Staude Capital Global Value Fund (GVF) Investor presentation summary

GVF performance and portfolio

• Annualised share-price and portfolio returns 11% after fees and expenses; annualised volatility 7%, as of 31 Aug 2026.

• GVF ranked first of 19 investments by Sharpe ratio at 1.17, with 11% annualised returns and 7% volatility; IVV ranked second at 1.07.

• Since IPO, net compound annualised return was 11% in A$, after taxes, expenses, management fees, dividends and dilution from exercised options, as of 31 Aug 2026.

• Portfolio allocation at 31 Aug 2026: 41% listed equity, 18% listed private equity, 13% each listed infrastructure and real estate, 4% listed debt, 3% listed hedge funds and 8% other.

• Currency exposures at 31 Aug 2026: 35% AUD, 32% USD, 18% EUR and 15% other; the presentation highlights diversification as a way to reduce portfolio-level risk without impairing alpha.

Investing principles

• Core rules: prioritise risk management, think in percentage of wealth and avoid overbetting; the presentation argues position sizing can matter more to long-term wealth than return-chasing.

• A coin-toss example uses 100 bets with a 60% win chance and 40% loss chance to illustrate how betting size changes outcomes despite favourable odds.

• In the example, betting 5% of wealth had expected end wealth of $270, most likely end wealth of $240, a 96% chance of finishing above $100 and 0% chance below $50.

• Optimal investment sizing illustration assumes 7% p.a. expected return, 9% p.a. risk, a 3.5 risk-aversion number and a 5.1% 10-year Australian government bond yield; indicated size was 67%.

• Investment decisions should reflect each investor’s personal happiness curve and size opportunities to suit their life.

Bond market and opportunities

• The presentation traces US debt and borrowing costs over 30 years, citing persistent deficits after Covid, a larger debt stock and higher interest rates as factors increasing the interest bill.

• It describes a structural interest-rate shift, with rates rising by c.5% over five years, as creating deep-value opportunities.

• A near-term bond sell-off pushed prices down faster than NAVs, widening discounts and creating new opportunities, according to the presentation.