The positive review of our holdings in January has sadly been damaged by the
effects of Covid 19 and the resultant reduction in business, particularly in the
hotel and leisure Industries.
At the onset of the pandemic we disposed of our interests in Hyatt Hotels, Pierre
Et Vacances, Melia Hotels and Shangrila Hotels, whilst keeping just a nominal
holding in Accor Hotels. It is hard to see an early recovery in these stocks as
travel will take time to recover.

Our portfolio remains invested in property and house building for both short term
and long term growth, and we intend to increase our private equity investments
in the next 12to 18 months as business starts to recover.

The past six months has seen us maintain capital values, but dividends have
been cancelled or postponed by all of our investments to conserve cash funds,
although all these businesses remain profitable, and should continue to expand
in the course of 2021.