The return of a Conservative government and the avoidance of
Armageddon has enabled our funds to finish the year with a further improvement in the value of our portfolio, and the expectation that resolution of Brexit trade terms by next December will result in increased investment and development of the UK economy.

Our portfolio of holdings continues to produce increased profits and dividends, from all our investments.

Housebuilding and property holdings should benefit from the governments commitment to increase social housing allied to the deregulation of planning regulations which currently restrict expansion of the industry. We continue to have major interests in
TaylorWimpey. Plc.
Persimmon Homes. Plc.
Redrow Homes. Plc
with smaller holdings in
Bellway plc
Crest Nicholson plc

Hotel and Leisure interests continue to benefit from the growth of the luxury tourist market and increasing international business travel. We continue to add to our interest in Accor Hotels (France) with additional investments in
Pierre et Vacances. (France).
Hyatt Hotels Corporation. ( USA )
Melia Hotels International   (Spain).
Shangrila Hotels Asia.   (China )

Private company interests in which we have direct management involvement continue to grow in the media industry and will benefit from the resolution of trade relations with Europe later this year.

Our Operations have been a success this year, with capital profits and income since we ceased to manage our own hotels and properties six years ago, havlng risen by 186%, an average of 31% p.a. Each of the 10 holdings in our portfolio is looking good for 2020, in particular Accor, TaylorWimpey and Persimmon each with provisional profit figures being released in January.

Gordon A S Currie