MFF Capital Investments (MFF) Investor Update summary

Financial performance and results

• Net profit after tax for H1 FY2025 was $381.5 million, up from $146.0 million in H1 FY2024.

• Total net investment income reached $551.8 million, driven by strong fair value gains.

• Basic and diluted earnings per share were 65.72 cents, compared to 25.24 cents in the prior period.

• Net assets increased to $2.42 billion as of 31 December 2024.

• Expenses (excluding tax and interest) remained low relative to assets, supporting profitability.

Strategic developments and Montaka acquisition

• Completed acquisition of Montaka Global Investments, which continues to operate independently.

• Montaka brings a team of six in Sydney and NYC, managing $350 million across listed and unlisted funds.

• Montaka's investment approach aligns with MFF's long-term, high-conviction philosophy.

• The acquisition expands MFF's opportunity set, with only 35% portfolio overlap and low concentration risk.

• Montaka funds have Zenith 'Recommended' ratings and delivered double-digit long-term returns.

Portfolio composition and performance

• MFF's largest holdings include Amazon (12.3%), MasterCard (10.0%), Visa (9.0%), and Meta Platforms (8.0%).

• Montaka's top 10 holdings represent 75% of its portfolio, with Amazon and KKR as leading positions.

• Montaka's Global Long Only Equities Fund returned 44.6% over one year and 13.9% p.a. since inception.

• Both portfolios focus on long-term winners in market transformations, underpinned by deep research.

• Montaka maintains a concentrated and patient investment approach, with a weighted average holding period of ~6 years.