Meeting:

Monthly Meeting - December 2007

 

Held at:

The Brocklebank

Date:

18th December 2007

 

 

Time:

17:05 – 18:10

Prepared by

Simon B

 

Chairperson:

Chris B

 

Present:

Chris B

Kit P

Simon B

 

 

Apologies:

Adrian T; Dave G; Richard W

 

 

Chairman’s Acceptance of Minutes

 


_____________________________________________


____ / _____ / ____

Signature

Date

 

 

 

1           NEXT MEETING

Discussed – Post meeting note – he date is now set for Thursday 24th Jan

Dave to also send out meeting invites from Outlook Calendar so that it helps with reminders, etc.

2           Minutes of previous meeting

Accepted

3           ACTIONS FROM PREVIOUS MEETING

3.1          Actions Closed Since Last Meeting

DG/1018/01

Amend the template for the Monthly Report to show the purchase price

1116: No progress

1218:Complete

Closed

ALL/1018/02

Consider exit criteria for the listed CFDs

1116: No progress – not necessary yet as we haven’t committed to buying the listed CFD yet.

1218:Withdrawn – as CFD’s not bought – will revisit if we ever consider them again

Closed - Withdrawn

DG/1116/01

Find a suitable date for the December meeting

1218:Complete

Closed

DG/1116/02

Use Outlook Calendar to set the date of the next meeting

1218:Complete –Dave is now doing this

Closed

RW/1116/04

Sell Lookers and Rerun the mechanical filters to find which replacement to buy

1218:Complete

Closed

 

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.

Action SB/1218/01 Simon B to supply Bank details to Chris B to settle creditors

Action RW/1218/01 Richard W to supply Bank details to Chris B to settle creditors

 

4.2          Matters Arising From Report

None

5           PORTFOlio Management

5.1          Monthly Money Management Checks

The Fundamental portfolio is still “too low” with 17.4% held in this portfolio against strategic minimum of 25%.   The Fundamental also remains too low in UK stocks with 77.5% held in UK stocks against a strategic minimum of 80%.

The recent small rise in Tesco had been enough to push it above the 30% strategic limit on any one Fundamental holding.

What this confirms is…….. Fundamental buy proposals of UK based stocks are still encouraged.

Alliance Trust is still above the strategic limit for any single temporary investment vehicle (12.8% v 10%) though this issue was acknowledged at the time of deciding to buy so is acceptable.

5.2          Mechanical Portfolio

No formal report produced and no trades due this month.

 

5.3          Monthly Reports For Each Company in Fundamental Portfolio

Qinetiq

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

Wipro

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

Tesco

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

Blue Planet Worldwide Financials

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

 

5.4          Speculative Portfolio

No issues to discuss.

5.5          Other Investments

Nothing 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.

Stock EPIC

Stock Name

Reportee

“High” Price

Stop Loss

Exit Criteria

QQ

Qinetiq

Simon

218.5

163.88

25% trailing stop loss

WIT

Wipro

Chris

1581

1300

Sell if price falls below $13

Run 20% trailing stop loss at $20

TSCO

Tesco

Simon

491.5

368.5

25% trailing stop loss.

BPW

Blue Planet Worlwide Financials

Chris

164.3

N/A

§     Sell if discount narrows to below 5%.

§     In addition, after six months (March 2008) introduce a 30p trailing stop loss condition (against high since purchase).

 

 

 

24%

5%

<<<<DISCOUNT

IFFF

Ishares FarEast ex-Japan

N/A

2708

2166

20% trailing stop loss.

CWR

Ceres Power

N/A

368

N/A

-          if value doubles (474p) trailing stop-loss of 15% to apply

-          sell if value halves (118.5p)

-          review following any signficant announcement affecting company prospects including, but not limited to, breakdown of contract with British Gas, escalation of development cost/timescale arising from technical/safe/regulatory/other concerns

 

STAR

Star Energy

N/A

375

187.5

50% stop loss to provoke a vote but review on decision from DTI over 1965 Gas act application

 

Cash Alternative Investments

EPIC

Name

Price

Disc.

Exit Criteria

ATST

Alliance Trust

354.5

-17.2

Sell when discount narrows to <5%

WTAN

Witan Investment Trust

465.5

-10.9

Sell when discount narrows to <5%

 

5.7          New Buy Proposals

Tracsis (TRCS) Simon, Dave, Chris & Kit voted to buy £4K worth

Action CB/1218/03 Chris B to action 34K trade

6           Competitions

Nothing to discuss.

7           Spending on “Fun” and “Learning”

Nothing to discuss

8           AOB

None.

Actions carried forward to next meeting

Ref.

Description & Progress

Target Date

DG/0621/08