Ann: Investment Manager's Presentation to AGM, page-4

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Hoarding

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17/01/16

08:15

Post #: 16811132
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Originally posted by Hoarding ↑

Hi rester

The returns are inclusive of fees which is shown on page 29 of the presentation. Over 5 years TGG returned 14%pa compared with the world index of 13.9%. TGG performance is inclusive of fees while the index is not. To buy the world index EFT it costs around 0.15% from memory while is not reflected in the performance. For a fair comparison fees of 0.15 need to be deducted from the world index performance of 13.9%.

True comparison for pa returns over 5 years would be:

TGG 14%pa
Index 13.75%

Going by NTA performance alone, an investor would still have been better off in TGG than the index over the past 5 years.

2 additional things I would also note is that I would expect TGG to outperform when the index performs poorly (opposite of the last 5 years) and vice versa. Also the returns are ok given the weighting of US stocks in the TGG portfolio relative to the index. As shown in the graph in the presentation the US market has outperformed relative to all other regions.

Cap raisings have lowered MER which is a positive for shareholders, assuming the capital is allocated efficiently your holding in TGG in not diluted as it would be in an traditional company where the money would be used to pay off debt or sit on the balance sheet.

As mentioned in my post a couple of days ago I plan to hold both TGG and VEU EFT for international exposure in my portfolio.

Hoarding

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I bought in @ 1.155 a couple of days ago at a 15% discount to nta as of 31st December. Seeing what happened to the Dow on Friday I think I may be too early with this one and that nta will continue to drop and the discount to nta will continue to widen. There are many LICs starting to look attractive including PAF, PGF both which are trading at similar discounts to TGG. I always buy too early, so please accept this as a warning.

TGG Price at posting: $1.18 Sentiment: Buy Disclosure: Held
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Ann: Investment Manager's Presentation to AGM, page-4

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Nimy to raise $1.21M to explore 'newsy' WA targets

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SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

Almonty locks in govt agreement for tungsten oxide plant in South Korea

Immutep reports strong response rate from immunotherapies treating carcinomas

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

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