TAMIM Webinar Series: Australian Equities
September 2020
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Please note:
This webinar was recorded on 3 September 2020. The Australia All Cap performance for August 2020 (estimated in the presentation) came in at +11.31% after all fees and expenses. This takes the CY2020 return to +3.37%. Please scroll down to see the unanswered Q&A questions. |
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TAMIM Australia All Cap Return:
Strategy inception: 31 December 2016 | TAMIM Fund: Australia All Cap unit class inception: 1 November 2019
These returns refer to the aggregated cumulative performance of all TAMIM Australia All Cap individually managed account portfolios since inception (31 Dec 2016) in AUD net of fees up to 31 October 2019. From 1 November 2019 (fund inception) the returns reflect the return on the TAMIM Fund: Australia All Cap unit class. Both are managed according to the same portfolio.
Note: Portfolio returns are quoted net of fees. Returns shown for longer than 1 year are annualised. The information provided in this table is intended for general use only. The information presented does not take into account the investment objectives, financial situation and advisory needs of any particular person nor does the information provided constitute investment advice. Under no circumstances should investments be based solely on the information herein. Please consider our Information Memorandum and Services Guide before investing in any of our products. Past performance is no guarantee of future returns. Returns displayed in this table are unaudited. For wholesale and sophisticated investors only. |
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Unanswered Q&A
Due to time constraints, we were unable to answer all the questions submitted during the webinar. Those that were not addressed in the Q&A section are briefly answered below.
Not that long ago, you recommended Mosaic Group and valued it around $3 (?). Do you think the company can be turned around?
We no longer hold MOZ. The company failed to meet our expectations earlier this year. Based on their current trading updates we don’t see them as a true online beneficiary of Covid. Keep in mind that valuations change constantly as new information comes to light.
Sezzle has been hit over the last few days. Has that changed your opinion to the sector?
Our view of the sector has not changed. We think PayPal's entry only validates the industry further and, with BNPL taking over from credit cards but only at 1.6% penetration globally, we think there is more than enough room for many players.
Ron, do you operate a stop loss if so at what level or format?
We don’t operate stop losses. We invest in companies based on long term fundamentals and if those haven’t changed and we can buy the company at a lower price, then all the better for us.
Could you discuss how you go about identifying catalysts for stock price re-rates?
You can get an idea of what we look for in some of the stock slides. We speak to management, we talk to brokers and analysts and try to understand what expectations are out there and what isn’t priced in.
View on PBH?
This is a fantastic story and we exited after almost tripling our money. In hindsight, we sold too early. We think their long term prospects are promising. The current share price does price in a lot of that future.
Hi, can you chat about Marley Spoon and ford kits? Is it a high conviction holding?
We no longer hold MMM. We bought it at 90 cents and sold out above $3.00. Again, this company is benefiting from the Covid shift to home cooking. We simply can not justify the current valuation at this stage, unless growth accelerated further.
We no longer hold MOZ. The company failed to meet our expectations earlier this year. Based on their current trading updates we don’t see them as a true online beneficiary of Covid. Keep in mind that valuations change constantly as new information comes to light.
Sezzle has been hit over the last few days. Has that changed your opinion to the sector?
Our view of the sector has not changed. We think PayPal's entry only validates the industry further and, with BNPL taking over from credit cards but only at 1.6% penetration globally, we think there is more than enough room for many players.
Ron, do you operate a stop loss if so at what level or format?
We don’t operate stop losses. We invest in companies based on long term fundamentals and if those haven’t changed and we can buy the company at a lower price, then all the better for us.
Could you discuss how you go about identifying catalysts for stock price re-rates?
You can get an idea of what we look for in some of the stock slides. We speak to management, we talk to brokers and analysts and try to understand what expectations are out there and what isn’t priced in.
View on PBH?
This is a fantastic story and we exited after almost tripling our money. In hindsight, we sold too early. We think their long term prospects are promising. The current share price does price in a lot of that future.
Hi, can you chat about Marley Spoon and ford kits? Is it a high conviction holding?
We no longer hold MMM. We bought it at 90 cents and sold out above $3.00. Again, this company is benefiting from the Covid shift to home cooking. We simply can not justify the current valuation at this stage, unless growth accelerated further.
To have a conversation about any of the TAMIM investment solutions, please do not hesitate to contact us on the details below:
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Sid Rutalla
sid@tamim.com.au +61 402 234 577 |
Darren Katz
darren@tamim.com.au +61 405 147 230 |