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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Portfolio

TMI Trader Portfolio - Aug '12

August 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TMI Trad
A lacklustre month for our Trader Portfolio, which rose 0.5%, while the FTSE 100 increased 5%. The underperformance is mainly because the portfolio is weighted towards smaller companies and typically, when markets rally like this, blue chips will rally first followed by the more liquid smaller companies, which comprise most of our constituents.A classic example of the fall-out is Photo-Me, which announced a respectable 12% increase in profits, yet trades at just 2.2 times cash earnings once depreciation and its £51.8m cash mountain is stripped out. To a casual observer, its dividend yield of 6.7% might represent a company that has gone ex-growth but that's simply not true with the roll-out of the new Starck booths, plus mouth wat ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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