NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Emerging Opportunities Company — Q4 FY2015 Earnings Presentation
20 slides from NAOS Ex-50 Opportunities's earnings presentation, July 2015
Slide 1: Quarterly Investor Briefing 4th Quarter FY-2015
QUARTERLY INVESTOR BRIEFING 4 TH QUARTER FY-2015 NAOS Emerging Opportunities Company (ASX:NCC)
Slide 2: Call Details
CALL DETAILS 1. Date Thursday 16th July 2. Time 11.00am AEST 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to enquiries@naos.com.au prior to the allotted call time Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 2
Slide 3: Agenda
AGENDA 1. NCC Review • Why NCC? Our Value Proposition • Capital Structure • Shareholder Return Analysis (IPO Investors) • Dividend Profile • Performance & Positive Stock Attribution Analysis • Portfolio Characteristics & Risk Summary • Historical Net Equity & Cash Exposure • Industry/Sector Exposure
Slide 4: 1. NCC Review
1. NCC Review Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 4
Slide 5: Why NCC? Our Value Proposition
WHY NCC? OUR VALUE PROPOSITION 1. GENUINE EXPOSURE TO 3. FOCUS ON LONG 5. ABILITY TO HOLD +100% UNDERVALUED EMERGING TERM PERFORMANCE IN CASH COMPANIES • We maintain an Internal • Provides flexibility to be nimble • Regardless of market capitalisation Hurdle Rate of 20% p.a. over and take advantage
Slide 6: Capital Structure
CAPITAL STRUCTURE SHARES ON ISSUE OPTIONS ON ISSUE NTA Analysis* NCCOA Pre Tax - $1.08 Expiry: 1st August 2015 Pre Tax Pre Unrealised Gains Tax – $1.08 Price Exercisable: $1.13 Post Tax - $1.08 Options Remaining on Issue: 11,789,026 The above NTA calculations do not account for any potential dilutio
Slide 7: Shareholders Return Analysis (IPO Investors)
SHAREHOLDERS RETURN ANALYSIS (IPO INVESTORS) AS AT 30 TH JUNE 2015 NCC Shareprice, NCCO Option Price, Reinvested Dividends (Excluding Franking Credits) Small Ordinaries Accumulation Index (XSOAI) $140,000 $130,000 $120,000 $110,000 $110,922.55 $100,000 $90,000 $93,517.90 $80,000 Feb-13 Apr-13 Jun-13
Slide 8: Dividend Profile
DIVIDEND PROFILE AS AT 30 TH JUNE 2015 $0.04 0.0325 0.03 $0.03 0.0275 0.025 $0.03 $0.02 $0.02 $0.01 $0.01 $0.00 2nd Half 2013 1st Half 2014 2nd Half 2014 1st Half 2015 Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 8
Slide 9: Performance & Positive Stock Attribution Summary
PERFORMANCE & POSITIVE STOCK ATTRIBUTION SUMMARY AS AT 30 TH JUNE 2015 1 Month 3 Months 6 Months 1 Year 2 Year Inception Inception% (%) (%) (%) (%) (% p.a.) (% p.a.) (Nom.) NCC -4.27% -1.81% -1.10% +1.81% +15.73% +18.23% +48.20% S&P/ASX Small Ordinaries -7.77% -4.04% +2.97% +0.44% +6.59% -2.43% -5.6
Slide 10: Portfolio Characteristics & Risk Metrics Summary
PORTFOLIO CHARACTERISTICS & RISK METRICS SUMMARY AS AT 30TH JUNE 2015 Portfolio Characteristics Total Number of Equity Holdings (Long & Short) 11 Total Number of “Income” Instruments 0 Total Number of Holdings 11 Portfolio Weighted Average Market Capitalisation $85mn Percentage of Positive Months (N
Slide 11: Portfolio Structure: Historical Net Equity and Cash Weightings
PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 30 TH JUNE 2015 Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure 120% 98.58% 100% 80% 60% 40% 20% 1.42% 0% 0.00% -20% -40% Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Fe
Slide 12: Portfolio Structure: Allocation by Industry/Sector
PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR AS AT 30 TH JUNE 2015 1.42% Cash and Cash Equivalents 1.84% Materials 2.52% Retailing 5.70% Real Estate 10.84% Consumer Services 13.84% Telecommunications 14.10% Transport 15.25% Commercial Services 15.44% Diversified Financials 19.05% Media 0% 10% 2
Slide 13: Company Meetings
COMPANY MEETINGS 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 and unlisted companie
Slide 14: 2. Market Outlook/Commentary
2. Market Outlook/ Commentary Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 14
Slide 15: Market Outlook/Commentary: Australian Equity Market Review
MARKET OUTLOOK/COMMENTARY Australian Equity • We have seen a dramatic pull back in the Australian Equity Market over the past quarter, the majority of Market Review which has been felt over the past 4 weeks. The ASX Small Ordinaries Accumulation Index fell by more than -7.7% for the month of June al
Slide 16: Market Outlook/Commentary: Global Macro Review
MARKET OUTLOOK/COMMENTARY Global Macro Review • Despite ‘Grexit’ and the recent sell off in China, we have not seen a ‘flight to safety’ by investors. The Cont. traditional ‘safe haven’ of gold fell along with other metals and the Yen and Swiss franc both proved failed to rally as would traditionall
Slide 17: Market Outlook/Commentary: Global Macro Review Cont.
MARKET OUTLOOK/COMMENTARY Global Macro Review • The trend for positive economic data continues to come from the US. As the economy approached full Cont. employment officials believe wage growth will start improving and inflation could accelerate towards the Central Bank’s target of 2 per cent, there
Slide 18: 3. Keeping Up to Date
3. Keeping Up to Date Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 18
Slide 19: Keeping Up to Date – Shareholder Communication
KEEPING UP TO DATE – SHAREHOLDER COMMUNICATION WEBSITE • The News and Media section of our website is updated regularly. The most recent information to be added to the site includes: 1. LiveWire Markets Buy/Hold/Sell – where NAOS PM, Ben Rundle, shares his views on four ‘market darlings’ that have e
Slide 20: Disclaimer
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 presentation doesn’t pu
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