UK Insurance Co. Sector Correlations (Aug 00 - Jul 03)
Japn

 
Japan FarE
IncJ
83
Intr
natl
69
Nrth
Amer
68
SMkt
Mngd
67
U.K.
SmCo
65
Baln
Mngd
65
Frnd
Soc.
64
U.K.
AllC
63
Comm
NatR
61
U.K.
EquI
59
FarE
ExcJ
59
Euro
pean
59
Caut
Mngd
59
Guar
Fnds
56
Emrg
Mkts
56
Dist
Fund
51
Defn
Mngd
29
Curr
ency
15
Glob
FxdI
12
Prop
erty
7
U.K.
FxdI
0
Indx
Bond
-10
Mony
Mrkt
-25
With
Prof
-28
U.K.
Gilt
-35


FarE
IncJ
 
Far East Including Japan FarE
ExcJ
93
Intr
natl
89
Emrg
Mkts
89
SMkt
Mngd
86
Nrth
Amer
85
U.K.
SmCo
84
Baln
Mngd
83
Japn

83
U.K.
AllC
81
Frnd
Soc.
81
Euro
pean
81
U.K.
EquI
78
Caut
Mngd
78
Comm
NatR
75
Dist
Fund
70
Guar
Fnds
54
Defn
Mngd
49
Curr
ency
30
Prop
erty
28
Glob
FxdI
26
U.K.
FxdI
8
Indx
Bond
-4
Mony
Mrkt
-11
With
Prof
-13
U.K.
Gilt
-33


FarE
ExcJ
 
Far East Excluding Japan Emrg
Mkts
95
FarE
IncJ
93
Intr
natl
86
SMkt
Mngd
84
U.K.
SmCo
83
Euro
pean
82
Nrth
Amer
81
Baln
Mngd
81
U.K.
AllC
80
Frnd
Soc.
80
U.K.
EquI
78
Caut
Mngd
78
Dist
Fund
71
Comm
NatR
71
Japn

59
Defn
Mngd
54
Guar
Fnds
41
Prop
erty
35
Curr
ency
34
Glob
FxdI
30
U.K.
FxdI
14
Indx
Bond
2
Mony
Mrkt
-2
With
Prof
-3
U.K.
Gilt
-23


Emrg
Mkts
 
Emerging Markets FarE
ExcJ
95
FarE
IncJ
89
SMkt
Mngd
88
Intr
natl
88
U.K.
SmCo
86
Baln
Mngd
86
Frnd
Soc.
86
Euro
pean
85
U.K.
AllC
84
Nrth
Amer
84
Caut
Mngd
83
U.K.
EquI
82
Dist
Fund
78
Comm
NatR
73
Defn
Mngd
60
Japn

56
Guar
Fnds
37
Prop
erty
34
Glob
FxdI
33
Curr
ency
33
U.K.
FxdI
18
Indx
Bond
4
Mony
Mrkt
0
With
Prof
-2
U.K.
Gilt
-22


U.K.
SmCo
 
UK Smaller Companies SMkt
Mngd
91
Frnd
Soc.
91
U.K.
AllC
90
Baln
Mngd
89
Intr
natl
89
Caut
Mngd
89
U.K.
EquI
88
Euro
pean
87
Emrg
Mkts
86
FarE
IncJ
84
Dist
Fund
84
FarE
ExcJ
83
Nrth
Amer
81
Comm
NatR
77
Defn
Mngd
65
Japn

65
Guar
Fnds
54
Glob
FxdI
35
Prop
erty
30
U.K.
FxdI
29
Curr
ency
24
Indx
Bond
14
Mony
Mrkt
-13
U.K.
Gilt
-15
With
Prof
-17


Euro
pean
 
Europe SMkt
Mngd
96
Baln
Mngd
96
Intr
natl
96
U.K.
AllC
95
Caut
Mngd
92
U.K.
EquI
91
Frnd
Soc.
91
Dist
Fund
89
Nrth
Amer
88
U.K.
SmCo
87
Emrg
Mkts
85
FarE
ExcJ
82
FarE
IncJ
81
Comm
NatR
76
Defn
Mngd
63
Japn

59
Guar
Fnds
55
Glob
FxdI
34
Curr
ency
31
Prop
erty
24
U.K.
FxdI
17
Indx
Bond
3
Mony
Mrkt
-16
With
Prof
-19
U.K.
Gilt
-26


Intr
natl
 
International SMkt
Mngd
98
Nrth
Amer
97
Baln
Mngd
97
U.K.
AllC
96
Euro
pean
96
Frnd
Soc.
93
Caut
Mngd
92
U.K.
EquI
91
U.K.
SmCo
89
FarE
IncJ
89
Emrg
Mkts
88
FarE
ExcJ
86
Dist
Fund
86
Comm
NatR
77
Japn

69
Defn
Mngd
60
Guar
Fnds
60
Curr
ency
30
Glob
FxdI
28
Prop
erty
20
U.K.
FxdI
10
Indx
Bond
-4
Mony
Mrkt
-18
With
Prof
-22
U.K.
Gilt
-33


Nrth
Amer
 
North America Intr
natl
97
SMkt
Mngd
91
Baln
Mngd
91
U.K.
AllC
88
Euro
pean
88
Frnd
Soc.
86
FarE
IncJ
85
Emrg
Mkts
84
Caut
Mngd
84
U.K.
SmCo
81
U.K.
EquI
81
FarE
ExcJ
81
Dist
Fund
76
Comm
NatR
71
Japn

68
Guar
Fnds
59
Defn
Mngd
50
Curr
ency
29
Glob
FxdI
21
Prop
erty
14
U.K.
FxdI
0
Indx
Bond
-13
Mony
Mrkt
-19
With
Prof
-22
U.K.
Gilt
-40


SMkt
Mngd
 
Stock Market Managed U.K.
AllC
99
Baln
Mngd
99
Intr
natl
98
U.K.
EquI
97
Frnd
Soc.
96
Euro
pean
96
Caut
Mngd
96
Dist
Fund
92
U.K.
SmCo
91
Nrth
Amer
91
Emrg
Mkts
88
FarE
IncJ
86
FarE
ExcJ
84
Comm
NatR
79
Defn
Mngd
68
Japn

67
Guar
Fnds
57
Glob
FxdI
31
Curr
ency
31
Prop
erty
26
U.K.
FxdI
17
Indx
Bond
1
Mony
Mrkt
-14
With
Prof
-18
U.K.
Gilt
-27


U.K.
AllC
 
UK All Companies SMkt
Mngd
99
Baln
Mngd
99
U.K.
EquI
98
Caut
Mngd
97
Intr
natl
96
Frnd
Soc.
96
Euro
pean
95
Dist
Fund
93
U.K.
SmCo
90
Nrth
Amer
88
Emrg
Mkts
84
FarE
IncJ
81
FarE
ExcJ
80
Comm
NatR
77
Defn
Mngd
70
Japn

63
Guar
Fnds
57
Glob
FxdI
30
Curr
ency
30
Prop
erty
25
U.K.
FxdI
18
Indx
Bond
2
Mony
Mrkt
-13
With
Prof
-18
U.K.
Gilt
-25


U.K.
EquI
 
UK Equity Income U.K.
AllC
98
SMkt
Mngd
97
Baln
Mngd
97
Caut
Mngd
97
Frnd
Soc.
94
Dist
Fund
93
Intr
natl
91
Euro
pean
91
U.K.
SmCo
88
Emrg
Mkts
82
Nrth
Amer
81
Comm
NatR
79
FarE
IncJ
78
FarE
ExcJ
78
Defn
Mngd
76
Japn

59
Guar
Fnds
52
Curr
ency
37
Prop
erty
36
Glob
FxdI
36
U.K.
FxdI
26
Indx
Bond
11
Mony
Mrkt
-2
With
Prof
-7
U.K.
Gilt
-16


Comm
NatR
 
Commodity and Nat. Res. SMkt
Mngd
79
U.K.
EquI
79
Baln
Mngd
79
Caut
Mngd
78
U.K.
SmCo
77
U.K.
AllC
77
Intr
natl
77
Euro
pean
76
Frnd
Soc.
75
FarE
IncJ
75
Emrg
Mkts
73
Dist
Fund
72
Nrth
Amer
71
FarE
ExcJ
71
Defn
Mngd
61
Japn

61
Guar
Fnds
61
Curr
ency
44
Glob
FxdI
42
Prop
erty
35
U.K.
FxdI
28
Indx
Bond
19
Mony
Mrkt
-2
With
Prof
-4
U.K.
Gilt
-14


Baln
Mngd
 
Balanced Managed SMkt
Mngd
99
U.K.
AllC
99
U.K.
EquI
97
Intr
natl
97
Caut
Mngd
97
Frnd
Soc.
96
Euro
pean
96
Dist
Fund
93
Nrth
Amer
91
U.K.
SmCo
89
Emrg
Mkts
86
FarE
IncJ
83
FarE
ExcJ
81
Comm
NatR
79
Defn
Mngd
70
Japn

65
Guar
Fnds
58
Glob
FxdI
33
Curr
ency
33
Prop
erty
25
U.K.
FxdI
18
Indx
Bond
3
Mony
Mrkt
-14
With
Prof
-18
U.K.
Gilt
-25


Frnd
Soc.
 
Friendly Society SMkt
Mngd
96
U.K.
AllC
96
Baln
Mngd
96
Caut
Mngd
96
U.K.
EquI
94
Intr
natl
93
Dist
Fund
92
U.K.
SmCo
91
Euro
pean
91
Nrth
Amer
86
Emrg
Mkts
86
FarE
IncJ
81
FarE
ExcJ
80
Comm
NatR
75
Defn
Mngd
73
Japn

64
Guar
Fnds
48
Glob
FxdI
42
Curr
ency
34
U.K.
FxdI
28
Prop
erty
23
Indx
Bond
17
U.K.
Gilt
-13
Mony
Mrkt
-17
With
Prof
-21


Caut
Mngd
 
Cautious Managed U.K.
EquI
97
U.K.
AllC
97
Baln
Mngd
97
SMkt
Mngd
96
Frnd
Soc.
96
Dist
Fund
96
Intr
natl
92
Euro
pean
92
U.K.
SmCo
89
Defn
Mngd
84
Nrth
Amer
84
Emrg
Mkts
83
FarE
IncJ
78
FarE
ExcJ
78
Comm
NatR
78
Japn

59
Glob
FxdI
47
Guar
Fnds
47
Curr
ency
39
U.K.
FxdI
36
Prop
erty
34
Indx
Bond
20
Mony
Mrkt
-2
U.K.
Gilt
-4
With
Prof
-7


Dist
Fund
 
Distribution Funds Caut
Mngd
96
U.K.
EquI
93
U.K.
AllC
93
Baln
Mngd
93
SMkt
Mngd
92
Frnd
Soc.
92
Euro
pean
89
Intr
natl
86
U.K.
SmCo
84
Defn
Mngd
79
Emrg
Mkts
78
Nrth
Amer
76
Comm
NatR
72
FarE
ExcJ
71
FarE
IncJ
70
Japn

51
Glob
FxdI
43
Guar
Fnds
43
U.K.
FxdI
41
Curr
ency
29
Prop
erty
24
Indx
Bond
21
U.K.
Gilt
0
Mony
Mrkt
-8
With
Prof
-13


Defn
Mngd
 
Defensive Managed Caut
Mngd
84
Dist
Fund
79
U.K.
EquI
76
Glob
FxdI
73
Frnd
Soc.
73
U.K.
FxdI
71
U.K.
AllC
70
Baln
Mngd
70
SMkt
Mngd
68
U.K.
SmCo
65
Euro
pean
63
Comm
NatR
61
Intr
natl
60
Emrg
Mkts
60
Indx
Bond
56
Prop
erty
55
FarE
ExcJ
54
Curr
ency
54
Nrth
Amer
50
FarE
IncJ
49
U.K.
Gilt
44
Mony
Mrkt
31
Japn

29
With
Prof
28
Guar
Fnds
12


Guar
Fnds
 
Guaranteed Funds Comm
NatR
61
Intr
natl
60
Nrth
Amer
59
Baln
Mngd
58
SMkt
Mngd
57
U.K.
AllC
57
Japn

56
Euro
pean
55
U.K.
SmCo
54
FarE
IncJ
54
U.K.
EquI
52
Frnd
Soc.
48
Caut
Mngd
47
Dist
Fund
43
FarE
ExcJ
41
Emrg
Mkts
37
Defn
Mngd
12
Curr
ency
0
Glob
FxdI
-3
U.K.
FxdI
-20
Prop
erty
-20
Indx
Bond
-21
U.K.
Gilt
-49
Mony
Mrkt
-50
With
Prof
-51


With
Prof
 
With Profits Mony
Mrkt
99
Prop
erty
77
Curr
ency
38
U.K.
Gilt
37
U.K.
FxdI
32
Defn
Mngd
28
Glob
FxdI
23
Indx
Bond
23
Emrg
Mkts
-2
FarE
ExcJ
-3
Comm
NatR
-4
U.K.
EquI
-7
Caut
Mngd
-7
FarE
IncJ
-13
Dist
Fund
-13
U.K.
SmCo
-17
SMkt
Mngd
-18
U.K.
AllC
-18
Baln
Mngd
-18
Euro
pean
-19
Frnd
Soc.
-21
Nrth
Amer
-22
Intr
natl
-22
Japn

-28
Guar
Fnds
-51


Mony
Mrkt
 
Money Market With
Prof
99
Prop
erty
80
Curr
ency
41
U.K.
Gilt
37
U.K.
FxdI
35
Defn
Mngd
31
Glob
FxdI
25
Indx
Bond
24
Emrg
Mkts
0
U.K.
EquI
-2
FarE
ExcJ
-2
Comm
NatR
-2
Caut
Mngd
-2
Dist
Fund
-8
FarE
IncJ
-11
U.K.
SmCo
-13
U.K.
AllC
-13
SMkt
Mngd
-14
Baln
Mngd
-14
Euro
pean
-16
Frnd
Soc.
-17
Intr
natl
-18
Nrth
Amer
-19
Japn

-25
Guar
Fnds
-50


Prop
erty
 
Property Mony
Mrkt
80
With
Prof
77
Defn
Mngd
55
Curr
ency
55
Glob
FxdI
42
U.K.
FxdI
39
U.K.
EquI
36
FarE
ExcJ
35
Comm
NatR
35
Emrg
Mkts
34
Caut
Mngd
34
U.K.
SmCo
30
Indx
Bond
29
FarE
IncJ
28
SMkt
Mngd
26
U.K.
Gilt
25
U.K.
AllC
25
Baln
Mngd
25
Euro
pean
24
Dist
Fund
24
Frnd
Soc.
23
Intr
natl
20
Nrth
Amer
14
Japn

7
Guar
Fnds
-20


Curr
ency
 
Currency Glob
FxdI
78
Prop
erty
55
Defn
Mngd
54
Comm
NatR
44
Mony
Mrkt
41
U.K.
FxdI
39
Caut
Mngd
39
With
Prof
38
U.K.
EquI
37
Indx
Bond
34
Frnd
Soc.
34
FarE
ExcJ
34
Baln
Mngd
33
Emrg
Mkts
33
SMkt
Mngd
31
Euro
pean
31
U.K.
AllC
30
Intr
natl
30
FarE
IncJ
30
Nrth
Amer
29
Dist
Fund
29
U.K.
Gilt
26
U.K.
SmCo
24
Japn

15
Guar
Fnds
0


Glob
FxdI
 
Global Fixed Interest Curr
ency
78
U.K.
FxdI
74
Defn
Mngd
73
Indx
Bond
70
U.K.
Gilt
61
Caut
Mngd
47
Dist
Fund
43
Prop
erty
42
Frnd
Soc.
42
Comm
NatR
42
U.K.
EquI
36
U.K.
SmCo
35
Euro
pean
34
Baln
Mngd
33
Emrg
Mkts
33
SMkt
Mngd
31
U.K.
AllC
30
FarE
ExcJ
30
Intr
natl
28
FarE
IncJ
26
Mony
Mrkt
25
With
Prof
23
Nrth
Amer
21
Japn

12
Guar
Fnds
-3


U.K.
FxdI
 
UK Fixed Interest U.K.
Gilt
81
Indx
Bond
75
Glob
FxdI
74
Defn
Mngd
71
Dist
Fund
41
Prop
erty
39
Curr
ency
39
Caut
Mngd
36
Mony
Mrkt
35
With
Prof
32
U.K.
SmCo
29
Frnd
Soc.
28
Comm
NatR
28
U.K.
EquI
26
U.K.
AllC
18
Baln
Mngd
18
Emrg
Mkts
18
SMkt
Mngd
17
Euro
pean
17
FarE
ExcJ
14
Intr
natl
10
FarE
IncJ
8
Nrth
Amer
0
Japn

0
Guar
Fnds
-20


U.K.
Gilt
 
UK Gilt U.K.
FxdI
81
Indx
Bond
78
Glob
FxdI
61
Defn
Mngd
44
With
Prof
37
Mony
Mrkt
37
Curr
ency
26
Prop
erty
25
Dist
Fund
0
Caut
Mngd
-4
Frnd
Soc.
-13
Comm
NatR
-14
U.K.
SmCo
-15
U.K.
EquI
-16
Emrg
Mkts
-22
FarE
ExcJ
-23
U.K.
AllC
-25
Baln
Mngd
-25
Euro
pean
-26
SMkt
Mngd
-27
Intr
natl
-33
FarE
IncJ
-33
Japn

-35
Nrth
Amer
-40
Guar
Fnds
-49


Indx
Bond
 
UK Index Linked Bonds U.K.
Gilt
78
U.K.
FxdI
75
Glob
FxdI
70
Defn
Mngd
56
Curr
ency
34
Prop
erty
29
Mony
Mrkt
24
With
Prof
23
Dist
Fund
21
Caut
Mngd
20
Comm
NatR
19
Frnd
Soc.
17
U.K.
SmCo
14
U.K.
EquI
11
Emrg
Mkts
4
Baln
Mngd
3
Euro
pean
3
U.K.
AllC
2
FarE
ExcJ
2
SMkt
Mngd
1
Intr
natl
-4
FarE
IncJ
-4
Japn

-10
Nrth
Amer
-13
Guar
Fnds
-21