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VALUE INVESTING
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The article last week in which I wrote about my personal value share dealings in 2000 to date caused something of a negative stir on the value discussion board. I never saw why, really. Those who didn't like last week's article might find more to complain about this week, as I show here the performance of those shares about which I have written on occasion in my weekly value series during 2000. Although not necessarily those in which I personally might invest, nevertheless I saw these as having possible attractions for those possessing investment personalities of the value persuasion in its various forms. A few comments are pertinent. These prices ignore costs and spreads. They are merely the market prices at the time I wrote the article and the current figure. In particular, note that spreads on micro caps like Victoria (LSE: VCP) and Slimma (LSE: SLM) are likely to be very high. Value usually needs time to work. It is not normally a particularly rapid process, although that can happen. Consequently the shares I wrote about earlier in the year have had more time for the value to out than the later ones. With value shares the idea is not usually to buy and hold. It is to buy and sell, when enough of the original value (in the opinion of the investor) has evaporated for whatever reason. This could be because of a decent price rise, or an adverse change in the fundamentals followed by a fall. There are twenty-two shares in this list. An equal sum of money invested in each would have produced an increase in the portfolio of roughly 24% over an approximate average holding time of four to five months, if you take it that the earliest dates from March and the latest from December. For what it's worth, that annualises conservatively to 50%. Note also that the FTSE 100 index has fallen a little in 2001, so all this needs to be viewed against the background of a falling market in general. That's it. Happy New Year to all and a successful 2001. I'm certainly not complaining about 2000.
Month Share Price then Price now %change
Mar Wembley (LSE: WMY) 440 560 +27
May SVB (LSE: SVB) 82 142 +73
Jun Allders (LSE: ADS) 93 108 +16
Jun Garban (LSE: GBN) 210 308 +46
Jun Prism Rail (LSE: PIM) 435 600 +38 (bid)
Jun Delta (LSE: DLTA) 137 151 +10
Jul Laing (LSE: LNGO) 234 398 +70
Jul AMEC (LSE: AMEC) 189 340 +80
Jul All. & Leic. (LSE: AL.) 456 694 +52
Aug Royal& Sun (LSE: RSA) 430 577 +34
Aug Kier (LSE: KIE) 276 287 +4
Aug Corus (LSE: CS.) 67 70 +4
Sep Scapa (LSE: SCPA) 154 147 -5
Sep Victoria (LSE: VCP) 133 133 0
Oct Airtours (LSE: AIR) 219 201 -8
Oct De La Rue (LSE: DLAR) 345 413 +20
Nov Acal (LSE: ACL) 778 675 -13
Nov Kleeneze (LSE: KLZ) 198 227 +14
Nov Morgan Sindall (LSE: SNDL) 270 290 +7
Dec Slimma (LSE: SLM) 26 40 +54
Dec Hardys & Hanson (LSE: HDYS) 261 253 -3
Dec Fenner (LSE: FENR) 93 93 0
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