FTSE 350 Index

This means an approach that considers the probability of non-compliant reporting and how errors might impact the company, its industry and the wider market.

There is a slight emphasis on FTSE 350 companies due to their significance to the investing community, with their reports being reviewed on a more frequent basis.

We aim to undertake at least one full scope review of a FTSE 350 company's annual report and accounts and at least one limited scope review every five years.

A small number of industries are identified as particularly under stress each year, whether it's due to economic conditions, regulatory changes or new reporting requirements.

Those industries become the focus for CRR and Audit Quality Review activity.

So you could take...

W- sort of what I did in this report is I took the FTSE 350, so that's the largest 350 companies by market value, by size, excluding investment trusts and, um, property, uh, REITs.

And, um, you can calculate the PE by looking at all the companies then weighting those PEs based on how big the company is in the index, so you can get an, an index PE.

So you can get a FTSE 350 PE.

So that's your benchmark.

So if you're investing across the whole market, this is the PE you'd be, you'd be paying, and it's roughly around 12.8 times currently for the FTSE 350.

And certain sectors, because they're, the investors expect a higher growth rate than the market's gonna give y- them, will trade at a premium.

And sectors where investors are expecting a lower growth rate or perhaps some trouble ahead or maybe some other issues which they need to discount, they will pay a lower PE than the market.

So for full disclosure, we actually...

They're not FTSE 350 listed.

They're AIM listed.

So I think, I could be misremembering, but I think we got the tip off Flying Finance and Paul Adal.

I can hold one investment trust and that will hopefully rise as their underlying investments do well.

So how do you then view that 40% investment trust as part of your portfolio? Is it, well, actually my individual stocks tend to be more, for example, UK focused, maybe FTSE 350 listed.

So I'm using the investment trust to kind of basically target the other areas of the globe.

Exactly that, Sam.

So I've got my investment trust, which is around 40% and the rest of my portfolio is in sort of more UK.

I think you said you said it for me is sort of mainly 350% holdings.

That's FTSE 350 holdings.

Consider them in sort of large, which are the ones I've held for a longer time.