NAOS Emerging Opportunities Co. Ltd. · ASX:NCC
NAOS Emerging Opportunities — Q1 FY2015 Earnings Presentation
21 slides from NAOS Emerging Opportunities's earnings presentation, Oct 14, 2014
Slide 1: Q1 FY15 Investor Briefing
For personal use only PRESENTATION Q1 FY15 INVESTOR BRIEFING NAOS Emerging Opportunities Company Ltd (ASX: NCC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 16th October 2. Time 11.00am 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to Anneke Senden (asenden@naos.com.au) prior to the allotted call time Conviction Absolute Long Short Investing | Copyrigh
Slide 3: Agenda
AGENDA For personal use only 1. NCC REVIEW • Information about the Company • Capital Structure • Dividend Policy/Schedule • Dividend, Share Price and Option Price History • Total Shareholder Return Analysis • Quarterly Performance & Attribution Analysis • Portfolio Positioning • Sample Company Meeti
Slide 4: 1. NCC Review
For personal use only 1. NCC Review Conviction Absolute Long Short Investing | Copyright 2014 NAOS Absolute Opportunities Company 4
Slide 5: Information About the Company
INFORMATION ABOUT THE COMPANY For personal use only NCC • Listed Investment Company (LIC), which seeks to provide investors with exposure to emerging companies through a concentrated long/short portfolio of ASX listed equities. • The primary aim of NCC is to provide investors with long term capital
Slide 6: Capital Structure
CAPITAL STRUCTURE For personal use only SHARES ON ISSUE OPTIONS ON ISSUE CURRENT DIVIDEND YIELD 35,326,027 NCCO 5.55% Fully Franked Expiry: 1st February 2015 7.93% Gross *3cps Fully Franked Dividend Ex-Dividend Date Record Market Capitalisation Price Exercisable: $1.00 Date 24th November 2014 $38,15
Slide 7: Dividend Policy/Schedule
DIVIDEND POLICY/SCHEDULE For personal use only DIVIDEND POLICY The board is committed to paying a progressive stream of fully franked dividends to shareholders on a six-monthly basis provided the Company has sufficient franking credits and it is prudent to do so. The Dividend Reinvestment Plan is in
Slide 8: Dividend, Share Price & Option Price Performance
DIVIDEND, SHARE PRICE & OPTION PRICE PERFORMANCE AS AT 30 TH SEPTEMBER 2014 For personal use only NCCO NCCOA NCC $0.25 $1.40 $1.20 $0.20 $1.00 $0.15 $0.80 $0.60 $0.10 Dividend - 2.75cps Fully Franked $0.40 Dividend - 2.5cps Fully Franked $0.05 $0.20 $0.00 $0.00 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul
Slide 9: Total Shareholder Return Analysis Since IPO
TOTAL SHAREHOLDER RETURN ANALYSIS SINCE IPO AS AT 30 TH SEPTEMBER 2014 For personal use only NCC Shareprice, NCCO Option Price, Reinvested Dividends (Excluding Franking Credits) $140,000 Small Ordinaries Accumulation Index (XSOAI) $130,000 $121,496 $120,000 $110,000 $95,389 $100,000 $90,000 $80,000
Slide 10: Performance Summary
PERFORMANCE SUMMARY NET OF OPERATING EXPENSES AS AT 30 TH SEPTEMBER 2014 For personal use only 1 Month 3 Months 6 Months 1 Year Inception Inception% (%) (%) (%) (%) (% p.a.) (Nom.) NCC -1.51% +4.37% +5.21% +13.62% +30.07% +51.92% S&P/ASX Small Ordinaries -5.47% +1.49% -0.80% -0.07% -2.92% -4.61% Acc
Slide 11: Fully Franked Dividend History
FULLY FRANKED DIVIDEND HISTORY AS AT 30 TH SEPTEMBER 2014 (CENTS PER SHARE) For personal use only $0.031 $0.030 $0.029 $0.028 $0.027 $0.026 $0.025 $0.024 $0.023 $0.022 Final FY13 Interim FY14 Final FY14 Conviction Absolute Long Short Investing | Copyright 2014 NAOS Asset Management Limited 11
Slide 12: Performance Attribution: Top Contributors by Stock
PERFORMANCE ATTRIBUTION: TOP CONTRIBUTORS TO PORTFOLIO RETURNS BY STOCK 1ST MARCH 2013 TO 30 TH SEPTEMBER 2014 For personal use only Contribution to Return Contribution to Return Investment Investment (% NAV) (% NAV) Current Investment A +13.50% Current Investment C +4.51% Capitol Health +10.49% Gag
Slide 13: Portfolio Structure: Net Equity and Cash Weightings
PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 30 TH SEPTEMBER 2014 For personal use only Net Equity Weighting Cash & Cash Equivalents Weighting Short Exposure 120% 100% 80% 60% 40% 20% 0% -20% -40% Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan
Slide 14: Portfolio Structure: Allocation by Industry/Sector
PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR AS AT 30 TH SEPTEMBER 2014 For personal use only 12.94 Transport & Logistics 21.43 3.76 Bulk Commodities 0.40 Mining Services Media & Advertising 9.37 17.01 Housing Related Financial Services & Insurance Healthcare Cash & Cash Equivalents 6.6 35.62 •
Slide 15: 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. The NAOS Investment Team has direct contact with many lis
Slide 16: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only September • The S&P/ASX 300 Accumulation Index fell -5.40% - the worst monthly performance since March 2012. Australian Equity • Resources and Banks fared poorly in September falling by -6.6% and -7.6% respectively. Market Review • The AUD/USD recorded
Slide 17: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Domestic Anecdotal • Non mining business investment remains particularly weak despite record low interest rates Research • The Australian unemployment rate is likely to move higher than the US rate for the first time since late 90’s • Consumer confiden
Slide 18: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only NAOS View • Record low interest rates are allowing investors to value businesses on yield and not the true underlying cash flow generation of the business and the risks associated with these forecasts • Equity yields are also artificially high due to h
Slide 19: Keeping Up to Date – Shareholder Communication
KEEPING UP TO DATE – SHAREHOLDER COMMUNICATION For personal use only WEBSITE • Shareholders can stay up to date with NAOS news and views, subscription lists and latest share prices via the company website: www.naos.com.au FORMS • Notice of exercise form for NCCO options will be distributed by Boardr
Slide 20: 2. Management
For personal use only 2. Management Company Update Conviction Absolute Long Short Investing | Copyright 2014 NAOS Absolute Opportunities Company 20
Slide 21: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Emerging Opportunities Company Ltd (ACN 161 106 510). 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 p
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