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RYDER CAPITAL LIMITED — Net Asset Value 2017
Dec 7, 2017
65742_rns_2017-12-07_d8c591cc-68eb-4c9d-8b43-e2a9a009f80d.pdf
Net Asset Value
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Net Tangible Asset & Monthly Investment Report
As at 30 November 2017
Investment Performance[1]
| Investment Performance1 | ||||
|---|---|---|---|---|
| 3 Months(%) | 6 Months(%) | 1 Year(%) | ITD (annualised)(%) | |
| NTA Return(Pre Tax) | 1.95 | 20.23 | 26.52 | 17.37 |
| Hurdle(RBA Cash Rate +4.25% Return) | 1.40 | 2.84 | 5.75 | 5.92 |
| Excess ReturnNTA Return (Pre Tax) - RBA Cash Rate +4.25% | 0.55 | 17.39 | 20.77 | 11.45 |
1. Unaudited investment performance less all costs of operating Ryder Capital Ltd including investment management and performance fees
2. Inception Date of 22 September 2015
Portfolio Holdings > 5% weighting
Investment Commentary
The pre-tax NTA for the month of November increased by 1.97% to $1.4075. Billabong International Limited (BBG) made a significant and welcome contribution during the month, continuing post month end on the back of an opportunistic non binding indicative $1.00 takeover proposal by Boardriders Inc. (owner of Quiksilver and controlled by Oaktree Capital Management LLC). This situation has much to play out in our minds as we fundamentally oppose this opportunistic and derisory offer which grossly undervalues our investment in BBG. We added to our holding in Aurelia Metals Limited, now disclosed due to its portfolio weighting exceeding 5%. There were no material additions or deletions during the month, although additional cash was put to work on a net basis adding to existing smaller positions. The balance of the portfolio continued to make a positive contribution as a whole.
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----- Start of picture text ----- Company IndustryUpdater Inc Technology ServicesNextDC Ltd Digital InfrastructureBillabong Int Ltd Apparel / RetailCodan Ltd Electronics / ComsSRG Ltd EngineeringTopbetta Hld Ltd Technology / GamingAurelia Metals Ltd MiningCumulative Weighting 62.2%----- End of picture text -----
Investment Strategy & Objectives
- Absolute return, value driven fundamental approach
Key Information
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----- Start of picture text ----- ASX Code RYDDate of Listing 15 Sep, 2015Gross Assets $52.7mMarket Cap $46.4mShare Price $1.26NTA Pre Tax $1.4075NTA Post Tax $1.2996Shares on Issue 36,326,024Initial options on issue 36,828,500ASX Option Code RYDO*RYDO Strike Price $1.25RYDO Expiry 10 Dec, 2018* Each exercised initial option will result in the issue of a secondary$1.50 strike option with a 10 Dec, 2021 expiry.----- End of picture text -----
Portfolio Asset Allocation
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----- Start of picture text ----- Cash7.6%Equities92.4%----- End of picture text -----
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Exceed RBA Cash rate + 4.25% over the medium to longer term
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Concentrated portfolio < 20 stocks
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ASX listed small/micro cap focus
Investment Team/Directors
- Medium to long term capital growth
About Ryder Capital Limited
Ryder Capital Limited (Company) was listed in September 2015 and is managed by Ryder Investment Management Pty Limited (Manager) a Sydney based boutique fund manager pursuing a high conviction value driven investment strategy specialising in small to mid-cap Australasian equities. The Managers approach is differentiated by investing for the medium to longer term, being aligned as significant shareholders in the Company and being focused on generating strong absolute returns first and foremost. A key foundation to the Managers success to date has been to minimise mistakes, ignore the crowd and back their judgement.
Peter Constable Chairman and Chief Investment Officer
David Bottomley Portfolio Manager / Director
Ray Kellerman Non-Executive Director
Contact
Address Level 25, 88 Phillip Street Sydney NSW 2000
Phone +61 2 8211 2790 Fax +61 2 8211 0555 Email [email protected]
www.rydercapital.com.au ABN 74 606 695 854 ASFL 328 971