Meeting:

Monthly Meeting - March 2005

 

Held at:

The Brocklebank, Crewe

Date:

20th April 2005

 

 

Time:

17:00 – 17:45

Prepared by

Dave G

 

Chairperson:

Adrian T

 

Present:

Adrian T

 

 

Richard W

 

 

Dave G

 

 

 

 

 

Apologies:

Chris B

 

 

Simon B

 

 

Kit P

 

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Change of Wednesday dates suggested to allow Chris and Kit more opportunity to attend.   Monday or Friday proposed as more appropriate days with Mondays preferred. Dave to propose some dates by email. 

2           Minutes of previous meeting

“Ray Marine” should have been “Raymarine” section 5.6 and Big Food should have been removed from the table in section 5.5.

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

RW/1219/03

Find out which instruments can be traded via our stockbroker

0123: No progress

0227: No progress

0323: No progress

0421: No progress

0520: No progress – need to also consider what can be traded via City Deal now that we are about to have an account with them too

0629: No progress

0720: No progress

0817: No progress

0907: No progress

1004: No progress

1102: No progress

1207: No progress

0106: No progress

0222: No progress

0323: No progress

0420: Agreed to drop this action.

DROPPED

KP/0227/04

 (changed from ALL/0227/04 at 23/03/204 meeting)

Send Richard W your weighting values for the second mechanical portfolio

0323: Kit still  needs to send his weightings in to Richard

0421: No further progress.  Ideally Kit should get his weightings in by 14/05/2004 so that Richard can incorporate into screener ahead of the next run

0520: Still awaiting Kit’s

0629: No further progress

0720: No progress

0817: No progress

0907: No progress.  Discussion took place about the adjusted weightings being limited to 10 for the Value portfolio.  Richard to remove this restriction (see new action RW/0907/05)

1004: No progress

1102: No progress

1207: No progress

0106: No progress

0222: No progress

0323: Will be closed at the April if Kit does not want to send any weightings.

0420: Closed but Kit can submit his weightings whenever he likes.

DROPPED

ALL/0222/02

Consider whether we should exploit the ‘gap’ in April in the mechanical portfolio to make a mechanical purchase, or create a 3rd mechanical sub-portfolio.  All to discuss at March meeting so decision can be made ahead of the April meeting

0323: Decided to do nothing on this occasion but left open to allow discussion at the April meeting if necessary

0420: Closed

COMPLETED

RW/0323/01

Purchase additional £1000 of UBC Media

COMPLETED

RW/0323/02

Purchase £1500 of Ray Marine

COMPLETED

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  Bad month, down £1100.  Unit value down from 611.193 to 590.736.  We have £3805.34 of non-mechanical cash.

4.2          Matters Arising From Report

Chris had sent out a correction by mail to his original report.

Chris to update treasurer’s report to show himself as champion for UBC Media, and Simon as champion for Raymarine.

We still need to suggest an appropriate sector for Raymarine*.

5           PORTFOlio Management

5.1          Monthly Money Management Checks

Fundamental portfolio is still “Too low” (23% against strategic minimum of 25%).

5.2          Mechanical Portfolio

This is a month for the ‘Value’ side of the portfolio but, as Crest Nicholson was held beyond its anniversary date, there is no trade this month.  Co-incidentally, nothing passes the filters either.   There’s a possibility that we may have nothing passing the filters for a while so all to consider whether we should revise/relax the value filters.  Ideally, we should be aiming to have 5 or so companies passing the filters each month.

The table below now reflects the sell situation for each mechanical holding.  The appropriate sell condition (i.e. “Anniversary” or “Sell If Below”) is shown in bold.

Company

Portfolio

“Anniversary”

Purchase Price

Target Price

Trailing Stop Loss

High Since Purchase

Target Met?

Sell If Below

4Imprint

Growth

May 2005

141.50

212.25

21.23

252.50

Yes

228.78

Fyffes

Value

Jun 2005

117.34

176.00

17.60

160.00

No

176.00

Sportingbet

Growth

Jul 2005

99.05

148.58

14.86

349.00

Yes

334.14

McAlpine

Value

Aug 2005

254.70

382.05

38.21

340.00

No

382.05

Hyder

Growth

Sep 2005

150.00

225.00

22.50

231.50

Yes

209.00

Lambert Howarth

Value

Oct 2005