3:tm clluch lew yarg vchue v chue nlvestn nlvestnlk lk oalkress oalkress •
_eptebfer =, 6:34 • Lew ^arg, L^ Aii tme Vcdcr0 Bare Ulderiahhawed Kebs Kuy Kattirned, Vctnalch Nlvestbelt Kraup
Aii tme Vcdcr0 Bare Ulderiahhawed Kebs Kuy Kattirned, Vctnalch Nlvestbelt Kraup (94;) ?49-:494 kuykattirnedJrctnalc kuykattirnedJrctnalchnk.oab hnk.oab
Nlvestbelt Ndec0 Mahhawcy Hadknlk Oarp. (T_]0 MHO)
Mateh Awler cld Aperctar
_lcpsmat Veoelt Zrnoe
_mcres
$5.::*
3>.= bnhhnal
Bcrget Ocp
Dnvndeld
$>> bnhhnal*
$:.39* (6.=% ynehd)
Fcogkrauld
Mnstarnochhy bnsbclcked oabpcly wmase staog oahhcpsed iahhawnlk dnvndeld suspelsnal, suspelsnal, dnhutnve deft reocpntchnzctnal reocpntchnzctnal
Cotnvnst nlvestar taag oaltrah ai Mahhawcy nl 6:36 ‟ rephcoed bclckebelt, snklninoclthy nbpraved aperctnals
_mcres law trcde ct $5 oabpcred ta $35: rclke (sphnt-cd`usted) prnar ta inlclonch ornsns
Mahhawcy partiahna periarbnlk sahndhy
@ust oabpheted trclsiarbctnve coqunsntnal ai clatmer mateh oabpcly, Vaych Mast Nlo. (V^H), tmerefy daufhnlk nts snze
[my ns Mahhawcy [artm [artm ^aur Ctteltnal1
Oabfnled Mahhawcy-Vaych Mast fusnless vchued ct ;.; tnbes ulcd`usted iree ocsm ihaw (IOI)
Al larbchnzed fcsns trcdes iar `ust 5.:x IOI
Oabpcres ta cvercke ai 33.;x iar pufhnohy-trcded oabpcrcfhes
Cflarbchhy omecp omecp iar wehh-rul, krawnlk krawnlk fusnless fusnless
_taog uldervchued fcsed al exnstnlk Mahhawcy partiahna chale7 nlvestars ket Vaych Mast iar hess tmcl zera
[my ns Mahhawcy [artm [artm ^aur Ctteltnal1
_ufstcltnch nlsnder awlersmnp cld wndesprecd fuynlk
_everch lecr-terb octchysts
Oalsndercfhe rulwcy iar oaltnlued krawtm
Aperctnalch nbpravebelts, csset sches cld redevehapbelts ct Vaych Mast7 iurtmer coqunsntnals nl mnkmhy irckbelted nldustry
[my ns Nt _a Omecp1
_bchh, ohasehy mehd oabpcly
Ulderiahhawed0 la qucrterhy oaliereloe ochhs, alhy oavered fy ale fautnque sehh-snde inrb
_tnhh stnkbctnzed fy tme bcrget
Bcly nlvestars furled fy deft reocp
Vaych Mast0 C Deocde ai Bnsbclckebelt
Zcnd hntthe ctteltnal ta oasts
Uldernlvested nl gey cssets
Bc`ar hecdersmnp vcouub
Irab 6::9 ta 6:3?, Vaych Mast mcd tmree presndelts/OEAs hcstnlk cl cvercke ai `ust 3? baltms Durnlk rest ai tnbe, oabpcly rul fy oabbnttee wntm la hecder ct tme mehb prnar ta ourrelt omcnrbcl Bnomceh Vcpps ‘
‒
Nt smauhd fe la surprnse tmct suom c lekheoted cld paarhy-rul fusnless wauhd fe drcbctnochhy dr cbctnochhy ulder-ecrlnlk ulder-ecrl nlk
Vaych Mast Bnsbclckebelt0 _abe Tehhnlk Cleodates
Ct reoelthy sahd Omctmcb, Altcrna mateh, Vaych Mast wcs pcynlk lecrhy daufhe tme praperty tcxes pcnd fy oabpetntar wntm scbe snze cld haoctnal
Lever fatmered ta omeog rnvch„s rnvch„s tcx tcx reoards cld nlntncte cppech wntm tcx cutmarnty
Haldal Mnhtal praperty wcs pcynlk $9:,::: clluchhy iar terrarnsb nlsurcloe7 tmns nsl„t Haldal, nsl„t Haldal, Elkhcld fut Haldal, Altcrna!
Vaych Mast„ Mast„s 36>-raab ^ehhawglnie Nll alhy kelercted crauld ?:% bare LAN tmcl Mahhawcy „s 99-raab _uper = ^ehhawglnie
Tmns despnte fenlk daufhe tme snze, mcvnlk beclnlkiuh iaad cld fevercke fusnless (restcurclt, fclquet mchh) cld fenlk `ust c oauphe ai gnhabeters cpcrt
Vaych Mast0 Trebeldaus Oast-Outtnlk Appartulnty
Cddressnlk `ust cfaut every latewartmy oast nteb
Nlsurcloe, praperty tcxes, iaad, omebnochs, elerky, feleints cbalk atmers
Exnted oasthy exterlch praperty bclckebelt oaltrcots
Bc`ar oast scvnlks chrecdy comneved fut mcve lat yet feel reiheoted nl inlclonch stctebelts
_nklninoclt cddntnalch outs ta oabe nl lecr iuture fatm al Vaych Mast„s stcldchale partiahna cld vnc sylerknes orected fy coqunsntnal
Mahhawcy stclds ta kelercte bnhhnals nl clluch oast scvnlks ‟ snzecfhe cbault iar oabpcly wntm $36bb nl trcnhnlk IOI
Mnddel Cssets0 Ulder-Ecrlnlk Matehs
Vaych Mast awls severch matehs tmct bcge hntthe ar la baley yet ocl fe sahd iar beclnlkiuh beclnlkiuh praoeeds praoeeds
Ocl dephay praoeeds nlta deft repcybelt, smcre repuromcses ar mateh coqunsntnals ct mnkm teels hevered returls
[nhh hngehy rechnze $6:bb $6:bb ta $65bb irab irab dnspasntnals dnspasntnals nl lecr terb
Venlvestbelt ai praoeeds nlta cfave-beltnaled uses wnhh resuht nl severch bnhhnal dahhcrs nl nlorebeltch IOI
Ocse _tudy0 Trcvehadke Dnxal Vacd
Alhy praduoes cl estnbcted $?::,::: ta $4::,::: nl clluch ocsm ihaw (LAN hess ocpex) fut passesses oalsndercfhe rech estcte vchue
3;-starey funhdnlk, cttrcotnvehy haocted lecr Taralta„ Taralta „s Zecrsal Cnrpart
Ocl hngehy fe sahd iar $35bb pre-sehhnlk oasts
Ni dephayed praoeeds nlta coqunsntnals ct 3:% ocp rcte wntm 55% HTY bartkckes ct 9% nlterest, wauhd see $6bb nl IOI cooretnal
_uom appartulntnes cre cvcnhcfhe ‟ e.k. Mahhawcy faukmt mateh ct 33% ocp rcte hcst qucrter
Atmer Mnddel Cssets cld ‘Haw-Mclknlk Irunt‒ Irunt‒
Bcster irclomnse rnkmts iar Trcvehadke cld Tmrnithadke frclds nl Oclcdc
Velavctnals0 e.k. Haldal Mnhtal, oabfnled oabpcly „s bast vchucfhe mateh, wcs ulder-nlvested iar yecrs cs pcrt ai Vaych Mast
$6bb per yecr nl IOI, mnkmhy praintcfhe, bnlnbch ocpntch requnrebelts
Cnbnlk ta faast LAN irab cpprax. $6.5bb ta $4bb wntm $5.5bb ta $9bb nlvestbelt7 ct >% ocp rcte, wauhd hecd ta $3;bb nlorecse nl praperty vchue
Vedevehapbelts0 matehs snttnlk al vchucfhe rech estcte tmct ocl cooabbadcte cddntnalch funhdnlks ar wmase mnkmest cld fest use ns lat c mateh
Mnred dednocted YZ Devehapbelt hcst yecr ta pursue suom pra`eots
Ocse _tudy0 Omnba Mateh
Corass street irab _t. Hcurelt Oeltre, hcrkest bchh nl Attcwc cld Lctnalch Ocpntch Veknal
Mateh ntsehi aooupnes hess tmcl mchi tme praperty„s snx-core praperty„s snx-core hat
Bchh wnhh fe oalleoted ta Oaliederctnal Hnle hnkmt rcnh systeb ulder oalstruotnal ‟ ale ai hcrkest nlircstruoture pra`eots nl Oclcdc, expeoted ta frnlk nlorecsed trciino cld cooessnfnhnty
Iaatprnlt ocl fe iurtmer reduoed fy rephconlk street-heveh pcrgnlk wntm pcrgcde
Ocl cooabbadcte exnstnlk mateh phus twa bnd-ta-mnkm rnse cpcrtbelts cld twa bnd-rnse aiinoe funhdnlks
Oabpcly elvnsnals pcrtlernlk wntm hcrker rech estcte inrb ta bnlnbnze devehapbelt rnsg
Nlsnder Fuynlk _nx nlsnders mcve puromcsed lecrhy 3:% ai Mahhawcy al tme apel bcrget snloe Bcy7 stralk snklch irab tmase ‘nl tme glaw ‒
Nlsnder puromcses snloe Bcy
3,==;
Zeroelt ai smcres autstcldnlk
>.5%
Ulcd`usted IOI Buhtnphe0 Mahhawcy vs. Zufhno Zeers (Tebphe Matehs cld NllYest VENT) MHO
TZM
NLL
Zrnoe
$5.::
$5.9:
$5.95
Ulcd`usted IOI
$36.=
$6:.;
$4?.5
3>.=
4:.=
>4.>
$:.95
$:.53
$:.49
;.;
33.:
36.?
_mcres IOI per smcre Z/IOI
Trcdes ct ale-tmnrd dnsoault ta peer cvercke despnte bcternchhy krecter IOI upsnde knvel bcklntude ai appartulnty ct Vaych Mast
Larbchnzed IOI Buhtnphe Veparted CIIA0 MHO cld V^H V^H sylerknes cld stcldchale scvnlks Nlterest al coqunsntnal deft Coqunsntnal trclscotnal oasts OI ai lecr-terb V^H dnspasntnals IOI Zer smcre
$36.= ?.: (3.:) :.9 (:.5) $34.> $:.;5
Zrnoe Ychue ai lecr-terb V^H dnspasntnals Cd`usted smcre prnoe
$5.:: (3.63) $?.;>
Z/IOI
5.:
Ochouhctnal nklares appartulnty iar oaltnlued vchue orectnal (e.k. Haldal Mnhtal rela, redevehapbelts) redevehapbelts) cld iar bare smrewd coqunsntnals hnge Vaych Mast aver tnbe7 ct nts ourrelt prnoe, Mahhawcy wnhh uhtnbctehy trcde ct haw snlkhe dnknt IOI buhtnphe
IOI Buhtnphe0 Mahhawcy Alhy
Trcnhnlk IOI (bnhhnals)
$33.=
Zer smcre
$:.9:
Z/IOI
=.4
Nklarnlk Vaych Mast chtaketmer, Mahhawcy stnhh uldervchued ct 33.>% IOI ynehd cld 6=% dnsoault ta peer buhtnphes7 bcrget knvnlk yau Vaych Mast iar hess tmcl latmnlk
Octchysts
Nlohusnal ai Vaych Mast resuhts ‟ tcgeaver `ust ohased nl @uhy
IOI wnhh hngehy fe buom stralker tmcl nlvestars cltnonpcte Oabfnlctnal ai oast outs chrecdy comneved fut lat yet reiheoted nl Vaych Mast„s inlclonchs Mast„s inlclonchs cld cddntnalch stcldchale scvnlks cld sylerknes
Dnvestnture ai ulder-ecrlnlk matehs
_mauhd see severch dechs aver lext snx baltms [nhh ulhaog hctelt csset vchue, praduoe bcternch bcte rnch IOI krawtm cs praoeeds cre renlvested
Atmer Halk-Terb Appartulntnes
Muke appartulnty iar oaltnlued coqunsntnals
Bclckebelt tcrkets expcldnlk mateh partiahna irab cpprax. ?? (past-dnspasntnals) (past-dnspas ntnals) ta 5: aver tnbe ‟ wauhd seld IOI sacrnlk Mateh nldustry mnkmhy irckbelted cld bclckebelt mcs pravel nts coqunsntnal coubel
Appartulnstno smcre repuromcses
E.k. faukmt fcog 4% ai smcres hcst yecr ct cvercke prnoe ai $?.5;
Oalohusnal Fcrkcnl vchuctnal al cfsahute fcsns cld rehctnve ta nldustry peers Bcrget bnssnlk elarbaus IOI krawtm cld vchue orectnal pateltnch stebbnlk irab Vaych Mast tcgeaver Nlorebeltch coqunsntnals feyald Vaych Mast wnhh resuht nl oaltnlued bcternch krawtm iar yecrs ta oabe
Nlvestbelt Ndec0 Zerpetuch Elerky Nlo. (T_]0 ZBT)
Anh cld Kcs Zraduoer
_lcpsmat Veoelt Zrnoe
_mcres
$3.>5*
396 bnhhnal
Bcrget Ocp
Elterprnse Ychue
$?39 bnhhnal*
$994 bnhhnal*
Fcogkrauld
Mecvnhy lcturch kcs-wenkmted expharctnal cld praduotnal (E&Z) oabpcly ‟ kcs cooaults iar crauld =5% ai praduotnal
_taog mcs phubbeted snloe 6:33 due ta kcs prnoe oahhcpse cld resuhtnlk dnvndeld suspelsnal
Oaltnlues ta trcde bare tmcl 5:% fehaw 6:33 hevehs
Evel iurtmer fehaw pre-ornsns hevehs (prnoed aver $6: ct nts mnkms)
[my ns Zerpetuch [artm ^aur ^aur Ctteltnal1
Ychued ct ?.;x cld 6.9x estnbcted 6:34 cld 6:35 iulds ihaw, respeotnvehy*
Trcdes ct elterprnse vchue ta ihawnlk fcrrehs ai praduotnal ai `ust $?4,:::
Zeer kraup bedncl0 =.3x cld 9.;x7 Zerpetuch ct 54%/93% dnsoault @ule csset sche exeouted ct =.:x
Oabpcres ta $=4,::: peer kraup bedncl (staog ct 5>% dnsoault), $3:5,::: iar ciarebeltnaled csset sche (9=% dnsoault)
Veserve-fcsed let csset vchue ai $4.=: ct =% dnsoault rcte cld $4.?5 ct 3:%7 fatm wehh aver daufhe ourrelt staog prnoe
[my ns Zerpetuch [artm ^aur ^aur Ctteltnal1
Omecp vchuctnal despnte expeoted iulds ihaw krawtm ai 45% tmns yecr cld 4:% nl 6:35
_tralk bclckebelt cld exoehhelt ocpntch chhaoctnal
Buhtnphe lecr-terb octchysts tmct wnhh cddress bcrget „s oaloerls cfaut Zerpetuch cld ulhaog snklninoclt vchue
[my ns Nt _a Omecp1
Bnstcgelhy peroenved cs fenlk averhevercked
_everch reoelt cld upoabnlk lecr-terb devehapbelts wnhh chhevncte cly hnlkernlk daufts cfaut fchcloe smeet
_bchh snze0 e.k. bedncl bcrget ocp ai oavercke ulnverse iar FBA0 $6.?fl, VFO0 $3.4fl, TD0 $6.>fl vs. Zerpetuch ct $:.?fl
Mnddel cssets0 oabpcly mcs severch cssets praduonlk la ocsm ihaw tmct cre laletmehess mnkmhy vchucfhe
Bclckebelt cld Ocpntch Chhaoctnal
Oabpcly oaltrahhed fy Vnddehh icbnhy
Zctrncrom Ohcy Vnddehh ns hekeldcry nl Oclcdncl anh pctom
Nlsnder fuynlk0 OEA _uscl Vnddehh Vase faukmt 6.6bb smcres ct cvercke ai $6.=9 irab 6::= ta 6:3?
Chhaocted ocpntch exoeptnalchhy wehh cbnd dniinouht elvnralbelt iar kcs prnoes cld smcres ai kcs-wenkmted Oclcdncl E&Zs
La equnty aiiernlks citer staog prnoe tclged despnte dniinouhtnes rcnsnlk ocpntch tmraukm lcturch kcs dawlturl*
Nl nldustry wmere smcre aiiernlks cre prcotnochhy cl citertmaukmt, Zerpetuch dnd lat dnhute smcremahders fy nssunlk uldervchued equnty
Nlstecd wcs wnhhnlk ta sehh cssets cld smrnlg tme oabpcly
Ocpntch Chhaoctnal Ocse _tudy0 Edsal
Nlvested $36:bb nl 6:3: cld 6:33 ta coqunre pasntnal nl [nhrnom hnqunds-rnom kcs phcy nl Edsal, Chfertc
Edsal law cooaults iar vcst bc`arnty ai Zerpetuch„s reserves
Veoelthy sahd 5:% nlterest nl Ecst Edsal praperty nl `anlt velture trclscotnal trclscotnal iar $36: bnhhnal bnhhnal
Hecves oabpcly wntm mchi ai Ecst Edsal, wmase devehapbelt cld vchue wnhh fe krecthy cooehercted fy tme @Y, phus exnstnlk stcge nl [est Edsal
Atmer Ocpntch Chhaoctnal Excbphes
Ehbwartm Baltley (smche kcs phcy)
Coqunred nl 6::=, sahd nl 6:3? prnbcrnhy ta rcnse ocpntch ta dephay nlta oare [nhrnom cld Bcllvnhhe (anh) cssets Faukmt iar $3>bb, bnlnbch cddntnalch ocpntch nl elsunlk yecrs _ahd iar $;=bb ‟ cppraxnbctehy ?::% kcnl nl inve yecrs
[crwnog (kcs starcke iconhnty)
Fekcl devehapnlk nl 6::>/6:3:7 ocpntch oast ai $4:bb* _ahd pcrtnch stcge iar $96bb let, rebcnlnlk nlterest hngehy wartm $4:bb ta $5:bb Chsa ecrlnlk ecrlnlk $3.5bb nl clluch clluch bclckebelt iees iees
Fchcloe _meet0 Deft Iecrs Averdale
Zeroenved averhevercke c sernaus drck al staog prnoe
Hevercke rctnas swehhed ta exoessnve hevehs wmel kcs prnoes oahhcpsed, reduonlk ocsm ihaw wmnhe deft stcyed oalstclt
Oabpcly mcd twa ohcsses ai defeltures bcturnlk nl 6:35, rcnsnlk oaloerls ai equnty dnhutnal
Fchcloe _meet0 Deft Iecrs Averdale
Zerpetuch mcs drcbctnochhy reduoed hevercke rctnas vnc oabfnlctnal ai csset sches, nlvestbelt nl nts mnkm-returl [nhrnom cld Bcllvnhhe phcys cld refauld nl kcs prnoes
Vepcnd ale ai nts twa 6:35 defeltures nl @uhy7 cddntnalch csset sches nl lext iew qucrters wnhh elcfhe nt ta retnre tme atmer
[ehh aver >:% ai tatch deft wnhh tmel mcve terb nlta 6:3= ar hcter
_eoured inrst farrawnlk fcse nlorecse nl inve yecrs irab nts helders ecrhner tmns yecr
Let Deft ta Trcnhnlk Iulds Ihaw Out gey hevercke rctna fy ?>% nl pcst snx qucrters wntm clatmer 44% expeoted nl lext snx7 99% oubuhctnve deohnle
Cotuch
Estnbcted
6:33
6:36
6:3?
S6 6:34
6:34
6:35
Let deft
56;
?==
?;;
?9:
?65
?6?
Iulds ihaw
;?
4>
5=
;5
=5
36:
Deft/iulds ihaw
;.6
;.>
9.4
4.=
?.=
6.;
Cotuch reduotnal wnhh hngehy fe evel krecter due ta dnspasntnals lat nloarparcted nlta bclckebelt„s pra`eotnals
Zrnoe ta Iulds Ihaw cld EY per Ihawnlk FAE0 Zerpetuch vs. Zeer Kraup (Kcs-[enkmted @ulnar cld Nlterbedncte Zraduoers)
Zrnoe ta Iulds Ihaw
EY per Ihawnlk FAE
6:34
6:35
6:34
6:35
Zerpetuch
?.;
6.9
?4
6=
Zeer kraup bedncl
=.3
9.;
=4
5>
54%
93%
5>%
56%
Dnsoault
Zeer betrnos nbphy upsnde ta ourrelt staog prnoe rclknlk irab 3:=% ta 354%7 nl cddntnal ta fenlk icr fehaw kraup bedncl, Zerpetuch ns chsa omecpest averchh nl fatm betrnos iar fatm yecrs
Ocsm Ihaw cld Ihawnlk FAE Buhtnphes0 Zerpetuch _taog vs. Ecst Edsal @Y (Exeouted nl @ule)
Ocsm Ihaw Buhtnphe
Ihawnlk FAE Buhtnphe
_taog prnoe
?.;
?4
Ecst Edsal @Y
=.:
3:5
Dnsoault
5?%
9=%
Edsal @Y trclscotnal buhtnphes nbphy upsnde ta staog prnoe ai 335% cld 6:>%, respeotnvehy
Zrnoe ta Zraved cld Zrafcfhe (6Z) Veserve-Fcsed Let Csset Ychue Zer _mcre
Dnsoault Vcte 3:%
=%
Zrnoe
3.>5
3.>5
6Z reserve LCY
4.?5
4.=:
Dnsoault
55%
5>%
Nbphned upsnde fcsed al praved cld prafcfhe reserves ai 36?% cld 349% ct 3:% cld =% dnsoault rctes, respeotnvehy
Octchysts
_nklninoclt cddntnalch csset sches tmns yecr cld lext ct meity prebnubs ta oalsahndcted vchuctnal betrnos
[nhh mnkmhnkmt staog„s staog„s uldervchuctnal, uldervchuctnal, elcfhe oaltnlued deft repcybelt
Vetnrebelt ai rebcnlnlk ohcss ai 6:35 defeltures wehh cmecd ai bcturnty (Deoebfer ?3, 6:35)
_nzecfhe reserve krawtm wnhh hecd ta bcternch nlorecse nl farrawnlk fcse fy ecrhy lext yecr
[nhh chhaw Zerpetuch ta pursue coqunsntnals cld elter krawtm pmcse citer buhtn-yecr preaooupctnal wntm fchcloe smeet
Oalohusnal
Extrebehy omecp
Bclckebelt wntm sufstcltnch awlersmnp cld reoard ai stralk ocpntch chhaoctnal
Upoabnlk octchysts wnhh mnkmhnkmt vchuctnal dnsoault cld ehnbnlcte daufts cfaut fchcloe smeet
