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Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

 Pulling Ford’s new all-electric Mustang Mach-E out of a Brooklyn garage late this winter, I felt a little duped. It seemed more like I was driving a giant motorized iPad than the electrified successor to an iconic American muscle car. Just a few weeks earlier, the company’s sound designers told me about the lengths to which they had gone to design and digitally produce the perfect engine noise, experimenting with recordings of electric guitars, Formula E race-car engine sounds and the hum of high-voltage power lines. But inside the loaner car’s cabin, I didn’t hear anything at all. Then, while messing around on the vehicle’s touchscreen, I found—and immediately pressed—an all-too-tempting button to engage “unbridled mode.” Next time I hit the accelerator, the car took off, emitting the throaty, electric roar of a cyberpunk spaceship. Now that was more like it.

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Because their motors have few moving parts, electric vehicles (EVs) are shockingly quiet. That might sound like a blessing for city dwellers and others sick of traffic noise, but it can create added risk for drivers (who rely on engine noise to get a sense of their speed) and pedestrians (who listen for oncoming traffic). For automakers, it also compromises decades of marketing based on the alluring rumble of a revving engine, especially in sports cars and trucks. “As a car person, there are a lot of expectations for what a car should sound like,” says Ram Chandrasekaran, a transportation analyst at consultancy Wood Mackenzie. “[Even] for a regular person who doesn’t care about V-8 engines or manual transmissions, there’s still an innate expectation that when you push the pedal, you hear an auditory response.”

So companies like Ford have turned to elite teams of sound designers to create new noises that play from EVs’ internal and external speakers, making them safer and more marketable. With EVs on the cusp of widespread adoption—analysts predict their share of U.S. auto sales will quadruple to 8.5% in the next four years—these specialists are getting a once-in-a-lifetime chance to create the sounds that will dominate 21st century highways and cities, just as the constant drone of internal-combustion engines dominated those of the 20th.

The sound designers who spoke to TIME for this story, from companies like BMW, Audi and Ford, often framed their work as an effort to encode their brands’ ethos into a sound. There’s precedent for that kind of auditory corporate soul-searching, from ESPN’s six-note fanfare to the Yahoo yodel. But there’s greater urgency to the automakers’ work: the longer it takes for people to switch to electric vehicles, the more damage internal-combustion engines will do to our planet. While EVs aren’t completely green—battery production and electricity generation exact an environmental toll—the scientific consensus is that they’re less harmful than gasoline cars. Ninety percent of cars on U.S. roads must be electric by 2050 to meet the Paris Agreement’s goals, but right now, only about 2 in every 100 cars sold in the country are nonhybrid EVs. And in order to sell, EVs have to drive well and far enough to meet people’s needs—as well as sound good to prospective buyers.

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EV sales grew by 40% worldwide last year, to 2.8 million vehicles from 2 million in 2019, despite the global recession brought on by the COVID-19 pandemic. Shares in EV maker Tesla soared by over 700% in 2020 after record-shattering production numbers (though their value has since declined). Meanwhile, Chinese electric-car brands like Nio and BYD have unveiled new electric sedans to compete on the global level. Traditional automakers have largely acknowledged that the days of internal-combustion engines are numbered. Ford launched its flagship Mach-E late last year as part of a $22 billion electrification push. BMW aims to double its EV sales in 2021. GM declared early this year that it will make only electric vehicles by 2035. Volkswagen, which embraced EVs after 2015’s infamous “Dieselgate” scandal, could outpace Tesla’s EV sales as soon as next year, according to Deutsche Bank analysts. U.S. President Joe Biden’s victory, and the likely tightening of mileage standards, is likely to spark further growth in EVs.

Today’s EV buyers are largely what technology analysts call “early adopters”: people who see the benefits of a new innovation despite kinks yet to be hammered out. Convincing electro-skeptics will require advancements not just in performance, range and recharging infrastructure, but successful marketing too. That’s where sound designers come in. Regulators around the world require EVs to emit some kind of sound for safety reasons, though they’ve left it up to automakers to decide exactly what that sound should be—a big challenge, given that they could theoretically sound like just about anything. “It’s kind of like when [the 1993 film] Jurassic Park was made, and they had to come up with the sound of a dinosaur,” says Jonathan Pierce, a senior manager of experiential R&D at Harman, an automotive-technology company. “None of us has ever heard a dinosaur.” In this case, automakers are less re-creating ancient beasts than figuring out what will replace the ones they know so well, but are on the verge of extinction.


Composer Hans Zimmer’s Los Angeles studio, in June 2019
Courtesy BMW
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Sound designers have long helped craft everything from the roar of a car’s engines to the satisfying thump of a closing door. But they have never had the opportunity to shape the soundscape of the future on such a massive scale. For sound engineers, it’s like getting the chance to design not just the Guggenheim but the entire Manhattan skyline. In the notoriously rivalrous world of car design, there’s little agreement about what that soundscape should be.

Broadly, automakers are divided into two camps. The first includes those who’ve drawn inspiration from the sound of gasoline cars—or at least tried to make it sound as if something is at work under the hood, though often with a futuristic edge. Audi falls into this category, as does Ford, where sound engineers tried to make the Mustang Mach-E sound reminiscent of its gasoline-powered namesake. “It has to have a perception of power, a perception of grit,” says Ford sound-design engineer Brian Schabel. Engineers at British automaker Jaguar took a similar route, paring down the essence of a rumbling V-8 engine and high-revving motorbikes for its I-PACE electric crossover. “You want to get right to the good state where people are comfortable with it, they can understand it, and it’s not too weird,” says Jaguar Land Rover sound engineer Iain Suffield. Audi sound engineer Stephan Gsell agrees. “The vehicle is a technical device,” he says. “It’s not a musical instrument.”

On the other side are carmakers that have little interest in replicating the sound of a gasoline engine at all. “We shouldn’t be trying to communicate that there are moving pistons in this thing,” says Danni Venne, lead producer and director of innovation at Made Music Studio, an audio branding agency that designed the engine sound for a recent iteration of the Nissan LEAF. “We’re somewhere else now technologically.” The LEAF sound, Venne says, has “a little bit of a singing quality to it.” GM also took a step in the musical direction, creating EV sounds using sampled guitar, piano and didgeridoo. “We want it to sound organic, yet futuristic,” says GM sound engineer Jigar Kapadia.

Then there’s whatever BMW is doing with its i4 electric-sedan concept. At low speeds, the i4 sounds like an electrified orchestra warming up for a performance. But as it accelerates, the tone becomes deeper and lower. Then comes a high-pitched skittering effect, as if some kind of reality-bending reaction were taking place under the hood. “We conceived a sound to celebrate the car, intended as a highly complex performative art installation,” says BMW sound designer Renzo Vitale. Vitale, who worked alongside famed film-score composer Hans Zimmer on the i4, says it was his counterintuitive idea to make the noise deepen as the car gains speed. “It was a metaphoric way to say, ‘We are looking at the past,'” he says. Given Vitale’s curriculum vitae, it’s not surprising BMW ended up with an unconventional result: he composes electronic and orchestral music in his free time, used to play in progressive metal bands and, while getting his Ph.D. in acoustics at Germany’s RWTH Aachen University, created bold live performance art. “I was performing naked, painted black in crazy installations,” Vitale says.

While sound designers like Vitale are excited about the artistic potential in EV sound design, automakers are salivating over the marketing opportunities. One highly produced promotional video posted online by Audi dramatizes its engineers’ search for the perfect sound, featuring the team pensively observing helicopters and wind tunnels. Ford worked with a musician to produce an EDM track sampling the Mach-E’s engine tone. Zimmer features heavily in a recent BMW promo video advertising his work on the i4. “Sound underlines the soul of anything,” the composer says in the spot. “Right now, we are at a really exciting point, shaping the sound of the future.”


Audi sound engineers Stephan Gsell and Rudolf Halbmeir experiment with sound-production techniques

Courtesy Audi

All this marketing and branding exuberance may die down if car buyers embrace vehicles that are simply quieter rather than noisy in a different way; EV engine tones may eventually be pared down to only the simplest, most essential sounds. Some experts think carmakers will start using retro gasoline-engine sounds in EVs. Others suggest they will include systems that enable drivers to customize their cars’ engine noises, to make them sound like anything from a motorboat to a spaceship. (Tesla CEO Elon Musk is particularly fond of similar gimmicks; Wikipedia’s “List of Easter eggs in Tesla products” includes more than two dozen examples.)

That last scenario alarms Trevor Cox, a professor of acoustic engineering at the University of Salford in the U.K. and author of The Sound Book: The Science of the Sonic Wonders of the World. “The submotive sound of every city is pretty much its cars,” says Cox. “As soon as you change the sound of cars, you’re going to change how the city sounds.” He argues that excessive customization and diversity of vehicle sound could turn urban soundscapes into jarring, chaotic disasters. “We have a sense of what hell would be like, because we lived through it when people first got mobile phones,” he says. “[Everyone] decided to have a ringtone that was individual, and you had this horrible cacophony.”

But plenty of people leave their smartphones in vibrate-only mode, and it’s likely that most EVs will end up being quiet compared with the gas-powered models we’re used to. That could have major benefits for city dwellers in particular, as studies show that constant exposure to traffic noise can increase people’s risk for high blood pressure, heart attack and stroke. Combined with their lack of emissions, EVs’ relative silence could even make it less awful to live near a major road, fundamentally changing urban design. For that to happen, some sound experts say automakers need to remember that what sounds innovative and interesting in a studio might inspire quite a different feeling for people out in the real world. “We need to have some self-imposed guardrails,” says Pierce. “Not only to do right by our customers but to worry about the society as a whole.”

Driving around New York City in Ford’s Mach-E, I thought about what the roads of the future might sound like. The not-quite-Mustang produced a humming, vaguely electric noise as it accelerated, halfway between a pony car and a Star Wars pod racer. Several EV sound designers spoke about being inspired by sci-fi movies; Zimmer himself composed the score for Christopher Nolan’s Interstellar. Those films may have created a kind of self-fulfilling prophecy, as our imagined futures shape the real sounds of our streets. While sci-fi movies tend to be dystopian, these designers’ work may end up making our future cities at least a little safer and healthier, with less sound and air pollution. But exactly what our streets will sound like when they’re crowded with EVs is still in the hands of those auditory specialists with their strings and synths. “Hans and I keep talking about elegance, the idea of bringing elegance to the streets,” says Vitale. “We want to share a vision of the sound of the future that maybe helps make cities a better place.”

Correction, April 8

The original version of this story misstated Ford’s investment in EVs. The company is investing $22 billion, not $11 billion.

This appears in the April 12, 2021 issue of TIME.



បច្ចុប្បន្ន ការប្រកបអាជីវកម្មមានការកើនឡើងយ៉ាងផលផុស ប៉ុន្តែទន្ទឹមនិងការបើកអាជីវកម្មដ៏ច្រើនលើសលប់នេះ ក៏មានអាជីវកម្មមិនតិចឡើយដែលត្រូវបិទអាជីវកម្មទៅវិញ។ ជាទូទៅ អាជីវកម្មជាង៨០ភាគរយត្រូវដួលរលំទៅវិញ មិនលើសពី៥ឆ្នាំឡើយ ហើយមានមិនដល់១០ភាគរយផងដែលអាចបន្តដំណើរអាជីវកម្មរបស់ខ្លួនលើសពី១០ឆ្នាំ។ ដូច្នេះយើងឃើញថា ក្នុងចំណោមអាជីវកម្ម១០ មានតែ១ប៉ុណ្ណោះដែលអាចឈរជើងបានលើសពី១០ឆ្នាំ។
តើហេតុអ្វីបានជាអាជីវកម្មថ្មីថ្មោងភាគច្រើន ត្រូវដួលរលំទៅវិញក្នុងរយៈពេលដ៏ខ្លី?
ពាណិជ្ជកម្មកម្ពុជា សូមលើកយកទិដ្ឋភាពទូទៅ៣ចំនុចរបស់លោក Kiyosakiយកមកបកស្រាយ៖
១. ចាប់ផ្តើមអាជីវកម្ម ទាំងខ្លួនគ្មានចំណេះដឹងជាសហគ្រិន
លោក Kiyosaki លើកឡើងថា ការបរាជ័យអាជីវកម្មភាគច្រើន មិនមែនមកពីទុនដែលងាយនឹងមានហានិភ័យ ដូចជាលុយកម្ចី ឬលុយចង់ការប្រាក់មករកស៊ីទេ ប៉ុន្តែមកពីពួកគេខ្វះភាពជាសហគ្រិន។ អ្នករកស៊ីថ្មីថ្មោង ចេញបើកអាជីវកម្ម ទាំងខ្លួនមិនដឹងថាអ្វីជាជីវិតជាអ្នករកស៊ី​ មិនបានទាំងត្រៀមខ្លួនដើម្បីតតាំងនិងឧបសគ្គ ជាពិសេស មិនទាំងចេះគ្រប់គ្រង ​និងប្រើប្រាស់ហិរញ្ញវត្ថុឲ្យចំគោលដៅផង ជាពិសេស ធ្វើអាជីវកម្មទាំងគ្មានគម្រោងនិងគោលដៅអាជីវកម្មច្បាស់លាស់។
បើយើងក្រលែកមើលអាជីវកម្មនៅកម្ពុជាបច្ចុប្បន្ន មានអាជីវកម្មភេសជ្ជៈកាហ្វេ ជាដើម បើកលក់ព្រោងព្រាត់កាន់តែច្រើនឡើងៗ ទន្ទឹមនិងនេះក៏មានបិទជាបន្តបន្ទាប់។ នេះហើយសបញ្ជាក់ឲ្យឃើញថា សហគ្រិនទាំងនោះចាប់ផ្តើមទាំងខ្លួនគ្មានចំណេះដឹងផ្នែកនេះ ហើយថែមទាំងគ្មានភាពជាសហគ្រិនទៀតផង។
២. មិនចេះបត់បែន ទៅតាមនិន្នាការទីផ្សារ
ម្ចាស់សៀវភៅ “ពុកអ្នកមានបង្រៀនកូនអ្នកក្រ” បានណែនាំថាការធ្វើអាជីវកម្មសម័យបច្ចុប្បន្ន មានការវិវដ្តន៍លឿនស្ទើរមិនគួរឲ្យគួរ បច្ចេកវិទ្យាថ្មីៗ គំនិតឆ្នៃបង្កើតប្លែកៗ ផុសឡើងជារៀងរាល់ថ្ងៃ ហេតុនេះហើយដើម្បីឲ្យអាជីវកម្មអាចដំណើររលូនទៅមុននិងប្រកួតប្រជែងបាន អ្នកត្រូវតែអភិវឌ្ឍន៍អាជីវកម្មរបស់អ្នកដូចគ្នាដែរ ដើម្បីឲ្យដើរឲ្យទាន់សម័យកាល បើមិនដូច្នេះទេ មិនយូរមិនឆាប់អាជីវកម្មនឹងត្រូវបិទទ្វារ។ ដូចមានក្រុមហ៊ុនទូរស័ព្ទ Nokia ជាឧទាហរណ៍ ដោយសប្បាយនិងភាពជោគជ័យ ភ្លេចគិតឆ្នៃប្រឌិតអ្វីដែលថ្មីប្លែក ធ្វើឲ្យក្រុមហ៊ុនមួយនេះ ធ្លាក់ចុះយ៉ាងខ្លាំងស្ទើរតែក្ស័យធននិងបាត់បង់ទីផ្សាររបស់ខ្លួនស្ទើរមិនគួរឲ្យជឿ។ លោកបានមានប្រសាសន៍ថា៖ បើអ្នកមិនអភិវឌ្ឍអាជីវកម្មរបស់អ្នក មិនមែនមានន័យថាអ្នកនៅកន្លែងដដែលទេ គឺអ្នកកំពុងដើរថយក្រោយហើយ
៣. កង្វះសមត្ថភាព គ្រប់គ្រងហិរញ្ញវត្ថុ
លោក Kiyosaki អ្នកបង្កើតចន្តរប្រាក់៤ផ្នែក បានពន្យល់ទៀតថា អាជីវកម្មភាគច្រើនមិនអាចឈរជើង និងត្រូវក្ស័យធនដោយសារមិនអាចទ្រាំទ្រនិងការខាតបង់បន្តទៀតបាន មូលហេតុដោយាសារមិនចេះគ្រប់គ្រងហិរញ្ញវត្ថុនេះហើយ។ អាជីវកម្មទាំងនោះ ខ្លះមិនមែនមកពីផលិតផល ឬសេវាកម្មមិនល្អនោះទេ ប៉ុន្តែបញ្ហាផ្នែកហិរញ្ញវត្ថុធ្វើឲ្យអាជីវកម្មមិនអាចបន្តទៅមុខទៀតបាន ក៏សម្រេចចិត្តបិទទ្វារ។
ជាឧទារហណ៍ ស្ថាបនិកកាហ្វេ Brown ស្ទើរតែត្រៀមនឹងបិទអាជីវកម្មទៅហើយ ដោយសារខ្វះខាតហិរញ្ញវត្ថុ និងវិបត្តិក្នុងការគ្រប់គ្រងហិរញ្ញវត្ថុនេះហើយ ប៉ុន្តែដោយភាពឈ្លាសវៃ លោកអាចរកទុនបន្ថែមបានទាន់ពេលវេលា ធ្វើឲ្យលោកមានហិរញ្ញវត្ថុបន្តវិថីជីវិត Brown បានមកដល់សព្វថ្ងៃ បើមិនដូច្នេះទេប្រហែលគ្មានវត្តមានហាងកាហ្វេមួយនេះដល់សព្វថ្ងៃនោះដែរ។
សរុបមក ការដើរលើវិថីជីវិតជាសហគ្រិន មិនមែនជារឿងងាយស្រួលនោះឡើយ ភាគរយនៃភាពបរាជ័យមានខ្ពស់ខ្លាំងណាស់ ដែលជាឧបសគ្គរារាំងដ៏ធំចំពោះអាជីវកម្មថ្មីថ្មោងភាគច្រើន ប្រសិនបើអ្នកមិនមានផែនការអាជីវកម្មឲ្យបានច្បាស់លាស់ននិងល្អិតល្អន់។ ការចាប់ផ្តើមអាជីវកម្មសំខាន់បំផុតគម្រោងអាជីវកម្ម ដែលជាដៅកំណត់ផ្លូវដែលយើងត្រូវដើរ ដូចជាពាក្យស្លោកដែលគេលើកឡើងថា៖ គ្មានក្រុមហ៊ុនធំៗណាមួយជោគជ័យ ដោយសារគម្រោងអាជីវកម្មអន់ៗនោះឡើយ៕
អត្ថបទដោយ៖ Vuthea

£100,000 to invest for income? Three retirement strategies that pay up to £8,800 a year

Pension fund chart.
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It's not you getting older - pensioners really are looking younger these days.
Rises in the state pension age mean they may be more advanced in years than their predecessors, but those retiring now are younger in terms of health, lifestyle and how long they can expect to live than ever.
The cliché of a few "golden years" of gentle walks and evenings in front of the fire will still apply to many, particularly in late retirement, but before that may come world travel, starting small businesses and taking up long-desired leisure pursuits.
And that's just the fun stuff. Added to that may be roles as childminder for grandchildren, supplier of house deposits and university fees and possibly as full-time carer for an infirm spouse. In short, there will be as many different types of retirements as there are retired people. Everyone - even those fortunate enough to have decent retirement savings - will have to make important choices about what they prioritise in retirement.
Deciding what, if any, risk they take with their money to make it last will be key. Here we lay out three basic financial strategies to cater for a few broad groups. For each scenario we have taken a retiree with £100,000 of savings in a pension at the age of 65. Our models were calculated with the help of Aegon, the pensions company.
The first will be for those who believe that their most active - and potentially most expensive - years will come at the start of retirement. They want to match their income with their lifestyle and take more up front and then live on less in their later years.
The second group simply want to extract the maximum monetary value from their retirement savings, to balance investments and withdrawals so their pot runs out the day they die. It's impossible, but they want to get as close as they can.
The third want to preserve their wealth for as long as possible, to provide an inheritance or to keep a pot ready to pay for large bills, including formidable care costs.

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'I'll live on less when I'm very old, now's the time to spend'

Financial sages might disapprove, but there is a strong logic behind this approach. It's likely that your spending needs will be higher in early retirement than later. Not just because you want to splash out on holidays and socialising while you are younger, but because you will be generally less active in old age and can live more cheaply.
Like most, these people will be able to rely on state pensions and some will have other income, for example from defined-benefit pensions or buy-to-let property, that they can rely on in the long term. Income from retirement saving is on top. Targeting a period of higher spending at the start of retirement makes sense to them.
Our scenario imagines a 15-year period at the start of retirement during which they are happy to run their pension pot down. After that, from age 80, they will rely on other income, including the state pension.
David Cummins, chartered financial planner for Saga Investment Services, said: "The key for someone with a finite amount they want to spend over a defined period is deciding what the appropriate income stream will be.
They should be looking to withdraw their money as tax-efficiently as possible, making use of the full personal allowances."
Mr Cummins said retirees should take money in chunks from their still-invested pension - known as "uncrystallised fund pension lump sums".
Pension chart 3

According to calculations by Aegon, a person with £100,000 invested would be able to take £8,819 a year or £735 a month, and rely on their pot lasting until 80. This assumes investment growth of 4pc a year after fees. If returns fall to an average 2pc, then the amount they can safely take falls to £7,704, or £642 a month.
Were the investment return to average 6pc, they would have £28,000 of their pension pot left at age 80. This would allow them to carry on at their higher level of spending, or purchase an annuity to raise their guaranteed income from that point forward.
Their income from this would depend on rates at the time but current annuities would pay them around £2,500 a year, according to the Money Advice Service.
To hit their target in the first 15 years, experts recommend lower-risk assets to avoid steep falls in the early years that would erode their money more quickly. Weighting investments towards bonds, rather than riskier shares, makes sense. The Vanguard LifeStrategy range is low-cost and enables you to choose the bond weighting that suits you. Some investment trusts target capital preservation and these could fit the bill. RIT Capital and Personal Capital are highly regarded.

'I want my pension to run out on the day I die'

There's a saying that "the last cheque you write should be to the undertaker, and it should bounce". If you apply this to your pension, you will be extracting optimum value from your retirement pot. The problem is, you can't be sure when you'll die, so in order to plan, you'll have to make assumptions.
Pension chart 2
Men aged 65 are expected to live until 89, according to Aegon, so the group in our second scenario should be aiming to make their pension last around 25 years. Assuming 4pc investment growth, regular income of £6,277 a year or £523 a month can be taken and the pot will last until age 90.
Mr Cummins, from Saga, said: "Income-yielding investments that provide some form of capital preservation can be very helpful in these instances, as the natural yield can be used to top up the cash pot. But in the current environment, you can't rely on natural yield alone."
He recommends splitting savings into different buckets - one that offers longer-term growth, another that generates income and finally a bucket for cash to pay income when other investments are falling short. For long-term growth, Scottish Mortgage is an investment trust that invests globally and has a strong record. The income could come from an equity income fund. Threadneedle UK Equity Income and Woodford Equity Income are popular with advisers.

'I aim to keep as much as I can for a rainy day or pass it on'

For those facing a large inheritance tax bill, keeping money in a pension makes sense. No tax is paid if you die before 75, while the beneficiary will pay income tax at their marginal rate if you die after that. Others will want to keep their pension money intact to meet any large care bills.
The fact that those in this scenario do not intend to erode their pot, taking only income produced naturally, means they can take more risk if they wish.
Pension fund chart
Mr Cummins said: "Investors should feel comfortable maintaining the asset allocation they had while they were building up their savings while they're retired if they know they're not going to be touching their pension. If it was good enough for 30 years of saving, it should be sufficient for the next 30 years."
Saga recently launched the British Enhanced Income fund, which includes property, fixed income and equities. It targets a 4pc yield. If that is achieved, taking 4pc would mean income of £3,924 a year, or £327 a month.


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Ordinary investors are never short of resources offering to help them choose a home for their money. For those who pick investments for themselves, ratings and buy-lists exist to highlight the best-regarded funds.
Both can be invaluable in helping to avoid the many traps that await novice investors, such as “closet” trackers that do nothing a far simpler fund couldn’t do for a fraction of the cost, or those well-known brands that rely on their familiarity to sell bog-standard funds at a high price.
Even with these useful aids, however, DIY investors can be left with a baffling range of options.
"Just 25 names to give readers a degree of conviction they seldom find."
The Telegraph Money team are frequently asked by readers for suggestions for the best place to house their savings. Often of most interest to them are the funds to which we ourselves entrust our money.
With this in mind, we have devised the Telegraph 25 – a concentrated list of funds, investment trusts and exchange-traded products that we think stand out from the crowd.

How we built the list

Like other “buy lists”, ours includes investments we think offer great potential for success. The difference comes in the scale of the list and how we’ve approached its construction.
At just 25 names we have tried to present only our most favoured funds to give readers a degree of conviction they seldom find.
Additionally, we have tried to provide options in response to the questions we are frequently asked by readers, and have borne their objectives in mind. That is why our list bears no relation to industry sectors, and even omits options in some major markets.
For these reasons, the list cannot encompass every good fund. In fact, many excellent ones have not made the list and experts are sure to disagree.
The 25 have been selected following discussion among Telegraph Money staff (see note at the foot of this article) and represent the results of our years of experience covering investing, talking face to face with fund managers and advisers and poring over quantitative analysis.
Many of the funds we use to invest our own money feature on the list.
• Ask an investing question: moneyexpert@telegraph.co.uk

What the list is for

Or rather, what it is not for. This is not an off-the-peg portfolio to pump your money into and forget about.
DIY investing requires you understand the risk you are taking and conduct your own research to ensure an investment fits your needs and blends with others that you already hold.
Some on the list have been chosen expressly because they can be relied upon to do several jobs well without the need for close monitoring. Others, however, operate in a way and in markets that are higher risk.
The list, therefore, is designed to draw together funds that have shown themselves to be among the very best in whichever field they operate, and which work in a way we believe will continue to give the best chance of strong returns for the risk being taken.
Unless we make clear to the contrary, the funds are intended for long-term investors who want a home for their money for five, 10 or even 20 years.

How we chose the categories

In order to meet the needs most often expressed by readers we have divided the list into five sections: UK funds, world funds, income funds, “get rich slow” funds and “wild cards”.
Many investors prefer to steer clear of exotic regions they can only have limited knowledge of and the UK section satisfies the appetite for funds investing in companies that they know best.
Our UK picks feature those funds we back to make the most of domestic opportunities, whether by spotting undervalued firms, investing at minimal cost or seeking out financially strong companies that can provide a steady return.
Our world funds include those with managers we believe have the skill and resources to survey the global scene and make the most of the situations they find. There are low-cost options and “high-conviction” plays that offer the potential for stronger returns.
Income is often top of the list of investors’ priorities. Our income funds offer a high cash return but on a sustainable basis.
“Get rich slow” is how we describe funds that prize a stable return above all, even if this means you can forget about any chance doubling your money quickly. These funds can be core holdings or sensible additions that provide a degree of safety and diversification into assets that are uncorrelated to stock markets and bonds.
We have left room for some “wild cards”. These are funds we believe offer particular opportunities for high-conviction investors to make money. There may be extra risk and there will be periods when a case cannot be made for investing.
For these reasons, the wild cards stand to be revised more regularly than our other picks.

How to use the list

Below we include short passages on each fund to explain our selection. We have shown where a fund is included for its low charges and where it seeks to provide a return that can’t be found elsewhere.
We state the ongoing charge figure (OCF), the best available indication of the annual cost, along with the “clean” share class that DIY investors need to buy to get the best price.
Several investment trusts are included. Unlike more familiar unit trusts, investment trusts are themselves companies and you buy shares in them. There is an underlying pool of assets, but the value of an investor’s stake depends on the share price of the trust rather than the exact value of the assets.
This can make investment trusts more volatile but those investing over the long term have time to let this even out. They are also able to borrow money to invest and hold back dividends, creating extra opportunities for managers to make gains and smooth out the income they pay. Because they are shares, they can be cheaper for investors to hold.
Their structure also creates the possibility that investment trusts shares become available for less than their assets are worth. This is known as trading at a discount.
We urge investors to keep a track of their share prices to spot periods when a discount becomes attractive.

Reader service

The Telegraph has launched its own DIY investment service, designed with simple pricing. The annual cost is capped at £300 for all your Isas and general investment account, but based on an annual fee of 0.3pc, making it good for first-time fund investors and those with large fund portfolios. Alongside this, our team of investment journalists will produce an ever-greater stream of analysis on investments, aiming to help savers make the right choices. • Find out more about Telegraph Investor

UK funds

BlackRock UK Equity Tracker

Deciding whether “active” funds, where a manager picks stocks, are worth the extra money they charge is a personal choice.
It is undoubtedly true that a great many active funds fail to beat the wider market, meaning investors would be better off in a low cost “tracker” that invests passively in all the companies in an index.
We believe that, for those reluctant to take a chance on selecting an outperforming fund manager, tracker funds make the most sense.
As with all the passive funds in the Telegraph 25, this BlackRock fund offers ultra-low cost and returns as near as possible to the benchmark. It tracks the FTSE All Share index of about 700 firms, giving investors a no-fuss way to get a slice of an extremely diverse array of London-listed companies.
Its inclusion over rivals comes down to its availability to the largest number of investors at the headline price.
OCF: 0.06pc
Clean share class: D

Old Mutual UK Alpha

This fund is managed by Richard Buxton, one of the best-regarded UK fund managers. He has a strong long-term record, even if performance has faltered in the past year, and it is this that wins the fund a place in the list.
The fund invests in larger companies and so is suitable for a wide range of investors.
Recent analysis by advisers Bestinvest showed that Mr Buxton had outperformed the FTSE All Share by an average of 0.24pc a month and beaten the index 57pc of the time. Given the length of his record, this makes his fund stand out.
OCF: 0.78pc
Clean share class: U1

Miton UK Value Opportunities

Like many funds, Miton UK Value Opportunities seeks out undervalued companies in the hope they can turn things around. There is a slant towards smaller companies.
Members of the Telegraph Money team have been impressed by the rigour of the investing method, which does not rely on the bought-in research that many fund groups use.
Managers Georgina Hamilton and George Godber undertake their own research on stocks, particularly among smaller companies, where there is a greater chance of finding gems that others have missed. It is this that justifies the fund’s inclusion in the list.
The fund has only a short record but performance so far has been strong, generally uncorrelated with the wider market and resilient in falling markets.
OCF: 0.87pc
Clean share class: B

Fidelity UK Special Values

This is the first of several investment trusts to feature in the Telegraph 25. The trust invests in British companies of all sizes and looks in particular for companies unloved by the wider market – the “contrarian” approach.
The manager, Alex Wright, also manages Fidelity’s UK Special Situations Fund, once the home of legendary investor Anthony Bolton.
The trust closely resembles that fund but makes the list ahead of it thanks to the extra flexibility of its structure, which has helped it do better in rising markets.
Mr Wright is highly rated by advisers and has rewarded the faith placed in him with strong performance. This helps justify the trust’s higher management charge.
It has been trading at a small discount. If possible, investors should wait for this to widen beyond its long-term average to ensure they are not overpaying.
OCF: 1.13pc
Clean share class: N/A

Marlborough UK Micro Cap Growth

The fund invests in many companies that would be too small for rivals to consider. This creates the opportunity for great returns, as companies at that level can grow very quickly, but also brings greater risk.
Some of the fund’s holdings are listed on Aim (the Alternative Investment Market), which is for fledgling firms, and the fund has a large number of holdings as a means to spread risk around.
This less-researched area of the market is, in theory, more fertile territory for active fund managers .
The management team is led by Giles Hargreave, who can boast almost two decades of experience in meeting managements, analysing small companies and picking shares. This means he is well-placed to separate the winners from losers.
OCF: 0.79pc
Clean share class: P

Woodford Equity Income

No surprise to see the huge Woodford Equity Income fund in the list. It wins its place in our UK section, however, rather than the income section.
This is because the manager, Neil Woodford, has proved to be a great all-weather pick for investors, not just those who want income. The yield, at about 3.3pc, is no higher than that of the wider market.
The portfolio is diverse and should perform with less volatility than others on the list.
The proportion of the total return made up by dividend income offers investors some flexibility, allowing them to take cash when it suits them, or to reinvest to boost returns.
Mr Woodford’s record of picking winners and his expertise in areas such as healthcare add the potential for gains that the wider market will not make.
OCF: 0.75pc
Clean share class: C

Rest of the world

Legal & General International Index Trust

As with our UK tracker fund, this L&G fund offers the lowest-cost route for investors who want global exposure to stock markets.
The case for passive investing is strong over long time periods, such as investing for retirement, and it will suit many to opt for a global tracker.
Investors who do not want to monitor their funds closely can rest assured that, while they still face the ups and down of global markets, they will not underperform by picking a manager whose performance falls away.
The L&G fund makes the list as the global tracker with the lowest headline cost, although it is available for even less through some investing platforms.
OCF: 0.13pc
Clean share class: I

Scottish Mortgage

This investment trust ignores benchmark indices and instead hunts for companies that the manager, James Anderson, expects to grow and grow.
Performance has been outstanding and it is available for a reasonable charge, making the trust a “cornerstone investment” in the view of analysts we speak to.
Mr Anderson aims to spot companies that will take advantage of big changes in how the world’s populations lead their lives, and some years ago he began searching for “disruptive” technology businesses above all, including some not listed on public stock exchanges.
This creates the potential for market-beating growth for those willing to take the risk.
Investors will be lucky to buy the shares at a discount, so should watch for dips in the premium to buy.
OCF: 0.48pc
Clean share class: N/A

Fundsmith Equity

A fund for purists who believe that investors can only really gain in the long term from buying a slice of well run, quality businesses and reaping their slice of the profits they make over time.
It is a view that Telegraph Money has a lot of sympathy for and the manager, Terry Smith, proudly sticks to this formula.
Notable is how tightly concentrated his portfolio remains, consisting of just 28 companies from around the world, with more than half its money in the US.
That concentration helps drive returns that are less correlated with the market and investors should be ready to hold on if the markets turn against the fund. You are paying for genuine active management, which helps to justify the higher annual charge.
OCF: 1.07pc
Clean share class: T

Stewart Investors Asia Pacific Leaders

This fund, formerly called First State Asia Pacific Leaders, is managed by Angus Tulloch, one of the most highly regarded fund managers investing in the region.
This situation is about to change, with Mr Tulloch stepping back in July and David Gait, who currently co-manages the fund, taking the lead. This deserves the attention of investors but fund experts say they do not expect a deterioration of its prospects. Mr Tulloch will remain on hand in a guiding capacity.
Investing in the region means you are exposed to many potentially fast-growing “emerging” economies where growth is expected to be highest in the very long term. This, of course, brings risk. Of all the countries the fund invests in, it is most exposed to India.
The companies held are large ones, of at least £1bn in size.
OCF: 0.9pc
Clean share class: B

F&C Global Smaller Companies

This investment trust is one of the oldest to invest in small companies from around the world. It dates from 1889.
The attraction to investors is the active management it offers for a relatively low price. It achieves this by buying shares in other investment trusts that themselves invest in specific countries or regions, as well as directly owning shares in markets such as the US.
It is recommended by advisers as a suitable long-term bet, when investing for a pension or on behalf of a child, for example.
It can boast long-term performance that is among the best of any investment trust that invests globally. Shares have traded mostly at a small premium so investors should time purchases with the occasional dips.
OCF: 0.79pc
Clean share price: N/A

iShares S&P 500 Ucits ETF

British investors have traditionally struggled to identify fund managers who can consistently beat the American stock market.
US shares are the best researched in the world and active funds that can beat the index without moving into more specialised sectors are few and far between. As a result, it seems sensible to stick to a fund that tracks the market and keeps cost to a minimum.
A standard tracker fund would do the job but “exchange-traded funds”, which also produce performance to mirror an index, can be even cheaper because they are traded like shares and often attract lower holding fees.
This iShares ETF tracks the S&P 500 closely and gives investors exposure to giants such as Apple, Amazon and Warren Buffett’s Berkshire Hathaway for a tiny charge.
OCF: 0.07pc
Clean share class: N/A

Man GLG Japan CoreAlpha

Managed by Steven Harker, the fund is frequently picked by advisers as being well-placed to take advantage of Japan’s investment revolution.
The country is slowly pulling out of decades of sluggish economic growth and deflation and part of the picture is a new culture among Japanese companies to reward shareholders better.
The fund uses a value approach and experts praise its discipline in buying low and selling out when valuations become unsupported. Performance has been strong, and less volatile than other names in the sector.
OCF: 0.96pc
Clean share class: C

Jupiter European Opportunities Trust

This investment trust makes the list ahead of its unit trust counterpart, Jupiter European. Both are managed by Alexander Darwall.
Telegraph Money likes the fact that Mr Darwall has a sizeable amount of his own wealth invested in the trust.
He has one of the longest records of investing on the continent and his performance has been among the strongest in both the investment trust and unit trusts sectors. This helps offset concerns over a performance fee.
OCF: 1.09
Clean share class: N/A

Income

TwentyFour Dynamic Bond

This is a “strategic” bond fund, where the manager is able to select from the widest range of debt to invest in – from government bonds to higher-risk corporate ones.
These can be the best option for DIY investors, who will find it hard to pick their way through the data on interest rates and credit ratings that dictate the returns from bonds.
Popular with fund-of-fund managers, the TwentyFour fund is managed by a small “boutique” company and by a team made up of former bond traders.
The fund currently yields 5.2pc.
OCF: 0.81pc
Clean share class: I

Ardevora UK Income

The funds invests in shares of companies that pay high levels of income and is run by Jeremy Lang and William Pattisson, very experienced managers who have evolved their own distinctive approach, which they stick to.
They founded the fund group only a few years ago so have a direct stake in the fund’s success. That the fund is relatively small is also a bonus, as it can hold significant stakes in companies of all sizes.
This could prove a valuable benefit if the dividends from the giant payers in the FTSE 100 dry up. The fund has historically yielded 3.3pc.
OCF: 0.92pc
Clean share class: C

Invesco Perpetual Monthly Income Plus

This is largely a bond fund, although there is a small holding in shares.
The bond holdings are managed by Paul Causer and Paul Read, a very experienced duo who have overseen strong performance versus their peers. The equity element is managed by Ciaran Mallon.
Advisers like that the managers can draw on the deep resources of the Invesco Perpetual group to research the whole spectrum of bonds.
The fund yields 3.64pc.
OCF: 1.42pc
Clean share class: Z

Henderson UK Property

Property has become a regular part of the portfolios of ordinary investors and the Henderson fund is the one most often put forward by advisers as the best choice for their clients.
Property is a useful diversifier with capital gains and income uncorrelated with shares. The Henderson fund has won its place in the list, in large part, for its “safety first” approach.
It has not previously had to apply measures to curb withdrawals when too many investors wish to sell, as other property funds have been forced to do, thanks to a focus on “liquidity” – holding prime properties that are easier to sell if the need arises.
The fund yields 3.1pc.
OCF: 0.75
Clean share class: I

City of London

Investment trusts have been a great friend to investors who need a steady income from their investments.
Some UK trusts have built continuous records of increasing their dividends running to several decades.
City of London, managed by Job Curtis, has the longest record of all and is expected to notch its 50th consecutive years of increased dividends in 2016.
The record looks safe because its dividend “cover” – the margin by which revenues exceed the dividend – is one of the strongest in the sector
Other trusts boast impressive income records too but City of London makes the list thanks to the impressive performance of its assets. It currently yields 4.3pc.
OCF: 0.42pc
Clean share class: N/A

Get Rich Slow

RIT Capital Partners

An investment trust set up to manage some of the wealth of the Rothschild family, this is a “wealth preservation” fund.
It achieves this through a “multi-asset” approach, spreading investments across assets ranging from property and gold to shares listed in emerging markets. Currency exposure is also actively managed.
Investors may miss the strongest gains when stock markets are rising, but can expect to make up ground in less certain times. The trust has moved to a premium during the recent market turmoil, so investors should time when to buy if they can.
OCF: 0.74pc
Cleanse share class: N/A

Vanguard LifeStrategy

Not one fund but a range, with different ratios invested in shares and bonds. Vanguard LifeStrategy 60%, for example, holds this proportion in shares and the rest in bonds.
Investors pick the one that suits them and the portfolio is rebalanced to maintain the split, a valuable benefit for those happy to leave their investments alone for long periods.
Each chunk is run passively, drawing on Vanguard’s renowned expertise in this area, and costs are kept to a minimum.
Many of the experts we speak to buy the LifeStrategy funds for themselves.
OCF: 0.24pc
Cleanse share class: N/A

Schroder MM Diversity

Telegraph Money has been wary of some “multi-manager” funds because the extra layer of management adds costs for investors.
The Schroder fund gets in on the basis that the managers, Marcus Brookes and Robin McDonald, have been prepared to show high levels of conviction in allocating money between underlying funds – for example, moving almost a third of the portfolio into cash last year.
Experts say the fund is an ideal choice for a novice or cautious investor, with money split between shares, cash, bonds and alternatives investments such as hedge funds and commodities.
OCF: 1.25pc (inc cost of underlying funds)
Clean share class: Z

Wild cards

Jupiter India

Those of us who live in mature economies such as Britain may question our long-term productivity and growth prospects. No such questions arise in India.
Its economy is far less advanced but the potential is mind-boggling. Investors need a strong stomach, as wild swings in the Indian stock market will attest, but those with a long-term view should be exposed to India.
The same arguments have been made in relation to larger China, but most of the experts we talk to see an openness in the Indian business culture that makes them favour it.
The Jupiter fund is admired for the on-the-ground expertise of its manager, Avinash Vazirani.
OCF: 1.09pc
Clean share class: I

Biotech Growth Trust

This investment trust, which specialises in US healthcare companies, is strictly for the adventurous.
Anyone would be forgiven for looking at the performance of the trust – it has risen by 300pc in five years – and concluding that buying now can only end badly.
The case for biotech, however, is robust – and simple. As people age and live longer they will all need more medical treatment. It is a universally recognised trend that spans the globe.
The longer an investment is held, the greater the chance that ups and downs – and there will be downs – will even out.
OCF: 1.65pc
Clean share class: N/A

SPDR S&P Global Dividend Aristocrats Ucits ETF

So-called “smart beta” funds are passive investments that pick companies according to criteria other than their size, as a straightforward tracker fund would do.
These criteria could be features of their financial performance, such as earnings growth, or their valuation. It could be as a simple as weighting all companies in an index equally.
Most such funds have records too short for investors to be sure they will perform in all conditions, but some of the early results are persuasive.
The SPDR S&P Global Dividend Aristocrats ETF tracks those companies from a giant global index that have grown dividends for at least 10 years, with resources to support payments in the future. The end result is a relatively low-cost way to get global exposure to mature, defensive companies with a solid yield. The index currently yields 4pc.
OCF: 0.45pc
Clean share class: N/A
These selections were compiled by Telegraph Money's investment writers Andrew Oxlade, Richard Dyson, Richard Evans, Ed Monk and Kyle Caldwell
This article is independent Telegraph editorial and should not be construed as financial advice
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