Fat Prophets Global Contrarian Fund Ltd. · ASX:FPC
Fat Prophets Global Contrarian Fund — Shareholder Meeting (November 2022)
29 slides from Fat Prophets Global Contrarian Fund's shareholder meeting presentation, Nov 24, 2022
Slide 1: Fat Prophets Global Contrarian Fund Ltd
For personal use only hl fatPROPHETS GLOBAL CONTRARIAN FUND LTD ya ‘aS A 1 |
Slide 2: FPC Annual General Meeting & Shareholder Information Session
FPC Annual General Meeting & Shareholder Information Session For personal use only MR MICHAEL GALLAGHER – CHAIRMAN • Introductory remarks • AGM Open • Formal business • Resolutions • AGM Close • Shareholder information session – Mr Angus Geddes 2
Slide 3: Board of FPC
Board Of FPC INDEPENDENT CHAIRMAN INDEPENDENT DIRECTOR For personal use only Michael Gallagher Katrina Vanstone Mr Michael Gallagher was Katrina has worked in financial appointed Chairman of the markets for 30 years, both in Board in November 2016. Australia and offshore, including Michael has over
Slide 4: Resolution 1: Adoption of Remuneration Report
Resolution 1: Adoption of Remuneration Report for the Year Ended 30 June, 2022 For personal use only To Consider and, if thought fit, pass the following advisory resolution: That the Remuneration Report for the year ended 30 June, 2022 (as set out in the Directors’ Report) be adopted. Resolution For
Slide 5: Resolution 2: Re-election of Director – Ms Katrina Vanstone
Resolution 2: Re-election of Director – Ms Katrina Vanstone For personal use only To consider and, if thought fit, pass the following as an ordinary resolution: That Ms Katrina Vanstone retires by rotation in accordance with ASX Listing Rule 14.5 and, being eligible for re-election, be re-elected as
Slide 6: Resolution 3: Off Market Equal Access Buy-Back
Resolution 3: Off Market Equal Access Buy-Back For personal use only To consider and, if thought fit, pass the following as an ordinary resolution: That in accordance with section 257C(1) of the Corporations Act 2001 (Cth) (the Act) and for all other purposes, the Shareholder approve the off market
Slide 7: Resolution 4: Amendment to Constitution
Resolution 4: Amendment to Constitution For personal use only To consider and, if thought fit, pass the following resolution as a special resolution: That for the purposes of section 136(2) of the Corporations Act and for all other purposes, the Constitution of the Company be amended in the manner s
Slide 8: Resolution 5: Spill resolution
Resolution 5: Spill resolution For personal use only If required, to consider and, if thought fit, to pass the following resolution as an ordinary resolution: Subject to and conditional on at least 25% of the votes cast on Resolution 1, being cast against the adoption of the company’s remuneration r
Slide 9: Poll Vote for Resolution 1-4 being counted
Poll Vote for Resolution 1-4 being counted For personal use only 9
Slide 10: AGM Closed
For personal use only AGM CLOSED 10
Slide 11: Manager Report
Manager Report For personal use only Shareholder Information Session Chief Investment Officer Angus Geddes Fat Prophets 11
Slide 12: 2022 was a challenging year
2022 was a challenging year For personal use only • It has been a demanding year, and FPC has had a down year in terms of NTA which has been disappointing. But needs to be held in context. ▪ Bond and equity markets had the most volatile year in decades ▪ FPC decline from peak to trough in terms of s
Slide 13: FPC Performance in FY 2022
FPC Performance in FY 2022 For personal use only 13
Slide 14: Playbook for 2023
Playbook for 2023 For personal use only 2023 ideas US bond yields will come Downward earnings VIX index down revisions 2024 will be the year of Inflation will surprise to the US dollar peaking opportunity downside Opportunities in gold and Opportunities in energy India’s economy the “next commoditie
Slide 15: US 10-year government bond yield hit the highest level since 2007
US 10-year government bond yield hit the highest level since 2007 For personal use only 15
Slide 16: Downward earnings revisions to come through early 2023
Downward earnings revisions to come through early 2023 For personal use only 16
Slide 17: Volatility never got above during 2022
Volatility never got above 40 during 2022 For personal use only 17
Slide 18: 2024 should be a year of opportunity
2024 should be a year of opportunity For personal use only 18
Slide 19: Inflation set to fall rapidly
Inflation set to fall rapidly Markets not expecting this outcome For personal use only M2 Money supply growth % vs CPI: 19 Source: Bloomberg
Slide 20: Bonds to outperform as inflation surprises to the downside
Bonds to outperform as inflation surprises to the downside For personal use only 20 Source: Bloomberg
Slide 21: Peak dollar?
Peak dollar? The top might be in for greenback For personal use only 21
Slide 22: Opportunities in gold and commodities
Opportunities in gold and commodities For personal use only 22
Slide 23: Opportunities in gold and commodities
Opportunities in gold and commodities For personal use only 23 Source: Morgan Stanley
Slide 24: Opportunities in energy
Opportunities in energy For personal use only 24 Source: Morgan Stanley, The Madison Project, World Bank
Slide 25: Opportunities in energy
Opportunities in energy For personal use only 25 Source: Morgan Stanley, BP Statistical Review
Slide 26: India will fill the void of lower structural growth in China
India will fill the void of lower structural growth in China For personal use only 26 Source: Morgan Stanley
Slide 27: Top Holdings in FPC - 2022
Top 10 Holdings in FPC - 2022 For personal use only 27
Slide 28: Contact Details
Contact Details For personal use only Fat Prophets Funds Management Fat Prophets Funds Management Investment manager Portfolio Manager Angus Geddes Simon Wheatley CIO Simon.Wheatley@fatprophets.com.au Angus.Geddes@fatprophets.com.au Fat Prophets Global Contrarian Fund Company Michael Gallagher Chair
Slide 29: Disclaimer
Disclaimer For personal use only This presentation has been prepared by Fat Prophets Global Contrarian Fund Limited (FPC). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in tha
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