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PORTFOLIO JOHN BULL

I think that share tipsters should let their clients—or readers—know pretty often how well or badly they are doing. The table below sums up my performance over the past ten months. It is fair to point out that my table does not record the small number of sales that I have made: British American Tobacco at a handsome profit, Rolls-Royce and English Electric at small losses and John I. Jacobs all square. With the rest of the list I am well enough pleased, though I find myself in a mood to lighten my commitments in places.

Empire Stores : judging by the low yield and price-earnings ratio this is a growth stock par excellence. Unfortunately, the price hasn't exactly zipped along. However, I like the way the group budgets for 20 per cent per annum increases in sales and profits and invariably hits its target (give or take a percentage point).

Phoenix : whenever I write about Phoenix I describe it as the most undervalued insurance share in the market : so it is. Its pooling arrangement with Continental of New York has removed some nasty losses from the accounts. I'm hanging on to these.

Lyle Shipping : the market found Lyle's latest results a shade disappointing. But I think there will be a further improvement in profits this year, and I think freight rates still look favourable, so I am not selling yet.

Unilever : latest results were an impressive 14 per cent increase in sales and 46 per cent rise in profits. The group doesn't expect to keep up such progress for the rest of the year, but their outturn is still likely to be very good. Unilever sells on a modest enough price-earnings ratio for a giant on the move, so there is no reason to disturb these shares.

War Loan : I bought War Loan the morn- ing after devaluation on the theory that with Bank rate at a temporary 8 per cent gifts would never be so cheap again. Well, they have been even cheaper since then. But if the next trade figures are good, and if Bank rate can slide down to 7 per cent in September, if the Americans can get their interest rates down and if the world can avoid a gold crisis, then War Loan will move ahead. It's an 'iffy' argu- ment. but I don't think I can duck out now.

Witan : first-class investment trust. It has a big holding on Wall Street, where it has done well. It has also got some stakes in small un- quoted companies, which could turn out to be interesting some day--like its 40 per cent holding in Mary Quant.

Scragg : star performer. Big profit increases coming from a range of world-beating textile machinery. Prime beneficiary from-' devalua- tion. But I feel I must shade down my holding because *Scragg's business is distinctly cyclical. I have sold half my holding at 119s.

John Brown : when I bought these shares the market had not woken up to the fact the group was really a machine-tool-maker, not a shipbuilder any longer. Since then the shares have been rightly reappraised. But 1 can't help feeling that the correction has gone almost too far. Even the machine-tool interests have got to do awfully well to justify the present price. I have, therefore, sold my whole holding of 250 shares at 51s.

Barclays : the shares have run up recently on hopes that the present round of talks with the Government about mergers will lead to disclosure of true earnings. This may happen, but I am not all that hopeful. So I have de- cided to sell half my holding at 85s 7fd.

Throgmorton Secured ' Growth : a highly geared investment trust with a guaranteed capi- tal gain written into the scheme. Also very useful for rich people who want to avoid an income. I shall hang on to my small holding for the time being.

National and Grindlays: excellently managed overseas bank. Could easily be taken over one day. Lloyds is the obvious possibility with a stake in the company already.

Clarkson : very good machine-tool com- pany which is moving ahead fast. The shares look too interesting to leave. I am a happy holder.

Rio Tinto Zinc : international mining group. The next results should be good and put some power behind the share price.

Associated British Foods : undervalued share. Still rated as a bakery group, whereas it is heavily committed in the glamorous super- market business through Fine Fare. I have de- cided to buy 560 more shares at 12s 7)-d to take my holding up to 1,000 shares.

First portfolio Company Number of Date Buying Price shares bought price July 30 Empire Stores ... ... ...

Phoenix Assurance ...

Lyle Shipping ...

Unilever ... 100 50 225 100 13 Oct 27 Oct 3 Nov 17 Nov 55s 141s 3d 19s 9d 44s 9d 68s 9d 188s 9d 22s 3d 75s 9d War Loan ... ... ... £2,000 24 Nov £47 £47} Witan ... ... 300 1 Dec 14s 7id 22s E. Scragg ... ... ... 100 19 Dec 52s 9d 119s John Brown ... ••• 41" ... 250 12 Jan 27s 14d 51s Barclays Bank ... 100 26 Jan 70s 85s 7fd Throgmorton Secured Growth (Capital) 200 9 Feb 15s lO4d 17s 100 National and Grindlays ••• 100 16 Feb 55s 66s 9d Clarkson (Engineers) ... ... -.. 500 1 March lOs lid 16s Rio Tinto Zinc .. ••• ••• 60 26 Apr 125s 145s 6d Associated British Foods ••• ••• 440 17 May 12s ld 12s 74d Second portfolio: total £5,280 (details next week)