SELL in May and go away is the old adage - but for how long?

Well, judging by the holiday mood members of RICH - the Ridings investment Club Holdings - should come back to full dealing and derring-do in September.

If, while you wait, your portfolio holds firm then you have a pretty good portents for a good opening month.

And bearing in mind that the RICH portfolio hardly twitched, with the value of its units this month but a single penny down on last month's £2.68 then the augers for next month are good.

But a meeting of the tanned and well-rested RICH, all market-wise managers and former managers of Nestle of York reviewed their fortunes and misfortunes over the past month. One happy smile was reserved for Railtrack. which had recovered some of its undeserved share price fall.

What is more the faith that members put into Morrisons by holding on to its shares through thick and thin is at last paying off: Recent rises have boosted its value by nearly 20 per cent.

And what about Dixon Motors, eh? Recommended a couple of months ago, the investment is moving up - to 190 at one point and rising.

Meanwhile RICH members have been studying various recommendations, including last month's top tip, British Regional Airlines. As a niche operator it still seems a snip - at one stage just 48p - and with 190 daily flights serving regional and hub airports throughout the British Isles and occasional hops across the Channel, prospects seem good.

But the latest top tip is Turbo Genset which now has a full London listing and whose high-speed alternator with a host of applications in the automotive industry is really impressing brokers.

Jim Porteous, RICH club chairman and former trade communications manager and sales promotion manager at Nestl, points out bullish rune-reading by broker Merrill Lynch and West.

He says: "Cashflow analysis suggests a conservative valuation of 2700p (if there is no long term growth) and 6500p (if long term growth is seven per cent), but it now has agreements with an impressive list of companies such as General Electric, BP, Amaco, Pratt & Whitney and Detroit Edison.

"I'm not surprised that Merrill suggests that Turbo is about to enter a new stage of development. Having raised £30 million that should cover trading losses until 2003 when the company is expected to break through into modest profit and become a potential global winner."