Growth Portfolio Sells
Recommendation
Finally, Fleetwood has sold its caravan business (or more accurately closed it down and sold the brand), and the company can now focus on its more attractive village and accommodation businesses. We've been hoping for this for a while and, although we'd initially hoped they might get more for it, in the end we were happy just to have closure.
In line with our recommendation to Sell, we've sold the remaining holding in the Intelligent Investor Equity Growth Portfolio, representing a weighting of about 2.2%, at an average price of 2.18. That gives the portfolio an annual return of 17% from the investment, including 6c of dividends, which is not too shabby albeit perhaps rather less than we'd initially hoped.
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Our Intelligent Investor Equity Income Portfolio is now available as a listed fund trading under ASX code: INIF. Holdings in the fund will mirror our current Equity Income Portfolio and have the same low costs, but you'll be able to buy it on the ASX.