Report for June 2010

June was another disappointing month with the FTSE100 falling 5% on renewed concern about the stability of the euro and the slump in the BP share price after the Gulf of Mexico oil spillage. Our portfolio fell 4% to £18,000 with only Severn Trent holding its value. However, the Unit Value fell by only 3% thanks to our holdings in Unit Trusts and corporate bonds, and still stands only 6% below its highest ever value in March this year.

We have finally cashed in our holding of Island Oil and Gas with the sale of the stock in San Leon Energy which took them over in April.

We have nearly £4000 in cash and I propose to invest half of this during July while prices are low unless any member expects to withdraw funds soon. There are still gaps in our portfolio dsitribution, especially in property.