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Strategy Deck JDP 2019-2

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Strategy Deck JDP 2019-2 JDP Capital Management Fund Presentation Jeremy Deal, Portfolio Manager Business Experience JDP private equity, Secure Wireless Inc. (sold to Nortek, NASDAQ: NTK), Energy Eye Inc. (sold to Somfy SA, EPA:SO), Honeywell International (NYSE: HON) Seth Lowry, Senior Analyst Business Experience Tech Coast Angels, Citigroup Equity Research (Transportation), Merrill Lynch Investment Banking (Energy and Power), Merrill Lynch (Global Securities Research) Mark Chapman, Director, JDP Offshore Ltd Business Experience Azur Consulting, Aquamarine Fund Zurich (COO/Director), Deloitte BVI (Managing Partner) Deloitte Cayman Islands (Senior Manager) 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 1 Why JDP? Rare stock strategy that allows for continuous ownership of the right companies “Best-ideas only” portfolio maximizes total return over the longest periods of time Designed for outside capital to invest alongside JDP Highly-curated investor base removes common fund constraints and maximizes potential Institutional-grade back office infrastructure Underwriting business quality eliminates need for market-timing 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 2 JDP summary Global equity fund, NYC headquarters, Amsterdam research office Uses public markets to make long-term investments in specific companies Risk managed by focusing on strong businesses with durable models and unrecognized potential Targets a rolling 100% return per idea within 3 to 5 years (15% to 25% annualized) Management’s net worth invested alongside partners on the same terms 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 3 Founder’s objectives 1. Maintain and grow an attractive long-term track record 2. Operate with a high degree of integrity and expect the same from our portfolio companies 3. Seek performance through fundamental appreciation of individual businesses, not trading 4. Embrace mistakes and improve our investment process over time 5. Protect JDP’s culture, goals and advantages by limiting the pool to like-minded investors 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 4 Investment Strategy 5 JDP’s evolution 2009 – 2011 Fundless private equity sponsor focused on divestitures of distressed public companies 2011 - 2015 Formed a hedge fund legal structure with a focus on micro caps, price-based only investment criteria 2015 - 2017 Seth Lowry joins the team, investment universe expanded to larger companies going though transitions with compounder qualities 2017 - present Adopts the “Survivor & Thriver” overlay criteria for all investments, portfolio limited to best ideas only 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 6 Strategy to discover and own companies that: 1. Meet JDP’s Survivor & Thriver company criteria 2. Can be purchased for a price that supports our return target 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 7 Survivor & Thriver study Proprietary JDP research project between 2016 and 2017 on all US public companies over $500M Studied similarities between companies with extreme outperformance and underperformance between peak market cycles Assumed only buying at the top of major market cycles (October 8, 2007 for example) Price and market timing was the least important contributor to extreme outperformance Study became the primary lens for all JDP investments beginning in 2017 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 8 Study example Imagine buying at the “peak” market day on October 8, 2007 before the crisis and never selling… S&P 500 performance: +186% (9.1% annually) ~1,300 total US companies, minimum $500M market cap, and continuously tradable for the past 12 years Top 10% +1,021% (88% annually for 12 years) Top 25% +630% (18% annually for 12 years) Bottom 10% -61% Bottom 25% -22% CapIQ, JDP estimates, assumes buying on October 8, 2007 and holding though October 8, 2019 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 9 What do the top performers have that the rest don’t? Business model that is adaptable and relevant in tomorrow’s economy Durable pricing power protected by a growing competitive advantage Capital allocation and balance sheet strategy that supports the company’s moat Significant alignment of interest between management and equity owners Survivors & Thrivers become “Compounders” 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 10 Best performing companies Survive and Thrive Survivor characteristics: Dominant industry player with high barriers to entry supported by a superior brand, financial, legal and geographical advantages Examples: Colgate toothpaste, Moody’s credit rating agency, Burlington Northern Railroad, the Golden Gate Bridge, DeBeer diamond mines, Panama Canal Thriver characteristics: Disruptive and evolving technologies or products that cut out traditional-economy costs and barriers and drive demand though creating efficiencies Examples: Smart phones, social media and e-commerce platforms, Building Information Modeling (BIM), cloud infrastructure, cyber security, machine learning, wind and solar battery storage, 5G 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 11 Putting it together “the Golden Gate Bridge of BIM software” “the Panama Canal of cloud infrastructure” “the Colgate toothpaste of e-commerce platforms” 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 12 Survivors & Thrivers are found in every industry – examples 12-year performance Company Market from ”peak” market day before crisis Trex Company Building products +3,100% Medifast Weight loss +2,000% Bookings Holdings Travel booking +1,985% Dominos Pizza Pizza +1,585% Old Dominion Freight +1,450% Home Depot Retail +835% Intuit Accounting +805% Moody’s Credit ratings +370% Vail Resorts Resorts/Skiing +313% CapIQ, JDP estimatesestimates, assumes buying on October 8, 2007 and holding though October 8, 2019 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 13 So why can’t people just hang on? Volatility over 12 years Company Sector 12-year performance Number of -30% drawdowns Trex Company Building products +3,100 10 times Medifast Weight loss +2,000% 11 times Bookings Holdings Travel booking +1,985% 7 times Dominos Pizza Pizza delivery +1,585% 4 times Old Dominion Freight +1,450% 7 times Home Depot Retail +835% 3 times Intuit Accounting +805% 3 times Moody’s Credit ratings +370% 8 times Vail Resorts Resorts/Skiing +313% 5 times CapIQ, JDP estimatesestimates, assumes buying on October 8, 2007 and holding though October 8, 2019 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 14 Buying, Selling & Managing Risk 15 Identifying a pre-compounder A business strategy focused on rapidly evolving from past models and mindsets Sustainable internal cash flow that supports long-term growth plans Long runway to re-invest in growth initiatives, materially de-leverage, or pursue intelligent buybacks GAAP accounting can be misleading and rarely tells the full story High conviction enough to be at least a 10% portfolio position 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 16 Buying on a value-basis Comparison of today’s price vs. our estimate of future cash flows Valuation determined by JDP-adjusted cash flow metrics, not GAAP accounting Rolling 100% appreciation potential every 3 to 5 years (15% to 25% annualized) 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 17 Common reasons for price dislocation Negative quarter-to-quarter outlook Unrecognized growth, strategy shift, societal mind shift Misunderstood M&A or recapitalization Under-utilized assets Regulatory change 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 18 Margin of safety Downside protection in fundamentals Base-layer cash flow insulated by contracts, market position, employee talent, hard assets, switching costs, etc. Balance sheet debt appropriate for the business or well-covered by underlying value Optionality in hidden or non-optimized assets (IP, stand-alone subsidiaries, real estate, JVs) 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 19 Decision to sell Valuation driven, not volatility driven Material mistake in the thesis or valuation Eroding competitive advantage Discovery of a much better idea 15 East 67th Street | New York | NY | 10065 jdpcap.com Vijzelstraat 68 | 1017 HL | Amsterdam 20 Past Investment Examples & Fund Structure 21 Past experiences that helped us improve the most JDP Annualized Total return if Company Period owned What happened Return never sold* Innophos 2011 - 2012 7% 17% Cheap valuation, specitality chemical products have limited pricing power Bank NY Mellon 2011 - 2013 30% 162% Overlooked Survivor & Thriver characteristics, too focused on valuation and missed organic growth runway Masco 2012 89% 350% Overlooked Survivor & Thriver characteristics, too focused on valuation and missed organic growth runway Otter Tail 2012 6% 220% Overlooked Survivor & Thriver characteristics, too focused on valuation and missed organic
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