Bentley Capital Ltd. · ASX:BEL

Bentley Capital — Shareholder Meeting (November 2012)

18 slides from Bentley Capital's shareholder meeting presentation, Nov 16, 2012

  1. Slide 1: FSP Equities Management presentation to Bentley Capital AGM

    For personal use only FSP Equities Management presentation to Bentley Capital AGM 16 November 2012 Presented by R Ronni i Chalmers Ch l AFSL 246 790 ABN 12 098 327 809 rchalmers@fspgroup.com.au

  2. Slide 2: IMF growth projections

    IMF growth projections For personal use only 2011 2012 2013 World output 3.8 3.3 3.6 Advanced economies 1.6 1.3 1.5 Emerging economies 6.2 5.3 5.6 Euro Area 1.4 -0.4 0.2 Australia 2.1 3.5 2.8 China 9.2 7.8 8.2 India 6.8 4.9 6.0 US 1.7 2.2 2.1 Japan -0.8 2.2 1.2 Germany 3.1 0.9 0.9 France 1.7 0.1 0.4

  3. Slide 3: 10 year Spanish government bond yields

    10 year Spanish government bond yields For personal use only Source: Bloomberg 3

  4. Slide 4: Dow Jones daily volatility

    Dow Jones daily volatility For personal use only Days over Trading days % of Days over Trading says % of 2% moves in month days 2% moves in month days 2008 72 262 28 Mar-10 0 23 0 2009 45 255 18 Apr 10 Apr-10 0 22 0 2010 20 259 8 May-10 5 21 25 2011 32 258 12 Jun-10 5 22 23 2012 0 21 0 Jul-10 3 22 1

  5. Slide 5: US equity volatility at year lows

    US equity volatility at 4 year lows For personal use only 5

  6. Slide 6: ASX daily volatility

    ASX 200 daily volatility For personal use only Days over Trading days % of Days over Trading days % of 2% moves in month days 2% moves in month days 2008 68 262 26 Mar-10 0 23 0 2009 33 255 13 Apr 10 Apr-10 0 22 0 2010 13 260 5 May-10 6 21 29 2011 25 256 10 Jun-10 2 22 9 2012 1 21 5 Jul-10 1 23 4 Ja

  7. Slide 7: Performance as at October 2012

    Performance as at 31 October 2012 For personal use only • 2012 YTD +14.7% • 1 year +6.6% • 2 years -0.6% 0 6% pa • 4 years +8.8% pa • 8 years +5.7% pa • 10 years +9.7% pa 7

  8. Slide 8: Top holdings as at October 2012

    Top 20 holdings as at 31 October 2012 For personal use only Name FSP weight 2013 yield % 1 Westpac Banking Corporation 9.8% 6.9 2 ANZ Banking Group 8.8% 5.9 3 Commonwealth Bank of Australia 8.8% 5.9 4 BHP Billiton 7.2% 3.2 5 Transurban Group 3.3% 5.1 6 McMillan Shakespeare 3.1% 4.1 7 Oil Search 2.9%

  9. Slide 9: How is the fund positioned today?

    How is the fund positioned today? For personal use only • 53% of the fund invested in attractive yielding (>5.5%) high quality industrial companies eg Westpac, CBA, ANZ, Henderson, BT Investment, IOOF, Sydney Airport and DUET • Underweight resources • Stocks in the portfolio have minimal European or

  10. Slide 10: ASX200 Industrials forward dividend yield

    For personal use only 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6 50 6.50 7.00 7.50 31-Dec-94 31-May-95 31-Oct-95 31-Mar-96 31-Aug-96 31-Jan-97 30-Jun-97 30-Nov-97 30-Apr-98 30-Sep-98 28-Feb-99 31-Jul-99 31-Dec-99 31-May-00 31-Oct-00 31-Mar-01 31-Aug-01 31-Jan-02 30-Jun-02 30-Nov-02 30-Apr-03 30-Sep-03 29-

  11. Slide 11: CBA forward dividend yield vs RBA cash rate

    For personal use only 10.0% 11.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9 0% 9.0% Feb-92 Aug-92 Feb-93 Aug-93 Feb-94 Aug-94 Feb-95 Aug-95 Feb-96 vs RBA cash rate Aug-96 Feb-97 Aug-97 Feb-98 Aug-98 Feb-99 CBA forward dividend yield Aug-99 Feb-00 Aug-00 Feb-01 CBA dividend yield Aug-01 Feb-02 Aug-02 Feb-

  12. Slide 12: Flight Centre – 2012 results by country

    Flight Centre – 2012 results by country For personal use only 12

  13. Slide 13: Flight Centre – FSPEM buys

    Flight Centre For personal use only FSPEM buys 13

  14. Slide 14: ResMed – 71st consecutive quarter of revenue growth

    ResMed For personal use only 71st consecutive quarter of revenue growth Q4 2012 14

  15. Slide 15: ResMed – Global obesity forecast

    ResMed – Global obesity forecast For personal use only 15

  16. Slide 16: ResMed share price – FSPEM buys

    Res Med share price For personal use only FSPEM buys 16

  17. Slide 17: Current investment thoughts

    Current investment thoughts For personal use only • Europe to remain weak for medium term • Asian growth outlook still robust • Recent US economy data showing tentative positive signs • If ASX 200 can regain 5000 by November 2014, this equates to a 13% pa return. ASX 200 was 4976 in April 2011 and w

  18. Slide 18: Disclaimer

    Disclaimer For personal use only “Performance is influenced by market volatility over time. Past performance is not necessarily indicative of future performance. Neither FSP Equities Management Limited or any related corporation guarantee the repayment of capital or the performance of the FSP Equiti

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