Majedie Investments PLC · LSE:MAJE

Majedie Investments — Shareholder Meeting (January 2024)

18 slides from Majedie Investments's shareholder meeting presentation, January 2024

  1. Slide 1: Majedie Investments PLC Annual General Meeting

    Majedie Investments PLC Annual General Meeting January 2024

  2. Slide 2: Important regulatory information

    Important regulatory information This document has been approved and issued by Capital at risk. The value of shares in the Company Marylebone has taken all reasonable care to ensure that Marylebone Partners LLP ("Marylebone") as a financial (and any income derived from them) can go down as the infor

  3. Slide 3: A year of positive change

    A year of positive change EOI ON. G8 00.08 Od 00!

  4. Slide 4: Background

    Background Investment objective Experience  A specialist in mandates aiming for ‘CPI+’  10-year representative track record total-return  Prior experience of investment-trust format Differentiated return stream Alignment  Distinctive ‘liquid endowment’ approach  Independent boutique  Culture &

  5. Slide 5: Results Highlights to September 2023

    Results Highlights to 30 September 2023 NAV Share Price total return total return +14.1% +26.2% Total dividends Target dividend per share (% of NAV) 5.4p 3% Source: Majedie Investments PLC, 2023 Annual Report covering the period of 12 months ended 30 September 2023). Unless stated otherwise, figures

  6. Slide 6: Investment outlook

    Investment outlook EOI ON. G8 00.08 Od 00!

  7. Slide 7: A new investment regime

    A new investment regime % U.S. U.K. EUROZONE 12 10 Consumer Price Consumer Price Consumer Price 8 Inflation Inflation Inflation Policy 6 Rate Policy Rate Policy 4 Rate 2 0 -2 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Source: FactSet, Organisation for Economic Coopera

  8. Slide 8: The investment landscape has changed

    The investment landscape has changed Prepare for a world of…  Structurally higher interest rates  Ongoing macro and geopolitical volatility  Variable liquidity conditions  A higher cost of capital for enterprises  More (fundamentally driven) dispersion

  9. Slide 9: Conditions should play to our strengths

    Conditions should play to our strengths A less-stable relationship between asset classes...(i) ...and more fundamental dispersion(ii) % Sensitivity of 10-year Treasury to 10 Range of U.S. equity analysts’ earnings estimates 0.6 economic surprises 8 0.4 6 0.2 4 0.0 2 -0.2 0 21 31 171 81 141 51 161 19

  10. Slide 10: A playbook for the new regime

    A playbook for the new regime Old regime framework Marylebone Partners’ playbook  Market timing  Idiosyncratic fundamental return sources  Tactical asset allocation  Long-term, but not deeply illiquid  Passive / ETFs  Margin of safety  60:40  Capitalise on dispersion  Strategies predicated

  11. Slide 11: Marylebone Partners' 'liquid endowment' model

    Marylebone Partners’ ‘liquid endowment’ model Harnessing the principles behind the success of U.S. endowments  Long-term  Deeply fundamental  Harnessing differentiated return sources  Accessing best-in-class opportunities However  No deeply illiquid strategies (Private Equity, Venture Capital,

  12. Slide 12: 'The liquidity sweet spot'

    ‘The liquidity sweet spot’ Source: Marylebone Partners. Diagram is stylised and does not represent a prediction.

  13. Slide 13: Portfolio

    EOI ON. G8 00.08 Od 00!

  14. Slide 14: Three complementary fundamental strategies

    Three complementary fundamental strategies Special External Direct Investments Managers Investments Co-investments Regional Specialists Quality Compounders Special Purpose Vehicles Sector Specialists Unappreciated Change Thematic opportunities Style Specialists Specialist Credit Real Assets / Other

  15. Slide 15: Implementation timeline

    Implementation timeline 2023 AGM Today # Target Legacy 97% - Liontrust Asset - 3% Management Plc Special Investments - 10% 8 20% External Managers - 57% 14 50% Direct Investments - 23% 17 25% Cash & Equivalents - 10% 5% Source: Majedie Investments PLC. 100% 100% 100% “Today” refers to the portfolio

  16. Slide 16: The portfolio

    The portfolio Geographic Profile Role in Portfolio Classification N. America 30% Equity-centric 56% Global 22% Absolute Return 29% Europe 19% Cash 11% Emerging Markets 9% Other 4% UK 9% Real Assets 0% Largest Positions Special Investments External Managers Direct Investments As of 31 December 2023.

  17. Slide 17: FY Q1 summary

    FY Q1 summary Attribution by Strategy 1 October 2023 - 31 December 2023 Equity-centric +380 bps +252 bps Absolute Return +140 bps +112 bps External Managers Direct Investments Special Investments Shows return on investment portfolio net of all underlying fees / expenses but gross of Investment Manag

  18. Slide 18: In conclusion…

    In conclusion…  Transition to the new ‘liquid endowment’ model is largely complete  A new investment regime should play to our strengths  Abundant opportunity set for three core strategies  Engagement with existing and potential shareholders to raise awareness, continue to narrow the discount to

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