The document provides an overview of the Samuel Terry Absolute Return Group fund, including:
- Fund details such as size, fees, and performance showing strong long-term returns.
- The investment approach which focuses on "one way bets" and "irrational odds" across a wide opportunity set globally.
- Several current portfolio holdings are discussed in more detail, including Diamond Offshore Drilling, Yellow Holdings NZ, Horizon Oil, and Kiland.
- A valuation summary is provided for AMP estimating a per share value range of $1.45 to $2.17.
GEI was incorporated in August 2010 with a market capitalization of $50 million. It develops synergies among experienced financial professionals to provide effective market penetration for various investment products and services. GEI works with investors and experts to turn ideas into successful ventures through unique investment options and opportunities, prioritizing clients' interests. GEI is active in markets including the US, Canada, China, South Korea, Australia and focuses on restructuring, acquisitions, commodities, and mining investments.
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 and summary of the Investec Global Franchise Fund. It discusses the fund's objective of investing in quality, global companies with strong business models and management. It notes some of the fund's key attributes like its current fund size, launch date, geographic and sector allocations, and track record of outperforming benchmarks with lower volatility.
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, process and current views. Some key points:
- The fund has outperformed its benchmark over various periods since inception in 2009, with an annualized return of 8% vs the benchmark's 7.3%.
- The investment framework aims to participate in bond market rallies while protecting against downturns by maintaining a capital preservation bias.
- The process involves developing strategic and tactical views through proprietary analysis and debate, then implementing these views through active management within the framework.
- Currently, improving local politics are being swamped by a hostile external environment, making valuations on local bonds compelling.
The document provides an overview of Deloitte, a leading global accounting and consulting firm. It discusses Deloitte's presence in Israel, including its 80 partners and over 1,000 employees serving clients across various industries. Deloitte in Israel has eight offices and provides a wide range of audit, tax, consulting, and financial advisory services. The document also introduces some of Deloitte Israel's leadership team.
Cash Management Solutions Ippi Icp 310310Wilson Wong
This document provides an overview of ING Funds Berhad, a Malaysian asset management company that is part of the global financial group ING. It discusses ING Funds' product offerings such as the ING Cash Plus and ING Principal Protected Income funds, which provide returns from investments in high quality short-term money market instruments while ensuring safety of capital. The document also highlights ING Funds' strengths such as a wide distribution network, a track record of product innovation, and access to global investment resources through its parent company ING.
Current Investment Climate and Ethical Investment in Tanzania - presentation ...Janet Chapman
Presentation at the All-Party Parliamentary Group for Tanzania meeting entitled ‘Current Investment Climate and Ethical Investment in Tanzania’ by Peter Maila, investment director in the Africa Team at the CDC (formerly the Commonwealth Development Corporation)
GEI was incorporated in August 2010 with a market capitalization of $50 million. It develops synergies among experienced financial professionals to provide effective market penetration for various investment products and services. GEI works with investors and experts to turn ideas into successful ventures through unique investment options and opportunities, prioritizing clients' interests. GEI is active in markets including the US, Canada, China, South Korea, Australia and focuses on restructuring, acquisitions, commodities, and mining investments.
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 and summary of the Investec Global Franchise Fund. It discusses the fund's objective of investing in quality, global companies with strong business models and management. It notes some of the fund's key attributes like its current fund size, launch date, geographic and sector allocations, and track record of outperforming benchmarks with lower volatility.
This document provides an overview of the Investec Diversified Income Fund, including its performance, investment framework, process and current views. Some key points:
- The fund has outperformed its benchmark over various periods since inception in 2009, with an annualized return of 8% vs the benchmark's 7.3%.
- The investment framework aims to participate in bond market rallies while protecting against downturns by maintaining a capital preservation bias.
- The process involves developing strategic and tactical views through proprietary analysis and debate, then implementing these views through active management within the framework.
- Currently, improving local politics are being swamped by a hostile external environment, making valuations on local bonds compelling.
The document provides an overview of Deloitte, a leading global accounting and consulting firm. It discusses Deloitte's presence in Israel, including its 80 partners and over 1,000 employees serving clients across various industries. Deloitte in Israel has eight offices and provides a wide range of audit, tax, consulting, and financial advisory services. The document also introduces some of Deloitte Israel's leadership team.
Cash Management Solutions Ippi Icp 310310Wilson Wong
This document provides an overview of ING Funds Berhad, a Malaysian asset management company that is part of the global financial group ING. It discusses ING Funds' product offerings such as the ING Cash Plus and ING Principal Protected Income funds, which provide returns from investments in high quality short-term money market instruments while ensuring safety of capital. The document also highlights ING Funds' strengths such as a wide distribution network, a track record of product innovation, and access to global investment resources through its parent company ING.
Current Investment Climate and Ethical Investment in Tanzania - presentation ...Janet Chapman
Presentation at the All-Party Parliamentary Group for Tanzania meeting entitled ‘Current Investment Climate and Ethical Investment in Tanzania’ by Peter Maila, investment director in the Africa Team at the CDC (formerly the Commonwealth Development Corporation)
Infrastructure Investing: When 1 + 1 = TOOJeremy Deal
1) Brookfield Business Partners completed a transformative recapitalization and acquisition of Teekay Offshore in September 2017, injecting $600 million of new capital.
2) This addressed Teekay Offshore's years of misaligned incentives, poor capital allocation decisions, and bad timing that led to financial distress.
3) The deal significantly improved Teekay Offshore's leverage, cash flow, and access to capital, positioning it for growth under Brookfield's ownership.
The 2006 Temasek Review, titled “Managing for Value”, was launched in July 2006.
Structure
- Our Portfolio Highlights
- From the Chairman
- Group Financial Summary
- Our Investments
- Our Institution
- Our Partners and Friends
- Our Major Portfolio Investments
- Our Presence
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
CARDINAL PETROLEUM HOLDINGS LIMITED - INVESTOR PRESENTATION AND INFORMATION D...DARYL DUCASSE
AN INFORMATION DOCUMENT FOR PROSPECTIVE INVESTORS PRE-LISTING PHASE.
CARDINAL IS AN INVESTMENT HOLDING COMPANY FOCUSED ON THE ACQUISITION AND DEVELOPMENT OF PETROLEUM AND RELATED REAL ESTATE ASSETS IN SOUTH AFRICA.
RETURN OF 12.50%pa.
FOR FURTHER INFORMATION, CONTACT CARDINAL CFO, KEN MORISON - ken@cardinalph.co.za or DARYL DUCASSE - daryl@cardinalph.co.za.
The document discusses Newmarket Gold Inc., an intermediate gold producer with three mines in Australia. It highlights the company's experienced management team, solid production of over 200,000 ounces annually, and record production and financial results in recent quarters. Newmarket also has potential for organic growth through exploration success and expanding resources at its mines. The company trades at a significant valuation discount to peers and has an opportunity for consolidation in the gold sector.
Roy Walker provides financial advisory and wealth management services. He has over 20 years of experience in Asia and now works from Dubai. He takes a cautious approach to investing, focusing on long-term growth through diversification across asset classes and geographies. His financial planning process involves conducting a needs analysis, researching solutions, preparing a recommendation document, discussing options with clients, and ongoing monitoring and reviews. The goal is to help clients achieve their financial goals through a personalized and tailored approach.
This document provides an introduction and overview of fund management and REITs (Real Estate Investment Trusts) in Singapore. It discusses the history and growth of REITs in Singapore, why Singapore REITs perform well, the types of real estate funds, sources of funds, and key players in the Singapore REIT market. It also summarizes the speaker's background and experience in the real estate industry and provides an agenda for the topics to be covered.
CMW - June 2014 Annual Financial ReportBrad Sheahon
Cromwell Property Group delivered strong financial results in FY2014, with operating profit up 43% to a record $146.7 million. Statutory profit increased 295% to $182.5 million. Distributions were up 5% to 7.6 cents per security. Net tangible assets per security increased to $0.73. Gearing was reduced to 42%. The funds management business continued to grow strongly, with operating profit up 30% to $8.3 million. Cromwell remains focused on delivering predictable, growing distributions through active management of its property portfolio and funds management business. Guidance for FY2015 is for operating earnings of at least 8.3 cents per security and distributions of 7.85 cents per
DarcMatter_South Korean Institutional Investor PrimerSang H. Lee
South Korean institutional investors such as pension funds, insurance companies, and sovereign wealth funds have been increasingly allocating to alternative assets such as private equity, real estate, and infrastructure. Direct deals and private fund investments in developed overseas markets like the US, Europe, and Australia have been high areas of demand. Brokerage firms in South Korea have also been actively involved in arranging overseas transactions between $50-$500mm for these institutional investors.
Netwealth portfolio construction series - Why investing in commercial propert...netwealthInvest
Debunk the myth that only the wealthy can invest in commercial property and learn the benefits of adding property for income to your investment portfolio, with Mark Mazzarella from APN Property Group.
What is EQUITYMULTIPLE? This presentation touches on what we are, why we are, and how we are different from other real estate "crowdfunding" platforms. For more info, please visit www.equitymultiple.com and/or contact info@equitymultiple.com
The document discusses different investment strategies and one investor's portfolio growth over several years. It describes investments in stocks, bonds, mutual funds, and IPOs. Key strategies discussed include systematic investment plans, long-term equity investments, and short-term trading. The portfolio saw mixed results from 2007-2012, with gains in some years and losses in others. Overall, the investor believes the market is now entering a bull phase and higher returns can be achieved through long-term equity investments.
DreamerTopia Investments seeks $1 million in initial funding to launch a private equity fund that will invest in small businesses in high-growth industries like technology, gold mining, and oil/gas. The fund will employ strategies like due diligence and target financially stable companies with strong management. It aims to provide 8% annual returns over 5 years by investing in domestic businesses to stimulate the economy and gain tax benefits. The management team is led by Donald Kernan, who has previous success launching businesses.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
Australian small cap stocks can be a popular investment due to their higher growth potential over large cap stocks. If you’d like to gain exposure to small cap stocks, this webinar can teach you how to identify high-quality businesses that can last the distance.
Identify small cap stocks that will last the distancenetwealthInvest
Michelle Lopez from Aberdeen Standard Investments presented on identifying small cap stocks that will perform well over the long term. The presentation focused on the importance of evaluating company fundamentals, including business strategy, management quality, financials, and ESG factors. Lopez emphasized that active investment including shareholder engagement is important for achieving strong risk-adjusted returns from small cap stocks.
The document discusses Belmont Investments, a hedge fund manager based in the US, Dublin, and Singapore. It notes that hedge funds can provide diversification benefits when added to a portfolio of stocks and bonds, as they have low correlation to traditional assets and can help lower overall portfolio risk and volatility. The document also discusses managed futures funds, which invest in futures contracts across a variety of markets, and how they can exhibit trend-following behavior and further improve risk-adjusted returns when added to stock and bond portfolios.
This document summarizes an investment opportunity in a Swedish listed property bond. The bond offers a minimum investment of £2,500 with an annual return of 8% paid out semi-annually. The bond is listed on a recognized stock exchange and can be held within several tax-efficient accounts. The company focuses on property development and acquisition projects in Stockholm worth £5-20 million. Experienced directors have over 30 years in real estate development. The investment aims to provide regular income with security through its exchange listing and experienced management team.
N1 SME Lending Fund investors performance report v. May2020Ren H Wong
N1 Holdings group of businesses provide strategic advice on businesses, corporations, project developers and property investors seeking new equity capital/debt, refinancing or refinancing existing debt. We assist companies and individuals through the complex processes of Australian major banks, private funds, and offshore debt capital providers. With the growth in alternative lending, N1 overseas strategic alliances are perfectly placed to advise businesses through this changing lending environment and debt market.
Otan Property Funds Management Ltd was established to capitalize on opportunities in the Western Australian property market. It has a retail AFSL license and will provide investors exposure to residential and commercial property developments and acquisitions primarily in Western Australia. Key types of developments include apartments, housing subdivisions, and commercial projects. Otan aims to maximize returns for investors using economic cycles while managing risk through strategies like pre-sales and non-recourse debt. It is backed by experienced directors and a partnership with Pindan Constructions. Current and upcoming Otan fund investments are outlined.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Infrastructure Investing: When 1 + 1 = TOOJeremy Deal
1) Brookfield Business Partners completed a transformative recapitalization and acquisition of Teekay Offshore in September 2017, injecting $600 million of new capital.
2) This addressed Teekay Offshore's years of misaligned incentives, poor capital allocation decisions, and bad timing that led to financial distress.
3) The deal significantly improved Teekay Offshore's leverage, cash flow, and access to capital, positioning it for growth under Brookfield's ownership.
The 2006 Temasek Review, titled “Managing for Value”, was launched in July 2006.
Structure
- Our Portfolio Highlights
- From the Chairman
- Group Financial Summary
- Our Investments
- Our Institution
- Our Partners and Friends
- Our Major Portfolio Investments
- Our Presence
Visit www.temasekreview.com.sg for latest Temasek Review.
Follow @Temasek on Twitter at www.twitter.com/Temasek.
CARDINAL PETROLEUM HOLDINGS LIMITED - INVESTOR PRESENTATION AND INFORMATION D...DARYL DUCASSE
AN INFORMATION DOCUMENT FOR PROSPECTIVE INVESTORS PRE-LISTING PHASE.
CARDINAL IS AN INVESTMENT HOLDING COMPANY FOCUSED ON THE ACQUISITION AND DEVELOPMENT OF PETROLEUM AND RELATED REAL ESTATE ASSETS IN SOUTH AFRICA.
RETURN OF 12.50%pa.
FOR FURTHER INFORMATION, CONTACT CARDINAL CFO, KEN MORISON - ken@cardinalph.co.za or DARYL DUCASSE - daryl@cardinalph.co.za.
The document discusses Newmarket Gold Inc., an intermediate gold producer with three mines in Australia. It highlights the company's experienced management team, solid production of over 200,000 ounces annually, and record production and financial results in recent quarters. Newmarket also has potential for organic growth through exploration success and expanding resources at its mines. The company trades at a significant valuation discount to peers and has an opportunity for consolidation in the gold sector.
Roy Walker provides financial advisory and wealth management services. He has over 20 years of experience in Asia and now works from Dubai. He takes a cautious approach to investing, focusing on long-term growth through diversification across asset classes and geographies. His financial planning process involves conducting a needs analysis, researching solutions, preparing a recommendation document, discussing options with clients, and ongoing monitoring and reviews. The goal is to help clients achieve their financial goals through a personalized and tailored approach.
This document provides an introduction and overview of fund management and REITs (Real Estate Investment Trusts) in Singapore. It discusses the history and growth of REITs in Singapore, why Singapore REITs perform well, the types of real estate funds, sources of funds, and key players in the Singapore REIT market. It also summarizes the speaker's background and experience in the real estate industry and provides an agenda for the topics to be covered.
CMW - June 2014 Annual Financial ReportBrad Sheahon
Cromwell Property Group delivered strong financial results in FY2014, with operating profit up 43% to a record $146.7 million. Statutory profit increased 295% to $182.5 million. Distributions were up 5% to 7.6 cents per security. Net tangible assets per security increased to $0.73. Gearing was reduced to 42%. The funds management business continued to grow strongly, with operating profit up 30% to $8.3 million. Cromwell remains focused on delivering predictable, growing distributions through active management of its property portfolio and funds management business. Guidance for FY2015 is for operating earnings of at least 8.3 cents per security and distributions of 7.85 cents per
DarcMatter_South Korean Institutional Investor PrimerSang H. Lee
South Korean institutional investors such as pension funds, insurance companies, and sovereign wealth funds have been increasingly allocating to alternative assets such as private equity, real estate, and infrastructure. Direct deals and private fund investments in developed overseas markets like the US, Europe, and Australia have been high areas of demand. Brokerage firms in South Korea have also been actively involved in arranging overseas transactions between $50-$500mm for these institutional investors.
Netwealth portfolio construction series - Why investing in commercial propert...netwealthInvest
Debunk the myth that only the wealthy can invest in commercial property and learn the benefits of adding property for income to your investment portfolio, with Mark Mazzarella from APN Property Group.
What is EQUITYMULTIPLE? This presentation touches on what we are, why we are, and how we are different from other real estate "crowdfunding" platforms. For more info, please visit www.equitymultiple.com and/or contact info@equitymultiple.com
The document discusses different investment strategies and one investor's portfolio growth over several years. It describes investments in stocks, bonds, mutual funds, and IPOs. Key strategies discussed include systematic investment plans, long-term equity investments, and short-term trading. The portfolio saw mixed results from 2007-2012, with gains in some years and losses in others. Overall, the investor believes the market is now entering a bull phase and higher returns can be achieved through long-term equity investments.
DreamerTopia Investments seeks $1 million in initial funding to launch a private equity fund that will invest in small businesses in high-growth industries like technology, gold mining, and oil/gas. The fund will employ strategies like due diligence and target financially stable companies with strong management. It aims to provide 8% annual returns over 5 years by investing in domestic businesses to stimulate the economy and gain tax benefits. The management team is led by Donald Kernan, who has previous success launching businesses.
Netwealth portfolio construction series - How to find undervalued investment ...netwealthInvest
Roger Montgomery from Montgomery Investment Management presented to an audience on 17th August 2016 on the "value investing" approach and what it means for investors.
Australian small cap stocks can be a popular investment due to their higher growth potential over large cap stocks. If you’d like to gain exposure to small cap stocks, this webinar can teach you how to identify high-quality businesses that can last the distance.
Identify small cap stocks that will last the distancenetwealthInvest
Michelle Lopez from Aberdeen Standard Investments presented on identifying small cap stocks that will perform well over the long term. The presentation focused on the importance of evaluating company fundamentals, including business strategy, management quality, financials, and ESG factors. Lopez emphasized that active investment including shareholder engagement is important for achieving strong risk-adjusted returns from small cap stocks.
The document discusses Belmont Investments, a hedge fund manager based in the US, Dublin, and Singapore. It notes that hedge funds can provide diversification benefits when added to a portfolio of stocks and bonds, as they have low correlation to traditional assets and can help lower overall portfolio risk and volatility. The document also discusses managed futures funds, which invest in futures contracts across a variety of markets, and how they can exhibit trend-following behavior and further improve risk-adjusted returns when added to stock and bond portfolios.
This document summarizes an investment opportunity in a Swedish listed property bond. The bond offers a minimum investment of £2,500 with an annual return of 8% paid out semi-annually. The bond is listed on a recognized stock exchange and can be held within several tax-efficient accounts. The company focuses on property development and acquisition projects in Stockholm worth £5-20 million. Experienced directors have over 30 years in real estate development. The investment aims to provide regular income with security through its exchange listing and experienced management team.
N1 SME Lending Fund investors performance report v. May2020Ren H Wong
N1 Holdings group of businesses provide strategic advice on businesses, corporations, project developers and property investors seeking new equity capital/debt, refinancing or refinancing existing debt. We assist companies and individuals through the complex processes of Australian major banks, private funds, and offshore debt capital providers. With the growth in alternative lending, N1 overseas strategic alliances are perfectly placed to advise businesses through this changing lending environment and debt market.
Otan Property Funds Management Ltd was established to capitalize on opportunities in the Western Australian property market. It has a retail AFSL license and will provide investors exposure to residential and commercial property developments and acquisitions primarily in Western Australia. Key types of developments include apartments, housing subdivisions, and commercial projects. Otan aims to maximize returns for investors using economic cycles while managing risk through strategies like pre-sales and non-recourse debt. It is backed by experienced directors and a partnership with Pindan Constructions. Current and upcoming Otan fund investments are outlined.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
2. 2
Fund Summary
Fund Name Samuel Terry Absolute Return Group comprising Samuel Terry Absolute Return Fund and Samuel
Terry Absolute Return Active Fund*
APIR Code STP9437AU
Fund inception November 2003
Fund Size A$501m
Base Currency Australian Dollars
Investor eligibility Wholesale investors only
Fund Liquidity Monthly
Administrator and Custodian Link Fund Solutions
Auditor Grant Thornton
Management fee 1.5% plus GST p.a
Performance fee 20% of benchmark outperformance, with a high water mark, paid annually
Benchmark RBA cash rate plus 2% p.a
Buy/Sell spread 0.5%
Platform availability Powerwrap, Netwealth, Ausmaq
*See Appendix A for representation of legal structure
3. 3
Fred has worked in financial markets since 1981. Prior to
founding Samuel Terry in 2003, Fred worked for Hunter Hall
International Limited, a European family office and various
stockbroking firms in Australia and the UK. Fred has an
Economics degree from University of Sydney.
Fred Woollard
Founder and Managing Director
People | Small team. Experience through market cycles and across asset classes
Nigel has worked in financial markets since 1985. Prior to
joining Samuel Terry in 2009, Nigel also worked at Hunter
Hall International Limited, the same European family office,
Friends Provident and GIO Australia. Nigel has an
Economics/Finance degree and an Accounting Masters
degree, both from University of NSW.
Mitch has worked in financial markets since 2009. Prior to
joining Samuel Terry in 2017, Mitch worked for a boutique
Australian fund manager. Mitch has a Commerce degree from
University of Sydney and a Master of Applied Finance from
Macquarie University.
Therese started work as a banking and finance and
commercial lawyer in 1987. She has worked in private practice
in Sydney and in-house for investment banks in London. She
has an Economics degree, majoring in Accounting and
Economics and a Law degree, both from University of Sydney
and a Masters in Law from University of Cambridge.
Investment Team Support Team
Nigel Burgess
Director
Mitch Taylor
Portfolio Manager
Ouafaa Karim
Chief Operating Officer
Ouafaa has over 30 years experience in the financial services
industry in the fields of operations, compliance and company
secretarial. Prior to joining Samuel Terry, Ouafaa worked with
CBA, AMP and MLC. Ouafaa also worked at Hunter Hall
International Limited. Ouafaa has a Bachelor of Arts and a
Masters in Commercial Law from Macquarie University.
Therese Cochrane
General Manager
4. 4
2003
2004
2005
2006
2007
2007
2008
2009
2010
2011
2012
2012
2013
2014
2015
2016
2017
2017
2018
2019
2020
2021
2022
STAR Fund* after all fees
All Ords Accumulation Index
MSCI World (dev) AUD Index
Performance | Good returns for 18 years
To 30
September
2022
STAR Fund*
F units
after fees
STAR
Fund A
units
after fees
All Ords
Accum
Index
MSCI World
Developed
Index (AUD)
1 quarter 7.3% 6.6% 0.8% 0.7%
1 year 13.8% 13.1% -8.6% -11.1%
3 years (%p.a.) 17.0% 15.2% 3.1% 5.5%
5 years (%p.a.) 19.1% 17.1% 7.1% 8.3%
7 years (%p.a.) 21.5% 8.3% 8.6%
10 years (%p.a.) 23.3% 8.6% 12.4%
Since inception
(%p.a)
16.2% 8.2% 7.5%
Value of $1 invested since inception
*Founder units – A class units have a different hurdle rate for performance fee. A Class Units have an inception date of 30 September 2016.
.
$17.0
$4.5
$3.9
5. 5
What makes the fund different? | We have significant personal investments
in the fund… we eat our own cooking
Flexible Conservative Uncomplicated
● NOT attempting to track any index.
● Invest globally.
● Looks beyond equities.
● Invests across the range of market
capitalisations.
● Willing and able to invest in unlisted and
illiquid securities.
● Willing and able to be active investors.
● Often hold lots of cash. Since inception,
the average cash weighting has been 18%.
● NO borrowing or leveraging of the fund.
● NO short selling
● Do not write options, will only buy them
periodically.
● Majority of investments are usually in
companies which themselves have net
cash. This helps us sleep at night,
especially when markets are slumping.
● Invest only in companies and financial
instruments we understand.
● Low frequency traders. Since inception,
annual portfolio turnover has been less
than 50%.
● We have limited brain space and limited
good ideas. We Invest heavily in our best
ideas. The portfolio is more concentrated
than most.
● If we cannot find investments which offer
attractive risk/reward, we hold cash and
wait.
● Provide a high degree of transparency.
We aim to maximise post tax returns for our Australian unit holders.
6. 6
What makes the fund different? | Unique Approach. Wide opportunity set,
looking for simple characteristics
“One way bets”
Heads, I win…
Tails, I don’t lose…
Typically ~80% of
capital employed.
“Irrational odds”
Heads, I win $5…
Tails, I only lose $1…
Typically less than 20%
of capital employed.
7. 7
Current Portfolio | Portfolio Snapshot at 24 October 2022
Top Holdings % of NAV
Cash (including physical gold) 20.8%
Diamond Offshore Drilling* 15.0%
AMP 11.6%
Horizon Oil 8.2%
Kiland 7.9%
Infrabuild 12% notes due 2024 6.1%
UK Banks (Barclays, Lloyds, Virgin Money) 5.2%
NobleOak Life 4.0%
US Masters Residential Fund 4.2%
Namoi Cotton 3.9%
BisAlloy Steel 2.1%
Cash
21%
● 52% of capital invested in companies with net
cash.
● 13% of capital is invested in corporate credit.
● We aim to hold securities issued by 15-35
diverse names.
● Top 20 holdings represent 99% of capital. The
Fund currently owns securities issued by 21
names.
● 49% of capital is invested in Australian
securities, 29% is invested in non-Australian
securities
● 0% of capital is invested in technology shares
Commodities &
Energy
24%
Top Sectors
Financials
21%
*Investment consists of both debt and equity instruments.
8. 8
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Jun 10 Dec 11 Jun 13 Dec 14 Jun 16 Dec 17 Jun 19 Dec 20 Jun 22
Market value of enterprise USDm Book Value of enterprise USDm
Current Holding | Diamond Offshore Drilling. Market cap: USD890m
● Diamond is a tier one offshore driller with a history of rational capital allocation
decisions. It owns 13 and operates 15 drilling vessels with a book value* in
excess of USD4bln.
● In April 2020 Diamond entered Ch11 bankruptcy to restructure its USD2.4bln of
debt and create a sustainable capital structure. In response, Diamond’s
unsecured bonds were sold aggressively in the secondary market. We bought
6.5% of the unsecured bonds at around 12c per dollar of face value and
subsequently joined a creditors committee which negotiated Diamond’s exit
from bankruptcy.
● In April 2021 Diamond emerged from bankruptcy and conducted a capital
raise. As part of the bankruptcy plan, our unsecured bonds were converted to
equity. We participated heavily in the capital raise and now own approximately
4% of Diamond’s reorganised equity and 2% of Diamond’s reorganised debt.
● In March 2022 Diamond’s reorganised shares relisted on NYSE (DO.NYSE).
Diamond now has a sustainable capital structure.
● Offshore drilling is cyclical. Industry conditions and rig profitability have
improved materially in the last 12 months.
Diamond is still trading cheaply, when compared to history
Initial investment
* Book Value of Enterprise excludes effect of “fresh start” accounting on book value – estimates.
9. 9
● Offshore oil accounts for approximately 30% of global oil production. Current oil
prices offer attractive economics. Offshore “break-even” production costs are
estimated to be below $45 per barrel.
● High oil prices from 2011- 2014 spurred a boom in offshore oil drilling, and a
corresponding a boom in new vessel building. Drilling vessels take years to build
and some are only just completing.
● Since 2015 the offshore drilling industry has been oversupplied. Shorter (higher
“break-even”) paybacks available in unconventional oil, and lower general oil
CAPEX has limited demand. We don’t think demand will return to 2014 peaks.
● Legacy term contracts enabled the industry to stall the inevitable retirement of
long term sub-economic drilling vessels. Oil volatility in 2020 prompted majors to
defer CAPEX which in-turn caused most of Diamond’s peers to enter bankruptcy.
● After bankruptcies, the new vessel owners have been more pragmatic on rig
retirement decisions which has reduced supply to more sustainable levels.
Continued Industry consolidation is likely.
● High rig utilisation rates suggest high-spec rigs are “sold out” in many cases. Rig
lease rates have risen over 70% in the past 12 months.
● If current spot lease rates sustain, Diamond could generate significant cash-flow
over the next 5 years.
Current Holding | Diamond Offshore Drilling. Market Cap: USD890m
Drillship Rates by Fixture Date (US$kpd)
Source: HIS and Diamond Offshore
Global oil Capex forecast
Source: Wood Mackenzie. May 2022
10. 10
Current Holding | Yellow Holdings NZ. Unlisted
● Yellow Holdings is an unlisted company which owns the NZ yellow pages and a
suite of associated digital businesses. We own 79%.
● Sold by Telecom NZ to private equity in 2007 for more than $2bln. Since then
Yellow has been through numerous restructurings. It has consistently generated
cash, at a declining rate.
● We acquired our interest between Dec 2018 and August 2019 in the secondary
market. We bought from motivated sellers at attractive prices.
● Since taking control, we have restructured the Board, capital structure and
management incentives. We are now in safe hands.
● Cash generation has continued. We have already been paid back more than our
investment.
● The company should continue to generate cash at a declining rate. It has no
material long-term liabilities.
● We are optimistic about the company’s outlook despite it being part of a
declining industry.
Investment cost vs cash flow %
Total capital
outlay
Loan repayments
and distributions
Future
Cashflow?
Break-even
?
?
11. 11
*Based on annualising the company’s March 2022 quarterly results and costs.
Current Holding | Horizon Oil Limited. Market Cap: $230m
● Horizon oil is an ASX listed oil producer with minority interests in producing
assets located in New Zealand and China. The company produces over 1.2m
barrels of oil per year at a break-even operating cost of less than USD20 per
barrel*. Horizon’s current assets are expected to sunset in the current decade.
● We bought into the company in May 2021 by way of acquiring a block of
unlisted options. We own 20% of the company and have Board representation.
● At the time of our acquisition, Horizon had a poor track record of capital
allocation and consequently traded at a discount. The company had a stated
strategy of using its cash to grow oil reserves.
● Since we joined the Board, the company has begun returning capital to
shareholders, streamlining management and reducing costs. Its strategy is now;
“Maximise Free Cash Flow. Capital Management. Invest in New Business if
exceptional.”
● Horizon is well placed to benefit from any mid term strength in oil prices. It has
no net debt and continues to generate cash.
Horizon continues to generate free cash flow
8.3c
3.0c
5.5c
?
?
?
?
?
3.0c
3.0c
Samuel Terry cost 2021 distribution 2022 distribution Future cashflow?
12. 12
Current Holding | Kiland Limited. Market cap: $100m
● Kiland owns 18,662 hectares of arable land on Kangaroo Island. The estate has
greater than 750ml average annual rainfall and significant carrying capacity.
● Kiland is developing its landholding into an institutional grade estate with an
expected carrying capacity of 270,000 Dry Sheep Equivalent (DSE).
● Samuel Terry owns 41% and has Board representation. In May 2022 we
participated in and partially underwrote a material equity raise. Kiland now has
approximately $55m in net cash.
● The development represents an opportunity to create a world class agricultural
estate for less than $500 per DSE.
● Kiland’s development involves harvesting and reverting the current tree-crop,
preparing and improving the land for traditional agriculture, and establishment
of a going concern sheep meat enterprise.
● Kiland intends that the reversion activities will incorporate emissions
minimisation techniques and is pursuing a strategy to earn carbon credits by
doing so.
● Kangaroo Island farmland traditionally trades at a discount to equivalent
mainland transactions. Kiland’s agricultural development opportunity is
attractive even if this discount persists.
● The project is expected to take 4-6 years.
Recent High-Rainfall Grazing Farmland Sales
Source: Kiland Limited
Kiland Expected Development Cost
13. 13
AMP Valuation Summary (A$m) NTA* NPAT* Realisable Value* Commentary
Low High
AMP Wealth – Super / Advice / Platform 640 100 1,500 2,500
~$50bln of retail and corporate super AUM. Est. 20bps long term EBIT to AUM margins
achievable. Continued consolidation is expected in this sector.
Advice division losing ~$100m p.a. ‘Problem child’ subject to ongoing restructuring. AMP has
set a target for Advice to be break-even in the medium term.
At- scale platform. Continued industry consolidation could make this strategically attractive to
peers.
AMP Bank 1,230 110 1,200 1,500
12% CET1 Retail bank. Reasonable ROE, growing above system. NTA is ~$310m greater
than statutory capital requirement.
New Zealand WM 26 31 375 425 Market leader. Fully separate from AMP.
Corporate 169 -80 -700 -700 Ongoing corporate costs are too high for the remaining group - “cost-out” ongoing.
Sub-total 2,065 161 2,375 3,725
Sub-total per share $0.63 $0.05 $0.73 $1.14
Contingent liabilities and project costs - - (200) (100) In excess of existing $410m in recognised provisions for remediation. Includes ongoing
project costs for cost-out and restructuring.
Excess capital 2,000 30 2,000 2,000 Corporate excess capital net of debt. Excludes excess capital held in AMP Bank.
Contingent consideration, seed capital and
carried interest
- - 250 475 Largely arising from sale of the funds management business.
China Life JVs and PCCP minority interest 685 72 685 1,000 Non-core assets
Sub-total 2685 102 2,735 3,375
Sub-total per share $0.82 $0.03 $0.84 $1.03
Total - AMP Limited 4,750 $263 5,110 7,110
Value per share $1.45 $0.08 $1.56 $2.17
*Samuel Terry Estimates. Before announced Buy-Back
Current Holding | AMP. Market Cap: A$4b
As a result of recent asset sales, the majority of AMP’s market valuation is backed by its excess capital. Following 5 years of controversy, AMP is again profitable
and continues to own a suite of A-grade assets.
Recent actions suggest AMP may be breaking itself up – a low risk wind-up strategy is highly attractive. The biggest risk to AMP’s value proposition is the
adoption of an acquisition led growth strategy.
14. 14
Historical Holding | OneMarket Limited. Market cap: $112m (immediately prior
distribution in June 2020)
● OneMarket is a former technology business, now in liquidation.
The company returned $1.08 in cash to shareholders in June
2020.
● Spun-out of Westfield Corporation in June 2018. For every $100
worth of Westfield shares, holders received less than $1 of
OneMarket shares. Many holders were motivated sellers.
● We originally bought shares because they were trading for less
than cash backing and a fraction of invested capital. We
thought investing in the company’s technology was a worthy
investment with significant upside.
● The management and Board were first class, we expected they
would act rationally and return cash if further investment in the
technology was irrational.
● Unfortunately the technology did not work out. However, the
company was liquidated with significant cash remaining.
● We still made a profit.
OneMarket Limited share price vs net cash backing
15. 15
The above chart represents the spot US High Yield Index interest rate. It combines the US 3
month Libor rate with the US CDX High Yield credit spread. Source: Bloomberg & Samuel Terry.
Recent moves in interest rates coupled with the potential for recession in some sectors may create opportunities.
We invest across the capital structure. We have experience and capability in assessing, acquiring and implementing “work-out” strategies for
distressed debt issuers.
Future Opportunities | Potential for stress in some parts of the High Yield debt
market
New Issue 1st Lien Loan Leverage (x)
The above chart displays the debt to EBITDA multiple for new issues of high yield debt in the
US. Source: Morgan Stanley, May 2022.
High Yield interest rates have already doubled
0
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16. 16
Future Opportunities | Lessons from other Bear Markets. Be patient and beware of
Bear Market rallies
NASDAQ during .com bubble
Source: Public Coatue investor presentation based on Bloomberg data as a May 2022. For illustrative purposes only.
Heightened uncertainty is prompting increased share market volatility. We continue to exercise caution and patience.
S&P500 during Great Depression
17. 17
Reasons NOT to invest | Our fund is not for everyone
1. The Fund has a more concentrated portfolio than most other funds.
2. Although performance in recent years has been favourable, the Fund has had periods of poor performance, and will do so again.
3. Illiquid and/or obscure securities comprise part of the Fund’s portfolio. If you want to invest only in well-known, blue-chip
securities, this Fund is not for you.
4. The Fund’s illiquid securities could be difficult to sell quickly if the Fund receives a large number of redemption requests at once.
5. At times, a small proportion of the Fund will be invested in speculative securities. Some of these will pay off. Others will become
worthless, as some have done.
6. The Fund is managed with the objective of maximizing after-tax returns for Australian residents, rather than maximizing pre-tax
returns.
7. The Fund has been designed to be unsuitable for investors seeking a short-term home for their money.
8. The Fund is unlikely to pay a regular income.
9. Most of the Fund’s portfolio will usually be risk-averse and defensive; but in times of panic you should expect the Fund to be an
aggressive buyer of more speculative securities if their prices fall to levels judged to be ridiculously cheap. Some people do not
feel comfortable with this approach, even though it generated good returns for the Fund following the panics of March 2020
and 2008-2009.
18. 18
● 1.5% p.a.
Reasons NOT to invest | Our fees are higher than those of many other funds,
especially index funds
Management Fee Performance Fee
● 20% above the RBA
Cash Rate + 2% pa,
with a high-water mark
19. 19
Still interested?
Feel free to contact us to hear more.
Samuel Terry Asset Management Pty Ltd
120B Underwood Street
Paddington NSW 2021
AUSTRALIA
PO Box R1743
Royal Exchange NSW 1225
AUSTRALIA
T: 02 9066 9240
E: invest@samuelterry.com.au
W: www.samuelterry.com.au
20. 20
Appendix A – Fund structure
In 2019 Samuel Terry Absolute Return Active Fund (STAR Active) was established to acquire STAR Fund’s interest in an operating
business (Yellow NZ). This was done in an effort to maximise after tax returns to Australian Unit holders. Unit holders resolved to
staple STAR Active to STAR Fund. Stapling in this way is quite common in the market.
Investors in STAR Group
Samuel Terry Absolute Return Fund Samuel Terry Absolute Return
Active Fund
Holds “passive” investments, such as
minority investments in listed securities.
Tax status as a managed investment
trust, taxed on a “flow through basis”
assuming the Fund distributes all of its
table income in any year.
Pays annual distribution consisting of
realised capital gains and income.
Holds “Active” investments, such as
control positions in operating
businesses.
Tax status as a Public Trading Trust.
Treated like a company for Australian
tax purposes.
Can distribute franked and unfranked
dividends and/or capital returns to
investors, at the discretion of STAM.
STAM receives management and performance fees based on the aggregate net assets of both trusts.
Investors hold an equal
number of units in each Fund
Stapled
……………………………………………
Same number of units on issue
21. 21
Disclaimer
Samuel Terry Asset Management Pty Limited (AFSL 278294) does not guarantee the repayment of capital or any
particular rate of return from the Trust. Past performance is no guarantee or indication of future performance.
The unit price can go down as well as up. Investment returns have been calculated in accordance with normal
industry practice utilising movements in the unit price and assuming reinvestment of all distribution of income
and realized profits. The presentation does not take into account a reader's investment objectives, particular
needs or financial situation. It is general information only and should not be considered as investment advice
and should not be relied on as an investment recommendation.
We cannot and are not providing tax advice, and encourage you to seek independent tax advice before investing.
STAM may pass on part of its management and performance fees to financial advisers and other third parties
that introduce investors to the Fund.