Katana Capital Ltd. · ASX:KAT
Katana Capital — Shareholder Meeting (November 2023)
16 slides from Katana Capital's shareholder meeting presentation, November 2023
Slide 1: Katana Capital Limited AGM Presentation
Katana Capital Limited ASX CODE KAT AGM PRESENTATION NOVEMBER 2023 www.katanaasset.com
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is provided to each recipient on the following basis: a. this presentation has been produced by Katana Asset Management (KAM). This presentation does not purport to contain any information that the recipient may require to evaluate KAM’s perf
Slide 3: Overview
Overview Fund Performance Katana Profile Outlook www.katanaasset.com 3
Slide 4: Fund Performance Summary
Fund Performance Summary FY23 Performance • Gross Investment Return of 19.42% vs Benchmark (All Ords Index) 9.71% • Continued strong out-performance of 9.71% on the back of 12.19%% out-performance in 2022 In Context – 18 Year Performance vs Benchmark • Outperformed the benchmark in 14 out of 18 year
Slide 5: Annual Investment Returns Out-Performance Since Inception
Fund Performance Annual Investment Returns Out-Performance Since Inception 1. Inception date Katana Capital January 2006. Returns quoted are gross investment returns for the fund. 2. Past performance is not necessarily indicative of future performance. Source: Katana Asset Management Ltd; IRESS www.
Slide 6: Downside performance; significant out-performance since inception
Fund Performance Downside performance; Critical as returns Significant Out-Performance since inception Strong performance in sharp drawdowns Since inception, the fund has provided resiliency The fund has recovered markedly quicker in deep for investors, particularly in down months. drawdowns than th
Slide 7: Dividends
Fund Performance Dividends Dividend History • Paid dividends every year since listing • Quarterly dividends provide regular cash flow to yield conscious investors • Dividend Reinvestment Plan - company purchases shares on market so no dilution Future Dividends • Subject to ongoing market conditions,
Slide 8: Investment Staff
Katana Profile Investment Staff Manager – Skills and Experience • 4 investment professionals • Combined direct investment experience of >85 years • Across 3 stock market cycles • Professional Qualifications - economics, business, accounting, investment analysis • Diverse Backgrounds – domestic, inte
Slide 9: Philosophy
Katana Profile Philosophy Think independently but act in unison with the market, by combining the best precepts of the 5 key investment disciplines: 1. Value Investing 2. Fundamental Analysis 3. Growth Investing 4. Technical Analysis 5. Market Experience and Observation • Overriding pre-occupation w
Slide 10: Fund Parameters
Katana Profile Fund Parameters Portfolio Overview Portfolio Parameters • Long only • 55-65 individual stock positions • Average position size 1%–5%, with a pre- • ASX listed securities disposition towards holding a greater • Benchmark ‘Unaware’ – i.e. flexibility to maximise returns without number o
Slide 11: Lower Risk Characteristics
Katana Profile Lower Risk Characteristics No Gearing No debt No Derivatives No options, warrants, futures contracts or other derivatives Highly diverse Portfolio 55-65 stocks, rarely exceeding a maximum weighting of 3% per stock High cash weighting 15-35% through the cycle High Quality Stocks Every
Slide 12: Rigorous Investment Profile
Katana Profile Rigorous Investment Profile Every investment submission must cover off on set criteria in 4 categories across 11 topics. The total universe of assessable criteria is now in excess of 160 individual attributes. Total rating Comparison based on 160+ against different previous criteria a
Slide 13: Typical portfolio – All-Opportunity
Katana Profile Typical portfolio – “All- “All-Opportunity” Historical Characteristics: ~ 5 of the top 10 portfolio holdings in ASX50 Top 10 Investments (KAT) Percentage of Portfolio Valuation as at 31/10/2023 2-3 of the top 10 portfolio holdings in ASX100 2-3 of the top 10 portfolio holdings in ASX3
Slide 14: Market Outlook: Rangebound
Market Outlook Rangebound Negatives Positives QT / Monetary contraction Market positioning is highly ‘cautious’ /outright bearish 1) Record short positioning 2) Very different to 1987 (bond yields, market moves) 3) Never been a crash when so much caution ‘Crowding effect’ of US Government on deposit
Slide 15: Market Outlook: Rangebound
Market Outlook Rangebound www.katanaasset.com 15
Slide 16: Thank you
If you would like more information Please email enquiries@katanaasset.com Thank you www.katanaasset.com