Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Global Value Fund — Investor Presentation (March 2018)
19 slides from Staude Capital Global Value Fund's investor presentation, Mar 9, 2018
Slide 1: Global Value Fund
For personal use only www.globalvaluefund.com.au
Slide 2: Disclaimer
Disclaimer This presentation is made on behalf of the Global Value Fund. The information contained in this presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Global Value Fund Limited (GVF) or any of its directors, officers, employees, agents, rep
Slide 3: Agenda
Agenda: For personal use only 1. Introduction 2. The Global Value Fund 3. March 2018 Capital Raising 4. Case studies 3
Slide 4: The Global Value Fund at a glance
The Global Value Fund at a glance ASX code: GVF For personal use only Objective 12.2% Offer Price: $1.10 To generate equity market VWAP pre-offer: $1.131 like returns when measured No. Shrs: 121M over time, but to do so with Annualised adjusted NTA significantly less risk than a Mkt Cap: $140M retur
Slide 5: GVF dividend history
GVF dividend history Declared dividends and franking credits since IPO1 For personal use only 4.5 4.0 Current Board 3.5 guidance2 is for 3.0 FY2018 dividends of Cents per Share 6.3 cents per share, 2.5 50% franked 2.0 1 Data source: Company reports. 1.5 2 Comprising a declared 1H 2018 dividend of 3.
Slide 6: 2. The Global Value Fund
For personal use only 2. The Global Value Fund 6
Slide 7: The Global Value Fund
The Global Value Fund For personal use only A focus on listed securities which Our core discount are undervalued relative to a defined and observable asset value capture strategy • A discount to “break-up” value We operate on a targets returns global stage; investing around comparable with global Cl
Slide 8: Investment Portfolio
Investment Portfolio1,2 For personal use only Underlying Asset Classes Underlying Currency Exposures Listed Equity Listed Debt USD EUR 18% Instruments 33% 19% 28% Cash 16% Listed Private AUD Equity 29% Other 17% 5% Other Listed Hedge 19% Funds 16% Diversification across asset classes lowers portfoli
Slide 9: Gross investment returns since IPO
Gross investment returns1 since IPO Attributed by market2, currency3 and excess returns4 For personal use only 70% Market Currency Excess Return 60% 50% 40% 30% 20% 10% 0% Jul 14 Nov 14 Mar 15 Jul 15 Nov 15 Mar 16 Jul 16 Nov 16 Mar 17 Jul 17 Nov 17 1 Gross investment returns refers to the total GVF
Slide 10: Adjusted NTA Returns
Adjusted NTA Returns NTA returns are after all fees and expenses For personal use only 55% Reference Index Returns¹ Adjusted NTA Returns² 50% 45% Our aim is to 40% generate equity market like returns, 35% with meaningfully 30% less risk than a 25% portfolio of global 20% shares 15% 1 NTA returns adj
Slide 11: Focus on Risk Management: Monthly drawdowns
Focus on Risk Management Monthly drawdowns1 For personal use only 1.0% 0.5% MSCI AC A$2 down months since GVF3 IPO 0.0% -0.5% Apr-15 -1.0% Oct-16 Feb-18 Jul-17 Sep-16 -1.5% Dec-17 Feb-16 -2.0% Nov-15 Jan-17 Sep-15 -2.5% Dec-15 MSCI AC A$ GVF Jun-17 -3.0% Jun-15 Jan-16 -3.5% Jun-16 Feb-18 -4.0% 6th F
Slide 12: Focus on Risk Management: risk-adjusted returns
Focus on Risk Management Our focus is risk-adjusted returns For personal use only 2.0 1.8 Sharpe Ratio 1.6 1.4 1.2 Our philosophy 1.0 places a high 0.8 0.6 importance on 0.4 controlling for risk, 0.2 whilst seeking to 0.0 GVF MSCI AC A$¹ US Investment Grade Bond generate excess Index² $3.4 returns $
Slide 13: March 2018 Capital Raising Initiative
March 2018 Capital Raising Initiative Existing Shareholders Prioritised For personal use only Rationale: ▪ Company received a number of requests from existing and new investors asking for an opportunity to increase their holding in a meaningful way. ▪ The Board believes that growing the Company in a
Slide 14: March 2018 Capital Raising Initiative
March 2018 Capital Raising Initiative Existing Shareholders Prioritised For personal use only Proven Track Record: ▪ GVF demonstrated its lower correlation and lower risk relative to equity markets during the recent market correction. ➢ As at Feb 6th, GVF announced MTD investment portfolio returns o
Slide 15: 3. Case studies
For personal use only 3. Case studies 15
Slide 16: Recent Investment: Pershing Square Holdings
Recent Investment: Pershing Square Holdings Deeply discounted investment into an activist portfolio For personal use only Description Investment Rationale Pershing Square Holdings Limited (PSH): Euronext and Despite the recent efforts by the Board, there is considerable London listed closed-ended fu
Slide 17: Case Study: Polar Capital Global Financials
Case Study: Polar Capital Global Financials Trading opportunity For personal use only Description Investment Rationale Polar Capital Global Financials Trust (PCFT): London The warrants represented 17% of the total outstanding shares listed Investment Trust which invests into global financial in the
Slide 18: Global Value Fund Limited Company Details
Global Value Fund Limited For personal use only Company Details Structure Listed Investment Company Incorporated Australia Service Providers Investment Manager Mirabella Financial Services Portfolio Manager Miles Staude Staude Capital Limited1 Registrar Boardroom Pty Limited enquires@boardroomlimite
Slide 19: For personal use only
For personal use only statement? Landline (UK): +44 20 3874 2243 Mobile (Australia): 0423 428 972 miles.staude@globalvaluefund.com.au emma.davidson@globalvaluefund.com.au ir@globalvaluefund.com.au www.globalvaluefund.com.au
Global Value Fund — Investor Presentation (March 2018) on 6ix