Staude Capital Global Value Fund (GVF) H1 2026 earnings summary

Executive summary

• Adjusted pre-tax NTA increased by 4.4% for the half-year ended 31 December 2025, compared to 11.2% in the prior period.

• Operating profit before tax was $11.5 million, down from $24.9 million year-over-year; profit after tax was $8.7 million, down from $17.5 million.

• Dividend of 3.30 cents per share (fully franked) was paid in November 2025, with an interim dividend of 3.30 cents per share declared for May 2026.

• Share purchase plan completed in July 2025, raising $18.2 million through the issue of 13.6 million new shares.

Financial highlights

• Revenue from ordinary activities was $17.4 million, down 46% from $32.5 million year-over-year.

• Earnings per share were 4.35 cents, compared to 10.00 cents in the prior period.

• Net tangible asset backing per share after tax was $1.29 (up from $1.27), and before tax was $1.32 (down from $1.35).

• Total assets at period end were $276.3 million, with net assets of $261.2 million.

• Cash and cash equivalents stood at $44.6 million at 31 December 2025.

Outlook and guidance

• US share markets remain highly valued, with long-term return forecasts around 5% per annum.

• US earnings growth was strong at 12.8% in 2025, with forecasts of 44% growth over the next three years, largely driven by AI sector expectations.

• Risks of lower future returns or market correction are highlighted, though the possibility of a paradigm shift in valuation is acknowledged.