Cadence Capital Limited completed the financial year down 4.9% over the prior 12 months, outperforming the All Ordinaries Accumulation Index by 2.3% over the same period. For the month of June 2020, the fund was up 0.3% compared to the All Ordinaries Accumulation Index which was up 2.3%.
The largest contributors to performance during June were Zip Co, Resimac Group, Tencent Holdings, Apple, Macquarie Group, Appen, and Qualcomm. The largest detractors from performance were Shine Justice and Electro Optic Systems.
On the 26th June the Company held its June 2020 Investor Presentation followed by a Q&A Session. In this online investor presentation, Karl Siegling provided an update on the fund including its recent performance, current holdings and positioning, and the key investment themes emerging in the portfolio. He also discussed the Company’s discount to NTA, tax asset, and capital management strategy.
During June, the Company implemented a further on-market share buy-back of up to 30.7 million of its ordinary shares. Given the Company’s shares are trading at a large discount to its NTA, the Board believes an on-market buyback will add value for shareholders via increasing the Company’s NTA per share.
* Gross Performance: before Management and Performance Fees
Fully Franked Dividends Declared Since Listing
* Off market equal access buy back
Historic Portfolio Exposure
Portfolio Sector Analysis
Top 20 Portfolio Positions
Portfolio Market Capitalisation Analysis
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Funds management involves a lot of synthesis of information and reading. Over the years we all end up reading many investment books and refer to them from time to time.
The team at Cadence has compiled a list of books that have influenced our investment style, or helped provide insight into the investment process.
Whilst not an exhaustive list, the 10 titles contained in this eBook provide a good starting point for any interested investor.