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Growth Portfolio 2 - February

February 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.

Quite a significant gain for the Growth Portfolio this month of 14.3%, versus our two benchmarks which both declined. This underperformance of the wider markets suggests that the  market may be topping out or at least consolidating in the short term and stock selection will  again become key; recent market rallies haveseen even the dodgiest stocks improve.    The outlookfor our universe of small caps is solid bearing in mind the number ofcompanies delivering pleasing trading updates.  Photo-Me was onceagain a star, with interim results which more than exceeded theforecast for the full year. In particular, the emergence of its newdigital kiosk adds a whole new dimension. American investors alsoappear ...

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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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