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September saw our second position being taken being in French Connection. We took a 5% position initially on 17th September at 28.25p per share. This however, fell after taking the initial position representing a -24.98% HPR. We remain confident in our investment however.


September has been a month of great variance in the share price of TMMG, our only holding. This created a buying opportunity for us on 9th September where we doubled our position at a price of 42p per share, making our average cost 42.25p per share. Once again we have negated £10 from the portfolio to represent transaction fees.

Unfortunately towards the close of the month we were provided with a second opportunity to purchase shares at a yet lower price. We however decided not to take this position as we feel that would provide us with too much exposure to the single stock.

This lower cost base lead to us ending the period with a HPR of 5.12%.