fAcT SH E E T 30 JUnE 2011 Abo U T b A R R A M U n D I KE Y D E TAIL S Barramundi is an investment company listed on the New Zealand Stock Exchange. It invests in small, growing Australian companies and seeks to create shareholder value AS AT 30 JUnE 2011 through growing its investment assets and paying quarterly dividends to shareholders. Fund type It provides diversification by giving investors exposure to a portfolio of growth Australian Listed Investment Company stocks wrapped up in one listed investment vehicle. The investment portfolio of Invests In Barramundi is managed by Fisher Funds Management Limited (“Fisher Funds” or the Small Cap Australian companies “Manager”), an investment manager with a track record of successfully investing in growth companies. LIstIng date 26 October 2006 FInancIaL year end 1 30 June PoRTfoLIo FACT SHEET 30 june 2011 barramundi limited Top 5 Portfolio Positions typIcaL portFoLIo sIze 10-20 stocks perFormance objectIve Long term growth of capital and dividends manager 8% 8% 6% 6% 6% Fisher Funds Management Limited The remaining portfolio is made up of another fifteen stocks and cash. The average market management Fee rate capitalisation of companies within the Barramundi portfolio is $300m. 1.25% of Gross Asset Value (reduced by 0.10% for every 1% of underperformance relative to the change in the NZX 90 day bank bill InvESTMEnT SELEcTIon cRITERIA index with a floor of 0.75%) >> History of earnings growth >> Sustainable competitive advantage perFormance benchmark >> Above average forecast earnings growth >> Quality, committed management NZX 90 day bank bill index + 7% >> Strong track record >> Pricing/valuation perFormance Fee Refer to Barramundi website for further information on the investment selection criteria. 15% of returns in excess of benchmark and high water mark hIgh water mark $0.95 per share PERfoRMAncE HIGHLIGHTS shares on Issue (The unaudited BRM NAV is announced to the New Zealand Stock Exchange every Thursday and at month end). 113.8m to 30 june 2011 Last 6 Last 12 Last 2 since share prIce months months years Inception 69 cents BRM NAV -14% +7% +29% -1% market capItaLIsatIon BRM Total Shareholder Return -6% +16% +55% -13% $78.5m S&P/ASX Small Ords Industrials -4% +22% +33% -8% Gross Index (in NZD terms) warrants outstandIng 41.9m (exercisable quarterly, expire Note: The BRM unaudited NAV performance and Total Shareholder Return include dividends paid, which are assumed to be reinvested. 27 Oct 2011) warrant exercIse prIce barramundi unaudited net asset value performance and total shareholder return 75 cents $1.75 gearIng Undiluted Gross NAV $1.50 Total Shareholder Return None (maximum permitted Undiluted NAV - 20% of Gross Asset Value) $1.25 net asset vaLue (nav) $1.00 Undiluted $0.80, $0.75 Diluted $0.79 (both unaudited) $0.50 dIvIdend poLIcy 2% of average NAV per quarter; $0.25 Dividend reinvestment plan is offered $0.00 dIvIdend payment dates Oct 06 Dec 06 Feb 07 Apr 07 Jun 07 Aug 07 Oct 07 Dec 07 Feb 08 Apr 08 Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11 Apr 11 Jun 11 March, June, September & December Note: Gross NAV performance and Total Shareholder Return include dividends paid, which are assumed to be reinvested. fAcT SH E E T 30 JUnE 2011 MAnAGEMEnT Barramundi’s portfolio is managed by Fisher Funds Management Limited. Frank Jasper (senior Capital portfolio manager) and Terry Tolich (senior investment analyst) take the prime management responsibilities and are both highly experienced in researching and investing in smaller ManageMent companies with over 47 years combined experience. Fisher Funds are based in Takapuna, initiativeS Auckland. Share Buybacks » Barramundi has a buyback boARD programme in place allowing it (if it elects to do so) to acquire The Manager has authority delegated to it from the Board to invest according to the up to 5% of issued shares Management Agreement and other written policies. The Board of Barramundi comprises independent directors: James Miller (Chairman), Annabel Cotton and Mark Todd; and non- during the year ending 31 2 October 2011 independent director Carmel Fisher. » Buybacks work well in FACT SHEET 30 june 2011 barramundi limited circumstances where discounts DIScoUnT to NAV exist Many closed-end listed investment companies, in NZ and elsewhere around the world, trade at » Buybacks can increase the discounts to NAV. This reflects a number of factors including: NAV applying to the remaining shares on issue » Market sentiment » Shares bought back by the » The quality and assumed prospects of the underlying portfolio company are held as treasury » The ability or otherwise of investors to replicate the portfolio constructed stock » Shares held as treasury stock » The net present value of future investment management fee are available to be re-issued for Barramundi is committed to narrowing the discount to unaudited NAV and has a number of capital the dividend reinvestment plan management initiatives in place to aid in achieving this (see right hand column for examples). (see below), share placements and to pay any performance fees I n vES TM E n T Dividend Policy At 69c Barramundi yields 11% gross (based on total of the last 4 quarterly dividends of » Quarterly dividend policy 7.4cps) and currently trades at a discount to undiluted NAV of ~14% (diluted discount introduced in August 2009 ~12%). The discount could provide value, as investors are able to purchase a portfolio » Under this policy, 2% of with an unaudited diluted NAV of $0.80 per share for only 69 cents per share. average unaudited NAV is targeted to be paid to The investment case for Barramundi resides in the upside potential offered by the present shareholders quarterly portfolio of smaller Australian companies and the future purchases the portfolio manager will » This policy has been well make. Barramundi’s future price performance depends upon a number of factors, including received by shareholders as the direction of the equity markets, the returns achieved by the particular shares held in the it provides an attractive and portfolio and the discount to unaudited NAV. regular return that is referable to the NAV » Shareholders who prefer to have increased capital rather coMPAnY InfoRMATIon REGISTRY InfoRMATIon than a regular income stream Barramundi Limited Computershare Investor Services have taken the opportunity to PO Box 33-549, Takapuna Private Bag 92 119, participate in the company’s Auckland 0740, New Zealand Auckland 1142, New Zealand dividend reinvestment plan Phone +64 9 489 7094 Phone +64 9 488 8777 (DRP) Fax +64 9 489 7139 Fax +64 9 488 8787 » Shares issued to DRP Web www.barramundi.co.nz Web www.computershare.co.nz participants are at 3% discount to market price » Barramundi became a portfolio investment entity (PIE) on DISCLAIMER: The information in this fact sheet has been prepared as at the date noted on the front page. The information has been prepared as a general summary only, and is by necessity brief. Other important information relating to Barramundi Limited 1 October 2007 and since then, and the management agreement with Fisher Funds Management Limited is available at www.nzx.com and Barramundi Limited’s dividends paid to New Zealand page at www.companies.govt.nz. This fact sheet is not financial advice for the purposes of the Financial Advisers Act 2008. It is not intended to take the place of professional advice and should not be relied upon in forming a decision to purchase shares in resident shareholders have not Barramundi Limited. The above data contains certain information relating to historical performance of Barramundi Limited; fund performance can and will vary, and future results may have no correlation with results historically achieved. been subject to further tax NOTE: Portfolio as at 31 March 2011.
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