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Current State of the Corporation
With the new year, it marks our transition from establishing and equipping the new house to a more normalized routine of focusing on routine upkeep of the current house and furnishings as well as a renewed focus back to our long term growth plans.
We've spent a lot of funds on furnishings for the new house, but for balance sheet purposes we include them as assets, but consider them to have no monetary value because we expect them to fully depreciate. That being said, the corporation ended the quarter with with record balance in our brokerage account, with incremental new assets added from donor contributions. Our investments have changed somewhat from a longer term buy and hold to more of cash position as we feel the markets are richly valued and due to correct. We still maintain our mutual funds in biotechnology, industrial materials and equipment and technology, although we chose to sell our banking mutual for a modest gain since the purchase due to our thoughts that banks will be in for some lean years due to a housing and economic slowdown. In our
equity portfolio we bought and sold Aventine Renewables and Constellation brands, booking quick gains on them within the quarter. We also closed out our Nautilus position for a gain as well. We continue to hold Patterson-UTI energy group and Gencorp. We will assess the markets for coming investment opportunities to put the cash position to work, but right now we feel that the cash position best suits our investment needs for the long term growth of the fund.
In other news, this will be the last quarterly email coming from this email address. We will update everyone with a new email address from our new domain name and web site in the near future. We are currently constructing a web site at www.dchihuntsvillehousing.org which should be able to provide people with more information on what we are up to as well as give us a web presence. we would encourage everyone to check it out and look to it in the future for updates. We will continue to check email at this address through the end of the current quarter.
Warmest Regards,
Bert Klimer
President
Delta Chi Huntsville Chapter Housing Corporation.
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