CADENCE CAPITAL LIMITED — Net Asset Value 2016

Jan 13, 2016

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Cadence Capital Limited (ASX: CDM) Investment Update and NTA Report December 2015

Please click on the link below to view the December 2015 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: info@cadencecapital.com.au

DECEMBER 2015

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INVESTMENT UPDATE

For the month of December 2015 Cadence Capital Limited returned a positive gross performance of 0.60% compared to an increase in the All Ordinaries Accumulation Index of 2.65%.

Over the past 12 months Cadence Capital Limited has returned a positive gross performance of 14.38% outperforming the All Ordinaries Accumulation Index by 10.60%. Financial year to date Cadence Capital Limited has returned a positive gross performance of 2.57% outperforming the All Ordinaries Accumulation Index by 2.12%.

As at the 31[st] December 2015 the fund was holding 24% cash (76% invested).

Fund NTA

Net Tangible Assets as at 31st December 2015	Amount
	($)
Pre Tax NTA	$1.342
Post Tax NTA	$1.371
Share price (ASX Code: CDM)	$1.535

Fund Performance

Performance* to 31st December 2015	CDM**	AllOrds	Outperformance
1 Month	0.60%	2.65%	-2.05%
1 Year	14.38%	3.78%	+10.60%
2 Years	17.14%	8.99%	+8.15%
3 Years	41.22%	30.42%	+10.80%
5 Years	120.32%	37.27%	+83.05%
8 Years	187.99%	18.00%	+169.99%
10 Years	397.53%	73.96%	+323.57%
Since Inception (10.3 years)	428.48%	79.97%	+348.51%
SinceInception Annualised (10.3 years)	17.64%	5.90%	+11.74%

• 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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61.7%
147.9%
18.1%
12.7%
5.2%
3.6%
45.5%
31.8% 30.4%
1.3%
14.9%
3.8%
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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
TOTAL	28.5c	30.2c	11.5c	70.2c	99.4c

• 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	21.47%		21.47%
Consumer, Non-cyclical	12.71%		12.71%
Financial	10.42%	1.02%	9.40%
Banks	9.16%		9.16%
Communications	8.37%		8.37%
Consumer, Cyclical	7.15%		7.15%
Software & Services	6.45%		6.45%
Technology	4.66%	1.70%	2.96%
Consumer Services	2.57%		2.57%
Basic Materials	0.04%		0.04%
Energy	0.23%	2.01%	-1.77%
Materials	0.10%	2.87%	-2.77%
Exposure	83.33%	7.60%	75.73%
Cash on Hand			24.27%

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

Code	Position	Direction	Currency	Holding
MQG	Macquarie Group Ltd	Long	AUD	11.4%
HGG	Henderson Group Plc	Long	AUD	7.4%
MLB	Melbourne IT Ltd	Long	AUD	6.5%
LUX IM	Luxottica Group SPA	Long	EUR	5.4%
MA US	Mastercard Inc	Long	USD	5.4%
GILD US	Gilead Sciences Inc	Long	USD	3.6%
ANZ	Australia & New Zealand Banking Group	Long	AUD	3.2%
FB US	Facebook Inc	Long	USD	3.2%
GOOG US	Alphabet Inc	Long	USD	3.1%
005930 KS	Samsung Electronics Co Ltd	Long	USD	3.0%
RIO	Rio Tinto Ltd	Short	AUD	2.9%
NAB	National Australia Bank Ltd	Long	AUD	2.7%
IPH	IPH Ltd	Long	AUD	2.6%
RFG	Retail Food Group	Long	AUD	2.6%
CBA	Commonwealth Bank of Australia	Long	AUD	2.5%
AIG US	American International Group	Long	USD	2.4%
C US	Citigroup Inc	Long	USD	2.0%
WBC	Wespac Banking Corp	Long	AUD	2.0%
WPL	Woodside Petroleum Ltd	Short	AUD	2.0%
TPM	TPG Telecom Ltd	Long	AUD	2.0%
Top Portfolio	Holdings Gross Exposure			75.80%

Recent News Articles

Karl Siegling talks about his best and worst stocks of 2015, current themes and investment ideas in the latest Under The Radar Report .

Simon Bonouvrie was featured on Livewire discussing Christmas for retailers, the worst five stocks in 2015 and also the best five stocks of the year.

Our 52 Books To Read Before Buying Your Next Stock section has been updated with new recommended titles such as The Age of Fallibility by George Soros, Common Stocks and Uncommon Profits by Philip Fisher, Flow by Mihaly Csikszentmihalyi and The Art of Speculation by Phillip Carret.

We have uploaded stock-specific video presentations from the AGM, with Chris Garrard discussing our Rio Tinto short, Simon Bonouvrie sharing his views on Mastercard and Karl Siegling giving his insights into our investments in Melbourne IT and Great Wall Motor Company.

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

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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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