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Meeting: |
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Held at: |
The Brocklebank, |
Date: |
13th
December 2006 |
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Time: |
17:15 – 18:35 |
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Prepared by |
Richard W |
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Chairperson: |
Adrian T |
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Present: |
Adrian T Chris B Kit P Richard W |
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Apologies: |
Dave G Simon B |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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To be decided via email..
Accepted.
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Ref. |
Description &
Progress |
Status |
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RW/1115/02 |
Purchase appropriate amount of Lookers shares |
COMPLETE |
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RW/1115/03 |
Purchase £2000 of Star Energy shares |
COMPLETE |
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CB/1115/06 |
Add the £3.30 for Dave’s magazine to the expenses |
COMPLETE |
See end of these minutes.
See separate report for detail.
Highlights/Lowlights: Further new records for asset value (>62k) and profit (>29k). Profit of £1k for month was driven largely by >20% rises in Character Group and First Choice.
Unit value up from 753.448 to 765.912. We have just over £4.5k available as non-mechanical cash with an additional £9.2k in cash alternative investment trusts.
Club assets are at a new record high of £62.4k with profits too at a new record high of £29.4k.
Awaiting set up of new current account to avoid the charges now being imposed by HBOS. Chris to ensure that all members bring necessary documentation to next meeting.
As usual, the Fundamental portfolio is still showing as “too low” with 12.4% held in this portfolio against strategic minimum of 25%.
The Fundamental portfolio is also too concentrated with still only 3 holdings in it, the issue being that two of these three exceed the strategic maximum weighting of 30% in any one stock within this portfolio.
The two investment trust alternative cash holdings are both approaching the 10% limit also.
More fundamental buy proposals are encouraged.
The portfolio rose by 2.8% during the past month. This compares to a market fall of 0.2%.
The main movers were Character Group (+24%), First Choice (+21%), Metnor (+10%), Jacques Vert (-7%), Laura Ashley (-7%) & John David (-6%)
New highs were set by McAlpine, Metnor, First Choice, Character Group, Cable & Wireless and John David.
McAlpine and Metnor remain above their stop loss levels (currently 514.55p and 319.53p respectively) and will only be sold if they fall below it.
No companies are due to be sold this month but we continue to have a vacancy in the value side and there continues to be no valid replacement candidates. No progress has been made on devising new ‘relaxed’ criteria to enable this spot 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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McAlpine
(Alfred) |
Value |
Oct-06 |
347.97 |
521.96 |
52.20 |
566.75 |
Yes |
514.55 |
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Metnor
Group |
Growth |
Nov-06 |
219.83 |
329.75 |
32.97 |
352.50 |
Yes |
319.53 |
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First
Choice Holidays |
Value |
Jan-07 |
233.99 |
350.99 |
35.10 |
279.25 |
No |
350.99 |
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Interior
Services Group |
Value |
Feb-07 |
259.70 |
389.55 |
38.96 |
302.50 |
No |
389.55 |
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BETonSPORTS |
Growth |
Mar-07 |
159.44 |
239.16 |
23.92 |
171.00 |
No |
239.16 |
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Character
Group |
Growth |
May 07 |
59.50 |
89.25 |
8.93 |
111.00 |
Yes |
102.08 |
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Ashley
(Laura) |
Growth |
May 07 |
22.50 |
33.75 |
3.38 |
27.25 |
No |
33.75 |
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Cable
& Wireless |
Value |
Jun-07 |
110.39 |
165.59 |
16.56 |
164.00 |
No |
165.59 |
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John
David Group |
Value |
Jun-07 |
254.49 |
381.74 |
38.17 |
332.75 |
No |
381.74 |
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Jacques
Vert |
Growth |
Aug-07 |
18.00 |
27.00 |
2.70 |
22.00 |
No |
27.00 |
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Lookers |
Growth |
Nov-07 |
167.72 |
251.58 |
25.16 |
167.00 |