
Meeting:	Monthly Meeting - June 2006

Held at:	The Brocklebank, Crewe	Date:		21^st June 2006
		Time:		17:15 – 18:10
Prepared by	Dave G

Chairperson:	Adrian T

Present:	Adrian T Chris B Kit P Richard W Simon B


Apologies:	Dave G


Chairman’s Acceptance of Minutes

_____________________________________________			____ / _____ / ____
Signature			Date

1 NEXT MEETING

To be arranged – possible dates to be sent out by email.

2 Minutes of previous meeting

One of the actions (DG/0620/04) repeated at the top of multiple pages (a formatting problem within the table of actions) but, that apart, content agreed.

3 ACTIONS FROM PREVIOUS MEETING

3.1 Actions Closed Since Last Meeting

Ref.	Description & Progress	Status
DG/0117/01	Update the Strategy with the process to select the highest ranked Growth stock using the Value weightings if there is more than one vacancy in the Value portfolio (and the equivalent process for the Growth side should there be two vacant slots there too). 0215: I sent out the proposed new strategy doc last week. No comments back yet. Maybe you could aim to approve at the meeting, or let me know what needs to change. 0314: The basic principle should be that mechanical purchase should only consider the mech portfolio and buy shares accordingly – subject to normal money management checks 0427: Dave to check whether the revised strategy was actually sent out as complete 0523: Revised Strategy was not actually sent out again following the review so Dave to send it out as approved (but see action DG/0523/01 below) 0623: Superseded by DG/0523/01	DROPPED

Ref.

Description & Progress

Status

DG/0117/01

Update the Strategy with the process to select the highest ranked Growth stock using the Value weightings if there is more than one vacancy in the Value portfolio (and the equivalent process for the Growth side should there be two vacant slots there too).

0215: I sent out the proposed new strategy doc last week. No comments back yet. Maybe you could aim to approve at the meeting, or let me know what needs to change.

0314: The basic principle should be that mechanical purchase should only consider the mech portfolio and buy shares accordingly – subject to normal money management checks

0427: Dave to check whether the revised strategy was actually sent out as complete

0523: Revised Strategy was not actually sent out again following the review so Dave to send it out as approved (but see action DG/0523/01 below)

0623: Superseded by DG/0523/01

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 relatively poor month with holdings down 2.5% on the month which represents just over £1k. The FTSE during the month is down 0.5%. Unit value down from 688.824 to 677.786. We have £5,894.27 available as non-mechanical cash with an additional £8,334.47 in cash alternative investment trusts.

4.2 Matters Arising From Report

It’s that time of year again when the tax forms need to be produced. Chris to provide the necessary figures.

5 PORTFOlio Management

5.1 Monthly Money Management Checks

Fundamental portfolio is still showing as “too low” with 10% held in this portfolio against strategic minimum of 25%.

Speculative portfolio is only 5% which isn’t “too low” because the lower limit is 0% but represents only one holding.

Cash is now 28% which is “too high” compared to the strategic upper limit of 25%.

5.2 Mechanical Portfolio

The portfolio was down by 1.3% this month.

Selling Alumasc this month from the value side. That leaves us with 3 value vacancies and we'll be using the compromise method to fill 2 of them, the candidates being Cable & Wireless and John David Group.

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
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	860.50	Yes	811.56
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	499.75	No	521.96
Metnor Group	Growth	Nov-06	219.83	329.75	32.97	260.00	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	171.00	No	239.16
Stanley Leisure	Growth	Mar-07	781.00	1171.50	117.15	781.00	No	1171.50
Character Group	Growth	May 07	59.50	89.25	8.93	59.50	No	89.25
Ashley (Laura)	Growth	May 07	22.50	33.75	3.38	24.00	No	33.75

5.3 Monthly Reports For Each Company in Fundamental Portfolio

CodaSciSys	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