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Meeting: |
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Held at: |
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16:30 – 17:30 |
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Prepared by |
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Chairperson: |
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Present: |
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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, Chris B |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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Friday 23rd May 2003 – 17:15.
Venue: The Brocklebank
Accepted
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Ref. |
Description & Progress |
Status |
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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 0425: Was signed as part of the change of bank. |
COMPLETED |
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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. |
COMPLETED |
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RW/0321/01 |
Purchase £1000 of Mothercare(MTC) |
COMPLETED |
See end of these minutes
See separate report for detail.
Highlights/Lowlights – Puchased Mothercare during last month. Only 2 of our 14 holdings went down in the month and this has taken Unit value up from 281.928 to 299.655. We have £3684.56 of non-mechanical cash.
None.
Crest Nicholson is due to be sold this month. However, mechanical selections as of last weekend were:-
Mowlem 398.09
Crest Nicholson 363.74
TDG 323.43
BPB 266.95
We already hold Mowlem, hence the replacement would be Crest Nicholson. In these circumstances we would hold Crest Nicholson rather than sell it and buy it back. However, as it was a full week ago since these selections were made, agreed to rerun over the coming weekend. Crest Nicholson still expected to “win”.
{Post Meeting Note: Crest Nicholson did indeed get selected so is being held as the “April” selection}
Holdings are …
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Savills |
HOLD until June 2003 |
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Woolworths |
HOLD until August 2003 |
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Mowlem (John) |
HOLD until October 2003 |
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WH Smith |
HOLD until December 2003 |
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British Vita |
HOLD until February 2004 |
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Crest Nicholson |
HOLD until April 2004 |
Fundamental
Portfolio:-
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Fulcrum |
HOLD |
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CodaSciSys |
HOLD |
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Mothercare |
HOLD |
The Fundamental portfolio is still underweight, running at approx 21% of total club net value whereas strategy calls for it to be between 25% and 50%.
Speculative
Portfolio:-
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Parity |
HOLD |
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Atlantic Caspian |
HOLD |
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Templeton Emerging |
HOLD |
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London Clubs International |
HOLD |
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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.
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Stock |
Reportee |
“High”
Price |
Stop
Loss (based on the “high”) |
Exit
Criteria |
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FUL |
Dave |
14.5 |
8 |
Sell if under 8p. Commence 25% trailing stop loss once above 20p |
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CSY |
Richard |
300 |
150 |
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). |
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MTC |
Dave |
106 |
84.8 |
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 |
No new buy proposals.
Month 1 Winner: Dave with a 7.46% rise.
Overall positions are:-
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Dave G |
£107,459.12 |
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Chris B |
£105,191.54 |
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Richard W |
£105,101.39 |
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Simon B |
£104,439.70 |
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Adrian T |
£100,844.40 |
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Kit P |
£99,825.14 |
Dave selected J Sainsbury to complete his portfolio.
Dave had missed the Mirror this month as he was on holiday and forgot about it!
Actions carried forward to next meeting
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Ref. |
Description & Progress |
Target Date |
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RW/0425/01 |
Bring in signed Constitution
for Chris to retain |
23/05/2003 |
Proposed agenda for NEXT meeting.
RSIC Monthly Meeting – 23 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