EXTRACT Q4 FY22
INVESTMENTS
JUNE 2022
WEALTH PRESERVATION EDITION
FIRST ANNIVERSARY OF THE FUND
+20% GROSS 1,2 VEHICLE RETURNS
+4% GROSS QOQ V E H I C L E R E T U R N S 1,2
CTi MACH 1 FUND
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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 SILC Fiduciary Solutions Pty Ltd ACN 638 984 602 (AFS licence number 522145) (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 (AFS licence number 407100) is the trustee (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.
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 Gross vehicle returns compare their June 2022 valuation to their acquisition (Launch), 30 June 2021 (YOY) and 31 March 2022 (QOQ) values. If a vehicle was purchased between the starting period and 30 June 2022, then the acquisition price was used as the starting value. If the vehicle was sold before 30 June 2022, then its sale price was used as its ending value. Gross vehicle returns exclude deposits. 3 The increase in unit issuance price at launch to the unit price at 30 Jun 2022. 4 Investopedia.com “Advantages and Disadvantages of Real Assets.” & "Money" 5 Credit Suisse. “Collectibles: An integral part of wealth.” October 2020 6 Hagerty Media. "Does the car market CHROMETEMPLE.COM
correspond to the stock market." June 2022 7 Hagerty Media. "Have bidders tapped the brakes." June 2022 8 Results are before fees. The S&P/ASX 200, FTSE100, NASDAQ, Gold (in AUD), Bitcoin (BTC-AUD), S&P 500, HAGI and Hagerty indices are calculated as their 30 Jun 2022 prices vs 30 Jun 2021 prices (YoY). Stock market indices obtained from Yahoo Finance and Wall Street Journal. HAGI and Hagerty obtained from Yahoo Finance and Wall Street Journal. HAGI and Hagerty obtained from their respective websites. 9 AFR. "Market Review." 15 July 2022. 10 Results are before fees. For the S&P/ASX 200, FTSE100, NASDAQ, Gold (in AUD), Bitcoin (BTC-AUD), S&P 500 their returns are calculated as their 17 May 2021 prices to their 30 Jun 2022 prices. HAGI and Hagerty indices calculated as their 31 May 2021 prices vs 30 Jun 2021 prices. Stock market indices obtained from Yahoo Finance and Wall Street Journal. HAGI and Hagerty obtained from their respective websites. 11 Hagerty Market Rating. June 2022 12 HAGI Top Index (Historic Automobile Group International) 13 Prices are before fees and were rebased to 100. Mach 1 results were rebased to 100 based on realised vehicle returns (if applicable) and unrealised returns calculated from the independent valuation assessment. 14 Hagerty Media. "Amelia 2022 auctions proved bidders have limits." March 2022. 15 Hagerty Media. "These 5 British roadsters are holding their value" June 2022. 16 Hagerty Media. "5 trends that are shaking up the motorcycle market." June 2022 17 Mach 1 Fund June 2021 annual report 18 News.com.au "Australian inflation expected to hit 30-year" July 2022. 19 AFR. "Home building faces a ‘shallow’ 20 per cent decline." May 2022.
CTi MACH 1 FUND
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Contents LETTER FROM THE PORTFOLIO MANAGER
04
Lex Pedersen takes a look at the Fund's achievements to date and what the current market means for the Fund
PORTFOLIO IN REVIEW 06
Overview of the Fund's portfolio composition, performance to date and outlook
MARKET REVIEW 14
A review of current trends, and the potential outlook and impact of the industry.
THIS QUARTER'S PODIUM 18
Lord have Murci! A rarity amongst rare cars.
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Our earliest investors have seen their unit 1,3 price increase by +20% since May 2021
FEATURE |
NOTES FROM THE PORTFOLIO MANAGER
PRESERVING WEALTH IN THE FACE OF INFLATION BY: LEX PEDERSEN Money serves three basic functions: medium of exchange, unit of account and as a store of value. Now, when economists defined these functions, I doubt they meant store of value as literal as the Mach 1 Fund, where we actually store away our assets. But in this case, the proverbial shoe fits. By identifying cars that have future
growth potential, Fund cars stored at the TEMPLE, have the effect of store of value. And right now, when returns are hard to come by, inflation is setting record levels, and recession woes loom, investing in an asset that has historically had the best return volatility index of all passion assets and little market correlation is showing us 1,4,5 the power of store of value. Since late May 2021, when the Fund first launched, we've delivered 20% gross vehicles returns (+4% QoQ) through 30 June 2022.1,2
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Our earliest investors have seen their unit share price increase inline over 1,3 this same period. And it continues to be our view that our earliest investors will make the biggest returns - this includes our recent joiners and those that will join over the next few years. As we detail in the industry overview, we believe we are entering a strong buyer market, which when combined with the inflation hedge nature of vehicles, has 1,6 the potential to generate appreciation. It is also our view that the automotive industry is expected to correct itself from recent all-time highs. But the correction will largely impact the commuter car market and the cars that surprisingly became collectibles over the period.1,7
We have been targeting cars of distinction whose rarity, and demand will increase over time. The prices of these distinguished cars have not seen the same unsustainable growth rates that these other sectors in the market have. As a result, we believe that the contradictory factors of inflation (which increases vehicle value) and a cooling industry (which decreases demand) will result in the Fund being a strong source of wealth preservation. We anticipate the Fund to generate consistent positive returns over the next twelve months for our investors in an otherwise declining market and global economy.
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KEY FIGURES As at 30 June 2022
FUM
~$10 million GROSS VEHICLE RETURNS SINCE LAUNCH 1,2
+20% QOQ GROSS 1,2 VEHICLE RETURNS
+4% CHROMETEMPLE.COM
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FEATURE | PORTFOLIO IN REVIEW
Q4 FY22 For the most part, this annual report will focus on the results since launch, because the launch was so close to 30 June
2021
and
including
the
full
impact
of
early
acquisitions gives a more accurate picture of the Fund's
RESULTS THROUGH 30 JUNE 2022
performance for this past year, in our opinion. Although we focus on the results since May 2021, it's important to highlight that the Fund's performance from June 2021 to June 2022 also significantly outperformed markets and superannuation funds. While traditional
WEALTH PRESERVATION
markets posted double digit losses ASX/200 (-10%), Bitcoin AUD (-39%), S&P 500 (-12%), and Nasdaq (-24%) - FTSE100 posted gains (+2%) - and only three super funds made money this year, the Fund generated double digit gross vehicle returns of +14%. Note: this attributes the Fund's 1,2,8,9
initial sourcing returns to the 6-weeks ending June 2021. CHROMETEMPLE.COM
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VEHICLE PERFORMANCE CTi valuations are based on the mid-point of the third-party assessment valuation range.
40%
GROSS VEHICLE RETURNS SINCE LAUNCH
20%
1,2,10
16% 11% 2%
HAGERTY
MACH 1 FUND VEHICLE RETURNS
(6%) HAGI TOP INDEX
GOLD
(18%)
ASX / S&P 200
FTSE100
(-49%)
NASDAQ
BTC-AUD
But our results aren't surprising to us, because one of the appealing aspects of this asset class is that it is a natural inflation hedge and has low volatility.1,4,5
FAVORABLE RETURN VOLATILITY RATIO In the past, we've cited empirical and anecdotal evidence to demonstrate
GROSS VEHICLE RETURNS
1,2
CLASS Mk-I Mk-II Mk-III Mk-IV
LAUNCH 10% 26% 25% 18%
YOY 5% 13% 22% 18%
QOQ 2% 5% 3% 9%
TOTAL
20%
14%
4%
vehicles have the best return vs volatility ratio of all passion assets. And in our half year report we anticipated that in the current economic climate,
valuations are less subjective than
vehicles would have better returns
other
and
operational
less
volatility
than
other
1,4,5
investments and markets.
passion
accompany
assets,
and
without
market
stocks.
risk
the that
What
has
transpired provides further support of This is because as real / tangible
the underlying asset fundamentals,
assets, vehicles are an inflation hedge
with the Fund and both car indices
with the potential to generate returns
significantly outperforming traditional
even in economic downturns. And as
markets
an established collector class, vehicle
instrument to hedge inflation, gold.
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as
well
as
the
standard
1,4,5,10
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PORTFOLIO COMPOSITION As at 30 June 2022
Mk-IV 11% Mk-I 31%
Mk-III 35%
% of Vehicle Weight
% of FUM Mk-I Mk-II Mk-III Mk-IV
31% 23% 34% 11%
TOTAL VEHICLE % OF FUM
99%
NET CASH + GST % OF FUM
1%
Mk-II 23%
Mk-IV 7% Mk-I 27%
Vehicle Quantity % Mk-I Mk-II Mk-III Mk-IV TOTAL FUND VEHICLES
27% 33% 33% 7%
Mk-III 33%
% of Vehicle Quantity
100%
Mk-II 33% CHROMETEMPLE.COM
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OUTPERFORMING TRADITIONAL MARKETS With 40% (Hagerty), 16% (HAGI) and 20% (Mach 1 Fund, gross) returns since May 2021, cars in general significantly outperformed gold, the major stock 1,2,10 markets, and superannuation funds. Hagerty, the US-based car index, measures the value of all vehicle makes and models, collectible and commuter. Its high returns reflect the inclusion of the hyper-appreciated commuter market as well as some "specialised" collectible cars - cars that most people wouldn't consider collectible, and which have been swept up in the market bubble. Because it includes all vehicles, and parts of the market are expected to correct itself, we expect Hagerty's appreciation rate to slow but continue 1,11 to show growth.
HAGI is comprised of the more traditional set of collectible cars - cars that everyone would agree are collectible. Although most of these cars have already seen the steepest part of their appreciation curve, they will continue to grow in value due to their scarcity and the consistent demand for these vehicles. We expect this index to continue to show growth over the next 12-months as these collectible staples show the staying power of store of value and wealth 1,12 preservation for this asset class. The Mach 1 Fund's gross 20% preformed in line with HAGI. The cars that the Mach 1 Fund acquires are only just starting to be seen as classics, so outperforming HAGI is a result of good sourcing on these modern classics. But since the cars that the Fund targets are not part of the commuter
$140 (Hagerty)
GROSS RETURNS REBASED TO 100 1,2,10,12 P R I C E
$116 (HAGI) $115 (CTi Mach 1) $111 (Gold)
$102 (FSTE100) $100
17 MAY 2021
30 JUNE 2021
30 SEP 2021
31 DEC 2021
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31 MAR 2022
$94 (ASX/S&P 200)
30 JUN 2022
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MARQUE PROFILE 1,2 % OF FUM
% GROSS RETURNS SINCE LAUNCH
30%
FERRARI
20%
MERCEDES BENZ
20%
LAMBORGHINI
20%
27%
14%
JAGUAR
5%
ASTON MARTIN
5%
HSV
5%
DUCATI
market and are not "specialised" collectible cars, they were not part of the hyper-appreciated class of cars that drove Hagerty's results.1,2 This is promising for many reasons. Firstly, the awakening to the scarcity of Fund cars is still early, and as such the steepest part of their appreciation trajectory is still to come. Secondly, the expected cooling in the car market is going to impact the prices of these hyper-appreciated commuter and specialised collectible segments most heavily, leaving the inflationary hedge pricing benefits of smarter collections intact. Finally, this means target cars are still not being priced to their future value potential, and opportunities abound before the greatest 1,7 returns will be seen.
17%
25%
5%
14%
MARK TO MARQUE The Fund's Mk-I class of cars most closely resembles the composition of the HAGI index. This means that the Mk-I cars are the most traditional collectible cars in the Fund. Comparing the returns of this class to the HAGI index, reassures us that these staples have appreciation potential even during economic downturns.1,2,10,12 The results for the Mk-I class reflect that traditional classics are more mature in their growth profile, so their returns are not as steep as other emerging collectibles. But because their status is well established amongst collectors, their value will reliably continue to grow with each passing year as the availability diminishes.1,6
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Also impacting the Mk-I results is the single HSV in the Fund. Although it continues to appreciate, the level of interest has cooled on the marque. The nostalgia for the marque that swept the pre-pandemic market was overshadowed by pandemic forces which switched interest and attention 1,2 over to a much wider variety of cars.
to park money when other markets are unpredictable. The Fund certainly saw the power of having the prancing horse in the stable, with +20% gross 1,2, 14 vehicle returns.
All Fund classes have a mix of different marques. As a result, the different Fund classes have benefitted from strong buy, hold and sell strategies across all marques and categories. Each marque has had its own 1,2 moment since launch.
Mercedes-Benz has generally been quiet in this current market environment, but recently posted strong +20% gains. This is most likely because of the 300SL's price, which is generally seen as the best car indicator of how the entire car market is doing clean of outliers. The 300SL is starting to reflect that prices for real assets increase during inflationary 1,7.12 periods.
Particular vehicles perform better than others during economic downturns. Staple collector cars— Ferraris and Porsches in particular— tend to provide the strongest hedge against inflation and, generally, are considered by many to be a safe place
Other marques, like Lamborghini, and Mercedes-Benz are experiencing their 1,12 moment more recently.
The models of the British marques (Aston Martin, Jaguar) in the Fund are amongst the rarest and best examples
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available in the country, their gains reflect their “stable” and “quiet” nature. These characteristics make them great instruments for wealth preservation in the current market environment.1,15 Values for motorcycles, like those for cars, have enjoyed a wild upward ride during the pandemic. Although twowheeled classics are impacted by different forces, we're starting to see a convergence on how the Fund's thesis is impacting cars and motorcycles alike. Although motorcycles are not undergoing the transition to electric at the same pace as cars, acceptability of recent classics to the status of collectible is emerging in motorcycles as well. And as a result, niche '80s and '90s sport bikes are becoming more 1,16 and more accepted as collectibles.
THE POWER OF BUYING & HOLDING When we first launched the Fund, pandemic pricing forces were not yet
impacting the market, and we were able to put our foot on some great vehicles at exceptional prices (the six week return to 30 June 2021 is evidence of that). Once pandemic influences started to generate hyperinflated prices in the vehicle market, our pre-market networks became a more important tool for short term and long term growth.1,2,17 Strategically, we have avoided buying cars that were part of hyperappreciated car segments. Therefore, the Fund's vehicle values should see the positive effect inflation has on the 1,4 price of real assets. However, we note that the hyperappreciated market cooling as well as people's wealth diminishing will decrease demand for cars compared 1,7 to the pandemic era. We feel that these influences mean we are entering a hugely opportune time for the Fund's target assets (reading the industry section will give 1,6,7 you insight as to why). As the buyer's market takes over, we have the opportunity to buy Fund cars at great prices. This, combined with our hold strategies and the impact of inflation on our vehicle's values, make us believe the Fund will be a great source of wealth preservation in these economic times.
FUNDS UNDER MANAGEMENT FUM grew by +20% from Mar '22 to Jun '22. The Fund's unit price at 30 June 2022 is $1.22930. CHROMETEMPLE.COM
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Industry Outlook
FEATURE | MARKET INFLUENCES
EVEN THE WORST OF TIMES CAN HAVE GOOD OUTCOMES
IT WAS THE BEST OF TIMES, IT WAS THE WORST OF TIMES...
Inflation
has
hit
decade
record
highs.
Construction is slowing. There is a land war in Europe. dominate
Recession
concerns
conversations.
The
continue
to
markets
are
depressed. Crickey, after reading this, we all might be a little depressed. Fortunately, history
What the industry outlook means for the Fund.
has shown us that there are still ways to win in "worst of time" scenarios. And we are very privileged and proud to be in one of those areas where investors can still find gains in an otherwise challenged market.1,4,18,19 CHROMETEMPLE.COM
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Firstly, while there was a slight ramp up in car prices before the initial drop that preceeded the significant vehicle growth of the GFC era, it was nowhere near the price spike seen in the pandemic months.1,11
IT MIGHT EVEN BE THE BEST OF TIMES TO HAVE CARS IN YOUR PORTFOLIO It is a universally accepted truth that real assets are good investments during inflation. As inflation rises, the prices of real assets increase. And cars in particular have been known to perform well in times of high inflation because they have low volatility and low market correlation. They can generate returns even during 1,4 economic downturns. We only need to look to the global financial crisis ("GFC") to see that economic conditions like today's have positively impacted car performance in the past. Following an initial temporary reactionary decline to the recession of 2008, the collectible car market showed its resilience and low market correlation by climbing in value until reaching an alltime peak (at the time) in August 2015.1,11 THE MARKET WILL CORRECT FROM HYPER APPRECIATION Admittedly, there are a couple of noteworthy differences that might influence the market's reaction to these pressures differently this time around.
Many industry experts, including CTi, believe that the hyper-appreciation of vehicles that lack fundamental underlying principles will correct as supply-chain issues improve. For this reason, the vehicle industry as a whole might not perform to the same levels as it did during 1,7 the GFC.
HAGERTY MARKET INDEX – GFO REACTION (REBASED TO 100) 1,11
$180
Aug 2015 Peak
P R I C E
$100
Stay at home orders, stimulus payments and a shortage on commuter cars, led to a surge in pricing for vehicles during the pandemic. As commuter used car market prices made headlines, it added fuel to expectations on what a car could fetch. And seemingly overnight, the type of cars that were being called "collectible" expanded vastly into out of the ordinary segments. Cars like Toyota Landcruisers became collectible to the surprise of many who understand that scarcity, performance and provenance are the typical underlying fundamentals driving vehicle values.1,7
April 2008
Feb '07
(-1 6%)
Trough Aug 2009 Jul '11 CHROMETEMPLE.COM
Dec '15
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300SL REPEAT SALE INDEX VS. S&P 500 (REBASED TO 100) 1,6
$400 S&P 500
P R I C E
300SL Index
$0 1998
2017
2008 2009
2022
FUND CARS SHOULD BE LARGELY UNAFFECTED BY THE CORRECTION
returns driving hyper-appreciation due for correction.1,6.7
While we agree that the market is due for a correction, we think Fund cars will be largely unaffected. There are two reasons for this. Firstly, we leveraged our networks to buy premarket cars at unaffected prices. And secondly, we only bought cars that were supported by underlying fundamentals.
300SLs are tracked because they were desirable collectible cars to start and have never gone out of style. They were built in sufficient numbers that they come up for auction with relative frequency, but aren’t so common that new ones flood the market. And since 300SLs have easily traceable serial numbers, it is easy to keep tabs on individual cars over time and eliminate outliers. This makes the 300SL an ideal car to use to establish true market trends clean of outliers and bubbles. And what we see with the 300SL is that these established collectibles outperform the market during times of economic downturns without getting caught up in the hyper-appreciation bubble. This gives us confidence that Fund cars are not
While the rest of the car market experienced +60% growth, our growth was modest in comparison at 20%. When we compare those returns to the performance of the MercedesBenz 300SL, the car used to determine market trends free of outliers, our performance was comparable - meaning the Fund's returns were not amongst the outlier
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going to be subject to the same cooling expected for the hyper appreciated market. Fund cars can deliver the growth expected from real assets during inflationary periods while the rest of the market corrects itself. 1,4,7
AND IT COULD VERY WELL BE THE BEST TIME TO BUY TARGET FUND VEHICLES We are facing an interesting dynamic for vehicles for this particular expected downturn. On the one hand, we know that cars perform well during inflationary periods. On the other hand, we know that the market is set for correction from hyper appreciation. When you couple the correction with people's diminishing wealth, you have two contradictory factors. While Inflation should increase vehicle values, the cooling market and
diminished discretionary wealth should decrease demand for vehicles. 1,6.7 So which will prevail? The answer in our opinion is both. Certain parts of the market will cool and even decrease in the face of the correction. But Fund cars, should continue to follow typical inflationary trends for vehicles (like the 300SLs do).1,4,7 Maybe more promisingly, the decrease in demand combined with some people's need for cash will result 1,7 in a buyer's market for target vehicles. The Fund should be able to capitalise on hold strategy returns in the face of inflation, and with more investment, acquire vehicles at what we predict to be one of the most favourable times to do so - making the Fund a potential opportunity for wealth preservation.1,5,7
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C TC iT iM M AC AH C H1 1F U FN UD ND
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MURCIELAGO
THIS QUARTER'S PODIUM PAYS TRIBUTE TO THE QUEEN BEE HERSELF.
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AMG C63 Black Series
Those of us who grew up seeing wild, fierce Lamborghinis splayed across our friends’ bedroom walls are used to saying goodbye every ten years. We know we have only a short decade with these modern myths before they're replaced or retired. And so we prepare ourselves for their eventual evolution with a bittersweet feeling - excitement for what's to come and mourning the car we have fallen in love with. A schedule helps, and so does knowing there will be an ‘even better Lambo’ just waiting around the next figurative corner. Because we know the heart of Lamborghini - that historic 60-degree V12 that’s powered the fighting bulls in varying models for damn-near half a century, will still be sitting ominously below the skin.
Twenty years ago, this Murcielago was that 'even better lambo', however for many enthusiasts, the Murci is still the pinnacle example of Lamborghini's greatest supercars. Since Lamborghini doesn’t produce manual transmissions anymore (the last manual was the 2014 Gallardo) demand has naturally drifted to the older models, and the Murci is now turning heads for something else altogether - its price in the US nearly doubled in just over a year. Lying in the TEMPLE right now ready to pounce on this momentum sits a 2003 Murcielago. The Fund’s fine specimen was imported from the UK in 2009, and has had only one Australian owner before coming into the hands of the Mach 1 Fund.
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OUR SPECS Produced in 2003 Manual Transmission 571 Horsepower 330 km/h top speed 42,000 km Last manual V12 Service History: FSH
Do not be mistaken by her sweet, honeyed colour. Nearing 20 years old, this earth shattering V12, breaths fire into the faces of many a man’s most powerful automobile.
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SEEING DOUBLE? No not quite...
Produced from 1990 to 2001 the Lamborghini Diablo plays an important role to the evolution of the Murcielago. From engine capacity to scissor doors and familiar build - 11 years later, from its conception in 2001, the Diablo’s successor was ready and the Murcielago ushered in a new dawn for Lamborghini. CHROMETEMPLE.COM
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
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