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Growth Portfolio 2 - July

July 2004

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 choppy month with the  Growth Portfolio showing a 2.1% decline against the two benchmarks which ended up unchanged. Aside from the oil sector, there have been very few sectors showing much strength but it was pleasing that three of the portfolio constituents said that they were enjoying buoyant trading and would exceed market expectations when they next report; Mears, Flying Brands and Armour Group, which are updated elsewhere in this issue. Our view is that whilst this is positive we are now entering a period where investors are becoming less willing to pay higher multiples and volumes are becoming very thin for most small companies. Meanwhile, the high oil price will mean some unexpected problems for some; for instance, w ...

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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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