NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Absolute Opportunities Company — Q3 FY2016 Earnings Presentation
18 slides from NAOS Ex-50 Opportunities's earnings presentation, Apr 20, 2016
Slide 1: Quarterly Investor Briefing 3rd Quarter FY-2016
For personal use only QUARTERLY INVESTOR BRIEFING 3 RD QUARTER FY-2016 NAOS Absolute Opportunities Company (ASX:NAC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Wednesday 20th April 2016 2. Time 10.00am AEDST 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to enquiries@naos.com.au prior to the allotted call time Conviction Long Short Investing | Copyright 2016 NAOS A
Slide 3: Agenda
AGENDA For personal use only 1. NAC REVIEW • Key Objectives • Capital Structure • Capital Analysis • Performance & Risk Analysis • Positive Stock Attribution Analysis • Net Equity Exposure • Industry & Currency Exposure • Sample Company Meetings 2. Market Commentary • Equity Market Review 3. Keeping
Slide 4: 1. NAC Review
For personal use only 1. NAC Review Conviction Long Short Investing | Copyright 2016 NAOS Asset Management Limited 4
Slide 5: Key Objectives/Features
KEY OBJECTIVES/FEATURES: NAOS ABSOLTUE OPPORTUNITIES COMPANY (NAC) For personal use only UNIQUE, FLEXIBLE, LONG/SHORT OFFERING COMPLETELY BENCHMARK UNAWARE SINGLE VEHICLE TO ACCESS BOTH DOMESTIC AND GLOBAL ‘BEST IDEAS’ POSITIVE ABSOLUTE RETURN & INCOME GENERATION FOCUS WITH DOWNSIDE CAPITAL PROTECTI
Slide 6: Capital Structure
CAPITAL STRUCTURE AS AT 31 ST MARCH 2016 For personal use only NTA ANALYSIS OPTIONS ON ISSUE Pre Tax - $1.19 NACO Pre Tax Pre Unrealised Gains Tax – $1.19 Expiry: 30th November 2016 Post Tax - $1.15 Price Exercisable: $1.00 Share Price $0.99 Share Price Discount to NTA (undiluted, pre tax) -20.20% F
Slide 7: Capital Analysis
CAPITAL ANALYSIS AS AT 31 ST MARCH 2016 For personal use only NTA Per Share (Net of Fees & Expenses, Pre Tax, Dividends Reinvested) RBA Cash Rate + 250 Bps NAC Share Price, NACO Option Value (Dividends Reinvested) $1.30 $1.21 $1.20 $1.10 $1.07 $1.00 $1.00 $0.90 $0.80 Nov-14 Dec-14 Jan-15 Feb-15 Mar-
Slide 8: NAC: Performance & Positive Stock Attribution
NAC: PERFORMANCE & POSITIVE STOCK ATTRIBUTION SUMMARY SINCE INCEPTION PRE FEES & FRANKING CREDITS, NET OF OPERATING EXPENSES AS AT 31 ST MARCH 2016 For personal use only Since Inception Since Inception 1 Month 3 Months 6 Months 1 Year (p.a.) (Nominal) NAC Investment Portfolio +5.97% +2.38% +18.38% +
Slide 9: Portfolio Characteristics & Risk Metrics Summary
PORTFOLIO CHARACTERISTICS & RISK METRICS SUMMARY AS AT 31 ST MARCH 2016 For personal use only Portfolio Characteristics 9 Total Number of Equity Holdings (Long & Short) 36 Risk of Negative Returns 8 XAOAI 7 Total Number of “Income” Instruments* 4 6 5 (%) Total Number of Holdings 40 4 3 Portfolio Wei
Slide 10: NAC: Historical Net Equity and Cash Weightings
NAC: HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 31 ST MARCH 2016 For personal use only Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure Income Instruments 120% 100% 80% 63.39% 60% 40% 36.61% 20% 20.58% 0% -20% -26.67% -40% -60% Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Ma
Slide 11: NAC: Portfolio Structure
NAC: PORTFOLIO STRUCTURE AS AT 31 ST MARCH 2016 For personal use only Net Industry Exposure Geographical Equity Exposure Consumer Discretionary 20.39% Telecommunications 13.59% 0.9% Asia 0.9% Industrials 13.13% 84.7% Consumer Staples 7.21% Australia 64.8% Information Technology 4.31% 3.6% Europe 3.6
Slide 12: Company Meetings
COMPANY MEETINGS For personal use only The NAOS investment philosophy is based around the belief that for a company to succeed and generate strong returns for shareholders it must be led by a motivated, proven and experienced management team. NAOS’ Investment Team has direct contact with many listed
Slide 13: 2. Market Outlook/Commentary
For personal use only 2. Market Outlook/Commentary Conviction Absolute Long Short Investing | Copyright 2016 NAOS Asset Management Limited 13
Slide 14: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Equity Market Review The volatility in Australia has stemmed mainly from a few key sectors which make up a large part of the index. The Australian financials sector, including the big four and the regional banks makes up approximately 46% of the ASX200
Slide 15: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Equity Market Figure 1 below shows the price of crude oil (in the top half of the chart) and the volume traded (in the bottom Review half of the chart). As you can see with such a rapid fall, volume has increased significantly which is the cause of a l
Slide 16: 3. Keeping Up To Date
For personal use only 3. Keeping Up To Date Conviction Absolute Long Short Investing | Copyright 2016 NAOS Asset Management Limited 16
Slide 17: Keeping Up To Date – Shareholder Communication
KEEPING UP TO DATE – SHAREHOLDER COMMUNICATION For personal use only WEBSITE • The News and Media section of our website is updated regularly. The most recent information to be added to the site includes: TWITTER • Follow NAOS on Twitter under the name (handle) of @NaosAssetMgmt LINKEDIN • Keep up t
Slide 18: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Asset Management Limited (ACN 107 624 126). The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the presentatio
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