RSIC Mechanical Portfolio Update April 2004

1 Valuation

1.1 Current Holdings

Type	Company	EPIC	Purchase Date	Price	# Shares	Total Cost	Dividends Received	Valuation Date	Current Bid Price	Share Value	Total (inc Dividends)	Profit / Loss	Profit / Loss %
Value	Crest Nicholson	CRST	28/04/03	215.50	330	£711.15	£36.30	16/04/04	346.25	£1,130.62	£1,166.93	£455.78	64.09%
Value	TDG	TDG	23/06/03	199.00	446	£903.98	£23.42	16/04/04	210.00	£924.60	£948.02	£44.04	4.87%
Value	European Motor Hdgs	EMH	21/08/03	172.78	581	£1,020.87	£19.75	16/04/04	198.00	£1,138.38	£1,158.13	£137.26	13.45%
Value	Severfield-Rowen	SFR	23/10/03	323.88	306	£1,008.03		16/04/04	392.00	£1,187.52	£1,187.52	£179.49	17.81%
Value	Countryside Properties	CYD	19/12/03	196.70	471	£943.09	£24.16	16/04/04	225.00	£1,047.75	£1,071.91	£128.82	13.66%
Value	Wagon	WAGN	01/03/04	198.00	514	£1,034.81		16/04/04	178.00	£902.92	£902.92	-£131.89	-12.75%
Growth	Horizon Technology	HOR	24/03/04	66.50	1587	£1,077.91		16/04/04	61.00	£956.07	£956.07	-£121.84	-11.30%
	Totals					£6,699.84	£103.63			£7,287.86	£7,391.50	£691.65	10.32%
	Cash									£5,471.46
	Total Portfolio Value									£12,759.32		£1,459.32	12.91%

1.2 Previous Holdings

Type	Company	EPIC	Purchase Date	Price	# Shares	Total Cost	Dividends Received	Sale Date	Sale Price	Share Proceeds	Total (inc Dividends)	Profit / Loss	Profit / Loss %
Value	Countryside Properties	CYD	18/10/01	157.60	497	£799.19	£32.40	17/10/02	173.40	£849.80	£882.20	£83.01	10.39%
Value	Wimpey (George)	WMPY	13/12/01	196.31	399	£799.20	£34.12	18/12/02	230.00	£905.70	£939.82	£140.62	17.60%
Value	Westbury	WBY	21/02/02	285.60	274	£798.45	£31.10	03/03/03	315.22	£851.70	£882.80	£84.35	10.56%
Value	Crest Nicholson	CRST	25/04/02	237.60	330	£800.00	£31.35	28/04/03	215.50	£711.15	£742.50	-£57.50	-7.19%
Value	Savills	SVS	28/06/02	184.40	425	£799.62	£43.35	23/06/03	161.00	£672.25	£715.60	-£84.02	-10.51%
Value	Woolworths	WLW	29/08/02	30.73	2551	£799.84	£33.80	21/08/03	39.77	£1,002.53	£1,036.33	£236.49	29.57%
Value	Mowlem (John)	MWLM	17/10/02	139.50	580	£825.15	£59.16	22/10/03	185.37	£1,063.15	£1,122.31	£297.16	36.01%
Value	WH Smiths	SMWH	18/12/02	335.99	206	£707.60	£39.14	19/12/03	275.00	£554.50	£593.64	-£113.96	-16.11%
Value	British Vita	BVIT	03/03/03	218.00	328	£730.62	£37.72	01/03/04	270.25	£874.42	£912.14	£181.52	24.84%
	Totals					£7,059.67	£342.14			£7,485.20	£7,827.34	£767.67	10.87%

1.3 Stop Loss Information

Company	Purchase Price	Target Price	Trailing Stop Loss	High	Target Met?	Sell If Below
Crest Nicholson	215.50	323.25	32.33	361.25	Yes	328.93
TDG	199.00	298.50	29.85	228.00	No	298.50
European Motor Hdgs	172.78	259.17	25.92	210.00	No	259.17
Severfield-Rowen	323.88	485.82	48.58	410.00	No	485.82
Countryside Properties	196.70	295.05	29.51	279.00	No	295.05
Wagon	198.00	297.00	29.70	198.50	No	297.00
Horizon Technology	66.50	99.75	9.98	64.50	No	99.75

1.4 Dividends Declared

Company	Ex-div Date	Payment Date	Amount per Share	Total Receivable
TDG	28/04/04	27/05/04	8.75	£39.03
Severfield-Rowen	12/05/04	08/06/04	10.75	£32.90

2 ‘Value’ Shares

2.1 Transactions

Crest Nicholson comes up for sale this month. If we adopt the new exit criteria then a trailing stop loss of 32.325p will apply. With a current high of 361.25p that means that it will be sold if it falls below 328.925p.

2.2 Status of Current Holdings

Wagon passes all the filters.

Crest Nicholson and Countryside Properties fail on dividend yield.

TDG fails on forecast earnings growth, forecast PE ratio and dividend cover.

European Motor Holdings fails on PE ratio and dividend yield.

Severfield-Rowen currently does not have any second year forecasts. It also fails on market cap and historic PE ratio.

In the unfiltered list of all companies, the current holdings are ranked as follows:

Rank	Company	Score
42^nd	European Motor Holdings	357.73
50^th	Countryside Properties	352.58
52^nd	Wagon	351.52
80^th	Severfield-Rowen	339.32
87^th	Crest Nicholson	337.44
327^th	TDG	289.59

2.3 Companies Passing Filters

The following companies pass the filters:

Company	Score	Rank in unfiltered list	Spread
Fyffes	394.13	6^th	1.4%
Wagon	351.52	52^nd	2.7%
Hanson	309.55