Report for July 2011

July was a bad month with considerable uncertainty in international markets over the stability of both the euro and the US dollar. The FTSE100 fell 2% (mostly in the final days of the month) and our portfolio value fell 2% to £20,903. Note that this fall was widespread across shares and funds but was partly offset by modest gains in the F&C Corporate Bond holdings which are there to provide stability (like the cash holding).

The Unit Value fell 4% as a consequence not only of the general market decline but also the paying out of 3% of our portfolio value as dividends.