Fund Update

The Fund was up again this month but not a lot. Basically the story is that three shares all technology are dragging down the good performance of the others. Those three are Dell, TSEM and MRVL. Dell delivered a poor result 2nd qtr which took their shares down savagely, MRVL the same. TSEM produced good result but did a 15:1 back split to increase the value of their shares as they had been warned by the Nasdaq they might be delisted. I am told that after such a move often shares fall as investors are used to seeing them at 50 cents and now see them at nearly $10 and don't buy. They are currently trading at $7+. All three of these stocks have huge forward potential and I won't sell at this point just because they are down. It is often the case with a value stock that one buys above the bottom and has to grin and bare it for a while, but I am convinced they will all return to favor over the next couple of quarters. VOD, CA and TSCO all did very well.