Join our investing community

Ironbark Capital = IBC

Discussion in 'Listed Investment Companies (LIC) and Trusts (LIT)' started by twisted strategies, 6th Oct, 2016.

  1. twisted strategies

    twisted strategies Well-Known Member

    3rd Nov, 2013
    IBC Ironbark Capital Ltd Kaplan Funds Mgt
    Large/mid cap, hybrids, long only; may use derivatives ASX300 Accum

    Ironbark Capital IBC
    as at 30 Jun 2016
    Code Company % Portfolio
    TLS Telstra Corporation. 13.4
    CBA Commonwealth Bank. 9.8
    WBC Westpac Banking Corp 9.8
    IAGPC Ctg Pre 6M Per Q T 4.9
    ORGHA Hy 3M 12-71 Q Rd T 4.6
    BHP BHP Billiton Limited 4.2
    CBAPC Cn 3M Per Q Rd T-20 4.1
    ANZ ANZ Banking Grp Ltd 4.0
    SUNPC Ctg Pre 3M Per Rd T 3.9
    IANG Cbnd 3M Per X 3.8
    DUE Duet Group 3.1
    CTXHA Hy 3M 09-37 Q Rd T 3.0
    WBCPG Cn 3M Per Q Rd T-21 2.9
    NAB National Aust. Bank 2.6
    NABPA Ctg Pre 3M Per Rd T- 2.0
    ANZPA Ctg Pre 3M Per T 1.9
    SDF Steadfast Group Ltd 1.8
    CWNHA Hy 3M 09-72 Q Rd T 1.7
    AQHHA Hy 3M 09-72 Q Rd T 1.6
    BENPD Ctg Pre 6M Per Rd T 1.4

    The portfolio is structured with an emphasis on income through yield orientated securities (hybrids and
    corporate bonds, utilities, property trusts) and buy & write positions in Banks, BHP, Telstra and other
    leading companies. The portfolio’s running yield was 7.2% inclusive of franking credits.
    The buy & write strategy involves buying selective shares and selling, subject to appropriate timing, call
    options over those shares. This strategy gives away some of the upside potential from a shareholding
    but generates option premium income consistent with the income emphasis of the portfolio.
    The portfolio is diversified across 27 different entities. Higher risk exposures in banks, industrials and
    resources are largely held through buy & write option positions for income enhancement or added
    protection. The portfolio’s hybrid and corporate bond holdings are floating rate securities with little
    duration risk.
    Approximately 42% of the portfolio was held in hybrids and corporate bonds and 30% in buy & writes
    in Banks, Telstra and BHP. Of the balance, 22% was held in cash & option delta, 1.9% in mid-cap and
    small companies, 1.2% in property trusts and 3.2% in utilities.
    Asset allocation reflects a cautious stance.

    Hybrids & Corporate Bonds ( in greater detail )
    AGLHA AGL Energy Limited - Subordinated Notes 814 1.2%
    AMPPA AMP Limited Capital Note 315 0.5%
    ANZPA ANZ Banking Group Limited - Convertible Preference Securities 1,248 1.9%
    AQHHA APA Group - Subordinated Notes 1,018 1.6%
    BENPD/PE Bendigo Bank - Convertible Preference Securities 939 1.4%
    BOQ (10/05/26)Bank of Queensland - Subordinated Notes 769 1.2%
    BOQPD Bank of Queensland - Convertible Preference Securities 831 1.3%
    CBAPC/PD Commonwealth Bank Perls VI & VII 2,692 4.1%
    CTXHA Caltex Australia Limited - Subordinated Notes 1,947 3.0%
    CWNHA/HB Crown Limited- Subordinated Notes 1,087 1.7%
    IAGPC Insurance Australia Group - Convertible Preference Securities 3,197 4.9%
    IANG Insurance Australia Group - Perpetual Reset Exchangeable Notes 2,502 3.8%
    MQGPB Macquarie Group Limited - Capital Note 2 609 0.9%
    NABPA National Australia Bank Limited - Convertible Preference Securities 1,322 2.0%
    ORGHA Origin Energy- Subordinated Notes 2,972 4.6%
    RHCPA Ramsay Healthcare Limited - Perpetual Preference Securities 582 0.9%
    SUNPC/PE Suncorp Group Limited - Convertible Preference Securities 2,540 3.9%
    SVWPA Seven Group Holdings Limited - Perpetual Preference Securities 247 0.4%
    WBCPG Westpac Banking Group Corporation Limited - Convertible Preference 1,900 2.9%

    total 27,531 42.2%
  2. twisted strategies

    twisted strategies Well-Known Member

    3rd Nov, 2013
    i originally planned ( and actully invested ) a fair amount into selected ( high yielding ) hybrids , however as time went on i was converted or redeemed out of most of them .

    i have also CAMPA ( to be redeemed in April 2017 ) , MBLHB and SVWPA left

    but invested in here for a managed hybrid exposure ( CAM also holds some hybrids )

    for the time interest rates will rise again ( in the future )