Staude Capital Global Value Fund (GVF) H2 2024 earnings summary

Executive summary

• Operating profit before tax reached $28.5M and after tax $20.0M for the year ended 30 June 2024.

• Shareholder total returns were 18.1% for FY2024, outpacing the 14.0% adjusted pre-tax NTA increase.

• Fully franked final dividend of 3.3 cents per share declared, with total grossed up dividends since IPO at 77.53 cents per share.

• Discount capture strategy generated 74% of returns, providing a cushion in volatile markets.

Financial highlights

• Adjusted pre-tax NTA increased by 14.0% year-over-year, net of all fees and expenses.

• Operating profit after tax was $20.0M for FY2024.

• Shareholder total returns reached 18.1% for the period, aided by tightening discount to NTA.

• Discount to NTA narrowed to 4.4% as of 30 June 2024.

Outlook and guidance

• Board anticipates FY2025 interim and final dividends of 3.3 cents per share, franked as fully as possible.

• Dividend payments for FY2025 subject to profit reserves and prudent business practices.

• US election cycle seen as a key market event, with potential for significant market impact depending on outcome.