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Meeting: |
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Held at: |
Square One then Golden Pacific, |
Date: |
20th
July 2007 |
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Time: |
17:10 – 20:00 |
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Prepared by |
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Chairperson: |
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Present: |
Chris B Kit P Simon B |
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Apologies: |
Richard W |
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Chairman’s Acceptance of Minutes |
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Signature |
Date |
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Due to a couple of the members being on leave in the middle of August, it was agreed that the date for the August meeting should be put back to 29th August.
Proposed dates for future meetings are:-
Wed Aug 29
Thu Sep 20
Thu Oct 18
Thu Nov 15
Thu Dec 20.
The minutes from the June monthly meeting and the EGM that followed it were accepted.
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Ref. |
Description &
Progress |
Status |
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KP/0726/01 |
Provide a Chairman’s Report for the year to June 2006 0831: No Progress 0920: No Progress 1018: No progress 1113: No progress 1213: No progress 0116: No progress 0215: No progress 0315: No progress 0419: No progress 0517: No progress 0621: No progress 0720: Dropped as the next year’s Chairman’s Report is now due |
DROPPED |
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RW/0621/01 |
Sell John David and buy Alexon
for the mechanical portfolio |
COMPLETE |
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CB/0621/02 |
Revise the Treasurer’s report
to move Ascribe into the Fundamental portfolio |
DROPPED |
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RW/0621/03 |
Buy £3500 of Tesco |
COMPLETE |
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CB/0621/04 |
On completion of RW/0621/03,
buy £3500 Wipro |
COMPLETE |
See end of these minutes.
Not done.
See separate report for detail.
Highlights/Lowlights: Another poor month, with holdings down £2667 (-3.6%) against FTSE fall of -1.2%. Unit value has moved down from 896.428 to 867.359.
We have no non-mechanical cash available (indeed, we had to ‘borrow’ £233 from the mechanical cash to fund last month’s purchases) but we have £13.5k in cash alternative investment trusts.
Overall club assets stand at £76,144 with profits of £37,649.
None.
Chris had distributed the Annual Accounts ahead of the meeting in the new format which was well received.
It had been another good year with net assets up approximately £21.7k against subscriptions of only £8.6k. During the year, the unit value had risen from 707.898 to 869.729, a rise of 22.8% against a FTSE rise of 18% in the year.
The audit of the accounts had not yet been completed. Richard to complete.
Despite the purchases last month, the Fundamental portfolio is still showing as “too low” with 18.4% held in this portfolio against strategic minimum of 25%.
Whilst the problem of the Fundamental portfolio being concentrated in too few stocks had been resolved, it was now dominated by the Software sector with that now representing 56% of the Fundamental portfolio against a strategic sector limit of 50%.
Alliance Trust is still above the strategic limit for any single temporary investment vehicle (12% v 10%) though this was acknowledged at the time of deciding to buy.
It was another poor month with the portfolio dropping by 3.3%.
The main movers were Character (+10%), Jacques Vert (+6%), Alexon (-5%), Oxford Instruments (-8%), Lookers (-11%) and Taylor Wimpey (-22%)
The next scheduled sale will not be until September when Jacques Vert reaches its anniversary. We therefore have a quiet couple of months unless either Metnor or Cable & Wireless breach their stop losses. For the first time in months, a company, Persimmon, passes the unrelaxed value filters and with Cable and Wireless only 1p above its stop loss, if Cable and Wireless falls on close then Persimmon will be purchased.
Wimpey merged with Taylor Woodrow during the month to form Taylor Wimpey. Our 502 shares in Wimpey have now become 698 shares in Taylor Wimpey. The purchase price and stop loss figures in the table below have been adjusted to take into account this change.
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 |
Annivers-ary date |
Purchase Price |
Target Price |
Trailing Stop Loss |
High |
Target Met? |
Sell If Below |
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Metnor
Group |
Nov-06 |
219.83 |
329.75 |
32.97 |
445.00 |
Yes |
412.03 |
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Cable
& Wireless |
Jun-07 |
110.39 |
165.59 |
16.56 |
201.50 |
Yes |
184.94 |
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Jacques
Vert |
Aug-07 |
18.00 |
27.00 |
2.70 |
26.50 |
No |
27.00 |
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Lookers |
Nov-07 |
167.72 |
251.58 |
25.16 |
219.75 |
No |
251.58 |
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Jan-08 |
273.73 |
410.60 |
41.06 |
309.00 |
No |
410.60 |
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Royal
Dutch Shell B |
Feb-08 |
1702.53 |
2553.80 |
255.38 |
2167.00 |
No |
2553.80 |
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ScS
Upholstery |
Feb-08 |
422.90 |
634.35 |
63.44 |
437.50 |
No |
634.35 |