SCP is defensively invested with c6% in cash and roughly half of the 61 stock portfolio having no net debt. The cash position reflects the team’s view that the market looks rocky and a desire to retain fire power in the event of a correction. The number of holdings (bottom of the 60-75 range) indicates a dearth of suitable portfolio candidates. Conservatively financed companies with decent growth prospects are not available at sensible prices. The team are seeing daily profit warnings a
