FAT PROPHETS GLOBAL CONTRARIAN FUND - …... Share price $1.17 ... •HDFC Bank –fast growing...
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FAT PROPHETS GLOBAL CONTRARIAN FUND For personal use only
Transcript of FAT PROPHETS GLOBAL CONTRARIAN FUND - …... Share price $1.17 ... •HDFC Bank –fast growing...
FAT PROPHETS GLOBAL CONTRARIAN FUND
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FPC Annual General Meeting & Share Holder information session.
MR MICHAEL GALLAGHER – CHAIRMAN
• Introductory remarks• AGM Open• Formal business• Resolutions• AGM Close• Shareholder information session – Mr Angus Geddes
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Board of FPC INDEPENDENT CHAIRMAN Michael GallagherMr Michael Gallagher was appointed Chairman of the Board in November 2016. Michael has over 25 years investment experience.
Currently Michael is the Australian Director of the Alternative Investment Management Association (AIMA), the global industry representative body for Alternative Fund Managers. Michael co-founded Kima Capital, an Australian based funds management business, in 20019 which he later moved to Hong Kong before it was acquired in 2014. Michael has also headed Equity Trading, Derivative and Funds Management businesses since 1995 for Rand Merchant Bank and Macquarie Bank in Australia, South Africa and the UK.
INDEPENDENT DIRECTOR Katrina Vanstone Katrina has worked in financial markets for 30 years, both in Australia and offshore, including such leading organisations as HSBC and Deutsche Bank.
Katrina has extensive experience in foreign exchange, interest rates and credit markets across asset and liability portfolios. She has held roles in trading, sales and syndication. She has extensive experience in the wholesale debt and derivative markets with strong product knowledge across capital structures and debt raisings, risk management and hedging, and cash and currency management.
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Angus Geddes - CEOAngus founded Fat Prophets in 2000 after moving from JB Were and Bankers Trust where he was a financial advisor. He has evolved Fat Prophets to an international platform with a very wide spread of clients, significant assets under management, and a long track record in value added strategies for investment portfolios on both a domestic and global basis across multiple asset classes.
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CAPITAL RAISING AND LISTING
▪ Raised $48.7 Million (well above $33 Million sought)▪ Listed 22nd March 2017▪ FP Group waived stamping fees▪ NTA on listing $1.0811▪ Board is very happy with FP Funds management
adherence to the mandate as set out in the prospectus.
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FINANCIAL RESULTS – June 30th 2017
▪ Pretax profit $0.222 Million▪ Net profit after tax $0.150 Million▪ Initial listing costs partially recouped▪ NTA $1.0917 (Plus loyalty option; March 22nd 2018)
▪ Current market cap $52.0m; Share price $1.17▪ NTA (Oct 17); $1.1736 pre tax.
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FPC Annual General Meeting
MICHAEL GALLAGHER – CHAIRMAN
• AGM Open• Formal business• Resolutions• AGM Close
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SHARE HOLDER INFORMATION SESSION
▪ MR ANGUS GEDDES – CEO Fat Prophets
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Information about the Fund
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Top 10 Holdings 31 October 2017 Country
BAIDU INC 9.1% China
MGM CHINA HOLDINGS LTD 6.3% China
FAIRFAX MEDIA LTD 6.3% Australia
WYNN MACAU LTD 6.3% China
QBE INSURANCE 6.2% Australia
RELIANCE INDUSTRIES LTD 5.7% India
SUMITOMO MITSUI FINANCIAL GROUP 5.6% Japan
SONY CORP 5.4% Japan
MITSUBISHI UFJ FINANCIAL GROUP 5.0% Japan
NIPPON TELEGRAPH AND TELEPHONE CORP 4.0% Japan
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Information about the Fund
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Japan’s economic recovery – Nikkei 87 - 2007
Quarterly [.N225 List 1 of 226] .N225 31/12/1987 - 30/06/2019 (TOK)
20,456.43
BarOHLC, .N225, Trade Price
31/12/2017, 20,400.51, 23,382.15,
SMA, .N225, Trade Price(Last), 14
31/12/2017, 18,501.20
Price
JPY
Auto
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22,330.11
18,501.20
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20191980 1990 2000 2010
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Japan unemployment at historic lows
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Economy growing the most in 20 years
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Exposure across Japan• Robotics – FANUC and SMC• Electronics – Murata, Minebea, Nissha • Banking – Mitsubishi UFJ, SMFG, Mizuho +
regionals• Telecommunications – NTT• Consumer Electronics – Sony • Life Insurance – Dai-Ichi• Property – Mitsui Fundosan• Chemicals – Sumitomo Chemical
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Japan rates at an inflection point
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Daily JP10YT=RR 23/11/1987 - 9/07/2019 (TOK)
Line, JP10YT=RR, Bid Yield(Last)
20/11/2017, 0.040
Yield
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1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20191980 1990 2000 2010F
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Thomsen Reuters Japan FinancialsDaily [.TRXFLDJPPFIN List 1 of 227] .TRXFLDJPPFIN 23/11/2005 - 6/07/2018 (TOK)
BarOHLC, .TRXFLDJPPFIN, Trade Price
20/11/2017, 79.55, 79.72, 79.29, 79.43, -0.38, (-0.48%)
SMA, .TRXFLDJPPFIN, Trade Price(Last), 1
20/11/2017, 79.43
Price
JPY
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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Baidu – AIMonthly BIDU.O 30/11/2012 - 28/02/2018 (EST)
233.076333
BarOHLC, BIDU.O, Trade Price
30/11/2017, 247.710000, 251.180000, 226.010000, 239.270000, -0.050000, (-0.02%)
SMA, BIDU.O, Trade Price(Last), 20
30/11/2017, 190.558000
Price
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190.558000
Vol, BIDU.O, Trade Price
30/11/2017, 28.094M Volume
Auto
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28.094M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12012 2013 2014 2015 2016 2017
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Wynn MacauMonthly 1128.HK 30/11/2012 - 4/03/2018 (HKG)
Vol, 1128.HK, Trade Price
30/11/2017, 89.894M Volume
Auto
200M
89.894M
BarOHLC, 1128.HK, Trade Price
30/11/2017, 20.200, 22.300, 20.000, 21.950, +0.300, (+1.39%)
SMA, 1128.HK, Trade Price(Last), 20
30/11/2017, 15.147
Price
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Auto
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12012 2013 2014 2015 2016 2017 2018
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India’s bull marketQuarterly [.BSESN List 1 of 32] .BSESN 31/12/1997 - 31/12/2018 (BOM)
21,057.26
BarOHLC, .BSESN, Trade Price
31/12/2017, 31,537.81, 33,865.95, 31,440.48, 33,342.80, N/A, N/A
SMA, .BSESN, Trade Price(Last), 14
31/12/2017, 28,153.09
Price
INR
Auto
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28,153.09
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 20181990 2000 2010
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Indian stocks• Reliance Industries – conglomerate rolling
out 4G mobile network, Jio• HDFC Bank – fast growing retail bank• ICICI Bank – Government recapitalisation to
turbo charge growth• State Bank of India
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Europe - VolkswagenMonthly VOWG.DE 30/11/2012 - 28/02/2018 (FFT)
BarOHLC, VOWG.DE, Trade Price
30/11/2017, 160.6500, 168.4500, 155.2000, 161.0500, +0.9500, (+0.59%)
SMA, VOWG.DE, Trade Price(Last), 20
30/11/2017, 138.5625
Price
EUR
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161.0500
138.5625
Vol, VOWG.DE, Trade Price
30/11/2017, 1.414M Volume
Auto
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1.414M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12012 2013 2014 2015 2016 2017
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Australia• ASX200 above 6000 for first time in 10
years• Mantra takeover• Fairfax / Domain• QBE Insurance• Collins Foods
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Heidelberg CementMonthly HEIG.DE 30/11/2007 - 31/05/2018 (FFT)
BarOHLC, HEIG.DE, Trade Price
30/11/2017, 88.3900, 94.0900, 84.7500, 92.7800+0.3400, (+0.37%)
SMA, HEIG.DE, Trade Price(Last), 20
30/11/2017, 83.6890
Price
EUR
Auto
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83.6890
Vol, HEIG.DE, Trade Price
30/11/2017, 12.850M Volume
Auto
20M12.850M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
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Outlook 2018• Next year volatility to return• Rates will move higher in line with wage
inflation • Financials globally to outperform• Precious metals could do well
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Contact DetailsFat Prophets Funds ManagementInvestment managerAngus GeddesCIO02 9024 [email protected]
Fat Prophets Global Contrarian FundCompany Michael GallagherChairman0412 224 [email protected]
Fat Prophets Funds ManagementPortfolio ManagerSimon Wheatley0429 [email protected]
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DisclaimerThis presentation has been prepared by Fat Prophets Global Contrarian Fund Limited (FPC). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in that context.
The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, FPC has not considered the objectives, financial position or needs of any particular recipient. FPC strongly suggests that investors consult a financial advisor prior to making an investment decision.
This presentation is strictly confidential and is intended for the exclusive benefit of the institution to which it is presented. It may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of FPC .
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of FPC, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation.
This presentation includes “forward looking statements”. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of FPC and its officers, employees, agents or associates that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. FPC assumes no obligation to update such information.
This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. Any offer or sale of securities will be made pursuant to definitive documentation, which describes the terms of the offer (Offer Document). An Offer Document for any offer of securities in FPC will be made available when the securities are offered. Prospective investors should consider the Offer Document in deciding whether to acquire securities under the offer. Prospective investors who want to acquire under the offer will need to complete an application form that is in or accompanies the Offer Document.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of FPC have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws
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