NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Absolute Opportunities Company — Q2 FY2015 Earnings Presentation
19 slides from NAOS Ex-50 Opportunities's earnings presentation, Feb 18, 2015
Slide 1: Quarterly Investor Briefing 2nd Quarter FY-2015
For personal use only QUARTERLY INVESTOR BRIEFING 2 ND QUARTER FY-2015 NAOS Absolute Opportunities Company (ASX:NAC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 19th February 2. Time 11.00am AEDST 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to Anneke Senden (asenden@naos.com.au) or the team at NAOS (enquiries@naos.com.au) prior to the allotted call time
Slide 3: Agenda
AGENDA For personal use only 1. NAC REVIEW • Information about the Company • Capital Structure • Total Shareholder Return Analysis • Performance & Attribution Analysis • Portfolio Positioning • Sample Company Meetings 2. Market Commentary • January Australian Equity Market Review • Impact of Global
Slide 4: 1. NAC Review
For personal use only 1. NAC Review Conviction Long Short Investing | Copyright 2015 NAOS Absolute Opportunities Company 4
Slide 5: Information About the Company
INFORMATION ABOUT THE COMPANY For personal use only NAC • Listed Investment Company (LIC) that provides investors with exposure to domestic and international companies in a manner which seeks to have low correlation to broader equity market returns. • NAC seeks to pay a targeted yield of 4.00% per a
Slide 6: Capital Structure
CAPITAL STRUCTURE AS AT 31 ST JANUARY 2015 For personal use only SHARES ON ISSUE OPTIONS ON ISSUE CURRENT DIVIDEND YIELD 21,500,000 NACO Targeted yield of 4.00% franked to the maximum extent possible. NTA Analysis (diluted for NACO Expiry: 30th November 2016 options) Price Exercisable: $1.00 Pre Tax
Slide 7: Total Shareholder Return Analysis Since IPO
TOTAL SHAREHOLDER RETURN ANALYSIS SINCE IPO AS AT 31 ST JANUARY 2015 For personal use only NAC Share Price, NACO Option Price, Reinvested Dividends (Excluding Franking Credits) RBA Cash Rate + 250 bps MSCI ACWI All Cap Index (AUD, Net Dividends Reinvested) $120,000 $110,000 $109,666 $101,250 $101,25
Slide 8: Performance Summary
PERFORMANCE SUMMARY PRE FEES & FRANKING, NET OF OPERATING EXPENSES AS AT 31 ST JANUARY 2015 For personal use only Since Inception (Nominal) NAC Investment Portfolio Performance +1.62% Benchmark (RBA Cash Rate +250bps) +1.08% MSCI ACWI AC Index (AUD, Net Dividends Reinvested) +9.67% Performance vs Be
Slide 9: Performance Attribution: Top Contributors to Portfolio Returns by Stock
PERFORMANCE ATTRIBUTION: TOP CONTRIBUTORS TO PORTFOLIO RETURNS BY STOCK 12 TH NOVEMBER 2014 TO 31 ST JANUARY 2015 For personal use only Investment Contribution to Return Investment Contribution to Return (%NAV) (%NAV) USD ETF +2.44% APN News & Media Limited +0.24% National Australia Bank +0.75% Amal
Slide 10: Portfolio Structure: Historical Net Equity and Cash Weightings
PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 31 ST JANUARY 2015 For personal use only Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure 100.00% 93.85% 79.90% 80.00% 76.22% 60.00% 40.00% 20.10% 23.78% 20.00% 6.15% -4.44% 0.00% 0.00% -6.49% -20.00% Nov-14 D
Slide 11: Portfolio Structure: Allocation by Industry/Sector
PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR AS AT 31 ST JANUARY 2015 For personal use only 4.24% 2.27% Cash & Cash Equivalents 2.96% 7.38% Financials 6.91% Consumer Discretionary Industrials Infrastructure 76.22% Energy (Oil) Conviction Long Short Investing | Copyright 2015 NAOS Asset Manageme
Slide 12: Portfolio Structure: Allocation by Currency
PORTFOLIO STRUCTURE ALLOCATION BY CURRENCY AS AT 31 ST JANUARY 2015 For personal use only AUD USD 48.96% 51.04% Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 12
Slide 13: 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 14: 2. Market Outlook/Commentary
For personal use only 2. Market Outlook/Commentary Conviction Long Short Investing | Copyright 2015 NAOS Absolute Opportunities Company 14
Slide 15: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only January Australian • The New Year started very positively for the Australian equity market with the S&P/ASX-200 rising Equity Market +3.03% for the month of January. The Small Ordinaries Accumulation Index lagged its larger counterparts Review finishin
Slide 16: Market Outlook/Commentary: Reporting Season
MARKET OUTLOOK/COMMENTARY For personal use only Reporting Season • February brings with it reporting season. The key questions we are asking companies during this reporting period are closely tied to the sentiment and trends playing out in global macro environment. Our primary focus is on understand
Slide 17: Market Outlook/Commentary: Heading for a Housing Bubble?
MARKET OUTLOOK/COMMENTARY For personal use only Heading for a • Now circa $5.3 trillion is tied up in Australian residential real estate. Those set to gain from rising property Housing Bubble? prices, outside of REITs are banks and insurers. • $18 billion in lending last month equates to 0.3% of the
Slide 18: 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 RESEARCH • Research by several broking houses is now available. Please refer t
Slide 19: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Emerging Opportunities Company Ltd (ACN 161 106 510). 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 p
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