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RYDER CAPITAL LIMITED Net Asset Value 2018
65742_rns_2018-03-07_89155b2b-df71-4d7b-8694-621034947505.pdf
Net Asset Value
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Net Tangible Asset & Monthly Investment Report
As at 28 February 2018
Investment Performance Key Information 1
| 3 Months(%) | 6 Months(%) | 1 Year(%) | ITD2(% ) | ITD Annualised(%) | |
|---|---|---|---|---|---|
| NTA Return(Pre Tax) | 8.35 | 10.46 | 31.08 | 53.87 | 19.35 |
| HurdleRBA Cash Rate +4.25% Return | 1.39 | 2.81 | 5.75 | 14.99 | 5.90 |
| Excess ReturnNTA Return (Pre Tax) -RBA Cash Rate +4.25% | 6.96 | 7.65 | 25.34 | 38.88 | 13.45 |
1. Unaudited investment performance less all costs of operating Ryder Capital Ltd including investment management and performance fees 2. Inception to Date (ITD). Inception Date is 22 September 2015.
Investment Commentary
The pre-tax undiluted NTA for the month of February declined by 0.41% to $1.5250. We were pleased with the performance of our key long term holdings which reported strong earnings and near term outlooks - NextDC Limited & Codan Limited were standouts. Our largest position Updater Inc. is now poised for an important period of progressive monetisation of their data assets which we expect will have a material impact on valuation over the coming quarter(s). Topbetta Holdings Limited has continued to run into difficulties with their license approvals in the Northern Territory, causing extended delays in onboarding key new clients to their Global Tote platform. We added to our holdings in Flexigroup Limited on the back of a reasonable first half and improving/stabilising forward projections, taking our exposure to just above 5%. Cash holdings for the period increased in nominal terms as we continue to trim selected positions where valuations have met or exceeded our view of intrinsic worth which will add both nominally and relatively to cash weightings over the coming month(s).
Portfolio Holdings > 5% weighting
| Company | Industry |
|---|---|
| Updater Inc | Technology Services |
| Billabong Int Ltd | Apparel / Retail |
| NextDC Ltd | Digital Infrastructure |
| Aurelia Metals Ltd | Mining |
| Codan Ltd | Electronics / Comms |
| SRG Ltd | Engineering |
| Flexigroup Ltd | Consumer Finance |
| Cumulative Weighting | 67.1% |
Investment Strategy & Objectives
- 93.7% 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 | $57.9m |
| Market Cap | $46.9m |
| Share Price | $1.29 |
| NTA Pre Tax | $1.5250 |
| NTA Post Tax | $1.3878 |
| Shares on Issue | 36,333,524 |
| Initial options on issue | 36,821,000 |
| 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
About Ryder Capital Limited
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