Katana Capital Ltd. · ASX:KAT
Katana Capital — Shareholder Meeting (November 2021)
19 slides from Katana Capital's shareholder meeting presentation, Nov 12, 2021
Slide 1: Katana Capital Limited AGM Presentation November 2021
For personal use only Katana Capital Limited ASX CODE KAT AGM PRESENTATION NOVEMBER 2021 www.katanaasset.com
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is provided to each recipient on the following For personal use only basis: a. this presentation has been produced by Katana Asset Management (KAM). This presentation does not purport to contain any information that the recipient may require
Slide 3: Overview
Overview For personal use only Fund Performance Katana Profile Outlook www.katanaasset.com 3
Slide 4: Fund Performance Summary
Fund Performance Summary For personal use only FY21 Performance • Gross Investment Return of 32.82% vs Benchmark (All Ords Index) 26.39% • Continued strong out-performance of 6.43% on the back of 19.72% out-performance in 2020. In Context – 16 Year Performance vs Benchmark • Outperformed the benchma
Slide 5: Annual Investment Returns
Fund Performance Annual Investment Returns For personal use only Out-Performance Since Inception Katana Gross Year Ending All Ords Index Outperformance Investment Return 2006 9.20% 6.91% 2.29% 2007 49.05% 25.36% 23.69% 2008 -6.41% -15.49% 9.08% 2009 -23.57% -25.97% 2.40% 2010 24.54% 9.55% 14.99% 201
Slide 6: Annual Investment Returns: Consistent and Strong Out-Performance
Fund Performance Annual Investment Returns For personal use only Consistent and Strong Out- Performance Since inception, Katana Capital’s Gross Investment Return has out- performed the All Ords Index by 6.88% per annum. 1. Inception date Katana Capital January 2006. Returns quoted are gross investme
Slide 7: Downside performance; Critical as returns
Fund Performance Downside performance; Critical as returns Significant Out-Performance since inception For personal use only Strong performance in sharp drawdowns Since inception, the fund has provided resiliency The fund has recovered markedly quicker in deep for investors, particularly in down mon
Slide 8: Dividends
Fund Performance Dividends For personal use only Dividend History • Paid dividends every year since listing • Quarterly dividends provide regular cash flow to yield conscious investors • Dividend Reinvestment Plan - company purchases shares on market so no dilution Future Dividends • Katana Capital
Slide 9: Investment Staff
Katana Profile Investment Staff For personal use only Manager – Skills and Experience • 4 investment professionals • Combined direct investment experience of >80 years • Across 3 stock market cycles • Professional Qualifications - economics, business, accounting, investment analysis • Diverse Backgr
Slide 10: Philosophy
Katana Profile Philosophy For personal use only Think independently but act in unison with the market, by combining the best precepts of the 5 key investment disciplines: 1. Value Investing 2. Fundamental Analysis 3. Growth Investing 4. Technical Analysis 5. Market Experience and Observation • Overr
Slide 11: Fund Parameters
Katana Profile Fund Parameters For personal use only Portfolio Overview Portfolio Parameters • Long only • 50-60 individual stock positions • Average position size 1%–5%, with a pre- • ASX listed securities disposition towards holding a greater • Benchmark ‘Unaware’ – i.e. flexibility to maximise re
Slide 12: Lower Risk Characteristics
Katana Profile Lower Risk Characteristics For personal use only No Gearing No debt No Derivatives No options, warrants, futures contracts or other derivatives Highly diverse Portfolio 55-65 stocks, rarely exceeding a maximum weighting of 3% per stock High cash weighting 15-35% through the cycle High
Slide 13: Rigorous Investment Profile
Katana Profile Rigorous Investment Profile Every investment submission must cover off on set criteria in 4 categories across 11 topics. For personal use only The total universe of assessable criteria is now in excess of 160 individual attributes. Total rating Comparison based on 160+ against differe
Slide 14: Typical portfolio – All-Opportunity
Katana Profile Typical portfolio – “All-Opportunity” Historical Characteristics: For personal use only ~ 5 of the top 10 portfolio holdings in ASX50 Top 10 Investments (KAT) Percentage of Portfolio Valuation as at 31/10/2021 2-3 of the top 10 portfolio holdings in ASX100 2-3 of the top 10 portfolio
Slide 15: Outlook: Re-Cap February 2021
Outlook Re-Cap February 2021 Rotation For personal use only • “Clearly the dominant theme was the dramatic increase in the yield on US 10-year Treasuries from 107 to 143 basis points.” • “Whilst it is still too early to definitively call it, the current rotation from high PER, long duration assets t
Slide 16: Outlook: Re-Cap June 2021
Outlook Re-Cap June 2021 Inflation Clearly on the Rise For personal use only • Headline rate @ 13 year high • Core inflation @ 40 year high based on April/May data So…Why Are Bond Yields Dropping? 1. Extreme market positioning / ie oversold 2. Relative value of US/Aust. Bonds 3. Lower US Treasury is
Slide 17: Outlook: Current Views 2H 2021
Outlook Current Views 2H 2021 Positives Uncertainties For personal use only Liquidity • Central bank stimulus • Central bank tapering • Confidence returning (velocity) • Complacency / lacking • Bond market catalysts • Record Cash (US$17trn) Necessity • Relative • Inflation • Absolute (versus cash) E
Slide 18: Outlook: Current Views 2H 2021
Outlook Current Views 2H 2021 For personal use only Expect Bond Yields to Rise (SUBJECT to Covid-19 Variants) Long duration Value Expect Increased Volatility Passive Active Best (Structural Growth) Thematic: Electrification / Decarbonisation Coal EV Tech. (Global) Oil EV Metals (Aust
Slide 19: Contact
For personal use only If you would like more information Please email enquiries@katanaasset.com Thankyou www.katanaasset.com