The past month has seen more turbulence in the market as regards quoted investments but this does not affect our views on how we see our portfolio. We have however made one change in February. Following the sale of part of our holding in Compass Group plc in January, we disposed of the balance in February, following a decision of Compass to increase directors remuneration to a figure which we consider excessive.

Our investment in TAYLORWIMPEY has been further increased as its profits, dividends and enthusiastic management should ensure the company is an excellent long term holding.

Our portfolio has been augmented with a reinvestment in Spanish Hotel Group N H HOTELS following the decision of the Chinese HNA group to dispose of its 30% holding thus allowing the board to develop the business successfully with a booming tourist market in Spain and a robust market for the NH city hotels division in Europe (or to merge with another mid market group in Europe). NH now needs 18 months to concentrate on its business after the board problems of the past two years, and in particular expand its hotel interests in Spanish-speaking South America. We expect to see positive results here in 18 months for this new holding.