AMCIL (AMH) Investor Presentation summary

Market overview and macro environment

• ASX All Ordinaries Accumulation Index delivered a 9.2% CAGR since 1992, despite major downturns like the GFC and COVID-19.

• ASX 200 trades near its long-term average P/E (14.8x) and dividend yield (4.1%).

• S&P 500 P/E ratio is above its long-term average (16.2x), with a lower average dividend yield (1.9%).

• Market volatility is heightened by global trade tensions and policy uncertainty, impacting earnings and business decisions.

Investment strategies and fund profiles

• Four listed investment companies (AFIC, Djerriwarrh, Mirrabooka, AMCIL) manage ~$12 billion, each with distinct mandates and low management expense ratios.

• AFIC focuses on diversified large-cap equities for capital and fully franked dividend growth.

• Djerriwarrh targets enhanced yield via option strategies, exceeding ASX 200 yield.

• Mirrabooka invests in small/mid-cap stocks for growth and franked dividends.

• AMCIL runs a high-conviction portfolio for strong capital growth and franked dividends.

Investment philosophy and approach

• Seeks high-quality companies with unique assets, industry leadership, sustainable advantages, low debt, and aligned management.

• Focus on long-term value, reinvestment opportunities, and consistent shareholder value creation.