YOU can't keep a good portfolio down, it seems. Last month our RICH members fended off the worst effects of the shares avalanche, but still couldn't stop their unit price sliding 14p to £2.55.

This month the unit price rose to £2.60, in spite of the latest volatility of the stock market. Modest change, certainly, but at least moving in the right direction for this market-wise group of managers and retired managers from Nestle at York.

There is a time to lash out and speculate and a time to be quiet and reflective - and such was the mood of the latest meeting of RICH members who decided not to buy anything on this occasion; instead simply to watch the turbulent tide and read the runes!

Remember how the group set a stop loss of £7 for Great Western Railway stocks - the lower threshold at which they should be offloaded?

Well, it happened. And they did. But even as the stocks rose again not long after sale, they regret nothing.

Jim Porteous, club chairman and former trade communications manager and sales promotions manager at Nestle is right to be triumphant.

He says: "We are very comfortable with the fact that we bought GWR shares at £1.79 in December, 1997 and sold this month at £6.75. That's a nice little upturn of 271 per cent.

"It continues to be a good company and we may well return to it in future months."

The RICH meeting agreed to impose another stop loss limit, this time on Railtrack which at their last look was at £8.87. The limit to trigger sale, they agreed, would be £8. Originally they bought the shares at £6.45 so the line in the sand is purely a matter of protecting their profits.

All were agreed that Railtrack was undervalued as its assets represented only 80 per cent of share value, with its price dropping from a high of £17.10 in October, 1998. But even though they decided to make no purchases this month, all were delighted about the rumours that expectations are high for Medysis.

Last time round RICH extended its holdings in this medical equipment company which is awaiting US approval for a new, cheaper disposable injection system.

The RICH members hold these shares at an average bought price of 96p.

The price a few days ago was £1.31, an improvement of more than 40p since mid-month when the members were taking a five per cent loss. SAll of which re-inforces their "tip for the top" tag for Medysis. (See graph and details below.)

This "quiet" time has also meant "taking stock of stock" - and it is interesting to note that those shares held by RICH for some time are those showing the greater return.