In July, the STOXX600 was able to gain 220 basis points, finishing with a YTD return of 15.7%. Our portfolio almost doubled that and moved up 420 basis points to +22.4%.

Alpha increased from 4.7 to 6.7. 21 stocks moved up, 15 stocks lost value.

The most significant increases were:

• Reach (+40.7%) reported a 2.6% growth of H1 revenue on a like-for-like basis. Digital grew 42.7% and is now 23% of the business. Operating profit was up 25.5%. Net cash increased from £42m at the end of 2020 to £54.7m.
• Mpac Group (+17.2%) provided a trading update and reported a strong start in 2021 across all regions. The order book going into the second half of 2021 is above the opening order book of £55.5m. The board is, therefore, comfortable with FY market expectations.
• SII (+17%) did not make any important announcements but has moved up 52% during the last 3 months.

None of the positions had a double-digit decline.