Maj 2007

Maj var en utomordentligt bra manad. Värdet per medlem ökade med 4.024,5:- till 52.417.-, d v s +5,1%!! SAX-Index ökade "bara" med 1,26%. Da skall ni veta att A.f.f.e ända haft ca 87.000.- (ca 19%) utanför börsen! Med facit i hand har vi varit alldeles för defensiva. Total A.f.f.e-kassa 31 Maj 2007 är 471.753.-.

Händelser under Maj:

• Medlemsinbetalning, +SEK2.700:-, +0,6% (YTD SEK13.500:-, +3,3%)
• Netto utdelning, +SEK1.853:-, +0,4% (YTD SEK8.285:-, +1,5%)
• Värdeskapande Aktiviteter, +SEK18.196:-, +4,1% (YTD SEK47.485:-, +11,7%)
• Skapad skatteskuld, -SEK2.992:-, -0,7% (YTD SEK7.705.-, -1,9%)

I Maj skapade styrelsen värde mest genom att rulla tummarna. Vart beslut i April att öka i Axis var guld värt. Under maj rusade aktien med 42,7%!!

Övriga mkt goda innehav har varit Orkla (+13,1%), Eon (+12,6%), Vestas (+10,1%), men även IBM, MTG, Elekta, och Bure har växt inom intervallet 6-8%. Pa fondsidan har Indien tagit över pinnen efter Kina med en uppgang pa 13,9%. Sektorer som utmärker sig är fortfarande verkstadsindustri (Orkla) och Energi (Eon, Vestas).

Styrelsen har gjort en dalig tajming. Vi dubblade i Bure men pa samma dag som deras högsta notering som ocksa var en tjurrusning. Dock en langsiktig investering.

Kassan är fortfarande runt 19%. Vad vi ser i aktieutvecklingen är just nu vad vi sag strax innan börsnedgangen ar 2001. Vi är beredda!

Patrik

April 2007

April was a good month for A.f.f.e and the positive trend continues. Total assets increased by +SEK12.474:- (+2,9%). Comparable SAX-Index increased by 4,4% so we are still a little bit to defensive in our implementation.

• Member Investments, +SEK2.700:-, +0,6% (YTD SEK10.800:-, +2,7%)
• Dividends Net Paid Out, +SEK3.737:-, +0,9% (YTD SEK9.627:-, +2,4%)
• Added Value Activities, +SEK8.006:-, +1,9% (YTD SEK23.925:-, +6,0%)
• Tax Debt, -SEK1.969:-, -0,5% (YTD SEK4.712.-, -1,2%)

Member investments continued as planned (+SEK2.700:-). In April A.f.f.e received net dividends to the value of SEK3.737:- (March SEK527:-) from SEB, SCA, TietoEnator, Ericsson, E-lux, Nordea, and Getinge. In April the Board created value of SEK8.006:- (March SEK13.982:-) through active portfolio management (E-lux) and value growth in Financial (+7,3%) and Energy sector (+11,1%), Orkla (+11%), and our India fund (+11,5%).

The Board decided to realize profits to the value of SEK6.563:- in Consumer Durables, Technology, Capital Goods, and Basic Industry. All decisions proved to be correct. However, some of the stocks have continued to grow. A fact we will never know until afterwards.

The Board has increased our exposure to cash from 9,8% to 22,6%. Our sector exposure are yet not aligned to financial institute recommendations which explains our somewhat "slow" development. Major differences are our overexposure to cash, which is a defensive strategy, consumer cyclicals, and Technology sectors. We knew in advance that we should invest more in Financial, Capital Goods, and Energy sectors but the Board has not been able to agree and implement this strategy. Unfortunately, these sectors have had a very strong growth.

Our exposure to high risk investments has decreased to 12,5% (68.675:-) mainly through growth elsewhere.

During the month A.f.f.e hit an individual target, SEK50.000:- per member. However, in the end the value per membership went just below this figure (SEK49.889.-, Year-To-Date +9,8%). YTD SAX-Index is +10,5%.

In the end of April A.f.f.e has a non-realized profit of SEK68.081:- and, therefore, a hidden tax debt of SEK20.424:-, or SEK2.269:- per membership. This, however, does not have effect on the membership value in A.f.f.e. The amount is paid through the annual taxes by each member.

Patrik

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