Meeting:

Monthly Meeting  - Nov 2005

 

Held at:

The Brocklebank, Crewe

Date:

28thh November 2005

 

 

Time:

17:00 – 18:00

Prepared by

Simon B

 

Chairperson:

Simon B

 

Present:

Adrian T

 

 

Richard W

 

 

Chris B

 

 

Simon B

 

 

Apologies:

Dave G ,Kit P

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Proposed dates for future meeting are as below.  Each to be confirmed at the preceding meeting:-

            Monday 19th December  - to be confirmed

2           Minutes of previous meeting

Accepted.

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

Action DG/1017/01

To check all the website links still work to reflect the change to the .tk address

Complete

CB/0810/02

On completion of CB/0810/01, close the Abbey account and transfer the holdings from that account into the Barclays one.

0921: Action changed from RW to be on CB

1017: Letter sent

Complete

ALL/0921/03

Investigate diverse but non-UK dominant investment trusts to be a potential temporary investment vehicle for our cash

1017: No progress, Chris B has done some investigation

1128: Monks and Witan done  - see new buy proposals section

Complete

3.2          Actions Carried forward to Next Meeting                         

See end of these minutes.

4           Treasurer’s Report

4.1          Monthly Report Summary

Several large moves in our share prices this month - in both directions, but with large +ve contributions from Charter, Alliance, Bellway and Hyder net result was up £870 (after allowing for realised gain/loss in the month).

Also quite a few changes and transactions this month:

- deposit account up and running

- transfer of our Egg and UBC share from Abbey to Barclays completed

- 2 buys; 2 sells; 3 dividends

- outstanding prizes and expenses paid

Still no response from HMRC.

 

Action 1128/01 CB to produce audit pack

See separate report for detail. 

 

4.2          Matters Arising From Report

None

5           PORTFOlio Management

5.1          Monthly Money Management Checks

Fundamental portfolio is showing as “too low”

We now only have one holding, Egg, in the Speculative portfolio and this only represents 2% of net assets but, as the strategic thresholds are 0%-25%, this is not actually “too low”. 

Fundamental and Speculative proposals are still encouraged.

5.2          Mechanical Portfolio

Up 3.4% over the month versus the market’s 4.6% rise.

 

Good rises from Dart Group (+16%), Charter (+15%), Hyder Consulting (+15%) and Bellway (+11%). Significant falls from Advanced Fluid Connections (again!) (-40%) and Carclo (-7%).

 

Advanced Fluid Connections has been the portfolio’s first real disaster and has lost over 75% of its value over the year. It will be sold this month, which will at least put a line under it! Still, I hope we all realised that the growth selections could be quite risky and the success of the other ones more than makes up for this loss. The replacement share for the growth side will be Metnor Group, which has been the top candidate for three months now.

 

We are also due to sell Taylor Woodrow from the value side – a rather better performer, being up 38% against the market’s 17% rise. At present there are no valid candidates from the value criteria so we will not be replacing it until next month at least.

 

Hyder Consulting has remained above its stop loss level so hasn’t been sold. During the month, the stop loss has risen from 209.0p to 238.0p due to it setting new highs.

 

 

Type

Company

EPIC

Purchase Date

Price

# Shares

Total Cost

Dividends Received

Valuation Date

Current Bid Price

Share Value

Total (inc Dividends)

Profit / Loss

Profit / Loss %

G

Hyder Consulting

HYC

08/09/2004

150

730

£1,112.48

£5.48

18/11/2005

258

£1,871.40

£1,876.88

£764.40

68.70%

G

Advanced Fluid Conn

AFC

03/11/2004

24.65

4512

£1,129.77

 

18/11/2005

6.5

£281.28

£281.28

-£848.49

-75.10%

V

Taylor Woodrow

TWOD

03/11/2004

242.39

459

£1,130.13

£57.84

18/11/2005

329.25

£1,499.25

£1,557.09

£426.96

37.80%

V

Bellway

BWY

08/12/2004

724.4

168

£1,235.07

£48.22

18/11/2005

970

£1,617.60

£1,665.82

£430.75

34.90%

G

Hunting

HTG

07/01/2005

184.75

850

£1,580.58

£20.40

18/11/2005

277

£2,342.50

£2,362.90

£782.32

49.50%

V

Wagon

WAGN

23/02/2005

182.85

783

£1,428.96

£39.15

18/11/2005

175

£1,358.25

£1,397.40