NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Absolute Opportunities Company — Q3 FY2015 Earnings Presentation
17 slides from NAOS Ex-50 Opportunities's earnings presentation, Apr 14, 2015
Slide 1: Quarterly Investor Briefing 3rd Quarter FY-2015
For personal use only QUARTERLY INVESTOR BRIEFING 3 RD QUARTER FY-2015 NAOS Absolute Opportunities Company (ASX:NAC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 16th April 2. Time 10.00am AEST 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to enquiries@naos.com.au prior to the allotted call time Conviction Long Short Investing | Copyright 2015 NAOS Asset Ma
Slide 3: Agenda
AGENDA For personal use only 1. NCC REVIEW • Capital Structure • Total Shareholder Return Analysis • Quarterly Performance & Attribution Analysis • Net Equity Exposure • Industry Exposure • Sample Company Meetings 2. Market Commentary • Australian Equity Market Review • Global Themes 3. Keeping Up t
Slide 4: 1. NAC Review
For personal use only 1. NAC Review Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 4
Slide 5: Capital Structure
CAPITAL STRUCTURE For personal use only SHARES ON ISSUE OPTIONS ON ISSUE CURRENT DIVIDEND YIELD 21,500,000 NACO Targeted, fully franked yield of 4.00% p.a. NTA Analysis Expiry: 30th November 2016 Pre Tax - $1.04 Price Exercisable: $1.00 Pre Tax Pre Unrealised Gains Tax – $1.03 Options Remaining on I
Slide 6: Total Shareholder Return Analysis Since IPO
TOTAL SHAREHOLDER RETURN ANALYSIS SINCE IPO AS AT 31 ST MARCH 2015 For personal use only NAC Share Price, NACO Option Price, Reinvested Dividends (Excluding Franking Credits) RBA Cash Rate + 250 bps $104,000 $102,000 $102,058 $101,000 $100,000 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Conviction Absolute L
Slide 7: Performance & Risk Summary
PERFORMANCE & RISK SUMMARY PRE FEES & FRANKING CREDITS, NET OF OPERATING EXPENSES AS AT 31 ST MARCH 2015 For personal use only Since Inception 1 Month (%) 3 Months (%) (Nominal) NAC Investment Portfolio Performance +2.74% +6.52% +5.32% Benchmark (RBA Cash Rate +250bps) +0.42% +1.29% +2.00% Outperfor
Slide 8: Performance Attribution: Top Contributors to Portfolio Returns by Stock
PERFORMANCE ATTRIBUTION: TOP CONTRIBUTORS TO PORTFOLIO RETURNS BY STOCK 1ST MARCH 2013 TO 31 ST MARCH 2015 For personal use only Contribution to Return Contribution to Return Investment Investment (% NAV) (% NAV) USD ETF +4.01% Amalgamated Holdings Limited +0.51% Iselect Limited +1.01% Reece Austral
Slide 9: Portfolio Structure: Historical Net Equity and Cash Weightings
PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 31 ST MARCH 2015 For personal use only Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure Income Instruments 100% 80% 34.33% 60% 40% 36.30% 20% 29.37% 0% 17.78% -20% -40% Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Convi
Slide 10: Portfolio Structure: Allocation by Industry/Sector
PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR AS AT 31 ST MARCH 2015 For personal use only Consumer Staples -3.81% Property -3.76% Healthcare -3.23% Consumer Services 1.74% Infrastructure 4.12% Building Materials 4.75% Industrials 7.58% Consumer Discretionary 8.90% Diversified Financials 13.07%
Slide 11: Company Meetings
COMPANY MEETINGS For personal use only The NAOS investment philosophy is based around the belief that for a company to succeed and generate strong returns for shareholders it must be led by a motivated, proven and experienced management team. NAOS’ Investment Team has direct contact with many listed
Slide 12: 2. Market Outlook/Commentary
For personal use only 2. Market Outlook/Commentary Conviction Absolute Long Short Investing | Copyright 2015 NAOS Asset Management Limited 12
Slide 13: Market Outlook/Commentary: Australian Equity Market Review
MARKET OUTLOOK/COMMENTARY For personal use only Australian Equity • The domestic equity market continues to be pushed higher by investors seeking higher yields on their Market Review investments. We saw significant inflows into the equity market during Q1 2015, as the official cash rate was cut to 2
Slide 14: Market Outlook/Commentary: Global Themes
MARKET OUTLOOK/COMMENTARY For personal use only Global Themes • The economic data in Europe continues to surprise on the upside. The chart below shows the European Economic Surprise index as measured by Citi over the past 12 months. • Inflation has fallen despite unprecedented monetary policy. Rates
Slide 15: 3. Keeping Up To Date
For personal use only 3. Keeping Up To Date Conviction Absolute Long Short Investing | Copyright 2015 NAOS Asset Management Limited 15
Slide 16: Keeping Up To Date – Shareholder Communication
KEEPING UP TO DATE – SHAREHOLDER COMMUNICATION For personal use only WEBSITE • Shareholders can stay up to date with NAOS news and views, subscription lists and latest share prices via the company website: www.naos.com.au TWITTER • Follow NAOS on Twitter under the name (handle) of NaosAssetManagemen
Slide 17: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Asset Management Limited (ACN 107 624 126). The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the presentatio
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