Bentley Capital Ltd. · ASX:BEL
Bentley Capital — Shareholder Meeting (November 2017)
11 slides from Bentley Capital's shareholder meeting presentation, Nov 30, 2017
Slide 1: CBG Fund Investment Manager's Presentation at Annual General Meeting
Thursday, 30 November 2017 MARKET ANNOUNCEMENT For personal use only CBG Fund Investment Manager’s Presentation at Annual General Meeting The Company encloses a copy of a presentation to be delivered by Mr Ronni Chalmers of CBG Asset Management Limited, Investment Manager of the CBG Australian Equit
Slide 2: CBG Asset Management
For personal use only CBG Asset Management Presentation Bentley Capital AGM November 2017 Presentation by: Ronni Chalmers AFSL 246790 ABN 12 098 327 809 rchalmers@cbgam.com.au CBG Asset Management • Recently merged with ASX listed Fund Manager Clime (CIW) • Same investment philosophy/strategy since
Slide 3: Our Philosophy
Our Philosophy CBG believes that attractive long term investment returns can be achieved through a disciplined investment process, using bottom‐up fundamental analysis and with a focus on high quality companies. For personal use only We undertake a detailed investigative process and seek to understa
Slide 4: Investment process and risk management
When a stock is considered for investment, a detailed report is prepared including the analyst’s financial forecasts, price target and investment recommendation. Integral to this process is meetings with senior management of the subject company. Investment recommendations are presented to and discus
Slide 5: Janus Henderson - JHG
Janus Henderson ‐ JHG • JHG is a globally diversified fund manager with US$320bn in AUM. For personal use only • Merger to deliver at least US$110m in cost synergies, equivalent to 20% of group PBT. • Management track record on delivery with Gartmore and New Star acquisitions. • Inflows coming off c
Slide 6: Janus Henderson (JHG)
Janus Henderson (JHG) • Held since 2009. A market correction in early 2016 impacted price. This was compounded by Brexit, which caused both a For personal use only devaluation in the GBP and reduced flows to UK and European equities. • Thesis unchanged, focus now on merger. Stock has recovered from
Slide 7: Macquarie Atlas - MQA
Macquarie Atlas ‐ MQA Restructuring story with benefits from refinancing tailwinds • Global toll road owner. Key assets in the portfolio include a 20% stake in APRR, a 2,000km toll road network in France and 100% stake in the Dulles Greenway, a toll road in Virginia USA. For personal use only • We b
Slide 8: Lend Lease - LLC
Lend Lease – LLC Strong cash generation forecast • LLC is a leading development, construction and investment management business, operating in 9 countries. For personal use only • Positively leveraged to global economic activity. • Strong operational track record – 14% ROE, last major construction l
Slide 9: Lend Lease (LLC)
Lend Lease (LLC) • Held since January 2012. • Well managed company, with established presence in Australia, For personal use only UK, US and Asia. • Stock was sold off in 2HCY2015 on concerns around apartment supply. • Thesis that LLC has invested ahead of the cycle, pre‐sold revenue for work in pro
Slide 10: Top Holdings and Current Investment Thoughts
Top 10 Holdings Name CBG Weight For personal use only CBA COMMONWEALTH BANK OF AUSTRALIA 10.5% BHP BHP BILLITON 6.5% CSL CSL 6.3% NAB NATIONAL AUSTRALIAN BANK 5.0% WBC WESTPAC BANKING CORP 4.4% BLD BORAL 4.3% LNK LINK ADMINISTRATION 4.3% JFG JANUS HENSERSON 4.3% SDA SPEEDCAST 3.6% RIO RIO TINTO 3.2%
Slide 11: Disclaimer
Disclaimer For personal use only Past performance is no guarantee of future performance. Performance shown is net of fees, but before taxes. The content of this fact sheet has been prepared without taking into account any individual’s objectives, financial situation or needs. Because of that, before
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