Report for March 2008

March was another torrid month with the FTSE100 falling 6%. Only one of our ten share-holdings increased materially in value, and that was HSBC whose share-price had previously suffered in the fallout of the credit crunch across the banking sector. Our Unit Value fell 3% to its lowest level since May 2005! It now stands at 102.5.

BHP Billiton shares, our strongest holding overall, have been particularly volatile, and the month-end found them near their lowest point, showing a fall of 12% during March, but they have bounced back strongly during these last few days (in April). Our new holding in First State Indian Subcontinent Unit Trust has disappointed so far, but it is only a little below par.

Our portfolio value fell 4% in the month and we have nearly £4,700 cash to spend when we judge the market to be more promising.