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RYDER CAPITAL LIMITED Net Asset Value 2018
65742_rns_2018-01-08_45457971-8ef5-41fd-ac5a-aaa91206843a.pdf
Net Asset Value
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Net Tangible Asset & Monthly Investment Report
As at 31 December 2017
Investment Performance Key Information 1
| Holding Name | As at31 Dec, 2017 | 3 Months(%) | 6 Months(%) | 1 Year(%) | Since InceptionReturn2 (% p.a.) |
|---|---|---|---|---|---|
| NTA Return(Pre Tax) | 1.5495 | 16.02 | 27.68 | 36.56 | 21.70 |
| Hurdle(RBA Cash Rate +4.25% | 1.42 | 2.86 | 5.75 | 5.91 | |
| Excess ReturnNTA Return (Pre Tax) -RBA Cash Rate +4.25% | 14.60 | 24.82 | 30.81 | 15.79 |
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 undiluted NTA for the month of December increased by 10.1% to $1.5495. This material movement refects an appreciation across a number of our key holdings during the month. Early in January, Boardriders Inc. confrmed by way of a binding proposal their intention to acquire the remaining shares in Billabong International Limited (BBG) they do not own at $1.00 per share. We remain deeply disappointed by the BBG Directors decision to unanimously recommend the sale of the business at such a derisory equity valuation. As the largest independent shareholder we continue to work through our position to infuence the outcome of this takeover (which we feel we can achieve with limited support from other like-minded shareholders). Cash holdings for the period remained broadly static in nominal terms, although as a percentage of the portfolio cash declined due to the equity portfolios material appreciation for the month. 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 |
| Codan Ltd | Electronics / Coms |
| Topbetta Hld Ltd | Technology / Gaming |
| SRG Ltd | Engineering |
| Aurelia Metals Ltd | Mining |
| Bigtincan Hld Ltd | SAS / Sales Enablement |
| Cumulative Weighting | 69.2% |
Investment Strategy & Objectives
- 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 diferentiated by investing for the medium to longer term, being aligned as signifcant shareholders in the Company and being focused on generating strong absolute returns frst 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 | $59.1m |
| Market Cap | $48.7m |
| Share Price | $1.34 |
| NTA Pre Tax | $1.5495 |
| NTA Post Tax | $1.4055 |
| 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 Ofcer
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