Vanguard Funds plc. Semiannual Report. For the Six Months Ended 31 December 2017

Transcription

1 Semiannual Report For the Six Months Ended 31 December 2017 Vanguard Funds plc An investment company with variable capital constituted as an umbrella fund with segregated liability between Funds and incorporated with limited liability under the laws of Ireland under registration number and authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

2 Contents Chairman s Letter 1 Tracking Error 3 Company Financial Statements for Vanguard Funds plc 4 Vanguard Euro STOXX 50 UCITS ETF 7 Vanguard FTSE 100 UCITS ETF 13 Vanguard FTSE 250 UCITS ETF 20 Vanguard FTSE All-World UCITS ETF 28 Vanguard FTSE All-World High Dividend Yield UCITS ETF 61 Vanguard FTSE Developed Asia Pacific ex Japan UCITS ETF 80 Vanguard FTSE Developed Europe UCITS ETF 90 Vanguard FTSE Developed World UCITS ETF 101 Vanguard FTSE Emerging Markets UCITS ETF 124 Vanguard FTSE Japan UCITS ETF 140 Vanguard FTSE North America UCITS ETF 150 Vanguard Global Liquidity Factor UCITS ETF 161 Vanguard Global Minimum Volatility UCITS ETF 178 Vanguard Global Momentum Factor UCITS ETF 187 Vanguard Global Value Factor UCITS ETF 202 Vanguard S&P 500 UCITS ETF 218 Vanguard EUR Corporate Bond UCITS ETF 228 Vanguard EUR Eurozone Government Bond UCITS ETF 238 Vanguard USD Corporate Bond UCITS ETF 247 Vanguard USD Emerging Markets Government Bond UCITS ETF 276 Vanguard USD Treasury Bond UCITS ETF 292 Notes to the Financial Statements 301 Glossary of Investment Terms 326 Additional Information From the Directors 328 Additional Information for investors in Switzerland 334 About the cover: Nautical images have been part of Vanguard s rich heritage since its start in For an incoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to put you first and light the way as you strive to meet your financial goals. Our client focus and low costs, stemming from our unique ownership structure, assure that your interests are paramount.

3 Chairman s Letter Dear Shareholder, Stock indexes around the world hit record highs during the six months ended 31 December 2017 as investors cheered upticks in economic growth, strong corporate profits, shifts in monetary policy and new legislative agendas. In the United States, a surge of optimism followed the 2016 presidential election. Investors were enthusiastic about a new policy agenda focused on infrastructure spending, greater deregulation and tax reform; a new tax law was passed just before the period closed. In US dollar terms, the S&P 500 gained almost 22%. The Federal Reserve was also positive about the US economy. It raised rates in December the third increase in The target range for the federal funds rate now stands at 1.25% 1.5%. The Fed also began to reduce its $4.5 trillion balance sheet, another sign of its intent to normalise monetary policy. US Treasury bond yields were affected by the rate hikes. Yields on short-term bonds, which are sensitive to interest rates, increased as their prices fell. Long-term bond yields decreased. This was likely the result of uncertainty over the direction of inflation and an acknowledgement that the legislative agenda and regulatory rollback would bolster growth in the near term. Other central banks also seemed to be moving away from accommodative monetary policies. In November, the Bank of England raised its benchmark interest rate for the first time in a decade and signaled that further tightening was likely in the short-to-medium term. The announcement led to decreases in bond yields and the value of the pound. In Asia, Japan s stock market posted strong results as Prime Minister Shinzo Abe won reelection, indicating that his monetary policy program of low interest rates and fiscal stimulus would remain in place. China posted decent economic growth in the second half of the year, alleviating some concerns about a hard landing for the world s second-largest economy. A word about Vanguard s leadership transition I stepped down as CEO on 31 December As I mentioned in an earlier letter, Tim Buckley, who previously served as Vanguard president and chief investment officer, was chosen by our board of directors to succeed me. This was a carefully planned transition and I can t think of a better pick than Tim. As with past successions, I will remain as chairman for a period to be determined by the board. Tim and the rest of the team will serve you and our other clients extremely well as Vanguard prepares for its next chapter. Thank you for your ongoing confidence in Vanguard. Sincerely, F. William McNabb III Chairman The Vanguard Group, Inc. 31 December 2017 Sluggish economic growth and uncertainty over Brexit negotiations didn t hamper the FTSE 100 from hitting new highs. Oil and gas, basic materials and financial stocks were some of the biggest contributors to the benchmark index s rise. 1

4 Market Barometer Total Returns (in US dollars) Periods Ended 31 December 2017 Index Six Months Three Years Five Years S&P (Large-cap US stocks) 11.09% 10.71% 15.07% MSCI World MSCI Europe MSCI Pacific MSCI Emerging Markets Bloomberg Barclays Global Aggregate (World bonds) Currency Impact Six Months Ended 31 December 2017 Local-Currency Currency US Dollar Index Returns Effect Returns S&P % 0.00% 11.09% MSCI World MSCI Europe MSCI Pacific MSCI Emerging Markets Bloomberg Barclays Global Aggregate The returns of the S&P 500 Index are adjusted for the 30% withholding tax on dividends paid by US securities. 2

5 Tracking Error Each of the funds listed in the table employs a passive investment strategy designed to replicate the performance of its benchmark index. Some of the funds attempt to fully replicate the index by holding all of the component securities, in approximately the same proportion as their weighting in the index. Other funds instead use an index sampling process, holding a representative sample of securities which approximates the full index in terms of key risk factors and other characteristics. Tracking error measures the volatility of the return difference between the fund and the index. It is calculated as the standard deviation of active returns gross of fees for the trailing 36-month period (or since the fund s inception if it does not have 36 months of performance history). For the Period Ended December 2017 Ex-Post Fund Tracking Error Euro STOXX 50 UCITS ETF 1, FTSE 100 UCITS ETF FTSE 250 UCITS ETF FTSE All-World UCITS ETF FTSE All-World High Dividend Yield UCITS ETF FTSE Developed Asia Pacific ex Japan UCITS ETF FTSE Developed Europe UCITS ETF FTSE Developed World UCITS ETF FTSE Emerging Markets UCITS ETF FTSE Japan UCITS ETF FTSE North America UCITS ETF S&P 500 UCITS ETF EUR Corporate Bond UCITS ETF 3, EUR Eurozone Government Bond UCITS ETF 3, USD Corporate Bond UCITS ETF 3, USD Emerging Markets Government Bond UCITS ETF 3, USD Treasury Bond UCITS ETF 3, The fund seeks to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. 2 The fund was launched on 24 October The fund attempts to select those securities that will create the representative sample that tracks the performance of the index as closely as possible. 4 The fund was launched on 25 February The fund was launched on 6 December

6 Company Financial Statements for Vanguard Funds plc Company Statement of Assets and Liabilities Total Total US Dollars ($) US Dollars ($) As at 31 December As at 30 June Current Assets Financial Assets at Fair Value Through Profit or Loss 35,932,251,585 29,806,948,670 Financial Derivative Instruments 1,764, ,602 Cash and Liquid Assets 251,692, ,818,683 Unrealised Appreciation on Spot Currency Contracts 63,465 15,126 Receivables: Interest and Dividends 52,844,188 61,275,188 Capital Shares Sold 56,796,699 79,251,536 Investments Sold or Matured 30,830,351 5,979,981 Futures Margin 5,560,509 6,914,330 Cash Collateral 368,504 34,529 Other Receivables 144,024 90,965 Total Current Assets 36,332,316,230 30,109,687,610 Current Liabilities Financial Derivative Instruments 642,542 1,794,876 Bank Overdraft 4,853, ,875 Unrealised Depreciation on Spot Currency Contracts 1, Payables and Other Liabilities: Capital Shares Redeemed 6,847,932 Investments Purchased 182,568, ,523,968 Management Fees Payable 2,998,283 2,569,815 Futures Margin Cash Due to Broker 6,241 7,517 Total Current Liabilities 197,918, ,434,576 Net Assets Attributable to Holders of Redeemable Participating Shares ( Net Assets ) 36,134,397,250 29,920,253,034 On behalf of the Board, Axel Lomholt Peter Blessing 21 February 2018 The accompanying notes form an integral part of the financial statements. 4

7 Company Statement of Operations Total Total US Dollars ($) US Dollars ($) Six Months Ended Six Months Ended 31 December December 2016 Investment Income/(Loss) Interest Income 7,040,933 2,857,004 Dividend Income 363,500, ,964,471 Securities Lending Income 1,041,988 1,495 Miscellaneous Income 155,932 19,229 Net Gain/(Loss) on Financial Instruments 2,829,834,386 1,533,103,279 Total Investment Income/(Loss) 3,201,573,400 1,808,945,478 Expenses Management Fees 17,200,740 11,387,923 Transaction Fees and Commissions 4,164,245 3,172,990 Other Expenses 171, ,956 Total Expenses 21,536,115 14,721,869 Finance Costs Interest Expense 49,918 25,989 Distribution Paid 318,120, ,871,201 Income Equalisation (8,293,949) (12,665,242) Total Finance Costs 309,876, ,231,948 Net Investment Income/(Loss) After Finance Costs 2,870,160,504 1,560,991,661 Foreign Withholding Tax (41,005,396) (30,509,500) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 2,829,155,108 1,530,482,161 There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations. The accompanying notes form an integral part of the financial statements. 5

8 Company Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Total Total US Dollars ($) US Dollars ($) Six Months Ended Six Months Ended 31 December December 2016 Increase/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares From Operations 2,829,155,108 1,530,482,161 Capital Transactions Subscriptions 4,601,620,669 4,366,491,228 Redemptions (1,524,980,634) (881,541,868) Total Capital Transactions 1 3,076,640,035 3,484,949,360 Total Increase/(Decrease) for the Period 5,905,795,143 5,015,431,521 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 29,920,253,034 20,491,134,525 Foreign Exchange Translation Adjustment 2 308,349,073 (317,523,402) End of Period 36,134,397,250 25,189,042,644 1 Capital Transactions include income equalisation adjustments of USD ($) 8,293,949 (31 December 2016: USD ($) 12,665,242). 2 Individual sub-fund financial statements are presented in the base currency of each sub-fund. For the purpose of calculating the Company Vanguard Funds plc US dollars total, the EUR-based subfunds and GBP-based sub-funds have been translated into US dollars at the following exchange rates: Average rate for the Daily exchange Daily exchange Average rate for the Average rate for the period from rate as at rate as at six months ended six months ended 24 October 2017 to 31 December June December December December 2017 EUR-based sub-funds GBP-based sub-funds N/A The resulting translation adjustment represents the difference in exchange rates applied to the net assets at the beginning of the period and an exchange rate differential in consolidating the Statement of Operations at the average rate for the period. This adjustment is solely for the purposes of reporting a fund total in US dollars and has no effect on any individual sub-fund. The accompanying notes form an integral part of the financial statements. 6

9 Vanguard Euro STOXX 50 UCITS ETF Sub-managed by Vanguard Asset Management, Limited Fund Profile As at 31 December 2017 The Fund Profile does not form part of the Financial Statements. Investment Objective Vanguard Euro STOXX 50 UCITS ETF seeks to track the performance of the Euro STOXX 50 Index, a widely recognized index of the 50 largest companies in the euro zone. Portfolio Characteristics Euro STOXX 50 Fund Index Number of Stocks Median Market Cap Euro 75.7B 75.7B British Pounds 67.2B 67.2B Swiss Franc CHF88.6B CHF88.6B US Dollar $91.0B $91.0B Price/Earnings Ratio 16.1x 16.1x Price/Book Ratio 1.7x 1.7x Yield 3.2% 3.2% Return on Equity 12.0% 12.0% Earnings Growth Rate 2.9% 2.9% Turnover Rate 0% Ongoing Charges Figure 0.10% Short-Term Reserves 0.1% Sector Diversification (% of portfolio) Euro STOXX 50 Fund Index Basic Materials 5.4% 5.4% Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Ten Largest Holdings 1 (% of total net assets) TOTAL SA Integrated Oil & Gas 4.8% Siemens AG Diversified Industrials 4.1 SAP SE Software 3.8 Banco Santander SA Banks 3.6 Bayer AG Specialty Chemicals 3.5 Allianz SE Financial Services 3.5 BASF SE Diversified Chemicals 3.5 Sanofi Biotech & Pharmacy 3.4 Unilever Personal Products 3.0 BNP Paribas SA Banks 3.0 Top Ten 36.2% Market Diversification (% of portfolio) Euro STOXX 50 Fund Index France 35.7% 35.7% Germany Netherlands Spain Italy Belgium Finland Ireland Investment Focus Style Value Blend Growth Market Cap Large Medium Small 1 The holdings listed exclude any temporary cash investments and equity index products. 7

10 Euro STOXX 50 UCITS ETF Performance Summary The Performance Summary does not form part of the Financial Statements. For the period between the fund s inception on 24 October and 31 December 2017, Vanguard Euro STOXX 50 UCITS ETF returned 2.76%, compared with the 2.79% return of its benchmark index. The tracking difference for the abbreviated period was 0.03 percentage point. 1 Stock indices around the world hit record highs during the period as investors cheered upticks in economic growth, strong corporate profits, shifts in monetary policy and new legislative agendas. The enthusiasm for risk assets was widespread, with equities in both developed and emerging markets performing well. The Euro STOXX 50 UCITS ETF invests in 50 large-capitalisation stocks located in Europe. The stocks are based in 11 countries and represent a wide array of sectors. Euro STOXX 50 UCITS ETF Benchmark: Euro STOXX 50 Index EUR-Denominated Cumulative Performance: 24 October December 2017 Initial Investment of 100,000 Total Return Period Ended 31 December 2017 Since Inception 2 Final Value of a 100,000 Investment ETF Net Asset Value -2.76% 97,242 Benchmark ,210 Fiscal-Year Total Investment Returns (%): 24 October December ETF Net Asset Value Benchmark 1 In tracking the performance of the index, the fund attempts to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. The tracking difference between the fund return and the index return over a stated period of time can be attributed to a number of factors, including, without limitation, small differences in weightings, trading activity, transaction costs and differences in the valuation and withholding tax treatment between the fund and the index vendor. 2 Return since inception: 24 October

11 Euro STOXX 50 UCITS ETF Financial Statements Statement of Investments 31 December 2017 Shares EUR ( ) Net Assets Equities 97.49% Belgium 2.84% Anheuser-Busch InBev SA 9, , % 863, % Finland 0.94% Nokia OYJ 72, , % 284, % France 35.12% Total SA 31,565 1,453, % Sanofi 14,306 1,027, % BNP Paribas SA 14, , % LVMH Moet Hennessy Louis Vuitton SE 3, , % AXA SA 26, , % Vinci SA 7, , % Airbus SE 7, , % L Oreal SA 3, , % Air Liquide SA 5, , % Danone SA 7, , % Schneider Electric SE 6, , % Societe Generale SA 10, , % Safran SA 4, , % Orange SA 25, , % Engie SA 23, , % Cie de Saint-Gobain 6, , % Essilor International Cie Generale d Optique SA 2, , % Vivendi SA 12, , % 10,658, % Germany 32.85% Siemens AG 10,621 1,233, % SAP SE 12,495 1,167, % Bayer AG 10,334 1,074, % Allianz SE 5,574 1,067, % BASF SE 11,476 1,052, % Daimler AG 12, , % Deutsche Telekom AG 40, , % Deutsche Post AG 11, , % Adidas AG 2, , % Volkswagen AG - Preference Shares Class Preferre 2, , % Deutsche Bank AG 23, , % Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 1, , % Bayerische Motoren Werke AG 4, , % Fresenius SE & Co. KGaA 5, , % E.ON SE 27, , % 9,968, % Ireland 1.03% CRH plc 10, , % 313, % Italy 4.75% Intesa Sanpaolo SpA 181, , % Enel SpA 97, , % Eni SpA 31, , % 1,439, % Shares EUR ( ) Net Assets Netherlands 9.96% Unilever NV 19, , % ING Groep NV 48, , % ASML Holding NV 4, , % Koninklijke Philips NV 11, , % Koninklijke Ahold Delhaize NV 15, , % 3,021, % Spain 10.00% Banco Santander SA 201,634 1,104, % Banco Bilbao Vizcaya Argentaria SA 83, , % Telefonica SA 57, , % Iberdrola SA 72, , % Industria de Diseno Textil SA 13, , % 3,033, % Total Equities 29,582, % Collective Investment Schemes 0.86% France 0.86% Unibail-Rodamco SE REIT 1, , % Total Collective Investment Schemes 262, % Financial Assets at Fair Value Through Profit or Loss 29,844, % Unrealised Number of Notional Gain/(Loss) Contracts Amount EUR ( ) Financial Derivative Instruments (0.04%) Futures (0.04%) Euro STOXX March ,809 (11,789) (0.04%) Financial Derivative Instruments (11,789) (0.04%) Fair Value EUR ( ) Other Assets and Liabilities 512, % Net Assets Attributable to Holders of Redeemable Participating Shares 30,344, % REIT Real Estate Investment Trust. Analysis of Total Net Assets (a) % of Total EUR ( ) Net Assets Transferable securities admitted to an official stock exchange listing 29,844, % (b) Transferable securities dealt in on another regulated market % (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated market % (d) Financial derivative instruments (11,789) (0.04%) (e) Other net assets 512, % Total Net Assets 30,344, % 9

12 Euro STOXX 50 UCITS ETF Significant Portfolio Changes For the Period Ended 31 December Cost Shares EUR ( ) Purchases Total SA 92,664 4,319,522 Siemens AG 31,400 3,704,390 SAP SE 36,879 3,584,979 Sanofi 42,449 3,482,536 Bayer AG 30,542 3,442,247 Banco Santander SA 593,405 3,440,461 Allianz SE 16,603 3,323,843 BASF SE 33,923 3,141,010 BNP Paribas SA 42,540 2,904,003 Unilever NV 58,100 2,834,645 Anheuser-Busch InBev SA 27,391 2,810,538 Daimler AG 36,810 2,577,026 LVMH Moet Hennessy Louis Vuitton SE 10,025 2,494,195 ING Groep NV 143,501 2,291,821 ASML Holding NV 14,358 2,186,899 AXA SA 76,870 1,983,289 Airbus SE 22,254 1,907,490 Deutsche Telekom AG 120,603 1,870,047 Banco Bilbao Vizcaya Argentaria SA 246,268 1,815,640 Vinci SA 20,649 1,711,504 Air Liquide SA 15,772 1,704,028 L Oreal SA (XPAR) 9,006 1,691,763 Danone SA 23,218 1,617,637 Intesa Sanpaolo SpA 533,565 1,558,441 Schneider Electric SE 20,648 1,518,999 Enel SpA 286,874 1,516,509 Telefonica SA 166,348 1,462,891 Societe Generale SA 29,832 1,450,112 Iberdrola SA 213,774 1,440,514 Deutsche Post AG 35,447 1,392,081 Eni SpA 93,822 1,306,657 Industria de Diseno Textil SA 41,048 1,290,462 Adidas AG 6,759 1,286,145 Koninklijke Philips NV 34,751 1,221,944 Safran SA 13,246 1,189,033 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 5,730 1,110,302 Fresenius SE & Co. KGaA 15,129 1,092,021 Cie de Saint-Gobain 20,694 1,061,643 Bayerische Motoren Werke AG 11,889 1,026,878 Orange SA 74,529 1,025,365 CRH plc 30, ,830 Deutsche Bank AG 68, ,096 Volkswagen AG 6, ,019 Engie SA 65, ,642 Nokia OYJ 215, ,805 Proceeds Shares EUR ( ) Sales Total SA 61,099 2,883,204 Siemens AG 20,779 2,424,836 SAP SE 24,384 2,316,439 Banco Santander SA 391,771 2,207,589 Allianz SE 11,029 2,178,833 Bayer AG 20,208 2,133,312 BASF SE 22,447 2,108,425 Sanofi 28,143 2,084,894 Unilever NV 38,442 1,870,322 BNP Paribas SA 28,147 1,812,533 Anheuser-Busch InBev SA 18,124 1,716,699 Daimler AG 24,357 1,710,436 LVMH Moet Hennessy Louis Vuitton SE 6,651 1,638,207 ING Groep NV 94,946 1,479,807 ASML Holding NV 9,504 1,401,305 Airbus SE 15,132 1,302,590 AXA SA 50,827 1,292,356 Deutsche Telekom AG 80,079 1,223,393 Vinci SA 13,632 1,178,995 Banco Bilbao Vizcaya Argentaria SA 162,965 1,175,297 L Oreal SA (XPAR) 5,952 1,120,656 Air Liquide SA 10,423 1,118,005 Danone SA 15,264 1,081,884 Enel SpA 189,837 1,043,530 Intesa Sanpaolo SpA 351,737 1,010,585 Schneider Electric SE 13, ,161 Iberdrola SA 141, ,754 Deutsche Post AG 23, ,093 Telefonica SA 108, ,292 Eni SpA 62, ,185 Societe Generale SA 19, ,701 Industria de Diseno Textil SA 27, ,495 Adidas AG 4, ,880 Safran SA 8, ,635 Volkswagen AG 4, ,757 Koninklijke Philips NV 22, ,500 Deutsche Bank AG 45, ,555 Orange SA 48, ,450 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3, ,806 Bayerische Motoren Werke AG 7, ,600 Fresenius SE & Co. KGaA 10, ,135 Cie de Saint-Gobain 13, ,136 Engie SA 42, ,611 CRH plc 20, ,027 Essilor International Cie Generale d Optique SA 5, ,736 1 The fund was launched on 24 October The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding 1% of the total value of purchases for the period and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator. 10

13 Euro STOXX 50 UCITS ETF Statement of Assets and Liabilities EUR ( ) As at 31 December 2017 Current Assets Financial Assets at Fair Value Through Profit or Loss 29,844,554 Cash and Liquid Assets 440,960 Receivables: Interest and Dividends 30,478 Futures Margin 44,986 Total Current Assets 30,360,978 Current Liabilities Financial Derivative Instruments 11,789 Payables and Other Liabilities: Management Fees Payable 4,238 Total Current Liabilities 16,027 Net Assets Attributable to Holders of Redeemable Participating Shares ( Net Assets ) 30,344,951 Statement of Operations EUR ( ) Period Ended 31 December Investment Income/(Loss) Interest Income 96 Dividend Income 157,345 Net Gain/(Loss) on Financial Instruments (2,047,029) Total Investment Income/(Loss) (1,889,588) Expenses Management Fees 12,926 Transaction Fees and Commissions 129,916 Other Expenses 4 Total Expenses 142,846 Finance Costs Interest Expense 392 Distribution Paid 43,940 Income Equalisation 66,492 Total Finance Costs 110,824 Net Investment Income/(Loss) After Finance Costs (2,143,258) Foreign Withholding Tax (14,182) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares (2,157,440) 1 The fund was launched on 24 October There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations. The accompanying notes form an integral part of the financial statements. 11

14 Euro STOXX 50 UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares EUR ( ) Period Ended 31 December Increase/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares From Operations (2,157,440) Capital Transactions Subscriptions 92,041,009 Redemptions (59,538,618) Total Capital Transactions 2 32,502,391 Total Increase/(Decrease) for the Period 30,344,951 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period End of Period 30,344,951 1 The fund was launched on 24 October Capital Transactions include income equalisation adjustments of EUR ( ) (66,492). The accompanying notes form an integral part of the financial statements. 12

15 Vanguard FTSE 100 UCITS ETF Sub-managed by Vanguard Asset Management, Limited Fund Profile As at 31 December 2017 The Fund Profile does not form part of the Financial Statements. Investment Objective Vanguard FTSE 100 UCITS ETF seeks to track the performance of the FTSE 100 Index, a widely recognised benchmark of the UK market s most highly capitalised blue-chip companies. Portfolio Characteristics FTSE 100 Fund Index Number of Stocks Median Market Cap British Pounds 55.6B 55.6B Price/Earnings Ratio 20.5x 20.5x Price/Book Ratio 2.0x 2.0x Yield 3.8% 3.8% Return on Equity 11.9% 11.9% Earnings Growth Rate -9.0% -9.0% Turnover Rate 7% Ongoing Charges Figure 0.09% Short-Term Reserves 0.0% Ten Largest Holdings 1 (% of total net assets) Royal Dutch Shell plc Integrated Oil & Gas 10.4% HSBC Holdings plc Banks 7.7 British American Tobacco plc Tobacco 5.8 BP plc Integrated Oil & Gas 5.0 Diageo plc Distillers & Vintners 3.4 AstraZeneca plc Pharmaceuticals 3.3 GlaxoSmithKline plc Pharmaceuticals 3.2 Vodafone Group plc Mobile Telecommunications 3.1 Prudential plc Life Insurance 2.5 Lloyds Banking Group plc Banks 2.4 Top Ten 46.8% Investment Focus Style Value Blend Growth Market Cap Large Volatility Measures FTSE 100 Fund Index R-Squared Beta Medium Small Sector Diversification (% of portfolio) FTSE 100 Fund Index Basic Materials 8.6% 8.6% Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities The holdings listed exclude any temporary cash investments and equity index products. 13

16 FTSE 100 UCITS ETF Performance Summary The Performance Summary does not form part of the Financial Statements. For the six months ended 31 December 2017, Vanguard FTSE 100 UCITS ETF returned 6.87%, in line with its benchmark index, which returned 6.93%. The tracking difference was 0.06 percentage point. 1 Stock indices around the world hit record highs as investors cheered upticks in economic growth, strong corporate profits, shifts in monetary policy and new legislative agendas. The enthusiasm for risk assets was widespread, with equities in both developed and emerging markets performing well. Eight of the ETF s ten sectors generated positive performance, led by oil and gas, basic materials and financials. Health care and utilities detracted. FTSE 100 UCITS ETF Benchmark: FTSE 100 Index GBP-Denominated Cumulative Performance: 22 May December 2017 Initial Investment of 100, , , ,000 Total Returns Final Value of Periods Ended 31 December 2017 a 100,000 Six Months Five Years 3 Since Inception 4 Investment ETF Net Asset Value 6.87% 9.36% 10.40% 174,219 Benchmark ,984 Fiscal-Year Total Investment Returns (%): 22 May December ETF Net Asset Value Benchmark 1 In tracking the performance of the index, the fund attempts to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. The tracking difference between the fund return and the index return over a stated period of time can be attributed to a number of factors, including, without limitation, small differences in weightings, trading activity, transaction costs and differences in the valuation and withholding tax treatment between the fund and the index vendor. 2 For fiscal year 2018, returns reflect the six months ended 31 December Annualised. 4 Average annual return since inception: 22 May

17 FTSE 100 UCITS ETF Financial Statements Statement of Investments 31 December 2017 Shares GBP ( ) Net Assets Equities 97.92% (30 June 2017: 97.64%) Basic Materials 8.56% (30 June 2017: 7.38%) Rio Tinto plc 1,615,309 63,675, % Glencore plc 15,834,215 61,753, % BHP Billiton plc 2,823,680 42,990, % Anglo American plc 1,341,088 20,780, % Mondi plc 499,504 9,645, % Randgold Resources Ltd. 126,767 9,393, % Johnson Matthey plc 257,890 7,930, % Croda International plc 172,340 7,624, % Antofagasta plc 474,062 4,764, % Fresnillo plc 252,547 3,608, % 232,166, % Consumer Goods 17.92% (30 June 2017: 17.65%) British American Tobacco plc 3,107, ,939, % Diageo plc 3,358,521 91,519, % Unilever plc 1,570,335 64,784, % Reckitt Benckiser Group plc 845,972 58,532, % Imperial Brands plc 1,297,344 41,073, % Associated British Foods plc 473,181 13,343, % Persimmon plc 418,222 11,450, % Burberry Group plc 575,694 10,316, % Taylor Wimpey plc 4,405,484 9,092, % Barratt Developments plc 1,357,750 8,791, % GKN plc 2,328,263 7,436, % Berkeley Group Holdings plc 171,007 7,177, % Coca-Cola HBC AG 265,163 6,416, % 485,875, % Consumer Services 9.57% (30 June 2017: 9.90%) Compass Group plc 2,148,735 34,379, % RELX plc 1,443,328 25,099, % Tesco plc 11,081,826 23,188, % WPP plc 1,663,721 22,310, % International Consolidated Airlines Group SA 2,230,456 14,520, % Sky plc 1,401,913 14,187, % InterContinental Hotels Group plc 258,331 12,190, % Carnival plc 244,654 11,968, % Whitbread plc 249,630 9,985, % Kingfisher plc 2,947,114 9,952, % Paddy Power Betfair plc 112,240 9,905, % TUI AG 590,002 9,086, % Next plc 190,295 8,610, % ITV plc 5,058,021 8,371, % Pearson plc 1,100,664 8,100, % Informa plc 1,118,824 8,077, % Marks & Spencer Group plc 2,200,947 6,928, % WM Morrison Supermarkets plc 2,939,515 6,463, % Just Eat plc 773,396 6,040, % J Sainsbury plc 2,180,762 5,264, % easyjet plc 335,604 4,913, % 259,545, % Financials 21.39% (30 June 2017: 21.61%) HSBC Holdings plc 27,265, ,101, % Prudential plc 3,513,292 66,945, % Lloyds Banking Group plc 96,955,643 65,988, % Barclays plc 23,072,731 46,860, % Shares GBP ( ) Net Assets Standard Chartered plc 3,658,224 28,537, % Aviva plc 5,435,897 27,532, % Legal & General Group plc 8,052,418 22,007, % London Stock Exchange Group plc 425,687 16,146, % Standard Life Aberdeen plc 3,682,314 16,076, % Old Mutual plc 6,464,628 14,978, % Royal Bank of Scotland Group plc 4,385,878 12,192, % 3i Group plc 1,296,413 11,842, % RSA Insurance Group plc 1,386,423 8,769, % St James s Place plc 709,060 8,693, % Direct Line Insurance Group plc 1,866,818 7,125, % Hargreaves Lansdown plc 349,295 6,294, % Admiral Group plc 274,441 5,494, % Schroders plc 153,001 5,379, % 579,967, % Health Care 9.00% (30 June 2017: 10.72%) AstraZeneca plc 1,721,213 88,143, % GlaxoSmithKline plc 6,567,472 86,854, % Shire plc 1,209,116 47,155, % Smith & Nephew plc 1,188,362 15,306, % Mediclinic International plc 535,489 3,478, % NMC Health plc 109,134 3,148, % 244,086, % Industrials 7.74% (30 June 2017: 7.99%) CRH plc 1,135,982 30,183, % BAE Systems plc 4,319,798 24,752, % Experian plc 1,259,774 20,609, % Rolls-Royce Holdings plc (XLON) 2,234,858 18,929, % Ferguson plc 344,499 18,361, % Ashtead Group plc 676,556 13,476, % Intertek Group plc 219,003 11,366, % Worldpay Group plc 2,554,883 10,883, % Bunzl plc 456,867 9,466, % DCC plc 120,843 9,020, % Smurfit Kappa Group plc 321,766 8,066, % Smiths Group plc 537,713 8,011, % Rentokil Initial plc 2,506,010 7,969, % DS Smith plc 1,329,454 6,879, % Halma plc 503,808 6,347, % G4S plc 2,100,274 5,607, % Rolls-Royce Holdings plc 102,997,634 1, % 209,935, % Oil & Gas 15.41% (30 June 2017: 13.58%) Royal Dutch Shell plc Class A 6,175, ,140, % BP plc 26,180, ,847, % Royal Dutch Shell plc Class B 5,098, ,907, % 417,896, % Technology 0.97% (30 June 2017: 0.67%) Micro Focus International plc 581,784 14,678, % Sage Group plc 1,474,608 11,767, % 26,445, % Telecommunications 4.28% (30 June 2017: 4.42%) Vodafone Group plc 36,209,253 85,091, % BT Group plc Class A 11,380,367 30,920, % 116,012, % 15

18 FTSE 100 UCITS ETF Utilities 3.08% (30 June 2017: 3.72%) Shares GBP ( ) Net Assets National Grid plc 4,608,417 40,328, % SSE plc 1,376,935 18,175, % Centrica plc 7,606,521 10,443, % United Utilities Group plc 927,129 7,690, % Severn Trent plc 322,331 6,968, % 83,606, % Total Equities 2,655,536, % Investment Funds 0.32% (30 June 2017: 0.29%) Financials 0.32% (30 June 2017: 0.29%) Scottish Mortgage Investment Trust plc 1,904,783 8,552, % Total Investment Funds 8,552, % Collective Investment Schemes 1.22% (30 June 2017: 1.25%) Financials 1.22% (30 June 2017: 1.25%) Land Securities Group plc REIT 969,931 9,776, % British Land Co., plc REIT 1,365,018 9,439, % Segro plc REIT 1,354,255 7,949, % Hammerson plc REIT 1,075,603 5,883, % 33,049, % Total Collective Investment Schemes 33,049, % Financial Assets at Fair Value Through Profit or Loss 2,697,137, % % of Total Analysis of Total Net Assets GBP ( ) Net Assets (a) Transferable securities admitted to an official stock exchange listing 2,697,137, % (b) Transferable securities dealt in on another regulated market % (c) Transferable securities other than those admitted to an official stock exchange listing or dealt in on another regulated market % (d) Financial derivative instruments 426, % (e) Other net assets 14,242, % Total Net Assets 2,711,806, % Unrealised Number of Notional Gain/(Loss) Contracts Amount GBP ( ) Financial Derivative Instruments 0.02% (30 June 2017: (0.02%)) Futures 0.02% (30 June 2017: (0.02%)) FTSE 100 Index 16 March ,086, , % Financial Derivative Instruments 426, % Fair Value GBP ( ) Other Assets and Liabilities 14,242, % Net Assets Attributable to Holders of Redeemable Participating Shares 2,711,806, % REIT Real Estate Investment Trust. 16

19 FTSE 100 UCITS ETF Significant Portfolio Changes For the Six Months Ended 31 December 2017 Purchases Cost Shares GBP ( ) British American Tobacco plc ADR 422,812 22,848,159 British American Tobacco plc 160,804 8,668,949 DS Smith plc 1,332,004 6,695,482 Halma plc 504,780 6,319,846 Berkeley Group Holdings plc 174,540 6,101,918 Just Eat plc 774,872 5,982,012 Micro Focus International plc 201,119 4,717,188 Standard Life Aberdeen plc 1,020,658 4,199,356 NMC Health plc 109,341 3,045,147 Micro Focus International plc ADR 108,781 2,546,775 Royal Dutch Shell plc Class A 86,040 2,061,722 Hargreaves Lansdown plc 17, ,810 SSE plc 17, ,573 Centrica plc 119, ,335 Scottish Mortgage Investment Trust plc 39, ,622 HSBC Holdings plc 16, ,857 RSA Insurance Group plc 14,973 97,624 GlaxoSmithKline plc 4,844 72,176 Marks & Spencer Group plc 20,536 65,120 AstraZeneca plc 1,462 65,015 Sales Proceeds Shares GBP ( ) Babcock International Group plc 697,394 4,782,865 Royal Mail plc 1,264,388 4,765,749 HSBC Holdings plc 597,759 4,441,179 Unilever plc 91,850 3,959,061 ConvaTec Group plc 1,822,643 3,766,992 Merlin Entertainments plc 973,506 3,524,722 Anglo American plc 215,085 2,994,075 Royal Dutch Shell plc Class A 125,061 2,671,237 BP plc 563,023 2,547,958 Royal Dutch Shell plc Class B 108,589 2,360,581 British American Tobacco plc 47,767 2,291,598 GlaxoSmithKline plc 145,008 2,169,283 Rio Tinto plc 55,457 1,958,393 AstraZeneca plc 38,180 1,811,327 Diageo plc 71,316 1,776,284 Vodafone Group plc 772,151 1,704,282 Provident Financial plc 205,038 1,630,614 National Grid plc 164,772 1,498,813 Lloyds Banking Group plc 2,073,528 1,359,733 Prudential plc 75,259 1,352,890 Reckitt Benckiser Group plc 17,990 1,311,443 Glencore plc 334,562 1,154,021 Shire plc 26,151 1,014,951 Aviva plc 196,408 1,004,234 Barclays plc 493, ,595 Imperial Brands plc 27, ,562 BHP Billiton plc 61, ,857 The Central Bank of Ireland requires a schedule of material changes in the composition of the portfolio during the period. These are defined as aggregate purchases of a security exceeding 1% of the total value of purchases for the period and aggregate disposals greater than 1% of the total value of sales. At a minimum, the largest 20 purchases and 20 sales must be shown; all purchases and sales must be shown if there are fewer than 20. A full listing of the portfolio changes for the period is available, upon request, at no extra cost from the Administrator. 17

20 FTSE 100 UCITS ETF Statement of Assets and Liabilities GBP ( ) GBP ( ) As at 31 December As at 30 June Current Assets Financial Assets at Fair Value Through Profit or Loss 2,697,137,827 2,573,747,751 Financial Derivative Instruments 426,098 Cash and Liquid Assets 6,504,159 5,667,628 Receivables: Interest and Dividends 7,642,604 14,908,859 Investments Sold or Matured 5,057,933 Futures Margin 289,699 1,465,619 Other Receivables Total Current Assets 2,717,059,199 2,595,789,977 Current Liabilities Financial Derivative Instruments 632,851 Unrealised Depreciation on Spot Currency Contracts 1,270 Payables and Other Liabilities: Capital Shares Redeemed 5,062,230 Management Fees Payable 189, ,443 Total Current Liabilities 5,252, ,294 Net Assets Attributable to Holders of Redeemable Participating Shares ( Net Assets ) 2,711,806,271 2,594,960,683 Statement of Operations GBP ( ) GBP ( ) Six Months Ended Six Months Ended 31 December December 2016 Investment Income/(Loss) Interest Income 3,291 1,452 Dividend Income 47,037,805 40,147,236 Securities Lending Income 320,447 Miscellaneous Income Net Gain/(Loss) on Financial Instruments 130,781, ,977,063 Total Investment Income/(Loss) 178,143, ,125,807 Expenses Management Fees 1,181,852 1,052,634 Transaction Fees and Commissions 309, ,285 Other Expenses 20, Total Expenses 1,512,266 2,018,138 Finance Costs Interest Expense 1,477 2,494 Distribution Paid 46,203,628 39,995,074 Income Equalisation 291,015 (451,849) Total Finance Costs 46,496,120 39,545,719 Net Investment Income/(Loss) After Finance Costs 130,135, ,561,950 Foreign Withholding Tax (733,122) (637,185) Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares 129,401, ,924,765 There are no recognised gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations. The accompanying notes form an integral part of the financial statements. 18

21 FTSE 100 UCITS ETF Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares GBP ( ) GBP ( ) Six Months Ended Six Months Ended 31 December December 2016 Increase/(Decrease) in Net Assets Net Increase/(Decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares From Operations 129,401, ,924,765 Capital Transactions Subscriptions 21,737,206 89,969,827 Redemptions (34,293,555) Total Capital Transactions 1 (12,556,349) 89,969,827 Total Increase/(Decrease) for the Period 116,845, ,894,592 Net Assets Attributable to Holders of Redeemable Participating Shares Beginning of Period 2,594,960,683 2,160,545,450 End of Period 2,711,806,271 2,464,440,042 1 Capital Transactions include income equalisation adjustments of GBP ( ) (291,015) (31 December 2016: GBP ( ) 451,849). The accompanying notes form an integral part of the financial statements. 19

22 Vanguard FTSE 250 UCITS ETF Sub-managed by Vanguard Asset Management, Limited Fund Profile As at 31 December 2017 The Fund Profile does not form part of the Financial Statements. Investment Objective Vanguard FTSE 250 UCITS ETF seeks to track the performance of the FTSE 250 Index, a widely recognised benchmark of mid-capitalised companies of the United Kingdom. Portfolio Characteristics FTSE 250 Fund Index Number of Stocks Median Market Cap British Pounds 2.4B 2.4B Price/Earnings Ratio 14.3x 14.3x Price/Book Ratio 1.9x 1.9x Yield 2.7% 2.7% Return on Equity 13.9% 13.9% Earnings Growth Rate 7.4% 7.6% Turnover Rate 37% Ongoing Charges Figure 0.10% Short-Term Reserves 0.0% Ten Largest Holdings 1 (% of total net assets) Weir Group plc Industrial Machinery 1.2% Bellway plc Homebuilders 1.1 John Wood Group plc Energy Services 1.0 Royal Mail plc Courier Services 1.0 Rightmove plc Media Agencies 1.0 Spirax-Sarco Engineering plc Industrial Machinery 1.0 Hiscox Ltd. Insurance 1.0 Melrose Industries plc Building Materials & Fixtures 1.0 Travis Perkins plc Industrial Distribution 1.0 Booker Group plc Food Product Wholesaler 0.9 Top Ten 10.2% Investment Focus Style Value Blend Growth Market Cap Large Sector Diversification (% of portfolio) FTSE 250 Fund Index Basic Materials 4.0% 4.0% Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Medium Small 1 The holdings listed exclude any temporary cash investments and equity index products. 20

23 FTSE 250 UCITS ETF Performance Summary The Performance Summary does not form part of the Financial Statements. For the six months ended 31 December 2017, Vanguard FTSE 250 UCITS ETF returned 8.44%, in line with its benchmark index, which returned 8.50%. The tracking difference was 0.06 percentage point. 1 Stock indices around the world hit record highs during the period as investors cheered upticks in economic growth, strong corporate profits, shifts in monetary policy and new legislative agendas. The enthusiasm for risk assets was widespread, with equities in both developed and emerging markets performing well. Eight of the ETF s ten sectors generated positive performance, led by financials, consumer services and industrials. Telecommunications and utilities were the biggest detractors. FTSE 250 UCITS ETF Benchmark: FTSE 250 Index GBP-Denominated Cumulative Performance: 30 September December 2017 Initial Investment of 100, , , ,000 Total Returns Final Value of Periods Ended 31 December 2017 a 100,000 Six Months Since Inception 3 Investment ETF Net Asset Value 8.44% 12.34% 145,987 Benchmark ,823 Fiscal Year Total Investment Returns (%): 30 September December ETF Net Asset Value Benchmark 1 In tracking the performance of the index, the fund attempts to replicate the index by investing all, or substantially all, of its assets in the securities that make up the index, holding each in approximately the same proportion as its weighting in the index. The tracking difference between the fund return and the index return over a stated period of time can be attributed to a number of factors, including, without limitation, small differences in weightings, trading activity, transaction costs and differences in the valuation and withholding tax treatment between the fund and the index vendor. 2 For fiscal year 2018, returns reflect the six months ended 31 December Average annual return since inception: 30 September

24 FTSE 250 UCITS ETF Financial Statements Statement of Investments 31 December 2017 Shares GBP ( ) Net Assets Equities 79.06% (30 June 2017: 80.52%) Basic Materials 3.93% (30 June 2017: 3.68%) Polymetal International plc 426,241 3,923, % Victrex plc 134,693 3,553, % KAZ Minerals plc 386,366 3,456, % Centamin plc 1,785,729 2,826, % Evraz plc 803,134 2,730, % Elementis plc 759,744 2,188, % Synthomer plc 441,384 2,168, % Sirius Minerals plc 7,075,411 1,662, % Ferrexpo plc 483,563 1,417, % Hochschild Mining plc 412,703 1,089, % Vedanta Resources plc 134,637 1,083, % Acacia Mining plc 240, , % 26,578, % Consumer Goods 6.25% (30 June 2017: 6.66%) Bellway plc 203,619 7,254, % Tate & Lyle plc 769,355 5,408, % Britvic plc 435,805 3,551, % Cranswick plc 82,914 2,766, % Greencore Group plc 1,165,418 2,676, % Bovis Homes Group plc 222,174 2,603, % Redrow plc 395,795 2,590, % Countryside Properties plc 635,859 2,244, % Crest Nicholson Holdings plc 408,772 2,227, % Galliford Try plc 133,142 1,712, % SuperGroup plc 82,841 1,637, % McCarthy & Stone plc 883,132 1,393, % Dairy Crest Group plc 227,001 1,308, % Ted Baker plc 46,719 1,266, % PZ Cussons plc 312,609 1,011, % PureCircle Ltd. 207, , % A.G. Barr plc 141, , % TI Fluid Systems plc 271, , % 42,247, % Consumer Services 18.61% (30 June 2017: 18.31%) Rightmove plc 152,005 6,840, % Booker Group plc 2,737,589 6,269, % B&M European Value Retail SA 1,328,213 5,626, % Auto Trader Group plc 1,543,002 5,443, % Ladbrokes Coral Group plc 2,985,531 5,430, % Inchcape plc 690,515 5,403, % SSP Group plc 777,082 5,307, % UBM plc 649,116 4,848, % William Hill plc 1,417,671 4,564, % GVC Holdings plc 486,879 4,503, % Merlin Entertainments plc 1,163,076 4,220, % Playtech plc 486,436 4,185, % WH Smith plc 176,606 4,144, % Wizz Air Holdings plc 91,547 3,368, % Dixons Carphone plc 1,656,038 3,295, % Moneysupermarket.com Group plc 857,056 3,052, % Ocado Group plc 714,917 2,838, % Domino s Pizza Group plc 816,011 2,820, % Greene King plc 506,497 2,811, % Thomas Cook Group plc 2,254,205 2,770, % National Express Group plc 700,481 2,668, % Shares GBP ( ) Net Assets Ascential plc 650,416 2,506, % Saga plc 1,841,827 2,320, % Greggs plc 165,342 2,313, % Firstgroup plc 1,998,813 2,208, % JD Sports Fashion plc 598,683 2,012, % Cineworld Group plc 332,841 2,000, % Entertainment One Ltd. 548,654 1,785, % ZPG plc 490,493 1,621, % Card Factory plc 522,721 1,542, % Dignity plc 81,321 1,480, % J D Wetherspoon plc 116,019 1,458, % Sports Direct International plc 377,773 1,424, % Pets at Home Group plc 714,629 1,260, % 888 Holdings plc 430,093 1,211, % Marston s plc 1,034,342 1,163, % Euromoney Institutional Investor plc 88,438 1,154, % Millennium & Copthorne Hotels plc 195,863 1,145, % Stagecoach Group plc 694,674 1,144, % Halfords Group plc 326,074 1,140, % Dunelm Group plc 160,743 1,113, % Go-Ahead Group plc 71,061 1,058, % Mitchells & Butlers plc 353,882 1,001, % Rank Group plc 286, , % N Brown Group plc 249, , % 125,851, % Financials 15.76% (30 June 2017: 15.54%) Hiscox Ltd. 458,104 6,706, % Investec plc 1,053,489 5,636, % Man Group plc 2,684,699 5,551, % Intermediate Capital Group plc 460,103 5,272, % Phoenix Group Holdings 651,319 5,093, % CYBG plc 1,464,207 4,973, % TP ICAP plc 918,951 4,888, % Metro Bank plc 135,518 4,856, % Beazley plc 857,460 4,583, % Jupiter Fund Management plc 686,460 4,314, % IG Group Holdings plc 598,055 4,291, % Capital & Counties Properties plc 1,213,086 3,878, % Close Brothers Group plc 249,946 3,619, % NEX Group plc 522,167 3,166, % Jardine Lloyd Thompson Group plc 201,576 2,803, % Ashmore Group plc 635,085 2,572, % IP Group plc 1,652,354 2,349, % Lancashire Holdings Ltd. 330,313 2,252, % Provident Financial plc 246,635 2,214, % Savills plc 218,000 2,164, % Rathbone Brothers plc 83,901 2,142, % BGEO Group plc 59,861 2,129, % Paragon Banking Group plc 433,839 2,128, % Grainger plc 677,238 1,960, % JRP Group plc 1,092,877 1,862, % John Laing Group plc 610,711 1,795, % Brewin Dolphin Holdings plc 449,640 1,753, % Renewables Infrastructure Group Ltd. 1,555,175 1,688, % Hastings Group Holdings plc 507,066 1,622, % Virgin Money Holdings UK plc 469,581 1,334, % OneSavings Bank plc 311,144 1,283, % 22