Ironbark Balanced Income Limited Registered · ASX:IBC

Ironbark Balanced Income Limited Registered — Ironbark Capital — Shareholder Meeting (November 2022)

12 slides from Ironbark Balanced Income Limited Registered's shareholder meeting presentation, Nov 2, 2022

  1. Slide 1: Annual General Meeting

    Annual General Meeting Ironbark Capital Limited For personal use only 2 November 2022 Doug Hew Investment Manager Kaplan Funds Management 1

  2. Slide 2: Ironbark Capital Portfolio

    Ironbark Capital Portfolio For personal use only  Absolute Return Focus Return FY22 Volatility FY22 4.05% IBC portfolio (pre fees, including franking credits) 8.0% 6.93% Benchmark (1 year swap rate + 6% pa) -4.05% S&P ASX 100 Franking Adjusted Total Return Index 14.7%  19.5 year track record (incl

  3. Slide 3: IBC Performance since inception to September 2022

    For personal use only IBC Performance since inception to 30 September 2022 12 9.5 9.8 10 8.8 7.5 7.7 7.6 7.8 7.3 7.4 7.2 7.3 6.9 7.8 8 7.4 7.1 6.8 6.9 6.9 6 4.7 4 3.7 2.7 2.4 % return 2 0.5 0 -2 -4 -6 -8 -8.0 -10 19.8yrs %pa 10yrs %pa 9yrs %pa 7yrs %pa 6yrs %pa 5yrs %pa 4yrs %pa 3yrs %pa 2yrs %pa 1

  4. Slide 4: IBC Portfolio performance before management fees + franking credits

    For personal use only KAPLAN FUNDS MANAGEMENT IBC Portfolio performance before management fees + franking credits (common based 5 years to 30 September 2022) 1.70 1.60 1.50 7.4%pa IBC 1.40 7.1%pa BM 6.8%pa ASX 1.30 4.9%pa Hybrids 1.20 1.10 1.00 Jan-18 Mar-18 May-18 Jul-18 Jan-19 Mar-19 May-19 Jul-19

  5. Slide 5: IBC Portfolio Volatility vs ASX Index Volatility

    For personal use only 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 ASX Index Volatility Mar-13 Sep-13 (risk measurement) Mar-14 6 month rolling period Sep-14 Mar-15 Sep-15 IBC Portfolio Vo

  6. Slide 6: Ironbark Capital Asset Allocation - September 2022

    For personal use only IRONBARK CAPITAL ASSET ALLOCATION - 30 September 2022 9.4% Bank Notes & Hybrids Basel III 11.4% Corporate Sub Notes 31.6% 45% Non Bank Hybrids & Corp Prefs 3.6% 0.0% Utilities & Infrastructure Property Trusts 11.4% Banks 8.9% Top 50 Industrials 4.5% Ex Top 50 Industials 19.2% 0

  7. Slide 7: Performance & sector contribution; comparative sector returns

    IRONBARK CAPITAL Jun 2022 12 months - performance & sector contribution For personal use only Benchmark (1yr swap+6%) 6.93% PORTFOLIO TOTAL 4.05% hybrids & corp bonds -0.21% buy & writes & equities 2.74% utilities 1.61% property trusts -0.10% cash 0.00% -7.0% -2.0% 3.0% 8.0% IRONBARK CAPITAL Jun 202

  8. Slide 8: Average ASX Major Bank Hybrid Margin and Yield

    IRONBARK CAPITAL Average ASX Major Bank Hybrid Margin and Yield 10.00% —Margin —YTM —90 Day BBSW 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% ira! 2.00% 1.00% 0.00% Jul 2017 Jan 2018 Jul 2018 Jan 2019 Jul2019 Jan 2020 Jul2020 Jan 2021 Jul2021 Jan 2022 Jul 2022

  9. Slide 9: For personal use only

    For personal use only B4= big 4 major banks 9

  10. Slide 10: Income Sources (yield)

    For personal use only Income Sources (yield) 12% 10.9% 10% 8% 7.2% 6.1% 6% 5.4% Yield 4% 2.4% 2% 0% Buy & Write Stocks Property Trusts ASX Hybrids & Corp Cash & Term Total (excluding Bonds Deposits option premium) 10

  11. Slide 11: Outlook

    Outlook For personal use only • Central banks are likely to move official cash rates into restrictive territory and risk recessionary conditions in order to tame inflation. • The next challenge for markets after the peak in interest rates will be to judge the negative impact to profit growth, the ec

  12. Slide 12: Questions

    For personal use only Questions 12

Ironbark Capital — Shareholder Meeting (November 2022) on 6ix