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Majedie underperforms as absolute return investment loses money

05
2017
December

Majedie underperforms as absolute return investment loses money – Majedie says that, in the year ended 30 September 2017 the NAV (net asset value with debt at par) rose by 10.4% on a total return basis whilst the share price rose by 13.0%, also on a total return basis. The Board is recommending a total dividend for the year of 9.75p, an increase of 11.4%. The All Share Index and MSCI World Index (in sterling terms) rose by 11.9% and 14.9% respectively, on a total return basis. The Board increased the interim dividend by 16.7% to 3.5p partially to rebalance the split between the interim and final dividend. The Board is recommending a final dividend of 6.25p which is an increase of 11.4% for the full year. This follows an increase of 9.4% in the year to 30 September 2016.

In the year to 30 September 2017 the MAM UK Equity Segregated Portfolio returned 12.9% net of fees which is an outperformance of 1.0% against its benchmark. The positive contributors at a sector level over twelve months were overweight positions in Banks, Support Services and the MAM UK Smaller Companies Fund and underweight positions in Tobacco, whilst the negative contributors were overweight positions in Telecoms, Food Retailers and General Retailers.

The MAM Tortoise Fund returned -4.4% net of fees in the year to 30 September 2017. The positive contributors were long positions in Banks and Diversified Telecoms and short positions in Food Producers whilst the detractors were short positions in Aerospace and Defence, Healthcare Providers and Luxury Goods. Overall the Fund was positioned too defensively and was at times during the year net short of a strong equity market.

The MAM UK Income Fund returned 12.0% net of fees, which represents an outperformance against its benchmark of 0.1%. The positive contributors were overweight positions in Financial Services, Life Insurers and Travel and Leisure whilst the detractors were overweight positions in Oil and underweight positions in Mining and Banks.

The MAM Global Equity and Global Focus Funds returned 16.4% and 16.0% net of fees respectively, which represents outperformance of 1.5% and 1.1%. The positive contributors at the sector level were overweight positions in Software and Consumer Services and underweight positions in Pharmaceuticals whilst the detractors were overweight positions in Internet Marketing and Mining and an underweight position in Banks.

The MAM US Equity Fund returned 12.6% net of fees which represents an underperformance of 1.5%. The positive contributors at the sector level were overweight positions in Software, Consumer Services and IT Services whilst the detractors were overweight positions in Mining, Food Retail and Professional Services.

MAJE : Majedie underperforms as absolute return investment loses money

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