A brief introduction to Greenfield Seitz Capital Management. GSCM - Yancey Seitz & Stuart Greenfield - have managed global equity portfolios for family offices and institutional investors since 1983.
This document provides an overview of a large investment team and their views on key investment themes and the South African economic landscape. It summarizes their outlook on topics such as global and local economic growth, inflation, monetary and fiscal policy, the current account balance, and bond and currency markets. It also reviews the interest rate outlook and strategies for the income fund. In addition, it discusses the structure of the investment team and retail funds, as well as trends in the sovereign credit rating and bond ownership.
- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
1) The document provides biographies and experience summaries for Andrew Bishop and Shamier Khan, portfolio managers at Element Investment Managers.
2) It discusses Element's investment philosophy and process, including a focus on long-term fundamentals, ESG factors, and capitalizing on market cycles.
3) The performance summaries show that Element's equity and balanced funds have outperformed peers and indices over multiple time periods, often placing in the top quartile for returns and risk.
This document provides an overview and agenda for a presentation on successful planning strategies for life and investments. It discusses Barry Mendelson's background and experience in financial services. It also summarizes Just Plans Etc., the firm he founded, which provides financial planning and investment management. The presentation agenda covers investment planning, personal planning, and charitable giving strategies.
The document summarizes strategies for de-risking retirement investments. It discusses the challenges of generating reliable retirement income given market volatility and changing needs pre- and post-retirement. The document outlines Grindrod Asset Management's approach of "income efficient portfolios" that aim to produce stable income growth through allocations to listed property, cash/bonds, and equities focusing on high dividend payers. Examples of hypothetical portfolio outcomes are shown demonstrating how reliable income growth can sustain retirement withdrawals over decades.
This document provides biographies of three key individuals at Fairtree Capital:
1. Andre Malan, the Chairman of Fairtree Capital, has over 20 years of asset management experience including founding the Fairtree Market Neutral Fund in 2003.
2. Kobus Nel, the CEO of Fairtree Capital, has experience in corporate finance and was instrumental in the management buyout of the Fairtree Market Neutral Fund in 2006. He is also a co-fund manager of several Fairtree funds.
3. Bradley Anthony is the CIO of Fairtree Capital and has over 20 years of experience in financial roles including positions at several large financial institutions. He is responsible for investment processes at Fairtree.
This document provides an overview of Investec Asset Management and their Global Franchise Fund. It discusses:
- Investec Asset Management's history, global presence, and status as a top 100 third party asset manager.
- Details on the Global Franchise Fund including its long-term performance track record, risk-adjusted returns, and ability to perform in sideways and down markets.
- An outlook from Louis Niemand discussing challenges like weak global growth, China's economic uncertainty, and the need for deleveraging.
- The fund's strategy of investing in quality, global franchise companies with long trading histories to provide stability in uncertain times.
- Genworth MI Canada reported financial results for Q1 2016, with premiums written down 45% quarter-over-quarter due to targeted underwriting changes and a smaller transactional insurance market. The loss ratio was 24%, up slightly from the previous quarter.
- Key themes for 2016 include new capital standards for mortgage insurers being implemented in 2017, a focus on underwriting quality, and moderately lower premiums written with expected growth of over 5% in premiums earned.
- The portfolio quality of new insurance written continues to improve compared to 2007/08 levels, with steadily rising credit scores and stable debt servicing ratios.
This document provides an overview of a large investment team and their views on key investment themes and the South African economic landscape. It summarizes their outlook on topics such as global and local economic growth, inflation, monetary and fiscal policy, the current account balance, and bond and currency markets. It also reviews the interest rate outlook and strategies for the income fund. In addition, it discusses the structure of the investment team and retail funds, as well as trends in the sovereign credit rating and bond ownership.
- The document discusses AES Corporation's guidance for 2015-2018, including expectations for average annual growth rates and capital allocation plans.
- AES is lowering its 2016-2018 adjusted EPS outlook due to macroeconomic headwinds like currency fluctuations and commodity prices, but still expects strong growth in proportional free cash flow.
- The company expects to allocate $2.6 billion in discretionary cash through 2018 to investments, debt repayment, dividends, and share repurchases while maintaining a quarterly dividend of $0.10 per share with 10% annual growth.
1) The document provides biographies and experience summaries for Andrew Bishop and Shamier Khan, portfolio managers at Element Investment Managers.
2) It discusses Element's investment philosophy and process, including a focus on long-term fundamentals, ESG factors, and capitalizing on market cycles.
3) The performance summaries show that Element's equity and balanced funds have outperformed peers and indices over multiple time periods, often placing in the top quartile for returns and risk.
This document provides an overview and agenda for a presentation on successful planning strategies for life and investments. It discusses Barry Mendelson's background and experience in financial services. It also summarizes Just Plans Etc., the firm he founded, which provides financial planning and investment management. The presentation agenda covers investment planning, personal planning, and charitable giving strategies.
The document summarizes strategies for de-risking retirement investments. It discusses the challenges of generating reliable retirement income given market volatility and changing needs pre- and post-retirement. The document outlines Grindrod Asset Management's approach of "income efficient portfolios" that aim to produce stable income growth through allocations to listed property, cash/bonds, and equities focusing on high dividend payers. Examples of hypothetical portfolio outcomes are shown demonstrating how reliable income growth can sustain retirement withdrawals over decades.
This document provides biographies of three key individuals at Fairtree Capital:
1. Andre Malan, the Chairman of Fairtree Capital, has over 20 years of asset management experience including founding the Fairtree Market Neutral Fund in 2003.
2. Kobus Nel, the CEO of Fairtree Capital, has experience in corporate finance and was instrumental in the management buyout of the Fairtree Market Neutral Fund in 2006. He is also a co-fund manager of several Fairtree funds.
3. Bradley Anthony is the CIO of Fairtree Capital and has over 20 years of experience in financial roles including positions at several large financial institutions. He is responsible for investment processes at Fairtree.
This document provides an overview of Investec Asset Management and their Global Franchise Fund. It discusses:
- Investec Asset Management's history, global presence, and status as a top 100 third party asset manager.
- Details on the Global Franchise Fund including its long-term performance track record, risk-adjusted returns, and ability to perform in sideways and down markets.
- An outlook from Louis Niemand discussing challenges like weak global growth, China's economic uncertainty, and the need for deleveraging.
- The fund's strategy of investing in quality, global franchise companies with long trading histories to provide stability in uncertain times.
- Genworth MI Canada reported financial results for Q1 2016, with premiums written down 45% quarter-over-quarter due to targeted underwriting changes and a smaller transactional insurance market. The loss ratio was 24%, up slightly from the previous quarter.
- Key themes for 2016 include new capital standards for mortgage insurers being implemented in 2017, a focus on underwriting quality, and moderately lower premiums written with expected growth of over 5% in premiums earned.
- The portfolio quality of new insurance written continues to improve compared to 2007/08 levels, with steadily rising credit scores and stable debt servicing ratios.
This document discusses Genworth MI Canada Inc., a residential mortgage insurer in Canada. It provides the following information:
- Genworth has a proven business model as the largest private residential mortgage insurer in Canada. It has helped over 1 million families achieve homeownership.
- For 2016, Genworth expects regulatory changes, a modestly smaller mortgage originations market, and economic factors like low oil prices to impact its business. It forecasts moderately lower total premiums written but modest growth in premiums earned.
- Genworth maintains a strong financial position with a 2015 loss ratio of 21% and capital ratio of 233%. It expects its 2016 loss ratio to be in the range of 25-40% given economic assumptions.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about the use of forward-looking statements and non-GAAP financial measures in company presentations. The document provides contact details for Devon's vice president of investor relations and investor relations supervisor for any investor inquiries.
The document discusses why large cap stocks are preferable for investment in the IDFC Large Cap Fund. It notes that large caps have potential for upside returns with relatively low volatility compared to mid and small caps. Large caps tend to have strong customer bases, high liquidity, good corporate governance and experienced management which allows them to better withstand difficult market conditions. The fund employs a strategy of investing in the right sectors, sector leaders, and opportunistically in mid/small caps. It is currently overweight in healthcare and telecom and underweight in financials, energy and utilities. The document promotes the IDFC Large Cap Fund as benefiting from predominantly investing in leading large cap companies while having an active management approach.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
- Devon Energy is focused on its Delaware and STACK assets which have over 30,000 potential drilling locations and represent a multi-decade growth platform.
- Devon's 2020 vision is to enhance returns through disciplined capital investment, improve its financial strength with a net debt to EBITDA target of 1.0-1.5x, and return cash to shareholders including a $1 billion share repurchase program.
- Portfolio simplification efforts include the potential for over $5 billion in asset divestitures to further focus on its core Delaware and STACK assets.
This document is Devon Energy's presentation at the J.P. Morgan Energy Conference on June 18, 2018. It discusses Devon's 2020 vision of enhancing returns through disciplined capital investment and portfolio simplification. Devon aims to achieve net debt to EBITDA of 1.0-1.5x, complete $5 billion in asset divestitures, and return $4 billion to shareholders via stock buybacks. The presentation outlines Devon's operational excellence strategy and updated 2018 outlook with 16% growth in US oil production.
This document discusses the performance of the DSP Equity & Bond Fund, an aggressive hybrid fund that invests 65-75% in equities and 25-35% in debt. It shows that over various periods, the fund has outperformed its benchmark index, the CRISIL Hybrid 35+65 Aggressive Index, on returns as well as risk-adjusted returns. Mixing equities and debt provides better risk-adjusted returns through volatility reduction compared to equities alone. The fund aims to generate capital appreciation from equities while lowering volatility through debt allocation and active rebalancing between the two asset classes.
This report from RBC Capital Markets initiates coverage of E*TRADE Financial Corporation with an Outperform rating and $35 price target. The analyst believes excess capital at the parent company will grow significantly from the current $310 million to close to $2 billion over the next two years due to earnings growth, implementation of Basel III, and other factors. The report also cites several potential catalysts for share price appreciation, including increased capital returns to shareholders, continued balance sheet growth, and upside from rising interest rates. Some risks mentioned include a potential drop in commissions, lower than expected balance sheet growth, and regulatory constraints.
Netwealth portfolio construction series - Finding income without sacrificing ...netwealthInvest
In the latest edition of our portfolio construction webinar series on 18th May, Malcolm Whitten, Portfolio Manager at Nikko Asset Management, discussed how to obtain strong dividend income from Australian equities without sacrificing growth.
- Devon Energy presented at the UBS Global Oil and Gas Conference on May 23, 2018.
- Devon outlined its 2020 vision which includes growing higher-value oil production in the Delaware and STACK areas, improving financial strength, and returning cash to shareholders.
- Key initiatives include a $1 billion share repurchase program, raising the dividend by 33%, and a $1 billion debt reduction plan.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
This document is an investor presentation from Intact Financial Corporation outlining their business profile and strategy. The key points are:
1) Intact is the largest property and casualty insurer in Canada with $7 billion in direct premiums written and leading market shares across several provinces.
2) Intact has consistently outperformed the industry in terms of premium growth, combined ratio, and return on equity over the past 10 years, demonstrating scale advantages and underwriting expertise.
3) The presentation outlines Intact's strategic priorities of growing organically and through acquisitions, maintaining a strong capital position to pursue opportunities, and returning capital to shareholders through dividends and share buybacks.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
The document summarizes PINE's 2Q12 earnings conference call. It discusses a planned capital increase of approximately R$155 million that will raise PINE's BIS ratio to 17.5%. PINE had positive contributions across all business lines in 2Q12. The loan portfolio grew 18.6% year-over-year to R$7.5 billion with diversified sectors and regions. Asset and liability management maintains a positive 3 month gap between credit and funding portfolios.
Intact Financial Corporation is Canada's largest property and casualty insurer, with a 17.1% market share. Over the past 10 years, Intact has consistently outperformed the Canadian P&C industry in key metrics such as return on equity, direct premiums written growth, and combined ratio. Intact attributes its strong performance to significant scale advantages, sophisticated pricing and underwriting, multi-channel distribution, proven acquisition strategy, in-house claims expertise, and broker relationships.
This presentation provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis's global footprint and experience, differentiated business model, strong financial performance and growth, and compelling investment opportunity. Key points include global presence in 19 locations, premier M&A and restructuring franchises, healthy balance sheet with no debt, commitment to returning excess capital to shareholders, and organic growth drivers such as increasing market share and maturation of global platform.
The document is a report on the IDFC Sterling Value Fund, an open-ended equity scheme following a value investment strategy. It provides details on the fund's performance, portfolio allocation, investment strategy and outlook. The fund focuses on investing in mid and small cap companies following a bottom-up stock selection process. It looks for leaders and challengers in sectors with good return on capital and cash flow. The fund had strong returns in February 2021 with small and mid caps performing best.
Capital return-announcement-with-non-gaapsDelta_Airlines
Delta provided projections for its future financial performance from 2015-2017. It expects to significantly improve its operating margin to between 14-16% through cost productivity and capacity discipline. Delta plans to generate $7-8 billion in annual operating cash flow and $4-5 billion in free cash flow, which it will use to continue strengthening its balance sheet and increase returns to shareholders. By maintaining its disciplined capital investment of $2.5-3 billion annually and implementing its financial framework, Delta believes it can achieve 15%+ annual EPS growth and a ROIC of 20-25% over the next three years.
- Greenfield Seitz Capital Management is a registered investment advisor based in Dallas, Texas that manages separate investment accounts for high net-worth individuals with a focus on equities.
- As of December 31, 2015 the firm had $330 million in assets under management and utilized a growth at a reasonable price strategy focusing on large cap stocks.
- The top 10 holdings of the portfolio included Bank of the Ozarks, Nestle, Novartis, AT&T, Cullen/Frost Bankers, Southwest Airlines, Expeditors International, L'Oreal, ResMed, and Suncor Energy.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines a balanced fund, positions this fund in terms of its target risk-return profile, describes the fund's investment strategy across equity and debt assets, and highlights its portfolio composition, performance metrics, awards received, and suitability for investors seeking capital appreciation and income over the long term.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines balanced funds, positions this fund in terms of its risk-return profile, describes the fund's investment strategy, portfolio composition, performance history and ratings. Key details around the fund's objectives, features, asset allocation pattern and suitability for investors are also summarized.
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels compared to historical averages. Small and mid-cap stocks remain attractively valued relative to large caps.
The fund focuses on investing in companies with strong fundament
This document discusses Genworth MI Canada Inc., a residential mortgage insurer in Canada. It provides the following information:
- Genworth has a proven business model as the largest private residential mortgage insurer in Canada. It has helped over 1 million families achieve homeownership.
- For 2016, Genworth expects regulatory changes, a modestly smaller mortgage originations market, and economic factors like low oil prices to impact its business. It forecasts moderately lower total premiums written but modest growth in premiums earned.
- Genworth maintains a strong financial position with a 2015 loss ratio of 21% and capital ratio of 233%. It expects its 2016 loss ratio to be in the range of 25-40% given economic assumptions.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about the use of forward-looking statements and non-GAAP financial measures in company presentations. The document provides contact details for Devon's vice president of investor relations and investor relations supervisor for any investor inquiries.
The document discusses why large cap stocks are preferable for investment in the IDFC Large Cap Fund. It notes that large caps have potential for upside returns with relatively low volatility compared to mid and small caps. Large caps tend to have strong customer bases, high liquidity, good corporate governance and experienced management which allows them to better withstand difficult market conditions. The fund employs a strategy of investing in the right sectors, sector leaders, and opportunistically in mid/small caps. It is currently overweight in healthcare and telecom and underweight in financials, energy and utilities. The document promotes the IDFC Large Cap Fund as benefiting from predominantly investing in leading large cap companies while having an active management approach.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for an insurance company. It begins with cautionary statements regarding forward-looking statements and non-GAAP financial measures. It then summarizes the company's business model as a specialty property and casualty reinsurer based in Bermuda with an A- rating. Key metrics on financial performance are provided for recent periods. The company's senior management team is described as experienced in reinsurance. An overview of the company's flexible and opportunistic underwriting strategy is given. The presentation provides examples of different types of transactions and notes the diversification of its premium base. It concludes with sections on the company's reinsurance operations and engagement of a leading investment management firm to manage its portfolio.
- Devon Energy is focused on its Delaware and STACK assets which have over 30,000 potential drilling locations and represent a multi-decade growth platform.
- Devon's 2020 vision is to enhance returns through disciplined capital investment, improve its financial strength with a net debt to EBITDA target of 1.0-1.5x, and return cash to shareholders including a $1 billion share repurchase program.
- Portfolio simplification efforts include the potential for over $5 billion in asset divestitures to further focus on its core Delaware and STACK assets.
This document is Devon Energy's presentation at the J.P. Morgan Energy Conference on June 18, 2018. It discusses Devon's 2020 vision of enhancing returns through disciplined capital investment and portfolio simplification. Devon aims to achieve net debt to EBITDA of 1.0-1.5x, complete $5 billion in asset divestitures, and return $4 billion to shareholders via stock buybacks. The presentation outlines Devon's operational excellence strategy and updated 2018 outlook with 16% growth in US oil production.
This document discusses the performance of the DSP Equity & Bond Fund, an aggressive hybrid fund that invests 65-75% in equities and 25-35% in debt. It shows that over various periods, the fund has outperformed its benchmark index, the CRISIL Hybrid 35+65 Aggressive Index, on returns as well as risk-adjusted returns. Mixing equities and debt provides better risk-adjusted returns through volatility reduction compared to equities alone. The fund aims to generate capital appreciation from equities while lowering volatility through debt allocation and active rebalancing between the two asset classes.
This report from RBC Capital Markets initiates coverage of E*TRADE Financial Corporation with an Outperform rating and $35 price target. The analyst believes excess capital at the parent company will grow significantly from the current $310 million to close to $2 billion over the next two years due to earnings growth, implementation of Basel III, and other factors. The report also cites several potential catalysts for share price appreciation, including increased capital returns to shareholders, continued balance sheet growth, and upside from rising interest rates. Some risks mentioned include a potential drop in commissions, lower than expected balance sheet growth, and regulatory constraints.
Netwealth portfolio construction series - Finding income without sacrificing ...netwealthInvest
In the latest edition of our portfolio construction webinar series on 18th May, Malcolm Whitten, Portfolio Manager at Nikko Asset Management, discussed how to obtain strong dividend income from Australian equities without sacrificing growth.
- Devon Energy presented at the UBS Global Oil and Gas Conference on May 23, 2018.
- Devon outlined its 2020 vision which includes growing higher-value oil production in the Delaware and STACK areas, improving financial strength, and returning cash to shareholders.
- Key initiatives include a $1 billion share repurchase program, raising the dividend by 33%, and a $1 billion debt reduction plan.
Thor Industries is one of the world's largest manufacturers of RVs. It has over 8,300 employees and 107 facilities across 4 US states. The document discusses Thor's product range, competitive advantages, and positive outlook for the RV industry. Wholesale shipments and retail registrations have rebounded in recent years, and dealer inventories are at appropriate levels to meet continuing consumer demand.
This document is an investor presentation from Intact Financial Corporation outlining their business profile and strategy. The key points are:
1) Intact is the largest property and casualty insurer in Canada with $7 billion in direct premiums written and leading market shares across several provinces.
2) Intact has consistently outperformed the industry in terms of premium growth, combined ratio, and return on equity over the past 10 years, demonstrating scale advantages and underwriting expertise.
3) The presentation outlines Intact's strategic priorities of growing organically and through acquisitions, maintaining a strong capital position to pursue opportunities, and returning capital to shareholders through dividends and share buybacks.
11 05-15 Third Quarter 2015 Financial Review FinalAES_BigSky
The document provides an overview of AES Corporation's third quarter 2015 financial results and outlook. Key points include:
- Q3 2015 adjusted EPS increased slightly to $0.39 per share due to higher contributions from strategic business units, partly offset by foreign currency impacts.
- Proportional free cash flow increased to $621 million in Q3 2015, driven by gains in the Andes and Brazil regions.
- For 2016, AES expects proportional free cash flow of $1.125-1.475 billion and adjusted EPS of $1.05-1.15 per share, with average annual growth of at least 10% through 2018.
The document summarizes PINE's 2Q12 earnings conference call. It discusses a planned capital increase of approximately R$155 million that will raise PINE's BIS ratio to 17.5%. PINE had positive contributions across all business lines in 2Q12. The loan portfolio grew 18.6% year-over-year to R$7.5 billion with diversified sectors and regions. Asset and liability management maintains a positive 3 month gap between credit and funding portfolios.
Intact Financial Corporation is Canada's largest property and casualty insurer, with a 17.1% market share. Over the past 10 years, Intact has consistently outperformed the Canadian P&C industry in key metrics such as return on equity, direct premiums written growth, and combined ratio. Intact attributes its strong performance to significant scale advantages, sophisticated pricing and underwriting, multi-channel distribution, proven acquisition strategy, in-house claims expertise, and broker relationships.
This presentation provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis's global footprint and experience, differentiated business model, strong financial performance and growth, and compelling investment opportunity. Key points include global presence in 19 locations, premier M&A and restructuring franchises, healthy balance sheet with no debt, commitment to returning excess capital to shareholders, and organic growth drivers such as increasing market share and maturation of global platform.
The document is a report on the IDFC Sterling Value Fund, an open-ended equity scheme following a value investment strategy. It provides details on the fund's performance, portfolio allocation, investment strategy and outlook. The fund focuses on investing in mid and small cap companies following a bottom-up stock selection process. It looks for leaders and challengers in sectors with good return on capital and cash flow. The fund had strong returns in February 2021 with small and mid caps performing best.
Capital return-announcement-with-non-gaapsDelta_Airlines
Delta provided projections for its future financial performance from 2015-2017. It expects to significantly improve its operating margin to between 14-16% through cost productivity and capacity discipline. Delta plans to generate $7-8 billion in annual operating cash flow and $4-5 billion in free cash flow, which it will use to continue strengthening its balance sheet and increase returns to shareholders. By maintaining its disciplined capital investment of $2.5-3 billion annually and implementing its financial framework, Delta believes it can achieve 15%+ annual EPS growth and a ROIC of 20-25% over the next three years.
- Greenfield Seitz Capital Management is a registered investment advisor based in Dallas, Texas that manages separate investment accounts for high net-worth individuals with a focus on equities.
- As of December 31, 2015 the firm had $330 million in assets under management and utilized a growth at a reasonable price strategy focusing on large cap stocks.
- The top 10 holdings of the portfolio included Bank of the Ozarks, Nestle, Novartis, AT&T, Cullen/Frost Bankers, Southwest Airlines, Expeditors International, L'Oreal, ResMed, and Suncor Energy.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines a balanced fund, positions this fund in terms of its target risk-return profile, describes the fund's investment strategy across equity and debt assets, and highlights its portfolio composition, performance metrics, awards received, and suitability for investors seeking capital appreciation and income over the long term.
This document provides an overview and summary of the HDFC Prudence Fund, an open-ended balanced mutual fund scheme offered by HDFC Mutual Fund. It defines balanced funds, positions this fund in terms of its risk-return profile, describes the fund's investment strategy, portfolio composition, performance history and ratings. Key details around the fund's objectives, features, asset allocation pattern and suitability for investors are also summarized.
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels compared to historical averages. Small and mid-cap stocks remain attractively valued relative to large caps.
The fund focuses on investing in companies with strong fundament
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels currently compared to historical averages. Small and mid-cap stocks remain at a valuation discount to large caps.
The fund focuses on investing in companies with strong
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities are high relative to history but have corrected and become more reasonable recently. Small and mid-cap stocks remain attractively valued relative to large caps.
- The fund focuses on investing in companies with strong
This document provides an overview of the IDFC Focused Equity Fund. The fund is an open-ended equity scheme that invests in a concentrated portfolio of a maximum of 30 stocks with a multi-cap focus. It aims to invest in companies with superior quality and growth characteristics. The fund manager believes returns are driven by identifying the right stocks and allocating sufficiently to them. Currently, the fund is overweight in sectors such as information technology, telecom, and healthcare.
The document is a report on the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy focusing on mid and small cap stocks. It discusses the fund's strong performance in the December 2020 quarter. The report also notes that while domestic markets continued to rise in February 2021, concerns remain about rising bond yields and inflation potentially slowing economic growth. The fund remains focused on investing in leader and challenger companies with low debt, high returns on capital and emerging businesses with growth potential.
IDFC Focused Equity Fund _Fund presentationJubiIDFCEquity
This document provides an overview of the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate superior returns by identifying the right stocks and allocating sufficiently to high-conviction ideas. It takes a focused approach of investing in high-quality, high-growth companies, while maintaining a well-diversified portfolio across market caps and sectors. The fund is currently overweight in commodities, information technology and telecom sectors.
This document provides an overview of the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate superior returns by identifying the right stocks and allocating sufficiently to high-conviction ideas. It takes a focused approach of investing in high-quality, high-growth companies, while maintaining a well-diversified portfolio across market caps and sectors. The fund is currently overweight in commodities, information technology and telecom sectors.
Sage Capital Management employs a convertible arbitrage strategy focused on small and mid-capitalization convertible securities to generate attractive risk-adjusted returns. The strategy involves purchasing convertible bonds and shorting a percentage of the underlying stock. The portfolio managers select securities through fundamental analysis while maintaining industry and issuer diversification. For the period ending June 2015, the convertible arbitrage fund returned -0.39% compared to -0.74% for the HFRX Convertible Arbitrage Index.
This document provides an overview of the Anchor BCI Equity Fund, a South African equity portfolio managed by Anchor Capital. It seeks long-term capital growth through a bottom-up stock selection process that favors quality stocks. The fund constructs its portfolio based on fundamental research, focusing on stocks with strong returns on capital and cash flows. While it considers valuation, the fund's style is not strictly 'value'. It can invest in offshore instruments for efficient portfolio management. The minimum investment is R25,000 and the fund aims to maintain over 80% equity exposure.
The document discusses the Polen Focus Growth strategy, which seeks long-term growth through a concentrated portfolio of outstanding businesses with sustainable competitive advantages and superior growth potential. The strategy focuses on identifying large cap companies with earnings driven by sustainable competitive advantages, strong financials, proven management, and strong products/services. The objective is to outperform the Russell 1000 Growth Index over time with less volatility during declines.
DST Systems, Inc. provides technology-based information and servicing solutions. It has segments in financial services, healthcare services, customer communications, and investments. A regression analysis calculated DST's beta against several indices, finding it most correlated to the S&P 500. Compared to the NASDAQ, DST has higher total risk and risk per unit of return but similar systematic risk. DST's financial analysis found increasing shareholder equity and decreasing liabilities over time. Valuation models using conservative growth rates found DST to be overvalued compared to its current stock price.
Goldman Sachs US Financial Services Conference 2017 presentation outlines Evercore's goal of becoming the most elite and respected independent investment bank. It discusses Evercore's differentiated platform of integrated capabilities across M&A advisory, capital markets, and investment management. The presentation also notes current supportive market conditions and Evercore's strategic expansion diversifying its geographic footprint and industry expertise to drive continued growth.
This document contains a presentation by Moelis & Company, an independent investment bank. The summary is:
1) Moelis has experienced significant growth since its IPO in 2014, with revenues increasing 115% and regular dividends nearly doubling.
2) The company has a differentiated model as a global partnership with one profit and loss statement, focusing on internal talent development and returning excess cash to shareholders.
3) Moelis has opportunities for continued growth through expanding its leading M&A franchise, differentiated model, and large restructuring team amid a potential longer M&A cycle.
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This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company as a global independent investment bank with a focus on M&A, restructuring, capital markets advisory and private funds advisory. The company has grown significantly since its IPO in 2014 through organic growth and expanding its global network while maintaining a strong balance sheet with no debt.
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Greenfield Seitz Capital Management is a registered investment advisor founded in 1964 and based in Dallas, Texas. It manages $300 million in assets for high net worth individuals using a mid/large-cap growth at a reasonable price strategy. The firm is owned by its two principals and employs four investment professionals with over 70 years of combined experience. The presentation provides an overview of the firm's investment philosophy, process, portfolio characteristics, and long-term performance which has consistently ranked in the top decile compared to peers.
Greenfield Seitz Capital Management is a registered investment advisor based in Dallas, Texas that manages $300 million in assets for high net-worth individuals. The firm focuses on a mid/large-cap growth at a reasonable price strategy and conducts thorough fundamental analysis of companies. Greenfield Seitz has achieved consistent top decile performance over the past 20 years compared to its benchmark and maintains a portfolio of 50-70 stocks across multiple sectors to provide diversification and capital preservation.
Greenfield Seitz Capital Management is a Dallas-based registered investment advisor founded in 1964 that manages $300 million using a mid/large-cap growth at a reasonable price strategy. The firm has a proven investment process focused on fundamental analysis, identifying attractive investment themes, and searching for excellent management teams. Portfolios consist of 50-70 stocks that are diversified by sector with a maximum position of 10% in any single stock.
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1. GREENFIELD SEITZ CAPITAL | 2100 McKinney Ave. | Suite 1420 | Dallas, Tx | 75201 Past performance does not guarantee future results
Greenfield Seitz Capital Management, LLC
Style: Global Large-Cap Equity
August 31, 2015
Firm & Philosophy Info
Growth of $1,000 Invested (Gross)
10-Yr Annualized Standard Deviation vs. Annualized Returns
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Aug-15
GSCM 15.9% 4.8% -13.1% 29.9% 15.9% 17.7% 20.0% 8.3% -33.1% 30.3% 15.9% -4.9% 12.6% 20.0% 6.2% -2.0%
S&P 500 -9.1% -11.9% -22.1% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0% 32.4% 13.7% -2.9%
Excess Return 25.0% 16.7% 9.0% 1.2% 5.0% 12.8% 4.2% 2.8% 3.9% 3.8% 0.8% -7.0% -3.4% -12.4% -7.5% 0.9%
Inception Date: 1964
Structure: Separate Account
GIPS Compliant: Yes
Assets Under Management: $385 MM
Minimum Investment: $1,000,000
Management Fee: 1.00%*
Liquidity: Daily
Annual Turnover: 8%
GIPS Auditor: ACA Performance Services
Retail Custodian: Raymond James
*Negotiable over $5 million
Statistical Analysis (1997 – 2014)
vs. S&P 500 vs. ACWI
Alpha (%): 2.76 4.17
Beta: 0.81 0.83
Correlation: 0.88 0.93
R-Squared: 0.81 0.90
Sharpe Ratio: 0.31 0.41
World Allocations (% equity)
GSCM ACWI
North America: 66.5 56.6
Europe: 19.8 24.8
Asia: 4.4 8.5
Japan: 3.1 7.3
Latin America: 1.9 0.9
Emerging Markets: 9.8 7.5
Portfolio Managers
Yancey SeitzYancey SeitzYancey SeitzYancey Seitz joined GSCM in 1984 and has been a
principal member for more than 25 years. Mrs.
Seitz spent two decades working with the founder
of GSCM and has considerable experience in
applying our investment process.
Stuart Greenfield, CFAStuart Greenfield, CFAStuart Greenfield, CFAStuart Greenfield, CFA joined GSCM in 2002. His
investment experience includes Luther King
Capital Mgmt, Bear Stearns, and DLJ.
Yancey & Stuart were twice named Equity Manager
of the Decade out of more than 3,000 equity funds
(2010 & 2011). In addition, GSCM’s 4 person staff
has 75 years combined experience.
Greenfield Seitz Capital Management is an SEC Registered Investment
Advisor located in Dallas, TX. We manage individual and institutional
accounts via a growth-at-a-reasonable-price (GARP) fundamental
discipline. Our objective is to achieve attractive returns over the long-
term while simultaneously maintaining a commitment to capital
preservation. As thematic investors, we look to identify investment
themes that are not fully valued or appreciated. Portfolios are managed
in our time-tested manner that has worked consistently since 1964. We
focus on large-cap stocks with an aim to own stocks more than 10 years.
Annual Returns (Gross)
2. GREENFIELD SEITZ CAPITAL | 2100 McKinney Ave. | Suite 1420 | Dallas, Tx | 75201 Past performance does not guarantee future results
Greenfield Seitz Capital Management August 31st
, 2015
Portfolio Allocation Top 10 Holdings
Portfolio Construction
At GSCM, our management team has applied our investment process successfully and
consistently for over 50 years. In fact, proof of our conviction can be shown through our
largest investors: the Greenfield and Seitz families. We believe that investing in companies
with proven and growing fundamentals will lead to long term appreciation. Our stock
selection process seeks companies with proven management, consistent earnings growth,
and dominant business franchises. The strategy aims to find companies with above average
ROE (return on equity) and low debt. We overlay this bottom-up stock selection with our
long term industry and macro-economic views. Our portfolio consists of 40-50 holdings
across industries and sectors with a maximum international exposure of 40%. The
maximum position in a single stock is 10%, and we generally maintain an asset allocation
of 90% equities 10% cash, which will vary with tactical allocation.
GIPS Presentation
Contact Information
Greenfield Seitz Capital ManagementGreenfield Seitz Capital ManagementGreenfield Seitz Capital ManagementGreenfield Seitz Capital Management
2100 McKinney Ave, Suite 1420
Dallas, TX 75201
Phone: 214-367-6170
Toll-Free: 800-301-8849
Fax: 214-367-6180
stuart@gscapital.net
Bank Of The Ozarks 3.4% US
Nestle 3.1% Switzerland
Southwest Airlines 3.1% US
Resmed 3.0% US
Cullen/Frost 2.6% US
Suncor Energy 2.6% Canada
Novartis 2.4% Switzerland
L’Oreal 2.2% France
Doctor Reddy’s Lab 2.2% India
Exxon Mobil 2.0% US
Total Holdings: 58 Median MrktCap: $38Bil
3. GREENFIELD SEITZ CAPITAL | 2100 McKinney Ave. | Suite 1420 | Dallas, Tx | 75201 Past performance does not guarantee future results
Greenfield Seitz Capital Management
Disclosures
Firm Information: Greenfield Seitz Capital Management LLC ("GSCM") is a registered investment advisor based in Dallas, Texas. GSCM is a 4-person
entity controlled by Stuart Greenfield and Yancey Seitz. GSCM specializes in managing separate investment accounts for high net-worth individuals,
with a focus on equities. GSCM utilizes Raymond James Financial, Inc. as its custodian of assets.
Composite Characteristics: The Greenfield Seitz Capital Management Core Composite is comprised of accounts whose primary objective is growth of
principle by investing primarily in stocks of U.S. and international companies. Before investing with GSCM, all clients agree to the investment style so all
accounts are employing GSCM's investment strategy. The composite contains all discretionary accounts that exceed the minimum asset level. The GSCM
Core Composite is the only composite for GSCM and contains no carve-outs. A complete list and description of all firm composites is available upon
request (GSCM Core Composite is the only composite for GSCM). The minimum portfolio size for the GSCM Core Composite is $1,000,000. Accounts
may include up to 20% fixed income investments. As a whole, fixed income securities represent less than 5% of total composite assets. The start date for
the GSCM Core Composite was January 1, 1997 and the composite was created in October 2004. The composite benchmark is the S&P 500 Index, which
represents two-thirds of U.S. equity market value. New accounts are added to the composite at the beginning of the first full calendar month that they
meet the composite definition. Closed account data is included in the composite as mandated by the standards in order to eliminate a survivorship bias.
As of March 2009, accounts are removed on a monthly basis from the composite when assets fall below 30% of the minimum. Prior to March 2009, the
minimum was 50%. Dispersion is only shown on annual periods.
Calculation Methodology: Valuations and returns are computed and stated in U.S. dollars, and individual portfolios are revalued monthly. Pricing
information is supplied by ISS. The firm uses the trade date monthly returns and links these returns geometrically to produce an accurate time-weighted
rate of return. Prior to January 2002, some accounts may have employed the use of settlement date accounting to calculate performance results. Time-
weighted total returns include both capital appreciation and reinvested dividends. The GSCM Composite performance is the total return including cash
and cash equivalents, of an asset-weighted composite of all discretionary portfolios managed by Stuart Greenfield and Yancey Seitz. Composite returns
are asset-weighted. We revalue the composite at 10% cash flows. We do not remove accounts from composites when significant cash flows occur. Net of
fees returns are calculated net of management fees, transaction costs, and custodian fees. To calculate gross of fees returns, please review our fees and
add applicable fees back into returns accordingly. Returns are calculated gross of all withholding taxes on foreign dividends. The dispersion measure is
the asset-weighted standard deviation of accounts in the composite for the entire year. On 2/28/06, the composite changed software to Advent Axys. After
the change in software programs, composite returns are now calculated using modified dietz and cash-basis dividends. GSCM's policies for valuing
portfolios, calculating performance and preparing compliant presentations are available upon request.
Key Manager Change: In February 2002, Stuart Greenfield assumed co-responsibility for stock selection and investment management from Eric
Greenfield. Yancey Seitz has shared investment management responsibility during all periods of the Composite.
Net-of-fee performance: Net of fee performance shown reflects the deduction of actual fees. To calculate gross of fees returns, please review our fees and
add applicable fees back into returns accordingly. Actual fees are expected to be lower than the maximum scheduled rate of 1%. All charts and tables are
shown Net of Fees.
Benchmark: The MSCI Global Equity Indexes are widely tracked global equity benchmarks and serve as the basis for over 650 exchanged traded funds*
throughout the world. The indexes provide exhaustive equity market coverage for over 75 countries in the Developed, Emerging and Frontier Markets,
applying a consistent index construction and maintenance methodology. This methodology allows for meaningful global views and cross regional
comparisons across all market capitalization size, sector and style segments and combinations. The S&P 500 is an unmanaged index of 500 stocks chosen
for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to
reflect the risk/return characteristics of the large cap universe. It includes reinvested dividends and is presented gross of fees.
Statistical Definitions: Standard Deviation is the square root of the variance. Beta is measure of a portfolio’s volatility relative to the market. R2 is the
relative predictive power of a model. Alpha is the extra return above what CAPM determines for the amount of risk taken, risk adjusted return.
Custodian Transfer: On 4/1/05, GSCM changed asset custodians. There were no disruptions in performance and no trading activity during transfer.
Fee Schedule: 1.00% on assets under management
Other Disclosures: Greenfield Seitz Capital Management claims compliance with the Global Investment Performance Standards (GIPS®) and has
prepared and presented this report in compliance with the GIPS standards. GSCM has been independently verified for the periods January 1, 1997 -
December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite
construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present
performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
Performance Error: An error was found in March 2012 for the performance during the period of May 2011. This error occurred due to an incorrect feed
through a daily download from an outside custodian.