Katana Capital Ltd. · ASX:KAT
Katana Capital — Shareholder Meeting (November 2022)
17 slides from Katana Capital's shareholder meeting presentation, Nov 17, 2022
Slide 1: Katana Capital Limited AGM Presentation November 2022
For personal use only Katana Capital Limited ASX CODE KAT AGM PRESENTATION NOVEMBER 2022 www.katanaasset.com
Slide 2: Disclaimer
Disclaimer For personal use only The information contained in this presentation is provided to each recipient on the following basis: a. this presentation has been produced by Katana Asset Management (KAM). This presentation does not purport to contain any information that the recipient may require
Slide 3: Overview
Overview For personal use only Fund Performance Katana Profile Outlook www.katanaasset.com 3
Slide 4: Fund Performance Summary
Fund Performance Summary For personal use only FY22 Performance • Gross Investment Return of 1.13% vs Benchmark (All Ords Index) -11.06% • Continued strong out-performance of 12.19% on the back of 6.43% out-performance in 2021 In Context – 16 Year Performance vs Benchmark • Outperformed the benchmar
Slide 5: Annual Investment Returns
Fund Performance Annual Investment Returns For personal use only Out-Performance Since Inception Katana Gross Year Ending All Ords Index Outperformance Investment Return 2006 9.20% 6.91% 2.29% 2007 49.05% 25.36% 23.69% 2008 -6.41% -15.49% 9.08% 2009 -23.57% -25.97% 2.40% 2010 24.54% 9.55% 14.99% 201
Slide 6: Consistent and Strong Out-Performance
Fund Performance Annual Investment Returns For personal use only Consistent and Strong Out- Performance Since inception, Katana Capital’s Gross Investment Return has out- performed the All Ords Index by 7.19% per annum. 1. Inception date Katana Capital January 2006. Returns quoted are gross investme
Slide 7: Downside performance; Critical as returns
Fund Performance Downside performance; Critical as returns For personal use only Significant Out-Performance since inception Strong performance in sharp drawdowns Since inception, the fund has provided resiliency The fund has recovered markedly quicker in deep for investors, particularly in down mon
Slide 8: Dividends
Fund Performance Dividends For personal use only Dividend History • Paid dividends every year since listing • Quarterly dividends provide regular cash flow to yield conscious investors • Dividend Reinvestment Plan - company purchases shares on market so no dilution Future Dividends • Katana Capital
Slide 9: Investment Staff
Katana Profile Investment Staff For personal use only Manager – Skills and Experience • 4 investment professionals • Combined direct investment experience of >85 years • Across 3 stock market cycles • Professional Qualifications - economics, business, accounting, investment analysis • Diverse Backgr
Slide 10: Philosophy
Katana Profile Philosophy For personal use only Think independently but act in unison with the market, by combining the best precepts of the 5 key investment disciplines: 1. Value Investing 2. Fundamental Analysis 3. Growth Investing 4. Technical Analysis 5. Market Experience and Observation • Overr
Slide 11: Fund Parameters
Katana Profile Fund Parameters For personal use only Portfolio Overview Portfolio Parameters • Long only • 55-65 individual stock positions • Average position size 1%–5%, with a pre- • ASX listed securities disposition towards holding a greater • Benchmark ‘Unaware’ – i.e. flexibility to maximise re
Slide 12: Lower Risk Characteristics
Katana Profile Lower Risk Characteristics For personal use only No Gearing No debt No Derivatives No options, warrants, futures contracts or other derivatives Highly diverse Portfolio 55-65 stocks, rarely exceeding a maximum weighting of 3% per stock High cash weighting 15-35% through the cycle High
Slide 13: Rigorous Investment Profile
Katana Profile Rigorous Investment Profile For personal use only Every investment submission must cover off on set criteria in 4 categories across 11 topics. The total universe of assessable criteria is now in excess of 160 individual attributes. Total rating Comparison based on 160+ against differe
Slide 14: Typical portfolio – All-Opportunity
Katana Profile Typical portfolio – “All- “All-Opportunity” For personal use only Historical Characteristics: ~ 5 of the top 10 portfolio holdings in ASX50 Top 10 Investments (KAT) Percentage of Portfolio Valuation as at 31/10/2022 2-3 of the top 10 portfolio holdings in ASX100 2-3 of the top 10 port
Slide 15: Outlook: Recap – Most of the Positive Drivers Have Reversed
Outlook Recap – Most of the Positive Drivers Have Reversed For personal use only Positives Uncertainties Liquidity • Central bank stimulus • Central bank tapering • Confidence returning (velocity) • Complacency / lacking • Bond market catalysts • Record Cash (US$17trn) Necessity • Relative • Inflati
Slide 16: Outlook: Current Views November 2022
Outlook Current Views November 2022 For personal use only Positives Negatives Liquidity shrinking to • Near record cash (US$18trn) albeit • Restrictive Monetary Policy - Don’t Fight the Fed fight Inflation peaked May • Central bank tapering (QT) • Bond market outflows to reverse • Deleveraging – con
Slide 17: Contact / Thank you
For personal use only If you would like more information Please email enquiries@katanaasset.com Thankyou www.katanaasset.com