Ironbark Balanced Income Limited Registered · ASX:IBC

Ironbark Balanced Income Limited Registered — Ironbark Capital — Shareholder Meeting (November 2021)

11 slides from Ironbark Balanced Income Limited Registered's shareholder meeting presentation, Nov 11, 2021

  1. Slide 1: Annual General Meeting

    Annual General Meeting Ironbark Capital Limited 11 November 2021 For personal use only Doug Hew Investment Manager Kaplan Funds Management 1

  2. Slide 2: Ironbark Capital Portfolio

    Ironbark Capital Portfolio For personal use only ➢ Absolute Return Focus Return FY21 Volatility FY20 16.54% IBC portfolio (pre fees, including franking credits) 3.4% 6.06% Benchmark (1 year swap rate + 6% pa) 23.99% S&P ASX 100 Franking Adjusted Total Return Index 10.9% ➢ 18.5 year track record (inc

  3. Slide 3: IBC Performance

    IBC Performance For personal use only since inception to 31 October 2021 30 28.5 25 20 16.5 % return 15 10 9.0 9.6 8.5 7.7 8.0 7.3 7.3 8.4 7.7 8.1 7.8 6.7 7.5 7.2 7.1 6.8 6.1 5.6 6.3 5 2.8 1.9 0.5 0 18.5yrs %pa 10yrs %pa 9yrs %pa 7yrs %pa 6yrs %pa 5yrs %pa 4yrs %pa 3yrs %pa 2yrs %pa 1 yr %pa FYTD Oc

  4. Slide 4: IBC Portfolio performance before management fees + franking credits

    For personal use only KAPLAN FUNDS MANAGEMENT IBC Portfolio performance before management fees + franking credits (common based 5 years to 31 October 2021) 1.90 1.80 11.0%pa 1.70 1.60 8.1%pa 1.50 7.1%pa 1.40 6.1%pa 1.30 1.20 1.10 1.00 Oct-17 Oct-16 Oct-18 Oct-19 Oct-20 Oct-21 Apr-18 Apr-17 Apr-19 Ap

  5. Slide 5: IBC Portfolio Volatility vs ASX Index Volatility

    For personal use only 10% 15% 20% 30% 35% 40% 45% 25% 5% 0% Jun-03 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 ASX Index Volatility Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 (risk measurement) Nov-13 6 month rolling pe

  6. Slide 6: Ironbark Capital Asset Allocation - June 2021

    For personal use only IRONBARK CAPITAL ASSET ALLOCATION - 30 June 2021 Bank Notes & Hybrids Basel III 15.9% 38% Corporate Sub Notes 25.6% 5.9% Non Bank Hybrids & Corp Prefs 2.3% 5.6% Utilities & Infrastructure 12.3% Property Trusts 6.5% 4.9% Banks 21.2% Top 50 Industrials Ex Top 50 Industials Materi

  7. Slide 7: Performance & sector contribution

    IRONBARK CAPITAL Jun 2021 12 months - performance & sector contribution For personal use only Benchmark (1yr swap+6%) 6.06% PORTFOLIO TOTAL 16.54% hybrids & corp bonds 3.16% buy & writes & equities 9.39% utilities 0.43% property trusts 3.56% cash 0.00% -7.0% -2.0% 3.0% 8.0% 13.0% 18.0% IRONBARK CAPI

  8. Slide 8: Average major bank Basel III hybrid margin

    For personal use only Average major bank Basel III hybrid margin 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 01/2018 06/2018 11/2018 04/2019 09/2019 02/2020 07/2020 12/2020 05/2021 10/2021 8

  9. Slide 9: Income Sources (yield)

    For personal use only Income Sources (yield) 8.0% 7.5% 7.0% 6.2% 6.0% 5.6% 5.7% 5.0% 4.1% 4.0% Yield 3.0% 2.0% 1.0% 0.1% 0.0% Buy & Write Utilities Property Trusts ASX Hybrids & Cash & Term Total (excluding Stocks Corp Bonds Deposits option premium) 9

  10. Slide 10: Outlook

    Outlook For personal use only • In the post pandemic world, diversification and carry yield will become increasingly important as bond yields rise and monetary stimulus is wound back in Australia and globally. • IBC’s portfolio structure is diversified across the reflation trade through buy & writes

  11. Slide 11: Questions

    For personal use only Questions 11

Ironbark Capital — Shareholder Meeting (November 2021) on 6ix