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RYDER CAPITAL LIMITED Net Asset Value 2017
65742_rns_2017-11-07_7531911d-5b95-4748-b92a-ccd5f5aa6c1d.pdf
Net Asset Value
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Net Tangible Asset & Monthly Investment Report
As at 31 OCTOBER 2017
Investment Performance Key Information 1
| 3 Months(%) | 6 Months(%) | 1 Year(%) | Since Inception(% per annum) | |
|---|---|---|---|---|
| NTA Return(Pre Tax) | 17.93% | 18.67% | 27.28% | 18.62% |
| Hurdle(RBA Cash Rate +4.25% Return) | 1.42% | 2.86% | 5.75% | 5.94% |
| Excess ReturnNTA Return (Pre Tax) - RBA Cash Rate +4.25% | 16.51% | 15.81% | 21.53% | 12.68% |
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
Investment Commentary
The pre-tax NTA for the month of October increased by 3.35% as a function of a broad appreciation across the portfolio.
After accumulating a core holding in Kogan.com Limited at prices around $1.50 during the past twelve months, the markets new found love affair in all things Kogan pushed its price up almost 200% in less than three months, reaching a high of $5.00 in mid-October, well above our view of intrinsic value resulting in the exiting of our entire holding at very attractive prices.
Cash holdings for the month increased to 11.3% and are likely to continue to increase over coming months.
About Ryder Capital Limited
Portfolio Holdings > 5% weighting
| Company | Industry |
|---|---|
| Updater Inc | Technology Services |
| Codan Ltd | Electronics / Coms |
| NextDC Ltd | Digital Infrastructure |
| Billabong Int Ltd | Apparel / Retail |
| Topbetta Hld Ltd | Technology / Gaming |
| SRG Ltd | Engineering |
| Cumulative Weighting | 57.3% |
Investment Strategy & Objectives
- Absolute return, value driven fundamental approach
- Exceed RBA Cash rate + 4.25% over the medium to
- longer term
- Concentrated portfolio < 20 stocks • ASX listed small/micro cap focus
- Medium to long term capital growth
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.
| ASX Code | RYD |
|---|---|
| Date of Listing | 15 Sep, 2015 |
| Gross Assets | $51.2m |
| Market Cap | $44.3m |
| Share Price | $1.22 |
| NTA Pre Tax | $1.3803 |
| NTA Post Tax | $1.2815 |
| Shares on Issue | 36,326,024 |
| Initial options on issue | 36,828,500 |
| ASX Option Code | RYDO* |
| RYDO Strike Price | $1.25 |
| RYDO 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.
Portfolio Asset Allocation
Investment Team/Directors
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