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Growth Portfolio 2 - November

November 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.

Having increased by 5.3% last month, the portfolio built on thatwith a further gain of 4.2%.Wider markets too had a reasonable time,with both our benchmarks gaining by around 2% this month, but clearlystock selection has been key to  our outperformance; the portfoliois now up  152.6% since operations started whilst both benchmarksare showing declines.In terms of individual performers  the notable new high wasAccident Exchange. It released a positive statement ahead of results on1 December.  They could rise again once the results are out butafter the 170% rise in the shares since our August recommendation thetemptation to topslice them was too great. We like the certainty ofcash in the bank and 5,000 shares have ...

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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.

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