Report for May 2009

Another positive month: enough movement to suggest we are now seeing a sustained recovery after a long bear market.

The FTSE100 rose 5% to 4418 and our Unit Value rose 3% to 93.2.

Our China holdings are showing the sort of rise we were used to a year or two ago, and they have gone ahead by 10% this month. Both the US unit trust holdings fell, and International Property is very disappointing. The remainder showed modest but consistent progress upward.

We are holding a third of our assets in cash, expecting a large withdrawal from one member soon.