share_log

Mirrabooka Investments (ASX:MIR) FY24 Full-year Results

Mirrabooka Investments (ASX:MIR) FY24 Full-year Results

Mirrabooka投资(ASX:MIR)FY24全年结果
sharecafe ·  08/11 20:50

CEO and Managing Director Mark Freeman and Portfolio Manager Kieran Kennedy discuss the FY24 full-year results of Mirrabooka Investments (ASX:MIR).

Mirrabooka投资(ASX:MIR)的CEO和董事总经理Mark Freeman以及投资经理Kieran Kennedy讨论了FY24全年业绩。

Geoff Driver: My name's Geoff Driver, General Manager of Business Development and Investor Relations for Mirrabooka Investments (ASX:MIR). I have with me today Mark Freeman, who's the CEO and Managing Director, and also Kieran Kennedy, who's the Portfolio Manager for Mirrabooka Investments.

Geoff Driver: 我是Mirrabooka Investments(ASX:MIR)的业务发展和投资者关系总经理Geoff Driver。今天我带来了CEO和董事总经理Mark Freeman,以及Mirrabooka Investments的投资经理Kieran Kennedy。

So, Mark, we just announced our results for the financial year 2023-24. Perhaps you could just take us through some of the highlights.

所以,Mark,我们刚刚公布了2023-24财年的业绩。也许您可以简要介绍一下一些亮点。

Mark Freeman: Yeah, so I'll do that. I'll cover off the results and then I'll pass over to Kieran to talk through the portfolio activity.

Mark Freeman: 是的,我会做介绍。我会先讲一下业绩,然后将话题转给Kieran,由他来介绍投资组合的活动。

So, the full-year profit was $10.7m, slightly down from $11.3m in the corresponding period last year. There was a decline in the contribution from the trading portfolio, delivering $1.3m this year versus the large contribution of $3.4m last year. This was somewhat offset by the strong income contribution from the option portfolio, which was $2.5m versus $1.3m last year. The final dividend was maintained at 6.5 cents per share fully franked. A special fully franked dividend of 2.5 cents per share has also been declared following the strong realised capital gains from this and previous years. This brings total dividends for the year to 13 cents per share fully franked. Last year's total dividends were 14.5 cents per share, which included a 4.5 cents special dividend.

所以,全年利润为1070万美元,与去年同期的1130万美元相比略有下降。交易组合贡献下降,今年为130万美元,而去年为340万美元。这在一定程度上被期权组合的强劲收入贡献所抵消,今年为250万美元,而去年为130万美元。最终股息维持在每股6.5美分,全额退税。根据今年和之前年份的强劲实现的资本收益,还宣布了每股2.5美分的特别全额退税股息。这使得今年的总股息为每股13美分,全额退税。去年的总股息为每股14.5美分,其中包括4.5美分的特别股息。

The 12-month portfolio return for Mirrabooka including franking to 30 June was 17.4 per cent. Our benchmark, the combined S&P/ASX Mid Cap and Small Cap Indices, returned 8.7 per cent over the same period.

Mirrabooka的包括退税在内的12个月组合回报率截至6月30日为17.4%。我们的基准指数,即S&P/ASX中小型指数,同期回报率为8.7%。

It is interesting to note that Mirrabooka celebrated its 25th anniversary this year. The portfolio has outperformed benchmarks over the 25 years and has delivered a 12.4 per cent per annum return when you include the benefits of franking. The management expense ratio for the year remains low for this type of product at 0.56 per cent with no additional costs.

有趣的是,Mirrabooka今年庆祝了25周年。组合在过去的25年中表现优于基准,并在包括退税的情况下每年实现12.4%的回报率。今年的管理费用率仍然相对较低,为0.56%,没有额外费用。

Geoff Driver: Thanks, Mark. Kieran, Mark touched on the portfolio performance, which was outstanding for the year. Perhaps you could just take us through some of the key drivers behind such a strong performance.

Geoff Driver: 谢谢,Mark。Kieran,Mark提到了出色的投资组合表现,为了这一年。也许你能带我们回顾一下强劲表现背后的一些关键因素。

Kieran Kennedy: Absolutely, Geoff. Look, so it was a year where a number of our core larger holdings all performed quite well together, which obviously does help with the portfolio performance overall. A stock that we've talked about at the last three of these briefings, it's only been in the portfolio for two years, but it's going to get a mention again, that's Gentrack (ASX:GTK), which has actually risen now. We bought it two years ago as a reasonably modest initial investment. It's actually been up 500 per cent in that two-year period. It's now risen to be one of our largest five holdings and, for the financial year, it was up another 160 per cent. So, incredible performance in a short period. That's what excites us in this area of the market -- it's possible to do this. And most importantly for this company, the outlook still looks really strong. We think there's been a bit of valuation catch-up, and now it's really about the growth that this company can deliver for many years to come into the future.

Kieran Kennedy: 当然,Geoff。看,这是一年中我们的一些核心较大的持股都表现得相当好,这显然有助于整体投资组合的表现。一支股票,在过去的三次简报中我们已经谈到了,它只在投资组合中持有了两年,但现在又要再次提到,那就是Gentrack (ASX:GTK),它实际上已经上涨了。两年前我们以相对适度的初始投资买入它。在那两年的时间里,它已经上涨了500%,现在它已经成为我们最重要的五个持股之一,在过去的财年里它再次上涨了160%。所以,在短期内的非凡表现。这就是我们在这个市场领域激动的地方 - 这是可能的。对于这家公司来说,最重要的是,前景仍然非常看好。我们认为已经有一些估值的追赶,现在真正重要的是这家公司未来能够有多年的增长。

Other really good performers have been mainstays in the portfolio. People that follow us closely will know these companies have been in the portfolio for a long period of time. Businesses like the financial platform software providers, HUB (ASX:HUB) and Netwealth (ASX:NWL) both had a very strong year. The online classified businesses, REA (ASX:REA) and CAR Group (ASX:CAR), particularly strong year again. Temple & Webster (ASX:TPW), which is one that's been a bit rocky for us in our period of owning it over around a four-year period, it's had a really good rebound. It's delivering very good sales growth. It's been very strong. And then, other companies that have been in the portfolio forever really, companies like ARB (ASX:ARB), Reece (ASX:REH), you know, really strong returns again, so very consistent across our top 20 investments for this year.

其他真正出色的表现者是投资组合中的主力股。那些密切关注我们的人会知道这些公司已经在投资组合中持有很长一段时间了。像金融平台软件提供商HUb(ASX:HUB)和Netwealth(ASX:NWL)都经历了非常强劲的一年。在线分类业务REa(ASX:REA)和CAR集团(ASX:CAR)今年特别强劲。Temple & Webster(ASX:TPW)是我们在持有它四年左右的时间里有些波动的公司,但它在最近表现很好。它提供了非常出色的销售增长。它表现非常强劲。然后,还有一些已经一直在投资组合中的公司,像ARb(ASX:ARB),Reece(ASX:REH),也是非常强劲的回报,因此对于今年的前20个投资来说非常一致。

Geoff Driver: And I suppose that's the point, Kieran. A lot of the performance... So, you talked about Gentrack, but a lot of the performance really comes from that very long-term holdings, which is why we sort of manage the portfolio in terms of focusing on those quality stocks.

Geoff Driver:我想这就是重点,Kieran。很大一部分的表现...所以,你谈到了Gentrack,但很大一部分的表现确实来自非常长期的持有,这就是为什么我们管理投资组合是专注于这些优质股票。

Kieran Kennedy: Absolutely, Geoff, yeah. And, look, the other thing that's sort of helped in that year has been... I guess the thing that we talked about in years prior that had been hurting us relatively had been the strength of a number of commodity stocks that we're not typically as exposed to. Particularly that lithium space had been particularly strong for a number of years. And we've seen that unwind quite significantly in the last 12 months. So, I guess we've got the benefit on both sides of that in terms of outperforming over that 12-month period.

Kieran Kennedy:绝对,Geoff,是的。另外,在这一年中帮助我们的另一件事情是...我认为多年来一直在伤害我们相对强势市场的因素是...我们通常没有接触的一些大宗商品股票的强势。特别是锂矿领域在过去几年中表现特别强劲。过去12个月里,我们看到了这种势头有很大的逆转。所以,在这12个月的表现方面,我们在两个方面都得到了好处。

Geoff Driver: Thanks, Kieran. So, in the context of the market and what's gone on in terms of a relatively strong market, what adjustments have you made through the portfolio for the year?

Geoff Driver:谢谢,Kieran。那么,在市场情况以及相对强势市场方面,针对今年做了什么调整呢?

Kieran Kennedy: Yeah, look, I guess that backdrop that I've just described has created an interesting dynamic for the way we've transacted this year. At our core, we're a long-term buy-and-hold investor. You know, we think the most important thing is to stick to really great companies and let their results dictate our performance. But we are mindful that the valuation of a lot of those companies has picked up quite a lot in that year. We don't really think their outlook has changed greatly in terms of five years and beyond, the things we look at, but the recognition in the market has come through. So, we have had a year where we've actually trimmed more in those positions than we ordinarily would. What that's meant is there's still top 20 holdings. We haven't sold any of these good companies. But just in reducing those positions, it's meant that rather than just compounding them and letting the weightings grow again, at these valuations we felt like paring them back slightly and looking to redeploy that money where we see better relative value on a medium-term view. So, what that's meant is around $60m in a net sense has come out of top 20 investments from last year, and that's been redeployed into new opportunities spread around a bit. We have bought 14 new stocks. We have nine more holdings than we had 12 months ago. Again, we're looking for some of those... Hopefully, we find another Gentrack, but some of those initial positions in some interesting opportunities going forward.

Kieran Kennedy:是的,其实,我刚刚描述的背景创造了一个有趣的动态,影响了我们今年的交易方式。在本质上,我们是一个长期持有的投资者。你知道的,我们认为最重要的是坚持选择真正优秀的公司,让它们的业绩决定我们的表现。但我们注意到在那一年很多这些公司的估值已经大幅上涨。我们并不认为它们的展望在长达五年及更久的时间内发生了重大改变,关注的因素等我们看过了,但市场对其认可上来了。所以,我们实际上在今年比往常更多地减持了这些头寸。这意味着这些仍然是前20大持有。我们并没有卖出任何这些优秀的公司。但是减少了这些头寸,这意味着我们不再只是让它们持续增长权重,而是以这些估值为基础,我们觉得稍微削减一些,寻找更好的相对价值,并在中期视野上重新配置这些资金。这意味着,去年前20大投资净流出了约6000万,这些资金在一些新机会中进行了分散再投资。我们买入了14只新股。我们比12个月前多持有了9只股票。同样,我们在寻找一些...希望我们能找到另一个Gentrack,但是同时也在一些有趣的机会中建立了一些初始头寸。

Geoff Driver: And Mark touched on the performance of the options book. I guess that was part of the strategy as well.

Geoff Driver:而马克也提到了期权业务的表现。我想这也是策略的一部分。

Kieran Kennedy: Yeah, that's right. So, options is something we don't use all the time in Mirrabooka. It's something that's available to us. Obviously, one of our sister funds in Djerriwarrh does this every day. Where we use them is I guess as an initial reflection on that valuation sense. So, before we're ready to sell something, we'll often say, "If that share price runs much further from here, we'd be happy to lose some at that price." So, really, you're selling that option to someone else who's taking a bullish view that the price of a holding we have is going to keep rising. When we do that, we generate some income and that helps supplement our income that we can pay out to our shareholders.

Kieran Kennedy:是的,那是对的。所以,在Mirrabooka,我们并不总是使用期权。这是我们可用的一种投资方式。德里沃尔基金公司的一个姐妹基金每天都在操作期权。而对于我们来说,我们主要用期权作为对估值的初步反映。所以,在我们准备卖出某只股票之前,我们经常会说:“如果股价从这个区间进一步上升,我们愿意以这个价位卖出一部分。”所以,实际上,你是将这个期权卖给其他人,他们看好我们持有的股票会继续上涨。我们这样做可以获得一些收入,帮助补充我们可以支付给股东的收入。

Geoff Driver: Thanks, Kieran. So, Mark, moving forward, the outlook for the next six to 12 months, have you got a view? And I'll perhaps also pass back to Kieran in terms of the small-, midcap sector as well.

Geoff Driver:谢谢,Kieran。那么,Mark,在未来的六到十二个月,你有什么看法?也让我再请教一下Kieran,关于小盘和中盘板块。

Mark Freeman: Yeah. Well, the environment Kieran talks about is a backdrop where we think markets have had a pretty good run. Some of the metrics we look at indicate the markets are pretty full. We don't try and forecast where it's going, but we do observe the valuations and some of our better-quality stocks have really pushed up a fair bit, but the outlook's still good. And so, in that regard, we're just a bit cautious more broadly and a bit more selective about where we're looking for opportunities. And, as Kieran pointed out, just sort of spreading the portfolio a little bit and having some money across perhaps a broader range of stocks rather than being a bit more concentrated in the highest quality because, as I said, the valuations are pushing up a bit. But broadly, we still want to stick with the great companies. You know, history shows that they can get overvalued, but patience is required, but certainly around the edges we can pursue some other opportunities in the shorter term.

Mark Freeman:是的。嗯,Kieran所说的环境是在我们认为市场表现不错的背景下。我们观察的一些指标表明市场相当满。我们并不试图预测市场走势,但我们确实观察到估值,我们一些更好的品质的股票涨得相当多,但前景仍然不错。因此,在这方面,我们对更广泛地寻找机会有些谨慎,并且更加有选择性。正如Kieran指出的那样,我们会在组合中分散资金,选择更广泛的股票范围,而不是过度集中在最高品质的股票上,因为正如我所说,估值有所上涨。但总体而言,我们仍然希望坚持与优质企业合作。历史表明它们可能被高估,但需要耐心,但在边缘地带我们确实可以追求一些其他的近期机会。

Geoff Driver: Sure. And, Kieran, have you got any sort of follow-up comments to that?

Geoff Driver:当然了。Kieran,你对此有任何跟进的意见吗?

Kieran Kennedy: Yeah, look, I think that word that Mark mentioned there is key for us at the moment -- "patience". So, I guess, given what we did in the financial year we've just seen... You know, nine new stocks sort of take us up into the mid '60s. We wouldn't see ourselves doing that again. You know, you don't want to spread yourself too far and wide because then you lose the real intel you have on those companies. So, I guess, having done that last year, we still like those companies that are more fully valued now that are key components of the portfolio. We don't want to sell them down too far. So, it's really just waiting now to see what comes next in terms of some volatility, what opportunities shake out of that, and then really picking those really compelling ones and looking to take advantage of that in the portfolio going forward.

Kieran Kennedy:是的,我认为Mark刚才提到的那个词对我们来说非常关键——“耐心”。所以,我想,鉴于我们在刚刚过去的财年所做的事情...你知道,九只新股票把我们带到了60多只。我们不会再这样做了。你知道,你不想做得太广泛,因为那样你就会失去对这些公司的真正了解。所以,我想,去年我们做了这件事后,我们仍然喜欢那些现在更完全价值的公司,它们是投资组合的关键元素。我们不想把它们卖得太低。所以,现在只是等待看看接下来会发生什么样的波动,有什么样的机会出现,然后真正选择那些真正引人注目的机会,并在投资组合中利用它们。

Geoff Driver: All right, Mark and Kieran, thanks very much for your time.

Geoff Driver:好的,Mark和Kieran,非常感谢你们的时间。

Kieran Kennedy: Thanks, Geoff.

Kieran Kennedy:谢谢,Geoff。

Ends

结束

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发