PORTFOLIO & PERFORMANCE

 

ASSET ALLOCATION as at 31 October 2019

The asset allocation is determined by the Company’s board and is regularly reviewed.  Assets are allocated across MAM funds and the shareholding in MAM.

MAM FACTSHEETS

 

MAM is a fund management company specialising in equities and it manages the majority of the Company's investments. Further information on MAM is available on their website here

UK Equity Fund

Global Equity Fund

US Equity Fund

UK Income Fund

Global Focus Fund

Tortoise Fund

 

NAV PERFORMANCE

Total Return per £100 Invested to 31 October 2019

The above net asset values (NAV) include MAM at fair value and are calculated on a cum-income basis.

NAV Total Return per £100: 12 months to 31 October 2019

Nav-Oct19-01.png

Explanatory Notes:

The above net asset values (NAV) include MAM at fair value and are calculated on a cum-income basis.

 

SHARE PRICE INFORMATION

Total Return per £100 Invested to 31 October 2019

*Total Shareholder Return (TSR) Performance

Total Shareholder Return per £100: 12 months to 31 October 2019

Share-price-oct19-01.png

Explanatory Notes:

The Total Shareholder Return takes into account the change in the share price over the particular period and assumes theoretically that the relevant Majedie dividends are reinvested into Majedie shares on the relevant ex-date

 

DISCOUNT

(Discount) / Premium to Net Assets (debt at fair value)

Monthly (Discount) / Premium to 31 October 2019

Discount-Oct19-01.png

Explanatory Notes:

The discount or premium shown above is based on a comparison of the share price with the net asset value

(with debt at fair value).

KEPLER TRUST INTELLIGENCE

 

Please click on the link below to view the most recent fund profile.

 

OBJECTIVE & POLICY

Under the Listing Rules, the Company is required to seek the approval of Shareholders for any material change to its investment objective and investment policy.  The objective and policy below were approved by the Shareholders of the Company at a General meeting on the 27 February 2014.

 

 

Investment Objective

The Company’s investment objective is to maximise total shareholder return whilst increasing dividends by more than the rate of inflation over the long term. 

 

Investment Policy

General

The Company invests principally in securities of publicly quoted companies worldwide and in funds managed by its investment manager, though it may invest in unquoted securities up to levels set periodically by the Board, including its investment in Majedie Asset Management Limited.  Investments in unquoted securities, other than those managed by its investment manager or made prior to the date of adoption of this investment policy, (measured by reference to the Company’s cost of investment) will not exceed 10 per cent. of the Company’s gross assets.

 

Risk diversification

Whilst the Company will at all times invest and manage its assets in a manner that is consistent with spreading investment risk, there will be no rigid industry, sector, region or country restrictions.

 

The overall approach is based on an analysis of global economies sector trends with a focus on companies and sectors judged likely to deliver strong growth over the long term.  The number of investments held, together with the geographic and sector diversity of the portfolio, enable the Company to spread its risks with regard to liquidity, market volatility, currency movements and revenue streams. 

 

The Company will not invest in any holding that would, at the time of investment, represent more than 15 per cent. of the value of its gross assets save that the Company may invest up to 25 per cent. of its gross assets in any single fund managed by its investment manager where the Board believes that the investment policy of such funds is consistent with the Company’s objective of spreading investment risk.

 

The Company may utilise derivative instruments including index-linked notes, contracts for difference, covered options and other equity-related derivative instruments for efficient portfolio management and investment purposes.

Any use of derivatives for investment purposes will be made on the basis of the same principles of risk spreading and diversification that apply to the Company’s direct investments, as described above.

Asset allocation

The assets of the Company will be allocated principally between investments in publicly quoted companies worldwide and in investments intended to provide an absolute return (in each case either directly or through other funds or collective investment schemes managed by the Company’s investment manager) and the Company’s investment in Majedie Asset Management Limited.

Benchmark

The Company does not have one overall benchmark, rather each distinct group of assets is viewed independently.  Any investments made into funds managed by the Company’s investment manager will be measured against the benchmark or benchmarks, if any, whose constituent investments appear to the Company to correspond most closely to those investments.  It is important to note that in all cases investment decisions and portfolio construction are made on an independent basis.  The Board however sets various specific portfolio limits for stocks and sectors in order to restrict risk levels from time to time, which remain subject to the investment restrictions set out in this section.

Gearing

The Company uses gearing currently via long term debentures.  The Board has the ability to borrow up to 100 per cent. of adjusted capital and reserves.  The Board, also reviews the level of net gearing (borrowings less cash) on an ongoing basis and sets a range at its discretion as appropriate.  The Company’s current debenture borrowings are limited by covenant to 66 2/3 per cent., and any additional indebtedness is not to exceed 20 per cent., of adjusted capital and reserves.

RESPONSIBLE INVESTING

 

The Company considers Responsible Investing to be part of its investment approach.  Responsible Investing is concerned with non-financial issues of investing, being the environment, social and governance (ESG) aspects.

The Company has appointed MAM to manage the majority of its investment assets. MAM also considers ESG issues as an integrated part of their fundamental investment process. Further information on the approach taken by MAM is available on their website at www.majedie.com/about-us/responsible-capitalism.

The Company is aware of the requirements of the Share Rights Directive II (SRD II). A Shareholder Engagement Policy as required under the SRD II is not yet ready for publication, however we do already have certain disclosures concerning ESG and responsible capitalism as published by our investment manager, MAM.

© Majedie Investments PLC 2019

Registered in England and Wales no. 109305

VAT no 245 8547 34

Authorised and regulated by the Financial Conduct Authority