Staude Capital Global Value Fund (GVF) H1 2025 earnings summary

Executive summary

• Adjusted pre-tax NTA increased 11.2% for the half-year ended 31 December 2024, outperforming the prior year's 5.9% gain and long-term global market averages.

• Operating profit before tax rose to $24.9M (2023: $12.2M); profit after tax was $17.5M (2023: $8.6M).

• Discount capture strategy contributed 6.2% (gross) to returns, with top contributors being Amedeo Air Four Plus and US Masters Residential Property Fund.

• Fully-franked final and special dividends totaling 4.3 cents per share were paid; an interim dividend of 3.3 cents per share declared for FY2025, equating to a grossed-up yield of 6.8% annualized.

• Net tangible asset backing per share at 31 Dec 2024: $1.35 before tax, $1.27 after tax (2023: $1.24 and $1.18).

Financial highlights

• Income from ordinary activities: $32.5M, up 87.8% year-over-year.

• Profit before tax: $24.9M, up 104.1% year-over-year.

• Profit after tax: $17.5M, up 104.4% year-over-year.

• Basic and diluted EPS: 10.00 cents (2023: 4.89 cents).

• Net cash from operating activities: $24.3M (2023: $18.1M).

Outlook and guidance

• Portfolio positioned to perform under various market scenarios, focusing on value unlocking rather than market direction.

• Management remains cautious on high valuations in global equities, especially technology stocks, but sees opportunity in selective exposure.

• Board anticipates FY2025 full year dividend will match the interim dividend at 3.3 cents per share, 100% franked, subject to profit reserves and prudent business practices.

• Final FY2025 dividend, if declared, expected to be payable in November 2025.

• No change anticipated in investment strategy or principal activity.