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Growth Portfolio 2 - June

June 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.

The Growth Portfolio retreated with the general weak market conditions. Overall, the decline was 7.3%, worse than the benchmarks but then it has shown significant outperformance over 12 months. Itis a very difficult period in which to make money and at times likethis it is easy to forget just how big some of the gains have been over the past few months. Even with this month's decline, the portfoliois ahead by 48% on exactly twelve months ago. There has not been any bad news company-wise amongst our constituents but a general derating of the multiples investors are prepared to pay for shares as they beginto factor in a period of low rates coming to an end.   We think the apathy will be sustained for a while yet and it ...

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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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