NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Absolute Opportunities Company — Q2 FY2017 Earnings Presentation
24 slides from NAOS Ex-50 Opportunities's earnings presentation, Feb 2, 2017
Slide 1: Quarterly Investor Briefing Quarter 2 FY-2017
For personal use only QUARTERLY INVESTOR BRIEFING QUARTER 2 FY-2017 NAOS Absolute Opportunities Company (ASX: NAC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 2 February 2017 2. Time 11.00am AEDT 3. Telephone Within Australia: 1800 857 029 Outside Australia: +61 3 8687 0635 New Zealand: 0800 449 288 4. Guest Access Code 1084 2873# 5. Questions Please email all questions to enquiries@naos.com.au prior to
Slide 3: Agenda
AGENDA For personal use only 1. NAC Q2 FY17 REVIEW • Performance & Risk Summary • Stock Contribution (Since Inception) • Return Profile, Positive v Negative Return Months • Capital Analysis: Addressing the Discount • Dividend Profile • Director/Shareholder Alignment • Historical Net Equity & Cash Ex
Slide 4: 1. NAC Review
For personal use only 1. NAC Review Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 4
Slide 5: NAC: Performance & Portfolio Characteristics Summary
NAC: PERFORMANCE & PORTFOLIO CHARACTERISTICS SUMMARY AS AT 31 DECEMBER 2016 For personal use only 1 Month 3 Month 6 Month 1 Year Inception (p.a.) Inception (Nom.) NAC Investment Portfolio -1.98% -2.82% +10.01% +22.73% +23.29% +56.37% Performance* Benchmark (RBA Cash Rate + 250bps) +0.36% +1.07% +2.2
Slide 6: NAC: Positive Stock Attribution Summary Since Inception
NAC: POSITIVE STOCK ATTRIBUTION SUMMARY SINCE INCEPTION AS AT 31 DECEMBER 2016 For personal use only Positive Stock Contribution Analysis (Contribution is what has attributed to NAC’s performance since Inception of 12 November 2014) Below is a table listing the top positive contributors to NAC’s tot
Slide 7: NAC: Return Profile, Positive v Negative Months
NAC: RETURN PROFILE, POSITIVE V NEGATIVE MONTHS AS AT 31 DECEMBER 2016 For personal use only 9.00% 7.00% 5.00% 3.00% 1.00% -1.00% -3.00% Gross Return Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 7
Slide 8: NAC Capital Analysis: Addressing the Discount
NAC CAPITAL ANALYSIS: ADDRESSING THE DISCOUNT AS AT 31 DECEMBER 2016 For personal use only NTA ANALYSIS Pre Tax - $1.14 Post Tax & Pre Unrealised Gains Tax – $1.16 Post Tax - $1.12 Share Price $1.15 Share Price (Discount)/Premium to NTA (undiluted, pre tax) 0.88% Fully Franked Dividend Yield 4.13% G
Slide 9: NAC: Historical Fully Franked Dividend Profile
NAC: HISTORICAL FULLY FRANKED DIVIDEND PROFILE AS AT 31 DECEMBER 2016 For personal use only $0.0475 $0.0500 $0.0400 $0.0300 $0.0200 $0.0200 $0.0100 $0.0000 FY-2015 FY-2016 Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 9
Slide 10: NAC: Directors Increasing Alignment with Shareholders Since IPO
NAC: DIRECTORS INCREASING ALIGNMENT WITH SHAREHOLDERS SINCE IPO AS AT 31 JANUARY 2017 For personal use only 4,890,775 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,185,108 1,500,000 500,000 1,000,000 200,000 475,168 137,958 500,000 0 David Rickards Warwick Evans Sebastian E
Slide 11: NAC: Portfolio Structure Historical Net Equity and Cash Weightings
NAC: PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 31 DECEMBER 2016 For personal use only Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure Income Instruments 120% 100% 84.59% 80% 60% 40% 20% 15.41% 0% 0.00% -9.99% -20% -40% -60% Absolute Long Term Investi
Slide 12: NAC: Portfolio Structure
NAC: PORTFOLIO STRUCTURE AS AT 31 DECEMBER 2016 For personal use only Net Industry Exposure Geographical Equity Exposure Financials 24.97% Commercial 93.53% 16.20% Australia Services Telecommuni 83.54% 14.96% cations Media 8.22% Pharmaceuti 4.96% cals Insurance 4.31% 0.00% Consumer 3.78% Europe Disc
Slide 13: NAC: Company Meetings
NAC: 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. The NAOS’ Investment Team has direct contact with ma
Slide 14: 2. Market Outlook
For personal use only 2. Market Outlook Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 14
Slide 15: Market Outlook: Focus for 3Q FY2017
MARKET OUTLOOK: FOCUS FOR 3Q FY2017 For personal use only Domestic Focus ASX-300 Fundamentals • 1HFY17 Reporting Season Expectations FY17 P/E – 17.60 Times • Rotation From Growth to Cyclicals • Resource Stocks Valuations vs. Commodity Prices FY17 EPS Growth – 8.60% • Retail Sector Downgrades FY17 Re
Slide 16: Market Outlook: ASX-300 Relative Industry Performance
MARKET OUTLOOK: ASX-300 RELATIVE INDUSTRY PERFORMANCE For personal use only Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 16
Slide 17: Market Outlook: Relative 1-Year Performance of Certain Resource Companies
MARKET OUTLOOK: RELATIVE 1-YEAR PERFORMANCE OF CERTAIN RESOURCE COMPANIES For personal use only Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 17
Slide 18: Market Outlook: Relative 1-Year Performance of Commodity Prices
MARKET OUTLOOK: RELATIVE 1-YEAR PERFORMANCE OF COMMODITY PRICES For personal use only Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 18
Slide 19: Market Outlook: NAOS Investment Philosophy
MARKET OUTLOOK: NAOS INVESTMENT PHILOSOPHY For personal use only Companies valued based on todays flat earnings profile but not tomorrows growing earnings Proven base. management Existing revenue teams with strong streams. shareholder alignment. Focus on Ability to drive Balance sheet flexibility. t
Slide 20: 3. Keeping Up To Date
For personal use only 3. Keeping Up To Date Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 20
Slide 21: NAOS Asset Management 2017 Investor Roadshows
NAOS ASSET MANAGEMENT 2017 INVESTOR ROADSHOWS For personal use only Absolute Long Term Investing | Copyright 2017 NAOS Asset Management Limited 21
Slide 22: Investor Awareness and Communications
INVESTOR AWARENESS AND COMMUNICATIONS For personal use only CEO Insights, Weekly NAOS Newsletter, subscribe via our website www.naos.com.au/#subscribeform Quarterly Shareholder Conference Calls, subscribe via our website www.naos.com.au/#subscribeform Monthly Investment Report & NTA email updates, s
Slide 23: The NAOS Team and Directors
THE NAOS TEAM AND DIRECTORS For personal use only Sebastian Evans Richard Preedy Chief Investment Officer/ Chief Financial & Operating Officer Managing Director Ben Rundle Julie Coventry Portfolio Manager Compliance Officer Sebastian Evans David Rickards Warwick Evans Director Independent Chairman D
Slide 24: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Asset Management Limited (ABN 23 107 624 126, AFSL 273529, “NAML”). The purpose of this presentation is to provide information only; any other use other than informational purposes is disclaimed. The information provided is
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