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

Balfour Beatty

Construction & Materials

BHP Billiton

Mining

Clarkson

Industrial Transportation

Royal Dutch Shell 'B'

Oil & Gas Producers

Standard Chartered

Banks

These shares are generally bought for the short term.