L1 Global Long Short Fund Limited Registered · ASX:GLS
L1 Global Long Short Fund Limited Registered — Platinum Capital — Investor Presentation (November 2013)
14 slides from L1 Global Long Short Fund Limited Registered's investor presentation, Nov 11, 2013
Slide 1: Placement and Rights Offer
Placement and Rights Offer For personal use only Platinum Capital Limited ABN 51 063 975 431 Kerr Neilson, Managing Director Andrew Clifford, Chief Investment Officer 11 November 2013
Slide 2: Principal objectives of the capital raising
Principal objectives of the capital raising For personal use only • Broader shareholder base • Increase in liquidity • The proceeds from the capital raising will exploit the investment ideas being found by the Platinum Asset Management investment team Since the previous PMC Rights Issue in October 2
Slide 3: The PMC offer
The PMC offer For personal use only • Investing in a broad spectrum of global companies • Significant outperformance* from PMC over 19 years: • +7% compound pa over the MSCI World Index, and • +4% compound pa over the Australian All Ordinaries Index • Alternate currency exposure * based on pre-tax N
Slide 4: PMC performance (% pa, to October 2013)
PMC performance (% pa, to 31 October 2013) For personal use only NET ASSET VALUE (PRE-TAX) 1 YEAR 3 YEARS 5 YEARS RETURN SINCE COMPOUND PA COMPOUND PA INCEPTION * Platinum Capital Limited 46.9 10.4 10.5 12.7 MSCI AC World Net Index 35.0 11.6 5.6 5.5 Active Return 11.9 -1.2 4.9 7.2 * The since incept
Slide 5: PMC results (to October 2013)
PMC results (to 31 October 2013) For personal use only ITEM 31 OCTOBER 2013 Shareholder Funds $198 million Pre-tax Net Asset Value 154.98 cps Retained Earnings 24.83 cps Potential Franking Credits (inclusive of unrealised gains) 12.50 cps Unrealised gains 30.22 cps Source: Platinum
Slide 6: PMC dividend history
PMC dividend history For personal use only Cents per share 16 12 8 4 0 Source: Platinum
Slide 7: To invest: Australia or global?
To invest: Australia or global? For personal use only • More investment choices available overseas • Currency risk: 60-90c? • Travel, shop, invest? • SMSFs typically <10% in global equities* * Source: Russell/Coredata
Slide 8: World markets at 1998 levels (in A$)
World markets at 1998 levels (in A$) For personal use only MSCI AC World Index 150 125 100 75 50 1998 2001 2004 2007 2010 2013 Source: Bloomberg, MSCI
Slide 9: Platinum's counterintuitive approach
Platinum’s counterintuitive approach For personal use only Eulogistic Phase Deterioration Platinum Sells Boredom Price Discovery Platinum Invests Neglect Time
Slide 10: PMC top stocks (to October 2013)
PMC top 15 stocks (to 31 October 2013) For personal use only STOCK INDUSTRY HOLDING Ericsson LM-B Communications Equipment 2.6% Intesa Sanpaolo SpA Banks 2.4% Google Inc Internet Software/Services 2.4% eBay Inc Internet Software/Services 2.1% Samsung Electronics Semiconductor Equipment 2.1% Intel Co
Slide 11: Platinum's investment team
Platinum’s investment team For personal use only Stock analysis is the starting point of the investment process Global equity portfolios Kerr Neilson Andrew Clifford Jacob Mitchell Simon Trevett Dealers Ricky Nemirovsky Sunny Bangia Resources and Technology and Consumer and Financials and Asia and J
Slide 12: Placement and Rights Offer details
Placement and Rights Offer details For personal use only Placement • Placement to professional and sophisticated clients • Offer price of $1.55 per New Share to raise capital up to approximately $38.8m • Offer price is at the pre-tax Net Asset Value at 31 October 2013 which represents a discount of
Slide 13: Timetable
Timetable For personal use only EVENT DATE Trading Halt 8 November 2013 Announcement of Placement and Rights Offer 11 November 2013 Placement results announced 11 November 2013 Lodgement of documents associated with the Rights Offer 11 November 2013 Rights Offer Ex-Date 14 November 2013 Issue of Sha
Slide 14: Disclaimer
Disclaimer For personal use only Platinum Capital Limited ABN 51 063 975 431 has prepared this presentation material. Platinum Investment Management Limited trading as Platinum Asset Management is the investment manager. Performance results shown have been calculated using the pre-tax Net Asset Valu
Platinum Capital — Investor Presentation (November 2013) on 6ix