3
3
3
Principality BS (Yes)
principality.co.uk
5 Year Fixed Rate Cash ISA Issue 189
5 Year
�0
2.08% F
3
3
3
Halifax
halifax.co.uk
Kids? Regular Saver
1 Year
� pm 4.50% F
3
HSBC
0800 032 4729
MySavings
None
�
2.75%
3
Penrith BS
penrithbuildingsociety.co.uk Junior Saver
None
�
2.50%
3
3
Harpenden BS
harpendenbs.co.uk
Children?s Fixed Term Savings Account 18 Club 18th Birthday �
2.21%
3
3
Cambridge BS
0345 601 4021
3 Year Children?s Fixed Rate Bond
3 Year
2.00% F
3
3
Notice or Term
Deposit Min Max
Halifax (Yes)
To compare energy tariffs across the market and find the cheapest deal in your area, contact Telegraph Energy Switching on 0330 037 0285.
Energy
Switching
You can save up to �1*
on your energy bills
To find out how, call 0330 037 0285
or visit telegraph.co.uk/switchenergy
Provided by energyhelpline for
Financial Services
Call centre open Monday to Friday 9am to 8pm, Saturday and Sunday 9am to 5pm. *10% of customers switching their gas and electricity bills with the Telegraph Energy Switching Service
between November 1, 2016 and November 30, 2016 saved �1 or more. Survey of more than 1,000 switches.
halifax.co.uk
CHILDREN?S ACCOUNTS
�000
3
National Savings and Investments
AER
Interest Paid
ACCOUNTS AND BONDS
Direct Saver
None
�
�
0.95%
Yearly
Income Bonds
None
�0
�
1.00%
Monthly
Investment Account
None
�
�
0.70%
Yearly
Investment Guaranteed Growth Bond ? 3-year term, Issue 1
3 Year Bond
�0
�000
2.20% F Yearly
Direct ISA
None
�
n/a
1.00%
Yearly
Junior ISA
None
�
n/a
2.50%
Yearly
TAX FREE PRODUCTS
All savings rates are shown as AER variable unless otherwise stated. Ticks indicate how the account is operated. A = Protected by a non-UK Compensation Scheme. B = This provider operates under Islamic
finance principles, rate shown is expected profit rate. C = Introductory Rate for a limited period. F = Fixed Rate. G = Interest rate is dependent upon the account balance. Regular Saver Accounts show minimum
monthly deposit. All borrowing rates and availability of products are subject to individual credit ratings. All rates and terms subject to change without notice and should be checked before finalising any
arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.
Source: savingschampion.co.uk ? Free unbiased advice on your savings. Rates correct at 3rd April 2018. All products subject to change without notice.
8
***
Saturday 7 April 2018 The Daily Telegraph
The Daily Telegraph Saturday 7 April 2018
9
***
Investing
Fund of the week
?One of our holdings fell
92pc ? but we still own it?
HARGREAVE AND SANTA BARBARA
MARLBOROUGH SPECIAL SITS
Key facts
Launch date
Return since manager start (1998) 2,929pc
vs average peer over 10 years
Return year to date
400
Marlborough
Special Situations
%
Stock pickers tell
James Connington
their strategy for
success and choose
their best and worst
investments so far
M
arlborough Special
Situations has
outperformed all of
its rival funds since
Isas launched in
1999. Stock-picking
veteran Giles Hargreave has run the
�5bn fund since 1998, and was
joined by co-manager Eustace Santa
Barbara in 2014.
During Mr Hargreave?s tenure the
fund, which invests in small UK
companies, has delivered a total
return of more than 2,900pc,
compared with 509pc for the average
peer, and 168pc for the FTSE All
Share index. Telegraph Money spoke
to the managers about what they are
buying and why they still own a
stock that has fallen 92pc.
Top 10 holdings (as of 28/02/2018)
1. NMC Health
like sectors that are volatile and
difficult to understand.
ESB: We don?t like companies with a
?me too? type product, as there are
lots of competitors or potential to be
disrupted: a pizza chain, for instance.
What have you bought lately?
ESB: Accesso, the virtual queuing
firm, RWS, a translation company, and
Focusrite, an audio equipment
manufacturer. We have also added
Games Workshop, which sells fantasy
figurines. It has a simple ambition:
?Make the best fantasy miniatures in
the world, sell them globally at a
profit, and do this forever.? We like it
when management can explain their
plan in a simple way.
GH: Right now, we think industrial
metals is a good place to be, with the
world economy growing. We?ve had
some big successes, such as Central
Asia Metals, a copper producer.
What puts you off a stock?
GH: High debt levels, for one thing,
which are unnecessary. We also don?t
CV: G. Hargreave and E. Santa Barbara
YEARS MANAGING
FUND: 20/4
ANNUALISED
RETURN: 19PC/14PC
Giles Hargreave is
K smaller
smalle
sma
llerr
lle
a top UK
company
ny
r,
investor,
o
who also
es
manages
the UK
Micro Cap
Growth
fund at
How do you invest the fund?
GH: I can?t tell you what is going to
happen to markets any more than
anyone else. There is all sorts of
potential bad news that may or may
not materialise, so I?d much rather
concentrate on the stocks.
We?re keen on backing companies
with successful management. We
have been doing this a long time, so
Marlborough.
Eustace Santa
Barbara joined
the firm in 2013,
and was
previously at
Close Brothers.
Bro
o
Close
Has Brexit hurt smaller firms?
GH: For the moment, Brexit is taking
the back foot, and not causing too
much anxiety. Theresa May seems to
have kept everyone calm, and the
market is worrying about other things.
In smaller companies, you always
have the possibility of bad
man
management or rising interest rates
dera
derailing an investment.
Why do you invest 8pc overseas?
GH: We can invest up to 20pc of the
fund outside the UK, but only do so if
we feel
fe we have some knowledge that
can be
b useful. For instance, the metals
and mining
m
sector is doing well, but
yo won?t find too many mines in
you
t UK, so you have to buy
the
overseas. We wouldn?t do that
100
Average peer
0
-100
2010
2012
2014
Init chge
Mid
Sell
Buy
Weekly
% chg
Init chge
Sell
Buy
Weekly
% chg
Practical Invest Inc
5.00
*226.1
242.1
+0.27
Multi-Mgr Active A Acc?
5.00
*218.7000
+0.51
JPM UK Sm Cos A Inc
3.00
Practical Invest Acc
5.00
*1196
1282
+0.25
Multi-Mgr Distbn A Inc
5.25
*132.2000
+0.08
JPM UK Strat Eq Inc A Acc
Multi-Mgr Divrsfd A Acc
?
*84.3300
+0.06
JPM UK Strat Eq Inc A Inc
Name
Mid
Discretionary Unit Fund
No 1, Poultry, London EC2R 8JR. 020 7415 4130
AXA Investment Managers UK
Limited
Maitland Discretionary Inc
3.00 2346.93 2486.91
-1.47
7 Newgate Street, London, EC1A 7NX
www.axaframlington.com Cust Svs: 0845 777 5511
Name
Init chge
Sell
Mid
Buy
Weekly
% chg
Name
Init chge
Sell
Mid
Buy
Weekly
% chg
2pc
2. Dechra
1.9pc
3=. Sophos Group
1.6pc
3=. XP Power
1.6pc
5=. Hutchison China Meditech
1.5pc
5=. On the Beach
1.5pc
5=. Fever-Tree
1.5pc
5=. Restore
1.5pc
SOURCE: FE ANALYTICS
9=. Sanne Group
1.3pc
2016
9=. Hilton Food
1.3pc
2018
How to buy the
fund cheaply
The fund has an
annual ongoing
charge (OCF) of
0.8pc for the P
share class.
The fund
shop that you
invest via will
also have an
ongoing charge.
Our colour
coded tables at
telegraph.
co.uk/go/
cheapisa will
provide you
with a guide to
the cheapest
options available.
without an expert in the sector with a
history of good recommendations.
IN FOCUS: RESTORE
What have been your best and
worst investments?
?IT HAS BOUGHT UP ITS RIVALS?
GH: Restore, a storage business (see
right), is one of the best. We bought at
26p eight years ago, and the shares are
now at 563p.
Another is Dechra, a veterinary
pharmaceuticals company that we
have owned for almost all the 20 years
I have been running the fund.
For the worst, logistics firm DX
went from 100p when we invested to
8p today. We still own it, though,
because new management could
transform the company.
Do you invest in the fund?
GH: A substantial amount. I invested
in six of Marlborough?s funds at
inception, have added along the way,
and never sold.
ESB: I am an American citizen, so can?t
invest due to tax laws.
What would you have done if you
hadn?t become a fund manager?
ESB: Either engineering or music
composition. I?ve always liked
problem solving.
GH: I would have been playing cards
in one form or another.
Name
Init chge
Mid
Sell
Buy
Weekly
% chg
90.0800
+0.60
Jupiter Japan Inc Fd Inc
?
91.27
+0.98
3.00
*181.8000
+0.83
Jupiter Merlin Bal Prtfo Acc
?
178.92
+0.98
3.00
*108.5000
+0.84
Jupiter Merlin Bal Prtfo Inc
?
124.99
+0.98
Name
This is a prime example of a company
we particularly like, that we would
have the entire fund in if we could. We
mpany.
own about 11pc of the company.
ge business
It?s a document storage
with a very sensible
ent
structure. Management
has been increasing the
firm?s market share by
buying up smaller
ne
companies. It has gone
from a market share of a
han
few per cent to more than
nt.
20pc, which is significant.
ood
In addition to its very good
document storage business, it has
supplementary service units where its
scale is a real advantage.
These include scanning and
shredding services, which are
fragmented areas of the market that
Restore is trying to consolidate.
A lot of the time, the same
Life and Pension Prices
Init chge
Sell
Mid
Buy
Weekly
% chg
Name
Sell
Mid
Buy
Weekly
% chg
Aviva Life & Pensions UK Ltd
formerly National Westminster Life Assurance Ltd
Wellington Row, York, YO90 1WR. 01904 628982
Multi-Mgr Inc&Gwth A Acc
5.00
*172.3000
?
JPM Uncons Bond A Acc
3.00
*72.2200
+0.03
Jupiter Merlin Conserv Prtfo Acc?
*57.31
+0.09
Multi-Mgr Inc&Gwth A Inc
5.25
*150.8000
+0.07
JPM Uncons Bond A Inc
3.00
*57.2200
+0.03
Jupiter Merlin Conserv Prtfo Inc?
*49.56
+0.08
Multi-Mgr Mangd A Acc?
5.00
*271.5000
+0.37
JPM US A Acc
3.00
*1000.0000
+1.64
Jupiter Merlin Grth Prtfo Acc ?
*394.99
+0.81
M & G Securities Ltd
Mixed Inv 20 60% 1 S5 Acc
Multi-Mgr Mangd A Inc?
5.00
*264.5000
+0.38
JPM US A Inc
3.00
*138.4000
+1.62
Jupiter Merlin Grth Prtfo Inc ?
*383.88
+0.81
4.25 219.2400 228.7000
-0.34
JPM US Eq Inc � Hdg A Inc
3.00
*117.3000
+1.47
Jupiter Merlin Inc Prtfo Acc
289.94
+0.32
PO Box 9039, Chelmsford, CM99 2XG
Enq: 0800 390 390. UT Deal: 0800 328 3196
Gwth Managed
Sterling Bond Acc?
?
individual at a company is in charge
of the document storage and services
such as shredding, so there are
opportunities to cross-sell.
Restore is very well supported by
the market. If it wants to make an
acquisit
acquisition, the market is quick to
back it. It?
It?s a combination of very
good manag
management and a very simple
to understand business.
We added to our
holding recently, as
the company made an
acquisition that was
partly funded by
issuing new shares,
which we subscribed to.
The records
managem
management business is solid, and
should make incremental
improvements to margins in the
coming years. The business model
has consistent growth, predictable
earnings, and is hard for other
companies to replicate. Global
competitor Iron Mountain?s shares
trade at a 50pc premium to Restore?s.
GILES HARGREAVE AND EUSTACE SANTA
BARBARA EXPLAIN WHY THEY HOLD RESTORE
EVEN AFTER ITS SHARE PRICE SOARED
Unit trusts & open-ended investment companies prices www.telegraph.co.uk/funds
Name
-3pc
300
200
know lots of the top managers who
move around. Full confidence in a
management team makes a
tremendous difference.
We specialise in a few areas of the
market: we?ve got a technology expert,
a mining expert, and a biotech and
pharmaceutical expert.
These are the areas where
successful investments tend to
generate the greatest returns.
We don?t have more than 2pc in any
one stock, to avoid losing a chunk of
the fund if a company goes bust.
ESB: The average time we hold a
company is just under two years, but
there are some stocks we have held for
10 years or more. There are others that
we?re just coming to understand, and
so might be sold quicker if they don?t
work out.
July 1995
Name
Sell
Mid
Buy
Weekly
% chg
-0.68
SE Asia Equity
392.90
413.50
Deposit & Tres 3 S5 Acc
172.00
181.00
?
Fixed Interest
270.80
285.00
-0.29
Index-Linked
427.80
450.30
-0.35
Distribution
+0.11
88.00
92.50
374.30
-0.03
Pension Funds
Series 1 Life Funds
355.70
381.30
+0.08
Mxd Inv 20 60% 1 S12 Pens Ac 462.30
486.60
-0.09
Flexible Inv 1 S5 Acc
390.10
410.50
+0.13
Gwth Man Ser A
475.50
500.50
+0.06
Global Managed
363.90
383.00
+0.36
Flex Inv 1 S12 Pens Acc
499.50
525.80
+0.18
392.90
362.30
Sterling Bond Inc?
4.25 64.7900 67.5800
-0.35
JPM US Eq Inc A Acc
3.00
*166.6000
+1.46
Jupiter Merlin Inc Prtfo Inc
?
131.12
+0.32
Charibond Inc
?
123.18
413.50
-0.05
Global Man Ser A
520.10
+0.35
Amer Gwth Acc
5.25
*572.8
+1.42
Strategic Bond A Inc
4.00
*122.7000
-0.89
JPM US Eq Inc A Inc
3.00
*134.7000
+1.43
Jupiter Merlin WW Prtfo Acc ?
284.13
+0.89
Charibond Acc
?
3956.18
-0.16
American Equity
514.40
541.40
+1.40
UK Equity Ser A
506.20
532.80
-0.12
Biotech Acc
5.50
*165.0
-0.48
UK Absolute Return A Acc
5.00
155.9000
+0.06
JPM US Select A Acc
3.00
*155.8000
+1.56
Jupiter Merlin WW Prtfo Inc ?
284.12
+0.89
Charifund Inc
?
1535.08
+0.52
Japanese Equity
160.90
169.30
-0.12
Dep & Treas 1 S12 Pens Ac
194.30
204.50
?
Emerg Mkts Acc
5.25
270.2
-0.26
Fidelity International
UK Alpha A Acc?
5.25
145.1000
+0.83
JPM US Select A Inc
3.00
*153.8000
+1.59
Jupiter Monthly Inc Acc
*114.24
+0.23
Charifund Acc
?
23500.41
+0.52
European Equity
705.60
742.60
-0.76
Fixed Interest Ser A
371.00
390.50
-0.38
130 Tonbridge Road, Tonbridge, Kent TN11 9DZ
Call free: Private Clients 0800 414161
Broker Dealings 0800 414181
UK & Irish Small Co A Acc
5.00
632.6000
+0.41
JPM US Sm Cos A Acc
3.00
618.2000
+1.18
Jupiter Monthly Inc Inc
?
*30.40
-0.43
M&G Corp Bond A Inc
3.00
*40.22
SE Asia Equity
405.10
426.30
-0.66
Mxd Inv 20 60% 2 S12 Pens Ac 442.20
465.40
-0.09
Cash
162.40
170.90
?
478.50
+0.04
UK Equity Income A Inc
5.00
*609.8000
-0.80
JPM US Sm Cos A Inc
3.00
161.9000
+1.19
Jupiter N.American Inc Acc
?
143.85
+1.08
M&G Corp Bond A Acc
3.00
*69.42
-0.23
Fixed Interest
280.10
294.80
-0.28
Flex Inv 2 S12 Pens Ac
477.70
502.80
+0.19
UK Index A Acc
?
599.8000
+0.76
Jupiter N.American Inc Inc
?
119.85
+1.08
M&G Dividend A Inc
4.00
58.45
+0.67
Index-Linked
404.10
425.30
-0.35
Glob Man 2 S12 Pens Ac
472.70
497.50
+0.34
+0.67
Distribution
91.30
96.10
+0.11
UK 2 S12 Pens Ac
483.90
509.30
-0.12
Dep & Treas 2 S12 Pens Ac
189.00
198.90
-0.05
Fixed Interest Ser B
364.80
384.00
European Acc
5.25
859.2
+0.08
Financial Acc
5.25
654.3
+0.58
Global Opp Acc
5.25
1391.0
+0.22
Global Opp Inc
5.25
+0.16
1227.0
Unit Trust
UK Tracker A Acc
+0.15
?
269.1000
Global Tech
5.25
105.1
+1.15
Wealthbuilder
Health Acc
5.50
1731.0
+1.29
Investment Funds (OEIC)
Japan Acc
5.25
*598.3
+0.13
Managed Balanced Acc
5.25
377.6
+0.21
Managed Income Inc
5.25
*140.7
Managed Income Acc
5.25
*985.7
Monthly Inc Inc
5.25
*248.6
+0.12
Monthly Inc Acc
5.25
*601.4
+0.10
Enhanced Inc Fd
3.50
103.9
+0.58
UK Growth Acc
5.25
288.8
+0.24
Extra Income Fd
3.50
27.52
-0.36
UK Select Opps R Inc
5.25
*1828.0
-0.38
Moneybuilder Bal
?
48.05
-0.04
60 Victoria Embankment, London, EC4Y 0JP
Clients:0800 204020.Brokerline 0800 727770
UK Select Opps R Acc
5.25
*3353.0
-0.39
Moneybuilder Inc
?
36.44
-0.60
JPM America Eq A Acc
3.00
86.4500
UK Smllr Cos Acc
5.25
295.8
+0.31
Growth & Income Funds
JPM America Eq A Inc
3.00
86.4400
3.50
131.1
US Growth A Acc
?
100.01
-0.02
?
Cash Fd Y Accum.Units
?
100.33
+0.01
?
Income Funds
-0.68
Pan Euro HY Bond Acc
5.25
*104.1
-0.29
+1.83
Jupiter Unit Trust Managers Ltd
The Zig Zag Building, 70 Victoria Street, London,
SW1E 6SQ
020 3817 1000
+0.66
*109.15
M&G Dividend A Acc
4.00
650.81
-0.84
M&G Episode Growth A Inc
4.00
60.05
+0.81
Jupiter Strategic Bond Acc
?
97.80
-0.21
M&G Episode Income A Inc
4.00
*129.45
+0.22
Mixed Inv 20-60% 2 S5 Acc
305.60
321.70
+0.10
Mxd Inv 20 60% 3 S12 Pens Ac 441.80
441.80
-0.09
Jupiter Strategic Bond Inc
?
64.81
-0.20
M&G Episode Income A Acc
4.00
*169.3
+0.48
Growth Man
318.70
335.50
+0.09
Gwth Man Ser C
455.40
455.40
+0.04
Jupiter Strategic Res Acc
?
53.33
?
M&G Global Dividend A Inc
4.00
*196.55
+0.07
Flex Inv 3 S12 Pens Ac
478.90
478.90
+0.19
M&G Global Dividend A Acc
Jupiter Strategic Res Inc
?
51.91
?
4.00
*270.0
+1.22
Glob Man 3 S12 Pens Ac
474.40
474.40
+0.34
Mixed Inv 20 60% 3 S5 Acc
338.70
356.50
-0.06
UK 3 S12 Pens Ac
485.10
485.10
-0.12
-0.28
Jupiter UK Growth
?
317.76
+0.77
M&G Glbl Emrgng Mkts A Inc 4.00
261.34
+0.50
Growth Man
345.10
363.20
+0.09
Deposit & Tres 3 S12 Pens Ac
189.00
189.00
?
Jupiter Asian Fd
?
906.38
+1.70
Jupiter UK Smaller Cos
?
358.71
+0.49
M&G Glbl Emrgng Mkts A Acc 4.00
282.9
+0.49
Flex Inv 3 S5 Acc
372.70
392.30
+0.11
Fixed Interest Ser C
365.20
365.20
-0.35
Jupiter Asian Inc Fd Acc
?
*126.94
+0.28
Jupiter UK Special Sits Inc
?
*181.52
-
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