Cadence Capital Limited returned a positive gross performance of 2.4% in the month of October, compared to the All Ordinaries Accumulation Index which was up 2.1% over the same period. The fund has had a good start to the new financial year returning 15.8%, outperforming the All Ordinaries Accumulation Index by 12.6% during this period. The largest contributors to performance during October were Pinterest Inc, AP Eagers, Lynas Corp, ARB Corp, Tencent Holdings and Money3 Corp. The largest detractors from performance were Uniti Group and Resimac Group.
At 31st October 2020, the Company was 74.0% invested.
Earlier this month, the Company released its September 2020 Quarterly Webcast. In this Webcast, Karl Siegling firstly provides an update on the Company’s performance, upcoming dividend payment and CDM’s discount to NTA. Portfolio managers, Jackson Aldridge and Charlie Gray, then discuss the portfolio’s construction and some of the Company’s current investment themes. Karl Siegling finishes with an update on the outlook for 2021.
On the 30th October 2020, the Company paid its 2.0 cents fully franked final dividend. This brought the 2020 fully franked full year dividend up to 4.0 cents per share, equating to a 5.7% annual fully franked yield, or an 8.1% gross yield based on the CDM share price of $0.79 on the date that dividend was paid. The dividend re-investment plan (DRP) was not in operation for this final dividend as the Company’s shares are trading at a large discount to the underlying NTA per share of the Company. The Company has implemented an on-market share buy-back which increases the NTA per share for all existing Cadence Capital Limited shareholders.
Cadence Opportunities Fund Shortfall Offer
Cadence’s shorter-term trading fund, the Cadence Opportunities Fund, which is currently unlisted, recently announced a $10 million rights issue. Any rights not taken up by Cadence Opportunities Fund shareholders are being placed to both Cadence Opportunities Fund shareholders and new investors. You are invited to participate in this shortfall offer. This offer closes on 30th November 2020. This fund is unlisted, but the intention is to list it on the ASX at some point in the future. Currently, the fund has received commitments for $6.1M of the $10M offer.
For more detail on the Rights Issue and Shortfall Placement please watch the Cadence Opportunities Fund Entitlement & Shortfall Offer Presentation. Please also refer to the offer booklet . If you would like to apply for the shortfall offer please complete the shortfall application form (page 61) and the Investor Identification form (page 63) and send to corporateactions@boardroomlimited.com.au .
Fund NTA
Fund Performance
* 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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