Meeting:

Monthly Meeting - October 2004

 

Held at:

The Brocklebank, Crewe

Date:

4th October 2004

 

 

Time:

17:00 – 17:30

Prepared by

Dave G

 

Chairperson:

Adrian T

 

Present:

Dave G

 

 

Adrian T

 

 

Richard W

 

 

Simon B

 

 

Apologies:

Chris B

 

 

Kit P

 

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Tuesday 2nd November 2004. Venue: Brocklebank 16:45 – 18:30.

Other future meeting dates agreed:-

Wednesday 8th December (changed from Thursday 9th December)

All assumed to start at 16:45 in The Brocklebank unless otherwise stated.

2           Minutes of previous meeting

Accepted

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

CB/0720/04

Send Standard Form of Agreement to tax office

0817: Incorrectly marked as complete

0907: Re-opened.  No further progress though.

COMPLETE

DG/0817/05

Update Club Strategy with changes arising from the annual review

0907: Strategy updated and issued as “Draft” for review/acceptance.  Cosmetic change identified to prevent tables in the Appendices from splitting across pages.  Dave to update strategy but issue as approved

1004: Superseded by action DG/0907/04

DROPPED

RW/0907/01

Buy appropriate amount of Hyder

COMPLETE

RW/0907/02

Monitor the Templeton Warrants and sell on 24th Sep or on first day which closes lower then previous

COMPLETE

RW/0907/03

Do a monthly report for Cape starting from October

COMPLETE

RW/0907/05

Remove the limit of 10 from the adjusted weightings for the Value portfolio

COMPLETE

RW/0907/06

See whether Sharescope can provide a list of companies about to announce results

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  A mixed month with an overall fall of approx £275 in net assets.  Unit value down from 474.455 to 469.511.  The additional £1000 prize money from Abbey now means that we have £5285.88 of non-mechanical cash.

4.2          Matters Arising From Report

None.

5           PORTFOlio Management

5.1          Monthly Money Management Checks

We remain “Too Low” in our proportion of assets in common UK stock (70% against strategic minimum of 75%) and the fundamental portfolio is also still “Too low” (19% against strategic minimum of 25%).

Further purchases for the Fundamental portfolio would address these so proposals are still encouraged.

5.2          Mechanical Portfolio

This month is a month for selecting a share for the ‘Value’ side as a replacement for Severfield Rowen which has reached its anniversary.  Top candidate was McAlpine but we already hold that so the market cap filter was relaxed and that brought up Lambert Howarth Group as the highest placed candidate that we don’t already hold. Richard to make purchase of appropriate amount.

The table below now reflects the sell situation for each mechanical holding.  The appropriate sell condition is shown in bold

Company

Portfolio

“Anniversary”

Purchase Price

Target Price

Trailing Stop Loss

High Since Purchase

Target Met?

Sell If Below

Crest Nicholson

Value

Already passed (Apr 2004)

215.50

323.25

32.33

375.00

Yes

342.68

Countryside Properties

Value

Dec 2004

196.70

295.05

29.51

279.00

No

295.05

Wagon

Value

Feb 2005

198.00

297.00

29.70

198.50

No

297.00

Horizon

Growth

Mar 2005

66.50

99.75

9.98

72.25

No

99.75

4Imprint

Growth

May 2005

141.50

212.25

21.23

144.50

No

212.25

Fyffes

Value

Jun 2005

117.34

176.00

17.60

129.75

No

176.00

Sportingbet

Growth

Jul 2005

99.05

148.58

14.86

106.50

No

148.58

McAlpine

Value

Aug 2005

254.70

382.05

38.21

260.25

No

382.05

Hyder

Growth

Sep 2005

150.00