Pollen Street Group Limited · LSE:POLN
Pollen Street — Honeycomb Investment Trust — Investor Presentation (April 2019)
11 slides from Pollen Street's investor presentation, Apr 29, 2019
Slide 1: Honeycomb Investment Trust Analyst Presentation
Honeycomb Investment Trust Specialist Lending Credit Managed by Pollen Street Capital Limited (“PSC”) Analyst Presentation 29 April 2019
Slide 2: Consistently delivering stable, attractive performance
Honeycomb Investment Trust Consistently delivering stable, attractive performance Strong performance delivered again in 2018 • 8.43% 2018 NAV return1 • 25.12% Inception to Date NAV return1 • 8.00% Dividend yield • Share price consistently trading on 10%+ premium Strategy remains unchanged • Portfoli
Slide 3: About Pollen Street Capital
About Pollen Street Capital Investment manager dedicated to Financial Services An Established Independent Asset Manager • Manage £2.7bn in credit and private equity strategies for leading pension funds, insurance companies and asset managers • Led by the five founding partners, with an average of 21
Slide 4: About Honeycomb
About Honeycomb Asset-secured direct lending to specialty finance sector • We lend to the specialty finance sector and structure our investments with asset security and strong downside protection Asset-secured • The sector is highly fragmented with high barriers to entry and therefore not well serve
Slide 5: High conviction market opportunity
High conviction market opportunity Structural changes are driving …resulting in a vast and fragmented specialty growth… lending market Customers are more UK Customer demanding; open to changes new models and £330 billion is Unpaid Principal Balance1 improved services 1,340 is FCA registered companie
Slide 6: The PSC Origination Edge
The PSC Origination Edge • PSC sources deal flow across Europe, US and Australia • 50 existing partners provide ongoing flow of Primary research 50+ existing opportunities – PSC leveraging 500+ business PSC Network and advisor partners development managers community • Proprietary deals come through
Slide 7: Honeycomb 2018 Financial Highlights
Honeycomb 2018 Financial Highlights Targets delivered with opportunities for further growth Investment Assets (£m) 700 60% Strong growth in investment assets 600 50% ✓ Investment assets increased by 66% to £603m in 2018 500 40% 400 ✓ 12 new deals completed in 2018 30% 300 20% ✓ 78% of the portfolio
Slide 8: Honeycomb Portfolio Overview
Honeycomb Portfolio Overview Granular Portfolio with Strong Performance Key Statistics Investment Asset Split by Sector 2% 11% 19% c.£5k 56 Consumer Structured c.76,500 average months Consumer Organic loans1 balance1 average age Consumer Portfolio £603m Property 21% c.78% asset SME 39% 11.8%2 secure
Slide 9: Honeycomb Top 5 deals
Honeycomb Top 5 deals Deal Description Sector Effective Value of Percentage advance rate1 holding of assets (%) (£m) (%) Senior secured loan against pool 1 Creditfix Limited Consumer 43 41.1 7.00 of consumer receivables Senior secured loans against pool 2 D&B Finance Limited Real estate 58 27.5 4.69
Slide 10: Questions?
Summary Consistently delivering stable, attractive performance • Strong performance delivered again in 2018 • Portfolio of assets continues to deliver attractive returns with a focus on asset secured lending • Robust, diversified forward opportunity pipeline Questions? 10
Slide 11: Important Information
Important Information This presentation (the “Presentation”) has been prepared by Pollen Street Capital Limited for information and discussion purposes only and is not, and may not, be relied on in any manner as legal, tax, investment or accounting advice. This document does not constitute an offer
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