Katana Capital Ltd. · ASX:KAT
Katana Capital — Shareholder Meeting (November 2017)
16 slides from Katana Capital's shareholder meeting presentation, Nov 24, 2017
Slide 1: Katana Capital Limited AGM Presentation November 2017
Katana Capital Limited For personal use only ASX CODE KAT AGM PRESENTATION NOVEMBER 2017
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is provided to each recipient on the following basis: For personal use only a. this presentation has been produced by Katana Asset Management (KAM). This presentation does not purport to contain any information that the recipient may require
Slide 3: Overview
Overview For personal use only Key Metrics Katana Profile – Personnel Investment Approach Fund Performance & Opportunity
Slide 4: Key Metrics
Key Metrics For personal use only FY17 Performance vs Benchmark • Gross Investment Return 6.23% vs Benchmark (All Ords Index) +8.54% In Context - 11 Year Performance vs Benchmark • Outperformed the index benchmark in 8 out of 11 years Dividends • Paid 4x quarterly dividends totalling 2c per share (A
Slide 5: Katana Profile – Personnel
Katana Profile – Personnel Investment Staff For personal use only Manager – Skills and Experience • Combined direct investment experience of >110 years • Covers 4 stock market cycles • Professional Qualifications - economics, business, accounting, investment analysis, mining, geology • Diverse Backg
Slide 6: Katana Profile - Personnel: Support Staff & Service Providers
Katana Profile - Personnel Support Staff & Service Providers For personal use only General Address AMP Building, Level 16, 140 St Georges Terrace, Perth Katana Asset Management Administration Christine Fernandez Stephanie Taverniti Ashleigh Smith Compliance Jacqui Stewart - GRC Essentials Custodian
Slide 7: Investment Approach: Philosophy
Investment Approach Philosophy For personal use only Think independently but act in unison with the market, by combining the best precepts of the 5 key investment disciplines: 1. Value Investing 2. Fundamental Analysis 3. Growth Investing 4. Technical Analysis 5. Market Experience and Observation •
Slide 8: Investment Approach: Fund Parameters
Investment Approach Fund Parameters For personal use only Portfolio Overview Portfolio Parameters • Long only • 45-60 individual stock positions • ASX listed securities • Average position size 1%–5%, with a pre- • Benchmark ‘Unaware’ – i.e. flexibility to maximise returns without disposition towards
Slide 9: Investment Approach: Decision Process
Investment Approach Decision Process For personal use only
Slide 10: Typical portfolio – All-Opportunity
Investment Approach Typical portfolio – “All-Opportunity” Historical Characteristics: For personal use only ~ 5 of the top 10 portfolio holdings in ASX50 Top 10 Investments (KAEF) Percentage of Portfolio Valuation as at 31/10/2017 2-3 of the top 10 portfolio holdings in ASX100 2-3 of the top 10 port
Slide 11: Fund Performance and Opportunity: Investment Returns
Fund Performance and Opportunity Investment Returns For personal use only Ongoing Out-Performance Since Inception Katana Gross Year Ending All Ords Index Outperformance Investment Return 2006 9.20% 6.90% 2.30% 2007 49.03% 25.36% 23.67% 2008 -6.41% -15.49% 9.08% 2009 -23.57% -25.97% 2.40% 2010 24.54%
Slide 12: Consistent and Strong Out-Performance
Fund Performance and Opportunity Investment Returns For personal use only Consistent and Strong Out- Performance Since inception, KAEF has out- performed the All Ords Index by 6.19% per annum on a gross basis. 1. Inception date Katana Capital January 2006. Returns quoted are gross investment returns
Slide 13: Outlook
Fund Performance and Opportunity Outlook For personal use only Macro Environment • Low interest rates persist and the path to normalization continues to be pushed out • Global synchronized growth amongst the best on record • Valuations in the US are now well ahead of long term averages (~2 Std devia
Slide 14: Dividends
Fund Performance and Opportunity Dividends For personal use only Dividend History • Paid dividends every year since listing • Quarterly dividends provide regular cash flow to yield conscious investors • Dividend Reinvestment Plan - company purchases shares on market so no dilution Future Dividends •
Slide 15: Opportunity
Fund Performance and Opportunity Opportunity For personal use only 1. Discount to NTA – 15% Discount to NTA – Working to narrow this gap (Buyback, DRP buyback et al) 2. 2 New Portfolio Managers Fully Contributing – Invested substantial time and cost into team 3. Historical Performance following Unde
Slide 16: Thankyou
If you would like a more information For personal use only Please email enquiries@katanaasset.com Thankyou