NAOS Small Cap Opportunities Company Ltd · ASX:NSC
NAOS Small Cap Opportunities — Contango Asset Management — Non-Deal Roadshow (May 2016)
66 slides from NAOS Small Cap Opportunities's roadshow presentation, May 2016
Slide 1: Market Outlook and the Implications for Your Portfolio
MARKET OUTLOOK AND THE IMPLICATIONS FOR YOUR PORTFOLIO CONTANGO ASSET MANAGEMENT INVESTMENT ROADSHOW MAY 2016
Slide 2: Disclaimer
DISCLAIMER DISCLAIMER Contango Asset Management Limited (ABN 52 085 487 421) holds an Australian Financial Services Licence (AFSL #237119) restricting it to providing financial products and services to wholesale clients only. This presentation has been prepared for the consideration and use of ‘whol
Slide 3: Table of Content
Heading TABLE OF CONTENT 1. Overview of Contango Asset Management 2. Macro outlook – lower for longer 3. Are current market valuations attractive? 4. What are the implications for your portfolio? 4.1 Large Cap (GARP) 4.2 Mid Cap (ex30) Income strategy 4.3 Micro Cap strategy 4.4 Yield Enhanced Fund 5
Slide 4: 1. Overview of Contango Asset Management Limited
Heading 1. OVERVIEW OF CONTANGO ASSET MANAGEMENT LIMITED 04 CONTANGO ASSET MANAGEMENT
Slide 5: Boutique investor with risk and compliance systems of a larger manager
Heading CONTANGO OFFERS THE BENEFIT OF A BOUTIQUE INVESTOR WITH THE RISK AND COMPLIANCE SYSTEMS OF A LARGER MANAGER • Structured and documented process – Daily, weekly and monthly meetings • Advanced risk and attribution systems – Bloomberg Asset and Investment Manager (AIM), Heuristics • High level
Slide 6: Different and bespoke portfolio solutions for wholesale clients
Heading CONTANGO ASSET MANAGEMENT OFFERS DIFFERENT AND BESPOKE PORTFOLIO SOLUTIONS FOR WHOLESALE CLIENTS • We offer portfolio solutions Contango LargeCap Contango LargeCap across many different (GARP) Fund Leaders Income Fund segments of the market • We also offer bespoke Contango Small Cap Contango
Slide 7: Also manage investments for two listed investment companies
Heading CONTANGO ASSET MANAGEMENT ALSO MANAGE INVESTMENTS FOR TWO LISTED INVESTMENT COMPANIES (LIC) • Contango Income Generator Ltd (ASX:CIE) is a LIC targeting dividends in Contango Income the ex 30 investment universe. Generator Ltd (ASX: CIE) • CIE Listed on the ASX in August 2015 at Targeting di
Slide 8: 2. Macro Outlook: Lower Rates for Longer
Heading 2. MACRO OUTLOOK LOWER RATES FOR LONGER 08 CONTANGO ASSET MANAGEMENT
Slide 9: Our investment philosophy is based on three basic principles
Heading OUR INVESTMENT PHILOSOPHY IS BASED ON THREE BASIC PRINCIPLES • Economic conditions drive earnings and valuations • Stocks and sectors perform differently at each stage of the economic cycle • These relationships can be exploited in a systematic way to add value to investment portfolios EPS P
Slide 10: Global growth forecast to be subdued and uneven
Heading GLOBAL GROWTH FORECAST TO BE SUBDUED AND UNEVEN 010 CONTANGO ASSET MANAGEMENT
Slide 11: Australian business confidence
Heading AUSTRALIAN BUSINESS CONFIDENCE CORPORATE AUSTRALIA EX RESOURCES OPTIMISTIC Business Confidence - Australia Index, Monthly Data 30 25 20 20 15 10 10 5 0 0 (5) (10) (10) next 3 months (15) (20) next 3 months - 3 mth MA (20) (25) (30) (30) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Slide 12: Household confidence subdued before May rate cut
Heading AUSTRALIAN BUSINESS CONFIDENCE HOUSEHOLD CONFIDENCE SUBDUED BEFORE MAY RATE CUT Consumer Sentiment Index, Australia 140 Index above 100 = optimistic rate cut has 130 immdediate impact 120 110 100 90 80 70 Last recession in Australia 60 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1
Slide 13: Australian cash rates: historic lows
Heading AUSTRALIAN CASH RATES HISTORIC LOWS AND REMAING LOWER FOR LONGER Official RBA Cash Rate & Implied Cash Futures Curve 10 %, Monthly Data Cash 9 Rate Actual Futures 8 Curve* 7 6 5 4 3 30 day Cash Futures 2 Historic low rates and Official RBA Cash Rate 1 heading even lower! 0 1992 1994 1996 199
Slide 14: China's structural growth story is just beginning
Heading CHINA’S STRUCTUAL GROWTH STORY IS JUST BEGINNING $70,000 2016 GDP per capita $60,000 $50,000 USD $40,000 $30,000 $20,000 $10,000 $0 India Brazil China Korea Italy Japan Germany United Australia Singapore United Kingdom States Source: IMF, 2016, USD 014 CONTANGO ASSET MANAGEMENT
Slide 15: 3. Current Market Valuations
Heading 3. CURRENT MARKET VALUATIONS ARE VALUATIONS COMPELLING? 015 CONTANGO ASSET MANAGEMENT
Slide 16: Global equity valuations around long-run average
Heading GLOBAL EQUITY VALUATIONS AROUND LONG-RUN HISTORICAL AVERAGE World (MSCI) Equity Valuations 1 Year Forward P/E. I/B/E/S. End-month Data 28.0 26.0 24.0 22.0 20.0 18.0 16.0 14.0 12.0 5-year average 10.0 Long run average 8.0 Market valuations - forward P/E 6.0 1994 1996 1998 2000 2002 2004 2006
Slide 17: Australian equity valuations
Heading AUSTRALIAN EQUITY VALUATIONS ANTICIPATING A PICK-UP IN EARNINGS MOMENTUM? ASX 200 12 Month Forward P/E Ratio 1 Year Forward P/E. I/B/E/S. End-month Data 22.0 20.0 18.0 16.0 14.0 12.0 5-year average 10.0 Long run average 8.0 Market valuations - forward P/E 6.0 1994 1996 1998 2000 2002 2004 20
Slide 18: Equities remain attractive against fixed income and cash
Heading BUT EQUITIES REMAIN ATTRACTIVE AGAINST FIXED INCOME AND CASH ASX 200 Dividend Yield & Cash Rate % 10.0 Mind the Gap! 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 Dividend Yield Grossed-up Dividend Yield RBA Cash Rate 0.0 2000 2002 2004 2006 2008 2010 2012 2014 2016 Source: Bloomberg, RBA, Contango 01
Slide 19: Lower bond yields supportive for equity valuations
Heading LOWER BOND YIELDS ARE SUPPORTIVE FOR EQUITY VALUATIONS Australian Bond Yield - Earnings Yield Ratio 1.60 1 Year Forward P/E +/- 1 std dev from rolling 3yr mean 1.40 1.20 Equities less attractive 1.00 0.80 0.60 Equities more attractive 0.40 0.20 Low bond yields imply Aussie Equities remain ch
Slide 20: Equity returns over the long run
Heading EQUITY RETURNS OVER THE LONG RUN EQUITY RETURNS ARE NOW POSITIVE YEAR-TO-DATE All Ordinaries Accumulation Index - Annual Performance 80% 60% Equity returns Long run average positive YTD 40% 20% 0% -20% -40% -60% 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004
Slide 21: Interest rates to remain low
Heading INTEREST RATES TO REMAIN LOW SUPPORTING GROWTH AND EQUITY MARKETS • Global growth modest and uneven with limited inflationary pressure • Underlying US growth improving, solid employment growth − Consistent with FOMC maintaining a cautious approach to rate rises • Growth in Europe recovering
Slide 22: 4. Implications for Your Portfolio
Heading 4. WHAT ARE THE IMPLICATIONS FOR YOUR PORTFOLIO? LARGE CAP, MID CAP INCOME AND A MICRO CAP STRATEGY 022 CONTANGO ASSET MANAGEMENT
Slide 23: Portfolio strategy implications from the top-down view
Heading PORTFOLIO STRATEGY IMPLICATIONS FROM THE TOP-DOWN VIEW • Aussie equities to outperform bonds and cash – Interest rates lower for longer – Lower AUD • Super Sector strategy to remain defensive growth – Prefer companies with secular growth and foreign currency exposure – No cyclical uplift, ou
Slide 24: Group stocks by macro relationships to add alpha
Heading WE GROUP STOCKS BY MACRO RELATIONSHIPS TO ADD ALPHA AT THE SUPER SECTOR LEVEL Contango Large Cap Fund: SS Active Weight vs ASX300 Market Leverage 3.5 Defensives 2.3 Gold -0.5 Interest Rate Sensitives -1.3 Domestic Cyclicals -1.4 Global Cyclicals -6.8 [Futures] 3.2 [Cash] 1.0 -8.0 -6.0 -4.0 -
Slide 25: 4.1 Large Cap (GARP) Fund
Heading 4.1. THE CONTANGO ASSET MANAGEMENT LARGE CAP (GARP) FUND 025 CONTANGO ASSET MANAGEMENT
Slide 26: Large Cap (GARP) Fund: diversified portfolio of large cap growth stocks
Heading LARGE CAP (GARP*) FUND IS A DIVERSIFIED PORTFOLIO OF LARGE CAP GROWTH STOCKS • Offers a diversified exposure to the Australian equity market and a higher expected return than investments in cash or fixed income • Actively managed portfolio of Australian listed shares on the S&P/ASX 300 Index
Slide 27: Large Cap (GARP) Fund performance since inception
Heading LARGE CAP (GARP) FUND’S PERFORMANCE HAS BEEN STRONG SINCE INCEPTION CONSISTENT ALPHA GENERATION IN DIFFERENT MARKET CONDITTIONS ASX 300 March 2016 Large Cap Fund Added Value Accumulation 3 Months -3.1% -2.6% -0.5% 6 Months 3.9% 3.7% 0.2% 1 Year -9.7% -9.3% -0.4% 3 Years pa 7.0% 5.3% 1.7% 5 Y
Slide 28: Large Cap (GARP) stock positions
Heading LARGE CAP (GARP) STOCK POSITIONS CONSISTENT WITH STRATEGY VIEW Over Under Code Stock Code Stock % % OSH OIL SEARCH 2.7 WBC WESTPAC BANKING CORP -1.9 ANZ AUST AND NZ BANKING 2.5 BHP BHP BILLITON LIMITED -1.9 CSL CSL 2.2 SCG SCENTRE -1.8 GMG GOODMAN 2.2 TCL TRANSURBAN -1.7 NATIONAL AUSTRALIA S
Slide 29: Large Cap portfolio active weights: industry sectors
Heading LARGE CAP (GARP) PORTFOLIO EMPLOYING AND ACTIVELY MANAGING RISK Large Cap Portfolio Active Weights: Contango Industry Sectors Healthcare Equipment & Service 5.3 Telco Services 2.3 Banks 1.4 Paper & Packaging 1.4 Construction Materials 1.3 Miscellaneous Services 0.7 Diversified Financials 0.5
Slide 30: Large Cap portfolio active weights: super sectors
Heading LARGE CAP (GARP) PORTFOLIO EMPLOYING AND ACTIVELY MANAGING RISK Large Cap Portfolio Active Weights: Contango Super Sectors Defensives 4.2 Interest Rate Sensitives 1.4 Market Leverage 1.0 Gold -0.8 Domestic Cyclicals -3.5 Global Cyclicals -5.1 Futures 2.6 Cash 0.4 -6.0 -4.0 -2.0 0.0 2.0 4.0 6
Slide 31: Large Cap active risk positions consistent with objectives
Heading LARGE CAP (GARP) ACTIVE RISK POSITIONS ARE CONSISTENT WITH THE FUND’S OBJECTIVES Contango ASX 300 April 2016 Large Cap Accum Index Price to Earnings Ratio 14.8 15.9 Dividend Yield (net) 4.8 4.5 Dividend Yield (gross) 6.1 5.9 EPS Growth (%) 3.8 -1.1 Return on Equity (%) 15.1 14.2 Beta 0.96 1.
Slide 32: 4.2 Contango Income Generator (Ex 30 Mid Cap Income) Fund
Heading 4.2 THE CONTANGO INCOME GENERATOR (EX 30 MID CAP INCOME) FUND 032 CONTANGO ASSET MANAGEMENT
Slide 33: Lower volatility, higher yielding equity income fund
Heading A LOWER VOLATILITY AND HIGHER YIELDING EQUITY INCOME FUND THAT DIVERSIFIES AWAY FROM THE TOP-30 • Offers a portfolio of lower volatility and higher yielding Australian listed shares outside of the top-30 – Provides diversification away from large cap banks and telcos. • Actively managed port
Slide 34: Blend of top-30 and ex-30 income stocks
Heading A BLEND OF TOP-30 AND EX-30 INCOME STOCKS IS A MORE EFFICIENT PORTFOLIO ALLOCATION Return Optimal Portfolio or “Efficient Frontier” Optimal curve portfolio allocation Ex-30 Concentrated income Large cap large cap fund portfolio portfolio Sub-optimal portfolio allocation Risk 034 CONTANGO ASS
Slide 35: Income Generator Fund active weights
Heading THE INCOME GENERATOR FUND’S ACTIVE WEIGHTS ARE A PRODUCT OF THE INVESTMENT PROCESS Income Generator Fund Active Weights: Contango Industry Sectors Diversified Financials 9.9 Miscellaneous Services 7.4 Utilities 6.5 Real Estate 2.9 Durables & Apparel 2.3 Retailing 1.9 Construction Materials 0
Slide 36: Income Generator Fund stock positions
Heading THE INCOME GENERATOR FUND’S STOCK POSITIONS ARE A PRODUCT OF THE INVESTMENT PROCESS Over Under Code Stock Code Stock % % BOQ BANK OF QUEENSLAND 5.0 CBA COMMONWEALTH BANK -9.0 ASX ASX 5.0 WBC WESTPAC BANKING CORP -7.4 NATIONAL AUSTRALIA TTS TATTS GRP 4.6 NAB -5.1 BANK BENDIGO & ADELAIDE BEN 4
Slide 37: Income Generator active risk positions
Heading THE INCOME GENERATOR FUND’S ACTIVE RISK POSITIONS ARE CONSISTENT WITH THE FUND’S OBJECTIVES Contango S&P/ ASX300 S&P/ ASX300 April 2016 Income All Ordinaries Top-30 ex-30 Generator Median Market Cap ($M) 1967.1 515.7 20182.5 1072.5 Price to Earnings Ratio 14.7 15.9 15.9 15.8 Earnings Growth
Slide 38: Income Generator Fund has delivered strong performance
Heading THE INCOME GENERATOR FUND HAS DELIVERED STRONG PERFORMANCE Contango All Ordinaries April 2016 Income Added Value Accum Index Generator 1 Year 1.6% -3.7% 5.3% 2 Years pa 9.5% 3.0% 6.5% Inception (Dec 2012) pa 15.6% 8.7% 6.9% Gross Performance Wholesale fund Source: Contango AM, net of fees 03
Slide 39: A diversified portfolio implies lower volatility
Heading A DIVERSIFIED PORTFOLIO IMPLIES LOWER VOLATILITY Blended equity portfolio: Blending a low beta dividend The appropriate mix of Equities (global and domestic), Fixed Income, property, Infrastructure all help income and corporate bond to lower the volatility while targeting the same expected r
Slide 40: 4.3 Micro Cap Fund
Heading 4.3. THE CONTANGO ASSET MANAGEMENT MICRO CAP FUND 040 CONTANGO ASSET MANAGEMENT
Slide 41: Micro Cap Fund: diversified portfolio of emerging micro cap stocks
Heading THE MICRO CAP FUND IS A DIVERSIFIED PORTFOLIO OF EMERGING COMPANY MICRO CAP STOCKS • Offers a diversified exposure to ASX listed micro cap companies and a higher expected return than the Large Cap (GARP) Fund • Actively managed portfolio of Australian listed shares with a market capitalisati
Slide 42: Micro Cap Fund performance since inception
Heading MICRO CAP FUND’S PERFORMANCE HAS BEEN STRONG SINCE INCEPTION ASX All Ords April 2016 MicroCap Fund Added Value Accumulation 3 Months 8.4% 6.5% 1.8% 6 Months 10.6% 2.8% 7.8% 1 Year 4.8% -3.7% 8.4% 7 Years pa 12.8% 9.7% 3.1% Since inception (March 2004) pa 15.5% 8.3% 7.2% Gross Performance 042
Slide 43: Micro Cap stock positions
Heading MICRO CAP FUND’S STOCK POSITIONS CONSISTENT WITH STRATEGY VIEW Over Under Code Stock Code Stock % % SAR SARACEN MINERAL 3.9 NST NORTHERN STAR RES -1.8 HUB HUB24 3.4 BKL BLACKMORES -1.5 MYX MAYNE PHARMA 3.3 NHF NIB HOLDINGS -1.5 SGF SG FLEET 2.8 MQA MACQUARIE ATLAS RDS -1.5 QMS QMS MEDIA 2.8
Slide 44: Micro Cap portfolio active weights
Heading MICRO CAP FUND EMPLOYING AND ACTIVELY MANAGING RISK Micro Cap Portfolio Active Weights: Contango Industry Sectors Pharma, Biotech & Life Science 7.5 Information Technology 6.5 Miscellaneous Services 0.9 Utilities 0.7 Energy -0.6 Durables & Apparel -0.6 Media -1.0 Telco Services -1.0 Paper &
Slide 45: Micro Cap active risk positions
Heading MICRO CAP FUND’S ACTIVE RISK POSITIONS ARE CONSISTENT WITH THE FUNDS OBJECTIVES Contango ASX Small April 2016 Micro Cap Ords Index Price to Earnings Ratio 11.8 14.2 Dividend Yield (net) 4.0 4.2 Dividend Yield (gross) 4.8 5.0 EPS Growth (%) 44.0 13.0 Return on Equity (%) 21.0 15.9 Beta 0.8 1.
Slide 46: Stock Story: Lithium Overview
Heading STOCK STORY LITHIUM OVERVIEW http://www.theverge.com/2016/4/1/11342104/tesla-model-3-announcement-photos 046 CONTANGO ASSET MANAGEMENT
Slide 47: Lithium overview: demand
Heading STOCK STORY LITHIUM OVERVIEW Demand • End 2015 estimated to be approximately 200kt with and expected CAGR of 10.0% • Demand will exceed supply for the foreseeable future and rebalancing will be dependent upon the hard rock entrants delivering on their stated targets. • Li-ION batteries are y
Slide 48: Lithium overview: supply
Heading STOCK STORY LITHIUM OVERVIEW Supply • Tight with no new entrants in the western world in short term. • 70% of world supply from Chile (SQM, Albermarlie), Argentina (FMC) & Australia (Talison). • New supply from Orecobre/Galaxy & General Mining. • Strong demand, market growth of 10.0% CAGR •
Slide 49: Lithium overview: Pilbara Minerals and General Mining
Heading STOCK STORY LITHIUM OVERVIEW Pilbara Minerals Ltd General Mining Corp Ltd 0.80 0.80 0.70 0.70 0.60 0.60 0.50 0.50 0.40 0.40 $ $ 0.30 0.30 0.20 0.20 0.10 0.10 0.00 0.00 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 049 CONTANGO ASSET MANAGEMENT
Slide 50: Stock Story: Lithium Right Place, Right Time
Heading STOCK STORY LITHIUM RIGHT PLACE, RIGHT TIME 050 CONTANGO ASSET MANAGEMENT
Slide 51: Stock Story: Lithium
Heading STOCK STORY LITHIUM 051 CONTANGO ASSET MANAGEMENT
Slide 52: Stock Story: Lithium
Heading STOCK STORY LITHIUM 052 CONTANGO ASSET MANAGEMENT
Slide 53: Stock Story: Clover (CLV)
Heading STOCK STORY CLOVER (CLV) Clover Corp Ltd • Supplies omega supplements (refined 0.70 tuna oil in a powder format) to infant formula manufacturers – trades under 0.60 brand Nu-Mega. 0.50 • Well positioned to supply both Australian and Chinese manufacturers 0.40 in Aust/NZ/ROW. $ • Cash on bala
Slide 54: Stock Story: QMS (QMS)
Heading STOCK STORY QMS (QMS) QMS Media Ltd • Outdoor advertising company 1.40 (Australia & NZ). • Benefitting from structural growth of converting billboards from static to 1.20 digital. • Revenue uplift is ~5x–6x/site due to increased inventory, network benefits (~45% of FY16 revenue digital). 1.0
Slide 55: Stock Story: West African Resources (WAF)
Heading STOCK STORY WEST AFRICAN RESOURCES (WAF) West African Resources Ltd • Exciting West African gold play in 0.20 Burkina Faso. 0.18 • Two new discoveries (M1 and M2) proximal to the original ore body (M5) 0.16 have significantly changed the scope 0.14 and mine life of the project. 0.12 • M1 and
Slide 56: 4.4 Halidon Yield Enhanced Fund
Heading 4.4 THE CONTANGO ASSET MANAGEMENT HALIDON YIELD ENCHANCED FUND 056 CONTANGO ASSET MANAGEMENT
Slide 57: Fixed Income: Halidon Yield Enhanced Fund introduction
Heading FIXED INCOME – HALIDON YIELD ENCHANCED FUND INTRODUCTION • A High quality, low volatility, investment grade credit portfolio with a focus on capital preservation and provision of income circa 4.00% per annum • Investment objective – Achieve a return greater than the benchmark return each yea
Slide 58: Halidon Yield Enhanced Fund performance and characteristics
Heading FIXED INCOME – HALIDON YIELD ENHANCED FUND PERFORMANCE AND CHARACTERISTICS 2 Inception 1 Month 3 Months 6 Months 1 Year 3 Year Actual) (Annualized) 1 Fund 0.33% 0.41% 1.01% 1.58% 3.35% 5.78% 44.76% 3 Benchmark 0.11% 0.63% 1.02% 2.02% 2.91% 4.05% 29.91% Relative 0.22% -0.22% -0.01% -0.44% 0.4
Slide 59: Halidon fund long term performance and breakdown
Heading FIXED INCOME – HALIDON YIELD ENHANCED FUND LONG TERM PERFORMANCE AND FUND BREAKDOWN • Part of an optimal or efficient portfolio • When blended with equities and other assets classes, lowers volatility while targeting similar portfolio returns Telecommunication Utilities Services Portfolio 8.
Slide 60: Halidon fund long term performance and breakdown
Heading FIXED INCOME – HALIDON YIELD ENHANCED FUND LONG TERM PERFORMANCE AND FUND BREAKDOWN • When blended with equities and other assets classes, lowers volatility while targeting similar portfolio returns 060 CONTANGO ASSET MANAGEMENT
Slide 61: 5. Summary
Heading 5. SUMMARY 061 CONTANGO ASSET MANAGEMENT
Slide 62: An experienced fund manager across the entire market spectrum
Heading CONTANGO ASSET MANAGEMENT IS AN EXPERIENCED FUND MANAGER ACROSS THE ENTIRE MARKET SPECTRUM • Well established Australian equity boutique manager formed in 1998. • Unique and successful business cycle investment philosophy – Rigorous bottom-up investment process. • Products covering the entir
Slide 63: Investing is simple but not easy
Heading INVESTING IS SIMPLE BUT NOT EASY “Do you know the only thing that gives me pleasure? It's to see my dividends coming in” John D Rockefeller • Understanding and forecasting economic conditions is important for portfolio construction • No hard landing for China. Worst of commodity adjustment b
Slide 64: 6. Introducing the Investment Team
Heading 6. INTRODUCING THE INVESTMENT TEAM 064 CONTANGO ASSET MANAGEMENT
Slide 65: Well resourced investment team with over 20 years average experience
Heading WELL RESOURCED INVESTMENT TEAM WITH AN AVERAGE OF OVER 20 YEARS INDUSTRY EXPERIENCE Role Team member Years experience Chief Investment Officer George Boubouras 26 Senior Portfolio Manager Alistair Drummond 31 Senior Portfolio Manager Shawn Burns 30 Senior Portfolio Manager Bill Laister 36 Se
Slide 66: Contact Details
Heading CONTACT DETAILS George Boubouras Bill Laister Chief Investment Officer Senior Portfolio Manager Contango Asset Management Contango Asset Management Tel: +61 (3) 9222 2324 Tel: +61 (3) 9222 2326 Mobile: +61 414 614 225 Mobile: +61 404 363 715 E-mail: gboubouras@contango.com.au E-mail: walaist
Contango Asset Management — Non-Deal Roadshow (May 2016) on 6ix