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

Executive summary

• Adjusted pre-tax NTA increased by 14% during FY2024, with shareholder total returns of 18.1% as the share price discount to NTA narrowed to 4.4% at year end.

• Net profit after tax was $20.0 million, down slightly from $21.0 million in FY2023.

• The portfolio’s largest source of returns was the discount capture strategy, generating gross pre-fee returns of 10.4%.

• The company declared and paid total dividends of 6.60 cents per share, with a final fully franked dividend of 3.30 cents per share for FY2024 and a special dividend of 1.00 cent per share.

• The investment approach remains focused on global assets trading at discounts to intrinsic value, with a diversified portfolio and active capital management.

Financial highlights

• Revenue from ordinary activities was $39.8 million, compared to $40.1 million in FY2023.

• Operating profit before tax was $28.5 million (FY2023: $29.6 million); profit after tax was $20.0 million (FY2023: $21.0 million).

• Basic and diluted EPS was 11.46 cents, down from 12.00 cents in FY2023.

• Pre-tax NTA per share at 30 June 2024 was $1.2974 (2023: $1.2065); post-tax NTA per share was $1.2107 (2023: $1.1621).

• Total assets at year end were $236.1 million, with net assets of $211.7 million.

Outlook and guidance

• The board anticipates maintaining interim and final dividends of 3.3 cents per share for FY2025, subject to profit reserves and prudent business practices.

• The portfolio manager is optimistic about the discount capture strategy and expects to capitalize on new opportunities with less market risk than pure equity exposure.

• The company will continue to pursue its investment objectives for long-term shareholder benefit, with ongoing review of strategies.