PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2019/07/02/trackwise-designs-twd-presentation-at-mello-may-2019/   By Philip Johnston, CEO Introduction – 00:18 About Trackwise – 00:43 RF business – 01:45 Improved Harness Technology (IHT) – 04:22 The competition – 09:10 Business strategy – 11:08 2018 highlights – 11:44 Financial highlights – 13:01 IHT today – 13:30 Summary – 18:50 Q&A – 20:00 Trackwise Designs PLC is a United Kingdom-based company that manufactures specialist products using printed circuit technology. The Company has two operating divisions, Radio Frequency (RF) and Improved Harness Technology (IHT). The RF business division is manufacturing specialist printed circuits, which are primarily used in antenna infrastructure to support the 3G / 4G networks. The other division, IHT utilizes the Company’s technology, a patented process, to manufacture unlimited length multilayer flexible printed circuits.

This video can be seen at: https://www.piworld.co.uk/2019/07/01/creightons-crl-fy19-preliminary-results-presentation/   By Bernard Johnson, Group MD Pippa Clark, Global Marketing Director Paul Forster, Group Finance and Commercial Director Bernard Johnson, Group MD Introduction – 00:18 Paul Forster, Group Finance and Commercial Director Financial highlights – 06:40 Revenue – 10:38 Operating profit – 11:33 Operating margin – 12:35 R&D impact – 13:28 Diluted EPS – 14:15 ROCE – 14:47 Net Cash & working capital – 15:29 Plans for growth – 19:41 Aspirations – 22:19 Pippa Clark, Global Marketing Director The market – 23:30 Retail landscape – 26:34 Division performance – 30:09 Average order intake – 32:00 Order book – 32:00 Brand development – 32:30 Acquisition: Balance Active Formula – 39:22 Drivers of growth – 41:22 Bernard Johnson, Group MD Summary – 43:34 Q&A – 49:43 Creightons plc is engaged in the development, marketing and manufacture of toiletries and fragrances. The Company operates through three business streams: private label business, contract manufacturing business and branded business. Its private label business focuses on private label products for high street retailers and supermarket chains. Its contract manufacturing business develops and manufactures products on behalf of third party brand owners. Its branded business develops, markets, sells and distributes products it has developed and owns the rights to. Its product portfolio includes bath and shower care, haircare, body care, baby and maternity, and fragrances, among others. Its services include market analysis, creative concept generation, product development, brand development, manufacturing and logistics. Its brands include Frizz No More, Volume Pro, Argan Body, Argan Smooth, Keratin Pro, Perfect Hair, Bronze Ambition, Sunshine Blonde, Beautiful Brunette and Just Hair.

This video can be seen at: https://www.piworld.co.uk/2019/07/01/polar-capital-holdings-polr-presentation-at-mello-may-2019/   A presentation by Gavin Rochussen, CEO Introduction – 00:18  What is the Polar Capital model? – 00:49  Attracting the best talent – 01:48  Market perspective – 04:04  Assets under management & analysis – 05:35  Style bias – 09:02  Current active share – 09:54  Strategy performance – 11:09  Capacity – 14:40  Areas of strategic focus – 16:26 Polar Capital Holdings plc is an investment management company. The Company is engaged in the provision of investment management and advisory services. The Company offers professional and institutional investors a range of geographical and sector investment opportunities. The Company offers fundamental funds diversified by asset class, geographical, sectoral specialization, strategy and structure. Its subsidiaries include Polar Capital Partners Limited, Polar Capital Partners (Jersey) Limited, Polar Capital (America) Corporation, Polar Capital Limited Liability Partnership and Polar Capital European Income Fund.

This video can be seen at: https://www.piworld.co.uk/2019/06/28/keith-ashworth-lord-interview-part-one/   Keith Ashworth-Lord, Sanford DeLand, Chief Investment Officer, The UK Buffettology Fund Keith was inspired by Benjamin Graham, which led him to Buffett.  Keith views his investments as a Business Manager, rather than a Fund Manager.  An approach which has rewarded him, with Return on Investment of c.200% since he launched the Buffettology Fund in 2014.  This outstanding performance has seen investors flocking to his fund, with FUM at £1bn as at June 2019, up from £0.5 billion in January 2019! In this interview Keith outlines his investing caveats, which underpin his inspiring investment performance. Introduction – 00:18  Keith’s career history and his path to Warren Buffett – 01:08  What’s the optimum size of the fund? – 08:35  Constraints of the growth of FUM – 09:58  How much cash can you hold? – 12:44  What are your investment criteria? – 15:19  Porters five forces analysis – 23:24  How much is the qualitative v quantitative? 24:00  Does the extra FUM reduce the investment choice? – 25:00  New entrants to the portfolio – 27:00     Keith Ashworth-Lord biography: He is a Chartered Fellow of the Chartered Institute for Securities & Investment, having formerly been an individual member of the Stock Exchange, and he holds the Investment Management Certificate of the United Kingdom Society of Investment Professionals. Prior to setting up the business and the UK Buffettology Fund, he was a self-employed Consultant working with a variety of stockbroking, fund management and private investor clients. His work has been rewarded with the accolade of winning three top-three sectoral, and one top-ten general, Thomson-Reuters StarMine stock-picking awards in 2008, 2009 and 2010. Keith experienced investment epiphany in the 1990s when he discovered the achievements of ‘The Superinvestors of Graham-and-Doddsville’. This group of successful investors drew their inspiration from the father of securities analysis, Benjamin Graham. They consistently outperformed the Standard & Poors 500 stock index year-in, year-out, despite having very different individual investment styles. The common factor was their investment compass where Ben remained true north. Names such as Walter Schloss, Tom Knapp, Bill Ruane and Rick Guerin hardly register in most UK investors’ minds but they are certainly ‘superinvestors’. Two better known superinvestors are Warren Buffett and his investment partner, Charlie Munger. Keith has had the privilege of meeting these doyens of our industry on two separate occasions in Omaha, Nebraska. In addition to Graham, the influence of Philip Fisher can be found at work with Buffett and Munger. Learning from these masters transformed Keith’s understanding of investment philosophy and with it, his investment performance. Keith was responsible for founding Sanford DeLand Asset Management Limited with the encouragement of a small group of businessmen who are now shareholders in the company.

This video can be seen at: https://www.piworld.co.uk/2019/06/28/axiom-european-financial-debt-fund-axi-presentation-at-mello-trusts-funds-may-2019/   European Financials: Value trap or Investment opportunity By David Benamou, CIO, Axiom Alternative Investments Who are Axiom? – 00:17 Performance targets of Axiom credit funds - 00:40 Reasons to invest in Subordinated Financial - 02:50 Banks 2008-2019 - 04:16 Axiom European Financial Debt Fund Limited is a closed-ended investment company. The investment objective of the Company is to provide shareholders with an attractive return, while limiting downside risk, through investment in the regulatory capital instruments, other financial institution investment instruments and in the derivative instruments. The Company seeks to invest in a diversified portfolio of financial institution investment instruments. The Company focuses primarily on investing in the secondary market, although instruments has been, and may also in the future be, subscribed in the primary market where the investment manager identifies attractive opportunities. The Company invests its assets with the aim of maximizing returns while diversifying investment risk. Axiom Alternative Investments SARL is the Company’s investment manager.

This video can be seen at: https://www.piworld.co.uk/2019/06/27/polar-capital-technology-trust-pct-presentation-at-mello-trusts-funds-may-2019/   Polar Capital Technology Trust (PCT) By Ben Rogoff, Investment Director, Technology Introduction – 00:18 The team – 01:07 Investment framework – 02:32 Thematic investing: Hype v Reality – 05:10 Technology change: Little Chef – 07:28 Internet: new networks on unprecedented scale – 10:58 Digital disruption – 15:06 Artificial intelligence – 24:47 Autonomous vehicles – 26:11 Polar Capital Tech Trust: investment themes – 29:11 Smartphones / Apple – 34:06 Q&A – 35:29 Polar Capital Technology Trust plc is an investment trust. The investment objective of the Company is to maximize long-term capital growth through investing in a diversified portfolio of technology companies around the world. The Company’s investment portfolio includes a range of sectors, such as Internet software and services; semiconductors and semiconductor equipment; technology hardware, storage and peripherals; Internet and catalog retail; communications equipment; information technology (IT) services; electronic equipment, instruments and components; healthcare technology; diversified telecommunications services; aerospace and defense; media; healthcare equipment and supplies; household durables; chemicals; electrical equipment; wireless telecommunication services; automobiles, and life sciences tools and services. Its portfolio spans North America; Europe, and Asia and Pacific. Polar Capital LLP is the investment manager of the Company.

This video can be seen at: https://www.piworld.co.uk/2019/06/24/hardman-co-hot-topics-in-the-tech-sector-presentation-at-mello-may-2019/   By Milan Radia, Technology Analyst, Hardman & Co Introduction – 00:18 Internet – 01:29 Key sector themes – 02:27 Internet of Things (IoT) – 03:36 SmartHome and LightWave – 04:52 Evolution of AI – 06:20 Chatbots/Artificial solutions – 08:01 Cloud Adoption – 10:09 Assessing investability – 11:14 Hardman & Co are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies. With an expert team of sector analysts and market professionals, one of whom is Milan Radia. www.hardmanandco.com

This video can be seen at: https://www.piworld.co.uk/2019/06/20/pcf-pcf-sharesoc-presentation-june-2019/   By Scott Maybury, CEO Introduction – 00:18 Company overview – 00:55 Operational highlights – 04:51 Financial highlights – 09:24 Business lines – 11:02 2019 Achievements – 17:30 Outlook – 19:27 Strategic objectives – 22:06 Q&A – 24:33 PCF Group plc, formerly Private & Commercial Finance Group plc, is engaged in banking business. The Company offers retail savings products for individuals. In addition, the Company deploys those funds through its two lending divisions such as consumer finance and business finance. Consumer finance, which provides finance for motor vehicles to consumers. Business finance, which provides finance for vehicles, plant and equipment to small and medium-sized enterprises (SMEs). The Company also provides both depositors and borrowers with a service and a straightforward, range of products tailored to suit their needs.

This video can be seen at: https://www.piworld.co.uk/2019/06/19/urban-logistics-reit-shed-presentation-at-mello-trusts-funds-may-2019/   By Richard Moffitt, Director & CEO, & Christopher Turner, External Management Team, Property Director Introduction – 00:18 Investment strategy – 00:37 The Board & Manager – 07:14 Portfolio: High Quality Tenants – 08:59 Portfolio Highlights – 13:14 The Market – 17:23 Summary – 23:30 Urban Logistics REIT plc, formerly Pacific Industrial & Logistics REIT plc, is a United Kingdom-based investment company. The Company focuses on a specialist sub-sector of the United Kingdom real estate market, investing in industrial and logistics properties that enables businesses to operate distribution networks. It invests in the United Kingdom based industrial and logistics properties with a view to delivering dividends and capital returns to its shareholders. It invests in assets that comprise an interest in freehold or leasehold property. It is also focused on investing in smaller single-let logistics sites. It invests in various geographical locations, such as Bedford, Northampton, Dunstable, Bardon, Chesterfield, Leeds, Haverhill, Leigh and Motherwell. As of March 31, 2018, The Company had invested in 32 properties and 28 tenants. Pacific Capital Partners Limited is the Company’s manager and alternative investment fund manager.

This video can be seen at: https://www.piworld.co.uk/2019/06/18/castleton-technology-ctp-full-year-results-to-31st-march-2019/   by CEO Dean Dickinson and CFO Haywood Chapman. Introduction – 00:18 Financial highlights – 0:46 Progress – 01:52 Acquisitions – 04:29 Outlook – 05:34 Castleton Technology plc, formerly Redstone PLC, is an investment holding company. The Company is engaged in providing software and managed services to the public and not-for-profit sectors, mainly the social housing sector. Its segments include Managed Services, which consists of Castleton Managed Services Limited and Keylogic Limited, and Software Solutions, which consists of the results of Castleton Software Solutions Limited, Kypera Limited and Kypera Pty. It offers KYPERA FINANCIALS, a finance solution, which uses a single ledger format; EDRM, which is an electronic document and records management system that allows organization to manage its documents and supporting information; P2P, which manages repairs and non-repairs processes and integrates finance and repairs system; AGILE, OPUS SERVICE CHARGES and MANAGED SERVICES. Its subsidiaries include Castleton Technology Intermediate Holding Company Limited, Castleton Group Holdings Limited and Castleton Information Group Limited.