Aurora Investment Trust plc

Transcription

1 Aurora Investment Trust plc The AIC, Birmingham Seminar November This document is issued by Phoenix Asset Management Partners Limited ( PAMP ). For professional clients and eligible counterparties only. Not for onward distribution. Phoenix Asset Management Partners Limited Glentham Road London SW JJ + () phoenix@pamp.co.uk

2 Phoenix Asset Management Partners We are Value Investors We strive to deliver excellent long-term returns characterised by significant long-term out performance Founded in Phoenix is a specialist fund management company co-founded by CIO Gary Channon Team of investment professionals, employees in total m AUM Aurora Investment Trust ( m) Phoenix Fund ( m) Plus the Huginn Fund and segregated accounts Excellent track record Since, the same investment approach has been applied with increasing thoroughness and discipline Source: PAMP, as at October.

3 Phoenix Fund - Performance Year Investment Return (Gross) NAV Return (Net) Source: PAMP / Bloomberg. Past performance is not a reliable indicator of future performance. FTSE All-Share Index NAV Per Share ( mths).%.% -.%,. -.% -.%.%,..%.% -.%,..%.% -.%,. -.% -.% -.%,..%.%.%,..%.%.%,..%.%.%,..%.%.%,..%.%.%,. -.% -.% -.%,..%.%.%,..%.%.%,..%.% -.%,..%.%.%,..%.%.%,..%.%.%,..%.%.%,..%.%.%,..%.%.%,. (to Oct) -.% -.% -.%,. Cumulative.%.%.% Annualised Returns.%.%.%

4 Phoenix Fund Track Record- Value of, invested in the Phoenix Fund at launch to October The investment strategy followed by the Phoenix Fund is the same as that followed by Aurora*,,, Annualised net return since inception.%,,, P (Net) FTSE-All Share Index* Source: PAMP. All figures shown are net of fees and do not account for an investor s tax position. The FTSE All Share Index is shown with dividends re-invested. The Fund s inception date is May. *Whilst the investment strategy is the same in all material respects, the portfolio holdings will not necessarily be the same and investors in Aurora will have no exposure to the investment performance of the Phoenix Fund. For illustrative purposes only, not a recommendation to buy or sell shares in the Fund. Past performance is not a reliable indicator of future performance

5 Aurora Investment Trust plc Fund structure Investment Trust premium listing on the London Stock Exchange Investment objective Capital growth by investing in a concentrated portfolio of listed equities Current market cap / NAV m / m Investment manager Fees NAV reporting Phoenix Asset Management Partners Ltd (acquired Mars Asset Management and realigned Aurora portfolio in January ) No management fee / performance fee equal to one-third of returns above FTSE ASX, payable in Aurora shares with year lock-in Daily Source: PAMP / Bloomberg as at October. Past performance is not a reliable indicator of future performance.

6 . Fees No management fee Performance fee only when we exceed the market return (FTSE All Share) Fee is one third of returns above market (up or down) Phoenix receives the fee as shares in Aurora Fee is subject to claw back after three years, if out-performance reverses

7 Aurora: Timeline for Capital Raised January Market Cap m Phoenix appointed as investment manager March Capital Raise Treasury sales August Capital Raise December Capital Raise March Capital Raise September Capital Raise Ongoing tap-issues ( present) June Capital Raise Plans m m m m. m. m m. m m medium-term Source: PAMP

8 Aurora Track Record NAV Return Share Price Return* FTSE All-Share Index* (YTD Oct).% -.% -.%.%.%.%.%.%.% Cumulative since inception**.%.%.% Phoenix became investment manager of Aurora from January -.%.%.% -.% -.%.%.%.%.% Source: PAMP / Bloomberg Past performance is not a reliable indicator of future performance. *Share price return with dividends reinvested; All Share index return with dividends reinvested **From January

9 What Makes Us Different?. Patient, long term approach. Circle of competence. Research process. Portfolio construction. Fees

10 . Patient, long term approach No correlation between fundamentals and share prices in less than three years Market driven by sentiment in short term (- years) Market driven by fundamentals ( years+) We identify great businesses We only pay % of our IV Candidate Universe of names Then we wait, often for years for the right opportunity, short-term bad news

11 What Makes A Great Investment? A great business ROCC minimum % Pricing Power Predictability (able to model) Transparency Management: Competent, with integrity No risk of ruin

12 Research Process SEARCH Search Filter RESEARCH Candidate Universe Risk Filter INVEST Portfolio Listed or Existing Expertise pa paa paaa - stocks Max cost Weight % MKT Cap> m c. A AA AAA BUY SELL DYNAMIC PORTFOLIO CONSTRUCTION Discard Discard Discard Candidate Proposal Research Background Meetings DREAM Modelling Source: PAMP

13 Research Process - Evolution Phoenix Fund number of investments since inception First Years Second Years Subsequent Period ( years) Source: PAMP

14 . Portfolio Construction Concentrated: positions Volatility is not risk No single position more than % at cost (% for a sector) Top five holdings typically % of assets Weighting factors are: Upside Downside Confidence Liquidity

15 Winners & Losers Phoenix Fund SCORECARD October Phoenix Fund Wins Losses Value Value Open Positions,, -,, Closed Positions,, -,, Total,, -,, Total Positions % % % % Closed Positions Only % % % % Open Position only % % % % Source: PAMP. Past performance is not a reliable indicator of future performance.

16 A Phoenix Case Study

17 Slot Moats

18 Propensity to Travel

19 Air Travel has grown relentlessly as incomes rose and costs declined

20 Is easyjet Low Cost? Source: PAMP

21 Ryanair seems more efficient but strategies are different Source: PAMP

22 Different strategies yield different results Source: PAMP

23 They both end up earning approx. the same on a Seat Kilometre Source: PAMP

24 How SLOTS become MOATS SLOT: A right to take-off and land at a certain time on a certain day of the week Source: PAMP

25 Slot Constrained Airports as a Barrier to Entry IATA World Slot Constrained Airports Region Asia Pacific Total SCR Level SMA Level % Europe Total % Middle East and Africa Total % North Asia Total % The Americas Total % Total of Level and Airports Source: PAMP

26 How SLOTS become MOATS SLOT: A right to take-off and land at a certain time on a certain day of the week GRANDFATHER RIGHTS: Slots belong to airlines not airports provided they are used and cannot be charged for Source: PAMP

27 Slot Constrained Airports Level The airport should be designated as Level only if this analysis and consultation concludes that the demand for airport infrastructure significantly exceeds the declared capacity and there is no practical way to alleviate the problem World Slot Guidelines - IATA

28 How SLOTS become MOATS SLOT: A right to take-off and land at a certain time on a certain day of the week GRANDFATHER RIGHTS: Slots belong to airlines not airports provided they are used and cannot be charged for Grandfather Rights + Level Airport = SLOT MOATS Source: PAMP

29 EDI GLA Inverness STN E Midlands Southend Cardiff Newquay Bristol Newcastle Bournemouth Manchester Birmingham LTN Belfast Aberdeen Izmir LGW Dalaman Liverpool Bodrum Antalya TUR Leeds Bradford Zurich TUR GVA TUR AUTO CHECK AT BOTTOM Nimes Paris CDG Paris Orly Paris BVA Paris Vatry Perpignan Poitiers Rodez Strasbourg Toulouse Tour loire Baden baden Berlin Schoenefeld Bremen Cologne Dortmund Dresden Dusseldorf Frankfurt Friedrichshafen Hamburg Leipzig Memmingen Munich Nuremburg Stuttgart Athens Chania Corfu Crete Heraklion Kalamata Kefalonia Kos Mykonos Preveza Rhodes Santorini Thessalonki Zante Zakynthos Budapest Reykjavik Cork Derry Dublin Kerry Knock Shannon Eilat Tel Aviv Alghero Ancona Bari Bilbao Bologna Brindisi Cagliari Catania Comiso Crotone Genoa Lamezia Milan Bergamo Milan Linate Milan Malpensa Naples Palermo Parma Perugia Pescara Pisa Rome Fiumicino &CIA Sardinia Alghero Sardinia Cagliari Sardinia Olbia Sicily Catania Sicily Palermo Trapani Trieste Turin Venice MP Venice TSF Verona Pristina Riga Kaunas Palanga Vilnius Lux Malta Podgorica Tivat Agadir Essaouira fez Marrakech Nador Oujda Rabat Tangier Amsterdam Eindhoven Maastrict Haugesund Oslo Bydgoszcz Gdansk Katowice Krakow Lodz Lublin Olstztyn-Mazury Poznan Rzeszow szczecin Warsaw Wroclaw Faro Lisbon Madeira Funchal Ponta Delgada Porto Terceira Lajes Bucharest Craiova Oradea Timisoara Belgrade Nis Bratislava Ljubljana Alicante Almeria Asturias Barcelona Barcelona Girona Barcelona Reus Canaries Castellon Fuerteventura GIB Gran Canaria Granada Jerez La Palma Lanzarote Madrid Majorca Palma Malaga Menorca Mahon Murcia Santander Santiago de Compostela Seville Tenerife South Valencia Valladolid Vigo Zaragoza Are Ostersund Gothenburg Smaland Stockholm NYO & VST Basel GVA Zurich Antalya Bodrum Dalaman Izmir Aberdeen Belfast Birmingham Bournemouth Bristol Cardiff E Midlands EDI GLA Inverness Isel of Man JER Leeds Bradford Liverpool LGW LTN Manchester Newcastle Newquay Southend STN HUNG ICE IRE IRE IRE IRE IRE IRE ISRL ISRL KOS LAT LITH LITH LITH LUX MALT MONT MONT MOR MOR MOR MOR MOR MOR MOR MOR NETH NETH NETH NOR NOR PORT PORT PORT PORT PORT PORT ROM ROM ROM ROM SERB SERB SLOV SLOV SWE SWE SWE SWE SWIT SWITZ SWITZ TUR TUR TUR TUR Nice Nantes Montpellier Marseille Prov Lyon Lourdes Lorient Limoges Lille La rochelle Grenoble Figari Dole Dinard Deauville Corsica Bastia Corsica Figari Corsica ajaccio Clermont Carcassone Brive Brest Brittany Bordeaux Biarritz Beziers Bergerac Tampere FIN EST Tallinn Hurghada EGPT Copenhagen Billund DEN DEN Aarhus DEN Prague Ostrava CZECH CZECH Brno CZECH Paphos Larnaca CYP CYP Zadar CROA Split Rijeka CROA CROA Pula CROA Osijek Dubrovnik CROA CROA Varna BULG BULG Sofia Plovid BULG Brussels Charleroi BELG BELG Source: PAMP Brussels Vienna AUS Salzburg LINZ Innsbruck AUS Ibiza Basel TUR Isel of Man Stockholm NYO & VST SWITZ JER Smaland SWITZ Gothenburg SWITZ Are Ostersund SWE Zaragoza SWE Vigo SWE Valladolid SWE Innsbruck Linz Salzburg Vienna Brussels Brussels Charlero Plovid Sofia VARNA Dubrovnik Osijek Pula Rijeka Split Zadar Larnaca Paphos Brno Ostrava Prague Aarhus Billund Copenhagen Hurghada Tallinn Tampere Bergerac Beziers Biarritz Bordeaux Brest Brittany Brive Carcassone Clermont Corsica ajaccio Corsica Bastia Corsica Figari Deauville Dinard Dole Figari Grenoble La rochelle Lille Limoges Lorient Lourdes Lyon Marseille Prov Montpellier Nantes Nice Nimes Paris CDG Paris Orly Paris BVA Paris vatry Perpignan Poitiers Rodez Strasbourg Toulouse Tour loire valley Baden baden Berlin Schoenefel Bremen Cologne Dortmund Dresden Dusseldorf Frankfurt Friedrichshafen Hamburg Leipzig Memmingen Munich Nuremburg Stuttgart Athens Chania Corfu Crete Heraklion Kalamata Kefalonia Kos Mykonos Preveza Rhodes Santorini Thessalonki Zante Zakynthos Budapest Reykjavik Cork Derry Dublin Kerry Knock Shannon Eilat Tel Aviv Alghero Ancona Bari Bilbao Bologna Brindisi Cagliari Catania Comiso Crotone Genoa Lamezia Milan Bergamo Milan Linate Milan Malpensa Naples Palermo Parma Perugia Pescara Pisa Rome Fiumicino & Sardinia Alghero Sardinia Cagliari Sardinia Olbia Sicily Catania Sicily Palermo Trapani Trieste Turin Venice MP Venice TSF Verona Pristina Riga Kaunas Palanga Vilnius Lux Malta Podgorica Tivat Agadir Essaouira fez Marrakech Nador Oujda rabat Tangier Amsterdam Eindhoven Maastrict Haugesund Oslo Bydgoszcz Gdansk Katowice Krakow Lodz Lublin Olstztyn-Mazury Poznan Rzeazow szczecin Warsaw Wroclaw Faro Lisbon Madeira Funchal Ponta Delgada Porto Terceira Lajes Bucharaest Craiova Oradea Timisoara Belgrade Nis Bratislava Ljubljana Alicante Almeria Asturias Barcelona Barcelona Girona Barcelona Reus Canaries Castellon Fuerteventura Gibaltar Gran Canaria Granada Ibiza Jerez La Palma Lanzarote Madrid Majorca Palma Malaga Menorca Mahon Murcia Santander Santiago de Comp Seville Tenerife South Valencia Valladolid Vigo Zaragoza Are Ostersund Gothenburg Smaland Stockholm Basel Geneva Zurich Antalya Bodrum Dalaman Izmir Aberdeen Belfast Birmingham Bournemouth Bristol Cardiff E Midlands Edinburgh Glasgow Inverness Isle of Man JER Leeds Bradford Liverpool London Gatwick London Luton Manchester Newcastle Newquay Southend Stanstead Tenerife South Valencia Seville Santiago de Compostela Santander Murcia Asturias Almeria Menorca Mahon Alicante Malaga Ljubljana Bratislava Majorca Palma Nis Madrid Belgrade Timisoara SLOV Lanzarote Oradea SLOV Craiova SERB Bucharest SERB La Palma Terceira Lajes ROM Jerez Porto ROM Ponta Delgada ROM Ibiza Madeira Funchal ROM Lisbon PORT Faro PORT Gran Canaria Wroclaw PORT Granada Warsaw PORT szczecin PORT GIB Rzeszow PORT Poznan Olstztyn-Mazury Fuerteventura Lublin Castellon Lodz Krakow Canaries Katowice Gdansk Bydgoszcz Barcelona Girona Oslo Barcelona Reus Haugesund Maastrict Barcelona Eindhoven Amsterdam NOR Tangier NOR Rabat NETH Oujda NETH Nador Marrakech Agadir NETH Tivat fez Podgorica MOR Malta MOR Lux MOR Essaouira Vilnius MONT MOR Palanga MONT MOR Kaunas MALT MOR Riga LUX MOR Pristina LITH MOR Venice TSF Verona LITH Venice MP LITH Turin LAT Trieste KOS Trapani Sicily Catania Sicily Palermo Sardinia Olbia Sardinia Alghero Sardinia Cagliari Rome Fiumicino &CIA Pisa Pescara Perugia Parma Palermo Milan Malpensa Naples Milan Linate Milan Bergamo Lamezia Genoa Crotone Comiso Catania Cagliari Brindisi Bologna Eilat Shannon Bilbao Knock Bari Kerry Dublin ISRL Ancona Derry IRE Alghero Cork IRE Reykjavik IRE Budapest IRE Tel Aviv Zante Zakynthos IRE Thessalonki IRE Santorini ICE Rhodes Preveza HUNG Mykonos Kos Nuremburg Kefalonia Munich Memmingen Crete Heraklion Leipzig Kalamata Hamburg Friedrichshafen Frankfurt Dusseldorf Dresden Dortmund Cologne ISRL Corfu Bremen Chania Athens Stuttgart Baden baden Berlin Schoenefeld Tour loire Toulouse Strasbourg Rodez Poitiers Perpignan Paris BVA Paris Orly Paris Vatry Paris CDG Nimes Nice Nantes Montpellier Marseille Prov Lyon Lourdes Lorient Limoges Lille La rochelle Corsica ajaccio Grenoble Clermont Carcassone Brive Figari Brest Brittany Bordeaux Biarritz Dole Beziers Dinard Bergerac Tampere Deauville Tallinn Hurghada Copenhagen Corsica Bastia Billund FIN Corsica Figari Aarhus EST Prague EGPT Ostrava DEN Brno DEN Paphos DEN Larnaca CZECH Zadar CZECH Dubrovnik Split Varna Rijeka Sofia CROA CZECH Plovid BULG Pula Brussels Charleroi BULG CYP Brussels BULG CYP Vienna BELG Osijek Salzburg BELG CROA LINZ AUS CROA Innsbruck AUS CROA CROA AUS Both AUS EZJ CROA AUS TOTAL Total pairs AUS AUSTRIA Innsbruck AUSTRIA Linz Salzburg AUSTRIA Vienna AUSTRIA BELGIUM Brussels Brussels Charleroi BELGIUM Plovid BULGARIA Sofia BULGARIA VARNA BULGARIA CROATIA Dubrovnik Osijek CROATIA Pula CROATIA Rijeka CROATIA Split CROATIA CROATIA Zadar CYPRUS Larnaca Paphos CYPRUS Brno CZECH CZECH Ostrava Prague CZECH DENMARK Aarhus DENMARK Billund Copenhagen DENMARK Hurghada EGYPT Tallinn ESTONIA Tampere FINLAND NCE Bergerac Beziers NCE Biarritz NCE NCE Bordeaux NCE Brest Brittany NCE Brive NCE Carcassone Clermont NCE Corsica ajaccio NCE NCE Corsica Bastia Corsica Figari NCE Deauville NCE Dinard NCE Dole NCE Figari NCE NCE Grenoble La rochelle NCE Lille NCE Limoges NCE NCE Lorient NCE Lourdes NCE Lyon Marseille Prov NCE Montpellier NCE NCE Nantes Nice NCE Nimes NCE NCE Paris CDG NCE Paris Orly NCE Paris BVA NCE Paris vatry Perpignan NCE NCE Poitiers Rodez NCE Strasbourg NCE Toulouse NCE NCE Tour loire valley Baden baden MANY Berlin Schoenefeld MANY Bremen MANY MANY Cologne MANY Dortmund Dresden MANY Dusseldorf MANY MANY Frankfurt MANY Friedrichshafen MANY Hamburg MANY Leipzig MANY Memmingen Munich MANY MANY Nuremburg Stuttgart MANY Athens ECE Chania ECE ECE Corfu Crete Heraklion ECE Kalamata ECE Kefalonia ECE Kos ECE Mykonos ECE ECE Preveza Rhodes ECE Santorini ECE Thessalonki ECE Zante Zakynthos ECE Budapest HUNGARY Reykjavik ICELAND Cork IRELAND IRELAND Derry Dublin IRELAND Kerry IRELAND IRELAND Knock IRELAND Shannon ISRAEL Eilat ISRAEL Tel Aviv LY Alghero Ancona LY LY Bari Bilbao LY Bologna LY Brindisi LY Cagliari LY Catania LY Comiso LY Crotone LY Genoa LY LY Lamezia LY Milan Bergamo LY Milan Linate Milan Malpensa LY Naples LY Palermo LY Parma LY Perugia LY Pescara LY Pisa LY Rome Fiumicino & CLY Sardinia Alghero LY LY Sardinia Cagliari LY Sardinia Olbia LY Sicily Catania Sicily Palermo LY Trapani LY Trieste LY Turin LY Venice MP LY LY Venice TSF Verona LY Pristina KOSOVO Riga LATVIA LITHUNIA Kaunas Palanga LITHUNIA Vilnius LITHUNIA Lux LUX MALTA Malta Podgorica MONTENEGRO Tivat MONTENEGRO Agadir MOROCCO Essaouira MOROCCO MOROCCO fez MOROCCO Marrakech Nador MOROCCO Oujda MOROCCO rabat MOROCCO Tangier MOROCCO NETHERLANDS Amsterdam Eindhoven NETHERLANDS Maastrict NETHERLANDS Haugesund NORWAY Oslo NORWAY AND Bydgoszcz Gdansk AND Katowice AND Krakow AND AND Lodz Lublin AND Olstztyn-Mazury AND Poznan AND Rzeazow AND szczecin AND Warsaw AND AND Wroclaw Faro PORTUGAL Lisbon PORTUGAL Madeira Funchal PORTUGAL Ponta Delgada PORTUGAL PORTUGAL Porto Terceira Lajes PORTUGAL Bucharaest ROMANIA Craiova ROMANIA Oradea ROMANIA Timisoara ROMANIA Belgrade SERBIA Nis SERBIA Bratislava SLOVAKIA Ljubljana SLOVENIA Alicante IN Almeria IN Asturias IN Barcelona IN Barcelona Girona IN Barcelona Reus IN Canaries IN Castellon IN Fuerteventura IN Gibaltar IN IN Gran Canaria Granada IN Ibiza IN Jerez IN La Palma IN Lanzarote IN Madrid IN Majorca Palma IN Malaga IN Menorca Mahon IN Murcia IN Santander IN Santiago de ComposIN Seville IN Tenerife South IN Valencia IN Valladolid IN Vigo IN Zaragoza IN Are Ostersund SWEDEN Gothenburg SWEDEN Smaland SWEDEN Stockholm SWEDEN Basel SWITZ Geneva SWITZ Zurich SWITZ Antalya TURKEY Bodrum TURKEY Dalaman TURKEY Izmir TURKEY Aberdeen Belfast Birmingham Bournemouth Bristol Cardiff E Midlands Edinburgh Glasgow Inverness Isle of Man JER Leeds Bradford Liverpool London Gatwick London Luton Manchester Newcastle Newquay Southend Stanstead Total pairs RYA Jan easyjet vs. Ryanair Battleground OK OK OK

30 Probability of using Stansted based upon Proximity

31 easyjet vs. Ryanair Battleground between & France Jan Bergerac Beziers Biarritz Bordeaux Brest Brittany Brive Carcassone Clermont Corsica ajaccio Corsica Bastia Corsica Figari Deauville Dinard Dole Aberdeen Belfast Birmingham Bournemouth Bristol Cardiff EMidlands Edinburgh Glasgow Inverness Isle ofman JER Leeds Bradford Liverpool London Gatwick London Luton Manchester Newcastle Figari Newquay Southend Stanstead Grenoble La rochelle Lille Limoges Lorient Lourdes Lyon Marseille Prov Montpellier Nantes Nice Nimes Paris CDG Paris Orly Paris BVA Paris Vatry Perpignan Poitiers Rodez Strasbourg Toulouse Tour loire Source: PAMP

32 easyjet vs. Ryanair Battleground City Pairs Ryanair easyjet.% overlap Source: PAMP

33 easyjet vs. Ryanair Battleground City Pairs Adjusted for time slot Ryanair easyjet.% overlap Source: PAMP

34 Gatwick to Alicante Price Monitoring Source: PAMP

35 easyjet s main competitors are the big Flag Carriers Source: PAMP

36 easyjet's Competitive Position vs. Major Airlines Source: PAMP

37 easyjet's Competitive Position vs. Major Airlines easyjet Costs (CASK) & Revenue (PRASK) vs. Main Competitors Cost (CASK) S S S S S S S S S S. easyjet COST Air France COST IAG COST easyjet PRICE

38 Post Brexit Vote: easyjet -% vs. Ryanair unchanged Source: Bloomberg

39 Very transparent which suits the Phoenix approach

40 Recent Investment Activity H H Trimmed Bellway, Redrow Added Switched Dignity, Sports Direct, Redrow, easyjet, Bellway Exited Barratt Developments, Headlam Diageo New Dignity, Phoenix SG Ltd Source: PAMP

41 Aurora Current Portfolio Holdings > % October Holdings >% as at Oct Weight Oct First Bought by Phoenix Av Net Cost Incl Sales ( ) Current Price Oct Total Return (incl div) vs Av Net Cost* Tesco.% Jan-.. % GlaxoSmithKline.% Apr-.. % Lloyds.% Sep-.. -% Sports Direct.% Jun-.. -% Randall & Quilter.% May-.. % Bellway.% Oct-.. % Dignity.% Jan-.. % Phoenix SG Ltd*.% Jun-,.,. % Vesuvius.% Dec-.. % Morrisons.% Sep-.. % Hornby.% Jul-.. % Redrow.% Oct-.. % easyjet.% Sep-.. % JD Wetherspoon.% Aug-.. % Source: PAMP / Bloomberg as at October *Since purchase by Phoenix Past performance is not a reliable indicator of future performance.

42 Conclusion / Summary: What to Expect A bumpy ride: a concentrated portfolio of out of favour stocks can be volatile Crisis = opportunity, therefore expect occasional big drawdowns Big recoveries if we get our research right we have nothing to fear from volatility Access to a strategy that has excellent long-term returns characterised by significant long-term outperformance Honesty: with ourselves, with you

43 Q&A

44 Regulatory notice This advertisement is issued by Phoenix Asset Management Partners Limited (PAMP), registered office - Glentham Road London SW JJ, Company number. Authorised and regulated in the by the Financial Conduct Authority. This advertisement is directed only at persons in the who are (i) investment professionals as defined in Article of the Financial Services and Markets Act (Financial Promotion) Order or (ii) are persons of a kind described in Article () of the Promotion Order or (iii) are persons to whom this presentation may otherwise lawfully be issued or passed on. Aurora Investment Trust Plc ( the Trust ) is a investment trust listed on the London Stock Exchange. Shares in an investment trust are traded on a stock market and the share price will fluctuate in accordance with supply and demand and may not reflect the underlying net asset value of the shares. The value of investments and any income from them may go down as well as up and investors may not get back the amount invested. There can be no assurance that the Company s investment objective will be achieved and investment results may vary substantially over time. Past performance is not a reliable indicator of future performance. This advertisement is for information purposes only and does not constitute an offer or invitation to purchase shares in the Trust. The information contained within this presentation has been obtained from sources believed to be reliable and accurate at the time of issue. Prospective investors should not rely upon this document for tax, accounting or legal advice and should consult their own advisors prior to making any investment. Copies of the prospectus are available from the Aurora website: