PM Capital Global Opportunities Fund Ltd. · ASX:PGF
PM Capital Global Opportunities Fund — Shareholder Meeting (October 2016)
17 slides from PM Capital Global Opportunities Fund's shareholder meeting presentation, Oct 21, 2016
Slide 1: 2016 Annual General Meeting
PM Capital Global Opportunities Fund Limited For personal use only (ASX: PGF) 2016 Annual General Meeting 21 October 2016
Slide 2: Disclaimer
Disclaimer For personal use only This presentation dated 21 October 2016 is provided for information purposes only. The information contained in this presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of securities in the Compan
Slide 3: Agenda
Agenda For personal use only Chairman’s address 4 Formal items of business 5 Item 1 – Financial Statements and Reports 5 Item 2 – Remuneration Report 6 Item 3 – Election of Directors 8 Investment Manager’s address 10 Questions and answers 17 3
Slide 4: Chairman's address
For personal use only Chairman’s address Share price as at 17 September 2015 Close. 4
Slide 5: Item 1 – Financial Statements and Reports
Item 1 – Financial Statements and Reports For personal use only Any Questions? 5
Slide 6: Item 2 – Remuneration Report
Item 2 – Remuneration Report For personal use only Resolution 1 – Adoption of Remuneration Report “That the remuneration report as set out on page 16 of the 2016 Annual Report is adopted.” 6
Slide 7: Item 2 – Remuneration Report: Proxy Votes
Item 2 – Remuneration Report For personal use only Resolution 1 – Adoption of Remuneration Report “That the remuneration report as set out on page 16 of the 2016 Annual Report is adopted.” Proxy Votes Proxies have been received in respect of the resolution as follows: Abstained/ For Against Open Exc
Slide 8: Item 3 – Election of Directors
Item 3 – Election of Directors For personal use only Resolution 2 – Election Mr Tom Millner as a Director “That Mr Tom Millner, who retires as a Director by rotation under clause 15.6 of the Company’s Constitution, and being eligible for election, is elected as a Director.” 8
Slide 9: Item 3 – Election of Directors: Proxy Votes
Item 3 – Election of Directors For personal use only Resolution 2 – Election Mr Tom Millner as a Director “That Mr Tom Millner, who retires as a Director by rotation under clause 15.6 of the Company’s Constitution, and being eligible for election, is elected as a Director.” Proxy Votes Proxies have
Slide 10: Why PM CAPITAL?
Why PM CAPITAL? For personal use only Long term performance accretion Performance (net of fees) Inception Since Total Return 30 September 2016 Date Inception p.a. Since Inception Global Companies Fund 10/1998 7.7% 277.9% MSCI World Net Total Return Index ($A) 3.6% 87.3% Built on the integrity and co
Slide 11: Why PGF?
Why PGF? To facilitate the offshore investment proposition For personal use only A greater breadth of opportunity and superior risk reward Australian investors over exposed to domestic dynamics A true stock-pickers portfolio: selective and concentrated positions A different risk reward proposi
Slide 12: Portfolio Investments
Portfolio Investments Global Brewing Industry Consolidation; 2003 – 2016+ For personal use only Post GFC Housing Las Vegas + Ireland + Spain; 2009+ Recovery From crisis comes opportunity; 2009+ Domestic Banking Global CBA equivalents; yield A good business at a good price; 2011+ Service Monopolies G
Slide 13: Market insights - Global
Market insights - Global Markets perpetually sceptical of sustainable economic growth For personal use only Post GFC recovery characterised by a two steps forward one step back scenario • Step back is every time there is a growth scare • Euro crisis 2011-2012, Greece 2015, China and Oil 2016 • Now:
Slide 14: Market Insights – changing tide?
Market Insights – changing tide? Share Price History – JP Morgan Chase & Co. (USD) For personal use only $70.00 $68.00 Pre $66.00 Brexit $64.00 Post $62.00 Brexit $60.00 $58.00 Brexit $56.00 $54.00 $52.00 Global Growth Scare $50.00 Jan-2016 Jan-2016 Mar-2016 Mar-2016 Apr-2016 May-2016 Jun-2016 Jul-2
Slide 15: Market Insights – The Great Bond Mania?
Market Insights – The Great Bond Mania? US 10 Year Government Bond Yield (%) | 1962 to present For personal use only 18% 16% 14% 12% 10% 2015 Deflation hysteria 8% 6% 4% 1982 2% Inflation hysteria 0% Global interest rates are the lowest ever! It is not a normal event. Note property correlation w
Slide 16: From crisis comes opportunity
From crisis comes opportunity Share Price History – Alternative Asset Managers (USD) For personal use only $40.00 $35.00 Severe cyclical decline: $30.00 ~60% $25.00 $20.00 $15.00 $10.00 Apollo Global Management, LLC, Class A (APO-USA) KKR & Co. L.P. (KKR-USA) Share Price History - Macau HKD USD $35
Slide 17: Questions and Answers
For personal use only QUESTIONS AND ANSWERS 17
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