Final Draft Investment Process prestn

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Final Draft Investment Process prestn

  1. 1. ® F&C Asset Management Investment Process Presentation Contact: Simon Males Director, Institutional Business 1
  2. 2. Agenda Section I – Business Overview Section II – Top Down Investment Process Section III – Bottom Up Investment Process - Equities - Bonds Section IV – Fund Performance Review Section V – Why Recommend F&C? 2
  3. 3. Section I - Business Overview 3
  4. 4. Significant Growth in Assets Supported by organic and acquisition driven growth Growth in Funds under Management (£bn) Funds under management have 125 quadrupled in the last 3 years from FIS (£33bn) to F&C (£125bn) 100 The value of the company has 75 quadrupled in the past year from ISIS (£300m) to F&C (£1.1bn) 50 Driven by ‘twin track’ growth strategy of organic new business 25 and strategic acquisitions 0 Supported by FP board 2000 2001 2002 2003 2004 FUM (£bn) Source: F&C Asset Management plc as at 31/03/05. 4
  5. 5. F&C Asset Management plc A well structured ownership and organisational structure Friends 51% Provident London F&C 3% Employees Dublin Amsterdam Public Boston 26% Markets Edinburgh Frankfurt Eureko 20% Lisbon Paris Total Assets Under Management: £125.3 billion Source: F&C Asset Management plc as at 31/03/05. 5
  6. 6. F&C Asset Management plc Significant size and scale gives F&C advantages F&C manages £125.3bn with a Pan-European business and leading market positions in the UK and a number of continental European countries 4th largest UK headquartered asset manager 2nd largest active manager in the UK Top 10 manager of European pension monies F&C head office, Exchange House, Primrose Street, EC2A 2NY Source: F&C Asset Management plc as at 31/03/05. 6
  7. 7. Highly Resourced Teams Global Strategy 9 Paul Niven 9 Global/US 10 Equity Jeremy Tigue 13 F&C has one of the Pan-European Equity 39 UK’s largest teams Richard Wilson 14 managing: Pacific Equity 6 M Hanbury-Williams 11 – Pan-European Chief Emerging Equity 9 Equities Investment Humphrey Carey 10 Officer Tony Broccardo 33 Fixed Interest – Fixed Interest Helene Williamson 12 8 Alternative Investments 11 – Property Property 30 Paul Herrington 19 SRI 11 Karina Litvack 8 Avg. years' experience Team Size Dealing 18 John Harwood 19 Source: F&C Asset Management plc as at 31/03/05. 7
  8. 8. Business Overview F&C has a highly diversified business mix... By Asset Class By Client AUM as at 31 December 2004 AUM as at 31 December 2004 Alternative Liquidity Other Investments 4% Retail Pension Institutional 11% Funds Property 1% 1% 25% 5% Fixed Interest Overseas 58% Equities 19% Charities 1% UK Equities 13% Insurance 62% Source: F&C Asset Management plc as at 31/12/04. 8
  9. 9. Business Overview …with significant businesses in a number of major European centres 2003 Net Revenues: €366.4m Revenues for H1 2004 by Client Sub-Advisory 205.6 7% Institutional Mutual Funds Insurance 12% 42% 79.6 6.4 Investment 25.1 Trusts 12% Venture Capital 0.7 3% 32.9 Other 16.1 Institutional 24% Source: F&C Asset Management plc as at 31/12/04. 9
  10. 10. Business Overview F&C is supported by, but not dependent on, its majority shareholder AUM as at 31 December 2004 Revenues for H1 2004 Friends Third Party Provident 87% 23% Third Party 77% Friends Provident 13% Source: F&C Asset Management plc as at 31/12/04. 10
  11. 11. Business Overview Summary messages F&C’s scale and diversified business mix holds some key advantages: – £125.3bn size of assets gives us excellent access to companies – Highly diversified business mix reduces risks: by asset class / client mandate / country / market – It makes us difficult to ignore - consultants want to come in F&C has one of the UK’s largest teams in: Pan-European Equities, Fixed Interest and UK Commercial Property 87% of F&C’s revenues (H1 2004) come from third party business: – This is supported by the consulting community who do not favour fund managers with a heavy reliance on any one client – This is also supported by institutional clients who favour a fund manager with a diversified revenue base (spreading business risk) 11
  12. 12. Strengthened by Third Party Business Global Investor Top 100 Largest Asset Managers - F&C is 40th Position / Asset Manager Parent Third Party Assets USD m 1. State Street Global Advisers Ltd State Street Corporation 1,217,436 2. Fidelity Investments Fidelity Investments 1,197,500 3. Barclays Global Investors Barclays plc 1,150,518 40. F&C Asset Management F&C Asset Management plc 165,100 51. AXA Investment Managers AXA 139,027 54. Insight Investment Management Ltd HBOS plc 131,304 77. Henderson Global Investors HHG plc 68,412 98. Scottish Widows Invst Partnership Lloyds TSB Group 36,500 100. Standard Life Investments Ltd Standard Life Assurance Company 36,038 Source: Global Investor, December 2004/January 2005. US$ conversion made on 12.11.04. EBCs favour managers with higher exposure to third party business 12
  13. 13. A Profitable Business F&C is a highly efficient company…and one of the most profitable Market Capitalisation Amvescap £2.8bn Schroders £2.2bn Henderson £1.7bn F&C £1.1bn Investec £1.1bn Singer & Friedlander £477m Aberdeen £206m Source: F&C Asset Management plc. Market Cap data as at 17/03/05. 13
  14. 14. What differentiates F&C? Competitive advantages - corporate Company scale: our investment teams have almost unrivalled access to company management, particularly outside of the bi-annual reporting season, where we meet regularly with corporates to add value to our research process Highly resourced: F&C has a large resource base of investment professionals managing client money. With over 200 staff directly responsible for investment management, we have an excellent flow of ideas and processes, structured within a transparent and accountable environment. Collegiate approach: Our competitive advantages lie with the skill sets of the individuals managing portfolios, and not the structure that we impose on them. 14
  15. 15. Section II - Top Down Investment Process 15
  16. 16. Friends Provident Managed Pension Fund Investment Approach Fund size: £2.7bn Diversified portfolio Performance driven by top-down asset Overseas allocation and bottom-up stock selection Equities 27% Performance benchmark is the Lipper Balanced Managed Sector UK Equities F&C Top-Down Strategy 56% Fixed Interest Overweight 10% – Pacific Equities Property – European Equities Cash 1% 6% Underweight – UK Fixed Interest Source: F&C Asset Management plc as at 31/12/04. – US Equities Stock selection is the key driver to relative performance…but asset allocation can add significant value: ¼ to ⅓ 16
  17. 17. Investment Team Strategy team Years in Years at Name Title Industry F&C Paul Niven Head of Strategy 8 8 Richard Philbin Head of Fund of Funds 10 3 Tom Caddick Analyst, Fund of Funds 6 1 Anna Stastny Analyst, Fund of Funds 3 1 Stergios Saloustos Quantitative Analyst 5 1 Steven Andrew Macro Economist 17 4 Michel de Groot Head of Strategy Netherlands 8 5 Jan Willemsen Investment Strategist (NL) 8 4 Peter Vermeulen Investment Strategist (NL) 25 25 Toby Vaughan Assistant Strategist 3 3 Arjan de Ruijter ALM Analyst 6 6 Average Years Experience 9 6 Source: F&C Asset Management plc as at 31/12/04. F&C’s Strategy Team combines strong continuity and scale with much experience 17
  18. 18. GTAA – Top Down Investment Process Asset allocation decisions are critical to multi-asset class portfolios Quantitative Investment Process Quantitative Investment Process Qualitative Investment Process Qualitative Investment Process Global Tactical Asset Allocation Decisions Value of the process is greater than the sum of its parts 18
  19. 19. GTAA – Quantitative Investment Process F&C has a very thorough and robust modelling process Quantitative Models – Equities vs Fixed Interest Global Equities - Historical Valuation Gap - 31 March 2005 50% – Equities 40% – Regions 30% – Momentum 20% 10% – Fixed Interest 0% -10% – Government bonds -20% – Corporate bonds -30% – High yield bonds -40% -50% Foreign Exchange Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 – F&C understands and exploits key relationships to develop successful investment policies 19
  20. 20. GTAA – Qualitative Investment Process The judgmental decision-making process adds value Fundamentals – GDP growth, Inflation, Earnings, Policies (Monetary, Fiscal) Cyclical Analysis – Identification of the place in the cycle 3 above trend and declining – Judgement decisions Equities + Bonds - 2 above trend and rising Equities ++ 2 3 Bonds - 1 below trend 1 and rising 4 Equities +++ Bonds + 4 below trend and declining Equities -- Bonds ++ F&C exploits anomalies in economic and market cycles 20
  21. 21. What differentiates F&C? Competitive advantages - asset allocation Dual investment approach: Our Global Tactical Asset Allocation process is supported by a thoroughly robust quantitative analysis modelling process and a qualitative overlay where we seek to add consistent incremental value. Quantitative models: We are convinced in our ability to understand and exploit key relationships to develop successful value-added multi-asset class allocations and investment policies. Qualitative overlay: Based on an investment approach that underlies the overall GTAA process. People and process driven: At F&C, we believe that it is the combination of this structured approach, with the views and opinions of our dedicated and experienced professionals, that distinguishes our process and makes the difference for the benefit of our clients. Value added performance: We aim to add 25% to 33% of value from asset allocation 21
  22. 22. Section III - Bottom Up Investment Process Equities 22
  23. 23. Friends Provident Managed Pension Fund Fund size: £2.8bn Cash Property 1.1% 6.6% UK Equities Equities = 82% Overseas 55.2% Equities 27.1% Pan-European Equities = 66% Fixed Interest 10.0% Source: F&C Asset Management plc as at 31/05/05. 23
  24. 24. Investment Team F&C has a highly resourced Pan-European equity team Richard Wilson Head of Pan European Equities (+38) UNITED KINGDOM PAN EUROPE CONTINENTAL EUROPE (3) (6) (3) (4) (3) High Alpha Core Core High Alpha Core (2) (4) (6) Stewardship Income Research SMALL CAP (5) (3) UK Continental Europe Source: F&C Asset Management plc as at 31/12/04. 24
  25. 25. Pan-European Equity Team Competitive advantages Structural change from institutional : retail at ISIS to new core : high alpha mix positions the team more strongly 10 teams (max size 6 people) within Pan-European Equity rather than one very large mass More accountability, transparency and visibility in the investment management decision-making process Best of breed approach to research analyst & fund manager roles: 26 sector specialists of which 6 are career analysts Head of P-E Equities Richard Wilson (ex Gartmore) is very confident about attracting new business 25
  26. 26. F&C’s Highly Resourced UK Equity Team Years in Years at Name Title Industry F&C Richard Wilson Head of Pan European Equities 17 1 Robin Woodall Head of UK Core Equities 22 9 Chris Rew Fund Manager, UK Core Equities 18 8 Julian Cane Fund Manager, UK Core Equities 13 12 John Hayes Fund Manager, UK Core Equities 19 4 Martin Smith Fund Manager, UK Core Equities 19 4 Roger Jones Fund Manager, UK Core Equities 4 4 Jamie Hooper Fund Manager, UK High Alpha 10 10 Derek Mitchell Fund Manager, UK High Alpha 23 21 Michael Gifford Fund Manager, UK High Alpha 21 1 Ted Scott Head of Stewardship 23 21 Hilary Aldridge Fund Manager, Stewardship Funds 7 4 Rodger McNair Head of UK Equities (Edinburgh) 18 15 Richard Bell Fund Manager, UK Equities (Edinburgh) 11 6 Gary Thomson Fund Manager, UK Equities (Edinburgh) 9 9 Julia Clark Fund Manager, UK Equities (Edinburgh) 8 5 Sandy Fleming Head of UK Small Cap 40 9 Catherine Stanley Fund Manager, UK Small Cap 13 4 Peter Ewins Fund Manager, UK Small Cap 15 9 Stephen Grant Fund Manager, UK Small Cap 21 8 Mike Willis Fund Manager, UK Small Cap 13 4 AVERAGE YEARS OF EXPERIENCE 16 8 Source: F&C Asset Management plc as at 31/12/04. 26
  27. 27. UK Equity Team Competitive advantages c.350 years of investment experience for F&C’s UK team of 21 professionals Average of half their career – 8 years each – at F&C Strong continuity for FP UK Equity Fund managed by Martin Smith since 2002 Two-thirds ex-ISIS, one-third ex-F&C 27
  28. 28. Equity Investment Philosophy We view all companies as potential investments Style F&C’s style is active and pragmatic Beliefs Independent fundamental research is the key to identifying investment opportunities We believe in a team based approach We are bottom up stock pickers F&C is not hampered by a dogmatic style 28
  29. 29. Equity Portfolio Construction Overview Combining investment idea generation with risk management Research – Stock Research Analysts – Economics and Strategy Sector and – Risk Management Stock Research A continuous assessment process Informed team debate a critical ingredient Fund Managers Stock Selection & Portfolio Construction Risk Strategy Management Team Macro- Economic View (GTAA) A highly collegiate approach…with onus on fund manager to outperform 29
  30. 30. Research - Lies at the Heart of Our Investment Process 3 stage process Industry assessment and franchise Industry Assessment ‘The Company’ & evaluation (qualitative) Franchise Evaluation Financial analysis & valuation (quantitative) Financial Analysis Tactical assessment ‘The Share Price’ & Valuation Recommendation and communication ‘The Timing’ Tactical Assessment Recommendation ‘The Decision’ & Communication Prolific idea generation is the key to delivering business winning performance 30
  31. 31. What differentiates F&C? Competitive advantages - equities Not dogmatic: We are not bound by ‘value’ or ‘growth’ investment styles, hence we do not expect portfolios to experience long periods of underperformance. Every stock is a potential investment. Practical approach: The result is an active and pragmatic approach to fund management in which we view all companies as potential investments. Fair Value driven: We focus on determining a “fair value” for each company, hence our style is not a driver of our process, but a result. In this way, we aim to provide consistent performance in all normal market environments. 31
  32. 32. Section III - Bottom Up Investment Process Fixed Interest Government & Corporate Bonds 32
  33. 33. Friends Provident Managed Pension Fund Fund size: £2.8bn Cash Property 1.1% 6.6% UK Equities Fixed Interest = 10% Overseas 55.2% Equities 27.1% Government Bonds = 6% Corporate Bonds = 4% Fixed Interest 10.0% Source: F&C Asset Management plc as at 31/05/05. 33
  34. 34. Government Bonds Team summary Years in Years at Name Title Industry F&C Jacob de Wit Head of Fixed Income 11 0 Helene Williamson Head of Emerging Debt 28 10 Helen Roberts Head of Government Bonds 17 6 Paul Grainger Director, UK Government Bonds 10 2 Philip Chow Fund Manager, UK Government Bonds 11 0 Alex Dale Fund Manager, UK Government Bonds 7 3 Lionel Oster Director, European Government Bonds 9 8 Antonio Serra Assistant Director, European Government Bonds 8 6 Henry Hunt Director, Global Government Bonds 19 19 Jose Salinas Investment Analyst 2 2 Average Years Experience 12 6 Team has specialist skills in quant and qualitative areas 34
  35. 35. Investment Philosophy Challenging the consensus US GDP Growth: Consensus and Actual Markets “price in” what investors expect to happen but ... % 6 … investors are often wrong and bond markets 5 often overshoot! 4 Our approach is to anticipate these “errors” by 3 the application of in-house economic fundamental and quantitative tools 2 1 0 2000 2001 2002 2003 2004 Start of Year Consensus Actual GDP Growth Source: Consensus Economics F&C measures consensus and establishes its own macro-economic view 35
  36. 36. Investment Process Process Stages Stage 1 Stage 2 Stage 3 Research & Forecasting Portfolio Construction Portfolio Analysis Model portfolios Performance Fundamental and measurement quantitative Research Scenarios & Out-performance Portfolio Performance Forecasts objective attribution How do we deviate from the Risk parameter Risk analysis Consensus? One clear, repeatable process, consisting of three stages 36
  37. 37. Corporate Bond Team Name Primary Sector Years in Years at industry F&C Patrick Hendrikx Head of Credit 11 3 Ian Robinson Head of Credit Strategy 13 3 20 specialists on corporate Rebecca Seabrook Director, UK Credit 9 4 bonds – one of the UK’s largest Adam Mossakowski Ass. Portfolio Manager 4 1 teams Han Altink Portfolio Manager, Financials 23 5 Dominique Dijkhuis Portfolio Manager, Consumers 7 4 c.240 years experience within Tjomme Dijkma Portfolio Manager, Financials 9 9 the team – average 11 years Mario Hooghiemstra Portfolio Manager, Utilities 15 5 Cor Moons Portfolio Manager, Industrials 16 5 each Judith van der Ven Portfolio Manager, TMT 10 10 Paul Allen Credit Analyst, Financials 5 3 Strong mix of dedicated career Holly Barton Credit Analyst, Consumers 8 1 analysts and portfolio managers Heinie Hakker Credit Analyst, Financials 20 1 Henri Jongschaap Credit Analyst, Industrials/TMT 15 1 Sven Scholze Credit Analyst, Utilities 1 1 Fatima Luis Portfolio Manager – Retail 8 6 Kevin Mathews Credit - Head of High Yield 23 1 Roman Gaiser Euro HY Portfolio Manager 10 5 Guido Billstein Credit Analyst, - High Yield 13 1 Arjuna Rajasingham Credit Analyst - High Yield 4 1 Average Years of Experience 11 4 One of the most experience and largest teams in Europe 37
  38. 38. Corporate Bonds Investment philosophy We believe that investors process Stage 1 Stage 2 Stage 3 company information inefficiently Allocation to Non- Allocation to Stock Selection Government Bonds Sectors In the short run, securities may be temporarily mis-priced Through fundamental credit analysis we identify under and over-valued Model Portfolio securities Stage 4 Risk Control F&C has never held a corporate bond downgraded to junk 38
  39. 39. What differentiates F&C? Competitive advantages - bonds Scale: Actively managing fixed interest portfolios is a core competency at F&C and to reflect this over £70bn is invested in government bond and corporate bond funds. People: Our fixed interest fund managers are amongst the most experienced in the industry. With extensive experience constructing portfolios to meet the risk/return needs of a wide variety of clients, we are ideally positioned to meet the growing demand for specialist fixed income management. Process: We blend qualitative and quantitative approaches to analysing both markets themselves as well as the expectations of other market participants. This provides a robust and disciplined framework for investment decision-making and we believe that the strength of our long-term performance record fully justifies our confidence in the effectiveness of our process. 39
  40. 40. Section IV – Fund Performance Review 40
  41. 41. Fund Performance – Managed Pension Fund Friends Provident Managed Fund 20 15.4 14.6 15 10 6.5 6.2 6.2 6.2 4.5 3.7 5 0 -1.2 -5 -2.9 3 Months YTD 1 Year 3 Years 5 Years Percentile: 11th 34th 33rd 52nd 93rd Friends Provident Managed Fund Balanced Managed Sector Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised. 41
  42. 42. Fund Performance – UK Equity Pension Fund Friends Provident UK Equity Fund 20 17.2 16.4 15 10 7.7 7.2 7.1 6.8 5.1 5 3.9 0 -1.8 -5 -3.6 3 Months YTD 1 Year 3 Years 5 Years Percentile: 8th 33rd 38th 46th 83rd Friends Provident UK Equity Fund UK All Companies Sector Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised. 42
  43. 43. Fund Performance – Overseas Equity Pension Fund Friends Provident Overseas Equity Fund 20 15.8 15 13.8 10 6.0 6.3 4.2 4.1 4.4 4.5 5 0 -5 -5.2 -6.7 -10 3 Months YTD 1 Year 3 Years 5 Years Percentile: 47th 61st 33rd 52nd 71st Friends Provident Overseas Equity Fund Global Equities Sector Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised. 43
  44. 44. Fund Performance – Fixed Interest Pension Fund Friends Provident Fixed Interest Fund 12 10.9 10.8 8 7.0 7.2 6.4 5.8 4.7 4.3 4.0 3.9 4 0 3 Months YTD 1 Year 3 Years 5 Years Percentile: 32nd 39th 49th 31st 10th Friends Provident Fixed Interest Fund UK Fixed Interest Sector Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised. 44
  45. 45. Fund Performance – Stewardship Managed Pension Fund Friends Provident Stewardship Managed Fund 20 15.4 14.6 15 10 7.8 5.9 6.2 6.2 5 3.6 3.7 0 -0.9 -1.2 -5 3 Months YTD 1 Year 3 Years 5 Years Percentile: 65th 68th 32nd 10th 38th Friends Provident Stewardship Managed Fund Balanced Managed Sector Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised. 45
  46. 46. Fund Performance – Stewardship Pension Fund Friends Provident Stewardship Fund 20 17.4 16.4 15 10.9 10 6.8 7.2 6.8 5 3.3 3.9 1.0 0 -1.8 -5 3 Months YTD 1 Year 3 Years 5 Years Percentile: 67th 62nd 36th 10th 13th Friends Provident Stewardship Fund UK All Companies Sector Source: Lipper Hindsight. Basis: total return to 24/06/05. 3 and 5 years are annualised. 46
  47. 47. Section V - Conclusion Why Recommend F&C? 47
  48. 48. What differentiates F&C? Competitive Advantages – Scale and Size The second largest active UK manager - allows excellent access Highly resourced teams - around 200 investment professionals, with one of the largest P-E equity (39), fixed interest (33) and property (30) teams in the UK Very stable management post-merger F&C is one of the largest and most well resourced UK managers 48
  49. 49. What differentiates F&C? Competitive Advantages – Investment Process Equity process is not bound or constrained by value/growth style - driven by Fair Value Bond process driven by highly robust and disciplined quant and qualitative approach Competitive advantage comes from F&C’s dedicated proprietary research capabilities – having superior access to companies is very important F&C does not impose style on fund managers – this flexibility maximises performance prospects 49
  50. 50. Contact Details Head Office United F&C Asset Management plc, Exchange House, Primrose Street, London EC2A 2NY, United Kingdom Tel: +44 (0) 20 7628 8000 Kingdom Authorised and regulated in the UK by the Financial Services Authority Investment Offices United F&C Asset Management plc, 80 George Street, Edinburgh, Scotland, EH2 3BU, United Kingdom Tel: +44 (0) 131 465 1000 Kingdom Authorised and regulated in the UK by the Financial Services Authority F&C Asset Management plc, Park Lodge, London Road, Dorking, Surrey, RH4 1QP, United Kingdom Tel: +44 (0) 1306 651800 Authorised and regulated in the UK by the Financial Services Authority Ireland F&C Ireland Limited, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland Tel: +353 (0) 1 436 4000 Authorised in Ireland by the Irish Financial Services Regulatory Authority under the Investment Intermediaries Act, 1995. Netherlands F&C Netherlands B.V., Gatwickstraat 1, 1043 GK, Amsterdam, The Netherlands Tel: +31 (0) 20 582 3000 Regulated in the Netherlands by the Autoriteit-FM. Portugal F&C Portugal, S.A., Av. José Malhoa, Lote 1686, 1070-157 Lisboa, Portugal Tel: +351 (0) 21 003 3200 Regulated in Portugal by the CMVM and the Bank of Portugal. Marketing & France F&C Management Limited, 11 Place des 5 Martyrs du Lycée Buffon BP 148, 75664 PARIS, Cedex 14 Tel: +33 (0) 1 43 22 13 66 Client Services Authorised and regulated in the UK by the Financial Services Authority Germany F&C Management Limited, Niederlassung Deutschland, Mainzer Landstr. 49/49a, 60329 Frankfurt Tel: +49 (0) 69 308 55 098 Germany. Authorised and regulated in the UK by the Financial Services Authority United States F&C Management Limited, 30 Rowes Wharf, Suite 540, Boston, MA 02110, USA Tel: +617 426 9050 Authorised and regulated in the UK by the Financial Services Authority www.fandc.com for professional investors only PRIVATE & CONFIDENTIAL Past performance should not be seen as an indication of future performance. The value of investments and income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. The information, opinions estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time. F&C Group Companies may from time to time deal in investments mentioned herein on behalf of their clients. The source of information in all graphs is F&C unless otherwise stated. Issued and approved in the UK by F&C Asset Management plc, 80 George Street, Edinburgh, Scotland, EH2 3BU, United Kingdom. Authorised and regulated in the UK by the Financial Services Authority (FSA) ® F&C, F&C Monogram, FANDC, FandC and fandc are all registered trade marks of F&C Management Limited © Copyright F&C Asset Management plc. 2004. All Rights Reserved. Neither this document nor any part of it may be reproduced by any party whether by photocopying or storing in any medium by electronic means or otherwise without the prior approval of F&C Asset Management plc. 50

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