Pacific Current Group Ltd · ASX:PAC
Pacific Current — Shareholder Meeting (November 2023)
16 slides from Pacific Current's shareholder meeting presentation, Nov 16, 2023
Slide 1: 2023 Annual General Meeting Presentation
ASX ANNOUNCEMENT 16 November 2023 2023 ANNUAL GENERAL MEETING PRESENTATION Pacific Current Group Limited (ASX:PAC), a global mul�-bou�que asset management firm, is pleased to provide its 2023 Annual General Mee�ng Presenta�on for release to the market. For personal use only AUTHORISED FOR LODGEMENT BY
Slide 2: Full Year 2023 Annual General Meeting Presentation
PACIFIC CURRENT GROUP FULL YEAR 2023 ANNUAL GENERAL MEETING PRESENTATION PRESENTERS Paul Greenwood Ashley Killick Managing Director, CEO and ClO CFO 16 November 2023
Slide 3: Important Notice and Disclaimer
The information in this presentation is general information about Pacific Current Group (‘Pacific Current’ or ‘PAC’) and is current only at the date of this presentation. In particular, this presentation . . § is notan offer or recommendation to purchase or subscribe for securities in Pacific Curren
Slide 4: Business Overview
sINESS ovPRY RVIEW Paul Greenwood, MD, CEO & CIO" PACIFIC CURRENT GROUP
Slide 5: Pacific Current Group overview
aD Pacific Current Group (PAC) is a global investor in investment management firms, with stakes in 16 investment firms across the US, © Europe, Australia and Asia. O PAC's boutiques offer a diverse range of investment products across multiple asset classes, delivering sustainable and growing managem
Slide 6: FY23 Results
- FY23 FY22 | ~FY23 FY22 Comments n er yl ng ($m) (ASm) _| (Us$m) — (US$m) R : Ss u lts Boutique management fees 397 325 267 gag Ge nee Te aa Perse ewe Sec Boutique performance fees 12.2 145 82 10.5 Led by VPC, SCI, and Roc Boutique unrealised MTM an (12) ay (08) Noncash item, primarily related to V
Slide 7: PAC Valuations
PAC VALUATIONS PACIFIC CURRENT GROUP
Slide 8: NAV vs Fair Value and Share Price
For personal use only NAV vs Fair Value NAV vs Share Price (per share) 11.92 11.09 1115 8.40 8.39 AUD > > Py 2 g s of fg # s se ey s s s cS * § MEE NAV/share RNY Increment share Price IFRS requires PAC to use a variety of accounting treatments, resulting in some assets reported at fair value in PAC'
Slide 9: Conceptual value components of PAC
For personal use only FV Increment Statutory NAV Additional sources of value? $0 Underlying Operating Expenses? » The graph above is meant to be purely conceptual, and the size of each column should not be interpreted as having any reflection on the value of PAC
Slide 10: Portfolio Update
PORTFOLIO UPDATE PACIFIC CURRENT GROUP
Slide 11: For personal use only
For personal use only 200% $642 150% $104,100 100% $1,412 $5,713 $2,964 $7,389 50% $1,478 $3,712 $7,778 $1,991 $1,545 0% -50%
Slide 12: FUM (US$b)
For personal use only 16 14.1 14 13.3 13.4 13.1 12.9 12.8 12.8 12 11.0 11.2 10.3 10.3 9.6 9.6 9.6 10 9.1 8.6 FUM (US$b) 8.0 7.8 8 6.9 6 4 2 - Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23
Slide 13: Outlook
iS) OUTLOOK PACIFIC CURRENT GROUP
Slide 14: Operational Outlook
Operational Outlook PACIFIC CURRENT GROUP The current fundraising market for investment firms is very difficult. Nonetheless, PAC expects its portfolio companies, ex GQG, to receive AS2b-A$5b of gross new commitments in FY24 Increasing likelihood of announcing one or more liquidity events in portfol
Slide 15: Financial Outlook
Financial ‘Outlook PAC expects strong growth in boutique contributions in FY24 due to: Growth in management and/or performance fees from key boutiques, including Victory Park, " Pennybacker, GQG, Banner Oak, and IFP. mip Annualisation of Cordillera investment and contributions from Avante Operating
Slide 16: Full Year 2023 Annual General Meeting Presentation
PACIFIC CURRENT GROUP FULL YEAR 2023 ANNUAL GENERAL MEETING PRESENTATION LL
Pacific Current Group — Shareholder Meeting (November 2023) on 6ix