NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Absolute Opportunities Company — Q2 FY2016 Earnings Presentation
19 slides from NAOS Ex-50 Opportunities's earnings presentation, Jan 28, 2016
Slide 1: Quarterly Investor Briefing 2nd Quarter FY-2016
For personal use only QUARTERLY INVESTOR BRIEFING 2 ND QUARTER FY-2016 NAOS Absolute Opportunities Company (ASX:NAC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 28th January 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
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: NAOS Absolute Opportunities Company
KEY OBJECTIVES/FEATURES: NAOS ABSOLTUE OPPORTUNITIES COMPANY (NAC) For personal use only UNIQUE, FLEXIBLE, MULTI STRATEGY OFFERING COMPLETELY BENCHMARK UNAWARE SINGLE VEHICLE TO ACCESS BOTH DOMESTIC AND GLOBAL ‘BEST IDEAS’ ABSOLUTE RETURN FOCUS WITH DOWNSIDE CAPITAL PROTECTION NIMBLE FUND SIZE AND S
Slide 6: Capital Structure
CAPITAL STRUCTURE AS AT 31 ST DECEMBER 2015 For personal use only NTA ANALYSIS OPTIONS ON ISSUE Pre Tax - $1.17 NACO Pre Tax Pre Unrealised Gains Tax – $1.18 Expiry: 30th November 2016 Post Tax - $1.14 Price Exercisable: $1.00 Share Price $1.00 Share Price Discount to NTA (undiluted, pre tax) ~14% F
Slide 7: Capital Analysis
CAPITAL ANALYSIS AS AT 31 ST DECEMBER 2015 For personal use only NTA Per Share (Net of Fees & Expsense, Pre Tax, Dividends Reinvested) RBA Cash Rate + 250 Bps NAC Share Price, NACO Option Value (Dividends Reinvested) $1.30 $1.22 $1.20 $1.10 $1.06 $1.06 $1.00 $0.90 $0.80 Nov-14 Dec-14 Jan-15 Feb-15 M
Slide 8: NAC: Performance & Positive Stock Attribution Summary
NAC: PERFORMANCE & POSITIVE STOCK ATTRIBUTION SUMMARY PRE FEES & FRANKING CREDITS, NET OF OPERATING EXPENSES AS AT 31 ST DECEMBER 2015 For personal use only Since Inception 1 Month 3 Months 6 Months 1 Year (Nominal) NAC Investment Portfolio Performance +7.93% +15.62% +16.67% +28.87% +27.41% Benchmar
Slide 9: NAC: Positive Stock Attribution Summary (Since Inception)
NAC: POSITIVE STOCK ATTRIBUTION SUMMARY (SINCE INCEPTION) AS AT 31 ST DECEMBER 2015 For personal use only Contribution to Return Contribution to Return Investment Investment (% NAV) (% NAV) US Dollar +6.60% Smart group Corporation +2.20% Amalgamated Holdings Limited +5.06% Macquarie Atlas Roads +2.1
Slide 10: Portfolio Characteristics & Risk Metrics Summary
PORTFOLIO CHARACTERISTICS & RISK METRICS SUMMARY AS AT 31 ST DECEMBER 2015 For personal use only Portfolio Characteristics Total Number of Equity Holdings (Long & Short) 31 Total Number of “Income” Instruments* 5 Total Number of Holdings 36 Portfolio Weighted Market Capitalisation $16.5bn Percentage
Slide 11: NAC: Historical Net Equity and Cash Weightings
NAC: HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 31 ST DECEMBER 2015 For personal use only Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure Income Instruments 120% 100% 80% 71.30% 60% 40% 28.70% 20% 8.90% 0% -20% -25.18% -40% -60% Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15
Slide 12: NAC: Portfolio Structure
NAC: PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR & CURRENCY (NET) AS AT 31 ST DECEMBER 2015 For personal use only Real Estate -4.61% HKD 1.68% Healthcare -2.12% NZD 1.10% Materials -0.90% EUR 7.86% Diversified Financial 0.45% USD 5.26% Automotive 2.02% AUD 75.47% IT 2.42% Food, Beverage, Tobac
Slide 13: 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 14: 2. Market Outlook/Commentary
For personal use only 2. Market Outlook/Commentary Conviction Absolute Long Short Investing | Copyright 2016 NAOS Asset Management Limited 14
Slide 15: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Equity Market Review Key issues we believe investors should be aware of as we move further into 2016 include: 1. Continued focus on cutting cost and falling Capex; Much of the earnings growth that has driven the markets over the last couple of years ha
Slide 16: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Equity Market Review 4. Continuation of the ‘Low earnings growth environment’; The ‘low growth environment’ that concerned the market at the beginning of 2015 has not really changed much as we enter 2016. We want to position our portfolio to be long co
Slide 17: 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 17
Slide 18: 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: News/Media Publication Month Float stocks the fund managers like AFR November Claire Payne Spea
Slide 19: 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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