Sandon Capital has today released a public presentation outlining how we believe Magellan Financial Group Ltd can regain trust and restore value. You can read a copy of the presentation here. Our Campaigns webpage will keep you updated on our progress.
We consider Magellan shares to be deeply undervalued. Our valuation is underpinned by a substantial amount of cash and non-core assets held by Magellan. We believe this excess capital can be better applied to aggressive capital management, both in the short term and the longer term. The presentation details our investment thesis.
We’re
now awaiting the release of Magellan’s full year results in August 2023.
Those results, and whether Magellan makes any changes to its strategy or not,
will determine the next steps of our campaign.
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Gabriel is the founder and Managing Director of Sandon Capital Pty Ltd, a boutique investment management and advisory firm. He is the portfolio manager of the Sandon Capital Activist Fund and Sandon Capital Investments Limited. Sandon Capital also provides advisory services to shareholders seeking to implement activist strategies. Gabriel is chairman of Sandon Capital Investments Limited (ASX:SNC), non-executive director of Mercantile Investment Company Limited (ASX:MVT) and Chesser Resources Ltd (ASX:CHZ) and is a non-executive director of Future Generation Investment Fund Limited (ASX:FGX). He was previously a non-executive director of RHG Limited and chairman of Armidale Investment Company Limited.
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This presentation refereed to in this post has been prepared by Sandon Capital Pty Ltd ABN 98 130 853 691 AFSL 331 663 (Sandon Capital), for general information purposes only. This presentation has been prepared for use in conjunction with a verbal presentation and should be read in that context. It contains Sandon Capital’s views and opinions on various matters and is based on publicly available information only.
This presentation is proprietary to Sandon Capital and may not be used or reproduced without the prior written consent of Sandon Capital.
This presentation is not a recommendation, offer or invitation to buy, sell or apply for securities. Investors should not construe the contents of this presentation as tax, legal or investment advice. No financial product advice is provided in this presentation and nothing in it should be taken to construe a recommendation or statement of opinion that is intended to influence a person in making an investment decision.
You should not rely on the information or views contained in this presentation to make investment decisions.
Nothing in this presentation takes into account any person’s investment objectives, financial situation or particular needs. Past performance is no guarantee of future performance.
Sandon Capital has made every effort to ensure the accuracy and currency of the information contained in this presentation. However, no warranty is made as to the accuracy or reliability of the information. Sandon Capital is under no obligation to update the information in this presentation.
All investments carry risks.
Any forward-looking statements contained in this presentation are not historical facts. Such statements are based on Sandon Capital’s current expectations, as of the date of this presentation and are susceptible to a number of risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve subjective judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult to predict accurately and many of which are beyond the control of Sandon Capital. Although Sandon Capital currently believes that the assumptions underlying any projected results and forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this presentation will prove to be accurate.
In light of the significant uncertainties relating to forward-looking statements, the inclusion of such information is not a representation as to future results or that the objectives and plans expressed or implied by such forward-looking statements will be achieved. Sandon Capital is under no obligation to disclose the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of expected or unexpected events. In addition, Sandon Capital’s policy generally is to not to make any projections as to future results, and it does not endorse any projections regarding future performance that may be made by third parties.
This presentation refers to investments in portfolios managed by Sandon Capital as at the date of the presentation. Sandon Capital actively makes changes to those portfolios from time to time and there is no guarantee that any investment discussed in this presentation will be held by those portfolios at any time in the future.
Any quoted performance is after fees and expenses but before tax and assumes distributions were reinvested. Dollars are AUD, unless otherwise stated. Sandon Capital is not responsible for the statements made by or attributed to third parties in this presentation.
Disclosure
Entities managed by Sandon Capital own securities in Magellan Financial Group Ltd. Sandon Capital may trade in these securities, either buying or selling, at any time. It is under no obligation to advise of such changes.
Sandon Capital is not retained by, and has no relationship with Magellan Financial Group Ltd.
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Gabriel is the founder and Managing Director of Sandon Capital Pty Ltd, a boutique investment management and advisory firm. He is the portfolio manager of the Sandon Capital Activist Fund and Sandon Capital Investments Limited. Sandon Capital also...
Gabriel is the founder and Managing Director of Sandon Capital Pty Ltd, a boutique investment management and advisory firm. He is the portfolio manager of the Sandon Capital Activist Fund and Sandon Capital Investments Limited. Sandon Capital also...