tag:blogger.com,1999:blog-14372047288701658142024-02-19T04:48:40.341+00:00Matt Bird Investment BlogMatt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.comBlogger75125tag:blogger.com,1999:blog-1437204728870165814.post-5223135644275825432024-01-01T19:44:00.007+00:002024-01-03T20:34:12.960+00:002023 Review<div><b><u>Performance & Holdings</u></b></div><div><br /></div>2023 proved a positive year for most equity markets. My ISA share portfolio finished up a pleasing +19.11%. A few comparators: my original benchmark the FTSE Allshare finished up +7.92%, the S&P 500 finished up nominally around +24.23% but in sterling terms approx. +19.30%. Warren Buffett's Berkshire Hathaway was up +16.10%, Fundsmith Equity +11.30%, Lindsell Train Global +6.30% & the Nasdaq 100 an eye popping +53.8%.<div><br /></div><div>Performance in 2023 depended to a large extent on how much exposure one had to American tech stocks as these mostly rebounded sharply during the year. Handily my portfolio contained quite a few such holdings that were up over 50%. </div><div><br /></div><div>Top 5 performers were: Meta Platforms +186.76%, Restaurant Group +107.40% (take over), Intel +87.99%, Adobe +77.83%, Amazon +77.04%.</div><div><br /></div><div>Bottom 5 performers were: Estee Lauder -41.84%, Future Plc -40.14%, British American Tobacco -31.28%, Diageo -20.75% & PayPal -17.66%.</div><div><br /></div><div>Current holdings breakdown below:</div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjzFPqmHDzggnxoa4bhsus9TxaedgHi0JgIjw4lHX-vlDtv7cIl5buXVHOHDGBp607hhed2bCeDm-nUy1UqjWgoWkH4rVondaFlrtL_6U5BT-AHFLRzNh_uIcrHu2krOTCs3bGnjYbieZi5oiE1elyVVqSiQC0ffu8YAHa-pNm1W3uxnqnPQHia-r3W9eEQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="1177" data-original-width="483" height="1043" src="https://blogger.googleusercontent.com/img/a/AVvXsEjzFPqmHDzggnxoa4bhsus9TxaedgHi0JgIjw4lHX-vlDtv7cIl5buXVHOHDGBp607hhed2bCeDm-nUy1UqjWgoWkH4rVondaFlrtL_6U5BT-AHFLRzNh_uIcrHu2krOTCs3bGnjYbieZi5oiE1elyVVqSiQC0ffu8YAHa-pNm1W3uxnqnPQHia-r3W9eEQ=w427-h1043" width="427" /></a></div><br /><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhzjD5F8pI_JiTe9jGibuVVASMlnTBj0AMANDVQD3nL5zH7zdLQtkInmqOa97kxH_PBfRZTU4oPV5D8WxjqN5bVUmFZCl58JfNa2d7F5CYgvHskcaKp2G8m-lLHGA1y6h8TVv2F45Mfrt7ZO_CRuZG0Mu7WYoxkjVXmQt6JHxP1TreeQe8bC083YOk0SMWK" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="385" data-original-width="555" height="356" src="https://blogger.googleusercontent.com/img/a/AVvXsEhzjD5F8pI_JiTe9jGibuVVASMlnTBj0AMANDVQD3nL5zH7zdLQtkInmqOa97kxH_PBfRZTU4oPV5D8WxjqN5bVUmFZCl58JfNa2d7F5CYgvHskcaKp2G8m-lLHGA1y6h8TVv2F45Mfrt7ZO_CRuZG0Mu7WYoxkjVXmQt6JHxP1TreeQe8bC083YOk0SMWK=w514-h356" width="514" /></a></div><br /><b><u><br /></u></b>My pension which is a mix of active and passive funds delivered a relatively disappointing return of 11.76%. The active funds generally did not merit paying their extra fees. Also being relatively underweight the US (c. 40% of portfolio vs 70% for the MSCI World) was a drag on returns. I do have a fully passive model available that I could switch to that broadly tracks the MSCI world index, but switching to this now would mean increasing the concentration in some highly rated US tech stocks which I mention later in this post. <b><u><br /><br />New Positions & Takeovers</u></b></div><div><br /></div><div>During the year I took advantage of favourable valuations and instigated new positions in YouGov & Adyen, both of which are up significantly since purchase. Unfortunately I didn't get a chance to build a meaningful stake in either before their share prices rebounded. <br /><br /></div><div>Activision Blizzard and Restaurant Group were both bought out during 2023. I made a tidy profit on the Activision holding but didn't fare so well with Restaurant Group. Although it was up considerably during the year I lost around 33% on my average purchase price. </div><div><br /></div><div>Apparently the bid for Restaurant Group had 93.5% shareholder approval, I enquired how I could vote against it through my broker but they were incredibly unhelpful and as a consequence I did not get to cast that vote. To my mind the Wagamama brand alone was worth considerably more than the amount paid. The buyers, Apollo Global Management, stand to make a fortune from this purchase as they continue to execute the global rollout of Wagamama.</div><div><br /></div><div>A few points to note regards the Restaurant Group holding - 1. Management had minimal skin in the game (less than 1% of shares). 2. They were clueless from a capital allocation perspective. After reading one annual report I wrote to them enquiring why, if earning 40% estimated ROIC from a new Wagamama restaurant and 20% estimated ROIC from a new pub, did they bother to fund any of the latter? Surely all capital should be diverted to the Wagamama brand which was the only one they had with global potential. Their reply was nonsensical. 3. The company had excessive debt after the Wagamama purchase & was hit for six by Covid 4. Dubious managerial track record - Andy Hornby was at the helm of HBOS before they collapsed during the credit crisis. To summarise, plenty of red flags here and I should have known better! </div><div><br /></div><div><b><u>Valuation Concerns</u></b></div><div><br /></div><div>I am concerned about the valuations of some of my US stocks after their amazing run in 2023. Costco has a forward PE ratio of 42.2x, the shares are up 104% since I bought my holding in 2021, earnings are up too, but by nowhere near as much the share price growth. Adobe = 33.3x, Apple = 29.3x, Microsoft = 33.6x, Amazon = 56.5x, Netflix 39.8x. These holdings also look expensive through the lens of free cash flow yield. Adyen now looks expensive too after shooting up 68.5% since purchase only a few months ago.</div><div><br /></div><div>I would not consider topping up any of the above holdings at these valuations despite reasonable long term underlying earnings growth prospects for most of them. The question is, should I sell any? I have a buy checklist that contains valuation ceilings. When I bought these holdings they all met my valuation criteria, but now none of them do. I'm quite comfortable with my purchase discipline, but need to work on defining my hold and sell strategies. As a rule of thumb I prefer to buy and hold for the long term, so I allow reasonable headroom even when stocks start to look expensive, but if valuations get too ridiculous and holding ceases to make sense I should have a definitive exit strategy, which I'm currently lacking. If anyone reading has any views on this topic, feedback is always appreciated. I'll leave my twitter handle and email at the bottom of this post.</div><div><br /></div><div>Fortunately, unlike in late 2021 when everything seemed expensive, there are plenty of areas of the market which still look appealing. Consumer brand companies such as PepsiCo, Diageo, Unilever & Starbucks seem reasonably priced. Also many areas of the UK market seem cheap, with a few decent business trading at single digit forward PE ratios including British American Tobacco = 6.1x, IG Group = 8x and Future PLC = 6.6x, thus there are still opportunities to deploy cash. </div><div><br /></div><div><b><u>Paying Dividends</u></b></div><div><br /></div><div>Some of the dividend yields within the portfolio have become mouth-watering. British American Tobacco has a forecast dividend yield of 10.2% which is well covered by earnings, Imperial Brands = 8.4%, Legal & General = 8.3%, IG Group = 6.1%, Philip Morris = 5.4%, Moneysupermarket.com = 4.3%, Unilever =3.9%, Diageo 2.9%, PepsiCo = 2.9%. </div><div><br /></div><div>All of these businesses have a good long term track record of growing earnings per share and dividend payments, and have the capability to keep growing said earnings and dividends over the longer term at least in line with inflation.</div><div><br /></div><div>I do enjoy receiving dividends, but when analysing businesses they are of secondary concern. It's worth noting that some of the growth stocks I hold could ultimately become good dividend payers too when they finally run out of reinvestment runway. Alphabet and Meta for instance both trade at a forecast free cash flow yield of 5% for 2024. They could both pay a sizable dividend now if they wanted to, but they both have plenty of avenues to reinvest for growth and I am more than happy for them to chase those before distributing capital. My Alphabet shares are up +492% since purchase showing that while it is nice receiving a dividend, the best businesses are often ones that don't pay them. </div><div><br /></div><div><b><u>Options</u></b></div><div><br /></div><div>I tried to open up an options trading account during the final months of 2022. The rationale was to buy some long dated, out of the money Meta Platforms call options as the stock was trading at what I thought was a bargain valuation at the time (11% fc free cash flow yield in November 2022). Unfortunately the account took a long time to set up and the share price had rebounded quite a bit by the time I was able to buy, so I failed to place the trade. A shame as those options would have made a huge profit, potentially doubling my return during 2023 from a relatively modest premium. Luckily I did top up on Meta shares at the time and have benefitted, but not to the same extent as I would have if I'd purchased the options.</div><div><br /></div><div>Options are probably the closest thing to traditional betting available on the stock market. If you buy call options and they don't hit the strike price determined at outset you lose all of your initial premium (stake), hence they should be viewed as gambling rather than investing. Notably though, a few prominent investors have been known to use options to enhance their returns, including Joel Greenblatt and Warren Buffett himself. They both argue that the Black-Scholes options pricing model that is used to determine option prices is flawed, especially for longer dated options. Below is a transcript of Buffett talking at Berkshire's 2003 annual meeting:- </div><div><br /></div><div>"Black-Scholes is an attempt to measure the market value of options, and it cranks in certain variables. But the most important variable it cranks in that might be subject -- well, might be a case where if you had differing views you could make some money -- but it's based upon the past volatility of the asset involved. And past volatilities are not the best judge of value."</div><div><br /></div><div>As Buffett explained, this "mechanical system" for pricing options, which fails to consider some essential variables, can lead to some "silly results," especially over long periods. This can offer opportunities for those investors who're prepared to wait:</div><div><br /></div><div>"We made one -- as I mentioned last year -- we made one large commitment that basically was -- had somebody on the other side of it using Black-Scholes and using market prices -- took the other side of it and we made $120 million last year. And we love the idea of other people using mechanistic formulas to price things, because they may be right 99 times out of 100 but we don't have to play those 99 times. We just play the one time when we have a differing view." </div><div><br /></div><div>I have now purchased a few long dated call options in PayPal and Disney as an initial experiment, with differing expiry dates. So far the options in aggregate are in profit but not to a huge extent. I will comment on these again next year. </div><div><br /></div><div>I do not intend to use options to hedge at all (hedging is one of their uses), instead I will just use them occasionally to try and boost returns when I think that one of my holdings is looking ludicrously cheap and I am expecting a surge in the stock price. Initially while I am experimenting with them I will only fund premiums from new savings/income and will keep records separately from my investment portfolio. I expect over half of these contracts to expire out of the money, but if I can occasionally realise the return Meta options would have achieved this year (a circa. 20-1 return) then dabbling may prove worth the effort. </div><div><br /></div><div><b><u>2024</u></b></div><div><br /></div><div>As always I have no idea what the year ahead has in store for us, but I think the levelling off of interest rates is a positive factor, as are the stabilisation of oil, gas and electricity prices. It is possible we may see interest rate cuts during 2024. I would welcome cuts to some degree but believe it would be foolish for central banks to revert to the near zero interest rate policies we've experienced in recent past. </div><div><br /></div><div>All the best for 2024, if anyone has any queries, please contact me via twitter @mattbird55 or via the comments section of the blog or at mattbird55@hotmail.com </div><div> </div><div><br /></div><div><br /></div><div> </div><div><br /></div><div> </div><div><br /></div><div> </div><div><br /></div><div> </div><div> </div><div><br /></div><div> </div><div><br /></div><div><br /></div><div> </div>Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-42825126714425521842023-01-03T16:43:00.003+00:002023-08-15T16:32:55.846+01:002022 Investment Review<span style="font-family: georgia;"><span style="font-size: small;"></span></span>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">2022 proved a painful year from an investment
perspective. My ISA which mostly holds direct equities fell -13.19%. In nominal
terms the portfolio fell more than my day job's net earnings for the year, a
sobering thought. I don't have good data prior to 2011 but this has to be the worst
year I've had since the credit crisis (2007/2008) both in nominal and relative terms.
The FTSE Allshare Total return which has been my benchmark did a much better
job at preserving capital, putting in a positive return of +0.34%. Its high
weighting in natural resource companies helped the index to stay in positive
territory.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The US S&P 500 index wasn't so good losing
-18.11%. Warren Buffett's Berkshire Hathaway finished up c. +3.17% for the
year. The Nasdaq index delivered a woeful <span style="mso-spacerun: yes;"> </span>-32.54%. Terry Smith's Fundsmith Equity
fund fell -13.8%. </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Last year I commented that irrational optimism
seemed to be gripping the market, mentioning speculation in high beta stocks as
well as cryptocurrencies and SPACs etc as signs that things were getting rather
frothy. These areas have certainly all come down with a bump during 2022 in the
face of inflation, war in Europe & rising interest rates, neatly demonstrated
via a graph of Cathie Wood's popular ARK Innovation ETF plotted against
Berkshire Hathaway. Rationality has returned, the tortoise vanquishes the hare.
</span><span face=""Arial",sans-serif" style="font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="mso-no-proof: yes;"><img alt="" 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5aQ+8EPsD75hOzf/z2Zn/8cfe9etJYWrI8+Iv3yy1gffoh26BDWggWora1YH3+M0t9PyunEXLCAzC9/ibloEeaCBaQePMCcOxclHCYJJNetI/N//g+Z3/6WzM9+hnbkCPq2bcXPv3hx6Q5jMhrFWriwKJsnTpAoFMZ00UiZE1cYpMyJyVfKnDiulDkxIWVOLPv7JnP2osGtra2sWLGChw8foigKu3btIh6Pl9ab27VrF+l0miNHjnD//v3Ry1xPTw9nz54lGAzicrkYDIcJHTyI9u67qH/4A/EVKwhcvYozlSIyYwaJP/wB/9atKPPmkXrpJbL/9E+k//xnlHnzUH/5SzwPHpCYP5/8f/gPeM+eJbF8OZmf/pTgihX4m5pQf/Mbgvv2kXrpJRIff4zxN39DfM4cvDdvkvsv/wXrgw+wfv97PF1dDEajJF99lcgbb+Dbvh3tRz8ivHIlic2byf3gB0RXrCA5bRrRNWtIvvMOkQ0bUN5+G/fly6iffUb2Bz8gPn06qVdeQXn3XZIffkjyvfdw+f2479whsm0b2Z/8hOTHHxNbtAjlnXeIL1qEMx5nMB4nuGoV1n/9ryRmzya6di2pV18l9fLLeO7exXP5Mq6BAQZDIXxtbSi/+x2hxYtRXn+dwVAI19CaNN81yhffdI/yPb6P3P7+fuFcewFKkVybXb4ApUi22+0uLfo5lfK1Fw2eClyHw1FaVFbkOa5E/XC5XDidTuH5VpI7ODjIw4cPhTLtqET9sMOu2X19fROuZnu9Xtrb20d8Zq6uro47d+6QyWRobm6mpqaGa9euEQ6H2b179/gtGnz58mXMob1K44UC5syZGFu2YC5cSP4//keUnh7igDp9OsbChSguF5nf/Y70q69iTZ+OsXs3el0d6d/9DmXojlf2F7/AnDEDbe9ezHXryPzf/4t2+DDp115DbWoi/eqrmJ98QvZv/gZz2TKUx4/J/uQn6AcPYqxfTzIeJ2GaGC+/TPLIEeKA9e67ZP/qr7BmzCDzL/+CuWwZ1uuvYy5ejDVnDnpVFdbHH2P9+c9Ys2aR/fGP0evqyP7gBxhffknmH/8RY8sW4oBWXU3m5z8n/cYbmLNno168SPaHPyR1+zYJyyKRz6OsWUPuP/0njM8/R9+8Geu990i/8w7a4cNo9fUkg0ES2SzG8uWkX3kFfcMGMj/+Malr10h8y96vzzL7SvyGW2mu6DtkiqJU7M6coiilO3OVYLtcYn+zVhSldGeuUvlGo9GKcUXnXIk7c5WqH8lk5e/MiWTa3Kl4Z86u2ZW4M2fX7GfVsHg8TiQSIRaLPTWbtbq6mo6ODvx+P9XV1QDs37+fu3fvUltbSy6X49ixY9y9e3dsMmcvGqwoCophoHZ3k373XaxlyzB27ChOeMhkiO7Zg/n226Q//BCjuholFsOaPp30u++iXbuGuX07qUAA/fBhtPPnMXbtwly1CmvmTIzdu0n192Pu2IF6925RAA8exFy5Ev3oUZKWhb5nD+l33sHYtQvFNEmZJsr27cQuXiSVzaLX1GBu2IA1axbmkiXoDQ2Ya9dibtiAcfQoWksL+sGD6IcPY82Ygbl0KdrVq5jLl6NduYKxeTPqnTsomQzqgwekp0/HWrAA48ABtGvXyPzudyiJBIqmkcpkiDY2Ysyejd7UhHb+PPqxY2gXLpB+802MHTtQdJ1UPI65YQOpQIAkoDc0oJ86hWK353eMSi/eKxcNFrcApVw0WFy+ctHgF3+O5aLB4ri2vIoOuWjwsxcNTqVS6Lr+1ASIXbt2cffuXRRFoba2lgsXLlBbW0soFKK5uZmGhgbq6+tLa8+Nj8wlk8XZm4UCyVyuOBFA10kpCq5wmFguh5LPk8xmUTSteFyhgGKaJHM5lFSqKDLpNMlstvQepeOzWRRdL/6ZyRS/d4idzGaL75fNlhowqKp4w2HUVKr49aHJGPb3JXO54v+n0yimWXzPofdNFgqlXEqfzzCKOep68bk4IJnPYy5YUJTKTKbITqVwh0JEs1lSmQyKZRU/p2U98Rntz63oOkoyWfx+0ywyRnnRSJkTVxikzInJV8qcOK6UOTEhZU4se6LLnB3DzWYNh8OlyQ2JRIL29nZisRgA6XSazs7O0r/HT+ae4ySKakh70WCfz/difwgkkyWJLWfL7bzEcaXMiQkpc5OfK2VOTEiZE8ue6DKnaRrpdJp8Pk9zc/OoZ6ZKmRtrpFLFKGNLmRPHlTInJqTMTX6ulDkxIWVOLHsiy5ymaTidTlpaWmhpaWHPnj2VWzR4ysvcMGwpc+K4UubEhJS5yc+VMicmpMyJZU9kmbO//vDhQzo7Ozl8+DCGYUiZK28gKXNTgytlTkxImZv8XClzYkLKnFj2RJY5+xjDMMhkMpw5c+aJZ+ay2SzpdJpMJoPb7S797MlmswB4vd4xyZ+UuW9hS5kTx5UyJyakzE1+rpQ5MSFlTix7osucHd/cASIcDvPVV1/x4MEDNE2jubmZ48ePs2rVKmKxGJcvX2bPnj0cPHjwCQGUMjeObClz4rhS5sSElLnJz5UyJyakzIllT3SZS6WeXJrE3gHi4sWLrFix4ok15G7evElLSwumaVJVVUU6naahoWF8d4B41srPnZ2dOJ1OYasvezwe+vr66O7uFr5yvL2iuegV3Cu5E0NXV9eU41ZyB4ienp6K7Ihg92OR+fb29lZsB4hK9ONKch0OB52dnVOibrlcxZ0YROdrcyu1A8SjR4+EMu2YCDtATMRde7xeLx0dHTQ2NnL8+PFhd4C4desWUFyKpLq6GlVVSaVS7Ny5c/x3gEgkEiNGMplkcHCwtJL6s44dr1CU4srxHo+n9BuJqFCU4krXkUhEWL7l3HA4PKW4oVBIONftdgvn2myfz1daTVwku7wfi8zX7/fj9Xorlq/oflxJbiQSKe0QIPIcV6J+JBIJotGo8HwTiQSxWKxiXKfTKZRpRyXqhx12zQ4GgxWr2SPVsGSyuBNJOBwmGo0+tQNETU1NSeZ6e3s5evQoAIqiUFVVRT6ffwE7QDzH7VU5zPriuXKY9cVz5TCruHzlMKs4rhxmFROJhBxmFRnfl2FWwzCeWjR4586dpbtu58+f5+LFiwDk83mampo4cuTIC9gB4jlOopS5F8+VMvfiuVLmxOUrZU4cV8qcmJAyJ5b9fZA5TdMwTZPTp08/IXOhUKi0iLDtUPYrnU7z8OFDIpHIqEROytxzsKXMieNKmRMTUuYmP1fKnJiQMieWPZFlLpVKEYlESs8SHjt2DF3XRy1nUubGmS1lThxXypyYkDI3+blS5sSElDmx7Iksc5qm0d/fz6lTpzh58iR1dXVyB4hvNqCUuanBlTInJqTMTX6ulDkxIWVOLHsiy5x9jGmaZLPZpxYNljInZW7KcKXMiQkpc5OfK2VOTEiZE8ue6DJnR/miwfYrl8uV7tTlcjk8Hk/pGbpCoYDf78c0TSlzL4otZU4cV8qcmJAyN/m5UubEhJQ5sezvo8wVCgWi0SgbN26kvb2dQqHAmTNnOHXqFMePH0dRFC5fvkx9ff347QCRyWRKU2uHC1VVSyfRXuzuRYemaSWZ0zRNCLOcbcucqHzLudFodEpxI5GIcK4tcyK5NtuWOdHXdXk/FpmvLXOVyld0P64k15a5qVA/UqlUSeZEc5PJZEW4tsyJZNpRifphh12zw+FwxWr2SDXMFl1VLe7Pevr06dIOEC0tLSxfvpyHDx8Sj8fZtWsX7e3t9Pb2oigKO3bswLIsGhoaaG9vH73MyR0gRmbLHSAmP1fuACEmX7kDhDiu3AFCHFfuACEuJkLN/rYdIE6cODHiDhAdHR34/X6++OILbty4wd69e+nt7aW2tlbuAPGi2S6X3AFCFFfuACEm5A4Qk58rd4AQE3IHCLFsu2ZPxB0g7PMSCoWIRCKcOHHiiaVJampq6OjoIBAIUF1dDcD+/fu5evUqdXV1pR0g7ty5MzaZk8/MDc+Wz8yJ48pn5sREeT8Wma98Zk4c91nPzGmaRuoFnAP5zJxYrssln5kTzX6eRYPLh1m/uQPE7du3SafTHD58mBMnTlBbW0s8Huf06dMcPXqUuro64vG4lLkXwZYyJ44rZU5MSJmb/NyRZE5VVYJeL/EX8JmkzInlSpmbeDJnx3CzWQOBAIqiAKCqKu3t7cRiMQAsy6Kjo4NwODwqkZMy9xxsKXPiuFLmxISUucnPHUnmsvk8+9av535bG+a31PvRnGMpc+K4UuYmnsxpmkY6nSafz9Pc3FxaekTES8rct7ClzInjSpkTE1LmJj93OJlLqSqGZbHklVfYt349mUJh3M+xlDlxXClzE0vmNE1jcHCQ1tZWWltb2bt375jWjZMyN85sKXPiuFLmxISUucnPHU7mNF0n5Pez9NVXWfnWW6RzuXE/x1LmxHGlzE0smVNVFb/fT0dHBw8ePODw4cMYhiFlrryBpMxNDa6UOTEhZW7yc4eTOcOy6H34kC+nT+fLTz5hsK8P3TTH9RxLmRPHlTI3sWTOPsY0TTKZjNzOa7jGkTI3NbhS5sSElLnJzx1O5qxMhtstLdStWsWRbdtoOXKE7DgOtUqZE8uVMjfxZM6O4SZAQHHbLvtlLyhsv8rXpJMy9wLYUubEcaXMiQkpc5OfO5LMnTtwgDN799K8bx/Hd+4kB+N6jqXMieNKmfv+yFw6nebAgQN0dnYCcPLkSQ4cOMDXX39NNpulvb2d6upqTp06RSaTGZvMtbW1kc1mUVV1xLC30kgmk2ia9sxjxyt0XScSiRAIBNB1XQiznO3z+UgkEsLyLefG4/EpxY3FYsK5fr9fONdmh0IhQqGQ8Ou6vB+LzDccDhMMBiuWr+h+XEluIpHA6/U+wU1nsxzetIlbLS2c3bePE7t2kYdxPceVqB+qqpJMJp/KV0QoilIxrr1Ru+ioRP2ww67Z0Wi0YjV7pBqWSqXQdR3Lssjlcpw5c6Z09+38+fMsWLCAjo4OMpkMmzdvpquri3Q6TTqdpqqqimg0yv79+0vCNyqZ6+np4dy5c4TDYTwez4jh9Xrp6uoqbV3xrGPHK3w+H/39/fT09ODz+YQwy9nd3d0MDg4Ky7ec63Q6pxTX4XAI5z5+/Fg412b39fXR29sr/Lou78dTKV/R/biS3MHBQbq6up7ghiIRti5cSPutWzTW1XFo61Yi8fi4nuNK1A+Pp7i10jfzncxce6s4kUw7KlE/7LBr9sDAwISr2X6/n87OTs6dO8fZs2epr6/HsiwKhQKWZVFbW0t7ezuKorBp0yYaGho4cOAAbrebmpoacrnc+Gzn1draiqZpRKPRESMWi+FwOAiFQsRisWceO14Rj8fx+Xy4XC7i8bgQZjnb4XAQDAaF5VvODQQCwrlOp3PKce27c6K4NtsuyqKv61gsxsDAAKFQSGi+Xq+3Iv3YrluV6seiubFYjGAwiMPhKHFjsRgJRWHtRx8R9Ps5vXcvDdu2oZvmuOcruh/bWygNDAwI78fhcLiiXJHM8vYWXT/smMg1OxaL4ff76evro7+/n6NHjz4xm7Wmpobbt2+TzWZJp9NAcb/WtrY26uvrKRQKnDhxglu3bo1N5q5evSqHWYdhV2KYxObKYdbJybXZz7pl/yJD0zQ8Hk9Fhlkr0Y8rNdxZqfox3DCrbhjEo1G+mjGDVCrF+UOHOLp1K9l8ftzzFV0/NE0jmUzi8XgqNtw51YZZRdcPO+yaHY1OvGFWu20MwyCdTj81m3Xbtm3cvHkTRVE4d+4cd+7cYffu3fh8PhoaGmhtbaWmpga/3z82mWtrayOTyZBKpUYMVS0+4JpIJFBV9ZnHjldomkY4HMbv9xf3FBTALGd7PB7i8biwfMu5sVhMONfr9VaMG41GpwTXZgeDQQKBgPDrWlVV3G43iURCaL6hUKgi/diuW5Xqx6K5qqqW7iLYP2TS2SzugQG2zp2Lput83dDA4c2bSWezpMbps1WqbqmqWpqIILofJ5PJinJFMsvbW3T9sMOu2ZFIZJF7gDEAACAASURBVELXbF3Xn9qbtauri2AwSKFQ4NGjR5w5cwaXywVAPB7n/Pnz9Pb2jkrkpMw9B1vKnDiulDkxIWVOXM6VljlN14mGw7gHBuh79IgdCxeSzmS4eOwYhzZuxMpkpMyNIaTMiWV/n2XuRb+kzH0LW8qcOK6UOTEhZU5czpWWuXQ2y/22NnYtXUpPRwfVn39ODrh84gQHv/wSM50et88mZU48VySzvL2lzA1fwzRNwzRNstkszc3NUua+2ThS5sRxpcyJY0uZE5fvVJW5PNCwdSsr3niDm+fPs3ftWgDaTp1i//r1GJYlZW4MIWVOLHsiy5yu6wwMDHDq1ClOnjxJXV3dmBcCljI3jmwpc+K4UubEhJQ5cTlXVOa8XgDWvPceK998k5M1NRzatAmAa83N7F27Ft00pcyNIaTMiWVPZJlTVZVYLIbX68Xv99PY2Iiu61LmyhtQypw4rpQ5cWwpc+LynYoyFwiFSKVSfPH++2ydN4/dS5fSuGsXADfOn2fPmjXohiFlbgwhZU4seyLLnN029sLBFdubVcrc8Gwpc+K4UubEhJQ5cTlXSuasTIYTdXXM/pd/oXbFCg5++SVr3n2XliNHALh98SJ1q1ahDS2xMJ75SpkTxxXJLG9vKXPffQJEJpN5Yi/WfD5f+nqhUMDtdo/pTp6UuW9hS5kTx5UyJyakzInLuVIylykU2Dx/Pgv+8Af6Ojo4snUrc3/9a25euADAvcuXqVmxAk3TpMyNIaTMiWV/H2WuUCgQDofZsGED9+7dK8nXqVOnqKurA+Drr79mz549HDhwYNR386TMfQtbypw4rpQ5MSFlTlzOFZE5TcNIp9kyfz7tbW0AHN+xg2n/+I88GNoqqP3qVao//xxVVaXMjSGkzIllfx9kTlVVDMPg9OnTpb1ZL168yIoVK7h79y4AoVCIZcuWcejQIQzDoKqqinQ6zZEjR7h///7oZa6np4ezZ88SCoVwu90jhsfjobOzE6fT+czjxjM8Hg99fX10d3eXttIQye7s7MThcAhl29yBgQHh3K6urinH7e/vr8i11dPTw+PHjyt2XYvux729vRXN1+FwVIwr+rr2eL1sXLiQy83NxJNJTu7bx7Sf/5y7168Tjce53tJC1dKlpePHM1/R/djtduN0Okt7lYrkDg4O8ujRI6HMSnLt8/zo0SOh9aOcPVFrts/no6OjgxMnTnD8+HFqa2ufmM1aV1fHnTt3yGaznDx5kpaWFk6ePImqquzatav0/2Pem/XKlStYlkUymRwxFEXB7XYTi8VQFOWZx45XpFIpgsEgXq+39BuJqEilUrjdbqLRqLB8y7mRSEQ41+PxVIwbDoenBNdm+/1+fD6f8OtaURRcLhexWExovoFAoGL5VrIfV4KbSCTYsnAhD65fJ18ocKulhen/9E+4+vvJ5PM8un2bnYsXk0gkUMbpfFSqbimKQiwWw+VyCe/H8Xi8olyRzPL2Fl0/7LBrdigUmnA1W1EUEokEkUiEeDzOyZMnnxgyra6upqOjg1AoxIYNG6ivr2f9+vU4nU52795NPp/n2LFjpbt3o5Y5Ocw6PFsOs4rjymFWMSGHWcXlXBGurhOPx9m2cCGP798nD/R0dDDnV78iEgqRyed53N7OjoULSSaTqON0PuQwq3iuSGZ5e4uuH3ZM9GFW+7EFe5i1XOZ27drFzZs3yefzRKNRWltb2blzJ6Zpcvr0aRoaGqivryeRSEiZexFsKXPiuFLmxISUOXE5V0rmIuEw2xYtYqCrCyubJRoKcaGhgVQqhZlO0/vwIdvnzyeZSEiZG0NImRPLnugyZ8dws1lDoRCqqpb+bVkWsVgMgHQ6zaNHj4hGo6MSOSlzz8GWMieOK2VOTEiZE5dzJbi6rhP0+9m2aBGegQGMoYWBTcsilUphWBYDXV1smzePRCwmZW4MIWVOLPv7IHMj3Zl70S8pc9/CljInjitlTkxImROXc0VkzjDwud1sW7yYoM+HbhjFrw19BsM0cfb2smXOHOJS5sYUUubEsie6zCWTSWKxGIlE4qln5qTMSZkTypUyJ44tZU5cvlNJ5gzTxOtysW3xYmKRCJquP/F13TRxDwywadYsYtHouJ0PKXPiuSKZ5e0tZW74vVn7+/tpbGwcdjarlDkpc0K5UubEsaXMict3ysjc0APY/V1dbF+ypJj/N9pbNwx8LhcbP/2UaDgsZW4MIWVOLHsiy1x5DPfMnJQ5KXNCuVLmxLGlzInLd6rIXDqT4eHNm1QvX07d+vWkM5nS8KodumEQ8Hr5asYMKXNjDClzYtnfB5mTz8w9owGlzInjSpkTx5YyJy7fqSJz2UKBkzU1fPa733Fg82Yy+fzTn0vXCQcCbJg+nUgoJGVuDCFlTiz7+yBzqZS8MzdiA0qZE8eVMieOLWVOXL5TReYy+Ty7ly7lk5/9jINbtw4vc5pGLBJh/UcfER7H60/KnHiuSGZ5e0uZ++4yd/78efr6+shkMly4cIGamho6OjoA6O3tZc+ePVy6dIlCoTA2mbt69Sq5XA5N00YMXdfx+XwoioKu6888drzCMAyi0SjBYBDDMIQwy9k+n49kMiks33JuIpEQzvX7/RXjxuPxKcG12eFwmFAoJPy61nUdr9eLoihC841EIhXpx3bdqlQ/FsXVdZ1cocDKN9/k/X/4Bw5XVZGHp48zDJRkkrUffEAkGMQwzXHNV3T90HUdRVHwer3C+3EqlaooVySzvL1F1w877Jodi8UmZM02DINMJkOhUODs2bPouo5lWVy8eJG5c+dy//59dF0vbXu3Y8cOUqkUNTU1OBwO9uzZQ19f3+hlrqenhwsXLhCPx/H7/SNGIBCgp6cHr9dLIBB45rHjFcFgEKfTSX9/P8FgUAiznN3T04PH4xGWbznX7XYL5/b29laM63K5pgTXZjscDgYGBoRf14FAgMePH+P1eoXnW4l+bNetSvVjUdxAMEg0HmfOb3/Lh//v/7F/2zbiyeSwx/n9flZ/8AHO/n6CQ3dMxytf0fUjEAjg9Xp5/Pix8H5cKa7P5+Px48dCmeXtLbp+2GHX7MHBwQlXs+3P1tbWRltbG/v378eyLHK5HLFYjOrqam7dulWSr9OnT3P48GFSqRS7du0il8uNfW/Wnp4eWlpaSCaThEKhESMcDtPX14ff7y8Z6ouOSCSC2+3G4XAQiUSEMMvZfX19+Hw+YfmWc71er3Buf3//lOPa+7OK4trswcFBnE6n8Os6HA7T29uL3+8Xmq/L5apIP7brVqX6sShuNBbD0d/P4ldf5ZN//mcOVVWhqOqw7RGORFj78cf0d3cTjUbHrZ0HHA7h7Ww/htPb2yu8HwcCgYpyRTLL21t0/bBjItfscDiM0+nk3r173Lt3j0OHDmEYRkm2amtruXnzZunf/f39HDhwgIcPH1JbW0s+n6epqWlsMvddhlnt26tTZZjV6/VWZHjG6/VWZLizUsO7Pp+vIsOsleDa7EoOs3o8nooMswYCgYoNK1eqH4viZnI5uu7c4cvp05n5i19wvKZm+GFWXccwTTbPmkV/ZydWJjNmtqqqZLJZbl+5gt/rHbeh2+c9v4qi4PF4KjLcWUmuSGZ5e4uuH3bYNXsiDrOqqoqu66TTaXK5HM3NzWjaX56Z27ZtGzdv3iSVStHW1obf72fr1q08fvyY/fv3097eTm1tLYODg2OTOTkBYni2nAAhjisnQIgJOQFCXM4iuTngUmMjtcuXM//3v+dEff2wEyBSqopuGOxYtIgHN25gZTJj/nyqpmGYJus++YTr588Xl0QReH7lBAhxISdAjG4CxPXr13G5XGSzWa5evcrBgwe5f/8+AF6vl4aGBu7cuTMqkZMy9xxsKXPiuFLmxISUOXE5i+TmCwUaNm/mxO7dLP3znzm1fz+ZXO7pY1UVwzSpW7mSjuvXuXflCp137mCl06NmW5kM/Y8e8cFPf0rNihXkQOj5lTInLqTMyaVJRt2AUubEcaXMiWNLmROX72SXObtNdy9dyoMbN/j89dc529AwvMylUpjpNAe+/JJ7V66w54svOPjll2MSsHQuR/PevaydPp1Ns2YRDgb/sifsCOfEMM1xO79S5sSFlLmRa7aqqmiahmmaUuaGa0Apc+K4UubEsaXMict30sucYeAdHGTDxx+jqipLX3uNC8ePjyxzmQzHqqq4dOIENcuXs+qtt0jnck98TlVVn9o9YqSwn8G7f+MGuz//nKunT5Mdboh36H1j0Shdd+8+U/i+y/mVMicupMyNXLMTiQThcJhYLEZTUxO6rkuZK29AKXPiuFLmxLGlzInLd7LLnJXJcPviRXYuXgzA1nnzuPb111gj1HQrm+V0fT0na2qoW7WK6T/9afEh7qFzo2rF9eisTKa4Lp2ijJynrhMOhfhy2jRCkQiHt2yhqbqabKEw7PGGZdF9/z5r3nsPw7KeWxifdX6lzIkLKXPD12xd1+nv76exsZHGxkZqa2uxLEvKXHkDSpkTx5UyJ44tZU5cvpNd5vLAoY0bObtvH9l8Ho/TyaDTOWJbp3M5Wo4cYe/atezfsIGFf/wjA11dmOk0qqaRzmbZvWwZu5YsIRqJPPMOmplO0/foETsWLiQcjXJm/36ObN1KOptF03VSqRS6aZbaIA80VVcz7Sc/IejzjXm4Vcqc2JAy93zDrGfOnKnMMOvVq1fJZrOoqjpi2A2ZTCZLU3FfdOi6XlrSQNd1Icxytr1EiKh8y7nxeFw4116qoxLcWCw2Jbg2OxQKEQwGhV/XtmQkk0mh+YbD4Yr0Y7tuVaofi+Dm8nm2zJnD/ba24tCqquLz+Ubk5goFrp45w9Z58zi8aRO7lizh4rFj5AsFsoUCl5ua2PbZZ2yZPZsjW7eSzedRR3ivTC7H3UuXqF+1iriicOX0afavW4dhmiiKgmlZPLhxg3g0iqbrZPN5ts+fz7x//Ve67t4lMzS8+6x21J5xzWiaRjKZLC3VIfLaspdEqRRXJLO8vUXXj/JrwefzEY1GJ3TNNgyjcs/MSZkbni1lThxXypyYkDInLmcRXHt7rm2ffUb/o0ekMxkSiURpu6fhviebz3OntZV1H37IgQ0bOHvgAPvWrQMgmUiw4o03cPX14XO52DRrFilFGVGo8kDLkSMc3rgRRde519ZG3cqVuPr7OV1fT7ZQ4PM//5nH9++Ty+fxOp3sXraMnYsWcfHYMQowoigaQ3f0ks9oQylzYkPKnJS5UTeglDlxXClz4thS5sTlO5llzrQsfC4X2+fPx+9yYVrWt8pcJpfj4a1brHzzTXYtWcKjW7eo/vxzAK6cOsXupUvJ5vPohsFXM2bQ39WFaVnDvhfA0aoqTuzejZZO0/PwIbuWLOFOayvzfvtbOu/e5f1/+Aea9+4F4Ob58+xdu5a206c5um0b+RFkTtd1DMvii/ffp/X4cXL5/IjnV8qcuJAyNzqZsxc5BgiFQnR3d6Oqxf6TzWbp7e0lmUxKmXtRbClz4rhS5sSElDlxOYvgWpkMvQ8fUrVgAUoyiWGa3ypz6WyWvocPWfynP7Fz0SL8bjc7Fy9GSSbZuWgRt1tayOXzZHI5GrZsoXnfPnKFwrBtm83l2L9+PZcaG1E0Db/Hw5bZs7nc1MTbP/whmz79lPXTplG3ciUF4NzBgzRVVzPY28uWOXPY9tlneByOp2QxDxzbvp23fvhDDn71FemhnSqG+wxS5sSFlLln1+xvLk2Sz+fxeDysXr2aBw8eoCgKBw8epLGxkfr6ehRF4dy5cxw8eJC9e/eiKMrYZE5OgBieLSdAiOPKCRBiQlXlBAhROYvgWtks965cYfv8+WSHtmSMx+OlH/bDfY+ZTuPq62Peb39LzYoVqJrGtnnz6H34kLUffogy9At7Jp+nbehOXQGemnmqDs2ArV2+nPttbUTicaKRCFvnzuXQxo188cEHfPyTn3Dz66/ZuWgRQb+fxl27uHj8OIZl8eGPfsRL/+2/cffSJdLZbOl9dV0nFo2yadYsbrW0sH3+fJRksjTb9pvnV06AEBeVqB92TPQJEIqikEwmSaVSnDp1CsMwsCyLK1eusGbNGu7du0c2myWTyQBQVVVFZ2cn1dXVZLNZjh49yr1790Yvcz09PZw7d45wOIzH4xkxvF4vnZ2dDA4OPvO48Qyv10t/fz+PHz/G5/MJ49rsrq4unE4nXq9XONfhcEwp7sDAgFCuz+eju7tbONfOube3l56enoqwK9GP+/r6KtaPOzs7cTqdwrki6kcoEuHs4cPsXrmS2NAdOafTSWdn54hcfyBAT1cX8/7wB2rXriWeTLJxzhwunjzJpnnz8Pn9pfe+cvYs2xcvJhQO4/nG+3l9PpwOB1sWLKDjzh16+/txOJ3sWr6cpW+8wYXjx1n3yScEgkGqlizh8pkz1K1dy5WzZwmFw7SdP8/R3bvZv3kz4Wi09L7BcJibly4VP4vPx4aZM3l0/37pc30zBgcHn5nviwqXy1VRrkhm+XUtun7YMZFrts/n48GDB5w4cYLjx48/tTRJXV0dN2/eLP378uXLNDY2Eo/H2b17N9lslpMnT3Ljxo2x3Zm7evUqmaE9+p51+1AOs4rjymHWycm12XKYVVy+k3mYNZ3NcrqujqaaGnKFApqmfeswq24YxKJR5v32txyrqgKgduVKmqqr2b10KbphlJYoeXT7NjsWLULVtKcmQWi6TjgQ4Mtp04hHowSCQZKKwr5165j+05/iGRhgsKeHAnCqtpbT9fVsnz8fR3c3hmlSAB7dusXm2bPJQel9M7kc5w8eZP/69QDsWbOGa83NZIZ5bk4Os4oNOcw6cs22785pmsapU6eeeGauurqaW7duAXD79m2ampoAME2T7du3j8+dOfnM3MhsKXPiuFLmxISUOXE5i5K5g199xZWTJ8nm888tc6qmseiPf+TsgQMANO3ezY5Fi9i7dm3x+TVNK+25umPhQuKxGIZhPPE+ZjpNb0cHX82YQSabxef3oxkG+9evZ/a//AuxSIRMNks6m6W9rY1t8+axZc4cwoEAumFgWhZep5NNs2YRDYdLs1cz+Ty1K1dy/dw5AJr37uXQxo1QJnzl51fKnLiQMvfdnpkrl7n29nY8Hg9Llizh7NmztLW1oes6Fy5cYP/+/ezbt49UKiVl7kWwpcyJ40qZExNS5sTlLErmdi5axIMbN7CGJgl8m8xpuk46m2XpK69w5dQpAK40NbHstddo2LKlJHOmZeEeGGD7/PmE/P6SbNmRB07X13N0+3ZyhQI+nw/dsmjYsoUlL7+MpuvohoFhmgT9fub8+tdULVhAMpFAH/qaoijsWLiQ7nv3SGez6IZBPBZjzXvv4XO5KEBxd4slS4adBCFlTmxImRvdbNZEIoFlWRiGgdvtZmBgAIfDQTabpVAoMDAwMGqRkzL3HGwpc+K4UubEhJQ5cTm/cO6QcK3/+GNc/f0YpvlcMqeqRQk8u38/jsePyRcKPLp1i/f+7u84UV2NNfTIjWGahPz+YWecakPDsNsXLODupUtk83m8Xi9mJsOp2lo2TJtWGva1l2VY9Mc/sv2zzzAsq/TZCoUCtStWcLmpiRyQBy6fOEH1smWkM5nSzNuqobuD+jfuDkqZExtS5uQ6c6NuQClz4rhS5sSxpcyJy3eyypxhmgS9XjbNnEk4GEQ3jOeWOfv7dV3HzGRw9ffz7//rf3Gqro700M8C3TBIJhJsnTsXR3c3Vjpd+l7TsvA4HGycOZOQ34+VTuP1etFNk7uXLnFmzx7yQ8uZaJpGNp9n46efUr1s2RPPxwE07tzJyaFn/kzTZPv8+aXlUQzTJBIKsWXOHDwOB8Y3ljCRMic2pMxJmRt1A0qZE8eVMieOLWVOXL6TVebS2Sxdd+6wa/FiFEUp3QF7Xpmzv25aFuFgkA9/9CNO19eXttjSdB3TstgyezaP798v3bFT1eIkhTutrWydO5c8PFG3lGSSxDf6VYHikGzz3r0lyVNVtbR92MGvvire3Rsc5Iv33y8uBzGUTyabZdPMmcXPUCaUdg5S5sSFlLnRPTMnZU7KnFCulDlxbClz4vKdrDKXA66cPMmeNWuKG9tr2neSudJnNQxSqsq83/6W5n37yJbJVh7YPHs2D27cKN2xU9WizF08epSDX35J4Rsyp+v6U+dZNwzCgQBhv/+Jr6UzGR7cuMGuJUvI5vN0XLvGriVLnmDlgZrly7l+9uwT/2+fXylz4kLK3PA12zAMBgYGOHHiBI2NjU8tTSJlTsqcUK6UOXFsKXPi8p2sMlcATuzaxbGqquIep0P5fleZs4dB1330EV8fOfLEbg8FYNfixdxqaXlCpNLZLI27dpXk71vrViqFbhhPPfNmmCYeh4MN06aRLRRoOXKEhi1bnhTHfJ6TNTWcrqt7ankSKXNiQ8rcyDVbURRisRiJRIKTJ0/KO3PfbEApc+K4UubEsaXMict3MsqcphWXDrG30ip/Pu27ypyqqljpNJ137+IeGHhi1moe2Lt2LZebmv4iWEOTH/asWcONc+fIZLOjrluarhOPxVj30UfohkHDli1cOHy4NNSrqkVxvNbcTP3q1U88b2fnK2VOXEiZk8Oso25AKXPiuFLmxLGlzInLd1LKnK6TSqXYtWQJj27dKonWaGUulUphpdPFteSGtm1SVZVcocCx7ds5d+BASbB0wyBbKLB59my6793DTKdHL3NacWukqgULcPf3U7tiBXcuXnziDpyVTtN9/z4bP/30iSFg+/ulzIkLKXNyAsSoG1DKnDiulDlxbClz4vKdjDKn6zqxSISNM2YQ8HhKd9NGK3MjRTafp3nPHk7s3k0ml8PKZHh48ybu/n42zZyJ1+kszYodrcwZpsm+deu41txM7YoV9D58+MRkC8M0cQ8MsHnWLBLfWJ5EypzYkDInZW7UDShlThxXypw4tpQ5cflOSpkzDHyDg6z78MPSkiR2vuMpc5lcjtbjxzm0aROZXI4CsHvpUupXr6Zm+XIiQ7s5jLpuDT2vd6yqij1ffEH96tVPLVBsmCaRYJCq+fMZ7OvDLJvRKmVObEiZG53M9ff3EwgEAEin0zx69Ih8Pg8Ut/dqa2sjk8mMXeauXbtGLpcrzYYaLuyGLJ8C/6LDMAyi0SjBYBBjqGCJCsMw8Pl8JJNJYfmWcxNDq6SL5Pr9/opx7Vlwk51rs8PhMKFQSPh1bf/QtfcQFJVvJBKpSD+261al+vGL4lqZDI/b29k+fz5WOl1axkPXdZLJZHE3hnHgZnI5bl64QP2qVeSBdCbDllmz+PP//J/s/eILUqkUhmGMqW7lCgXa29p47+/+rjgRIpcrCardlrqus3vJEh7evFnatszOV1GU4hp3gvtxKpWqKFcks7y9RdeP8uvA7/cTi8UmZM3WdR3TNMlms5w5cwZd18lkMty7d4+5c+dy9+5dotEotbW1rFmzhkKhwJ07d2hoaODEiRN8/fXXY5e5S5cuFW/bx2IjRjwex+l0Eg6Hicfjzzx2vCKRSODz+XC73SQSCSHMcrbT6SQUCgnLt5wbDAaFcwcHByvGDQQCU4Jrsz0eDx6PR/h1HY/HcTgchMNhofl6vd6K9GO7blWqH78orqrrXD9/ntpVq1BSqSfyDYVCOJ3OceGmVJW7ly9TtXAhZjpNMBCgavFi/vjf/zs1K1ag6jrxeHzMdSulqty6eJG2M2dIqepTXzcsi+rly7l88iSGZT2RbzgcxuFwCO/HkUikolyRzPL2Fl0/7LBrtv1LuGj2s2p2PB4nEAjQ19dHf38/R48exTRNMpkMXV1dbN26lXv37hEKhTh37hxVVVUAHD9+nI6ODvx+P7W1tWOTuZ6eHi5cuEA0GsXn840Yfr+f7u5u3G73M48bz/D7/TgcDnp7ewkEAsK4Nvvx48e4XC78fr9wrn3RThWu0+kUyg0EAvT09Ajn2jn39/fT19dXEXYl+vHAwEDF+nF3dzcul0s490XWj2giwen9+zmweTPhSOQJrsvloru7e1y4wVCI9ps32fDppyQUha4HD9i1YgVbFy6k9osvSCjKE/mOpX5E43EisRher/epryUUhQObN3O8poZoPP7E19xu97jl+13C4/FUlCuSWX59ia4fdkzkmh0IBOjq6uLcuXOcPXuW+vr6J9aZq6ur4+bNmwAMDg6ybdu2ksw9ePAAv99PXV3d2GTOHmbN5/OlxR6HC/sWp31b/VnHjleYpkksFiMUCmEOPWQrKkzTxO/3oyiKsHzLuclkUjg3EAhUjJtIJKYE12ZHIhHC4bDw69oeDkulUkLzjUajFenHdt2qVD9+UVworjHXvGcPuaF13ux8FUXB7/ePC9dKp/E6nWycMYN0Os1AVxfbP/uMga4uHt28WRwS1V983SoALUeOcGTLlhLTzjeVSuHz+YT3Y1VVK8oVySxvb9H1ww67Zsfj8QlZs+0h1kKhwNmzZ1FVtSRbO3fu5MaNG9jOtXHjRgCam5tpa2vj0aNHHDhwYOwyJydADM+WEyDEcWMxOQFCRGianAAhKucXyQWoX72aS42NTyzXoWnjOwFCNwzCwSDbP/uMoNfLg+vX2T5/PsAT5/JF1610Nsu9y5epWb78qQkfcgKEuKhE/bDDrtnfxwkQx48f5+HDh0DxztzBgwfJ5/MkEgkOHTpEfX09Ho9HytyLYkuZE8eVMicmpMyJy/lFcTWtOAN05+LF3G5tJVu2Jtt4y5ym66RUld1Ll9L74AHXzpzh0MaNxcV7y97/Rdct07IY7Olh48yZpTztP6XMiQspc+O/NEk+nyebzY5a5KTMPQdbypw4rpQ5MSFlTlzOL4prt+HORYvounv3ia2vxl3mNI1sLkfdqlXcvXSJcwcO0Lxv31Pbar3ouqXrxXX11rz77hNtKmVObEiZk+vMjboBpcyJ40qZE8eWMicu38kmc4ZpEg4Eiuuu9fY+te7aeMqc29cu4AAAIABJREFUqhaHdBs2b6a1sZGGLVuG3fD+RdctTddJxGKs//hjQn5/aeFgKXNiQ8qclLlRN6CUOXFcKXPi2FLmxOU72WTOtCzcAwNsmzePcCDwxAK7L0Lm8sCFw4dpqq5m69y5PL5//wmBLM/3RcpcMpFg48yZeBwODMsq5StlTlxImRu5ZhuGURou/eYECClzUuaEcqXMiWNLmROX72STOSudpvfBAzbPnl2aSVee73jLXCaX48GNGyx//XU2z5pFMpF4Ykut8nxfmMxpGoqisG3ePAa6ujClzAlllp8HKXNP1zDDMHC73bS2ttLa2srevXsxTVPKXHkDSpkTx5UyJ44tZU5cvpNN5tLZLB3XrrFl9mzy8FS+4y1zZjqNb3CQN/76r2navZvCN5jl+b5ImVNVlR2LFtF9715p71Ypc2JDytzwNVvXdYLBII8ePaKzs5OGhgYMw5AyV95AUubEcaXMiWNLmROX76STuVyOK01N7F27VojM6UPPqy3+059w9/eX7ooNl++LlDld16n+/HM6rl0rPbMnZU5sSJkbuWbruk46nSaXy9Hc3Cyfmftm40iZE8eVMieOLWVOXL7fR5mzF2UFyBYKpFKp4te04n6pTdXVnK6vJ1O2xpyd73jLnP152q9d+9Z8X6jMGQb1q1dzu6WFTC5X+n8pc+JCypycADHqBpQyJ44rZU4cW8qcuHy/jzJnGAbRcJgT9fXcbmnBGppwoBsGOWDPF19wrbn5qVmlL0rmVE0r3pEb4T1FyJxpWRzYsIGrZ86QG5JYKXNiQ8rc90DmcrkcmqaNGHZDKoqCruvPPHa8wjAMotEowWAQY2jVb1Fhb1uSTCaF5VvOTSQSwrl+v79i3Hg8PiW4NjscDhMKhYRf1/YPXUVRhOYbiUQq0o/tulWpfjxabg64c/Ei7/34x3zx3nukEglyuRz329rwDQ6yY+HC0rNj38w3mUyWtnsa17ye8X4vvG7pOplsloYtW7h47Bh5KOWrKAper1d4P06lUhXlimTaUYn6YYdds2Ox2ISu2aZpSpkbrgGlzInjSpkTx5YyJy7f76PMZfN5Wo8fp2HTJg5+9RWP798HoGb5cg5t2sTOxYvxOhyYlvVUvi9M5p4j3xdZP7L5PMd37ODs/v0gZU4o0w4pc6OTuY6OjtJ2XU6nk8bGRnp7ewEIBAKcOHGCjo6OscvctWvXKJRt1jxc2A2ZSqWEbZZtWRaxWKwiG3RbllWRDbptrugN7y3LIhAIVIwresN7e9Nm0Vw7Z3vTZsuyhLIrsVG2ZVlEo9GK9GO7bimKIpQ91vqRKxQ4t38/5w4c4Nj27VxqbARg99KlvP93f0fN8uXEwmGsdPqpfBVFwe/3T7q6VQBO1dTQVF0NFPeGNU2TVCpV0Q3vK8UVybSjEvXDDrtmx+PxCVmzTdMkk8mQz+dpbm5G14sTIm7cuMHs2bO5f/8+lmVRU1PD3bt3qampIRgMsn//fm7dukVNTQ1ut3v0MtfT00NrayuqqhKNRkeMWCyGw+EgFAoRi8Weeex4RTwex+fz4XK5iMfjQpjlbIfDQTAYFJZvOTcQCAjnOp3OinHt37gmO9dmezwe3G638Os6FosxMDBAKBQSmq/X661IP7brVqX68Wi5iqpydOdOWk+c4HxDA4e3bsUwTWpWruRX//k/s3PJEqKx2FPtGYvFCAaDOByOSVe3dNPkZF0dBzdvxhz6BSGRSBAOhxkYGBDejyvNFcm0oxL1w46JXLNjsRgej+eJpUlM0ySbzeJwOKiqquLBgweEQiFqamoAOHz4MFevXqW+vp5CoUBTUxM3b94cm8x9/fXXxONxAoHAiBEMBunt7cXn8xEMBp957HhFKBRicHCwdPGIYJaze3t78Xq9wvIt53o8HuHcvr6+inHdbveU4Npsh8NR+uVIJDsYDNLT04PP5xOar9PprEg/tutWpfrxaLnReJx9X31F68mTtN+8yc5lywiGQtSvW8env/41VUuWkFSUp947GAzi9Xrp7e2ddHUrmUpxev9+6teuJaWqBIJBfF5vMd+eHuH92Ofz0VMBrt/vp6enRyjTjkrUDzvsmu1yuSZczbav/5EWDa6traWjo4NgMEhdXR0ADQ0NXLlyhT179pDL5Th58iQ3btwYvcyVD7Ma/z97b/7kxpHk+f45+8Oarb3f9s3aro2t7fb2jtnrfmO2O9v7eqdnetqmZ0Yz07q6dVIURUqUSEo8RVG8izdZIkWKVcWjSBbFu0jWwTpRAAr3mQAS95En8H0/AJFKZEUCiaOyeITM3CSRifRwTw/PT0aER1QqpkKGOIvFIgRBaHltv0QURWQyGW1o0w6det3xeFybVrZbL5kWslMvx3FrpjeXy70SeolunueRSqVsj2tBEBCLxbSqK7vsTafTa9KPSd5aq37crV6lWsXpL7/E1N27KOTz2P322+ATCZzduRPndu7U1o3R7C0UCojH4y9d3gKA+8PDOLNjBwBAVhT8cPAgEg3IsLsfl0olxGKxNdNrp04ia5E/iJCcnc1mn8ucLYoiVFUFsPI4r0OHDmFychKlUgmHDx8Gx3E4duwYvF4vjh8/jkgkgtOnT8PlcvUGc6wAgq6bFUDYp5cVQNgj5TIrgLDL5l70SrKMI5s2Yf7xYyjVKna//TZ8DgeOfvoplhcWkGusG6LZ+7IWQKgAHt+4gVNffokqgGwmgw//5/+EY3oaiVTK9n7MCiDs1U1y9otYAHH16lUsLS0BACYmJnD8+HE8fPgQAOBwOHD8+HHcunVLg0EGc33WzWDOPr0M5uwRBnP22dyLXlGWse+DD7A8Pw9ZVXHo44/x7MEDHN64EVwsBklRTO19WWFOqdUwdfcuTmzZgioA39IS3vz5z/Hw2jXwNuetUonBnN26X2SYW+1/GMy10c1gzh698fjKqlK77GUwZ4+9zxPM0SrRVsPmrvNHuQxRlrHjjTcQ9vkgqypObt2Ku5cv4/DGjcjw/IotSfT2vrQwV61i/vFjDGzejBqAqXv38MbPfoarp04h26iutDO2GMzZq5vBHIO5rnVbScb9fjEYk6KV+1u9rp1eKzDXD13631UqFUQiEaRSKRQKBeTzee3oon751KyMnAaRvUgnvl4NmLMaK90m4279IggCeN58a5J+2W/WZuMWISTOiPQ73sgzbpU/WsVQuVJBsVjEjjfeQCISgVKt4vzevRgeGMChDRu0+5vZaxfMGZ9xvz8Gjb5RqlW4ZmZw9LPPUAVwdudObHvtNZzdtQv5Ri7pZz9t155isdg3mOukvWQrltXoQ+3a0Uv+6FUYzDGY61p3u2Scz+eRTCabhOf5vuktFova3jZEyPFTpA2FQmFFG7pphxWYIy8Kmj4rcUH+vlAoaM81Ho9jaWkJXq9XK/0Oh8Na1XQqldKOkOsGGs3ay/M8fD6fBpK0azoVq6Mw/Ya5VnFgfC7dJmNaLFoVnucRCoUQCAS0RcQ8X99WwghS/ezD5GMhHA5rbYnFYohEIgiFQpoY4434ppf2tMofZnGZSqXqBWaiiGQ8jr3vvosUx0Gt1TB89ChOb9+Ogxs2QFZV09MY7IA5Em/6eOB5Xtsuox8fX7R4zuZyWJyexpHPPsPd4WF88/77mLh7F1+/9x78gQD4RpENza/pdLrpCKpO461cLmvboBDhOA6BQKAv9mazWSQSCdOY0MNUJpOB2+1u9k0fINpqOxjMMZjryoHPM8yl02n4/X4EAoEm6SXY9HoLhQKCwaB2X7LHjvE3sViM2o5OphDbwRxJsJFIpEmH3+9HJBJpSji035ZK9TMj4/G49mIPBAIIhUJYWFiAx+NBKBRqspdIMBjUpkT192sn5BkZ70f0Li4uaqXutGs6Eb/fj5TFRdirAXPJZHJFDPj9fiQSiZ5hjjz7bv0UDAbhdDrhcDiann0wGEQoFEI0GrX8QWC1vQRqEokEHA4HfD5fU/uDwaAmtNggo7adxFsn+aNVn5UUBWGvF/vXrUOG51EFcPPcOXzz3ns49vnn2lFWZrbbAXOpVKqp/cFgEPPz84hEIj3HNPlQNvomEo1ibmoK+z76CJv/4R8w9sMPWHY6sf3NN/F0fByRaLRlDAaDQQ3cO403Wh/zer3weDw92VupVJDJZJr6hV6MOYXkjtnZ2a5yT6ftIPamUqmu80e/5HmHOUEQTKtZGcy9ADBHezGEw+Gu/WSEOQI45N7xeHxFO8h1+raQdhQsriWxAnNk3z+9jmAw2HJEikxHJBKJpt/ok+vi4mITzNGEJBey3YMVm8gzot0vHA7D4XC01WtVaIm3l8TQiZAd4c1iUe+vXmCuWz+FQiG4XC4sLS0hHA6bPttQKIRkMqnp7MYXpK0cx2n3X1hYgM/n66j9xJeJRKKr9pjlDwIqtLaQ+JYUBcvz8zj0ySfI53Koor4lx6e//S0G9+xZc5grlUor4o18lPn9/pYfdlafYT6fX9lno1G4nU5s+u1vsenv/g5upxPhcBhfvfkmbl+7hpjumbd7tiTe9JDSrk3JZLLJZp/P1xPMkVE2Wu4OBoPUUU6SO+bm5rrKPa3aYczPxE/6djCYo+ds0t/Hx8cxPj6Os2fPNu0zx2DuBYQ5M+jqRq8VmCNt4Xme2g6O4zrqKDSY03f2TgHGDDT0iWNhYaFphMz4xW/8DUkmVhKwGcyFQiE4HI4XfmSOTI20enHpk1+/Ya7bkblW7e227xBfhMPhppE/AnP69prZQGsPWXPXSd5rBXNGKDDGpSBJWHjyBAObN6NUKqEGYOL2bbz7y1/ih0OHoK4hzJnFGxnp9ng8Pb9sTWEuEkEwEMAbP/85NvzmN0hmMkhlMvjqzTcxdO4c4o2PzVYjc7TnTj4g2rWpnzBHclMnIKfPHf2CuU6BksGcOczF43FMTU1henoag4ODDOaMDnoRYY72Eu1Gr1WYI+2Jx+PUF5WVdpjBHBlZI9OrxpccucasTRzHwe/3UyEuGo1q0zUcxyGTyWjHtCQSCe0oN5pNkUik7QidGcyFQiHEYjE4nU74fD5Eo1FEGjvJdyvhcNjy8+43zJETFvT20Z4Tub5fMEemSNtJPB6H1+vF8vIy4vG4tmatFUAlk8mO1zTRXkqhUAjz8/Pw+XyIxWJIpVLIZDIrJJVKtYy3aDTa0YgTLX/Q+pLRp4FAAIVyGVN37uDUtm2oCAJUAPNPnuCtv/gLDA8MrDnM0eJND3O0pSCd6qDBXCQSAZdM4o+/+AUGvvgCuVIJ+VIJ+9atw+VTp8A3jn80ipV4a9d3+wlzZErTGGvkv1u1pZ8w12pEzqwdDObMc3alUoGiKACA69evo1Ria+aanPMiw1wn05w0vZ3CXD6fbxqV6AR8WsEcbXo1FAq1jAWSKGgvRnIgd6lUolaVkn+XSvV1drSRPQKA7WLWCHNEP/EzKSghC6N7kX4mBqtinGInx5MZ45HEcb9gTh/f7fyn35qEAE2hUEA6nTYdtdW32Ur7stksddQvFArB7XZrL4BWUiwWtXNkaXFrdZTbLH8Y+wSJRT0kBAIBpHM53B8exrlduyCrKpRqFcvz83jz5z/HtZMn1xTmCoXCipFPjuNWLJfoZUsnGswRX8mqis2/+x2m7t6FpCioATi9YweuDQ5CVlXTGMzn8+B53vTZtsvV/YK5bgCKljt6hblugZLBHCuA6NqBLyrM6V8AdsAcaRPP86Yvok5hzmxKxbiOwkxisdiKREHaQX7bbr838mdGoCTSrvrWDObIVgov8j5zxudNwD2XyzW9cAOBgFYIsRowZ2XU17jPnD4GaNOO+ja3axtZg2aMtXA4jGw229E0KbHVbJSb53lLz8wM5kgFZDAYRDAUQigQQCQYbFpLmMpmcfX0aVzYuxdVQCuIePsv/gI3Bweh1mot279aMEfLeeFwWNO3sLAAr9eLYDBo6dm1e6ZG30ejUYiShLs//IBUPI6KIKAG4OKBAxg+dQpKtdryngTYm56BRSDqB8y1AzkruagfMNdLOxjMMZjr2oEvMswR6ST4eoE5IrQXEWlHqyFiPcy1ml6Nx+NtpyRyuRw1GZO/N+ptl0BKJToctnppvOwwZ/SJfkrVGAPhcLjrrQVWA+b0914BOR3enxYXBDIEQeh4814S+8ZRw05t1uvVj5yT+3HJJG7/8AO+//ZbZAoFTVcqm8XJ7dtx+dAhAIAoSUjEYnj3l7/E3R9+gLJGMGeMK32fTiQSTTCnj7dOdbSCOTLSS+5bBXD15ElcGhhoCXP6e5dKKws49LaY/a4XmGsFUKFQyHIe6hXmegVKBnMM5rp24IsGc7Q1MJ1WlfYCc61GKlptIUKDOdr0qpVK3XK5vnWB8bdm1VlWoIo2SkhsavWblxXmaMBMijAEQVgRm/pRpecJ5owx283Iq9mILXnpd3MSA/EvrT9beXHSYM44ap5Mp3Fo40Z8/c47yJfLWv4IBYP48vXXMf/kCZRqFYIoIp/LYf2vfoXx0dG2I1CrAXPt4i2TyTRtMWR19N5MVyuY099TrdVw+/vvcf7gQSht3mH6+xsLushzMcttvcBcqylNAnJW80AvMNduatVKLmQwx2Cuawe+SDAXCNQXbkcikRWJwup0az9G5rqZbtXDXKVSMZ1etdrhadOitN9ahTki+i9q8u92z+hlhTna9GQul0OlUlmxtkk/akf6cSe6VhPmaM/WarzRfqMfre0W5sx87Pf7EQ6HO+rHZiPLqXQa63/1K+x++21kczmEwmHEEwncHx3Fl3/4AzINkK1UKhAlCZv+5m8weedOfdPgFm3Ww5ze5l7ivF28lUolLC0tNcEcga9udLWCOf21SrWKh9ev49w337T0i1Fosw6tPh66hbl+jcjp46obmNN/DHcLcuQ+DOaswRzZZy4ajWJqagqVSgUAUCgUMDU1hUwmw2DOLt3dwBypjjOCEOkwVr7i+gFzpZL5dGsrqCKFCbTpVf26q3b6aTBHQJGm1yokksX9ZOd+skbsVYI5/TSg8WVH/p42dUmKVp5HmCuXV1Zjt4I58sFBq7DV56heYY5ARSDw095k0WjUUkER0VupVFaM8kWiUfjcbnzyf/4P9n3wAVIcBy6RQILn8dUbb+Dy8ePgMxltJEpSFIyeOYOQxwPR5FxW0mY9zNGKdLrxQ6lUahlvgiDA4/E07dtICiE6jfFOYE5WVUzdv4+Tu3ZBtjDNqhda8U2/YI70QVJhbbQlFAo1jR53mjuswhz5GKD1Ff26UqvtYDBnnrOJryVJwrVr1yBJEmKxGA4cOICRkREMDw+jWCzi/PnzGBoawunTp1Eul/sLc/fv34ckSU3nFRqFfOmTI3haXdsvKRaL2hE8pCLJLikWiwiHw8hkMlR7yXE2Pp8Pfr8ffr8fPp9PO/YkEoms+DuSLFr5T683m80iEAg03YO8iNtJoVDQfk9rB7lGrzcSiSCTyYDjOOpvCGBa0R2Px1fcg+M4rZLRqJfneUv3zmQy4Hke6XS6rS/JMyJtIO0gU7Od6O13bJGjzLqJa3IcGs2/xBZy/Jbxmng8rsVXJ/posWglnklbEolEy35MThcxttfs+RSLRWqMEdDS37dVP7Yi8XhcqzrV38dKPybV0sY+FU8mcWdoCMe++AIHN2xAyONBrljE9fPn8eUf/lDfazEYbDqzmJzZ2u5ZZTIZhMPhpg8f8iJPJpMdx5yVeCuXy/D5fHC73VqckO1gutGXzWZX9FuyDlJ/bUUUMT8xgYFt2yC0eYcZJRQKNdnk9/uRTqdN873xGXo8Hrjd7hX2kSPqyOyI0W+BQH0rFGMu7CR3zMzMNN0zkUiYnjls1g7yYd9JO8hHXTab7aov9SLkXaHvE3bqbpWzScySo+2Gh4dRq9UwOTmJ8+fPAwBOnTqFyclJnDx5Uvt/t9vdP5hzuVy4efMmUqlUy320otEolpaWEAqFet6Ty6pEo1F4vV643W7tTEU7dS8tLSEYDFL3IYtGo/D5fJifn8fCwgIWFhaa9rMi+y7p/35ubg5ut7vlvmZ6vWTDU/39XS5XRzYY20juY2xHNBqFy+XC8vLyimsXFha0L+Ne9JL76J9lNBqF0+mE3++3dH/aHlLt2mG0x+l0avvMWdXb79haXl7G8vJyV7rJsyL+Jf82xio55UL/HBwOBxYWFjrqx9FoVItnvR8XFxe1kap2vycvvlb9eGlpaUV/Mns+NNtI/zPGNelPvT6zWCzWUR8geo1tnV9YQCAcxqmdO3FtcBCHPvsM0+PjSPA8Nr/2Gm5cvgy3x4O5uTk4nc6me1rRGwwGsbS0BJfLhbm5OczPz2N+fh5zc3PaPnCd2u92u1fEmz4nxGIxOBwOzM3NNfU3EiOd+pqW+8gJIvpr4xyH2YkJ7N+8GYnGEhcrYoxnfX4yy/fLy8tN8TY7O4tnz56tuD4ajcLv9zf5St9nOsmlZu0YHx9vuq/H4+moHQ6Hw/Td1k4/2fy7l/7UjfR7b9Bu/G6Ws+PxOObn5zEyMoKhoSEcP34ciqIgHo/j+PHjGBsbw9dff62dDgEAg4ODcDgc/YM5Ms1arVa1oWGakCHOQqGgDcmutpCF3IlEAoIg2KJTr5tsaUCzV7+YVP/lS6ZSyRSxfvrHON3aTi/5utffX7+1h1WJx+Mr2qmfAtHrJVMARMg6wE6eeaUxgkAq9/R6I5GIduZlpVKBKIor9pnrl5BnpLcnGAwiHo+vql4rsUUOKe80rmm+1VcYG68lU0N6H/h8vqbDxjvRaXyW+urCVvaSjaBp9pr1JTJlarw/WROov45AkzE/kbxl1o9X8xmTfEkKB/S25YtFnP7yS8yNj+Pcrl2YefAA+VwOO958E87FRUQaUGbmg1bPKp/PIxaLaUfo6fsyz/MdxRwt3kgfMtobj8c1mNTbSgpvOtFJnq/+PvpNyomIkoRIIIADGzdClCSULejR52ar8UyWCuh/4/f74fV6m/ypzzlG35ORxV7ikOSO+fn5lj42Tq3q2xGJRLruD2T5AFlmYKeQGGv1/lxN3e1ydqVSgSAIkGUZ165dq8enKMLhcODRo0c4duwY3G63BnrHjx+Hz+frP8yxNXMrdXezZs64OSltHVAkYr6Jbz/WzBnbaXZ2q746TBAE+Hw+LC8vazrNKsis6jU7tojclwyXk7Vrna4fsdKGl23NXLm8srjFrHKwXP6pAlF//dLSUkf9WB9D/V4zVy63P2GE1h7jhtRm1dokb/WyiW23z5jkS/3axUAggHDjg+bY5s3wLi5ieGAA90dGEPb5sG/dOnjcbg2eyMdUJ8+KrJkzrpkk1aedxJzVeKtU6scZpVKpplyjX1vXic583tqaOUEQEI9EcGDTJuQtrM8j9zaeEdyuSI2Wz4xr5khcGvsb+dDoRwxaWTNXLtOLHQiw9vIOL5fZmjmrBRCiKCKdTuPChQs4ffo0nj59CgC4du0aTp48icuXL0OWZQZzdujuBebINWRthtXE0W+Y0/uRVt1KknuhUKAeeE8rWuhEyFA/DejIC9jZODA7k8kgl8utGDXqVncrmOv3yNxqJQaaGKsiQ6FQS6gyXr+wsNByz0GaH81grteROTKKRIvNVhtJG1+sZn1jLWGOvHhoGzinUykcWL8eiWgUP168iOtnzmBxYgJHP/0U0cYyDSsffzR7CczF4/H62rtGXyNrejuNOSvxpq+GpxVetdpihmaDGcyRv9diSxSR5Dgc2LQJqcaIe6tYzGazKz4crLSxHczpR8LM7t2Pd1g7mGvXjm4KUox+YDDXWTUrWTNM/qlWq4jH49rRXwzmbNDdK8yR64x7rhExqyrtN8yRdtCSLNk3Tr/pJ0kE3R7erNeZz+cRiUSoQEf0LywsaAfek7UYHMchnU5r083djNrRYI7oTKVS8Hg8CIfDWiftRjiO0xaVr0ZiMNpD24y53YiCPv7IWaWxWKwvI3MkTltJqVRaUQBBCm1oL512cV4ur6zU9fv92nIA47VrCXO0zZBz+Tzi4TC+/tOfUK5U8OTWLVzYtw/jo6M4s2MH8uWypZHXVjESjUY1HxMhHy+djvJZiTd93qLlxU6OQmsFc2SxuT62kokE9m/ciKDHg7IgNP09WaCeTqcRi8Woo1VkxLKVX1rBnCAIK05dMba9lxMxaLmDBnOkano128Fgju0z17UDX3SYI2K2S71xWmg1YY6MEtKG3smCYLKDu359Si9+JCBAQJIGk8YRQXKdfiuIVCrVtAGrVd00mCNQs7i4qEGkXmcn4vf7246M9ZIYjPbQNnJud3qGfpqdLCwPBAIdjfYYY1H//NpJJBLB8vIyXC6XtqZK70PayGmrqX0azBHgeZ5gLhJZud9kOBxGWRDgX1rCnrffBgAsTU3h4McfY/TsWVw5fhxStWp5ypnmGwJztBHTTvuu1XgjeSubzaJYLK7IM530ERrMkXsYYysajcLv82HPunWYfvQIXCLR9PfGnGK8p9/v13JqNzDn9Xq1aVva/a28GzqNKxrM8TxvuR29LC1hMMdgrmsHvgwwp//CNV5v/FJaLZgj7TCbbtVDlZVTHjrVWyqVkMlkmr6OjXppsKC/NhSqH+pttW2tYI5UGLbSa0WIDXbAHFmIrp+yI+vE2vmBwDSBObLtR68wZwV4g8EgnE4nHA7HirVKxhct2b6m3YuVthbVbN3gWsFcMBjUPo5IGzmOg6yqmHn4EEc2bUINAJ9M4tsPP8TX77yDp7duQa3VVkwFkoKldjboYa5Xe41rGVvFmx7mWsF2LzBHi7dgoxBh94cf4uGtW4g19JrBmzHeksmk5RxGgzmyu4DRVrM80WtepcEc6TdGkFuNdjCYYzDXtQNfBpgj11uZbl1NmCNiNt1KoKqT9VSdCLExl8shmUwiGo2umGa1Ak+hUAg8zzfd00zfyzIyZxZvVhbHl8vlpmpRAnNkBMyKbjOYsyKhUAgul0vbWoIG6aRKzcoI0osAc7TGj1BEAAAgAElEQVRNdIPB+toptVbD3aEhfPf111CqVQDAqS+/xGt//ufwLS1BUVXqiJiVKbJ+wRyJGavxpoc5fXWy/rdWT4RoBXMrYiscRigcxu4PP8SPw8PgksmWuUMfb/qjC620iXYaCNkSyJijzTYLtjrC2i53GGHOCG9EV7/bwWCOwVzXDnxZYK5Uqn/pmk23EhhYbZgzm24lL/lQKLTqz5ckULJ+igAR2V+q3Ze11ZebGcyRZO5yueD3+7X9w7oRsseQHTBHKxSwOlpDRlmCwXoBBFnDaGUNVbcwp3+GRpgLh8P1QoDGukiix6ovrFZqrgXMET1LS0tNa1DJqFYVwMjAAK6dOgW5WoVarWL63j28/l//K5LxOCRJop5DTJZltNPdL5ijffSZ+dEIc50el2XUbRnmQiGEo1HsXrcOo+fPgzOpoI9EIkgkEtpm2Z1OO7eCOf1ULoEkUsFNmwXpZS1yK5gzwhpZa9zPdjCYM8/ZgiBAVVUAwOjoqFYAwWCu9PLBnJXpVjtG5mjTraFQCA6Hg7ruaDVFv3cQ8Q955gQ+zMCu3cJlGsyRRPeibU1iBPBOv67Jy0gPc2Tar1uYIyOkmUwG6XSaKmQE1ul0NsEc+S2J+U7j1zhy9bzBHDl4Xg9zZFQLAE5/9RUeXL0KWVXrFYjpNE5u2aK9gEsl+jrbdlOV/YK5TuPNOM1Kg59O4o0Gc5FIZEV8ZTIZFCsV7N+4EbcuXECxUqGuGyOncXQKccb+YwZzeoDS35/2DK1CbavcYQZz5OPU2A7aSHY37WAwR8/ZgiAgGAzi1q1buHXrFk6dOgVRFO2HuUePHrFNgym6rWwabOwgmUymZVvNvpRIxxJFUdNrBnO92ka2IjG+mJ1Op+2b6BKYI3qJkM6azWZNqx6JtHpGNOBeja1JOrW5k02DzbaWIaOCVoWcTKIfmaNttEvTTxa1G0eKSCLTPzuahMNh7QQZsxGETuKXtvcZbUNtkrfs3DS4UqmA4zjMz89rMBcMBrW93zK5HHb98Y8Yv30bfGMrj3g8Dr/H0/S8aAUUpAq5lW6y3Uu39nYTb4lEAm63W1vXSuKNNrpoJd6M+Ulvuz6uBEEAABz67DPc+u47AD9tBWH8vT5GOvUNeZnTYE4PujQ7aHva6fdE7DR3tJpmpfWnVu3QF+FZ9QPbNJi+8TnP83C73fB4PLh48SIqlQqDOb0DXzaYIxKNRlf8NhKJoFKpb7652jBn/PJ9XmDO2E4i+opYY0IiX0s0O190mCNtM8aL8SVlVYwwR0Z72n2AmMGcFRAjm2eSakTjSALZP8zqc6hUKtpZsfr20O7TL5jrpG2kqpCsTWzaMy4axcLMDLa/8QYWZ2cRbkxFEn9aWWLQypZeYa7beCMjvh6Pp+k62u+txJsZzNGAqQbg1M6dGDpyBDVAyxlmxV7dAJ0ZzM3Pz2uzJVZzUKuPDyu5gwZzxineTtvRSXwzmKPHLjn9oVqtYnR0FKXSGqyZYzBH171aMKeHKdo07YsOc+SL2cp9WsGc8Z6VSoW6MJyMENF+8zLAnHGvr16EBnORSETTZdaGXmCObBqcSqWoLxSyPUSrNhjbQzvVhMRBP2GOTKnkcjktxvSjx7TryVFRi4uLTTAXDAYRTyTw4/Awdv7xj+CSya7WIZp9vOj7di8w10286bc2amUTibdW8N4pzCm1Gq6cOYPB3bshKYp2pBctX5B4I8taOvELrZrV6XS2jVvygU4DKVJs1knuoG1N0grk+tkOBnPtc7Yoirh27RqDOaMDX0aYI/enrSkhIxdk08sXEeay2SzS6bR2hBNZK2TmB6tQRaCCtiaGdubhywJztBdSpyNyxhEU4ybOrfzQL5hLJpMQRXFF8QJ5wVo9A5hcQysIMdrRD5gjxQjGzazNfkP20tPDHPF/jONw9uuvcXrnTiQb+cPKM6P5vVXf7gXmuok3ElfGkTmzEcZ28dYJzImKgoc3b+LY5s1N8UHE7IQRssbSql/M9plrd+qEWd4iI+WdxKYZzKVSKUu5pNd2MJhjMNe1A19WmCuX62vCaNMZTqdTO/ngRYS5cDgMn8+HQKC+dQcZ+THzcydQJQgCdXSO9mX5osOcWfINhUJIpVLgeb5jSafTcDqd8Pl8HY329APmEokERFE0rXTspP/QXq40O/oBcyTeiOhHEo3XklEt/UhVNBqt+z+VQr5UwtfvvovJu3eRLxYtPTPaWiezkZReYI6MQnYTb+l0Gj6fD/F4HOl0uunvaEtKWk3tdQpz5UoFjtlZfPPee/XzWQ0H37eqxLZ68L0ZzJETIKz0eeN2LcQu2jFlre7T6gQIK3a0aoeV3zOYYzDXlQNfZpijTWmQabB4PP7Cwpwxebf66usU5sxe4i8rzNFijLwIuxFRFBEIBJpgjjwjs77dT5gj0+/GrTc6vSfpO0YgNE619gJzBG5om8KSqm/jbwj4kX7s9Xq1nCDJMlIchx1vvIF0MglRkto+L7MRfLNCiF5hrtt4I/0pn883FcQQiDE+p3bx1gnMkY+DXW+9hWSjbxvjz2y9mNX1mr3CnDE+jO1o9TFltKUXmCO2dNsOBnMM5rp24MsMc+Q+xrMzycJpsmj8RYO5Vkct0fzcK8wFg/Rpmxcd5spl+ua4vbRZEIQVVZLtXgj9hjlyz15ebOTvzUBLr6cXmKNBAA1EjKOo5AzcSDSqbT9SA/D4xg0c37IFsixbjnezNWxmSwt6gTlavFl5eZJ8aWxTKyBuFW+dwhyXSODQxx/DPTsLWVWpsWK2XswKCPUD5sx8QcSqn/sBc63a0W4KnMFc5zBH9p8z+38Gc6us2y6Y00+36qdn9GcLvigwZ+YXs0XP3cCcPikTn9Gg4kWGOfKMugWodv6jAbfZNMtqwFy5XO76hWK8r9EOfbu6hTnSL2nri8y2QNHHfSgUgtPlwtN79+CcnoZaq6Faq2Fwzx5tC41OnhttqpIGvd3CHAEo495ynTxjGsyRe6dSqaZ1mu3irVOYS6ZSOLdzJ57cvAm1VrNknz73tYuPfo3MmcE58XW792s/YK6XdjCYsw5z5L+vXr2KI0eO4OnTp6jVanj8+DEGBgZw9+5d1Gq1/sLc+Pg4AEAQBFMhC5dLpRJEUWx5bb+E7ISeSqUgSZItOvW6yTmRNHtFUUQul2s6/Jmcn9hpW8k6InIfh8MBv9+/4lDpUCikvRB7EaM+chi62+1GPp/v6fmSKQ5ymoO+7WSRrv7+kiQhkUhY0itJkgY4+m0uOI4zbUs2m13RDo7jIMuyZb2rEVtkXZFZrJDtPILB4Aof9vp8OI5DLpejxhfNH+SZRiKRpmvJy9jKc8tkMiv6MelDtHYQGGl3bwKn+mccDAY10GnXj818JAiCtleZsX1m90okElo7IpEIQtEoDmzYgH/8D/9Bg4y9776LoNsNtVrt6JmRY5n0PiIfSPq2kL7NcVxHcUJ0GOONFK1YiWmO41AoFKjxY8w37eKNgLSx35KpW+O1mVwOV44dw+iZM6bvMpofSbzE4/GmZ0/7Lc/zTb8lyxW6yffGe7XLZXo/8zyP+fn5Jt+k0+mO80I37SAfwWR/STuFvCtyudxzmbMlSUK1cTzfjRs3IMsyvF4vjh49ing8jv379yMSiWBgYAA8z+Po0aOIRCL9gzmXy4WxsTFtc1YzIZtCko0v7RAyDeP1epFMJm3Tq7eXHAND+/tgsF6x5nA44HA4sLi4qL1IutHp8/ngcDgwMTGBubk5LC0tafcm919eXu6LbZFIpOneS0tLmJ6e1oCx1/v7fL4m35D2e71ebZNRcu3y8nJbvYlEQjtJwOhzMkphFj/G691uN5LJpCW9qxVbPp8PPp/PVDc5bszY9l7bq+/Hbrd7xf09Hg/1N7FYrCkeFxcXsbS0hFgs1rY9iUQCfr/ftB97PJ4VsUKWGrS6N4kjYz809pXl5WWtEtWKfziOg9frpbbJ6/WuaJO+P5HfLDmdmJmdxdGtW3Fs2zYc/eILzE9PY+ef/oRU44STTp5ZNBql5gMS+2S0lbTF7Xa3jK1+xxuJK3JMG+2aTuItGo2usNXtdlPbHo1GEYxEcH1wECd37EChWKReR+w0tsNK7qbltPn5eczOznbVH2n+Ju0gW6e0aseTJ08s/6af7UgkEnC5XLZyABGSs3t5x3Yr7XJ2MpmEy+XC7du3cfv2bZw+fRqKoqBQKOCHH37A4OAgnjx5glAohJMnTwIAzp07B4fD0T+YczqduHfvnjZNYCZkk85UKoVsNtvy2n5JLpdDPB5HOBxGLpezRadedyBQP4KHZi+BX7fbjeXlZSwvL8PtdoPjuK7aSnQEAgE8e/YMTqcTHo9Huze5P1lb0Ytks1mtYxDxeDyYn59HIpHo+fmSrUn8fn+Tf4gNfr8fHMchk8loI23kiyubzTYJ8WUsFqP6g0xtm7WDJG/jb8iUSzKZpOrtVqzGFjnXlRYr2WxWg1yj39LpdE/PJ5vNwu/3g+d5xGKxFc/H4/Gs6OPZbBY8z6/wv9frBc/zbduTy+UQi8Wo/Zjc2+v1Nt2biJV4zGazCIfD1Fjz+XxwuVyWnzOZSjOLW5r/s9msBseab3w+zM/P4+DGjVicmsKxrVvxzQcf4MrJk6g0Rog6lVAoRI1lWt8m05L6aUFShUtrf6/xRvKl2fPKZrMdxVsqlaL2dXKEl/FaLpnEw+vXcXTzZoiNkWCzdhrvbSWes9msBsnkenLecLf5PplMruhT+rin3TeXyyESiWBqaqrJN+QotdVuB8kfqVSq6xzUrZBpYY7jbGMQve52OZuAsdvtxsWLF1GtVuHxeHD+/HmEQiGMjIxgbm4Op06dAgCcOXMGTqezvzA3Pj6OWq3WtqqKVFgKQvvje/ohZFicDPXboVOvmxygTrNXEAStIo9M+5G1Pt22VRAEFAoFOBwO+Hw+bQhdf3+O676S0ahHf+9wOAyXy4VcLteX5ysIQtOaL6MdZCqNFHlkMivPSCWJmhwLZLwHWdth1l5B+Gk7AP1vI5GIBhCRSERbC9EPsXK8FZneIFOmtHaTc1T19pJp6l6fi/6MTVIModdDCgj0vyHTXvrryDSfFXvJOa1m9pIpZeMzjsfjlmwql8vUOCEnMZCzOclB9fo1LiTWEolE09mxRltb5T6ytxz5TSwWg9PhwP5165BOJnHxwAG8/l/+C7wOB9Q2udbMRrJkwCj6ClLSt8mopRHmeJ5f8Qz6EW9m1ax6HaTq1Eq8kTWaxlgg67aM12ZyOTx78AADmzdDrdVa5gRBqK9/oj1nfcW18XfG35DR5l7yvVnckyUMxraIoohUKoX5+fmWPuxnO/R9nOQP/ZpUu4QsEclms7YxiF53q5xNrtGfAKEoClwuFw4fPgyPx4ODBw8iGAzi9OnTGB8fx8DAADKZTH9hjhVA0HXbUQBB0+v1euHxeFbsjfQiFEAY9RBYoy1yNxZ8GNdkkWtoFWhkhLKVr4l+mm6ilwzbEz29ipX+QV4MtMW0lcpPVZHGNvfjfNFK5acFzIIggONWFkIYi1VIm/pdAKFvU7lsvrmrWSU0zW/Ge+i3CCF/Rta0EdHHmtmCcLP9yCoV+tFiiWQSjtlZ7H3vPZRKJYyPjmLz735Xr2LtMj+YVYWSDzx9347FYiueLRlR0T+DfsUbyZet9m2rVCqm8aaPo0qlswKIQqEAPpPB4sQEjn72mQYdrWLFrPjGrFq8UulPAUQnca9/rno/96MAott26PNHL3moGyEDSpnMi1EAQapZZ2dnMTIyAp/PBwAIh8O4cuWK9v8M5mzQvVYwR+tULyLM6XWRajyjXeFwWFs7Y4RXmv0k+VvZ7LMVzJFCEyt6O5F+wBytApd8qfcT5mgxTEQfB6sNc/o4oX3AdLL3XKlU0l665GOBdkaqXlrFmt5XZjppgJLN5TA3MYFdf/wjJFkGF4lg6u5dqG3ybDuh7TlHqrn1fuwE5voRb1Zhzgi++rzZC8yl0mksz8/jyMaNKOTzECycykCLfT1cGq/vN8zp20/74DX6hfi53zCn7+O003XI9DYZgWIwx/aZ68qBzzvM+f1+LfH7/f6+wFw8HkcqldI6uP7+ZpuFdiIk4RtfaEtLS6uyVQd5yaZSqRWHibeDOeO1yWTS8tYc5EWlf0b6l/zzODJXLtcrgY1xZWV0yuqz0AMKGaEw6tPHGUn0ej/5/X7TLWFo9raDOaInmUyueF5mJy6Y3YNAQywWQyhU3+9NPzLX7mOBxBrP89o9zXTpX8R6EUQRE/fuYedbb2mHv7c79smKbWTdkNE/5GWuh7l4PN7kS5/PRz32KRaL9RxvVmGOTLW2i7dCobDCRtpJCeTaZCqF0PIyDm3YgHRjKsyKPzmOo8Yb7SQRY2ySGZRe3016oKblKb1PCczNzs5Sn/9qtSMYDGpLcBjMMZjryoHPM8yRRbHRaFRbHNkrDOn18jy/4v6tzjm1KiQBxmIx7d6xWAzLy8uWj7fpRidJ5plMBhzHadNcBOb0LykyWhgOhxGPx8HzvBZ7VttHnhGxUS+kMIJ88dOu6Uaswg0tMdCeC3k2/ZhiJTr0ybhSqayIM+IfvS2lUqmpXZFIRNuiwEpMW4G5crmMYqMSkebbTnxArsvn89qHgnFK1SzWyNo6KyOBxvgiVbNytYr716/jwIYNANDUpl6kVCppFat6neTgeD3MpVKpFdfpT0rpZ7xZgTmiM51Or4g34zqsYrG4wq/ERlouSySTiIfDOLB+PRLRKERJshQjNPuN7TFrN1k3169+mUwmV/jFmPNJf3U4HE3X9BNwzNpBgJHBHIO5rhz4vMIcEf2Cfavn61nRS5Jiv+9v1v5Kpb5f12rBnD6O9IBQLpe1PaT0ZzpmMvVKV3JNJxBn5TkRe2mFF72I1WfcKjGQ+6zGMzdLxkYbzPR2E4udwJzZ8+rWF+QFkMvlUC7X4S6TyTSdHdprrNHaqNZquHXpEs7s3IkaOtsguFv/kLbrNw224r9+xJtVmOsk3qy0nQAZl0ggnUph/0cfIRoIQJLlrv1pNf4LhQKi0Whf86WVuCejm3a8F2h5k8Ecg7muHPi8w9xq6V1tqKLptQPmjKLfxNasQmk17X1eT4BYLVmLZNwNzPXTXtKPrVTA9UtvFcCVM2dw+ehRVFcB5lrZ2+1xXr0+47XIWwTm4hyHUrGIbz/8EAG3G5KirLpuMnpod/4geu3Uqfc3gzkGc105kMGcfXrXAubWCqoYzL16MGfnc64CuHjkCG5fvEg9Xmo17X0VYS4Wi0FWVXzz3nvwLCxAZjC3av5mMMdgrisHMpizTy+DOft0M5izz961grmze/fi6e3bUHqsYO3U3lcR5qLRKADgm/feg2NqCrKqrrpuBnP26n7eYU4URaiqCgAYHR1lMGd0IIM5+/QymLNPN4M5++xdi34MAMe+/BKO6WlbRon09r7KMHfo448x8/AhFAZzq+ZvBnMrcxhp2+TkJKampvDdd99BEAQGc3oHMZizTy+DOft0M5izz167+3GlUoGsKDi8eTP8bnfHi/F71f0qw9yJrVvx5OZNW0ZDGczZq/t5h7lYLIYnT57gyZMnOHfuHIM5o4MYzNmnl8GcfboZzNlnr939WBBF5HM5HPrsM0T8fogM5lbVXj3MDe7Zg3tDQ7asU2QwZ6/u5xnmyuX6NGu1WgUA3LhxA8VikcGc3oEM5uzTy2DOPt0M5uyz1+5+LEoSEpEIDm7ahEQsZmnPs37a+6rCXA3A5cOHcXNwkMHcKvqbwRwrgOjKgQzm7NPLYM4+3Qzm7LPX7n4sKwoCLhf2f/IJ0o2D7e2091WFuSqA0TNnMHzsGFQAsqp2fQ6uFWEwZ69uBnMM5rrWzWDOPr0M5uwRBnOrr1OpVuGcnsa3GzagUCjYavOrDnN3fvgBF/btQw3A8vw8Cqv43BnM2aubwRyDua51M5izTy+DOXuEwdzq61QBzNy/j33r10MQRQZzq2wvgTm1VsP46CjO7NgBAPj0b/8Wt7//HsDqbNrMYM5e3QzmGMx1rZvBnH16GczZIwzmVl9nDcD49evYu24dVMB2uHllYa5axbP793FiyxaIoojPfvtbbPzrv0YyGl2VimIGc/bqZjDHYK5r3Qzm7NPLYM4eYTC3+jprAG5//z32f/IJagzmVt1eAnOKqsIxOYnDGzciHg7j3K5d2Pf++3h49eqqHKnGYM5e3QzmGMx1rZvBnH16GczZIwzmVl9nFcC1U6dwcscONjJng70E5mRVhd/pxMGPP8bc48f4/ttv8cPBg7j9/fdQGcz1zd8M5qzBXLlcRrVahSAIkGUZtVpNgy9ZlhnM2fnwGMzZp5fBnD3CYG71dSrVKn44eBAXjxyBXK0ymFtlewnMSZIEPpHAia1bcfHAAVw5fhw/XryIaydPrspWJQzm7NX9osGcLMuIx+O4cOECBgcHcfDgQZTLZTx9+hTHjh3Djz/+qO1L1zeYGx8fBwAIgmAqoiiC4ziUSiWIjUW9qy2SJCGbzSKVSkGSJFt06nVzHIdisWibvXq9hULBdr2JRGLN9Obz+VdCL9GdTqfB87ztcS2KIuLxOEqlkq32ZjKZNenHJG/Z1o9FEYqqYnD3btw4fx5ytWprfImiiGKxCI7jXom8JYoiSqUS4vE4JEmCoqo4u2MHvnztNYxfv46nN2/i8sGDqLZ5v3Uj5XIZ8Xjc9vxB9NqpU+9vu/MHEZKzc7ncc5mzJUky3TT47t27uH79OjKZDI4cOYJsNoujR48iHA73D+ZcLhfGxsaQzWbBcZypJBIJuN1uRKPRltf1UxKJBAKBALxeL5LJpG16ie7l5WVEIhEkEgnb9YbD4VdKbygUslVvMpmEx+OxXS+x2efzwefzrYnuV60fu91uRCIRe3QmEkimUji6ZQtuDg0hkUrZ3p8ikQjcbvcrkT84jkM0GtXszRcKGNy3D3/85S8x+eABHoyO4vTu3eAzmb7rjcVicLlctttL9NqpU/+c7c4fRNY6Z/v9ftOcnUwmNZYaGxvDqVOnIIoigPr0/tGjRyGKImKxGE6cOAEAGBwchMPh6B/MOZ1O3L9/H4IgIJvNmkoul0MgEEA6nUYul2t5bb8kn88jHo8jHA4jn8/bolOvOxgMIpVK2Wbv86A3mUy+MnpJUrBTL9EdjUYRjUZtj+u17MeRSGTN7OV53hZ7c7kccvk8Dm7YgKf37yObz9saX7lcDjzPIxAIvBL9OJfLIZ1Oa/aKkoSH16/jDz/7GXxOJ549fIjjW7eiWC4j2+d26fXaZW82m0Umk0EgELBVp97fducPfYytZc6OxWKmOTufzyORSMDj8cDr9eLSpUuoVCoAAIfDgaGhIQBAOBzGsWPHAABnzpyB0+nsL8w9fvwYQPtpVjK8auc0ayaTQTKZXLNp1rWYdlxLvWsx3blWetdyyJ7n+TWfZrW7H6/VNGs8HrdtmlUURUiShF1vvgn34iLKlcqaTLPaPf23Vv1YP80qiiLUahXB5WW8+8tfIpfJwD07i6ObNkFWVW3Pv35JuVxGLBZbk2nWWCxmq069v+3OH/oYe56nWUVRhKIoqNVqGB0d1apZL126pC1lKxaLOHHiBB48eICBgQFks9n+wtz4+DhqtRoqlYqpCEJ9gWuxWIQgCC2v7ZeIoqgVQIiiaItOve54PI58Pm+bvc+D3lwu98ro5TgO2WzWVr1EdyqVQiqVsj2u17IfJ5PJNbOXnMSw2vrUWg2umRnsfustxONxFGz0M7G3UChoL3u79K5VPxYEAcVisQluCvk8BnfvhihJ8Dud2PfBB5Bkue+xVyqVEI1Gbc8fRK+dOvX+tjt/6GNsLXM2z/OWcrYkSU1bkywvLyOVSmngFY1Gce3aNQQCgb6AHIM5C7oZzL3cehnMMZjrqy5RhKooOLJxI368eBG5QsE2iNTb+yrDHPnzfC4HSZbBhcPY+cYbkGQZkixT2y1KUle6GcwxmKOJEebs+IfBXBvdDOZebr0M5hjM9VNkRUHE78eX//zPECoVrTqcwdzq2kuDOVGSIEoS0skk9vzpT/A7nXhy8ybUxlYxlUodvvPZLDI831VcMphjMEcTBnMmDmQwZ69eBnP26GYwZ6+9dkCVUq3CMTWF/evWAUB9mpXB3KrbS4M50qZsOo3Dn3yCqydP4pv33gMAVBrX1RpnuV49cUI7qaMTYTDHYI4mDOZMHMhgzl69DObs0c1gzl577YAqtVbD1N27OLF1K4M5G+1tBXOFfB4nvvgC3374IXa9/ba231ylUq80PLtrF45s2lSHvA51M5hjMEcTBnMmDmQwZ69eBnP26GYwZ6+9dkBVFcCDkRGc37sXNQZzttlrBnNCo9L17I4d+OB//A/seP11SIqiVULWAHz9pz/hwEcfoaaDPKvCYI7BHE0YzJk4kMGcvXoZzNmjm8GcvfbaAVU1ADfOnsXIsWOoAYgxmLPFXlOYE+rVree/+Qa/+Xf/DrvefBPlUgmiJEFWFFQBbPj1r/Hthx9CVhQIHcYmgzkGczRhMGfiQAZz9uplMGePbgZz9tprB1QBwA8HD2LswgUGczba2wrmZFXFhb178df/9t/i2w8+QJbnoVarWJ6bQ5bn8c4vfoGD69fXz9TssKqVwRyDOZowmDNxIIM5e/UymLNHN4M5e+21C+bObN+O8evX6zBn4/52ensZzP30dzUA3339Nd767/8dRzZtQiIaBQDsX7cO106dwpZ//Ecc+uQT5LJZBnMW/c1gjp7DRJG+aTCDuQqDuVchGTOYYzBnh72rDVWCIAAADn3yCWYePGAwZ6O9ZjBXqdQB+/t9+7D1n/4JJ7ZsQdjnAwB88fvf4+///b/HiS1bcGTTJvCJBHUfulbCYI7BnN4vPM/D7XZjeXkZFy9e1OKPwVyFwdyrkIwZzDGYs8Pe1YQqQagfsaQqCvZ/9BGc09OoMpizzd52MIzR9V8AACAASURBVDcyMIDT27fj7I4d8C0toQZg77vv4n//m3+Di/v3Y2DzZnDhMIM5i/5mMLcyh0mShHA4jLGxMYyNjeH06dMQRZHBnN6BDObs1ctgzh7dDObstXc1oaoGYGJsDE/HxnBiyxb4HA5UazUGczbZ2wrmFFWF1+GAb2kJxz7/HO7ZWciqihNbtmD/hx/i8Y0bOLppEyI+H2RF6Ug3gzkGc3qRJAm1Wg0AcOPGDRSLRQZzegcymLNXL4M5e3QzmLPX3tWCKrIua+8772D/unU4tW0booEAlGqVwZxN9raCuUqlAlGWAQAH16/H4sQEKpUKDm3YANfMDARBwN533oHf6WQwZ9HfDOZYAURXDmQwZ69eBnP26GYwZ6+9qwVVkiwjy/NY91d/hS9+/3sc+vhjpBMJKIrCYM4me9vBXKVSn249smkTnj14gGKhgAPr12vFEPvefx+uZ8+g6I76siIM5hjM0YTBnIkDGczZq5fBnD26GczZa+9qQRUA3BsawsmtW7Hxr/8au996C6ViETKDOdvstQpzp7/6Ck/HxpDheRz8+GMkYzEAwNFPP8XMw4cM5iz6m8Ecg7muHMhgzl69DObs0c1gzl57VwOqFFXFs/v38fGvfw3v4iL2/PGP2P6v/wpFVSHJMoM5m+y1CnMX9u3DgytXkIzFcOiTT5BOJjXIe3LzJtQ270CjMJhjMEcTBnMmDmQwZ69eBnP26GYwZ6+9/YYqQRAgyzI+/93vMHX3LoD6Fhi733oLACCKIoM5m+y1CnMjAwP48eJFRAMBHN64EflsVntudy5fRhWdnc/KYI7BHE0YzJk4kMGcvXoZzNmjm8Gcvfb2G6pESUKG5/HtBx8gw/OoAZgbH8flQ4dQYzBnq71WYe7m4CBGz55FcHkZRzZt0qoNrxw/jtEzZ1BjMGfJ3wzmGMx15UAGc/bqZTBnj24Gc/ba22+okhUFEb8fBz/+GBmeh6QoKBYKyKbTEESRwZyN9lqBuRqA+8PDGBkYgHdxEUc//RQVoV6JfOu773D58GEGcxb9zWCOwVxXDmQwZ69eBnP26GYwZ6+9/YYqtVaDe3YWRz/9FMVCAaIoQhAE7UgoBnP22WsF5lQAT27dwsVvv4VrZgYDn30GWVHqkDcygsE9ewAGc5b8zWCOwVxXDmQwZ69eBnP26GYwZ6+9/YaqGoCZBw9wYssWiJK04t4M5uyz1wrMKdUqZh89wrldu7Dw9CmOf/45qgCqACZu38aJLVsYzFn0N4O5zmEun89rGwoD6PuGwgzm2uhmMPdy62Uwx2CuWwGAR9eu4cxXX6FaqzGYe95hTlXhfPYMJ7ZuxcyDBzj+xRcAALVWw9z4OA6sW8dgzqK/GcxZg7lyuQxZljE6OooLFy7g+vXrqFQquHv3LgYGBjA6OgpVVfsLc48fPwZQX7RrJpIkIR6Po1wuQ5Kkltf2S2RZRjabRTKZhCzLtujU6+Y4DsVi0TZ7nwe9hULhldGbSCSQz+dt1Ut0p9NppNNp2+N6Lfsxz/NrZm+pVOqrvQAwdv48zjem52g2r4ZeK/aWSiXE4/FXoh9LkoRyudzWXrVaRdDtxuFPPsHUnTs42RiJU2s1hDwe7Hv/fZRLJUgdxGelUkEsFrM9fxC9durU+9vu/KGPsbXM2ZlMxjRnk+r2arUKABgdHYWiKPD7/Thx4gTcbjc8Hg84jsORI0dQLpcxMDCAYDDYP5hzuVwYGxtDJpNBPB43FY7j4HK5EIlEWl7XT+E4Dn6/Hx6PB4lEwja9RLfb7UY4HAbHcbbrDYVCr5TeYDBoq95EIoHl5WXb9RKbvV4vvF7vmuh+1fqxy+VCOBzu632zuRy+P3wYFw4cQC6fb6nX7v4UDofhcrleifwRj8cRiUTa2ptIJuFaXMS+9etx6+JFnNy+Hbl8HlwigWgkgn0ffYSZJ0/Ap9OW9UajUTidTtvtJXrt1Kl/znbnD+0ZrnHO9vl8pjk7kUhgaWkJo6OjuH79Ok6ePIlarYb5+Xns3LkTo6OjGBoagsfjwalTpwAAg4ODcDgc/YM5p9OJBw8eQJIk5PN5UykUCgiFQshkMigUCi2v7ZcUi0UkEglEo1EUi0VbdOp1h8Nh8Dxvm73Pg95UKvXK6I1EIkgmk7bqJbpJErA7rteqH3Mcp03PrIW96XS6b/YWCgWIsowL+/bh5nffQZZlqs391mu1bel0GqFQ6JXox4VCAZlMpq29pVIJ8XAYhzdtwvCxY/h+/37IioJ8Pg9FUXDyyy9x6/x5SJRnaSbZbBbBYND2/EH02qlT72+784c+xp7XnF0oFMDzPMLhMCKRCC5fvoxqtYrZ2VmcPXsWAHDs2DGMj4/j9OnTAIDTp0/D5XL1F+bINKsgCKYiivU1EaVSSRtWXG2RJAmZTAbJZBJSY5GxXSJJkjZtYJe9z4PefD7/yuhNJBLI5XK26iW6eZ4Hz/O2x/Va9uNUKrVm9haLxb7ZK4oiFFXFuZ078fjmTWruJNNR/dRrtW3kxfMq9GNRFLVp5VZ6JVlGLpPB8S++wNmdO3H1xAntuQHAo6tXcXbnTqiN9Y9WpFwua9Oddtmr12unTr2/7c4f+hhby5ydTqdb5mwyDV2tVnH9+nWIoohEIoFTp05hbGwMJ06cQDKZxLlz53Dr1i0cP34c+Xy+vzDHCiDouuNxVgDxMutlBRCvdgFEuVwGqS+TFQXlctmyPbKq4vgXX2D+yRPqMVCiyAog7LLXSgGEKIooFYs4/dVXOPDRRxg7fx5AveBBUhREfD7sfPNNCA1IsKKbFUCwAgiaGKtZI5EIfvzxRyQSCQBAMpnEnTt3EGucDcxgzgbdDOZebr0M5l5tmFMUBeOjo9i/ZQvCPh9kWbZ0v2KhAD6RwMBnn8HrcEBRVarNDObssdcKzAlCfQ/Ac7t3Y9trr+HByIgGc6IoIsvz2PH668hnsxAsxiiDOQZzNGH7zJk4kMGcvXoZzNmjm8GcvfYaoYpMiexftw5v/uIXuP3999rLvZUo1SrCHg/e/PnPsfE3v6mf/kCBQAZz9tlrFeaqAC7s24ePfvUrTIyNNcFcLpPB3nffRTIWoz5PmjCYYzBHkzWHOYCtmTPqZmvmXm69bM3cq7tmTlFVpDgOZ3fuxNnt23Hru+/a5kBBqAOBa2YGv/+zP8Nnf/d3kBWF6ke2Zs4+e62smROE+tq4y4cO4Y2f/QxzuneeKEkoFgo48NFHCHu9UKpVS7rZmjm2Zo4msiwzmKM5kMGcvXoZzNmjm8GcvfYaoapaq8HrcODczp0YOnwYo40Ks3b3q6J+LNTZnTuRz2Ra2sxgzh57O4G50dOn8Y//8T9iaWoKNR3MlctlHNm0CZ6FBctFEAzmGMzRhMGciQMZzNmrl8GcPboZzNlrrxGqagCe3b+Pwd27ce/yZVw5dswSzNUA3Bsexvf79rW8nsGcffZ2AnP3h4bwT//pP8E9O4sqgbnG705s2YLFiQntz9sJgzkGczRhMGfiQAZz9uplMGePbgZz9tprhCoAuHPpEoaPHsXTW7dw+dAhSy/xGoCbg4MYGRhgMGew90WAuak7d/Cv//k/w7u4qB3DJor1Hf7PbN+O6bt3274LiTCYYzBHEwZzJg5kMGevXgZz9uhmMGevvbRp1stHjuDRtWuYGBvDxf3769NrFoBg5Ngx3Bwc1KbpzGxmMGePvVZhrgpgaXoab/385wi63VAba+NEsX7c1+CePRi/fp3BXBt/M5hjMNeVAxnM2auXwZw9uhnM2WuvEarUahWntm3D0tQUJn/8Eef37q2/3C3A3IV9+3B/eJjBnMHe5x3m1GoVoeVlvP+Xf4mo3w9FVet/J4qoAfj+22/x48WLDOba+JvBHIO5rhzIYM5evQzm7NHNYM5ee/VQJYoiZEXB3nfeQSIaxfTduzi3ezcUVbU0VXdm+3Y8HRtrOS3LYM4+e63CnKwo4DkO6/7X/wIXDkNWlKbnOnTkCK5bLIQRBAZzDOZM4ozBHN2BDObs1ctgzh7dDObstVcPVZIkoVQsYsfrr6NcLuPZgwc4s3276TYjegGAo59+itlHj1pWPTKYs89eqzAniiIq5TIuHTyIXCbTFIsAcO3ECVw+dIjBXBsfMpgzz2GiKEJRFAZzNAcymLNXL4M5e3QzmLPXXj1UyYoCLhzGvvffhyiKWHjyBCe3bYMky5Zgbt/778M1M2sLzEmCBEWQoAgyFEGCLEgQBfP7WYU5URAb96yL1OKeVp/x8w5zgiBAEEVqDALA2PnzuPDNNwzm2vibwRw9h5XLZeTzeZRKJVy5coXBnNGBDObs1ctgzh7dzzvMSYIIWYMIGWpDrEKF0d7Vgrmf2ilR26mIMrg41wRVaq0G78ICjmzcCEVVsTQ9jeNffAFRkloDkCiiWq3hm3ffQ9jpBlRQdMr19kgyuB5gTmr4OCsWwIkZREUecTGNpJhFWahAEWSq/63AnCiIKAsVxEQeMZFHREwhLeYsP0+zZ/xCwJxQ31fO+GcA8GBkBIN79qAGWLoXgzkGc0RkWUYgEMDIyAiGh4dx/PhxiKLIYE7vQAZz9uplMGePbhrM9fIytSrt+nF9xEZCUSghLCWxKAcxLfswKS9jUvZgVvbDKUWQEutH6shC+365GjBHIK4olBERU1iUQ3i2op1hJKQMYvEYhGIFkljXXQMw8/AhTm3bhhqA5fl5HP30U80/VL8JAqqSinK5jD0fvoeJwDSWarEm3zyTfViQg/BKceSkIhJxDpViueP4kgUJWaGAGdmPW+ocrqrTGFInMaJO4po6gwfKEnwSB7HhA+PzbQdziiDDJUVwWZ3AkDqBy+oE/BIHxcKzbPWMXxSYowkATNy+jTPbt0OpVhnMtfA3gzm2Zq4rBzKYs1cvgzl7dBthTrRJd6t+LAsSKkIFy1IUd5QFjKhTGFYntRc+efkPq5O4pk7jkeJEVOShtBml6zfMyYKEslCBW4rgR2UBV1q082r1GW6knsJTikJUZKiyAgB4ePUqvtuzBwDgdzpxeMMGCI0zGFe0XxAhCSJiagb3szP48ON/wnfcLVzBM6rOEXUSN6tzuJecQbyUgiLSR9FooggykmIWt5V5XFYnMKJOac+hfu8pDDX+e0r2oCyUm4CuHcxJgoScUMQtdQ4jDZ89UpyNGHw1RuZoAgBzjx7h1LZtkNqM0BJhMMdgjiZszZyJAxnM2auXwZw9uvUwJwoCykIFc3IAaTHf8/qlVmLWj8lo0GPZpUHJFXUaV9VpXFGncUWdwhV1Cle1P6tDxVV1GgtysG6XSbv7CXOyIIEXc3ioOFu2k/zZ1eo0LvB3MaRM4g4/hVg8AgAYPXMGPzQWu4e9Xhz46CNUyitH0WRBQkko45nswzXM4Rx3E+9vfA0X0/dwHbN0neo0rtSmcZ6/i6vCJJbkCMQGELaMC0FEQSzhrrKIy+oErqrTGGn4+I6yiNvKPK404O6KOo0f1AlMKMv15yr8VKnbCuYUQYJDDmGo4bcr6hTCUgqyIPcc0y8yzFUBuJ49w/HPP6/HgYU4ZTDHYI4mbGTOxIEM5uzVy2DOHt16mFMECVExhcvVCTjkMJQeX6ythNaPpcbarDvKIobUCR0cTWFIndCA4oo6/dOIV+OakcY1c7IfkiBSR3f6BXNKA+Ruq/MYasCOHiz17aqP1E3ianUal/j7uAEHtn6/FbsOfIYqgKEDhzB65gwAIB4K4Zv330fZkNskQURRKOGx7MJl9SlGsYjB4Cg+/PRfcKn4EMOo2/+TLyYb/prCtdozXOIfYEh8iqHqJObkAEQT/+jtm5cDmm3D6hTuKAuISCkUhRLyQgl+icMNdUYDuiF1El4ppk2RtoI5WZCQEfO4qc5qz+2p4jZ9bi9CP+4XzKm1GvxOJ45s2oRiPm8pThnMMZijCYM5EwcymLNXL4M5e3QTmJMlGaIg4LHixqXqU4yp88gLJUg9rF9qJcZ+XAcMAU9kdxMg1adSn2Fa9iIgcYiIKYTFFFxSBPeUxcaI2JQGUyMGqDDa2yvMSYKIkljBfWWpqZ0jjSnfSdkDn8QhIiYREZPwSxymZA+uVp/h+/R9jGIen+z4E37z//45phHGub178PDKVQBAiuPw9TvvoFQsaiMyxC+TsgeX1QncwAIGQ6PYN3YQH335Fm6Ls1hSwwhKCU1nQErgmezDDXUWI7UpXOIfYEScwJVqHbqWpLDpGkNZkJAR8hhVZzDS8O0NdQYpMYuqoGhTvVVBQUBMaMA9rE7ijrqIklCCJLSGOUWQMCcHtOnbq+o0Yo1p8he1H/cL5pRqFbFgEAfXr69vWyK3/6BiMMdgjiYM5kwcyGDOXr0M5uzRTWCuKimIiCltqm5InYRzFUfnjP1YEWR4pFjTdOWwOokxZR5xKQ1ZkBqVmj9Vi5aEMublQNPU67A6iZvqLLJiYQWw9APm5Mao1eUm4JzCLWUWESllaGf9vyVBQlTmcT09gcvCE6zf+ib++Xd/icOTp/H1t5sxf/8RACDL89j1xhuoVCoazCmCBJ/E1f1SncYY3Phoyxv419f+Cvu//hwlWYAqKSt0KoKEtJjHY9WNC/w9jIgTuFp9hivqFK6rz5AQM1SgkwUJy43nQAoensm+RtWwzpeNUbRxxaUB9RV1CmExWV+7aAJzcqNdN7RRuUk8ld1tRwuf937cL5iTFQXpZBL7PvgA6WSSwVwLfzOYYzDXlQMZzNmrl8GcPbp5nke6MTL3WPlpVGxEncJtZR55sbgqa+f0/VgWJBTEIsbUeQ0iRtQp3FBnkRRzqAoKtTBDalS8LsrBpqnNIXUC83JgxUhPrzD3E4jMaCNKI+oURtUZxMU0VLNtOgQBNVGFNxXCRe5HvLvu77H/x0N4d/3v8emu9+Gen6vnvUoFn//93yPgctW3pRAEVAQB9xQHhtQJXMccLqbv4vV/+iv8f3/2f+H0lm0AAFFcaYso1IsYypKAO8lnuCw+wdXqT/6Zkj1UmJMEERPysubPYXUSYSlJhXpVkOGQQzrwm4BTitT90ALmZmR/oyr2J7Dsx6jcWvbjfsGcJNU3kt77zjtIxmKQe4S5dtvc9CIM5hjMMZjrUDeDuZdb71rDXI7PIK6kVyyeX83ROX0/VgUZy1JUK2S40oAIVwMMWt5HEFERKnikOJtAkIzO6UG0F5gThTqIOKWw1k7ioyUpbApymm5RRDabw+ijq/hw2+u4Js/gjT/8b/zD3/4/WOa8qFZrqKJe3br/ww9RKZehSgqiEq/55Bac2HZ+KwaO78GXf/gXHFr/cdt8qYoyglwY14VpXKlO/TSSqM4hI+abK1CFOsw9UJa00bZrLWBLESR4pbgWN0PqBCZlb73IggJzsiAhKWRxTbfucVr2WtpWppOYfpFhThAEKKqK3W+9hXgo1HTUl5mYwZwoiiiXStSCmn4IgzkGcwzmOtTNYO7l1rumiYFPI83zeKp6miCFjMrcVueRF4p9XztH+nG5VKpP18kuTf+IOoUxdQ4FsWRpVFARZESkVFMRwJA6iWUp2gSivcFcvR33G6Cjh8aMkG8LJKIoolSuYPjEMWw+vhH3EMJn336EX/+3/xuzsh+KXD/CCwDO7tiB7/ftAwDM6QoRbsGJd9f9HovzzzD9410MHz3SNl9KooRUPInpigdDVT0sTzXWqclNNhaFEn5UFrTtR+rr5XKmU7JhKdVU/DEuu1ARKqYwNy17teKWa+ozJIUsgzmDVGs1fPPeewg4nVBUte31ZjBXA3D7wgUsPn2KaotTQroVBnMM5hjMdaibwdzLrXctE0OOz8KdDuBabaZpVK5p5GkVRudIPxZKFfBSDqPqjLbubUidwDPFB8mwTsvUDkFEoQEhI7q1Xo9lV11XA8R6gTlJEJEVCxhVZ3BJfYphdRI/qE/xRHZbghFZllGsCDiy6VPsubkPt+HBWe8VvPnO32AGQQ1aqwDcs7PY89YfUQPwWHHX1+fVnuEqZrBu/T8jtFS3y8qaKkmSkI4n4StHMVKd1p5xHXZjTW2XBBFpMYeb6py2r1wnMDesTuKesoiSUIYkSk0wpwgSODHTGJWrg9+s7Ifc5yn8lwXmDm/ciKWpqZZHtRGhwZwoiqgB2P6HP+DOpUtt36vdCIM5BnMM5jrUzWDu5da7VolBliRk+TR+zD3DSG0lyJEpuTG1/2vnSD8WSwKCckIb7SJTrAGJ6wggZUHCVGPUh4ya3VLmGhW5vcOcKAgoCiVEpHol7YS8jDvKApxSpDXMVSqQlfoGwfFoDN+s+wAnnT9gFIu4Ik/ilG8E06pPa6NarcLncODAh+sg1GTcUxsjgXiGS9I4PvrkXxBZ9qAKWFocL0kS+HgS3nIUV3QwN6xOYl4ONo24SoKInFDAmDJvGeYiBph7oDhWwJws1jdzftpYk0nWQ6bF9iOa3fSnFx7mAJzatg3Td++iagHCaDAnKwrK5TLe/eUvGcz1WRjMMZjrWjeDuZdb71olBlWS4U9HcCn/qD7yQ4E58uKvr53rX+yTflwpVTAr+3UwV18Uz0npjvQpgowlKdx0n6vqFKJiSgOGXgsgfjoUXmoUJ1RQaWGfINS3mkjF47j47bdwPpvFlvffwHDxMa5htl5dihk8k71NMBdwOnFg3TpUJAEpOYeglESglsJMegnbP3kXXChkafqN2MzHk/CWohipTjWNzLnlKHXN3H3FoU2zjqozSIr/P3vv/RzXdSZo77+xNVu1tTVV+8tO1c5+uzNbs16X7dFnaT1jaz2WZTloZEmWZIukGMUAgiBAAswgwQQSJAjmhJwzQEQCIHLOkUjd6NzocPOzP9zuJhpEFEFI4nRXvVUI3fc959xzzn36PW9Y+ihU8opMiMZA0t8cpZlnkp48eOExqyLIzAjmwH3JVproXCJAZaPW0/cO5ha9XwVSL1+mrqAA7RvCnKwomAwG/vi3f0tVVlYI5jZ4joVgLgRz30h3CObebL3fxsYg+HTX2DtJd9RSuArMlct+37mNaeMLnzk3Db70FoEoWp8lcD2pKiSvyJhoCAriyPMFUcgbBHOLx8+fA26pvkmyHLCcxe3cya533iHjyjWORO+kjP6gsR0VZwOwJKsqk8PDXDt0CLfLhSLJyF4RFDBNTHEz6ghmo3FNjvH+Pptm5+h0j5KrBicznl7kM+f16jBXLwWnG1kOrP21VXN9x+PZShNd0kRQahLDrAFREHm2wCpX+pqscv7+fu9gThR18f2uAjlJSZSnpq4JwpaCOVXTGOzs5KP/+l+pyMhYExSuV0IwF4K5EMytU3cI5t5svd/GxiB7JWYkC1mOOrIcdSvC3OuIbBUEAYNvHdcovUGpMJ7K/et+0IteAbPgoFBpW+B710y3NBFo80bC3Er9slutNBQXA9BZX8+1Q4doyCtgy0//fy6kxVHqg7k8pZkyuRP7AkiWFYXp8XGuR0TgsNkCqSkUTWN8YICkI0dw2u1rOmL1er1IgsSUYZoyb3sgmtVvcVvq+FTyikGW0heVHV7WJ3sl2qXRQEBDrtLMiDgblJrENDvHlGTyJSB+Ef37Oqxy/nv8vYI5VUWoq0Po68Prs7Zq6GXe8m/f/sYwpwG1eXkcfO89ih8+DAVAbPAc+77BnKqqFBcXk5KSQk1NDQDd3d08ePCApqamjYe5hoYGAERRXFYkScJoNOLxeJAkacX3bpTIsozdbsdsNiPL8qboXKh7bm5Oz8e1Sf39Luidn5//N6PXZDLhdDo3Ta8kSkiiSCPDZMw/JWe+gSLaKdTalpU8WqnQenCKesqMV26DJDFnNOLyeKjUesjT9NJTeVoLTeowsri+sZBFCZfkoUTrIF9rpVBrI0droUMZRxOVwFjb7XYsFstrW8cqMNbXx9GPPgKg7HEy5SkpjJjG+eQX/0hiwz3K6KVAayNXa2FAnkb1tU8URVRNwzg9TeLhw9jMZhRVRRRFQA+MuHn0KJIkrbn9SCrdpmFypCYK0e9lrtbCM3UoMBcWvl8RZWZlK/laGwWa7ktZpw4giELQPVFFGYfkolzrIl/Ta8CWaV3YJCeyKCNJEh63B4PRSAND5Gkt5GutPNG6cYpu5A2YQ8utp29jHUuShMfjwWg0rl2vJCEC6tGjKOfPI6L7QQJUZWWRHh+/6vNQFPUHusFgCNILkB4fz9WwMPJu3kRbw3XWK369mzXGi8d7szlg4Rzb7D17oW6bzYbVal12D5B9ProAJSUlCIKA2WzmypUrTE5OIooidrudpKQkxsfHSUpKYnZ2duNgbmBggIqKCpxOJyaTaVkxm82MjIxgMBgwm80rvnejxGKxMDk5yfj4OBaLZVN0LtQ9OjrK7OzspvV3od6ZmZl/U3qnp6c3Xe/Y2Nim6rWZLAybn5PlrCd1poK06QqynfVk2euWlRxnAxnOOtqtg9hM1ldug9lsZmxklFHjc/Ltz8i0PyXLXkeGvZZaWxcW0/rGwmIyM2M2UGhvJMN3rTR7DXXWbuy+9i61js0WS8BatxEy73JRV1DE1+/+XyZmn5N05gT3S+5T4unk8Om93O/LIWf+GWn2Gips7RhNxqC+Wm02xoaHSYiMZGxoCJvdjslkwjk/T1NVFYnR0didzjXNFavJwqzFSM54NenmarIc9b4xfkqPeQSb6eW9zGIyYzQZKbW1kG6vDby/3TqI1WTBZrJgM1kxm8zUW7vJsNeSba8jbcF9M/vur2l2jsbRDrIc9WTan5Jur6XV0r+k3o1cT9/G/mE2mzEYDIyMjKxdr8WCyW7HduAA9t/+FpMgYJqfxzE/T2VODrdPnWLe7V71OkajkeHh4SC9TqeThMOHSYmP5/Hly/o82uDx8OvdrDFePN6bzQEL59hm79kLdT9//pyJiYklWcTftvr6eurr63n8+DGKojA2Nsbp06d5+PAhT548YWJignv37gHw+PFjent7NxbmqqqqcLvdWCyWZcVqCwxReAAAIABJREFUtTI2NobJZMJqta743o0Sm83G9PQ0z58/x2azbYrOhbrHx8cxGo2b1t/vgl6DwfBvRu/ExASzs7ObotdqsWK1WKlydJDhqiPdUEW6oYocVwPZzvolJd/VStKzhyTU3qbM1cWsdQ6b5dXaarVamRgbZ9Q8Sb6zkSyfrkznUxrtvdgt61tnNosVo9VEsbOZTGcd2c56Mpx1VDs6A/1evI6tNhtzBgNT4+Mbsq5tFhtTHiuXHpzlT+++xZ2mFA4d286dvkzyhVYeDhaQYa4ha76eekcPFqvlpX7aHQ6mJia4FhXFSH8/jvl5LBYLbrebp8XFJB07tuoe6W+L1WKlxtnF48kysqy6BTbD+ZQKR3tgTJb6rMNiZ9A2QaazLnBfspx1VDo66LQN024botzRSqbzqW+cn1LgbGLaagj0x2a1Ypwzkvu8hkxXPZnOOkodLZgs5iXnjtVixbZAlmvbWtbTt7GO/V8IxsbG1q7XbscyNYUjKgrHp59iy8rC2t7OvMdDQ1kZCZGReLzeVa9jMpkYHR0N6LX65va1yEgKHzzgwblzOJxOLBs8HmazmdHR0U0b48XjvdkcsHCObeaevVj31NQUk5OTS+5ZNpuNyclJ2tvbaW9vJyUlBa/Xi8fjwW63oygKN27coL6+nocPHwLw6NEj+vr6Ng7mQsesy+sOHbO+2Xr936Q3Q68iysxKFgq0NgppJ2e+YZVj1naeMMSRi/s4eukApQwyqAQfDX4TkSQJk2EOg9dCqdYZOBrN01roUMZWPsqVpMDxY2AcfcesFVp30LVq1T5cohdZlF46ZgXdpy3j6tVV9521ju0k80Re2c+Wz3/Fnv0fE3FmFzmueorpIsv+lEKplUF5BkmU0ISXx1BRFBw2GzeiopgcGQkcjwHUFRTw8OzZ1fdIUUIWJXqU5+TTRqb1KflSM/m0UqS1Y5Stqx6VS6JEnzJJrtaip63R2gLHqX7xHxWXaB3MyJaga6qiwoh3hnRLDQXo92JInnlp3siihCLKeEUBt+jFLXpwi14EUUAV5fUft3+fjllVFWlyEvXoUeTkZPjBD1B37wZNo7e1lcTDeoWP1a7n9Xr1FDC+98mKwrzDwc2jR6krKOD+6dMoqrrh4+HXu1ljvHi8Q8esL69hQRCQZRlN0wAoLi5GEATm5uZoaWlhaGiImzdvMjY2xt27d+np6SEpKYm5ubmNhblQAMTSukMBEG+23s1yphV80iANkKM0Uai1ke2oJ9tRv2wARKHaRjHdbPvLrwmP2UYR3TxRu3G+YmSrIAjMzRiZ8BiCghZylWbafYXdl/us2+3GYbMFJVQVvQJO0c0TpStQCSJXaaZG7mXe60b0CoF1bDLpARAASUeOcGbrVoBXHn9FlOmVJzkQs4WbrY/4+Fc/4euwTyljgELayTTXkC80U6n00CmNY/EFIAQVsJcknA4HSUeOMNrXF+ijBjxJTSXz2rUV90h/+pQ+yZemRWsj01xLrtBIrtocyIu3WjJm0SsgeUUGxSlKlHZylGafNPmkmVylmSq5J1CXduFn3YKHSm8XqeYq8rQWKpVu5hdV9JC9Ik6viwFpilq5j3KlkxKlgzKlk6dyHwPSFA5hfl3BEt/WOv5GARCqitDZiXzwIF5ZRhgbQz50CG14mMHBQRIjI/Xaqqs8cxYHQEiyzNz0NLeio2mrqeFmdDSiJG34eIQCIL4fARBuXzm3srIyUlJSGBoaAvTT0JSUFLq6ujYE5EIwtwbdIZh7s/Vu1sYge0WmRVMg5cSaYI528ryNfPLujwmP2ebLjdZGv/hqka2CIGCaMTLmmV2QF251mJMVBcPkJOHvv8/4wACKqup/91nm1gpzmm/z2ffuu5z96isEQVhzhOhyoioqtYZWvo76glxXPRmzT7jbnkohneRqzWSYq8kTmshT9VxrJUo7I760JH64EiUJt8vFzehohjo7A0ljVaDg7l0K799fdo8UvQKiV6BHnCBvwT3ONNeSJTTQIY8jeoU1p3wRfEBnFZz0SZM8kweplfuok/tplkcYFWdxed0v3SvZKzEoTZMtPCPDXEOe1sKoL8p14Vw0ClYq5e4AGC6WbKWJCqWbGcG85ujm7xXMAWJpKdLZs3gBDyDFx6NlZTE+NUViZCROh2PVebkY5hRfepvbx44x0N7OtYgIHQpDMLch8n2DuVBqkkUDGIK5zdUbgrmNFcH3EPfn+ypQWtcEc8V0c78vk6/+/D7hx74iZ76ebG8DT5RuHN75b1yOSRAEjLMGpt1zFCvtQQC2EsypQE9TEzvffpuzX32F1+NBVVUmBgbpam2ilqGga1XLvTgXwZzNbsflcJD/8CEnv/iCm9HRWE2mNeduW040Deq7nnImYg8GyYoZF3OakwnBSIsyQpaplmzhGQXqi1xveUpLAOj880HwerkVE0NvS0sgP5iqaWRev75sNn8/yOm1XJsDcFygtZFqrqLB3Y9XEL6RNVX0ikg+EX3y4nfhpXbMe91UKN1kC42kmquoUfrweD0BiNQB0UGZ0hFUsSNPaQ5YaRemqilS2pbMifddWsffFOake/cQ793DC3gBobYWjh9nxmgkMTISs8Gw6rxcDHMqMNzVxZ0TJ5gcGSF+3z4EQQjB3AZJCOZCMPeNdYdg7s3Wuxkbg+yVmBbNAavcYpgrpnNJoCtngHPpZzl+/TDhR7fwcDiP49ciyKedAWkK2SutqX7qYhEEgTmDAYPbQonSEQRgHdLYsg9ugNLkZIofPuRWTAwD7e0A3DgcyZ3YUzQyGXSterlf1+eDOUnTsNpsXNi1i5idO2mtrubuyZNMjY0FrHzfVABqc3J5eDoWwFctQkLxSiiCzJBxnHJvJ3m+fG/+cml6zjebPpY+v5jbx47R/exZYD9UNI3kCxd4Vlr60h4peUW8gtdXxL45qMZurtZCpalN9yETXsGS6vsysFiC3+NF8ScSVpvJFZpIM1czLhsDVjnBB51N8lAA5HKVZirlbkakWQyilefiHPULEknnKM2BRNKrfXn4vsGcHBuLWFSkw5wk4TWbYdcuLCMjJEZHMzsxgbzKvFwMcxrQ09jIvVOnsJpMxO3cGWjjRvY5BHMhmFv8eikAwv8tYinxL1a32x1w+HvdIkkSNpsNk8mE5PM92CzxO3rOz89vWn+/C3qdTue/Gb1zc3M4HI7XplcURERBpGGBVW4hzOXMPyPHXU+B3BKwGvnlCYNEnNrJ9ZrbRJ7ZzYXs83z0s/9N8kwJ1QzgFNx67c31tkkUMRmMzHpehrk2eRRZWHqdATyOi6O1spLCe/eoys7G7XLx53/4ATeOx1DDAPm+PmQrTbTKI6iCjCAIKKrKs/Jyjn3xBTk3bgQ2oOsREYx0d6OusvesJgCJkZG01dSgLbqWJEpYDCYsbhtVSk8AVHRYaaJZHkYS9MADDbh9/DgdT58G9kNF07h78iSd9fVB11YEGYfo8t3bFyAXKGavjDNrNOB1vf79UhZEHOI8ZYoOrNnCM8pNLQiSEJgjiqB/qfAfA+cpLVTIXdhEJ5ogIwsSqqDgETw0yIOBccpWmuiVJpadF9/2OhZFEbfbHci7tqbPAUpYGGJrKwLoR6GKgnrmDO6iIm7ExjIxOIiqaStex+PxBAIR/POwtaqKB2fO4PV4OL9zJ675+YDf3EaJX+9mjfHi8d5sDlg4x173nr2Sbn8E7WosIssyRUVFIZhbPIAhmNtcvSGY2ziRBZmZBVa5Qq2dIjp0mHPWU6h2EHFyB1dKrlHOAAUBy107BXIb4TFbeTiUx8mbRwg78iUf/ewHXMy9SAUTDCgzKKs8YJcSURSZMxiwu52UK11Bx2qN8tBLgChKUiCh6vWICMYHBmiprCTj6lVyb97kZtRRbsaeJN/TSCHtAQBok0dRBRlZUbCaTOz7l38h88YNvG53IKL1+uHDdK1h71lJFFVlbnqa87t2YbdakWT5pf4aDAYkl5dp6UWdUv8RY6nSgVNwIYl6H+8cP05LZaXeJlFEUVUSIyN1Pzrfw10VZMyinSq5h+wFkO4/puyUxlFEmTmDEZfL9drntSJI9MrP9YoQais5QiN9xlFUUQl6T5uvaoT/fg9JM2iC8tK1LKKDIt+xa57SQpXcg0fwrvjl4XsDc7KM4HAgHzqEOD6OoKr63wElPR3lyhVuxMYy1NX10heDxbIUzNUVFfHo3DkUVeXS3r1YTSbkRXPyVSUEcyGYC8HcOnWHYO7N1vs6N4Zgq1wzxVonKZMlPBrJp5Qecr1NpDwv5cs/vsuOLR+QY2ugSOugQGmlhB4yzFWEHfmSLHst59Ji+fgXP+LU7Wj2fP1HDp//mgJzHS5FQFon0ImiiNG3jhdaqnKVZhrkQWTfA9sfcu/xeJBkGafDwfWICOZmZpidnOT4n/7EyS++wDpr5MKhfaSanlBEx4tyXvIEiiCjAQNtbSRERCBqWgCIAB7ExtJQUvJKMAd61v5H586hLWFJCexbLt2SWS8PBIDGX6h+QpxDEXTAvHPiBM98bRJFPd3E5b17mRodRVVU3cIlmQORpn6Qy/OBT780hSyIKJKMwWB47TAnCxI2walb5ZRmctVmqoVuHWBFfW5IgohTcFEpdwf8BYuVdkyi/SWLmyiIeAQvNXKvrxRYC4VKm34cvcJc+97AnKYhDg8jR0Uh2Gw63Pn/PjAAx46RePAgvS0tq87LpWCuIiOD1MuXAbhy4ADGqSkURXmlPi6nd7PGeMn1FIK5ZSUEc8sMYAjmNldvCOY2RhRBCrLKlTHA2cen2Bf2J54wRIHSzvmM88TEhxEdf5CzqWcoZ5ACuYW0mTIejeSx/9DnlNLH+cw4PvzpP5BhqeLIhX38/q2/50brQ4YxoQjr+9a/EOYW+kf5gxa8ghdR0PNJATxJT+f58DCGqSluREXhdDhQFIWDv/412YmJAJzZs527I9kU0Rm4Vr80GQCkhuJi7p4+jcPpDFgpILio+TcaZ1FEA1IuXqQ6K2vJ6/j3LZfLhSYo9ErPA33O9/nODUhTKILe33unTlFXUADoMCfJMue2b8diMKLKKsPiDIW+Pr7wv9ODBcYkA7IgBcZvM2BOESQ6pbEXwRdqK8/dBswG04v8V4KESbRTpLQHrIeVcjeC4EVcPF6CiCSItMmjgePjPKWFYXF2RUvw9wbmALG+HjkmRrfK+Z8rvqNWjh7lzpYtNFVXrzovPR4PJrM56AtKyaNH5N26BeiW7MnhYRS/9W+DJARzIZhb/ArB3Cq6QzD3Zut9XRuD3yoXiGBV2yimi6OXwvjgB39L8lQxxXSzP/zP3OlIJeHJDWKuhlNKHznz9ew/+BkJFTcIj9lGNZNcLrzClx+/SzFdVDLOsauHuFR8hWqGcIrr853zr2Ov20OrPBqAEv+Ro1VyIri91OblAXB22zbyb99mtLeXaxERKKqKBpQlJ2OcmgLg2skjXH16kxJ6Atau5+Icsg+QCu/eJf3aNeZ9iUYFQX/wPUlPD/jQrTyeOpAogoQqyKiCrI+xpDsi3zx6lKHOziWPxRbCnCLIDEpT5AX5zTXT47Migu4XWJWdDRBITXFh5y5scyYG1RnyfJathSBXpnQyK1pQfO3yz6/XDXOyIGEVnYGo5ByliSZ5GI/LjXEB3MiChFG0Bh0F18kDvnn68nVVQaZfmgocIecqzfT54Py7to6/CcxJOTnIcXG6v9yi/5GQQPHWrRSs4UuGrCjUl5cz0N6OqqoA5N26RXlKCqDnUhzp6Xlln9DFEoK5EMwtfoVgbhXdIZh7s/W+ro1BEWRmJLMPbPSAh3ypmYNHtxB9+QBHLu2nUOlg+19+S573GTebHhF5dg+l9PFgIJsPf/oPfL3vY2IfnqSCUe72ZHDm/nHKGaCMfk7fO8a5tFgK6WJAnlqXdc6/jkW3wKhsWHTk2IpJm2eyd5BDH3yA3WIhdutWTnz+OTlJSUHg5Y9sA7h38xJnMs5QRp9+hCe3Yxf0KE6AR+fOUZKSgts37oIgoAFNT57w8Ny5Vfcej+DFIFoZl4wMStP0SZPMi24UWcFmNnN+507mHY4l94jFMDewBMz1yi+siGnx8TxJTwd0mPPMu7iwezcNli4KeJFk2e8bWCX3YBWdgWCPhfPrdcKcH3A75DHdV87XLqNoxevyBMGN4vPdzFl0pL4SzPVJkwGY04H3+RsDc/KtW0iPHy8Nc+npdG/fzq2LF1ecl6KoJ7++dvQo906eBECWZTISEnianw/o/pd9vjQ3G9nnEMyFYG7xKwRzq+gOwdybrfd1bAyiTxbmlSumk+SJIg4c/jOPJwoJO/Il93qyOBSznULaSJ4oIizyL5TRR3zRVf7y0c/57Q//P67X3KKUXvKlZvK8jRSqbZTSy8WcC5y8eUSvCqF0rSuydSHMzUm2oICAHKWJWTzkJ97kq7feorOujlvHjnHis884+N572MxmZJ//jyhJSIKEjMbdvCSirhygnMHAca1b8Oglo1SVu8eP01BejmuBZU4F+lpauO4rnbRce1VBZlCaJtd3jJjjS2o7I1pAg4H2dq4fPoyiaYEErUv1Vz9mlemWJoKOWfOUFoal2cAxa/aNG5QmJwcezi67k5i9W0i1V1FAW+BzOUoTdfIADtG1JOS8bphTBJk50Uah0uazyjXTJA8jCxJul/slmJsVLS/5R76RMLeSblHUYe7cOaSqqiVhTq2pwbRjB+ejogLzfMnx91niEqKiiN+/H4fVStH9+2QkJNBSUQHA/TNn6KyrW/XZul4JwVwI5ha/QjC3iu4QzL3Zel/HxvDCV641kK6ilD6ulF4j5spBCqQWIs/u4cy9E5y8cZQSusn1PGPP13+kUGkj+nIY5zPO8dlv3uZOZyoldFOo6rVa/cER16qSiDq/l1J6yVGa6Zd069ziSM6lZOExq0v0UCW/CILIp42nUj+JRyKJ276dzGvXSL9yhbxbt0hZwlIhCxI2PNxsesiBqL9Qjg6w3b5UFrIvcOJWdDR9bW04fHU7BUF/GM6Mj3POVwViufWtCjJD0gzZC6xPOb6ceACVmRlkXru2rPXD31+Py40gCtTKfQtgzufcL9oCR8IFd+9S9OABAKqs0msd4ev9n5DleBqI1vWnNHEL3mWDAl4nzImCiCxItMojAV+5IqUNk2hHEWVcLlcQzOnHrLagY9b6VY5ZF8Lc9+aYVZZfBDQsJbKMoGko27Yhjoy8iGT1CyAPDODdt4/EQ4cYHx4OHJEunJ+iKOK021E1jYSoKE7/5S8MdXVx8L33SDx8mP7WVgAexcXR7AO7jexzCOZCMLf4FYK5VXSHYO7N1rvRG4P/4fjMF8H6ImfcMNHxBzmfEUcNkxy5sI/dOz4ivuAq5b76ofsjvuDBUC6Hjm8ndaaU2EcnSTM8ocgHEC8qQ3Rxuz2FsKgvKaOfXF9i13nRjds5r9eBXamNC9axKsi+ygVNgWvfGczg+tFIqjOzOfbpp2Rdv47L6cQ4PR2wyvlFESR6mObuSA4HIv9MntRMIe3M+PzHFFXFODVF4uHDTD9/js1uD6xjSZKQJZmkqCjaamqC9x+vXhpJkmUkQcQsOoKqVeQpLZSpnYhoJIZH8NQXsLBSf0WXlwnJ+JK/W5Xci8cX9AFQ8vgx+bdvA2BSHWSZa/g67FOynXUUau3kKs00y8N4VgA5f/9eF8wpgsScaAukD8lRmmiTRpEFPQJ5KZgziw5KfGOoW097AlbkxXN46QCIlVPhfOswZ7EgTUwgNjW9DGmC8MIqd/Eiyp49OtgtfqYoCqLFgnbsGA/37aNhAYj5k+SKooisqtw5fhzj9DRJx48T+fvf01xRwZ9/8AP2vfsuM+PjAKRevkx9YeGqz9b1SgjmQjC3+BWCuVV0h2Duzda7ro1htSMcYbFVzpczTm2jhG4iTu7gRv09apgi9vFJPv7nH3OrOZky+iiikyMX9hOXGsv+8M8plHQfuwK5JQjk/MD1aCSfr/d/Qik9ASgZ1ubIuXods8G4Yl6rhevYDwX+Uk6l9HIuO47rd+Po6mxmzzs/o/TRI4Agq58o6NabSXGOYjpJN1dy8MiXPDaU0sCwDxJEFE1jvL+fK2FhuNzuoI1QFHR/u/rCQu6eOKlb1vzwIcsYpqaYdzqRJNmX4mUgCJCL6CKrIYvrew/icjiWtUqKoojFYMLkslGxIK+e38I2KE0HLE6gp5bITUxCQuUpQyTPlbEv/DOy5+vJo5VGedB3r3XQXE4UScZoMOJxuZFFKeh/4joCVl7qj6CnGmmUhgK+cn6rnCxIS8JccGoSPYVKidKBRXCskJqkL3C0Xai0MvcdT00y6/WixMWhREXp5bkWrltB0FOPtLWhfPopgt2OsFS6EFFEUFU4dYq8L74g9/FjADxuN+lXruB2uZBkGVEUOfrRR/S3t3MvLo7w994j/84dYj7+mK0/+hFWkwmAzIQEqnxl4DayzyGYC8FcCObWqTsEc2+23vVsDJIkrTgH/QCz2CpXSDu57gbCY7bxaCSPJwxzo/4u//rTH/B4rJgSuimhm7OPT/PHf/ohZ5NPUUa/fqy6qCqEDjGdpE6XsT/8c/IEPVFvntZKNf3s/c2vaC57suJaDlrHgojkO67LVpooZ4BDx7eT+OwexbNP2fH22zQV6WWs/CAi+yJKZ0ULZXIn+bRSILdyMHoLd/symMERsOBooPvdxcQgKgpmsxlVUjCLDqrlHqq1Pp6429m99feUjz9F1JSAhez2sWNkXb8OgLygekGeL/1GidbDV7t/T0m9bpVTvNJLQCULEqqoMGycoFzoIE8NBrlqRfft88MVQE1eLjkJ1xnDRD7tpMyUsT/iC7Jc9VRo3ZhEO15BwCW4VxS35GXKMIPd5cAteoL+5xFWtp6uJPoXBkvgC0OO0qSXYfON+VIwJwi6dU4vO9bkS8nSzMgySYOtQnDS4Eq5G/d3OWmwJGEYH4ef/ATl4EEETdOtbv4vYH6rXGwsUm7uy75yCwWgpobGf/xHHl+9CoDVbCbit7/FOD2NCrhdLo58+CGt1dU8unSJU198wbmvvqIiPZ3Dv/sdDqsVgJwF/peCIKzJDWKp9iy2IIZg7rsJc6IooigKAMXFxSGYWzyAIZjbXL0hmHtZVFVloL2doa4u1GVyRukRgxZfXrlg+EqbLWf/oS/Inq+nhG7SDOVs+eRfyLbXU0QHZfRxIfs8v/77vyHbURfI17aUFNFBpqWKsKgvyZiroIhOiuggT2rmj//nf3P/2MnAWhZF8aUcV4vXsezL+F+mdZErNPH13o9JmS4lV2rm81+/TV1rNQIyHsGDW/BgF+bplSYpUtoCVq5yBjlwbAvZNRmoaEFwVJ2dTfb163hFEbPZjCYpGEQbeUozOUoTxfRx/H40x8/uRwZkWUEFroaFsfPtt5mdmEBVVURBpEMaI1tpopAOMi3V7Dv4GRm2ap4xxKQ4x7zgxu1rp1vwYBJtdCoTZJueki08C8CxnheuHYNoDbI2ATQWl3L/Uhy1DFJAB8nPiwmL/As5ngbKtW5q5T6q5d5VpUbto8TURKW3i2rlxWf8tVDXm+w5cP98Xxj8yX9LlA5sonNVmFMEiSnRFCjnlesr52UX5xeU85LxCl4a5aGgcl590uR3u5wXMHftGurOncixsQhOp36MCkh5eYhDQwgmE8qOHQhG49LHsH4R9dyFI3v3cvv3v0cBJkdH+fqnP2WgrQ0Ah83God/8hprcXJKvXOHS3r0c/PWvmRobo+TRI9y+h3j+nTsU3LkTWI9OhyMQBb4mkSTEjg7ddWLBmIZg7rsHc7IsMzExQUFBAfn5+dy9exdBEDYF5CAEc6vqDsHcm613rRsDQPqVK9yKiVlynQRb5ZpeOha935fF/vDPKaWXAl+akht198lxNlCo6RGqSQ33OHn7qJ44eAmL3EKYywlY+vIppotiOsm01fDFh//EuR079LQVioLTbme4qwtpwZHSUutYESQmsfFgKJewI1+S63lGCb0cubifVMMTKrQeH8T0UCJ3BEDC36ZSBjh5/TDV6RlB4wO6daIyMxOPIARgzijaKPRZloq0TjLttez96kNmxycAvZj947g4roaFkXvzJoBerF7QC8Xn08nd7nQOHdtOvthMHvq1yuROauReauVeKpRuHdzUFtLN1eQJTRSoOsgVKm1MieaX0okAdFRWcynuKIV0UEw3j8cKOHj0S/K8jRRoOsCuRfK0FtLM1WQLz8hVWwJ/z1Ia6ZaerwpHS4kiSEwGgEy3LnZJ40G+bMvB3EJ/zoWBDdVyL+OiEZNoZ0a0BIGc3x/TKbhWjZb+tmHOdOIEyv37OszNzOjWOVlG/cMf9FQkqanI586tbJXz9wWwFRYS/8MfIgIDzc3s+Pf/nsbcXAAsc3Mc+NWvKHr4kNRr17gVE6Nb5Gy2oDyKRQ8ekHntmj5/ZZmUCxewWSxrq9WqKAgWC+qPfoSUlhbU7hDMffdgzr/uLBYLNpuNvLw83F6vTlo3bsCxY0vL8ePL/2+19/j/Hh0dgrnVdIdg7s3Wu5aNQRT1Y7/H58+z7Sc/WfK4NdgqF+znVkIPCRU3iIrbSxn9vqPXNvI8TWQ76inU2ihU28j1PCNnvj4Qtbqc+I9fI07t4HZ7CiX06H50Y4WEH9tGxO7PGe/uBWCsr48Le/YERXoutY79/mslxVmEn91JsQ86c+bryZdaAk7zfh+qhSWsspUmGhmnIDuZnGuJQbpAL4/VXlOD2+tdEuYKlFbKGCQm7gCtpU+YGBik5NEj0uLjqcrKIvnCBWRVDVgRvYKXbma5XJJAxNndlNJHodoWcNQPwJS/Hq7aRqa5hhyhkRy1iXK5KxCgsfheA/TUNXAyNowC2imhm4dDeYRHbyVPaFr13gTfpzYyzbU+iGwLCrroXYOl66V56IOpOrmfHF//ypRO7IIr6FrLwZwgCC+ssHJn4EuHPwmJDw9tAAAgAElEQVRysdIeaJ8fFIuUtkAy5O/qOhYlCbckMXfiBHJtLXJMDOLwsG6Ve/IE5c9/RtmyBeXjjxEnJ1e2yvlF05DHxoj/5S+xzs/TWVTEnn/37yjxfbEwTk2x/5e/JOPaNdKvXyfz2jVOfvEFiqIEgoRAr9P68Nw5NN8XlMO/+x3D3d2BihHLiiTp7S8oQP3gA+Rjx4ICNkIw992DOf/YSJKEqqr6MStAbi588AEkJMDVq3DxIly+rMulS/rv8fH6z5cvw4UL+s/x8bpcvPjiPZcvv/i7/+e7d+E//acQzK2mOwRzb7betcKcpCgkX7jAzrfffqnSgCiIeH21LNOUBrKVpiApoJtTD49z8vFx8ukiW2kiR2sizVlLmqOWbK2JLKWRbK2ZHFr0nxddI0i0JvLpJPzsLq7UJFFAN/l0ktSVQtSVMKLvRfH4/HndylRbS8QHH+Can3+RH26ZdQxQeOMWaY9v0saMDkW0kqe2BMDI70OV6zsiLVRaaZdHEZDprX/G7WPHAqkcRFFE1TSuhIUx1tfHvNu94JjVSo7SRKbyjGyliTw6uPzkGmnx8RTff8CHf/M3JEZGMtLby61jx3THc38UrC+FSPKd65y9c5wyXzoUvz/dwnbmKS3kqi2kmqsoFlrpkMdwCPPLRmVqwGBTK9En95BFM/l0crs/g7BjW8mUGsjRmle+N4vuU4q5ikyhgSz1xefSlQa6fKlb1jNfFUFmXDL6QLU5cPy5GLRWgjn9OnrQS43SS47SFADfhVbFbKWJCqWbWdGy5vyF39Y6FiQJt8uFKSYG6flz5MOHEXt7EebmUP/wB8TBQeQLF/RarGuwygmCgOBzT3jwwQcMNzbyLDOTI3/1V2T5ciJOj49z4Je/5P6ZM6QlJlJXWMjt48eDnqEaMNTZya3oaERRxGG1su/dd2koLl75WStJCFYrYmcn8tGjerWK48cRDYZA0IbH62XWYNi8MV40v0Iwt4YAiOpqXD098OtfQ2Eh80+ekB8Rgau0lOwDB0jds4f2q1e5/OmnnH3/fboTE3m0fTuZYWEYs7O5/umnlEZH03zpEnGffMKVjz6i9+ZNzn/wAdWnTzOZksKZ996j+vp1eOedEMytpjsEc2+23rVsDJIk4XG7eXjuHHdPniTNV0Tb/39REJkX3AxJ0wxIUwxK0y9EnGISOxdOR5Bbns4YZgalaYaUGTptw3TahhlSZoI/swaZwEp8XAxpufcZx8I4ZorrC7gSF02XfYhT27ZgMRhoKi/n63/+Z2afPw9YA5a0zIl6Qflb0dEMNLWgoDEhGmmRh6mSeyhVOihS2ihW2ilX9KPMbmmCOdGGJIhoisb02BgXdu1CVlUE3/UcNhvXDh3CODWFc34es9mMIsk4BBeDC8ZrRJujabyV2K+2ce1gOImRkVzYvRtRFLm8bx82s/mF87gPEtPOX+RpWTEGnLRKI752dlKktFGktFGqdFCpdNOoDNFq7MPktqL4okqXu9cqMNLZxcXocIbUWSawUd1dzfnjBxkQJtd1r4aUGVrn+unzTDAov/hcvzSFQbSuK6JVFETcgodauU+vKKK0Uql04xBcL/nerQZzgqBb6NyChwFpihq5L3B/S5QOquUe+qRJnMLSyZC/a+tYkGXcFgummBhEt1sPcqiuRtm9G+nuXbyA2NuL2Nm5Nqucb45pQO4nn9D04AHl6elc+e1vSf/5z0EQeD46StivfsW1iAgeXb6MzWLh+dAQygJ3BllRsJpMxO/fj9NmwzQ7y8533gnUbV1WNyA9fYr23/4byrZt+lo6fBixrS0QDOERRWanpzdvjBfNrxDMrQJzqkpRYSGunTshLg6ts5Pc3bs59+67dF68yNF//EfOvfsu0w8fMpuWRuH+/bSfP8/+//k/yTt4kNZz58jYvp3kL7/EnpPDyM2bVERGkr93L89OnSJ71y4efP45zWfP8nDvXqQf/CAEc6vpDsHcm613rTDnsNm4GR1Nd0MD1w4dwm61BvuhCXqqDk1QArVDVUEGGRS3yPltO5geHAEN/e+ShtNix2mxg6QFfWYtAlB89z7Fd+7jf7WWPiE17gIA6fHxPElLo764mF3vvMNgR0dgfS+1jiVZZt7h4MKuXVhNJhRZCdQZdQsenIIbp+DCKbgCQQb+Wqn+z9utVi7v3YvZaAxEdBmnprgRFcW83Y7D6cRsNiNJeiH6heOFrI/ByS++4MLu3Xg9nkCbL+zaxfToqA6JvvYLosj1w4cZ7+sHjUA75xe00ym4cQkeRFHEbJjD4/KsOr8UTWOsv58bEZGgQUNuAU8epZB8Ng7VK6Ot414haVgMJkSXF8QX80ITlG/kL+cRvDiEeZyCC4fgwiW4lwTCtcCcIOjpShRBwiN4g+6vW/CgCCtD73dpHQuyjHtmhrmjRxEB+f595CNHkI8ceREJKstLpyJZQQCqrl4lKy6OwsuXyYqPJ/mf/xlxZoaxwUEiPviAM1u2kHzlChq8lIPRD4QX9+xhZmKC6fFx9vzTP3H3xInVYS4rC/nkSQSzWY/CvXYNKT1d748oIty5g6G1VfcL3KxxXjC/QjC3CswBRXfu4PrlL6Gqipm0NPb89//Okbfe4uZHH1EZFUVpeDgTd+7Qcf48/QkJTD54QNO5c6Ru2UJlVBS3/vhHUrZsYb68nMqoKAyPH1MeEYEtM5PyiAhuf/wxrrw8co8exf13fxeCudV0h2Duzda7JpiTZSxzc1zcswdZlkk4eJDepqY11VsEqEhP52Z0NJrP78uv22KxrGljWO66jeXlPD5/PlBWqCo7m1Sf1bCuoIC8W7coffyYvb/4BS2VlUvCnCRJAZ/A8f5+bkRGIvr+JggvEsgulsUQIUp6cMLtY8fob2kBwDQ7S96tW9yKiUFRFOx2ewDmluvT/dOnKfOlclB9cvvYMTrr6wPj7YfruB07mHc49PYKwvI538S1J+9VVJWp0VGuhoUBEL9/P9fCw0m9fBlRFNc1P19H0uDFfVvqPWuFucD7V7m33/V1LKgqnv5+5k6cQASk0lLUn/wEKSNj7ceqy8zHvqYmbv7Lv5D8/vs05edz+7PPcPT3M9TbS8zHHxP14YekXbu2rA8cwIPYWLoaGhjp6SHm44+5GR2NrCjLB0EA0v37L2rHAlJZGXJ0NF5AamxE+uorZufmVq528ZokBHNrgDlFoaiqCldcHOzZg6eykuroaM78/OeURUSQtXMn9/70J54/eEDq1q3M5+YykJhIzt69pG7bRvKXX5Kzezc3/vVfmb5/n/uffQZ1dVRERXHnk09I3baN3D17uPfZZ9zbvRv1xz8OwdxqukMw92brXcvGoKgq02NjXNyzB4CHsbGr+r1Ism49c8/Pc+Lzzxnt7Q3a8F8V5lRNY7Svj+sREQEYK3n4kAxf5FxvczNp8fGkXrrEyc8/pyLjRZTpwnXsB8Gy5GTC338/kNdt3ePps0IkX7hAjS/iLyMhgQ/+838mIyEBAJvNtiLMyYrC1OgoZoMhcKSqAZnXrlGZlRVol6ppDLS3k3TkSCCB60pt8/d3LVAlKwqGqSku79sHwOV9+4jdupX0K1cC4Lue+fU6a7Ou1N/1wNxGrqdvBeYAT20tcxcvIgJifT3q3/0dYnf3K8GcrKo4bDYu/+QnxP31X2Po7+fa7t3MPXtGX3s7sVu3cvj3vyclIWHZL3YARffvU5mRQc+zZySEh3Pn+PGgGsdL9UdOSEDKydHbrygIRiPKli2IRiNyQgJCaiqzvooUmy0hmFujz1x5OS6rFT77DG7fhv5+ZvPy0JqaKD99mprz56G9nYmMDNTGRry1teRGRtJ24wbKs2fkHTlCa2IiNDczlp4ObW14amrIPHSI4eRkvLW1ZISHM1pWBm+/HYK51XSHYO7N1ruWjUHVNPpbW7l59CgAeTdvUpaSsux6kWWZ2clJih884P7p02T4Eo8uzBP1qjAnyTIOq1W3Tjmdertu3aLg3j3gxfFm0pEj3D99mvzbtwMPHP86VlSVzvp6Sh4+5MqBA8Ru28ZAe/uyefRWE4DC+/fJTkzULRJnzlCdm4vH7UaW5VVhThB0mFr4f4AnaWlk+oDQ/7eK9HQyrl4NqhqxnKwH5iRZxmIycWH3bmRF4cKuXRz+3e/ISEhYEzgunl8hmNsEAbzZ2cwlJuow19GB+oc/IHg8r2y5Ari8ZQsH/+qvEJxObuzaxVRREZ2NjVzeu1eHOf/69n/O33ffF7rG8nLSLl+muaKCtMuXuXvyJBODgyjLHZEC8rlzSJWVL2AUkHJyUA4dQtm7F+/oKLNm8+aN8aL5FYK5NVaAABgYgJ//HLZvh127YNs22LcP9u6FLVtg507YulX/+/79sGdP8M9bt+rv2bIFvvoKDhzQr+P/OSwM/uN/DMHcarpDMPdm6128MUiS9NLxB0CT70gToDIzk+wVLFj+9//lhz8kITwcj8fz0rfwV4U5f3sTwsKYHB4GnwWrIj0dAFmWObNlC/H791OemkryxYv60Y7vqNBoNCIrCg/PnuXd//AfuLJ/P8DqKRNWEICWigoex8UhiiK3YmIY6+sDCKzj1WBuqWt21NWREB6OqmmIkh7J+vDsWSrXWCZpXTDnO8K99PXXOO12zu/Ywe6f/Yys69cD47ee+RWCuU0QQEhKwvjggQ5zBgNSYeErWeUWzr/8xETCf/pTAG5v3crY48e0PH3KjchIov71X0ld8EVDEATdkibLCAYDmiAw2NXFg9hYSh4/piIjgwexsfQ0Ni5tzVMUHeaOHn0R8CAIut+fqqJ+8gnK3r14FIVZo3HzxnjR/ArB3DrLefX0QEXF65EnT6CxMQRzq+kOwdybrXfhxiCKIq75edyLHr5+S1BOUhIArVVVPDhzZkWYK0tJIc9XrH2pEj4bAXOyovAwNpa26moAUi9doqGoCP/r4p49nNm6ld7m5kB6BL/MmUyY5+a4evAgDSUlND95siYfwJVE1TTGBwa4GR2NyWAgMTIS4/Q0iqp+Y5iTFYV5h4PLe/fy3AetsixzMzqavpaWNbV5vTA373CQEB7OzMQEF3bv5s//63+RfeMGiqaFYG6V/n5rMHfiBHNpaYj++bBBvmSapjHQ1kbcrl0A3N+6laEbN2iorOTeqVPEfPopaT7XBr9FTnzyRAeyy5fRSkqYNpt5EBvLo3PnaCwrIy0+ntaqqpfnrqoiPnuGODuLEh6OODISHH0LiLW1SMXFeCCUZ+77BHOb8ArB3Cq6QzD3ZutduDEAVGZk0FxR8VLi27xbtwJHq0OdnSSEhy+7XjQgJykpyE9tKd2vAnOCr71ZiYmBdj2IjaWtpiawuG/FxHDqz3/G7juOdfqK0YuiiNVup622lhtRUQAvlfz6puPpmp/n0tdfM9LTw5WwMLweD5IkfWOYC4z/zZs8PHsWh8XCUHc353fuxGoyBSJcV5L1wJzo60PSkSMMdnQQv38/v/8v/4XcpCRUCMHcKv3d9HUsywguF+K2bRjr6l7A3AbpFyUJp91Ov6+MV8qOHfRcvEh1cTGply5x6i9/If3GDX2dyzKCzYb68ccIs7MoO3fChx/i9Hq5d/o0V8PC6G5oIPvGDep9X7qC9AHKwYNIeXnI4eF62bHFUCrLCLIcShocgrmXXiGYW0V3CObebL3+jUHyHd9dj4h44eMmvKj+cO3QIeoK9ILuM+PjXPr662V9qDTg8YULNJWXL7umXhnmBF+G+cJCPVJW07h74gR9vkhSgKzr1zm3fTugV2HwByaIosi810vyxYuUp6bqbdygcVeB2zExlCUnB0DR399vCnOyomA2GondupVzu3YRs20byRcvrhlA1wtzHo+HuydP0lpVRWJkJO//9V+Tm5SERgjmVuvvpq9jQM7KQjx0CMP8/NrKZH2D8fQHCmXt30/riRNU5OeTf/s253bsINtngRcAcWQE9Z13kB4/Rj55EnXnTtTaWm6dP8+xTz9ltKdHD4hY7CIgSQiKgvLll8inTiFHRyNYrS/DnKin5QnBXAjmFr9CMLeK7hDMvdl6/RuDLMsoqsrZr756kQfKB3JVWVkc/eMfsZpMqJqG2WAgITx82Yg0VdO4FRNDX0tLoBrCUrpfFeYkWcbtcnH2q68Y7Ojg7smTjPX3o2oaoIPeHV9W+uqcHO6dPg3o/mtOt5uE8HC66utXXffrEYDihw85t317EBS/Csz5+wq6BVHVtHUdCa8L5nzH0I/i4qjOyeH2sWN8+j/+RyCoIwRzi2RRUM+mrmNFQZicRP3oIzw9PRhstteqFyA/Kor6yEjKsrJ4kpbGpX37yLuv53oUALGxEfUXv0D57DPkGzcQnz6FK1e4e+EC+3/5S2YmJniSlkbJo0fB605REOx2lM8/R/n8c+RTpxCczkD5rsUSgrkQzC1+hWBuFd0hmHuz9fo3BkVRcM3Pc/zTT0k4dEiHBlVlbmaGmI8/Zry/H9D935x2O0lHjjA5PBwUMCD6vjUrmkb8vn1Mjowsm35gI2BOEHyJTbOzubRnD0lHjmCYnkZWFGRZxmwwMD4wAEBDSQkPYmMBPbnpnMnE9cOHGezoeGVfucXt6ayvZ8uPfhQU8fuqMBcQ3xiv5zPrhTlJUUiLj6fg7l3unz7N7p/9LFAsfT2633iYgyCfrk1fx4B88SLy5cu44bX3F6D07Fkqw8IoSk2lobiYxMhIiv3zHJAyMlDCw1HffRcpORnB7YaYGHLOnWP3z3+OZW6O2tzcl6tAaBrixATKjh2oP/0p8tmzCF5vCOYWSQjmln+FYG4V3SGYe7P1BmBOVTEbjRz79FPi9+9HEPTNO/Xy5aDca/45eOfECXoXOeCLoqgnz/V4uLBnD2ajccngB/91NgLm/J89t307O995B4/HE9ApSRKy73iopbKS+2fOoKFbtyYnJrh2+DATg4PLWg+/iaiAYWqKbT/5CVXZ2UHjtiEw9w1kvTCnahrZiYmkXLzI47g4jn700QuYW+e9eWNhDpAqKpBqawNVCDZ8HcPygQyyjOBwoOzciTgzg1uWNwXmKpOSKN63j/xHj2goKWGku5v+ri7ddxMdLqWMDJTPP0eqqcELcOYMNVFRfP3ee8w7nTSWlpJ+5UrwfALEzk6UsDDU99/XLXO+snhLtSUEcyGYW/wKwdwqukMw92br9W8MGjDW18fFPXuI37+feYeDeaeT019+idmXxkMQ9DWgaRoPY2ODfOI0oCY3F4fNhtloJOHgQb3k12uGOb/uwc5Ojv3pT0hLpM8A6Kyr497Jk8iKggYM9/dzPSIC49TUhgQ/BPoly0iiyJEPP6SxrCwwPt8XmPMfrRfcucPN6GhSLl3i0t693yiZ8hsLc4DY1IT693+PHBkZgI5V17GmrT3KVFEQa2sRXK4XiXMXt6G+HiUiAgFwezyvHeY0oC49neydO8lJSqKhpAQA49yc7qunKMgnTyI2NyMVFSFOTyMA5OTQ88UXhP/pT0iyTFt1NQ/Png2eT4BUWYkcG4v89dc6zLG8JTgEcyGYW/wKwdwqukMw92br9W8MAK2VlTyIjeVmdDQzExPMTkwQv3//S/nFAFIuXeJJWhqgW7qM09N89dZbPB8aYmp0lKSjR/WH+DJzdiNhThB0x/3Z58+X/B9AX0sLd44fD/ze09am15i1WJbPRP8NBaDg7l3G+voCoPi9gTlf+0sePeLC7t1kJSZy9+RJsnw+c+udX28czGmaDnIffIBUWYmybx/i5CSCL9nzsusYEMfGEGy2QImqZXWoKuLcHOpbbyEfOIA4OIhgtwd/BpDj4gL1St1u96bAXFNpKSmff072+fO01tSgoqcIERUFweFAPnIEsb8/KNmv2tmJ4dNPOb17NxrQ3djIrWPHgucTIKWlISUnI585g3rpEgrgXaYtIZj7fsKcP9BO0zTMZjOq7+RkI14hmFtFdwjm3my9C2GuPCWFwnv3SL54kf7WVoa7urhz/PhL1i7Qy1/5H/CgR45u/fGP6airY7iri3unTgWOXZfTvaEw5zseXOp/GjDc1cWtmBjcvs2lta6OhEOHELzeZa2Hr9IWt8uF1+sNWBa+bzD3JC2N6I8/pjQ5mfQrV1ZMEr3S/HqjYE4UEWQZZds2pNJSvH6gyszUYWS5daxpiCMjKD/7mZ56IzcXsaJi+SLxoEeDxsUhX76Msm+fXsqqvl7/jO9z8uHDiO3tmwpzHQ0N3P/Nb8iMjqaruTkI5sTZWeQDB/QoVL+1W9OQJibwhoXRWVEBk5MM+b5IvQRzCQlIT54gl5TgvH8fw9wc8jJrMwRz3z+Yy8zMJD8/H4CSkhJu375NXl4esi+4a8Ng7tmzZwCBaK6lxL9YPb7cUSu9d6NEluVAgW7Zlwpis0SWZebm5nC5XJvW3++C3vn5+X8zek0mE05fOaz0+HgaiospuHOHxvJyOuvqSL10SU9JsaBdAF11ddw/fRoVcDocXNy9m5LHj8m+fp2eZ894fP48mu8Bt5xuq9WK1Wp97fNaA54PDXHzyBHmfeBaX14eyJX3OsZcluWg6/rXscVi2fR17N+33G73mvoKUJuXx8Ff/Yqy5GTG+/sZaGtD8yUNXs8YrEfvRvbX7XZjNBo3Vi8gjY2hREQgulyIgFxdjXL4sP6zory8jmUZUVVRt29HTklBiYtD+/BD1O3bER0ORFV9WcfUFOpnnyENDekVHQC5tBR1z57AOpSmp1EOHUI0mxE1DY/Hs/H9XWJe9PX0kPjWW6Tv3Ut/T4/uI2owIAFSby/q3r16m/2fUxREpxP16FG0iQk4eJCpZ8+45Ku4srDfyrFjyA0NoCg05eWRFBOz7Pr0er0BeN1s+TY4wC8L9+xvQ7fNZltxz5YkKWBtKykpYX5+HoDJyUkOHTpEcXExzv/H3nk+x3FdC/4f2fBpv+xW7avdfet6rpWfn4O8tvXktaxkWbIoiaJIijLFLOYEMOecc04ScwQDQDBHkCAAAiAm55xnum/3bz/0dHMwGEQCQ1JqVJ0SRPT0uefG39x77jnxOJs3byaXy7F9+3YsFkv/wdzTp0+5dOkSkUgEn8/Xqfj9flpaWnC73V0+15/i9/ux2Ww8e/aMQCBQNr2F9rpcLvx+f9n1Op3OsuttbW0tu95AIEBraysOh+Ol6PX6fPg8HiqGDOHx3buc2b+fk7t3c+nYMY5s3kw4Gm33uWAoxNP6elZOnEggGOTRnTtsqqzk0Z07bJ0/n7MHDrBnxQqisViXdW2xWLBYLAPer/Xyrp85E5vFQjQW4+yRI6ybPp1YPF62vmWz2Whra3vlx3E0FqP61Cm+e+89ju3YQTKdJhgK4fV6B1Rvf9rrcrloaWnpX72xGP4zZ/DPnYsvEtHkwQMCU6fic7vxh0Id561IBN+dOwQmT8YbDuONRPBGowQqKvCfPo0vFsOn12sohK+hgeDw4QQ2bcKnj7tAAF8kQmDyZPynTxOYMwf/pUua3mgUn9+P2+3uf3uLJBgO87i+ntX/9m9sHT6cRw8fEggGaW5u1urm0CH8q1Y9L7fPh8/vxxeNEpg7l8CBA4Q/+ojmgwdZOWOG0VY+nw9fOExg/Hh89+4RSSY5c/AgC0aMIBwOl7TJ4/Foess4jgr7V3Nzc1k5QJeXtVbodlut1k7n7EAgQFNTE2fOnOH06dPs2rULWZZJpVKcOnWK06dPU1NTQyAQYOfOnQAcOHCAhoaG/oO5pqYmrl+/jhCCdDrdqWQyGdxuN4lEgkwm0+Wz/SXZbJZQKITP5zO2l8sl2WwWj8dDLBYrm72vgt5oNPrT0JvJEAgGiYTDLPnmG/YuWYJQFG6cO8cPGzdyetcuLh4+3GFcZDIZUqkUy0aNIhqJaCl61q4lFomwpaKCOV98wa2qqi7HUzabJRAIEAgEBrxf5yQJn8vFxunT8bvdCCE4d/gwuxcv7nbM92cbh0Ih/H5/2cexPm/F4/Ee9S8hBA9raxnzxz9SdehQn+som832Sm9/2huPx3G73f2rV1HIbttGZudO0opCWpJIBwLkZs4k/ewZWSHweL1EZZl0frcsrShk9+8nu3YtaSFIZzKkgUx1NblJk7Tn9DIKQXb3brKrVpGC53pTKdKqSubgQXK//z25Dz8k9913ZHfsIK0oZDIZEolE/9tb3J55V4ENv/kN8//8Z5xOJ9lcDlcgQBrIVVaSqarS7Cz8rBBkt24lN3484r338K9fz7oFC4iEQloAYEki7XBo9eH3a+Nz3z4qP//c8JkrLksymcTlcpV1HBWPp3JygNEG2Sxer5dIJPJSdAeDwS7n7Hg8TiAQIBwOc+LECVRVpaGhgeXLl7Nz5062bNnCs2fPDJjbs2cPT/Pho/oN5nSfOUmSOhX9OCyTyRjHKAMtQghisRihUAiRd7ItlwghCAQCpFKpstn7KuhNJpM/Cb2KohCORFgxdiy75s83BkXr48ccWLGCnfPmcffSpQ7jQg8wvH3OHBytrVQdOMC5PXsAWPLNNyz9xz9AVZG7sTkSiRCJRAa8XwtFIR6JsGHqVAJuNwCn9+0zbmiWq41jsRjhcLjs41ift9LpdI/6F8DTBw8Y9X//L1ePH+9zHYn8sWNP9fanvel0Gn/e5+qF35nLIakqOUCZPRv55k3tWFGWkVQVZcYM5Hv3kAF/OEz66FHkJ0+MI1KlogK5pkb7TE6L4ydlMiijRiE/eGA8lwPEzJnP319YBkBqbERMmoR8/Trqz3+OXF2NhJarN5PJ9J+9nUnet2nTkCGM+uUviaZSSID/8mXE5csoM2ciWSwlyy6fPYvypz/B1KnEKivZsHgxQZ8PRVW1v9fWosybhyQEAGd27mTaX/9KOpUychsXSjabxefzlXUcFY+ncnKALkIIgsEgiUTipeiORqPdztm6D9y5c+cM+LXZbBw+fJgdO3aQSqU4cOAAp06dYteuXcZRbL/D3Kt2Vm76zP00fNdehsCnkpIAACAASURBVF6Axro6KgcPBrRbqUJRiEUibJo+nZVjx9J0/37JcQHww4YN3LtyhR82bDByLd44e5a2hgYj9VNXNpfLZ04WglQqxbrJk/HY7QAc276dCwcOdDvm+7ONXyefOUtDA6N//3ujXftqc2/09qe9/eozpyjkPB6UwYNRPvtM85fLXwrKAfLy5UinT6POn09o6FDSo0ahfvopYuFCxDffoAwdSi6Vev6Z/Oeks2cRw4cjXbuGdP06Oa8X8d135Lzejr50kkQukzH87JQvv0R6+pScqiJJWgq2frO3m75xcPZshv7sZ6QbG5GcTgLjx6P+0z8hxo3TylncvwHp1i2UP/wB5exZktOns2XKFNx2uzZPAPKuXchbtiDlF+bjW7Yw6Z13iIbDKCV8NU2fuVfTZ04XRVE6XICI5d1uACKRCDdv3iQQCPQLyJkw1wPdJsz9OPVKkjZt3qmpYXt+V07/G8CqceOoGDQIV1tbyXEBcOX779m3dCmHV682oE8Hwp7YXC6Yk2QZWZZZ8913OPP2HN6wgWtnzvQZVPrSxq8LzKmAy2JhzB//aOzM9tXmHwXMAfLGjcjLl5PLZjtC2ZkzKIMHo86cib+1lYQQiMuXkZctI2exdAS5XM64GCGvW4eorESMG4fy5puIigrtb6XKLUka5KkqUl2dBnb53ZBywtyNhQsZ/8//jDRsGMrvfod/717kmhrkw4fbX37QRVXJtbWhfP45cjRKduJEtg8fjuXZM61vKYoWX666GpFfmI9u3MiEP/0Jv9td8ouhCXOvH8wN9I8Jc93oNmHux6lXPzKpPnWKI+vXt+v7ADvnz2fK++8TDYVKfjNWFIWA282sTz5hyYgRBH2+Lm+vlrK5bDCXB9dV48dja24GYO/KlTy8dq3bMd+fbfy6wJwCBDweJvy//0fd9et9rqMfBcypKrlkEjF6NDmrtSOsANKjR6j//M+Imhr8uRyJ/PFjDrTPd9bektT+iHXxYuT9+0sDUbEoyvObrWWEOQVwbt/O7P/4HxFz55K7fx+fw6HZW1CmDnbG41rGDECeNYtd779PU97xXa9fNRLhyokT2FtbObFlC+PffhuXxWLCXIGYMNf5jwlz3eg2Ye7HpVeSJNKpFFdPngTgzL59VB061K7vgxY0dsbf/qaVr3hXoeC5nfPmMfm99xCK0qv+WU6Y08u6duJEWuvrAdixaBEtjx93exzcn238usCcftQ+9YMPaLx3r9t5sSubX2uYIw9ZS5Yg5szRwKz4fYpCzulEGTYMOZ3Gn/dn6rVeWdben8mUBqJu7C0XzElAuqqKy//0T4hVq8gA3nzsxC7Lnd9VlAD1zBn2/uIX1OX7lnTjBsq0aQAsHjGCa6dOcXrnTsa//TZtjY3aM0XvNmHOhLniHxPmutFtwtyPS6+iqritVia+8w6pRIKj27Zxu+goDaD+5k2Wffttl2NCUVWcz54ZeTt7a3O5YW7TjBk03r2r/V5Zidtu79GRcH+18esCc7pD/Yy//Y1n9fV9Bt7XGuYUBfnECZRvvkH84x/kAoGOfmy5nAYpySTSkyfIqvpi47iUv1kP7S0XzOUA6eFD+OUvkXfsIE0+zlxP9EoSkqqCx8P+//pfuVNbC4BYsADl7FkkYM7gwVw8dIgTW7cy9cMPjfFaPGZMmDNhrvjHhLludJsw9+PSC/CgpoZhb7zBzXPnOLplCw1FlxxkIYgEg9TfvInSBexIknarLNGHieVlwNyOefOov3WLVCLBxooKIvkb4uVq49cF5iRJuwG8bc4cvC8AvK8tzCkKuXwSe+n8eQ2yugqYnP/7y5o/yg5zTU3wi18gV1X1DuZyOXJCgBDs/cMfuHb2LDx4gPjqK0Q8TjKTYfpHH3F6xw4Or1nDkm++of7mTVoePeLykSPt5igT5kyYM2Gul7pNmPvx6JXz1/6Pb9nCuokT2TV/PjsXL8ba0tJh90WS5ZK+csUiSVKnx7Dd2VxumNu3dCmPrl/H3tLC5jlzjJAZ5Wrj1wXm9M/Eo1EjfVFfbX4tYQ6QHjzQMj1A1yBXZO+PHuby6bmUt95CevqUtKr2DuZy2gWbi/v2Med//k9s778PjY0oQNjvZ8p773F040b2LF7M5lmzuF9dzaUjR1g5dizw/LjVhDkT5kyY66VuE+Z+PHpTiQRSLsfW2bNpefSIRcOHM3/ECAJ+f4/Arb9tLjfMHV6zhodXr/KwpobNlZVajKsyj+PXBeZyOc13rrf+W8U2v64wJ+/Zg7x1a88uIxTY+6OHOSHI+f2IoUPJJZNkcrlew5wkSajAzTNnmPLXv/Lk0SMA3FYrk999l0OrVrF9zhwOr15N7cmTnN+3j6X/+Id2wSo/dkyYM2HOhLle6jZh7vXXK0kSmUyGw6tX43j2jHWTJyOEYNP06Uz56CNS6XTZfMcKbS43zB3fvJk7Fy9y8dAhdi1dCgxMXtbO7H3dYK4/bH4tYE6I9r5qgJg0Cen+fRPmikWSyKVSSLdvk8v7VvYW5vQyA9w4d47lo0YBYGlsZOqHH7JrwQK2z5nD2d27ubB/Pye3bmXul18aIYZyORPmTJgzYa7Xuk2Ye/31qqqKy2rl29/9jv3LlrFn0SIALh06xPS//x2Fjg7G5bC53DB3dvduLn//Pcc2b+Zc/gavCXMDa/MrD3OyTM7vJxcOGzdKJacTMWGCFsetFy4EPwmY0yW/k99XmMvltDAnbpuN9ZMnA9B49y4LvvqK9VOmsGPePK4eP87xzZv5Yf16Zn3yiZYNIt8eJsyZMGfCXC91mzD3+usFuHnuHBWffcbI3/6W6qNHAXC2tvLDli3I+dQs5e5b5Ya5i4cOcXL7dvYuWcL9a9eQzWPWAbf5lYc5QN60CfnUKSMUiXz6NPLixaVDkXRj708G5vLyQjCnqnjsdjZOm0Yul+Pu5ctsmT2bhcOHs2vBAu5XV7N/+XIOrV7N9I8+IhaJGCcIJsyZMGfCXC91mzD3+usFOLBiBVd++IE5X3xB4507AMZiGy+zvbrN5Ya52pMn2b9sGesnT8Zhs5HNZk2YG2CbX2mYk7TYZ8rw4Vp2Bx3mVq5EPn68V0esur0mzPVchKIQ9PnYNGMGsUiEq8ePc2TdOuYNGcL2OXN4+vAhW2bN4vCaNUz78EOCXq/h22vCnAlzJsz1UrcJc6+3XkmWyWazbK+sxNrYyOMbNwgHAshCaEmbQ6GXNjGUG+buV1cz54sv2LtkCaFIhEwmY8LcANv8SsOcopCLRlE++AAxe7YGb+EwyvDhSC5Xj2+xFtprwlzPRQhBPBply+zZ+FwuLuzfT9WBAywcOpSts2bhc7lYOXYs2yormfnxx3hsNpT8Gm3CnAlzJsz1UrcJc6+3XqEohP1+1k+eTDgQ0EKQ5HW87Imh3DDXdP8+H/+3/8a106eJJRIvZRybMFcee3sEc4D0+DFixAjE1KnPsz0sWNDrXTndXhPmeldfmUyGbZWV2FtaOLZpE7erqlgyYgSbZ8xAURR2zpvHuLfeYuGwYVibmowQSibMmTBnwlwvdZsw93rrVQFLUxNrJ05EVVXjar+u96cEcy11dfz9v/93HK2tRONxE+bKYPOrDnPykSOaz9z8+UgXL2rZHpLJ0tkeemCvCXO9K7dQVXbMnUvLo0fsX7aMpvv3WTF6NJtnzADg3pUrfPvmm6ybNMnIBlGot5y2FpbbhDkT5vpUgSbMlVfvjwnmAG6dP8++Zcs69O+XPTGUG+aePnjArE8+QcrlCAQCJsyVweZXHebE3LlIV68ib9+O8tZbyCdO9GlXTrfXhLnelRtg5/z51N+8ydbZs3FZLKydOJFtlZUApJJJ9ixaxI65c7l3+bIxh5kwZ8Jc8Y8Jc93oNmHu9dUryTKgZXy4mA/FUaz3pwJzQlHwOhzUnjoF8NLGsQlz5bG3W5iTZXKyjJg4EcnhQN6/H+XNN8lls70KR1JsrwlzvRPQMrPUnDjBllmziIXDbJ092wifJAlBIhbj+/XruXr8uAlzJsyZMNdX3SbMvZ56ZVk20ndtmDqVR9ev/6RhThdJkl7qODZhrjz2dgtzioLk9yOmTycXiSDduYP8/fd93pXT7TVhrncCWjDvw6tXs3vBAmRZZvfChezPB/XWnzm7Zw8X9u0zYc6EORPm+qrbhLnXQy9gxGBSVJWA282xjRuJR6OsnTiRgMvVIWXXy54YTJgrn80mzBUJIDU2ardYUynt31KpF05fZsJc7wTg0uHDrJ04kf15V5ArP/zAlR9+aAdz1T/8wPHNm02Ye8VhTuQ3EADOnz9vwlxxBZowV169rxvMqcDtCxcIer1Gxz64ciVj/vhHzu3dy55Fi7TLD0XvftkTw8uAuVzu5Y5jE+bKY2+PYK62FlFZqe3G5Y9dX9ReE+Z6JwC3q6qY+fHHHFmzBoBMOk26oM+A5vd7cMUKY402Ye7Vgzm9bA8fPqSuro5Dhw6RyWTKhHImzHWr24S5V1uvUBTSySQT33mHys8/5/Hdu+xbupSN06Zxbt8+Rv3ud9SePFmyb7/sicGEufLaa8JcgQDy0aPIK1a80NFqsb0mzPVOAOpv3WLkb37DqR07AC2YeeEYAXh07Ro75s41Ye4Vhzmfz8etW7e4ffs2+/fvN2GuuIJMmCuv3tcJ5gDuXLrEtspKLuzbx4rp0zm2eTOZdJpIMMj4t9/G3tqKWiIA6sueGEyYK6+9JswVCCBv3Yp86JAJcy8g/QFzLXV1jPjlLzv90qkCzXV1rJs40YS5Vxjmcrn2x6wXLlwgkUiUCeVMmOtWtwlzr7BeSbvav3fJEq6eONGuY8tCIAvBzXPnSHVSjy97YjBhrrz2mjCXF/Jpu5YuRa6pMWHuBeRFYU4FbM3NfPvmm9R3sgYrqorP5WLdpEnEwmGEopgw94rCnNFm5gWI0hVowlx59b4OMCflQc7vdjPvyy+JBIPGBYh27xaiU6fulz0xmDBXXntNmMtpfnEuF1JNDconnyC1tfU6bVdX9pow1ztRVBWvw8HEd97B+eyZkeGhnX35Y9cts2ZRf/s2gAlzJsyZMNdb3SbMvVp6haIYPiU+l4uN06Zx8eDBTvtuV+972RODCXPltfcnD3OSRE4IxJQpiFGjkDdt0v6tn8pmwlzf6iwSDDJvyBAS8XinYwPgyLp1nNuzx4Q5E+ZMmOuLbhPmXh29Qgicz54hSRL3q6sZ/Ze/sGfxYpQ84PVFrwlzJswNpM2vFMypKjmPR8vDmkr12/Fqob0mzPWt7A9qarp8DqCutpad8+ejApls1oQ5E+ZMmOuNbhPmXh29AFsrKrhTVcWOuXMNH5MX+VZswpwJcwNp8ysFc4B09y5ixgwt92o/l8mEuT6+R5I6xMDsULeKQiQYZNm335JKJMjmcibMmTBnwlxvdJsw92rolWUZFVg8YgQj/u3fWDdpEqlkUvOJewG9JsyZMDeQNr9qMCcfPoy8fn2/78rp9powN3A2ykKwraKCpvv3NV87E+bKrtuEuResQBPmyqv3lYQ5IUjG4+yYO5cxf/hDuwCaL6LXhDkT5gbS5pcKc9EoUuEYAeTFi5EvXTJhrp+kXDCXy2knEye2bOHMrl0AJsyZMNcR5hobG7l16xagHVl1JvrklE6nkWW5y2f7S4QQxGIxQqEQQoiy6CzU7ff7SaVSZbP3ZesNBAIkk8lXTq8K+BwOdi9cyK3z52l59Ai1m/7aU72JRKKs9uq6I5EIkUik7P1aH8eZTKas4zgajRIOh1+KvX6/v6zzlm7zy9AryzIpWcZ/7Rrizh0k0ESWUcaMQbLbkfIZUQbC3nLPH7Isk8lk8Pl8ZR/H5dQLUHvyJPuXLwcw4LXc8jLmD11ehTm7J3OYqqomzJWqQBPmyqf3VYU5AEtDA1tmzkSWZYSiIL1gGV+FicGEufLY+6OGOVVtNxZkRSGVyxEcPRo+/xxl1CjEnj3IDgfKjBlI6TTSALSBCXMDqwvgYW0texctMuq6nLYW1rcJcybM9akCTZgrn95XGebqb91i88yZAP1SvldhYjBhrjz2GlClqkiK0vE5WX7hLwelbB5wmBMCKRbTdt70egUyFy4QnDcPOZNBfvxYC0eyfj1i7Vrt2QFqYxPmBk4AWh8/ZsfcuaRTKfyBQFltLaxvE+ZMmOtTBZowVz69rzLM3Tx3jr1LlnTbT3ur14S58tj70mFOkpBDISS/vyPQCfH6wZyqInk8KB9+iNi4USu/EEhAdsIE/BcuIKMdsYqVK1Heegv50iUT5vpRyg1zHpuNzTNmEA2FCASDZbW1sL5NmDNhrk8VaMJc+fS+yjB38eBBIxl1f+o1Ya489r50mAPEtm2INWvaAw0g372L/ORJv/qSDSjMybIGaTt2IJYvRxkzBvn2bc2WWIzsd9/hr683YE6urUX97W+RXK4B8ZcrtNeEuYERoaokYjHWTZ6M3+0mGAqV1dbC+jZhzoS5PlWgCXPl0/sqw9zRjRuNHKz9qdeEufLYW3aY00EG8EcipFMp1C++QPnoI6RQSIOa/DPKp58ivv++X3etBhTmFAXJYkGMGIHk9yNXVSEWLdLsbW0lO306fodDgzlFQYpEEMuWDchxcrG9JswNkMgyiqKwcuxYHG1thMLhstpaWN8mzPUQ5hIJALLpNCGfj/BAiNdLOpEwYa473SbMvRp6AXYvWsSj69dNmHtB+UnAHCB5vYgdO5BDIXzBILnZs1HWr0ds3Wr4jomTJ5GPHIH//J+RT558PWBOVZEvX0Z5+23Eli1ayBG7HTFunGZTTQ3ZqVPxpVLIhcfJsdiAgVyhvSbMDZwAbJw2jacPHhCORMpqa2F9mzDXM5jLSRLJWIxZf/87swYPZvGwYcz94gsqBg2iYtAg5n7xBfMGDzb+v2LQIOZ/+SWLhg5t9+9zPv+c+V9+SeVnn7V7tmLQIOYPGcLn/+t/mTDXnW4T5l4NvQDrJk7E2tT0wiFJivWaMFcee8sGc4qCFI2iDB+OMnIk6qhRBEeMILt4MXI8jhQOo4wbh9i8GWXIEMSIEYhRo16fnTnyx8V79jy/+KCqiFmzEGvWoMyeTebsWQ3mCvWWuvjRz21swtzACsDeJUu4e/kykVisrLYW1rcJc93D3LmzZ1GBg8uXs2XmTK6dO8f+TZu4VVXF4+vXeXLzJverq6k5eZJHtbXU1dby+MYNLh49yr4NG6g9c4b6Gzeoq63l4dWrXDlxggc1NdTln9XlWX09w/7P/zFhrjvdJsy9fL2KopCMx1k1bhzhQEALS9KPek2YK4+9ZYE53Zds1SrE4sXasWMqhd9mI62qz33IrlxB/dWvkNxu7fm9exG7dr36MKfbt3Ej8rFjz8urqkh+P8o776BUVpIGfH7/S5m3TJgbOAE4tnkzV374gVg+OHO5xYS5nsHclZoaGu7dY97gwVw9eZK5kyYx6euvmTZyJA+qq7lx7hzffvYZM0aN4vG1a9RdvUrNiRNMHzWKivHjGf/VV9ScPMnTO3fYsGgRX7z7LrerqnhQXc29y5cNeXr/PiN++UsT5rrTbcLcy9cL8OT2bbbPmYOcf74/9b4OMCfLsiEv6sD+o4O5wpuoqorkdKIMG4aUz4AgKwr+YJC0bq8QSOk08sOHhs+cOHQIsW1bv8Cc3k6KohAIBPof5lQVsXw58uXLHS5ySB4Pcv7mrt+EuT63nTHWunn+ZcDcxYMHObV9O4l8ZpFyiwlzPYO5C1VVLBs9mgPLl/OgtpbbVVVcOnqUkZ99xu2qKvZv3MjXn3zCrLFjeXztGg+qq7l5/jy3Llyg9f59Rn76KSf27OHm+fMM/9vf+Obvfzdh7kV0mzD38vUCnN6xg6MbNvSbv1yh3lcd5ow0MdksWUki53Yj5dPqlBToEvh+VDCnlx+e71qtWIHYutUAHeM2a+G8lQ/hoX9WHD2K2Ly5X2CuMP1Pv8+XeRgV8+cj37vXsbz5Cx/pdNqEuRdou8LUVV3Jy4C5+1euMPWDD7A+e4Y6QDeTu6tvE+a6nsMAdm3ezOQPPuDe5cs8yu+8zR43jolff82tCxdouXePdQsWGDtz969c4X51tbETN3XkSO5fucKiadNYv2ABM0eP5taFCybM9VW3CXMvV6+K9rNn0SIe1NT8JGEuEAjgdrtxezy4nE4yEyciwmFtIS8+clYUpNZWpHj8OdAV2dbvk7GidOuP1R3M6eXIZrO90w3ImzYhduzQ6sPpRBk6FCkcNspUEuaK33HyJGLDhudQ2Id60KHC7XbjdrvxeDw0NTV1P3flIdTwf+uqLmUZKZdDmTkTqaWlJHzKsmzCXB/KHovFcLlcRvt5vd5ux8jLgLmme/eY8be/4fV4UAbYD7Kz+jZhrvuduaqLF1k+diz7li7lwdWr1J4+TdPt24z/6it2rVlD6/37rKioYPq33/L42jXqr1/nyY0b7Fqzhorx46m/fp1bFy4w7KOPGP/VV3z4+99zeMsWHl+7ZsJcX3SbMPfy9AohiIXDbJw1i1l//zuJaLRfJ6+SE4OiDEiqo1K6ewpzbrcbi8WCxefDefYs0s9/jtzcrPl7ud3tF39AjB+PMmTIc3sGEuYURStDW1uXENIZzMmyjBCCdDqN1+vt3ThXFKR0GmXMGNTf/EYLz7F2bYfj0h7B3Pnzz+PPvQDMpdNprFYrVqsVm83Go0eP8Pl8XduUv50q1q3TbMpk2v+9sDz5I2JlwgQt+HGJnRkT5vpW9nA4TFtbG1arFYvFgt1u73atKzfMCUUh7PfTdP8+4Wi0bHVcXN8mzPXMZ67p4UPmDx5M9bFjzBo7lhmjRjFh6FCuHD9O0+3brKysNHbmju3cyb4NG/jbW29RMX48a+bN4/KxY9y5eJFDW7bw7WefUX3iBA9rakyY64tuE+YGWKeioAKBEosAwP7ly9kwbRqO5maUfj5S6DAxKIq2QIZCAw50vYE5j8ejLTCRCMElS0j/9rdINTWItWuRjx59Di5CaEdwlZUof/gD8tmzSOk04siRDnDTb5OxfrNy9eoujyhLwZwsy+RyOSKRCA6Hg7a2tt6Nc0Cur0fMno1kt6O89x7K++9ru3IFfaVHMHf5MmLlyn6BOZvNhs1mw2638/jxY/x+f+c2qSrytWsogwejjBuHMmQIyqefaoCs51wt/KzQ0ncpo0ZpOVZLlNWEub6PR4vFgs1mw2q14nA4XjmY0+2VhcDn85VNZ7F+E+Z6fpv1+9Wr2TpzJjerqji8dSu1Z87QeOsWdbW13LpwgaunTvGwpoZLR49y+fhxTu7dy5Ft2ziyfTs3z5+n/sYN49brg+pqHtTUaP/NS2tdHV/9/OcmzHWn24S5gRNVVXlWX8+z+npiiUQ7vSrgslhYOGwYqXzgxYGyN5FIIOd9qMTatYgTJwYs5VGh7l7BnNOJ7dkzot9+i3/VKsSCBSh//jNi+/b2NxojEcTy5YjNmxHbtyM3NKAMHtwuGXu/Tcb540Fl0CCUyZM1HZ3YYsBcPI5QVQPkvF4vFovF2M3qLcyJAwcQmzZpQNbQgHz+fIe26xHM1dZqQXWLktb3RvoEc+SzOOzfr5Xj2DGU8eORr1zR/t9mQ66tbdfGstOJMnGi5jdpwtxPDuYkSSKby5kw94rD3NmzZ5GEIOT3M+7Pf2bSxx8z85NPWDBkCN/95S9M/etfmfTee0Y8uXmDBzPviy9Y+NVXhsz5/HMqBg2i8rPPmDd4sBFnrrJA5n35JV/+7GfPYe727dsACCE6Ff12VjabRVGULp/tL1FVlUQiQSQSQVXVsugs1B0MBslkMmWz92XrDYVCpNPpsugFLavDoZUryQlh6FUUBYC9ixdzdtcurV8OQHl0e1OpFAogJAn++EfUdesQpXQqSr+VQ1VVYrEYsVis237tCwSwud3EJk4kOm0a7uZmGDQI/vVfUbdufV5WQHE6URcuRLl4EXXDBpQzZ+D99xGJhPaceD6Oc7nci7UzoDgc8PHHqNOmtdNRyt54KkXUakVVFBQgl83idDqx2Ww4HA7sdnv7cQ6IruoGYNIklHv3tGd1KXpOURSCwWDn8xag3L6Nunhx6XbvoSiKQjabxeFw4HA4cDqd1NfXEwwGS7dxvs3U1atRqqqM8itHjxrtqh4+DJ99ZjwrAKWxESoqtLopUVa9HMFg8KXMW+WaPwrtzeVyBAKBPuvVx2NhX3S5XN2udS+qt68iSZovbTl1FtZ3v8wffWwnY85+CbpjsRjRaLTTOVtVdS9vuHDhAplMhkg0ytOmJu7fucPGtWtxWq2sXbmStuZm1q5cSUtjI/FwuM8SC4XIZTIazDU1NVFdXU0ikSAcDncq+jcXv99vEOpASzQaxe12Y7fbjWOackk0GsVqtZbV3kK9Pp+v7HptNltZ9EYiERLJJNvmz2fN5Ml4fD58Ph/RaJSMJNHa0MDcoUPxuN1EY7EBtdfr9RJJp4lcuULsww+JLl1KOBolXFwH0SjhfipLNBrF6XTidDq77detbjfP9u3D9/HHNDY10eJwEBs8mOjcuUQXL9bKGYkQTiSI3L9PdM4cIvX1RJcsIbphA7H33yfc3Ew4mTTq3mKxEAgEXqydMxkiO3ZoOqZPJ9LURDgeL21vMonL7cb96afEZ88m4vEQiERobm6msbGRpqYmGhsbcTgcWn3EYoTb2gh7PFq9F78zmST85AnRceMIe73P26WEPZFIpOtxnEgQuXGD6Pz5pdu9F33a7/fT1NREU1MTT58+5c6dO1it1tJtHIkQjsWIVlQQuXmTcCJBOJkkcukS0YoKwtks0YoKYu+8Q6S+nrCqan+vria6cKFW153Y6/f7sVqtP4l5KxKJEAgEsFgsfdarj8eGhgajLz59+rTbuf9F9fZVgsEgFoulrDoL67tf5o8+tpMxZ78E3U6n8/kcVeLvdrud27dvc+fOHQ4cOEAmnQZABY4cOcKFqiqCoRC7du8GfTQRNQAAIABJREFU4OChQzxtbqY/fgyYq6mpIZVKEY1GO5VYLIbVaiUYDHb5XH9KLBbD4/HgdDqJx+Nl06vrttlsBAIBg8h/7Hrtdjt+v3/A9cZiMZKpFOunT2fB11/jcDgIBoMkEgm2L1jA1++8Q+3p06TSaSIDVIZ4PI7dbsfn9xNLp4lPmEDs5EniU6YQ8fuJFva3ZJJoTQ3Ra9e03yORF7bf7Xbjcrm67texGG0uF+6RI2k7eZIGu51nLhex48eJ1tURnzCBaDBINBYjmkoRu3qV+KxZRBIJ4hUVxKdNI/G3vxG7e5dofnzr4zgUCvXdhnicSDxOfMoUoo8fE1+2jOilS4aODvam03jnzcN9/DjJuXOJHTxIKJ2m5dkzA3yamppwOp1a30uniS1cSOzUKa2+C98XiRDJ5YitX09s+3YimUyPxlMwGCzdr1MpovfuEausNOq8r20aDAZ5+vQpT58+pbm5mbt372Kz2Tq2cSSi6YlEiI8dS9RqJZpIaGVpaCBeUUG0qYn4rFnEDh8mPmwY0Zs3iWYyRE+eJL56dcd6KSqHzWZ7KfNWOeaPYgmFQlit1j7r1cejDnFNTU20tLR03mf6SW9fJRwOG18Syi39Mn/0UYw52+cre513N2frt6EfPnxIXV0dBw8eJJ2HOYC6ujoOHz7M48eP2bNnDwD79u2jsbGx/2DOPGbtXLd5zDowouT9pjZOnUrlp5/icbtRAK/NxsoxYwh4PN32x/6yN6WqqLdvw7hxiFwOpkxBsVjaH9kB6tq1MH78Cx3FFeruyTGrDIRv3iQ2fDgOmw2bw4HH40HIslbW8eMRPt/zI7iqKtRFi7TyVlTA8OGow4ah1Nb27zErIKxWGDtWu8SyZw/qgQOlj1kB1e0m9eWXRLJZuHIF1qwhB7hsNmx2O3a7HZvNpo3zvC2MHYs6c2bHdwIiFoNhwxAOR6dHu0Zf68Exq2huRp01S6vXFzxmteftcTgcnR+z5m0UkYjW79Jp7dgUEPE46oIFqKNGacetQqAuXw5/+Qsim0U5dgx127ZO7TaPWfs+Hq1Wq9EXzWPWzuvbPGbt/pj1/PnzZLNZvF4vt2/fxul0snbtWlpaWti1axeNjY1s2bIFv9/fvzBnXoAordu8ANEz6S5qeuHfZVlGUVVSiQSbpk9nwVdf0fzkCQBXvv+e/cuWAbR7V/Hnu9PXY3uDQRJCoE6fjrh8GRlQVqwwftdvjsmAWL4c9Re/0G679uJmbamyCqE500ajWriVDs8I7UJGDkhNmoRv3Tos+V0Al8tlhFARc+dqwWMjEc1h/vBhI2CumDdPy09aWYl89KhhjxCiowNzN47/RvmEQFZVxIkTqDNnomzbpr330iXE3LmlL44AypkzJBYuJCTLKG1tKNOnIz99SnD9eiz5XST9274CyKqq3e5855324WLgeWDgHsaF68kFCKmtDXXGDGRJ0mzsQx/r8QUIRUGKxxH79yNXVyPmzXve5vqlknHjUN96CzkS0eoXUObPR7ZaUfbuRRw40Oklnd5egOhqbPXGfn3e6m7+6A9dxe/r6iJCT/To4/G1uQCRzZoXIF6DCxCpVIpMJsOFCxc4cOAAT/Lr3NOnTzl48CCPHj3qF5AzYa4Huk2Y6166ipquT5yZTMY4xk+kUiSSSXwuF2u++449ixZx48IFVGDT9Ok05HeJ9c9LkkQ6nSaZTBqDKRaLkUqlyGaziPzi2xd7g9EoSb8fZfRo0qEQSSFIb99Oav16wvnBm0ilSCeTyEuXon73HYqe4PwF6kZRFMO3KRaLEYlESCaTZDMZ5DxYyVeuoCxeTHzMGGwOBzaH4znM5Rd9sW0byqhRGhAAYssWxA8/aL+vXo0yYgTy7t3IO3aQA6Mc7QKiCoEUDCKlUu3ASAe/dvWfThNrbCT77rtk33+fdHMzOVVFaW1FmTJFC5dRHG8OUJcsIb5vHyEhkONxxKxZqJMmER80CKvPZ9gWCoWQVZVcPI48cybKp58it7U9D6qbyWjJ5EeO1G5z9iDuYFcwJ8syAsjZ7UgTJ5JIJgmn0+36mF5P3c0/PYI5WdbScU2divLppygffGDcxjVuGwPi/n2yFgtpIYgnEoRTKVJLl5KqrSW3di25fF7WUmXqKczpNuVyuXbjS5dEIkE6ne6x/d3BnD4XZLNZ0um0ceKi13UymeyxruL3loKqwr5bqCsej5NOp9s9Y8Jcz8WEuZ7DXDKZ7DdYM2HuBXWbMNf9Z8LhcLvI6fF43Nh2TqfTBAIBHA4HNpsNi8XC1XPncHk83K6pYfXkyRxet45Te/YQDgZZMWYM6WQSkd+tSiaT+Hw+HPnFvlD0o5BwOEw2m+1VXekLhjsUwnv1KvHJk7FbrbSFQnj37iU8dSpt+Z0wq92O/elTYhMmEKqpITd2rLZj0oPdOSN7Q170I6hMJoPFYqGpqQm73W7Y43S7CQaDSJMno0yciFi5Em9dHVaPx1hk2sHc4cPwH/6DFncMbcdKrq7WdnL27SMxciTBU6eILliAOxjE5XYTCATwer3P6wxQli1DfvzYyEIg5xf5aDSKx+Mx6r8tFMK/bh3BhQux+nzYHQ7cPh/hQAB5yhREYVaC/LslRUGdPZv4/fu4wmG8gQCxmTPJ/e//TWzYMOyPH2N1uTT7nU7cgQDexkZis2cTnTsXZexY5EePkM+dQxk+HLFihZF3tadtXQxzhV8yQrEYvoYGot9+i625GceNG1idTqNNHA6H4aOjf7YzPd3CnKIghcMo48YhBQKob7xh7KTqZUomEvhjMZx+v9HmFq8X/5o1+FetIjhnDr5z5/Dmj+mLy9QTmBNCkMlkCIfDxgWz4vFl9EmnE7/fTzwe79L+zmBOtyudThMMBnG5XJ3qczgcPdJVXO+FUKV/Jh6P4/F4Suqy2+14vV4DCkyY67mYMGfCXJ8r0IS58untC8z5/f52kdMjkQiKohCLxXA4HEYcMafTydOGBr7+9a+5U1vLtQsX2DJ3Lid27mTbokXUnj3LoZUrIb+whUIhY2LVF5Zi0XV6PJ4eTy765O/3+6m3WrHt3El49mysbjdWvx/36dNEJk/WYru5XFidThwPHhAbNoy2cJjIyJFELlwgk/f760qXy+Uy7LdYLMZOh8vlMm5x6qBrs9mweL04T5wgO3o0MtpulCcYxFqwyLhcLu39gHz9OmLhQsSiRUjRKKKyElFfTxYInz+Pf9UqnLW1hCdNos1qxeF0kkql8Pv9ZDIZY8dL+eIL5PyOniRJJOJx3G63Vm6rFWvet83q8RCZNAnvkSNYCtqnLRwmPG0amfyOkSTLRoYG8f338O23xBMJbE4nllCIUEUFkdGjiUyejLuqCqvX+7w9XS4ct24RHjcOR0sLmUOHUKZMQZk9G/nu3W5zz5Zq70KYk2Utxl0oFMJut2Ox27E1NhL7+mviX3xBfNAgw7bCPma1WrtM8dQjmEM70hUzZmjwvXs34uxZZDDAwGazaXVe0OetgQDe/fuJjh1LeMYMHPfvY8kDp8fjaTdXdAdzsix3GJulxlYp+7saZ6VgrkNdd6OvWFdP1ppCmFMUhXQ6bQTa7mzuKNQTDAYRQouDaMJcz8aTCXMmzPWpAk2YK5/evsCcfj1fnwR1X7DCidRqteL2eqk5c4YJ77zD4m+/5fDGjRxYu5ZbV65QMXQoa6ZN48bZswBGaIWupHBytlgsuN1uI8F5V304kUgYAFXvcOBeupTQsmW0BYNY3G6cNTWEx4/H1tyMzeHAEgzirqoiOm4cllSKUEUFnl27cEej3Sbj1oFIL2cqlcKbBxc9hEU7mAuHCSxc+NwnSpaNhakDzOl25nKav1pDA+qUKUgOB55wGGtLC/Znz3DevUtk5EicDgepdPq5z1wuh5TNajtFH3+Mks+AkNqzB8eDB1jyO0M2h0MDOYcD+6NHRIcOxVZfb8CEARu7dhGqqMCfSpFD2zVUPv1UA7HGRuK5nPasz4fr7Fkc168TXLQI386d2lGrvsj6fDhv3iTyzTfY3G6SYIBtXzI0FMKcEIJsNttusdePsDM/+xmJt98mOnIkttZWLPndyOJ+5nK5Oj2y7QnMyffva8fiQmi+c/E4yVQKp9NpjKNC6NB35lznzhH/+GOio0ZpO7V5R319pykWi7XbBSsFc7IsdxibhXp6Ms6cTmfJhbwY5vQj1cLA0N3pK9blcDi6Xbh1mAsEAqTT6S7rsViX/nthyA0T5rofTybMmTDXpwo0Ya58el8U5mw2W4djG/3fUtksh9eu5dSuXRxZv54vf/5zTuzaRSgaZX1FBV//+tdYmpuJJxIdjl68Xi/BYJBQKNTu2LV4wo5EIt0eg+k7Eg6HgycWC97p0wns2oUzGsUXChFubSU1eTKhpiYSX3+N++FDvCdPEqqowBKPE1ixAv/69bR5PARDoS7rqhjm9J0Xu91OY2OjEVvNarVisdmwOBzEJ0xA6EeektQ5zEmStvsFiMWLEQcOIM+bh9dq1Xab7HZsbje2piYSX31FOhLRsi8oijYZA+L4cZRp01CGDUOZOZNIOEzqX/8V98mTuC9cwBoI4Dl2DNf9+7hiMcInT5KeOhV/PpeqcfztcuG8e5f4xx9jbW0lmEyizJmDfPWqVj4wru57PB7cHg+uaBT/zp0E58/HGghoR3oeD26nk+iUKSQmTsSdSr3wfKPDXCaTaZd1ol3fsVgI7NyJ/8kTktOmEW5owB+N4nK5OoBGZ18cegxzly4Z2SZkIJlO4yg4ai+EDKfTic/nIxCPE37yhOyf/0xs8mQs+dh5xc/HYjHDvaEY5vQvMvrzhZ/Vx1ggECAUChEMBvH5fJ3a7/V6jXcWz1vJZNLwxfN4PCXBqnhM+/1+3G53ybLZ7fYu5yQdGl0ul1He4npxuVz4/X5CoRCBQABPgduCrsOVP+o3Ya778WTCnAlzfapAE+bKp7c/YK5wQtRj8siyjKqq7Jw3jye3bqGqKqN//3tO79tHOB7nenU1q6dOxV1w3Ga1Wo1FWP+mX+jr5PP5Okzc+iLbWf/Vd/xsNht2p5MnT54QmDCBzM2b5ND8u2RJQpk5E3HjBuq//zti6FAyFRUEN26kLRbDv307oUWLsPh8OJxOstlsp/VTDHOFC31LSwtOp5NEIkEsFiOQyeA9cwZp2DAt2Xreub9LmJMkIyWU8t13RBcuxOJyPd+1sdlwulxIkycjWls1mJAkfIEAGVVFrF0L/+k/wYgRZObOJbB1K8k33yQ2YgSpP/4Rm81GfMgQcqtWkQOUefOMY0FZ0hazYDCINX9EHJo/n+DixVitVrKTJiE7nYajvh4fS+R98tKqiufqVeKff47V7cZitxPK5VAOHUIdNQopkejRBYfupBDmQqFQSbjw+Xyk8u0vKisRjx5pu4GSRDQa7fDlwWKxEAwG+wZz33+PWLcOGcjmciUBxG63Ew6HDWCUATmZRP3wQ+Tt24lKEs6CndHCz+mXNkrBXPGYsdlsRtiW4jGmH5FGIpF2fp266OO6eN7SYa54XtDHtB52qViXJEkkEokOY0aH2s78YnWYa25uLgmp0WjUeK5QVzKZ7DC2TJjr2XgyYc6EuT5VoAlz5dPbXzCnQ0cmkzHi70TDYTZOnYrP6QSgpa6OpsePcbpcNDQ20trSYsR4slrzNxvl0uEK9G/+hQthV9/iZVkmlUq1hyqnk6a6OlJjxqB4vc8d6kFb0Nes0W6CXrwI/+W/kLl4EUc6jef77wlPn47F78fqcDxf1BSl/RGgLJeEOR1S9ajhaj5Vk+x2Iz74APnSpXbO/T2BOfn8eXJvvklg9WoskcjzRdDlIiVJKCtWaPk+FQVl9258oRCZVAqxbBnKvHlIq1eTmDOHxLvv4t+6lcwbbxAdOpTY7t3Io0ejDh6M3NyMmDBBSwLP89vGOqhZXS5sLS3EP/sM9/HjJEaPJitpoT46wJwsk8nlsHs8RMaOxb9tG89iMULJJOry5e3zkb6gyLJMIBAgHo+X3NENh8NaP8uHgxFz5z7PjZq3L5FIGH2zs8VeVhTS2Wz3MLdtG2LnTmQwIvkXv1cHIqMfy/mLKkOGIKqrEWg+dsX9y2KxaGCa94ss9F1LpVLtoKzQX6yrXS/95nWxnmJYLJy3kslkhz5vs9mMncPO9Onjuhg69YwDnc0F0WiU+vr6dvOHw+EglUp1qk9vE5/P1+nuoQlzpfuECXMmzPWpAk2YK5/e/oC5QqjS2wzA2tjI6vHjjbhqgLGT8eTJE9ra2ozFxuPxGH2uK92Ffi667kQi0aGvyLLcbuG0ulzYg0HsV6+S/fpr5EIQA8TGjShffmlcCpAvXUJxuQhmMjgvXiQyYQKOe/dwHz9OKJNBqKrmf6a/QwgkVe10l0G/KRqJRBD6UWllJWLXrg4Q0xXMybJMDohcukT6X/4Fz9GjWPN2OvOXHQQgdu5E7NuHlEigvvsuvpYWMpEIyoQJiGhUSxM1ahTxzz/H3tqK5/Bh/EePwkcfIbZuRT5+HOX99xFr15aMSSeEIBwK0RYIEFi5kvjnnxOsrCSc31kqCXOZDHa/H8eDByQ++AD/mjWEIhHN789q7TeY0/uo1+vt0BY6IMiFbb9qlRHepfAderT/ws/rICjJMnI2SzqRMHZFO8BcHsjE2rWIEydIQ0m4LNV/jbL98AOS06mFN8kfp3YGqIXwowNp8RcfHXZ6Uo+Fl3na2tpwOBztdssKd+ZK1XU0Gu0S5Nr16Vyu3djRy1sMEHrbud1uHj9+3A7m9Fv13enSj2jNnbmeiQlzJsz1uQJNmCuf3v6CueIJDuDe5cvsXrjQ6Gf6sZTL5aK+vp7W1lYD5vRv8N3pjsfjHb7Bl5rE9b6r78jZHz3CY7cTnDmTVD5AsPE8IA4eRP3tb5GvXzcc72VVJZHJ4Lxzh8i4cfg3biT65ZcEJUkDplmzkOx2zRfK60Wuq8OdT7tTWL5wOIyqqkY8LwHIjY0o33yjHa8Wlb0zmNPr1x+N4qitJfXb3+K8exeLy2WAnJwHCPnsWcTq1UitrfCrX+E/f56s04k6fryWiSGTwbdhA95Dh7AEAtjCYVIWC/zmN4izZ7U6yB9XlbqAIMsyuWwWRyiE69Ilsv/jf+DbtAlXJGK0VSmYc9jtWN1uHPX1xD79lNT27SjTp2sx5Pqp7+sXPkot1h0WJEA+eBCxfXs7mDPKWxAip62tDY/HY+zoKd9/T/bIEWz5m7AlYU5VEUuXotTWEpGkDuOms90nQ/LgWGibfqGheFe8cEewFMzZbLZ2X7i6ElmWiUQiuFwufD4foVCIWCzWAeaCwaBxLFtYHq/X26u5TJblkmO7eCHV28VqtRo7c4U+fT3tH3r2BxPmetY2JsyZMNenCjRhrnx6+wvmii8iAJzft4+z+QTDen/SbxbqMGez2Tp84++qPxYf53QGc5KkTYAZIHnjBrm//IXce+8Rnj6dBGgLsv4s2sUA9c03kZ89a3ekmJEkHI8eERk/nvDUqaTeeINIKIS4dAn1V79CbNqk3eT8/nvE4MEazOkLm9OJ1W4nkUh0gDmxciVi9+6Su1GlYE7fkQgEAljsduwNDUTGjcNqsRjhRwp3m+S6OsTy5chVVahvvYV/2zayd++iLl9OWlWxORzYW1qwt7VhsdnwBwJarLqZM5FtNiNeXHdZIoLhMBa7neQ77+A5eBBbIGCk3ikJc/rlj1AI5+XLyL/7HcqaNd1mpOhtv3Y6nbS1tXUApw79BJAvX0YsX97h5qzue2e32/F4PEYSduMIdPZssvPnY8sfc3eAOSG0m8fz5iHX1eEtCIWhS7djvoT7QLG7gT4OvF5vpzBXfFTakx0zSZIMf1QhRIe602GuFDj3ZJeslF2FfoGlIE2HzGfPnhkwV7gL2BtdxS4bJsx1Xl8mzJkw16cKNGGufHr7y2euuOwA+5Yu5U5VVbcw15MQI/rnewNzEiB7vahjxyKuXUOtrSXgdJIotTtz8SLqO+8gxeNGGixFUchIEvbmZiLjxhEfNIjIyJGkJ01CGT4c+f59bXfNYkFZvBj17bfxnjyp7XQ5ndifPMHZ2ko6n+8xEokQjsUQuRzKrFnIT570CObcbjeyLLc/9rNasdfV4c7HHBNFcCr5fIglSxArV6JMmkRg61ZyBw6g7NtHNJfT3qNnmdBjBeo7jJ04xxeLDgwWnw/f7t04b9/G4nQa+We7gjmbw4HN7Sb97/+OUrQr9qKiKApWq9XoX7oUO/Abbf/kibbLWgIo9ewFuVzuOQDlYU6dOJHs7NnYAgEj32wHmEsmUWbOJGux4CiAnsLLO70d8/oYLASoZ8+e4XQ6UfIXSPRd8OKLDPouejKZNLKpdOdD19281Zlvof7e3ojf7+8QLqQQInTbdZjTIbq3a5TxxcgMTdKjujJhzoS5PlWgCXPl09sfceaKfVtkWfOP2zBlCq2PH/cY5rrT3SuY03dPxo1DPnjQCJcRCIeNiUEHEgEoDx9qNyqBnKSlBIpEIvgCAaw2G9ExY0j96U+4qqqQ33gD+cEDcqD5lv3614iKCsSNGySHDMHqdGKJxQjOn0/oyBGygNBhLpFAcblQxozRfO5K9PFSMBfOH9+222nJg5NSynZFQZk1C2XECMSZMwRmzUJ6/32U27cJpFIdfK70zAI5RSEndUxLVkokSbshaLfbtSDD+fYIhUJGEOlOYc5mwxIMEt6+HeXWrX6Huba2tnbH+Ha7vfTur6Ig+f1aexQeaRb0ZV2Mz+T9I9V//IPc1KnYvN7SMKeqSIkEyqhRpMNhbE5nu36rX0borX367lQxzNlsNgPm9OcK4aj4coLL5SIQCBCNRrWA0tLzCy49mQ/0eat4l97tdpPNZnvUhwqlwxeWvBSvP16vtx3MuVyuXkOxflxtwlzP+psJc68wzN3O58Ps7pu3fsW/L9+y+iKKohCPxwmHwx0SkpdDtx6Islz2vmy9wWCw3Q2wnn6meBIszJmqqirJeJyN06bhd7mMfqbfXCuGucLLD931x+IbejrMdegr5GOqzZ6NrCjIioKqqoRCIcNePYdjPJkk5nQSvnIFT1H6IYvVitXnIzpmDLHBg7HY7USbmjS/NyE0PWvXopw+jQQkZszAv24d1mCQxB/+QHrGDO34Mr9TFclmUWtqUBYtMnYAi6XYmbwz0Y9gC+u+0H5lwQLUDz5AOBwEduwgd+wYiqLgL9rVsdm0FE563K7eiNPp1HZmdEf0/O1K3b9Rzw4ihBa8txDmrDYbYb8fRSqd7L6vIoSgpaWlHczpl1A61JOiIMfjKGPGIKdS2v/n60/ubP7Jh7NRhwwhN2mSEWS5EOaUfEw5sW6dlpNWCAN4Cy9T9GWO08dBYfu1trZitVpRVbXdc8UAXdx/9AsODocDj8dDOBwmmUwai1lX84KSj1+og6Quegy3vvSpwoDaehn1CyJ6H3K5XLS1tRkw19P5o7jsegy+4l3ArmzOZrMGrJdrnpZl7VhYPyIvt+gcUHKeGWDR15vC297l1K1fWutunAKcO3eORCJhwlxhBZowVz69AwFzAM62NrZWVJBKJLSFTS4jzCkKci6H+tVXCJtN81HL67bb7cbCpS8cVms+gG/eX6dwB8xqtWKJRIhMmkRo1izaQiHCyeRzfYqiLfz5nRhvayvxjz4iOno04dGjyYwahUgkUECbGABWr0YcO9YnmOuwO5cP4VAK5sS2bajvvouIRPBnMmTzUFkyiK61dIT+nkjxezweT89gzmolHI0a/aM/RK+H5uZmnj17ZvQVt9ttAEq7zygKciKBMnEicihkQJw4ebI93BWKqmox4AYNIjdxIjaLRfNBLIQ5QNy5gzJoECISIZ532i+sp2g02meYy+Wza+jw1NraisViaQdz+rPJZNLwReuuX+n9wp3PGayfFpSaH1RVxePxdIC5F+lPpd6j+8MVwmkhzBXmaO1NHRbu8psw13VdmTBnwlyfKtCEufLpHSiYq795ky2zZ6PmQyro/aksMAfIwSDKmDEoskxWkggGgzjzQYNbWlraHTd1tqjptlmDQbz79uE5eRKL19uxbwph7Cy5IhGc1dVk3ngD16VLRCsqUM6d02AukSAaDsPkyYinT3sNc/oOU/FOi+5wXlwH4vx51EGDEKqKPxQim/fd62+YKxRLPltCj2Gun8d5n2AunUaZNg3Z5dLaBFDffBNl377SbQTI4TAMGkRuyhQjDVwxzClz5iAuXUIA8RK3J18E5rJF8e1aW1tpa2vrAHOFzweDwecXUHqRM1V3tSmuu4GAuVL9qSuYs1rbh5vpTR2aMNfzujJhzoS5PlWgCXPl0ztQMLdn0SLjJmthfyobzNntqFOnkk4kcObjZdntdhoaGtodv+kLlv4+h8Nh7EokEglDn81qxWZ9ntexs77pdruxeL04Hz7E6nLhr6qCjz5CsVqJAtHqapgyRXu+k3eUgjn9SDWTyRCLxTr4KXU4RgRESwvKunUIMCbjzmDO4XD0i9jt9p4fs74qMJfJaBdSnj3T+k42i/r556iffILsdncEOkBua4MxY7SduSdP2sNcLIZqs6GMH4+cSGgwVxR2YyBgrtTOXOFn9M9Fo9F2KfK6AztLPhVe8YLaGcz1V1/S+5MetsiEORPmyq3bhLkXrEAT5sqnt79hDuDx9eusHj+eXDaLKGjDgYC5NqeTWC7XcVfq6VOk6dO1vKwFoNbQ0EBzc7Ph1+Pz+QgGg0SjUVKplJGqSwgti4WxaOb9wnoCc1arFavbjdVmw5dOoxw5AiNGEJVlYitWwO7dne7KyXJHmNNhRIcxWZY75MDscNwqhHYrNR5HKEqnMFe4iOVyObLZ7AtLLt8esVjslYE5PVZfSZiTJMScOcgNDVq7BAIo8+drqcxOnCgJc+LuXdSFC8mNHYutrk67vazDXDYLhw+jrFypPZuf0/oT5grTiNlspX3mOvusrjN6tqZsAAAgAElEQVSbzRKPxwkGg3g8nv/P3nsFx5Fld/p638d92IiNffi/aBUhbWh3Y3cjFFJoW6GZ0WqserrVY3u6Z0bTftiGppum6U3Tgt4bGIIAPehJgCQIkATZoAEIAoQhQHhfVSjvM/P7P2RlsVAoAIUi6oLUnBtxggSQWb97zr1586trR52vnOrLhHXEVuLc2GSY6+w0TzuZrrpkPY9W3lMNs2YyZ05gbmqxEpgTmMsogAJz6nSnE+Z0XQfgyMaN3Dx7dkz9mm6Y6xwepqumBn9trbkgwdLDXJ3qWbyYDgvEYj0YjY2NDAwMxOHFAo1ks/SCweCYl1o6MGddO2SzoQHGgQN4PvkE9/vvo/f1mfOuxvEzEeZSvUR1XY9PgE9+6foS5/NpGtHYMHcizCWeV9vZ+Xyl53ixyMRmCuas+LS1tY3qge3p6Um9ACI2RK6vW4dWU2PWob4+9DVr0EpL0devN1c763rcooB27Rr6vn1EFi6k59tvzRNGurupb2hg2OuFffviIGjV22SYe5EFEG63OyOYS/4cq6wiEXMFt8vlYnBwMOXZrNZK5cR6mLwAwoK56axLye1Hf3//KJgbt9d1kjoiCyDSrycCcwJzGQVQYE6d7nTCnAGEgkFyV66ks6UlqzDX4XDQW12N9623iL79NvqmTUQHBsyXJxC5fRvH0qV09vbGYc5aXRcIBOIvm3T0pvISHgNzQ0NohoHu8eBevx7Xkyfokzx3yTBnzUFLzlvyIfJWD1QytCTDnN1un3zO3RTMAoLEmM4kzBmGQUdHx5h95lI+XzHg1TdvRrtzx4S5Z8/Q16xB7+wk8vnn2IaGGHG7cblceDwewoB+6hR6URGR1avpLS+nM9azVd/QwLDdDhs2oN2/H4e5UCg0ZnpAplCg63p8qxrLN6sXMnk1a6qymagcLQsEAqO2yEmsi4n5SLWBeOJWIS9al5LzbH0ZSdyapKenJyOYS5yuIDA3cZkIzAnMZRRAgTl1utMJcwCOoSG2z51LMHYKQHJ9mg6Y67TZGDpyBN+//iuDBw/isdkwcnPR//hHosEgUSB46RK2Vavo7O+nK3bkz8jISHzrhXT81TRtzH5eGcGcppkLIDQNVwwkJ9JNBXOp8mbtYp883Jp4mLp1bSLMJR9llLg33FTqjwUpTqcTr9eLz+fD7/fP6DBrNGrCXHd395geo8SzQuOmxbaX2b4drbzc/H9joznEGgoRXraM7qtXaY+VSWdnJ14w69uFC0S3bKHv/Hk6Y71Z9U+eMDwwAIsWPf9ykdCjlNzjmrK3MI24Jx8Wbx01lghz4XCYQCCAz+fD5XLF95NM9zlPPsM0Mc/WNTabbcx2Il1dXfFTQKbql9frxeVyxeerWvu+JebL4XCMgrnOTnP7kqnoadrY/TIF5saPlcCcwFxGARSYU6c73TDXUlvL/qVLU9at6YA5XzhMT1MTnrffpv/GDZ7Z7XjCYXP14IoVaJWVRAD/8ePY1q+nc3Awns9AIDBlmEu1KWpGMBdrGNKZJ5UOzFllkThUNN5wazLMJfcSZQoWVg9Re3v7KDi0ToCYyWFWayguEVitshh1fQzm9D170C5fNuGrthZ93ToiQGDzZoZ37KAjtpltd3c3AcDIyUGrrCR64ACDx47RGTsJob6pieGWFvjqK6IJ++dpmjbqucm0R9TqNUs1DDo0NBSPtQWP1ukM7e3tqf2fJI6phuStdsoCq1THednt9in7FYlE4nvIWZ+XPMVA08y5btYwq3U2q81mS1vPik/i0WECcxPHS2BOYC6jAArMqdOdbpi7cfIkF3JzswZzXmD4yBFGFi6kw+Wiw3ohAtqpU+hbt5ov4YIChjdvNufVZQBzuq4TDAZHHVX0ssGcFZPko52SV2+maoyTV7R2dnam1Wgl6lqT0RM/wwLJmYa55GOmrDmTgVQ9o4B+4ABaSYkJc3fvYuTkEDQMBm/cwDlrFp09PXR0dTE4NGRev3IlWm0t2pEjDOfm0mGzmTD39Cm2igr45pv4/oNWvFItgpjqfC+rLJM/Z2BgYAzQ9Pf3j3pOpwrsmqalnL9pPatWW+ByucZslzNurCcoM5fLNabHOLltsKCvp6eH+vr6eBlPRU/X9ZQ97gJzE9c5gbnxrxWYGyeAAnPqdKcb5grWruXe1avZgTnAB7i++orBoiI6YvmwYC46OIj+2WfmkVyHDjG8bRuddnv8xWCdFTpZw2C9MJLnDCUOY75MMBcKhUb1Mlj3WZPVkxtjq0cv+fqurq60eooSPzMZCAcGBuL1ZCZhzm63p5wbaNW1UeUPaHl5aLF95fSKCvRt27C53XT09uL67DP6L1+mY3AQd6zu6CtWoHV0oJ0+zfDOnXTY7SbMdXRgKyqC/ftHwVw0ah5FlFg/EnuxUs0PS455KuCx5oxZq1ITe7CSj8ay6kQ68+cSv8wklpdVvsnt1nhfKNKBR13XCQQCKfdPTPW8WD2Cjx8/jsOclbfJ9CytVGfWCsyNX/cE5gTmMgqgwJw63emCuUg0StDvZ9eCBfQ+ezb9MBerC5Fdu/C8+y5dbW109fSM3mcO0NeuRbt0Cf2bbxgoLKQjBnPWxOzBwcGU3+Ctl6k1DDnexr0vG8xZZZI8Dy55uDVVY5yqd84aJrXybMUlMT6RSGTMyztx7pJ13WQw19HRweDg4BitF63XVm9lIBBICU+Dg4OjVzID2pEj5jw4QC8rwxMbou9wOLDt24dj6VL6fD4ihoE2MmLuSzcygn7xIvZNm+hwOk2Y6+3Fvm4dnDgxZkuTVBBt5clms427utqqL8m9SVYMHbENoRO3phlvONYC6PHK1/q99ZymgitLI7Hdsobuk/3q7+8fteAolZbf7x81Ny/xeU3Va2n1Cjc3N6fsyRtvZfZ4WgJzkz9PAnMCcxkFUGBOne50wZwBPKuvZ9+SJeZ14+xEPyHMGcboFyCx7UZiv9dLSgh/+CG9bW3mwoaurjEwF21txfjBD4guXkzvwACdCS+Y7u5uWlpacDgcY/IWiZiHaI+MjIzpPUp+eU4092gmYC7VfcnDeDabbczco1Tndlr/HxoawuPxxPeNs+LjcrnGAFIi5Ca+6JNhzlqwkXyvdZC22+3Gbre/cHtjwVwoFEq5hYsFCk6n09yixjCIHj9OdNcuc2Pn4mLsa9fSOTRE59AQfdev45wzB581nN/ZacKcrmOUleGaM4f2QIDu3l4aWlpwzZmDEVvJOl7ekjdt7ujooK+vb9Sh99YB9G63O162yfBilW8wGBxzrJumpZ6nZwGt2+2Ob9FjmTUVIbmnN9WQp9VuWYsdUsGm1T5Y7Uyilt/vxx7r0UxVB60vBuO1I9amwsl6vb298bK14uj3+3E4HBOeUyswN/7zJDAnMJdRAAXm1OlOF8wBXD92jHP7949bryaEOV03V/+1tz+HOrsdfft2ooODRINBjFmz8Dc20p0wfDQK5rTYZPacHPSaGtzR6KiGu6enJ36cV39/P0NDQwwPDzM0NER/f3+8oU80m802Bq5Sbf9h2UzBnAVnyS/Gjo4OnE4ndrt9TGNs9RSlmkxv/dzT00Nvby+9sU1xk4EiEXCtfFifnQhzlmbyKsxk0Oro6Bi9V14GZgFTMBiM5yMV0HV2mhP6u10u7IcPM7J2Le1+P8M7dmDftIlOu52Onh66W1sJzJ6NHjsNQquvR1+6lCgQ6enB+6tfYdu+nU6Xi8bSUgKffIIWCKTcS9CKz3hxsPJkxTyxTqaCP8vH8WDOmi6Qrlbi3xKv7e7uHtNOJMOcBY+p7rd+trR6e3vH1UruAUwVQ+t4MqtHeryynUgr+XxmgbnxnyeBOYG5jAIoMKdOdzp75vYvWULTw4eZwRygHzuGvn69+cKsq0N/7z3zoPjr19EqKzFWr8YPdCcN1Y2a56Vp5irC2MvF2o/Lyqd1nJeV946E47ws64gdX+RyuTAMg5GRkVH+dnWNs2dZdGZ75sab2G291FIBqKZpo4aeUkFdoqX6m81mGzMclgrmEocZU/WOpCzPDCwR5qwhNrfbHV/5OAaMbDYGi4qwbdmCbetWon/+5wzv2sWzkRG6u7pwRiLoq1ahVVebdfPWLXPrEiAA9N6/j+edd+ju6KDlwAH8mzebm1hPkL9I7LzgVL2/yXFP9fuhoaF4eVognwxzllYoFIoDXSZavb29KV+miTCXOETujA05p9KbSKsjduSe2+2esPwtn6zNiS1YHw9Yk58Ha/Wr9UVGYG7y50lgLnV91HU9DldXr14VmEsOjsCcOt1MYM5ms8W3D+jo6KCvv58Ru51tc+bgcTpTDrFa9cnaMqG+vp7W1lYTViyYW7cO/Te/IWq3Y/z2t2h376I9foy+cSP6rl3o16/jh3jD3dnZSXt7+9iXv2EQ1TS0mKbL5Yp/O29oaKC1tXVMY299Xk9PzygQSAYQSzN5LzfLrH3frM9MnBOWLswlvnitHph0yzSxJybRt+bm5nEbY6tcEoehUkFucqz6+vpGnZuZXE9S9cxZ5ZFYhsmxTQUlU7FkmLN+FwgEGI6tbh4Vn+FhBkpKcKxahfPLL7GvWEHPw4cMOBzmswFoRUVoR46YMHfuHPq+fWhAMBSiY3AQx4IFDF66xLPlyxm5e3fSjaGtmHm9XgYGBsaNR2LMu7rM0w7cbnf8M6x/x4M56++RSGTUFIJ0ytcaHh2v3iTDXKKe3+9naGgoLb8siBsaGkqrDUyEucS5cJPpWV/SrIVBPp9v1N+6u7sF5saJt8Dc2Dbb+pJoPZtnzpzB7/cLzCUGUGBOnW5aMKdp8QUIVkPtdDrjcBIIBnlSXU3B2rVoaayU8/l8dHd3Y7PZcLvdeGObmerLlqHPmmVC3e7dz4daZ81CnzULzW4nHHuALG2XyzVpI2NN6PZ4PDx79iwOItYQTH9/P8PDw/H5SqngxOPxjNL0er0ptaxNTy2zNmqdCswlf4bH40m7TK0Xe+L9Vs/FROVs+RwKhXC73dhsNgYGBkbFyVpA4nA48Hq9RCKRCb+xpoI5S8vn82Gz2ejv7x/1+UNDQ+PGdioxSIa5RB+t+js0NERfXx89DgdDZWW4583Ds2ABI52dePXYma2xoXvt22/NeXKAlp+PduqUOcwaDuOMRAgUFBD+4gsGFi82V7yO84UmVV6tZ2JkZITBwcEJY554T3KZTwTBieWbeB5rola6z0Jyu5WqXlk/J8Y6sawTy9vpdMY3B06n/UuGuWQ9h8PBwMBAfOi4t7eXwcFBRkZGRvkUCoXGPCeTLcQSmBOYS/z7wMAAFRUVVFRUUFRURDAYFJhLDJDAnDrdtGGO52efWt+GLQO4evQoZyeYL5doQLxhNQzDHJLq6TH37ioowHjtNbSnT+OLH/TPP0f/9FPz5wRdy9J9AQDY7fY4iFgTsRP3zZroxZWOZnJsrOumAnPJnzHV5yD5fsMwxiyAmOxeqzcnccK6Fat04j4RzCXGOlnDysOL1OvxYC7Zx2jUfEmGdZ1IQwPaZ5+hL12K5vWOHiYFop2d6AsXmvVx2zZzw+DYNTqgNzXBP/wDjgMHCMKUfbBiOlHMJ6pzk8HcVMo38ZrJ8jwezKWKdSq9yZ678T5zPKgaL46pYpjJcyYwJzCXaIZhxOHq2rVreDyebDNcPAnMTaItMJdkhmFO+P7d74haB5En1RGAo5s3c//69UnrVEpdQKuoMHfhf/QI/bPPzKFSPbbdyO7daLm5KVcHZuqv1bBP1PMw3bFOF+am2zJtjBPjM9VYTQZz42lMl78TwdwYfUDr6MB49130r79+Xves68DchmT5cqIuF/qKFUSfPHleH3WdqM8HH36IrbGRQDRzIM0k5lOBuekqX6uMJ4O5yfQyjdFkUDVdWskmMCcwl8pAFkCkDKDAnDrdSWEO0IuKzN6xTz4h2t8/apWeruuEgkH2LFzIQHf31GHOAratW9FOnDAXL7S0PNcwDKLd3abuC9aHl6FheJVg7kX9TQfmsuVvujAXjUZNKBsYwHj9dRPmkuuwbq6U1tesQbt/H33x4vi5q/FrNA29uXlqutPobyYwNx1lPBWYm05/ZwqqBOYE5lKZwNw4ARSYU6ebFswtX060sxOtuBht27ZRLzED6GlrY8fcueiGMXH+rZeipRsImMNZw8PoH39sAhuMfZkaRsptHjL1V2BOjb+vFMw5HBg//jH6pk1j61+s91jfvh192zb0nByiodCYOqmDwJwifwXm1JnAnMBcxgEUmFOnOyHMGQZRrxd9zhyibjdRt9uELocDPaFSXczL48KhQxPXJ+P5hsC6rmN3u/GDOcS1bRvajh0vPIyarr8Cc2r8faVgzuvFeP11tIKC1PUQ0EpKMN5+Gy3FUV2WzwJzavwVmFNnAnMCcxkHUGBOne6EMEdsv7dVq8zhT8DYtAmtshJfKMTTJ08Y6Opi98KFPH30aPz6pOvmxPHFi9EePEAHHPfvE5w3D2PDBvR/+zeiTue09L6l46/AnBp/XxmYMwyi4TD6W2+hXb48PszdvYvxD/8w7jUCc+r8FZhTZwJzAnMZB1BgTp3upDB3/Dj6rl3x4U/t/Hk4dIiTBQUsef99Vv/+92z5/HNztdh4MAZoe/Zg/N//i56Xhz44yMjvfkfg0CGM5cvRuruz3iuX6K/AnBp/XxmYs75svPMO2sOH48NcayvGP//z85XWKXwWmFPjr8CcOhOYE5jLOIACc+p0x4U5TTNfcN9883wbBuDahg0EvviCQwsWMNTfj8tmo/vpU4wJQC7a348+Zw7a06foX38NX3+N48ABfJjDrCpALtFfgTk1/r4yMBeNmqu2r10ze4hT5dcwzJWs8+cTDQZTXiMwp85fgTl1JjAnMJdxAAXm1OmOC3OGQXRoCP3zz4n6/RjAQE8Pc998k/rvfY8Dv/89/oQ9duL3wZhtHbQzZ8xJ44C+ZAm8+SZ2hwN/KGSuZlXsr8CcGn9fKZiLRsfW3WQLh4l2dY2ZK5fos8CcGn8F5tSZwJzAXMYBFJhTpAvjwxygXb2KvnEj0VjlKT95knk//SkH33+f4p//HHp6xu7HZbMR9fvje8RFAX3RIrRbt8zPvHAB4/Rp7JGI8pfAy9AwCMyp8TdrUDVBmykwp85fgTl1JjAnMJdxAAXmsqiXCFnhMPbkxjj2tyhg5ORAbCNgXdfJXbWKC7m5zP31r7n+3nvw7rtoeXnP7+npwfh//y8ObtFAwDya68svzQUUhkHU50MPBLCPjAjMKTKBOXVlLDCnxl+BOXUmMCcwl3EABeaypKVpRL1etKYmog0NGO+/j72nB7+1P5xhEG1qIjo4aB4U/tVXtJeW0tbUxPxf/5q9X39NMBBg/uuv8+D+fRgZQZ8929xzKxhE/+gj9K++Ql+//vmB5HPnmsNT1pw6XZ+4RzDLcZ7phkFgTo2/AnPq/BWYy74JzAnMCcxNUfvfNcwBWnU1xve+h/722/DTn+KoqCDQ0xNfiKAvXYrx059CXh6H//zPmf3666z78EMeVlbGz6E7u38//Z2dGLHrtepqc0PVQ4fMz5g7F+3x47HHHiX4KzCnTltgTl0ZC8yp8VdgTp0JzAnMZRxAgbksaQFaQQFabi5Rmw3j7Fmc//RPBN95By0UModAly+H7dtp/MUv2DJrFvtXrGDjxx8DxE94CPj95iHZgHb9OsZ3vmOCW2wvOu36dYwf/AB9wQKzNzCpHAXmBOay7a/AnDp/BeaybwJzAnMCc1PU/vcOc/ry5Wi1teacuPv3GXnvPYJLl6KXlBDt7kb/6isAzhUV8e21a3Q0NtLw7bej6kr82C5NI+p2m3PkrCO3NM3siauvJ9rcnHIjYIE5gbls+yswp85fgbnsm8CcwNykMKdp2rhmPayhUAhd1ye8drrMMAy8Xi9OpxMjBg2qzDAM7HY7wWBQmb/KdA0DLRg0h0AHB9EAIxzG7nAQ6OmBjz5CX7MG/fBhAHbNn097Y+PEdSQaRYsd06UZhvlz7OGPbzIc+znZX4fDQSAQUB5nh8OB3+9Xqmtpu91u3G638nptPcfhcFjpc+zxeHC5XDPir91uV9puWT7PhK6u64RCIex2+4z4q/o51nWdcDiMzWZT/hzPlG4kEonDumqbifbDspehzU6nDROYGyeAAnNTuz+tewCtrQ195Uq0YNCEOcDhchEAjKtX4a//GpqaGHG72bNwIT6PB2DaYyEwJzCXbX8F5tT5KzCXfROYE5h7tWBO1wXmpqqr6xiTlKOm62iAXlKCvm6dCXaxWDscDgLBIDqgP3wIQNWlS+SvXp0VkLP8FZhTpy0wp66MBebU+Cswp84E5gTmRn9WGg26lQTm0oyprhOJRHhQXm7GKtW9mEdm6dXVGD/7GdqDB+bvtNFQZaXutjYW//znNKZRP17EX4E5ddoCc+rKWGBOjb8Cc+pMYE5gbpRZEwonCsazhgb8Xi9+v/85zOm60hfQqwRzAC21tcz70Y/wOJ1je+gMA21gAGPtWowPP0S/dSsOcokPSjAYxO1wALDjyy+pKCnJGsgl6grMqTGBOXVlLDCnxl+BOXUmMCcwZwYEcAwNcf348XH19NiQ37oPPuDe1atowMjIyKiMTzqUOE2F96rAnB6D3II1a/jyJz/h/rVro+Mb+xzj/ffRc3PRvN5RIGfpOp1O/D4fK37zG3bNn8+BpUsB0upJfRF/BebUaQvMqStjgTk1/grMqTOBuT8BmLM2kZ3MyXtXr7Li3XdTQoIe+4zO5mYWvvEGu+fPJxgO4/X50KJRtnz+OWvffx+Xw5H1l8KrBHNWzPYtXkxNZSWH167FMIzn8QW04WGMefPiQ62pdL1+P0/r6tjw0UfM+9GPaKmpmbRMp8NfgTl12gJz6spYYE6NvwJz6kxg7t85zOmGQSgYpLu1ddzP0XUdgPzVq1nwxhsEfL5R11ppuLeXg8uWcffyZQrXreP2pUvohsGzx485sHQpJ3fs4FJe3qT5nY7Ce5Vg7uaZM5w7cABd19n6xReMDA8/jxGgtbejL1uGFomknE9nGAahaJTLhYVcKSwk4PUSGefa6fZXYE6dtsCcujIWmFPjr8CcOhOYe5VhTtfRDGNCmAOouniRr3/2MyKhUNxZwzDMY55iIKdFo2ybM4d177/PQGdnXBNgoKuLfUuWsP6TT9izcCEAD65fZ//y5QBUlpRQVlSEfWCAnV9+ScDvz+pw66sGc8U5OTy8cQOAvYsW0f7kyfMyBfNIrbVrzfJMBXOALxCgYO3a+DCtCr8F5gTmsu2vwJw6fwXmsm8CcwJzySn9njlAB2yxnZ8TA2kYBvaBAXbNn8+GDz/k3tWrcRDwe73x/cnuXL7M7B/8gNyVKynOyaHx/v14RoZ6e1n6q19xpbBwVAb9Hg/ffPABvkCA41u2UF1WBsD+JUuov3t34jxPwayUXHgvI8yl6hXVNI3d8+fT39EBwNGcHB7dvPncJ0CvqkLfsiW+FUmqGAz097N74UL62tunLbbpPqACc2pMYE5dGQvMqfFXYE6dCcy9ijBHbG5Vfz/GkiXowSA2l2tM4wRQfvIkZ/bto6WmhiMbNsQFbp8/T/nJk4AJGDu/+oqOxkbO7NtH1cWL8esOLl/OldhpA/FAxXrzjuTkcPfaNY5t2RLvbbp8+DBlxcVj85xhIXW1tOAZGRlVSC8jzBmxeMV/H/t5oKuLA8uWEfD7AbiQm0vlmTPP4wPopaXou3dPCHMtDQ1s+vRTtGg0q4seUj2gAnNqTGBOXRkLzKnxV2BOnQnMvWowZxhovb1oTidaXR38z/8Jq1djCwYJwRiYO7ptG3VVVYSCQbbNmUMwBhX5q1ezY948dF0nd9Uqhvv6ALicn09pURFgbkGSM2uWuYoVxgSl9ckTZv/oR+TMmhWfZ/e4qorC9euBF1vZag3/7pg3j6M5OaNi8LLBnAH0d3RwKT//ud+xOYpVly6RF9vYF6CipITzhw499wfQT50yV7KSevgUoLaqit2LFo2uC4oeUIE5NSYwp66MBebU+Cswp84E5l4lmNN184W/Zg36uXNoly+j5+fDsmXYL10ifOMGOsSHXvWHD9n1+usMx4ZTc1eupDl2esCehQtZ8c472AcG2D1/frzn6NsrVyjZuxcwe+WsXrpUAdSAYzt2cGjZsnjGh/v62D53rtlwZdB4WOAI5lDu7vnzWfTWWzTF8m2llwnmwOyR/N3/+l+cz801M/jll4Tv3GHH4sU8iZUhwMMbN+Kwq2maWVZ5eehFRfGjuxJ73qxYVJWWUrxlS8qyyPYDKjCnxgTm1JWxwJwafwXm1JnA3KsEc8S2sfi7v0PPzUXfuhXtwQOMoiIcf//3RH/yE4zcXPTYvKqBdevY91//KxGnE5xOrp06xdGcHHTDYNf8+exbvJjKM2c4GFvIAND08CEndu6kq6aGzZ9+OmrRRHIAvT4fHp+PcAxuDMMgFAhweO1aTu/axYXEHqg0LRqNEoyddNDZ1ETBN9/QeP8+S3/5S25euEB3Swtg7m/3MsCcYRgEvF52ffUVnR0dbFy+nLPLlsEvf8n5H/+Y4hgYWxWppbaWAzH41S0437kTPbYBcPPDh/S1t5sxj0bxxyrdtVOnuBQb7lb9gArMqTGBOXVlLDCnxl+BOXUmMPeKwZy+bRvGhg3oGzagz5mD1tcHDQ04du4kHJtDx89+BiMj3Fu4kBN/+7fw5pswdy5uv59dixZx/cQJTmzbxq2zZ1n9+99zuaAgLmzv72fdRx+x5qc/5d6lS+PCg2GYZ7O6XK74NdbQ6Int2/mX//JfRkNLGoUCMNDZybkDBwC4e/kyx7dtA6Dx/n12fP01ObNmcXzrVpxOJyHFlTYVzIG5Wjh/40ZobcX3zTds+M//masffMC2N97AabPFh5sBetraOLh8OZFIxIwboG/ZgnH9OgCr3n2XqgsXAHA7HBzfuhWA8/n5VE1QHtl8QA4jEDUAACAASURBVAXm1JjAnLoyFphT46/AnDoTmHtVYA7QOjpg9mwMrxfjiy8wPv4YzeHAZrOZCyAwh+lsOTlQWsrp73+f6/n50NqKvnAh1NdTW1PDB3/7t9w6d46+jg5+/Zd/ybdXrgCxBQ6GwY45cyj/i7/AOHMm5Sa2VgBTnc0K5lYlGz/5hKObNxONRtN+SQDU3LzJqtjGxad37+bO5cujAhONRNj0ySfUP3ig9Agxy+c4zPEcUrctWkTL3r3w6adQWMjQBx/w8Xe+w8XXXwebLR5DAMfgIIeWL4+vJNYAfeNGePSIp62t/Oov/zJ+TFdtZSWffve7BHw+Tu3bR0N1tXmP4gdUYE6NCcypK2OBOTX+CsypM4G5VwTmANi+naa5cxkxDFi9Gj75BK/Hw57FixkcHCQSjQKw/803GViwgNw336TL2sri+nWM2B5x62fN4mFse4xNn3xC/Z075jWaZq7CbGuDf/s3jPnzJz6VIAXM6bpOOBik99kz8latwut2P/9szZwDNt7CCIBrx46x4I03CAUC7Fm4cMxmxwBn9+3jcmzF7AtVnNi8v/F8TOWz3W4nGAqha89Pzdi7Zg2sXYteVRVfxVpRVobtyy+hsDD++QYQiu0XV1NRgWN42IzHunXQ3MyBdevIXbWK8wcPAnBsyxYWvvkmj6uqOLlnD52xIWbVD6jAnBoTmFNXxgJzavwVmFNnAnOvCMz5T5zA++tf89l3v8u9+/fh/HnYsIGGpiY++973aGloACAUDjP3tdfY/1d/RcHnn5u9VzFo0detg/XrGR4awt3Xh+H10tXXN/oILsA4fx79wAH0devQS0rSg7mkBQE+t5uDy5ZhHxiIA4gBDPb00P30aUqgAzi5Ywdfv/UWjffvc2jFCjyxs18Tr6k8c4aDsRWiU644uh7fbFnz+zFWrMBYvBhtaGhSoDMAu9tN0O2GDRvQvV72rV/P44ICWLoULRSKby8CYAwNoX/6KVp1NVqsNw9g7+LF/Pj/+/+4fOSI+YstW6jNy2P/6tV0NTdTtHEjHpeLvNWrKT9xguJNmyjMyWGwp2dULFQ9oAJzakxgTl0ZC8yp8VdgTp0JzL3kMFfX2Ii9qYmlf/EXrPjRj9i1dClFW7eC3Q7t7ZwtLGT2979PdXk5AAPd3ax/7z0++g//gUuJW1kAWiCAvn07zJ1rDtd+/DFcv26ugLWAjNiE/MpKtK4ujLfeQrt7N+Xh76NgLmkFpgYcWLqU3mfPsA0MoMV6DQvXr+fUrl0poQTg8Nq1bPjwQ87s3cvxbdvQkoZpAWoqK9kV821KFceCOMvPkhJzn76DBzHefx/N4xnlR/K9RiSC3ecjfO8e2j/8A/Z169i+cSPBlSsxjh8fFaP44oZbtzA++QTjt79Fq68Hw+BiXh57Vq7k8PbtaIEArFnDnj/8gSc1Nfh9PvYvWcLjO3fIX7OGcDDIynffZfv8+bidzpRxy/YDKjCnxgTm1JWxwJwafwXm1JnA3EsMc81Pn/Lo0SMK33+fSzk5NNTU4HY42PnllzhHRtBjcLR7wQJO7tsHwOM7dyjZsoU9b77J41OnRr/8ic3RqqxEr69Hf/oU4ze/QT9yZNRwo/7ZZ2gdHeb/HzxA/+Mf0VyuUbAShzmXCyMcRj9/Pj5sqTc1QW8vB9avp/nBA/YvXUo4GMTndvPe3/xNfPPixEK3hiCPrF9PcU4O6z/88Pl+bEm9fk0PHrBv2TJ0w0j/BWTBVWUlWmen+f+FC9Gam83/r1iBfvny+MOuAN9+i2/WLIYXLeKbv/or9v+3/8bZ//E/4Jtv0MLh1GelWjGtqMD4zW8wZs9GnzULNm9my09/iuvOHfxffsnWjz4iapjn6O5fsoTTu3bFN3X+5g9/YM0HHzxfNKH4ARWYU2MCc+rKWGBOjb8Cc+pMYC59mAsGg7jdbk6ePElhYSH37t1D13VqamooKCjgTmzq2bTBXGt7O9dLSri2cCF6OBz/49GcHKpLS3HZ7RxYtoy2ujq2zJsHwK2zZ7lYVITzwgX8sflmRgx6DMOIz1mzDJsNfvMbuHzZ/DknBxYtGn3NoUOQk/P8d4a5+5nf78cdDEJfH/zgBxh2O3R3wxtvwIcfcmzePMpOnmThG2/gstspP3GCHXPncnzr1nhgrXwBDHZ3c3TzZu5cvMjs73+fO7E97hLzD9Dd0sL+FSsIx+BmlH+pLNGXTz6BEyeguRkWLMDQY/va3boF69eb1wWD0NU1NlbFxfh++EMO/9VfcWjzZr740Y/oXrMGOjvjcZkwD9Eoht8PHg9cvEjxr35F03//79hee428zZvjvhRt3Miqd96ho6kJgJJdu1j93nvx8p/U32kywFw1HArNiG4wGFSqa2l7vd74NzfV2g6Hg2isF1uVps/nwxNbkKPa35GRkfiXlD8F3Ugkwkhs6ohqf2fiOY5GozgcDuV1a6Z0NU3DEZu2pNpmov1I1J7pNnuiNiwxXbt2jUAgwPDwMK2trdjtdvbs2UN7ezv5+fn09/dz6NAh+vv7mY70ZwAtLS3cKC/H5/Hg9nhwOp14fT7KT5/m5J493Ckr48jmzYQ1jcJt27hy9CiXjhzhQmEhIb8fl92O0+mc2AIBnPX1uGbPxrViBa6PP8Y5PIzT7Tb/7vHg7OjA9cUXODs6cHq9OINBXF4v/f399DiduK9dw/XDH+LMz8c1fz7OM2fwFRdz7m/+ht2bNvHVm2/y4OZNjmzezM2LF8n95hsGentxezwEQiG8Ph8+v5+6b78lf8MG6u/dY/aPf0xtVRWe2FCuZR6Ph2dNTexZuZL+vr54XFLayIjpx/Awzrw8nF1duN99F9eSJbh27sR1/DhOn8/0sa0N18KFOIeGcK1ejev3vzf/Zreb/3q9eNeupfrQIdb88Y+ENI3WxkaGfT4zhpPF2ek08xIzL3CltJSzH3xAw7vvUrhnDx6vF4/XS+GmTcx7/XUG+/vxer3cr6hg3+rVuGM9KGlpTYO53W66uroYGhqaEd3BwUGluk6nE5fLRV9fH729vbitZ0ChdmdnJ/Z0nttp1Ozv759Rf202m9Jynkldm81GZ2fnjPir+jl2Op3Y7Xbl/lq6HR0dynUdDgcdHR1KNRPLuaOjQ2n7YdnL3GZbebtz5w537tyhuLiYQGwvW4DW1laKi4t59uwZhbEz6I8ePUpjY+P0wVxzczNVVVWEIpF4b0EwGKSnvZ2DK1dycOVKvr16lXAkQkNNDVvmzuXQ6tU8uHHDvMfni983oek6vlOn8H/0kXlPgp7X68UbDuPbvh3f0aN4Ad/Fi/h7erC5XAz4fAS2bMF3+DD+n/wE3969eIHQ06fcfustFvzmN6x+7z1O7t5N0ebNDA8MsGvRInra2wkGgzyorKSvs5NINMqOr77iXG4uzpERvv7FLxjs6yMQDI7KSyAQYKi/n/1r1tDX3U0gEBjfr5gvvuJi/N/9Lr5ly/Dt3Il/0SKCv/sd0VCIkK7j9fvxBgL4VqzA/8Mf4svJwbdmDb41a/D/y7/gO3cObyBAcNkyLhUUcKaggHA4TCgcxuf3pxfjJAuGQjyurqZo505unD/P2YMHCQSDBINBirduZc377xMIBAgEg3g8Htrb2nC6XPjSLdNpML/fT19fHw6H409C19IeGhpiaGgIf4Zlm6n5fD56e3txKSxnv9/P8PAwg4ODM+av0+lUXr9mQtfn8+F0Ount7Z0Rf0dGRpT763K5lPvr9Zr7n/b09CjXdbvd9PT0KNVMjHdPT4/S9sOyl6HNHq8Ns9q45uZmWlpaOHXqFP7YiVfd3d3k5ubidDoZHBwkLy8PgOLiYppiI2PTAnNNTU3cv38fSOg6jF2we/58lr/9dvxM1UA4zN6vv+arf/kXBjo6Rt8zmQFGJIIRDJr/1/Wxf29thQ8+gC1b4LXXID8fH+AaHoYVKzB6ejCOHcOIbZLL8DB1v/0tn3/nOxzbto2tX3xB/po1ABxavpzOpiZ0XWf522+z4cMPWfvZZ+xbvJigz4cWjXIxNxc9OR+x7tJoJELu2rVx3yf0q7sbvvgC49o1+Ju/waithSNH6HvvPXavWUN/ZydgHn9m3L8Ply6Z93V1wQ9/CHl55v5x33wDBw5wYu9eHlVVTS2+43T72vv7ObFtG0U5OVTG9pYDKDtyhOJNm+IaAC63W3kXNszc8Ix1wodKXUvb4/Hg9c7MMKvdblc+zGq9hGbCX4fDMSPDnTOlG4lElA//Wf7O1DCr3W5XXrdmSlfTNOx2u1LNxHirbj8StWe6zR6vDbMOM7DS1atXCYVCdHV1kZOTQ21tLQ6HA5fLRV5eHrW1tRw6dChef140pT4BImESX/GmTaz+7W/jPwcjEcpPnuTzf/qn5xvSTmUioWFMvDUHoNfWYixbht7YCPPm4a2uxtnUBAsWoEWj5v2xzyEcpukPf+Cr116jrrqaxT//OSe2bwfM7Ufqbt2iv6OD/DVrcAwO0t/VhR4rGC0aJRKJjDvJEyBv3Tp6nj2b2E9A37cP/fBhc8uV1avRhoZgZIRzixez9o9/ZNucOWjRaHz7lsStRULPnuHUNALNzfD3f0/k4EEObt/OwDRsEWIY5nFd+WvWkDNrFnW3b8cr4kBXFz1tbfHGwTBmdiGCLIBQY7IAQl0ZywIINf7KAgh1Jgsg0lsAUVZWRjAYpK2tjTNnzlBWVkZFRQWaptHV1cWZM2dobm6eFpBLC+aqS0s5ETvqStd1nE4nQ7297FmwIE6j0x44nq/05Nw5fDk5uIqKYN++OARpmoYWg7LOd99l9Wuv4fX7WfSv/8rNs2cBuFpczO3z56m7fZuTO3bEnU7ce26iQgE4snkzT+vqxocqQPN40OfNQ+vtNX8eGUGPRonoOlvnzmWgs5PclSsZ6u0d9TkAtoEBVn/wARtnz2bRO+/Qe/06tnv32L1yZbyL9kXjCeZWLIveeouuWOXRNC3e+5r8oAjMqdEWmFPnr8CcOn8F5rJvAnMvP8yVlpbGF0uoSBPCnGEYeF0uHIODcXCzjpka6unJbjBje7UZLhe+zz7D/fvfQ0PD2H3oAOfcuZTHTp3Y+sUXtNXXAyaIntm7l4rTp7l69KjpH4wGQk17vuebtdFvQoGc3LuX2lu3xsQmboB+4wb68uXPPzcW3Pq7d8lduRJD1zmyYQNPEmJs9fwdXruWK7HJkFcOH6b83Dke37vHjvnzgRc8eSLBj0v5+Xz5k58wMjw8ri8zDVUCc2pMYE5dGQvMqfFXYE6dCcy9xPvMjQdzlgPW761CDMW2L8l6AGPbefhWrsT9hz9ghMNjN9sF8xSJS5egtZX2+nr8Ph8AvW1tbJs9m7xVq3gSO29Uv3QJ/cSJ5+Cl68/3botG0SKRONABnCso4FbsQPqUeQT0I0fQ8/PjoGmBWu6qVdw+fx6AUzt3xs9CtT67v7OTzZ9+ij9G7y21tRSuW8fF3FzO5+eb+Z0mmKu5cYPFP/85kUhk3Io401AlMKfGBObUlbHAnBp/BebUmcDcKwpzqQpRZeNkAL5r13AVFKQ+axUT0Fi9GuP99yEUih9OD3Bw+XI+/e53ccYmA+srV8L//t/oV68+32j38GHz1IqqKvSbN0cdWF96/DhXYsdhpcwjoO/ahV5WNuq+jqYmcmbNIhybDFxx6hRnYhsuW9fUVlZS8M038cJwOxzsmDuXrZ99RltjI9FodNpgbqCzk9xVqyYs45mGKoE5NSYwp66MBebU+Cswp84E5gTmMgsg4LXZcPb0jA9z9fUYf/3XGK+99nzeWiyg7Y2NrHv/fXPlqNOJvmQJ+oMHGG+/jV5ebi5YeP119PJyjHnz0LduHbU4oeLcOU7v2ZM6NrEhVX31avTHj0fpFm/axI3YyQoAT+7d48jGjegJq15unjnDhdjpE7phoBsG22bPZuNHH+H2eqcvzrpOJBTCMTQ04efNNFQJzKkxgTl1ZSwwp8ZfgTl1JjAnMJdxAL1+P87xXnqA1t6O8YtfoH/zzaieNV3XiUQitDc2mr11tbXoixebf3/wAOOrr9A7OzHeeQf9ww8xfvxj9C1b4ueqYhjcuXqVgnXrUscmFgNj9mw0m80EwxisHVyxgmcNDfFAD/f1sWfhQsKhUHw17flDh+KLNawKUJyTw+lduwhGIgSDwWmLswWQ6TwoAnNqtAXm1PkrMKfOX4G57JvAnMBccno1YM5rns6QMoCGgeZyoT9+jH7qFHpBwehFEhbEAHp+Pnphofn3aBR90yb0nTvR9+3DmDULfdky9I0b0UIhc6VsUREPy8vZFVtcMUYb0IaGMObPRwsG46tr3SMjHFq+HFvsmA4rVttmz8Zlt8dXkR7ZsIG6hMUVhmHQ2dRE37NnuL3eaYW5qTwoAnNqtAXm1PkrMKfOX4G57JvAnMBcchqzabCu6+Oa9bCGw+F4D1S2DYjv8D1h/gCjrAwjJ8fshUu8ltgB9G+/jd7SEv+7sXs3xltvYdy8if7wIfrTpxgLF6J7POgOB/ziFzScOcP2GMyN8RnQHz+GdeswIN7j1t/Rwf4lS4jGNgu1fp+7ciXtT57Eg7934UI6Y1uFJPoLYI9tvqkqzpa2tSHjn5JuIBBQqmtpezye+NJ1ldrWc2wthlHlb+Kmwar9dTgcStsty+eZ0DUMg3A4HD+7U7W/qp9jwzCIRCLxTXRV6eq6PmO61mbFKjUT4626/bDsZWiz02nDwNxnTmAuKSjpwpxeV4eRk4PR2oput5vz0ADdZsP4t39Db2h4DnmAXlYG//iP6E+ePAe8JUvQe3pMSPv+92ndu5ddq1cTia3gTdY0ysvRtm0jEpvzFo1EaH74kEMrVoy6HsxNjB+WlwPmjuW7588f1Xun63oc/BwCc8p0BebU+Cswp85fgTk1JjAnMDfetQJzKYKSNszZbBjLlmH88z+jX7nyvIeupARjxw7z/1a+Ab2nx5xr53Y/h7kdO9BrajAuX4Zf/IKu5cvZs2kTrtiRG8ma7NpF8+zZ3Lh6FYBz+/dz88wZzu7fP+p6gNLCQq4WFwMwMjzMgaVL8TidYz4XBOZU6grMqfFXYE6dvwJzakxgTmBuvGsF5lIEJS2Yi/XCGb/9LcZ3v4uRn/8c0FavRr91a/TQq2GgRyIYV67EV5LqgHH0KPrp0xhFRbBnDwOLF7N/xQoGurtNfXje49feDrNmUbl/P5vnzcPtcPDpd77Dkl/+kocVFaPyC3Dn4kWObd0KQFdzM/lr1hBO0eMHAnMqdQXm1PgrMKfOX4E5NSYwJzA33rUCcymCkhbM6boJY+fPo3/7LcbXX5s/V1djvPceemwVaap7Rv3/3j2Md97BWLYM+vuxr1/PwQ8+oL2lxdT3+dDD4ficOy5e5HppKQvfeIO7ly+T8+mn/P7//B86m5pG5Regobqa/DVrAHj66BFHNmwAxs7FA4E5lboCc2r8FZhT56/AnBoTmBOYG+9agbkUQUkb5nTdBDJNw1i6FL2qCn79a4z790dDW6Il+mH1zi1divGv/2oW3tmz5P3d3/Ekdj6rfvAgel0deiiEMXcuOJ1cLynhi+99j+1z5lBbWcnZvXuxDwyMyi9A99OnFKxdSyQUIm/VKk5u357SJxCYU6krMKfGX4E5df4KzKkxgTmBufGuFZhLEZQpwxxg7NxpDrcmD6+mc384jB5bdRpubqbgP/0n7j98CIaB8dOfYuzZg15WhrF2LQAX8/NZ/bvfsfDNN+lrbycSDhONREaBIoDX5SJ35Uo2f/opeatW4Y0tcU7ls8CcOl2BOTX+Csyp81dgTo0JzAnMjXetwFyKoEwJ5nTdhLljx8xNgSH18Ook91ubhEQ9Ho6/9RY3KyuhpgZj0SKMr7/GePddjGfPADixfTvHtmxh+dtvEw4GgbFDp9becsvffpstn38eL4DxfBaYU6crMKfGX4E5df4KzKkxgTmBufGuFZhLEZQpw5xhoI+MmPYC+QQIARc3b+ba/PnwxRfmXnRbt2IsWBAHtNxVq6i7fZtL+fkT5hHgckEB3U+fTnqdwJw6XYE5Nf4KzKnzV2BOjQnMCcyNd63AXIqgTBnmdH3sxsEZagc1jYoTJ7j0H/8j7N5tfmZLC3pzc3yj4O1z5+K02YimERfDMNKqCAJz6nQF5tT4KzCnzl+BOTUmMCcwN961AnMpgpIRzE2Ttj8Y5N61a5z84ot40BKHYYN+P9vnziUUCKSVPwsAJ9MVmFOnKzCnxl+BOXX+CsypMYE5gbnxrhWYSxGUmYQ5r9/Pk/v3ObZrF50tLYQCgVFHd9kHBti/eDHhUMj8/TTpCsyp0xWYU+OvwJw6fwXm1JjAnMDceNcKzKUIykzCnMfrpb+zkw0ffsicH/yAQWvz4Njfu1payF+92jyId5ryBwJzKnUF5tT4KzCnzl+BOTUmMCcwN961AnMpgjKTMOdyu/G63cz6x39k9ve/T9PDh/F8ADTeu0fxpk3A2BWsL6IrMKdOV2BOjb8Cc+r8FZhTYwJzAnPjXSswlyIoMwlzIyMj+P1+bp45w5WCAq4dOxbPB8D969c5vWsXIDD3quoKzKnxV2BOnb8Cc2pMYE5gbrxrBeZSBGUmYc6CKoDaiop4L5z198qSEi4cOmT+TmDuldQVmFPjr8CcOn8F5tSYwJzA3HjXCsylCMrLAnPtT55wYMkSwOyFA7iUn09ZUdG05i1R908JqgTm1JjAnLoyFphT46/AnDoTmBOYyziALwvM2fr7ObRsGf7YCxigZM8eKktKpjVvibp/SlAlMKfGBObUlbHAnBp/BebUmcCcwFzGAXxZYC4UDJK7ciV97e3xAJ7cvp3q0tJpzVui7p8SVAnMqTGBOXVlLDCnxl+BOXUmMCcwl3EAXxaYA8hbtYon9+7Ffz66eTOPbt2a1rwl6v4pQZXAnBoTmFNXxgJzavwVmFNnAnMCcxkH8GWAOWuO3LHNm6kuKwPMeXNHNmyg6cGDac1bsq5KfwXm1GkLzKnzV2BOnb8Cc9k3gTmBueQkMDeJdjLMXczL48bp0wBEIxEKvvmGjsbGac1bsq5KfwXm1GkLzKnzV2BOnb8Cc9k3gTmBueQkMDeJdjLMVZSUcCk/HzDPZc1duZL+zs5pzVuyrkp/BebUaQvMqfNXYE6dvwJz2TeBOYG55CQwN4l2Msw9LC/n1I4dZr7cbg4sXcrI8PC05i1ZV6W/AnPqtAXm1PkrMKfOX4G57JvAnMBcchKYm0Q7GeZaamo4vHYtAG67nb2LFuGPFVi2dFX6KzCnTltgTp2/AnPq/BWYy74JzAnMJSeBuUm0k2Gu99kz9ixaZP5taIidX36JFrs2W7oq/RWYU6ctMKfOX4E5df4KzGXfBOYE5pKTwNwk2skw57TZ2PrFFwAM9vSwfe7cac9Xsq5KfwXm1GkLzKnzV2BOnb8Cc9k3gTmBueQkMDeJdjLM+Tweds2fTzgUov3JEw4tXz7t+UrWVemvwJw6bYE5df4KzKnzV2Au+yYwJzCXnATmJtFOhrlQMMiBZctwDg/T8O23HNuyZdrzlayr0l+BOXXaAnPq/BWYU+evwFz2TWBOYC45CcxNop0IVQagaRqH166lr72de2VlXMjNnfZ8Jeuq9FdgTp22wJw6fwXm1PkrMJd9E5gTmEtOAnOTaI+CuVjv3LEtW3haV8eNU6e4cerUtOcrWVelvwJz6rQF5tT5KzCnzl+BueybwJzAXHISmJtEexRUxWCuZM8e6m7f5mJuLveuXp32fI3RVeivwJw6bYE5df4KzKnzV2Au+yYwJzCXnOIw9yB2vqjVA5XKrIc1EolMeu10GYDf748HUIVmsr/hcDiuDeaRXncuXeLkjh003rs37fkCs8Im6qryd2RkhFAoNCO6wWBQua7T6VSua2l7vd44zKnWdjgcRKNRpc+xz+eb0edYZbuVqDsTz3EkEsHhcPzJtB/RaFS5v4ZhxKFKta6maXGIVG0AdrtdafuRqO10OgkEAi91mw0Ccyk1XzaY+/bKFc7t38+R9evpbGqa9nyBwJwqXYE5gbls6wrMZV9XYE6dgcBcOqwkMJdC82WDuZ7WVg4sXcqBZcsY6umZ9nyBwJwqXYE5gbls6wrMZV9XYE6dgcBcOqwkMJdC82WDuUg4zOrf/Y7tc+bgdTqnPV8gMKdKV2BOYC7bugJz2dcVmFNnIDCXDisJzKXQfJlgzvr9ho8/ZuNHH6FloUKDwJwqXYE5gbls6wrMZV9XYE6dgcBcOqwkMJdC82WEueKcHDb98Y/xQE63rsCcGl2BOYG5bOsKzGVfV2BOnYHA3Hjaien69evxa1Ukgbk0/E0Fc1UXLrB30aKs5AkE5lTpCswJzGVbV2Au+7oCc+oMBObG0x4aGqKiooLy8nKKiori7xYVSWAuDX9TwZy9v58n1dVZyRMIzKnSFZgTmMu2rsBc9nUF5tQZCMyNp+33++np6aGnp4ezZ8/i9/tRlQTm0vA3VWNspWzpCsyp0RWYE5jLtq7AXPZ1BebUGQjMjaedmK5duyZz5pI1X0aYMwwDI0v5AYE5VboCcwJz2dYVmMu+rsCcOgOBuXRYSRZApNB8aWEui7oCc2p0BeYE5rKtKzCXfV2BOXUGAnPpsJLAXApNgTm1ugJzarQF5tT6KzCXfV2BOTUmMCcwl5wE5tLwV2BOja7AnDptgTl1ugJz2dcVmFNnIDCXDisJzKXQFJhTqyswp0ZbYE6tvwJz2dcVmFNjAnMCc8lJYC4NfwXm1OgKzKnTFphTpyswl31dgTl1BgJz6bCSwFwKTYE5tboCc2q0BebU+iswl31dgTk1JjAnMJecBObS8FdgTo2uwJw6bYE5dboCc9nXFZhTZyAwlw4rCcyl0BSYU6srMKdGW2BOrb8Cc9nXFZhTYwJzAnPJSWAuDX8F5tToCsyp0xaYU6crMJd9XYE5dQYCc+mwksBcCk2BObW6kOTe9wAAGE9JREFUAnNqtAXm1PorMJd9XYE5NSYwJzCXnATm0vBXYE6NrsCcOm2BOXW6AnPZ1xWYU2cgMJcOKwnMpdAUmFOrKzCnRltgTq2/AnPZ1xWYU2MCcwJzyUlgLg1/BebU6ArMqdMWmFOnKzCXfV2BOXUGAnPpsJLAXApNgTm1ugJzarQF5tT6KzCXfV2BOTUmMCcwl5wE5tLwV2BOja7AnDptgTl1ugJz2dcVmFNnIDCXDisJzKXQFJhTqyswp0ZbYE6tvwJz2dcVmFNjAnMCc8lJYC4NfwXm1OgKzKnTFphTpyswl31dgTl1BgJz6bCSwFwKTYE5tboCc2q0BebU+iswl31dgTk1JjAnMJecBObS8FdgTo2uwJw6bYE5dboCc9nXFZhTZyAwlw4rCcyl0BSYU6srMKdGW2BOrb8Cc9nXFZhTYwJzAnPJSWAuDX8F5tToCsyp0xaYU6crMJd9XYE5dQYCc+mwksBcCk2BObW6AnNqtAXm1PorMJd9XYE5NSYwJzCXnMbA3GRpZGQkXoiqUiAQiAdQdRoZGYm/BFQmp9M5Y7rWy0e1rvUSUJlcLteM6IIJNyof9sQ0MjKCpmlKNf1+/4w+x6rbLUt3Jp7jaDTKyMiIct2Zaj80TZsRfzVNi0OkyqTr+ozoWsnhcChvP6zkcrniX8BVp6m02QJzKZLAnFpdgTk1SWBOXRKYU5ME5tQkgTmBueQkMDdJEphTpyswpy4JzKnTFZjLfhKYU5sE5iZPAnMpksCcWl2BOTVJYE5dEphTkwTm1CSBOYG55CQwN0kSmFOnKzCnLgnMqdMVmMt+EphTmwTmJk8CcymSwJxaXYE5NUlgTl0SmFOTBObUJIE5gbnkJDA3SRKYU6crMKcuCcyp0xWYy34SmFObBOYmTwJzKZLAnFpdgTk1SWBOXRKYU5ME5tQkgTmBueQkMDdJEphTpyswpy4JzKnTFZjLfhKYU5sE5iZPAnMpksCcWl2BOTVJYE5dEphTkwTm1CSBOYG55CQwN0kSmFOnKzCnLgnMqdMVmMt+EphTmwTmJk8vPcw5nU7ljWIwGJyxl57L5ZqRl4DL5ZqRl4Db7Z4RXZfLNSMvAY/HMyO6YMKNz+ebEW2Xy6W8MQ4EAjP2HM9Eu2XpzsTzpGkaLpdLue5MtVsz5e9MQaSu6zidTuW6VpqJL4NW8ng8M/YFfCpt9ksPc8PDw8ofVp/PN2MVt7GxcUZeQDabbUYgo6mpaUYaRbvdHj88WWVqaWmZsW+4Ho9nRmIN0NDQoLxB9Hq9M/Ycz0S7ZenOxHPs8/loaGhQrmuz2WbkRRsMBmfE32g0ytDQkHLdSCTC48ePletaaWhoaEa+HIHZZtvt9hnRnkqb/dLD3O3btzPK4NDQUMYv646ODurq6jK6NxqN0t/fn9G9AFevXsVms035Pk3TXkj37t27GUOGy+XK+N7y8nIGBgamfJ9hGPT392MYRka61dXVDA4OZnSvx+PJ+OGurKyku7s7o3sBBgYGMn55NTc309jYmNG94XA4o3Ky0pUrVzJ+jjMd4mhra6O+vj6je1/0Oa6qqsLtds+IbqYA63Q6M77X4XBQWlqa0b0v0n7cvXs3o/YSzFGBTHW9Xi9XrlzJ6F6Px5OxbiAQ4ObNmxndC2b7kQnsBwIBLl26lLHui7YfN2/exO/3Z3Svw+HI6Fm0UmVlJZ2dnRnd6/V6M66fYILkkydP0rp2RmCusbExbVi6du1aRi+vqqqqjIPY3t7Ow4cPM7pX0zSuXr2a0b0AFRUVGRWIYRiUlZVlrFtZWZlxr83Tp08z/tZ2+/btjIcNXsTfW7duMTw8nNG9HR0d1NTUZHTv3bt3X+ib9Y0bNzKeB9bY2Jgx3AQCAW7cuJHRvQDXr1/PqKfq1q1bGdeP1tZWamtrM7o3Eom80HN8/fr1jF4+mqZx/fr1jHVv3LiRcYPe2NiY9osjOfn9fsrLyzO6t7m5OeP2o7KyMuP60dbWxqNHjzK6NxKJZFxO7e3tGbcfmqa9ULuXaf3Qdf2Fngefz/dC7UdZWVnGPd2PHj3i2bNnGWvfvXs3YxDt6enh/v37GWs3NTWl/Wxcu3ZN6RzheM/cqVOnaGhomNQOHz7MvXv30ro20YqLi6msrJzyfQ0NDZSWlnL69OmM7n348CF5eXkZ3dvQ0EBhYSF37tyZ8n01NTUvpFtUVERVVVVG9168eJEzZ85krHv79u0p31dXV/dC/r5o/Ui3/ibb0aNHqaioyDjfhw8fzqh+NDQ0cP78ec6dO5fRvd9++y2HDx/OON8FBQU8ePAgo/px69atjDQvX75MSUlJRvfev3//herX4cOHqa6unvJ9Dx8+JD8/P2PdwsJC7t69+0rVjwsXLihvP6z6kWk7/+DBAwoKCjK698qVKxm3Hy9aPw4fPpxR/XjR98uLth/5+fkZtR8NDQ2cPn2ay5cvZ6x99OhRysvLM7r32rVrnDhxImPtCxcucPbs2Umvq6+vp7i4OOPey4xhLhgMUldXR21tLbW1tTx69Gjc/9fX18d/l/xv4nXJv3v8+PGY36VrdXV1PH78OKVWqnwmm3VvJlZfXz9ubOrq6kb9LdW9meomxiuVb6linG6+JtNN5e+jR4/inzuebjb9nej3ifUjE93Ee6dSvsn5nqolfv5UfX706NGM1OtX3d/EepxuOb+I7kw9x4ltteVzcluerfbjZfM3lf/Jui9axhP5NpHPL/I8Zeqvdc101OtMfH6Rcra0Lf1UnzWZ9ov4naw3ntbDhw9pbm7OeNrRC8GcpMySysKa6TRTE14lSZrONFOr8GYy/an5nOzvv/e2K9m/P5Xy1nV9prOQUfL5fCmHqV+EJ/6srq6Oo0ePUlxcHJ/TduPGDXp7e6mpqeH48eOAOXGwoKCApqYmADo7O+PzunJzc+np6Yl/6PXr1zl37lzGmZoonT59epQWmBX5xIkTWVnh4nQ6OXPmDAD19fUUFRVhGAZDQ0OcOnWK48ePZzzvKZ3U19fHqVOnxvy+tbWVCxcuTLue1+vl9OnTgDl3pqCgAMMwqK2t5dSpU+zduzcej2ykoaEhTpw4MeYh7ezszIpuMBikpKQETdNob28nLy8vvkKtsLCQvLw8Wltbp103MUWjUU6ePDlmTqnf7+f48eNZmUQ7ODjI+fPnAXPxyYkTJwB48uQJBw4c4MSJE1lb5avrOqdOnRqzsCAUCnH8+PGsrHh1OBxcuHCB8vJyioqKOHLkCA6Hg+HhYYqLiyksLHyhhQ6Tpe7u7vhzlZiampqy8hwD1NTUcPXqVUpKSjh8+DCXLl2Kv0AuXrzItWvXsqIL5sT+kydPjvl9W1tb1t4NdXV1lJWVcfbsWQoLC7lw4QJut5sLFy5QWFjIyZMnszoh/fbt21RVVY35fWlpacZzASdKjY2NlJaWcv78eQoLCzlz5gwej4ebN29y4MABzp49m3WIbW1tTVmetbW1LzSnb6IUDoe5cOECFRUVFBUVUVBQEJ+DF41GKSgoyHhh2VTTrVu3OHTo0JSg8tatWxQWFnL48GF6e3sBs+07dOgQHR0dGeflz6yVfOfPn+fmzZvxl1t9fT3bt2/n4MGDaJpGaWkpy5Yti0/+Ky8v586dO1y6dInly5fT3t4OmEvxV6xYwZEjRzLO1EQpPz+furo6SktLCYVC3L59m6dPn5Kbm5vxasiJktvt5u7duzx79oydO3eya9cuwFwNWFZWRnNzc1ZfAp2dnRQWFlJfX8+dO3fiE1dramooKiqadj2fz8edO3fo6Ohg7969bNmyJb7ayjAMioqKaGlpmXZdK/X19cXnvty+fZtAIEB5eTl1dXUcPnx42vWCwSBVVVV0dXVx8OBBNm3aFF+8cuPGDWpra7NWl60UiUTIzc2lvr6esrIywuEwFRUVPH36lIMHD2Zl+xKbzUZ1dTUtLS1s3ryZQ4cOAXDw4EG6urqoqanh4sWL064LJszl5eXx+PFjSktLCYfD3Lx5k5aWFg4dOvRCq83GS06nk9u3b9PV1QWYMFNeXs7FixepqamhtrY2JWxNV2pra6OoqIjHjx9TXV2Nx+OhoqKCBw8ecPTo0axoPnnyhIcPH8bbxV27dtHX10dtbS2rVq3KGlSBCa/WnKyqqqp4u5XN56m5uZn79+/HJ8fv2bOHlpaW+AszLy+P2trMFuCkk0pLS7l27Ro3b96kr6+Pp0+fUlNTw5kzZ7h79+6067W1tXHv3j36+voAOHDgAA0NDfT29hIKhdizZ09W3omJqb6+nuPHj1NTU8OjR4+w2+3cunWLqqqqrD1P4XCYW7du0dHRQTQapbq6muLiYgDu37/P3LlzaWjI/jY1mqZx4cIF8vPz6ejooKKigv7+flpaWqipqcHtdnPixAmOHDnCnTt34vd1d3ej6zrl5eWUlJQA5urgefPm0dbWlnF+/gzMh2Dbtm0MDQ3R1fX/t3emTalcWxjO384vSKqMOcecE8UBBGVQBgWRQVAZFZFJjSNoozihckQ0gMrw3A+W+x6T3CQ32reuVfv5bnW3dO/9rrXXetcRbrebTqfD9vY2o6OjwJPiNRqNIsKw2+1cXl7SarXQarUoikK322VxcRG/34/L5frHN/VnmM1m0uk0/f391Ot1LBYLqVQKk8mkqt9Pq9USWYvn+zCbzdhsNpLJpGrXPTo6wmazEQqFsNlsXF9fo9frX2RN1aDVapHP59FoNKJ7eWNj4w+j7bfk7OyMyclJotEoZrOZWq2GTqcjm82KD1YN2u02xWKRgYEBHh4eODk5wWKxYLFY2N3dVe268O9vK5VKMTAwQLPZxGAwkMvlGB8ff1Ub/9+5djqdxmAwADAxMUEmk2F+fl6VYAGeggKTyUQqlaK/v59ms4nJZCKTyWA0GlX3kGo0GoyOjlIsFnE4HOTzeQ4ODlR7XnjaeB0OBwsLC0xNTVGpVEQRudrfFDxZKhgMBur1Oo+Pj/h8PtXWaHjqGrRarUQiESYmJqhWq4yOjpLJZJicnFTtus8oioJOpxMGr+VymZGREVXfrWAwSDgcxmg0sre3x8rKCj6fD4/Ho+oeAU//b61WK9aKcDiMRqNRvYRqc3MTl8uF1+tlbm6Ok5MTzGYziURC1WDhaywWC7lcji9fvuDxeJicnBQniGqyv7+P1WolFArh8/kYHx8nn8+TSCTw+/14vV4SiQTBYBCj0fjib58ziLu7u5yfnzM7O4vFYnldZg6eUnyhUAi/3086nRbRy+7urojYAcbHx9nY2KDZbIofqtvtMjw8zPHxMTs7O3z+/BmXy8WnT5/ebBPqdrtCsVosFtLpNDqdjlarhcPhIJvNqi7m4OlIZHh4GACTyYSiKJTLZbRa7Ztf6+bmhpOTE3EMFI1GmZ2dpV6vYzabVRdzAAcHB0LcwFP2Vq0j5bu7O0qlEtVqVUQy09PT3N/fYzQayeVyqoo5eIqY+vv7abfbLC4uEovFxCasRm1kq9Vif3+fbreL0WgknU6j1+vpdDpMTEyIbKSaYg4gk8mIoO3y8hKPx4Ner3/zzb7T6YjnNZlMpNNpRkdH6Xa72Gw2crmc6mKu0Whgt9vFe2yxWMjn8yiKooqYq1arnJ6eiiAlHA7j8/m4vb0Va5naYu45u/91hlctMVer1Tg+PqZSqYiOfJfLRaPRwGQykc1mVRdzJycnjI+PiwxvpVLBaDS+yk/yzyiVStTrdaLRKAsLC1itVg4PD8nlcgQCAdXF3HNJyNdZuHq9jsPheJERekuurq64uLhAURQcDgeBQIBIJMLl5SU2m+1/Iuba7TZer5dYLAY87U9arRaNRsPs7Kzq9ewej4ehoSGmpqYYHBxEo9FwenoqgmGbzcbh4SGKorzYqx8eHnA6ncIixWq1MjY2xufPn19V+vBNNBolk8ngcDjw+/1MTU2Jl2Jzc1McK8K/07jr6+vCw6jT6fDp0ycKhQK3t7fs7u7idrvp6+t7s1FF3W4Xi8WC2+1Gr9dzcHCAwWAgFArR29tLNptFp9O9ygTx7/B89AywvLzMzMwMU1NTqtQGVCoVhoaGhM3Ic5bU7/czODhIOp1W5djxa56P4FqtFvf394yMjKhWR1Wr1RgaGsLr9eJwOMSRWyAQ4OeffxYWM2pSLBb58ccfabfbRCIRpqeniUajWCwWVRaGdruNwWDA4/FgMBhQFAWtVks4HOaHH35gbW2NkZER1adErKysoNFoAEin08RiMcxm86u8oP6ITqeDyWQS3/FzjWI4HKa3t5dcLodWq1XlmBWexLNOp2NsbIxCocD19TWJRILp6WnsdrsqG9/FxQVDQ0PMzs7idrvZ2tpCr9fj9XoZHh5mdXVV1YxgqVTiu+++IxqNcnBwILLsTqdT1Em+JdfX1y/WreeEwNzcHAMDA8JCRC3Ozs74/vvvWVxcFMF2X18fbreb/f19VXy/lpeXMZvNIkM0NzfHzMyMeG6n0/mHtXRvwdXVFT09PQQCAfb396nVagSDQVKpFCMjI6pNiTg6OhJ1eYFAgLW1NcbHx3E6nYyNjRGPx1UNUrrdLg6Hg/7+fnZ2diiXy1xcXLC5ucmHDx/w+Xyqirnb21v6+vqEp6Ldbufbb78lEAiI3z2ZTOLxeHA4HKKUotPpYDQa0Wq17O3tcXl5yfn5OZubm/T09BCJRP7xPX1Tq9WIRqMkk0k6nQ6KoohOmGq1+qI+qlAocHNzw8XFhYieu90uOzs7L7IH9Xr9VenCP6JSqRAKhURt3vHxMeFwmFwuR7VapVAoqD4OqlqtvkjfZjIZEomEamOCdnd3CYfDYgHK5XLE43EKhQJfvnx58832t9RqNba3t+l2u7RaLQqFgqojkQqFAqFQSIiX9fV1YrGYGLn1mnqCv8Pd3R1bW1vi/U8mk8RiMVWLpsvlMouLi6KpR1EUIpEI6+vr4r1WexzU1dWV+M5rtRrz8/OqFRBfXV2xuLgoHNxLpRLhcJi1tTXxvGodDT08PJBMJllaWiISiYhao3Q6zerqqmqdcTs7O0QiERHcZrNZlpaW2N/fp1KpiDVNDS4uLohGoywtLZFIJMQ9lEqlf+yi/1fs7e0RDofFnvC8buXzedXXraurK1GztbKywsnJCYlEguXlZWKxmCpZ38fHRxKJhDC2bzQaxGIxMdWmVCr9Y0P0v+L6+ppYLMby8jLxeJxff/2V8/NzgsGg6k0AGxsbxONxESCsrq6yvLzM4eGhKNlSi06nQzabJR6PE4lEXjSpHR0dqR4AV6tVsTfC03v3/F0//+61Wg2n00lvb68wlm6326RSKbEGfa2TisXiq/aab171RBKJRCKRSCSSF+zs7DA3N/eqKTD/DVLMSSQSiUQikbxjpJiTSCQSiUTy7shms7/zpUylUlSrVTqdDrFYDJvNhs/no9FosLS0JKxq/hueZ/Da7XbsdjvxePxPyzLi8bjqDZm/RYo5iUQikUgk7wpFUfB4PMJGy+PxcHR0JGrNNzY2GBoaotFoMD8/j9frxWq1otfrmZ+fp9lscn9/L+zUbm5uKJfLBINB8vk8JycneDwednd3abfbDAwMcHx8zMPDAyMjI5ydnZHNZnG73aKWvlAo4Pf7+fDhw5v3DfwVUsxJJBKJRCJ5V/h8Pra3tymXyxgMBjY2NgiHwzQaDVwuF6VSCYPBwOzsLOl0mtvbW4xGI16vF5vNRjgcRlEUVlZWCAaDzMzMsLCwwODgIMfHxxgMBjKZDMPDwyiKIhw0EokEExMTFItFotGoEI3P3oaZTIaffvpJtQaj/4QUcxKJRCKRSN4VDoeDYrHI1tbW77wL3W43iqJwe3tLNptlYmKCeDyOzWajUCjwyy+/4Ha7OT8/Z2ZmBoPBgNPpJBwOEwwGqdVq9PT04PP5hLnv2NgYwWCQZDJJpVKh2Wzi9/uZnp5maGiIbDYrbHfsdrvqbhO/RYo5iUQikUgk7wqfz0c+n6dYLGIwGDg/Pxf2Oz6fT8wlvr+/JxgMMjU1hclkYnNzk1QqhcfjweVyCQ/IyclJgsEgLpeLu7s7NBoN+/v7xONxTk9Pf+ezur6+zsDAAJlMho8fP1IoFNDpdCiKwsePH6WYk0gkEolEIvkztre3CQQCtFotVlZWsNlsrK2tUSwWmZ2d5fHxkVgsht1ux+v1Uq/XWVlZ4fT0lMPDQzY2Njg4OMBut+P3+8lkMmxtbZHNZoGnIQF2u51IJEKz2SQWi73wr7u+vsbpdOL1egkGgzQaDTY3N7FarXg8HmEo/L9CijmJRCKRSCTviudu1d92s0ajUVUNi/9fkWJOIpFIJBLJu0TtGazvhX8BgsW1lVrg3ZYAAAAASUVORK5CYII=" /></span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Last year's portfolio metrics were
- weighted average EV/Ebit= 22.7x. The weighted average Free Cash Flow Yield =
4.2% and weighted average forecast EPS growth = 26.82%. weighted average ROCE =
20.08%. Weighted average forecast dividend yield = 1.82%.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Current portfolio metrics are - weighted
average EV/Ebit= 17.5x. The weighted average Free Cash Flow Yield = 5.6% and
weighted average forecast EPS growth = 8.4%. weighted average ROCE = 21.72%.
Weighted average forecast dividend yield = 2.23%. These figures exclude
Rightmove and Berkshire as they significantly skew the ROCE and EPS growth
figures upwards. <br style="mso-special-character: line-break;" />
</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Notably the portfolio looks
cheaper from a valuation perspective than last year, but growth expectations
have significantly reduced. </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Current holdings/weightings are:</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="display: none; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hide: all;"> </span></p>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="display: none; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hide: all;"> </span></p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 306px;">
<tbody><tr style="height: 14.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: none 0% 0% repeat scroll black; border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm; width: 170pt;" width="227">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Holding</span></b></p>
</td>
<td style="background: none 0% 0% repeat scroll black; border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm; width: 60pt;" width="80">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">%</span></b></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 1;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Berkshire Hathaway Inc</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">8.70</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 2;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Fidelity China Special Situations</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">6.00</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 3;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Alphabet</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.54</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 4;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">IG Group </span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.51</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 5;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Starbucks Corp</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.34</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 6;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">British American Tobacco</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.03</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 7;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Imperial Brands</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.96</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 8;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Diageo</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.49</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 9;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Pepsico</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.33</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 10;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Apple</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.13</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 11;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Microsoft Corp</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.90</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 12;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Unilever</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.85</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 13;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Philip Morris Inc</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.80</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 14;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Legal & General </span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.76</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 15;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Meta Platforms</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.67</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 16;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Amazon</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.58</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 17;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Walt Disney Co</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.45</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 18;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Domino's Pizza Inc</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.40</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 19;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Costco</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.35</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 20;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Netflix</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.12</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 21;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Adobe</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.99</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 22;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Games Workshop</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.98</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 23;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Activision Blizzard</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.83</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 24;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Tencent</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.74</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 25;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Altria Group</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.57</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 26;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Warner Brothers Discovery</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.53</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 27;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Visa Inc</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.33</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 28;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Intercontinental Hotel Group</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.33</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 29;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Astrazeneca</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.21</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 30;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Rightmove</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.06</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 31;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Alibaba</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.04</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 32;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Money Supermarket</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.03</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 33;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Electronic Arts</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.00</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 34;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Autotrader</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.00</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 35;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Intel Corp</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.00</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 36;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Paypal Holdings Inc</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.97</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 37;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Restaurant Group</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.96</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 38;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Flutter</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.91</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 39;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">IG Design Group</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.87</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 40;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Take-Two Interactive</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.80</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 41;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Future</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.80</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 42;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Car Gurus</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.77</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 43;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Intuit</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.50</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 44;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Estee Lauder</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.38</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 45;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Cash</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.32</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 46;">
<td style="border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Boohoo</span></p>
</td>
<td style="border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.13</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 47; mso-yfti-lastrow: yes;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">JD.com</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.03</span></p>
</td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span face=""Arial",sans-serif" style="background: none 0% 0% repeat scroll white; color: #333333; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Long
term performance - </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="display: none; font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hide: all;"> </span></p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 478px;">
<tbody><tr style="height: 14.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: none 0% 0% repeat scroll black; border-bottom-color: black; border-color: windowtext currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: windowtext; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm; width: 98pt;" width="131">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Year</span></b></p>
</td>
<td style="background: none 0% 0% repeat scroll black; border-bottom-color: black; border-color: windowtext currentcolor black; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: windowtext; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm; width: 92pt;" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Portfolio Return</span></b></p>
</td>
<td style="background: none 0% 0% repeat scroll black; border-bottom-color: black; border-color: windowtext currentcolor black; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: windowtext; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm; width: 76pt;" width="101">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Allshare TR</span></b></p>
</td>
<td style="background: none 0% 0% repeat scroll black; border: 1pt solid windowtext; height: 14.4pt; mso-border-bottom-alt: .5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: 1.0pt; mso-border-style-alt: solid; mso-border-top-alt: 1.0pt; padding: 0cm; width: 93pt;" width="124">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Outperformance</span></b></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 1;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2011</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.50%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-3.50%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.00%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 2;">
<td style="border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2012</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">16.00%</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12.30%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.70%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 3;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2013</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">27.30%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">20.80%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">6.50%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 4;">
<td style="border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2014</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.90%</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.20%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.70%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 5;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2015</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">5.30%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.00%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.30%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 6;">
<td style="border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2016</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12.00%</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">16.00%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-4.00%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 7;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2017</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">15.80%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12.60%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.20%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 8;">
<td style="border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2018</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-8.44%</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-9.47%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.03%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 9;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2019</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">19.93%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">19.17%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.76%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 10;">
<td style="border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2020</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">9.73%</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-9.82%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">19.55%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 11;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2021</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">13.21%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">18.32%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-5.11%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 12;">
<td style="border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2022</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-13.19%</span></p>
</td>
<td style="border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.34%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-13.53%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 13;">
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor black windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12yr Total Return</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">151.77%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border-bottom-color: black; border-color: black currentcolor; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">101.87%</span></p>
</td>
<td style="background: none 0% 0% repeat scroll rgb(217, 217, 217); border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext 1.0pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">49.90%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
<td style="border-bottom-color: windowtext; border-color: black currentcolor windowtext windowtext; border-left-color: windowtext; border-right-color: initial; border-style: solid none solid solid; border-top-color: black; border-width: 1pt medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12 year average p.a.</span></p>
</td>
<td style="border-bottom-color: windowtext; border-color: black currentcolor windowtext; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">8.00%</span></p>
</td>
<td style="border-bottom-color: windowtext; border-color: black currentcolor windowtext; border-left-color: initial; border-right-color: initial; border-style: solid none; border-top-color: black; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid windowtext 1.0pt; mso-border-top-alt: solid black .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">6.00%</span></p>
</td>
<td style="border: 1pt solid windowtext; height: 14.4pt; mso-border-bottom-alt: 1.0pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-right-alt: 1.0pt; mso-border-style-alt: solid; mso-border-top-alt: .5pt; padding: 0cm;">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.00%</span></p>
</td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The consumer staple holdings and
Berkshire held up well during the year but most other areas suffered.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">It's worth mentioning that the
portfolio has meaningful reliance on advertising income. For Alphabet, Meta
Platforms & Future it forms the core of their revenue. For Amazon and the
media businesses (Disney, Warner Bros. Discovery & Netflix) it forms a
reasonable part of income. </span><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br /></span>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Most of these businesses' share
prices have been hit hard facing the prospect of recession and subsequent
trimming of marketing budgets. Alphabet (Google) is down -39.15% over the year.
Meta Platforms (Facebook/Instagram/WhatsApp) is down -64.45%, Future plc is
down -65.59% during the year. Amazon -50.7%, Disney -44.58%, Warner Bros.
Discovery -62.82% & Netflix -50.64%.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">With the power of hindsight, I
should have trimmed some of these positions whilst I top sliced Apple last year
(NB I didn't own Netflix or Warner Bros at the time - these are new positions
bought during the year). Valuations were looking very stretched and the pullback
that we have experienced was possibly inevitable. That said I had no idea that
interest rates were going to rise as fast or as high as they did, and
valuations did make some sense in the near zero interest rate environment that
we faced at the time. Inflation and the war in Ukraine have thrown a spanner in
the works. I now believe that all the aforementioned businesses look decent
value and are probably worth topping up. </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Furthermore, the portfolio's low
margin businesses (e.g. Amazon, Boohoo & International Greetings) have seen
their profits largely vaporised in the face of inflation and rapidly rising
costs. Terry Smith's letter to shareholders at the beginning of 2022 citing the
importance of high margins as protection against inflation was prescient.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span>
<table border="0" cellpadding="0" cellspacing="3" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;">
<tbody><tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="padding: 0.75pt;"><br /></td>
</tr>
</tbody></table><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">On the plus side, last year my
cash level was sitting at 4.86% due to a dearth of investment opportunities on
account of relatively expensive valuations at the time. Now that we seem to be
in a "risk off" environment I have had a chance to deploy that cash
as valuations appear a lot more sensible. During the course of the year, I have
instigated new positions in Netflix, Warner Brothers Discovery, Estee Lauder,
Intuit, Adobe & Microsoft and have topped up several existing holdings and
finish the year more or less fully invested. I exited Domino's Pizza Eurasia
quite early in the year as the Russia/Ukraine war started to look more likely.
I have also exited Murray International Trust as I saw better opportunities
elsewhere and the Fundsmith Emerging Equities Trust (FEET) was liquidated which
is probably a blessing as performance has not been good. Notably when FEET
listed, its holdings were very highly rated which should have been a warning
sign that returns could be lacklustre. They also seemed to be repeatedly
affected by adverse macroeconomic events which demonstrates some of the issues
surrounding emerging market investments.</span><br /><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span><p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background: none 0% 0% repeat scroll white; color: #333333; font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">
</span><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">There currently appears to be a lot of negativity surrounding media
businesses that are engaged in DTC streaming. Streaming seems to be viewed as
an inferior business model to the pre-existing set up wherein content creators
would mostly produce content for third parties that would be aired on cable
channels and satellite tv etc. It is certainly true that increased content
spend has put a serious near-term dent in the profitability of these
businesses, but it is my view that streaming will prove to be a boon in the long
run. I imagine that in 10 years' time advertising will be as prominent on the
streaming services as it was on cable & satellite and the content spend
will moderate relative to subscription income. Subscription prices will rise
faster than inflation and there will be a clampdown on account sharing, all of
which should juice profitability. Piracy is one potential risk with the growing
use of "chipped" devices that negate the need to pay for such
services.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">My Chinese investments look increasingly precarious
given president Xi's slide towards dictatorship and his government's backwards
stance on COVID and increasing aggression towards Taiwan. A Chinese invasion of
Taiwan is a significant risk for global markets. I am currently considering
selling my holdings in Fidelity China, Alibaba & Tencent but will wait to
see how things progress.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">It will be interesting to see how higher rates
affect the residential property market in the UK this year. Most people with
mortgages are currently on either 2 or 5 year fixed rate deals and when their
current mortgage product ends they will be faced will significantly higher
mortgage repayments which will reduce their disposable incomes. It's hard to
see house prices rising in this environment despite the ongoing supply shortage.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">As a side note my funds-based pension is down
-12.04%. I hold a UK tracker within it that helped buoy performance a little.
Also because sterling performed poorly during the year the US tracker I hold
didn't lose that much value in sterling terms. Lindsell Train Global put in an
okay performance only losing -4.4%. Some of the smaller cap funds I hold did
quite poorly and dragged down the average.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Looking forward to 2023 I think inflation and
interest rates will prove pivotal to market performance. I am dubious of the
merit of further rate rises and hope they may have peaked. Inflation does
currently seem to be falling from its highs in the US at least. Once the market
thinks that rates have peaked, we could see a resurgence in stock and bond
prices. If I am wrong and rates continue to rise because of stubborn inflation,
then we could well be faced with another difficult year. </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "Georgia",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">All the best for 2023, if anyone has any queries,
please contact me via twitter @mattbird55 or via the comments section of the
blog or at mattbird55@hotmail.com</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"></span></p>
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<![endif]--><table class="has-fixed-layout"><tbody><tr><td><br /></td><td><br /></td></tr></tbody></table> Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-31311917102899244612022-01-26T20:17:00.006+00:002022-01-27T13:31:28.637+00:002021 Investment Review<p> </p><p>The total return for my ISA during 2021 was +13.21%. This includes dividends received and is net of all fees. Although the double-digit absolute return is pleasing, on a relative basis it was a disappointing year.</p><p>The FTSE Allshare total return managed +18.32%, therefore underperformance against this benchmark was -5.11%, the worst since inception. The S&P500 managed a mighty +28.71%. I did half expect to underperform the UK market after such a wide out-performance last year, but to underperform so heavily against the US market was more of a blow.<br /></p><p>For the first time by weighting, I now own more US stocks than UK, so I will start paying more attention to the S&P500 as a benchmark.</p><p>My pension, which is a mix of active and passive funds (46.81% passive), returned +18.26%. The IA Global sector managed +17.7%. The passive funds did very well but a couple of active funds caused a drag, most notably Lindsell Train Global Equity which managed a very poor +0.6% return during the year.</p><p>LT Global is a very concentrated fund, and several of its top 10 holdings did poorly last year, yet on reflection the holdings remain solid fundamentally, with reasonable valuations, hence I have no plans to ditch the fund just yet. <br /></p><p>ISA Portfolio return history: <br />
</p><table border="0" cellpadding="0" cellspacing="0" style="width: 492px;"><colgroup><col style="mso-width-alt: 4465; mso-width-source: userset; width: 94pt;" width="126"></col>
<col style="mso-width-alt: 4636; mso-width-source: userset; width: 98pt;" width="130"></col>
<col style="mso-width-alt: 3470; mso-width-source: userset; width: 73pt;" width="98"></col>
<col style="mso-width-alt: 4892; mso-width-source: userset; width: 103pt;" width="138"></col>
</colgroup><tbody><tr height="19" style="height: 14.4pt;">
<td height="19" style="background: black none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: windowtext currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: 1.0pt solid windowtext; border-width: 1pt medium 0.5pt 1pt; color: white; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 700; height: 14.4pt; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 94pt;" width="126">Year</td>
<td style="background: black none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: windowtext currentcolor black; border-left: none; border-right: none; border-style: solid none; border-top: 1.0pt solid windowtext; border-width: 1pt medium 0.5pt; color: white; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 98pt;" width="130">Portfolio Return</td>
<td style="background: black none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: windowtext currentcolor black; border-left: none; border-right: none; border-style: solid none; border-top: 1.0pt solid windowtext; border-width: 1pt medium 0.5pt; color: white; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 73pt;" width="98">Allshare TR</td>
<td class="xl64" style="background: black none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: solid; border-top: 1.0pt solid windowtext; border-width: 1pt 1pt 0.5pt 0.5pt; color: white; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 103pt;" width="138">Outperformance</td>
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<td class="xl65" height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2011</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.50%</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">-3.50%</td>
<td align="right" class="xl66" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">4.00%</td>
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<td class="xl65" height="19" style="border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">2012</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">16.00%</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">12.30%</td>
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<td class="xl65" height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2013</td>
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<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">20.80%</td>
<td align="right" class="xl66" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">6.50%</td>
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<td class="xl65" height="19" style="border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">2014</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">4.90%</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.20%</td>
<td align="right" class="xl66" style="border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.70%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2015</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">5.30%</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.00%</td>
<td align="right" class="xl66" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">4.30%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">2016</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">12.00%</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">16.00%</td>
<td align="right" class="xl66" style="border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">-4.00%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2017</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">15.80%</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">12.60%</td>
<td align="right" class="xl66" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.20%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">2018</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">-8.44%</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">-9.47%</td>
<td align="right" class="xl66" style="border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.03%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2019</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">19.93%</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">19.17%</td>
<td align="right" class="xl66" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.76%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">2020</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">9.73%</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">-9.82%</td>
<td align="right" class="xl66" style="border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">19.55%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td class="xl65" height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2021</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">13.21%</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">18.32%</td>
<td align="right" class="xl66" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">-5.11%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border-bottom: .5pt solid black; border-color: black currentcolor black windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">11yr
Total Return</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">190.02%</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">101.19%</td>
<td align="right" class="xl66" style="border-bottom: .5pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 0.5pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">88.83%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: 1.0pt solid windowtext; border-color: black currentcolor windowtext windowtext; border-left: 1.0pt solid windowtext; border-right: none; border-style: solid none solid solid; border-top: .5pt solid black; border-width: 0.5pt medium 1pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">11 year average p.a.</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: 1.0pt solid windowtext; border-color: black currentcolor windowtext; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">10.17%</td>
<td align="right" class="xl63" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: 1.0pt solid windowtext; border-color: black currentcolor windowtext; border-left: none; border-right: none; border-style: solid none; border-top: .5pt solid black; border-width: 0.5pt medium 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">6.60%</td>
<td align="right" class="xl67" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: 1.0pt solid windowtext; border-color: currentcolor windowtext windowtext; border-left: .5pt solid windowtext; border-right: 1.0pt solid windowtext; border-style: none solid solid; border-top: none; border-width: medium 1pt 1pt 0.5pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.57%</td>
</tr>
</tbody></table><p>ISA Holdings as at 1st January -</p><table border="0" cellpadding="0" cellspacing="0" style="width: 360px;"><colgroup><col style="mso-width-alt: 7338; mso-width-source: userset; width: 155pt;" width="206"></col>
<col style="mso-width-alt: 5489; mso-width-source: userset; width: 116pt;" width="154"></col>
</colgroup><tbody><tr height="19" style="height: 14.4pt;">
<td class="xl71" height="19" style="background: black none repeat scroll 0% 0%; border-bottom: 1.0pt solid black; border-color: black; border-left: .5pt solid black; border-right: .5pt solid black; border-style: solid; border-top: 1.0pt solid black; border-width: 1pt 0.5pt; color: white; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 700; height: 14.4pt; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 155pt;" width="206">Holding</td>
<td class="xl69" style="background: black none repeat scroll 0% 0%; border-bottom: 1.0pt solid black; border-color: black; border-left: .5pt solid black; border-right: .5pt solid black; border-style: solid; border-top: 1.0pt solid black; border-width: 1pt 0.5pt; color: white; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 116pt;" width="154">%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Fidelity China Special Situations</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">6.97%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Berkshire Hathaway
(B)</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">6.72%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Alphabet</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">5.91%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Cash</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">4.86%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">IG Group</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">4.21%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Fundsmith Emerging
Equities Trust</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">4.17%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Starbucks</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.49%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Diageo</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.46%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Apple</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.41%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Facebook (Meta)<br /></td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.23%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">British American Tobacco</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.01%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Legal & General</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.95%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Imperial Brands</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.77%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Amazon</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.73%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Restaurant Group</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.60%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Pepsico</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.56%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Disney</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.47%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Unilever</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.41%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Costco</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.32%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Murray International
IT</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.25%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Philip Morris</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.17%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Future</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.16%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Tencent</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.90%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Domino's Inc</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.73%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Rightmove</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.48%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Altria</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.30%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Autotrader</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.29%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Activision Blizzard</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.27%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Domino's Pizza Group Plc<span style="mso-spacerun: yes;"> </span></td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.27%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Intercontinental
Hotel Group</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.20%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Alibaba</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.14%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Visa</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.11%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Take-Two Interactive</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.09%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Paypal</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.96%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Car Gurus</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.86%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Electronic Arts</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.86%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Flutter</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.85%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">AstraZeneca</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.84%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Intel<span style="mso-spacerun: yes;"> </span></td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.84%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Games Workshop</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.83%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">International Greetings</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.78%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Money Supermarket</td>
<td class="xl70" style="border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.74%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Domino's Pizza Eurasia</td>
<td class="xl70" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border: 0.5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.43%</td>
</tr>
<tr height="19" style="height: 14.4pt;">
<td height="19" style="border-bottom: 1.0pt solid black; border-color: black; border-left: .5pt solid black; border-right: .5pt solid black; border-style: solid; border-top: .5pt solid black; border-width: 0.5pt 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; height: 14.4pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Boohoo</td>
<td class="xl70" style="border-bottom: 1.0pt solid black; border-color: black; border-left: .5pt solid black; border-right: .5pt solid black; border-style: solid; border-top: .5pt solid black; border-width: 0.5pt 0.5pt 1pt; color: black; font-family: Calibri, sans-serif; font-size: 11pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.41%</td>
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</tbody></table><p> China was a drag on my ISA performance during 2021. My biggest holding, Fidelity China Special Situations Investment Trust fell approx. -18% during the year, and to compound the issue I bought new positions in Alibaba and Tencent which have also fallen since purchase. Chinese company valuations look very appealing at these levels, but I'm increasingly concerned about the CCP and their influence over Chinese businesses. Disappearing business leaders, swift regulatory changes, and the prospect of war & sanctions pose a significant risk. <br /></p><p>Other notable portfolio setbacks include a small purchase of Boohoo which has continued to fall in value (it had dipped a fair bit before I bought), and a failure to offload International Greetings (despite significant warning signs - director selling & dodgy accounting) which has since issued profit warnings and imploded. <br /></p><p>Recently in his annual Fundsmith letter to shareholders Terry Smith waxed lyrical about the importance of high gross profit margins and how these can protect against inflation using L'Oreal and Campbell's Soup as examples. Unfortunately, I am learning this lesson the hard way. Both Boohoo and International Greetings have managed to grow turnover during Covid, but inflation and supply chain issues have hit margins which has decimated earnings per share and thus share price. The question is whether to sell and move on (cementing a loss) or wait until supply chain issues resolve and trade normalises to exit at a more favourable price. They are both small holdings, so shouldn't cause too much upset but the situation is frustrating nonetheless.<br /></p><p>I recently top-sliced 25% of my Apple holding @ $180.50 which resulted in a c. 620% gain since purchase, which was a pleasing result. I sold on valuation grounds and am now regretting not offloading more, as they have since fallen to $162.95. I find selling a much harder art than buying. </p><p>Since the new year Microsoft have made a seemingly successful bid for Activision Blizzard which is frustrating. The shares are up nicely on the news, but I'll be disappointed to see ATVI go. I think it has tremendous long-term potential on its own without Microsoft, who have bought well in my view. Considering the company had traded at a higher valuation than the bid price less than 12 months ago it does seem quite short-termist to accept such a paltry bid, but hey ho. The company was having some troubles relating to harassment claims against management, but these were issues that would have been resolved over time. Now the company will be a mere footnote in Microsoft's accounts, assuming the deal goes through.<br /></p><p>I have calculated a few weighted average metrics for the ISA portfolio (excluding funds). The weighted average EV/Ebit is 22.7x. The weighted average Free Cash Flow Yield is 4.2% and weighted average forecast EPS growth is 26.82%. weighted average ROCE is 20.08%. Weighted average forecast dividend yield is 1.82%. <br /></p><p>Forecast EPS growth is higher than would normally be expected as certain companies rebound from the pandemic, and historic ROCE is depressed a bit from the impact of covid on those businesses. <br /></p><p></p><p>During 2021 I read a couple of investment related books - Morgan Housel's 'Psychology of Money' and also Howard Marks' 'The Most Important Thing'. Both books were interesting to read but ultimately quite basic and didn't really teach me an awful lot, however I did like the way that they both explained some popular topics.</p><p>For example, Howard Marks describes market cycles as having a pendulum effect whereby sentiment swings between times of huge pessimism thereby creating huge investment opportunities, then subsequently over time the pendulum swings back towards irrational optimism.</p><p>Marks comments that during times of irrational optimism it becomes harder to outperform the market as certain high risk (high beta) securities can perform very well but rational investors would do well to stay away from these because of the potential downside of valuation contraction. These swings in sentiment can take a long time to play out. Kerry Balenthiran postulates a 17.6-year Stock Market Cycle in his book of that name, and it would appear that performance of high beta securities can vary sharply from one decade to the next as shown by the QQQ (Nasdaq100) results in the table below.</p><p> <img alt="" height="243" 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width="408" /> </p><p>It certainly feels like the pendulum has been swinging towards irrational exuberance for some time now. Speculation on Cryptocurrencies, SPACs and high beta stocks all point to a very 'risk on' environment. Near zero interest rates and stimulus money during Covid seem to have fanned the speculative flame. </p><p>As I write, Jerome Powell (US Federal Reserve) is laying out US interest rate policy and it appears that imminent hikes are on the cards. Also, he is discussing plans to unwind their QE policy. US stocks have had a tough start to 2022, could this monetary tightening cause the sentiment pendulum to gather momentum in the pessimistic direction? If so, I may get a chance to deploy some of my cash holdings.</p><p>All the best for the rest of 2022 - Matt. <br /></p><p> <br /></p><p> </p>Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-47595354049908366302021-01-05T21:17:00.002+00:002021-01-09T16:39:08.535+00:002020 - Investing Through The Pandemic <!--[if gte mso 9]><xml>
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<p>2020, the year that our bins went out more than we did. The year Covid19
kept us away from our friends and loved ones. The year that all non-essential
businesses that involved any sort of social interaction were forced to stop
trading for extended periods of time, pushing many of them to the brink. You'd
think this would have been a terrible year to be a stock market investor, yet
somehow it wasn't. Despite a rollercoaster ride, things have actually been
okay.</p>
<p><b><u>February/March Crash</u></b></p>
<p>The initial impact of the virus took me largely by surprise, I had read a
little about it in the papers and in New Scientist magazine, but I must confess
I was blind to the damage that it was about to inflict. I had incorrectly
assumed it would be like SARS, MERS etc and that it would not affect the West
to much extent.</p>
<p>By the time I realised I was wrong towards the end of
February, the market had already fallen quite a bit. Within my ISA portfolio (a
portfolio of individual stocks and a few IT’s) I offloaded a couple of small
holdings in Card Factory and Marston’s that had been poor long-term performers
and were obviously susceptible, but they were such small positions that it made
very little difference to the overall portfolio, and I went into March circa
98% invested with the remaining 2% in cash. In hindsight I could have been more
liberal with my selling, I should have also unloaded Restaurant Group and a few
other positions.</p>
<p>Within my pension portfolio, which is a mix of active and passive open-ended
funds I did nothing. Notably a few of the actively managed holdings (Slater
Growth & SDL Buffettology for example) had reasonable cash balances having
trimmed some positions, thus went into the crash relatively well prepared. </p>
<p>During March the markets continued to nosedive, reaching their nadir
on the 23<sup>rd</sup>, at which point my ISA portfolio was down -26.88% YTD.
The FTSE Allshare by comparison was down 35% YTD at this stage, the US markets
were also down by a similar amount.</p>
<p>As horrific as the news was,with people hooked up to ventilators in
hospitals without family members present to comfort them, the stats seemed to
show that the vast majority of people contracting the disease survived. This suggested that we would eventually get through, and that the economy would hopefully
recover within a year or two. Thus, considering the substantial market falls during
February and March, share prices were starting to look very attractive. </p>
<p>During late March/April I raised a small amount of capital via remortgage to top up many
of my ISA holdings and instigate a few new positions. My plan was to drip feed
in the newly raised cash over a period of months as I assumed that things might
get worse before they got better, but again I was wrong, and was very surprised
how quickly the market rebounded from its March lows. As a result, some of my additional
cash has yet to be deployed. Luckily, I did manage to make a decent pension contribution
before the tax year end, which in hindsight was well timed. The new portfolio
positions were Activision Blizzard, Take-Two Interactive and Electronic Arts (all
video games companies) and CarGurus which is a US rival to Autotrader. All are
up nicely since purchase. <span style="mso-spacerun: yes;"> </span></p>
<p>Overall, I was reasonably happy with how the ISA portfolio performed during
the crash. I’m overweight consumer staples, underweight cyclicals and have a
few holdings such as Amazon, Apple, and IG Group, that actually benefitted from the
new normal. I didn’t lose any sleep from an investment perspective, which I
think is an incredibly important factor. Most of my holdings are well capitalised with strong balance sheets, hence only a couple needed to tap
the market for extra funds to see them through. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></p>
<p><b><u>Rebound</u></b></p>
<p>After the market bottom on March 23<sup>rd,</sup> stock markets around the
globe rebounded sharply following various government stimulus packages. Technology
stocks in particular soared. Following the bounce, I exited two holdings over late
spring/summer: Chipotle Mexican Grill because of high valuation, and Flutter as
I was worried how a betting company would cope with so many sports fixtures cancelled.
According to Sharepad (share analysis software package) the Forecast FcF yields
for both companies had fallen to less than 2%. Both positions were sold at a
substantial premium to purchase price, yet with hindsight it would have been
better to hold on as they have both risen further since selling. The Flutter
sale is particularly frustrating as they appear to have suffered minimal
headwinds from Covid. Sharepad revised their FcF yield forecasts up
substantially not long after I sold. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> <br /></span></p>
<p><b><u>Performance</u></b></p>
<p>My ISA portfolio gained 9.73% over the year, The FTSE Allshare TR Index
which I’ve been using as my benchmark fell -9.82%, thus out-performance was +19.55%
for the year. Notably the FTSE Allshare TR Index is becoming a less relevant
benchmark as US shares become an increasingly large part of my portfolio (US
stocks - excluding those held in ITs - <span style="mso-spacerun: yes;"> </span>now account for approximately 31% of my portfolio.)
</p>
<p>This is a snapshot of how things stand at the beginning of 2021:</p>
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<td nowrap="" style="background: black none repeat scroll 0% 0%; border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Holding</span></b></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">%</span></b></p>
</td>
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<tr style="height: 14.4pt; mso-yfti-irow: 1;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Fidelity China Special Situations</span></p>
</td>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">9.79</span></p>
</td>
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<tr style="height: 14.4pt; mso-yfti-irow: 2;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Cash</span></p>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">7.38</span></p>
</td>
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<tr style="height: 14.4pt; mso-yfti-irow: 3;">
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Berkshire Hathaway</span></p>
</td>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">5.76</span></p>
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<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">IG Group Holdings</span></p>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">5.11</span></p>
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<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Fundsmith Emerging Equities Trust</span></p>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.94</span></p>
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<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Alphabet Inc</span></p>
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<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.06</span></p>
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</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Apple Computer Inc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.81</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Starbucks Corp</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.61</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 9;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">British American Tobacco </span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.41</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Walt Disney Co</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.25</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 11;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Unilever Plc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.07</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 12;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Legal & General Group</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.02</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 13;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Imperial Brands</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">3.01</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 14;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Diageo</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.82</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 15;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Vanguard VVAL</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.77</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 16;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Murray International Trust</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.52</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 17;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Pepsico Inc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.44</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 18;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Amazon.com Inc</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.26</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 19;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">IG Design Group Plc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.25</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 20;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Restaurant Group</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.02</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 21;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">AA Plc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2.02</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 22;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Domino's Pizza Group Plc</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.85</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 23;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Lloyds Banking Group</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.56</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 24;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Rightmove Plc</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.39</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 25;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Glaxosmithkline</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.38</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 26;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Intercontinental Hotel Group</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.35</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 27;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Sage Group</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.34</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 28;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Auto Trader</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.19</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 29;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Philip Morris</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.16</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 30;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">GOCO Group</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.13</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 31;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Altria Group Inc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.13</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 32;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Moneysupermarket.com Group</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.02</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 33;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">PZ Cussons</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.98</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 34;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Take-Two Interactive Software Inc</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.96</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 35;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Car Gurus Inc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.92</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 36;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">The Berkeley Group</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.82</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 37;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Astrazeneca</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.81</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 38;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Activision Blizzard Inc</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.75</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 39;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Electronic Arts Inc</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.66</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 40;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">DP Eurasia N.V.</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.26</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 41;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Flutter Entertainment</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.05</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 42; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: 1pt solid windowtext; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 158pt;" valign="bottom" width="211">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;"> </span></p>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-color: currentcolor windowtext windowtext currentcolor; border-left: none; border-right: solid windowtext 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 48pt;" valign="bottom" width="64">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">100.00</span></p>
</td>
</tr>
</tbody></table>
<p>Over ten years my total gain has been 156.18% vs 70.03% for the Allshare TR.
Or an average performance of 9.9% per year VS 5.5%. As always, my performance
figures include dividends but are net of all fees. </p>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 312px;">
<tbody><tr style="height: 14.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: black none repeat scroll 0% 0%; border-right: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Year</span></b></p>
</td>
<td nowrap="" style="background: black none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: black currentcolor; border-left: none; border-right: none; border-style: solid none; border-top: solid black 1.0pt; border-width: 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Portfolio Return</span></b></p>
</td>
<td nowrap="" style="background: black none repeat scroll 0% 0%; border-left: none; border: 1pt solid black; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><span style="color: white; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">Allshare TR</span></b></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2011</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">0.50%</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-3.50%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2012</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">16.00%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12.30%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 3;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2013</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">27.30%</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">20.80%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2014</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">4.90%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.20%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 5;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2015</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">5.30%</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">1.00%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2016</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12.00%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">16.00%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 7;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2017</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">15.80%</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">12.60%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2018</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-8.44%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-9.47%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 9;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2019</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">19.93%</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">19.17%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 10;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">2020</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">9.73%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">-9.82%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 11;">
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">10yr Total</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">156.18%</span></p>
</td>
<td nowrap="" style="background: rgb(217, 217, 217) none repeat scroll 0% 0%; border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">70.03%</span></p>
</td>
</tr>
<tr style="height: 14.4pt; mso-yfti-irow: 12; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor currentcolor black black; border-left: solid black 1.0pt; border-right: none; border-style: none none solid solid; border-top: none; border-width: medium medium 1pt 1pt; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="112">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">10yr Average p.a.</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border: medium none; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 86pt;" valign="bottom" width="115">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">9.90%</span></p>
</td>
<td nowrap="" style="border-bottom: solid black 1.0pt; border-color: currentcolor black black currentcolor; border-left: none; border-right: solid black 1.0pt; border-style: none solid solid none; border-top: none; border-width: medium 1pt 1pt medium; height: 14.4pt; mso-border-bottom-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0cm 5.4pt; width: 64pt;" valign="bottom" width="85">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: right;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-hansi-font-family: Calibri;">5.50%</span></p>
</td>
</tr>
</tbody></table><p><span style="color: white; mso-color-alt: windowtext;"> </span>A few tougher
comparators over ten years could be The US S&P 500 index, which has totalled
298% over the last decade (a whopping 14.8% annualised – based on iShares
S&P 500), Berkshire Hathaway (B shares - portfolio holding) – up 190% -
just over 11% per annum, or perhaps Terry Smith who, according to Trustnet has
averaged a return of 14.7% per annum (This figure includes his tenure of FEET
which has detracted from the performance of the Fundsmith Equity Fund which has
delivered 18.2% per annum since inception.)
</p><p>NB the Fundsmith Equity fund and a US tracker are large
positions in my fund-based pension.</p>
<p><b><u>Funds VS Stocks?</u></b></p>
<p>Given that some of the funds I’ve invested in have achieved superior
performance to my own share picks, with much less effort, a question I
occasionally ask myself is whether it is prudent to maintain a directly held
stock portfolio. Holding a global tracker fund, or Fundsmith Equity, for
instance, would be a lot less effort.</p>
<p>In my view, holding funds and stocks is mutually beneficial. Certainly, if
you are going to select active fund managers, it helps a lot if you understand why
they hold the stocks that they do, and experience in stock picking helps when
it comes to judging fund managers.</p>
<p>Furthermore, if you are a stock picker, there is a heck of a lot that you
can learn by following reputable fund managers. People like Terry Smith &
Nick Train have certainly influenced some of my stock picks. Some of my
holdings were bought in emulation of funds that I hold, but also, occasionally
I have purchased holdings for my ISA which have subsequently been bought by
fund managers that I follow. For example, I’ve held Starbucks for a while as I
thought it ticked quite a few boxes. I actually mentioned that it was my
favourite stock in an August 2018 blog, so I was quite pleased to find out that
Fundsmith had bought some shares this year during the March pullback. Similarly,
I bought Apple before Buffett did going back a few years, a holding which has
subsequently risen over five-fold. It can be gratifying to find out that you’re
singing from the same hymn sheet as these guys. </p>
<p>Luckily, my day job means that I get to chat to fund managers regularly (the
one’s who’ll speak to me at least), which has been a great and ongoing education
in both fund and stock picking.</p>
<p>To summarise the Funds Vs Stocks question, there are various positives and
negatives of each. The main positives of DIY stock selection are that you have
no liquidity issues or regulatory imposed concentration limits, and also you
have no pressure on you to deliver short term performance. The main positives
for utilising fund managers are that they can be highly knowledgeable and are
working full time - usually with a large team of highly qualified analysts
working alongside them, their information set is likely to be superior to the
average private investor, something which is very difficult to replicate
without a lot of hard work. </p>
<p>I feel that I benefit from holding both individual stocks and funds (passive
and active) and thus will continue to do so for the time being.</p>
<p><b><u>Active VS Passive</u></b></p>
<p>Back in 2012 I wrote a post titled Managed Funds VS Index Trackers. (link - <a href="http://www.mattjbird.com/2012/09/managed-funds-vs-index-trackers.html">http://www.mattjbird.com/2012/09/managed-funds-vs-index-trackers.html</a>).</p>
<p>It is still the case that the average investor is statistically likely to
perform better by utilising passive funds than by using active managers (and
probably via DIY efforts – although data is harder to come by). <span style="mso-spacerun: yes;"> </span></p>
<p>Index funds offer broad market exposure, which means that investors won’t
miss out on the market’s biggest winners. Also, they generally have very low
charges which keep investment headwinds to a minimum. Buying and holding a
global index tracker is possibly the nearest thing to a no-brainer for investors
with a long investment timeframe and who have significant tolerance and
capacity for volatility/loss. <span style="mso-spacerun: yes;"> </span></p>
<p>NB I said the <i>nearest</i> thing to a no-brainer, this does not mean that one
should forget to engage a bit of common sense when investing in index funds. Any
fund is only as good as its constituent holdings and future performance is
likely to be swayed by the quality of these holdings, as well as the average
valuation of the fund. This applies just as much to an index fund as it does an
active fund. There are plenty of examples of passive funds doing badly over
long periods of time. The FTSE All share for instance, has suffered very lacklustre
returns over the past twenty years. The US Nasdaq Composite index took about 16
years to regain its former peak after the dotcom bust in 2000. If the top 20 or
so holdings of a global index fund became grossly overvalued or became of poor
quality (i.e. ex-growth, low margin/ROCE industries), then I would probably not
advocate global indexing as strongly. </p>
<p>I firmly believe that there is still a place for active management, and that
investors/fund managers that employ business perspective investment principles
with an eye on valuation have the ability to outperform indexes over time.</p>
<p>In practice I currently have a foot in both camps. My ISA is predominantly
invested into individual stocks and actively managed ITs, and my pension is
circa 50% passive, 50% active funds.</p>
<p><b><u>ESG (Environmental, Social, Governance) Investments</u></b></p>
<p>ESG is currently a buzzword for fund managers. The number of emails I get
each week lauding the ESG credentials of XYZ fund beggars belief. The big fund
houses seem to be blowing the majority of their marketing budgets promoting it,
and I’m more than a little sceptical about the constituent holdings of a lot of
these supposedly ESG compliant funds.</p>
<p>One thing is for certain, the trend towards ESG investing is having a big
impact on certain equities that are not viewed as ESG compliant. Tobacco
companies in particular are so out of favour you rarely see them as a top ten
holding of an active fund anymore. Their unpopularity is reflected in their valuation.
As an example, British American Tobacco is trading on a current free cash flow
yield of 12% with a forecast dividend yield of 8%, and the dividend is forecast
to grow by circa 6% for the next couple of years. On the flipside of the coin, a
lot of ESG darling stocks (think clean energy etc) are trading at very low or
non-existent cashflow yields.</p>
<p>I recently listened to a podcast featuring the investor Howard Marks (<a href="https://www8.gsb.columbia.edu/valueinvesting/resources/podcast">https://www8.gsb.columbia.edu/valueinvesting/resources/podcast</a>) and he
mentioned that he made a name for himself by investing into junk bonds that
were so unloved that most bond funds were not actually allowed to own them, by
dabbling in this market where others were uncomfortable treading, he managed to
average 20%+ returns for a number of years. I’m not saying the opportunity set
is <i>as</i> high in tobacco stocks, but they do seem relatively good value
compared to the rest of the market. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></p>
<p><b><u>Takeovers <span style="mso-spacerun: yes;"> </span></u></b></p>
<p>Two portfolio holdings had takeover bids during the last few months of the
year, firstly the AA is being bought by a PE group. My experience with the AA
hasn’t been great, after averaging down in March my average purchase price was
40p but the bid price is 35p so it looks like I’ll be taking a hit. The bid
price does seem very low considering the company hasn’t suffered much from Covid,
plus the share price was above 60p in January. I think the PE group have bought
this equity on the cheap.</p>
<p>The second takeover was FUTR’s bid for GOCO, payable mostly in FUTR shares.
I’ve been doing a bit of digging on FUTR and they seem like a decent business
so I may well keep FUTR shares. FUTR is a top holding of the Slater Growth
fund (held in my pension), and Mark approves of the deal. This bid is at a
significant premium to my purchase price so I can’t grumble about this one.</p>
<p><b><u>Going Forward </u></b></p>
<p>Who knows where 2021 will take us, I expect it to be another choppy year. I
have a reasonable wedge of cash ready to deploy should opportunity arise. Good
luck all! Matt. </p>
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<![endif]--> <p><br /></p>Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com1tag:blogger.com,1999:blog-1437204728870165814.post-25416055668135299132020-01-02T23:39:00.000+00:002020-01-03T14:29:42.400+00:002019 ISA Review<br />
Hello everyone, happy new year and welcome to the 20s! From an investment perspective 2019 was another volatile one, but unlike 2018 at least the markets finished with a flourish, with the UK in particular benefiting from a significant festive boost following Boris's majority in the election. <br />
<br />
The FTSE Allshare total return (including dividends) during 2019 was 19.17% (according to <a href="http://www.ftserussell.com/products/indeces/uk">www.ftserussell.com/products/indeces/uk</a> ). Not too shabby. Handily my ISA portfolio trumped that by a whisker posting 19.93% (NB this figure is net of all fees).<br />
<br />
As always, for the sake of simplicity, any shares bought using "fresh" capital (i.e. monies not from re-invested divs or sales of existing holdings) have been discounted from the return. <br />
<br />
My top 5 performers over the year were CMG - +88.9%, AAPL +85.9%, GOCO +50.3%, RMV +44.3% and BKG +40.3%<br />
<br />
Bottom 5 were DPEU -47.7%, IMB -21.5%, AA -21%, CARD -18.5% and FEET -7.56%<br />
<br />
My US stocks notably provided a tailwind (US indices did very well last year), but as over 70% of the portfolio is UK listed I feel that the Allshare TR is still a valid benchmark.<br />
<br />
Here's how things currently stand:<br />
<br />
<br />
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<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">BRK.B(US)</td>
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<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">5</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">BATS</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">4.29%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">6</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">IMB</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.84%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">7</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">GOOG(US)</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.74%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">8</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">ULVR</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.56%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">9</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">SBUX(US)</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.56%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">10</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">VVAL</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.43%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">11</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">MYI</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.29%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">12</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">DGE</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.20%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">13</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">RTN</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.16%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">14</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">LLOY</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.14%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">15</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">IGR</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.90%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">16</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">PEP(US)</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.75%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">17</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">DIS(US)</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.67%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">18</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">LGEN</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.66%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">19</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">AAPL(US)</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.55%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">20</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">FLTR</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.22%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">21</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">DOM</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.19%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">22</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">GSK</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.15%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">23</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">RB</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.09%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">24</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">SGE</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.01%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">25</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">AA</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.88%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">26</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">IHG</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.76%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">27</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">CMG(US)</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.64%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">28</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">AUTO</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.39%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">29</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">PM(US)</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.21%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">30</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">MONY</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.11%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">31</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">RMV</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.08%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">32</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">GOCO</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.06%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">33</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">BKG</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.06%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">34</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">MO(US)</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.05%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">35</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">PZC</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.04%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">36</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">AMZN(US)</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.03%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">37</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">AZN</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.99%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">38</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">MARS</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.67%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">39</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">CARD</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.42%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">40</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">DPEU</td>
<td align="right" class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.35%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">41</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Cash</td>
<td align="right" class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.29%</td>
</tr>
</tbody></table>
<br />
There has been very little turnover (trading) since last year, I jettisoned my holding in the F&C Commercial Property Trust and have top sliced CMG a little, and have also added a small holding in Amazon.com, but aside from that, the only other portfolio activity has been to top up existing holdings.<br />
<br />
Doing nothing helps keep costs to a minimum, and thus I endeavour to keep turnover as low as possible. I am reasonably confident that the majority of my holdings should do well on a 5 year time horizon and I intend to hold each for at least this duration. They all have relatively strong economic moats which hopefully shall withstand the test of time, but obviously I must re-evaluate each holding periodically in light of prevailing circumstances. <br />
<br />
Performance over the past few years has moved relatively in sync with the index, which is quite surprising as there isn't really that much benchmark overlap. Rolling 5 year portfolio growth is 49.96% vs 43.8% for the All-share. It's been quite a while since I've outperformed the index by more than 5%. Not since 2013 to be exact. Having 41 holdings does diversify risk and volatility, but it also appears to bring a degree of mediocrity. <br />
<br />
Notably my top ten holdings by portfolio weight at the start of 2018 have all detracted from performance during the last 2 years, my (slight) index outperformance over this period has been generated by a lot of smaller holdings stepping in to do the heavy lifting.<br />
<br />
The tobacco sector, to which I am overexposed, remains very unloved, and also my overseas Investment Trusts have not fared well. With luck, a reversal of fortunes in these areas could see a marked improvement in overall relative performance.<br />
<br />
The valuations/yields of big tobacco companies seem absurd to me, and most are forecasting dividend hikes over the next few years. The regulation of vaping in the US will massively benefit big tobacco as regulation acts as a barrier to trade to smaller companies and should mean that the oligopoly of nicotine delivery remains intact. Imperial Tobacco (IMB) seems a lame duck in the sector and is the only one I haven't added to in 2019, but priced at a forward PE of 6.86 and a forecast dividend yield of 11.1% it still looks decent value. Notably IMB recently started quite a large share buyback operation which should add value to the outstanding shares given the current market price. <br />
<br />
There are a number of holdings that I am quite excited about, but to review them all would make this a very long post. If anyone would like me to comment on a particular holding please let me know below or DM me on twitter @mattbird55. <br />
<br />
In other news my "Adventurous" pension, which is invested in a mix of active and passive open-ended funds finished up +17.6% which is relatively disappointing in comparison to benchmark, yet I am still above the IA Global Index since inception. Unfortunately I did hold a bit of Woodford Equity Income which was a huge disappointment, but luckily this was offset in part by stellar returns from Slater Growth (+36%), Buffettology (+25.5%), Fundsmith Equity (+24%) and a US tracker amongst others. The Slater Growth return seemed quite prescient following my interview with him in December last year (scroll to bottom of this link to view:- <a href="https://www.falcofinancial.co.uk/model-portfolios" target="_blank">https://www.falcofinancial.co.uk/model-portfolios</a> ) <br />
<br />
When I have a little more time I intend to evaluate my ISA portfolio metrics as I did last year, I will post findings from that at a later date, but In short not much has changed materially. <br />
<br />
Until then, all the best.<br />
Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-29021657205964804992019-01-02T22:01:00.000+00:002019-01-09T21:23:16.852+00:002018 Review<br />
2018 was mightily frustrating from an investment perspective, it was the first year I incurred a capital loss since the credit crisis (2008).<br />
<br />
My ISA portfolio (individual equities & Investment Trusts) was down -8.44% over the year. I suppose I should be content that this is ahead of the FTSE All Share Total Return (my benchmark) for the year (-9.47%), but it's hard to see the bright side when faced with a capital loss.<br />
<br />
Notably -5.58% of the drawdown was caused by my exposure to the tobacco sector, which had a shocking year after various setbacks including the potential ban of menthol cigarettes in the US (which constitute a sizeable portion of British American Tobacco's revenues.)<br />
<br />
The five biggest fallers were BATS - 49.4%, CARD - 41.1%, DOM -33.6%, PZC -33.6% & PM. (US) -31.4%<br />
<br />
The five biggest gainers were CMG (US) +55.3%, IGR +46.3%, SBUX (US) +20.7%, AZN +15.0%, GSK +12.8%<br />
<br />
Out of interest this year I've calculated some metrics from the portfolio to get an idea of the weighted average ratios. Terry Smith does something similar in his annual newsletter for his Equity fund. I've had to exclude info from the Investment Trusts I hold as well as from Berkshire Hathaway due to lack of data, so just taking the individual stock holdings as a weighted average here are the following portfolio metrics:<br />
<br />
<ul>
<li>Forward PE = 16 (UK average = 11.2 - source - Stockopedia Jan 2019)</li>
<li>Forecast Div yield = 4.4% (UK Average = 4.21% - Stockopedia Jan 2019)</li>
<li>Forecast EPS growth = 10.6% (UK average = 10.5% - Stockopedia Jan 2019)</li>
<li>Portfolio ROCE of 31.7%, NB this is skewed around 9% by the ridiculously high ROCE of Rightmove, the figure excluding RMV is 22.7%. Average ROCE of FTSE 100 is 14% - source Fundsmith Annual Letter Jan 2018 </li>
<li>Operating Margin = 27.3% (UK average 13% source - Fundsmith letter Jan 2018) </li>
<li>FCF Conversion of 89.2% (FTSE 100 - 96% Fundsmith letter Jan 2018)</li>
<li>PEG - 1.51 (1.07 UK average)</li>
</ul>
Notably the portfolio is a lot more expensive than the UK average on a PE basis, but also a lot higher quality as measured by ROCE and Operating Margin. I was surprised that FCF conversion was relatively low but quite a few of my holding have substandard FCF Conversion (for example BATS - 38.9%) which collectively have lowered the average. EPS growth is similar to UK average although I like to think that many of my holdings have more reliable growth relative to the UK market as i don't have too many heavily cyclical holdings.<br />
<br />
Gathering stats in this manner has drawn attention to the holdings that detract from the averages and thus was a useful exercise in my opinion.<br />
<br />
Here's a full list of current holdings with percentage weightings:<br />
<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 299px;"><colgroup><col style="width: 48pt;" width="64"></col>
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<col style="mso-width-alt: 4608; mso-width-source: userset; width: 95pt;" width="126"></col>
</colgroup><tbody>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: black; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; height: 15.0pt; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 48pt;" width="64">Rank</td>
<td style="background: black; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 82pt;" width="109">Company</td>
<td class="xl64" style="background: black; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 95pt;" width="126">%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">FCSS</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">6.88</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">2</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">BRK.B</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">6.38</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">IMB</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">5.93</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">4</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">FEET</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">5.91</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">5</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">IGG</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">4.80</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">6</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">ULVR</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">4.08</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">7</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">BATS</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.60</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">8</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">MYI</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.59</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">9</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">AZN</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.56</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">10</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">DGE</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.39</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">11</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">SBUX</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.30</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">12</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">GOOG</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.25</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">13</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">LLOY</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">3.16</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">14</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">IGR</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.84</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">15</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">FCPT</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.68</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">16</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">DIS</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.55</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">17</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">RB.</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.49</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">18</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">LGEN</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.46</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">19</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">PEP</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.33</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">20</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">RTN</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.25</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">21</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">GSK</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.19</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">22</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">CMG</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.98</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">23</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">SGE</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.96</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">24</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">DOM</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.94</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">25</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">PPB</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.87</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">26</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">IHG</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.83</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">27</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">AAPL</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.72</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">28</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">PZC</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.28</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">29</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">MONY</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.12</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">30</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">AA<span style="mso-spacerun: yes;"> </span></td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.09</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">31</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">BKG</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.92</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">32</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">DPEU</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.85</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">33</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">GOCO</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.85</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">34</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">PM.</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.82</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">35</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">MO.</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.78</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">36</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">IBM</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.68</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">37</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">CASH</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.67</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">38</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">MARS</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.60</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">39</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">CARD</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.59</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">40</td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">RMV</td>
<td class="xl63" style="border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.49</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td class="xl64" height="20" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">41</td>
<td style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">VVAL</td>
<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.35</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border-bottom: .5pt solid black; border-left: .5pt solid black; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;"><br /></td>
<td style="border-bottom: .5pt solid black; border-left: none; border-right: none; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;"><br /></td>
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<td class="xl63" style="background: #D9D9D9; border-bottom: .5pt solid black; border-left: none; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">100.00</td>
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<br />
There has been some mild chopping and changing and some new positions initiated including AA, VVAL, GOCO, MONY, DPEU & PPB. Positions in AZN and FCSS were reduced slightly.<br />
<br />
Trade wars and Brexit aside, I'm quietly confident that the portfolio as a whole will deliver on its forecast EPS growth over the year to come, and hopefully by the end of 2019 the underlying holdings will have re-rated upwards substantially to reflect this. <br />
<br />
In other news, my pension which is invested in a mix of open ended funds performed a bit better due to higher global exposure, but still lost -3.28%<br />
<br />
My bearish calls this time last year on Bitcoin/Crypto & and also Nvidia turned out to be correct, but unfortunately I didn't get around to putting any shorts on to profit from their falls. Nvidia's drop was particularly rapid following a profit warning fairly late in the year. It strikes me that it's quite hard to time a short even if you have a reasonable idea of how things might pan out. It's far harder from a timing perspective than long only, buy and hold investing. <br />
<br />
That's all for now folks. Fingers crossed for a better 2019!<br />
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<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-40884963293350199962018-08-13T19:56:00.006+01:002019-01-02T19:36:47.673+00:00Diversification<!--[if gte mso 9]><xml>
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<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<u>Diversification </u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Modern Portfolio Theory (Harry Markowitz 1952 – not <i style="mso-bidi-font-style: normal;">that</i> modern), suggests that portfolio
diversification could “reduce risk and increase returns for investors.”</div>
<div class="MsoNormal">
<br /></div>
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The conclusion is that a diversified portfolio of
imperfectly correlated stocks reduces the overall risk to less than the average
risk of the individual securities. The downside risk of one investment would be
offset by the upside potential of another investment.</div>
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<br /></div>
<div class="MsoNormal">
Unsystematic risk (i.e. the risk of a particular company performing
badly), can largely be eliminated by holding a diversified portfolio. (NB
Systematic risk – the risk of a general market fall – cannot be protected
against by diversifying within the same asset class i.e. stocks)</div>
<div class="MsoNormal">
Various academic studies suggest that 15 to 20 securities
selected at random are sufficient to eliminate most investment-specific risk in
a portfolio, however the more securities are added, the more the risk
diminishes. (source – Investment Principles and Risk Textbook – CII)</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I wholeheartedly agree with the premise that holding more
stocks <i style="mso-bidi-font-style: normal;">does</i> help to protect against
the unknown ‘black swan’ events that can come out of the blue and smash a
company’s share price into smithereens, but does holding too many stocks
throttle performance by diluting one’s best ideas?</div>
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In consideration of this, firstly I’d like to dwell on some
personal experience.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Although I have dabbled with shares since the late 90s, my
first serious stock pick was in 2009. I’d held a FTSE All Share tracker fund
(obviously reasonably diversified) since 2005. I watched it rise for a couple
of years, and then subsequently crash monumentally when the Credit Crisis hit.
During that crash I decided to take a more active approach and disinvested the
tracker fund to buy a handful of stocks that I perceived to be trading at
significant discount to their intrinsic value. </div>
<div class="MsoNormal">
Luckily one of those stock picks was Barclays. I bought into
them in the early spring of 2009, and subsequently sold in the autumn making
over 200% profit. Because this holding represented a relatively large portion
of my portfolio, this pushed my total returns for the year to 75% which to date
has been my best year in terms of percentage gain.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
As time has progressed, the number of my portfolio
constituents has grown steadily, and now it stands at 32 individual companies,
4 investment trusts and 11 OEIC/Unit Trusts (which I evaluate separately.)</div>
<div class="MsoNormal">
Excluding the Unit Trusts, which have been a relatively
recent addition, my average annual return (after all trading fees but including
dividends reinvested) over the 9 years from 2009 to 2017 has been 16.95%. Although
when you strip out that great year in 2009 my average annual performance falls
dramatically to 11.2%. The All Share Total Return index also had a decent year
in 2009 delivering 30.12%. It’s annualised return over the last 9 years has
been 11.23% which falls to 9.1% per annum with 2009 stripped out.</div>
<div class="MsoNormal">
<br /></div>
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To summarise, my personal experience thus far has been that
higher returns were generated with a more concentrated portfolio, albeit this
experience is heavily skewed by good fortune in one particular stock pick,
during a particularly good year to be stock picking. If Barclays had gone to
the wall during the crisis my results would look remarkably different. With
this in mind, going forward would I be better off ditching some of my holdings
and using a more concentrated approach? </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Most money managers with great track records appear to agree
that a more concentrated portfolio is beneficial for delivering higher returns.
Even Peter Lynch, the US fund manager who averaged an annualised 29.2% during
his tenure at the Fidelity Magellan fund, which towards the end of his reign
held as many as 1400 stocks, advises the small-time investor to concentrate on
8 to 12 stocks. He explains that his high number of holdings was strictly a
result of the size that the fund had mushroomed to. (Source – The Great
Investors by Glen Arnold)</div>
<div class="MsoNormal">
Buffett is also quoted as saying that “Diversification is
protection against ignorance. It makes little sense if you know what you are
doing.” He walked the talk back in the 60s when he invested 40% of his partnership’s
money in American Express stock after they’d tanked because of involvement in a
scandal. This turned out to be a very lucrative move, and his portfolio returns
were turbo-charged by his high concentration in this one stock.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I’d need an incredibly high level of conviction to consider
investing 40% of my capital into one stock. I am undoubtedly more ignorant than
Buffett as for starters I don’t do as much research as him due to having a day
job, therefore I feel I need some amount of protection against bad decisions. My
capital will ultimately fund my retirement as well as pay off an interest only
mortgage, so my capacity for loss is finite. </div>
<div class="MsoNormal">
This might seem paradoxical, i.e. why have more holdings if
you have less time, but it does make sense to me to a degree. The reason is
much of my research is done via software packages such as Sharepad and
Stockopedia plus publications such as the Investors Chronicle. Using formats
such as these you can quickly do a reasonable amount of research on a stock,
but to get that extra layer of depth, i.e. go to AGMs, meet management and do
in-depth research on competition etc, I just don’t currently have the time or
resources to do this effectively. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
There is plenty of proof out there, Mr Lynch included, that
demonstrates that you can achieve admirable returns with larger portfolios,
especially if you are using a factor-based approach.<span style="mso-spacerun: yes;"> </span></div>
<div class="MsoNormal">
Personally, I have no immediate plans to offload any
holdings to meet a goal for a set portfolio size, but as an exercise I have
ranked my holdings in order of conviction (easier said than done.) I have made
a note of the order and I will evaluate performance of the top half Vs the
bottom half going forward to see if there is much difference between my
self-proclaimed ‘best’ ideas and my ‘worst’ ones.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The ranking exercise was certainly thought provoking. For instance,
the stock that I ranked number 1 was Starbucks (SBUX), yet it only currently
constitutes 2% of my portfolio, which means it isn’t even a top 10 holding. Why
haven’t I bought more? I am wary that it is a consumer cyclical and could
suffer a heavy pullback during a recession, but I do believe it will perform
well in the long run, so in theory I should increase my position.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
To conclude I think the ideal portfolio size will depend on
personal preferences and levels of conviction. If you have the capacity (both
mentally and financially), to stomach a large hit on a concentrated portfolio,
and have conviction enough to entrust a large proportion of your savings into
one organisation, then a concentrated portfolio might be for you. If you are
right with your best ideas this should supercharge your returns. Otherwise I do
not see that there is significant harm in holding a larger number of stocks
provided you have the time to do enough due-diligence on each holding. If it
worked for Peter Lynch, maybe it can work for us all. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span></div>
Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-71617885032544996352017-12-30T21:39:00.000+00:002017-12-31T01:40:08.244+00:002017 End of Year Results<br />
2017! Where did that go? Time has really flown this year.<br />
<br />
To recap: global indices have rallied hard, with the UK lagging somewhat. However I calculate the All Share Total Return to be +12.6% for the year, which isn't too shabby. <br />
<br />
My own personal stock portfolio performance totals +15.8%, so a slight out-performance, which makes up a little for the -4% underperformance last year.<br />
<br />
My rolling 5 year performance is 82.37% VS 61.27% for the All Share TR. I'm sticking with the All Share TR as my yardstick, despite a gradual increase in exposure to the US.<br />
<br />
The FTSE AIM index has been on fire, returning +33% for the year. Unfortunately I haven't had much exposure to this.<br />
<br />
In recent years I have been put off by AIM, because the long term stats for the AIM index are terrible. An FT article written in 2015 around AIM's 20th birthday ( <a href="https://www.ft.com/content/ea2bd724-140c-11e5-abda-00144feabdc0">https://www.ft.com/content/ea2bd724-140c-11e5-abda-00144feabdc0</a> ) mentions that since inception, AIM has lost -1.6% per annum, and states that 72% of all the companies ever listed on AIM would have lost you money.<br />
<br />
I have experienced such losses on AIM first hand, mostly via investments in oil/mining exploration companies that talked a good game, but never seemed to achieve what they anticipated.<br />
<br />
Hence, due to statistics and experience, I've since tended to stay well away.<br />
<br />
However, it strikes me that it is these oil/mining companies that are probably holding the AIM index back. If you stripped these out of the long term results, the returns probably look a lot better. I will endeavour to pay more heed to small/micro stocks in 2018!<br />
<br />
Here is a list of my holdings as they currently stand:<br />
<br />
<br />
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</colgroup><tbody>
<tr height="20" style="height: 15.0pt;">
<td class="xl63" height="20" style="background: black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; height: 15.0pt; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 173pt;" width="230">Company</td>
<td class="xl63" style="background: black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 69pt;" width="92">%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Fidelity
Special Situations China</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">8.79</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">AstraZeneca</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">7.26</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Imperial
Brands</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">6.77</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">British
American Tobacco</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">6.58</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Fundsmith
Emerging Equities Trust</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">5.94</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Berkshire
Hathaway B Class</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">5.72</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">IG
Group</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">5.50</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Murray
International Trust</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">5.38</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Lloyds
Banking Group</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">3.78</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Diageo</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">3.01</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Alphabet</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">2.86</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Unilever</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">2.84</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">F&C
Commercial Property</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">2.66</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Legal
& General</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">2.65</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Domino's</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">2.62</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">GlaxoSmithKline</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">2.31</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Pepsico</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">2.18</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Disney</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">1.99</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Intercontinental
Hotel Group</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">1.86</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Starbucks</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">1.81</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">International
Greetings</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">1.78</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">PZ
Cussons</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">1.78</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Restaurant
Group</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">1.77</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Reckitt
Benckiser</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">1.70</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Apple</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">1.59</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Sage</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">1.14</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Berkeley
Homes<span style="mso-spacerun: yes;"> </span></td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">1.01</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Altria</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">0.98</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Chipotle
Mexican Grill</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">0.96</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Card
Factory</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">0.91</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Philip
Morris</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">0.90</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">International
Business Machines</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">0.79</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Marstons</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">0.65</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">P2P
Global</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">0.58</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #A6A6A6; height: 15.0pt; mso-pattern: #A6A6A6 none;">Cash</td>
<td class="xl64" style="background: #A6A6A6; mso-pattern: #A6A6A6 none;">0.48</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; height: 15.0pt; mso-pattern: #D9D9D9 none;">Rightmove</td>
<td class="xl64" style="background: #D9D9D9; mso-pattern: #D9D9D9 none;">0.46</td>
</tr>
</tbody></table>
<br />
Turnover since last year has been relatively low. My main activities have been to top up IG Group, Domino's & Restaurant Group. Domino's and IGG have rallied nicely since, Restaurant are still in the doldrums.<br />
<br />
I've benefited from takeover bids for WS Atkins, which I subsequently sold, and Unilever which didn't go through, but helped buoy the share price. <br />
<br />
I sold some of my position in Glaxo earlier in the year, in hindsight I should have sold it all, as they have been very weak since.<br />
<br />
My tobacco holdings, British American and Imperial, were both very weak over the year. I've used share price weakness to top up on Imperial Brands and also initiate new positions in Philip Morris and Altria, which are US based tobacco companies. Whilst morally debatable, tobacco has been the best performing sector over any medium to long time frame you could mention, and I'm hoping for some reversion to mean eventually.<br />
<br />
I've also initiated some new small positions in Rightmove, Starbucks, Card Factory and IBM.<br />
<br />
You may have noticed that I do gravitate towards the Mega Cap stock, partially because I find it immensely gratifying to see my holdings in action. I spend quite a bit of cash with many of these holdings on a regular basis, begrudgingly in some cases, which is usually a sign of a very well structured moat!<br />
<br />
As a side note my other investment, a portfolio of managed OEIC's and Unit Trusts (circa 90% equities, 6% cash, 4% property), has matched virtually identically my DIY YTD efforts. <br />
<br />
This year, through work I've had the pleasure of meeting a few great fund managers, including Keith Ashworth-Lord (Sanford DeLand), & Nigel Thomas (AXA Framlington). It's always good to hear from these veterans about how they go about stock selection. It seems the best fund managers are usually very humble, and always keen to share their experience and opinions.<br />
<br />
Uncharacteristically I haven't read many investment related books in 2017. A couple of note of the few were Phil Oakley's 'How to Pick Quality Shares' and also Kerry Balenthiran's 'The 17.6 Year Stock Market Cycle', both of which I'd recommend!<br />
<br />
A round-up of 2017 wouldn't be complete without some reference to Cryptocurrency and Bitcoin etc. For years I've been saying Bitcoin is a fad, and should not be seen as a viable investment. I likened it to Tulipmania back in 2013 ( <a href="http://www.mattjbird.com/2013/11/bitcoins-and-tulips.html">http://www.mattjbird.com/2013/11/bitcoins-and-tulips.html</a> .) Amazingly since then it has continued to confound me, with the price per coin continuing its parabolic ascent (currently circa $13,000.00 but has touched $20,000.00.)<br />
<br />
I did not anticipate for a moment the amount of people who would get sucked into this, despite it not being a viable currency (too volatile) or a legitimate investment (i.e. it's non productive and has no intrinsic value).<br />
<br />
My feelings about crypto haven't changed since 2013, and I still think it will end in tears for many people. I'm now starting to wonder whether it may be possible to profit from the eventual collapse?<br />
<br />
Futures trading now allows you to bet against the currency which might be an option. But also I've been looking at potentially shorting businesses that are benefiting from the crypto-boom.<br />
<br />
In particular Graphics Card producers such as NVIDIA (US) have had increased sales in recent years as people are buying their product specifically to 'mine' cryptocurrencies. The cards people are buying are very high end (expensive) and if/when this blows over there could be a large oversupply of said cards for some years. NVIDIA's share price has gone up 10 fold over the last couple of years, it might well fall back if sales decline.<br />
<br />
I've made initial enquiries into Jan 2020 'out of the money' put options & this could be a viable way of betting against the collapse whilst capping the downside risk. NB I don't generally do this kind of thing and am a total novice, so please don't try this at home unless you know what you're doing!<br />
<br />
That concludes my investment year. Many thanks to you all for reading, and in particular thanks to all the Twitterati PI's who continue to be a great source of information and knowledge. You know who you are!<br />
<br />
If you have any questions please feel free to comment or alternatively contact me via Twitter <br />
<br />
Have a great 2018!<br />
<br />
Cheers,<br />
<br />
Matt.<br />
<br />
<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-38744078496092007992016-12-31T00:17:00.000+00:002016-12-31T00:17:56.005+00:00Portfolio Update 2017<br />
The end of the year is nigh, so it must be time for an annual portfolio update!<br />
<br />
It's been a hectic year. I added quite a few holdings including a few new US holdings in early January 2016 and these have all made decent gains over the year from dollar appreciation following the Brexit vote. Also some of my larger UK stocks also received a boost for the same reason. Unfortunately later in the year, following Trump's victory, I experienced a bit of a slump despite a broadly buoyant market. <br />
<br />
A small part of my portfolio has been sold down and invested into a portfolio of Unit Trusts & OEICs, but I won't comment on the performance of that at this stage, as it's been invested less than a year.<br />
<br />
Unfortunately during 2016 my stock portfolio has underperformed my benchmark index, the FTSE All Share, marking the end of a 7 year out-performance spell.<br />
<br />
This was largely because I am very underweight mining/resource stocks which have rallied significantly this year, on the back of a recovery in oil and commodity prices. The All Share Total return has been roughly 16%, and my return for the year including dividends but minus fees was <b>12%</b> so an underperformance of -4%, which I'm still very happy with considering I own zero resource stocks.<br />
<br />
Over a 5 year rolling period my portfolio has delivered a return of 82.7% against a return of 61.6% for the All Share TR over the same period. So thankfully it has been worth the effort!<br />
<br />
My top 3 performing holdings this year were: Murray International Trust (+49.6%), Intercontinental Hotel Group (+39%), and IG Design (+31.18%).<br />
<br />
The 3 worst were IG Group (-36.05%), Berkeley Group (-20%) & Marston's (-14.02%)<br />
<br />
IG Group were hit particularly hard recently when the FCA announced that they may clamp down on the amount of leverage allowable for CFD and spread betting contracts.<br />
<br />
Holdings as they stand are:<br />
<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 401px;"><colgroup><col style="mso-width-alt: 8923; mso-width-source: userset; width: 183pt;" width="244"></col>
<col style="mso-width-alt: 5741; mso-width-source: userset; width: 118pt;" width="157"></col>
</colgroup><tbody>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: black; border-bottom: 1.0pt solid black; border-left: .5pt solid black; border-right: .5pt solid black; border-top: 1.0pt solid black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; height: 15.0pt; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 183pt;" width="244">Company</td>
<td class="xl63" style="background: black; border-bottom: 1.0pt solid black; border-left: .5pt solid black; border-right: .5pt solid black; border-top: 1.0pt solid black; color: white; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 700; mso-pattern: black none; text-decoration: none; text-line-through: none; text-underline-style: none; width: 118pt;" width="157">%</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">GlaxoSmithKline</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">8.09</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Imperial Brands</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">8.02</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Fidelity China Special Situations</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">7.84</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">AstraZeneca</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">7.75</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">British American Tobacco</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">7.47</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Berkshire Hathaway</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">6.34</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Murray International Investment Trust</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">6.22</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Fundsmith Emerging
Equities Trust</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">5.89</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Lloyds Banking Group</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">4.28</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">F&C Commercial
Property Trust</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">3.29</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Legal & General</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.96</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Alphabet</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.89</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Unilever</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.79</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">PZ Cussons</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.26</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Reckitt Benckiser</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">2.09</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">BAE Systems</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">2.07</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Diageo</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.94</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">PepsiCo</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.89</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Walt Disney</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.88</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Intercontinental
Hotels</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.86</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Chipotle Mexican Grill</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.70</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">WS Atkins</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.55</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Apple</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.48</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">IG Design</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">1.33</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Sage</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">1.16</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Marstons</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.97</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Berkeley Group</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.84</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Restaurant Group</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.72</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">P2P Global</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.70</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">IG Group</td>
<td class="xl64" style="border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.63</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">Domino's</td>
<td class="xl64" style="background: #D9D9D9; border: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; mso-pattern: #D9D9D9 none; text-decoration: none; text-line-through: none; text-underline-style: none;">0.58</td>
</tr>
<tr height="20" style="height: 15.0pt;">
<td height="20" style="border-bottom: 1.0pt solid black; border-left: .5pt solid black; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; height: 15.0pt; text-decoration: none; text-line-through: none; text-underline-style: none;">Cash</td>
<td class="xl64" style="border-bottom: 1.0pt solid black; border-left: .5pt solid black; border-right: .5pt solid black; border-top: .5pt solid black; color: black; font-family: Calibri, sans-serif; font-size: 11.0pt; font-weight: 400; text-decoration: none; text-line-through: none; text-underline-style: none;">0.52</td>
</tr>
</tbody></table>
<br />
I'm happy with the portfolio as it stands, and don't anticipate making any huge changes. I may add to my positions in Restaurant Group and IG Group as I think these both look attractive at current price levels, also I am looking to acquire a holding in IBM as I'm quite interested in their Watson AI software technology which I think could be a source of growth for the IT goliath.<br />
<br />
If you have any questions/queries please leave a comment here or get in touch via twitter @mattbird55<br />
<br />
All the best for 2017!<br />
<br />
Matt. <br />
<br />
<br />
<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com3tag:blogger.com,1999:blog-1437204728870165814.post-15792680763599607312016-01-03T21:12:00.000+00:002016-01-04T11:24:34.249+00:00Happy New Year - 2016!<br />
Happy new year everyone. Time for my annual portfolio review.<br />
<br />
It's been another difficult year on the investment front, with virtually all asset classes posting either lacklustre or negative real returns. According to CNBC, 2015 was 'the hardest year to make money in 78 years' (<a href="http://www.cnbc.com/2015/12/30/2015-was-the-hardest-year-to-make-money-in-78-years.html" target="_blank">click here to see article</a>). Warren Buffett's Berkshire Hathaway (a holding I own) lost over 11%. His worst year since 2008.<br />
<br />
While I think CNBC are being a tad over-dramatic (I found 2008 a lot harder!), things certainly haven't been easy. The FTSE All share (My benchmark index as 88.37% of my holdings fall within it) has dropped -2.2% over the year. Adjusted for dividends of approx 3.8% the total return has been a measly 1.6% *Figures from year starting Jan 3rd 2015. <br />
<br />
Over the same period my holdings have posted a total return (including dividends less all fees) of 5.3% which marks a 7th consecutive year of index out-performance.<br />
<br />
Over the last 5 years my cumulative total return has been 64%, not far off double the returns of the All Share at around 36%. I'm quite pleased with my results but a growing bugbear is that a few of the fund managers I follow have performed even better, with total returns in excess of 100% over the same period in some cases. This begs the question: do I hand my money over to them to manage, or do I carry on with DIY investing? I think ultimately I'll do a bit of both. <br />
<br />
As always there have been significant winners and losers within the portfolio. The three best holdings have been: Google (Alphabet) which is up +45% over the year, Imperial Tobacco up +29.4% & BT up +21%. The three worst losers have been Murray International Trust -15.21%, Templeton Emerging Markets -23.96% and BHP Billiton which I bought into in the summer and gradually sold out again after further research, total loss on that holding was about -25%. <br />
<br />
This is the portfolio as it currently stands:<br />
<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 467px;"><colgroup><col style="mso-width-alt: 7424; mso-width-source: userset; width: 152pt;" width="203"></col>
<col style="mso-width-alt: 6070; mso-width-source: userset; width: 125pt;" width="166"></col>
<col style="mso-width-alt: 3584; mso-width-source: userset; width: 74pt;" width="98"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="height: 12.75pt; width: 152pt;" width="203">Company</td>
<td class="xl25" style="border-left: none; width: 125pt;" width="166">Market</td>
<td class="xl26" style="border-left: none; width: 74pt;" width="98">% of Holdings</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203"></td>
<td class="xl24" style="border-left: none; border-top: none; width: 125pt;" width="166"></td>
<td class="xl24" style="border-left: none; border-top: none; width: 74pt;" width="98"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">AstraZeneca</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">11.44</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Lloyds Banking Group</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">9.97</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Imperial Tobacco</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">9.30</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">GlaxoSmithKline</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">8.16</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Fidelity China Special Situations</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
250</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">7.58</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">British American Tobacco</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">6.99</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Murray International Inv Trst</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
250</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">4.98</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Berkshire Hathaway (B)</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">S&P
500</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">4.92</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">BAE Systems</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">4.90</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">HSBC</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">4.13</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">BT</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">3.81</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">F&C Commercial Property Trust</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
250</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">3.72</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Unilever</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">2.85</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Templeton Emerging Markets</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
250</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">2.68</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Google (Alphabet)</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">NASDAQ</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">2.68</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">PZ Cussons</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
250</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">2.21</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Oakley Capital<span style="mso-spacerun: yes;"> </span></td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">AIM</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">2.14</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Legal & General</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">2.01</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Marston's</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
250</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">1.37</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Berkeley Group</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
100</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">1.26</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">International Greetings</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">AIM</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">1.18</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">P2P Global</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">FTSE
Small Cap</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">1.01</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Molins</td>
<td class="xl27" style="border-left: none; border-top: none; width: 125pt;" width="166">AIM</td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">0.53</td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt; width: 152pt;" width="203">Cash</td>
<td class="xl24" style="border-left: none; border-top: none; width: 125pt;" width="166"></td>
<td class="xl28" style="border-left: none; border-top: none; width: 74pt;" width="98">0.18</td>
</tr>
</tbody></table>
<br />
Mining/resource companies and emerging markets have had a hammering this year hence the poor performance of Murray International, Templeton Emerging Markets and BHP Billiton as noted above. Commodity prices have fallen to their lowest levels for years, and huge depreciations in emerging market currencies against the dollar have been a big detractor for emerging market based investments.<br />
<br />
Interestingly I have been reading a book by Jim Rogers called Hot Commodities (my dad's signed copy no less.) The book was written in 2004 and in it Jim touts commodities as a good bet for around a decade. His reasoning was based on the phenomenon of super cycles in commodity markets caused by long term dynamics in demand/supply cycles. He also notes in the book that during commodity boom cycles, equities tend to perform poorly, and during commodity bust cycles equities tend to perform well - which does make sense as lower commodity prices mean lower business costs and more money in the pockets of consumers. Jim does have quite a good track record for being right about things. He co-founded the Quantum hedge fund with George Soros, which managed to deliver returns of around 4200% in its first 10 years. <br />
<br />
Not only was Jim pretty accurate with his call on commodities, he was also somewhat prophetic in noting that the financial system in the USA was up the spout, and he expressed specific concerns over US mortgage financiers Freddie Mac & Fanny Mae. It's unfortunate that people like him aren't more actively involved in government. <br />
<br />
12 years have passed since Jim wrote that book, and perhaps we are now seeing the end of the commodity super cycle he described, and the start of a commodity crunch. If so, and commodity prices are set to be weak for a prolonged period, this could provide a strong tail wind for equity returns. The graph below (from Fidelity) attempts to highlight bull and bear markets in equites. Let's hope we're due another secular bull market! <br />
<br />
<br />
<br />
<img alt="fidelity market super cycles" src="http://static4.businessinsider.com/image/51070e8c69bedd882000001d-480/fidelity-market-super-cycles.jpg" width="480" /><br />
<br />
<br />
On a separate note, In an attempt at trying to improve my investment performance, and get it more in line with some of the fund managers I follow, I've been doing quite a lot of reading, and as a result I've changed my investment selection process. Now my primary investment criteria is quality, as measured by various metrics including ROE, ROCE, cash conversion etc. Valuation is secondary. This is a significant change as valuation used to be the first thing I screened for and quality was of secondary concern. The rationale behind this change can be summed up with two Buffett quotes.<br />
<br />
1: <i>''It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.</i>'' <br />
<br />
2: <i><span class="bqQuoteLink">'<a href="http://www.brainyquote.com/quotes/authors/w/warren_buffett.html" target="_blank">'Time is the friend of the wonderful company, the enemy of the mediocre.''</a></span></i><br />
<br />
<span class="bqQuoteLink">Best Wishes to you all, I hope 2016 is a good year for you, financially and otherwise!</span><i><span class="bqQuoteLink"> </span></i><br />
<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com4tag:blogger.com,1999:blog-1437204728870165814.post-87756620255345108682015-05-14T10:01:00.001+01:002015-05-14T10:01:33.313+01:00Warren Buffett on Equity Prices, Bond Prices & Interest Rates <br />
See CNBC link below:<br />
<br />
<a href="http://www.cnbc.com/id/102644439">http://www.cnbc.com/id/102644439</a>Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com6tag:blogger.com,1999:blog-1437204728870165814.post-33923967073645378622015-02-17T14:57:00.002+00:002015-02-17T14:57:44.241+00:00Shiller CAPE ETF Fund<br />
This new CAPE centred ETF fund looks very interesting...<br />
<br />
<a href="http://www.telegraph.co.uk/finance/personalfinance/investing/11416205/My-Italy-bet-paid-off-Prof-Shiller-on-his-new-European-Cape-fund.html">http://www.telegraph.co.uk/finance/personalfinance/investing/11416205/My-Italy-bet-paid-off-Prof-Shiller-on-his-new-European-Cape-fund.html</a><br />
Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com1tag:blogger.com,1999:blog-1437204728870165814.post-40806171734642314312015-01-25T13:16:00.002+00:002015-01-25T17:53:50.917+00:00CAPE Crusading in 2015 - Annual Portfolio Review<br />
A belated happy new year to you all! I hope you all enjoyed the festive season? Time for my annual investment review, and I think the only thing hitting a 52 week high at the moment is my weight! <br />
<br />
2014 was a difficult year for UK equities, the FTSE AllShare (my benchmark index) fell in nominal terms dropping -2%. However if you include dividends received it made a meagre gain of 1.3% (figures from Jan 3rd 2014 - Jan 3rd 2015).<br />
<br />
I managed to outperform a little. My total return including dividends received but minus all charges was 4.9%. Hardly much to shout about, but looking back over a 6 year period (admittedly the bottom of the credit crunch) the All Share has delivered a total return (including dividends) of around 92% whilst my ISA portfolio is up 195% over the same period after all costs.<br />
<br />
2014 could have been far more profitable if it hadn't been for a few very poor performers dragging down my averages. Among the culprits were Tesco, JP Morgan Russian Securities, Cairn Energy, Polo Resources, Oakley Capital & Molins. It has been a very bad year for small caps, energy/resource stocks and supermarkets. I have offloaded all these holdings aside from Molins and Oakley capital.<br />
<br />
Holdings that made great positive contributions to the portfolio this year include Astrazeneca, BT, Fidelity China Special Situations Trust, F&C Commercial Property Trust & Berkshire Hathaway.<br />
<br />
Since my last review I've picked up a few small holdings in Marston's, L&G and also the US tech giant Google. This is how things currently stand:<br />
<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 590px;"><colgroup><col style="mso-width-alt: 7021; mso-width-source: userset; width: 144pt;" width="192"></col>
<col style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
<col style="mso-width-alt: 3401; mso-width-source: userset; width: 70pt;" width="93"></col>
<col style="mso-width-alt: 3474; mso-width-source: userset; width: 71pt;" width="95"></col>
<col style="mso-width-alt: 4169; mso-width-source: userset; width: 86pt;" width="114"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl22" height="17" style="height: 12.75pt; width: 144pt;" width="192"><table border="0" cellpadding="0" cellspacing="0" style="width: 718px;"><colgroup><col style="width: 48pt;" width="64"></col>
<col style="mso-width-alt: 7021; mso-width-source: userset; width: 144pt;" width="192"></col>
<col style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
<col style="mso-width-alt: 3401; mso-width-source: userset; width: 70pt;" width="93"></col>
<col style="mso-width-alt: 3474; mso-width-source: userset; width: 71pt;" width="95"></col>
<col style="mso-width-alt: 4169; mso-width-source: userset; width: 86pt;" width="114"></col>
<col style="width: 48pt;" width="64"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt; width: 48pt;" width="64"><br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 590px;"><colgroup><col style="mso-width-alt: 7021; mso-width-source: userset; width: 144pt;" width="192"></col>
<col style="mso-width-alt: 3510; mso-width-source: userset; width: 72pt;" width="96"></col>
<col style="mso-width-alt: 3401; mso-width-source: userset; width: 70pt;" width="93"></col>
<col style="mso-width-alt: 3474; mso-width-source: userset; width: 71pt;" width="95"></col>
<col style="mso-width-alt: 4169; mso-width-source: userset; width: 86pt;" width="114"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="height: 12.75pt; width: 144pt;" width="192"><b>Company</b></td>
<td class="xl24" style="border-left: none; width: 72pt;" width="96"><b>Market</b></td>
<td class="xl24" style="border-left: medium none; text-align: right; width: 70pt;" width="93"><b>Amount</b></td>
<td class="xl24" style="border-left: medium none; text-align: right; width: 71pt;" width="95"><b>% of Holdings</b></td>
<td class="xl24" style="border-left: none; width: 86pt;" width="114"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;"></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl25" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">AstraZeneca</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£19,602.40</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">13.00</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">BAE Systems</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£7,943.56</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">5.27</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Berkshire
Hathaway (B)</td>
<td class="xl25" style="border-left: none; border-top: none;">S&P 500</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£5,910.34</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">3.92</td>
<td class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">British
American Tobacco</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£11,048.00</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">7.32</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">BT</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£5,593.95</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">3.71</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">F&C
Commercial Property Trust</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 250</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£6,519.92</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">4.32</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Fidelity
China Special Situations</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 250</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£10,724.68</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">7.11</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">GlaxoSmithKline</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£13,110.84</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">8.69</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Google</td>
<td class="xl25" style="border-left: none; border-top: none;">NASDAQ</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£2,396.18</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">1.59</td>
<td class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">HSBC</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£8,145.72</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">5.40</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Imperial
Tobacco</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£11,720.72</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">7.77</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Legal &
General</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£1,328.40</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">0.88</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Lloyds
Banking Group</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 100</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£17,943.22</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">11.90</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Marston's</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 250</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£2,006.47</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">1.33</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Molins</td>
<td class="xl25" style="border-left: none; border-top: none;">AIM</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£952.84</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">0.63</td>
<td class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Murray
International Inv Trst</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 250</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£8,679.84</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">5.75</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Oakley Capital<span style="mso-spacerun: yes;"> </span></td>
<td class="xl25" style="border-left: none; border-top: none;">AIM</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£4,948.64</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">3.28</td>
<td class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Templeton
Emerging Markets</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE 250</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£4,203.68</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">2.79</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;">Urban &
Civic</td>
<td class="xl25" style="border-left: none; border-top: none;">FTSE small Cap</td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£2,317.50</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">1.54</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;"></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl26" style="border-left: none; border-top: none;"></td>
<td class="xl27" style="border-left: none; border-top: none;"></td>
<td class="xl25" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;"><br /></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl26" style="border-left: none; border-top: none;"></td>
<td class="xl27" style="border-left: none; border-top: none;"></td>
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<td class="xl24" height="17" style="border-top: none; height: 12.75pt;">Cash</td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td align="right" class="xl26" style="border-left: none; border-top: none;">£5,743.69</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">3.81</td>
<td class="xl25" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="border-top: none; height: 12.75pt;"></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl26" style="border-left: none; border-top: none;"></td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td class="xl25" style="border-left: none; border-top: none;"><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="border-top: none; height: 12.75pt;">Total</td>
<td class="xl25" style="border-left: none; border-top: none;"></td>
<td align="right" class="xl28" style="border-left: none; border-top: none;">£150,840.59</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;">100.00</td>
<td align="right" class="xl27" style="border-left: none; border-top: none;"><br /></td>
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</td>
<td style="width: 144pt;" width="192"><br /></td>
<td style="width: 72pt;" width="96"><br /></td>
<td style="width: 70pt;" width="93"><br /></td>
<td style="width: 71pt;" width="95"><br /></td>
<td style="width: 86pt;" width="114"><br /></td>
<td style="width: 48pt;" width="64"><br /></td>
</tr>
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<td height="17" style="height: 12.75pt;"><br /></td>
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<td><br /></td>
</tr>
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<td height="17" style="height: 12.75pt;"><br /></td>
<td class="xl25" style="border-top: none;"><br /></td>
<td class="xl25" style="border-left: none; border-top: none;"><br /></td>
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<td><br /></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td height="17" style="height: 12.75pt;">Looking forward I am still cautiously optimistic. The UK market is still reasonably priced on a CAPE (Cyclically Adjusted Price Earnings) basis.<br />
<br />
For an illustration of this check out this article from a few months back <a href="http://www.thisismoney.co.uk/money/investing/article-2738966/How-use-CAPE-beat-market-global-CAPE-values.html">http://www.thisismoney.co.uk/money/investing/article-2738966/How-use-CAPE-beat-market-global-CAPE-values.html</a><br />
<br />
The table on the lower right of the article documents the CAPE figures for all major markets. Note how expensive the US is looking after another stellar run this year. America is undoubtedly the best country in the world in which to do business, but is it a good enough prospect to warrant the valuation premium? I'm not so sure.<br />
<br />
Greece and Russia represent the two cheapest markets globally, but I think both countries are in need of a significant catalyst before I would consider investing. If Greece pulled out of the Euro, or if political tensions ease around Russia, the investment case may become appealing. (NB I have recently exited a Russian investment trust because of the worsening predicament there.)<br />
<br />
China is getting plenty of negative press lately due to the 'slowing' of their economic growth. There are plenty of issues to consider when investing in China but I'm not particularly worried about their GDP growth figures, which at 7.4% are still over double that of most developed nations. As you can see from the CAPE article above, China is still an attractively priced market so with a bit of luck my Fidelity China special situations fund will have another cracking year in 2015.<br />
<br />
Last year I expressed concern about the investment prospect for gold and also long duration bonds. Over the course of the year gold has gone nowhere, and due to its non productive nature has been a poor holding. Long duration bonds however have continued to rally, thanks mainly to continuance of loose economic policy from central banks, the latest boosting factor being the European Central Bank giving the green light to Quantitative Easing (Bond Buying). Many government 10 year bonds are now so expensive (German & Japanese in particular) that they are yielding almost nothing. What is the point in tying your money up for 10 years when the yield is lower than you'd get in an instant access savings account? The rationale of course is that you will benefit from further capital appreciation of the bond price due to the bigger fool effect i.e. the hope that some bigger fool will come along and pay more after you. The bigger fools in question being the central banks. Long dated government bonds are seriously overvalued and I remain convinced they will deliver poor returns in the long run.<br />
<br />
As most of you are aware, we had a huge fall in the price of crude oil during the second half of 2014. If prices remain at current levels, we should see a big impact on company profits from a reduction in business input costs and increased consumer discretionary expenditure. This factor along with the banking sector slowly returning to health, could provide a tail wind for business in 2015.<br />
<br />
I hope you all have a happy and prosperous year folks!<br />
<br />
Matt<br />
<br />
<br />
<br />
<br /></td>
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Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com1tag:blogger.com,1999:blog-1437204728870165814.post-77712711826088205852014-10-17T17:31:00.001+01:002014-10-17T17:45:06.040+01:00Pension Choice: Annuity VS Flexible Drawdown <br />
I've penned a blog post on the Seer Green website that attempts to weigh up the pros and cons of both annuities & pension drawdown schemes (UK).<br />
<br />
The article centres on flexible drawdown which has recently become more accessible to retirees since new legislation came into place earlier this year. From next April it will be accessible to all. <br />
<br />
The article only intends to highlight the main issues involved, and should not be viewed as advice. Please follow the link below.<br />
<br />
<a href="http://seer-green.com/blog/2014-10-17-pension-options-annuity-vs-flexible-drawdown" target="_blank"> http://seer-green.com/blog/2014-10-17-pension-options-annuity-vs-flexible-drawdown</a><br />
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<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com2tag:blogger.com,1999:blog-1437204728870165814.post-51651950183883348502014-10-16T20:51:00.005+01:002014-10-16T20:53:21.063+01:00Jack Bogle Video<br />
Here's a link to a great little CNBC interview with Jack Bogle, founder of Vanguard. He tries to put the current 10% market pull-back into perspective, and explains why we are not in a bubble in relation to corporate earnings, unlike the situation in 2000. <br />
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<a href="http://video.cnbc.com/gallery/?video=3000320728">http://video.cnbc.com/gallery/?video=3000320728</a>Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com5tag:blogger.com,1999:blog-1437204728870165814.post-89461993130171635912014-10-11T12:53:00.003+01:002014-10-15T09:46:12.797+01:00Portfolio Update October 2014<br />
Since my last portfolio update in July, the markets have been volatile to say the least, as can be common during the May - October period. The last six weeks especially have seen the FTSE 100 nosedive around 550 points (8%). Unfortunately many of my holdings have fallen with the tide. I haven't calculated whether I'm outperforming the All share at this point (I'll leave that until the new year), but I'm guessing I'm roughly on a par. On the plus side I've received a fair bit of dividend income lately, and have some money to reinvest at these lower prices. More on that later. <br />
<br />
After reviewing my laggard stocks back in July I opted to sell my last tranche of Tesco shares. I managed to get out at 283p. My purchase price for these was between 360p-400p so needless to say it has been a poor investment. The only real silver lining is that since selling, their shares have collapsed further still to 185p, so things could have been worse if I'd stayed invested.<br />
<br />
Warren Buffett is also down on his Tesco investment, to the tune of about £465m: at least I'm in good company.<br />
<br />
As discussed previously Tesco are facing severe headwinds, the era of growth through land grabbing and store opening is coming to an end as the market nears saturation. I think the current price war and resultant tight margins will extend for quite some time as the sector consolidates and weaker players are driven out of business. M&A activity may become a new driver of growth for those who remain. I think Tesco have the resources to ride the storm, and at 185p a share, are definitely worth looking at again.<br />
<br />
The proceeds from the Tesco sale along with some dividend income were reinvested into HSBC and JP Morgan Russian Securities. Hopefully HSBC should be a fairly safe bet going forward, they have a strong revenue stream and are more financially robust than most other British Banks, they pay a juicy 5% dividend too. JP Morgan Russian is more of a geopolitical punt. Russian equities are incredibly cheap now by most valuation yardsticks and this trust is trading at quite a wide 13.6% discount to NAV. The situation in Ukraine will have to be resolved before it strikes any pay dirt though. In the meantime there is a reasonable dividend of circa 4% (although fairly hefty annual fund management costs).<br />
<br />
Stocks haven't been the only asset class taking a hammering lately. Commodities are down too. Notably Brent crude oil has dropped below $90 a barrel for the first time in years. How long this downturn will last is anybody's guess and it is obviously bad news for miners & oil producers, but cheaper fuel and energy should act like a global tax break, and will hopefully aide business profits and consumer spending the world over.<br />
<br />
I do have a little dividend income left to invest in this autumn stock sale. Companies on the radar include BHP Billiton, Marstons, L&G and possibly Tesco again, all effectively income plays.<br />
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<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com1tag:blogger.com,1999:blog-1437204728870165814.post-60663439492213112852014-07-07T08:05:00.000+01:002014-07-16T22:48:43.905+01:00Slater Investments Ltd<br />
Just over a month ago I had the pleasure of attending a lunch hosted by Mark Slater of Slater Investments Ltd at the Royal Exchange. The purpose of the lunch was for Mark to give an overview on the performance of two of his funds (<a href="http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=WXF98A" target="_blank">MFM Slater Growth</a> & <a href="http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=WXF98A" target="_blank">MFM Slater Income</a>), plus he highlighted some recent sales and acquisitions that the funds had made.<br />
<br />
Mark obviously has investment in the blood, being the son of the venerable investor and financial author <a href="http://en.wikipedia.org/wiki/Jim_Slater_%28accountant%29" target="_blank">Jim Slater</a>. His share picking strategy seems to stem closely from the methodology prescribed in his father's <a href="http://www.amazon.co.uk/The-Zulu-Principle-Extraordinary-Ordinary/dp/1587990954" target="_blank">books</a>, the growth fund certainly concentrating on smaller businesses with good growth potential as screened by the PEG ratio amongst other measures.<br />
I have been following the growth fund for some time and over the past five years it has risen by a spectacular 272%.<br />
<br />
It must be said that smaller companies have had a great run of late, and if there is a pull back in the market, smaller company funds could be hit the hardest. Nevertheless Mark has proven adept at dealing with downturns (see table below), hence MFM Slater Growth should be a decent investment for the long run.<br />
<br />
The MFM Slater Income fund has only been running since 19th Sept 2011 but performance so far has also been good; another fund I'll be keeping a close eye on.<br />
<br />
Incidentally I happened to come across this table in the Times last Sunday:<br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNM8kWz5ZQsPso_QJfV2JyXF8L27gJylJo9mEzg6lP4qrTEygWzjPT_Omy89FvTX33DZIPLuwHwQQfogPcrqvfcfo7pCboNtj-328A4eGU1lrS3AOllwH3dgTmkoIINA10E4I5HxqI27XR/s1600/2014-06-30+07.36.09.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNM8kWz5ZQsPso_QJfV2JyXF8L27gJylJo9mEzg6lP4qrTEygWzjPT_Omy89FvTX33DZIPLuwHwQQfogPcrqvfcfo7pCboNtj-328A4eGU1lrS3AOllwH3dgTmkoIINA10E4I5HxqI27XR/s1600/2014-06-30+07.36.09.jpg" height="320" width="240" /></a></div>
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If you can't make out the small print it basically documents the percentage of months a manger has outperformed the market during downturn periods. Many of those in the list manage income funds, which you would expect to perform better during a downturn. But as Mark is more geared towards smaller growth companies I think he's done well to make this list.<br />
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NB. For anyone wondering if they should ditch the Invesco High Income fund now that <a href="http://en.wikipedia.org/wiki/Neil_Woodford" target="_blank">Neil Woodford</a> has left to set up his own venture, it would appear Mark Barnett looks a good replacement, on this measurement at least.<br />
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<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com5tag:blogger.com,1999:blog-1437204728870165814.post-50513341080804391442014-07-04T12:40:00.002+01:002014-07-18T16:06:39.410+01:00Portfolio Update July 2014Since the 3rd of Jan (my annual review date), the FTSE All Share
index (my chosen benchmark index) has gained 1.9% and delivered approx
1.6% of dividend income giving a total of 3.5% growth.<br />
<br />
The
total growth of my portfolio over the same 6 month period (including
dividends less all charges paid - no new money has been added) equates
to 2.9%. A bit of a disappointment after last year's returns. <br />
<br />
The 0.6% under-performance is mostly
attributable to sizeable share price falls in Oakley Capital, Polo
Resources, Cairn Energy and Tesco. Also Lloyds is down a little off it's
highs, which has had some effect as it is one of my largest holdings.<br />
<br />
I am currently reviewing all the above companies and there will be some imminent changes.<br />
<br />
On
a positive note some of my holdings have performed well & contributed to the small gain, namely
AstraZeneca, Imperial Tobacco, Murray International Trust &
Templeton Emerging Markets Trust.<br />
<br />
Here is a current breakdown:<br />
<br />
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<b><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Company</span></b></div>
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<b><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Market</span></b></div>
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<b><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Amount</span></b></div>
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<b><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">% of Holdings</span></b></div>
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<b><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">% FTSE ALLSHARE</span></b></div>
</td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">AstraZeneca</span></div>
</td>
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<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£18,903.80</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">12.80</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">12.8</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">BAE</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"> Systems</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£7,190.17</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">4.87</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">4.87</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Berkshire</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"> Hathaway (B)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">S&P 500</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£4,590.11</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.11</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">British American
Tobacco</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£10,982.16</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">7.44</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">7.44</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">BT</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£5,451.66</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.69</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.69</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Cairn Energy</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 250</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£3,033.09</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">2.05</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">2.05</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">F&C Commercial
Property Trust</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 250</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£5,736.00</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.88</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.88</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Fidelity </span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">China</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"> Special Situations</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 250</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£8,234.60</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">5.58</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">5.58</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">GlaxoSmithKline</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£14,865.38</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">10.07</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">10.07</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">HSBC</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£5,501.90</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.73</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.73</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Imperial Tobacco</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£10,982.16</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">7.44</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">7.44</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">JP Morgan Russian
Securities</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE Small Cap</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£2,160.00</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">1.46</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">1.46</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Lloyds Banking Group</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£17,837.19</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">12.08</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">12.08</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 14;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Molins</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE Small Cap</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£2,039.31</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">1.38</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">1.38</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 15;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Murray</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"> International
Investm Trust</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 250</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£9,236.24</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">6.26</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">6.26</span></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Oakley Capital
Investments</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">AIM</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£5,060.74</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">3.43</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Polo Resources</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">AIM</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£579.71</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">0.39</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 25.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Templeton Emerging
Markets</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 250</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£4,318.43</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">2.92</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 25.5pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">2.92</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 19;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Urban & Civic</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">AIM</span><span style="color: #333333; font-family: Arial; font-size: 10.0pt;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£2,224.80</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">1.51</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 20;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Tesco</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">FTSE 100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£1,436.15</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">0.97</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">0.97</span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 21;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 9.0pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 9.0pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 22;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Cash</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="bottom" width="99"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£7,292.62</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">4.94</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 23;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 9.0pt;">
<br /></div>
</td>
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<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 9.0pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td>
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<br /></div>
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<td style="border-top: none; border: solid windowtext 1.0pt; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.0pt;" valign="bottom" width="157"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.05pt;">
<b><span style="color: #333333; font-family: Arial; font-size: 10.0pt;">Total</span></b></div>
</td>
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<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.0pt;" valign="bottom" width="101"><div class="MsoNormal" style="mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">£147,656.22</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.0pt;" valign="bottom" width="111"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 12.75pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="bottom" width="144"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="color: #333333; font-family: Arial; font-size: 10.0pt;">86.62</span></div>
</td>
</tr>
</tbody></table>
<br />
I'll be posting again soon, as and when changes are made.Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-30061385365710781592014-05-18T23:55:00.001+01:002014-05-31T12:50:03.382+01:00Best Books On Investing - My Top 10<div class="separator" style="clear: both; text-align: center;">
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<a href="http://upload.wikimedia.org/wikipedia/en/5/57/Theintelligentinvestor.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Theintelligentinvestor.jpg" border="0" data-file-height="257" data-file-width="173" src="http://upload.wikimedia.org/wikipedia/en/5/57/Theintelligentinvestor.jpg" height="200" width="132" /> </a></div>
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1. The Intelligent Investor by Benjamin Graham - described by Warren Buffet as ''by far the best book on investing ever written''. It centres on Graham's philosophy of value investing ''which shields investors from substantial error, and teaches them to develop long term strategies.'' First published in 1949 but as valid today as it was then.</div>
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2. The Zulu Principle by Jim Slater - This is a great book on investment for growth. Its title is based on the premise that anyone can become an expert on a subject if they narrow their field enough (his wife is an authority on Zulus). Slater's methodology revolves around spotting small companies with good growth potential that are priced attractively. </div>
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<img alt="The Little Book That Still Beats the Market Your Safe Haven i | Greenblatt, Joel" class="img" src="http://thumbs3.ebaystatic.com/d/l225/m/mkiLstswFNwysWqVxJOVtBA.jpg" height="200" width="141" /></div>
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3. The Little Book That Still Beats The Market by Joel Greenblatt - Like 'The Intelligent Investor', this book centres on value investing and even uses some of Graham's terminology (Mr Market etc). Mr Greenblatt has effectively tweaked the Graham methodology to create his own 'magic formula' for investing. A good little book that won't take you long to read.</div>
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<img alt="Common Stocks and Uncommon Profits and Other Writings 40 by Philip A. Fisher..." border="0" class="img img300" src="http://thumbs1.ebaystatic.com/d/l225/m/mTivq5mGOirIiC9ngELTVww.jpg" height="200" itemprop="image" title="Common Stocks and Uncommon Profits and Other Writings 40 by Philip A. Fisher..." width="129" /> </div>
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4. Common Stocks And Uncommon Profits by Philip A. Fisher -Fisher was a pioneer growth investor who specialised in innovative companies driven by research and development, his 15 point guide to assessing potential growth companies is still enormously relevant.</div>
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<img alt="One Up On Wall Street by Peter Lynch (Paperback) : How To Use What You Already" class="img" src="http://thumbs2.ebaystatic.com/d/l225/m/m9FOuakja8nSF4FO3VS6PqQ.jpg" height="200" itemprop="image" width="129" /></div>
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5. One Up On Wall Street by Peter Lynch & John Rothchild - Peter Lynch was one of America's best performing fund managers. He managed the Fidelity Magellan fund from 1977 to 1990 averaging returns of 29% per annum. This book delves into his stock picking methodology and highlights areas where amateur stock pickers can garner advantage over their professional contemporaries. </div>
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6. The Great Investors by Glen Arnold - This book takes a look at nine of the world's greatest investors, some of whom have books of their own in this list. The people covered are Benjamin Graham, Anthony Bolton, John Templeton, Charles Munger, Warren Buffett, George Soros, Peter Lynch, Philip Fisher and John Neff. All fantastic money managers and all and ideal people to study. Soros particularly stands out from the rest of this group, as he is the only one you'll find in this list who is more of a trader than a long term investor. His Quantum fund has been one of the few truly successful hedge funds, delivering an annual rate of return of nearly 35% over the first 26 years of the fund.</div>
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7. Stock Picking For Profit by Simon Thompson - Simon writes a regular column for the Investors Chronicle. He specialises in analysing small businesses and has proved an adept stock picker. Many of the concepts/methods he utilises have been mentioned in other books on this list, but this book is probably one of the best for providing real life case studies, demonstrating exactly what you should be looking for when analysing a potential investment.</div>
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8. Extraordinary Popular Delusions And The Madness Of Crowds by Charles Mackay - Whilst not an investment title per-se, this book documents the limitations of human sensibility, and covers many interesting topics. Of note to investors should be the Dutch 'Tulip Mania', and also the South Sea Bubble. Yet there are many other interesting subjects mentioned, including the incidence of witch mania, alchemy, and the crusades. </div>
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<a class="image" href="http://en.wikipedia.org/wiki/File:The_Snowball_-_Warren_Buffett_and_the_Business_of_Life_bookcover.jpg"><img alt="The Snowball - Warren Buffett and the Business of Life bookcover.jpg" data-file-height="287" data-file-width="192" src="http://upload.wikimedia.org/wikipedia/en/0/06/The_Snowball_-_Warren_Buffett_and_the_Business_of_Life_bookcover.jpg" height="200" width="133" /></a></div>
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9. The Snowball- Warren Buffett And The Business Of Life by Alice Schroeder - This is the biography of probably the world's best known investor, and while it doesn't dwell too much on his investing methodology, it does give fantastic insight into his psyche and habits. The book shows how his success owes as much to hard work, determination and self-discipline as it does to his method of investing. </div>
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10. Game Over by Stephen Leeb - WARNING, this book has quite a negative outlook for the future, so if you are prone to depression you may want to avoid it. Nevertheless it is extremely interesting, and offers a glimpse at what pitfalls a rising global population could face as our natural resources are depleted. Stephen has made a few good investment calls in the past, being one of the first to jump on the gold bandwagon. Although I don't always agree with his Malthusian view of things, his book is well worth a read.</div>
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Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com1tag:blogger.com,1999:blog-1437204728870165814.post-51653612999170249562014-05-07T09:52:00.000+01:002014-05-07T10:27:24.669+01:00Ethical Investments<!--[if gte mso 9]><xml>
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<span style="font-family: inherit;">For the socially responsible investor, who wishes to save with a
conscience, there are a plethora of 'ethical' funds available. These vary dramatically from fund to fund, and research is recommended, as certain funds may
suit an individual’s ethical standards better than others.</span></div>
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<span style="font-family: inherit;">It is worth noting that some stats have shown ethical funds
to under-perform the market; this could be due to the fact that they tend to
screen out sectors like tobacco, oil exploration, defence/arms & pharmaceuticals, which have strong revenue
streams and often pay substantial dividends.</span></div>
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<span style="font-family: inherit;">This is not to say that ethical investing should be avoided, as
although returns may be sub par, it can still offer much better long term investment prospects than holding your savings in cash. </span></div>
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<span style="font-family: inherit;">I have sifted through quite a few ethical funds, and below are some of the better performing examples that I came across.</span></div>
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<span style="font-family: inherit;"><a href="http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=A6FB2" target="_blank">F&C Stewardship Growth</a><a href="http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=A6FB2" target="_blank"> Fund</a> - a long standing fund that aims to 'provide capital growth and income by investing in an ethically screened spread of UK equities.' The fund has gained 91.3% over the last 5 years which isn't too bad, but still 4.9% less than their benchmark (UK All Companies 96.2%).</span></div>
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<span style="font-family: inherit;">A closer look at the fund offers some interesting insights. Amongst it's top 10 holdings are GlaxoSmithKline, who in the line of their business conduct testing on animals. Glaxo do try and '</span><span style="font-family: inherit;">prevent or minimise pain and distress before, during, and after experimental procedures.' but this still might not conform to the ideals that an ethical investor might aspire to.</span></div>
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<span style="font-family: inherit;">Another holding in the fund is BG Group, the oil & gas exploration spin off of British Gas. Again some ethically minded investors may not be too keen on the idea of funding hydrocarbon extraction.</span></div>
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<span style="font-family: inherit;">HSBC is the fund's largest holding, but as bankers seem to be an object of scorn for many, this could prove another bone of contention. </span></div>
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<span style="font-family: inherit;">Another Ethical equity fund which has performed a bit better over the past 5 years is the <a href="http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=STET&univ=U" target="_blank">Standard Life Investments UK Ethical Fund</a>. It has risen a commendable 131.7%, soundly beating the UK All Companies benchmark (96.2%). There are no pharmaceutical companies to be seen in the top ten holdings and its largest holding is DS Smith who supply recycled packaging for consumer goods, a business which must surely tick a few boxes for most ethical investors! Another top ten holding is Asos, the on-line clothes retailer. There are however two banks present (Barclays & Standard Chartered), and BG Group also makes an appearance in this fund.</span></div>
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<span style="font-family: inherit;">For investors with a lower attitude to risk the <a href="http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=R3F97&univ=O&print=true" target="_blank">Royal London Ethical Bond Fund</a> has performed admirably over the past five years, rising 72.3%, substantially more than the IMA Sterling Corporate Bond benchmark which has returned 58.1% over the same period. The fund's 5 biggest sector weightings are: structured products (21.3%), banks (15.8%), utility companies (13.8% - including some renewables e.g. First Hydro), social housing (9.1%) and insurance (8.9%).</span></div>
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<span style="font-family: inherit;">As you can see, all the above funds have performed reasonably well, but ethical investment is not straight forward and each fund must be assessed on its own merits. If these are not to your taste there are many other options available <a href="http://www.trustnet.com/Investments/EthicalFunds.aspx" target="_blank">(see trustnet table</a>) that positively or negatively screen for many different ethical categories. For example the <a href="http://uk.virginmoney.com/virgin/isa/virgin-money-climate-change-fund.jsp" target="_blank">Virgin Money Climate Change fund</a> aims to ''invest in businesses that are making the right decisions for the environment.'' ''Up to 25% of the fund is invested in what we call 'solution adopters' and 'solution providers'. </span><span style="font-family: inherit;">Solution adopters are companies leading by example in their fields,
actively seeking out new ways to lower their environmental footprint.
Solution providers are companies developing and manufacturing solutions
to environmental problems, including alternative energy sources.'' Unfortunately the fund hasn't performed particularly well, rising only 69.2% over a five year period. </span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">To sum up there are enough equity and bond funds out there to suit most ethical preferences and combinations of such could be used to match most risk profiles, as long as one isn't too fussy about returns. </span></div>
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Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com1tag:blogger.com,1999:blog-1437204728870165814.post-16572843134146660202014-05-06T12:04:00.000+01:002014-06-25T08:39:15.602+01:00Portfolio Update May 2014 - M&A Activity Driving Gains<br />
After a lacklustre Q1 there has been a recent surge in the market, which seemingly has been led by a few of my holdings that have benefited from positive M&A activity.<br />
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AstraZeneca shares have risen strongly (up around 24% in 2/3 weeks) on the back of takeover bids from the US company Pfizer, who are probably looking to take advantage of the UK's generous tax rates by headquartering their business on British soil. I may look at offloading some of these holdings if the share price is pushed much higher.<br />
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Also GlaxoSmithKline have hit the headlines because of a proposed deal with Swiss firm Novartis, in which they would swap assets with a view to streamlining both businesses. This has also been received favourably by the market with Glaxo shares rising around 7% in the last few weeks.<br />
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Lloyds Banking group are doing okay too, having risen around 10% over the same 2-3 week period on the back of news of offloading TSB branches.<br />
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As these 3 companies comprise a substantial part of my portfolio, things are boding well for a Q2 out-performance.<br />
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There has also been some positive news flow from Terrace Hill Group who are planning a reverse takeover of Urban&Civic holdings. Terrace hill shares are up almost 20% since the deal was announced.<br />
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Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-5169513989319233052014-03-19T13:47:00.001+00:002014-03-19T13:47:37.329+00:00Portfolio Update March 2014<br />
Since my end of year post on January the <a href="http://www.mattjbird.com/2014/01/happy-new-year-2013-review.html" target="_blank">3rd</a>, the markets have been fairly stagnant. The FTSE All-Share (my new benchmark index), has fallen about 1.1%. My portfolio is only down about 0.4% but this includes a couple of dividends received so I am probably broadly in line with the benchmark.<br />
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Most of my larger holdings have been resilient. Astrazeneca, GlaxoSmithKline, Imperial Tobacco and British American Tobacco have risen nicely, and Berkshire Hathaway has had a recent spike upwards, Lloyds Banking Group is treading water.<br />
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However there have been a few disappointments. Cairn Energy has taken a big hit due to a bout of unsuccessful drilling projects, and also a tax investigation by the Indian <a href="http://www.heraldscotland.com/business/company-news/shares-in-cairn-hit-by-losses-and-tax-dispute.23731572" target="_blank">Government</a>. I will hold these shares for the time being as I think the bad news is fully priced in, but they are top of my hit list should any better ideas come along.<br />
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Polo Resources, another natural resource play, have also been suffering in light of weak commodity prices. They remain priced at a huge discount to net asset value, yet are still growing their asset base. Their latest investment is a purchase of 12.8% of the Tunisian phosphate miner <a href="http://www.proactiveinvestors.co.uk/companies/news/66808/polo-resources-acquiring-127-of-tunisia-phosphate-developer-66808.html" target="_blank">Celamin</a>. Polo only constitutes a very small portion of my portfolio, and I will continue to hold for the time being in the hope of a re-rating to reflect the value of the underlying assets.<br />
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My holding in JPMorgan Russian Securities has taken a hammering (-20%) due to the political unrest in Crimea. I think this fund represents fantastic value at these prices, so last week I bought a little more. There is obviously now a substantial amount of political risk in this investment, but hopefully in the long run the issues will be resolved and the fund will re-rate. In the meantime I'll benefit from a generous yield of 3.6%. <br />
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I have also topped up on HSBC, who are also trading at a bargain basement price. Their forward PE is almost single digit and their forecast yield is 5.4%.<br />
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The decision to reduce my holdings in Tesco is looking like a good one. They have continued to struggle to hold their market share against discounters such as Lidl and Aldi, and are now in a nascent price war which will undoubtedly lower their net profit. That said, a lot of the bad news is priced in, and the shares are yielding almost 5% so I'll happily hold on to what I have remaining for the time being.<br />
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That's it for now. Happy investing all.<br />
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<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-14585657105552196552014-02-27T15:50:00.000+00:002014-02-27T16:18:17.672+00:00FE Alpha Managers<br />
It's a fairly well documented fact that most actively managed funds under perform their passive, index tracking rivals (and charge investors extra for the privilege). <br />
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However there are some managers out there who are well worth their proverbial salt, beating the market consistently over long time frames. Here are five such managers as demonstrated by the FE Alpha Managers list. Below are the current top five performers over a 10 year period, and the respective funds they manage.<br />
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1. Harry Nimmo - Standard Life UK Smaller Companies Trust PLC - 438.3%<br />
2. Daniel Nickols - Old Mutual UK Smaller Companies PLC - 384.1%<br />
3. Martin Lau - First State Greater China Growth - 337.5%<br />
4. Nick Train - CF Lindsell Train UK Equity - 307.3%<br />
5. David Dudding - Threadneedle European Select - 302.5%<br />
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source: www.trustnet.com <br />
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Some of these outstanding returns are no doubt attributable to the fact that these funds rate higher than average on the risk spectrum: you would expect smaller company, and emerging market funds to generally outperform the market as payment for taking on the extra risk. It is of little surprise that no income funds made the top five.<br />
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Nonetheless these managers have all significantly outperformed their benchmark indexes and deserve consideration as part of the risky portion of an adventurous portfolio. Whilst past performance is no certain guide to the future, there is a reasonable chance that shrewd managers who have made good investment decisions will continue to do so going forward.<br />
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For more information on index trackers v managed funds check out the following<a href="http://www.mattjbird.com/2012/09/managed-funds-vs-index-trackers.html" target="_blank"> link.</a><br />
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<br />Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0tag:blogger.com,1999:blog-1437204728870165814.post-82768831199869464262014-02-05T22:46:00.001+00:002014-02-06T10:28:14.641+00:0010 Tips For Stock Market Success<br />
<ol>
<li>Buy quality businesses at reasonable prices: look for companies with an enduring competitive advantage, a strong revenue stream, and ideally a good record of dividend payment/growth. Familiarise yourself with valuation measures such as PE ratios, NAV etc and use these to determine whether the business is attractively priced. Resist the temptation to overpay. </li>
<li>Learn to cut your losses and let your profits run: if the fundamentals of an investment have changed for the worse, then re-evaluate your position and possibly get out. Don't try and hold out until you have recouped your loss, you might be better off making your money back on a different (healthier) horse. On the flip side don't be too quick to bank your profits on good companies. </li>
<li>Be tax efficient: make use of your ISA allowance, pension contributions, and other tax reducing investments. The majority of smaller DIY investors can avoid paying tax on their investments if they plan effectively. </li>
<li>Use diversification wisely: diversification is a double edged sword. On one hand holding a large basket of shares does negate much of a portfolio's company specific risk, but on the flip side if you are not allocating enough capital to your best ideas, you're less likely to outperform the market (presuming your best ideas are any good). </li>
<li>Size matters: in theory investors in smaller businesses should be rewarded with higher returns for taking extra risk, and <a href="http://en.wikipedia.org/wiki/Jim_Slater_%28accountant%29" target="_blank">Jim Slater's</a> adage that 'Elephants don't gallop' would appear to have some merit. Yet I don't think it's as straight forward as this. Large boring companies are often undervalued by the market and can produce great returns, with less volatility than smaller companies. The FTSE100 has significantly outperformed the AIM index since it's inception. Large cap companies may not double in price overnight, but they make up for this by not going to the wall as frequently as their smaller brethren. </li>
<li>Use tactical asset allocation: If the indexes of the world are heavily overbought, and trading on 20+ PE ratios, consider diversifying into other asset classes that may offer you higher returns, or at least protect your capital against a fall in the market. Conversely if stock prices are cheap on a historical basis, consider increasing your exposure to them. </li>
<li>Keep a lid on costs/fees: minimise your costs as much as possible and try not to over trade. A saving of 0.5% a year on fees would make a huge difference to your investments over a lifetime of investing. For examples of the effects of lowering fees check this <a href="http://www.mattjbird.com/2013/06/why-compound-interest-is-glorious-and.html" target="_blank">link. </a> </li>
<li>Invest for the long term & use cost price averaging: be patient, view your stock market investment as a get rich slowly scheme. Historically equities have outperformed cash 99% of the time over an 18 year period, but you may have to ride out some short/medium term volatility before gains are realised. Buying equities in tranches will help smooth out some of the short term market volatility. </li>
<li>Be contrarian: the best value is usually found in equities that other investors fear to touch. Financial & House Builders' shares fell heavily out of favour during the credit crunch and in most cases investment into these sectors would have paid off handsomely. Conversely, if a particular share/sector is getting a lot of positive press and has already significantly rallied, you may do well to keep away from it. </li>
<li>Read up: like most things in life there is a learning curve to investing, and because there is money involved it makes good sense to learn as much as you can before you commit your hard earned cash to the markets. I recommend reading the Investors Chronicle, Financial Times and Sunday Times Business & Money sections regularly to keep you up to date with matters. </li>
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Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com12tag:blogger.com,1999:blog-1437204728870165814.post-54554062122818776942014-01-03T13:09:00.000+00:002014-01-03T19:12:46.465+00:00Happy New Year!! - 2013 Review.<br />
Happy new year everyone! Hope you had a good 2013 and many thanks for reading!<br />
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<b>Benchmarking</b><br />
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Last year was a great one for dabbling in stocks, and I'm quite pleased with how things have gone. Jan 3rd 2013 the FTSE 100 was sitting at 6047 and it has risen to 6725 today, which including dividends received would have given you a total return of around 14.6%. <br />
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The FTSE All Share (which is the capitalisation weighted aggregate of the FTSE100, FTSE 250 and FTSE Small Cap indices), did slightly better, rising from 3170 to 3598, which including dividends received has given a total return of 16.78% over the year. I think the All Share will prove a more accurate benchmark going forward as it fits my holdings more closely than the FTSE 100 as shown in the table below.<br />
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Over the same period my holdings have risen 27.3%, this figure includes all dividends received and expenses paid, no new money has been added to the portfolio. The current breakdown of holdings is as follows:<br />
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<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 679px;" x:str="">
<colgroup><col style="mso-width-alt: 7533; mso-width-source: userset; width: 155pt;" width="206"></col>
<col style="mso-width-alt: 3657; mso-width-source: userset; width: 75pt;" width="100"></col>
<col style="mso-width-alt: 3108; mso-width-source: userset; width: 64pt;" width="85"></col>
<col style="mso-width-alt: 3145; mso-width-source: userset; width: 65pt;" width="86"></col>
<col style="mso-width-alt: 2852; mso-width-source: userset; width: 59pt;" width="78"></col>
<col style="mso-width-alt: 4534; mso-width-source: userset; width: 93pt;" width="124"></col>
</colgroup><tbody>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="background-color: transparent; border: 0.5pt solid windowtext; height: 12.75pt; width: 155pt;" width="206"><b><span style="font-family: Arial; font-size: x-small;">Company</span></b></td>
<td class="xl24" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt 0px; width: 75pt;" width="100"><b><span style="font-family: Arial; font-size: x-small;">Market</span></b></td>
<td class="xl24" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt 0px; width: 64pt;" width="85"><b><span style="font-family: Arial; font-size: x-small;">Amount</span></b></td>
<td class="xl24" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt 0px; width: 65pt;" width="86"><b><span style="font-family: Arial; font-size: x-small;">% of Holdings</span></b></td>
<td class="xl24" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt 0px; width: 59pt;" width="78"><b><span style="font-family: Arial; font-size: x-small;">% FTSE 100</span></b></td>
<td class="xl24" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt 0px; width: 93pt;" width="124"><b><span style="font-family: Arial; font-size: x-small;">% FTSE ALLSHARE</span></b></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">AstraZeneca</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="15227.01"><span style="font-family: Arial; font-size: x-small;">£15,227.01</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C2/C25)*100" x:num="10.606653955686545"><span style="font-family: Arial; font-size: x-small;">10.61</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">10.61</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">10.61</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">BAE Systems</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="7288.37"><span style="font-family: Arial; font-size: x-small;">£7,288.37</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C3/C25)*100" x:num="5.0768482118949905"><span style="font-family: Arial; font-size: x-small;">5.08</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">5.08</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">5.08</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Berkshire
Hathaway (B)</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">S&P 500</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="4355.55"><span style="font-family: Arial; font-size: x-small;">£4,355.55</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C4/C25)*100" x:num="3.033938484094417"><span style="font-family: Arial; font-size: x-small;">3.03</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">British
American Tobacco</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="11102.69"><span style="font-family: Arial; font-size: x-small;">£11,102.69</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C5/C25)*100" x:num="7.7337829821653399"><span style="font-family: Arial; font-size: x-small;">7.73</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">7.73</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">7.73</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">BT</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="5302.4"><span style="font-family: Arial; font-size: x-small;">£5,302.40</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C6/C25)*100" x:num="3.6934842713462674"><span style="font-family: Arial; font-size: x-small;">3.69</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">3.69</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">3.69</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Cairn Energy</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 250</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="4050.08"><span style="font-family: Arial; font-size: x-small;">£4,050.08</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C7/C25)*100" x:num="2.8211577356846131"><span style="font-family: Arial; font-size: x-small;">2.82</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">2.82</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">F&C
Commercial Property Trust</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 250</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="5731.22"><span style="font-family: Arial; font-size: x-small;">£5,731.22</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C8/C25)*100" x:num="3.9921867315979851"><span style="font-family: Arial; font-size: x-small;">3.99</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">3.99</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Fidelity
China Special Situations</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 250</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="8352.8"><span style="font-family: Arial; font-size: x-small;">£8,352.80</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C9/C25)*100" x:num="5.8182965113346983"><span style="font-family: Arial; font-size: x-small;">5.82</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">5.82</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">GlaxoSmithKline</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="14987.64"><span style="font-family: Arial; font-size: x-small;">£14,987.64</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C10/C25)*100" x:num="10.439916378357003"><span style="font-family: Arial; font-size: x-small;">10.44</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">10.44</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">10.44</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">HSBC</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="4617.9"><span style="font-family: Arial; font-size: x-small;">£4,617.90</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C11/C25)*100" x:num="3.2166832032004238"><span style="font-family: Arial; font-size: x-small;">3.22</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">3.22</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">3.22</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Imperial
Tobacco</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="9794.26"><span style="font-family: Arial; font-size: x-small;">£9,794.26</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C12/C25)*100" x:num="6.8223719937152785"><span style="font-family: Arial; font-size: x-small;">6.82</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">6.82</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">6.82</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">JP Morgan
Russian Securities</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE Small Cap</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="1892.15"><span style="font-family: Arial; font-size: x-small;">£1,892.15</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C13/C25)*100" x:num="1.3180118934874474"><span style="font-family: Arial; font-size: x-small;">1.32</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">1.32</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Lloyds
Banking Group</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="18643.05"><span style="font-family: Arial; font-size: x-small;">£18,643.05</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C14/C25)*100" x:num="12.986159464567374"><span style="font-family: Arial; font-size: x-small;">12.99</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">12.99</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">12.99</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Molins</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE Small Cap</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="2236.85"><span style="font-family: Arial; font-size: x-small;">£2,236.85</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C15/C25)*100" x:num="1.5581190201344484"><span style="font-family: Arial; font-size: x-small;">1.56</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">1.56</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Murray
International Investm Trust</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 250</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="8970.88"><span style="font-family: Arial; font-size: x-small;">£8,970.88</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C16/C25)*100" x:num="6.2488315065130511"><span style="font-family: Arial; font-size: x-small;">6.25</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">6.25</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Oakley
Capital Investments</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">AIM</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="5973.6"><span style="font-family: Arial; font-size: x-small;">£5,973.60</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C17/C25)*100" x:num="4.1610209798042526"><span style="font-family: Arial; font-size: x-small;">4.16</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Polo
Resources</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">AIM</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="1173.21"><span style="font-family: Arial; font-size: x-small;">£1,173.21</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C18/C25)*100" x:num="0.81722100972883116"><span style="font-family: Arial; font-size: x-small;">0.82</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Templeton
Emerging Markets</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 250</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="3978"><span style="font-family: Arial; font-size: x-small;">£3,978.00</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C19/C25)*100" x:num="2.7709490855868006"><span style="font-family: Arial; font-size: x-small;">2.77</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">2.77</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Terrace Hill</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">AIM</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="2133.02"><span style="font-family: Arial; font-size: x-small;">£2,133.02</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C20/C25)*100" x:num="1.485794323413363"><span style="font-family: Arial; font-size: x-small;">1.49</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Tesco</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"><span style="font-family: Arial; font-size: x-small;">FTSE 100</span></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="1663.45"><span style="font-family: Arial; font-size: x-small;">£1,663.45</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C21/C25)*100" x:num="1.1587067009601217"><span style="font-family: Arial; font-size: x-small;">1.16</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">1.16</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num=""><span style="font-family: Arial; font-size: x-small;">1.16</span></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"></td>
<td class="xl25" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl25" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><span style="font-family: Arial; font-size: x-small;">Cash</span></td>
<td class="xl25" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:num="6086.79"><span style="font-family: Arial; font-size: x-small;">£6,086.79</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=(C23/C25)*100" x:num="4.2398655567267181"><span style="font-family: Arial; font-size: x-small;">4.24</span></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl29" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl29" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
</tr>
<tr height="17" style="height: 12.75pt;">
<td class="xl24" height="17" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: 0px 0.5pt 0.5pt; height: 12.75pt;"><b><span style="font-family: Arial; font-size: x-small;">Total</span></b></td>
<td class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;"></td>
<td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=SUM(C2:C23)" x:num="143560.92"><span style="font-family: Arial; font-size: x-small;">£143,560.92</span></td>
<td class="xl28" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=SUM(D2:D23)" x:num=""><span style="font-family: Arial; font-size: x-small;">100.00</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=SUM(E2:E21)" x:num=""><span style="font-family: Arial; font-size: x-small;">61.74</span></td>
<td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: 0px 0.5pt 0.5pt 0px;" x:fmla="=SUM(F2:F21)" x:num=""><span style="font-family: Arial; font-size: x-small;">86.27</span></td>
</tr>
</tbody></table>
<br />
<br />
<br />
Typically the returns from each holding have varied dramatically; Lloyds Banking Group, my biggest holding, gained about 60%. BT also gained 60%, BAE systems up 23%, Fidelity China up 20%, AstraZeneca up 19% plus many of the house builders that I sold earlier in the year made huge gains in the spring. On the down side Tesco have been disappointing (down 5%), as have my natural resource plays which have been stagnant or falling. Also I have been disappointed with the performance of Murray International Trust which has fallen since I purchased, and lost all it's premium to NAV. In hindsight I overpaid for this fund yet I still expect it to perform going forward.<br />
<br />
<b>New Holdings</b><br />
<br />
Just before Christmas I sold down some of my holdings in Tesco, AstraZeneca, GlaxoSmithKline, BAT and Imperial to buy Templeton Emerging markets and Oakley Capital Investments. <br />
<br />
Templeton Emerging Markets is a popular investment trust run by <a href="http://en.wikipedia.org/wiki/Mark_Mobius" target="_blank">Dr. Mark Mobius</a> who has a great track record for overseas investing. As I have very limited knowledge of overseas businesses I will be using funds like this, Murray International and Fidelity China to gain exposure to global equities.<br />
<br />
My purchase of Oakley Capital was quite speculative. They are a fairly small AIM listed company who recently announced that they will be working in conjunction with Neil Woodford (Invesco Perpetual's star manager) to launch his new solo career in April using their offices and back office functions. It isn't very clear how much this will financially benefit Oakley but Neil is well respected within the industry and will doubtless attract billions in investment funds when he moves. Oakley are trading on par with their NAV so hopefully the potential downside of holding the shares will be limited.<br />
<br />
<b>Gold & Bonds</b><br />
<br />
Over the last few years I have been very bearish on long dated bonds and gold, having written a few <a href="http://www.mattjbird.com/2013/02/bubbles-gold-government-bonds.html" target="_blank">articles</a> on the subject. <br />
<br />
Gold has had a disastrous 2013, its worst in 3 decades in fact, falling almost 30%. Bonds have also had a terrible time, in most cases losing significant amounts.<br />
<br />
I'm still bearish on both these asset classes, especially bonds, and think returns are likely to be poor in 2014. Risk averse investors that are heavily exposed to bond markets could be in for a rough year.<br />
<br />
<b>Equities </b><br />
<b></b><br />
I think global equity markets represent fair value at the moment. I prefer the UK to the US. The All Share is trading on a PE of 14.9 which is more or less it's long term average, and a good bit cheaper than the S&P 500 at 17.38. <br />
<br />
The US significantly outperformed the UK in 2013, maybe because the UK market has a higher exposure to mining/natural resource stocks which underperformed in 2013. There are quite a few natural resource stocks that are now looking very cheap on paper; if this remains the case I expect that I will increase my holdings in the sector. My recent purchase of JPMorgan Russian Securities is very much a natural resources play as their market is heavily weighted in miners and oil/gas explorers, which explains why the Russian RTS index is so cheap trading a PE of 5.95.<br />
<br />
I also prefer the UK to most of Europe as I believe the risk of economic implosion is lower here, and European valuations are not low enough to warrant the extra risk.<br />
<br />
I continue to like China, their market looks very cheap given the growth potential. My Fidelity China fund has massively outperformed the Chinese indexes this year and is still trading at an 8.6% discount to NAV.<br />
Despite <a href="http://en.wikipedia.org/wiki/Anthony_Bolton" target="_blank">Anthony Bolton</a>'s impending exit from the helm I think 2014 may prove a bumper year for this fund.<br />
<br />
Many investment houses are tipping Japan for 2014, but this is an area I will be keeping away from. The Nikkei has performed admirably in 2013 but it is arguably the dearest developed market in the world, trading on a PE of 23.5. I think that Japan's ultra loose monetary policy is questionable and undoubtedly attracting short term money to their shores. Also they have possibly the worst demographic make up in the world, with increasingly fewer working age people to support their aging society. Their strict immigration policy isn't helping with this.<br />
<br />
<b>Oil</b><br />
<br />
It's been a fairly benign year for the black stuff, Brent Crude has risen about 3.54% over the year which has been good for inflation figures and has provided a stable platform on which business could thrive. As previously stated I think that stable energy prices are crucial to long term economic success and hopefully we will see more of the same in 2014.<br />
<br />
That's it for now, wishing you all the best in 2014, I hope it's a great year for you all.<br />
<br />
Matt.<br />
<br />
Matt Bird - Investment Bloghttp://www.blogger.com/profile/18164706201439776224noreply@blogger.com0