Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2024)
25 slides from Mirrabooka Investments's shareholder meeting presentation, October 2024
Slide 1: Annual General Meeting Presentation October 2024
Annual General Meeting - Presentation October 2024
Slide 2: Disclaimer
Disclaimer 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 good faith. However, n
Slide 3: Our Purpose and Approach
Our Purpose and Approach Annual General Meeting 2024 / October 2024 7
Slide 4: Our Investment Approach
Our Investment Approach Annual General Meeting 2024 / October 2024 8
Slide 5: Financial Year in Summary
Financial Year in Summary Annual General Meeting 2024 / October 2024 9
Slide 6: Financial Year in Summary
Financial Year in Summary * Assumes an investor can take full advantage of the franking credits. # Includes 4.0 cent interim dividend. Annual General Meeting 2024 / October 2024 10
Slide 7: Share Price Premium/Discount to NTA
Share Price Premium/Discount to NTA Annual General Meeting 2024 / October 2024 11
Slide 8: Looking Back – Portfolio Performance and Analysis
Looking Back – Portfolio Performance and Analysis Annual General Meeting 2024 / October 2024 12
Slide 9: Portfolio Performance – Per Annum Returns to August 2024
Portfolio Performance – Per Annum Returns to 31 August 2024 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 should be noted that Index re
Slide 10: $10,000 Invested at Inception vs Benchmark Indices to August 2024
$10,000 Invested at Inception vs Benchmark Indices to 31 August 2024 (Includes Reinvestment of Dividends*) * The chart depicts the more likely accumulation investment scenario for Mirrabooka and benchmarks – reinvestment of dividends but franking benefits received in cash. This approach relatively p
Slide 11: Why Invest in Emerging Companies?
Why Invest in Emerging Companies? It is well accepted that investing in emerging companies can provide the prospects for superior long-term returns: Discovering companies Starting an investment before their prospects are earlier, with many years of appropriately priced above market growth ahead Annu
Slide 12: Why Invest in Emerging Companies?
Why Invest in Emerging Companies? Yet, in Mirrabooka’s 25 years of investing, the small ordinaries index has materially underperformed the ASX 200. % return pa since Mirrabooka inception in April 1999. Returns include the full benefit of franking credits. Annual General Meeting 2024 / October 2024 1
Slide 13: Mirrabooka's Competitive Advantages
Mirrabooka’s Competitive Advantages What have been the main factors behind Mirrabooka’s outperformance since inception? In addition to: Well established quality first Experienced Executive team and investment process Board of Directors Annual General Meeting 2024 / October 2024 17
Slide 14: Mirrabooka's Competitive Advantages
Mirrabooka’s Competitive Advantages We observe that we enjoy the following competitive advantages over many peers: Investment duration A broader universe Portfolio size Company access a closed end fund of quality companies optimised for being part of a larger group enables us to target owning both s
Slide 15: Competitive Advantages in Action – Duration
Competitive Advantages in Action – Duration A long term investment approach allows us to look through short term uncertainty, often buying quality businesses through periods of bad news, or well in advance of good news. $ $ Annual General Meeting 2024 / October 2024 19
Slide 16: Competitive Advantages in Action – Broader Universe
Competitive Advantages in Action – Broader Universe Investing in midcaps as well as small caps allows for a better-quality portfolio, with winners held for much longer $ 40 $ 250 $ 30 35 200 25 30 25 20 150 20 15 15 100 10 10 50 5 5 0 0 0 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-1
Slide 17: Competitive Advantages in Action – Optimal Portfolio Size
Competitive Advantages in Action – Optimal Portfolio Size As an internally managed fund, we are not incentivised to grow the fund to increase fee revenue. A smaller portfolio allows us to buy interesting small companies earlier. $ $49m market cap at purchase $ $117m market cap at purchase $ $79m mar
Slide 18: Competitive Advantages in Action – Company Access
Competitive Advantages in Action – Company Access The ability to regularly meet with management allows us to ask the strategic questions that we most value. This can uncover latent long term value. $ $ Annual General Meeting 2024 / October 2024 22
Slide 19: Recent Portfolio Activity
Recent Portfolio Activity Annual General Meeting 2024 / October 2024 23
Slide 20: How have we recently been investing?
How have we recently been investing*? Exited New Trimmed Added To *Material transactions 2024 Calendar Year Annual General Meeting 2024 / October 2024 24
Slide 21: Looking Forward – The Mirrabooka Portfolio and its Outlook
Looking Forward – The Mirrabooka Portfolio and its Outlook Annual General Meeting 2024 / October 2024 25
Slide 22: Mirrabooka Top Holdings – August 2024
Mirrabooka Top 20 Holdings – 31 August 2024 % of Company Ownership Period Company Portfolio Ownership Period 1 5.3% 7.5 yrs 11 2.5% 19 yrs 2 4.1% 14 yrs 12* 2.4% 5 yrs 3 3.4% 2.5 yrs 13 2.2% 4 yrs 4 3.3% 8 yrs 14 2.1% 3 yrs 5 3.2% 9 yrs 15 2.0% 9 yrs 6 3.2% 7 yrs 16 2.0% 14 yrs 7 3.2% 4.5 yrs 17* 1.
Slide 23: Outlook – What's Currently Topical in Investment Markets?
Outlook – What’s Currently Topical in Investment Markets? The daily news cycle continues to focus on: Economic Growth Outlook Equity Market Valuations vs Muddling through in Australia Looking brighter in the US? • Govt expenditure crowding • Election outcome an out private investment? unpredictable
Slide 24: Outlook – What Did We Find Most Interesting in the Recent Reporting Season?
Outlook – What Did We Find Most Interesting in the Recent Reporting Season? We were struck by the strategic progress of many larger holdings in our latest management briefings – some examples: Data centre expansion – US expansion and Growing offshore Long term cashflow construction commences potenti
Slide 25: Mirrabooka Investments Limited
* ¢- MIRRABOOKA * Investments Limited
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