Cyclical

A further 5 companies are selected from sectors that are in the current (or soon to be expected) economic cycle, such as:

Early Cycle = Automobiles & Parts, General Retailers, Household Goods, Leisure Goods, Life Insurance, Media and Travel & Leisure.

Mid Cycle = Industrial Transportation, Mining, Oil & Gas Producers, Oil Equipment & Services, Real Estate, Software & Computer Services and Technology Hardware & Equipment.

Late Cycle = Banks, Chemicals, Construction & Materials, Electronic & Electrical Engineering, Equity Investment Instruments, Forestry & Paper, General Industrials, General Financial, Industrial Engineering, Industrial Metals and Support Services.

Our past stock selection has included:

Company Sector

Crest Nicholson

Construction & Materials

Berkeley Group

Household Goods

BHP Biliton

Mining

Clarkson

Industrial Transportation

Royal Dutch Shell B

Oil & Gas Producers

These shares are generally bought for the short term.