Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Global Value Fund — Investor Presentation (November 2017)
22 slides from Staude Capital Global Value Fund's investor presentation, Nov 3, 2017
Slide 1: Global Value Fund Investor Presentation
For personal use only www.globalvaluefund.com.au
Slide 2: Disclaimer
Disclaimer This presentation is made on behalf of the Global Value Fund. The information contained in this presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Global Value Fund Limited (GVF) or any of its directors, officers, employees, agents, rep
Slide 3: Agenda
Agenda: For personal use only 1. Introduction 2. The key market debate today 3. The Global Value Fund 4. Case studies 3
Slide 4: The Global Value Fund at a glance
The Global Value Fund at a glance Issue price: $1.00 For personal use only Objective 12.5% Share Price: $1.151 To generate equity market ASX code: GVF like returns when measured No. Shrs: 121M over time, but to do so with Annualised net portfolio significantly less risk than a Mkt Cap: $140M return
Slide 5: GVF dividend history
GVF dividend history Declared dividends and franking credits since IPO1 For personal use only 4.5 4.0 The Board currently 3.5 expects2 FY2018 dividends to at least 3.0 match FY2017 Cents per Share payments, being 6.3 2.5 cents per share, 50% 2.0 franked 1.5 1 Data source: Bloomberg LP and Company re
Slide 6: 2. The key market debate today
For personal use only 2. The key market debate today 6
Slide 7: The front page story
The front page story For personal use only Share markets Second longest Credit bubble are bull market on in China… expensive… record… The end of …a major Quantitative correction is Easing… coming 7
Slide 8: The second page story
The second page story For personal use only Equities are not Share markets are expensive (and better rallying for valid value than most reasons alternatives) Fear a growth scare, not the length of the bull market 8
Slide 9: Global growth is accelerating
Global growth is accelerating We are experiencing a synchronised global upswing For personal use only 4.0% Global GDP Growth1 3.8% 3.6% Global GDP growth is running at its 3.4% fastest pace in five 3.2% years 3.0% 2012 2013 2014 2015 2016 2017e 2018f 60 59 Composite PMI Index2 58 Euro area USA 57 56
Slide 10: Share markets are being rational
Share markets are being rational Markets are following rising earnings expectations1 For personal use only 250 32 MSCI ACWI 12mth forward EPS 31 230 30 Earnings per share 1 Despite the move MSCI ACWI 1,2 210 29 28 higher, share market 190 valuations are largely 27 unchanged over the 26 170 past year
Slide 11: Goldilocks environment for markets?
Goldilocks environment for markets? Developed market unemployment is close to a 30 year low For personal use only 9.0% OECD Unemployment Rate 1983-20171 8.5% 8.0% Despite falling 7.5% unemployment, 7.0% considerable slack 6.5% remains in the 6.0% system 5.5% 5.0% 1983 1985 1987 1989 1991 1993 1995 1
Slide 12: 3. The Global Value Fund
For personal use only 3. The Global Value Fund 12
Slide 13: The Global Value Fund
The Global Value Fund For personal use only Our core discount A focus on listed securities which are undervalued relative to a capture strategy defined and observable asset value targets returns • A discount to “break-up” value We operate on a comparable with global global stage; Closed-end funds (C
Slide 14: Investment Portfolio
Investment Portfolio1,2 For personal use only Underlying asset classes Underlying currency exposures Listed Listed Debt Equity Instruments 34% 27% AUD 29% USD 37% Listed Hedge Other EUR 20% Funds 8% Other 9% 17% Listed Private Equity GBP 5% 14% Diversification across asset classes lowers portfolio l
Slide 15: Gross investment returns since IPO
Gross investment returns1 since IPO Attributed by market2, currency3 and excess returns4 For personal use only 60.0% Market Currency Excess Return 55.0% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% - Jul-2014 Nov-2014 Mar-2015 Jul-2015 Nov-2015 Mar-2016 Jul-2016 Nov-2016 Mar-2017 Jul-2
Slide 16: Total Shareholder returns
Total Shareholder returns Shareholder total returns are our key performance metric For personal use only 18% GVF 16% Share Price TR Since the option 14% Reference index expiry, GVF shares have traded at a 12% consistent premium 10% to NTA Total Return 1,2,3 8% 1 Data source Bloomberg LP and Staude C
Slide 17: Focus on risk management
Focus on risk management Monthly drawdowns and total return by investment1 For personal use only 1% MSCI AC A$2 down months since GVF3 IPO 0% -1% Oct-16 Apr-15 Our philosophy Sep-16 Jul-17 -2% Feb-16 places a high Sep-15 Nov-15 Jan-17 importance on -3% Jun-17 Dec-15 Jan-16 Jun-15 MSCI AC A$ GVF cont
Slide 18: 4. Case studies
For personal use only 4. Case studies 18
Slide 19: Recent Investment: Pershing Square Holdings
Recent Investment: Pershing Square Holdings Deeply discounted investment into an activist portfolio For personal use only Description Investment Rationale Pershing Square Holdings Limited (PSH): Euronext and Despite the recent efforts by the Board, there is considerable London listed closed-ended fu
Slide 20: Case Study: Polar Capital Global Financials
Case Study: Polar Capital Global Financials Trading opportunity For personal use only Description Investment Rationale Polar Capital Global Financials Trust (PCFT): London The warrants represented 17% of the total outstanding shares listed Investment Trust which invests into global financial in the
Slide 21: Global Value Fund Limited
Global Value Fund Limited For personal use only Company Details Listed Investment Company Structure Australia Incorporated Service Providers Investment Manager Mirabella Financial Services Portfolio Manager Miles Staude Staude Capital Limited1 Registrar Boardroom Pty Limited enquires@boardroomlimite
Slide 22: For personal use only
For personal use only statement? Landline (UK): +44 20 3874 2243 Mobile (Australia): 0423 428 972 miles.staude@globalvaluefund.com.au emma.davidson@globalvaluefund.com.au ir@globalvaluefund.com.au www.globalvaluefund.com.au
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