Member Info for Lucille_Ball

BROKERS REMAIN BULLISH FOR PENNON 03 September 2012 JPMorgan Chase reiterated their Overweight rating on shares of Pennon Group (LON: PNN) in a research note issued to investors on 03 September. The firm currently has a 780p target price on the stock. 04 September 2012 Pennon Group‘s stock had its “BUY” rating reiterated by investment analysts at Bryan Garnier & Cie in a note issued to investors on 04 September. They currently have a 840p target price on the stock. 20 September 2012 Deutsche Bank retains its "BUY" recommendation for Pennon Group with a target price of 800p. 03 October 2012 Pennon Group‘s stock had its “OUTPERFORM” rating reiterated by equities research analysts at RBC Capital in a research note issued to investors on Wednesday. They currently have a 820p price target on the stock. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

GEORGE SOROS SNAPS UP £12M STAKE IN LOOKERS CAR DEALERSHIP Billionaire investor has bought a 4.5% shareholding in Manchester-based business, which is valued at £267.6m A car dealership with 69 sites has caught the eye of billionaire investor George Soros, who has bought a 4.5% stake in the business. The 82-year-old, famous for his £10bn bet against the exchange rate mechanism in 1992, acquired the shares in Lookers via Soros Fund Management. Soros made the move in the week that the Manchester-based company's second biggest shareholder sold the 17.3% stake it assembled during an unsuccessful attempt to buy the business last year. Lookers, which owns the Charles Hurst brand in Northern Ireland and Taggarts in Scotland, was valued at £267.6m on the stock market on Friday, putting a £12m price tag on the Soros holding. Soros recently took a near 8% stake in Manchester United, invested in Facebook and increased his stake in Google. Source: http://www.guardian.co.uk/business/2012/sep/23/george-soros-lookers-car-dealership?newsfeed=true P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

Exane BNP Paribas has upgraded Pearson to outperform from neutral, citing growth opportunities at the group’s Education department, seeing the group “as a key beneficiary from the move to digital learning.” The French bank expects Pearson, a multinational publishing and education company based in London, to offer EPS growth of 12% in 2013 and 9% in 2014, beating the consensus figures easily. The bank also increases its target price for Pearson's shares from 1210p to 1450p. This is now the same as the target set by UBS which has reiterated its BUY recommendation for Pearson. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

PARAGON BUYING UP CREDIT CARD DEBT Paragon, the specialist buy-to-let mortgage lender, said one of its companies had snapped up a bundle of credit card debt from MBNA Europe Bank. The firm is finding fertile hunting ground in banks trying to clear debt off their balance sheets. The purchase of closed UK consumer credit card debt is expected to be worth £16.2m and will be funded from Paragon's case reserves. The acquisition is expected to be earnings enhancing to the company in the current financial year. This acquisition follows a similar deal by Idem, one of Paragon's companies, to buy debt from MBNA in December last year for £55.7m. "This is the eighth transaction by Idem Capital and brings the total investment in the current financial year up to an expected £115.7 million, resulting in the division becoming an increasingly large part of the Group's activities," said Paragon's Chief Executive Nigel Terrington. "Idem Capital was the UK's second largest buyer of consumer loan portfolios in 2011 and we continue to see attractive portfolio acquisition opportunities with the banking and financial sectors increasingly seeking to de-leverage their balance sheets." 27 September 2012 Peel Hunt retains its BUY recommendation for Paragon Group with a target price of 288p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

NUMIS ANALYST TIPS PANTHEON George Crowe, investment trust analyst at Numis Securities, has tipped Pantheon International Participations, a private equity fund-of-funds investment trust. “Pantheon is generating significant amounts of net cash from realisations from its mature portfolio, which gives it firepower to repurchase its own shares as well as take advantage of attractive investment opportunities,” he said. “Their balance sheet is in good shape, and the portfolio has relatively low leverage.” Pantheon is trading on a discount of 36 per cent, compared with an average discount of 26 per cent for the sector, and Numis said there was potential for the discount to narrow. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

PANTHEON INTERNATIONAL PARTICIPATIONS: A HOT INVESTMENT TRUST PRIMED TO TAKE OFF Pantheon International Participations (PIN), one of the largest private equity fund of funds, is well diversified. North America accounts for 54% of its exposure, Europe 35% and Asia 11%. Only a fifth is in large company buyouts, a third is in mid-to-small company buyouts, and a further third in venture and growth, where it has achieved good returns. Pantheon is almost fully invested and has a relatively mature portfolio - nearly half has been in private equity hands since 2005 or earlier. It has cash and undrawn bank facilities of £150 million against forward commitments of £191 million, so the managers are under no pressure on that front. Plentiful funds have allowed shares to be bought in when the discount has approached 40%, enhancing the net asset value per share by around 1%. Despite such buybacks, the discount remains in the upper 30s. This is hard to square with NAV total returns, which have been ahead of the FTSE All-Share and MSCI World indices over five and 10 years. It remains Interactive Investor's 'aggressive choice.' Source: http://www.iii.co.uk/articles/50338/hot-investment-trusts-primed-take-part-two?utm_source=iii.co.uk&utm_campaign=homepage_editors_pick&utm_medium=onpagelink&utm_content=editorial

MONEY WEEK SAYS, "BUY OPTOS" Optos is the world leader in retinal diagnostics. Instruments take wide-angle, high resolution digital images of 82% of the retina and no other device can do this in a single picture. The goal is to deliver sustainable organic growth of 20 per cent a year with profit margins of 20 per cent by expanding geographically and across product categories, In the first half of the year sales from outside North America more than doubled to $19m. A new Daytona machine is also causing excitement and could be a game-changer for the firm. Delivery on this promise is the biggest risk, along with rivals potentially stealing a march. But Optos looks well-place to benefit from opportunities in this niche area. BUY. Source: http://www.thisismoney.co.uk/money/investing/article-2207473/Sunday-newspaper-magazine-share-tips-SRT--Lookers--Optos.html SINGER CAPITAL MARKETS Singer Capital Markets retains their BUY rating on Optos with a target price of 233p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

CEO, CHRISTOPHER MILLS, JUST CAN'T GET ENOUGH OF NORTH ATLANTIC'S SHARES! In descending order, here are his share purchases so far this year; totaling £1,283,785.70 in value: 10 September 2012 Mills bought 5,000 at 1,040.00p = £52,000.00 06 September 2012 Mills bought 25,000 at 1,045.00p = £261,250.00 17 August 2012 Mills bought 3,500 at 1,020.00p = £35,700.00 16 August 2012 Mills bought 5,000 at 1,020.00p = £51,000.00 14 August 2012 Mills bought 7,500 at 1,020.00p = £76,500.00 13 August 2012 Mills bought 10,000 at 1,017.50p = £101,750.00 27 June 2012 Mills bought 6,000 at 1,039.00p = £62,340.00 26 June 2012 Mills bought 2,897 at 1,025.00p = £29,694.25 25 June 2012 Mills bought 5,000 at 1,030.00p = £51,500.00 20 June 2012 Mills bought 5,000 at 1,032.00p = £51,600.00 13 June 2012 Mills bought 9,853 at 925.00p = £91,140.25 07 June 2012 Mills bought 15,000 at 926.66p = £138,999.00 01 June 2012 Mills bought 3,500 at 930.00p = £32,550.00 28 May 2012 Mills bought 10,000 at 950.00p = £95,000.00 24 May 2012 Mills bought 2,750 at 950.00p = £26,125.00 21 May 2012 Mills bought 2,500 at 950.00p = £23,750.00 15 May 2012 Mills bought 3,500 at 955.00p = £33,425.00 02 May 2012 Mills bought 7,052 at 985.00p = £69,462.20 P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

THE BROKERS SAY "BUY" NCC GROUP 06 August 2012 Canaccord Genuity reiterates its BUY recommendation for NCC Group and has a target price of 1000p. 20 August 2012 Shore Capital retains its BUY rating on cyber security company NCC Group. 14 September 2012 Peel Hunt retains its BUY rating for NCC Group and sets a target price of 1070p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

BROKERS REMAIN BULLISH ON MORGAN SINDALL 07 August 2012 JP Morgan Cazenove reiterates its Overweight rating for construction and infrastructure company, Morgan Sindall Group. 30 August 2012 Jefferies International initiates its coverage of Morgan Sindall with a BUY recommendation and sets a target price of 840p. 11 September 2012 Numis upgrades Morgan Sindall from an ADD to a BUY rating but maintains its target price of 800p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

MONEYSUPERMARKET OUTPERFORMS BANKS FOR KEY FINANCIAL SEARCH TERMS New research shows that MoneySupermarket is outperforming the major high street banks in search visibility for many consumer financial products. StickyEyes' Online Consumer Finance Intelligence Report shows that the price comparison site achieves the highest visibility in organic search for common financial products such as current accounts and savings, but also in more lucrative categories such as mortgages and loans. While price comparison sites provide many of the traditional brands with the necessary means to advertise their products online, they also go head-to-head with the very same operators as they compete for premium positions within 'search engine results pages' (SERPs). The report takes an in-depth look at several different banking sectors, but here we highlight the results for mortgages and credit cards. MORTGAGES According to the report, mortgage search terms are made up of a blend of phrase types including mortgages, mortgage rates, best mortgage deals and compare mortgages. Organic Results Looking at the organic click share results, MoneySupermarket is the top performer across the top 10 phrases with 32.98%. This position is underpinned by its strong average rankings across all of the top volume terms. Paid Results MoneySupermarket again comes out on top with around 17% of click share, followed closely by HSBC and Barclays. Aggregated Results The aggregated results show that MoneySupermarket in first place achieves a massive 36% of click share, almost three times Barclays in second place. CREDIT CARDS According to the report credit cards account for 75% of consumer lending so it’s an important area for banks to focus on. Volume within this category is dominated by short tail keywords, with 57.27% of all search impressions driven by the phrases credit cards and credit card. Organic Results MoneySupermarket is again the top performer, leading the organic click share index with 26.53%. The competition for second place is quite intense, as Tesco Bank and MBNA jostle for the keywords credit cards and credit card. Paid and Aggregated Results Although it slips to fifth position in paid credit card searches, MoneySupermarket still comes out in first position when organic and paid results are aggregated. This underlines MoneySupermarket’s dominance of financial search terms, with little to separate the rest of the brands in the top 10. Source: http://econsultancy.com/uk/blog/10731-moneysupermarket-outperforms-banks-for-key-financial-search-terms P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&th

BROKER HAILS MONDI ACQUISITION Mondi, the Anglo-South African paper and packaging firm, leads the Forestry & paper sector higher after broker Jefferies issued a bullish note on the company on Tuesday. The group is acquiring two box plants and a container board mill from Duropack for €120m, prompting Jefferies to lift its earnings forecasts for fiscal 2013 (FY13) by 4% - its fourth earnings per share upgrade of the year to date. The acquisition comprises two box plants in Ansbach, Germany and in Ceske Budejovice, Czech Republic, with 130,000 tonnes combined annual capacity. In addition, the Czech Republic operations have a small recycled container board mill with 105,000 tonnes annual capacity. In 2011, the Duropack assets reported revenues of €160m, earnings before interest, tax, depreciation and amortisation (EBITDA) of €23m with operating profit of €17m, which Jefferies notes equates to 5.2 times enterprise value/EBITDA. "We view this as an earnings accretive, strategically sensible acquisition with geographical and vertical integration synergies to follow from FY13 onwards," the broker said. Jefferies reiterates its BUY recommendation for Mondi and raises its target price from 665p to 700p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

DUROPACK BUYS BOOST MONDI’S EUROPE LEAD MONDI will buy 100% of three Duropack operations in Germany and the Czech Republic, further strengthening its leading position in corrugated packaging markets in Central and Eastern Europe. The €125m buyout would be funded from existing resources, the group said on Friday. Duropack operates across numerous Eastern European countries. The buyout involves two corrugated-box plants and a recycled container-board mill. For the year ended December last year, the overall Duropack operations generated unaudited, consolidated revenue of €160m. Unaudited, consolidated and adjusted earnings before interest, taxation, depreciation and amortisation (ebitda) came to €23m. In May, Mondi bought 100% of its Swiecie mill in Poland. It also acquired Saturn Management. The group is also busy completing the buyout of outstanding share capital in German packaging firm Nordenia International. "Post the Nordenia acquisition, proforma 2011 net debt to ebitda is expected to be approximately 1.7 times," Mondi Group chief financial officer Andrew King said on Friday. "This already includes the impact of the Polish acquisitions. The acquisition of the Duropack operations would not have a material impact on Mondi’s credit metrics," he said. The group’s 2011 full-year net debt to ebitda was 0.8 times. ANALYSIS Rubin Renecke, an equity analyst at Kagiso Asset Management, said on Friday the acquisitions had added "substantially" to the group’s overall gearing. But, he said the company maintained its investment grade credit rating and its dividend policy. "… the acquisitions are profitable businesses that generate cash, and along with the Mondi Group’s existing strong cash generation, it will be able to reduce these gearing levels relatively quickly". Source: http://www.bdlive.co.za/business/industrials/2012/09/17/duropack-buys-boost-mondis-europe-lead

NUMIS THINKS MITCHELLS & BUTLERS IS UNDERVALUED BY THE CITY Analysts at Numis Securities meanwhile are awaiting news of non-executive director appointments at pubs giant Mitchells & Butlers, which is due to deliver a trading update on Friday ahead of its full-year results in November. Numis thinks M&B is undervalued by the City, which isn’t paying enough attention to the value of its estate. Numis reiterates its BUY recommendation for M&B offering a target price of 350p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

SHOCK AS MARSTON'S CHIEF JUMPS SHIP TO RIVAL M&B A BURTON brewing giant has been left reeling after one of its senior bosses decided to jump ship and join a rival firm. Marston’s, based in Shobnall Road, has announced that chief operating officer Alistair Darby is leaving the firm to take up the role of chief executive at pub and restaurant company Mitchells & Butlers. He has stepped down from the board with immediate effect and will leave the company at the end of the month. He will then take up his new role on October 8. Mr Darby joined the board of Marston’s in 2003 and has served as chief operating officer since last year. Mr Darby said: “Mitchells & Butlers is a market-leading business with tremendous potential that is well advanced on a transformation programme. “I am excited by the opportunity to lead the company and, together with the management team, to build on its strong estate, brands and operations.” Mitchells & Butlers executive chairman Bob Ivell said: “The board and I are all delighted to announce the appointment of Alistair as chief executive following an extensive and rigorous search process. “I am confident that we have secured the right person for the role and that drawing on his wealth of operational and brand experience, Alistair will contribute greatly to the firm’s continued strong performance.” Read the full story here: http://www.burtonmail.co.uk/News/Business/Shock-as-Marstons-chief-jumps-ship-to-rival-MB-10092012.htm

THE BROKERS SAY "BUY JOHN MENZIES" 16th August 2012 Liberum Capital retains its BUY rating for John Menzies raising its target price from 665p to 690p. 17th August 2012 N+1 Brewin retains its CONVICTION BUY rating for John Menzies and has a target price of 700p. Numis reiterates its BUY Recommendation for John Menzies with a target price of 732p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

BROKERS INCREASINGLY BULLISH ON MEGGIT 16th August 2012 Espirito Santo Execution Noble reiterates its BUY Recommendation for Meggit and raises its target price from 480p to 495p 29th August 2012 Alphavalue upgrades Meggit to an ADD rating with a target price of 427.5p. 05 September 2012 Oriel securities retains it BUY rating on Meggit's shares with a target price of 490p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

MCBRIDE'S CEO, CHRIS BULL, SPENDS £23,900 ON SHARES Chris Bull, Chief Executive Officer, bought 20,000 shares in the company on the 7th September 2012 at a price of 119.50p. The Director now holds 300,000 shares. Source: http://www.stockmarketwire.com/article/4441422/Director-Deals-McBride-PLC-MCB.html BROKERS' VIEWS: Deutsche Bank reiterates its BUY recommendation for McBride with a target price of 200p. Investec retains it BUY rating on McBride with a target price of 145p. P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

ALAN PORTER SAYS, "QE IS GOOD NEWS FOR EQUITY INVESTORS" Quantitative easing, or money printing, by central banks provides a good backdrop for shares, says Alan Porter, manager of the Securities Trust of Scotland. The stock market's initial enthusiasm for the US Federal Reserve's decision to launch 'QE3', or another big round of injecting new money into the US economy, shows just how much markets are being driven by macro concerns, although the rally did peter out this week. Alan Porter, manager of the Securities Trust of Scotland, a global investment trust, says quantitative easing (QE) by central banks like the Fed, but also the Bank of England, the European Central Bank and the Bank of Japan, can create a great situation for investors in shares. QE involves central banks creating new money and using it to buy government bonds and other assets with the aim of reducing long-term interest rates. Porter explains that this creates a scarcity of income as yields on the bonds and the assets that are purchased are pushed down as their prices rise. This is good news for shares, or equities, because their higher dividend yields then look attractive to investors who buy them. WATCH VIDEO INTERVIEW HERE: http://citywire.co.uk/money/qe-is-good-news-for-equity-investors/a619899 P.S. Here's some links about SCLP, one of the hottest stocks at the moment: http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=256596&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=255276&mode=2 http://www.euroinvestor.com/community/discussionthread.aspx?iid=2467508&threadid=257550&mode=2

SECURITIES TRUST OF SCOTLAND: PORTER FINDS REASONS TO BE CHEERFUL Securities Trust of Scotland manager Alan Porter says a stable US housing market, recovery in bank lending and healthy company balance sheets are reasons to have a positive outlook. One year on, having taken over the Securities Trust of Scotland, investment trust manager Alan Porter has raised the trust’s gearing level and its exposure to cyclicals as a sign of being more bullish on company prospects. GLOBAL MANDATE Porter took over STS on 1 August last year with the mandate of transforming the portfolio from a UK income fund to a global mandate. This followed a shareholder vote to change its investment objective from solely seeking income in the UK. In December, when Fund Strategy last profiled the trust, the manager described himself as “getting close to being greedy but not quite there yet”. At the time, his gearing level was 5 per cent and the fund was underweight in cyclicals as he felt they looked too expensive. By February, Porter had upped his weighting in cyclicals to neutral while he has since raised the trust’s gearing to 8 per cent as he believes the current macro economic environment is supportive for equities, in particular, income stocks. “By the turn of the year, for the first time, we saw improving data coming out of the US and since then GDP has been growing at around the 2 per cent mark,” he says. “While there has since been negative data, there are reasons to stay positive, namely stronger labour markets, stability in the housing market, good retail numbers and a recovery in bank lending.” INCREASING RETURN Meanwhile, from a micro perspective, Porter notes companies are sitting on healthy balance sheets and profit margins are at all-time highs, which he says is good for income in the short to medium term. “Companies are not investing this in terms of capital expenditure, instead opting to return it to shareholders, which is good news for income and growth funds as payout ratios rise,” he says. Indeed, as a result, Porter is expecting 7-8 per cent dividend per share growth for STS over the next 12 months. STRONG PERFORMANCE One year into the trust’s new mandate and performance has been strong. According to the latest AIC data over one year to 31 July 2012, the trust has returned 17.8 per cent on a share price total return basis, outperforming its benchmark by 9 per cent. In the trust’s last financial year, it also increased its dividend by 1.1 per cent to 4.70p per share and its current net yield is 3.7 per cent. Read the full article here: http://www.fundweb.co.uk/fund-strategy/issues/3rd-september-2012/porter-finds-reasons-to-be-cheerful/1057052.article