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Auscap Asset Management > Uncategorized > Quarterly Newsletter – On The Road To Refocus On What Matters Most

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Lonsec Disclaimer

The Lonsec Rating (assigned October 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Auscap Asset Management Limited’s product, and you should seek independent financial advice before investing in this product. The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document following publication. Lonsec receives a fee from the Fund Manager for researching the product using comprehensive and objective criteria.

For further information regarding Lonsec’s Ratings methodology, please refer to Lonsec’s website at: http://www.beyond.lonsec.com.au/intelligence/lonsec-ratings

Auscap Asset Management Limited, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information contained in the Lonsec Rating, or for any errors or omissions.

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This document does not constitute an offer of units in the Auscap Long Short Australian Equities Fund (Fund) in any jurisdiction other than Australia or New Zealand (or in jurisdictions where it is lawful to make such an offer). Applications for units in the Fund from residents outside of Australia and New Zealand may not be accepted.

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Lonsec Disclaimer

The Lonsec Rating (assigned October 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Auscap Asset Management Limited’s product, and you should seek independent financial advice before investing in this product. The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document following publication. Lonsec receives a fee from the Fund Manager for researching the product using comprehensive and objective criteria.

For further information regarding Lonsec’s Ratings methodology, please refer to Lonsec’s website at: http://www.beyond.lonsec.com.au/intelligence/lonsec-ratings

Auscap Asset Management Limited, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information contained in the Lonsec Rating, or for any errors or omissions.

By clicking ACCEPT below you acknowledge and agree to the terms and conditions set out above and confirm that you are an Australian Wholesale investor as defined by the Corporations Act 2001 (Cth).

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Quarterly Newsletter – On The Road To Refocus On What Matters Most

October 19, 2023

October 2023 Newsletter | ** CPD POINTS ** This quarterly newsletter for the Fund, titled ‘On The Road To Refocus On What Matters Most’, can be found here. For most high-quality businesses, what is occurring inside the business is often more important over time than the current macroeconomic or cyclical issues that are preoccupying the minds of market participants. With this in mind, Auscap’s investment team have spent most of the last month on the road, across San Francisco, Los Angeles, San Diego, Nashville, Chicago, Atlanta, Alabama, Detroit, Sao Paulo, Perth, the Goldfields and the Pilbara. This newsletter covers some of the highlights from the team’s recent travels, as well as the performance and portfolio positioning of the Fund in September 2023.

Auscap Newsletter - October 2023

Multiple Choice Test - On The Road To Refocus On What Matters Most

Learnings Outcomes: On the completion of reading this Quarterly Newsletter, FPA Members will gain valuable insights into the current operating environment for a variety of stocks in the portfolio, namely MIN, RWC and CAR. 0.5hr CPD is available for this activity.

Question 1(Required)

According to MIN’s recent lithium presentation, relative to FY23, future spodumene production is expected to:

Increase 10 fold

Approximately triple, if we include Wodgina Train 4 and Bald Hill

Halve

Decline dramatically

Question 2(Required)

Within 2-3 years, MIN expects to increase iron ore production to:

50mt/year

10mt/year

90mt/year

200mt/year

Question 3(Required)

RWC's dominant push-to-connect fitting product is called:

SharkBite

DogBite

TigerBite

BigBite

Question 4(Required)

PEX pipes in general are taking share from copper pipes, due to:

Their cost and environmental benefits relative to the currently dominant copper pipes

Their cost alone

their environmental benefits alone

none of the above

Question 5(Required)

Carsales was founded in:

1997

2022

1980

1987

Question 6(Required)

Following a period of considerable M&A, how much of CAR's EBITDA is generated from international markets?

Only 10%

Just under half

About 75%

Almost 100%

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The Auscap Long Short Australian Equities Fund received a ‘Recommended’ rating from Zenith Investment Partners (June 2023)¹

The Auscap Long Short Australian Equities Fund received a ‘Recommended’ rating from Lonsec Research (October 2023)²

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Zenith Disclaimer

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (ASX0001AU assigned June 2023; ASX6179AU assigned February 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Auscap Asset Management Limited, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information contained in the Zenith Product Assessment, or for any errors or omissions.

This report for the Auscap Long Short Australian Equities Fund is intended for wholesale clients, AFSL holders or their authorised representatives, by accessing this report you are confirming that you are a wholesale client or you either hold an AFSL or are an authorised representative.

Disclaimer

* Important: This information is noted for general information purposes only. Auscap Asset Management Limited ACN 158 929 143, AFSL 428014 (Auscap) is the responsible entity of the Auscap Long Short Australian Equities Fund (ARSN 615 542 213) (the Fund). Before deciding whether to acquire units in the Fund, a prospective investor should fully review the information, the disclosures and the disclaimers contained in all relevant Fund documents, including in particular the Fund’s disclosure document – the Product Disclosure Statement (PDS) – or any supplement to that document, and consider obtaining investment, legal, tax and accounting advice appropriate to their circumstances. A copy of the Fund’s PDS is available on request or at www.auscapam.com/auscap-fund/pds/. A copy of the Target Market Determination for the Fund, prepared in connection with the Design and Distribution Obligations, can be obtained on request or at www.auscapam.com/ddo/.