Meet the Managers – August 2018

Stephen Bennie, Partner

October 2020

Stephen Bennie

Disclaimer

• This information is intended solely for the use of wholesale investors, as defined in the Financial Markets Conduct Act 2013

(New Zealand) and wholesale clients as defined in the Financial Advisers Act 2008. It is not for general public distribution. By

receiving this information you represent that you are a wholesale client.

• Past performance is not indicative of future performance. The value of an investment and the income from it can fall as well

as rise and you may not get back the amount originally invested. This information does not purport to be a comprehensive

statement or description of any markets or securities referred to within. Tax assumptions and reliefs depend upon an

investor’s particular circumstances and may change if those circumstances or the law change. Prospective investors should

not rely on this information and should make their own enquiries and evaluations they consider to be appropriate to

determine the suitability of any investment (including regarding their investment objectives, financial situation, and particular

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• This information is not intended to be nor should it be construed as advice. This information is not a recommendation to sell

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application will be made solely on the basis of the information contained in the relevant fund's offer document (including all

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• This information has been prepared using information from a variety of sources. The information is believed by Castle Point

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Investment Team

3

Richard Stubbs Stephen Bennie Jamie Young Gordon Sims

RolePortfolio Manager & Analyst

Portfolio Manager &

Analyst

Portfolio Manager &

AnalystAnalyst

EducationM.Com (Hons 1st)

B.Sci

B.Com (Hons)

CFA

M.Math (1st Oxford)

CFA

M.Finance

CFA

Industry

Experience27 years 27 years 13 years 10 years

Investment Team

4

Richard Stubbs Stephen Bennie Jamie Young Gordon Sims

RolePortfolio Manager & Analyst

Portfolio Manager &

Analyst

Portfolio Manager &

AnalystAnalyst

EducationM.Com (Hons 1st)

B.Sci

B.Com (Hons)

CFA

M.Math (1st Oxford)

CFA

M.Finance

CFA

Industry

Experience27 years 27 years 13 years 10 years

“All overnight success takes about 10 years”Geoff Bezos

Castle Point – what makes us different?

5

• Boutique

- we know our clients and they know us

• Aligned

- invest in our funds alongside clients

• Focused

- all we do is manage money for our clients

• Long Term Investors

Ranger Fund

Current Ranger Holdings

7

Redbubble, an on-line marketplace for artists

8

Redbubble, four tough years

9

Source: Bloomberg

Redbubble, nothing but toil and trouble

10

Ranger Fund Monthly Performance Commentaries

April 2018The Ranger Fund was down 0.13%.

“Redbubble was the main detractor as its 3rd quarter sales update appears to have missed short-term

expectations.”

November 2018The Ranger Fund was down 0.26%.

“Redbubble’s Thanksgiving trading results appear to have been weaker than market expectations, but

it continues to grow strongly.”

December 2018The Ranger Fund was down 2.28%.

“Redbubble continued to weaken after recent bad news.”

December 2019The Ranger Fund was down 0.69%.

“The principle detractor was the fund’s holding in Redbubble, the on-line marketplace for independent

artists. The company issued a disappointing revenue update in the December quarter and its share

price subsequently fell over 40%. Redbubble is an early stage business, and its share price is

particularly sensitive to news.”

Redbubble, four tough years

11

Source: Bloomberg

Redbubble, four tough years rewarded

12

Source: Bloomberg

Redbubble, FY2020 Result

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Source: Redbubble Annual Result

Redbubble, FY2020 Result

14

Source: Redbubble Annual Result

Redbubble, FY2020 Result

15

Source: Redbubble Annual Result

US Census Bureau and RBC Markets; McKinsey analysis

Redbubble

16

Redbubble, four tough years rewarded

17

Source: Bloomberg

Summary

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• Ranger has a recommended timeframe of 5 years

• Redbubble is a great example of that

• Successful investing is simple but not easy

• Redbubble is a great example of that

• 10 Years into the journey

• Looking forward to the next 10 years

• And more Redbubbles

Email: Stephen.bennie@castlepointfunds.com

Mobile: +64 27 675 9995

Phone: +64 9 300 6060

PO Box 105889, Auckland 1143

www.castlepointfunds.com