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Meeting: |
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Held at: |
By email |
Date: |
19th
December 2005 |
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Time: |
During the entire day |
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Prepared by |
Dave G |
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Chairperson: |
Richard W |
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Present: |
Adrian T |
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Richard W |
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Chris B |
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Dave G |
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Kit P |
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Simon B |
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Apologies: |
none |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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To be proposed – possibly Jan 19th.
Accepted.
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Ref. |
Description &
Progress |
Status |
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RW/1128/02 |
RW to purchase £4000 of WITAN |
COMPLETE |
See end of these minutes.
See separate report for detail.
Highlights/Lowlights: A good month’s performance with our holdings up 3.5% on the month. Unit value up from 611.298 to 632.388. We have £1,489 cash with an additional £8,298 in cash alternative investment trusts.
None
Fundamental portfolio is showing as “too low” with 16% held in this portfolio against strategic minimum of 25%.
We no longer have a Speculative holding but as the strategic range is 0%-25%, this is not actually “too low”.
Fundamental and Speculative proposals are still encouraged.
Up 5.2% over the month versus the market’s 1.2% rise.
We currently have a vacant slot in the value side of the portfolio which will be filled once we have some valid candidates.
Due to sell Bellway from the Value side this month which, as there are still no candidates, means that we will have two vacancies to be filled.
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.
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Company |
Portfolio |
“Anniversary” |
Purchase Price |
Target Price |
Trailing Stop Loss |
High Since Purchase |
Target Met? |
Sell If Below |
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Hyder |
Growth |
Sep-05 |
150.00 |
225.00 |
22.50 |
292.75 |
Yes |
270.25 |
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Bellway |
Value |
Dec-05 |
724.40 |
1086.60 |
108.66 |
1073.00 |
No |
1086.60 |
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Hunting |
Growth |
Jan-06 |
184.75 |
277.13 |
27.71 |
323.50 |
Yes |
295.79 |
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Wagon |
Value |
Feb-06 |
182.85 |
274.28 |
27.43 |
199.50 |
No |
274.28 |
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Carclo |
Growth |
Mar-06 |
67.50 |
101.25 |
10.13 |
88.50 |
No |
101.25 |
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Dart
Group |
Growth |
May-06 |
295.70 |
443.55 |
44.36 |
359.50 |
No |
443.55 |
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Alumasc |
Value |
Jun-06 |
158.50 |
237.75 |
23.78 |
182.50 |
No |
237.75 |
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Charter |
Growth |
Aug-06 |
326.26 |
489.39 |
48.94 |
520.00 |
Yes |
471.06 |
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Wyndeham
Press |
Value |
Oct-06 |
114.43 |
171.65 |
17.16 |
131.00 |
No |
171.65 |
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McAlpine
(Alfred) |
Value |
Oct-06 |
347.97 |
521.96 |
52.20 |
395.00 |
No |
521.96 |
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Metnor
Group |
Growth |
Nov-06 |
219.83 |
329.75 |
32.97 |
218.50 |
No |
329.75 |
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CodaSciSys |
HOLD – Not yet met sell criteria (see table in 5.6 below) |
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ISG |
HOLD – Not yet met sell criteria (see table in 5.6 below) |
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Pace |
HOLD – Not yet met sell criteria (see table in 5.6 below) |
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Raymarine |
HOLD – Not yet met sell criteria (see table in 5.6 below) |
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UBC Media |
HOLD – Not yet met sell criteria (see table in 5.6 below) |
See separate monthly reports for more detail.
No holdings in the speculative portfolio.
Dave said that he been considering whether to submit a proposal for an iShare (e.g. something like IUKD which tracks the highest yeilding stocks in the FTSE 350). Would not double in a year but is a different investment vehicle
Consideration was given to putting some more cash into one of the investment trusts. Our subs now give us a high cash inflow. It was agreed that we should discuss how best to manage this “problem” at the January meeting.
The following is the summary of sell criteria for each stock held within the Speculative or Fundamental portfolios The stop loss is invoked against the “end of day” price, but the sell decision may wait for the opening price to avoid rogue trades at the end of day.
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Stock EPIC |
Stock Name |
Reportee |
“High” Price |