Ironbark Balanced Income Limited Registered · ASX:IBC

Ironbark Balanced Income Limited Registered — Ironbark Capital — Shareholder Meeting (November 2023)

13 slides from Ironbark Balanced Income Limited Registered's shareholder meeting presentation, Nov 2, 2023

  1. Slide 1: Annual General Meeting

    For personal use only Annual General Meeting Ironbark Capital Limited 2 November 2023 Doug Hew Investment Manager Kaplan Funds Management 1

  2. Slide 2: Ironbark Capital Portfolio

    Ironbark Capital Portfolio For personal use only ➢ Absolute Return Focus Diversified and active portfolio: domestic equities, fixed interest, property and covered call option writing. ➢ 20.4 year track record (includes GFC & Covid-19) 9.03% pa return (pre fees, including franking credits) since ince

  3. Slide 3: Performance to 30/6/23

    PERFORMANCE TO 30/6/23 Inception 10 Yr 5 Yr 3 Yr 2 Yr 1 Yr Sep 23 Qtr For personal use only FUM $61.1m 20.4 yrs % pa % pa % pa % pa % pa % pa % IBC pre fees plus franking 9.03 7.84 8.58 11.30 8.77 13.70 1.14 1 yr swap +6% 9.50 7.77 7.42 7.58 8.34 9.77 2.60 Relative performance -0.48 0.07 1.16 3.72 0

  4. Slide 4: Returns versus benchmark, ASX and hybrids

    For personal use only 8.6%pa IBC 7.4%pa BM 7.1%pa ASX 5.0%pa Hybrids 4

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

    For personal use only 10% 15% 20% 30% 35% 40% 25% 45% 0% 5% Oct-04 Jun-05 Feb-06 Oct-06 Jun-07 Feb-08 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11 Feb-12 Oct-12 Jun-13 ASX Index Volatility Feb-14 Oct-14 Jun-15 Feb-16 (risk measurement) 6 month rolling period Oct-16 Jun-17 IBC Volatility Feb-18 IBC Portfolio V

  6. Slide 6: Portfolio running yield 7.2%

    For personal use only portfolio running yield 7.2% (includes franking credits but excludes option premium income) 6

  7. Slide 7: Performance and sector contribution

    For personal use only IRONBARK CAPITAL Jun 2023 12 months - performance & sector contribution Benchmark (lyr swap+6%) PORTFOLIO TOTAL 13.70% hybrids & corp bonds buy & writes & equities property trusts cash -7.0% -2.0% 3.0% 8.0% 13.0% 18.0% IRONBARK CAPITAL Jun 2023 12 months- comparative sector ret

  8. Slide 8: For personal use only

    For personal use only Source: Evans and Partners 8

  9. Slide 9: A$ 5-Year Constant Tenor Trading Margin

    For personal use only IRONBARK CAPITAL Figure 4. B4 A$ 5-Year Constant Tenor — Trading Margin 10% 4% 0% | r r 2017 2018 2019 2020 2021 2022 2023 cee AT eee TD eee 8 SL) Source: BondAdviser. As 18 October 2023.

  10. Slide 10: Spread between ASX200 earnings yield and credit yield

    For personal use only IRONBARK CAPITAL Chart 7: The spread between the earnings yield on the ASX200 and the yield on an $A credit index is at its lowest point in almost a decade 5.5 5.0 == Spread between ASX200 45 eamings yield and yield on $A credit index 4.0 3.5 Spread 3.0 25 2.0 1.5 1.0 T T T T S

  11. Slide 11: Running Yield Composition of Ironbark Capital

    For personal use only Running Yield Composition of IRONBARK CAPITAL (inclusive of franking credits) 5.7% IRONBARK crpPiTAL. 11

  12. Slide 12: Outlook

    Outlook For personal use only • Official interest rates are likely to remain higher for longer benefiting floating rate corporate bonds and hybrid securities, representing nearly half of the portfolio. • Market volatility is expected to remain elevated from the impact of restrictive interest rates o

  13. Slide 13: Questions

    For personal use only Questions 13

Ironbark Capital — Shareholder Meeting (November 2023) on 6ix