Sprott Inc. · TSX:SII
Sprott — Investor Presentation (May 2017)
26 slides from Sprott's investor presentation, May 2017
Slide 1: Sprott Focused Team Update
Sprott Focused Team Update May 2017 Dennis Mitchell Senior Vice President & Senior Portfolio Manager
Slide 2: Agenda
AGENDA 2017 Market Update Portfolio Updates 2 Sprott Asset Management LP Sprott Focused Strategies
Slide 3: 2017 Market Update
2017 MARKET UPDATE 3 Sprott Asset Management LP Sprott Focused Strategies
Slide 4: Global Manufacturing Purchasing Managers' Indices
2017 MARKET UPDATE Global Manufacturing Purchasing Managers' Indices G3 China India Japan USA Eurozone France Germany Italy UK Jun-16 51.4 50.0 51.7 48.1 53.2 52.8 48.3 54.5 53.5 52.4 Jul-16 51.3 49.9 51.8 49.3 52.6 52.0 48.6 53.8 51.2 48.2 Aug-16 50.2 50.4 52.6 49.5 49.4 51.7 48.3 53.6 49.8 53.3 Se
Slide 5: S&P Revenue and EPS Growth
2017 MARKET UPDATE S&P 500 Revenue and EPS Growth S&P 500 Revenue Growth S&P 500 EPS Growth Note: Actual reports and consensus expectations for unreported companies; YoY growth of current constituents Source: S&P, Compustat, Thomson Financial, FactSet, and RBC Capital Markets 5 Sprott Asset Manageme
Slide 6: S&P Global and Domestic Earnings Growth Rates
2017 MARKET UPDATE S&P 500 Global and Domestic Earnings Growth Rates EARNINGS GROWTH: Globally Minus Domestically Oriented S&P 500 Stocks Note: Excludes Financials; IG Neutral Note: Actual reports and consensus expectations for unreported companies; YoY growth of current constituents Source: S&P, Co
Slide 7: US vs Global ex-US vs Europe
2017 MARKET UPDATE US vs Global ex-US vs Europe Source: Bloomberg 7 Sprott Asset Management LP Sprott Focused Strategies
Slide 8: US value vs US growth
2017 MARKET UPDATE US value vs US growth Source: Bloomberg 8 Sprott Asset Management LP Sprott Focused Strategies
Slide 9: Eurozone: Inflation and growth stabilizing
2017 MARKET UPDATE Eurozone: Inflation and growth stabilizing Contributions to Eurozone HICP inflation, ppt Contributions to Eurozone GDP Growth, ppt Source: Haver, UBS estimates Source: Haver, UBS 9 Sprott Asset Management LP Sprott Focused Strategies
Slide 10: Eurozone: Earnings will grow when lending picks up
2017 MARKET UPDATE Eurozone: Earnings will grow when lending picks up European earnings also lag US by 55% since Credit growth gap EU vs US (%, yoy) 07/08 peaks. US up 30% & Europe down 25% Source: Thomson Datastream,, UBS European Equity Strategy Source: Haver, UBS European Equity Strategy 10 Sprot
Slide 11: Eurozone: Fund flows will follow earnings growth
2017 MARKET UPDATE Eurozone: Fund flows will follow earnings growth ETF equity flow: gap to US has grown from Europe has underperformed the US by c.60% $145bn (Nov) to $280bn today since 2007 Source: UBS Global Equity Finance Source: Thomson Datastream,, UBS European Equity Strategy 11 Sprott Asset
Slide 12: Portfolio Updates
PORTFOLIO UPDATES 12 Sprott Asset Management LP Sprott Focused Strategies
Slide 13: YTD Performance
YTD PERFORMANCE Sprott Global Infrastructure Fund* 10.8% 1st Quartile Sprott Focused Global Dividend Class* 9.3% 2nd Quartile Sprott Focused Global Balanced Class* 8.1% 1st Quartile Sprott Focused US Dividend Class* 7.5% 2nd Quartile Sprott Focused US Balanced Class* 6.8% 1st Quartile Sp
Slide 14: Fund Details: Sprott Focused Global Dividend Class
Portfolios of companies with rising cash flows and dividends. FUND DETAILS As at April 28, 2017 Sprott Focused Global Dividend Class Sector Allocations as % of net asset value Top Ten Equity Positions Sector Fund Benchmark* Difference Consumer Discretionary 15.9 12.5 3.3 Affliated Managers Group Con
Slide 15: Global Dividend
GLOBAL DIVIDEND Reduced Canadian and US exposure in favour of European equities New positions in Affiliated Managers Group, American Tower, Ameriprise Financial, Carrefour, Credit Agricole, Crown Castle, Western Digital and Xylem Exit positions in Bank of America, Cisco, Discover Financial Ser
Slide 16: Fund Details: Sprott Focused US Dividend Class
Portfolios of companies with rising cash flows and dividends. FUND DETAILS As at April 28, 2017 Sprott Focused US Dividend Class Sector Allocations as % of net asset value Top Ten Equity Positions Sector Fund Benchmark* Difference Consumer Discretionary 8.7 12.4 -3.7 Allergan Plc Consumer Staples --
Slide 17: US Dividend
US DIVIDEND Reduced Canadian exposure New positions in Affiliated Managers Group, Ameriprise Financial, Western Digital and Xylem Exit positions in Bank of America, Cisco, Discover Financial Services, Nike, Starbucks, US Bancorp and Waste Management Top contributors are Alphabet up 19.4%, Al
Slide 18: Fund Details: Sprott Global Real Estate Fund
Portfolios of companies with rising cash flows and dividends. FUND DETAILS As at April 28, 2017 Sprott Global Real Estate Fund Sector Allocations as % of net asset value Top Ten Equity Positions Sector Fund Benchmark* Difference Asset Management & Custody Banks 3.8 -- 3.8 Aroundtown Property Holding
Slide 19: Global Real Estate
GLOBAL REAL ESTATE Reduced French & US exposure, added to Canada and Europe New positions in IGD, Green REIT, BAM, City Office, QTS, H&R, RioCan, Morguard NA, Prologis, Citycon, CatchMark and Inovalis Exit positions in Bank of America, Boston Properties, CubeSmart, CyrusOne, Digital Realty, Eq
Slide 20: Fund Details: Sprott Global Infrastructure Fund
Portfolios of companies with rising cash flows and dividends. FUND DETAILS As at April 28, 2017 Sprott Global Infrastructure Fund Sector Allocations as % of net asset value Top Ten Equity Positions Sector Fund Benchmark* Difference Consumer Discretionary 3.6 -- 3.6 Alphabet Inc. Energy 12.0 16.9 -4.
Slide 21: Global Infrastructure
GLOBAL INFRASTRUCTURE Reduced Australian and US exposure, added to Europe New positions in QTS, Emera, SUEZ, BAM, Groupe Eurotunnel, FedEx, Sunrise Communications, Xylem and Drillisch Exit positions in CyrusOne, Equinix, Keyera, Kinder Morgan and Waste Management Top contributors are Vinci u
Slide 22: Sprott Focused Funds Family
SPROTT FOCUSED FUNDS FAMILY Sprott Sprott Sprott Sprott Sprott Sprott Focused Focused Focused Focused Global Global US Dividend US Balanced Global Global Real Estate Infrastructure Class Class Dividend Class Balanced Fund Fund Class Global CIFSC Global Neutral Global Neutral Real Estate US Equity Gl
Slide 23: Focused Business Investing
FOCUSED BUSINESS INVESTING Series Series Series Series Series Series Series Series A F P PF Q QF T FT FE LL NL FE NL FE NL Sprott Focused US SPR 170 SPR 169 SPR 172 SPR 174 SPR 175 SPR 176 SPR 177 Dividend Class Sprott Focused US SPR 180 SPR 178 SPR 182 SPR 184 SPR 185 SPR 186 SPR 187 Balanced Class
Slide 24: Sprott Asset Management LP Sprott Focused Strategies
24 Sprott Asset Management LP Sprott Focused Strategies
Slide 25: Disclaimer
DISCLAIMER Sprott Asset Management LP is the investment manager to the Sprott funds (collectively, the “Funds”). Important information about these Funds, including their investment objectives and strategies, purchase options, and applicable management fees, performance fees (if any), and expenses, i
Slide 26: Disclaimer
DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements which reflect the current expectations of management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may”, “would”, “cou