Meeting:

Monthly Meeting  - Apr 2006

 

Held at:

The Brocklebank, Crewe

Date:

27th April 2006

 

 

Time:

17:15 – 18:15

Prepared by

Dave G

 

Chairperson:

Adrian T

 

Present:

Adrian T

 

 

Richard W

 

 

Chris B

 

 

Dave G

 

 

Kit P

 

 

Simon B

 

 

Apologies:

none

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Tuesday 23rd May.

2           Minutes of previous meeting

Accepted.

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

 

 

None completed in the last month

 

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 our holdings up 7.6% on the month which represents nearly £3.5k.  Unit value up from 688.764 to 735.503.  We have £2,385 available non-mechanical cash with an additional £9,292 in cash alternative investment trusts.

4.2          Matters Arising From Report

None

5           PORTFOlio Management

5.1          Monthly Money Management Checks

Fundamental portfolio is showing as “too low” with 15% held in this portfolio against strategic minimum of 25%.

5.2          Mechanical Portfolio

An excellent performance this month, up 7.5% compared to the market’s 4% rise. The mechanical portfolio now stands at a bit over £31,600, 83% up on total money invested and with an annual rate of return equivalent to 31%pa.

No sales are due this month and with no valid value candidate to fill the remaining vacancy yet again, there will be no transactions

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

Hunting

Growth

Jan-06

184.75

277.13

27.71

401.00

Yes

373.29

Dart Group

Growth

May-06

295.70

443.55

44.36

427.50

No

443.55

Alumasc

Value

Jun-06

158.50

237.75

23.78

182.50

No

237.75

Charter

Growth

Aug-06

326.26

489.39

48.94

782.50

Yes

733.56

Wyndeham Press

Value

Oct-06

114.43

171.65

17.16

154.00

No

171.65

McAlpine (Alfred)

Value

Oct-06

347.97

521.96

52.20

498.00

No

521.96

Metnor Group

Growth

Nov-06

219.83

329.75

32.97

256.50

No

329.75

First Choice Holidays

Value

Jan-07

233.99

350.99

35.10

249.75

No

350.99

Interior Services Group

Value

Feb-07

259.70

389.55

38.96

302.50

No

389.55

BETonSPORTS

Growth

Mar-07

159.44

239.16

23.92

160.00

No

239.16

Stanley Leisure

Growth

Mar-07

781.00

1171.50

117.15

781.00

No

1171.50

 

 

5.3          Monthly Reports For Each Company in Fundamental Portfolio

CodaSciSys

HOLD – Not yet met sell criteria (see table in 5.6 below)

ISG

HOLD – Not yet met sell criteria (see table in 5.6 below)

Pace

HOLD – Not yet met sell criteria (see table in 5.6 below)

Raymarine

HOLD – Not yet met sell criteria (see table in 5.6 below)

 

See separate monthly reports for more detail. 

 

5.4          Speculative Portfolio

No issues to discuss.

5.5          Other Investments

No issues to discuss.

5.6          Stop Loss / Sell Criteria (as of date of treasurer’s report)

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.