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PASSIVE INVESTING – GOING UNDER THE BONNET (HARD DRIVE)! 30MARKET EFFICIENCYJAPAN.1yrSector AveFTSE Japan GBP0% 5% 10% 15% 20% 25% 30%Japanese equitymarket appears to beinefficient in short tomedium termSector Ave5yrsFTSE Japan GBP0% 5% 10% 15% 20% 25% 30% 35%Style – Active short tomedium term, butindex longer termSector Ave10yrsFTSE Japan GBP0% 20% 40% 60% 80% 100% 120%Source: Lipper for Investment Management. Pastperformance is not a guide to future performance.FTSE Japan TR GBP and Sector Ave bid to bidbasis, net income reinvested. 30/4/12 – 30/4/13,30/4/08 – 30/4/13, 30/4/03 – 30/4/13
PASSIVE INVESTING – GOING UNDER THE BONNET (HARD DRIVE)! 31MARKET EFFICIENCYUK.1yrS e c t o r A v eF TS E A ll- S ha re TR0 % 10 % 2 0% 3 0% 40 %UK equity marketappears to befairly efficientmedium to longterm5yrs10yrsS e c t o r A v eF TS E A ll- S ha re TR0% 10 % 2 0 % 3 0% 4 0 %S e c t o r A v eF TS E A ll- S ha re TR0 % 4 0 % 8 0 % 12 0 % 16 0 %Style – Index maybe best medium tolong term butactive over shorttermSource: Lipper for Investment Management. Pastperformance is not a guide to future performance.FTSE All-Share TR and Sector Ave bid to bid basis,net income reinvested. 30/4/12 – 30/4/13, 30/4/08 –30/4/13, 30/4/03 – 30/4/13
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