inspired

inspiredISSUE 1 I MARCH 2014

INTERACTIVE INVESTORrsquoS QUARTERLY INVESTMENT AND LIFESTYLE COMPANION

SMART ISA STRATEGIESTOP FUNDS AND TRUSTS EXCLUSIVE ISLAND RETREATS








We steer carefully

Issued by Aberdeen Asset Managers Limited 10 Queenrsquos Terrace Aberdeen AB10 1YG which is authorised and regulated by the Financial Conduct Authority in the UK Telephone calls may be recorded aberdeen-assetcouk Please quote NAIT IM 01

The North American Income Trust ISA and Share PlanWhen yoursquore in search of equity income you need someone with the knowledge to take you in the right direction

The North American Income Trust draws on Aberdeenrsquos rigorous research process to find opportunities first-hand We meet companies ourselves we interrogate management about future profits and cash flow Then we only invest in their shares when we like what we see

The result - a portfolio that steers you towards the most promising income and growth opportunities we can find

Please remember the value of shares and the income from them can go down as well as up and you may get back less than the amount invested No recommendation is made positive or otherwise regarding the ISA and Share Plan

The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained We recommend you seek financial advice prior to making an investment decision

Request a brochure 0500 00 40 00 northamericanincomecouk

Welcome to InspiredI

T JUST MAY BE THAT WE CAN START to look at prospects for investment markets with greater optimism The UK economy appears to be entering a more buoyant phase with business investment and confidence returning Meanwhile the interests of private investors are being advanced as companies such as Interactive Investor deliver trading and investing

propositions that reduce charges which have eaten into investorsrsquo returns Of course economic challenges remain not least the outcome of

unorthodox measures to bolster the global economy Here in the UK however stock market valuations indicate better times ahead Itrsquos in this environment that we are launching Inspired to help you take advantage of opportunities to profit from stock market buoyancy

Inspired is a new digital magazine that brings together the best thinking and analysis from the Interactive Investor team It complements this ndash in its Connoisseur section ndash with suggestions about how you might enjoy the fruits of your investment success We look at beautiful and inspirational travel destinations and review top-of-the-range luxury goods

Inspired is available to everyone who is part of the Interactive Investor community of investors and traders

In this first edition wersquove focused on maximising investment opportunities before the end of the tax year We consider the funds and investment trusts that might be profitably included in an Isa and examine how Aim stocks might now become part of your Isa portfolio We also explore the behaviour of Interactive Investorrsquos customers by revealing the funds and investment trusts they have been buying Richard Beddard our companies specialist outlines his approach to identifying investment opportunities and explains how you can follow his activities on the Share Sleuth blog

This editionrsquos Connoisseur section takes you to some of the worldrsquos most exclusive holiday islands considers some of the most distinctive timepieces available to discerning buyers and reflects on the impressive qualities of the Argentinian wines now widely available in the UK

I hope you enjoy this first issue of Inspired Issue two will propel itself through the ether to you in June

Jeremy King publisher

PUBLISHERJeremy King

INVESTMENT EDITORAndrew Pitts

DESIGN Christopher Aldridge

PRODUCTION SUB EDITING David Grove

CONTRIBUTORSRichard Beddard Faith Glasgow Julie Fisher Jeff Salway Helen Pridham Fiona Hamilton

SALES Iain Adams

PUBLISHED BY Moneywise Publishing Limited 2014

Interactive Investor plcRegistered number 5034730


You should remember that the value of shares can fall as well as rise The information contained in Inspired is not intended to be a personal recommendation and you should always speak to your financial adviser before investing

Inspired | March 2014 3

CONTENTS

5 | MARKETS IN MOOD TO ENDURE IN 2014Stock markets should muddle through well enough this year with equity values likely to withstand any economic headwinds

10 | FEBRUARYrsquoS TOP TRUSTS AND FUNDSWe reveal the monthrsquos most in-demand investment vehicles on Interactive Investor and in the wider market

12 | SMART STRATEGIES FOR SAVVY ISA INVESTORSOur experts disclose their top tips for getting the maximum out of your Isa investments

16 | AIM FOR THE BESTRisk tolerant Isa investors can now use Alternative Investment Market shareholdings to bag spectacular returns

20 | PERFECT YOUR TRUST AND FUND PORTFOLIO We round up a collection of investment funds and trusts our experts believe are likely to prosper in the year ahead

29 | SHARE SLEUTHThe Share Sleuth portfolio is dedicated to showing investors how to track down good companies at bargain prices

FEATURES CONNOISSEUR40 | AN ODE TO JOYSavour the fruits of your success with our guide to some of the finer things in life

41 | TRAVELWe explore some of the worldrsquos most tantalising tropical islands

50 | CARSBMWrsquos new M4 concept super coupe will soon be turning heads

53 | GEMSColoured diamonds make durable assets that unlike shares give lasting pleasure

54 | WINEMake the most of Argentinarsquos deeply satisfying Malbec wines

58 | WATCHESTop-quality vintage watches have timeless charm and value

41

5

58

insp

ired

50

17 20

4 March 2014 | inspired

tocks bounced back after January jitters ndash to such an extent that Bank of Americarsquos chief technical analyst changed his mind to assert that lsquothe larger uptrend has resumedrsquo But is this true for stocks generally

Certainly a look at the FTSE 100 confirms that the recent bull market trend remains intact despite fear that the emerging markets crisis could fester The ousting of Viktor Yanukovych as president of Ukraine looks unlikely to become a wider east-west conflict despite the Russian militaryrsquos show of force in Crimea

The now familiar theme of markets muddling through looks set to persist Shares appear fairly valued while the fundamentals look to have improved during February The G20 ndash the worldrsquos 19 richest nations and the EU ndash have committed themselves to injecting $2 trillion (pound119 trillion) into the global economy over the next five years to raise global growth by at least 2 per cent by 2018 The group is shunning austerity to focus on private sector infrastructure spending encour-aged by tax breaks

Equity markets may experience mixed fortunes this year but they are likely to prevail against any economic headwinds overall

MARKETS SETTO MUDDLETHROUGH IN

2014S

inspired | March 2014 5

THE MARKETSIN 2014

INTHEUSJOBNUMBERSINCOMESANDALL-ROUNDCONSUMERCONFIDENCEAREIMPROVING

Sales have also improved although overall rev-enue growth remains weak and needs watching because a disparity between growth and profits is liable to puncture optimism just as company shares have soared amid loose monetary policy

Keep in mind the fact that the US economy has yet to break a habit of allowing growth spurts to fade GDP rose at an annualised rate of 32 per cent in the fourth quarter of 2013 and 19 per cent

overall last year while the consensus is for 28 per cent for 2014 and 29 per cent for 2015 Similarly after the mid 2009 recession GDP grew at an average annualised rate of 34 per cent in the second and third quarters of 2010 and

then by 43 per cent in the fourth quarter of 2011 and first quarter of 2012 Yet the improvement was short-lived

Last year rapid inventory accumulation boosted GDP at a level that is unsustainable However pri-vate consumption growth is running at its fastest rate in three years

Overall the economic figures are mixed and it remains to be seen where they will head next as the Fedrsquos stimulus expires

The recovery in the UK appears to be strengthen-ing The economy officially grew by 07 per cent in the fourth quarter of 2013 A growth rate of 18 per cent was estimated for the year as a whole

Significantly business investment rose by 24 per cent in the third quarter of 2013 and

Inevitably there is scepticism that reassuring words will be translated into practical deeds but they add to positive sentiment amid improving economic numbers in the US and the UK

The principal risk is that the US economy will stutter just as the US Federal Reserve commits to a monthly $10 billion wind-ing down of its monetary stimulus and sustains this drawdown rate to show itself to be more consistent with guidance than it was last year

Recent US data has been mixed and analysts are unsure how much the harsh winter in the US should affect their calculations Yet home sales jumped by 96 per cent in January the fastest rise in more than five years This suggests job numbers incomes and all-round consumer con-fidence are improving following years of worry that the US economy and house prices might falter again While pent-up demand probably explains some of the improvement in house sales the rise is especially notable given that higher mort-gage rates since mid 2013 have limited mortgage affordability

US corporate earnings have grown stronger than expected ndash by about 85 per cent in the fourth quar-ter of 2013 Some 72 per cent of SampP 500 firms beat expectations according to FactSet Research

The crisis in Crimea is unlikely to derail or impede the slow but steady progress in global stock markets seen so far this year


THE MARKETS

IN 2014

spread like some predicted it would and Chinarsquos debt problem could take a while to erupt if it ever does Even if it does Chinarsquos communist gov-ernment can deploy strong economic and social controls

It is interesting that in a recent television pro-gramme on risks in China the BBCrsquos business editor Robert Peston initially sounded as if he was marking the country out for trouble However

he softened his stance a little towards the end of the programme

Oil prices have not capit-ulated ndash as was feared at the start of the year ndash and created revenue problems for Russia and Saudi Arabia possibly showing that Saudi Arabia

can still control prices to a large degree Complacency is a danger given the real risks

associated with the Fed winding down its stimu-lus and doubts over whether corporate revenues can genuinely improve However figures in

February have supported the trend towards muddling through big risks seen during

the eurozone debt crisis two years ago the bailouts for Greece and Cyprus and the political posturing over the US debt ceiling While interest rates remain low shareholders can take heart that their

riskreward profiles look supportive overall and traders can keep their fingers

crossed for more volatility

85 per cent in the fourth quarter of 2013 This has been the missing link in a recovery feared to be overly dependent on rising house prices and consumers resorting to raiding savings to fund spending

There remains a lot to achieve on the export front and interest rates are expected to rise from 2015 although the Bank of England is ada-mant that this will be gradual

A potential Labour gen-eral election victory by May 2015 does not seem to trou-ble investors at the moment The net balance at the end of February appears positive for shares because GDP and corporate profits are the factors that influence it most and the situation in continental Europe (beyond youth unemployment) is not prov-ing as dire as many feared

It is frustrating for long-term inves-tors with fresh money because equity valuations appear to broadly price in prospects so they typically need to take a lsquomomentumrsquo view which is less comfortable for them than when value yardsticks are in their favour But unless company earnings stall the downside looks limited for now

The emerging markets crisis has not

Confidence in the economies of key Asian economic powerhouses such as mainland China Singapore and Hong Kong (pictured) remains high


THE MARKETS

IN 2014

THEEMERGINGMARKETSCRISISHASNOTSPREADANDCHINArsquoSDEBTPROBLEMCOULDTAKETIMETOERUPTIFITEVERDOES

SCOTTISH MORTGAGE INVESTMENT TRUST

For a limited period and new eligible ISA customers only Terms amp Conditions and minimum investment amounts apply Please refer to our website or the application pack that we will send you for full details Your call may be recorded for training or monitoring purposes Baillie Gifford Savings Management Limited (BGSM) is the manager of the Baillie Gifford Investment Trust ISA and is wholly owned by Baillie Gifford amp Co which is the manager and secretary of the Scottish Mortgage Investment Trust PLC Your personal data is held and used by BGSM in accordance with data protection legislation We may use your information to send you information about Baillie Gifford products funds or special offers and to contact you for business research purposes We will only disclose your information to other companies within the Baillie Gifford group and to agents appointed by us for these purposes You can withdraw your consent to receiving further marketing communications from us and to being contacted for business research purposes at any time You also have the right to review and amend your data at any time

Wersquore 100 committed to making sure our fund managers never have a restricted outlook That way the long-term view is a clear one So whatrsquos the secret to their liberated attitude

Well our flagship fund the Scottish Mortgage Investment Trust is a global stock-picking fund that is completely free of asset allocation constraints that ignores index weightings and that selects stocks purely on their merit We feel that this freedom allows us to focus on the long term

The Scottish Mortgage Investment Trust is managed by Baillie Gifford

Please remember that changing stock market conditions and currency exchange rates will affect the value of your investment in the fund and any income from it You may not get back the amount invested

You can purchase Scottish Mortgage from Interactive Investor Alternatively you can invest directly with Baillie Gifford through our ISA Open an ISA with Baillie Gifford before 30 April and you can receive a pound10 Amazon gift card

For more information contact Baillie Gifford on 0800 917 2112 or visit wwwscottishmortgageitcomBaillie Gifford ndash long-term investment partners

Freedom to roam

WE LIVE IN A PERIOD OF EXPONENTIAL CHANGE PROVIDING FANTASTIC OPPORTUNITIES FOR STOCK PICKERS LIKE US

cent over one year and 229 per cent over three

Alastair Mundyrsquos Temple Bar Investment Trust focuses on UK equities including GlaxoSmithKline Vodafone and Royal Dutch Shell

It failed to outperform the UK equity income sector over one year despite its popular-ity posting a return of 18 per cent compared with the sectorrsquos 21 per cent However it per-formed better over three years returning 62 per cent against the sectorrsquos 56 per cent

INCOME AND SMALLER COMPANIES STILL IMPORTANTInvestors retained an interest in income and smaller-companies investment trusts in February ndash extending the same purchasing trend in January And they con-tinued to flock to UK-focused trusts as a safe haven

Although two of the 10 most-bought trusts Murray International Trust and Bankers Investment Trust invest in international equities both counted UK equities among their top holdings with the Bankers trust favouring BP GlaxoSmithKline and Vodafone

The other popular

losed-end fund inves-tors stuck closely to income trusts in February but seemed more willing to accept

risk than those purchasing open-ended funds the latest data from Interactive Investor shows

The three most popular trusts were regular investor favourites Baillie Giffordrsquos Scottish Mortgage Investment Trust Investecrsquos Temple Bar Investment Trust and Frostrow Capitalrsquos Biotech Growth Trust

While open-ended fund investors looked mainly to UK equities for income two of these three top invest-ment trusts have a worldwide focus James Anderson and Tom Slaterrsquos Scottish Mortgage Investment Trust which posted a sector-beating 27 per cent return over one year and 56 per cent over three invests in worldwide large-cap equi-ties such as Google and Apple while the Biotech Growth Trust taps the worldwide biotechnol-ogy industry through US equity investments

This trust managed by Geoffrey Hsu and Richard Klemm also beat its sector the biotechnology and healthcare sector with returns of 49 per

income trust Premier Asset Mangementrsquos Acorn Income fund invests in UK mid- and large-cap equities includ-ing Electrocomponents John Menzies and Cineworld Group It returned 46 per cent over the past year and 144 per cent over the past three It was the seventh most-bought trust by Interactive Investor users in February

The UK focus also character-ised investorsrsquo smaller-company trust choices The UK-favoured Henderson Smaller Companies Investment Trust and BlackRock Smaller Companies Investment Trust in sixth and tenth place respectively

Both benefited from the UK housing boom through invest-ments in Bellway and Ashtead Group and both outperformed the UK smaller-companies sec-tor which recorded returns of 37 per cent over one year and 66 per cent over three

INVESTORS RETAINED AN INTEREST IN INCOME AND SMALLER-COMPANIES TRUSTS IN FEBRUARY

CMARKET

YOUR MONTH IN THE

Julie Fisher reveals Februaryrsquos 10 most popular trusts

Bankers trust favours a mix of shares in UK and multinational companies

TRADING


AN APPETITE FOR RISK BOOSTS TRUSTSInvestors showed a greater appetite for risk by invest-ing more heavily in trusts As a result BlackRock World Mining Trust and Templeton Emerging Market Trust took the final two places on the list fourth and fifth

Unfortunately both have posted negative returns in recent years due to the fact that they are positioned in unfavour-able markets

While the BlackRock trust was slightly above the com-modities and natural resources sector over six months one year and three years the Templeton trust only outperformed the global emerging markets equi-ties sector over the past month However investors appear to be buying in in the hope that there will be some improvement in the next few years

Emerging markets fell back out of favour among fund investors in February while pur-

chases of UK and smaller company funds held firm the latest data from Interactive Investor shows

After a brief revival for emerging markets in January when three EM funds were among the 10 most bought Februaryrsquos most-popular funds were generally UK-focused

Paul Marriagersquos Cazenove UK Smaller Companies fund was knocked off the list after five consecutive months at the top as it closed to new purchases on 22 January allowing Januaryrsquos sec-ond-placed fund AXA Framlington Biotech to take top spot The US biotechnology-focused fund managed by Linden Thompson is popular as it delivered a return of 61 per cent over the past year and 164 per cent over the past three

Although the AXA fund has little in common with the other top purchases there are trends to be spotted in the rest of the list most of which continue from January Income was a focus for investors while UK smaller companies remained popular

lsquoThere were strong flows into funds investing in the UK and Europe whereas Asia excluding Japan and emerging markets suffered outflows following relatively weak per-formance in these regions since May 2013rsquo say Charles Cade and Ewan Lovett-Taylor in their report on fund trades in January lsquoPerhaps the most notable sub-sector is UK smaller company funds which have bene-fited from net inflows every month since August 2012rsquo

SMALLER COMPANIESAccording to Numis January saw the highest number of monthly inflows into smaller com-pany funds on record pound241 million The Interactive

Investor data shows these funds remained popular in February

Three smaller-company funds made it into the top 10 Investec UK Smaller Companies fund the River and Mercantile UK Equity Smaller Companies fund and the CF Miton UK Smaller Companies fund took third fourth and fifth place respectively

All three outperformed the UK smaller-companies sector which delivered returns of 32 per cent over one year and 55 per cent over three Gervais Williamsrsquos CF Miton fund pro-vided the best return over a year at 55 per cent while the River and Mercantile fund managed by Daniel Hanbury delivered 112 per cent over three years

Ken Hsiarsquos Investec fund had the least impressive returns at 47 per cent over one year and 79 per cent over three but still outperformed the sector The fund invests in small-cap UK companies including Quindell Optimal Payments and Utilitywise

INCOME EMPHASISThe other priority for inves-tors in February was income and this too was UK focused Of five income funds appear-ing in the 10 most-bought category only the Artemis Global Income fund had a non-UK focus

Jacob de Tusch-Lecrsquos fund which delivered returns of 14 per cent over one year and 47 over three invests chiefly

in European and US equi-ties The other most-bought income funds were Unicorn UK Income Rathbone Income JOHCM UK Equity and the Invesco Perpetual Income

They all beat the UK equity income sectorrsquos returns of 16 per cent over one year and 36 per cent over three All invested in large-cap UK com-panies with GlaxoSmithKline AstraZeneca and Royal Dutch Shell among the top holdings

Despite its focus on income the Invesco Perpetual High Income fund dropped out of the 10 most-bought funds in February and the Invesco Perpetual

Income fund appeared only at the end of the list This suggests that investors may be get-ting nervous over the

imminent departure of star fund manager Neil Woodford in April

One growth fund also made the list the MFM Slater Growth fund which took ninth place Like the income funds it outperformed its sec-tor UK all companies

and focused on UK-listed companies including

Hutchison China (HCM) and Entertainment One (ETO)

THE 10 TOP MOST-BOUGHT FUNDSANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

THEREWERESTRONGFLOWSINTOFUNDINVESTINGINTHE

UKANDEUROPEWHEREASASIAEXCLUDINGJAPANANDEMERGINGMARKETSSUFFEREDOUTFLOWSFOLLOWINGRELATIVELYWEAKPERFORMANCEINTHESEREGIONSSINCEMAY2013Charles Cade and Ewan Lovett-Taylor

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


DONrsquoT DISMISS AIM-BASED INVESTMENTS

Richard Beddard is an editor at Interactive Investor and manager of Money Observerrsquos Share Sleuth portfolio

Now that inves-tors can buy Alternative Investment Market shares

within Isas the universe of potentially profitable invest-ments has grown But therersquos also more room for disappointment

Aimrsquos light-touch regula-tion makes it easier for younger smaller companies to list and while such shares are reputed to be risky that need not frighten

INVEST REGULARLY

Mick Gilligan head of research Killik amp Co

Starting an Isa at the beginning of a new tax year and investing small amounts

regularly out of your income ndash rather than a larger amount in one lump sum at the end of each tax year ndash helps reduce the impact of market volatility and you start earning compound interest sooner When income is reinvested alongside the initial investment it effectively becomes capital so you have a larger sum producing an income which in turn can be reinvested

trsquos very easy to keep on doing the same things with your annual tax-efficient Isa allow-ance However investors can lose out badly if they do

Itrsquos not just the Isa allowances that keep changing the economic environment and the range of investments available do too So itrsquos important that investors con-sider all the Isa opportunities open to them before they make a any big

irrevocable decisionsWersquove asked a number of invest-

ment experts to reveal their top Isa tips We are sure they will give you some useful guidelines and help you refine the choices you make Some suggestions are reminders about long-standing opportunities others draw your attention to new developments in Isa invest-ing and highlight the opportunities they offer

Isa investorswhether using some or all of their annual allowances donrsquot always get the best out of their investments Faith Glasgow asks some financial experts for their most valuable tips

investors from investing in Aim firms Plenty of them have long illustrious track records in worthy businesses and itrsquos easy to find out about them on finan-cial websites More details are available on companiesrsquo own investor relations websites the contents of which are mandated by Aim rule 26 a rule the more heavily regulated main market would do well to emulate

UP YOUR ISA CONTRIBUTIONS

Darius McDermott managing director Chelsea Financial Services

Donrsquot forget to increase your monthly Isa investments each year in line with

inspired | March 2014 1312 March 2014 | inspired

EXPERTSrsquo TOP ISA

TIPS

ISAS SMART STRATEGY FOR

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

INVESTING SMALL AMOUNTS REGULARLY HELPS REDUCE THE IMPACT OF MARKET VOLATILITYMick Gilligan

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

and shares in [non-cash] Isas However this isnrsquot the case Indeed some other asset classes ndash in particular those that pro-duce income ndash offer even more tax benefits than equities when held within an Isa

Bond funds for example get (at least) 20 per cent income tax relief on the yield they pro-duce (dividends from equities in contrast are subjected to a 10 per cent tax at source which is not reclaimable even in an Isa)

The new property author-ised investment fund structure for property funds meanwhile means Isa investors no longer incur the 20 per cent tax that would previously have been applied on income received from a property investment

the increase in the contribution limit if you can afford to Itrsquos all too easy for regular investors with their money invested auto-matically every month to overlook those annual allow-ance increases And consider increasing your investment whenever you receive a salary increase

LOOK BEYOND STOCKS AND SHARES

Darius McDermott Chelsea Financial Services Some potential Isa investors think you can only hold stocks

PLOUGH INTO PROPERTYGavin Haynes managing director Whitechurch Securities

Many people donrsquot realise they can gain expo-sure to bricks and mortar through

commercial property funds held in a stocks and shares Isa

The asset class currently offers an attractive yield rela-tive to cash and bonds without the volatility of the stock market investments

Property funds are not with-out risk but an allocation to a commercial property fund (that invests directly in bricks and mortar not property shares) can add diversification to an Isa portfolio With the economic outlook improving the sector looks well placed for recovery

ACCEPT RISK BUT BE SURE TO DIVERSIFY

Rebecca OrsquoKeeffe head of investment Interactive Investor

The primary ben-efits of an Isa are felt over the long term so itrsquos important to rec-

ognise that taking on risk


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

ITrsquoS ALL TOO EASY TO OVERLOOK THOSE ANNUAL ALLOWANCE INCREASESDariusMcDermott

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

Isa can suddenly become a poorly paying one But never try to transfer an Isa yourself Contact the new provider first and follow its transfer rules

Remember the amount of money you can invest in a cash Isa in each tax year is capped (currently at pound5760) so if you want to switch in the middle of the tax year you will prob-ably be switching the entire amount ndash you cannot switch a portion of an existing Isa into a new one and top it up If your original Isa is due to pay you interest at the end of the year it should pay you the accrued interest up to the date you close the account

Itrsquos possible to transfer your cash Isa into a stocks and shares Isa if you decide this is a better home for you money but you canrsquot switch your money back from a stocks and shares Isa into a cash Isa

You can invest up to pound11520 in a stocks and shares Isa in a single tax year minus anything you may have paid into a cash Isa ndash which is capped at pound5760

over the long term is usually a far more profitable strategy than minimising risk Investors typi-cally take less risk than they should especially if they have suffered a loss in the past

You can mitigate your overall risk by diversifying across differ-ent asset classes and geographic areas Regular investing is also a great risk reduction strategy

Itrsquos also important to rec-ognise the value of dividend reinvestment and understand the benefit this compound-ing effect has on your portfolio And remember to choose a bro-ker that doesnrsquot penalise you for reinvesting

TRANSFER YOUR ISAS TO GET THE BEST DEALS

Mark King editor MoneywiseUnlike a stocks and shares Isa a cash Isa is a sim-ple savings account with a

tax-free Isa lsquowrapperrsquo placed around it so that you donrsquot pay tax on your interest

You can choose to have access to your money or tie it up until a future date just as with typical savings accounts Generally the longer you tie your money up for the better the interest rate you get

While a cash Isa is considered a low-risk investment ndash which sophisticated investors may find returns too little as a result ndash you can transfer a cash Isa should you decide you want to take on more risk or get a bet-ter rate Indeed you may have to transfer a cash Isa regularly Providers offer different rates that can change so a top-paying

From 6 April ndash the beginning of the 201415 tax year ndash however these limits rise to pound11880 and pound5940 respectively

LOOK AT THE LONG- TERM BENEFITS

Philippa Gee managing director Philippa Gee Wealth Management

Some investors look at the return on an Isa or at the limit on how much they can

invest in a single year and fail to see the value

However they would be wise to consider the longer-term view Those who have invested each year for a number of years have been able to build six- figure portfolios that they do not have to pay any further income or capital gains tax on or list on their tax assessment

By securing a significant sum in an Isa wrapper each year as far as yoursquore able you can build up a valuable flexible and tax-efficient investment

inspired | March 2014 PB14 March 2014 | inspired

EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

TAKING ON RISK OVER THE LONG TERM IS USUALLY MORE PROFITABLERebecca OrsquoKeeffe

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square

We believe in straightforward investing Thatrsquos why we donrsquot nibble at your investments with percentage charges Open an account and for pound20 per quarter you get two pound10 trades and an ISA for free After that itrsquos just pound10 per trade across a wide range of UK and international investmentsTransfer to us today and get up to pound240 as a thank you (terms apply) We believe thatrsquos fair and square

The value of investments and any income from them can fall as well as rise so you could get back less than you invest Tax treatment depends on your individual circumstances and may be subject to change If in any doubt please seek advice

iiicoukisa

Interactive Investor Trading Limited trading as ldquoInteractive Investorrdquo is authorised and regulated by the Financial Conduct Authority Registered Office Standon House 21 Mansell Street London E1 8AA Tel 0845 200 3637 Registered in England with Company Registration number 3699618

hen new rules were introduced last August allowing the inclusion of Alternative Investment Market (Aim) shares in Isas demand for exposure to the junior market

quickly exceeded expectations Another surge in demand is likely in April as the new tax year dawns and investors have a fresh annual allow-ance to play with

Yet while stocks on Aim can boast eye-catching returns and attractive tax perks they can also be very volatile raising concerns that investors may be letting the tax tail wag the investment dog with-out understanding what they are getting into

The Treasuryrsquos decision to allow Aim shares into Isas was driven by a desire to encourage greater investment in small and medium-sized companies The move was immediately popular with investors and brokers reported a sharp rise in Aim-listed purchases Demand for smaller companies funds was up too as investors wary of direct share ownership

bought into funds offering exposure to Aim stocksIt helped that Aim stocks were enjoying a good

run as were smaller companies generally with the amount of money raised on the market over the summer rising sharply Performance is just one aspect of their appeal however

Aim shares already offered inheritance tax effi-ciency most of them qualify for business property relief making them exempt from IHT when held for two years or more However itrsquos worth noting that BPR is subject to change and a company can lose its eligibility and therefore its IHT relief status as a result Therefore investors wanting to continue benefiting from IHT relief have to switch out of such companies and into those still eligible

Wider income and capital gains tax benefits also drove some demand for Aim shares after the

Isa rule change in August The move created a bed- and-Isa opportunity whereby existing Aim share inves-tors sold their holdings and bought them back within an Isa

Among those quick

Alternative Investment Market stocks offer Isa investors a chance to realise heady returns ndash but you need to pick your holdings carefully because of the high risk of losses in an illiquid market says Jeff Salway

AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

WE WOULD ONLY INCLUDE AIM STOCKS

IN THE PORTFOLIOS OF ADVENTUROUS CLIENTS David Thomson

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE

Treatt has built up an immaculate record of delivering profits

to take advantage was Lord Lee of Trafford the UKrsquos first Isa millionaire and author of How to Make a Million ndash Slowly My Guiding Principles from a Lifetime of Successful Investing lsquoI have a

big holding of Christie Group that was originally in my per-sonal equity planrsquo he says lsquoWhen the company moved to Aim [from the main market] I took it out of the Pep but when Aim shares became Isa-eligible I sold it and bought it back again within my Isarsquo

April 2014 will mark the removal of stamp duty from Aim purchases a develop-ment expected to encourage asset managers to launch a new wave of Aim-focused funds The axing of stamp duty makes the junior market more appeal-ing to companies on the main market as well with several recently moving across

Alec Stewart partner at Anderson Strathern Asset Management explains lsquoA company can reduce its regulatory burden by moving to the junior market with lower audit and compliance requirementsrsquo For example the main market

stipulates that any potential listing should have a market capitalisation no lower than pound700000 whereas therersquos no such guideline on the Aim mar-ket Nor do companies need a trading history to list on Aim compared with the three years required for the main market Moreover the cost of listing on Aim is considerably lower

But for many private investors the main appeal of Aim stocks lies largely in the prospect of sky-high returns from the success of small and fledgling companies There are some 1200 stocks on the market from a wide range of sectors ndash albeit with a heavy weighting in technology and especially natural resources and with a gulf in size between the biggest and smallest

The largest are eligible for the FTSE AIM 50 and the FTSE AIM 100 where the likes of Bowleven Majestic Wine Dobbies Asos and MampC Saatchi are listed

Stewart picks out three he favours as part of a diversified portfolio One is Dart Group The owner of Jet2com and Jet2Holidays Dart has had a lsquostrong runrsquo and is focused on becoming more fam-ily friendly in these budget-conscious times says Stewart lsquoIt benefits from good visibility of future bookings and strong cash generationrsquo he adds

Aerospace and defence firm Cohort is another with a lsquoprogressive dividend policyrsquo that has grown at an annualised rate of 20 per cent over

DEWHURST (pound520)Dewhurst is a well-established manu-facturer of lift pushbuttons indicators and controls keypads for ATMs security devices and petrol pumps and traffic management products such as bollards

The company has a long record of profitability under the stewardship of the Dewhurst family and a debt-free balance sheet That suggests it is a strong competitor

Profits fell in 2013 ndash a result of a slowdown in Dewhurstrsquos major markets and customers having stocked up in the previous year Management is quite cagey about the companyrsquos prospects for 2014 but an improved performance is likely as conditions in the UK and the US improve The shares are probably good value at 11 times adjusted 2013 earnings

MS INTERNATIONAL (pound204)MS International manufactures military hardware forks for forklift trucks and petrol station canopies and car washes

The company has been profitable in each of the past 10 years and has a balance sheet flush with cash yet the share price has fallen to a level that val-ues MSI at five times adjusted 2013

earnings MSIrsquos current unpopularity stems from a decline in the profitability of MSI Defence Systems which has the highest turnover of its three businesses

The company expects 2014 to be no easier than 2013 due to continu-ing pressure on defence spending but itrsquos confident it will add to defence work already contracted and scheduled for every year until 2020

Itrsquos quite possible that MSI is having a lull that does not reflect on the qual-ity of its products or businesses If thatrsquos the case itrsquos a bargain

TREATT (pound747)Treatt distills flavourings and frag-rances essential oils and water-soluble essences Its products are used in drinks confectionery sauces and cosmetics worldwide

The companyrsquos expertise and close customer relationships might give it a competitive advantage and it has never suffered a loss However it has ushered out managing director Hugo Bovill and his family has sold its interest

Management with large share-holdings gives companies some independence from the often short-term imperatives of fund managers

However the new team is focused on controlling costs and developing the most profitable products

Profit grew 28 per cent in 2013 and Treattrsquos long-term prospects are prob-ably good but the share price has spiked valuing the shares at 15 times adjusted 2013 earnings

FW THORPE (pound143)FW Thorpe designs and manufactures light fittings known as luminaires They are becoming increasingly complex with the introduction of LED technology that requires printed circuit boards Its main business is Thorlux which supplies lighting to schools hospitals ware-houses and factories Other subsidiaries supply retailers emergency exit signage and cleanroom lighting

Stable family ownership long indus-try experience and a commitment to modernisation and investment are the keys to Thorpersquos prosperity

Although it has to contend with the additional investment required to produce LED lighting Thorpe is manag-ing the transition well The shares cost pound137 which values the company at about 15 times adjusted 2013 earnings Thatrsquos a fair price for a quality company

Richard Beddard picks out four Aim-listed companies worth considering for inclusion in a diversified Isa share portfolio

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I TRANSFERRED INTO MY ISA A BIG

HOLDING OF CHRISTIE GROUP THAT USEDTO BE IN MY PEPLord Lee of Trafford

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES


the past three years he adds Among food pro-ducers he likes Wynnstay It has lsquobenefited from strong revenue and pre-tax profitsrsquo increasing its interim dividend by 9 per cent

But therersquos ample cause for caution too because Aim shares are typically far riskier than those listed on the main market Not only is there the vol-atility inherent in shares issued by smaller firms but there remains the potential for liquidity issues even after the surge of money into the market in recent months Haig Bathgate chief investment officer at Turcan Connell says lsquoThey are by impli-cation of their size much less liquid in terms of the shares that trade hands on a daily basis so they are prone to more extreme price movementsrsquo

UK investors may also be averse to Aim stocks that are effectively overseas companies Indeed many Aim fund portfolios specifically exclude both these and natural resources firms as well as stocks that donrsquot offer business property relief

lsquoSignificant numbers of companies have failed to deliver on expectations in this part of the mar-ket and it is also quite heavily weighted towards technology (12 per cent) resources (9 per cent) and oil and gas companies (22 per cent)rsquo says Bathgate There are transparency concerns too due to the less stringent regulatory and company reporting requirements on the Aim market

lsquoWe would only include Aim stocks within the

portfolios of adventurous clients and then only up to a maximum of 10 per centrsquo says David Thomson chief investment officer at VWM Wealth lsquoEven then the bulk of this is likely to be via a venture capital trust where the investor can also enjoy 30 per cent income tax relief providing a further cushion against the volatility of Aim sharesrsquo

Collective investment funds and trusts offer a way into Aim stocks that provides useful diversification and so reduces the risk of heavy losses Investment trusts can offer particular advantages where Aim-listed shares are concerned as their closed-ended status gives them a hedge against the market liquidity issues that can affect Aim stocks Among the growing number of UK smaller companies investment trusts in which Aim shares are prominent are those run by BlackRock Standard Life and Aberforth Unit trusts invest-ing in Aim companies include the LampG UK Alpha Trust and Cazenove UK Smaller Companies

However there is a downside to access-ing Aim through funds and trusts as investors no longer benefit from the IHT-free status that direct holders of Aim stocks enjoy The risk of hefty losses remains the biggest caveat to investing in Aim

ANT ORANGE

GEM BLUE

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AIMSHARESAREMUCHLESS

LIQUIDINTERMSOFTHESHARESTHATTRADEHANDSDAILYHaig Bathgate

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


Clockwise from top Cohort Wynnstay and Jet2com are Stewartrsquos picks for a diversified portfolio

rewarding such as smaller companies private equity and emerging markets

Trusts can also increase their assets by borrow-ing So long as this gearing is sensibly priced it should accelerate the trustrsquos gains in positive mar-ket conditions However gearing will exacerbate losses in any downturn The possible closing of the discount will also enhance share price returns

SOLID GROWTHBaillie Gifford Global DiscoveryThis fund picked by independent financial adviser Brian Dennehy invests globally in growth stocks especially companies operating in industries with potential for structural change and innova-tion Dennehy says manager Douglas Brodie has had considerable experience and success in iden-tifying growth opportunities particularly among exciting smaller-cap stocks

CF Lindsell Train UK EquityJohn Husselbee head of multi-asset at Liontrust Asset Management prefers investors to traders Renowned investor Warren Buffett takes a similar view and Husselbee says fund manager Nick Train invests like Buffett Train looks to buy great com-panies such as Burberry Heineken and Unilever when they are good value and hold them lsquoforeverrsquo

Cazenove UK Opportunities This fund aims to achieve long-term capital growth from a focused portfolio of large and medium-sized UK companies Gavin Haynes managing

huge variety of investment funds rang-ing from generalist funds to highly specialised versions aim to generate capital growth for investors

Investing in a specific fund entails investors accepting different degrees of risk in return for a range of potential rewards So when we asked financial advisers to predict which funds offer the best prospects for growth in 2014 we also urged them to consider which types of investor the funds would suit best

Solid growth funds will appeal to investors who prefer steady investment while higher-risk growth funds are likely to be more volatile and appeal to those with a higher risk tolerance Speculative funds could produce handsome returns this year but they could also dip sharply in value

Closed-ended status means investment trusts can invest in less liquid asset classes without having to worry about realising their holdings in a market setback This enables them to invest in areas that have historically proved particularly

A

Helen Pridham and Fiona Hamilton have rounded up a collection of investment funds and trusts experts believe will prosper in the year ahead for investors looking to cash in on an improving economic outlook

PERFECT YOUR FUND PORTFOLIOTO SEE IT

GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO

R Take a global view of investment trusts expertly managed by Henderson

For over 75 years Henderson Global Investors has been at the forefront of investment trust innovation and development Now with a diverse and established range of managed investment trusts and investment companies Henderson has a global view of the market

Whether you are retirement planning investing for your children looking to take advantage of dynamic global markets or want a cautious investment approach our managed companies offer a wide range of investment objectives and strategies professionally managed by regional experts

If your priority is high income long term capital growth or a mixture of both Henderson Global Investors has a range of solutions which aims to meet your investment needs

Please remember that past performance is not a guide to future performance The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested

Call to receive your Investment Trust brochure or visit wwwhendersoninvestmenttrustscom

0800 856 5656

Investment Trusts managed by Henderson

Issued in the UK by Henderson Global Investors Henderson Global Investors is the name under which Henderson Global Investors Limited (reg no 906355) Henderson Fund Management Limited (reg no 2607112) Henderson Investment Funds Limited (reg no 2678531) Henderson Investment Management Limited (reg no 1795354) Henderson Alternative Investment Advisor Limited (reg no 962757) Henderson Equity Partners Limited (reg no2606646) Gartmore Investment Limited (reg no 1508030) (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services Telephone calls may be recorded and monitored H0046521113ad

Itrsquos a global marketplace

HGiTrusts

director at Whitechurch Securities says fund manager Julie Dean has built up an excellent track record

Securities Trust of ScotlandRobin McAdam likes Securities Trust of Scotland which seeks rising income and long-term capi-tal growth from global equities The trust yields 33 per cent so it provides income and growth potential lsquoThe trust has outperformed its bench-mark recently and we expect this to continuersquo says McAdam

Finsbury Growth amp Income TrustPeter Hewitt nominates Finsbury Growth amp Income Trust on the basis of its strong short- and long-term performance Manager Nick Train seeks out the highest-quality companies to hold long term The portfolio is dominated by companies Train expects to have longevity such as Diageo Unilever and Heineken lsquoThe manager looks for strong cash gen-eration and dividend growth which he believes are undervalued by the stock marketrsquo Hewitt says

RIT Capital PartnersThis multi-asset trust selected by John Newlands is the flagship financial vehicle for its chairman Lord Jacob Rothschild and his family lsquoGiven the uncertainty in the world it is no bad thing to be diversified both globally and across a range of asset classes RIT is a global growth trust that offers a combination of these benefitsrsquo Newlands says

His enthusiasm is bolstered by RITrsquos current relatively wide discount which reflects disap-pointment among investors that it was rather too cautious over the past two or three years

Perpetual Income amp Growth Trust This trust is classified as a member of the AIC UK growth and income sector but its yield tends to be below the sector average because manager Mark Barnett is more interested in income growth than immediate income Tim Cockerill classifies it as a total return trust and makes it his solid growth choice Barnett has secured excellent long-term returns dur-ing his 15 years at the helm

HIGHER-RISK GROWTHLazard Emerging MarketsMick Gilligan believes the investment case for emerging market equi-ties remains strong He says lsquoEquity markets in emerging regions are trading at their widest price-to-earnings discount to developed markets since 2006 We believe many well-capitalised businesses that have shown strong financial discipline should gener-ate good profitsrsquo The Lazard Emerging Markets fund focuses on such businesses

Rathbone Global OpportunitiesThis go-almost-anywhere bottom-up thorough stockpicking fund looks for undiscovered gems Rob Burdett fund manager at Thames River believes manager James Thomson strikes the

KEY FACTS ABOUT GROWTH FUND TIPS

Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank

SOLID GROWTHBaillie Gifford Global Discovery 1000 086 5920 2248CF Lindsell Train UK Equity ndash 080 2910 53271Cazenove UK Opportunities 1000 082 3210 40271 HIGHER-RISK GROWTHInvestec Global Energy 1000 087 1420 40206Lazard Emerging Markets 2000 161 320 1668Rathbone Global Opportunities 1000 082 2150 111248 SPECULATIVE GROWTHAllianz BRIC Stars 500 122 -120 134206Liontrust Special Situations 1000 114 1450 251271MampG Recovery 500 096 1330 264271Note Ongoing charges figure refers to the least expensive retail share class Source Financial Express and companies websites as at 3 December 2013

KEY FACTS ABOUT THE TRUSTS TIPPED FOR GROWTH

Shareprice

p

Discprem to NAV

Netyield

Gearing

Net asset valuetotal return after

1 year

3 years

5 years

SOLID GROWTHFinsbury Growth amp Income 5010 (+) 12 21 50 305 767 2038Perpetual Income amp Growth 3686 10 32 120 346 714 1407RIT Capital Partners 12480 105 11 50 210 225 591Securities Trust of Scotland 1469 (+) 31 32 40 192 460 1132 HIGHER-RISK GROWTHBiotech Growth Trust 4335 72 00 70 582 1723 2968Fidelity Chinese Special Sits 1062 65 09 210 433 02 ndashGraphite Enterprise Trust 5690 170 09 -90 167 442 405Schroder Asia Pacific 2730 92 14 -20 08 201 1779 SPECULATIVE GROWTHBaker Steel Resources 470 331 00 10 -57 -137 740Hansa Trust A 8600 243 23 10 142 69 947Impax Environmental Markets 1463 112 06 -20 350 285 921Standard Life Eq Inc subscription 1070 ndash 00 3700 ndash ndash ndashNotes NAV = net asset value Annualised All data as at 1 December Source Numis Securities

ANT ORANGE

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ISA BLUE

MARK BARNETT HAS SECURED

EXCELLENT RETURNSTim Cockerill

ANT ORANGE

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inspired | March 2014 23PB March 2014 | inspired

FUNDSANDTRUSTS

right balance between taking calculated risks for high returns and investing in defensive holdings Burdett says lsquoHe likes companies undertaking gentle innovation ndash moving online for example ndash rather than game changers which have more potential to go wrongrsquo Investec Global EnergyThis fund invests in companies that produce energy and provide services to the energy sector Fund managers Tom Nelson and Charles Whall believe the consensus view on future oil prices anticipates weak demand and growing supply from US shale oil But they demur as does Tony Yarrow at Wise Investment He says lsquoOil is harder to extract from shale than gas is while demand for oil is growing as economies recover A higher oil price feeds straight through to the companiesrsquo profitsrsquo

Biotech Growth TrustPeter Hewitt favours Biotech Growth Trust which has achieved scorching gains recently ndash up 172 per cent over three years to 1 December 2013

It is managed in New York by Orbimed a specialist healthcare and biotechnology investor with $7 bil-lion (pound42 billion) under management It offers exposure to a mix of large and profitable biotech companies along-side emerging businesses Most of its holdings are US-based and they have

benefited from a much more positive approach by the Federal Drug Authority ndash new drug approvals in 2010 were the highest for 10 years

Graphite Enterprise TrustAndrew McHattie contends that just one sector offers great value private equity lsquoThese trusts were hammered in the credit crisis and discounts widened to extreme levelsrsquo he says

His selection is Graphite Enterprise Trust Its discount to net asset value remains at a level that rings alarm bells in most other sectors but it has a strong track record and a relatively mature port-folio of shares he expects to rise in value

Fidelity Chinese Special SituationslsquoWith Chinese equities looking cheap the long-term outlook for investing in China is positiversquo Cockerill says lsquoThis fund invests in medium and small caps where high growth can be achieved New manager Dale Nicholls is well qualified and the combination of Fidelity manager experience and China is compelling in the long termrsquo

Scottish Oriental Smaller Companies Trust This trust is favoured by McAdam The invest-ment team identifies quality companies offering sustainable predictable growth lsquoThe trust may underperform if the market rises strongly but the teamrsquos enviable track record and experience should be respectedrsquo he says

Tim Cockerill is investment director at Rowan Dartington

RowanDartingtonhas20investmentadvisersbasedinsevenofficesacrossthesouthofEnglandIthaspound900millionunderman-

agementInvestmenttrustshavefeaturedinitsdiscretionaryandadvisoryportfoliosformanyyears

Peter Hewittis a member of FampC Asset Managementrsquos global equities team

HehasmanagedtheFampCManagedPortfolioTrustsinceApril2008aswellasitsforerunnerFampCManagedPortfolio

Servicesince2002HewasheadofUKequitiesatMurray

Johnstonefrom1981to1983beforejoiningIvoryampSime

Jean Mattersonis a partner and chief investment officer at Rossie House Investment Management

Shejoinedthefirmin1998after20yearswithassetmanagerStewartIvory

BasedinEdinburghsheisoneoffiveinvestment

professionalsmanagingaroundpound300mil-lionallonadiscretionarybasisAroundhalfisininvestmenttrusts

Robin McAdamjoined Brooks MacDonald Asset Management in 2009 from Adam amp Company Investment Management

Hehas24yearsrsquoexperi-encemanagingprivateclientportfoliosandheadsBMrsquosEdinburghbranch

Thefirmhaspound537billionunderdiscretionarymanagementinbespokeandmanagedportfolios

Andrew McHattieis head of The McHattie Group

McHattieGroupisanauthorisedfirmthatpublishesspecialistinvestmentnewsletters

McHattiehasbeentheeditorofInvestmentTrustNewslettersince1996(wwwtipsheetscouk)andoffersafreeservicecalledthelsquoitlistrsquo(wwwtheitlistcouk)ThecompanyhasaFacebookpage(wwwfacebookcominvestmenttrusts)

John Newlandsis responsible for investment trust research at Brewin Dolphin

Heissupportedbyfouranalystswhocoverspecificsectorsresearchingopen-andclosed-endedfunds

BrewinDolphinhas35officesaroundtheUKandChannelIslandsandmanagespound28billionofwhichpound39billionisininvestmenttrusts

TrusttipstersOursixexpertsrevealtheirtopfundpicks


FUNDSAND

TRUSTS

One in twelve goes free on your next golf break plus every golfer receives a free pint

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Offer is only valid on residential golf bookings booked during the promotional dates For every 11 players booked the 12th player will be free of charge Rates are per person per night based on 2 people sharing a twindouble room and include dinner bed amp breakfast Bookings must be made by one named player and separate bookings will not qualify Each residential player aged 18 and over will receive a voucher entitling them to a complimentary pint

of Beckrsquos or Boddingtons Offer is valid on bookings made via 3rd parties Offer is available on 1 night 2 rounds or 2 night 3 rounds and excludes Sunday Driver Maximum of 2 night stay and 2 people per room Day of week availability may vary based on location Limited number of rooms may be available This offer applies to new bookings only at Marriott Hotel amp Country Clubs and offer courses and tee times are subject to availability Offer cannot

be used in conjunction with any other promotion Course terms and conditions apply Advance reservations required Book between 17th February and 29th June 2014 for stays between 4th April and 29th September 2014

The SIPP thatrsquos

fair and square

We believe in straightforward investing Thatrsquos why we donrsquot nibble at your SIPP with percentage fees For just pound144 per year you can open a SIPP and add an ISA for free After that itrsquos just pound10 to buy or sell a wide range of investments including shares funds bonds and gilts Open an account today and if you transfer your existing SIPP wersquoll give you up to pound240 as a thank you (terms apply) We believe thatrsquos fair and square


iiicouksipp


SPECULATIVE GROWTHMampG RecoveryDennehy says manager Tom Dobell backs his convictions engages with companies he invests in and has delivered long-term outperformance lsquoDobellrsquos MampG Recovery fund has a clear value-style process and management stability It invests in a wide range of firms that are out of favour or in difficulty or whose prospects are not fully rec-ognised by the marketrsquo he says

Liontrust Special SituationsHusselbee says Liontrustrsquos Anthony Cross and Julian Fosh have their own unique philosophy He adds lsquoThey look for characteristics in a company that its competitors find difficult to replicate such as intellectual property or distribution channelsrsquo

Allianz Bric StarsThis fund aims for capital growth in the long term by investing mainly in Brazil Russia India and China Haynes says investors have shunned these markets recently and valuations fallen He adds lsquoFor investors looking for a recovery story this fund is worth considerationrsquo

Standard Life Equity Income subscription shareMcHattie says warrant and subscription shares are widely ignored creating opportunities for those who understand them He favours the subscrip-tion shares of Standard Life Equity Income which can be exercised at 320p a share up to the end of December 2016 lsquoThey offer gearing of 37 times and if the ordinary shares grow by more than 28 per cent a year between now and the end of 2016 the subscription shares ought to outperformrsquo

Impax Environmental MarketsMcAdam likes this trust It invests in companies seeking to provide cleaner or more-efficient energy as well as water and waste solutions to the growing problems faced by authorities around the world It offers exposure to a rapidly changing marketplace as well as to socially responsible investments

Hansa TrustJohn Newlands sees potential in the A shares of Hansa Trust which languish at a discount of more than 25 per cent He says that whereas the trustrsquos portfolio appears skewed with a third of its assets in Ocean Wilsons there is actually plenty of diversification because Ocean Wilsons has an investment portfolio that stands at a discount to underlying value lsquoOne day an attractive bid [may] be made for Ocean Wilsons that will enhance Hansarsquos NAV and sim-plify its capital structure all to the good of its market ratingrsquo Newlands says

Baker Steel Resources TrustJean Matterson hopes for good returns from this trust shares in which trade on a near 30 per cent discount lsquoIt has not had an easy run of late but we believe the underlying assets are attractive and that the mining projects in the companyrsquos portfo-lio will continue to progressrsquo she says

Prospects have improved for biotechs (left) while growing interest in sustain-able energy has boosted Impax

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AHIGHEROILPRICEFEEDSSTRAIGHT

THROUGHTOPROFITSTony Yarrow

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS

The world of funds and trusts is a confusing place with over 2300 funds and more than 300 investment trusts to choose from

Money Observerrsquos Rated Funds system narrows down the playing field to help you decide which funds and investment trusts might be best for you

Our team of experts constantly monitor the marketplace rating those funds that have delivered consistently good returns However you should be aware that there is no guarantee this performance will be repeated

With our comparison tool you can filter by whatrsquos important to you compare up to four funds and trusts side-by-side as well as view factsheets

COMPAREMONEY OBSERVER RATED FUNDS

VISIT MONEYOBSERVERCOMCOMPAREFUNDS AND LOOK OUT FOR THE RATED FUND STAMP

had spare cash or I were start-ing afresh The companies in the add category are high qual-ity judging by the strategies they follow and their finan-cial strength and are probably undervalued

Irsquom more likely to eject or reduce holdings in companies in the watch and specula-tive categories These shares are more risky either because they have risen greatly in price or because their prospects are more uncertain than usual I may think the risk is worth tak-ing but I am prepared to act should that calculation change

Every decision to increase a portfolio holding must be weighed against the potential of new candidates drawn from all companies listed in the UK and corralled into another live spreadsheet the Share Sleuth watchlist When I add a share to the watchlist or trade a share in the portfolio I explain this in the Share Sleuth blog

ccumulating income and capital gains in an index tracking fund is inexpensive takes little effort and all but guarantees an

average return so it should be the default investment for a lazy equity investor saving for the long term

To justify the work of decid-ing which shares to buy and sell and the effort and cost of placing trades an active investor must do better Consequently the first objective of the active Share Sleuth portfolio is to beat passive investments after costs over the long-term which in practice means any five-year period The second objective is to win this tussle against an unknowing and unthinking opponent transparently

At the heart of the portfolio is an online spreadsheet The first page shows the constitu-ent shares arranged into three categories lsquoaddrsquo lsquowatchrsquo and lsquospeculativersquo The categorisa-tion is updated daily based on live data in subsequent spread-sheets each of which contains a financial model for a particular company

The Share Sleuth portfo-lio shows the holdings I would add to the portfolio today if it

Share Sleuth is a simulation no money changes hands But I use prices quoted by a bro-ker and adjust the accounting to factor in notional broker fees and stamp duty However I lsquoeat my own cookingrsquo by investing my self-invested personal pen-sion in Share Sleuth companies

No doubt you are wonder-ing how the portfolio is doing Share Sleuthrsquos five-year anni-versary judgement day is on 9 September this year and I will not prejudge it now

Short-term performance watching and the knee-jerk trad-ing it encourages is I think one reason why many inves-tors fail My focus is on ensuring the portfolio remains invested in good companies at reasona-ble prices

You can see a live perfor-mance table and learn what I think of every share in the port-folio and which companies I might add to it at wwwiiicoukZkr

SHAREBE SURE TO SPOT

THE SUPERIORBE SURE TO SPOT




THE SUPERIOR

The Share Sleuth portfolio has been carefully devised to show investors how to find good companies at cheap prices and also prove the value of its investment approach says Richard Beddard

Richard Beddard an editor at Interactive Investor since 1999 has managed the Share Sleuth portfolio since 9 September 2009 Hersquos a columnist at Money Observer magazine and a private investor

AMY FOCUS IS ON ENSURING THAT THE PORTFOLIO IS INVESTED IN GOOD FIRMS AT DECENT PRICES


SHARESLEUTH

iiicoukstraightforward


We believe in being straightforwardthis is why we donrsquot nibble at your investment by charging percentage fees Find out how this could affect your investment performance at iiicoukstraightforward

If you transfer to us you can even get up to pound240 as a thank you (terms apply)

Donrsquot forget the value of investments and any income from them can fall as well as rise so you could get back less than you invest If in any doubt please seek advice

7784_II_QI_MONEY_OBSERVER_210x297_AWindd 1 16012014 1224

Take a closer look

at your investment

options

Discover a straightforward way to understand everything from ISAs to SIPPs and OEICs to Investment Trusts

Investing for generationsEver feel yoursquod like to know more about investing Wersquove been helping people build their wealth for over 125 years Our guide lsquoMaking sense of the investment universersquo is just one of the resources yoursquoll find on our Investment Focus hub

As well as clear simple guides therersquos a wealth of information and expert opinion all designed to help you take control of your investments Please remember that investments can go down as well as up and investors may get back less than they originally invested

Introducing your free online source of information help and expert opinion

investment-focuscouk

This has been approved as a financial promotion by Alliance Trust Investments Limited for the purpose of Section 21 of the Financial Services and Markets Act 2000 Alliance Trust Investments Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No SC330862 registered office 8 West Marketgait Dundee DD1 1QN is authorised and regulated by the Financial Conduct Authority firm reference number 479764 Alliance Trust Investments gives no financial or investment advice

TAX YEAR ENDS APRIL 5TH ndash learn more about

your options now

Investment Focus Smart Insight from Alliance Trust

Yoursquove spoken Wersquove listened Introducing your free online source of information help and expert opinion

Based on real insight we have launched a new website which focuses on investment education

We believe that we are uniquely positioned to provide this hub of information based on the reputation we have built for trust and transparency over the last 125 years

We will be publishing new content over the next few months focusing on specific themes

bull Investing from scratch

bull Products in a portfolio

bull Global diversification

bull Planning for your familyrsquos future

bull Retirement planning

bull Getting more information

There is a generation of future investors out there who have been brought up in an era of economic turmoil and banking crises which has led to disillusionment and a lack of trust in our sector and the services we offer Despite it being more important than ever for investors to take control of their financial situation this new generation of savers lacks the basic knowledge and understanding to make these very important long-term decisions

Our goal is to develop a useful resource with contributions from third-parties as well as the team at Alliance Trust which offers insights into the various life stages and challenges faced and which can be built upon and adapted to meet savers needs in the long term

Katherine Garrett-Cox CBE Chief Executive Alliance Trust PLC

ldquo

rdquo

There are too many products to make an informed decision

I donrsquot know whereto go for reliable

information


Yoursquoll naturally take a keen interest in the performance of your investments But itrsquos just as important to understand the fees you will be paying as they can have a significant impact on the returns you achieve Knowing what the different types of costs mean and exactly what they consist of can prove rewarding

Itrsquos worth remembering that for every fee you pay (whether it is a or flat fee) your investment needs to grow by at least the same amount just to stay ahead of the game It sounds obvious but itrsquos easy to forget Broadly speaking there are three types of fees fund fees platform fees and fees for a financial adviser You can either invest directly into a fund and pay the associated fees or you can invest via a platform provider (some of which are referred to as wrap platforms others as fund supermarkets) This is a service that lets you manage and review all your investments online in one place As a general rule fund fees are lower when

bought through a platform than if you buy direct You can invest through a platform on either an execution only basis where the investor assesses the risks and makes their own investment decisions or on an advised basis

Learn more about fund platform and financial advice fees

What can you expect to seeOver the next two pages we have provided a sneak preview of just some of the information you will find on the Investment Focus hub We will be updating the site regularly so make sure you sign up for our email alerts to be informed when new topics are published

Everything you need to know about fees

Risk informationInvestments can go down as well as up You may get back less than you originally invested

Alliance Trust does not give advice You need to ensure you understand the risks and commitments before investing If you are unsure you should consult a Financial Adviser before investing

wwwinvestment-focuscouk

For the vast majority of investors the simplest cheapest and most pragmatic way to invest is through pooled funds

Sometimes called managed funds unit trusts or even Open-Ended Investment Companies (or OEICs) these are designed to give ordinary savers access to a diverse range of investments

One of the principles of investment is that diversification helps reduce risk But it is expensive and time consuming for ordinary savers to buy shares of 80 to 100 different companies and keep track of how each is performing

But with a managed fund you are pooling your money with other investors enabling the fund manager to buy a wide range of assets

Investors have the option of buying an actively managed or passive fund With an active fund the manager selects and then monitors these stocks for investors in a bid to maximise returns

In contrast a passive fund will simply follow a stock market index such as the FTSE100 up and down

Having a manager at the helm can be beneficial in a market downturn as they can take a more defensive approach buying shares that are better able to hold their value or in some cases switching to bonds or cash instead to help preserve investorsrsquo capital Managers can also research individual companies and markets and have access to forecasts and economic data that isnrsquot always available to individuals

Learn more about investing for growth or income exploring different investment remits how to invest and keeping track of your investments

Understanding funds Written by Emma Simon Personal Finance Journalist


What are Investment TrustsInvestment Trusts are investment vehicles that are listed on the London Stock Exchange and which invest in shares and other securities They pool together investorsrsquo money and delegate responsibility to a professional fund manager to invest in a range of companies from different sectors and regions across the world They were designed for ldquothe investor of moderate meansrdquo

A brief historybull The first Investment Trust was launched by Foreign amp

Colonial in 1868

bull Investment Trusts made it possible for individual investors to gain diversified exposure to global stock markets

bull Many Investment Trusts were formed in Scotland including Alliance Trust PLC which was formed over 125 years ago

A guide to Investment Trusts

Learn more about Investment Trusts their main features and why you should consider them for your portfolio


Alliance Trust is an investment and savings business with over 125 year history of building investor wealth We offer our shareholders clients and customers a unique portfolio of products and services These range from a renowned global investment trust to an innovative range of investment strategies and funds and a multi-award winning investment platform where investors can host their ISAs SIPPs or investment accounts Our mission is to provide products and services that help to ensure a more sustainable financial future for generations of investors

Alliance Trust PLC is one of the largest generalist investment trusts by market value listed on the London Stock Exchange and is the parent company to two wholly-owned subsidiaries Alliance Trust Savings and Alliance Trust Investments

The fact that many of us make irrational decisions when it comes to our finances is widely debated and is often referred to as behavioural finance In this short video we talk to Professor Phyl Johnson Consultant Psychologist and Visiting Professor of Executive Education at Strathclyde Business School about why this is and more importantly about what we can do as individuals to avoid it

About us Alliance Trust Investments is a specialist fund management business offering a range of products and services focusing on global equities fixed income and sustainable investing with an emphasis on specialist investment solutions

Alliance Trust Savings is one of the UKrsquos leading financial services providers for private investors offering customers the information and services they need to manage their investments in a way that works for them



Unusually for a company of our size around 70 of shares

in Alliance Trust are held by private

individuals

Nobodyrsquos perfect why we all make irrational decisions

Inflation by ageThis monthrsquos official inflation report showed that the headline rate of inflation fell from 20 to 19 Our Economic Research Team analyse this data on a monthly basis to see how inflation rates affect different age groups In February 2014 the summary highlights include

bull The over 75s and the under 30s face the highest rate of inflation in January at 21

bull The over 75s suffered the highest rate of inflation for the whole of 2013 and this trend continues into 2014 as they spend a larger share of their budgets on basic goods such as gas and electricity

bull The 65 to 74 year olds have faced the lowest rate of inflation in 11 out of the last 12 months thanks to lower inflation in food petrol and package holidays

Learn more about how inflation might affect you


You can also sign up for our regular email alerts to be informed when new topics are published by clicking here

Wersquove been bringing clarity to investment for over 125 years

Investing for generationsWhen it comes to investing therersquos no substitute for experience And at Alliance Trust wersquove been helping people invest since 1888 Our new Investment Focus hub is full of online information and expert opinion It aims to provide real insight to help you take control of your investments

Over the next few weeks the hub will build to cover everything from taking your first steps to diversifying worldwide Please remember that investments can go down as well as up and investors may get back less than they originally invested For valuable insight from Alliance Trust visit Investment Focus today





your options now

Change the way you think about stocks reap the rewardsBy Edward Page Croft CEO Stockopediacom

I remember so clearly the day when I picked my first stock for clients Managing $2 billion (pound12 billion) in assets across 100 portfolios for high-net-wealth private investors is no easy task As I was to learn when you are green

and straight out of university itrsquos even harder The stock in question was on the Goldman

Sachs US lsquobuyrsquo list It had the potential to be hot Dotcoms were bubbling It was an internet stock in education services and cheap It seemed like it had everything but we needed to get in One day it fell out of bed Down 50 per cent on no news

Irsquod been trained to call the analyst in situations like this He reiterated his buy stance Double buy On my insistence we put almost $20 million of client money into the stock within an hour The next day it fell another 50 per cent on

bad newsThere is nothing more

painful than a loss but you never forget the first

one It immedi-ately forced me to reconsider every-thing I thought I

knew From that day on I vowed to never trust anotherrsquos opin-ion and find a better

way through the market minefieldIrsquove now spent 15 years

reassessing common

wisdom about stock selection No stone has gone unturned in the quest to understand the behav-ioural flaws that lead to poor decision making But there is one finding that crops up again and again in all the research that hurts stock market investors most We as investors are suckers for stories

A 1990rsquos study of 60000 private investor broker-age accounts by Kumar and Goetzmann found that 70 per cent of portfolios held less than four stocks

The stocks held all tended to be in the same sector highly correlated and risky Think internet stocks in the 1990s China in the 2000s or resource stocks more recently The grand theme sucks everyone in The outcome rarely dif-fers Kumar and Goetzmann showed that across these

60000 accounts the average underperformance was of the order of 4 per cent annually

This massive failing across private inves-tor portfolios is repeated in nearly every market cycle and is bound to happen again in this one Benjamin Graham the great father of value invest-ing and tutor of Warren Buffett once wrote

lsquoIn the short run the stock market is a vot-ing machine but in the long run it is a weighing machinersquo

ADVERTISING FEATURE

IN THE SHORT RUN THE STOCK MARKET IS A VOTING MACHINE BUT IN THE LONG RUN IT IS A WEIGHING MACHINEBenjamin Graham

What he meant was that while stories may drive stocks in the short run statistics drive stocks in the long run When statistics reassert them-selves it can cause huge damage to investors punting their portfolios on stories

It doesnrsquot take much to learn how basic statis-tics can guide your portfolio into winning stock selections though very few seem to understand how to do it Benjamin Graham as his life wore on gradually came to the conclusion that building portfolios according to rules-based processes was a far more appropriate methodology for the typi-cal investor

lsquoTry to buy groups of stocks that meet some sim-ple criterion for being undervalued ndash regardless of

the industry and with very little attention to the indi-vidual company It seems too good to be true but all I can tell you after 60 years of experience is it seems to stand up under any of the tests I would make uprsquo

My time is now dedi-cated to helping investors practice exactly what Benjamin Graham and many other investment luminaries have preached rules-based investing For the majority itrsquos a better process and leads to bet-ter outcomes Our work at

Stockopediacom where we crunch fundamental and technical data in order to model and track the investment processes of the great investors bears this out

Portfolios composed with stocks showing the right statistical mix of value quality and momen-tum have significantly outperformed Rules-based investing beats the market But more importantly it helps promote the emotional detachment needed to stop investors from beating themselves

Irsquoll never buy a stock on a punt or an analystrsquos tip again Perhaps neither should you

For a two week free trial and pound50 discount to Stockopedia UK Premium CLICK HERE

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WITH THE CARTIER MANUFACTURE MOVEMENT 1904 MC ESTABLISHED IN 1847 CARTIER CREATES

EXCEPTIONAL WATCHES THAT COMBINE DARING DESIGN AND WATCHMAKING SAVOIR-FAIRE

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Inside

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TO THE CONNOISSEUR section of Inspired a showcase for the finer things in life for those who truly appreciate them

Enjoying the fruits of your labour away from the relentless demands of our age poses its own challenges and quandaries Would a tropical idyll restore your ebbing energy levels Might a break based around hair-raising activities revive them even more effectively Perhaps reawakening a dormant passion for fine wines or luxury cars would be the most enjoyable reward for your industry

A luxury tropical holiday is probably near the top of most peoplersquos wish lists We take a look at some of the most tantalising options

The arrival of BMWrsquos new super coupe is featured on page 50 BMW aficionados and petrolheads alike are certain to be won over by its head-turning looks and mouthwatering specs

Gems come under the microscope on page 53 A rare coloured diamond can be a joy as well an appreciating asset

Wine is on the menu on page 54 where we explore the charms of Argentinian Malbec

Watches are often treasured objects and the best can turn out to be shrewd investments We look at the secondary watch market and the growth of online retailing on page 58 Enjoy

Welcome


TRAVEL

FIVE TOP PRIVATE ISLAND RETREATSIslandFantasy

Top-rated resorts and hotels offer a variety of temptations and services to impress even the most discerning tastes but there is no better way to escape the rigours and

stresses of daily life than cutting off from the outside world while still enjoying lavish service

in the pinnacle of all resorts the private islandThere are thousands of small islands around

the world but only a few have chosen to cater to the most discriminating travellers seeking a rarified yet perfect world of quiet and relaxed luxury We look at five of the worldrsquos top private islands destinations where your holiday is certain to be an exceptional experience

TRAVEL

Necker Island is owned by Sir Richard Branson and guests stay in his home The island has become a popular des-tination for some of the worldrsquos most prominent figures as a hideaway from lifersquos stresses and strains

Because Necker Island is a resi-dence and not a resort guests who rent the island are treated as owners and catered for in a unique way

The74-acre island is fringed with beautiful white beaches and surrounded by turquoise waters and coral reefs It boasts every resort-type amenity guests can spend their days being pampered in the spa explor-ing underwater reefs in a submarine lounging by the pool bar or swimming in one of the worldrsquos most elab-orate private pools

Haute cuisine is a highlight for most guests ndash rates are fully inclusive of all food and drink A team of chefs creates bespoke menus featuring anything from lobster and caviar to a Sunday roast And because Necker is a home first and a resort second guests decide whether dining will be formal or informal inside or outside themed or traditional

The bar is stocked with international wines top-quality spirits and beers and a world renowned house champagne while special orders can be shipped in at no extra charge ndash unless an item is particularly rare Every service and amenity is available around the clock and guests are encouraged to treat Necker as their own home

As youLike it

NECKER ISLAND


Unalloyed luxury and an impressive range of amenities make Necker one of the most desirable island destinations in the world

The Jumby Bay resort which is only accessible by boat from Antigua is a Caribbean hideaway owned by Rosewood Resorts It is perfect for those seeking either relaxation or spirited adventure

You can rent the island resort entirely for your stay or simply take a room Those opt-ing for exclusive use of the island will have the resortrsquos two pools three tennis courts fitness centre croquet field and putting green to themselves

A wide range of water sports are available and guests can indulge in as much adventure or relaxation as they want during their stay The resort is ideal for large family

reunions or corporate retreats ndash 40 guest rooms and suites are available on the island

Executive chef Sylvain Hervochon celebrates gastron-omy ndash and mixology (cocktail making) ndash with casual elegance by creating Caribbean-style dishes inspired by fresh local ingredients and incorporating international influences

Jumby Bayrsquos rates start at pound150000 for four nights based on double occupancy between May and December Visit wwwrosewoodhotelscomenjumby-bay-antigua for further information

Fine BalanceCaribbean ambiance international sophistication and adventurous activities make Jumby Bay a compelling choice

JUMBY BAY

Just laze by the pool or venture beyond to dive in the turquoise waters of the South Pacific among stunning reefs and a dazzling array of marine creatures

Isle of PlentyT

he private island of Laucala in the South Pacific is a 3500-acre site in a picturesque rainforest-laced land-scape Enchanting deserted beaches nestle among coconut plantations organic farms and lush green vol-canic mountains

The resort offers an outstanding level of refined lux-ury as well as a compelling collection of sporting and cultural activities diving among iridescent marine life in the warm turquoise waters guided rainforest tours horse riding surfing and golfing on the 18-hole cham-pionship course The island is a superb choice for an escape from civilization whether you want an adven-ture in the wild or simply to relax in one of Laucalarsquos five restaurants and bars

Rates are available on request Visit wwwlaucalacom for further details

TRAVEL

LAUCALA ISLAND


Lush green surroundings sensitive development and beautiful beaches help Laucala island conjure up a complete South Seas experience

Isle of Plenty


TRAVEL


Slow LaneSlow

Pulau Joyo is a seductively serene environment of pristine beaches surrounded by clear blue sea in Indonesiarsquos Riau Archipelago Accessible from Singapore or Bintan Pulau Joyo is a true castaway island offering every resort luxury

amid untouched natural beauty Pulau Joyo is famous for its remarkable sunsets and

brightly star-lit sky The resort can host 28 guests and 20 staff are on hand to cater to their every need Guests stay in open driftwood lsquopalacesrsquo that lsquoallow the sea inrsquoDespite its desert island appeal Pulau Joyo offers every modern convenience a range of adrenaline boosting activities and more relaxing options such as spa treatments and massages

The resortrsquos cuisine focuses on western and Indonesian dishes Meals are usually served buffet style and feature grilled fish squid prawns beef and chicken as well as many curry dishes Side dishes include fresh garden salads pasta salads boiled or steamed leafy greens and grilled aubergine (an island favourite) Prawn and tofu kebabs appear from time to time as does satay The chef will often provide a selection of freshly picked fruit and homemade cakes for dessert Itrsquos worth noting that the management will not serve pork or shellfish on this private island

Pulau Joyo may not be as refined as some islands but itrsquos an excellent choice for those who want a more casual laidback island experience that replicates the castaway experience like perhaps no other

Rates start at pound1913 a night More information is available at wwwpulau-joyocom

Wannabe castaways may find Pulau Joyorsquos purer simpler take on the luxury island experience more to their taste

PULAU JOYO


TRAVEL

In the Fijian island paradise of Dolphin Island a small army of staff await to meet guestsrsquo every need On arriving ndash by boat helicopter or float plane ndash visitors are invariably struck by the beauty of the island and the luxuri-ous accommodation that awaits them amid 14-acres of lush tropical gardens

Three traditional palm-thatched bures individually designed by world renowned interior designer Virginia Fisher sit in an elevated position around the resortrsquos infinity pool

Guests are brought fresh tropical fish to choose each day that are cooked to perfec-

tion within hours of leaving the water The culinary focus is on

organic produce and ingredi-ents unique to Fijian cuisine but meals are tailored to guestsrsquo personal tastes Papayas man-goes bananas and pineapples

are plentiful throughout the day When it comes to recreation the

14-acre island is an expansive play-ground offering a diverse range of watersports as well as diving opportunities on Fijirsquos coral reefs

Rates start at pound720 a night More information is avail-able at wwwdolphinislandfijicom

Fijian Paean

Traditional features modern comforts and excellent facilities make for a harmonious whole on this Fijian island

DOLPHIN ISLAND


Pictured slightly larger than actual size

Big Pilotrsquos Watch Ref 5009

Your wrist never felt this big before The

case of the top model in the IWC Pilotrsquos

Watch range is a gigantic 462 mm in diashy

meter And the technology inside it is

even more impressive the largest IWCshy

manufactured automatic movement with

its Pellaton winding system is protected

against strong magnetic fields by a softshy

iron inner case And needless to say enshy

vious glances iwc engineered for men

Mechanical IWCshymanufactured movement Pellaton

automatic winding system 7shyday power reserve

with display (figure) Date display Softshyiron inner

case for protection against magnetic fields

Antireflective sapphire glass Watershyresistant 6 bar

Stainless steel

IWC Schaffhausen Switzerland iwccom The worldrsquos finest timepieces are exclusively available from selected watch specialists

For an illustrated catalogue or list of nationwide concessionaires please contact IWC UK Tel 0845 337 1868 Eshymail infoshyukiwccom

CARS

MunichLegend


BMW fanatics can open their eyes ndash the M4 has arrived

Most BMW aficionados are proba-bly pretty sad to see production of the M3 coupe ndash quite possibly the companyrsquos most noteworthy and celebrated model ndash end after almost 30 years Ever since the first wide-body E30 M3 saw the

light of day in 1985 drivers have loved the sporty coupe for its incredible balance intoxicating power and of course solid build quality

The model never got stale in all that time and always remained the poster child for the M division so itrsquos a lit-tle weird that BMW has apparently decided to axe it In truth though they havenrsquot really dropped the M3 The M3 sedan will continue to be produced in 2014 so all

is not lost Moreover BMW seems to be adopting a pat-tern of giving its sedans odd-numbered titles only and its coupes even-numbered titles only so the 4-Series and especially the M4 concept that debuted at Pebble Beach Monterey California will fill the gap left by the M3 Many people have been awaiting the new super coupe with great expectancy but can it fill in for the M3

The journalists who swarmed over the M4 concept at Pebble Beach were obviously much more interested in it than the somewhat predictable 428i that was also there Finished in an eye-catching colour called Aurum Dust (which actually looks a lot like the old M3rsquos Phoenix Yellow colour) the car presented in California may be a concept but typically BMW M cars donrsquot change much before they finally hit the showroom

MunichLegend


CARS


From front to back the bodywork is manifestly differ-ent and much more aggressive looking than a standard 4-Series car It really looks to pretty much pick up where the E92E93 M3 coupe left off especially with its undeniably cool domed hood Wide wheel arches big wheels wrapped in low-profile tyres more than enough M badges and a well-executed double-bubble roof make the already underwhelming existing 4-Series coupe look even more pedestrian

Power for the new M4 is likely to come from a three-litre twin-turbo straight-six engine While the horsepower probably wonrsquot differ much from the M3rsquos old 4-litre V-8 it will generate more than 100lbft more in torque almost 400 in total With the M4 being a lighter 3300lb in weight the M4 promises to be an excit-ing worthy car A proper six-speed manual may be in the mix alongside the now obligatory dual clutch and paddles option

The best way to look at the M4 however it ends up is not as a new car but as a new and improved M3 thatrsquos just getting a new name The decision to rename the coupe is a strange one but thankfully BMW apparently felt the 3-Series coupe had made such an identity for itself that a new model was needed albeit in a slightly different incarnation

With BMW embarking on some new-ageish ideas such as its 1-Series ActiveE and the soon-to-arrive lsquoirsquo range of cars itrsquos nice to see the company also stick to classics such as the heart-stopping sports coupe even if the latest model does come with a new name

Seductive curves and racier performance make the BMW M4 a more than acceptable replacement for the M3 super coupe

SparklingForm Coloured diamonds are making their mark

One of the main factors that deter-mines the value of what we ordinarily think of as diamonds is their purity the degree to which col-our is absent in the gem However with coloured diamonds the extent to which they are saturated with

colour is a principal determinant of their valueColoured diamonds come in 12 basic colours more

than 90 secondary hues and nine intensity levels The depth of their colour is what really differentiates these diamonds from their colourless counterparts

Natural coloured diamonds are 10000 times rarer than typical colourless diamonds one of several rea-sons why they are treasured by the rich and famous yet remain unknown to most other people ndash despite hav-ing been around for centuries

Of course some colours are rarer than others Red violet and purple stones are as rare as the proverbial hensrsquo teeth while green and blue are also rare The most popular colours are pink and yellow (or canary) They also come in white grey orange black and lsquochame-leonrsquo form

A pinkie ring encrusted with a large coloured dia-mond has become a status symbol for men in Asia That little stone is an unregistered asset that could quickly be sold for millions of dollars should the need arise

Coloured diamonds are durable and never lose their sparkle or lustre so they are assets that can be enjoyed every day unlike stocks or bonds And they have proved to be fantastic investments having steadily appreciated in price with relatively little volatility for more than a decade They even held their own during the most recent financial crisis

Coloured diamonds are auctioned by reputable

auction houses such a Sothebyrsquos and Christiersquos where prices for large unique pink red blue or yellow stones can reach in excess of $2 million (pound12 million) a carat and other stones regularly sell for $1 million a carat

They are often bought by high-net-worth individu-als as an insurance policy Instead of stashing cash in undeclared bank accounts and potentially incurring the wrath of the authorities the wealthy can purchase some loose yellow diamonds to secure their future

Clearly coloured diamonds are much more than a magnificent indulgence

GEMS


WINE

Make the most of the deeply

satisfying Malbec wines emerging from Argentina

and perhaps even enjoy a return on a shrewd

investment says Ewan Lacey

Finding a red wine to enjoy in spring is a delicate balancing act The shock of seeing sunlight after a dark winter fosters in us a desire to drink some-thing refreshing while the still-cool temperatures demand something with comforting depth

Increasingly Malbec wines particularly those from Argentina provide a perfect solution to this quandary And while there are plenty of delicious wines for infor-mal occasions what is most interesting is the emergence of finer Malbec wines Some are so good they may well have ageing potential raising the intriguing possibility that the wine may one day become collectable

Malbec is the most popular wine among those aged 25-34 and is now becoming a fixture on most restaurant wine lists There are several reasons for its success the word Malbec is easy to pronounce the wine goes well with red meat the Malbec grape can be turned into wines that are both relatively easy to drink and packed with flavour and decent wines are available at reason-able prices Malbec is deep fruity and charming and it delivers instant pleasure ndash claret on a motorbike

The Malbec grape originated in France and it remains one of the permitted varieties used to make Bordeaux However it has gained prominence through the work of the post-junta Argentine wine industry

I recently had the pleasure of tasting some very fine Malbecs with Laura Catena managing director at the Catena Zapata winery and president of the International Wine and Spirit Competition She opened my

Mendoza Marvels


WINE

eyes to the potential of this grape variety when handled with care

Laurarsquos family business makes a range of wines but the wine that truly astonished me was the Nicasia Vineyard Malbec 2006 The wine is perfumed with floral and fruit notes and it is smooth and soft at first Like all great wines it has many layers of flavour warm bursts of cherry and black-currant cede centre stage to deeper darker caramel and mocha notes and a touch of spice Therersquos an amazing depth of flavour and the finish is long and lingering Whatrsquos more at nearly eight years old it still has a slight purple tinge and tastes extremely fresh There is every indication that it will age beautifully for at least another decade

The winersquos character is heavily influenced by the alti-tude the grapes used to make it are grown at (1180m

above sea level) At this elevation the grapes ripen in bright sun but lsquorelaxrsquo during the cool evenings The fact that the wine is made in tiny quantities (eight barrels only) means every care can be taken during the winemak-ing process to ensure the wine is allowed to show its grown-up side The cost per bot-tle of pound70 is not insubstantial but neither is the wine

We cannot know whether these wines will ever become investments in the way the wines of Bordeaux have Whatrsquos cer-tain is that Malbec wines have a very rare quality a balance of finesse and power that

can delight wine lovers and linger in their memories

Ewan Lacey is a leading wine expert and general manager of the International Wine and Spirit Competition He has appeared on BBC television and radio as well as Channel 4 and written for the national press

Laura Catena is managing director at the Catena Zapata winery (above)

THE INTERNATIONAL WINE AND SPIRIT COMPETITIONThe International Wine and Spirit Competition has been the premier drinks competition in the world for 45 years Each year it receives and reviews thousands of wines and spirits and presents qual-ity awards to producers

More than anything the IWSC exists to help

people make better deci-sions particularly when buying wines and spirits An IWSC award on a bot-tle of wine is a guarantee

of quality backed not only by a rigorous and strin-gent judging process but also by the skill of the judges who are drawn from the ranks of masters of wine master distill-ers industry leaders and commentators

Each year the IWSC honours a leading figure

in the drinks industry with the presidency of the competition The current president is Laura Catena who succeeds a nota-ble line of predecessors including Prince Robert of Luxembourg winemakers Piero Antinori and Warren Winiarski and Baroness Philippine de Rothschild


LUXURY WATCHES

Time is preciousA

t a recent watch auc-tion in Geneva at Antiquorum ndash the worldrsquos premiere auc-tion house for modern and vintage time pieces ndash a Patek Philippe

pink-gold Sky Moon Tourbillon watch emerged as the auctionrsquos top lot and sold for 12 million Swiss francs (pound807000)

Unlike most of the timepieces sold at auctions outside Asia this particular Patek watch ndash the most complicated wristwatch the Swiss watchmaker has ever produced ndash was not a vintage model

That Geneva auction raised intriguing

1284Clocks with weights gears and regulators start to appear mostly with no dial to strike the important moments of daily life

Around 1410The mainspring is devel-oped Combined with the fusee this innovation makes possible the truly portable domestic clock

1492The mechanical watch appears simultaneously in Italy Germany and France

1675Christian Huygens invents the spiral balance spring

for watches significantly improving their accuracy

1704The first watch with jew-els is produced by French watchmaker de Beaufreacute

1714The British parliament offers pound20000 to who-ever can a find a method to determine longitude

1766Parliament publishes the rating results for John Harrisonrsquos H4 marine timekeeper Harrisonrsquos highly accurate marine clock solution to the problem of determining logitude wins him part of the pound20000 prize

1787Pierre-Freacutedeacuteric Ingold is born an important pio-neer in mechanised timepiece production and the use of interchangea-ble parts

1790Jacquet-Droz and Leschot manufactures a watch attached to a strap

1839Vacheron amp Constantin developes a full set of machine tools for manu-facturing its watches

1875Calcium sulphate is the first luminescent sub-stance to be used for numerals and hands

TIMEKEEPING MILESTONES

questions Are modern luxury timepieces every bit as appealing as the vintage watches that typically command top prices at auc-tion And does that Geneva auction tell us anything about the contemporary watch market as a whole

Julien Schaerer Antiquorumrsquos managing director in Geneva says top-quality vintage watches often appreciate in value over the long term But he urges buyers for whom appreciation is an important consideration to be cautious about purchasing contempo-rary watches

lsquoWatch price depreciation is the cost of ownership just as it is with a luxury carrsquo he says lsquoIf the value goes up then


1880The first water- resistant watch incorpo-rating a screwed case is produced by Genevan watchmaker Franccedilois Borgel

1889The first known patent for a wristwatch is filed in Bern Switzerland

1890Dialmaker A Beyeler invents a transfer press for applying numerals and letters to dials

1892Auguste Verneuil in France produces the first synthetic jewels to be used in watchmaking

1904Wens Wilsdorf launches large-scale production of a womenrsquos wristwatch

1924John Harwood files the

first Swiss patent for a self-winding wristwatch with a central oscillating weight

1925The first known wrist-watch with a perpetual calendar is manufactured using a pendant watch movement

1926Rolex creates the Oyster wristwatch with a water-resistant case and crown

1966The first quartz wrist-watch prototype is produced

1969The first quartz watch

with an LED display appears

1978Quartz watches overtake mechanical watches in popularity

2005Creation of the Fondation de la Haute Horlogerie Seiko launches the spring drive Kinetic the first self-winding mechanical watch with an electro-magnetic escapement

A Patek Philippe pink-gold Sky Moon Tourbillon recently sold for pound807000


online retailers from the comfort of your homeSince 2006 DM London has quietly estab-

lished a powerful presence for itself in the UK retail watch market with the acquisition of The Watch Hut and The Watch Gallery DM London chairman David Coleridge says the company has capitalised on the increasing willingness of buy-ers to purchase online

lsquoHaving decided that they would like to buy a watch for themselves or someone elsersquo he says lsquopeople start to do their research More often than not this starts online nowadays where they com-pare brands performance and functions

lsquoAs trust in the online marketplace has devel-oped many want to buy online because it is convenient and saves time Shopping online becomes a habit established sites build trust and awareness with customers which gives custom-ers the confidence to buy more expensive itemsrsquo

He adds lsquoOur challenge is to make the online environment as attractive informative and enjoy-able as a high street store Then customers will decide to spend onlinersquo

Coleridge believes a multi-channel approach is the way forward for retailers He says lsquoWithout doubt the future is multi-channel selling ndash a combination of direct selling on the internet and various forms of click and collect ndash combined with beautiful stores on the high street

Over the past few years demand for luxury watches (particularly contemporary models) has spiked sharply in Asia and according to some specialists emerging affluence in the

of course thatrsquos an added benefit However he adds lsquoPrice appreciation is still quite rare with modern watches There is some poten-tial for appreciation but probably only with ultra-limited editions A purchase has to be

seen as a medium- to long-term invest-ment One should buy a timepiece first out of love for the brand or [the watchrsquos] complicationrsquo

The watch brands that offer the greatest assurance of appreci-

ation include Cartier Patek Philippe Rolex Audemars

Piguet A Lange amp Sohne Breguet and Vacheron Constantin All enjoy views from the top of

the watchmaking hierarchy thanks to their longstand-ing histories and well-established brand identities

Relative new-comers to the industry such as Richard Mille and Roger Dubuis have carved out a niche for

themselves with their revolutionary designs and

space-age technologies but it remains to be seen just how well the values of their timepieces will stand up on the secondary market

According to Nathaniel Borgelt a specialist at auction house Sothebyrsquos

some modern watches have already achieved good prices at auction but these (like the Patek Philippe Sky Moon Tourbillon) were highly exclusive models when new

lsquoSome limited edition pieces currently fetch incredible prices at auctionrsquo he says lsquoAnd there is a select group of modern mod-els that could compete with a certain sector of the vintage market based on their brand innovative features such as materials or com-plications and avant-garde designs

Buying these has now become a whole lot easier The luxury watch retailing land-scape is changing and the traditional pattern of physically walking into a luxury salon to buy a watch is gradually being replaced by a trend towards visiting the websites of the big

LUXURY WATCHES

A Lange amp Sohne (above) is a long-standing high-end watchmaker Comparative new-comer Roger Dubuis (right) is forging a strong reputation


helpthewatchgallerycom

Hublot ClassiC FusiontHe WatCH Gallery exClusive

The Watch Gallery and Hublot have joined forces to create two very special limited edition watches Both are limited to just 15 pieces worldwide and have been specifically designed to feature The Watch Gallery blue brand colour on the hands and tinted open case back

SelfridgeS OxfOrd StreetWeStfield lOndOnMancheSter exchange Square

wwwthewatchgallerycomhublot-watches

Far East has kept global values strong while other markets around the world continue to recover from recession

Despite the market boost from growing prosperity in Asia there are signs that the market is becoming saturated and that globally the new watch market isnrsquot as robust as some commentators suggest

It may still be a good time to buy but its important to know what you want and what yoursquore buying Modern watchmakers such as Richard Mille Roger Dubuis and Greubel Forsey are producing beautiful timepieces but because of their limited foothold in the market itrsquos difficult to predict their long-term success and desirability They donrsquot yet have the brand power that might ensure the value of their

watches in the secondhand market remains highSuch producers might one day stand eye to

eye with the most desirable brands such as Patek Philippe and Rolex but achieving that kind of parity wonrsquot be easy Collectors looking to invest in timepieces are advised to keep an open mind about modern producers uncertainty is the one aspect of modern luxury watch market most experts tend to agree on

That said the buoyancy in the watch market suggests that plenty of buyers are unconcerned about future values For them itrsquos all about the appreciation of the watch itself People buy watches because they bring them pleasure ndash and say some-thing about who they are

LUXURY WATCHES

Contemporary watches such as those made by Hublot (left) have yet to show they will have the lasting appeal of watches such as Cartierrsquos Rotonde de Cartier Astrocalendaire (right)


inspirep01

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inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

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inspirep47

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inspirep49

inspirep50

inspirep51

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We steer carefully

Issued by Aberdeen Asset Managers Limited 10 Queenrsquos Terrace Aberdeen AB10 1YG which is authorised and regulated by the Financial Conduct Authority in the UK Telephone calls may be recorded aberdeen-assetcouk Please quote NAIT IM 01

The North American Income Trust ISA and Share PlanWhen yoursquore in search of equity income you need someone with the knowledge to take you in the right direction

The North American Income Trust draws on Aberdeenrsquos rigorous research process to find opportunities first-hand We meet companies ourselves we interrogate management about future profits and cash flow Then we only invest in their shares when we like what we see

The result - a portfolio that steers you towards the most promising income and growth opportunities we can find

Please remember the value of shares and the income from them can go down as well as up and you may get back less than the amount invested No recommendation is made positive or otherwise regarding the ISA and Share Plan

The value of tax benefits depends on individual circumstances and the favourable tax treatment for ISAs may not be maintained We recommend you seek financial advice prior to making an investment decision

Request a brochure 0500 00 40 00 northamericanincomecouk
















SALES Iain Adams






CONTENTS













41

5

58

insp

ired

50

17 20







2014S


THE MARKETSIN 2014
















THE MARKETS

IN 2014


















THE MARKETS

IN 2014










Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

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ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

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ANT ORANGE

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GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

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GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

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ISA BLUE



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GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

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inspirep15

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inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

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inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63
















SALES Iain Adams






CONTENTS













41

5

58

insp

ired

50

17 20







2014S


THE MARKETSIN 2014
















THE MARKETS

IN 2014


















THE MARKETS

IN 2014










Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

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inspirep56

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inspirep58

inspirep59

inspirep60

inspirep61

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inspirep63

CONTENTS













41

5

58

insp

ired

50

17 20







2014S


THE MARKETSIN 2014
















THE MARKETS

IN 2014


















THE MARKETS

IN 2014










Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63






2014S


THE MARKETSIN 2014
















THE MARKETS

IN 2014


















THE MARKETS

IN 2014










Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63
















THE MARKETS

IN 2014


















THE MARKETS

IN 2014










Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63


















THE MARKETS

IN 2014










Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63









Freedom to roam







The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63






The other popular










CMARKET

YOUR MONTH IN THE



TRADING



























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63


























GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE







INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63






INVEST REGULARLY















TIPS


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

I

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

















ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63





















EXPERTSrsquoTOP ISA

TIPS

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

The ISA thatrsquos

fair and square



iiicoukisa











Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63










Among those quick


AIMSHARES

W

GEMSTO BE UNEARTHED

ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


THERE ARE




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63




























ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE

AIMSHARES










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63









ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE












A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63










A



GROW


FUNDSAND

TRUSTS

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

GROW


A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

A

RE Y

OU

A

GLO

BAL

INV

ESTO







0800 856 5656




HGiTrusts










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63










Mininv pound

Ongoing Charges

1-yearreturn

Sectorrank



Shareprice

p

Discprem to NAV

Netyield

Gearing


1 year

3 years

5 years


ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63































FUNDSAND

TRUSTS


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63


12thmansagimme





The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

The SIPP thatrsquos

fair and square



iiicouksipp










ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63









ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE



ANT ORANGE

GEM BLUE

GROWTH GREEN

ISA BLUE


FUNDSANDTRUSTS
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63
























THE SUPERIOR





SHARESLEUTH







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63







Take a closer look

at your investment

options








your options now















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63















ldquo

rdquo



information























Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63






















Colonial in 1868















individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

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individuals
















your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

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inspirep07

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inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63








your options now











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

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inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63











reassessing common







ADVERTISING FEATURE

















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

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inspirep10

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inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63
















Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Conn

oisseur

Inside

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

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inspirep06

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inspirep60

inspirep61

inspirep62

inspirep63

Conn

oisseur








Welcome


TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

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inspirep60

inspirep61

inspirep62

inspirep63

TRAVEL






TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

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inspirep10

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inspirep57

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inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

TRAVEL






As youLike it

NECKER ISLAND










JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

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inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63








JUMBY BAY


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

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inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63


Isle of PlentyT




TRAVEL

LAUCALA ISLAND



Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

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inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63


Isle of Plenty


TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

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inspirep40

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inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

TRAVEL


Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

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inspirep22

inspirep23

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inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

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inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

Slow LaneSlow








PULAU JOYO


TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

TRAVEL









Fijian Paean


DOLPHIN ISLAND



















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

inspirep23

inspirep24

inspirep25

inspirep26

inspirep27

inspirep28

inspirep29

inspirep30

inspirep31

inspirep32

inspirep33

inspirep34

inspirep35

inspirep36

inspirep37

inspirep38

inspirep39

inspirep40

inspirep41

inspirep42

inspirep43

inspirep44

inspirep45

inspirep46

inspirep47

inspirep48

inspirep49

inspirep50

inspirep51

inspirep52

inspirep53

inspirep54

inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63


















Stainless steel



CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

inspirep07

inspirep08

inspirep09

inspirep10

inspirep11

inspirep12

inspirep13

inspirep14

inspirep15

inspirep16

inspirep17

inspirep18

inspirep19

inspirep20

inspirep21

inspirep22

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CARS

MunichLegend








MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

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inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63






MunichLegend


CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

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inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63

CARS



















GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

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inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63













GEMS


WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

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inspirep11

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inspirep56

inspirep57

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inspirep59

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inspirep61

inspirep62

inspirep63

WINE










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

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inspirep10

inspirep11

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inspirep55

inspirep56

inspirep57

inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63










Mendoza Marvels


WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

inspirep05

inspirep06

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inspirep08

inspirep09

inspirep10

inspirep11

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inspirep61

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inspirep63

WINE
















LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

inspirep03

inspirep04

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inspirep56

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inspirep60

inspirep61

inspirep62

inspirep63

LUXURY WATCHES

Time is preciousA


























































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

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inspirep59

inspirep60

inspirep61

inspirep62

inspirep63





































LUXURY WATCHES














LUXURY WATCHES



inspirep01

inspirep02

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inspirep58

inspirep59

inspirep60

inspirep61

inspirep62

inspirep63












LUXURY WATCHES



inspirep01

inspirep02

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inspirep63



inspirep01

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inspired

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