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Auscap Asset Management > Uncategorized > Quarterly Newsletter – Healthy Growth Drives Higher Returns

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Lonsec Disclaimer

The Lonsec Rating (assigned October 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Auscap Asset Management Limited’s product, and you should seek independent financial advice before investing in this product. The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document following publication. Lonsec receives a fee from the Fund Manager for researching the product using comprehensive and objective criteria.

For further information regarding Lonsec’s Ratings methodology, please refer to Lonsec’s website at: http://www.beyond.lonsec.com.au/intelligence/lonsec-ratings

Auscap Asset Management Limited, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information contained in the Lonsec Rating, or for any errors or omissions.

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This document does not constitute an offer of units in the Auscap Long Short Australian Equities Fund (Fund) in any jurisdiction other than Australia or New Zealand (or in jurisdictions where it is lawful to make such an offer). Applications for units in the Fund from residents outside of Australia and New Zealand may not be accepted.

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Lonsec Disclaimer

The Lonsec Rating (assigned October 2018) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Auscap Asset Management Limited’s product, and you should seek independent financial advice before investing in this product. The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document following publication. Lonsec receives a fee from the Fund Manager for researching the product using comprehensive and objective criteria.

For further information regarding Lonsec’s Ratings methodology, please refer to Lonsec’s website at: http://www.beyond.lonsec.com.au/intelligence/lonsec-ratings

Auscap Asset Management Limited, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information contained in the Lonsec Rating, or for any errors or omissions.

By clicking ACCEPT below you acknowledge and agree to the terms and conditions set out above and confirm that you are an Australian Wholesale investor as defined by the Corporations Act 2001 (Cth).

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Quarterly Newsletter – Healthy Growth Drives Higher Returns

April 20, 2023

April 2023 Newsletter | ** CPD POINTS NOW AVAILABLE ** This quarterly newsletter for the Fund, titled ‘Healthy Growth Drives Higher Returns’, can be found here. In this newsletter we discuss NIB Holdings Limited, one of Auscap’s holdings in the Fund. This newsletter also details the performance and portfolio positioning of the Fund in March 2023.

Auscap Newsletter - April 2023

Multiple Choice Test - April Newsletter 2023

Learnings Outcomes: After reading this newsletter, readers should have a sound understanding of listed insurer NIB Holdings, including an overview of the company, a history of key financial metrics used to value the stock, and the key revenue drivers for the future. This activity meets the guidelines for qualifying CPD, and has been accredited for continuing professional development by the Financial Advice Association of Australia but does not constitute FAA’s endorsement of the activity. 0.5hr CPD is available for this activity.

Question 1(Required)

NIB Holdings Limited (NIB) is Australia’s fourth largest health insurer, with policyholder market share, as at September 2022, of:

9.4%

19.4%

29.4%

39.4%

Question 2(Required)

NIB has four (4) developed operating segments as follows:

Honeysuckle Health, Midnight Health, Insurance and iihi

Arhi, nz, Honeysuckle Health and Midnight Health

arhi, nz, iihi and Insurance

Arhi, nz, iihi and Midnight Health

Question 3(Required)

In FY21, Australian healthcare expenditure represented what percentage of Australian GDP?

5.2%

18.6%

10.7%

31.1%

Question 4(Required)

4. In recent years, some industry analysts have questioned the structural outlook for the private health insurance (PHI) industry given which of the following factors:

Policy upgrading and rising costs

Policy downgrading, declining youth participation and rising costs

Declining costs and policy downgrading

Increasing youth participation

Question 5(Required)

Public waiting lists and a greater focus on healthcare availability led to a return to strong policyholder growth and improved retention with the onset of the COVID-19 pandemic:

True

False

Question 6(Required)

NIB entered travel insurance through the 2015 and 2018 acquisitions of (respectively):

World Nomads Group and QBE Travel

Covermore Insurance and QBE Travel

1Cover and World Nomads Group

World Nomads Group and Covermore

Question 7(Required)

The Australian Government estimates that what percentage of the Australian population has a disability:

8%

28%

38%

18%

Question 8(Required)

The vast majority of National Disability Insurance Scheme (NDIS) expenditure, in the order of 95%, is paid to:

Service providers to deliver support to those with disabilities

Plan Managers

Support Coordinators

Local Area Coordinators

Name(Required)

First Last

Email(Required)

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The Auscap Long Short Australian Equities Fund received a ‘Recommended’ rating from Zenith Investment Partners (June 2024)¹

The Auscap Long Short Australian Equities Fund received a ‘Recommended’ rating from Lonsec Research (October 2023)²

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Zenith Disclaimer

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (ASX0001AU assigned June 2023; ASX6179AU assigned February 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

Auscap Asset Management Limited, its directors and employees do not accept any liability for the results of any actions taken or not taken on the basis of information contained in the Zenith Product Assessment, or for any errors or omissions.

This report for the Auscap Long Short Australian Equities Fund is intended for wholesale clients, AFSL holders or their authorised representatives, by accessing this report you are confirming that you are a wholesale client or you either hold an AFSL or are an authorised representative.

Disclaimer

* Important: This information is noted for general information purposes only. Auscap Asset Management Limited ACN 158 929 143, AFSL 428014 (Auscap) is the responsible entity of the Auscap Long Short Australian Equities Fund (ARSN 615 542 213) (the Fund). Before deciding whether to acquire units in the Fund, a prospective investor should fully review the information, the disclosures and the disclaimers contained in all relevant Fund documents, including in particular the Fund’s disclosure document – the Product Disclosure Statement (PDS) – or any supplement to that document, and consider obtaining investment, legal, tax and accounting advice appropriate to their circumstances. A copy of the Fund’s PDS is available on request or at www.auscapam.com/auscap-fund/pds/. A copy of the Target Market Determination for the Fund, prepared in connection with the Design and Distribution Obligations, can be obtained on request or at www.auscapam.com/ddo/.