Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Global Value Fund — Investor Presentation (May 2018)
22 slides from Staude Capital Global Value Fund's investor presentation, May 28, 2018
Slide 1: Global Value Fund
For personal use only www.globalvaluefund.com.au
Slide 2: Disclaimer
Disclaimer This presentation is made on behalf of the Global Value Fund. The information contained in this presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Global Value Fund Limited (GVF) or any of its directors, officers, employees, agents, rep
Slide 3: Agenda
Agenda For personal use only 1. Introduction 2. The Global Value Fund Update 3. Case Study 3
Slide 4: The Global Value Fund at a glance
The Global Value Fund at a glance ASX code: GVF For personal use only Objective 12.0% IPO Price: $1.00 To generate equity market Share Price: $1.0651 like returns when measured No. Shrs: 147M over time, but to do so with Annualised adjusted NTA significantly less risk than a Mkt Cap: $157M return si
Slide 5: The second page stories
The second page stories For personal use only Global growth has stopped Should we be worried by accelerating rising interest rates Unclear how markets have priced in these issues 5
Slide 6: 2. The Global Value Fund
For personal use only 2. The Global Value Fund (ASX: GVF) 6
Slide 7: The Global Value Fund
The Global Value Fund For personal use only A focus on listed securities which Our core discount are undervalued relative to a defined and observable asset value capture strategy • A discount to “break-up” value We operate on a targets returns global stage; investing around comparable with global Cl
Slide 8: Investment Portfolio
Investment Portfolio1,2 For personal use only Underlying Asset Classes Underlying Currency Exposures Listed Listed Debt EUR 17% Equity Instruments 22% 25% USD 38% Listed Private Equity AUD 27% Cash 10% 23% Listed Hedge Other Funds Other 18% 5% 15% Diversification across asset classes lowers portfoli
Slide 9: Gross investment returns since IPO
Gross investment returns1 since IPO Attributed by market2, currency3 and excess returns4 For personal use only 75% Market Currency Excess Return 65% 55% 45% 35% 25% 15% 5% -5% Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 1 Gross inve
Slide 10: Net investment returns since IPO
Net investment returns1 since IPO NTA returns are after all fees and expenses For personal use only 1.55 1.50 Adjusted NTA Returns¹ 1.45 Reference Index Returns² Share Price³ 1.40 1.35 1.30 1.25 1.20 1.15 1.10 1.05 1.00 0.95 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 1
Slide 11: GVF dividend & option price history
GVF dividend & option price history Declared dividends, franking credits and option VWAP1 since IPO2 For personal use only 4.5 4.0 Current Board 3.5 guidance3 is for FY2018 dividends of 3.0 6.3 cents per share, 2.5 50% franked 1 The Volume Weighted Average 2.0 Price of the GVF Options (GVFO) traded
Slide 12: Focus on Risk Management
Focus on Risk Management Monthly drawdowns1 For personal use only MSCI AC A$2 down months since GVF3 IPO 1% -1% Mar 18 Apr 15 Oct 16 Feb 18 Jul 17 Sep 16 -2% Feb 16 Dec 17 Nov 15 Jan 17 Sep 15 -3% Dec 15 MSCI AC A$ GVF Jun 17 Jun 15 Jan 16 -4% Jun 16 -5% Aug 15 1 Data source Bloomberg LP and Staude
Slide 13: Focus on Risk Management
Focus on Risk Management Gross return by investment1 since IPO, A$ millions For personal use only $3.8 $3.6 $3.4 $3.2 $3.0 $2.8 $2.6 $2.4 $2.2 $2.0 $1.8 $1.6 $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0 -$0.2 -$0.4 -$0.6 -$0.8 1 Gross return by investment shows the gross A$ PnL of every investment the fu
Slide 14: 3. Case study
For personal use only 3. Case study 14
Slide 15: Case Study: Pershing Square Holdings
Case Study: Pershing Square Holdings Corporate Activism: Deeply discounted investment into an activist portfolio For personal use only Description Investment Rationale Pershing Square Holdings Limited (PSH): Euronext and Despite the recent efforts by the Board, there is considerable London listed cl
Slide 16: Global Value Fund Limited Company Details
Global Value Fund Limited For personal use only Company Details Structure Listed Investment Company Incorporated Australia Service Providers Investment Manager Mirabella Financial Services Portfolio Manager Miles Staude Staude Capital Limited1 Head of Corporate Affairs Emma Davidson Registrar Boardr
Slide 17: 7. Appendices
For personal use only 7. Appendices 17
Slide 18: Mirabella Financial Services
Mirabella Financial Services Best-in-class compliance and regulatory solution For personal use only ▪ One of the largest regulatory hosts in Europe with assets under management of over US$10Bn. ▪ Mirabella is wholly independent. There are no commercial Dedicated links to the performance of its hoste
Slide 19: Organisational Chart
For personal use only Organisational Chart Mirabella Financial Services Regulatory Host Miles Staude Emma Davidson Portfolio Manager & Director Investor Relations & Director Robert Fairbairn Emma Beall James Dow Middle Office & Support Investment Managers 19 Please refer to Appendix 1 and 2 for Orga
Slide 20: Biographies
Biographies For personal use only Miles Staude – Portfolio Manager & Director Miles has over seventeen years of experience in trading, investment management and research, covering a wide range of financial markets. He is the Portfolio Manager of the Global Value Fund and serves as a Director on the
Slide 21: Biographies
Biographies For personal use only Rob Fairbairn – Investment Manager Under Mirabella’s regulatory license, Robert is a member of the GVF portfolio management team. Prior to joining Staude Capital, he performed a variety of roles over a period of eight years at Metage Capital, including trading, rese
Slide 22: For personal use only
For personal use only statement? Landline (UK): +44 20 3874 2243 Mobile (Australia): 0423 428 972 miles.staude@globalvaluefund.com.au emma.davidson@globalvaluefund.com.au ir@globalvaluefund.com.au www.globalvaluefund.com.au