Amp Capital Funds Management Limited – Exhibit 2: Bonuses and rebates for Australian listed funds as of March 31, 2015 (PRNewsFoto/Metage Capital Limited)
Metage Capital Limited has been continuously investing in AMP Capital China Growth Fund (AGF) since February 2012 as an investment manager for various funds. We believe that the most important issue for all AGF shareholders today is a significant decline in net asset value. (NAV), from which the fund continues to suffer. Although the market valuation of the fund’s assets is lower than the stated fair value of the portfolio, all unit holders are subject to severe penalties for investing their assets in this AMP fund. In such circumstances, we believe that good corporate governance dictates that the main discussions in the Board of Directors should be focused on closing a significant discount to the fund’s net asset value.
Amp Capital Funds Management Limited
AGF has suffered from this unsustainable discount for 8 years and has experienced both the ups and downs of the financial markets. In fact, the board of directors led the fund with the worst discounting result in its group.
Amp Capital Investors
In our letter to the Board of Directors, we present a history of concessions to peer-listed funds that invest in China through a substantial allotment of Class A Chinese shares as part of our mandate.
Two things are clear from this analysis. AGF was one of two funds that did not offer share buybacks or regulatory discount trading – the other fund traded close enough to NAV that such action was not necessary; The AGF rebate has doubled its peer-to-peer average over the past one, three and five years. In addition to comparing AGF to the global class A group of equities, we highlight how AGF compares to the Australian publicly traded investment fund industry. The chart below shows the premiums or discounts for all investment funds listed on the ASX.
Compared to its Australian-listed peers, AGF stands out as the worst-rated fund at a significant discount to NAV. The board’s approval of such a special portfolio discount means that AGF investors who need to realize their investment will face an effective penalty of 24% when they do so.
In our opinion, proper capital management through share buybacks or tender offers is the most common and effective form of control over share capital discount. At discount, these actions will have a significant impact on the fund’s NAV and will be very effective in this case, given the exceptionally large discount of AGF. Such measures would also allow the fund to cut costs to meet the actual demand of investors in the fund. Finally, for AGF, the implementation of such asset management measures will clearly demonstrate the aspirations of investors. The responsible organization must ensure that the interests of its investors are paramount and eliminate any doubt that the interests and judgments of the board of directors are not aligned with the interests of its investors.
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December 2006 From that date to the end of April 2015, the fund’s benchmark rose a total of 271%.
. However, during this period, shareholders saw a price increase of only 50% for their shares, while receiving dividends of 39% of the value at the beginning of the period.
. This is a huge lag compared to the asset class in which the shareholders have invested. We note that AMP Capital was paid over $42 million in investment management and fiduciary fees for this execution.
Metage Capital has made several attempts to engage constructively with the Board of Directors, suggesting ways to address the above issues in the interest of all investors. To this day, we are still disappointed by this experience. Therefore, in this open letter, we repeat our previous two requests.
Company Update: Amp Limited
November 2016 Metaj Capital will vote against renewing the investment management agreement for another ten years unless the Board of Directors satisfactorily resolves the issues we raised in this letter within that period. We have decided to issue an open letter to all shareholders to draw attention to next year’s vote and clarify our concerns about the fund’s corporate governance. May 13, 2020 – AMP Capital Investors Ltd filed a 13F complaint. – As of March 31, 2020, Form HR owns 0 shares of Janus Henderson Group PLC (US: JHG) for a total of $0. AMP Capital Investors Ltd filed a previous 13F-HR filing on February 13, 2020, which disclosed 11,650 Janus Henderson Group PLC shares worth $286,000. This indicates a -100.00 percent change in share price and a -100.00 percent change in value for the quarter.
Other recently closed investors include Strs Ohio, KBC Group NV, First Command Bank, Dorsey Wright & Associates and Concord Wealth Partners.
The security and category in the table below is shown exactly as stated by the investor. We are doing our best to ensure continuity of investment through acquisitions, which will be reflected in the table as the name changes. In addition to the description, the performance of the investment over time is shown. To calculate quarterly results, we first calculate the underlying value of shares acquired during the quarter, which we then use to calculate gross profit. Quarterly return is the total profit/value of the starting portfolio.
Note that since the base cost is calculated and stored in thousands, small quarterly inventory changes result in a base cost of zero.
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IMPORTANT! This company reported a 10:1 reverse split as of May 30, 2017. The owner information on this page is not set for this section. It is the reader’s responsibility to determine if this split affects this data and to adjust the numbers accordingly. Our engineering team is working on a solution to generate custom numbers for future splits.
The total number of shares held by the entity at the end of the reporting period (effective date). This is reflected in the statement.
The weighted average price of shares held by the organization. We use FIFO accounting to determine this price
This is the specified security class for the file. This field has many different meanings. Common values include “EC” = common capital and “EP” = preferred capital.
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The percentage of the portfolio of the organization this position represents. This is reflected in the NPORT view. For file 13F we calculate it.
Change in distribution compared to the previous reporting period. This is calculated as the current distribution – the previous distribution.
Percentage change in distribution compared to the previous reporting period. This is calculated as (current distribution – previous distribution) / previous distribution. The AMP Ltd logo adorns the headquarters in downtown Sydney, Australia, May 5, 2017 /David Gray
April 27 () – Australian asset manager AMP Ltd (AMP.AX) has agreed to sell Dexus (DXS.AX) AMP Capital’s real estate and indoor infrastructure asset management arm for A$550 million ($392.8 million). ). sell up ), the company announced on Wednesday.
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The deal includes an upfront payment of A$250m and a proceeds of up to A$300m depending on factors such as a successful asset transfer under management (AUM), the firms said in separate statements.
However, AMP has said it is unlikely to make a full profit as it faces A$3.0 billion in losses from AMP Capital, now known as Collimate Capital.
Australian real estate company Dexus will buy existing shares in AMP and sponsor shares in AMP Capital for A$450 million.
The deals move 172-year-old AMP away from plans to split AMP Capital, opting instead to sell part of the division. (https://reut.rs/36OlpZo)
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“The deal will unlock value for AMP shareholders,” the asset manager said, adding that the proceeds from the sale will be used to pay down debt and return it to investors.
AMP, which has struggled to bounce back after a series of scandals that saw its profits plummet, said it is resuming talks on AMP Capital’s international infrastructure equity business following a series of takeover requests.
Reporting by Rushni Nair, Shashwat Avasti and Tejaswi Marti in Bangalore; Edited by Subhranshu Sahu and Sherri Jacob-Phillips, shareholders of A$7.7 billion ($5.2 billion) wholesale office fund AMP Capital voted to replace AMP Capital Investors with Australia’s Mirvac Funds Management.
Mirvac Group will become the trustee and investment manager of the fund, which owns 11 properties in Sydney and Melbourne, in mid-October, according to a statement from the stock exchange.
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In May, parent company AMP Ltd announced a request for a trustees vote as AMP Capital decided to sell its real estate and infrastructure business in the country to Dexus Funds Management.
Mirvac’s takeover will accelerate the company’s drive to raise outside capital, boosting its total assets by 75% to A$18.1 billion, according to the ASE.
In a separate application to the exchange, AMP LLC stated that it would not lose the right to invest in the fund.
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