Artful Investing

Since the last portfolio review I've received sizeable dividends from Chaucer and Ben Bailey. Unfortunately, my largest holding, Fayrewood, has slipped back slightly, as has SVB.

This has been more than made up for by Dana Petroleum's advances. With the oil price continuing to surge, Dana have advanced from 513p at the end of May to a dizzying 685.5p today. That's more than triple my purchase price, 223.75p in 2003. This makes Dana the most successful investment in my portfolio, by some distance. Chaucer has also advanced significantly on bid news.

at 31st May:
Portfolio standing
Ben Bailey, 21/06/04 at 390p (442p)
Chaucer Holdings, 06/10/03 at 42.88p (57p)
Chaucer Holdings, 06/04/2004 at 54.75p (57p)
Dana Petroleum, 20/11/03 at 223.75p (513p)
Mayborn Group, 15/03/04 at 282p (433p)
SVB, 12/04/05 at 24.12p (25p)
Fayrewood, 15/04/05 at 112.5p (109p)
+ cash holdings

versus the close of play in London today:

Portfolio standing
Ben Bailey, 21/06/04 at 390p (457p)
Chaucer Holdings, 06/10/03 at 42.88p (65p)
Chaucer Holdings, 06/04/2004 at 54.75p (65p)
Dana Petroleum, 20/11/03 at 223.75p (685.5p)
SVB, 12/04/05 at 24.12p (25p)
Fayrewood, 15/04/05 at 112.5p (106p)
Fayrewood, 19/04/05 at 111.5p (106p)
+ cash holdings

Return for the year to date +34%

Though June's gains were fantastic, I fancy further advances could be made in July. SVB and Fayrewood are excruciatingly undervalued and could still advance significantly. In addition, the board at Chaucer have already told the market to expect a further announcement on the takeover talks in July. The shares, though approximately fairly valued, sit on a knife edge. If Chaucer rejects the overtures of Amlin, the shares could fall sharply back to the pre-bid price, in the mid-50s. On the other hand, if a bid was accepted, I'd expect the shares to advance past 70p.

Plenty to look forward to in July.

The Artful Dodger