Salter Brothers Emerging Companies Ltd. · ASX:SB2
Salter Brothers Emerging Companies — Investor Presentation (July 2025)
17 slides from Salter Brothers Emerging Companies's investor presentation, Jul 15, 2025
Slide 1: Salter Brothers Emerging Companies Limited Webinar
WEBINAR For personal use only SA LTE R B ROTH E R S EMERGING COMPANIES LIMITED (ASX CODE: SB2)
Slide 2: Important – General Information and Disclaimer
IMPORTANT – GENERAL INFORMATION AND DISCLAIMER This document has been prepared by Salter Brothers Funds Management Pty Ltd ACN 608 295 683 operations, results, performance, production targets or achievement may vary materially from any (SBFM), a corporate authorised representative of Salter Brothers
Slide 3: Contents
CONTENTS 1. Summary 2. FY25 Year in Review For personal use only 3. Small Cap vs Large Cap Valuations 4. FY25 Index Performance 5. FY25 Australian Sector Review 6. Australian Small Cap Sector Review 7. SB2 Relative Performance 8. SB2 Performance 9. Portfolio FY25 Contributors 10. Outlook 11. Portfol
Slide 4: Executive Summary
1. EXECUTIVE SUMMARY › Salter Brothers is a global alternative investments manager with over A$4B of group assets under management. For personal use only › Salter Brothers Emerging Companies Limited (ASX–SB2) is a professionally managed listed investment company (LIC), dedicated to investing in smal
Slide 5: FY25 Year in Review
2. FY25 YEAR IN REVIEW First US Fed US US Fed US Fed Trump RBA US Tariff Rate Cut Election Rate Cut Rate Cut Inauguration Rate Cut Tariffs Pause Australian Election 120 US-China Deal For personal use only Israel-Iran RBA Ceasefire 115 Rate Israel-Iran Cut Conflict 110 105 100 95 90 7/1/2024 8/1/2024
Slide 6: Small Cap vs Large Cap Valuations
3 . SMALL CAP VS LARGE CAP VALUATIONS S&P ASX100 relative to Small Ords PE 12MF For personal use only 104 105 116 Source: Barrenjoey* Data & Quant, Bloomberg, FactSet S A L T E R B R O T H E R S | E M E R G I N G C O M P A N I E S L I M I T E D | J U LY 2 0 2 5 6
Slide 7: FY25 Index Performance
4. FY25 INDEX PERFORMANCE ASX Small ASX Small ASX 200 ASX 200 For personal use only Performance Industrials Resources Industrials Resources Russell S&P Summary# (ASX:XSI) (AXS:XSR) (ASX:XNJ) (ASX:XJR) 2000 500 1 Month 1.40% -2.48% -0.63% -1.01% 5.48% 4.65% 3 Months 5.29% 6.65% 4.79% -2.02% 23.10% 23
Slide 8: FY25 Australian Sector Review
5. FY25 AUSTRALIAN SECTOR REVIEW Performance Summary 1Q25 2Q25 3Q25 4Q25 FY25 Rank For personal use only Energy -11% -5% -4% 6% -13% 11 Materials 7% -10% 2% -3% -5% 9 Industrials 9% 5% 1% 5% 21% 4 Consumer Discretionary 9% 3% -4% 7% 17% 5 Conusmer Staples 1% -5% 0% 3% -2% 8 Health Care -1% 3% -9% 0%
Slide 9: FY25 Australian Small Cap Sectors Review
6. FY25 AUSTRALIAN SMALL CAP SECTORS REVIEW Australian Small Cap Market 125 For personal use only 120 115 110 105 100 95 90 85 80 Jul-2024 Aug-2024 Sep-2024 Nov-2024 Dec-2024 Jan-2025 Mar-2025 Apr-2025 Jun-2025 Emerging Companies Small Industrials Small Resources Index S A L T E R B R O T H E R S |
Slide 10: SB2 Relative Performance
7. SB2 RELATIVE PERFORMANCE Salter Brothers NTA vs Indexes 140 Salter Brothers NTA vs Indexes For personal use only 130 120 110 100 90 80 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 NTA XEC XAO Russell 2000 S&P 500 ASX
Slide 11: SB2 Performance
8. SB2 PERFORMANCE › The Salter Brothers Emerging Performance ASX Emerging Companies Portfolio declined in For personal use only Summary# SB2 Companies Index* Difference June, lowering the 12-month return to 6.34% as of 30 June. This result in performance in line with the 1 Month -5.13% -0.49% -4.64
Slide 12: Portfolio FY25 Contributors
9. PORTFOLIO FY25 CONTRIBUTORS Key Additions › Botanix Pharmaceuticals LTD (ASX:BOT) FY25 Portfolio Top Contributors For personal use only › EML Payments LTD (ASX:EML) › Eroad LTD (ASX:ERD) 1 Alcidion (ASX:ALC) 4.7% › WRKR (ASX:WRK) › Prophecy International Holdings LTD (ASX:PRO) 2 AI-Media (ASX:AIM
Slide 13: Outlook
10. OUTLOOK Key Drivers › Interest Rates – likely to remain an influential macroeconomic For personal use only factor impacting small-cap equity performance. The expected easing cycle is anticipated to provide a supportive tailwind though FY26 particularly benefiting growth oriented small cap stocks
Slide 14: SB2 Portfolio Positioning
11 . SB2 PORTFOLIO POSITIONING Key Holdings Market Cap Sector Company Description 1. Alfabs Australia Ltd Engineering & Provides a design-to-delivery solution for its clients across heavy steel fabrication, construction and maintenance $100m (ASX:AAL) Mining services, mining equipment, protective co
Slide 15: Discount Opportunity
12. DISCOUNT OPPORTUNITY Steps to Narrow the NTA and Share Price Gap: Discount Comparison For personal use only › SB2 is currently trading at a ~ 30.3% discount to it’s 1.02 Post-Tax NTA as a the 30th June. › Following the release of the SB2 half-year results, -30.3% the share buy back program has r
Slide 16: Q&A
For personal use only &A Q&A Q S A L T E R B R O T H E R S | E M E R G I N G C O M P A N I E S L I M I T E D | J U LY 2 0 2 5 16
Slide 17: Contact Us
CONTACT US Gregg Taylor Head Office Investment Director Level 9, 477 Collins St For personal use only & Head of Equities Melbourne VIC 3000 Australia E | gregg.taylor@salterbrothers.com.au Sydney Office Level 36, 264 George St Yossi Kraemer Sydney NSW 2000 Australia Co‑head Capital Partnerships Bris
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