We moved to revive our flagging 2014 portfolio with a notional purchase of shares in digital radio communications group, Sepura, at our weekly review of progress on Wednesday morning.
The decision followed the latest encouraging trading report from the group which exports to 23 countries and recently appointed Dunfermline's Bridge Systems as its Scottish agent.
Directors predict double-digit growth for at least the next three years, but appear to be gearing up for still more with a recent decision to double banking facilities despite strong cash flow which could put the group in a net cash position by the end of the year. A generous dividend policy provides a safety net for the shares at current levels.
The need to take action was underlined last week when lighting group Dialight became the latest casualty of our stop/loss system and was evicted from the portfolio.
Fortunately, other selections did better and the 2013 portfolio made a 2% improvement after good performances by Lloyds and Royal Bank of Scotland, and speculative buying of AstraZeneca shares.
The slimline 2012 portfolio, with just three constituents at the start of the week, sported a 2.3% increase and we moved to give it weight with purchases of TSB and road safety barriers group Hill & Smith.
We feel TSB has been held back by fears over a housing market slowdown, but is one of the few banks to have a clean balance sheet and should benefit from delays to an interest rate hike.
Similarly, we believe Hill & Smith offers solid medium-term value as it gains from the UK's road improvements programme and new American growth prospects.
Meanwhile, the 2011 list showed a further small improvement with gains by Compass and Wincanton cancelling out a fall in Royal Mail.
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