Annual Report Extract 01/07/20 - 30/06/21
2021
MACH 1 FUND CHROME TEMPLE Investments
DISCLAIMER CHROME TEMPLE Investments Pty Ltd ACN 640 888 026 (Investment Manager), a corporate authorised representative (number 001284056) of Specialised Investment and Lending Corporation Pty Ltd ACN 149 520 918 (AFS licence number 407100) (Trustee and AFSL Holder). The authority of the Investment Manager is limited to general advice and deal by arranging services to wholesale clients relating to the CHROME TEMPLE Investments Mach 1 Fund (Fund) only. Specialised Investment and Lending Corporation Pty Ltd ACN 149 520 918 is the trustee of the Fund and the issuer of the information memorandum and supplementary information memorandums. This document contains general information only and is not intended to provide any person with financial advice or offer of any kind. Prospective investors should carefully consider the contents in the information memorandum and supplementary information memorandums in full and seek professional advice prior to making any decision regarding an investment in the Fund. No reliance may be placed on this document for any purpose nor used for the purpose of making a decision about a financial product or transaction. Information relating to the Fund contained in this document has been prepared without taking into account the objectives, circumstances, financial situation or needs of any person, and may differ to information contained in the information memoranda. This document may also contain forward looking statements regarding our intent, belief or current expectations with respect to market conditions. Past performance and/or forward-looking statements are not a reliable indicator of future performance. Except as required by law and only to the extent so required, neither the Investment Manager, Trustee, AFSL Holder nor its affiliates warrant or guarantee, whether expressly or implicitly, the accuracy, validity, timeliness, merchantability or completeness of any information or data (whether prepared by us or by any third party) within this document for any particular purpose or use or that the information or data will be free from error. Further, the Investment Manager, Trustee and its affiliates expressly disclaim any responsibility and shall not be liable for any loss, damage, claim, liability, proceeding, cost or expense arising directly or indirectly and whether in tort (including negligence), contract, equity or otherwise out of or in connection with or from the use of the information in this document.
CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page i
REFERENCES IMPORTANT REFERENCE NOTE ON ANY NUMERICAL FIGURES: Past performance is not indicative of future performance and the expected returns of the Fund may not occur as expected or at all. An investor's balance in the Fund may decrease as well as increase in value. All statements that indicate expressly or by implication an expectation of investment returns are based on reasonable assumptions and commercial judgement and no representation is made or assurance given that such statements, views, projections or forecasts are correct or that the expected returns will arise or that investment balances in the Fund may not decrease. You must read the Disclaimer and the contents of the Information Memorandum in full to understand the risks involved in an investment in the CTi Fund. 1. Past performance is not indicative of future performance. 2. Returns are calculated before fees. Mach 1 Fund returns represent the percentage increase in value as at 30 June 2021 vs acquisition price ("Return"). All returns stated in relation to the Fund and the Fund's vehicle fleet are on this basis. Any references to a 45-day return for the Fund and the Fund's vehicles are based on the same calculation noted herein, with '45-days' serving as a contextual reference on the number of days between the first Fund vehicle acquisition of 17 May 2021 and 30 June 2021. 3. Results for the S&P/ASX 200, FTSE100, S&P500 and Gold (in AUD) indices represent the return from 17 May 2021 to 30 June 2021. For HAGI and Hagerty indices, returns are based on values from 01 May 2021 to 30 June 2021. 4. Hagerty Online. "8 lessons we learned at Amelia Island 2021." May 2021. 5. Historic Automobile Group International (“HAGI”) 6. ABC News. "COVID drives up demand for cars." July 2021. 7. Autoweek. "Here's Why Used Car Prices Are Skyrocketing." June 2021. 8. Hagerty Online. "In-person auctions haven't gotten back to where they were before the pandemic." May 2021. 9. Hagerty Online. "2021 is shaping up to be the best year, ever, for classic car auctions." July 2021. 10. Target returns (net of all fees and expenses) are not a promise or a forecast and actual returns may be above or below target range. Past performance is not a reliable indicator of future performance. 11. All statements that indicate expressly or by implication an expectation of investment returns are based on reasonable assumptions and commercial judgement and no representation is made or assurance given that such statements, views, projections or forecasts are correct or that the expected returns will arise or that investment balances in the Fund may not decrease. 12. Hagerty Online. "The people driving up prices of youngtimer cars." June 2021. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
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CTi Mach 1 Fund
TABLE OF CONTENTS LETTER FROM THE PORTFOLIO MANAGER
01
Lex Pedersen takes a look at the Fund's achievements to date and what the current market means for the Fund
PORTFOLIO IN REVIEW
10
Overview of the Fund's portfolio composition and performance to date
FY21 ANNUAL REPORT
04
MARKET OUTLOOK Our take on current industry trends
THIS QUARTER'S PODIUM 13
Meet some of the portfolio's prized acquisitions
OUTLOOK 22
CHROME TEMPLE Investments Mach 1 Fund
A snapshot of where the strategy is pointed.
FY21 Annual Report
Page iii
MESSAGE FROM THE PORTFOLIO MANAGER Welcome to the first CTi Mach 1 Fund Annual Report. It is with great excitement that I share with you the early successes, results and trajectory already experienced in the Fund's first six weeks. A dozen of the finest examples of tomorrow's classics are already safely tucked away under the Fund's custodianship, with several more already added in FY22 and more in the crosshairs. Through 30 June, vehicles acquired by the Fund have generated an +11.4% Return as we deliver on our 1,2
promised acquisition capabilities. Further capital appreciation is now intended to be delivered through unemotional trading of these assets
KEY FUND HIGHLIGHTS
1,2
CTi reputation across buyers & sellers builds Validated acquisition strategy with an 11.4% Return that was the product of strong vehicle sourcing Trading Returns already on track for FY22 Vehicle appreciation trajectory set to continue into future
coupled with the value expansion to be enjoyed as demand for these calibre specimens continues to show potential for growth. You will often hear me refer to yesterday's price, today's price, and tomorrow's price when forecasting value movements, and it's because this is important for yielding good results in any market condition, but especially in the current environment where commuters are influencing values more than collectors. Global media remains abuzz about the market surge across new, used and classic cars. We see the new and used car market (commuter market) set to experience a readjustment when the world establishes some normality around supply and demand. And like a wolf amongst the sheep, we remain bullish that classic and enthusiast cars will continue to appreciate as we believe they are influenced by more structural and lasting drivers than the commuter market. For the Fund, it means early wins are not the only expected wins we are at the beginning of a long journey of continued value expansion. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 1
Message from the Portfolio Manager Continued
Restoring superconductor manufacturing
And the launch of CHROME TEMPLE
and battery destined precious metals will
Motors
only fuel momentum to the divergence of
vehicle auction platform, further fortifies
value trajectory for commuter vs collector
the Fund for strong acquisition, and
assets. As ever, the urgency to capitalise
importantly, divestment channels.
(CTm),
an
industry-leading
whilst others fear a bubble is a key element of our opportunity - unlike new
We’re extremely excited to maintain and
cars, there is a finite pool of supply,
lift this early enjoyed momentum and
particularly
thank you for your ongoing support.
in
the
examples
of
distinction. As demand continues to expand beyond two generations of enthusiasts, headed towards three, we are in a commanding
"Buckle up, these early results are just the beginning as we cement ourselves as the market leader in this emerging space."
position (as planned) and we find ourselves supremely poised to capitalise on our investment thesis. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Thanks,
Page 2
VEHICLE PERFORMANCE CTi valuations are based on the mid-point of the third-party assessment valuation range.
1,2,3
RETURNS SINCE 17 MAY 2021 11.4% 3.5x
3.0%
2.8x
4.1%
3.7% 1.3%
3.2% 0.1% (1.65%)
CTI MACH 1 FUND
HAGI TOP INDEX
HAGERTY MARKET INDEX
The Mach 1 Fund enjoyed an 11% valuation lift in 45 days, with all Mach 1 Fund classes experiencing positive gains.1,2 This was largely driven by the first of three valuecreating Fund strategies - sharp acquisition.
S&P/ASX 200
CLASS Mk-I Mk-II Mk-III Mk-IV VEHICLES
FTSE 100
S&P 500
GOLD
QTY % 30% 50% 20% 0
FUM WEIGHT 27% 32% 19% 0%
100%
78%
11%
n/a
22%
n/a
Cash + GST
RETURNS 1,2 10% 15% 7% n/a
Buying well during the current bubble requires an extensive network to source the best examples off-market, and close monitoring of price movements and collector sentiment to identify targets that have short and long term return potential whilst still priced at pre-bubble prices. These types of target acquisitions do exist in the current environment, and we believe that the Fund has the reach, resources and knowledge to find and capitalise on these opportunities. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
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VEHICLE PERFORMANCE CONTINUED With a 41% fleet value weighting (as outlined in the Portfolio Composition), the Mk-II class has the strongest representation amongst vehicle classes for the simple reason that the Fund was able to source well in this class, as evidenced by 1,2
the 15% Return generated in the first valuation.
Mk-III enjoyed a more modest 7% increase (vs acquisition price) with the transaction of a Ferrari F12 that along with the Aston Martin DBS account for 19% of FUM. Although the F12 only generated a 5% Return, it has promising significant mid-tolong term performance potential. 1,2 Short-term gains can still be expected as buying well remains a key Fund pillar, but as the Fund evolves, trading and capital appreciation strategies are expected to become equally important to future performance. The Mk-IV (Inside Line) trading strategy, commencing in Q1 FY22, is expected to become a significant source of short-term wins. And as vehicle hold strategies kick in, significant long-term capital appreciation can be expected even if subsequent months see more modest gains on existing vehicles. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
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PORTFOLIO COMPOSITION As at 30 June 2021
Mk-III 24.8%
Mk-I 34% % of Vehicle Weight
% of FUM Mk-I Mk-II Mk-III Mk-IV
27% 32% 19% n/a
TOTAL VEHICLE % OF FUM
78%
CASH + GST % OF FUM
22%
Mk-II 41.2%
Mk-III 20%
Vehicle Quantity % Mk-I Mk-II Mk-III Mk-IV TOTAL FUND VEHICLES
30% 50% 20% 0
Mk-I 30% % of Vehicle Quantity
100%
Mk-II 50% CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 6
MARQUE PROFILE As at 30 June 2021
% OF FUM
% RETURNS SINCE MAY
6.48% 6.33% 6.33%
HSV
6.33%
DUCATI
6.33%
2%
1.44%
4%
ASTON MARTIN
1.44%
6%
JAGUAR
1.31%
8%
17.0% 11.8%
1.31%
LAMBORGHINI
1.26%
MERCEDES BENZ
6.5%
1.26%
11%
0.74%
22%
FERRARI
0.57%
25%
0.88%
(Rounded)
1,2,3
9.6% 13.1% 13.5% 9.6%
Hagerty HAGI Mach 1 Fund CTi marque returns compared to most relevant marque indices reported on by HAGI and Hagerty
Ferrari generated the smallest returns for the Mach 1 Fund partly because the weighting and returns were influenced by the purchase of the F12 on 24 June 2021 1,2
(excluding the F12, Ferrari generated an 8% Return). When comparing May to June, both indices also experienced a similar trend with Ferrari returning some of the lowest returns across all marques. From an industry perspective, this seems to be a temporary overcorrection to recent trends that lead to May having the highest values in the indices for Ferrari in the last 12 months. Moving forward, we are bullish on the anticipated performance of Ferrari, particularly the manual transmission variants which our internal analysis indicate are outpacing their automatic counterparts by 2x presently in market and climbing. Two such examples are presently inbound. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 7
Marque Profiles Continued Mercedes-Benz is having a welcome surge. After seeing continuous monthly decline on the international HAGI MBC Index (see figure below), June represented the first time since December 2020 that the marque showed growth. And in the recent May Amelia Island auction, Mercedes-Benz beat estimates by 33%, with all but one of the 1,4
13 cars offered, sold. So, it is not surprising that the marque generated a 17% 1,2
Return for the Fund, driven by the second AMG CLK63 Black Series. With only 32 of these brought to Australia, two of which are now owned by the Fund, the Fund has the opportunity to not only capitalise on the upside potential but also influence valuation as time only further diminishes supply. Notably absent from the Fund marques is Porsche. Having enjoyed a strong run over recent years, preceding even the COVID-19 pandemic, the Fund has lower hanging opportunities to capitalise on before diversifying into the Stuttgart marque. Further, this manufacturer will likely be one of the last bastions of naturally aspirated motors, so further 'awakening' may be somewhat delayed when compared to peers.
HAGI Marques Indexed to 100
1,5
+0.74%
$108
$107 $106
+0.57%
$100
+6 .4 8%
$96
HAGI Lamborghini (LPS) Index HAGI Ferrari ((F) Index HAGI Mercedes-Benz Classic (MBC) Index
$88 July 2020 CHROME TEMPLE Investments Mach 1 Fund
Dec 2020 FY21 Annual Report
May 2021
June 2021 Page 8
vehicle market overview
WHERE WE ARE NOW The Australian domestic vehicle
As supply has restricted, demand
market has seen an unprecedented
has increased, buoyed by a surplus
level of activity, with prices 37%
of dry-powder from budgets usually
above pre-pandemic highs set last
reserved for international travel and
February and new car sales up 68%
other
year over year.1,6 This seemingly
towards
insatiable frenzy is being driven by
home (like road trips).
the
commuter
vehicle
lavishes
being
indulgences
steered closer
to
market
where, thanks to COVID, supply is
As concerns over the end of the
limited and demand has increased.
current "car bubble" draws nearer, some owners are hurriedly listing
The lack of new car manufacturing
their cars to capitalise on the
and super-conductor components
current environment.
has had far-reaching implications on shortages in both the new and
Some of this "new norm" has
used car market, as the lack of new
passed into the vehicle collector
cars means one of the largest
market - the average selling price at1,8
suppliers
of
used
cars
(rental
auctions rose 28% vs last year. But
companies) has been unable to buy
this is misleading to what the Fund
new cars and has had to hold onto
can
inventory that would normally feed
$50k-$100k price range are driving
the used car market. Add to this
this trend. Outside of this range,
that stimulus packages have further
vehicle pricing growth has been
shortened supply by reduced repo 1,7
less influenced by the current 1,9
collections.
CHROME TEMPLE Investments Mach 1 Fund
expect.
Vehicles
in
the
market bubble.
FY21 Annual Report
Page 10
Market Overview Continued The key to generating continued short and long-term gains in this bull market is buying well, and knowing when to release to market. For this reason, the acquisition efforts for the Fund have been cast wide and far across open markets, private networks and wholesale channels, with sourcing efforts largely successful across all these avenues. Encouragingly, a number of private collectable sellers have expressed a preference to sell to the Fund, preferring a buyer that understands the value of the asset and will continue to preserve and grow its value over time over the 'fair weather' investors seen today. In truth, many sellers are motivated to sell to a buyer that negates the need for an on-market frenzy of inquiry, 'tyre kickers' and 'keyboard warriors'.
Sales by Price Brackets (2020 vs 2021) S A L E S
+71%
+86%
1,9
(44%)
+38%
+54%
$1,500mm
$1,064mm
Current target average vehicle price range
$192mm
$113mm $70mm $38mm
$44mm $25mm
Price Bracket
$0 to <$50k
$50k to <$100k
$100k to <$250k
$250k to <$1,000k
$3mm
$4mm
$1,000k +
International markets have been similarly affected by pandemic frenzies, with shared forces, however at about 15% less explosive as Australian patterns, according to our internal analysis. Herein presents an opportunity to expand the Fund's acquisition reach as FUM builds. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 11
first look
THIS QUARTER'S PODIUM Each quarter, three Fund vehicles will be featured in depth.
Bucking the obvious choice of highlighting the three cars with the highest returns, this quarter's podium round-up features three cars that are downright envy inducing. They earned their place on the podium for being
2008 Mercedes-Benz AMG CLK63
unapologetically outrageous (as its name suggests,
1995 Lamborghini Diablo
the Diablo is temptation on wheels), sleek and
2016 Jaguar Type F Project 7
steeped in racing pedigree (the Project 7 is an ode to Jaguar's 7 Le Mans wins) and an automotive powerhouse (AMG CLK63-BS).
CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
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AMG CLK63 Black Series # Produced: 500 AU Delivered: 32 Year produced: 2008 Transmission: Automatic Horsepower: 500hp Odometer: 31,083 km Provenance: Impeccable Service History: FSH
Patterned on the CLK63 used as the safety car at Formula 1 races, the Black Series is immediately identifiable by its aggressive air-scoop-rich front end and muscular wheel arches. The CLK63 is not for the fainthearted, as can be gleaned upon start up and the distinct absence of rear seats. Wrestle with it at your own peril, it can and has punished many a punter (hence constricting supply!). Mercedes Benz is steeped in racing pedigree and AMG is the spearhead of these efforts in the modern
CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 14
1
20%
30 June Return
10,11
>75%
Target Return
>2yrs
Target Hold
"The CLK63 Black Series is intriguing, suitably bonkers and surprisingly capable"
Car Magazine, UK
era. Homologation in certain race classes
requires
road
variants
of
cars
race
going to
be
produced, in almost Frankenstein manners. Here we have an example of exactly that in the CLK 63 Black
Target Return 10,11
V A L U E MSRP
Series. Acquisition Price
The phenomenal engine is an SLS 2008 May 2021 2024 derived 6.2L V8 with smooth yet angry undertones. The M159 engine was the first developed from the ground up by AMG with 500hp and a 0-100 sprint in 4.3 seconds. Not necessarily impressive by today's standings but when experienced in the flesh remains an analogue experience that can stand the hairs up on the back of your neck. Just 500 examples were built worldwide with 32 reaching our shores, several of which have met their designed fate - raced/thrashed. The Mach 1 Fund owns #1 and #2 of these vehicles. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 15
LAMBORGHINI DIABLO Lamborghini has traditionally been more about outrageous speed and macho styling than practicality and ease of use, especially when it comes to its range topping V12 models. And the Diablo is no exception.
# Produced: 900 (est)
The scissor doors, wide rear haunches and cabforward design were pure Lamborghini. The smoother yet still imposing lines were initially the design work of Marcello Gandini but, when Lamborghini was sold to Chrysler midway through development, Tom Gale took over for the finishing touches.
Provenance: Strong
CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Year produced: 1995 Transmission: Manual Horsepower: 485hp Odometer: 7,6481 km
Service History: PSH
Page 16
1
12%
Return 30 June
10,11
>50%
Target Return
>1yr
Target Hold
"You buy a Ferrari when you want to be somebody. You buy a Lamborghini when you are somebody." Frank Sinatra
The
Diablo
had
an
11-year
production life and was the first Lamborghini production to reach 200mph. With
Lamborghini
V A L MSRP U E
changing
ownership three times in quick succession,
the
Target Return 10,11
Diablo,
Acquisition Price
aptly
named after a famous fighting bull 1995 May 2021 2024 became known as one of the most entertaining experiences to leave the Sant 'Agata Bolognese factory. This RWD variant produced in 1995, is often regarded as the best of the series and practically came with the warning label that driving the car required a racing driver’s reflexes and a lot of self-control. With less than 9,000km on the clock, it would be hard to find one with lower mileage or a better example, in such a desirable specification. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
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JAGUAR PROJECT 7 # Produced: 250 (total) AU Delivered: 10 Year produced: 2016 Transmission: Automatic Horsepower: 575hp Odometer: 1,148 km Provenance: Impeccable Service History: FSH
CHROME TEMPLE Investments Mach 1 Fund
With only 250 produced globally and 10 delivered to Australia, spotting a Jaguar F Type Project 7 is considered a rare event. The limited-edition Project 7, is a collectors’ edition sports car. It’s the fastest and most powerful Jaguar ever, capable of reaching 60mph in just 3.8 seconds and a top speed of 186mph. Designed by Jaguar's Special Vehicle Operations (SVO) team it was built with one pure purpose – driving pleasure. FY21 Annual Report
Page 18
1
10%
Return 30 June
10,11
>50%
Target Return
>1yr
Target Hold
"Its looks were always going to be the main guide to its behaviour on the road"
Paul Newsome, Jaguar Special Vehicle Operations
Jaguar's idea for a short-screen speedster concept came to life as a way of celebrating Jaguar’s seven Le Mans wins and the achievements of the Ecurie Ecosse
Target Return
10,11
V A L U E MSRP
racing team responsible for two of
Acquisition Price
them. It was also a way for Jaguar to show how far the F-Type model could be pushed to make something harder edged.
2008
May 2021
2025
The most prominent retro styling cue is the distinctive ‘hump’ behind the driver’s head which helps smooth departing air and makes the driver-side airflow quite comfortable. Its combination of high horsepower, less-than-optimal grip, and the trait that the British love in their cars above all things - hyper-reactive steering combined with rock-rigid roll control - will entertain you and blanche your passenger. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
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LEX PEDERSEN, PORTFOLIO MANAGER
The automotive revolution gathers momentum as the awakening begins...
FY22 FOCUS As the automotive revolution continues on its exponential adoption, the focus for the Fund remains on expanding FUM and procuring the best examples of vehicles across Mk-I through Mk-III. Dogged scouring has been rewarded with several of the best examples available in Australia and this trajectory is strategically important to maintain. Effectively, if the Fund controls the best specimens in market then the Fund can potentially have a strong influence on the value prescribed to these vehicles at divestment. A conscious allocation of FUM and attention will be spent on expanding the Fund's Mk-IV position. This is our lead Q1 initiative, which should allow the Fund to capitalise on the recent flurry now, while markets are hot for certain vehicles. In that same vein, it is prudent to remain unemotional about these assets. As a result, some Fund vehicles will be released back to the open market to enjoy a short-term yield uplift. Several of the Fund's assets are under current negotiation. CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 22
FY22 FOCUS CONTINUED The Fund will continue to seek vehicles from both wholesale pre-market channels and on-market opportunities to ensure the acquisition quality remains strong. Early indications from auctions LIVE AUCTIONS 2020 VS 20211,8
resuming in other international markets are that smaller, more curated auctions are yielding better results. With limited
CONSIGNMENTS (-23%)
auction platforms in AU, the recently launched CHROME TEMPLE Motors (CTm) digital
28%
AVERAGE PRICE
auction channel will become a new (but not exclusive) source of acquisition and importantly
11%
TOTAL SALES
divestment, for the Fund's Mk-IV vehicles.
SHARE OF YOUNGTIMER CAR PURCHASES AT AUCTION
MILLENIALS
1,12
Importantly for the Fund's short, mid and long term performance
100%
100%
100%
100%
is that youngertimers (a term
10%
10%
11%
9%
coined for collector cars from the 1980's, 1990's and early 00's)
42%
GEN-X
46%
42%
42%
appeal
to
three
generations of car collectors and enthusiasts - Millennials, the fastest
growing
enthusiast
generation, boomers and GenBOOMERS
48%
44%
47%
49%
X'ers. Interest in these eras across a wider audience has positive
2018
2019
CHROME TEMPLE Investments Mach 1 Fund
2020
YTD 2021
FY21 Annual Report
implications
for
the
Fund's performance over time.
Page 23
DIRECTORY INVESTMENT MANAGER CHROME TEMPLE Investments Pty Ltd ACN 640 888 026 CAR No 001284056 investments@chrometemple.com
PORTFOLIO MANAGER Lex Pedersen lex@chrometemple.com
DIRECTORS EXECUTIVE DIRECTORS Lex Pedersen NON-EXECUTIVE CHAIRS Charlie Lanchester, Chairman Ryan Curnick, IC Chair NON-EXECUTIVE DIRECTORS Nicholas Adamo Simon Franklin
CUSTODIAN & TRUSTEE Specialised Investment and Lending Corporation Pty Ltd AFSL number 407100 ACN 149 520 918 investors@silcgroup.com.au
OTHER FUND DETAILS Specialised Investment and Lending Corporation Pty Ltd ATF CHROME TEMPLE Investments Mach I Fund ABN 35 710 821 827 CHROME TEMPLE Investments Mach 1 Fund
FY21 Annual Report
Page 24