Live Tribeca Global Natural Res ASX: TGF

LiveWire | Interview with Craig Evans, Portfolio Manager at Tribeca Global Natural Resources

Fixed Priced IPOType of Offer
03 Sep 18Offer Open
26 Sep 18Pay By
$2.50Price
Up to $250 millionSize of Offer
$2,500 Minimum Investment
CommSecLead Manager
37
3750

Update

Tribeca Global Natural Resources Limited (ASX: TGF) has announced it has surpassed the  minimum raise amount of $100 million. more here

Tribeca Investment Partners’ Global Natural Resources Fund has been named Australia’s best Long/Short Equity Fund at the Hedge Funds Rock & Alternative Investment Awards announced on 13 September. more here

Introduction

Tribeca Global Natural Resources Ltd (ASX: TGF) will be a listed investment company established to provide investors with access to an actively managed and concentrated portfolio of natural resources securities, credit positions and commodity positions.

TGF will have an active long/short investment strategy that seeks to benefit from the inherent volatility in the natural resources sector. They will employ a high conviction approach, leveraging the investment team’s deep bottom-up research and specialist knowledge of the entities and commodities within the investment strategy’s investible universe.

The Company aims to deliver positive absolute returns to investors while seeking to preserve capital and generate a compound annual return in excess of 15% (after all fees and expenses) over the long term.

The Tribeca Group currently manages $2.3 billion and has deep specialist knowledge in the natural resources space, with the Tribeca Global Natural Resources Fund generating average annual returns of 57.2% since it was established in October 2015.

Offer Overview

Tribeca Global Natural Resources Ltd is seeking to raise between $100 million and $250 million with the option to receive an additional $50 million in over subscriptions via its IPO.

The Company intends to pay dividends, franked to the maximum extent possible.

The Manager

Tribeca Global Resources Pty Ltd, the Manager is part of the broader Tribeca Group, which is a global investment manager managing a range of strategies in global equities and credit across multiple portfolios including 9 investment funds. As at 31 July 2018, the Tribeca Group manages approximately $2.3 billion across multiple portfolios, including investment 9 funds. It has offices in Sydney, Singapore and London and, in total, has 25 employees.

As detailed in the table below, over the period 31 October 2015 to 30 June 2018, the Tribeca Global Natural Resources Fund delivered a cumulative net return of +233.78%, compared against the Benchmark which delivered a 5.17% return per annum over the same period. This equates to an average compound annual return of 57.21% per annum, after fees.

The Manager applies a similar investment strategy and investment process in managing it existing funds as it intends to apply to the TGF Portfolio.

Investment Strategy

The investment strategy is an active long/short investment strategy that seeks to benefit from the inherent volatility in the natural resources sector. It will employ a high conviction approach, leveraging the investment team’s deep bottom-up research and specialist knowledge of the entities and commodities within the investment strategy’s investible universe.

The Manager breaks down the natural resources sector into eight industry segments. These are:

  • base metals (e.g. operations involving copper, zinc or nickel);
  • diversified (this sector involves corporates with multi commodity exposures e.g. BHP Billiton Ltd or Glencore plc);
  • specialty metals (e.g. cobalt, lithium, graphite);
  • precious metals (e.g. gold, silver);
  • bulk (e.g. iron ore, coal, steel);
  • energy (e.g. oil and gas, thermal coal, uranium);
  • soft commodities (e.g. agricultural sectors including grains, proteins, fertilisers);
  • services (e.g. engineering, design, transport and logistics).

Whilst the Company’s Investment Guidelines provide the Manager with a global mandate, the Manager’s initial focus will be on investments in North America, Europe and Asia Pacific, including Australia. Further notwithstanding the broad mandate, the Company’s Portfolio is expected to be predominantly comprised of Long and Short Positions in listed natural resources securities and credit positions.

Directors and Key Personnel

Tribeca Global Natural Resources Ltd is led by a board who have a broad range of experience in investment management combined with financial and commercial expertise.  Key personnel include:

  • Ben Cleary, Portfolio Manager and Non-Independent Director has over 15 years extensive experience in the Natural Resources Sector having served in a number of specialist, director level roles for Macquarie Bank, RBC and RBS in Asia, the UK and Australia.
  • Craig Evans, Portfolio Manager, Non Independent Director has over 25 years of financial markets experience, the last 19 of which was focused on Long/Short investing and financing roles across the United States, Europe, and Asia for Macquarie Bank and Bank of America Merrill Lynch.
  • Bruce Loveday, Chairman and Independent Director, has been CEO of several funds management businesses (in Australia and the USA) and has held senior executive positions in banking, mining, stockbroking, asset consulting, investor relations and corporate affairs management.
  • Greg Clark, Independent Director has over 25 years’ experience in funds management, superannuation and insurance and has worked with a number of major industry participants, including QBE Insurance, Suncorp Group, QIC, AMP Capital and Pengana Capital.
  • Judy Mills, Independent Director has over 20 years’ legal and banking experience, having worked in Australia and the UK. A former Executive Director at Macquarie Group, Judy worked across Macquarie’s global equity markets and structured derivatives businesses.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 6 of the prospectus, Tribeca Global Natural Resources Ltd is subject to a range of risks, including but not limited to management risk, invest strategy, market conditions, short selling risk and counterparty and collateral risk.

 

Section 734(6) disclosure: The issuer of the securities is Tribeca Global Natural Resources Limited ACN 627 594 418. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).​

The offer may close early and the 'Pay By' dates may change. Bids over $20,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.

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