Staude Capital Global Value Fund (GVF) H2 2025 earnings summary

Executive summary

• Operating profit before tax reached $34.5M and after tax $24.25M for FY2025.

• Adjusted pre-tax NTA increased by 15.8% year-over-year.

• Shareholder total returns were 19.2% for the period, aided by a tightening discount to NTA.

• Fully franked final dividend of 3.3 cents per share declared, with total grossed up dividends since IPO at 87 cents per share.

Financial highlights

• Discount capture strategy generated 11.1% gross return, outperforming underlying market exposures.

• Annualised investment returns since inception stand at 11.4% as of June 2025.

• Global share and bond markets rose 17.1% and 11.1% respectively in AUD terms over FY2025.

Outlook and guidance

• Board anticipates both interim and final dividends for FY2026 will be 3.3 cents per share, fully franked, subject to profit reserves and prudent business practices.

• Interim dividend for FY2026, if declared, expected to be payable in May 2026.