Secondary Recommendation

Fuller, Smith & Turner -London freehold estate supports higher valiation

September 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.

After a long period of outperformance shares in fully-listed brewer and pubs operator Fuller, Smith & Turner have gone sideways this year and may not seem an obvious momentum play. However, by dint of its high quality, largely freehold estate, situated in London and the Home Counties, where asset values and economic activity have proven notably resilient, investors have always regarded it as the jewel in the crown. Having ploughed significant capital investment into improving its estate, which had the effect of depressing growth in 2012, we expect earnings momentum to bounce back strongly this year, which means the share price pause represents a good buying opportunity. Founded in 1845, Fullers is based near the site of ...

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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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