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RYDER CAPITAL LIMITED Net Asset Value 2020
65742_rns_2020-05-07_e4c22b11-373e-4cc6-afcd-29591a4cc9c8.pdf
Net Asset Value
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Net Tangible Asset & Monthly Investment Report
As at 30 April 2020
Investment Performance Key Information
| 3 Months(%) | 6 Months(%) | 1 Year(%) | 3 Years(% p.a.) | Since Inception(4)(%) | Since Inception(4)(% p.a.) | |
|---|---|---|---|---|---|---|
| Gross Portfolio Performance | -7.61 | -6.11 | 10.92 | 18.44 | 107.37 | 17.15 |
| Pre-tax Undiluted NTA Return(1) | -6.39 | -5.20 | 8.95 | 14.14 | 76.65 | 13.14 |
| Pre-tax NTA Return(2) | -6.25 | -5.06 | 9.32 | 11.27 | 63.64 | 11.28 |
| Hurdle(RBA Cash Rate + 4.25%) | 1.14 | 2.40 | 5.12 | 5.54 | 29.02 | 5.69 |
| Excess ReturnPre-tax Undiluted NTA Return(1) -(RBA Cash Rate + 4.25%) (3) | -7.53 | -7.59 | 3.83 | 8.60 | 47.63 | 7.46 |
1. Pre-tax NTA return adjusted for the dilution of the exercised 26.7m RYDO options.
2. Unaudited investment performance less all costs of operating Ryder Capital Ltd including investment management and performance fees and ignoring the dilutionary impact of unexercised outstanding RYDOA options.
3. Excess Return will be calculated with reference to undiluted NTA return as of February 2019 to better reflect underlying fund performance consistent with the Manager's performance measurement.
4. Inception Date is 22 September 2015.
Investment Commentary
Pre-tax NTA for April rose by 16.87 cents to $1.5265 or +12.42%, achieved despite retaining a high allocation to cash. Relative performance has remained strong throughout the recent market volatility consistent with our focus on risk.
April saw equity markets continue to rally off the panicked mid-March lows, as such performance across the portfolio was strong with Aurelia Metals Limited, Macmahon Holdings Limited, Betmakers Limited, SRG Global Limited, and NextDC Limited all performing well.
We continued to deploy cash cautiously, initiating a limited number of new positions whilst adding selectively to existing holdings. We supported the NextDC Limited capital raise, providing us the opportunity to rebuild our position to pre-crisis levels reflecting a more constructive view on their medium to long term post-COVID prospects.
Several smaller positions were exited while we continue to evaluate businesses that have become challenged versus those that can survive and/or thrive going forward.
About Ryder Capital Limited
Cash holdings decreased nominally from $17.9m to $15.0m as we actively deployed cash, whilst falling on a relative basis from 22.4% to 16.7%.
In terms of outlook, we remain cautious and what can best be described as sitting firmly on the fence waiting for opportunities as they inevitably arise.
Investment Strategy & Objectives
- Absolute return, value driven fundamental approach
- Exceed RBA Cash rate + 4.25% p.a. 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 Manager's 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 Manager's success to date has been to minimise mistakes, ignore the crowd and back their judgement.
| ASX Code | RYD | ||
|---|---|---|---|
| Date of Listing | 22 Sep, 2015 | ||
| Gross Assets | $89.79m | ||
| Market Cap | $72.27m | ||
| Share Price | $1.23 | ||
| NTA Pre-Tax | $1.5265 | ||
| NTA Pre-Tax Fully Diluted* | $1.5182 | ||
| NTA Post-Tax | $1.4106 | ||
| NTA Post-Tax Fully Diluted* | $1.4386 | ||
| Shares on Issue | 58,756,723 | ||
| Secondary Options | 26,732,673 | ||
| ASX Option Code | RYDOA | ||
| RYDOA Strike Price | $1.50 | ||
| RYDOA Expiry | 10 Dec, 2021 |
*Based on unexercised outstanding 26.7m RYDOA options with strike price of $1.50
Portfolio Asset Allocation
Investment Team
Peter Constable Chairman and Chief Investment Officer
David Bottomley
Portfolio Manager / Director
Lauren De Zilva Analyst
Contact
Address Level 25, 88 Phillip Street Sydney NSW 2000
Phone +61 2 8211 2791 Fax +61 2 8211 0555 Email [email protected] www.rydercapital.com.au ABN 74 606 695 854 AFSL 328 971