Meeting:

Monthly Meeting - December 2004

 

Held at:

The Brocklebank, Crewe

Date:

8th December 2004

 

 

Time:

17:00 – 18:30

Prepared by

Dave G

 

Chairperson:

Adrian T

 

Present:

Adrian T

 

 

Richard W

 

 

Simon B

 

 

Dave G

(from middle of item 5.6)

 

Apologies:

Kit P

 

 

Chris B

 

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

To be arranged.  Dave to send out some proposed dates.

2           Minutes of previous meeting

Accepted

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

ALL/1102/01

Send Chris your account details so that he can pay the creditors

COMPLETE

RW/1102/02

Find out what sector Countryside Properties is in and notify Chris to update the Treasurer’s report and pivot table if it is not in Property sector

COMPLETE

RW/1102/03

Purchase appropriate amount of Taylor Woodrow and Oystertec

COMPLETE

DG/1102/04

Update Strategy to have a guidance note suggesting we should aim to select mechanical candidates with spread less than 5% (though this should not be a mandatory requirement)

COMPLETE

DG/1102/05

Write a brief summary of the Active Trading seminar of 10th November

COMPLETE

RW/1102/06

Create a 1-page buy proposal form for Speculative purchases

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  An excellent month with an overall rise of £1343 on holdings.  Unit value up from 486.805 to 511.999.  We have £6085.92 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 (73% against strategic minimum of 75%) and the fundamental portfolio is also still “Too low” (17% 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 the ‘Value’ side of the portfolio with Countryside Property due to be replaced.  Only two candidates passed the filters but they were McAlpine and Taylor Woodrow and we hold both of those. Relaxing the market cap filter didn’t find another candidate but relaxing the PE and yield filters and removing 2nd year forecasts results in other companies passing, the top being Bellway. 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

Countryside Properties

Value

Dec 2004

196.70

295.05

29.51

285.5

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

77.25

No

99.75

4Imprint

Growth

May 2005

141.50

212.25

21.23

148.00

No

212.25

Fyffes

Value

Jun 2005

117.34

176.00

17.60

144.50

No

176.00

Sportingbet

Growth

Jul 2005

99.05

148.58

14.86

172.50

Yes

157.64

McAlpine

Value

Aug 2005

254.70

382.05

38.21

300.00

No

382.05

Hyder

Growth

Sep 2005

150.00

225.00

22.50

166.50

No

225.00

Lambert Howarth

Value

Oct 2005

272.00

408.00

40.80

295.00

No

408.00

Oystertec

Growth

Nov 2005

24.65

36.98

3.70

27.50

No

36.98

Taylor Woodrow

Value

Nov 2005

242.39