Katana Capital Ltd. · ASX:KAT
Katana Capital — Shareholder Meeting (November 2012)
17 slides from Katana Capital's shareholder meeting presentation, Nov 28, 2012
Slide 1: Katana Capital Ltd AGM
For personal use only 28 November 2012 Katana Capital Ltd AGM
Slide 2: Disclaimer
Disclaimer For personal use only The information contained in this presentation is provided to each recipient on the following basis: a) this presentation has been produced by Katana Asset Management (KAM). This presentation does not purport to contain all the information that the recipient may requ
Slide 3: Agenda
Agenda For personal use only • Who we Are • Our Investment Philosophy • Our Track Record • Key Themes Going Forward 3
Slide 4: Who We Are
Who We Are For personal use only • Western Australian based investment management team. • Benchmark unaware long only Australian Equities. • Managing money since 2003 in the private arena and 2005 in the public arena. • Currently manage $35-40m in FUM across 2 investment vehicles of which ~15% is he
Slide 5: Who We Are
Who We Are For personal use only Romano Sala Tenna – Portfolio Manager B.Bus (IS) with distinction, Grad Dip Applied Investment Analysis, ADA 1&2 17 years investing experience Brad Shallard – Portfolio Manager B.Bus (Accounting), CPA, Dip of FP, Grad Dip Applied Investment Analysis, ADA 1&2 18 years
Slide 6: Who We Are - Service Providers
Who We Are For personal use only Service Providers • Auditors : Ernst & Young • Custodian & Administrator : JP Morgan • Banker : JP Morgan • Legal Advisors : McMahon Clarke Legal Steinepreis Paganin • Registered Address : Level 36, Exchange Plaza 2 The Esplanade Perth WA 6000 6
Slide 7: Our Investment Philosophy
Our Investment Philosophy For personal use only “Think independently but act in unison with the Markets” Benchmark Unaware All Opportunities Fund • Flexibility to maximise returns without constraints on Size, Sector or Theme. Top Down Macro Overlay with Bottom Up Stock Analysis • Economic cycle (tim
Slide 8: Our Investment Philosophy - Portfolio Parameters
Our Investment Philosophy For personal use only Portfolio Parameters • 50 - 60 individual stock positions • Seek to invest 1 – 5% on average • Mandated maximum position sizes • Cash Position historically 5% - 25% • Significant value added with stock positions outside ASX50 • No gearing applied to th
Slide 9: Performance
Performance For personal use only Katana Gross Year Ending Investment Returns All Ords Index Out Performance 2006 9.95% 6.90% 44.2% 2007 49.03% 25.36% 93.3% 2008 -6.41% -15.49% 58.6% 2009 -23.57% -25.97% 9.2% 2010 24.54% 9.55% 157.0% 2011 19.10% 7.75% 146.5% 2012 -11.19% -11.25% 0.53% Average 8.78%
Slide 10: Katana Gross Investment Returns vs All Ords Index
Katana Gross Investment Returns vs All Ords Index For personal use only 160.0% 140.0% 120.0% % Outperformance 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 2006 2007 2008 2009 2010 2011 2012 Year 10
Slide 11: FY12 Review
FY12 Review For personal use only • FY12 – A Tough Year – Elevated risks globally and prolonged negative news flow out of the Eurozone with snail-pace progress and ongoing risk of Greek exit from the Euro + contagion – Manager focused on capital preservation: • Increased / maintained high cash balan
Slide 12: Top Holdings
For personal use only Top 10 Holdings 12
Slide 13: Top Holdings (31 Oct12)
Top 10 Holdings (31 Oct12) For personal use only • Top 10 and Key Changes – MIN remains the top holding despite share price ~$11.50 to ~$8.50 • Sold off on iron ore and resource services concerns • Excellent EPS growth prospects, quality mgt, strong div yld • Manager - high conviction and believes i
Slide 14: GICS Categories
For personal use only GICS Categories 14
Slide 15: Macro - Looking Forward
Macro - Looking Forward For personal use only • Macro looking forward: – Developed Countries’ High debt: GDP ratios = limited fiscal stimulus and >reliance on monetary policy (QE in US, Europe, Japan, UK). – More “Kicking the Can Down the Road” incl US Fiscal Cliff, European debt/Greek solvency. – C
Slide 16: Strategies Going Forward
Strategies Going Forward For personal use only • Strategies going forward… – KAT to progressively put cash to work by investing in High Conviction stocks – i.e. well-priced, financially sound, quality companies with excellent management, executing on robust strategies to deliver above system EPS and
Slide 17: Katana Capital Ltd AGM
For personal use only 28 November 2012 Katana Capital Ltd AGM