Cadence Capital (CDM) AGM 2024 summary

Opening remarks and agenda

• Welcomed attendees, introduced board members, investment and finance teams, and new auditor, outlining the meeting structure and agenda.

• AGM covered year-end results, fund performance, portfolio updates, and market outlook for Cadence Capital Limited (CDM) and Cadence Opportunities Fund Limited (CDO).

• Formal business included financial report discussion and voting on resolutions, followed by investor presentations and Q&A.

Financial performance review

• CDM fund returned 10.4% for FY2024 with $21.6m profit after tax; CDO returned 10.8% with $2.3m profit, both delivering lower volatility and strong risk-adjusted returns.

• Top contributors included Meta Platforms, Alumina, Netflix, Capstone Copper, Westgold Resources, and Whitehaven Coal; detractors were Sierra Rutile, Zillow, and Syrah Resources.

• CDM outperformed the index by 3.1% p.a. since inception; CDO outperformed by 12.7% p.a. over six years.

• Both funds maintain highly liquid and diversified portfolios, with 81% of positions in companies over $1 billion market cap and 87% of the portfolio liquidatable within a week.

• Cash levels in CDM are around 15-20%, with total cash and equivalents at about 35%.

Board and executive committee updates

• Board members and key investment and finance team members were introduced, with a new auditor, HLB Mann Judd, attending for the first time.