Another positive month for the UK market, making it six in a row! The FTSE All Share Total Return Index returned +1.8% during November and the JIC portfolio returned +3.8%.
There were a few holdings that disappointed: Melrose which fell 11.6% after a poor trading update, Polo Resources -10.9% and Telecity -4.9%. Turning to the positives, Dixons, a new holding during October rose 33.5%, Quindell, the portfolios largest holding at 8.8%, rose 29.6% and easyJet was up 14.5% following excellent results and a doubling of the dividend.
In my October review I said:
“I sense that markets have got further to run over the coming winter months. With better news from some of the main economic powerhouses it seems that the likes of China, USA and Brazil will lift the global economy.”
I think that during November there has been increasing evidence that the US economy is gathering pace and of an improvement in China. I know the media is fixated with the US “fiscal cliff” but I am not losing any sleep over it: I’m sure there will be an agreement before the end of the year.
So in conclusion, I am happy to remain fully invested and expect to make more money during December.
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