Report for August 2008

August was a better month on the stock market and our portfolio followed the FTSE100 up by about 2%. We had sold off some stock in July, and this month it has been replaced by medium-term corporate bonds issued by Dixons (DSG Group) and Next, and two Unit Trusts, Martin Currie North America Fund and New Star International Property Fund. This is a start towards our more conservative restructuring in fixed-interest investments and funds spread in UK, Europe, US and Property sectors.

At present we are retaining our best-performing shares in Tesco and BHP Billiton and our high-yielding stake in Severn Trent, as well as our long-term hopeful holding in Island Oil & Gas.

The PIC Unit Value has risen 2% to 101.5.