Mirrabooka Investments (MIR) Company presentation summary

Market overview and macro environment

• Australian sharemarket reached an all-time high in February 2026, with the S&P/ASX 200 showing strong performance.

• Significant divergence in company share price performance, with Northern Star Resources up 76% and some major banks down as much as 44%.

• Dividend yields on the ASX 200 are at their lowest in 20 years, reflecting a challenging income environment.

• Ongoing geopolitical uncertainty, such as the unresolved Iran war, continues to impact oil prices and market sentiment.

• Companies like Woodside are positioned to manage supply chain disruptions and market dislocations.

Technology and investment themes

• Corporates are shifting from curiosity to adoption of AI, with evolving use cases and mixed views on employment impacts.

• Investment approach emphasizes competitive advantages such as proprietary data and network effects, especially in the face of AI-driven market volatility.

• Market volatility is seen as an opportunity to invest in high-quality, adaptable companies.

Portfolio strategies and performance

• Four distinct funds focus on different segments: large cap, enhanced yield, small/midcap, and high conviction growth, with a combined FUM of ~$12 billion.

• AFIC delivered a 10-year annualized portfolio return of 10.6% with a 6.5% grossed-up dividend yield.

• Djerriwarrh achieved a 10-year annualized return of 9.3% and a 7.5% grossed-up dividend yield, leveraging option strategies for enhanced income.

• Mirrabooka posted a 10-year annualized return of 10.8%, focusing on small and midcap equities.

• AMCIL reported a 10-year annualized return of 8.7% with a high conviction portfolio and no exposure to banks or gold.