NAOS Ex-50 Opportunities Co. Ltd. · ASX:NAC
NAOS Ex-50 Opportunities — NAOS Absolute Opportunities Company — Corporate Update (July 2015)
20 slides from NAOS Ex-50 Opportunities's corporate update, Jul 15, 2015
Slide 1: Quarterly Investor Briefing 4th Quarter FY-2015
For personal use only QUARTERLY INVESTOR BRIEFING 4 TH QUARTER FY-2015 NAOS Absolute Opportunities Company (ASX:NAC)
Slide 2: Call Details
CALL DETAILS For personal use only 1. Date Thursday 16th July 2. Time 10.00am AEST 3. Telephone 1800 857 029 4. Guest Access Code 10842873# 5. Questions Please email all questions to enquiries@naos.com.au prior to the allotted call time Conviction Long Short Investing | Copyright 2015 NAOS Asset Man
Slide 3: Agenda
AGENDA For personal use only 1. NCC REVIEW • Why NAC? Our Value Proposition • Capital Structure • Total Shareholder Return Analysis • Quarterly Performance & Attribution Analysis • Net Equity Exposure • Industry Exposure • Sample Company Meetings 2. Market Commentary • Australian Equity Market Revie
Slide 4: 1. NAC Review
For personal use only 1. NAC Review Conviction Long Short Investing | Copyright 2015 NAOS Asset Management Limited 4
Slide 5: Why NAC? Our Value Proposition
WHY NAC? OUR VALUE PROPOSITION For personal use only 1. GLOBAL, MULTI ASSET 3. ABILITY TO HOLD +100% IN 5. SIGNIFICANT CLASS EXPOSURE CASH SHAREHOLDER ALIGNMENT • Australian and International Markets • Provides the ‘best hedge’ to the portfolio • NAOS employees/directors own exposure; We choose ‘bes
Slide 6: Capital Structure
CAPITAL STRUCTURE AS AT 30 TH JUNE 2015 For personal use only NTA ANALYSIS OPTIONS ON ISSUE Pre Tax - $1.07 NACO Pre Tax Pre Unrealised Gains Tax – $1.06 Expiry: 30th November 2016 Post Tax - $1.05 Price Exercisable: $1.00 Share Price $0.91 Fully Franked Dividend Yield Target 4.00% p.a. Shares on Is
Slide 7: Shareholder Return Analysis (IPO Investors)
SHAREHOLDER RETURN ANALYSIS (IPO INVESTORS) For personal use only NAC Share Price, NACO Option Price, Reinvested Dividends (Excluding Franking Credits) RBA Cash Rate + 250 bps $104,000 $103,263 $102,000 $100,000 $98,000 $96,000 $94,000 $92,000 $92,000 $90,000 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-1
Slide 8: Performance
PERFORMANCE PRE FEES & FRANKING CREDITS, NET OF OPERATING EXPENSES AS AT 31 ST MARCH 2015 For personal use only Since Inception 1 Month (%) 3 Months (%) 6 Months (%) (Nominal) NAC Investment Portfolio Performance -1.51% +3.74% +10.49% +9.24% Benchmark (RBA Cash Rate +250bps) +0.39% +1.18% +2.49% +3.
Slide 9: Positive Stock Attribution (Since Inception)
POSITIVE STOCK ATTRIBUTION (SINCE INCEPTION) For personal use only Contribution to Return Contribution to Return Investment Investment (% NAV) (% NAV) US Dollar ETF +4.90% National Australia Bank Limited +1.04% Sirtex Medical Limited +2.41% Macquarie Group Limited +0.72% Iselect Limited +1.77% Reece
Slide 10: Portfolio Characteristics & Risk Metrics
PORTFOLIO CHARACTERISTICS & RISK METRICS SUMMARY AS AT 30TH JUNE 2015 For personal use only Portfolio Characteristics Total Number of Equity Holdings (Long & Short) 19 Total Number of “Income” Instruments* 9 Total Number of Holdings 30 Median Market Capitalisation $905mn Percentage of Positive Month
Slide 11: Portfolio Structure: Historical Net Equity and Cash Weightings
PORTFOLIO STRUCTURE HISTORICAL NET EQUITY AND CASH WEIGHTINGS AS AT 30 TH JUNE 2015 For personal use only Net Equity Weighting Cash and Cash Equivalents Weighting Short Exposure Income Instruments 100% 80% 60% 56.25% 40% 34.79% 20% 8.96% 0% -20% -18.94% -40% Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15
Slide 12: Portfolio Structure: Allocation by Industry/Sector & Currency
PORTFOLIO STRUCTURE ALLOCATION BY INDUSTRY/SECTOR & CURRENCY AS AT 30 TH JUNE 2015 For personal use only Real Estate -11.68% EUR 8.65% Mining -3.59% USD 26.50% Food, Beverage, Tobacco -1.66% Media 3.86% 64.85% AUD Automotive 5.58% 0% 10% 20% 30% 40% 50% 60% 70% Retailing 7.07% Equity ETFs 7.82% Tele
Slide 13: Company Meetings
COMPANY MEETINGS For personal use only The NAOS investment philosophy is based around the belief that for a company to succeed and generate strong returns for shareholders it must be led by a motivated, proven and experienced management team. NAOS’ Investment Team has direct contact with many listed
Slide 14: 2. Market Outlook/Commentary
For personal use only 2. Market Outlook/Commentary Conviction Absolute Long Short Investing | Copyright 2015 NAOS Asset Management Limited 14
Slide 15: Market Outlook/Commentary
MARKET OUTLOOK/COMMENTARY For personal use only Australian Equity • We have seen a dramatic pull back in the Australian Equity Market over the past quarter, the majority of Market Review which has been felt over the past 4 weeks. The ASX Small Ordinaries Accumulation Index fell by more than -7.7% fo
Slide 16: Market Outlook/Commentary: Global Macro Review
MARKET OUTLOOK/COMMENTARY For personal use only Global Macro Review • Despite ‘Grexit’ and the recent sell off in China, we have not seen a ‘flight to safety’ by investors. The Cont. traditional ‘safe haven’ of gold fell along with other metals and the Yen and Swiss franc both proved failed to rally
Slide 17: Market Outlook/Commentary: Global Macro Review Cont.
MARKET OUTLOOK/COMMENTARY For personal use only Global Macro Review • The trend for positive economic data continues to come from the US. As the economy approached full Cont. employment officials believe wage growth will start improving and inflation could accelerate towards the Central Bank’s targe
Slide 18: 3. Keeping Up To Date
For personal use only 3. Keeping Up To Date Conviction Absolute Long Short Investing | Copyright 2015 NAOS Asset Management Limited 18
Slide 19: Keeping Up To Date – Shareholder Communication
KEEPING UP TO DATE – SHAREHOLDER COMMUNICATION For personal use only WEBSITE • The News and Media section of our website is updated regularly. The most recent information to be added to the site includes: 1. LiveWire Markets Buy/Hold/Sell – where NAOS PM, Ben Rundle, shares his views on four ‘market
Slide 20: Disclaimer
For personal use only Disclaimer This presentation has been prepared by NAOS Asset Management Limited (ACN 107 624 126). The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the presentatio
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