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Record — Update 25 November 2016

Record (LSE: REC)

Last close As at 05/08/2026

GBP0.44

▲ 0.60 (1.37%)

Market capitalisation

GBP89m

More on this equity

Research: Financials

Record — Update 25 November 2016

Record

Analyst avatar placeholder

Written by

Financials

Record

Steady performance and growing recognition

Half-year results

Financial services

25 November 2016

Price

31.13p

Market cap

£69m

Net cash and money market instruments (£m) at 30 September 2016 (excluding cash consolidated from seed funds)

28.8

Shares in issue

221.4m

Free float

32%

Code

REC

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

14.8

22.1

8.3

Rel (local)

17.2

22.6

0.3

52-week high/low

33.6p

22.1p

Business description

Record is a specialist, independent currency manager providing a number of products and services, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

Next events

Q3 trading update

20 January 2017

Financial year end

31 March 2017

Q4 trading update

21 April 2017

Annual results

16 June 2017

Analysts

Julian Roberts

+44 (0)20 3077 5748

Andrew Mitchell

+44 (0)20 3681 2500

Record is a research client of Edison Investment Research Limited

First-half results announced on 18 November held no surprises after a detailed Q217 trading update issued in October. While underlying profits were down modestly year-on-year, this reflected lumpy allocations to a tactical mandate in H116. More importantly, assets under management equivalents (AUME) and client numbers increased and the company reports that the recent prominence of currency volatility has helped to increase interest in a range of Record’s products. The current rating of c 12x FY17e earnings appears conservative and the ordinary yield (before any special payment) stands at over 5%.

Year end

Revenue* (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/15

20.9

7.5

2.66

1.65

11.8

5.3

03/16

21.2

7.0

2.55

1.65

12.2

5.3

03/17e

21.7

7.2

2.62

1.65

11.9

5.3

03/18e

23.1

8.1

2.91

1.65

10.7

5.3

Note: *Revenue, PBT and EPS exclude non-controlling interests relating to seed investments.EPS is normalised fdil. Prospective dividends exclude any special dividends.

H117 results

Compared with end March 2016, AUME rose 4% to $55.0bn from $52.9bn under a new classification approach set out on page 2. Inflows contributed 2.6% to growth and market moves 4.3% partly offset by a 3% negative exchange rate move. Passive hedging mandates now comprise 83% of the total AUME and generate 53% of fee income, covering operating costs before the group profit share scheme. Underlying pretax profit nearly matched H116; a period that benefited from an unusually high allocation to a tactical bespoke mandate. The majority of currency for return strategies performed well, a potentially positive indicator for future flows. We leave our forecasts unchanged having raised them following the Q2 trading update.

New opportunities

The recent volatility of foreign exchange markets following surprises such as the Brexit vote and the US election have raised awareness of the risks and rewards of currency management among potential clients. In addition, the development of more sophisticated hedging protocols, increasing regulatory pressure on clients and the development of new products mean Record is able to add more value and therefore earn higher fees from some existing clients.

Valuation: Still undemanding

Record trades at c 12x our FY17e EPS forecast and an EV/EBITDA multiple of c 5.4x. These still rank below the UK-quoted asset manager peer group we use for comparison (see page 4). The board intends to maintain the ordinary dividend at 1.65p per share subject to business conditions, giving a yield of over 5%, but each year will consider distributing earnings not needed to maintain Record’s substantial capital buffer. The relatively low free float may be a restraining factor, but continued growth in AUME, sustained performance in the currency for return strategies and any special distribution could be catalysts for a re-rating.

Half-year results

The half-year results were in line with expectations following the detailed Q2 trading update covered in our last note of 25 October, and we have not changed our estimates. In this section we summarise the key points and then deal in more detail with the product reclassification (which does not reflect any change in the underlying business).

■

AUME increased 4% to $55.0bn at 30 September from $52.9bn at 31 March, reflecting inflows of $1.4bn, positive market movements of $2.3bn and negative FX effects of $1.6bn.

■

Client numbers increased to 61 from 58 at the end of March and, on a longer view, have risen from 41 in 2012 and 48 in 2014.

■

Revenue on a reported basis was £11.1m, vs £10.4m in H116. This included £0.5m of other income from funds in which Record has non-controlling interests. The underlying revenue number of £10.6m in H117 compares well with H116’s £10.8m given the prior year period benefited from an unusually high level of revenue from a tactical bespoke mandate. 53% of management fee income now comes from relatively sticky and stable passive hedging mandates and covers all operating expenses before the group profit share.

■

Underlying operating profit followed a similar pattern at £3.5m vs £3.6m in H116 and was ahead of £3.3m in H216. The margin of 33% was unchanged from H116. Basic EPS were 1.33p vs 1.36 in H116.

■

An unchanged interim dividend of 0.825p has been declared, which will be paid on 23 December. Subject to business conditions, the board intends to pay a maintained full year ordinary dividend of 1.65p . As reported at the year-end, the board is of the view that Record now has sufficient capital to give it, and potential clients, confidence in the strength of the balance sheet. The board will therefore consider paying special dividends or other distributions at the end of each financial year to return at least some of the surplus of earnings over the ordinary dividend for that year. Based on our estimated earnings this could allow for an additional payout of up to c 0.95p, giving a potential yield of over 8%.

Exhibit 1 gives performance data for Record’s currency for return strategies. All components of the multi-strategy product (emerging market, forward rate bias, and momentum and value) generated a positive performance in the half-year. The forward rate bias strategy benefited from higher-rate currency performance while most lower-rated currencies weakened (the yen was an exception).

Exhibit 1: Performance

Fund name

Gearing

Half year return

Return SI pa

Volatility SI pa

Inception

FTSE FRB10 Index Fund

1.8

3.97%

1.60%

7.46%

Dec 2010

Emerging Market Currency Fund

1.0

3.16%

0.54%

6.61%

Dec 2010

Index/Composite returns

Half year return

Return SI pa

Volatility SI pa

FTSE Currency FRB10 GBP excess return

2.16%

2.31%

4.64%

Currency Value

1.82%

3.39%

3.23%

Currency Momentum

4.76%

2.68%

3.74%

Record Multi-Strategy

2.52%

1.56%

2.20%

Aug 2012

Record Multi-Strategy (with FRB10)

3.16%

2.06%

2.42%

Feb 2015

Source: Record plc. Note: SI = since inception.

Product reclassification

Record manages the impact of foreign exchange rather than the underlying assets and its measure of assets under management is therefore notional, distinguished by the descriptive title, ‘assets under management equivalents’ (AUME). Management fees are accrued on a daily basis, usually on an agreed percentage of AUME denominated in the client’s chosen currency. Record has historically reported AUME and management fees under four product categories: dynamic hedging, passive hedging, currency for return and cash & other. But in practice, some clients set mandates that combine hedging and return-seeking objectives, with fees for each calculated differently. Previously such mandates were separated into different product lines for reporting purposes; from now on, to reflect the composition of AUME and fees earnt more consistently, Record will report a fifth category: ‘multi-product’. It should be emphasised that there has been no change in service or product offered and there is no change in how Record operates or earns management fees. AUME in the multi-product category are now based on the chargeable size of those mandates and this results in the $0.8bn reduction in AUME on the new definition shown in Exhibit 2. Two mandates currently fall into the multi-product category.

Exhibit 2: AUME reclassification as at 30 September 2016

Historic AUME ($bn)

Reclassification ($bn)

AUME redefinition ($bn)

New AUME
($bn)

Old management fee rate (bps)

New management fee rate (bps)

Dynamic hedging

7.5

(1.8)

0.0

5.7

14

13

Passive hedging

46.0

(0.4)

0.0

45.6

4

4

Currency for return

2.1

(1.2)

0.0

0.9

14

17

Multi-product

3.4

(0.8)

2.6

20

Cash & other

0.2

0.0

0.0

0.2

Total/fee income (£m)

55.8

(0.0)

(0.8)

55.0

10.6

10.6

Source: Record plc, Edison Investment Research

Outlook

Currency markets have had a turbulent two years, with three events standing out: the revaluation of the Swiss franc in January 2015, the result of the UK’s EU referendum and the election of Donald Trump to the US presidency. The diversity of Record’s clients’ requirements means that market movement in one particular direction is not necessarily of net benefit or detriment to the mandates it manages overall, but these events have raised the profile of currency management as a matter for potential clients to consider. Management reports that there has been an increase in the number of inquiries and that several discussions either to expand existing mandates or to establish new ones are underway.

Currency markets are also experiencing regulatory change, which increases the compliance burden for some of Record’s clients by requiring margin to be posted to support currency hedging positions for example. While this could put off clients, it is also an opportunity for Record to add value by managing collateral. The growing sophistication of passive hedging has also meant that it commands higher fee margins, breaking 4bps on average for the first time in H117. New services such as tenor management have also been developed (optimising the time at which a forward contract is rolled), which can save clients 20-30bps on 20% of their portfolio or 4-6bps across a whole portfolio, a saving equivalent to the cost of a passive hedging mandate.

With volatility likely to continue in currency markets, these developments present opportunities for Record to attract new business and increase returns.

The positive performance of currency for return strategies recorded in Exhibit 1 is encouraging for future inflows. While recent weakness in emerging market currencies has partly reversed the performance in this area, the company indicates it is still in positive territory year to date. The new categorisation of AUME already makes clear an increase from $0.6bn to $0.9bn in currency for return between March and September this year.


Valuation

As a specialist currency manager with an emphasis on hedging mandates, Record is differentiated from other asset managers. While the drivers of assets under management are different, Record’s charging model is similar to other asset managers. We therefore compare Record with UK-quoted asset managers in Exhibit 3. It is at the lower end of the range for both P/E and EV/EBITDA, with the latter multiple clearly reflecting the strong cash balance.

Exhibit 3: Earnings and EBITDA multiple comparisons for UK fund managers

Price (p)

Market cap (£m)

P/E ratio (x)

EV/EBITDA (x)

Aberdeen Asset Management

287.8

3,801

14.5

10.5

Ashmore

296.5

2,084

15.9

9.2

City of London Investment Group

354.8

92

12.8

7.5

Henderson

244.2

2,762

16.5

12.1

Impax Asset Management

48.5

62

16.3

10.8

Jupiter

435.6

1,993

14.4

9.9

Liontrust

345.0

156

15.0

8.1

Man Group

124.1

2,079

11.5

6.2

Polar Capital

284.5

257

13.9

8.2

Schroders

2,850.0

7,617

16.3

12.3

Average

14.7

9.5

Record

31.1

69

11.9

5.2

Source: Bloomberg, Edison Investment Research. Note: P/E ratio and EV/EBITDA for calendar 2016e. Prices at close 23 November 2016

Record’s shareholders’ funds of £35m and money market instruments, cash and equivalents (excluding non-controlling interests) of £28.8m at the half-year point provide ample capital and liquidity headroom, which management considers to be sufficient to give clients confidence in the stability of the business and its ability to withstand potential shocks. As noted earlier, this raises the possibility of special dividends that, on our estimates, could increase the yield on the ordinary dividend of over 5% to more than 8%.

Exhibit 4: Financial summary

 £000s except where stated

 

2015

2016

2017e

2018e

Year to March

 

 

PROFIT & LOSS

 

 

 

 

 

 

Revenue

 

 

21,057

21,134

21,656

23,054

Operating expenses

 

 

(13,521)

(14,344)

(14,567)

(15,141)

Operating Profit (before amortisation and except.)

 

7,536

6,790

7,089

7,913

Finance income

 

 

146

143

142

146

Profit Before Tax

 

 

7,682

6,933

7,230

8,059

Taxation

(1,708)

(1,523)

(1,518)

(1,692)

Minority interests

 

 

(192)

131

0

0

Attributable profit

 

 

5,782

5,541

5,712

6,367

 

 

 

 

 

 

 

Normalised revenue (underlying)

 

 

20,865

21,246

21,656

23,054

Operating expenses (excluding depreciation and amortisation)

 

 

(13,206)

(14,023)

(14,246)

(14,820)

EBITDA

 

 

7,659

7,223

7,410

8,234

Depreciation and amortisation

 

 

(315)

(321)

(321)

(321)

Normalised Operating profits

 

 

7,344

6,902

7,089

7,913

Finance income

 

 

146

143

142

146

Profit Before Tax (norm)

 

 

7,490

7,045

7,230

8,059

 

 

 

 

 

 

 

Normalised revenue/AuME (excluding perf fees) bps

 

 

6.0

4.7

5.2

5.2

Normalised Operating Margin norm. (%)

 

 

35.2

32.5

32.7

34.3

 

 

 

 

 

 

 

Average Diluted Shares Outstanding (m)

 

 

218.4

217.9

218.3

218.5

Basic EPS (p)

 

 

2.66

2.55

2.63

2.93

EPS - normalised fully diluted (p)

 

 

2.65

2.54

2.62

2.91

Dividend per share - proposed (p)

 

 

1.65

1.65

1.65

1.65

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

Fixed Assets

 

 

3,273

423

282

141

Intangible Assets

 

 

504

299

105

(89)

Tangible Assets

 

 

129

81

134

187

Investments

 

 

2,567

0

0

0

Deferred tax assets

 

 

73

43

43

43

Current Assets

 

 

37,053

40,541

42,872

45,947

Debtors

 

 

6,324

5,695

5,805

6,180

Cash

 

 

12,010

21,720

23,941

26,642

Money market instruments

 

 

18,100

13,020

13,020

13,020

Other

 

 

619

106

106

106

Current Liabilities

 

 

(4,522)

(3,256)

(3,318)

(3,474)

Creditors

 

 

(2,949)

(2,372)

(2,418)

(2,574)

Other

 

 

(1,573)

(884)

(900)

(900)

Net Assets

 

 

35,804

37,708

39,837

42,615

Minority interests

3,876

4,019

4,019

4,019

Net assets attributable to ordinary shareholders

31,928

33,689

35,818

38,596

No of shares at year end

217.5

217.2

217.5

217.5

NAV per share p

14.7

15.5

16.5

17.7

CASH FLOW

 

 

 

 

 

 

Operating Cash Flow

 

 

6,472

5,791

5,843

6,323

Capex

 

 

(128)

(29)

(130)

(130)

Cash flow from investing activities

 

 

0

(39)

(50)

(50)

Dividends

 

 

(3,266)

(3,750)

(3,583)

(3,589)

Other financing activities

 

 

(2,571)

7,737

142

146

Other

 

 

0

0

0

0

Net Cash Flow

 

 

507

9,710

2,221

2,700

Opening cash/(net debt)

 

 

11,503

12,010

21,720

23,941

Other

 

 

0

0

0

0

Closing net (debt)/cash

 

 

12,010

21,720

23,941

26,642

Closing net debt/(cash) inc money market instruments

30,110

34,740

36,961

39,662

 

 

 

 

 

 

Closing AUME ($bn)

 

 

55.4*

52.9

55.0

55.8

Source: Record, Edison Investment Research. Note *2015 AUME on previous disclosure basis.

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Record and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Record and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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