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Growth Portfolio 2

April 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

A 3% decline for the portfolio as expected as investors locked in gains for the tax year. The portfolio now stands up 33% on the year (up 305% since start), which is a respectable performance considering the absence of commodity plays in the portfolio. It's a nice outperformance against the FTSE-100, which is up 21% on the year (4.3% since start); whilst many commentators say that the overall multiple is not expensive, it is largely predicated on oil and mining shares which are seeing super profit and of course the huge speculative positions built by hedge funds. Most of the fundamentals have not changed for companies in our portfolio and there's been plenty of good news but we’re moving closer to summer where shares tend to ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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