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Lexibook.com offers its products for online sale in United Kingdom only.
Once the payment of your order has been verified by our bank BNP Paribas or by PayPal, your items wi The preparation time is generally 48h 24h and between (working days). The delivery time must be added to this preparation time, depending on the final destination.
Geographical areas, delivery costs and delivery times*
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For a delivery in

United Kingdom

, delivery time takes

2 to 4 working days.
Freight costs are calculated according to the total weight of your order and are added to the total amoun
Freight costs for United Kingdom Weight range GBP tax included Price 0-1 kg 9,80
1-2 kg 11,80 2-4 kg 13,70 +4 kg 15,60 Extra fee for the Channel Islands: For deliveries to the Channel Islands, an extra fee of 24.60 GBP tax included per order will be added to the amount of the standard shipping fees provided for the United Kingdom.
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FCP DECOUVERTES : MONTHLY COMMENTARY MAY 2004
1- Unit price movement On the 31st May the price of the unit showed the following variation in comparison with the relevant indices since end 2003: FCP Dcouvertes : + 13.28 % Midcac : Second March : SBF 250 : + 7.81 % + 14.52 % + 3.50 %
Our rather prudent comments made last month have been confirmed since the mid-cap indices lost more ground than the SBF 250. On the other hand Dcouvertes performed well and only lost 0.60% over the month (net of the dividend), thereby staying level with the SBF 250. Dcouvertes paid a net dividend of 7.44 euros on the 7th May which accrues an avoir fiscal payment of 3.71 euros. 2- Main management decisions over the course of the month We lightened our position in Du Pareil Au Mme, which was being held up in the market by the prospect of a dividend payment giving a yield of 7.5%. We acquired a good position in Access Commerce via the capital increase which allowed us to pick up the shares at favourable prices, and we traded Ebizcuss shares on the march libre. Half of the Godis position was sold. The month was not active in terms of overall movement, but the managers made the most of the time with extensive company visits. Total or partial sales : Objectives achieved : Du Pareil Au Mme, Godis. Change of opinion : Henri Maire, Tofinso
Purchases : New lines : Access Commerce Increases : Rougier, IB Groupe, Lexibook, ST Dupont

Trades : Ebizcuss

3 Principal positions 10 main lines of the portfolio VM Matriaux Prodef ST Dupont convertible Explosifs et Prod Chimiques Delachaux Onet Latcore IB Groupe Du Pareil Au Mme Manutan Total of 10 main lines 46,67 % 7.98 % 7.32 % 4.38 % 4.31 % 4.15 % 4.01 % 3.82 % 3.65 % 3.59 % 3.46 %
Godis is no longer in the list following the sale of half of the position. 4- Portfolio composition a. Portfolio structure by market French shares - premier march - second march - nouveau march - march libre - unquoted Convertible bonds Short term elements 89.86 % 28.95 % 50.69 % 7.23 % 3.00 % 0.73 % 4.78 % 5.36 %
There was little by way of variation in the portfolio spread over the month. Overall liquidity increased slightly but still remains at a low level. b. Portfolio structure by market capitalisation Market capitalisation Below 10 mn euros From 10 to 50 From 50 to 150 From 150 to 500 Over 500 % of fund at end 9.64 44.34 19.81 21.16 5.06 % of fund at end 2003 14.49 47.11 9.05 26.79 2.56
There was almost no change in the portfolio profile this month.
c. Portfolio structure by sector of activity We are using the Euronext classification : Mines Basic industries General industries Cyclical consumer goods Non-cyclical consumer goods Cyclical services Non-cyclical services Collectivity services Financials Information technologies End 1.51 % 32.56 % 15.53 % 6.38 % 8.08 % 27.65 % 0.00 % 0.00 % 1.37 % 8.43 % End 2003 1.38 % 24.29 % 18.28 % 6.24 % 6.93 % 34.63 % 0.12 % 0.00 % 1.45 % 6.67 %
The sale of half the Godis position would explain the drop in cyclical services which still remain over-weighted in the portfolio, while information technologies have increased following our purchase of Access Commerce. The rise in basic industries is due to price increases in the constituent shares. There is still little or no representation in non-cyclical services, financials or collectivity services. d. Portfolio structure by investment concept At end May 2004, the split of shares within the portfolio by different categories was as follows : - Regular growth 4.,63 % - Identified growth 5.80 % - Unidentified growth 23.83 % 23.74 % - Recovery situations Companies, which in stock market terms have the greatest potential for price appreciation, tend to be those in the unidentified growth and recovery sectors, and these companies make up almost half of the portfolio. These two categories, in a situation where the market takes a downward turn, may very well move in the opposite direction. This explains the low correlation between the movements of the Dcouvertes unit and the indices over the long term
5- Future prospects Two subjects for the next few months. Firstly there is the coming change in Euronext whereby the present market groupings system will disappear and be replaced by market capitalisation divisions. This will rationalise midcap investors approach to the market which is currently split into premier march, second march nouveau march and covered by two main indices, the second march index and the midcap index. It will serve to encourage investors in mid-cap shares but it is debatable whether this is actually desirable, given present valuation levels. More specifically, we believe that current price levels for value shares are generally correct, and therefore this type of share tends to be no longer under-valued. Possibly investors attention will be diverted towards larger cap shares and mid-caps may be in for a thin period. In this sort of situation the market will start to make a distinction between good quality and poor quality mid-cap funds. Good funds are those with a long term record and based on an organised and systematic approach while the poor ones are of recent origin on the back of favourable market conditions but without any recognised resistance to possibly thin times. We intend sending out our monthly commentary by email in the future which will enable us to publish better quality charts etc. Please would you communicate your email address to us at mgirault@hmgfinance.com.