Report for May 2010

May was a rather depressing month with the FTSE100 falling 8% from 5618 to 5188 on the news of a weakening euro and concerns over BP in the Gulf of Mexico. Most of our fund holdings fared better (or at least less worse) and both Severn Trent and Henderson Property bucked the trend with a small gain. So our portfolio fell by only 4% and the Unit Value by 3% from 128 to 124.

Island Oil and Gas has now disappeared (under the Celtic Sea) and has been replaced by shares in the takeover company San Leon Energy. I have since sold all these shares but they still appear on the end-May statement.