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Growth Portfolio 2 May

May 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.

Our Growth Portfolio is, as are the benchmarks,  virtually unchanged on the month. The rise on exactly a year ago is 88% and the gain since operations started is 147%. The two strongestperformers over the month were our two local authority plays, Mearsand Erinaceous. In the light of last month's results, broker Arbuthnothas lifted its forecast for Mears.  This year's forecast hasrisen by £0.5m to £6.4m for eps of 8p. Next year's has risen by £0.9mto £7.9m for eps of  9.2p. From past record, Mears managesexpectations well and we think it will thrash this. Erinaceous soaredafter it held investor presentations and issued a trading statementahead of its results on 9 June. Erinaceous said it has continued 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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