March 2007

March was a volatile month with a big initial dip. However, A.f.f.e, in the end, delivers a positive +3,4% (excl. monthly savings) growth in March 2007, which increase our portfolio value to SEK434.251:- (+6,7% in 2007). Additional SEK2.700:- was paid in from members.

The Board took the opportunity to purchase stocks during the "dark days" in the beginning of March. A.f.f.e invested SEK40.000:- (Cash) in Health Care, Capital Goods (Alfa Laval, Atlas Copco, Sandvik) and Energy industries (Eon, Vestas), and repositioned SEK10.000:- (portfolio) in the Financial sector (Swedbank, SEB). Our monthly savings was invested equally (SEK675:-) in Elekta, Q-Med, Getinge, Apple, which are less sensitive sectors to changes in the business cycle.

Our position in cash was decreased by -37,8% due to excellent purchase opportunities. New cash position is 9,8%. Our exposure to high risk investments has increased to 13,2% (63.158:-), which is above our target of 10%.

Stars in March are Axis (+25%), Q-Med (+21,7%), Electrolux (+12,7%) and Apple (+11,7%), which accounts for 14,9% (SEK64.631:-) of A.f.f.e. The Board used March and its volatile behavior to increase investments in Q-Med and Apple. Bad performer in March was Elekta (-16,2%), which the Board took as an opportunity to increase by 100% (SEK5.000:- in cash).

Good sector development in Consumer Cyclicals (+9,7% excl. inv.), Utilities (+8,5%) and Capital Goods (+4,8%). Finance sector is decreasing (-2,3%) due to uncertainty in global financial markets.

Currently, A.f.f.e needs an additional +3,6% growth to hit the first individual target - a value of SEK50.000/per membership - which is a nice figure halfway to a small car. Maybe in April?

Patrik