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Dear Affe friends,

Styrelsen har den 4 nov 2008 lagt fram ett förslag om nyemission. Följande alternativ fanns att rösta på:

1) Göra ingenting alls.
2) Göra omedelbar nyemission på 3.600:-/medlem för investeringar nu och sedan stoppa sparandet mellan 1/1 och 31/12 2009 (d v s 3.600:-).
3) Göra omedelbar nyemission på 5.000:-/medlem men även fortsätta spara som vanligt.

Förslaget faller då ingen absolut majoritet kan uppbringas.

Mvh Patrik

Effektivare styrelsearbete

Styrelsen har beslutat att effektivisera sina arbetsmetoder. Fr o m Söndagen 3:e Juni 2007 skall styrelsen ha ett manadsvis möte. Mötesform bestäms fran möte till möte.

Bakgrunden är styrelsens fragmenterade informationsutbyte, de manga "missade" affärsmöjligheterna pa senare tid, samt kapitalbehallningens storlek. Situationen kräver atgärder med malet att leverera högre avkastning till medlemmarna.

Patrik

Omfördelning E-lux / Bure

Styrelsen beslutade 2007-05-07 att göra en mindre omfördelning i portföljen. Electrolux B såldes till förmån för Bure Equity (10 000 SEK).

Investering gjord i Boliden

Aktiekursen i Boliden var ordentligt upphaussad innan rapporten 2007-05-03 och det mediokra resultatet tog analytikerna på sängen. Aktien störtdök med 12%. Styrelsen beslutade då att passa på att fyndköpa.

Resultatet av detta beslut blev att AFFE köpte 100 Boliden-aktier á 147,50.

/T

Kort position avslutad i Electrolux

AFFE klev in med 300 aktier i Electrolux för två veckor sedan, se tidigare inlägg. Dessa aktier har idag sålts för 187.50 SEK/st. En förtjänst på ca 5% på två veckor. En mer detaljerad förtjänstberäkning presenteras inom kort.

/T

Eniro

On 2007-04-18 the board decided to make a 5000 SEK investment in Eniro listed on OMX Large Cap.

Kort position i E-lux tagen

Syrelsen beslutade 11 April att ta en kort position i E-lux.
Beslut togs att investera 300 E-lux B aktier. Köpkurs: 181,50 SEK.
Positionen skall lämnas vid 10% uppgång eller 10% nedgång.

/T

Decision to sell taken

A decision to sell a number of shares in the portfolio was taken by the board on April 4th. The reason for selling is the different signs we have seen which indicate that a probable dip is approaching during the coming year.

The following shares have been sold as of today:

• Alfa Laval (+4,6% in 29 days. Very good!!)
• Atlas Copco (+5,8% in 29 days. Very good!!)
• Sandvik (+10,1% in 29 days. Excellent!!)
• Apple (-1,4% in 73 days. Not good. Partly explained buy a weakened Dollar.)
• Clas Olsson (+5,2% in 84 days. A good investment and >the bank account in a year.)
• Tieto Enator (+5.2% in 76 days. A good investment and >the bank account in a year.)
• IBM (sold 25%), (-5,2%. Embarrassing. It is a long term investment but we chose to decrease.)
• SCA (sold 30%) , (+38,7% since a couple of years. Very good investment.)
  

The sale resulted in a SEK4.613:- profit which is taxable in 2008 (-SEK1.384:- or SEK154.- per person). The average Return On Investment (ROI) was 8.5%. However, 66% of the ROI is related to SCA, which value has been built up over a couple of years. Still a positive contribution to A.f.f.e wealth development.

After having sold these shares, about 25% (SEK101.000:-) of the assets in A.f.f.e are now in cash. The current plan is to keep about 25% of the portfolio's value outside of the stockmarket until a dip comes. This money will be invested at a later stage when the individual share prices are more attractive.

Thomas and Patrik

Simcorp

Simcorp - har närmast monopol på mjukvara till asset management i Danmark och står inför ett genombrott i USA. Aktien har gatt fran DKK140 mars 2003 till DKK1180 mars 2007.

"SimCorp is a leading supplier of highly specialised software and expertise for financial institutions and corporations – activities, which have established our reputation as "the house of financial know-how"."

Jag föreslar en investering pa SEK10.000:- med finansiering inom teknologiportföljen förslagvis SEK5.000:- fran vardera Ericsson och IBM. Investeringen far initialt ses som en krydda.

Profit Realization Electrolux

A.f.f.e has a 11,2% over-exposure in the Consumer Cyclicals (durable & non-durable) sector. In this category we have Electrolux, which has a 72% ROI (return on investment). Current market price is SEK171,50:-, which is higher than recommended average target level.

I recommend a decrease by SEK8.000:- (28.000:- to 20.000:-).

Patrik

Profit Realization SCA

A.f.f.e has a 4,7% over-exposure in the Material sector. In this category we have SCA, which has a 47% ROI (return on investment). Current market price is SEK388,50:- with a next target level at SEK420:-.

I recommend a decrease by SEK16.000:-.

Patrik

Risk Strategy

During the recent decrease in the stock market the board took the opportunity to purchase new stocks. Portfolio diversification and the cash policy are concious decisions taken by the board to develop and implement a risk strategy. The long-term trend in the stock market is uncertain (see macro analysis). It is a believe of the board to actively and well in advance pursue risk-eliminating strategies.

To minimize exposure to risk in 2007 the board will continue to develop the two variables.

1. Cash Policy - A.f.f.e has about SEK43.000:- in cash (10%), which is a decrease by approx. 50% (SEK87.000:-) since Jan 1st 2007. Wealth is not created in the bank account (as if shareholder value was created in the accounting department...). My recommendation to the board is to increase our cash policy to 25% by the end of May.
2. Portfolio diversification - the board will continue to actively implement the recommended portfolio diversification (see other post) during Q2 2007. My recommendation to members of the board is to take an active approach to this task.

Patrik

AFFE sänker inköpskurs i Elekta

Styrelsen (med 2/3 beslutsmajoritet) har idag beslutat att investera 5000 SEK i Elekta för att sänka inköpskursen till ca 141 SEK (från tidigare 158 SEK).

/T

AFFE invests in Wind Power related shares

According to board decision 2007-03-14, AFFE has now ordered an investment of 20000 SEK in wind power related shares, E.On and Vestas, 10000 SEK each.

The investment will be made at 14.00 2007-03-16.


/T

Portfolio Analysis

A.f.f.e has an unbalanced portfolio. Below is a recommendation to the Board.

• Consumer Staples (non-cyclicals), SEK25.000 (currently SEK0:-)
• Consumer Discretionary, SEK 43.000 (currently SEK75.000)
• Energy, SEK53.000 (currently SEK0:-)
• Financials, SEK96.000 (currently SEK37.500)
• Health Care, SEK47.000 (currently SEK48.500)
• Industrials, SEK65.000 (currently SEK15.000:-)
• IT & Telecommunication, SEK55.000 (currently SEK102.300)
• Materials, SEK21.500 (currently SEK36.000)
• Utilities, SEK7.000 (currently SEK0:-)
• Funds, SEK0:- (currently SEK30.500)

Consumer Staples: A.f.f.e has an underweight. Buy SEK25.000 in McDonald´s, Altria, PepsiCo.

Consumer Discretionary: A.f.f.e has a SEK30.000:- overweight (Apple, E-lux, Clas Ohlson, MTG and Tele2). The sector enjoying high demand at this phase of a business cycle. New additions through diversification could be Comcast (cable), Discovery Holdings (TV), Next, H&M, RnB, Gant, Kappahl (clothing), Altria (tobacco), TeliaSonera, AT&T, China Mobile (cable+operator), Time Warner (content).

Energy: A.f.f.e has an underweight. Buy SEK50.000 in Vestas, Eon (wind), Statoil, PA Resources (oil), Monsanto (växtskydd), Deere (tractors for alt. fuel), Q-cells (solar power), Schlumberger (services within oil sector).

Financials: A.f.f.e has an underweight (Nordea, SHB). Buy SEK50.000 in Kaupthing, Charles Schwab, Prudential, Merril Lynch, JP Morgan (saving products), China Life Insurance (insurance).

Health Care: A.f.f.e has a good balance (AstraZeneca, Novartis, Getinge, Elekta, Q-Med). An addition through diversification could be Potash, a Canadian company enjoying big demand for its fertilizers in the developing world.

Industrials: A.f.f.e has an underweight (Orkla). Buy SEk45.000 in ABB, AlfaLaval, AtlasCopco, Boeing, Sandvik, Scania, Skanska, SKF, Volvo. Orkla is a mix of consumer products, supplier of special materials such as aluminum and silicon, and financial investments.

IT & Telecommunication (incl. services): A.f.f.e has a SEK50.000:- overweight (Boss, Ericsson, Axis, IBM, TietoEnator. New additions through diversifications could be Google (internet).

Materials: A.f.f.e has a good sector balance but exposed to one stock (SCA). Buy SSAB (steel), Boliden (mining), Monsanto (växtskydd) through diversification.

Utilities: A.f.f.e has an underweight. Buy gas (Russian?), electric (Vattenfall), and water utility companies. No concrete suggestion.

Please respond during 5/3-9/3.

P

Industry Sectors

An analysis of our portfolio and in comparison with major financial institutes shows differences.

2007-02-25
Consumer Discretionary, Affe 15.8%, Recomm. 10.3% = 5.5%
Consumer Staples, Affe 0.0%, Recomm. 6.0% = -6.0%
Energy, Affe 0.0%, Recomm. 12.7% = -12.7%
Financials, Affe 11.3%, Recomm. 22.9% = -11.6%
Health Care, Affe 13.4%, Recomm. 11.2% = 2.2%
Industrials, Affe 0.0%, Recomm. 15.5% = -15.5%
IT & Telecommunication Services, Affe 31.7%, Recomm. 13.0% = 18.7%
Materials, Affe 12.2%, Recomm. 5.1% = 7.1%
Utilities, Affe 5.8%, Recomm. 1.6% = 4.2%
Funds and Cash not included.

I suggest we adjust our portfolio accordingly.

P

Cont´d high demand for raw material

Due to the strong Asian demand access to raw material will not only lead to political tensions but also create a new global demand level, which can increase prices and profits. This scenario suggest the following investments:

- Monsanto, plant security and is a winner on new alternative energy.
- Deere, tractor mfg and is a winner on alternative energy.
- Schlumberger, biggest player on services within oil exploration.
- Other Nordic related stocks are Vestas Wind, Statoil, Neste Oil, Boliden och SSAB.

My recommendation is an overall exposure to the sector of SEk 25000 and with investments in above stocks. Financed through -SEk7000 in E-lux, -SEK5000 in Boss, -SEK13000 in cash.

P

Diversification in Geo Exposure

To continue our intention to decrease European exposure and diversify our investments I recommend the following investments:

- Boeing, rides on a strong growth related to the need for larger aircrafts and Chinese demand.
- Time Warner, works hard to develop content solutions based on internet technology. A rapidly growing segment (Nordic alternatives are Ericsson and MTG).

Finance trough decrease in Ericsson.

P

Volvo and AlfaLaval

A review of our portfolio show a weak exposure to stocks with strong connection to Asian growth and in rapidly growing segments. Since Asian growth is expected to continue several years and with high GDP growth it is highly recommended to move low-performing investments over to high-performing investments. A negative factor is our is our late position in the business cycle, but a long-term perspective justify an investment. Also, the usage of alternative energy and trucks are both highly demanded in growth economies and in times of political change.

My recommendation is to invest in:
- Volvo (L/T SEK 1000, S/T SEK 670). Recommend SEK 10.000.
- AlfaLaval (S/T SEK 400). Recommend SEK 10.000.

Finance it through -SEK5000 in Boss Media and -SEK15000 in cash.

P