Report for July 2006

July was another volatile month which ended with the FTSE100 2% higher at 5975 and our portfolio 4% higher at £18,176. Our Unit Value was 1% higher at 113.11 (see graph).

Both Tesco and Severn Trent did us proud with gains of around 10% during July. Only Island Oil & Gas fell materially, by 9%, but that loss has since been reversed by a dramatic gain in early-August on the announcement of a significant oil find in the Celtic Sea. African Platinum rose 10%, despite (or because of) the removal of the Chairman of the Board!

Another tranche of F&C Multi-manager Growth Fund Units have been purchased. The outstanding loan has been repaid, so we now have 20% of our assets as cash.