Cadence Capital (CDM) H2 2026 earnings summary

Executive summary

• Achieved a 20.1% fund return for FY26, outperforming the All Ordinaries Accumulation Index by 14.4%.

• Profit after tax reached $33.4 million, with share price (including dividends and franking) up 30.6% for the year.

• Top contributors included gold and precious metals stocks, while detractors were Boss Energy, QBE Insurance, Amplitude Energy, and 29 Metals.

Financial highlights

• Profit before tax was $47.4 million; profit after tax was $33.4 million for FY26.

• Fully franked final dividend of 3.0c per share and special dividend of 1.0c per share declared.

• Fully franked yield at 9.3%, gross yield at 13.2% including special dividend.

• Share price traded at a 6% discount to pre-tax NTA.

Outlook and guidance

• Market conditions likened to the 1970s, with expectations of continued volatility due to inflation, geopolitical tensions, and resource nationalism.

• Anticipates ongoing opportunities in quality businesses that have experienced significant sell-offs.

• Focus remains on disciplined investment process through market cycles.