Mff Capital Investments Ltd. · ASX:MFF
Mff Capital Investments — H1 2025 Earnings Presentation
33 slides from Mff Capital Investments's earnings presentation, Feb 10, 2025
Slide 1: MFF Capital Investments Limited Shareholder Briefing
MFF Capital Investments Limited Shareholder Briefing • results for half year to 31 December 2024 • acquisition of Montaka Global Investments Ms Annabelle Chaplain | MFF Chairman 10 February 2025
Slide 2: Important Information
Important Information Slides 1 - 8 and 32 - 33 of this presentation (the "MFF Slides”) have been prepared by MFF Capital Investments Limited ABN 32 121 977 884 (‘MFF’). While the information in the MFF Slides has been prepared in good faith and with reasonable care, no representation or warranty, ex
Slide 3: MFF Chairman's Remarks
MFF Chairman’s Remarks Annabelle Chaplain MFF Capital Investments Limited| 3
Slide 4: Chairman's remarks
Chairman’s remarks • Introduction • Montaka acquisition strategic rationale • Risk Management • Future Growth MFF Capital Investments Limited| 4
Slide 5: Statement of Profit or Loss and Comprehensive Income
Statement of Profit or Loss and Comprehensive Income for the half year ended 31 December 2024 MFF Capital Investments Limited| 5
Slide 6: Statement of Financial Position
Statement of Financial Position for the half year ended 31 December 2024 MFF Capital Investments Limited| 6
Slide 7: Recent Results, Performance, Dividends and Expenses Table
Recent Results, Performance, Dividends and Expenses Table for the half year ended 31 December 2024 MFF Capital Investments Limited| 7
Slide 8: All holdings in the portfolio as at 31 January 2025
All holdings in the portfolio as at 31 January 2025 (shown as percentages of investment assets including net cash) MFF Capital Investments Limited| 8
Slide 9: Compounding Excellence
Compounding Excellence February 2025
Slide 10: Disclaimer
Disclaimer Slides 9 to 31 of this document (the "Montaka Slides") are issued by Montaka Global Pty Ltd, (ACN 604 878 533, AFSL 516 942). Montaka Global Pty Ltd is the investment manager for the Montaka Global Long Only Fund, Montaka Global Long Only Equities Fund (ASX: MOGL) and Montaka Global Exten
Slide 11: Our mission is to achieve superior long-term compounding of investor capital
Our mission is to achieve superior long-term compounding of investor capital alongside our own
Slide 12: Outline
Outline Overview Montaka Performance Portfolio KKR Case Study Philosophy and Process
Slide 13: Overview
Overview Christopher Demasi (Portfolio Manager)
Slide 14: Overview of Montaka
Overview of Montaka Established in 2015 by Andrew Macken and Christopher Demasi Acquired in 2025 by MFF and continues to be independently operated Global equity Team of 6 in Sydney and NYC are highly experienced with substantial investments in the funds opportunities specialist FUM $350m across 2 AS
Slide 15: Strong performance over time
Strong performance over time Fund performance vs Index Percent (%) 44.6% 44.9% 28.7% 26.7% Includes results prior to repositioning 16.7% 14.1% 13.7% 13.9% 11.6% 11.9% 5.4% 2.8% YTD 1 Year (p.a.) 2 Year (p.a.) 3 Year (p.a.) 5 Year (p.a.) Inception (p.a.) Montaka Index Source: Apex, Montaka Note: Perf
Slide 16: Portfolio of top global equity opportunities
Portfolio of top global equity opportunities Market Market Portfolio Years in Top 10 Holdings Transformations Position Exposure Portfolio Amazon Cloud/AI, E-commerce #1 / #1 11.9% 7 KKR Alternative assets #2 11.1% 5 Blackstone Alternative assets #1 9.7% 5 Microsoft Cloud/AI, Enterprise software #2 /
Slide 17: KKR Case Study
KKR Case Study Amit Nath (Director of Research)
Slide 18: KKR is a compelling investment opportunity
KKR is a compelling investment opportunity Summary Thesis Alternative assets are a massive $13tn market with allocations rising quickly, but still Market Transformation represent a small fraction of traditional assets. KKR is a leading alternative asset manager capturing an outsized share of the Lon
Slide 19: KKR is a world-leading alts manager
KKR is a world-leading alts manager Overview AUM by asset class US$ billions One of the world’s largest alternative asset managers Over $600 billion in assets under management across diverse range of asset classes, sectors and geographies Platform Private Credit equity $195 Strategic balance sheet i
Slide 20: Alternative assets are expanding rapidly
Alternative assets are expanding rapidly Size of public and private markets Private market AUM US$ trillions US$ trillions 141 30 115 13 51 4 13 Stocks Bonds Real estate Private markets 2014 2023 2034E Source: Sifma, Savills and McKinsey Source: McKinsey 11
Slide 21: Early mover in underpenetrated markets
Early mover in underpenetrated markets Total assets by investor channel Allocation to alts by investor channel US$ trillions Percent Traditional Private Wealth / Institutional Mass Affluent Insurance Market size: US$65T+ US$190T+ US$40T+ 28% 20% KKR Share 0.4% <0.1% 0.6% 2% Sovereign Wealth Public P
Slide 22: Winners keep on winning
Winners keep on winning Private market AUM by alt asset manager Flywheel of success in alt assets Percent of Total AUM Assets Platform Others Top 6, (>3,000), 30% 70% Performance ‘Power law’ in alt asset management Competitive advantages compound over time Source: Company filings, McKinsey Source: M
Slide 23: KKR's stock has outstanding long-term upside
KKR’s stock has outstanding long-term upside Share value upside over next decade Assets & revenues Platform 558 536 451 451 368 Performance & client experience Current share Market growth Share gain Margin expansion Multiple Cash generation Strategic Future value per price compression investments sh
Slide 24: Philosophy and Process
Philosophy and Process Andy Macken (Chief Investment Officer)
Slide 25: We focus on the long-term outperformers
We focus on the long-term outperformers Montaka’s investment formula is to identify top performing global equities opportunities Long-Term Market Winners Transformations Performance & Outsized client experience Returns Source: Montaka 16
Slide 26: We own business advantages in AI, not technology
We own business advantages in AI, not technology Montaka-assessed competitive advantage by company Captive distribution channel Privileged datasets Scale in compute Source: Montaka 17
Slide 27: Our portfolio is concentrated and patient
Our portfolio is concentrated and patient More Concentrated Weighted Average Holding Period (Years) 6.0 5.5 More Patient 5.0 4.5 4.0 (2020-2025) 3.5 3.0 2.5 2.0 1.5 1.0 US Active 0.5 Mutual Funds (2015-2024) (2015-2019) 0.0 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Top 10 Holdings (Share of NAV) N
Slide 28: Our portfolio is underpinned by our structure and culture
Our portfolio is underpinned by our structure and culture Long-Term Market Winners Transformations FORMULA — concentrated & patient Outsized Returns CULTURE — required to execute the Formula STRUCTURE — required to enable the Culture Source: Montaka 19
Slide 29: Appendix
Montaka “*~ Global Investments Appendix
Slide 30: How Montaka works with MFF
How Montaka works with MFF Confidence Shared philosophy Demonstrated success and process MFF reputation on the line Expanded opportunity set (6 of Montaka top 10 not held by MFF) Independent portfolio and research Some portfolio overlap (35%) Low concentration risk ASX-listed unit trusts (MOGL, MKAX
Slide 31: Thank You
Montaka “*~ Global Investments Thank You
Slide 32: MFF Capital Investments Limited Shareholder Briefing Q&A
MFF Capital Investments Limited Shareholder Briefing Q&A Ms Annabelle Chaplain | MFF Chairman 10 February 2025
Slide 33: Thank you
Thank you www.mffcapital.com.au Phone: +61 2 9235 4888
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