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1 HUNTER HALL GLOBAL VALUE LIMITED ACN November 2016 Market Announcements Office ASX Limited Level 5, 20 Bridge Street Sydney NSW 2000 HUNTER HALL GLOBAL VALUE LIMITED ANNUAL GENERAL MEETING CHAIRMAN S ADDRESS AND INVESTMENT MANAGER S PRESENTATION 16 November 2016 Please find attached: a. a copy of an address and slides to be delivered by Mr Paul Jensen, Chairman of Hunter Hall Global Value Limited at the 2016 AGM today; and b. slides to be presented by Peter Hall, Chief Investment Officer, Hunter Hall Investment Management Limited. Yours faithfully Christina Seppelt Company Secretary GPO Box 3955, Sydney NSW 2001, Australia Telephone: invest@hunterhall.com.au Website:
2 HUNTER HALL GLOBAL VALUE LIMITED ACN Hunter Hall Global Value Limited 2016 Annual General Meeting Chairman s Address Hello and welcome to the Hunter Hall Global Value Limited s 2016 Annual General Meeting. Thank you for joining us and for your continued support of the Company. My name is Paul Jensen, I am the Chairman of the Board of Directors and I will be chairing this morning s meeting. It is now just past 9.30am, the nominated time for the meeting. I have been informed by our Company Secretary that a quorum is present and I am pleased to declare the meeting open. There will be four components to this morning s meeting. First, I will give a brief address of the performance of the company over the last 12 months. The highlight of the meeting will be a presentation from the Company s Investment Manager, by Peter Hall and James McDonald. I will then open the floor to general questions and then we will then progress to the formal business of the meeting, where the resolutions provided in the Notice of Meeting will be put to the members. Following the conclusion of the meeting, I invite you to join with us for morning tea. I would like to introduce my fellow directors Peter Hall and Julian Constable (and Peter s alternate director David Groves). I would also like to introduce our Company Secretary Christina Seppelt and our audit partner from Grant Thornton, Grant Layland, who will be available to address any questions relating to the Company s financial statements. We also have representatives here from the proposed new auditors, Ernst & Young I would also like to acknowledge the contribution of the directors that retired during the course of the year Mr Philip Clark and Mr Alex Koroknay. Hunter Hall Global Value Limited Hunter Hall Global Value Limited is a global equities listed investment company and it is Australia s only ethically screened listed investment company. It provides shareholders with exposure to a concentrated portfolio of ethically screened global equities. Hunter Hall has a value investment philosophy based on fundamental, bottom up, company analysis. The 2016 financial year has been another successful year for the Company. In FY2016, the Company s investment portfolio performed strongly increasing by 12.3% after all fees and expenses and it significantly outperformed both the global and Australian equity markets. Outperforming the MSCI World Index by 11.9% and the ASX All Ordinaries Accumulation Index by 10.3% was an outstanding result, during what was a very tough and challenging year for global equity managers. The Company s investment objective is to generate positive absolute returns in excess of the portfolios benchmark over an investment horizon of five years. GPO Box 3955, Sydney NSW 2001, Australia Telephone: invest@hunterhall.com.au Website:
3 Hunter Hall Global Value Limited was listed on the Australian stock exchange in March 2004 and since its inception over 12 years ago, and it has consistently met its investment objective. After management fees, all expenses and tax paid It has outperformed its benchmark the MSCI World index across 1,3,10 year and since inception time periods. It must be noted that the Hunter Hall Global Value Limited publishes its investment performance returns after the deduction of all management fees, company expenses and tax paid and it is noted that not all listed investment companies do this. It is also noted that the comparative benchmark indices returns are non-investable as they do not include any allowance for investment fees or taxes. The company s performance is equally impressive when viewed against its peer group of ASX listed global equities companies and ASX listed international equities companies. Hunter Hall Global Value Limited has consistently been a market leading listed investment company in the Global and International equities asset classes, being ranked by Independent Investment Research Ltd as either first or second among its peer group across 1, 3 and 5 year time periods. Financial Results For the year end 30 June 2016, the Company made a pre-tax profit of $42.5 million and an after-tax profit of $30.5 million. Under Australian accounting standards, realised profit and losses are added to, or reduced by, changes in the market value of the company s total assets. This can potentially lead to large variations in the recorded statutory profits or losses from one year to the next. Your Directors suggest a more appropriate measure of the Company s financial results is the change in its post-tax Net Tangible Assets plus any dividends paid during the period. On this measure the post-tax NTA plus dividends increased by 9.0% from $1.34 per share to $1.46 per share, after tax paid during the period. Any tax paid during the period is recognised in the Company s franking account. Franking is not recognised as a tangible asset, however it is available to be distributed to shareholders by the payment of franked dividends. Company Expenses: The board is also pleased to report that on a like for like basis the Company s expenses (excluding investment management fees) declined by 6.9% over the corresponding prior period. Dividends The Company s dividend policy is to pay a consistent and regular stream of fully franked dividends to our shareholders, provided the Company has sufficient profit reserves and franking credits and it is within prudent business practices. The board reaffirms the dividend policy and it is pleased to have delivered to shareholders a total fully franked dividend of 6.5 cents per share for the year, representing a cash dividend yield of 4.9% based on yesterday s closing share price. The Board has implemented an accounting policy, which allows the Company to transfer it s retained earnings to a profit reserve, to the extent that any profits are not distributed. As at 31 October and after the payment of the FY2016 final dividend, the profit reserve is 44.2 cents per share and the franking account balance has increased due to tax paid in FY2017. The Company is in a strong position to pay dividends in the future. The Company s ability to generate fully franked dividends will continue to be largely dependent on the investment manager s ability to generate realised profits in the portfolio and for the company to pay tax. The Directors have and will continue to adopt a conservative approach in managing our franking account balance.
4 Share Price and Net Tangible Assets per share The Company has made significant progress towards meeting its strategic objective of ensuring that our share price appropriately reflects the net tangible asset or NTA per share of the Company and we are focused on consolidating the achievements made to date. To achieve our strategic objective we have and continue to implement a range of initiatives to ensure that; we communicate clearly and effectively with our shareholders, we deploy value creative capital management strategies and we demonstrate disciplined management of the Company s expenses. I am pleased to report that the discount that the Company s share price relative to its NTA per share narrowed over the course of the year, from 15.4% to 6.7% at 30 June Since the year end the discount had continued to contract and in October it was trading slightly below our pre-tax NTA per share, at a discount of around 0.50%. The narrowing of the discount to NTA has returned in excess of $45 million of value to our shareholders. The board remains focused on ensuring that our share price continues to appropriately reflect our NTA per share and this will require our investment manager to continue developing the broad mix of new initiatives undertaken to date. Our shareholder communication programs have gained traction and I am pleased to report that that the number of shareholders in the Company has increased by 16.1% or 1,091 net new shareholders since 1 July 2015 and we now have in excess of 7,800 shareholders, the majority of this growth occurring within the last 6 months. Having an active and loyal shareholder base is an important element in ensuring there is liquidity in our shares for our current and potential new shareholders. Total Shareholder Return Total Shareholder Return is the measure of the return to our shareholders and it is the combination of the change in the Company s share price and the dividends paid to shareholders during the year. For the financial year 2016, our total shareholder return was a very pleasing 20% and builds on the 20% plus total shareholder returns in each of the prior 3 years. This year, the Company s share price increased from $1.20 to $1.33 and the Company paid dividends totalling 11 cents per share were paid to shareholders. Corporate Governance Hunter Hall Global Value Limited s capital is managed by Hunter Hall Limited, our investment manager. This relationship is principally governed by the Investment Management Agreement entered into between the Companies. The directors report that they have monitored the performance of the investment manager and its adherence to the Investment Management Agreement with the full and transparent co-operation of Hunter Hall Limited. I would like to thank Hunter Hall Limited for their ongoing commitment and support of Hunter Hall Global Value Limited, specifically their board chaired by Mr Kevin Eley, their investment team led by Peter Hall and their management team led Paula Ferrao. I would also like to thank each of my fellow board members Julian, Peter and David for their commitment and their significant contribution throughout the year. Finally, on behalf of the board, thank you all, our loyal shareholders for your continued support.
5 Hunter Hall Global Value Limited (ASX:HHV) Annual General Meeting 9.30am, 16 November 2016 Radison Blu Hotel, Pitt Street, Sydney (ACN )
6 Agenda Chairman s Address Investment Manager Update Q&A Formal Business 2
7 Chairman s Address
8 Portfolio Characteristics Hunter Hall Global Value Limited is Australia s only ethically screened global equities listed investment company Tobacco Fossil Fuels Gambling Uranium & Nuclear Unremediated Environmental Destruction Weapons 4
9 Portfolio Performance Outstanding investment performance FY 2016 Performance to 30 June 2016 Hunter Hall Global Value Limited 12.30% MSCI World % ASX All Ordinaries Accumulation Index 2.0% MSCI Outperformance 11.90% ASX All Ordinaries Accumulation Outperformance 10.30% Performance is after all fees, charges and tax paid Source: Hunter Hall, Bloomberg. ¹ MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars. Performance figures refer to the movement in NTA per share after all fees, charges and tax paid and including share buy-backs and the reinvestment of dividends, excluding tax accrued but unpaid. 5
10 Portfolio Performance Investment Objective To generate positive absolute returns in excess of the portfolio s benchmark over an investment horizon of five years Source: Hunter Hall 6
11 Portfolio Performance Outstanding investment performance YTD 2017 since inception At 31 October Year 3 Years Compound Annual Returns 5 Years 10 Years Since Inception 2004 Hunter Hall Global Value Limited 6.2% 15.9% 16.4% 6.0% 8.1% MSCI World 1-5.1% 11.7% 16.5% 4.1% 5.9% Outperformance 11.3% 4.2% -0.1% 1.9% 2.2% Performance is after all fees, charges and tax paid Source: Hunter Hall, Bloomberg. ¹ MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested in Australian Dollars. Performance figures refer to the movement in NTA per share after all fees, charges and tax paid and including share buy-backs and the reinvestment of dividends, excluding tax accrued but unpaid. 7
12 Portfolio Performance Outstanding Investment Performance vs Peers Hunter Hall Global Value Limited is a market leader in both the ASX listed investment company Global Equities & International Equities At 30 September 2016 ASX LIC Category Number of ASX LICs Hunter Hall Global Value Ltd s Ranking Against Peers 1 Year 3 Years 5 Years ASX Global Equities LICs 6 2nd 1st 2nd ASX International Equities LICs 16 2nd 1st 2nd Source: Independent Investment Research (IIR) Listed Investment Company Report, September 2016 & Hunter Hall LIC: Listed Investment Company 8
13 Dividend Policy To pay a consistent regular stream of fully franked dividends to our shareholders, provided the Company has sufficient profit reserves and franking credits and it is within prudent business practices 10.0 Cents per share Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Partially franked Unfranked Fully franked Source: Hunter Hall 9
14 Dividend Policy Dividend Coverage Capacity Hunter Hall Global Value Limited is in a strong position to pay future dividends Profit Reserve of 44.2 cents per share (31 October 2016) Franking Account - FY2017, continued to realise profits in the portfolio - Cyrstallised tax payments and a current tax liability - Building a positive franking account balance Source: Hunter Hall 10
15 Shareholder Engagement Our strategic objective is to ensure that our share price appropriately reflects our NTA per share To achieve this we are committed to: Communicate clearly and effectively with our shareholders Create value creating capital management strategies Demonstrate disciplined management of the Company s expenses Source: Hunter Hall 11
16 Shareholder Engagement Our share price discount to NTA per share has decreased significantly over the year Historical share price discount to NTA/share Recent share price discount to NTA/share Share Price Discount to NTA 20% Share Price Discount to NTA 20% $ % $ % $ % 14% $ % 14% $ % 10% $ % 10% $0.90 8% 6% $0.90 8% 6% $0.70 4% $0.70 4% 2% 2% $ % $0.50 0% Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Share price Discount to NTA Share price Discount to NTA Source: Hunter Hall 12
17 Shareholder Engagement The number of Hunter Hall Global Value Limited shareholders increased by 16.1% since 1 July 2015, 1, net new shareholders since May. Number Total Number of HHV Shareholders Number Net Number of New Shareholders Source: Hunter Hall 13
18 Shareholder Engagement Initiatives to engage with our shareholders Investment Manager Commitment Committed marketing budget Dedicated Hunter Hall Executive resource HHL a significant HHV shareholder ASX Platform Weekly and monthly NTA announcements Monthly portfolio performance reports Transparency, continuous disclosure Financial Performance Half and Full Year Reports AGM attendance and voting Shareholder Communication New shareholder welcome pack Shareholder surveys Fortnightly shareholder newsletters Shareholder Presentations Bi-annual investor roadshows Webinar investment manager updates Participation industry conferences Media and PR Campaigns Industry journalist engagement Partnership marketing programs Digital marketing and social media programs Print publication advertising programs Investment Research HHV Research house reports HHV Stock broker reports 14
19 Total Shareholder Return Hunter Hall Global Value Limited has delivered a total shareholder return of 20% or more over the last 4 years 30.0% 25.0% 20.0% 2.5% 7.1% 6.9% 15.0% 9.2% 10.0% 22.5% 19.5% 18.8% 5.0% 10.8% 0.0% FY13 FY14 FY15 FY16 Share Price Annual Movement Dividend Paid in Year Source: Hunter Hall 15
20 Investment Manager Update
21 Hunter Hall Global Value Limited (ASX:HHV) Annual General Meeting Investment Update Peter Hall Chief Investment Officer (ACN )
22 The Period Fiscal stimulus - deficits continued increasing sovereign debt to GDP ratios Monetary stimulus - balance sheets of major central banks have increased by US$10 trillion since 2008 Interest rates driven down to 5000 year lows* Which has had the consequences that all three major asset classes are now highly valued 35% of government bonds have negative yields Hot property markets High equities valuations * Source: Bank of England, Global Financial Data, Homer and Sylla A History of Interest Rates 18
23 Shiller PE Ratio Source: Multpl.com 19
24 Risks Deutsche Bank Market cap = 17 billion EUR (-52%) Tangible Book Value = 49.5 billion EUR (US Justice Department US$14 billion fine) Total Assets = 1689 billion EUR (99x leverage to market value) Gross derivatives exposure 41,940 billion EUR (12 of world total) Italian banking system Japan China (NPLs as much as 10% of total banking assets) Interest rates have bottomed and are rising Political change 20
25 The Trump era A distinct break with the post GFC period a new generation of political leaders A breakdown of balance between interest rates, currency relationships and coordinated fiscal and monetary policy Geopolitics: isolationism Trade: protectionism Even more aggressive fiscal stimulus Can only be funded by further monetary expansion Rising interest rates and inflation expectations Valuations at risk 21
26 Sovereign Debt Source: Ministry of Finance Japan, Japanese Public Finance Factsheet, December 2015, 22
27 Chinese Yuan to US Dollar (USDCNY) Source: Bloomberg Website, 15/11/
28 LIBOR - USD 3 Month Source: Bloomberg Website, 15/11/
29 Germany I/L 10Y Source: Bloomberg Website, 15/11/
30 Barbell Portfolio Structure 31 October 2016 Cash Gold Shares Equities Global Value Limited 21.4% 17.0% 61.6% Source: Hunter Hall 26
31 Valuation of Gold portfolio St Barbara Beadell Resources Doray Minerals Blackham Resources Market Capitalisation Net debt/ (cash) Enterprise Value EBITDA (2017 f) AISC (AU$) Reserves m oz EV/EBITDA X 4.3X 2.3X 3.6X EV/Reserves ($/oz) P/E X 6.5X 6.4X 5.4X 27
32 Consequences of Brexit Buoyant consumer sentiment in the United Kingdom (FTSE %), strong economic growth numbers Pound has dropped by 16% (EUR), 17% (US$) since 23 June An end to austerity and major public works projects announced Longer term Britain will return to its historic role as a sophisticated and ruthless trader, financier and manufacturer London will boom like it has never boomed before a return to being the world s biggest tax haven and party town In Europe political change in France, Germany and Italy Eurozone may collapse, EU powers may shrink 28
33 Foxtons plc -110p Residential property broker and manager (c 50% each) London - focussed with leading 7% market share (Savills 2%) 45% of UK property sales in London, 60% in Greater London, 87% in South East England Share price has fallen from high of 373p in 2014 to 100p on 24 June Cash machine - return on operating capital of 100% + Dividend yield of 3.3% Purchased on EV/EBITDA of 7.3x Upside to 4 on a five year view 29
34 Foxton strategy Planned branch network growth 25
35 Foxtons Positioning and Growth Strong competitive position most recognised property brand Strong results-focussed culture allows higher pricing, variable cost base and worker productivity market volume + 37%, Foxtons + 111% Opportunity to increase branch network from 63 to 100 in London, a further 100 in South East England Changes to stamp duty possible, would increase turnover Ongoing growth in lettings market (+7.5% pa. since 2004) Over 5 to 7 years EBITDA to increase from c 46m to 100m 31
36 Hunter Hall Global Value (ASX:HHV) Top 10 Portfolio Holdings 31 October 2016 Top 10 Holdings Main Business Country % St Barbara gold producer Australia 7.9 Sirtex Medical liver cancer treatments USA 6.7 Lumentum optical components USA 4.2 Beadell Resources gold producer Brazil 3.7 Vocus telecommunications Australia 3.7 Prada luxury goods Italy 3.2 Foxtons real-estate broker UK 3.2 Doray Minerals gold explorer and producer Australia 3.0 SRG Ltd engineering services Australia 2.4 Blackham Resources gold producer Australia 2.2 Other 38.4 Cash 21.4 Portfolio holds 56 stocks in total Source: Hunter Hall 32
37 Disclaimer Hunter Hall Investment Management Ltd, including its parent, subsidiaries and/or affiliates ( the Company ), their staff or consultants or any individuals preparing this communication, may at any time have a position in securities or options of any of the companies mentioned in this communication. An employee or consultant of the Company may be a director of a company mentioned in this communication. Although the statements of fact in this communication have been obtained from and are based upon sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions and estimates included in this communication constitute the Company s judgement as of the date of this communication and are subject to change without notice. This communication is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. This report does not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this report. Initial applications for units can only be made on an Application Form attached to the current Product Disclosure Statement and Supplement of the Hunter Hall Trusts. Hunter Hall Investment Management Limited or any related entity does not guarantee the repayment of capital or any particular rate of return from the Trust. Past performance is no guarantee of future performance. Investment returns have been calculated in accordance with normal industry practice utilising movements in unit price and assuming reinvestment of all distribution of income and realised profits. Hunter Hall Investment Management Ltd, All rights reserved. Any unauthorised use, duplication or disclosure is prohibited by law and will result in prosecution. 33
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