Why Totus Capital? Diversified fundamental stock picking portfolio with emphasis on positive attribution from long book and short book
|
|
- Thomasina Thornton
- 5 years ago
- Views:
Transcription
1 November 2018
2 Why Totus Capital? Totus Capital is an independent investment firm managing funds on behalf of high net worth individuals, unitholders of platforms and institutions Totus Capital manages the Totus Alpha Fund. A limited capacity ($500m soft close), absolute return offering concentrating on Long and Short equity ideas in Australia as well as the US Diversified fundamental stock picking portfolio with emphasis on positive attribution from long book and short book The Portfolio manager and investors are highly aligned via significant personal investment in the fund Highly experienced award winning team Proven investment strategy that has delivered 20.0% per annum net of fees since April 2012* Returns are uncorrelated to Australian and global share markets *Past performance is not a reliable indicator of future performance 2
3 Recent Totus Developments 2018 Australian Market Neutral Fund Of The Year winner (Hedge Fund Rocks) Over $200m of Assets Under Management (AUM) Launched Cayman vehicle for non Australian domiciled investors Highly experienced COO hire Strong fund inflows as Totus is included in wealth management models Solid year to date performance 3
4 Award Winning Investment Team Ben McGarry (Portfolio Manager) has 19 years of financial markets experience on both the buy and sell side of the industry. As an analyst at UBS Australia and Morgan Stanley in London, Ben covered a broad range of companies and sectors. Ben also qualified as a Chartered Accountant with PricewaterhouseCoopers in Sydney. Sam Granger (Portfolio Manager) joined Totus Capital in 2014, having previously worked at NAOS Asset Management as an emerging companies analyst. He holds a Bachelor of Commerce (Liberal Studies) degree from the University of Sydney. Cameron Pierce (Senior Analyst) joined Totus Capital in 2018, having previously worked for Bennelong Australian Equity Partners in a similar role for 4 years. Cameron previously worked at Macquarie Equities on the sell side and has over 12 years of financial services experience. 4
5 Organisational Chart Ben McGarry CEO Kym Reynolds Executive Assistant Investment Team Finance and Operations Distribution Ben McGarry Portfolio Manager Sam Granger Portfolio Manager Cameron Pierce Senior Analyst Cathy Young Head of Operations Andrew Aitken Head of Distribution 5 Accountant Joanne Cupples Client Services
6 Performance Quality (Since inception April 2012) Totus Alpha Fund ASX 300 Accumulation Index Alpha 20.0% p.a. Beta 0.16 Correlation 0.12 Sharpe ratio Sortino ratio Average Monthly Return 1.62% 0.78% Average Return in ASX Up Month +1.97% +2.62% Average Return in ASX Down Month +0.99% -2.96% Up Months 65% 67% Down Months 35% 33% 6
7 What is the Totus Capital Edge? Totus consistently outperforms in down markets Attribution shows the short book providing significant and sustained alpha Process treats short book as a source for risk adjusted alpha (Average performance in ten WORST ASX Months) 3.0% -7.7% 4.1% -6.7% 0.7% 1.0% 6.3% -5.4% -5.4% -5.3% 1.8% -4.5% -1.0% -3.7% 6.1% -3.2% -0.6% -3.0% 6.1% -2.9% 2.8% -4.8% A U G ' 1 5 M A Y ' 1 2 J A N ' 1 6 S E P T ' 1 4 J U N E ' 1 5 M A Y ' 1 3 M A R - 18 N O V ' 1 4 J A N ' 1 4 S E P T ' 1 5 A V E R A G E Totus Alpha Fund ASX 300 Index (incl div) 7
8 Portfolio Exposure (% of net assets) 340% 290% 240% 190% 140% 90% 40% -10% -60% Gross exposure Net exposure 8
9 Investment Philosophy Totus = whole, all, entire, total, complete, every part Markets are inefficient allowing opportunity for active stock pickers to add value In the long term prices of stocks will always gravitate towards cashflow Bottom up, forensic analysis of financial statements (balance sheet, cashflow and profit & loss) will identify opportunities on both the long and short side Analysing a company from the entire, whole, complete rather than being beholden to concepts of value or growth results in optimal investment outcomes Portfolio s designed to avoid the 3 sins of investing gearing (at a net level), excessive concentration and illiquidity This philosophy results in a portfolio of stocks with the following characteristics: Long Tailwinds High quality earnings Cash Delivery Simple Short Headwinds Low quality earnings Trash Hype Complex 9
10 Investment Process Long Short 1000 stocks 750 stocks 300 stocks stocks n Investible Universe: ASX300 + S&P select global mega caps Researchable Universe Totus themes then eliminates stocks to a manageable universe of circa 300 stocks Screened Universe: Quant screening of market cap, liquidity, earnings quality, Valuation Portfolio Construction The bottom up research and Portfolio construction process shorts Initial Filtering Structural Themes Bottom Up Stock Selection Screened Universe: + Availability of borrow Researchable Universe Totus themes then eliminates stocks to a manageable universe of circa 300 stocks Portfolio Construction The bottom up research and Portfolio construction process shorts The investment process allows for widest universe of opportunities so that the portfolio can be protected through all market cycles 10
11 Portfolio Construction and Limits Weight themes in portfolio based on: - level of conviction - maturity of the theme - number and liquidity of relevant companies exposed to the theme Rebalance portfolio and modify targets based on market conditions Buy dips on good companies with tailwinds Sell rallies in poor companies facing headwinds Typically 100 positions 40 Long/60 short (maximum 135 positions) 15% (net) hard limit at cost long book 5% (net) hard limit at cost short side Gross < +/-325% (average 220%) Net < 150% (average 40%) Listed Australian and US securities (typically 30% US) 11
12 Structural Themes Long Themes Bricks to Clicks Rising Rates Scarce Growth Ageing Population Value Electric Vehicles Adoption Short Themes Fad s Frauds & Failures Earnings Risk Rising Rates NBN Disruption Structural Change Electric Vehicles Adoption Each theme can have a combination of: - long and short positions - domestic and global stocks 12
13 9-Dec-16 9-Jan-17 9-Feb-17 9-Mar-17 9-Apr-17 9-May-17 9-Jun-17 9-Jul-17 9-Aug-17 9-Sep-17 9-Oct-17 9-Nov-17 9-Dec-17 9-Jan-18 9-Feb-18 Short Example #1 GetSwift % return 0.00 Meteoric share price rise lead to massive market capitalisation Internet investment chat room favourite Australian Financial Review 6 Jan 18 Highly promotional ASX releases Untested management team Customer feedback lukewarm at best 13
14 12-Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb-17 Short Example #2 - Quintis 2.50 Huge cash burn, high debt 2.00 Poor corporate governance 1.50 Opaque end markets % return Promotional management 0.00 Conflicted sell side research 14
15 Oct 2011 Jan 2012 Apr 2012 Jul 2012 Oct 2012 Jan 2013 Apr 2013 Jul 2013 Oct 2013 Jan 2014 Apr 2014 Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015 Oct 2015 Jan 2016 Apr 2016 Jul 2016 Oct 2016 Jan 2017 Apr 2017 Jul 2017 Long Example #1 - Alphabet % return 24% IRR Global leader in search Significant un-monetised opportunities e.g. Al Metronomic top-line and bottom-line growth Net cash balance sheet Material discount to Australian listed comparables US $ AUD $ 15
16 1-Jul-14 1-Sep-14 1-Nov-14 1-Jan-15 1-Mar-15 1-May-15 1-Jul-15 1-Sep-15 1-Nov-15 1-Jan-16 1-Mar-16 1-May-16 1-Jul-16 1-Sep-16 1-Nov-16 1-Jan-17 1-Mar-17 1-May-17 1-Jul-17 1-Sep-17 1-Nov-17 1-Jan-18 1-Mar-18 Long Example #2 Smartgroup Trading below IPO issue price % return 82% IRR 40% discount to closest peer at entry point Sticky customer base, significant recurring earnings The opportunity: Uncertainty around largest client renewal 0.00 Significant insider buying from management and board 16
17 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct Annualised return (net of fees) 20.0% Annualised standard deviation 14.7% Reward to risk ratio 1.37 Performance (net of fees) Totus Alpha Fund Founder Series ASX 300 (incl. dividends) RBA cash rate Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CYTD
18 Fund Summary Fund Style Long Short Absolute Return Domicile Australia Manager Totus Alpha Management Pty Ltd Functional Currency Australian Dollar Inception 2 April 2012 Return since inception (net of fees) 233.3% Prime Broker Morgan Stanley & Credit Suisse Auditor Administrator Liquidity Platforms Ernst & Young CITCO Fund Services Monthly Powerwrap, Ausmaq, Mason Stevens, Netwealth, HUB24 18
19 Contact Details Address: Suite 1, Level 8, 139 Macquarie Street, Sydney NSW 2000 Telephone: ir@totuscapital.com.au Web: Disclaimer This document is intended for general information of wholesale clients only. This document should not be passed on to any retail clients within the meaning of the Corporations Act 2001 (Cth). This document has been prepared by Totus Alpha Management Pty Ltd (ACN ) Investment Manager of the Totus Alpha Fund (Fund). Totus Alpha Management is a Corporate Authorised Representative (CAR: ) of Totus Capital Pty Ltd (ABN ) AFSL: Any information or advice contained in this newsletter has been prepared without taking into consideration your objectives, financial situation or needs. All securities and financial products or instruments involve risks. Past performance results are not necessarily indicative of future results and no guarantee is being made that similar returns will be achieved by the Fund. Investment in the Totus Alpha fund may not be suitable for all investors. No offer is being made hereby. Any offer relating to units in the Totus Alpha Fund shall be made only pursuant to the Information Memorandum and Constitution of the Totus Alpha Fund which outlines the risks associated with investing in the Fund as well as other important information you must acknowledge prior to investing in the Fund. 19
Totus Capital Pty Ltd (ABN ) AFSL:
Totus Capital Pty Ltd (ABN 151 2 772) AFSL: 409468 April 2019 Why Totus Capital? Totus is an independent investment firm managing funds on behalf of high net worth individuals, platform unitholders and
More informationWhy is Totus Capital different?
Contents Why is Totus Capital different? 4 Totus Capital 5 Portfolio Manager profile 6 Performance 7 Portfolio snapshot 8 Organisational structure 9 The Totus Capital edge 10 Totus Alpha Fund 12 Fund summary
More informationAuscap Asset Management The Long and the Short of it
Auscap Asset Management The Long and the Short of it Asset Strategy Forum October/November 2017 Auscap Asset Management Limited ACN 158 929 143 AFSL 428014 ARSN 615 542 213 Who are we? 2 Auscap Long Short
More informationDAC Wealth Builder: $10,000 Growth from Inception
DAC Wealth Builder: $10,000 Growth from Inception $13,500 $13,416 $13,000 $12,500 $12,000 $11,500 $11,000 $10,500 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017
More informationDAC Wealth Protector: $10,000 Growth from Inception
DAC Wealth Protector: $10,000 Growth from Inception $11,600 $11,661 $11,400 $11,200 $11,000 $10,800 $10,600 $10,400 $10,200 $10,000 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationAuscap Long Short Australian Equities Fund Newsletter April 2018
Auscap Annual Roadshow 2018 Investing Outside The Square But Inside The Circle 9 th 23 rd May 2018 Sydney Melbourne Brisbane Perth Adelaide REGISTER YOUR INTEREST Auscap Asset Management Limited Disclaimer:
More informationFor personal use only
ASX Release INVESTOR PRESENTATION Tuesday, 26 April 2016 Absolute Equity Performance Fund Limited ACN 608 552 496 (ASX:AEG) advises that the attached presentation is to be delivered to investors and analysts
More informationDAC Short Term: $10,000 Growth from Inception
DAC Short Term: $10,000 Growth from Inception $10,900 $10,909 $10,800 $10,700 $10,600 $10,500 $10,400 $10,300 $10,200 $10,100 $10,000 11/2014 02/2015 05/2015 08/2015 11/2015 02/2016 05/2016 08/2016 11/2016
More informationFund Size $ mil. November Fund Performance Summary Gross of Fees
November 2017 Fund Performance Summary Gross of Fees Australian Equity - Scientific BlackRock Australian Alpha Tilts Fund BGL0006AU 425.9 1.21 6.15 8.36 12.27 7.14 16.91 13.16 9.88 11.44 10.55 31-Oct-97
More informationFreehold Absolute Return Fund
Fund Overview The Freehold Absolute Return Fund takes long and short positions in listed securities exposed to assets such as office and industrial real estate, residential development, retail shopping
More information1H17 RESULTS INVESTOR UPDATE
For personal use only 9 March 2017 1H17 RESULTS INVESTOR UPDATE SIX MONTHS TO 31 DECEMBER 2016 IMPORTANT NOTE This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000
More informationIOOF Presentation. Peter Mahoney. April 2012
IOOF Presentation Peter Mahoney April 2012 1 contents 1. philosophy & process 2. investment team 3. performance 4. stock insight & strategy 5. summary 6. appendices 2 1 proven investment approach the way
More informationFor personal use only
Investment Outlook The investment climate has changed profoundly since the 2008 financial crisis with economic growth stagnating in many developed economies. The panacea of cheap money, and the abundance
More informationINVESTOR UPDATE OCTOBER 2016
INVESTOR UPDATE OCTOBER 2016 IMPORTANT NOTE This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426 and issued by Perpetual Trustee Company Limited
More informationAuscap Long Short Australian Equities Fund Newsletter August 2014
Auscap Asset Management Pty Ltd Disclaimer: This newsletter contains performance figures and information in relation to the Auscap Long Short Australian Equities Fund from inception of the Fund. The actual
More informationMagellan Infrastructure Fund
About this Review Sector Infrastructure Securities Total Funds Reviewed 9 About this Fund Fund Reviewed APIR Code PDS Objective Fund Size Responsible Entity MGE0002AU To achieve superior risk adjusted
More informationA S X S P O T L I G H T
A S X S P O T L I G H T B L U E S K Y A L T E R N A T I V E I N V E S T M E N T S L I M I T E D M A Y 2 0 1 4 Private Equity Private Real Estate Hedge Funds Real Assets blueskyfunds.com.au Page 1 DISCLAIMER
More informationThe Great Muddle Through. Wayne McGauley Head of Retail, IML March 2014
The Great Muddle Through Wayne McGauley Head of Retail, IML March 2014 1 Agenda Intro to IML The Great Muddle Through Investment strategy Portfolio focus for clients Summary 2 Agenda Intro to IML The Great
More information36ONE Target Return Fund
1997 Initial team joined HSBC 1999 Moved to Investec December 2004 Formation of 36ONE Asset Management September 2005 36ONE MET Flexible Opportunity Fund 36ONE Target Return Fund April 2006 36ONE Hedge
More informationProduct Assessment. APN A-REIT Fund. Report data as at 30 Apr 2012 Rating issued on 28 May APIR Code. Asset Class.
Report data as at 30 Apr 2012 Rating issued on 28 May 2012 Product Assessment APN A-REIT Fund Highly Recommended Recommended Approved Not Approved Redeem VIEWPOINT & RATING The APN A-REIT Fund (the Fund)
More informationPortfolio construction: The case for small caps. by David Wanis, Senior Portfolio Manager, Smaller Companies
For professional investors only Schroders Portfolio construction: The case for small caps by David Wanis, Senior Portfolio Manager, Smaller Companies Looking solely at passive returns available to investors
More informationShort Extension (130/30) Fund Strategy
Short Extension (130/30) Fund Strategy Richard Hasson Neil Brown Russell Bodill September 2009 Performance through Focus Why Select Equity Investments? Select Equity investment approach High conviction,
More informationUBS Emerging Companies Conference - 17 October 2007
UBS Emerging Companies Conference - 17 October 2007 October 2007 1 Important Notice This presentation has been prepared by HFA Holdings Limited (HFA) and is supplied on the following conditions which are
More informationPerformance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
More informationTempo Global Currency Fund
Tempo Global Currency Fund ASIC Benchmarks and Disclosure Principles Report 31 March 2017 This ASIC Benchmarks and Disclosure Principles Report (Report) provides specific information in relation to the
More informationLegg Mason mfunds A NEW WAY TO ACCESS MANAGED FUNDS
Legg Mason mfunds A NEW WAY TO ACCESS MANAGED FUNDS Q4 2016 THE BUILDING BLOCKS OF INVESTMENT EXCELLENCE The Legg Mason way Legg Mason is one of the world s leading asset managers and is dedicated solely
More informationDividend Report. December 2018
Warning: Aberdeen Global has the discretion to determine the and rate of dividend to be distributed. The dividends are not guaranteed and may be investment income, gains or at the discretion of the Board
More informationTuesday, 28 October About the CBG Fund 1. CBG Australian Equities Fund Performance
MARKET ANNOUNCEMENT CBG Fund September 2014 Quarterly Report Tuesday, 28 October 2014 The September 2014 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian
More informationReturns To: 1mth 3mths 6mths 1yr 2yrs 3yrs Inception 30 June 2016 (%) (%) (%) (%) (% p.a.) (% p.a.) (% p.a.) T (08) T (08)
Friday, 29 July 2016 MARKET ANNOUNCEMENT CBG Fund June 2016 Quarterly Report The June 2016 Quarterly Report from CBG Asset Management Limited (CBG) on the performance of its CBG Australian Equities Fund
More informationGlobal Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationMLC Horizon 1 - Bond Portfolio
Horizon 1 - Bond Portfolio Annual Review September 2009 Investment Management Level 12, 105 153 Miller Street North Sydney NSW 2060 review for the year ending 30 September 2009 Page 1 of 11 Important information
More informationIOOF. Positive flows in 1Q17. FUM and Net Flows for September Qtr Source: Company data, Macquarie Research, Oct 2016.
AUSTRALIA IFL AU Price (at 06:35, 26 Oct 2016 GMT) Outperform A$8.34 Valuation A$ - DCF (WACC 8.8%, beta 1.1, ERP 5.0%, RFR 3.3%) 8.74 12-month target A$ 9.00 12-month TSR % +14.3 Volatility Index Low/Medium
More informationPlatypus Asset Management Platypus Absolute Return Australian Equities Fund
Platypus Asset Management Platypus Absolute Return Australian Equities Fund Investment Management Assessment Report March 2016 Meeting/questionnaire information Meeting type: One-on-one interviews with
More information- Victor Haghani, Founder Elm. Watch the full talk here
"After more than 20 years in finance, from the LSE to Salomon Brothers to LTCM, you d have thought that I d have figured out how to invest my family s savings. Well, it was 2002, I just turned 40, and
More informationCor Capital Fund MONTHLY REPORT & FACT SHEET 31 OCTOBER MTD: -3.7% 12M: -2.0% 3yr Ann: 4.7% 3yr Vol: 7.4% Description
MONTHLY REPORT & FACT SHEET 31 OCTOBER 218 MTD: -3.7% 12M: -2.% 3yr Ann: 4.7% 3yr Vol: 7.4% Description The Cor Capital Fund is an Australian registered managed investment scheme that seeks to generate
More informationMerricks Capital Systematic Commodity Strategy
Merricks Capital Systematic Commodity Strategy The Evolution > As an evolution of the existing fundamental discretionary trading strategy, the Merricks Capital Systematic Commodity Strategy provides a
More informationFUND OF HEDGE FUNDS DO THEY REALLY ADD VALUE?
FUND OF HEDGE FUNDS DO THEY REALLY ADD VALUE? Florian Albrecht, Jean-Francois Bacmann, Pierre Jeanneret & Stefan Scholz, RMF Investment Management Man Investments Hedge funds have attracted significant
More informationEDHEC Alternative Investment Days London 10 December 2008
Alteram Optimal Equity: Enhancing a Core-Satellite Model with Hedge Funds François Rimeu, Co-Manager, UFG Alteram EDHEC Alternative Investment Days London 10 December 2008 1 Summary Company overview 3
More informationLow Correlation Strategy Investment update to 31 March 2018
The Low Correlation Strategy (LCS), managed by MLC s Alternative Strategies team, is made up of a range of diversifying alternative strategies, including hedge funds. A distinctive alternative strategy,
More informationFor personal use only
JULY 2015 KEY CHARACTERISTICS Net Tangible Asset Value Breakdown as at 31 st July 2015 1. Genuine Exposure to Undervalued Emerging Companies Regardless of market capitalisation and/or liquidity, NCC seeks
More information19 November ASX Limited Company Announcements Exchange Centre 20 Bridge Street SYDNEY NSW 2000 BY ELECTRONIC LODGEMENT
19 November 2018 ASX Limited Company Announcements Exchange Centre 20 Bridge Street SYDNEY NSW 2000 BY ELECTRONIC LODGEMENT Chairman s AGM Address and Portfolio Manager s Presentation Attached is a copy
More informationFor personal use only
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
More informationInvestment Returns. As at 30 April Employer Super investment funds. Integra Super 2-3 Integra Annuity & Pension 4 Market data and performance 5
Investment Returns As at 30 April 2018 Employer Super investment funds Integra Super 2-3 Integra Annuity & Pension 4 Market data and performance 5 Integra Super as at: 30 April 2018 Profile 1 - Defensive
More informationMan OM-IP AHL Limited
Important Dates Issue Opens 2 February 2009 Close Date 27 March 2009 Maturity Date / Investment Term Key Information 30 April 2019 / 10 years Product Type Capital guaranteed investment providing exposure
More informationSample Report PERFORMANCE REPORT I YOUR FUND
Produced on //28 Data as of 6/3/28 PERFORMANCE REPORT I 5 East 57 th Street, Floor, New York, NY 22 Tel (22) 248-532 Fax (646) 45-884 7 Seventh Avenue, Suite 2, Seattle, WA 98 Tel (26) 47-254 Fax (26)
More informationM4 Investing for life (Stream 1: The Working Client) John King King Indices Creator and Owner ajk.com.au
M4 Investing for life (Stream 1: The Working Client) John King King Indices Creator and Owner ajk.com.au 2 Extending the client story Will & Monica are both non-smokers They plan to retire when Monica
More information6 March LIC RESEARCH - L1 Long Short Fund Ltd. Recommended. About the manager. Our Opinion. Phone
Phone 1300 980 849 Email research@tradingequities.com.au LIC RESEARCH - L1 Long Short Fund Ltd 6 March 2018 Recommended The L1 Long Short Fund is looking to raise a minimum of $100m (and maximum of $600m)
More informationUpdate on UC s s Absolute Return Program. 603 Committee on Investments / Investment Advisory Committee February 14, 2006
Update on UC s s Absolute Return Program 603 Committee on Investments / Investment Advisory Committee February 14, 2006 AGENDA Page I. Understanding of Absolute Return as an Asset Class 3 II. Review of
More informationMANAGED ACCOUNT MODEL PORTFOLIO GUIDE. 29 March 2018
MANAGED ACCOUNT MODEL PORTFOLIO GUIDE 29 March 2018 This Managed Account Model Portfolio Guide must not be distributed without a corresponding copy of the Direct Investing Guide of which this document
More informationNCC Investment Portfolio Performance* S&P/ASX Small Ordinaries Accumulation Index (XSOAI) Outperformance Relative to Benchmark
December 2016 KEY CHARACTERISTICS Net Tangible Asset Value Breakdown as at 31 December 2016 1. Genuine Exposure to Undervalued Emerging Companies Regardless of market capitalisation and/or liquidity, NCC
More informationJBWere Multi Asset Platform
JBWere Multi Asset Platform Investment Menu 30 September 2017 This Investment Menu is issued by: JBWere Limited (JBWere) ABN 68 137 978 360, AFSL 341162 jbwere.com Contents What this investment menu is
More informationFor personal use only
10 August 2017 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationFor personal use only
BLUE SKY DIVERSIFIED QUANT FUND BLUE SKY DYNAMIC MACRO FUND Blue Sky Alternative Investments February 2016 Private Equity Private Real Estate Hedge Funds Real Assets Disclaimer This presentation has been
More informationFor personal use only
27 October 2016 GLENNON SMALL COMPANIES LIMITED (ASX:GC1) ANNUAL GENERAL MEETING 2016 Disclaimer The information provided in this presentation has been prepared by Glennon Capital (ABN 84 137 219 866,
More informationProof Is in Performance Thru 3Q17
Proof Is in Performance Thru 3Q17 Model Portfolios 3Q17 PERFORMANCE UPDATE Trust We deliver the whole truth by incorporating critical data from the Financial Footnotes and MD&A that other firms miss. Performance
More informationCorporate Presentation. August
Corporate Presentation August 2017 1 PARENTAGE Sundaram Finance Sundaram Business Services Limited Outsourcing services *Not an exhaustive list Fully Owned Subsidiaries* Sundaram Asset Management Mutual
More information- Victor Haghani, Founder Elm. Watch the full talk here
"After more than 20 years in finance, from the LSE to Salomon Brothers to LTCM, you d have thought that I d have figured out how to invest my family s savings. Well, it was 2002, I just turned 40, and
More informationQV Equities Limited. Investor Update - 1 -
QV Equities Limited Investor Update - 1 - March roadshow 2015 QV Equities Limited Intro & Business Update Managed by Investors Mutual Focused on Ex-20 stocks Listed 22 August 2014 Quality and experienced
More informationHalf year financial results
8 August 2018 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationNewport Global Tactical Portfolio
Newport Global Tactical Portfolio 8 March 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued by HUB24 Custodial
More informationFor personal use only
18 August 2016 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street
More informationLonsec Managed Portfolio Growth
Lonsec Managed Portfolio Growth 20 March 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued by HUB24 Custodial
More informationIssue date: 7 November 2018
Issue date: 7 November 2018 This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued by Diversa Trustees Limited (ABN 49 006 421 638, AFSL 235153, RSE Licence No. L0000635)
More informationFor personal use only
March 2017 KEY CHARACTERISTICS 1. Domestic & Global Long/Short Exposure with a Long Term Value Focus NAC invests in equities listed domestically and globally in a concentrated long short structure. NAC
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 06:10, 27 Jul 2015 GMT) Outperform A$33.91 Valuation A$ - DCF (WACC 9.6%, beta 1.0, ERP 5.0%, RFR 5.8%) 37.74 12-month target A$ 39.39 12-month TSR % +22.1 Volatility Index Low
More informationQBE Insurance. QBE ANZ performance: LMI vs. Excl. LMI (A$m) Source: Company data, Macquarie Research, April 16. Earnings and target price revision
AUSTRALIA QBE AU Price (at 10:44, 27 Apr 2016 GMT) Neutral A$11.19 Valuation A$ - DCF (WACC 9.3%, beta 1.1, ERP 5.0%, RFR 3.8%) 11.34 12-month target A$ 12.00 12-month TSR % +12.7 Volatility Index Low/Medium
More informationAurora Funds Management Generating Income from Equities
Aurora Funds Management Generating Income from Equities Australian ASX Presentation February 2009 Issuer & Responsibile Entity Disclaimer Neither the information or presentation is intended to be an offer
More informationAustralian Banks. Money Talks vertically challenged AUSTRALIA. Inside. Majors average short positions and banks index
Jun- Dec- Jun- Dec- Jun- Dec- Jun-1 Dec-1 Jun-11 Dec-11 Jun-1 Dec-1 Jun-1 Dec-1 Jun-1 Dec-1 Jun- Dec- AUSTRALIA Repricing generally follows an election s Nov Aug 1 Sep 1 1-1 Source: RBA, Macquarie Research,
More informationAustralian Banks. Funding markets open for now
AUSTRALIA Weekly performance 4% 2% % -2% -4% -6% -8% -1% Source: IRESS, August 212 Rolling monthly performance 8% 6% 4% 2% % -2% -4% -6% Source: IRESS, August 212 Rolling yearly performance % 15% 5% -5%
More informationOil Search. Proving up PNG A$7.11 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst. Action and recommendation
AUSTRALIA OSH AU Price (at 05:10, 16 Feb 2017 GMT) Outperform A$7.11 Valuation A$ - DCF (WACC 8.5%, beta 1.4, ERP 5.0%, RFR 3.3%) 6.70 12-month target A$ 7.60 12-month TSR % +8.2 Volatility Index Medium
More informationBT Personal Portfolio Service: Superannuation and Pension. Annual Report for the year ended 30 June 2009
BT Personal Portfolio Service: Superannuation and Pension Annual Report for the year ended 30 June 2009 Contents 3 Recent developments and changes 6 Investment overview 9 Understanding the risks of investing
More informationSG Fleet Group. Another UK acquisition. Earnings and target price revision
AUSTRALIA SGF AU Price (at 08:26, 30 Nov 2016 GMT) Outperform A$3.23 Valuation - PER A$ 3.96-4.22 12-month target A$ 4.37 12-month TSR % +41.0 Volatility Index High GICS sector Commercial & Professional
More informationSupplementary Product Disclosure Statement ARSN Auscap Asset Management Limited Auscap Long Short Australian Equities Fund.
Auscap Asset Management Limited Auscap Long Short Australian Equities Fund Supplementary Product Disclosure Statement ARSN 615 542 213 30 March 2018 This Supplementary Product Disclosure Statement Number
More informationMan AHL Diversified Markets EU
This material is of a promotional nature. Man AHL Diversified Markets EU FUND AIM Man AHL Diversified markets EU provides investors access to the AHL Diversified Programme. It aims to generate returns
More informationFund Review Smallco Investment Fund
Fund Review Smallco Investment Fund P 1-7 ANALYST: EDWARD RICKARD APPROVED BY: PETER GREEN ISSUE DATE 22-10-2014 About this Review ASSET CLASS REVIEWED SECTOR REVIEWED SUB SECTOR REVIEWED ALTERNATIVES
More informationLow Correlation Strategy Investment update to 31 December 2017
The Low Correlation Strategy (LCS), managed by MLC s Alternative Strategies team, is made up of a range of diversifying alternative strategies, including hedge funds. A distinctive alternative strategy,
More informationLonsec Managed Portfolio Balanced Issue date: 26 May 2017
Lonsec Managed Portfolio Balanced Issue date: 26 May 2017 About this Managed Portfolio Disclosure Document This Managed Portfolio Disclosure Document (Disclosure Document) has been prepared and issued
More informationPIMCO: The New Neutral
PIMCO: The New Neutral Philanthropy Summit 2015 Investing in the New Neutral world April 2015 PIMCO Australia Pty Ltd ABN 54 084 280 508 AFS Licence 246862 Level 19, 363 George St. Sydney, NSW 2000 telephone:
More informationPlatinum Asset Management
AUSTRALIA PTM AU Price (at 06:10, 11 Jul 2016 GMT) Neutral A$5.52 Valuation A$ - DCF (WACC 9.3%, beta 1.2, ERP 5.0%, RFR 3.3%) 5.19 12-month target A$ 5.36 12-month TSR % +2.6 Volatility Index Low/Medium
More informationEquity Advised Portfolio Service (EAPS) External Circulation Permitted January Monthly Update
Equity Advised Portfolio Service (EAPS) External Circulation Permitted January 2018- Monthly Update Salient Features - EAPS What does the service cover? What is not covered? Process Eligibility Tariff
More informationJapan s equity performance has been surprisingly good over the medium/long-term
Currency Hedged (ASX: HJPN) While most Australians know Japan as an important trading partner, it probably remains under-appreciated as an investment opportunity by many investors. After all, Japan is
More informationNIB Holdings. Lowest in 4 years still enough A$3.72 AUSTRALIA. Event. Impact. Earnings and target price revision. Price catalyst
AUSTRALIA NHF AU Price (at 09:52, 02 Mar 2016 GMT) Outperform A$3.72 Valuation A$ 3.85 - DCF (WACC 8.5%, beta 1.0, ERP 5.0%, RFR 3.8%, TGR 2.5%) 12-month target A$ 4.00 12-month TSR % +11.7 Volatility
More informationTAMING THE BEAST. How to harness emerging markets and sleep at night October RARE Infrastructure Limited ABN AFSL
TAMING THE BEAST How to harness emerging markets and sleep at night October 2017 RARE Infrastructure Limited ABN 84 119 339 052 AFSL 307727 Contents 1 RARE and the Emerging Markets Opportunity 2 Pure Exposure
More informationNewgate Real Estate and Infrastructure Fund
Newgate Real Estate and Infrastructure Fund Product Disclosure Statement ARSN 626 618 764 APIR ETL2760AU Issue Date 01 February 2019 Contents 1. Fund at a glance 3 2. ASIC benchmarks 5 3. ASIC regulatory
More informationMANAGED FUTURES INDEX
MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JUNE 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P
More informationFor personal use only
Investor Update 1Q17 Overview Half Year to 31 December 2016 Well positioned for growth and diversification. NPAT 1 $5.6 million NPAT 1 (Before merger transaction and restructure costs) $8.2 million Net
More informationNational Australia Bank
AUSTRALIA NAB AU Price (at 08:23, 03 Jul 2012 GMT) Outperform A$23.68 Volatility index Low 12-month target A$ 27.66 12-month TSR % +24.9 Valuation A$ - DCF (WACC 12.6%, beta 1.0, ERP 5.0%, RFR 5.8%) 25.14
More informationIntelligent Portfolio (IQ ~ Asset Allocation) Fund presentation
Intelligent Portfolio (IQ ~ Asset Allocation) Fund presentation DECEMBER 2010 Intelligent Portfolio (IQ ~ Asset Allocation) What is this Fund? Why should you invest in Intelligent Portfolio (IQ ~ Asset
More informationNew S&P/ASX indices measure the returns from franking credits
In 2000, franking credits became fully refundable to low tax Australian investors, helping to supplement the returns for superannuation funds and tax exempt investors. For tax exempt investors such as
More informationRegression Analysis and Quantitative Trading Strategies. χtrading Butterfly Spread Strategy
Regression Analysis and Quantitative Trading Strategies χtrading Butterfly Spread Strategy Michael Beven June 3, 2016 University of Chicago Financial Mathematics 1 / 25 Overview 1 Strategy 2 Construction
More informationMANAGED FUTURES INDEX
MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS JULY 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX S&P 500 S&P
More informationFor personal use only
VGI Partners Global Investments Limited (ASX Code: VG1) 1H 2019 Investor Briefing 5 February 2019 Disclaimer VGI Partners Pty Limited (ABN 33 129 188 450) (VGI Partners) is the holder of an Australian
More informationBATSETA Durban Mark Davids Head of Pre-retirement Investments
BATSETA Durban 2016 Mark Davids Head of Pre-retirement Investments Liberty Corporate VALUE Dividend yield Earning yield Key considerations in utilising PASSIVE and Smart Beta solutions in retirement fund
More informationAS AT OCTOBER 31, Making Active Management Count NCM ALTERNATIVE SUMMARIES INVESTMENTS. ncminvestments.com
AS AT OCTOBER 31, 2018 Making Active Management Count NCM ALTERNATIVE SUMMARIES INVESTMENTS ncminvestments.com Invest in New Ideas By combining cutting-edge techniques to reduce risk, increasing investable
More informationMANAGED FUTURES INDEX
MANAGED FUTURES INDEX COMMENTARY + STRATEGY FACTS SEPTEMBER 2018 CUMULATIVE PERFORMANCE ( SINCE JANUARY 2007* ) 140.00% 120.00% 100.00% 80.00% 60.00% 40.00% 20.00% 0.00% AMFERI BARCLAY BTOP50 CTA INDEX
More informationPERPETUAL LIMITED 1H17 RESULTS SIX MONTHS TO 31 DECEMBER Geoff Lloyd Chief Executive Officer & Managing Director
23 February 2017 PERPETUAL LIMITED RESULTS SIX MONTHS TO 31 DECEMBER 2016 Geoff Lloyd Chief Executive Officer & Managing Director Gillian Larkins Chief Financial Officer ABN 86 000 431 827 Continued execution
More informationInvesting in Australian Small Cap Equities There s a better way
Investing in Australian Small Cap Equities There s a better way Greg Cooper, Chief Executive Officer, Australia November 2017 Executive Summary This paper explores the small cap Australian Shares market,
More informationCompany Review Absolute Equity Performance Fund Limited
Company Review Absolute Equity Performance Fund Limited P 1-9 ISSUE DATE: 3-12-2015 About this Company LIC REVIEWED ASX CODE PROSPECTUS OBJECTIVE EXPECTED COMPANY SIZE BOARD OF DIRECTORS ABSOLUTE EQUITY
More informationLIMMAT CAPITAL ALTERNATIVE INVESTMENTS
, Ltd. March 214 Performance Update 282.11 EUR EUR 124.15 USD USD 117.23 Fund Size 1 12 m is a tactical long/short equity trading fund with a focus on liquid European equities and equity futures. Dear
More information