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FUTURE GENERATION GLOBAL LIMITED Call Transcript 2019
64914_rns_2019-03-20_fd4f81b9-7ffe-4dde-aff3-39606674e5cd.pdf
Call Transcript
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FUTURE GENERATION
Investor Conference Call
March 2019
Our purpose and investment objectives
Shareholders
Exposure to the best Australian and global fund managers without paying management or performance fees
Charities
Stream of annual donations
Fund managers
Unique opportunity to make a positive difference to Australia's future generations
Achieve capital growth
Deliver a stream of fully franked dividends
Preserve shareholder capital
FGX highlights: 12 months to 31 December 2018
4.6c fully franked full year dividend
$\sqrt{57.1}$ m
savings on management fees, performance fees and services foregone
\$31.5m
operating profit before tax
$$4.3m$
2018 investment in Australian charities with a focus on children and youth at risk
| Ex date | Record date | Last election for | Payment date |
|---|---|---|---|
| DRP and DDP | |||
| 10 April 2019 | 11 April 2019 | 15 April 2019 | 26 April 2019 |
FGG highlights: 12 months to 31 December 2018
$$17.1m$
operating profit before tax
$+5.9%$
investment portfolio outperformance
\$5.8m
$\bullet$
savings on management fees, performance fees and services foregone
1.Ocps
annual dividend paid October 2018
\$3.6m
2018 investment in youth mental health
FGG fund managers
MARSICO CAPITAL MANAGEMENT®
CALEDONIA
Z ELLERSTON CAPITAL
| 6 | Since inception |
Volatility (% standard |
||
|---|---|---|---|---|
| Performance at 31 December 2018 | mths | vr | % p.a. (Sep-15) | deviation) |
| FGG Investment Portfolio* | $-3.6\%$ | 6.4% | 7.3% | 8.5% |
| MSCI AC World Index (AUD) | $-4.5\%$ | 0.5% | 6.8% | 9.8% |
| Outperformance | $+0.9%$ | $+5.9%$ | $+0.5%$ |
FGG NTA & investment strategy allocation
as at 28 February 2019
Pre-tax net tangible assets (NTA)
Investment strategy allocation
| Fund manager | Investment | Strategy | % of portfolio |
|---|---|---|---|
| Magellan Asset Management | Magellan Global Fund | Long equities | 11.1% |
| Cooper Investors | Cooper Investors Global Equities Fund (Unhedged) | Long equities | 10.7% |
| Antipodes Partners | Antipodes Global Fund | Absolute bias | 10.2% |
| Marsico Capital Management | Marsico Global Fund | Long equities | 7.6% |
| Caledonia | Caledonia Fund | Long equities | 7.3% |
| Nikko Asset Management Australia | Nikko AM Global Share Fund | Long equities | 7.0% |
| VGI Partners | VGI Partners Funds | Absolute bias | 6.4% |
| Manikay Partners | Manikay Global Opportunistic USD Fund | Absolute bias | 5.9% |
| Ellerston Capital | Ellerston Global Mid Small Cap Fund | Long equities | 4.8% |
| Morphic Asset Management | Global/Ethical Strategies (split out below) | 4.5% | |
| Morphic Global Opportunities Fund | Absolute bias | 3.6% | |
| Morphic Ethical Equities Fund Limited | Absolute bias | 0.9% | |
| Munro Partners | Munro Global Growth Fund | Absolute bias | 4.4% |
| Avenir Capital | Avenir Global Fund | Absolute bias | 3.9% |
| Paradice Investment Management | Paradice Global Small Mid Cap Fund Unhedged | Long equities | 3.6% |
| Cash and Term Deposits | Cash | 12.6% |
| Performance at 31 December 2018 | 6 mths |
yr | Since inception %p.a. (Sep-14) |
Volatility (% standard deviation) |
|---|---|---|---|---|
| FGX Investment Portfolio * | $-9.6\%$ | $-3.8\%$ | 7.1% | 7.5% |
| S&P/ASX All Ordinaries Accumulation Index | $-7.3\%$ | $-3.5\%$ | 4.8% | 11.1% |
| Outperformance | $-2.3%$ | $-0.3%$ | $+2.3%$ |
FGX NTA & investment strategy allocation
as at 28 February 2019
Pre-tax net tangible assets (NTA)
Investment strategy allocation
| Fund manager | Investment | Strategy | % of portfolio |
|---|---|---|---|
| Bennelong Australian Equities Partners | Bennelong Australian Equities Fund | Long equities | 10.9% |
| Large/Mid Cap Funds (split out below) | 10.9% | ||
| Paradice Investment | Paradice Australian Mid Cap Fund - B Class | Long equities | 6.0% |
| Paradice Australian Equities Fund | Long equities | 4.9% | |
| Regal Funds Management | Regal Australian Long Short Equity Fund | Absolute bias | 10.3% |
| Small/Emerging Companies Funds (split out below) | 6.7% | ||
| Eley Griffiths Group | Eley Griffiths Group Small Companies Fund | Long equities | 5.7% |
| Eley Griffiths Group Emerging Companies Fund | Long equities | 1.0% | |
| Tribeca Investment Partners | Tribeca Alpha Plus Fund | Absolute bias | 6.6% |
| Wilson Asset Management | Wilson Asset Management Equity Fund | Absolute bias | 5.7% |
| Cooper Investors | Cooper Investors Australian Equities Fund | Long equities | 5.1% |
| Long Short/Aus Equities Funds (split out below) | 4.8% | ||
| L1 Capital | L1 Capital Long Short Fund - Retail Class | Absolute bias | 2.5% |
| L1 Capital Australian Equities Fund | Long equities | 2.3% | |
| Watermark Funds Management | Watermark Market Neutral Trust | Market neutral | 4.4% |
| Sandon Capital | Sandon Capital Activist Fund | Absolute bias | 4.2% |
| Bennelong Long Short Equity Management | Bennelong Long Short Equity Fund | Market neutral | 3.1% |
| Firetrail Investments | Firetrail Absolute Return Fund | Market neutral | 2.9% |
| ARCO Investment Management | ARCO Investment Management Absolute Trust | Market neutral | 2.6% |
| CBG Asset Management | CBG Australian Equities Fund | Long equities | 2.4% |
| Vinva Investment Management | Vinva Australian Equities Fund | Long equities | 2.4% |
| LHC Capital | LHC Capital Australia High Conviction Fund | Absolute bias | 1.9% |
| Centennial Asset Management | The Level 18 Fund | Absolute bias | 1.6% |
| Smallco Investment Manager | Smallco Broadcap Fund | Long equities | 1.6% |
| QVG Capital | QVG Opportunities Fund | Long equities | 1.1% |
| Lanyon Asset Management | Lanyon Australian Value Fund | Absolute bias | 0.9% |
| Cash and Term Deposits | 9.9% |
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