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Growth Portfolio 2 - September

September 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 Portfolio rose by  6.8% over the month versus  the FTSE-100, up 5.7%, and the All Share, up 5.6%. So it looks like our decision to take a harder line on laggards last month has paid off. At odds with our expectation, however, blue chips appear to have decoupledfrom the US and made gains. Meanwhile, the wider recovery in small capswas limited, with little newsflow as is usual in August, although last month's two new additions  have moved ahead. The shooting star wasAccident Exchange after it issued one of the strongest trading statements we have seen from any company for a while; its eps forecast for next year has virtually doubled so even now the shares are not expensive.   When we had met with Accident Ex ...

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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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