Report for July 2008

In July we sold our shares in WPP, HSBC and Thomson Reuters and our Indian Subcontinent units.

July was yet another bad month in the stock markets. The FTSE100 fell 4%, dragging down our portfolio by 3%. Our Unit Value has fallen below par to 99.7; perhaps a good point from which to relaunch.

Tesco bucked the trend and rose 12%, and Severn Trent held its own. The other stocks fell in value, including BHP Billiton at -13%. Our treasury bonds are already close to their par value of 100 at which they will be redeemed in November.