Cyclical

Do a lot of reading’ (On how to determine the value of a business)
— Warren Buffet

A further 5 companies are selected from sectors that are in the current (or soon to be expected) economic cycle, such as:

Early Cycle = Automobiles & Parts, General Retailers, Household Goods, Leisure Goods, Life Insurance, Media and Travel & Leisure.

Mid Cycle = Industrial Transportation, Mining, Oil & Gas Producers, Oil Equipment & Services, Real Estate, Software & Computer Services and Technology Hardware & Equipment.

Late Cycle = Banks, Chemicals, Construction & Materials, Electronic & Electrical Engineering, Equity Investment Instruments, Forestry & Paper, General Industrials, General Financial, Industrial Engineering, Industrial Metals and Support Services.

COMPANY	SECTOR
Aviva	Life Insurance
Berkeley Group	Household Goods
Legal & General	Life Insurance
Mercantile Investment Trust	Equity Investment Instruments
Royal Dutch Shell B	Oil & Gas Producers

These shares are generally bought for the short term.