Meeting:

Monthly Meeting - September 2007

 

Held at:

The Brocklebank

Date:

20th Sept 2007

 

 

Time:

17:20 – 18:20

Prepared by

Simon B

 

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

Proposed dates for future meetings are:-

Thu Oct 18

Thu Nov 15

Thu Dec 20.

2           Minutes of previous meeting

.Accepted

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

Ref.

Description & Progress

Status

CB/0621/05

(Action changed from ALL/0621/05 at the August meeting)

Consider buy proposal of Blue Planet

0720: Carried forward to August meeting

0829: Chris to resubmit ahead of the September meeting and all to consider at that meeting

0920: Voted to Buy

Closed

Sep 20

SB/0829/01

Complete audit of Annual Accounts to June 2005

0920:Complete Closed

Sep 20

SB/0829/02

Complete audit of Annual Accounts to June 2006

0920:Complete Closed

Sep 20

CB/0829/03

Correct spelling of Persimmon in the Treasurer’s Report and show SB and CB as the champions for Tesco and Wipro respectively

0920:Complete Closed

Sep 20

RW/0829/04

Sell Jacques Vert from the mechanical portfolio

0920:Complete Closed

Aug 30

RW/0829/05

Buy Empresaria and Ukrproduct Group for the mechanical portfolio

0920:Complete Closed

Aug 30

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 month, another unperformance.  The FTSE made a slight recovery, despite recent volatility prompted by the Northern Rock saga.  The bulk of our fall is attributable to a sharp fall in Persimmon (down 22% on the month).

The Unit Price was down 1.3% to 796.82

Overall club assets stand at £71,938 

4.2          Matters Arising From Report

 

5           PORTFOlio Management

5.1          Monthly Money Management Checks

The Fundamental portfolio is still far “too low” with 12.7% held in this portfolio against strategic minimum of 25%.

There are only 4 holdings in the Fundamental portfolio and two of these exceed the strategic maximum of 30% in any one stock.

Alliance Trust is still above the strategic limit for any single temporary investment vehicle (13.5% v 10%) though this was acknowledged at the time of deciding to buy so is acceptable.

Overall, the percentage of assets held in common UK stock was now at only 72.9% which is below the 75% strategic minimum.

Fundamental buy proposals are strongly encouraged.

A cash pot was discussed to meet “Expenses” – this is deferred until The Tax office has replied

5.2          Mechanical Portfolio

Another month, another fall and another underperformance. Down 1.9% compared to the market’s 1% rise. Of our current 12 holdings only Royal Dutch Shell is in profit.

 

The main movers this month were Royal Dutch Shell (+7%), Renold (+6%),  Lookers (+5%), Taylor Wimpet (-10%), SCS Upholstery (-13%) and Persimmon (-16%).

 

Jacques Vert was sold last month from the growth side and there was an existing growth vacancy. Empresaria and Ukrproduct Group were purchased.

 

We are now in a bit of a quiet period with the next sales not due until November (Lookers) and after that January (Oxford Instruments).

 

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

Annivers-ary date

Purchase Price

Target Price

Trailing Stop Loss

High

Target Met?

Sell If Below

Lookers

Nov-07

167.72

251.58

25.16

219.75

No

251.58

Oxford Instruments

Jan-08

273.73

410.60

41.06

309.00

No

410.60

Royal Dutch Shell B

Feb-08

1702.53

2553.80

255.38

2167.00

No