Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2024)
26 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 3, 2024
Slide 1: 2024 Annual General Meeting Presentation
3 October 2024 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 For personal use only Electronic Lodgement Mirrabooka Investments Limited 2024 Annual General Meeting Presentation Dear Sir / Madam The following presentation w
Slide 2: Annual General Meeting - Presentation
For personal use only Annual General Meeting - Presentation October 2024
Slide 3: Disclaimer
Disclaimer For personal use only Mirrabooka Investments Limited and Australian Investment Company Services Limited (AFSL: 303209), its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in
Slide 4: Our Purpose and Approach
For personal use only Our Purpose and Approach Annual General Meeting 2024 / October 2024 7
Slide 5: Our Investment Approach
Our Investment Approach For personal use only Annual General Meeting 2024 / October 2024 8
Slide 6: Financial Year in Summary
For personal use only Financial Year in Summary Annual General Meeting 2024 / October 2024 9
Slide 7: Financial Year in Summary
Financial Year in Summary For personal use only * Assumes an investor can take full advantage of the franking credits. # Includes 4.0 cent interim dividend. Annual General Meeting 2024 / October 2024 10
Slide 8: Share Price Premium/Discount to NTA
Share Price Premium/Discount to NTA For personal use only Annual General Meeting 2024 / October 2024 11
Slide 9: Looking Back – Portfolio Performance and Analysis
For personal use only Looking Back – Portfolio Performance and Analysis Annual General Meeting 2024 / October 2024 12
Slide 10: Portfolio Performance – Per Annum Returns to August 2024
Portfolio Performance – Per Annum Returns to 31 August 2024 For personal use only Assumes an investor can take full advantage of the franking credits. Mirrabooka's portfolio return is also calculated after management fees, income tax and capital gains tax on realised sales of investments. It should
Slide 11: $10,000 Invested at Inception vs Benchmark Indices to August 2024
$10,000 Invested at Inception vs Benchmark Indices to 31 August 2024 (Includes Reinvestment of Dividends*) For personal use only * The chart depicts the more likely accumulation investment scenario for Mirrabooka and benchmarks – reinvestment of dividends but franking benefits received in cash. This
Slide 12: Why Invest in Emerging Companies?
Why Invest in Emerging Companies? For personal use only It is well accepted that investing in emerging companies can provide the prospects for superior long-term returns: Discovering companies Starting an investment before their prospects are earlier, with many years of appropriately priced above ma
Slide 13: Why Invest in Emerging Companies?
Why Invest in Emerging Companies? For personal use only Yet, in Mirrabooka’s 25 years of investing, the small ordinaries index has materially underperformed the ASX 200. % return pa since Mirrabooka inception in April 1999. Returns include the full benefit of franking credits. Annual General Meeting
Slide 14: Mirrabooka's Competitive Advantages
Mirrabooka’s Competitive Advantages For personal use only What have been the main factors behind Mirrabooka’s outperformance since inception? In addition to: Well established quality first Experienced Executive team and investment process Board of Directors Annual General Meeting 2024 / October 2024
Slide 15: Mirrabooka's Competitive Advantages
Mirrabooka’s Competitive Advantages For personal use only We observe that we enjoy the following competitive advantages over many peers: Investment duration A broader universe Portfolio size Company access a closed end fund of quality companies optimised for being part of a larger group enables us t
Slide 16: Competitive Advantages in Action – Duration
Competitive Advantages in Action – Duration For personal use only A long term investment approach allows us to look through short term uncertainty, often buying quality businesses through periods of bad news, or well in advance of good news. $ $ Annual General Meeting 2024 / October 2024 19
Slide 17: Competitive Advantages in Action – Broader Universe
0 5 10 15 20 25 30 35 $ 40 For personal use only Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Annual General Meeting 2024 / October 2024 Aug-24 0 50 100 150 200 $ 250 Aug-09 Aug-10 Aug-11 Aug-12 No index Aug-13 Aug-14 Aug-15 Aug-16 with win
Slide 18: Competitive Advantages in Action – Optimal Portfolio Size
Competitive Advantages in Action – Optimal Portfolio Size For personal use only As an internally managed fund, we are not incentivised to grow the fund to increase fee revenue. A smaller portfolio allows us to buy interesting small companies earlier. $ $49m market cap at purchase $ $117m market cap
Slide 19: Competitive Advantages in Action – Company Access
Competitive Advantages in Action – Company Access For personal use only The ability to regularly meet with management allows us to ask the strategic questions that we most value. This can uncover latent long term value. $ $ Annual General Meeting 2024 / October 2024 22
Slide 20: Recent Portfolio Activity
For personal use only Recent Portfolio Activity Annual General Meeting 2024 / October 2024 23
Slide 21: How have we recently been investing?
How have we recently been investing*? For personal use only Exited New Trimmed Added To *Material transactions 2024 Calendar Year Annual General Meeting 2024 / October 2024 24
Slide 22: Looking Forward – The Mirrabooka Portfolio and its Outlook
For personal use only Looking Forward – The Mirrabooka Portfolio and its Outlook Annual General Meeting 2024 / October 2024 25
Slide 23: Mirrabooka Top Holdings – August 2024
Mirrabooka Top 20 Holdings – 31 August 2024 % of For personal use only Company Ownership Period Company Portfolio Ownership Period 1 5.3% 7.5 yrs 11 2.5% 19 yrs 2 4.1% 14 yrs 12* 2.4% 5 yrs 3 3.4% 2.5 yrs 13 2.2% 4 yrs 4 3.3% 8 yrs 14 2.1% 3 yrs 5 3.2% 9 yrs 15 2.0% 9 yrs 6 3.2% 7 yrs 16 2.0% 14 yrs
Slide 24: Outlook – What's Currently Topical in Investment Markets?
Outlook – What’s Currently Topical in Investment Markets? For personal use only The daily news cycle continues to focus on: Economic Growth Outlook Equity Market Valuations vs Muddling through in Australia Looking brighter in the US? • Govt expenditure crowding • Election outcome an out private inve
Slide 25: Outlook – What Did We Find Most Interesting in the Recent Reporting Season?
Outlook – What Did We Find Most Interesting in the Recent Reporting Season? For personal use only We were struck by the strategic progress of many larger holdings in our latest management briefings – some examples: Data centre expansion – US expansion and Growing offshore Long term cashflow construc
Slide 26: For personal use only
* ¢- MIRRABOOKA * Investments Limited
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