Meeting:

Monthly Meeting - January 2005

 

Held at:

The Brocklebank, Crewe

Date:

6th January 2005

 

 

Time:

16:45 – 18:15

Prepared by

Dave G

 

Chairperson:

Adrian T

 

Present:

Adrian T

 

 

Richard W

 

 

Simon B

 

 

Chris B

(part)

 

Dave G

(the other part!)

 

Apologies:

Kit P

 

 

 

 

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Proposed dates of next meetings are:-

Wednesday 23rd February

Wednesday 23rd March

Wednesday 20th April

Wednesday 18th May

Wednesday 15th June

Wednesday 13th July (AGM)

Wednesday 10th August (to include strategy review)

Wednesday 7th September

Wednesday 5th October

Wednesday 2nd November

December date to be arranged.

2           Minutes of previous meeting

Accepted

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

DG/1207/01

Send out proposed meeting dates for 2005

COMPLETE

RW/1207/02

Sell Countryside and buy Bellway for Mechanical portfolio

COMPLETE

RW/1207/03

Set a limit bid for INFAST so that we buy it for the fundamental but only if we can achieve a spread of within 5%

COMPLETE

RW/1207/04

Buy Egg for speculative portfolio

COMPLETE

RW/1207/05

Watch Jarvis and buy on first day it rises

COMPLETE

RW/1208/06

Update stock screener to filter out non GBP based stocks

DROPPED

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  Another excellent month with an overall rise of £1281 on holdings.  Unit value up from 511.999 to 536.159.  We have £4026.08 of non-mechanical cash.

4.2          Matters Arising From Report

None

5           PORTFOlio Management

5.1          Monthly Money Management Checks

Our recent purchases of Egg, Jarvis and Infast mean that we are no longet “Too low” in our proportion of assets in common UK stock but the fundamental portfolio is still “Too low” (21% against strategic minimum of 25%).

5.2          Mechanical Portfolio

This month is a month for the ‘Growth’ side of the portfolio.  No sale this month as the Growth side started less than 1 year ago so there is nothing to be replaced.  The purchase this month will fill the only remaining gap in the mechanical portfolio.  Thirty six companies pass the growth filters and the top candidate was Cape but as the club already holds that, we will be buying the second candidate which is Hunting.  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

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

78.00

No

99.75

4Imprint

Growth

May 2005

141.50

212.25

21.23

191.50

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

189.25

Yes

157.64

McAlpine

Value

Aug 2005

254.70

382.05

38.21

307.00

No

382.05

Hyder

Growth

Sep 2005

150.00

225.00

22.50

171.00

No

225.00

Lambert Howarth

Value

Oct 2005

272.00

408.00

40.80

302.00

No

408.00

Oystertec

Growth

Nov 2005

24.65

36.98