Meeting:

Monthly Meeting - May 2003

 

Held at:

The Brocklebank

Date:

23rd May 2003

 

 

Time:

17:30 – 18:45

Prepared by

Dave G

 

Chairperson:

Dave G

 

Present:

Chris B

 

 

Dave G

 

 

Kit P

 

 

Richard W

 

 

 

 

 

 

 

Apologies:

Adrian T, Simon B

 

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

 

1          NEXT MEETING

Friday 20th June 2003 – 17:15.

Venue: The Brocklebank

2          Minutes of previous meeting

The corrected minutes (sent a day or so after the original erroneous version) were accepted.

3          ACTIONS FROM PREVIOUS MEETING

3.1      Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

RW/0425/01

Bring in signed Constitution for Chris to retain
(Follow on from KP/0116/02)

0523: Chris had the signed Constitution returned to him by the bank so this is now retained.

COMPLETE

3.2      Actions Carried forward to Next Meeting                  

See end of these minutes

4          Treasurer’s Report

4.1      Monthly Report Summary

See separate report for detail.  

Highlights/Lowlights – Atlantic Caspian was de-listed during the month.  It’ll be kept in the accounts but at zero value.  Otherwise, pretty good month, gains of £700 on last month.  Unit value up from 299.655 to 318.617.  We have £3909.36 of non-mechanical cash. 

4.2      Matters Arising From Report

None.

5          PORTFOlio Management

5.1      Mechanical Portfolio

No mechanical changes this month.   However, mechanical selections as of last weekend were:-

Mowlem                             389.40

Crest Nicholson         363.74

TDG                         325.64



We already hold Mowlem and Crest Nicholson so TDG would have been purchased had this been an ‘active’ month.

Current holdings are …

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

Crest Nicholson

HOLD until April 2004

 

5.2      Monthly Reports and Recommendations

Fundamental Portfolio:-

Fulcrum

HOLD

CodaSciSys

HOLD

Mothercare

HOLD

The Fundamental portfolio is still underweight, running at approx 22% 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

5.3      Stop Loss / Sell Criteria (as of date of treasurer’s report)

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

325

162.5

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).

MTC

Dave

142

75p

Invoke vote on a sell proposal immediately following a bid announcement.  Otherwise,  sell if price is below 75p or start a 15% trailing stop loss on reaching 160p  (it was agreed to change the exit criteria to the above in the light of the sharp rise (40% since purchase).

 

5.4                              New Buy Proposals

No new buy proposals.  Dave had been looking into UK Coal but chose not to go through with it as a proposal.

6          Lucky Llama competition

Everyone made gains this month but month 2 Winner: Kit with a 7.46% rise.

 

Overall positions are:-

Dave G

£125,982.04

Kit P

£120,830.58

Simon B

£120,181.98

Richard W

£115.013.22

Chris B

£112,793.71

Adrian T

£103,844.19

 

This month’s trades:-

Richard selected Castings and PZ Cussons to fill his portfolio.

Dave chose to sell Malcolm Group and replace it with Royal Doulton (RDN)

Chris chose to sell Domino and replace it with Land Securities.

7.                         Competitions

We didn’t enter in April but our current entry for May in the FTSE Flier Mirror competition is AVIVA


Actions carried forward to next meeting

Ref.

Description & Progress

Target Date

 

 

 

 
Proposed agenda for NEXT meeting.
 
RSIC Monthly Meeting – 20 June 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