Fat Prophets Global Contrarian Fund Ltd. · ASX:FPC
Fat Prophets Global Contrarian Fund — Shareholder Meeting (October 2023)
28 slides from Fat Prophets Global Contrarian Fund's shareholder meeting presentation, Oct 11, 2023
Slide 1: Fat Prophets Global Contrarian Fund Ltd
fatPROPHETS GLOBAL CONTRARIAN FUND LTD ee \)\\\\
Slide 2: FPC Annual General Meeting & Shareholder Information Session
FPC Annual General Meeting & Shareholder Information Session For personal use only MR MICHAEL GALLAGHER – CHAIRMAN • Introductory remarks • AGM Open • Formal business • Resolutions • AGM Close • Shareholder information session – Mr Angus Geddes 2
Slide 3: Board Of FPC
Board Of FPC INDEPENDENT CHAIRMAN INDEPENDENT DIRECTOR Michael Gallagher Katrina Vanstone For personal use only Mr Michael Gallagher was Katrina has worked in financial appointed Chairman of the markets for 30 years, both in Board in November 2016. Australia and offshore, including Michael has over
Slide 4: Resolution 1: Adoption of Remuneration Report for the Year Ended 30 June, 2023
Resolution 1: Adoption of Remuneration Report for the Year Ended 30 June, 2023 For personal use only To Consider and, if thought fit, pass the following advisory resolution: That the Remuneration Report for the year ended 30 June, 2023 (as set out in the Directors’ Report) be adopted. Resolution For
Slide 5: Resolution 2: Re-election of Director – Mr Michael Gallagher
Resolution 2: Re-election of Director – Mr Michael Gallagher For personal use only To consider and, if thought fit, pass the following as an ordinary resolution: That Mr Michael Gallagher retires by rotation in accordance with ASX Listing Rule 14.5 and, being eligible for re-election, be re-elected
Slide 6: Poll Vote for Resolutions 1&2 being counted
Poll Vote for Resolutions 1&2 being counted For personal use only 6
Slide 7: AGM CLOSED
For personal use only AGM CLOSED 7
Slide 8: Manager Report
Manager Report For personal use only Shareholder Information Session Chief Investment Officer Angus Geddes Fat Prophets 8
Slide 9: 2023 was difficult to predict
2023 was difficult to predict For personal use only ▪ US avoided a recession ▪ Bonds lost the most in history as interest rates rose ▪ US stocks defied gravity, and surged for most of the year, but rally confined to the “magnificent 7” ▪ RoW outside the US has not performed as well – MSCI World Inde
Slide 10: FPC Performance in FY 2023
FPC Performance in FY 2023 For personal use only 10
Slide 11: Playbook for the coming year: 2024 outlook
Playbook for the coming year For personal use only 2024 outlook Rising geopolitical tensions US dollar to reassert on the Bond yields to find a ceiling downside Japanese equities to Oil prices to hit $100+ on Gold to hit new record highs continue outperforming supply constraints Uranium the next big
Slide 12: US 10-year government bond yields likely peaking near term
US 10-year government bond yields likely peaking near term For personal use only 12
Slide 13: Longer term US fiscal situation is deteriorating
Longer term US fiscal situation is deteriorating Secular bear market in bonds has further to go For personal use only 13
Slide 14: Inflation is likely to prove sticky
Inflation is likely to prove sticky For personal use only 14
Slide 15: Dollar set to resume downward path in 2024
Dollar set to resume downward path in 2024 For personal use only 15
Slide 16: Growth opportunities in Japanese equities and especially the banks
Growth opportunities in Japanese equities and especially the banks Markets not expecting this outcome For personal use only Refinitiv Japanese Bank Price Index 16
Slide 17: Gold to outperform versus the US dollar amidst rising geopolitical tensions
Gold to outperform versus the US dollar amidst rising geopolitical tensions For personal use only 17
Slide 18: Opportunities in energy + OPEC pricing power is back to 1970s style
Opportunities in energy + OPEC pricing power is back to 1970s style For personal use only 18
Slide 19: Energy stocks to outperform as oil prices rise back above US$100
Energy stocks to outperform as oil prices rise back above US$100 For personal use only 19
Slide 20: Climate change is going to drive up demand for uranium
Climate change is going to drive up demand for uranium For personal use only 20
Slide 21: Global uranium miners cheap
Global uranium miners cheap For personal use only 21
Slide 22: Net Tangible Asset Backing
Net Tangible Asset Backing For personal use only Pre-Tax NTA Post-Tax NTA Sept – 2021 $1.3623 $1.2994 Sept – 2022 $0.9491 $1.0146 Sept- 2023 $1.0386 22
Slide 23: Top Holdings in FPC - 2023
Top 10 Holdings in FPC - 2023 For personal use only 23
Slide 24: Top Holdings in FPC - 2023
Top 10 Holdings in FPC - 2023 For personal use only Top 10 Holdings Country 30 September 2023 Sumitomo Mitsui Financial Group Japan 10.13% Paladin Energy Australia 6.71% Global X Uranium ETF United States 5.60% Resona Holdings Inc Japan 5.28% Evolution Mining Ltd Australia 5.05% Whitehaven Coal Limi
Slide 25: Geographic Exposure – Sept 2023
Geographic Exposure – Sept 2023 For personal use only 25
Slide 26: Sector Dispersion – Sept 2023
Sector Dispersion – Sept 2023 For personal use only 26
Slide 27: Contact Details
Contact Details For personal use only Fat Prophets Funds Management Fat Prophets Funds Management Investment manager Portfolio Manager Angus Geddes Simon Wheatley CIO Simon.Wheatley@fatprophets.com.au Angus.Geddes@fatprophets.com.au Fat Prophets Global Contrarian Fund Company Michael Gallagher Chair
Slide 28: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Fat Prophets Global Contrarian Fund Limited (FPC). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in tha
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