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

Executive summary

• Adjusted pre-tax NTA increased by 15.8% year-over-year, with shareholder total returns at 19.2% due to discount to NTA tightening and moving to a 0.6% premium at year-end.

• Net profit after tax was $24.25m, up 21.1% from the prior year, with revenue rising 17.8% to $46.9m.

• The investment portfolio benefited from strong global equity and credit markets, and the discount capture strategy delivered significant outperformance.

• Major contributors included Amedeo Air Four Plus and US Masters Residential Property Fund, with the former returning 50.5% in Sterling terms.

Financial highlights

• Revenue from ordinary activities rose to $46.9m (up 17.8% year-over-year).

• Profit before tax was $34.5m (up 20.7%), and profit after tax was $24.25m (up 21.1%).

• Pre-tax NTA per share at year-end was $1.3613, post-tax NTA was $1.2780.

• Earnings per share increased to 13.85 cents from 11.46 cents.

• Dividends paid totaled 7.6 cents per share, including a special dividend.

Outlook and guidance

• Board anticipates maintaining fully franked interim and final dividends of 3.3 cents per share for FY2026, subject to performance.

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

• Cautions on high-growth tech valuations and recommends diversified exposure.