Ai Private Opportunities Trust · ASX:AIX
Ai Private Opportunities Trust — Pengana International Equities — FY2022 Earnings Presentation
21 slides from Ai Private Opportunities Trust's earnings presentation, August 2022
Slide 1: Pengana International Equities Limited 30 June 2022 Investor Presentation
PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) 30 June 2022 Investor Presentation Zenith Independent Investment Research Recommended Recommended
Slide 2: Important Information & Disclosures
IMPORTANT INFORMATION & DISCLOSURES This report has been prepared by Pengana Investment Management Ltd (ABN 69 063 081 612, Australian Financial Services Licence No. 219462) (“Pengana”). This report does not contain any investment recommendation or investment advice and has been prepared without tak
Slide 3: Agenda
PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the year ending 30 June 2022 The Strategy III Portfolio update IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 3
Slide 4: Corporate Overview
CORPORATE OVERVIEW RESPONSIBLE INVESTING – CAPITAL GROWTH – RELIABLE INCOME PIA’s objective is to provide shareholders with: • capital growth from investing in an ethically screened and actively managed portfolio of international businesses, and • regular, reliable and fully franked dividends, paid
Slide 5: Responsible Investing: The Largest International Ethical LIC on the ASX
RESPONSIBLE INVESTING: THE LARGEST INTERNATIONAL ETHICAL LIC ON THE ASX ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) ISSUES CAN CONTRIBUTE PROFOUNDLY TO THE SUCCESS OR FAILURE OF OUR INVESTMENTS Ethical Screens Pre trade application of Pengana’s Ethical Screens Adult content, alcohol, animal crue
Slide 6: Agenda
PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the year ending 30 June 2022 The Strategy III Portfolio update IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 6
Slide 7: Financial Highlights for the Year Ending June 2022
FINANCIAL HIGHLIGHTS FOR THE YEAR ENDING 30 JUNE 2022 Final quarter dividend 1.35 cps to be paid on 15 September 2022, fully franked at 25% tax rate Annual dividend 5.4 cps paid quarterly, yield of 4.9% or 6.5% grossed up for franking1 Net loss after tax $61 million Profit reserves $164 million or o
Slide 8: Sustainable Fully Franked Dividends
SUSTAINABLE FULLY FRANKED DIVIDENDS PIA’s objective is to provide shareholders with capital growth from investing in an ethically screened and actively managed portfolio of global businesses, in addition to providing shareholders with regular, reliable and fully franked dividends FULLY FRANKED DIVID
Slide 9: Dividend Yield
DIVIDEND YIELD Quarterly Fully Franked Dividends The current profit reserves & franking balance are able to sustain fully franked quarterly dividends through to FY2024 Based on $1.10 share price at 18 August 2022 and a 25% company tax rate PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 9
Slide 10: NTA and Share Price Movements Over 5 Years to 12 August 2022
NTA AND SHARE PRICE MOVEMENTS OVER 5 YEARS TO 12 AUGUST 2022 Pre Tax NTA Share Price $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 Jul 17 Jan 18 Jul 18 Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Jul 21 Jan 22 Jul 22 As at 30 June 2022. Source: Bloomberg and Pengana Capital. Performance figures
Slide 11: Agenda
PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the year ending 30 June 2022 The Strategy III Portfolio update IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 11
Slide 12: Top Holdings
TOP HOLDINGS AS AT 30 JUNE 2022 Alphabet Inc United States Communication Services Vertex Pharmaceuticals Inc United States Health Care First Republic Bank United States Financials Deere & Co United States Industrials UnitedHealth Group Inc United States Health Care Schneider Electric France Industri
Slide 13: Portfolio Positioning
PORTFOLIO POSITIONING EXPOSURES AS AT 30 JUNE 2022 GEOGRAPHIC EXPOSURE SECTOR EXPOSURE Under/Over Under/Over Cash Cash Utilities Western Europe Real Estate Africa / Middle East Materials Information Technology Eastern Europe Industrials Asia Pacific Health Care Financials Central Asia Energy South &
Slide 14: Quality & Growth Investment Philosophy
QUALITY & GROWTH INVESTMENT PHILOSOPHY WE BUILD DIVERSIFIED PORTFOLIOS OF HIGH-QUALITY, GROWING COMPANIES. More Profitable Lower Risk Faster Growth Profit Margin Return on Assets Return on Equity Std. Dev. of ROE Debt/Equity Sales Growth Earnings Growth Cash Flow Growth 67.6 22.0 20.5 20.5 19.7 18.3
Slide 15: What's On Our Mind?
WHAT’S ON OUR MIND? Rising costs amid strong secular growth dynamics 1 Continued COVID indigestion Supply chains disrupted Rising labour & energy costs: one-time or new normal? 2 Strength in innovation Digital transformation not slowing down Golden age of healthcare innovation 3 Continued focus on C
Slide 16: Agenda
PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) AGENDA I Corporate overview II Highlights for the year ending 30 June 2022 The Strategy III Portfolio update IV Harding Loevner overview PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) | PAGE 16
Slide 17: Investment Hypothesis
INVESTMENT HYPOTHESIS Investing in high quality, growing businesses at reasonable prices leads to long term superior risk adjusted returns. This “QUALITY GROWTH” Investment philosophy has been the foundation of our strategies since the firm was founded. PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: P
Slide 18: Investment Process
INVESTMENT PROCESS Analysts search the world for companies that meet high quality and sustainable growth criteria, conduct fundamental research, then value and rate their stocks to make them available to PMs for investment. ESG issues are considered in each step of the process. Collaborative, Highly
Slide 19: Investment Strategy
INVESTMENT STRATEGY DECISION MAKING PRODUCING A DISTINCTIVE PATTERN OF PERFORMANCE 5-Year Annualised Rolling Returns (Net, AUD)1 25 The Harding Loevner Global Equity HL Global Equity Returns (net AUD %) 20 strategy invests worldwide in high- Outperform quality, growing companies. 15 The Global Equit
Slide 20: Harding Loevner Global Equity Performance
HARDING LOEVNER GLOBAL EQUITY PERFORMANCE Growth of $100,000 invested since inception1 (net, AUD) as at June 30, 2022 $2,000,000 $1,750,000 $1,500,000 $1,250,000 $1.32 million $1,000,000 $0.94 million $750,000 $500,000 $250,000 $0 Dec-89 Dec-92 Dec-95 Dec-98 Dec-01 Dec-04 Dec-07 Dec-10 Dec-13 Dec-16
Slide 21: For More Information
PENGANA INTERNATIONAL EQUITIES LIMITED (ASX: PIA) FOR MORE PENGANA CAPITAL LIMITED ABN 30 103 800 568 CLIENT SERVICE T: +61 2 8524 9900 INFORMATION AFSL 226566 E: clientservice@pengana.com pengana.com/pia Levels 1, 2 & 3, 60 Martin Place, Sydney, NSW 2000 T: +61 2 8524 9900 F: +61 2 8524 9901 PENGAN
Pengana International Equities — FY2022 Earnings Presentation on 6ix