Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Global Value Fund — Investor Presentation (May 2017)
22 slides from Staude Capital Global Value Fund's investor presentation, May 26, 2017
Slide 1: For personal use only
For personal use only www.globalvaluefund.com.au
Slide 2: Disclaimer
Disclaimer This presentation is made on behalf of the Global Value Fund. The information contained in this presentation or subsequently provided to the recipient whether orally or in writing by, or on behalf of Global Value Fund Limited (GVF) or any of its directors, officers, employees, agents, rep
Slide 3: Agenda
Agenda: For personal use only 1. Key issues driving global financial markets 2. The Global Value Fund 3. Investment portfolio update 4. Managing risk 5. Case studies 1
Slide 4: 1. Key issues driving global financial markets
For personal use only 1. Key issues driving global financial markets 2
Slide 5: What we see markets pricing in today
What we see markets pricing in today For personal use only US recovery well-established, Unfolding economic stimulus and reform offer recovery in Europe further upside …the potential for synchronised global growth Important to remember what is already in the price 3
Slide 6: The second page stories
The second page stories For personal use only The European Union’s Equity markets are not existential challenge expensive Less clear how markets have priced in these issues 4
Slide 7: 2. The Global Value Fund
For personal use only 2. The Global Value Fund 5
Slide 8: The Global Value Fund
The Global Value Fund For personal use only A focus on listed securities which are undervalued relative to a Our core discount defined and observable asset value capture strategy • A discount to “break-up” value We operate on a targets returns global stage; comparable with global Closed-end funds (C
Slide 9: Gross investment returns since IPO
Gross investment returns1 since IPO Attributed by market2, currency3 and excess returns4 For personal use only 55% Market Currency Excess Return 45% 35% 25% 15% 5% -5% Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 1 Gross investment returns refers to the total G
Slide 10: Inherently attractive investment profile
Inherently attractive investment profile Gross return by investment1 since IPO, A$ millions For personal use only $2.4 $2.2 $2.0 $1.8 $1.6 $1.4 Investing into discounted assets provides a significant margin of safety $1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0 -$0.2 1 Gross return by investment shows the gro
Slide 11: Performance since IPO
Performance since IPO GVF investment returns & monthly alpha generation1 For personal use only 45% GVF Reference index 40% 35% 30% We seek to generate Total Return2,3 25% equity market like 20% returns but with a 15% significantly lower 10% risk profile 5% 0% 1 Data source Bloomberg LP and Jul 14 Oc
Slide 12: 3. Investment portfolio update
For personal use only 3. Investment portfolio update 10
Slide 13: Year-to-date performance
Year-to-date performance GVF investment returns & monthly alpha generation1 For personal use only 16% 14% GVF Share Price TR 12% Reference index Year-to-date net Total Return2,3,4 10% 8% portfolio return2 of 13.5% 6% 1 Data source Bloomberg LP and 4% Staude Capital. 2 GVF investment returns are afte
Slide 14: Investment returns year-to-date
Investment returns1 year-to-date Attribution of investment returns2 For personal use only 14% 12% 10% 8% 6% 4% 2% 0% Currency Market Discount Capture Costs Net Return -2% -4% 1 GVF investment returns are after management fees and trading costs, but before company expenses and tax. 2 Data source Bloo
Slide 15: Underlying asset class exposures
Underlying asset class exposures We opportunistically move between asset classes For personal use only 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Listed Equity Listed Debt Instruments Listed Private Equity Listed Hedge Fund Other
Slide 16: 4. Managing risk
For personal use only 4. Managing risk 14
Slide 17: Focus on risk management
Focus on risk management Monthly drawdowns and Sharpe Ratios1 For personal use only 1% MSCI AC A$2 down months since GVF3 IPO 0% Our philosophy -1% Apr-15 Sep-16 Oct-16 places a high -2% Feb-16 importance on Sep-15 Nov-15 Jan-17 -3% Dec-15 MSCI AC A$ GVF controlling for risk, Jun-16 Jan-16 Jun-15 wh
Slide 18: 5. Case studies
For personal use only 5. Case studies 16
Slide 19: Case Study: M&G High Income
Case Study: M&G High Income Liquidation play For personal use only Description Investment Rationale M&G High Income Investment Trust (MGH) was In total, there were five listed instruments, each with varying launched in 1997 to invest into the UK share market. It was calls on the company’s capital st
Slide 20: Case Study: NB Private Equity
Case Study: NB Private Equity Catalysts in place to unlock deep value For personal use only Description Investment Rationale Neuberger Berman Private Equity Partners (NBPE) is a The fund is well known to us. GVF had previously invested closed-end fund that holds stakes in private equity funds and in
Slide 21: Global Value Fund Limited
Global Value Fund Limited For personal use only Company Details Structure Listed Investment Company Incorporated Australia Service Providers Investment Manager Mirabella Financial Services Registrar Boardroom Pty Limited enquires@boardroomlimited.com.au Tel no. 1300 737 760 Prime Broker/Custodian Cr
Slide 22: For personal use only
For personal use only statement? Landline (UK): +44 20 3874 2243 Mobile (Australia): 0423 428 972 miles.staude@globalvaluefund.com.au ir@globalvaluefund.com.au www.globalvaluefund.com.au