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17:40 – 18:40 |
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Chairperson: |
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Present: |
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Dave G |
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Kit P |
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Richard W |
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Simon B |
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Apologies: |
Adrian T |
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Chairman’s Acceptance of Minutes |
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Signature |
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Friday 25th April 2003 – 17:15.
Venue: The Brocklebank
Accepted
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Ref. |
Description & Progress |
Status |
|
DG/1218/01 |
Chase up Proshare renewal 0122: No progress 0228: No progress 0321: Our membership has been renewed and
we are covered through to end of September 2003 |
COMPLETED |
See end of these minutes
See separate report for detail.
Highlights/Lowlights – Sold Westbury and purchased British Vita during last month. Unit value up from 275.844 to 281.928. We have £4521.90 of non-mechanical cash.
None.
Westbury was replaced by British Vita in the mechanical portfolio last month. Crest Nicholson will be the one to go next month.
Holdings are …
|
Crest Nicholson |
HOLD until April 2003 |
|
Savills |
HOLD until June 2003 |
|
Woolworths |
HOLD until August 2003 |
|
Mowlem (John) |
HOLD until October 2003 |
|
WH Smith |
HOLD until December 2003 |
|
British Vita |
HOLD until February 2004 |
Fundamental
Portfolio:-
|
Fulcrum |
HOLD |
|
CodaSciSys |
HOLD |
The Fundamental portfolio is still underweight, running at approx 13% of total club net value whereas strategy calls for it to be between 25% and 50%.
Speculative Portfolio:-
|
Parity |
HOLD |
|
Atlantic Caspian |
HOLD |
|
Templeton Emerging |
HOLD |
|
London Clubs International |
HOLD |
|
Cape |
HOLD |
The following is the summary of stop loss positions for each stock in the “Fundamental” sub-portfolio. The stop loss is invoked against the “end of day” price, but the sell decision may wait for the opening price to avoid rogue trades at the end of day.
|
Stock |
Reportee |
“High”
Price |
Stop
Loss (based on the “high”) |
Exit
Criteria |
|
FUL |
Dave |
14.5 |
8 |
Sell if under 8p. Commence 25% trailing stop loss once above 20p |
|
CSY |
Richard |
260 |
130 |
Hold until at least Nov 03 and then review; In addition, review following any trading or results statement that expects / reports a fall in either revenues or profits over the previous reporting period; Trailing stop loss of 50% to start from purchase price (based on mid-price due to large spread). |
Decided to remove the “watchlist” from the minutes as it was serving no purpose and had gone out of date.
New proposal submitted for Mothercare(MTC) for the fundamental portfolio. Agreed to purchase but with modification to the propsed exit criteria. The agreed, more cautious, exit criteria for the stock are “Invoke vote on a sell proposal immediately following a bid announcement. If no bid, hold for at least 6 months, then sell if price is below 75p or start a 20% trailing stop loss”.
In order to bring the fundamental portfolio up to the minimum level to comply with our strategy we would need to invest approx £1250. This was considered but agreement was to purchase £1000 of Mothercare shares and try to get an additional buy proposal for the fundamental portfolio in the near future.
Month 6 Winner: Kit with a 6.24% rise.
This, combined with a 9% fall for Richard and 5% fall for Dave mean that the final placings for this particular 6-month season are:-
|
Kit P |
£104,343.16 |
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Dave G |
£100,570.08 |
|
Richard W |
£94,912.24 |
|
Simon B |
£86,063.85 |
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Chris B |
£83,287.90 |
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Adrian T |
£79,895.53 |
Clearly losing possession of the pot llama had inspired Kit to win it back. So….after a brief (yet glorious) showing on Dave’s mantlepiece, the llama was given some fresh bubblewrap and packed back into a jiffy bag and handed over to Kit.
All reminded to send in completely fresh portfolio selections by end of the coming weekend for commencement of a new 6-month season.
After a break of probably over a year, we actually entered the Mirror competition again during March selecting Lloyds TSB as the FTSE Flyer. It has risen since the starting date (17th March) so we await the closing date (28th March) to see whether it ends up as the best performing FTSE 100 stock and how good our tie-breaker proves to be.
Actions carried forward to next meeting
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Ref. |
Description & Progress |
Target Date |
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KP/0116/02 |
Bring in Constitution for Adrian and Simon to sign 0220: No progress 0321: No progress 0424: No progress 0528: No progress 0627: No progress 0724: No progress 0828: No progress 0919: No progress. 1016: No progress 1120: No progress 1218: No progress 0122: No progress – anniversary of action next month !! 0228: No progress – Happy Birthday !! 0321: No progress |
25/4/2003 |
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CB/0724/01 |
Update Club member list with Charles Schwab and Cater Allen 0828: No progress 0919: No progress 1016: No progress 1120: No progress 1218: No progress 0122: No progress 0228: Needs DG to visit Darlington branch of HBOS to prove who he is! 0321: Partly achieved – DG proved who he was but had to sign the form too (which he didn’t do). DG needs to revisit HBOS in Darlo to sign the form, then Chris can complete the paperwork and get our bank changed. |
25/4/2003 |
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RW/0321/01 |
Purchase £1000 of Mothercare(MTC) |
24/03/03 |
Proposed agenda for NEXT meeting.
RSIC Monthly Meeting – 25 April 2003
between 17:15 and 18:45
Venue: The Brocklebank
1. Date
of Next Meeting (4 mins)
[Agree a date for the next meeting]
2. Agenda
Changes? (2 mins)
[Any items for AOB or any suggested reordering of agenda?]
3. Minutes
of last meeting (1 min)
[Any comments on minutes from previous meeting
4. Actions
from last meeting (20 mins)
[Progress on actions]
5. Treasurer's Report (10 mins)
6. Portfolio Management (30 mins)
6.1. Mechanical Portfolio
6.2. Monthly Report for each Company in Fundamental Portfolio
6.3. Latest sell conditions for each share held
6.4. Watchlist and New Buy Proposals
7. Lucky
Llama Competition (10 mins)
[Latest positions and any new buy/sell decisions]
8. Competitions (10 mins)
9. AOB