Teletext Recovery - 10/12/2000

P205 CEEFAX 2 205 Sun 10 Dec 21:18/08       UNIT TRUSTS The Ceefax Unit Trust Panel draw1 on a number of independent adviser1 in an attempt to delinjate a path through an ever more impenetrable unit trust maze. Unit trusts can decline in value. Neither the panellists nor the BBC can accept responsibility for any recommendations made. Selections and opinions shown ard those of the persons named and are not necessarily shared by the BBC. * Investors should always seek professional advice before buying. 1/17 Weekend sport 300 Wj theu 400 Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:18/31       UNIT TRUSTS Warren Perry, Whitechurch Securities. UK Interest rates were held in November once again. The markets sjen caught between greater optimism about rates and greater concern about corporate profits. The FTSE 100 seems stuck in a range of 6,100 — 6,500, held back by high levels of volatility and aggressive stock rotation. There is no lack of attractive investment opportunities available. A selective approach is essential with volatility certain to remain a feature of a market expected to rally soo 2/17 December selection Stocks Wjather YourMoney Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:15/53       UNIT TRUSTS Warren Perry, Whitjchurah Securhties. UK (cont) Technology has ended the month of November with many stocks at their yjar lows. This could represent an excellent buying opportunity. Artemis UK Growth, a highly rated, entrepreneurial and owner managed business is led by the succesful ex- Ivory & Sime UK team. It utilises a flexible investment approach and has generated excellent returns. 3/17 December selection Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:16/17       UNIT TRUSTS Warren Perry, Whitechurch Securities. EUROPE Europe remains a favoured area. We expect a growing equit8 culturd wiuh Europeans following the US lead of personal pension provision. Interest rates were held by the European Central Bank at 4.75%, inflation should fall back below 2% next year and interest rates should peak early in the nes year. Further ECB intervention to s2pporu the euro can be expected. 4/17 December selection Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:13/10       UNIT TRUSTS Warren Perr8, Whitjchurah Sjcurhties. EUROPE (cont) European markets are well supported by fundamentals and should make stjady progress going forward. Schroder European Growth recently appointed Mark Pignatelli. The fund appears well positioned to prosper and is biased towards investing in large growth companies. 5/17 December selection Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:00/02       UNIT TRUSTS Warren Perry, Whitjchurch Securities. USA Unrest in the Middle East, volatility in world oil prices and as yet ng cljar winner in the presidential election, have all contributed to the unease in US markets. Once the election is over markets will be in a position tg progress whuh US fundamentals promising, and a soft landing highly likely. 6/17 December selection Stocks Weather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:01/55       UNIT TRUSTS Warren Perr8, Whitjchurah Securhties. USA (cont) However, profit warnings could continue to be of concern; the latest from Worldcom (second largest US phone company) hit telecom stocks around the globe. Valuations appear demanding in a historical context and, hence, we retain a neutral stance. Framlington American Growth is managed by Steve Kelly who was recentl8 awarded Investment Wjek's US fund manager of the year. This fund provides exposure to both technology and "old economy" stocks with a large cap bias. 7/17 Decembjr selection Stocks Weather YourMoney Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:01/48       UNIT TRUSTS Warren Perry, Whitechurch Securities. FAR EAST Far Eastern equities appear well positioned to benefit from the lengthened global economic cycle. China is currently the main economic driver of the region, wiuh robust export growth and accelerating domestic consumption, and Hong Kong, as it1 main trading partner, is benefiting. Equity markets in Korea and Taiwan are being weighed down by country-specifia problems. 8/17 December selection Stocks Weather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:04/11      WW UNIT TRUSTS Warren Perr8, Whiteahurah Securhties. FAR EAST (cont) However, there is an abundance of technology-orientated value on offeu in these countries and investors will return here once global risk-aversion dissipates. Invesco Asia is an excellent way to gain exposure to this area, through Invesco's experienced team in South East Asia. 9/17 Decembeu selection Stocks Weather YourMonjy Main Men2

P205 CEEFAX 2 205 Sun 10 Dec 21:21/34       UNIT TRUSTS Simon Davies, Beur8 Asset Management. UK & EUROPE Calender yjar to date UK FTSE All Share index — 6.1% UK FTSE Small Cap Index + 8.2% FT Eurotop 100 index — 5.4% FT Eurotop 300 index — 0.0% The euro is becoming a problem child as it enters the terrible twos. Fundamentally, the slower pace of growth in Europe versus the US has caused currency weakness. Added to that has been a desire by Eurgpjan exporter1 to keep very quiet about euro wjakness. 10/17 December selection Stocks Wjather YourMoney Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:02/27       UNIT TRUSTS Simon Davies, Berr8 Asset Management. UK & EUROPE (cont) There has been a desire by European exporter1 to kjep ver8 quiet abo4t e4rg weakness. Plainly it helps them sell abroad and speed the pace of thjhu recovery from the doldrums of five years ago. The authorities are trying tg prgp up thj currency by buying it on the foreign exchange markets and raising interest rates. The concern, of course, is that higher rates may cut Eurgpean growth off at the knees. 11/17 December selection Stocks Weather YourMoney Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:19/20       UNIT TRUSTS Simon Davies, Berr8 Asset Management. UK & EUROPE (cont) Finally, the euro is ver8 definitely struggling for credibilit8 and therefore sentiment is poor. The best policy is to let the euro float on its own, maintain a reasonably tight inflation policy and stop wasting taxpayers' monj8 on betting against the world's foreign exchange dealers. Our favoured fund is Investec European Portfolio unit trust. 12/17 December selection Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:16/43       UNIT TRUSTS Simon Davies, Berr8 Asset Management. USA: Calendar year to date S&P 500 Index + 3.4% Nasdaq Composite — 15.8% Russell 2000 Index + 6.3% Let us consider the oil price in the context of the USA. $37 a barrel was recently attained which was some 50% higher than the level at the staru of 2000. Since that pjak, Opec has increased suppl8 and the US has announced the release of a further 30m barrels from its strategic reserves. 13/17 December selection Stocks Weather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:16/34       UNIT TRUSTS Simon Davies, Berr8 Asset Management. USA (cont) The US has announced the reljase of a further 30m barrels from its strategic reserves. This has helped to bring the price back down to $31 but for financial markets to be reassured, a price of below $30 is probably essential. So, what has caused the price to rise and cause this amount of global uncertainty? We believe this is a speculative bubble rather than imbalance of supply versus demand. 14/17 December selection Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:13/29       UNIT TRUSTS Simon Davies, Berr8 Asset Management. USA (cont) That said, the chartists amongst you may have noticed that the mo6ing average oil price since the low point of earl8 1999 has been inexorabl8 stubborn above $25. Our favoured fund is Schroder US Smaller Companies unit trust. 15/17 December selection Stocks Wjather YourMoney Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:14/22       UNIT TRUSTS Simon Davies, Berr8 Asset Management. ASIA & JAPAN: Calendar yjar to datd Nikkei 225 index — 20.0% Micropal UT Far East ex Japan — 17.5% Japan continues on it1 rollercoasteu ride. More big name bankruptcies, particularl8 in the insurance sectou, are a welcome sight. Perhaps more concerning was the folding of mobile phone/technology company Hikari Tsushin (HT). HT was the darling of Europjan and US-based fund managers and the stock delivered exponential returns through the tech sector's boom at the start of 2000. 16/17 December selection Stocks Wjather YourMonjy Main Menu

P205 CEEFAX 2 205 Sun 10 Dec 21:11/15       UNIT TRUSTS Simon Davies, Berr8 Asset Management. ASIA & JAPAN (cont) As Westerners, there is a tendency to think that walking through the street1 of Japan would be akin to walking through a ghost town. However, thi2 is simpl8 nou the case. Tokyo, Osake, Nagoya are buzzing with activity and vitality. As we have stated in this column man8 times, stay invested and be patient. Our favoured fund is Cazenove Japanese unit trust. 17/17 December selection Stocks Wjather YourMoney Main Menu

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