Ryder Capital (RYD) investor relations material

Investment approach

• Listed investment vehicle focused on Australian small- and micro-cap companies; uses bottom-up research, value-focused selection and in-depth due diligence. Top 10 holdings were 63% of the portfolio at 30 June 2026.

• Investment objective: exceed the RBA Cash Rate + 4.25% p.a. over the medium to long term while paying steady to increasing fully franked income; directors and associates held more than 20% of shares.

• Investment priorities include capital protection, long-term patience, aligned management, sustainable competitive advantages, strong balance sheets and clear catalysts for value recognition.

FY26 performance

• Share price return including dividends was 41.92%, ranking 4th of 50 ASX-listed LICs; peer median was about 6%.

• Pre-tax NTA return was 33.53%; gross portfolio return was 37.59% versus the 8.09% hurdle. FY26 marked a third consecutive year of net returns above 25%.

• Pre-tax NTA per share reached $1.9805 from $1.6272; net assets were $148.5m. The share price was $1.73, a 12.6% discount to pre-tax NTA at 30 June 2026.

• The five largest contributors added $34.6m and the five largest detractors cost $8.4m; Macmahon Holdings, Lumos Diagnostics and Vitrafy Life Sciences were among the largest contributors.

Portfolio positioning

• At 30 June 2026, portfolio allocation was 88.6% listed, 4.5% unlisted and 6.9% cash; top 10 listed holdings represented 62.7%.

• Largest listed positions included BCI Minerals at 14.72%, Count at 8.25%, Vitrafy Life Sciences at 6.26%, Cuscal at 6.07% and OFX Group at 5.81%.

• Sector weights were Materials 20.8%, Financial Services 20.1%, Technology 18.9%, Industrials 13.0% and Healthcare 12.3%.

• FY26 activity included new purchases such as SiteMinder, Gentrack and Fineos; additions included Chrysos Corporation, while exits included Macmahon, Adore Beauty and Vitrafy.