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NEW ZEALAND RURAL LAND COMPANY LISTING

 

On 21 December 2020 at 11:30 am, New Zealand Rural Land Company (NZL:NZX) listed on the New Zealand Exchange (NZX). NZRLC is the first agri-REIT on the NZX, offering investors the opportunity to own a stake in one of our country's most important assets, rural land.

NZRLC would like to once again, extend thanks to those who supported the company through its Initial Public Offering.

Follow New Zealand Rural Land Company on LinkedIn for important information and updates regarding NZRLC's progress.

 
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NZRLC SUCCESSFUL IPO

 

New Zealand Rural Land Company (NZRLC) is pleased to announce the closure of a successful Initial Public Offering having achieved its minimum raise condition of $75 million.

NZRLC will be listed on the NZX on Monday, 21 December 2020 under the ticker [NZL:NZX].

The Board of NZRLC thanks investors for their support and endorsement of our long-term vision.

https://nzrlc.co.nz/

 
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NOVEMBER 2020 - OUR BEST EVER MONTH

 

The Elevation Capital Global Shares Fund has achieved its best one-month return since inception. 

This brings the Fund’s total return to +34.49% financial year to date, +9.45% for the calendar year and +6.38% per annum since inception (all returns are net of fees, expenses and taxes within the Fund). 

 
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MASTERCARD - SYNONYMOUS WITH GROWTH

 

Investors in the Elevation Capital Global Shares Fund own a share of Mastercard  Inc. [MA], a global facilitator of payments. The Fund added Mastercard as well as Visa to the portfolio during the market sell-off in March 2020 as we identified an opportunity to diversify our holdings into one of the fastest-growing industries, digital payments. The use of cash is declining while e-commerce and digital wallets are on the rise aided by the proliferation of smart-devices and improved offerings by companies like Amazon and Shopify. Mastercard is well-positioned to capture the long-term increase in payment flows through its financial ecosystem as a result of changing consumer and business behaviour. To read our summary report please click here.

 
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INVEST IN SOMETHING NEW... NEW ZEALAND

 

Yesterday, the RBNZ Governor talked about the need to deepen capital markets and offer New Zealand Investors alternatives to residential property investment.

The Initial Public Offering (IPO) of New Zealand Rural Land Company (NZRLC) achieves both these goals by offering New Zealanders the chance to invest in a NZX listed company providing capital to the backbone of our economy - the agricultural sector. NZRLC plans to invest in New Zealand rural land offering 10-year leases to food producers and removing, for investors, direct exposure to commodity price fluctuations and on-farm activities by being a landlord only.

NZRLC is a unique opportunity to invest in what will be New Zealand's (and the NZX's) first Agri-Listed Property Company.

To find out more about this opportunity, please visit https://www.nzrlcshareoffer.co.nz/ and read the Product Disclosure Statement.

This IPO offer closes at 5:00pm, 11 December 2020.

 
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FUND UPDATE: FARFETCH

 

Investors in the Elevation Capital Global Shares Fund also own shares in Farfetch Limited [FTCH], a global digital marketplace that connects brands, retailers and consumers which integrates delivery partners from around the world. 

On 5 November 2020, Farfetch, Alibaba Group, Richemont (which the Fund also owns) and Artemis announced a global strategic partnership to provide luxury brands with enhanced access to the China market place and further accelerate the digitisation of the global luxury industry. By leveraging each company’s respective expertise and reach, this partnership represents the next step in achieving the integration of online presence and in-person retail necessary to remain at the forefront of the luxury goods industry. 

Farfetch will launch luxury shopping channels on Alibaba’s platforms, Tmall Luxury Pavilion and Luxury Soho expanding Farfetch’s global luxury platform to Alibaba’s 757 million customers offering luxury brands a multi-brand solution through a single integration with Farfetch enhancing brand awareness. For consumers, this partnership represents an expansion in options to shop for their preferred brands. 

 
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CHRISTIAN DIOR - LVMH AT A DISCOUNT

 

Investors in the Elevation Capital Global Shares Fund own shares in Christian Dior SE [DIOR.PA], a French based holding company that controls a 41% interest in Louis Vuitton Moet Hennessey (LVMH). In 2017, LVMH acquired Dior (the fashion house) from Christian Dior SE in a US$13.10 bln deal, consolidating LVMH’s fashion offerings which is today the largest luxury goods conglomerate in the world 

The luxury goods industry, like many others, has been hard hit by COVID-19 in 2020 with all industry leaders anticipating a loss of profits caused by the closure of stores and restrictions on tourism. Given the capacity and agility possessed by Christian Dior / LVMH, we have few concerns about the reductions in earnings having longevity and negatively affecting the business over the long-run. The companies operate in a unique position within the luxury goods industry having successfully employed a vast vertical integration model and diversifying its revenue streams on a global basis that positions the company to flourish once a “new normal” is established. 

To learn more about why we believe Christian Dior represents a compelling long-term investment opportunity for the Fund, please click here.

 
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VIACOMCBS - UNPARALLELED SYNERGIES

 

Investors in the Elevation Capital Global Shares Fund own shares in ViacomCBS [VIAC.O], a global media and entertainment conglomerate that controls industry-leading assets including Paramount Pictures, CBS, and Comedy Central. Viacom and CBS completed a merger in December 2019 to combine respective libraries to compete with the vertical integration of competitors. As at 2 October 2020, ViacomCBS is one of the Fund’s largest holdings. 

In 2020, ViacomCBS’ most important segment for top-line growth is streaming. ViacomCBS has announced plans to launch Paramount+ in 2021, a one-stop-shop streaming service that will offer consumers a combination of live entertainment, including live sports and news, exclusive productions and content from the company’s impressive library. We believe Parmount+ will be a valuable asset in any consumers streaming bundle. The streaming industry is not a zero-sum game, Deloitte estimates that streaming subscribers average twelve media and entertainment services subscriptions. We believe that the offer will appeal to a range of demographics due to the diversification of content. ViacomCBS also owns the world’s largest ad-supported free streaming service in Pluto.

Learn more about why we believe ViacomCBS represents a compelling long-term investment opportunity by reading our summary report here.

 
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UPDATING TRUPANION

 

Investors in the Elevation Capital Global Shares Fund own a share of Trupanion, a pet insurance provider that offers a monthly subscription eliminating uncertainty around the cost of pet care. The company has grown revenues at +27.14% per annum from 2015-2019 and is well positioned to continue benefiting from the favourable tailwinds in the Petcare Industry.

The growing trend that we have comprehensively covered in the past of “pet-humanisation” and Trupanion’s competitive business model has seen the company experience a rapid multiple expansion since 1 February 2020. From the Elevation Capital Global Shares Fund cost basis, Trupanion has returned +226.26%. We continue to see long-term value in Trupanion, the pet insurance industry in the USA is still considerably under-penetrated. In our opinion, Trupanion offers a best-in-class service to customers which will continue to be reflected via long-term growth in its intrinsic value.

To learn more about Trupanion, read our summary report here.

 
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RICHEMONT - TIMELESS LUXURY

 

Investors in the Elevation Capital Global Shares Fund own shares in Compagnie Financiere Richemont SA [CFR.SWX], a Switzerland-based luxury goods holding company founded in 1988 by South African businessman Johann Rupert. Richemont’s Maisons encompass several of the most prestigious names in the luxury industry including Cartier, Van Cleef & Arpels, IWC Schaffhausen, Piaget, and Chloe. Richemont specialises in jewellery, watches and writing instruments that represent a long-lasting tradition of style, quality and craftsman ship that must be preserved.

Richemont’s management team have long been committed to sustainable growth, always maintaining conservative debt levels and taking a long-term approach to ensure the company has longevity. We believe that Richemont can leverage its robust financials to weather the current economic downturn, affording the company an advantageous position in comparison to other luxury brands. In our opinion, this longevity, and the immense value of its underlying brands makes Richemont a valuable long-term holding for the Elevation Capital Global Shares Fund.

Learn more about why we believe Richemont represents a compelling long-term investment opportunity by reading our summary report here.

 
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RAKON - A SIGNIFICANTLY UNDERVALUED NZX LISTED TECHNOLOGY COMPANY

 

Rakon Limited [RAK.NZ] is a New Zealand based technology company that designs and manufactures high quality frequency control solutions. The Elevation Capital Global Shares Fund has owned shares in Rakon since 3 July 2019. The underlying business is performing well, Rakon has posted positive free cash flow in four of the last five years and with 5G demand ramping up globally the company is well positioned to continue to experience growth.

There are two ways companies return value to shareholders: (1) cash distributions and, (2) share price appreciation. Rakon has not delivered on either of these metrics in recent times. Elevation Capital has called on the Independent Directors to improve shareholder communications and market engagement given the positive outlook for Rakon.

After attending the ASM on 7 August 2020 and delivering this message in person, we are now convinced that the company is listening and the underlying investment thesis and positive outlook is firmly intact. We expect Rakon to add meaningful value to the Elevation Capital Global Shares Fund in the years ahead. 

To read our full report, click here.

 
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FUND UPDATE: ZOOPLUS

 

Investors in the Elevation Capital Global Shares Fund own a share of Zooplus AG [ZO1G.DE], the largest e-commerce pet retailer in Europe. Zooplus has increased its revenue since 2015 at an annual rate of +21.23%. Partially due to the shutdown restrictions driving consumers online, but also caused by the continued trend of “pet-humanisation”, Zooplus as at 20 July 2020 has returned +78.83% for the Fund. In our view, the strong economic tailwinds prevalent in the pet care sector will continue as consumers are more willing to pamper their pets, and with a >50% share in the European online pet care space, Zooplus is best positioned to capture this growth.

We first published a summary on Zooplus in November 2019, where we outlined the companies strengths and potential upside. For a more detailed analysis of Zooplus, read our updated report here.

 
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