Ann: Change in substantial holding, page-11

Hi @stayer

Here is a bit more analysis. Barry and Suzy Carp have been quoted as:

For FUM reported via Bloomberg - FUM at 29/04/2011 was $AUD216.555M
At $1B in FUM today, this implies Compound Annual Growth Rate (CAGR) of just under 14% (Here is the Excel formula [=RRI(11.75,0.21656,1)]

This assumes no FUM inflow/outflow, which is improbable.

Here is a snippet from an article in July 2002 when the fund was 6 years old (https://www.the age.com.au/national/big-is-not-necessarily-beautiful-say-boutique-managers-20020720-gduetd.html):

High growth rates early in fund inception, just under 30% CAGR.

I can't find anything formal on normal sites I look at. The fund code is RVCAPGA:AU (anyone with any other insights please post - would be greatly appreciated).

River Capital also appear on the Top 20 shareholders list of Smartgroup in 2021 Annual Report with 700,000 shares. I had a look back and they only appear in the latest Annual Report, which to me would suggest they bought in at between $5.82 and $9.99 (losing trade @$5.16 today), see chart:


River Capital are also in the top 20 shareholders of Australian Clinical Labs in the 2022 Annual Report and are substantial holders with 11.434M shares, but not in prior years.
This would suggest they bought in at between $6.39 and $3.83 (another losing trade @$3.04 today), see chart:


This position is closer to PAC's at potentially $50M+, however could be up to 50% loss.

Note: These holdings have been made in companies that are subject to takeover offers. I am not sure whether the positions were made before or after takeover offers were made. Not saying PAC will be subject to a takeover at some point either.

Keen for other to post anything further that I may have missed.

Best of Luck
Lost