Bentley Capital Ltd. · ASX:BEL
Bentley Capital — Bentley International — Shareholder Meeting (November 2005)
12 slides from Bentley Capital's shareholder meeting presentation, Nov 24, 2005
Slide 1: Presentation to Bentley International Limited AGM
Doug Little Investment Manager Presentation to Bentley International Limited AGM CONSTELLATION CAPITAL MANAGEMENT LIMITED
Slide 2: HomeGlobal Method ASX Industry Group Imbalances
HomeGlobal Method™ ASX Industry Group Imbalances Banks Mining Real Estate Transport Domestic Teleco Services Weight Pharmaceuticals Global & Biotech Weight Oil & Gas IT Hardware 0% 5% 10% 15% 20% 25% 30% Source: FTSE Global Equity Index, Oct 2005 HomeGlobal is a registered trademark of Constellation
Slide 3: HomeGlobal Industries
HomeGlobal™ Industries balanced Banks Mining Real Estate Transport Global Telco Services Weight Pharmaceuticals HomeGlobal & Biotech - Domestic Oil & Gas HomeGlobal - IT Hardware international 0% 5% 10% 15% CONSTELLATION CAPITAL MANAGEMENT LIMITED
Slide 4: BEL Sector Weights (Oct 2005)
BEL Sector Weights (Oct 2005) SECTOR EXPOSURES (%) 31 Oct 2005 PORTFOLIO IT HARDWARE 13% PHARMA & BIOTECH 12% OIL & GAS 10% SOFTWARE & COMP SRVS 7% TELECOMMUNICATIONS 6% ELECTRICITY 6% ELECTRONIC & ELECTRIC EQUIP 5% SPECIALITY, OTHER FINANCE 4% AUTOMOBILES & PARTS 4% HEALTH 4% PERS CARE & HHOLD PROD
Slide 5: Top/Bottom Performers (Sep2004-Jun2005)
Top/Bottom Performers (Sep2004- Jun2005) Top 10 Performers Sep2004 to Jun2005 Local Return A$ Return ABERCROMBIE & FITCH General Retailers 120% 109% APPLE COM Information Technology Hardware 90% 81% TXU Electricity 78% 69% ENCANA Oil & Gas 67% 64% AETNA Health 66% 58% EDISON INTL. Electricity 56% 48
Slide 6: Performance (Sep2004-Jun2005)
Performance (Sep2004-Jun2005) Contribution to Weight Return (AUD) P'folio Return Top 10 Portfolio Contributions (Sep2004 - Jun2005) ENCANA CORP 0.8% 64% 0.53% ALTRIA GROUP 1.1% 35% 0.40% INTEL CORP 1.4% 24% 0.34% EXXON MOBIL 2.1% 15% 0.32% ROYAL DUTCH PTL 0.8% 25% 0.20% ROYAL DUTCH SHELL B 0.6% 30%
Slide 7: Sector Returns (Sep2004-Jun2005)
Sector Returns (Sep2004-Jun2005) Contribution to Weight Return (AUD) P'folio Return Aerospace & Defence 3% 9% 0.3% Automobiles & Parts 5% -8% -0.4% Chemicals 2% 7% 0.2% Diversified Industrials 1% -4% 0.0% Electricity 5% 19% 1.0% Electronic & Electrical Equipme 5% 4% 0.2% Engineering & Machinery 2% 3
Slide 8: Country Returns (Sep2004-Jun2005)
Country Returns (Sep2004-Jun2005) Contribution to Country/Region Weight Return (AUD) P'folio Return CANADA 1% 24% 0.4% UNITEDSTATES 58% 5% 2.6% EUROPE 10% 9% 1.0% GREATBRITAIN 8% 13% 1.1% SWEDEN 2% 5% 0.1% SWITZERLAND 4% 7% 0.3% HONGKONG 1% 11% 0.1% JAPAN 11% -1% -0.1% Source: FTSE, Datastream, Cons
Slide 9: Currency impact last ten years
Currency impact last ten years Date $A/$U MSCI ex MSCI ex S Australia in $US Australia in $A 30-Jun-1996 0.788 100 100 30-Jun-2001 0.511 172 265 30-Jun-2005 0.763 175 180 Return p.a. 30 Jun 1996-30 Jun 2001 9.0% 11.4% 21.5% 30 Jun 2001-30 Jun2005 -9.5% 0.4% -9.2% Source: IRESS CONSTELLATION CAPITAL
Slide 10: Currency impact since Constellation assumed investment management
Currency impact since Constellation assumed investment management AUD/USD 30-Sep-04 0.724 30-Jun-05 0.762 Currency Return -5% 30-Jun-05 0.762 22-Nov-05 0.736 Currency Return 4% Source: Constellation, Datastream CONSTELLATION CAPITAL MANAGEMENT LIMITED
Slide 11: Currency Outlook
Currency Outlook 170 0.95 160 RBA Com m odity P rices US D 0.90 $A/$US 150 0.85 140 0.80 130 0.75 120 0.70 110 0.65 100 0.60 90 0.55 80 0.50 70 0.45 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Source: Datastream CONSTELLATION CAPITAL MANAGEMENT LIMITED
Slide 12: Other Key Outlook Factors
Other Key Outlook Factors • Oil price • Economy • Profits • Strategy CONSTELLATION CAPITAL MANAGEMENT LIMITED
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