Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Global Value Fund — Investor Presentation (April 2016)
23 slides from Staude Capital Global Value Fund's investor presentation, Apr 29, 2016
Slide 1: www.globalvaluefund.com.au
www.globalvaluefund.com.au
Slide 2: Disclaimer
Disclaimer This presentation is made on behalf of the Global Value Fund. The information contained in this presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Global Value Fund Limited (GVF) or any of its directors, officers, employees, agents, rep
Slide 3: Agenda
Agenda: 1. Key issues driving global financial markets 2. The Global Value Fund 3. Opportunistically investing across asset classes 4. Investment portfolio update 5. New dividend reinvestment plan 1
Slide 4: 1. Key issues driving global financial markets
1. Key issues driving global financial markets 2
Slide 5: The headline issues that we see the markets focused on today
The headline issues that we see the markets focused on today What happened “Brexit” to the market Impact on the UK correction? US recovery A pause in the looking more China slow down durable Important to remember what is already in the price 3
Slide 6: The second page stories that we are following
The second page stories that we are following Commodities, “Brexit” bear market Impact on the EU rally? Australian China’s economy faring structural better than problems remain expected Less clear how markets have priced in these issues 4
Slide 7: 2. The Global Value Fund
2. The Global Value Fund 5
Slide 8: Our core discount capture strategy targets returns
The Global Value Fund A focus on listed securities which are Our core discount undervalued relative to a defined and observable asset value capture strategy • A discount to “break-up” value targets returns We operate on a Closed-end funds (CEFs) will form global stage; comparable with the core of ou
Slide 9: 3. Opportunistically investing across asset classes
3. Opportunistically investing across asset classes 7
Slide 10: Capitalising on opportunities across a range of markets
Capitalising on opportunities across a range of markets Investment portfolio – underlying asset classes 1 Leveraged Loans 13% We have Other Fixed opportunistically Listed Equity Income 18% built a large 18% Fixed Income exposure to the 31% leveraged loan market Cash2 25% Hedge Fund 7% Real Estate 1
Slide 11: The bank loan or leveraged loan market
The bank loan or “leveraged loan” market Traditional role of bank lending has evolved Banks now regularly act as loan arrangers not loan providers 9
Slide 12: Bank lending - a low risk proposition
Bank lending - a low risk proposition Comparing asset class returns and volatility1,2,3 200 180 160 Rebased total return 140 120 Typical loans are 100 senior and 80 60 secured, with 40 LeveragedLoan Index floating interest 20 0 S&P 500 Index rate payments 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 13: The recent opportunity set
The recent opportunity set Source of Alpha Opportunity Built a position at an attractive discount to NAV, ahead of a corporate Fund A Corporate action action which we believed would be the catalyst to wind the fund up. The fund has now announced its liquidation and we expect to receive the proceeds
Slide 14: 4. Investment portfolio update
4. Investment portfolio update 12
Slide 15: Investment Portfolio
Investment Portfolio1 Underlying asset classes Underlying currency exposures Listed EUR 18% Equity 18% Fixed Income 31% USD 41% AUD 22% Cash2 25% Hedge Fund 7% Real Estate Other 8% Private 8% Other 9% GBP 10% Equity 3% There are inherent benefits in running a diversified portfolio over time 1 As at
Slide 16: Top Five Holdings
Top Five Holdings Name Summary Story Boussard & A feeder fund into the BG The BG Master Fund is the flagship fund for Boussard & Gavaudan, Gavaudan Master Fund, a Europe- a French fund management firm with c. €1.7 billion of FUM. The Holdings focused multi-strategy hedge position was acquired at a d
Slide 17: Case Study: Capitalising on valuation differences between markets
Case Study: Capitalising on valuation differences between markets Opportunities in Japanese real estate assets Real Estate Investment Trusts Saizen REIT (SZREIT) Galileo Japan Trust (GJT) Singapore-listed REIT which owns a portfolio of Japanese Australian-listed trust which invests into Japanese res
Slide 18: The Global Value Fund proposition
The Global Value Fund proposition GVF investment returns & volatility of selected global LICs1 20% GVF MSCI All Country World Index 15% We seek to Total return2,3 10% generate equity market like returns 5% but with a 0% Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 significantly lower 18% risk profile 1
Slide 19: 5. New dividend reinvestment plan
5. New dividend reinvestment plan 17
Slide 20: New dividend reinvestment plan (DRP)
New dividend reinvestment plan (DRP) Dividend philosophy & purpose of the DRP The Board intends to distribute investment returns to shareholders through paying fully franked dividends Shareholders who wish to reinvest their returns, and grow the The DRP underlying value of their investment, can do s
Slide 21: Capital Structure
Capital Structure Outstanding shares1 Shares outstanding (GVF): 102,591,682 Option take up A total of 29.6M options were exercised during February and March 1 As at the 31st March 2016 19
Slide 22: Global Value Fund Limited
Global Value Fund Limited Company Details Structure Listed Investment Company Incorporated Australia Service Providers Investment Manager Metage Capital Limited Registrar Boardroom Pty Limited enquires@boardroomlimited.com.au Tel no. 1300 737 760 Prime Broker/Custodian Credit Suisse Group Auditor Pi
Slide 23: Further information
statement? Further information Landline (UK): +44 20 7087 7053 Mobile (Australia): 0423 428 972 miles.staude@globalvaluefund.com.au ir@globalvaluefund.com.au www.globalvaluefund.com.au
Global Value Fund — Investor Presentation (April 2016) on 6ix