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Meeting: |
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Held at: |
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17:30 – 18:30 |
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Prepared by |
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Chairperson: |
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Present: |
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Adrian T |
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Richard W |
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Apologies: |
Simon B, Dave G, Kit P |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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…Is the Annual General Meeting.
Date: to be arranged via email .
Venue: The Lamb.
Food: Yes.
Accepted.
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Ref. |
Description & Progress |
Status |
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Err
… none |
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See end of these minutes.
See separate report for detail.
Highlights/Lowlights Unit value up from 318.617 to 322.287. We have £4,134.38 of non-mechanical cash.
Charles Schwab has a CFD service – maybe worth considering experimental investment via this mechanism for geared investment. Market/sector risk could be reduced by pairing – i.e. taking opposite positions in an undervalued and an overvalued company so profit arises if price difference narrows. RW to read intro. Pack.
RW thinks (from MF discussions) that the simplified tax scheme may have been scrapped. CB to investigate.
We will be selling Savills, looks to have slightly underperformed FTSE. Currently 22nd on unfiltered list (fails forecast earnings filter).
Replacement likely to be TDG, RW will rerun over weekend to confirm selection.
Portfolio up 13.4% (inc. dividends) cf. FTSE down 20.6 % (exc. Dividends) over year.
Current holdings are …
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Savills |
To be SOLD |
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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:-
|
Fulcrum |
SELL |
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CodaSciSys |
HOLD |
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Mothercare |
HOLD |
CodaSciSys: new CE (internal appt). Down following trading statement and forecasts revised downwards. Continue to monitor.
Fulcrum: RW to sell on Monday unless mid-price has risen back to 8p.
The Fundamental portfolio is still underweight, running at approx 20% 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 and introduce 20% trailing stop loss from recent high starting immediately. |
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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 |
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). |
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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). |
No new buy proposals. Now market is showing signs of stability / growth we should be thinking about more buy proposals.
RW suggested adding more money to the mechanical portfolio, either as a money amount or a lump sum. Another alternative would be a competing mechanical 2 portfolio using a different set of criteria. All to think about prior to annual strategy review (August).
Another successful month with our average holdings more than doubling the FTSE
All Share gain for the third month in a row. Kit was the only one to not share in the gains, down a mere 1%. Adrian continued his slow but steady progress, up 2.4%. Dave and Chris were very close up 6.4% and 6.5% respectively. It was also close at the top with Simon up 8.5% and Richard up 8.9%.
We're now at the half way stage of this competition and Dave still has a healthy lead, but not quite so much as last time:
Overall positions are:-
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Dave G |
£134,062.38 |
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Simon B |
£130,372.84 |
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Richard W |
£125,213.50 |
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Chris B |
£120,138.61 |
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Kit P |
£119,606.53 |
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Adrian T |
£106,295.33 |
It was agreed that a 1% penalty on last decisions would apply, starting from next competition.
DG missed it!
Actions carried forward to next meeting
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Ref. |
Description & Progress |
Target Date |
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2006/1 |
RW to investigate CFD service |
July 2003 |
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2006/2 |
CB to investigate tax scheme changes |
July 2003 |
Proposed agenda for NEXT meeting.
RSIC Annual General Meeting – ?? July
2003 between 17:15 and 18:45
Venue: The Lamb
1. Date
of Next Meeting (2 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 (2 mins)
[Any comments on minutes from previous meeting
4. Actions
from last meeting (2 mins)
[Progress on actions]
5. Chairman’s Statement (10 mins)
6. Treasurer's
Report (10 mins)
- monthly report
- annual statement
7. Portfolio Management (30 mins)
7.1. Mechanical Portfolio
7.2. Monthly Report for each Company in Fundamental Portfolio
7.3. Latest sell conditions for each share held
7.4. Watchlist and New Buy Proposals
8. Lucky
Llama Competition (10 mins)
[Latest positions and any new buy/sell decisions]
9. Competitions (10 mins)
10. Resignations and
Elections of Officers
- Chairman
- Secretary
- Treasurer
- Auditors
- Banker
- Broker
- Webmaster
11. AOB