ISSUE Q2 FY22
INVESTMENTS
DECEMBER 2021
BETTER THAN GOLD MORE STABLE THAN CRYPTO
+19% VEHICLE RETURNS SINCE A C Q U I S I T I O N 1,2
+9% QOQ VEHICLE R E T U R N 1,3
VEHICLES WITH INSTANT APPRECIATION
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CTi MACH 1 FUND
LEX PEDERSEN
TRUSTEE
lex@CHROMETEMPLE.com +614 04 84 64 24
Specialised Investment and Lending Corporation Pty Ltd AFSL number 407100 ACN 149 520 918 investors@silcgroup.com.au
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 forwardlooking 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.
REFERENCES IMPORTANT: 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 Vehicle returns are calculated before fees. Mach 1 Fund vehicle returns represent the percentage increase in value from their initial acquisition price to their 31 December 2021 valuation or gross sales price (if applicable). 3 QoQ vehicle returns are calculated before fees and represent the percentage increase in value as at 31 December 2021 vs their 30 September 2021 valuations. For Fund vehicles that were acquired after 30 September 2021, returns represent the percentage increase vs acquisition price. For Fund vehicles that sold between 30 September 2021 and 31 December 2021, returns represent their sale price vs their 30 September 2021 valuations. 4 ABC News. "ASX follows Wall Street." December 2021. 5 ABC News. "Interest rate hikes and rising inflation." December 2021. CHROMETEMPLE.COM
6 Wall Street Journal. "Gold Notches Its Largest Percentage Decline Since 2015." December 2021. 7 Realestate.com.au. "Has the housing market peaked." January 2022. 8 Wall Street Journal. "Bitcoin Price Tumbles After Wall Street Selloff" December 2021. 9 Hagerty Media. "Entering the era of instant appreciation." December 2021. 10 Hagerty Media. "Big '21 movements." January 2022. 11 Hagerty Media. "What to pay for a classic in 2021." December 2021. 12 Results are before fees. For the S&P/ASX 200, FTSE100, NASDAQ, Gold (in AUD), Bitcoin (BTC-AUD), HAGI and Hagerty indices calculated as their 31 December 2021 prices vs 30 September 2021 prices. Stock market indices obtained from Yahoo Finance and Wall Street Journal. HAGI and Hagerty obtained from their respective websites. 13 HAGI Top Index (Historic Automobile Group International) 14 Hagerty Media. "Year In Review." December 2021. 15 Prices are before fees. For the S&P/ASX 200, FTSE100, NASDAQ, Bitcoin (BTC-AUD) and Gold (in AUD) indices prices were rebased to 100 and calculated off of the returns from 17 May 2021, 30 June 2021, 30 September 2021 and 31 December 2021. For HAGI and Hagerty indices, prices were rebased to 100 and calculated based on the change in the indices values as at 30 April 2021, 30 June 2021, 30 September 2021 and 31 December 2021. Mach 1 results were rebased to 100 based on realised vehicle returns (if applicable) and unrealised returns calculated from the independent valuation assessment. 16 Hagerty Media. "collector car market got larger and younger." December 2021. 17 Target Returns are calculated as gross vehicle returns and do not represent annual returns unless otherwise stated. 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.
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Contents
NOTES FROM THE PORTFOLIO MANAGER 04
Portfolio Manager, Lex Pedersen, reviews the latest quarter's results
PORTFOLIO IN REVIEW 08
Overview of the Fund's portfolio composition, performance to date and current industry trends
THIS QUARTER'S PODIUM 14
A full feature on a Fund vehicle destined to become an instant classic
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C T iC TMi AM CA H C 1H F 1U F NU DN D
The most promising potential returns should be seen by you, our early investors.
FEATURE | NOTES FROM THE PORTFOLIO MANAGER
THE AUTOMOTIVE AGE OF INSTANT APPRECIATION BY: LEX PEDERSEN I'm more excited than ever for the future of our Fund. Yes, more people are awakening to the future value of the Fund's target vehicles, but in the pages that follow, you'll see why I believe the market and industry have never been better positioned for potential Fund returns and growth. The Fund's vehicles have already 1,2,3 grown by 19% since May '21 (+9% QoQ).
We expect strong growth to continue with the most promising potential returns to be seen by you, our early investors and those that follow-suit in the coming quarters. And to give you a sense of just how exciting the Fund's return potential is, we are showcasing a car we believe is destined to be an instant collectible with instant appreciation. We hope you'll be as excited by the results, outlook and Fund's future as we are!
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A convergence of influences makes now the perfect time to invest in the Fund
MARKETS ENTERING CORRECTION TERRITORY IN 2022....
... AND WE THINK THAT'S A GOOD THING FOR THE MACH 1 FUND
Experts caution that we were spoilt in 2021, and 2022 could be a more 1,4,5 difficult year for markets.
With volatility and inflation concerns at the top of every expert’s 2022 outlook, investors are looking for 1,6 instruments to hedge their portfolios.
Theoretically, this should have been an exceptionally strong environment for gold prices, but the price has 1,6 remained at a relatively narrow range. And experts have expressed that housing market growth may not be as high in 2022 after such a strong 2021, especially with the potential impact of 1,7 interest rate hikes looming.
All of this is very promising for those who have added vehicles to their portfolios. Our research for 2022 indicates that vehicles will offer a better hedge to inflation and more 1,7 stability than crypto & traditional markets; while offering the potential for better returns than gold and real estate.
Moreover, interest rate hikes and rising inflation are likely to lead to a 1,4,5 more volatile stock market in 2022.
Since the Fund's inception in May 2021, the Mach 1 Fund has generated a 1,2 +19% vehicle return. While nay-sayers
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might try to argue that this was because we are in the midst of a car bubble that is about to burst, we smile and carry on - confident that the Fund's cars are largely unaffected by the dynamics driving the current market bubble. The current market bubble is being driven by new-car supply shortages. When combined with stimulus cash, the desire to buy big-ticket experiences and restrictions on travel, this means there's been a run on demand for used cars - including some otherwise ordinary commuter cars, like the trusty family Landcruiser. Many Landcruiser's are trading for $40k+ more than original MSRP. When global chip and logistics industries right side and crank up production to meet - even exceed global demands, the bubble will burst and the market will start to normalise.
The Fund's targets, however, are cars that will never be reproduced again. And because Fund cars are exemplary examples of distinctive cars with finite supply that will only continue to constrict - particularly as more marques become electric due to ever tightening emissions regulations their value will not be pulled from under them when the market resumes normal conditions. Promisingly, for the Fund this means that while commuter cars are driving extreme prices today that will likely correct, Fund targets and other vehicles of distinction are on the verge of entering a golden era.
ENTERING THE AGE OF INSTANT VEHICLE APPRECIATION As more collectors get the memo that the internal-combustion-engine era ("ICE") is drawing to a close, there is a
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growing appreciation for just how good and how special the last ICE cars really are. It is this kind of perspective that is accelerating returns for these last-of-the-line vehicles and ushering in an age where instant vehicle appreciation is possible. The hottest cars are skipping “used” and going straight to “collectible.” Keep in mind, we aren't talking about Landcruiser's which are temporarily seeing this dynamic today. We are talking about cars steeped in internal combustion and naturally aspirated history and which we know will be the last to be produced in this way. The Fund has secured the latest "instant appreciation vehicle" in the Lamborghini Aventador LP780-4 Ultimae Roadster, which we presently have in production (featured on pg 14). The Aventador is a legend in the mar-
que's stable and is synonymous with the V12 engine. The Ultimae is the very last naturally aspirated Aventador that will ever be made. And we know that people want to own the very last Aventador because even though it is still in production, it is demanding prices above its MSRP. We don't expect this trend to just be true of new last of the line vehicles. We expect certain exemplary used cars from this era to "instantly appreciate" as awareness grows to how rare they are destined to become. Anecdotally, we are already seeing this trend emerge in the auction market. Analogue cars saw impressive value jumps in 2021 - due in part to the growing awakening, but also due to GEN-Xers hitting their peak earning years and driving increases in their favourite vehicles, which are, not so coincidentally, last of the line vehicles. Because this is still an emerging trend, and the awakening is still in its infancy, we’re not seeing prices skyrocket yet. We are still in a market environment where purchases are being made off of emotion and gut. Importantly, this means that the savvy collector (e.g. Mach 1 Fund) can find good deals even in the current red-hot market. So yes, we anticipate the broader car market to cool, with commuter cars taking the brunt. Vehicles of distinction (Fund cars) on the other hand are expected to benefit from emerging trends and continued positive growth trajectory.
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FEATURE | PORTFOLIO IN REVIEW
Q2 FY22 1
The Mach 1 Fund generated an 8.7% quarter over quarter return (net of fees) and an 8.9%1,3 quarter over quarter vehicle return (before fees) through Q2 FY22,
RESULTS THROUGH 31 DECEMBER 2021
outperforming the ASX / S&P 200 by 6x, Gold by 3x and 1,12
Bitcoin (BTC-AUD) by 2x, over the same period. All of the growth from this quarter originated from hold and sell strategies that current economic and industry conditions are bolstering.
BUCKLE UP, WE'RE ABOUT TO TAKE OFF
We strongly believe that there is no better time to have an investment in this Fund than now. Based on our analysis, we expect the Fund's vehicles to offer a hedge to inflation, while providing better anticipated returns than gold and real estate and more stability than crypto and traditional markets (which we are 1
currently outperforming) in 2022. CHROMETEMPLE.COM
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VEHICLE PERFORMANCE CTi valuations are based on the mid-point of the third-party assessment valuation range.
QUARTER OVER QUARTER RETURNS THROUGH 31 DECEMBER 2021
8.9%
1,3,12
8.3% 4.7%
4.2% 2.9% 1.5% (0.3%)
MACH 1 FUND VEHICLE RETURNS
HAGERTY
HAGI TOP INDEX
FTSE100
NASDAQ
GOLD
In addition, the industry has never been better poised for the Fund to capitalise on its thesis. We are entering an age where enough of the market is aware that the end of naturally
aspirated
and
in
an
appreciation";
era whilst
CLASS Mk-I Mk-II Mk-III Mk-IV
QTY 2 5 5 2
FUM QOQ VEHICLE WEIGHT RETURNS 1,3 14% 1.2% 29% 4.2% 36% 14.4% 18% 17.7%
VEHICLES
14
97%
8.9%
Cash + GST
n/a
3%
n/a
internal
combustion engines is upon us to usher
ASX / S&P 200
of
"instant
also
having
enough of the market unaware of this awakening to re-price the market. This
such a strong position that now has
combination means that the savvy
such promising potential for future
investor can land great deals that have
returns growth, without the potential
both instantaneous and long term
volatility of other investments.
appreciation potential. Importantly, acquiring the right car for We have no doubt that the returns we
the right price is paramount to this
saw
strategy. If you look at the HAGI car
in
this
last
quarter
were
1,12
accelerated by the confluence of these
index, it had a minor QoQ
dynamics. And that is why we have
which might seem counterintuitive.
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decline
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But it comes down to the types of vehicles in the HAGI index. The vehicles in the HAGI index are already considered staples in classic 1,13 collectibles. Whilst there are more buying opportunities and more accessible information about vehicles than ever, it seems bidders are willing to chase only the vehicles they haven't had an opportunity to buy before, which means that a number of the vehicles in the HAGI fund have remained 1,14 relatively steady. When you consider this, it's not surprising that Mk-I (which consists of the more traditional classic car set) had the lowest QoQ amongst the 1,2 Fund's four classes at 1.2%. We've seen the impact of "instant
classics" influencing the values in our Mk-III (pre-classics) and Mk-IV (inside line) classes, which consist of cars that are prime "instant collectible" targets. Even though the market is starting to recognise the "instant classics," we believe there is even more significant upside potential for these vehicles. Although we've seen an acceleration in their price trajectory, the market is only just starting to realise how special these cars will become. As that awareness grows, the value will also continue to grow.
FUNDS UNDER MANAGEMENT FUM grew by 8.7% from Sep '21 to Dec '21 (returns, net of fees). The growth was largely a product of vehicle value appreciation. We expect to see greater increases in investments in the Fund in the following quarters.
GROSS PRICES REBASED TO 100 1,15
$119 (CTi Mach 1)
P R I C E
$114 (Hagerty)
$106 (ASX/S&P 200) $105 (FSTE100) $104 (HAGI) $104 (Gold) $100
17 MAY 2021
30 JUNE 2021
30 SEP 2021
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31 DEC 2021
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PORTFOLIO COMPOSITION As at 31 December 2021
Mk-I 14%
Mk-IV 19%
% of Vehicle Weight
% of FUM
Mk-II 30%
Mk-I Mk-II Mk-III Mk-IV
14% 29% 36% 18%
TOTAL VEHICLE % OF FUM
97%
CASH + GST % OF FUM
Mk-III 37%
Mk-IV 14%
3%
Mk-I 14%
Vehicle Quantity Mk-I Mk-II Mk-III Mk-IV TOTAL FUND VEHICLES
2 5 5 2 14
% of Vehicle Quantity Mk-III 36%
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Mk-II 36%
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COLLECTOR MARKET GOT BIGGER AND YOUNGER In 2021, more vehicles sold on dedicated enthusiast vehicle platforms than they did at live auctions for the first time ever. Yet, live auctions also grew considerably posting their highest sales since 2018. And even with growth in online auctions, private transactions -which still account for 90% of the marketalso posted big growth. But it wasn't just more cars that sold, they sold for bigger money. More vehicles gained value than at any other point since 1,16 2014. Whilst it's normally difficult to find growth on a strong baseline year, we agree with other industry experts that the market will continue to grow. This is because online auctions attract even bigger audiences and make the act of buying and selling cars more 16 accessible to a broader audience.
Gen-Xers, millennials, and Gen-Zers now constitute the majority of the enthusiast collectors. When you consider the shift in buyer demographics, it's clear that live auctions precluded participation from key demographics that online 16 auctions attract. Importantly, as confidence in buying sight-unseen grows, the increased accessibility will continue to sustain market growth. And as accessibility and visibility expands participation, we expect to see an increase in enthusiasts across different ages chasing a widening subset of cars they 16 consider collectible. And just as promisingly, half of the Gen-Zers who are eligible for a driver's license are already crazy about cars and deeply knowledgeable thanks to a myriad of YouTube content heroes 16 touting this auto revolution.
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GEN-X HITTING PEAK EARNING POTENTIAL Gen-Xers (born between 1965 - 1981) are digitally trusting enough to participate in online auctions and are hitting their peak earning years. They are behind the growth in their favourite cars, which is why the hottest segments of the market happen to be the newer classics.16 Not so coincidentally, these cars are analogue super cars - the type of cars the Fund targets. As electrification and its silent performance continues to take over the market, the sounds of internal combustion engines will make them more desirable to the 16 generation that grew up with them. When you couple this with the increasing collectible trend to own something unique, there's a lot of potential for additional appreciation in these cars. And this generation is beg-
inning to understand just how great and special these cars are. As they become more aware of this, they are ushering in an era of "instant appreciation" where the last vehicles off the assembly line for certain marques will not just grow, but will 9 never even depreciate.
MARQUES As anticipated, the marques with the higher cylinder counts and engine capacities have seen these early signs of value expansion and demand. These include the likes of Ferrari, Lamborghini and AMG. By no coincidence, the present balance and current focus for the Mach 1 Fund is across these badges. Porsche is still absent from our asset register due to the view that the marque saw an earlier value expansion, focuses on smaller capacity engines (6 cylinder and 4.0L and under capacities) and is an industry leader in synthetic fuels. With this in mind, we are confident that the other brands will see a more abrupt end to ICE propulsion and the subsequent supply v demand economics.
BUCKLE UP, WE'RE ABOUT TO TAKE OFF If we had to summarise all of this in a sentence, we'd say: A convergence of influences makes now the perfect time to invest in the Fund's target vehicles. The economy, the market and the market demographics are all aligning for us to make great gains on vehicles we can acquire today, before the market reprices to this realisation. CHROMETEMPLE.COM
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FEATURE: THIS QUARTER'S PODIUM
AN INSTANT CLASSIC
Instead of highlighting three vehicles in "This Quarter's Podium," we are doing an in-depth full spread feature on a vehicle that epitomises the opportunity that lies ahead with the "instant appreciation" era - an era that the Fund's thesis is destined to capitalise on.
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The term "instant collectible" isn't a new concept, but its entering a new era.
This is bigger than one individual, this is a structural shift, mandated by emissions controls and not a consumer led fad or sheep like knee jerk. This is the end of the line, across all ICE lines, akin to an extinction 1,9 event.
The term instant appreciation isn’t new to the motoring world. There have been different event-driven periods when certain vehicles or marques became instant classics. For instance, in 1984 Enzo Ferrari passed away, and just like when the art world loses a great artist and their works experience a post-mortem spike in price, most Ferrari's became an instant blue chip investment, including some of the decidedly not so special Ferraris. Eventually, the market settled and only the true 1,9 classics remain blue chip investments. But what we are seeing today is decidedly different from these episodic spikes. Early recognition that the rules around last of the line vehicles are radically changing, are 1,9 redefining the term instant collectible.
And this isn't happening suddenly. There has been a gradual shift, with anecdotal market evidence of the beginning of the instant appreciation era as far back as 2016. When the 2016 Porsche 911R announced an MSRP, alert investors were willing to pay a premium to get their hands on one. When prices rose again people were certain that the bubble would burst. But it never did. The "fools" who jumped in and paid hefty premiums have been vindicated, with the key 1,9 being identifying these vehicles. As the end of the ICE era close, there seems to be appreciation for just how fully developed, and how last of the line cars are.1,9
draws to a a growing good, how special the
These types of cars fall perfectly into the Fund's thesis. And we think we have secured an "instant collectible" in the Lamborghini Aventador LP780-4 Ultimae Roadster.
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07 July 2021 will go down in automotive history. It was on this day that Lamborghini announced that the Aventador LP780-4 Ultimae is the last naturally aspirated Lamborghini V12 not part of a hybrid system. Lamborghini is the epitome of perfection. For little more than half a century, the Italian-based company has been manufacturing exquisite sports cars that have revolutionised man’s desire to satisfy the need for speed. It debuted a decade ago (2011), as the world's new benchmark for the super sports car industry, introducing the never-before-seen carbon fibre monocoque.
When the Lamborghini Aventador was introduced, it marked a new chapter in the iconic automotive company’s history. Over the course of its model years, Lamborghini adorned the Aventador's missile-like profile with all manner of wings, splitters, and diffusers in the name of downforce and performance, but the same fighter-jet aesthetic remains no matter the colour, specialedition model, or configuration. From co-starring in some of the world’s most famous Hollywood movies over to innovations in speed and design, the vehicle that has made its mark in the automotive world is coming to a glorious end.
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Lamborghini Aventador LP780-4 Ultimae The Aventador LP780-4 Ultimae is an instant collectible given its the swan song for the marque. Only a limited run will be produced globally: 350 coupes and 250 roadsters, the latter of which the Fund has secured.
The Lamborghini Aventador stands as one of the most visceral and undeniably thrilling supercars you can buy today, used or new. No matter which variant you get your hands on, it's guaranteed to still be one of the quickest and fastest things on four wheels. The intoxicating mixture of a naturally aspirated V12 howling behind your head with drop-everything hypercar drama makes the Lamborghini Aventador a fan favourite among the crowds. The Aventador is a reflection of the fighting bull it was named after: strong, fast, and aggressive.
Fitted out with the most powerful V12 engine of the Aventador line: 780 CV at 8,500 rpm for a top speed of 355 km/h and an acceleration of 0-100 km/h in 2.8 seconds. The Ultimae adopts a specific front bumper concept to achieve a greater aerodynamic load on the front of the car. And the engine is placed in a multi-dimensional chassis with a broad range of calibrations to select by simply clicking the controller. The result is the last, purest, fastest and eternal naturally aspirated Lamborghini V12.
It is the definitive Aventador that brings an extraordinary era to a close.
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- STEPHEN WINKELMANN, PRESIDENT & CEO AUTOMOBILI LAMBORGHINI
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OUR SPECS Traces its lineage back to the Miura in 1966 574kw (780hp) Naturally Aspirated V12 Viola 30 Paint Hard top in gloss black Leirion forged alloy wheels in gloss black Carbon Ceramic brakes with contrasting light green brake calipers
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The Fund secured a Roadster model, the more limited run of the Ultimae vehicles. Only 250 will be produced globally, and of those just a handful will land in Australia. Our research indicates that when the Ultimae was offered to potential buyers in Australia, the response was overwhelming & significantly oversubscribed. Our estimates indicate that only ~10% of the indications of interest were allocated. The Fund is amongst those privileged few.
Target Vehicle Return +118% No anticipated depreciation
V A L U E
1,17
MSRP Fund Acquisition Price Oct 2021
+30%
Jan 2022
EST. VALUE 1 TODAY
Aug 2022
...
2025
+118%
TARGET VEHICLE 1,17 RETURN
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It hasn't even been made yet, and this vehicle is already demanding prices well above its MSRP. By the time it lands in Australia, we anticipate a 50% premium to MSRP with even more upside potential through the hold period especially since we developed the specs for this particular vehicle with max future appreciation in mind...
- Results Before Romance.
3yrs
TARGET HOLD
ALREADY DESTINED TO BECOME A TIMELESS CLASSIC
LEX PEDERSEN lex@CHROMETEMPLE.com +614 04 84 64 24
TRUSTEE Specialised Investment and Lending Corporation Pty Ltd AFSL number 407100 ACN 149 520 918 investors@silcgroup.com.au
VISIT THE TEMPLE TODAY