CADENCE CAPITAL LIMITED — Net Asset Value 2016

Dec 12, 2016

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Cadence Capital Limited (ASX: CDM) Investment Update and NTA Report November 2016

Please click on the link below to view the November 2016 Investment Update and NTA Report, or view the PDF attached.

View the Cadence Capital Limited November 2016 Newsletter

Cadence Capital Ltd Pty Ltd ACN 112 870 096 Level 11, 131 Macquarie Street, Sydney NSW 2000 Australia Telephone +612 8298 2444, Facsimile +612 8298 2499 Web: www.cadencecapital.com.au Email: info@cadencecapital.com.au

NOVEMBER 2016

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INVESTMENT UPDATE

For the month of November 2016 Cadence Capital Limited returned a positive gross performance of 0.8% compared to an increase in the All Ordinaries Accumulation Index of 2.5%. For the first five months of this financial year, Cadence Capital Limited has returned a positive gross performance of 7.2% outperforming the All Ordinaries Accumulation Index by 1.7%.

As at the 30[th] November 2016 the fund was holding 27% cash (73% invested).

Fund NTA

Net Tangible Assets as at 30 November 2016	Amount ($)
Pre Tax NTA*	$1.127
Post Tax NTA*	$1.209
Shareprice(ASX Code: CDM)*	$1.185

• After the 4.0 cent fully franked final Dividend paid on the 27[th] October 2016

Fund Performance

Performance* to 30th November 2016	CDM**	All Ords	Outperformance
1 Month	0.8%	2.5%	-1.7%
YTD	7.2%	5.5%	+1.7%
1 Year	-7.7%	10.0%	-17.7%
3 Years	8.9%	17.9%	-9.0%
5 Years	52.8%	63.5%	-10.7%
8 Years	290.3%	112.0%	+178.3%
10 Years	197.3%	54.6%	+142.7%
Since Inception (11.2 years)	385.0%	92.9%	+292.1%
Since Inception Annualised(11.2years)	15.2%	6.1%	+9.1%

*** Before Management and Performance Fees**

**These numbers include the franking value of the substantial dividend from its RHG holding received in May 2011.

For more information contact Cadence Capital Limited on 02 8298 2444 or email info@cadencecapital.com.au Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter

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CDM Share Price and Option Returns plus Dividends & Franking

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58.8%
21.5%
105.4%
56.0%
1.4% 4.7%
2.5% 10.0% 9.5% 17.9%
2.8%
-18.0%
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Franked Dividends Declared Since Listing

Calendar Year	Interim	Final	Special	Total	Gross (Inc.
					Franking)
2007	2.0c	2.0c	2.0c	6.0c	8.6c
2008	2.5c	2.2c*	-	4.7c	5.8c
2009	-	2.0c	-	2.0c	2.9c
2010	2.0c	2.0c	-	4.0c	5.7c
2011	3.0c	3.0c	3.0c	9.0c	12.9c
2012	4.0c	4.0c	4.5c	12.5c	17.8c
2013	5.0c	5.0c	1.0c	11.0c	15.7c
2014	5.0c	5.0c	-	10.0c	14.3c
2015	5.0c	5.0c	1.0c	11.0c	15.7c
2016	5.0c	4.0c		9.0c	12.9c
TOTAL	33.5c	34.2c	11.5c	79.2c	112.3c

*** Off market equal access buy back**

For more information contact Cadence Capital Limited on 02 8298 2444 or email info@cadencecapital.com.au Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter

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Historic Portfolio Exposure

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160%
140%
120%
100%
80%
60%
40% Long Exposure
20%
Short Exposure
0%
Net Exposure
-20%
-40%
-60%
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Portfolio Sector Analysis

Sector	Long	Short	Net
Diversified Financials	17.3%		17.3%
Communications	9.5%		9.5%
Software & Services	9.2%		9.2%
Financial	7.7%		7.7%
Banks	7.4%		7.4%
Consumer, Non-cyclical	6.2%		6.2%
Consumer Services	5.2%		5.2%
Technology	3.8%		3.8%
Basic Materials	3.2%	0.3%	2.9%
Consumer, Cyclical	3.2%	1.2%	2.0%
Industrial	1.6%		1.6%
Capital Goods	0.5%		0.5%
Materials	0.1%		0.1%
Energy	0.7%	1.4%	-0.7%
Exposure	75.7%	2.9%	72.8%
Cash on Hand			27.2%

For more information contact Cadence Capital Limited on 02 8298 2444 or email info@cadencecapital.com.au Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter

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Top Portfolio Positions

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Code Position Direction Currency Holding
MQG Macquarie Group Ltd Long AUD 9.4%
MLB Melbourne IT Ltd Long AUD 9.2%
HGG Henderson Group Plc Long AUD 5.5%
RFG Retail Food Group Long AUD 5.2%
5930 KS Samsung Electronics Co Ltd Long USD 3.6%
9984 JP Softbank Group Corp Long AUD 3.5%
ANZ Australia and New Zealand Banking Group Long AUD 3.2%
FB US Facebook Inc Long AUD 3.1%
GOOG US Alphabet Inc Long AUD 2.9%
NAB National Australia Bank Ltd Long AUD 2.7%
AIG US American International Group Long AUD 2.6%
ECX Eclipx Group Ltd Long AUD 2.6%
IGO Independence Group NL Long AUD 2.3%
IPH IPH Ltd Long AUD 1.7%
MND Monadelphous Group Ltd Long AUD 1.6%
MA US Mastercard Inc Long AUD 1.6%
SHV Select Harvest Ltd Long AUD 1.6%
CBA Commonwealth Bank of Australia Long AUD 1.4%
WPL Woodside Petroleum Ltd Short AUD 1.4%
CYA Century Australia Investments Ltd Long AUD 1.3%
Top Portfolio Holdings Gross Exposure 66.45%
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Recent News Articles

The Cadence Capital Limited 2016 AGM and Investor Briefing was held on Friday, 25 November 2016. Karl Siegling and Chris Garrard, Portfolio Managers of Cadence Capital Limited, give an update on the Company’s performance, discuss some of the Company’s stock holdings and discuss the outlook for 2017. Click hereto watch the AGM & Investor Briefing webcast.

We also recently released our Quarterly Webcast in which details fund performance and outlook.

– Please also find on our website a recently added book review, Buffett The Making of an American Capitalist by Roger Lowenstein.

To view all previous Cadence webcasts and press articles, please visit the Media Section of the website.

For more information contact Cadence Capital Limited on 02 8298 2444 or email info@cadencecapital.com.au Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter

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Download Our New Book For Free

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Disclaimer

The information contained in this report has been prepared with all reasonable care by Cadence Asset Management Pty Ltd and is of a general nature only. It is provided for information purposes only and should not be construed as an offer or solicitation. Nothing contained in this document constitutes investment, legal, financial, business, tax or other advice. It should not be relied upon as the sole basis for making an investment decision, nor should a decision be made until the risks of the investment are fully understood. Cadence Asset Management Pty Ltd assumes no responsibilities for errors, inaccuracies or omissions in this summary. The information is provided without warranty of any kind. Past performance is not indicative of future performance. Investors may not get back the full amount originally invested.

For more information contact Cadence Capital Limited on 02 8298 2444 or email info@cadencecapital.com.au Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter