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CADENCE CAPITAL LIMITED — Net Asset Value 2016
Apr 14, 2016
64631_rns_2016-04-14_80aca6c7-5d79-4b1a-b66b-0d949c48ce69.pdf
Net Asset Value
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Cadence Capital Limited (ASX: CDM) Investment Update and NTA Report March 2016
Please click on the link below to view the March 2016 Investment Update and NTA Report, or view the PDF attached.
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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: [email protected]
INVESTMENT UPDATE
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MARCH 2016
For the month of March 2016 Cadence Capital Limited returned a negative gross performance of 0.61% compared to an increase in the All Ordinaries Accumulation Index of 4.74%. Over the past 12 months Cadence Capital Limited has returned a negative gross performance of 11.11% compared to a decrease in the All Ordinaries Accumulation Index of 8.05%.
The market remains volatile, however the market has managed to recover some of its losses for the year. Breaking the market up into some of the underlying trends, we are seeing a continued recovery in energy prices. Similarly we are seeing a reversal in the trend for a number of commodities, in particular iron ore. Other commodities have also shown early signs of recovery. Banks and diversified financials whilst volatile have shown tentative signs of stabilising. The Australian dollar continues to track higher as well, firmly reversing the longer term trend which has seen the Australian dollar fall from $1.08 to $0.68 against the US dollar before recovering to current levels around $0.77. As always, the Fund continues to scale into and out of trends which since the start of the year have seen us reduce short positions in commodities and energy, reduce overall exposure to banks and financials and reduce our overseas currency exposure. The reversal in a number of key trends, combined with volatility, tends to affect the short term performance of a fund that invests in underlying trends. We know in the medium and longer term however that trends re-emerge and should, over time, lead to outperformance against the broader market.
On 16[th] February 2016, the Company declared a 5.0 cent fully franked interim dividend to be paid on 12 May 2016. The Ex-Date for this dividend is 27 April 2016 and the Record Date is 28 April 2016. CDM shareholders are able to participate in the Dividend Re-Investment Plan (“DRP”) at a 3% discount. The DRP Record Date is 2 May 2016.
As at the 31[st] March 2016 the fund was holding 36% cash (64% invested).
Fund NTA
| Amount | |
|---|---|
| Net Tangible Assets as at 31st March 2016 | ($) |
| Pre Tax NTA | $1.164 |
| Post Tax NTA | $1.248 |
| Share price (ASXCode: CDM) | $1.440 |
For more information contact Cadence Capital Limited on 02 8298 2444 or email [email protected] Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter
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Fund Performance
| Performance* to 31st March 2016 | CDM** | AllOrds | Outperformance |
|---|---|---|---|
| 1 Month | -0.61% | 4.74% | -5.35% |
| 1 Year | -11.11% | -8.05% | -3.06% |
| 3 Years | 16.68% | 17.87% | -1.19% |
| 5 Years | 76.40% | 30.24% | +46.16% |
| 8 Years | 190.33% | 35.04% | +155.29% |
| 10 Years | 267.96% | 55.28% | +212.68% |
| Since Inception (10.5 years) | 361.04% | 75.73% | +285.31% |
| Since Inception Annualised(10.5 years) | 15.67% | 5.52% | +10.15% |
- Before Management and Performance Fees
**These numbers include the franking value of the substantial dividend from its RHG holding received in May 2011.
CDM Share Price and Option Returns plus Dividends & Franking
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57.9%
132.6%
18.2%
11.7%
4.7% 42.1%
1.7%
1.2% 22.0% 17.9%
4.3%
-8.0%
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For more information contact Cadence Capital Limited on 02 8298 2444 or email [email protected] Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter
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Fully 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 | 5.0c | 7.1c | ||
| TOTAL | 33.5c | 30.2c | 11.5c | 75.2c | 106.5c |
- Off market equal access buy back
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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For more information contact Cadence Capital Limited on 02 8298 2444 or email [email protected] Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter
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Portfolio Sector Analysis
| Sector | Long | Short | Net |
|---|---|---|---|
| Diversified Financials | 22.21% | 22.21% | |
| Communications | 8.39% | 8.39% | |
| Software & Services | 7.91% | 7.91% | |
| Consumer, Non-cyclical | 7.15% | 7.15% | |
| Banks | 6.49% | 6.49% | |
| Financial | 6.43% | 1.12% | 5.31% |
| Consumer, Cyclical | 3.80% | 3.80% | |
| Consumer Services | 3.61% | 3.61% | |
| Industrial | 1.30% | 1.30% | |
| Technology | 2.86% | 1.69% | 1.17% |
| Basic Materials | 0.32% | 0.32% | |
| Materials | 0.10% | 1.56% | -1.46% |
| Energy | 0.16% | 2.29% | -2.13% |
| Exposure | 70.73% | 6.67% | 64.07% |
| Cash on Hand | 35.93% |
Top Portfolio Positions
| Code | Position | Direction | Currency | Holding | |
|---|---|---|---|---|---|
| MQG | Macquarie Group Ltd | Long | AUD | 13.4% | |
| MLB | Melbourne IT Ltd | Long | AUD | 7.9% | |
| HGG | Henderson Group Plc | Long | AUD | 6.2% | |
| LUX IM | Luxottica Group SPA | Long | EUR | 3.8% | |
| RFG | Retail Food Group | Long | AUD | 3.6% | |
| FB US | Facebook Inc | Long | USD | 3.3% | |
| GOOG US | Alphabet Inc | Long | AUD | 3.1% | |
| MA US | Mastercard Inc | Long | AUD | 3.0% | |
| ANZ | Australia & New Zealand Banking Group | Long | AUD | 2.4% | |
| WPL | Woodside Petroleum Ltd | Short | AUD | 2.3% | |
| 005930 KS | Samsung Electronics Co Ltd | Long | USD | 2.2% | |
| IPH | IPH Ltd | Long | AUD | 2.1% | |
| NAB | National Australia Bank Ltd | Long | AUD | 2.1% | |
| CBA | Commonwealth Bank of Australia | Long | AUD | 2.0% | |
| MYO | MYOB Group Ltd | Short | AUD | 1.7% | |
| BTT | BT Investment Management Ltd | Long | AUD | 1.6% | |
| RIO | Rio Tinto Ltd | Short | AUD | 1.6% | |
| FXL | Flexigroup Ltd | Long | AUD | 1.5% | |
| AIO | Asciano Ltd | Long | AUD | 1.3% | |
| AIG US | American International Group | Long | USD | 1.2% | |
| Top Portfolio | Holdings Gross Exposure | 66.39% |
For more information contact Cadence Capital Limited on 02 8298 2444 or email [email protected] Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter
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Recent News Articles
Karl Siegling will deliver a presentation about investing internationally at the Australian Shareholders Association Grow Your Portfolio Conference. The conference will be held in Sydney from the 16[th] to the 18[th] of May 2016. You can find more information on the ASA website.
Karl Siegling’s article Market psychology and emotions in action, which uses Macquarie Group Limited (ASX: MQG) as a ‘live’ example of market psychology in action , was featured in the Livewire newsletter.
Simon Bonouvrie shared his views on which companies are benefitting from emerging trends in Livewire’s Buy Hold Sell video series.
We’ve added reviews to our 52 Books You Should Read Before Buying Your Next Stock section, including Masters of The Market by Geoff Wilson, Anthony Hughes and Matthew Kidman as well as Valuation: Measuring and Managing the Value of Companies by McKinsey & Company Inc .
To view all previous Cadence webcasts and press articles, please visit the Media Section of our Website.
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 [email protected] Register to receive our FREE newsletter at www.cadencecapital.com.au/register-for-free-newsletter