The first ASOS Challenge was successful in the sense that it taught us a few lessons on investment timing. Only three of 11 shares ended in profit and that included ASOS itself: congratulations to legend for BNH and bosley for SEO. Back to the drawing board for the rest of us (over the year the portfolio would have thrashed any opposition!).

Participants welcome for the second challenge. Primary objective is to find shares that will double in value by 1st July, beating ASC in the process; secondary to be most successful stock-picker in terms of the value of your 20K portfolio. Rules are:

1.Each participant has 20K which can go into 1,2,3 or 4 shares in units of 5K.
2.ASC has 20K and is team yardstick, not in individual portfolios.
3.Duplication between entrants OK with no upper limit for total for one share.
4.Start weekend of 21st Jan. Buy price half way between closing offer and mid.
5.Latest time of entry to be 8 pm on Sunday, 23rd Jan.
6.Challenge to close Friday, 1st July.
7.Entrants can switch up to a total of 10K; av. of Friday close bid and mid.
8.Progress reports to rank shares by performance but also participants (initial only to protect from the ridicule of outsiders!).

Participants welcome. Just post selection here or on ASC thread.

Eric

Bos ... I wanted to flog all mine and shove it on Wales at 2-1 to beat England but Eric wouldn't let me ... otherwise I would be winning :-)

Anyway , congrats bos but in real life I went 100% cash 3 weeks ago but had a punt on rgu last week based on chart.

Good luck all.

dil, i'm assuming you were talking about rugby!!! just had a look at the rgu chart and (my knowledge of charting being very amateur) i agree , it looks good. i can see one of sd's golden croses. (i know he likes them)
in real life i wish i had had enough cash to have bought my choices for real. can't complain too much though.i have made back all my previous losses and am now well infront thanks to seo and asos.

Dil: do you mean that you didn't put your shirt on Wales after all! Where's your faith man; you would be singing in the valleys, even now. Not a bad idea to squelch your holdings - means that you can start afresh; could do worse than SEO! Join the bos-support club. lol!

Eric

Second ASOS CHALLENGE PORTFOLIO

The portfolio has recovered some lost ground and is up 13.3% overall against an approximate breakeven on the small-cap index. I have shown the last 3 weeks movements as it goves a better idea of trends. It is still worth referring to johngtudor's chart anallysis on the post given at the end of the column.

epic cost___ shares_ price_ value_ gain% wk_1 wk_2 wk_3
SEO_ 7.19___ 456900_ 22.50_ 102803 212.9 18.2 3.8_ 11.1 BBSSUUW(137)
BGC_ 84.8___ 5900___ 138.25 8157__ 63.0_ 18.5 1.3_ 18.2 K(137)
HCEG 63_____ 7935___ 99.5__ 7895__ 57.9_ -1.4 -1.0 -4.3 O(151)
NLR_ 394.5__ 5080___ 580___ 29464_ 47.0_ 2.6_ -8.1 -3.3 CDMM(137)
CFP_ 0.28___ 3570000 0.41__ 14637_ 46.4_ 5.0_ -4.8 2.5_ WY(137)
DGM_ 18.19__ 110000_ 24____ 26400_ 31.9_ 1.2_ -5.7 17.1 BEMS(137)
AGL_ 128.25_ 3900___ 166.5_ 6494__ 29.8_ 0.0_ 1.5_ 0.0_ B(137)
CEY_ 12.625_ 39600__ 15.75_ 6237__ 24.8_ 5.3_ -6.7 12.5 I(137)
BAG_ 811____ 615____ 1002.5 6165__ 23.6_ 3.1_ 3.1_ 2.0_ P(151)
BGT_ 130.5__ 7660___ 153.5_ 11758_ 17.6_ 1.9_ 1.6_ -5.8 JJ(137)
CRDA 327.375 1525___ 382.25 5829__ 16.8_ 4.2_ -1.6 -1.3 P(151)
RSG_ 466.25_ 1070___ 532.5_ 5698__ 14.2_ -0.9 0.0_ 0.0_ P(151)
IDS_ 212.5__ 4700___ 240___ 11280_ 12.9_ -0.8 0.2_ 1.7_ GH(151)
DFD_ 136____ 3675___ 150___ 5513__ 10.3_ 0.0_ -1.9 -4.5 A(151)
TRT_ 87_____ 5750___ 93.75_ 5391__ 7.8__ -3.9 -2.9 -7.4 K(151)
GWP_ 120.25_ 8315___ 129.5_ 10768_ 7.7__ -2.1 6.1_ 7.0_ EE(151)
KCOM 62_____ 16100__ 66.5__ 10707_ 7.3__ 0.0_ -10.5 3.9_ OO(151)
MOB_ 230.75_ 2165___ 247___ 5348__ 7.0__ 3.3_ -5.2 -2.9 C(151)
TND_ 22.5___ 111000_ 23.5__ 26085_ 4.4__ -3.3 -4.5 11.9 LLLLR(173)
AEN_ 697.5__ 717____ 715.0_ 5127__ 2.5__ 0.3_ -6.3 -3.1 J
CIU_ 162.25_ 3080___ 162.5_ 5005__ 0.2__ -0.3 2.1_ -4.1 G(173)
GHH_ 191.5__ 2610___ 190.5_ 4972__ -0.5_ 2.5_ -5.4 -0.5 G(151)
CASH 142.25_ 3515___ 139___ 4886__ -2.3_ -1.9 5.6_ 4.5_ C(173)
PAY_ 255.75_ 1955___ 248.5_ 4858__ -2.8_ 0.0_ -1.2 -0.4 M(173)
ACE_ 258.25_ 1935___ 250.0_ 4838__ -3.2_ 0.4_ -0.8 -2.2 G(151)
PCI_ 10.625_ 47000__ 10.25_ 4818__ -3.5_ 4.2_ -8.0 -10.9 T(151)
BPG_ 667.625 1500___ 623___ 9345__ -6.7_ -6.5 2.3_ -1.3 DP(151)
AUG_ 256.25_ 3900___ 237.5_ 9263__ -7.3_ -3.7 1.7_ 0.0_ DE(173)
WNN_ 268.5__ 1790___ 247.5_ 4430__ -7.8_ -8.0 -10.8 0.0_ C
ITR_ 7.81___ 110000_ 7.0___ 7700__ -10.4 0.0_ 1.9_ 1.8_ HH
IDOX 11.75__ 42500__ 10.5__ 4463__ -10.6 -2.4 -2.4 5.0_ V(173)
THUS 15.19__ 32900__ 13.25_ 4359__ -12.8 5.3_ -5.0 -7.0 O(151)
EPD_ 51_____ 9805___ 44____ 4314__ -13.7 -3.1 -10.6 4.8_ I(173)
SLV_ 11.625_ 40450__ 9.75__ 3944__ -16.1 -2.5 0.0_ 0.0_ D
FTO_ 8.69___ 57500__ 7.0___ 4025__ -19.4 7.1_ -5.0 -1.8 Y(173)
PDX_ 231____ 2165___ 186___ 4027__ -19.5 1.7_ -6.5 -3.9 A(177)
MDW_ 9.09___ 247500_ 7.25__ 17944_ -20.2 -3.1 -3.2 -3.3 JSVV(137)
SPS_ 50.5___ 39600__ 39.5__ 15642_ -21.8 -5.0 -6.4 -1.3 AIKK(173)
NML_ 5.31___ 85750__ 4.125_ 3537__ -22.3 41.4 -12.2 -8.3 W
GMC_ 19.125_ 52700__ 14.75_ 7773__ -22.9 -1.6 -10.0 9.3_ TW
BNH_ 125.25_ 15970__ 91.5__ 14613_ -26.9 -2.2 -7.7 -10.7 AIRR(173)
TAD_ 9.375__ 53300__ 6.625_ 3531__ -29.3 -1.8 -4.4 0.8_ Y(177)
PET_ 53.75__ 9300___ 37.5__ 3488__ -30.2 -7.7 -6.0 -5.1 R(177)
KYS_ 15.875_ 63000__ 10.5__ 6615__ -33.9 -10.0 -4.4 -2.3 UU(173)
PMD_ 0.875__ 571400_ 0.575_ 3286__ -34.3 -3.8_ 0.0_ -8.0 Y(173)
DES_ 62.25__ 8030___ 40____ 3212__ -35.7 -2.2_ -8.8 -3.6 H(177)
ASC_ 78.5___ 25480__ 50.0__ 12740_ -36.3 -5.7_ 2.0_ -1.0 ZZZZ(177)
BPRG 67.25__ 14870__ 41.5__ 6171__ -38.3 -7.8_ -35.4 21.2 TT(137)
XEN_ 7.44___ 67200__ 4.325_ 2906__ -41.9 -15.4 11.5_ -6.0 V(173)
totals___________________ 498456.2 13.3_ 2.3__ -2.7_ 3.0
small-cap___ 2891.87______ 2888.5_ -0.1_ 0.6__ -0.7_ -0.8

SEO continues to set the pace and has effectively lapped the "pursuers". AGM today gave a clearer picture of the company strategy. Trials with an ASDA supplier have been going well with other products than meat already in the shops wrapped with Greenseal. The company is making a major push in the USA with Walmart the obvious target. A big attraction is that the cost base is being kept down by contracts with engineers outside the UK to handle supply and retrofitting. There seems to be little reason why SEO should not continue the 4p per month sp progression.

Comments on other major movers of the week:

BPRG - recovering from battering the previous week caused by a profit warning. The major capsule product should hit the market early next year and the fall has probably been overdone, even at the current level (johngtudor?)

BGC - Positive reports on the Varisolve drug. Cap. now some 200m which, to an outsider, looks amazingly high for a company with key product not yet into Phase II clinical trials (cf. value of Alizyme which is far further fown the road) (kivver?)

DGM - Cap. of 85m on 14m turnover looks demanding (bos, leslie, moneyplus, seb comments?)

CEY - At last, an agreement to restart drilling for gold in Egypt. Does cap. of 60m already have much of prospects provided for? (martin?)

TND - not surprised to see legend in the frame at last with good results from Tandem on lower turnover. p/e under 5, so if trading continues to improve could be positive action to come (legend?).

No bad fallers in the week so a good performance against the market. GMC has moved ahead just under 10% and is worth a mention as it has the LONG backing of Evil - what a partnership for johngtudor and myself; seriously, the strong internet trading position apparently gives the share excellent prospects and cap. is not demanding at 25m. Evolution have moved from ADD to BUY NLR with a price target of 725p: probably one of the safest plays in the market despite Evil continuing to short. I am back into ASC on the basis of excellent traffic volumes and anticipation that they will shortly report trading to correspond.(Other news, anyone?)

B 122.0 E 9.6 A -14.5
S 109.4 K 6.8 H -17.2
U 55.9_ J 4.4 R -19.9
W 55.5_ L 4.3 V -23.3
M 31.0_ D 3.1 T -29.1
O 14.8_ G 2.3 Z -36.3
P 12.6_ Y -9.2
C 10.1_ I -9.4

bos and seb have stretched their lead - same share holding except that bos holds AGL against seb's MDW; wouldn't like to forecast the winner between those two. bos is very positive aboput the prospects for AGL and I can see why; however, MDW is probably only held back by the inertia of the NHS ( a big only I confess!).

Frustrated that markus has got a fraction of a nose ahead of yours truly. However, my nose is sensing good things from each of CFP (promising results), NML (diamond production started) and GMC (see above). moneyplus continues to defy the anti-SEO gravity. A move from a dark horse making up ground - the aforesaid legend with a winning record!

Have you seen the new MoneyAM competition: you tend to get frustrated with disappearing trades. I find that I bought 300,000 CFP instead of 3,000,000 - blast it! No doubt, bos will buy 100% SEO - no limit!

Eric

oohhhhhhhhhhhhhhh i wish this was the moneyam comp. i would be quids in by now!!!! still top of the league!!! got a feeling seb will come up on the rails and take the lead on the final bend. yes i have gone in big for seo in the moneyam comp ( who wouldn't!!!)but i have also gone for agl, dgm , dil's rgu, and sharesures gfm. and i've gone short on barclays cos i can't stand them!!

Well done bos: have only gone 30% in SEO on the MoneyAM comp. Others are NLR, BGT, GMC, ASC, CFD, NML; all in our ASOS challenge game. I think I would proably back AGL against MDW. MDW have the same problems as toher medical service companies like MLS and BQE, the turgidness of NHS acceptance of new initiatives and placing orders. Interesting that SEO have defined themselves as an intellectual copyright company: that could be the name of the game for the future. Looks like we are the only guys left on this board! Funnily enough, its worth doing the weekly analyis for its own sake as I learn so much through doing it. Even legend's Tandem, for instance, which just could be worth watching, though perhaps this comp. is too early for it.

Eric

Eric-I am still backing DGM. agree the mkt cap is high but like NLR it's the future growth prospects driving the sp of course any bad news will give it a knock down but as reported in todays Times - WPP reports tremendous growth in online advertising up something like 30% so I would expect DGM to get it's fair share. WPP quote the enormous revenues at Google as their proof of high prospects. DGM has bounced back because of this but will probably dip again and like YOO I hope to accumulate over the next few months then look for a good move up in the autumn. all IMHO of course!

Thanks, moneyplus; great to hear from you and know that there are at elast two readers of this bb other than me! Will add DGM to the watchlist - suspect that, if its not expensive, then it is cheap! (if you see what I mean!) Do you se DGM increasing their share of the on-line advertising market?

Eric

Just discovered that CFP closed at 0.415p, not 0.41p, so it is now a dead-heat for third place between Markus and yours truly. Crumbs of comfort from under the rich man's (bos and seb) table!

Eric,
I have had problems with the computer as my windows 98 became corrupt and when I tried to update to win XP would not do it. Gave the box to an "expert" and she has wiped the hard discs clean with a reformat to put a sound win 98 on then update to XP, so I do not have your address anymore for another Trader mag which came last week so can you resend address please. Have been without the box for ten days now and am suffering withdrawal symtoms, will have to catch up today. SD

Eric -goldfinger did a good report on DGM thread and if the growth continues they should win some rewarding contracts, but GF will be able to give much more info. than me. I check in here every week but don't say much as I'm losing!! keep up the good work.

Thanks for the encouragement, money plus - you're not doing at all badly, gal!
Mag. appreciated, seadog - will send address. You mentioned johngtudor - haven't heard sight or sound of him for a while, so will drop him an e-mail too.
Frustrating things these computers: don't like win 98 as my compter is always crashing at inopportune moments - it can cost you in this trading game so I should probably splash out from the next profit (if and when it comes!).

Eric

Eric, All the pundits say Win 2000 is the best O S but I understand XP is 2000 with a few enhancements so for 90 quid I went for the home upgrade. Address not yet recieved, and hope you make a substantial profit soon !!!! SD

SECOND ASOS CHALLENGE PORTFOLIO

A tough week on the market. The portfolio is down 5.6% against the small-cap index down 3%, but still up overall by 7% against a loss on the small-cap of 3.1%.

epic cost___ shares_ price_ value gain% wk12 wk13 wk14
SEO_ 7.19___ 456900_ 20.75_ 94807 188.6 3.8_ 11.1 -7.8 BBSSUUW(137)
BGC_ 84.8___ 5900___ 140.0_ 8260_ 65.1_ 1.3_ 18.2 1.3_ K(137)
CFP_ 0.28___ 3570000 0.415_ 14816 48.2_ -4.8 2.5_ 1.2_ WY(137)
HCEG 63_____ 7935___ 87.0__ 6903_ 38.1_ -1.0 -4.3 -12.6 O(151)
AGL_ 128.25_ 3900___ 164.5_ 6416_ 28.3_ 1.5_ 0.0_ -1.2 B(137)
DGM_ 18.19__ 110000_ 23.25_ 25575 27.8_ -5.7 17.1 -3.1 BEMS(137)
NLR_ 394.5__ 5080___ 491.5_ 24968 24.6_ -8.1 -3.3 -15.3 CDMM(137)
BAG_ 811____ 615____ 960.0_ 5904_ 18.4_ 3.1_ 2.0_ -4.2_ P(151)
IDS_ 212.5__ 4700___ 248.5_ 11680 16.9_ 0.2_ 1.7_ 3.5_ GH(151)
BGT_ 130.5__ 7660___ 148.0_ 11337 13.4_ 1.6_ -5.8 -3.6 JJ(137)
CRDA 327.375 1525___ 370.0_ 5643_ 13.0_ -1.6 -1.3 -3.2 P(151)
ITR_ 7.81___ 110000_ 8.5___ 9350_ 8.8__ 1.9_ 1.8_ 21.4 HH
DFD_ 136____ 3675___ 146___ 5366_ 7.4__ -1.9 -4.5 -2.7 A(151)
CEY_ 12.625_ 39600__ 13.5__ 5346_ 6.9__ -6.7 12.5 -14.3 I(137)
KCOM 62_____ 16100__ 65.5__ 10546 5.6__ -10.5 3.9 -1.5 OO(151)
RSG_ 466.25_ 1070___ 490.0_ 5243_ 5.1__ 0.0__ 0.0 -8.0 P(151)
TRT_ 87_____ 5750___ 91.0__ 5233_ 4.6__ -2.9_ -7.4 -2.9 K(151)
MOB_ 230.75_ 2165___ 229___ 4958_ -0.8_ -5.2_ -2.9 -7.3 C(151)
CIU_ 162.25_ 3080___ 160.5_ 4943_ -1.1_ 2.1__ -4.1 -1.2 G(173)
ACE_ 258.25_ 1935___ 249.0_ 4818_ -3.6_ -0.8_ -2.2 -0.4 G(151)
GWP_ 120.25_ 8315___ 115.5_ 9604_ -4.0_ 6.1__ 7.0_ -10.8 EE(151)
TND_ 22.5___ 111000_ 21.5__ 23865 -4.4_ -4.5_ 11.9 -8.5 LLLLR(173)
PAY_ 255.75_ 1955___ 242.5_ 4741_ -5.2_ -1.2_ -0.4 -2.4 M(173)
PCI_ 10.625_ 47000__ 10.0__ 4700_ -5.9_ -8.0_ -10.9 -2.4 T(151)
GHH_ 191.5__ 2610___ 179.5_ 4685_ -6.3_ -5.4_ -0.5_ -5.8 G(151)
IDOX 11.75__ 42500__ 11.0__ 4675_ -6.4_ -2.4_ 5.0__ 4.8 V(173)
WNN_ 268.5__ 1790___ 244.0_ 4368_ -9.1_ -10.8 0.0__ -1.4 C
BPG_ 667.625 1500___ 603___ 9045_ -9.7_ 2.3__ -1.3_ -3.2 DP(151)
AEN_ 697.5__ 717____ 620.0_ 4445_ -11.1 -6.3_ -3.1_ -13.3 J
THUS 15.19__ 32900__ 13.25_ 4359_ -12.8 -5.0_ -7.0_ 0.0_ O(151)
AUG_ 256.25_ 3900___ 222.5_ 8678_ -13.2 1.7__ 0.0__ -6.3 DE(173)
CASH 142.25_ 3515___ 121.5_ 4271_ -14.6 5.6__ 4.5__ -12.6 C(173)
SLV_ 11.625_ 40450__ 9.75__ 3944_ -16.1 0.0__ 0.0__ 0.0_ D
EPD_ 51_____ 9805___ 41.5__ 4069_ -18.6 -10.6 4.8__ -5.7 I(173)
MDW_ 9.09___ 247500_ 7.25__ 17944 -20.2 -3.2_ -3.3_ 0.0_ JSVV(137)
NML_ 5.31___ 85750__ 4.125_ 3537_ -22.3 -12.2 -8.3_ 0.0_ W
FTO_ 8.69___ 57500__ 6.75__ 3881_ -22.3 -5.0_ -1.8_ -3.6 Y(173)
BNH_ 125.25_ 15970__ 92.5__ 14772 -26.1 -7.7_ -10.7 1.1_ AIRR(173)
PDX_ 231____ 2165___ 169.5_ 3670_ -26.6 -6.5_ -3.9_ -8.9 A(177)
GMC_ 19.125_ 52700__ 14.0__ 7378_ -26.8 -10.0 9.3__ -5.1 TW
SPS_ 50.5___ 39600__ 33.5__ 13266 -33.7 -6.4_ -1.3_ -15.2 AIKK(173)
KYS_ 15.875_ 63000__ 10.25_ 6458_ -35.4 -4.4_ -2.3_ -2.4 UU(173)
PMD_ 0.875__ 571400_ 0.55__ 3143_ -37.1 0.0__ -8.0_ -4.3 Y(173)
TAD_ 9.375__ 53300__ 5.875_ 3131_ -37.3 -4.4_ 0.8__ -11.3 Y(177)
ASC_ 78.5___ 25480__ 48.5__ 12358 -38.2 2.0__ -1.0_ -3.0 ZZZZ(177)
XEN_ 7.44___ 67200__ 4.3___ 2890_ -42.2 11.5_ -6.0_ -0.6 V(173)
BPRG 67.25__ 14870__ 36.5__ 5428_ -45.7 -35.4 21.2_ -12.0 TT(137)
DES_ 62.25__ 8030___ 33____ 2650_ -47.0 -8.8_ -3.6_ -17.5 H(177)
PET_ 53.75__ 9300___ 27.5__ 2558_ -48.8 -6.0_ -5.1_ -26.7 R(177)
totals__________________ 470619.2 7.0__ -2.7_ 3.0__ -5.6 small-cap___ 2891.87______ 2802.8 -3.1_ -0.7_ -0.8_ -3.0

SEO has lost 7.8% on the week but HCEG and NLR, early challengers, are down further. BGC and CFP (both discussed in recent posts) are second and third on the list having hel steady on the week. There are 11 double digit fallers, %-wise, the chief of which being PET, presumably suffering from the lack of clear-cut government in Iraq.

The one major gainer in the week has been Interregnum (ITR). Dawsinho has been plying a lone furrow with the ITR bb but it is worth a visit. Appears to be a financial services company with a future and is spinning off part of teh company in a separate AIM flotation which could be profitable for investors. (it would be good to have a brief introductory pst here, dawsinho).

B 108.4 E 1.7__ I -15.9
S_ 96.2 G 1.4__ A -17.6
W_ 48.7 C -0.8_ V -22.3
U_ 45.5 J -1.2_ R -26.4
M_ 18.1 L -4.5_ T -34.2
O_ 9.0 D -4.8_ Z -38.2
P_ 6.6 H -10.8
K_ 4.6 Y -12.2

Dawsinho is the only % gainer in the list. The four SEO holders are stretching further clear of the field, which is still led gamely by moneyplus. Yours truly has edged in front of Markus again in third place but bos and seb are no closer.

If you haven't entered the MoneyAM Champion Investor, visit the bb and have a go. Not too late to enter and could be an advantage as there are only some 9 investors in positive country. Think it is our own Dil in second place. He had a super trade today in NLR, whilst I showed my desperation by switching half my holdings into NLR gaining 5K on the day (but still not in the top 300!). One particularly interesting fact is that bears are easily leading the bulls. Looking at our own portfolio, the last four, PET, DES, BPRG and XEN would have been 2nd to 5th in the list as Shorts!

Enjoy the weekend and heres to a much better trading week next week.

cheers Eric.

hI, sorry not posted much on bgc, but it was all a speculative punt on their main prospect 'Varisolve' getting american approval for trials. It has been rejected once but chances are it will get a second opportunity once the concerns are ironed out.

I prefer the long term opportunities on my other punt trt (transense technologies). Areoplanes have been completely electronic for a long time now and road going vehicles are going the same way. Cars, lorries, coaches and buses driven and controlled (including the steering) by electronics, scary but true.

yep. still there! (i so wish this was the moneyam challenge!!)

Eric, Thanks for the all the effort on keeping the asos challenge going, very informative. So my asos challenge portfolio has got a kick up the backside hey. Watch out Bosley, well maybe... lol

ITR - Loads of info on the bb, in a nutshell Interregnum are a Technology merchant bank who advise/invest in technology companies, they also have a number of subsidiary companys as well. All sounds very boring, but if you dig a little deeper you'll see Interregnum is ideally positioned to take advantage of the slight upturn in the technology market.

Business seems to be going very well since the turn of the year and their has already been a positive impact from seven advisers who we're employed just before the turn of the year. Interregnums ace card is its agreement with Destiny USA which is expected to generate significant undisclosed advisory revenues, whilst working with some of the largest and most innovative technology companies in the world

This week Interregnum agreed to merge its subsidiary companies, Wireless Holdings and Cellular Design Services, with Red-M (Communications), with the intention of floating the combined business on AIM in the first half of 2005.

Hope this helps.

ITR is, in my view, worth a closer look. The share was at 1 in the dot-com boom but has reinvented itself as merchant bank. The Destiny arrangement does look very significant and there could be a substantial one-off profit from the AIM floatation. Wirth a visit to dawsinho's bb - thanks for the psot here, d.

Eric

SECOND ASOS CHALLENGE PORTFOLIO

Actually, not a bad week with 0.1% drop in portfolio value given the continued weakness of the AIM market.

epic cost___ shares_ price_ value gain% wk13 wk14 wk15

SEO_ 7.19___ 456900_ 20.75_ 94807 188.6 11.1 -7.8 0.0_ BBSSUUW(137)
BGC_ 84.8___ 5900___ 136.5_ 8054_ 61.0_ 18.2 1.3_ -2.5 K(137)
HCEG 63_____ 7935___ 93.0__ 7380_ 47.6_ -4.3 -12.6 6.9 O(151)
NLR_ 394.5__ 5080___ 531.5_ 27000 34.7_ -3.3 -15.3 8.1 CDMM(137)
AGL_ 128.25_ 3900___ 164.5_ 6416_ 28.3_ 0.0_ -1.2 0.0_ B(137)
DGM_ 18.19__ 110000_ 22.75_ 25025 25.1_ 17.1 -3.1 -2.2 BEMS(137)
CFP_ 0.28___ 3570000 0.35__ 12495 25.0_ 2.5_ 1.2_ -15.7 WY(137)
BAG_ 811____ 615____ 941.5_ 5790_ 16.1_ 2.0_ -4.2 -1.9 P(151)
CRDA 327.375 1525___ 380.0_ 5795_ 16.1_ -1.3 -3.2 2.7_ P(151)
ITR_ 7.81___ 110000_ 9.0___ 9900_ 15.2_ 1.8_ 21.4 5.9_ HH
IDS_ 212.5__ 4700___ 242.5_ 11398 14.1_ 1.7_ 3.5_ -2.4 GH(151)
BGT_ 130.5__ 7660___ 146.5_ 11222 12.3_ -5.8 -3.6 -1.0 JJ(137)
DFD_ 136____ 3675___ 152.5_ 5604_ 12.1_ -4.5 -2.7 4.5_ A(151)
KCOM 62_____ 16100__ 65.0__ 10465 4.8__ 3.9_ -1.5 -0.8 OO(151)
RSG_ 466.25_ 1070___ 485.0_ 5190_ 4.0__ 0.0_ -8.0 -1.0 P(151)
CEY_ 12.625_ 39600__ 12.75_ 5049_ 1.0__ 12.5 -14.3 -5.6 I(137)
GWP_ 120.25_ 8315___ 120.0_ 9978_ -0.2_ 7.0_ -10.8 3.9 EE(151)
TRT_ 87_____ 5750___ 86.0__ 4945_ -1.1_ -7.4 -2.9 -5.5 K(151)
ACE_ 258.25_ 1935___ 254.0_ 4915_ -1.6_ -2.2 -0.4 2.0_ G(151)
MOB_ 230.75_ 2165___ 223.5_ 4839_ -3.1_ -2.9 -7.3 -2.4 C(151)
TND_ 22.5___ 111000_ 21.75_ 24143 -3.3_ 11.9 -8.5 1.2_ LLLLR(173)
PCI_ 10.625_ 47000__ 10.25_ 4818_ -3.5_ -10.9 -2.4 2.5 T(151)
GHH_ 191.5__ 2610___ 180.5_ 4711_ -5.7_ -0.5 -5.8 0.6_ G(151)
CIU_ 162.25_ 3080___ 151.0_ 4651_ -6.9_ -4.1 -1.2 -5.9 G(173)
IDOX 11.75__ 42500__ 10.75_ 4569_ -8.5_ 5.0_ 4.8_ -2.3 V(173)
PAY_ 255.75_ 1955___ 230.5_ 4506_ -9.9_ -0.4 -2.4 -4.9 M(173)
WNN_ 268.5__ 1790___ 241.5_ 4323_ -10.1 0.0_ -1.4 -1.0 C
AEN_ 697.5__ 717____ 625.0_ 4481_ -10.4 -3.1 -13.3 0.8 J
BPG_ 667.625 1500___ 592___ 8880_ -11.3 -1.3 -3.2 -1.8 DP(151)
AUG_ 256.25_ 3900___ 222.5_ 8678_ -13.2 0.0_ -6.3 0.0_ DE(173)
CASH 142.25_ 3515___ 122.5_ 4306_ -13.9 4.5_ -12.6 0.8 C(173)
THUS 15.19__ 32900__ 13.0__ 4277_ -14.4 -7.0 0.0_ -1.9 O(151)
PET_ 53.75__ 9300___ 45.5__ 4232_ -15.3 -5.1 -26.7 65.5 R(177)
SLV_ 11.625_ 40450__ 9.75__ 3944_ -16.1 0.0_ 0.0_ 0.0_ D
BNH_ 125.25_ 15970__ 97.5__ 15571 -22.2 -10.7 1.1 5.4_ AIRR(173)
NML_ 5.31___ 85750__ 4.125_ 3537_ -22.3 -8.3 0.0_ 0.0_ W
PDX_ 231____ 2165___ 175.5_ 3800_ -24.0 -3.9 -8.9 3.5_ A(177)
SPS_ 50.5___ 39600__ 38.0__ 15048 -24.8 -1.3 -15.2 13.4 AIKK(173)
EPD_ 51_____ 9805___ 38.0__ 3726_ -25.5 4.8_ -5.7 -8.4 I(173)
GMC_ 19.125_ 52700__ 13.75_ 7246_ -28.1 9.3_ -5.1 -1.8 TW
MDW_ 9.09___ 247500_ 6.5___ 16088 -28.5 -3.3 0.0_ -10.3 JSVV(137)
PMD_ 0.875__ 571400_ 0.625_ 3571_ -28.6 -8.0 -4.3 13.6 Y(173)
FTO_ 8.69___ 57500__ 6.125_ 3522_ -29.5 -1.8 -3.6 -9.3 Y(173)
TAD_ 9.375__ 53300__ 6.175_ 3291_ -34.1 0.8_ -11.3 5.1 Y(177)
KYS_ 15.875_ 63000__ 10.25_ 6458_ -35.4 -2.3 -2.4 0.0_ UU(173)
DES_ 62.25__ 8030___ 37.0__ 2971_ -40.6 -3.6 -17.5 12.1 H(177)
XEN_ 7.44___ 67200__ 4.3___ 2890_ -42.2 -6.0 -0.6 0.0_ V(173)
ASC_ 78.5___ 25480__ 43.0__ 10956 -45.2 -1.0 -3.0 -11.3 ZZZZ(177)
BPRG 67.25__ 14870__ 31.25_ 4647_ -53.5 21.2 -12.0 -14.4 TT(137)

Totals__________________ 470102.4 6.8__ 3.0_ -5.6_ -0.1
small-cap__ 2891.87_______ 2802.8 -3.1_ -0.8 -3.0_ 0.0

SEO is unchanged during the week but an announcement formalising the ASDA deal is likely in the forthcoming week and could lead to a breakthrough the current resistance level. As recoimmended this week in Shares one that should be in each of our portfolios.

HCEG and NLR have recovered somewhat. However, the main mover of the week is PET. An RNS denied any knowledge for the reason for a move following a rumour in the FT that PET had won a contract in southern Iraq. Certainly, the settling down of the Iraq situation is a prerequisite of progress. Not for the faint-hearted or those who have suffered in the past!

ITR has strengthened further. I wrote of its merits last week. Its worth adding that it is now clear that the flotation value of its holding in Cellular Design Services (CDS) is likely to be more than the current cap., implying a likely doubling in the price by end June.

ASC has reached a new nadir in its fortunes. Yours truly has bought back in, reckoning the current prospective pe to be derisory. Two strong broker buy signals. When will it turn round. I have a sneaking feeling that it will be this week - based on the end of the "mid-season sale on Monday" and the likelihood that that marks the completion of the new warehouse operation. Anyone joining me? I'll put out the light if I find no-one else there.

B 107.7 K 2.6_ R -15.7
S_ 93.5 C 1.1_ Y -16.8
U_ 45.5 G -0.1 I -17.9
W_ 42.5 D -2.6 V -27.0
M_ 21.3 L -3.4 T -37.8
O_ 10.6 J -3.6 Z -45.2
P_ 6.1 H -7.2
E_ 2.9 A -14.7

The investor table is thoroughly boring, for all except bos, seb and markus, who has climbed back to third. Now, I believe I will be challenging before the end of the competition (CFP and NML, plus possibly GMC) and am also backing dawsinho with his ITR holding. Anyone else who reckons that their portfolio will bring them into contention?

Eric