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QV Equities Limited Investor Update For personal use only March roadshow 2015 - 1 - QV Equities Limited – Intro & Business Update • Managed by Investors Mutual • Focused on Ex-20 stocks • Listed 22 August 2014 • Quality and experienced Independent Board • Dedicated to developing a robust long term dividend stream for clients For personal use only - 2 - About IML • Boutique manager established in 1998 • Circa $5.8b FUM- retail and institutional clients • Disciplined ‘true to label’ value style • Large investment team with experienced leadership • Consistent performance over 16 years For personal use only - 3 - IML: Australia’s most awarded value manager 2008 Nominations Awards 2015 2015 Domestic Overall Fund Domestic Equities Manager of the Year Equities Small Caps 2015 Domestic Equities- Small Cap 2012 2002 Domestic Emerging 2013 Domestic Equities Australian Awards Nominations Equities 2013 Equities 2012 Australian Equities Fund Australian Large Cap Manager of Equities 2011 the Year Large Cap Australian Equities Small Cap 2002 2010 Golden Calf Australian Equities Awards Small Cap 2012 Award 2009 Australian Equities Australian Equities (Broad Cap) Small Cap 2003 Rising Star Award 2002 Domestic Equities Firm-wide Awards 12 Awards 2012 Australian Equities + many other nominations For personal use only Large Cap 2009 Australian Equities Small Cap - 4 - Retail Investor Needs • Capital preservation • Reasonable capital growth • Income focused For personal use only - 5 - Investment Philosophy: focus on quality We seek to buy and own: Companies with a competitive advantage, with recurring earnings, run by capable management, that can grow, .......at a reasonable price. For personal use only - 6 - Top 20 sector composition The S&P/ ASX 20 Index is heavily concentrated amongst the financial and resource sectors which represent approximately 69% of the Index Breakdown of S&P/ ASX 20 Index by Industry Property Industrials 4% 2% Healthcare 4% Telco & IT 8% Staples 9% Fin ex Property 55% Energy & Resources For personal use only 18% Source: IRESS as at 28 February 2015 Note: Based on free float adjusted market capitalisation, Industrials include basic materials - 7 - The ASX Ex-20 segment investment opportunity In comparison, Ex-20 entities are more diversified by industry and companies and offer greater investment opportunities Breakdown of S&P/ ASX Ex-20 Index by Industry Staples Utilities/Infra. 3% Telco & IT 5% Industrials 6% 17% Fin ex Property 8% Discretionary Healthcare 14% 9% Non Resource Energy & Resources Materials 14% For personal use only 10% Property 14% Source: IRESS as at 28 February 2015 Note: Based on free float adjusted market capitalisation, Industrials include basic materials - 8 - Why focus on an ex 20 managed portfolio? • More diverse entities in terms of market capitalisation and industry sectors • Less researched opportunities • Clients typically underweight in this segment • Solid yields on offer • IML has a long record of significant value add in this segment For personal use only - 9 - QVE Portfolio Strategy • Buying quality stocks • Buying on weakness • Focus on industrial stocks … patiently building a portfolio that can deliver consistent dividends For personal use only - 10 - Where are we today? • US economy continuing to expand • Japan & EU still sluggish • China slowing sharply • Interest rates at record lows • Many share markets at record highs For personal use only - 11 - Australia • Consumer sluggish – high debt and no real wage growth. • Mining sector struggling • Interest rates at record lows • $A has fallen significantly from its peak ….Australia muddling through For personal use only - 12 - What is happening with earnings? HY Dec EPS growth 20% 20% 20% 15% 15% 15% 10% 10% 10% 5% 5% 5% 0% 0% 0% -5% -5% -5% -10% -10% -10% -15% -15% -15% -20% -20% -20% -25% -25% -25% ASX200 Industrials -30% HY Dec EPS growth Resources For personal use only Source: Deutsche Bank as at 28 February 2015 - 13 - Portfolio Update • Over 60% invested • Disciplined & prudently selecting stocks • Many stocks trading at a premium to IML’s assessed valuation • Six month extension granted by the Board For personal use only - 14 - Taking time to prudently invest the portfolio QVE: Proportion of the portfolio invested 70.00 60.00 50.00 % 40.00 30.00 20.00 10.00 0.00 15/08/2014 15/09/2014 15/10/2014 15/11/2014 15/12/2014 15/01/2015 15/02/2015 For personal use only QVE Portfolio Source: IML as at 6 March 2015 - 15- - Portfolio positioning - company specific Cost-outs Orora Acquisitions Ansell Contracted growth Energy Developments Market share gains Trade Me Restructuring GWA For personal use only - 16 - Ansell (ASX: ANN) Key Highlights Leader in industrial hand safety, surgical gloves and condoms globally Strong branding and innovation Growing in emerging markets due to increasing OH&S standards Ansell trades on 15.1x FY16 For personal use only Source: Investors Mutual Limited beliefs compiled by historical research & analysis. PE estimates based on IML forward looking estimates - 17 - Ansell (ASX: ANN) EPS DPS 1.200 1.000 0.800 0.600 0.400 0.200 For personal use only 0.000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Investors Mutual Limited, beliefs and historical research as at 31 January 2015 - 18 - Ansell purchase chart Ansell (ANN) 27.00 25.00 23.00 $ 21.00 19.00 17.00 Ansell Share Price QVE Entry Points For personal use only Source: IRESS and Investors Mutual Limited, as at 09 March 2015 - 19- - Bank of Queensland • Growth opportunities through broker distribution of mortgages • Queensland economy improving • Acquired on a P/E of 11 ½ ~ 12x with 6% yield For personal use only - 20- - BOQ purchase chart purchase BOQ - - 21 21 $ - - 10 11 12 13 14 15 9 15-Aug-14 22-Aug-14 29-Aug-14 5-Sep-14 12-Sep-14 19-Sep-14 26-Sep-14 3-Oct-14 10-Oct-14 17-Oct-14 BOQ Share Price Share BOQ Bank of Queensland (BOQ) Queensland of Bank 24-Oct-14 Source: Source: 31-Oct-14 7-Nov-14 IRESS and and Investors IRESS 14-Nov-14 21-Nov-14 28-Nov-14 QVE Entry Points Entry QVE Mutual Limited, Limited, Mutual 5-Dec-14 12-Dec-14 19-Dec-14 as 26-Dec-14 at at 09 March 2015 09 March 2-Jan-15 9-Jan-15 16-Jan-15 23-Jan-15 30-Jan-15 6-Feb-15 13-Feb-15 For personal use only 20-Feb-15 27-Feb-15 6-Mar-15 IML Stock picks: Sonic Healthcare (ASX: SHL) Key Highlights Largest pathology player in Australia & Germany, no. 3 in the US Defensive growing earnings and solid yield Scale advantage provides opportunities for accretive acquisitions Very strong and capable management team Currently trading on FY15 PE of 16.9x & Dividend yield of 3.7% For personal use only Source: Investors Mutual Limited Beliefs & forward looking estimates - 22 - Sonic Healthcare: growing earnings and dividends Sonic Healthcare (SHL) $1.20 $1.00 $0.80 $0.60 DPS $0.40 EPS $0.20 $0.00 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 For personal use only Source: Investors Mutual Limited, beliefs and historical research as at 31st January 2015 - 23 - $ SHL purchase chart SHL purchase - - 24 24 16.5 17.5 18.5 19.5 - 16 17 18 19 20 - 15-Aug-14 22-Aug-14 29-Aug-14 5-Sep-14 12-Sep-14 19-Sep-14 26-Sep-14 3-Oct-14 10-Oct-14 17-Oct-14 24-Oct-14 Sonic Healthcare (SHL) Healthcare Sonic SHL Share Price SHL Share 31-Oct-14 Source: Source: 7-Nov-14 IRESS and and Investors IRESS 14-Nov-14 21-Nov-14 28-Nov-14 QVE Entry Points QVE Entry 5-Dec-14 Mutual Limited, Limited, Mutual 12-Dec-14 19-Dec-14 26-Dec-14 as at at 2-Jan-15 09 March 2015 09 March 9-Jan-15 16-Jan-15 23-Jan-15 30-Jan-15 6-Feb-15 13-Feb-15 20-Feb-15 For personal use only 27-Feb-15 6-Mar-15 Top 10 stocks KEY EQUITY YIELD YIELD INVESTMENTS P/E 2015 2015 P/E 2016 2016 AGL Energy 16.4 4.2% 13.5 4.2% Orica 12.5 4.9% 12.1 5.5% Sonic Healthcare 19.4 3.6% 16.9 3.7% Bank of Queensland 15.2 5.0% 14.4 5.7% ASX 21.4 4.2% 20.0 4.5% Ansell 16.2 2.2% 15.3 1.7% Fletcher Building 15.7 5.0% 14.5 5.0% Energy Developments 15.2 6.3% 14.5 6.5% Steadfast Group 15.7 3.5% 13.4 4.6% For personal use only Chorus 11.7 N/A 11.2 N/A As at 28 February 2015 - 25- - QVE Sector Weights QVE as at 12 March 2015 Cash Telecommunication Energy Services 35 Stocks in Utilities 4.06% 2.15% LPT the Portfolio 4.60% Financials Ex. LPT Health Care 7.43% Cash 36.50% Industrials Consumer Materials Discretionary 7.69% Consumer Discretionary Health Care Materials 7.85% LPT Energy Industrials 8.26% For personal use only Financials Ex LPT Utilities Telecommunication 10.24% 11.21% Services Source: IRESS and Investors Mutual Limited, as at 12 March 2015 - 26 - Performance & NTA- February NET TANGIBLE ASSETS (NTA) AMOUNT *NTA before tax $1.0715* *NTA after tax $1.0463* *pre option exercise PERFORMANCE QVE’s NTA BENCHMARK 1 Month +2.7% +7.1% Since Inception** +7.5% +7.4% **Inception date: 22 Aug 2014 Performance calculated after tax For personal use only As at 28 February 2015 - 27- - Interim Result • QV Equities operating profit before tax of $1.97m • Operating profit after tax of $1.56m • Inaugural fully franked interim dividend of 0.5 cents per share Interim dividend dates Ex Dividend Date 16th March 2015 Payment Date 2nd April 2015 For personal use only - 28 - QVE Options: QVEO • 184.7m issued at IPO • Exercised at any time up until & including 15th March 2016 at $1.00 per option • 3.5m exercised to date* • Option exercise forms available on the website For personal use only *as at 13 March 2015 - 29 - Shareholder engagement - focus on communication • Monthly communication schedule – monthly videos and updates • IML
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