Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2022)
31 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 13, 2022
Slide 1: 2022 Annual General Meeting Presentation
13 October 2022 For personal use only The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2022 Annual General Meeting Presentation Dear Sir / Madam The following presentation
Slide 2: Annual General Meeting October 2022
For personal use only Annual General Meeting October 2022
Slide 3: How to ask a question - online
How to ask a question - online • To ask a written question select the For personal use only Q & A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question follow the instructions below the broad
Slide 4: How to vote - online
How to vote - online • When the poll is open, select the For personal use only vote icon at the top of the screen • To vote, select either For, Against or Abstain • You will see a vote confirmation • To change or cancel your vote “click here to change your vote” at any time until the poll is closed
Slide 5: Annual General Meeting – Presentation 2022
For personal use only Annual General Meeting – Presentation 2022
Slide 6: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in
Slide 7: Our Purpose and Approach
For personal use only Our Purpose and Approach Annual General Meeting 2022
Slide 8: Our Investment Approach
Our Investment Approach For personal use only Annual General Meeting 2022 14
Slide 9: Financial Year in Summary
For personal use only Financial Year in Summary Annual General Meeting 2022
Slide 10: Financial Year in Summary
Financial Year in Summary For personal use only * Assumes an investor can take full advantage of the franking credits. Annual General Meeting 2022 16
Slide 11: Alignment of Interests
Alignment of Interests For personal use only Mirrabooka’s Management Expense Ratio (MER) History Shareholders currently incur 46¢ of cost pa for every $100 invested Annual General Meeting 2022 17
Slide 12: Share Price Premium/Discount to NTA
Share Price Premium/Discount to NTA For personal use only Annual General Meeting 2022
Slide 13: Equity Market Conditions
For personal use only Equity Market Conditions Annual General Meeting 2022
Slide 14: The Costs of Living are Surging
The Costs of Living are Surging Australia’s annual headline inflation rate jumped to 7% in July 2022, the highest level since mid-1990 For personal use only and is climbing at a faster pace than wages growth In July 2022 it cost (on average): +29% more +18% more +15% more +12% higher to fuel a car t
Slide 15: Global Conditions are Highly Uncertain
Global Conditions are Highly Uncertain For personal use only Source: Financial Times, February 2022 Source: The Wall Street Journal, June 2022 Source: AFR, July 2022 Annual General Meeting 2022 Source: Reuters, June 2022 21
Slide 16: Mirrabooka has Navigated Market Volatility Before
Mirrabooka has Navigated Market Volatility Before We manage Mirrabooka for the long term and encourage shareholders to take a similar view For personal use only Looking back on the 10-year* Mirrabooka return When Lehman brothers collapsed When the covid pandemic broke In the recent bout of inflation
Slide 17: Portfolio Performance and Activity
For personal use only Portfolio Performance and Activity Annual General Meeting 2022
Slide 18: Portfolio Performance – Per Annum Returns to September 22
Portfolio Performance – Per Annum Returns to 30 September 2022 For personal use only * Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculated after management fees, income tax and capital gains tax on realised sales of investments. It sh
Slide 19: Addressing Our Portfolio Underperformance in FY22
Addressing Our Portfolio Underperformance in FY22 Consistent with our approach, our long term performance track record is far more consistent than short term For personal use only Mirrabooka Relative Performance Since Inception Factors behind FY22 underperformance • Particularly strong performance i
Slide 20: Mirrabooka’s Consistency of Long Term Returns
Mirrabooka’s Consistency of Long Term Returns Mirrabooka 10-Year Performance History – Benchmark and Outperformance Contribution For personal use only 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Mirrabooka Outperformance S&P/ASX Mid Cap 50
Slide 21: How We Manage the Portfolio During Recent Market Volatility
How We Manage the Portfolio* During Recent Market Volatility For personal use only Exited Trimmed Added New * 2022 Calendar Year. Annual General Meeting 2022 27
Slide 22: Features of the Mirrabooka Portfolio
For personal use only Features of the Mirrabooka Portfolio Annual General Meeting 2022
Slide 23: Our Long Term Approach
Our Long Term Approach We are more ‘long term’ in our approach than most institutional investors – period of ownership of top 20 stocks For personal use only 2004 2008 2012 2016 2020 Note: CTM, James Hardie, REA Group and Computershare have been held previously by Mirrabooka. Annual General Meeting
Slide 24: Quality Companies Find a Way to Grow
Quality Companies Find a Way to Grow Sales Growth Per Annum Since Our First Purchase For personal use only 19% 19% 14% 13% 10% 10% 7% Holding Holding Holding Holding Holding Holding Holding since since since since since since since 2010 2011 2014 2015 2017 2017 2017 Annual General Meeting 2022 30
Slide 25: Market Leadership – Everyday Stocks
Market Leadership – Everyday Stocks You could well encounter 12% of the Mirrabooka portfolio on any given day For personal use only ResMed device Awoken by Breville coffee New iPad Catch a movie at Dominos pizza assists your the Cleanaway for breakfast replacement Event cinemas for a quick sleeping
Slide 26: Market Leadership – Next Time You Buy a House
Market Leadership – Next Time You Buy a House You could well encounter 9% of the Mirrabooka portfolio finding, buying and renovating your next home For personal use only Visit Settle the Visit Reece Visit James realestate.com.au property with to refresh the Hardie to re-side to find a property PEXA
Slide 27: Outlook
For personal use only Outlook Annual General Meeting 2022
Slide 28: Outlook
Outlook Questions that we can't answer: For personal use only • At what level will interest rates peak? • Will central banks successfully avoid a recession? • When will the Russia/Ukraine war end? • Will there be further disruptive COVID strains? We choose to answer different questions in response.
Slide 29: Mirrabooka - Since IPO
Mirrabooka - Since IPO $100 invested in Mirrabooka at IPO (June 2001) is now worth $870 compared* with: For personal use only $267 in Australian 10-year bonds $444 in the S&P 500 $209 in US 10-year bonds $457 in the ASX 200 $710 in the NASDAQ $735 in the Australian housing market Source: Goldman Sac
Slide 30: Mirrabooka – Since Inception
Mirrabooka – Since Inception * For personal use only * * * Emerging companies * once owned by Mirrabooka that have graduated to the ASX 50 * Taken over. Annual General Meeting 2022 36
Slide 31: For personal use only
For personal use only x ¢. * MIRRABOOKA Investments Limited
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