Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2022)
30 slides from Mirrabooka Investments's shareholder meeting presentation, October 2022
Slide 1: Annual General Meeting October 2022
Annual General Meeting October 2022
Slide 2: How to ask a question - online
How to ask a question - online • To ask a written question select the Q & A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question follow the instructions below the broadcast window. Annual Ge
Slide 3: How to vote - online
How to vote - online • When the poll is open, select the vote icon at the top of the screen • To vote, select either For, Against or Abstain • You will see a vote confirmation • To change or cancel your vote “click here to change your vote” at any time until the poll is closed Annual General Meeting
Slide 4: Annual General Meeting – Presentation 2022
Annual General Meeting – Presentation 2022
Slide 5: Disclaimer
Disclaimer Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, n
Slide 6: Our Purpose and Approach
Our Purpose and Approach Annual General Meeting 2022
Slide 7: Our Investment Approach
Our Investment Approach Annual General Meeting 2022 14
Slide 8: Financial Year in Summary
Financial Year in Summary Annual General Meeting 2022
Slide 9: Financial Year in Summary
Financial Year in Summary * Assumes an investor can take full advantage of the franking credits. Annual General Meeting 2022 16
Slide 10: Alignment of Interests
Alignment of Interests Mirrabooka’s Management Expense Ratio (MER) History Shareholders currently incur 46¢ of cost pa for every $100 invested Annual General Meeting 2022 17
Slide 11: Share Price Premium/Discount to NTA
Share Price Premium/Discount to NTA Annual General Meeting 2022
Slide 12: Equity Market Conditions
Equity Market Conditions Annual General Meeting 2022
Slide 13: The Costs of Living are Surging
The Costs of Living are Surging Australia’s annual headline inflation rate jumped to 7% in July 2022, the highest level since mid-1990 and is climbing at a faster pace than wages growth In July 2022 it cost (on average): +29% more +18% more +15% more +12% higher to fuel a car to pay for electricity*
Slide 14: Global Conditions are Highly Uncertain
Global Conditions are Highly Uncertain Source: Financial Times, February 2022 Source: The Wall Street Journal, June 2022 Source: AFR, July 2022 Annual General Meeting 2022 Source: Reuters, June 2022 21
Slide 15: Mirrabooka has Navigated Market Volatility Before
Mirrabooka has Navigated Market Volatility Before We manage Mirrabooka for the long term and encourage shareholders to take a similar view Looking back on the 10-year* Mirrabooka return When Lehman brothers collapsed When the covid pandemic broke In the recent bout of inflation and during the GFC of
Slide 16: Portfolio Performance and Activity
Portfolio Performance and Activity Annual General Meeting 2022
Slide 17: Portfolio Performance – Per Annum Returns to September 2022
Portfolio Performance – Per Annum Returns to 30 September 2022 * Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculated after management fees, income tax and capital gains tax on realised sales of investments. It should be noted that Ind
Slide 18: Addressing Our Portfolio Underperformance in FY22
Addressing Our Portfolio Underperformance in FY22 Consistent with our approach, our long term performance track record is far more consistent than short term Mirrabooka Relative Performance Since Inception Factors behind FY22 underperformance • Particularly strong performance in FY21 • High starting
Slide 19: Mirrabooka’s Consistency of Long Term Returns
Mirrabooka’s Consistency of Long Term Returns Mirrabooka 10-Year Performance History – Benchmark and Outperformance Contribution 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Mirrabooka Outperformance S&P/ASX Mid Cap 50 Index 10-year grossed
Slide 20: How We Manage the Portfolio During Recent Market Volatility
How We Manage the Portfolio* During Recent Market Volatility Exited Trimmed Added New * 2022 Calendar Year. Annual General Meeting 2022 27
Slide 21: Features of the Mirrabooka Portfolio
Features of the Mirrabooka Portfolio Annual General Meeting 2022
Slide 22: Our Long Term Approach
Our Long Term Approach We are more ‘long term’ in our approach than most institutional investors – period of ownership of top 20 stocks 2004 2008 2012 2016 2020 Note: CTM, James Hardie, REA Group and Computershare have been held previously by Mirrabooka. Annual General Meeting 2022 29
Slide 23: Quality Companies Find a Way to Grow
Quality Companies Find a Way to Grow Sales Growth Per Annum Since Our First Purchase 19% 19% 14% 13% 10% 10% 7% Holding Holding Holding Holding Holding Holding Holding since since since since since since since 2010 2011 2014 2015 2017 2017 2017 Annual General Meeting 2022 30
Slide 24: Market Leadership – Everyday Stocks
Market Leadership – Everyday Stocks You could well encounter 12% of the Mirrabooka portfolio on any given day ResMed device Awoken by Breville coffee New iPad Catch a movie at Dominos pizza assists your the Cleanaway for breakfast replacement Event cinemas for a quick sleeping garbage truck with the
Slide 25: Market Leadership – Next Time You Buy a House
Market Leadership – Next Time You Buy a House You could well encounter 9% of the Mirrabooka portfolio finding, buying and renovating your next home Visit Settle the Visit Reece Visit James realestate.com.au property with to refresh the Hardie to re-side to find a property PEXA bathroom the house Ann
Slide 26: Outlook
Outlook Annual General Meeting 2022
Slide 27: Outlook
Outlook Questions that we can't answer: • At what level will interest rates peak? • Will central banks successfully avoid a recession? • When will the Russia/Ukraine war end? • Will there be further disruptive COVID strains? We choose to answer different questions in response. In tougher economic co
Slide 28: Mirrabooka - Since IPO
Mirrabooka - Since IPO $100 invested in Mirrabooka at IPO (June 2001) is now worth $870 compared* with: $267 in Australian 10-year bonds $444 in the S&P 500 $209 in US 10-year bonds $457 in the ASX 200 $710 in the NASDAQ $735 in the Australian housing market Source: Goldman Sachs Research * As at 30
Slide 29: Mirrabooka – Since Inception
Mirrabooka – Since Inception * * * * Emerging companies * once owned by Mirrabooka that have graduated to the ASX 50 * Taken over. Annual General Meeting 2022 36
Slide 30: Mirrabooka Investments Limited
x ¢- MIRRABOOKA * yi Investments Limited
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