Regal Asian Investments Limited · ASX:RG8
Regal Asian Investments — VGI Partners Global Investments — H1 2020 Earnings Presentation
16 slides from Regal Asian Investments's earnings presentation, Feb 5, 2020
Slide 1: VGI Partners Global Investments Limited 1H20 Investor Briefing
VGI Partners Global Investments Limited (ASX:VG1) 1H20 Investor Briefing – 5 February 2020
Slide 2: Business Highlights
Business Highlights • Post-tax Net Tangible Assets (NTA) per share grew 8.0% to $2.39 over calendar 2019 (after fees)1 • Post-tax NTA rose a further 5.2% to $2.52 as at 31 Jan 2020 – our best month since inception in 20172 • Inaugural fully franked dividend per share of 1.0¢, payable 3 Apr 2020 • A
Slide 3: VGI Partners The Manager
VGI PARTNERS Global Investments VGI Partners The Manager
Slide 4: VGI Partners (The Manager) Overview
VGI Partners (The Manager) Overview • Specialist manager focusing on global equities. Long Individually Managed biased, concentrated strategy with selective shorting. VGI Managed Funds Accounts (IMAs) Minimal to no leverage utilised • 29 staff in Sydney, New York and Tokyo Unlisted Listed Unlisted •
Slide 5: VGI Partners (The Manager) Philosophy and Alignment of Interests
VGI Partners (The Manager) Philosophy and Alignment of Interests Alignment of Interests • The Manager paid for VG1’s upfront listing costs, plus VG1’s transaction costs in the VG1 equity raising last year Capital Preservation Do not lose money • All VG1 operating costs (where permitted) paid by the
Slide 6: VGI Partners Global Investments Limited (ASX:VG1)
VGI Partners Global Investments Limited (ASX:VG1)
Slide 7: VG1 Capital Preservation
VG1 Capital Preservation Performance in Up/Down Months Performance in Performance in "Up Market" Months "Down Market" Months 4% 3.0% 3% 2% 1.4% 1% 0% (1%) (0.1%) (2%) (3%) (2.2%) Average VG1 Average Average VG1 Average return MSCI return return MSCI return Source: Citco Fund Services, VGI Partners a
Slide 8: VG1 Net Investment Performance
VG1 Net Investment Performance VG1 Share Price and Post-Tax NTA ($ per share) $2.60 • Post-tax NTA grew 8.0% to $2.39 over calendar 2019 $2.50 • An increase of 20.8% since inception, or 8.8% compound $2.40 annual growth $2.30 • Post-tax NTA up a further 5.2% to $2.52 as at 31 Jan 2020 $2.20 • VG1 ha
Slide 9: Initiatives to Eliminate the Discount to NTA
Initiatives to Eliminate the Discount to NTA 1. Closing VGI Partners’ global strategy to new investment outside of VG1 2. Committing not to raise additional capital for 3 years (May 2022)1 3. Performance fee reinvestment mechanism 4. VGI Partners purchasing VG1 shares on-market 5. Weekly NTA stateme
Slide 10: VG1 IPO Investor Returns
Illustration VG1 IPO Investor Returns Investment outlay Current market value1 Current NTA value2 1 $100,000 VG1 IPO $111,000 $126,000 (50,000 shares at $2.00) 2 $36,336 VG1 Entitlement Offer $34,472 $39,131 (15,528 shares at $2.34) 3 $9,086 VGI Partners IPO take-up $19,262 $19,262 (1,652 shares at $
Slide 11: VG1 Performance Attribution
VG1 Performance Attribution Six months to 31 Dec 2019 31 Dec 2019 Top Long Contributors MasterCard Inc. 0.8% Wells Fargo & Co 0.7% 31 Dec 2019 WD-40 Co 0.5% VG1 NTA Performance Kikkoman Corp 0.5% Long Investments 1.7% CME Group Inc. 0.5% Short Positions -1.3% La Française des Jeux 0.4% Stock Contrib
Slide 12: VG1 Portfolio Update
VG1 Portfolio Update as at 31 Dec 2019 Portfolio Size $977 mn 31 Dec 2019 Top 5 Long Investments Long Portfolio by Location of Exchange Listing CME Group Inc. 11% Amazon.com Inc. 9% Colgate Palmolive Co. 8% 17% MasterCard Inc. 7% Spotify Technology SA 7% Total 42% 16% Month End Exposures 67% Long Eq
Slide 13: Shareholder Engagement
Shareholder Engagement Please elect electronic Investor Letter from Half-year and Annual national communications to the Manager in full-year result roadshow including stay informed January and July conference calls briefings in Sydney, each year Melbourne, Adelaide, AGM in November Perth and Brisban
Slide 14: Please visit our new website
Please visit our new website: www.vgipartners.com/lics/vg1 14
Slide 15: Questions
VGI PARTNERS Global Investments Questions
Slide 16: Disclaimer
Disclaimer: VGI Partners Limited (ABN 33 129 188 450) (VGI Partners) is the holder of an Australian Financial Services Licence (No. 321789) and is SEC Registered. VGI Partners is the manager of VGI Partners Global Investments Limited (VG1) (ABN 91 619 660 721). The information in this document (Info
VGI Partners Global Investments — H1 2020 Earnings Presentation on 6ix