PM Capital Global Opportunities Fund Ltd. · ASX:PGF
PM Capital Global Opportunities Fund — Shareholder Meeting (November 2017)
24 slides from PM Capital Global Opportunities Fund's shareholder meeting presentation, Nov 29, 2017
Slide 1: PM Capital Global Opportunities Fund Limited Annual General Meeting
For personal use only PM Capital Global Opportunities Fund Limited (ASX: PGF) Annual General Meeting | 29 November 2017
Slide 2: Disclaimer
Disclaimer For personal use only This presentation dated 29 November 2017 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 Compa
Slide 3: Agenda
Agenda For personal use only Chairman’s address 4 Formal items of business 11 Item I – Financial Statements and Reports 12 Item II – Remuneration Report 13 Item III – Re-election of Directors 15 Investment Manager’s address 17 Questions and answers 24 3
Slide 4: Agenda
Agenda For personal use only Chairman’s address 4 Formal items of business 11 Item I – Financial Statements and Reports 12 Item II – Remuneration Report 13 Item III – Re-election of Directors 15 Investment Manager’s address 17 Questions and answers 24 4
Slide 5: Why PGF?
Why PGF? For personal use only Facilitating offshore A true stock-pickers portfolio Consistency of manager investment proposition Selective and concentrated long philosophy/ process Greater breadth of opportunity and term investments Simple ideas, simple businesses, multiple superior risk reward Dif
Slide 6: Returns
Returns Year to 30 June 2017 For personal use only Shareholder Return Change in Share Price (Year 30 June 2017): 34% Gross Dividends Received (% of 30 June 2016 Price): 5% Total Return: 39% Company Return Change in Pre-Tax NTA + Franking (Year to 30 June 2017): 30% Gross Dividends Received (% of 30
Slide 7: Investment Manager's leading performance
Investment Manager’s leading performance For personal use only Shareholder’s may have seen PM Capital’s recent awareness campaign highlighting the performance of its other global equity strategies which have a similar investment mandate to PGF, but a longer track-record. Adjacent is an Image of Sept
Slide 8: PGF Total Return Performance
PGF Total Return Performance (Pre-Tax NTA + Franking Credits) For personal use only Cumulative Dividends Latest Weekly Return on IPO Option Latest Since 30 June 2015 NTA + Dividends Reinvested Return Offer Price Exercise Monthly NTA (Grossed up for Paid Since 30 Dividends Franking) June 2015 6-Dec-1
Slide 9: PGF Dividend History
PGF Dividend History For personal use only Ex Date Cash Date Dividend (Cents) Percentage Franking 6/9/2017 28/9/2017 1.8 100% 8/3/2017 30/3/2017 1.6 100% 7/9/2016 29/9/2016 1.5 100% 9/3/2016 31/3/2016 1.5 100% Consistent with IPO Prospectus – growing dividend stream 4.2% Annualised Gross Dividend (A
Slide 10: Capital Flow Adjusted (Unitised) Performance
Capital Flow Adjusted (Unitised) Performance For personal use only 30 June 2014 to 30 June 2017 Performance Increase since Premium / (Discount) to Listed Investment Company 30 June 2014 Post Tax NTA* PGF 63.7% (6.0)% MSCI World Total Return Index 43.4% MSCI Peer Average1 39.4% 4.0% ASX Peer Average2
Slide 11: Agenda
Agenda For personal use only Chairman’s address 4 Formal items of business 11 Item I – Financial Statements and Reports 12 Item II – Remuneration Report 13 Item III – Re-election of Directors 15 Investment Manager’s address 17 Questions and answers 24 11
Slide 12: Item I – Financial Statements and Reports
Item I – Financial Statements and Reports For personal use only Any questions? 12
Slide 13: Item II – Remuneration Report
Item II – Remuneration Report For personal use only Resolution 1 – Adoption of Remuneration Report “That the remuneration report as set out on pages 15 to 16 of the 2017 Annual Report is adopted.” 13
Slide 14: Item II – Remuneration Report: Proxy votes
Item II – Remuneration Report For personal use only Resolution 1 – Adoption of Remuneration Report “That the remuneration report as set out on pages 15 to 16 of the 2017 Annual Report is adopted.” Proxy votes Proxies have been received in respect of the resolution as follows: For Against Open Abstai
Slide 15: Item III – Re-election of Directors
Item III – Re-election of Directors For personal use only Resolution 2 – Election of Brett Spork as Director “That Brett Spork, 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.” 15
Slide 16: Item III – Re-election of Directors: Proxy votes
Item III – Re-election of Directors For personal use only Resolution 2 – Election of Brett Spork as Director “That Brett Spork, 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 17: Agenda
Agenda For personal use only Chairman’s address 4 Formal items of business 11 Item I – Financial Statements and Reports 12 Item II – Remuneration Report 13 Item III – Re-election of Directors 15 Investment Manager’s address 17 Questions and answers 24 17
Slide 18: Current portfolio
Current portfolio PM Capital Global Opportunities Fund (ASX: PGF) For personal use only Holdings % of portfolio Traditional high conviction Global Brewing 2.4% portfolio of equities Post GFC Housing Recovery – US 16.5% Post GFC Housing Recovery – Europe 13.0% Simple ideas – genuine long Global Domes
Slide 19: After-Tax value of PGF to Shareholder
After-Tax value of PGF to Shareholder As at 24 November 2017 For personal use only Tax Rate Tax Payer After-Tax Value Per Share 0% SMSF - Pension $1.3167 15% SMSF-Accumulation $1.3030 30% Corporate $1.2251 19
Slide 20: Post-Trump
Post-Trump For personal use only Co-incidentally, cyclical growth trends inflecting Trump moving with the tide as pro-growth; • lower taxes, fiscal spending, lower regulation – the key brakes on growth that we have consistently alluded to Banks the primary beneficiary Bonds, Bond proxies – Property,
Slide 21: Passive asset class return expectations
Passive asset class return expectations For personal use only Cash Bonds Property Equities 0-2% 0-2% 3-5% 5-6% Blended portfolios will not meet objectives? Neither will index funds? High conviction (not benchmark aware) managers required? 21
Slide 22: Risk v Reward
Risk v Reward For personal use only Biggest short term risk is politics Biggest long term risk is inflation 22
Slide 23: Summary
Summary For personal use only Consistent with IPO proposition Dividends & Off-shore opportunity Proven investment philosophy and process Stable, tenured and experienced team Manager with industry leading performance Transition from Post GFC to Post Trump in portfolio positioning Differentiated inves
Slide 24: Agenda
Agenda For personal use only Chairman’s address 4 Formal items of business 11 Item I – Financial Statements and Reports 12 Item II – Remuneration Report 13 Item III – Re-election of Directors 15 Investment Manager’s address 17 Questions and answers 24 24
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