1. As dictated by the club rules, the committee resigned.
2. Nominations were made and seconded for the new committee and the new committee was elected. For the record:
Chairman - Julian
Treasurer - Terry
Secretary - Phil.
3. The treasurers report was made, along with a chart reflecting the ExEC fund's performance compared to the FTSE 100 between December 2001 and March 2003. While the fund value has fallen from 86.3 p per unit to 65.7p per unit over that period, the FTSE has gone from 5217 to 3849. The movements of the 2 lines were extremely close together for the entire period. We take this to mean that despite some very poor individual shares in our portfolio we have not done any worse than the market overall. In fact we have done marginally better, as the FTSE 100 has fallen by 26.2% while ExEC has gone down 23.8%. (See graph below)
We have only one share in profit, that of Cambridge Mineral Resources reflecting a 31% profit, well done to Paul Holden whose recommendation it was.
Six Continents is only just a loss, 4%, and as it was bought in 2 tranches, one of those tranches is actually in profit, meaning that our strategy of diluting the cost when a share price falls can sometimes work!
4. The Auditors report was made, confirming Terry's unit valuations which are updated un the website for you all to see. A minor correction in the number of units and unit valuation was made. Terry was requested to include his expenses and charge it to the P&L.
Our thanks to Kate for auditing.
5. Our thoughts then turned to the more regular consideration of whether we should sell any shares and buy any more.
There were no shares we felt inclined to sell.
We had over £1300 to invest and considered potential investments.We looked into Rolls Royce, Greene King, Prudential and Medical House.
We decided to invest £900 in Rolls Royce and watch the others for 2 weeks.
We proposed to buy shares in Greene king if the price was 660p or less, Prudential at 370p or less and/or Medical House at 45p or less.
If any of you have any thoughts or news on any of these companies please email the club's members before next week
6. We discussed the running of the club with less frequent meetings, in light of the relatively low attendance at some meetings.
We decided to hold meetings every 2 months in future, hoping that everyone makes the effort to attend more regularly (with the noteable exception of 2 members who have much farther to travel) .
The next meeting will be on Sunday 1st June, at Julian's house.
