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BC January 2026 Newsletter

Page 1

Newsletter January 2026

Printed on 100% recycled paper


01/01/24

01/04/24

01/07/24

01/10/24

01/01/25

01/04/25

01/07/25

01/10/25

01/01/26

FTSE 100

7733

7953

8167

8277

8173

8635

8785

9446

9931

FTSE All Share

4232

4338

4451

4525

4468

4651

4787

5108

5350

Dow Jones (US)

37690

39567

39170

42157

42544

41990

44495

46441

48063

S&P 500 (US)

4770

5244

5475

5709

5882

5633

6198

6711

6846

Regulatory disclaimer: This newsletter is provided solely to enable clients to make their own investment decisions. The information within this newsletter does not constitute advice or a personal recommendation, or take into account the particular investment objectives, financial situations, or needs of individual clients. It may therefore not be suitable for all recipients. If you have any doubts as to the suitability of this service, you should seek advice from your investment adviser. The past is not necessarily a guide to future performance. The value of investments and the income from them can fall as well as rise and investors may get back less than they originally invested. Certain Investment Trusts will permit using gearing as an investment strategy. Gearing is a strategy which involves borrowing money to increase holdings of investments or investing in warrants or derivatives. Such a strategy is likely to result in movements in the price of the relevant security being amplified significantly and may be subject to sudden and large falls in value and investors may get back nothing at all. Any tax rates and reliefs are those currently applying, are dependent on individual circumstances, and could be subject to change. All estimates and prospective figures quoted in this newsletter are forecasts and are not guaranteed. Within our advisory service we offer advice on a wide range of investments including shares, corporate bonds, gilts and managed funds. We offer restricted advice. This means that we do not offer advice on the whole of the financial planning market which includes products such as life policies and personal pension schemes. We will always recommend what we believe is suitable, based on your personal circumstances and objectives. Barratt and Cooke is the trading name of Barratt & Cooke Limited. Registered in England No. 5378036. Barratt & Cooke Limited is authorised and regulated by the Financial Conduct Authority, who are based at 12 Endeavour Square, London, E20 1JN. Source: Iress and FTSE International Limited (‘FTSE’) © FTSE 2026. ‘FTSE®’ is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and /or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and /or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.


Risk and Reward Those of us who set our alarms to see what the English cricket team could achieve ‘Down Under’ were left bitterly disappointed.

Frankly, the Bazball strategy, or more aptly, lack of strategy, failed miserably. I wonder what happened to the principle of building an innings on solid foundations and batting fundamentals? The forward defence is not a negative shot, keeping bowlers in the field, taking the shine off the ball can yield great results over the longer term, and indeed matches may even reach a fourth or fifth day. Recent equity index performance has been a little like this form of cricket, a ‘swish of the bat’ which has actually paid off over a short period of time despite a ‘sticky wicket’. However, a little caution might not go amiss as we still believe solid foundations and robust fundamentals within equity markets are more likely to yield positive results over the longer cycle; it always has historically.

There is no way of dressing it up, I am afraid there wasn’t a huge amount of Christmas cheer in the last quarter of 2025. Or perhaps there was, just not for ‘working people’ or indeed those who have worked hard for all of their lives, contributing so much to society along the way. It was of course Rachel Reeves’ Budget which dominated UK headlines. The second Budget from a Chancellor and Prime Minister who promised a ‘pro-growth’ Parliament and to be the party for those ‘working people’. It transpires that the manifesto pledges were nothing short of total and utter bunkum. It was a “Budget for Benefits Street” delivered by turkeys of the great Bernard Matthews variety. These are not my words but those of the leader of the opposition delivered at the dispatch box; they would be amusing if it wasn’t so serious.

I am afraid there wasn’t a huge amount of Christmas cheer in the last quarter of 2025. Or perhaps there was, just not for ‘working people’

Barratt & Cooke Newsletter January 2026

1


Quarter versus Quarter Quite often in the January Newsletter I look back on the year that has just finished, but we have written enough about trade wars, global unrest, inflation, interest rates (where incidentally there has been a further cut of 0.25% to 3.75%) and lack of GDP growth. So, I thought it might be a little more interesting to look at another ‘quarter’ – a quarter of a century as we close 2025 (though the astute will probably deduce that we have in fact witnessed 26 years since the millennium), I do however feel that looking at the cycle has a degree of validity.

FTSE 100 index 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000

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Barratt & Cooke Newsletter January 2026

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24

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1/

2 01

1/ 2

20

01 /0

01 /

18

01 /

1/

6

/0

01

1/ 1

14

01 /0

01 /

12

01 /

/0

1/

0 01

1/ 1

08

01 /0

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06

01 /

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4 01

1/ 0

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01 /0

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2,000


• On 1st January 2000 the FTSE 100 stood at 6930 points, having been ‘rocket fuelled’ by a technology boom (it stood at just 2422 10 years previously on 1st January 1990). • Yet, on 1st January 2003 the main UK Index was back down at just 3940 points having seen the bubble burst. • We then witnessed the boom of the sub-prime mortgage market coupled with the smoke and mirrors investing of structured products; you may remember ‘Credit Default Swaps’ as the FTSE 100 hit 6676 points on 1st June 2007 (still below the dot.com peak). • Before crashing back to 3512 points in March 2009 as mortgages (some 100%+ on an overpriced underlying asset) could not be repaid, whilst in the investment world the metaphorical smoke screen thickened and mirrors cracked, bringing plenty of ‘bad luck’ though arguably simply caused by bad judgement from those that boarded the ‘gravy train’.

At an early age I was taught in essay writing that the ‘snake should swallow it’s tail’ and perhaps we have just reached that symmetry after a quarter of a century. That being said, I’m not sure even the great JK Rowling could have written a story with quite so many twists and turns. So, over 26 years the FTSE 100 stands just 43% higher, in capital terms, than it did as those millennium fireworks lit the sky. If you add in a yield of circa 3.5%-4% per annum, it makes for better reading where, for those who do not require income, as Albert Einstein opined “the 8th wonder of the world is compound interest”. However, the last quarter of a century has not compared favourably to the boom of the 1990’s.

Over 26 years the FTSE 100 stands just 43% higher, in capital terms, than it did as those millennium fireworks lit the sky

• A slightly more normalised period for indices followed, that is, if anything in markets can be normal, with the odd peak and trough but an upward trajectory and the FTSE 100 finally broke through that millennium value to stand at 7542 points on 1st January 2020. • But then, a previously unheard-of virus caused havoc and we witnessed a sharp decline in a matter of months to 4994 points on 23rd March 2020. • However, whilst we were all still locked down, fearing the worst, the market once again showed great resilience, recovering far quicker than most would have anticipated and by January 2023 it was back close to the pre COVID Level at 7452 points. • Subsequently we have witnessed the next technology fuelled bull run, led by the artificial intelligence (AI) revolution, and as at 1st January 2026 the FTSE 100 stood at 9931 points.

So, what can we learn from this history: 1. Markets can overreact quickly, especially to the downside in times of stress where ‘equities go down in a lift’. 2. Markets have extraordinary resilience and can bounce back stronger than anticipated, but patience is required as they go ‘up on the escalator’ (in laymen’s terms a moving staircase). 3. Genuine market cycles really are decades rather than months, quarters or years. 4. It is important to adapt to change, repositioning investments to participate in innovation, but it is prudent to not ‘go all in’. 5. It’s dangerous to think ‘it’s different this time’ from tulip bulb busts to dot.com booms, from speculative crashes (1929 Wall Street) to Covid-19 recoveries, the market always finds its fair value in the end. This value has followed an upward path over time, but patience is absolutely critical. Given such extreme volatility, we continue to position portfolios for all types of markets and a range of investment outcomes.

Barratt & Cooke Newsletter January 2026

3


During 2025, on a bike trip to the Atlas Mountains, a cycling companion argued that the current market ‘cycle’ (no pun intended!) will be the death of active investment managers. To be honest he had a fair point as, in general, stock pickers who run balanced, diversified, sensible, risk aware strategies have underperformed both indices and comparative benchmarks by quite some distance over the last two years. However, this is often the case in momentum driven bull runs, where the big get bigger, often by default as new money simply gets allocated proportionately (or more appropriately disproportionately) on a market capitalisation basis, irrespective of valuation.

Such trackers become increasingly ‘risk on’ with greater emphasis on fewer companies and when the correction comes, the results can be catastrophic. Take for example the Banking crisis in 2008; at the peak of the market the Banking sector represented approximately 20% of the FTSE100 index and in the following 12 months the sector saw share prices collapse by more than 90%. As such, active managers who were considerably underweight the sector (and similarly property stocks) outperformed the index whilst also protecting what was for many investors irreplaceable capital. The same can be said of those that didn’t participate so fully in the dot.com boom and a plethora of other peaks and troughs now in distant memory. The key for us is to try and remember these, learn from history and use the lessons for future positioning.

Whilst downside protection does create a degree of performance lag during bull runs, the maths demonstrates its importance (forgive me if it is rather basic):

Scenario A:

Scenario B:

• You invest £100 and you take on full market tracker risk.

• You invest £100 and invest in a combination of equal weighted equities, bonds, gilts, diversifiers and cash, giving you circa half the equity market risk.

• The market falls 50%. • You end up with £50. • In order to get back to your initial £100 stake, your portfolio needs to rise 100% from the low.

Barratt and Cooke portfolios generally performed in line with scenario B in the Great Financial Crisis; when the FTSE fell 40% a typical medium risk, balanced return investor portfolio may have been down in the region of 18% - 20%. Whilst this was of course still uncomfortable, it was just about manageable. This demonstrates why, as stewards of client capital, we choose to invest with a sensible, diversified strategy rather than speculate. Of course, the argument for those that can accept seriously extreme levels of volatility is that you would have participated in more of the upside leading into the fall, but we feel there has to be a reasonable balance between risk and reward; perhaps somewhere between Bazball and Geoffrey Boycott who was once famously run out by Ian Botham for the benefit of the team!

4

Barratt & Cooke Newsletter January 2026

• The market falls by 50%. • You end up with £75. • In order to get back to your initial stake you need your portfolio to rise 33% from the low.

Whilst there is no doubt that AI is a real-life revolution, is very much here to stay and will become increasingly relevant in everyday lives and business, there will be exaggerated winners and losers. The chart opposite, published on Bloomberg, demonstrates the circular nature of the allocation of capital amongst businesses in the sector and is rather reminiscent of a combination of the dot.com boom and the smoke and mirrors prior to the Great Financial Crisis.


Source: Bloomberg News

That said, as above, we have learnt from history and so most portfolios do therefore have a reasonable level of exposure to technology; specifically through a couple of positions in so called ‘Magnificent Seven’ constituents in addition to a handful of businesses in the chip manufacturing, data centre and cyber security sectors i.e. we are participating and with a material allocation, but we are not ‘going all in’.

Whilst there is no doubt that AI is a reallife revolution, is very much here to stay and will become increasingly relevant in everyday lives and business, there will be exaggerated winners and losers

Barratt & Cooke Newsletter January 2026

5


The Budget The Chancellor’s first Budget was crippling for business with disproportionate rises in the National Living Wage and National Insurance introduced to raise funds which were redeployed to reward those who work for the State. This time around the Chancellor punished individuals who work, whilst supporting those who live off the State. As we know she had promised ‘not to increase Income tax, National Insurance, or VAT’. The freezing of income tax thresholds has been called a ‘stealth tax’ but this was about as stealth like as using a sledgehammer to crack a nut. We can all see what she is doing, ensuring, in an inflationary world, that more people pay higher taxes at lower levels in real terms. This strategy is a massive disincentive for work and enterprise. A Labour Government which was elected on centre left policies appears to be shifting further and further to the left; they may have a considerable majority but the party is divided and the backbenchers hold much sway. Other announcements of note in the Autumn 2025 Budget are as follows: • Inheritance Tax – The nil-rate band (£325,000) and the residence nil-rate band (£175,000) will remain frozen until April 2031, adding to fiscal drag as asset values rise over time. • Dividend Income – Tax rates on dividends will increase from 8.75% to 10.75% (basic rate) and from 33.75% to 35.75% (higher rate) from April 2026. The additional rate remains unchanged. • Property Income – Tax rates on rental property income (after allowances) will increase by 2% across all income tax bands from April 2027. The basic rate will rise from 20% to 22%, the higher rate from 40% to 42%, and the additional rate from 45% to 47%. • Savings Income – Tax rates on savings income (after allowances) will increase by 2% across all bands from April 2027 in a similar manner to property income. The basic rate will rise from 20% to 22%, the higher rate from 40% to 42%, and the additional rate from 45% to 47%.

6

Barratt & Cooke Newsletter January 2026

• ISAs – Whilst the overall ISA subscription allowance will remain at £20,000 and is confirmed to be frozen at this level until 2030/31, the annual Cash ISA allowance will be reduced to £12,000 for individuals under age 65 from April 2027. The Junior ISA allowance remains unchanged at £9,000 per annum. • Two-Child Benefit Cap – Removed from April 2026, estimated to cost £3bn per year, with impacted families seeing an increase of approximately £5,000 per annum. • Property Tax – A “high-value property surcharge” will be introduced from April 2028. For homes valued at £2 million the charge will be £2,500 and, increasing to £7,500 per year for properties valued above £5 million. • Minimum Wage – Increased by 4.1% for those aged 21 and over, to £12.71 per hour. With regard to pensions, while there were changes to salary sacrifice arrangements, there were no announced changes to the tax-free lump sum allowance or the annual allowance. There were also no further changes to Capital Gains Tax, with the lower rate remaining at 18% and the higher rate unchanged at 24%. Finally, on the Budget, despite widespread speculation that it might be extended or capped, the seven-year rule for Potentially Exempt Transfers, essentially the treatment of gifted assets, was left unchanged.


Employment The economy is a complex beast but at its centre employment is of utmost importance; as unemployment rises not only do Treasury tax receipts fall, but demands for support via the benefit system simultaneously rise, creating a big black hole in Government finances. To disincentivise work is particularly dangerous, as jobs are under significant pressure from the aforementioned AI efficiencies. In his book ‘Mastering the Market Cycle’ Howard Marks highlights the paradox of innovation, citing historical evidence that following significant improvements in workforce efficiency, such as: • The industrial revolution (1780 – 1830) • Electrification and the commercialisation of automobiles (late 19th/early 20th centuries) • Computerisation (late 20th century) • Information, data and AI (now) There were extreme periods of unemployment.

Just look at the revolution within farming (data taken from House of Commons Briefing paper 3339 published in 2019 – Agricultural statistics). Between the end of the 1940s and the early 1960s the agricultural workforce in the UK fell 55.5% from 900,000 to 400,000 and now it is sub 200,000. You don’t need me to tell you why, but for completeness, this is almost entirely down to the introduction of increasingly efficient machinery. If anyone wants a short story (40 pages) read “The Machine Stops” by E.M Forster penned in 1909 – he was way ahead of his time. Unemployment leads to a lack of “the pound in the pocket” which in turn means that populations cannot pay for goods and services and recessions become likely.

Barratt & Cooke Newsletter January 2026

7


Given pressures on cash flow we know that for some, portfolios which have been ’tucked away for a rainy day’ are becoming increasingly relevant, as that rainy day is here now


Conclusion Irrespective of political persuasion, I have always been an admirer of Kemi Badenoch as a woman, she is a great woman. She is bright, she is probusiness, she has worked very hard to get where she is and day by day, she stands taller and taller at the dispatch box, asking the right questions with conviction and indeed a little wit. It is just a shame that she rarely gets an answer. Keep going Kemi, PMQs is an important process, and it is your job to hold the incumbent to account. So, as we enter 2026, I think we all feel a little bleaker about prospects; business owners, farmers (OK there was a little respite on IHT but the Government has demonstrated a complete lack of support for anyone who lives outside the concrete jungle), those who pay school fees, publicans (who really are getting it down both barrels), ‘working people’…the list goes on. In “The Wealth of Nations” 1776 Adam Smith said ‘we are a nation of shopkeepers’ and I believe our current leadership are doing their best to close the shops and make us ‘a nation of civil servants’. Goodness only knows how the swelling State will be funded as these shops close, but Starmer and Reeves cling on by any means possible with Local Elections being postponed (Norfolk suffering as much as most). However, perhaps business actually needs them to stand the course of this Parliament as the other alternatives will surely not make the grass any greener for either business or working people.

I know that much of the content in this Newsletter has been backward looking and perhaps a little negative. We often say that we are ‘cautiously optimistic on markets’ but it is important to be realistic and actions taken within investments, such as an increase in Gilt weightings in 2025, demonstrate that we feel the risk reward trade-off is not evenly balanced. We do, however, feel that certain forgotten companies in the market are set to outperform; stalwarts of the past which have drifted to incredibly cheap valuations yet have durable business models, strong cashflows and robust balance sheets i.e. built on solid foundations and fundamentals. So, whilst we are not so optimistic for the market as a whole, we do feel that good stock selection, appropriate balance and diversification across asset classes combined with a hands on approach leaves us well positioned to navigate what the indices throw at us in 2026, and we are actually quite excited about it. Joe Root is far from a flash cricketer, but who fared best out of him and Harry Brook in Australia, the wily older player or the young buck? William Barratt Chairman January 2026

Given pressures on cash flow we know that for some, portfolios which have been ’tucked away for a rainy day’ are becoming increasingly relevant, as that rainy day is here now. This is why we continue to strive to position portfolios for all types of market conditions. Of course, to have run uncompromisingly with the bulls over the last year would have been beneficial but, as those who have done this in Pamplona will know, it has its perils. Similarly, the data over the last quarter of a century demonstrates what can happen when markets get off the escalator and get in the lift. It is the responsibility of being entrusted with the stewardship of client investments which keeps us prudent and constantly assessing the balance of the risk reward trade; participate, but do not ‘go all in’. Of course we feel the pressure as the market rises but, as Will Mellor alluded to in the last publication, it really is just a few companies propping up the whole world index.

Barratt & Cooke Newsletter January 2026

9


January 2026 equity suggestions FTSE 100 companies

Price 31/12/25

Yield

52 week High Low

INDUSTRIALS

Halma

3538p

0.7%

3764p

2316p

INFORMATION SERVICES

RELX

3020p

2.1%

4205p

2969p

INSURANCE

Admiral

3176p

6.6%

3686p

2486p

LIFE ASSURANCE

Phoenix Group

737p

7.5%

739p

475p

MINING

Rio Tinto

5994p

4.7%

6047p

4025p

OIL & GAS

Shell

2740p

3.9%

2938p

2270p

PERSONAL CARE & HOUSEHOLD PRODUCTS

Unilever

4860p

3.6%

5542p

4637p

PHARMACEUTICALS & BIOTECH

AstraZeneca

13790p

1.8%

15474p

9574p

REAL ESTATE

LondonMetric Property

190p

6.6%

207p

167p

SPECIALTY & OTHER FINANCE

London Stock Exchange Group

8952p

1.5%

12185p

8094p

SUPPORT SERVICES

Diploma Experian

5295p 3363p

1.2% 1.4%

5700p 4101p

3532p 3049p

TRAVEL & LEISURE

InterContinental Hotels

10460p

1.2%

10975p

7252p

UTILITIES

National Grid

1142p

4.2%

1184p

910p

HEALTH

Coloplast Edwards Lifesciences IDEXX Laboratories Intuitive Surgical

6385p 6338p 50298p 42107p

4.2% -

9502p 6633p 58380p 49982p

6306p 5125p 27918p 31466p

INDUSTRIALS

Atlas Copco Schneider Electric Xylem

1340p 20511p 10125p

1.8% 1.1% 1.2%

1429p 23043p 11733p

1015p 14686p 7877p

INFORMATION SERVICES

Wolters Kluwer

10138p

2.1%

15127p

8987p

PERSONAL CARE & HOUSEHOLD PRODUCTS

Colgate-Palmolive L'Oreal Procter & Gamble

5875p 32010p 10655p

2.6% 1.9% 2.9%

7764p 35343p 14155p

5670p 27191p 10377p

PHARMACEUTICALS & BIOTECH

AbbVie Zoetis

16987p 9354p

3.0% 1.7%

18208p 14290p

12586p 8678p

PRIVATE EQUITY

Partners Group Holding

92181p

4.1%

126177p

84937p

SOFTWARE & TECHNOLOGY

Adyen Alphabet Automatic Data Processing Microsoft Salesforce Uber Technologies

120060p 23271p 19124p 35956p 19695p 6075p

0.3% 2.6% 0.7% 0.6% -

155370p 24956p 25388p 41973p 29525p 7633p

98118p 10910p 18809p 26560p 16792p 4753p

Overseas companies#

SPECIALTY & OTHER FINANCE

10

Deutsche Boerse

19522p

1.8%

25079p

17791p

Mastercard

42443p

0.6%

46272p

36503p

MSCI

42655p

1.3%

51073p

38160p 23442p

Visa

26074p

0.8%

28908p

SUPPORT SERVICES

Veolia Environnement

2595p

4.7%

2785p

2197p

TECHNOLOGY HARDWARE & EQUIPMENT

Texas Instruments

12898p

3.3%

16527p

10652p

Vertiv

12045p

0.2%

15397p

4202p

Barratt & Cooke Newsletter January 2026

# Dividends on overseas holdings will be subject to withholding tax at the local rate


Collective investments

Price 31/12/25

Yield

52 Week High Low

Discount/ (Premium)

UK

Throgmorton I/T

624p

2.9%

626p

454p

7.4%

GLOBAL

Future of Defence ETF Impax Environmental Markets I/T JPMorgan Global Growth & Income I/T Scottish American I/T Scottish Mortgage I/T Smithson I/T

1380p 397p 574p 516p 1186p 560p

1.3% 4.0% 3.0% 0.4% 2.0%

1515p 418p 614p 526p 1193p 582p

932p 286p 442p 427p 778p 384p

7.8% 2.9% 7.8% 9.3% 1.2%

EMERGING MARKETS

Schroder Asian Total Return I/T Templeton Emerging Markets I/T

624p 235p

2.9% 2.2%

626p 242p

454p 148p

0.5% 7.4%

WS OPIE STREET FUNDS

WS Opie Street Balanced Fund Acc. Shares WS Opie Street Balanced Fund Inc. Shares WS Opie Street Growth Fund Acc. Shares WS Opie Street Growth Fund Inc. Shares WS Opie Street Income Fund Acc. Shares WS Opie Street Income Fund Inc. Shares

501p 424p 557p 532p 454p 389p

2.6% 0.9% 3.5%

503p 426p 558p 532p 455p 393p

430p 369p 466p 446p 393p 346p

-

Alternative investments INFRASTRUCTURE

3i Infrastructure I/T Pantheon Infrastructure

374p 109p

3.6% 4.0%

380p 115p

296p 87p

8.3% 15.0%

PRIVATE EQUITY

Pantheon International

378p

-

382p

262p

27.2%

93.1p 74.2p 101.2p

4.6% 4.9% 4.5%

93.9p 74.4p 102.7p

88.0p 71.6p 97.8p

-

Fixed interest investments CORPORATE BOND

GOV. STOCK

Aegon Inv Grade Bond Fund Premier Miton Corp Bond Monthly Income M&G Global Corp Bond

0.375% Treasury 2030 0.25% Treasury 2031 4.25% Treasury 2032

Price 31/12/25

Gross Interest Yield

Gross Redemption Yield*

Payment Dates

Redemption Date

£84.94 £81.78 £100.94

0.4% 0.3% 4.2%

3.8% 3.9% 4.1%

Apr/Oct Jan/Jul Jun/Dec

22 Oct 2030 31 Jul 2031 7 Jun 2032

Inflation Rate* 3% 5% INDEX LINK.

4.125% Treasury IL 2030

£339.55**

3.6%

4.1%

6.1%

Jan/Jul

22 Jul 2030

GOV. STOCK

0.125% Treasury IL 2031 1.25% Treasury IL 2032

£131.91** £187.37**

0.1% 1.3%

3.9% 4.2%

5.9% 6.1%

Feb/Aug May/Nov

10 Aug 2031 22 Nov 2032

* Equivalent Gross Redemption Yield for Index Linked Gilts assuming RPI inflation averages 3% or 5% to redemption. ** Price adjusted for inflation (please note the published price may be different as it does not include accrued inflation)

Source: Iress and FTSE International Limited

Barratt & Cooke Newsletter January 2026

11


FTSE 100 – previous quarter 10200 10000 9800 9600 9400 9200 9000 30/09/2025

31/10/2025

30/11/2025

31/12/2025

FTSE 100 – 1 year 10400 10000 9600 9200 8800 8400 8000 7600 7200 31/12/2024

31/03/2025

30/06/2025

30/09/2025

31/12/2025

FTSE 100 – 5 year 10500 10000 9500 9000 8500 8000 7500 7000 6500 6000 5500 31/12/2020

12

31/12/2021

Barratt & Cooke Newsletter January 2026

31/12/2022

31/12/2023

31/12/2024

31/12/2025 Source: Iress


Barratt & Cooke is: •

The trading name of Barratt & Cooke Ltd., a wholly owned subsidiary of Barratt & Cooke Holdings Ltd.

•

Authorised and regulated by The Financial Conduct Authority (registered number: 428789), whose address is 12 Endeavour Square, London, E20 1JN.

•

Registered in England and Wales (registered number: 05378036) and is a Member of the London Stock Exchange.


5 Opie Street, Norwich, Norfolk NR1 3DW 01603 624 236 barrattandcooke.co.uk


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