Bentley Capital Ltd. · ASX:BEL
Bentley Capital — Shareholder Meeting (November 2011)
15 slides from Bentley Capital's shareholder meeting presentation, Nov 11, 2011
Slide 1: FSP Equities Management Presentation to Bentley Capital AGM
FSP Equities Management Presentation To Bentleyy Capital p AGM 11th November 2011 Presented by Ronni Chalmers ABN 12 098 327 809 AFSL 246 790 rchalmers@fspgroup.com.au 1
Slide 2: IMF growth projections
IMF growth projections Source IMF 2
Slide 3: US Equity Volatility
US Equity Volatilty Lehmans Bankruptcy Greek change of government Initial Greek Italy?? debt issues 3
Slide 4: Dow Jones Daily Volatility
Days over 2% moves | Trading Daysin Month | %of Days Jul-08 5 23 22 Aug-08 AL 21 14 Sep-08 10 22 46 Oct-08 16 23 70 Nov-08 13 20 65 Dec-08 11 23 48 Jan-09 7 20 33 Feb-09 5 20 25 Mar-09 9 22 41 Apr-09 6 21 29 May-09 5 21 25 Jun-09 4 22 18 Jul-09 4 23 17 Aug-09 0 21 0 Sep09 0 22 0 Oct-09 3 22 14 Nov-0
Slide 5: ASX 200 Daily Volatility
Trading Days In Days over 2% moves Month Sof Days Jul-08 3 23 2B Aug-8 3 au 14 Sep-08 22 27 Oct-08 f it~ 23 57 Nov-08 \ 12-7 20 60 Dec0s a 23 17 Jan-09 5 20 25 Feb-09 1 20 5 Mar-09 4 22 18 Apr-09 6 20 30 May-09 3 21 14 Jun-09 4 22 18 Jul-09 2 23 9 Aug-09 2 21 10 Sep-09 1 22 5 Oct-09 3 22 14 Nov-09 3
Slide 6: June 2011 Year
June 2011 Year • One year net performance 17.8% which compares to S&P/ASX 200 Accm 11.7% ((+6.1%) 6.1%) rd Fund was 3 best performing fund in Mercer survey; • Two year net performance 16.3% pa which compares to S&P/ASX 200 Accm 12.4% pa ( (+3.9%) ) 6
Slide 7: Three years to October 2011
Three years to October 2011 • Three year net performance 9.5% pa which compares to S&P/ASX 200 Accm 6.9% pa ((+2.6%). 2.6%). FSP Retail Fund was third best performing fund (out of 230) in recent Morningstar survey for three years to October 2011 in category of large cap Australian Equity Manager 7
Slide 8: Top 20 holdings
4 FSP Equities Management Top 20 FSP Weight Market Weight 1 | Westpac Bank 9.8% 5,8% 2 | Commonwealth Bank 8.1% 7.0% 3 | BHP Billiton 7.3% 10.9% 4]| ANZ 4.6% 5.1% 5 | Flight Centre 4.6% 0.2% 6 | Mineral Resources 3.2% 0.2% 7 | OilSearch 2.8% 0.8% 8 | Transurban 2.6% 0.7% 9 | RioTinto 2.4% 2.7% 10 |
Slide 9: How is the fund positioned today
How is the fund positioned today • 47% of the fund invested in attractive yielding ( >6.5%) 6.5%) high quality industrial companies e.g Westpac, CBA, ANZ, Flight Centre, Henderson, BT Investment, Transurban, UGL, IOOF • 9% of the fund invested in g gold shares. Bottom quartile q on cost curve. • 23%
Slide 10: S&P/ASX200 forward dividend yield
S&P/ASX200 forward dividend yield 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 99 00 01 02 03 04 05 06 07 08 09 101 9 0 0 Mar 0 0 Mar Mar Sep Sep Sep 10
Slide 11: Commonwealth Bank dividend yield and the RBA cash rate
Commonwealth Bank dividend yield and the RBA cash rate 10.5% 9.5% 8 5% 8.5% 7.5% 6.5% CBA dividend yield 5.5% RBA cash rate 4.5% 3.5% 2.5% 11
Slide 12: Current Investment Thoughts
Current Investment Thoughts • Europe to remain weak for medium term • A i growth Asian th outlook tl k still till robust b t • Recent US economy data showing tentative positive signs • Australian economy to rebound in 2012 • If ASX 200 can reach 5000 by December 2013, this equates to 13% pa return •
Slide 13: The nature of this presentation
The nature of this presentation This presentation has been prepared and issued by FSP Equities Management Limited (Trustee). Each offer or issue of units in FSP Equities Leaders’ Fund (Fund) does not require a product disclosure statement under the Corporations Act. The information in this presentat
Slide 14: The nature of this presentation
The nature of this presentation Qualified Accountant The accountant’s certificate must be provided by a qualified accountant within the meaning off section ti 88B off the th Corporations C ti A t being Act, b i a member b off one off the th following f ll i bodies: b di a) the Australian Society of
Slide 15: Disclaimer
Disclaimer “Performance is influenced by market volatility over time. Past performance is not necessarily indicative off future f performance. f Neither FSP S Equities Management Limited or any related corporation guarantee the repayment of capital or the performance of the FSP Equities Leaders Fund
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