Ann: 1HFY17 Investor Presentation, page-3

from the AFR

"The portfolio follows 65 to 70 stocks ideally from $30 million to $150 million in size.

One of those is EML Payments, a provider of prepaid cards which Laister says had a "very strong result" last month on some contract wins.
"It's a very smart idea," he says. "They clip the ticket and a lot of their revenue comes from breakage. If you get a gift card and you don't spend that money that breakage figure goes back to them. People who end up with $1.50 to $2 on a card, you chuck it away."
A deal with casino group Caesars Entertainment to service its massive loyalty program has been under-appreciated by the market, the fund manager argues. "They're taking over a process that was very paper orientated and Caesars is now offering their customers a prepaid card. If you go and spend anywhere within the casino itself you will receive a credit. It can essentially be offered to all the other casinos globally."
EML has also inked agreements with Sportsbet and McMillan Shakespeare. "There's many, many applications. It's one of these businesses we think has enormous potential." Some of that won't become apparent in the profit and loss statement until next year, he says."

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