Report for February 2011

There is little overall change to report this month with the FTSE100, our portfolio and our Unit Value all within 1% of their value at the end of January. 

The only major change was a 7% fall in the value of our large holding of First State's China Growth Fund which has served us well over many years.  The sector is heading down currently, and we could sell some units and take profits if we thought that there might be a repeat of the long 2007-08 fall.  On the other hand, BHP Billiton's value comes partly from their trade in coal with China, and that company is continuing to do well.