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% year-over-year, driven by tightening of the discount to NTA, which stood at 4.4% at year end.

• Net profit after tax was $20,033,897, down 4.4% from $20,965,827 in FY2023, while profit before tax was $28,549,994, down 3.5% year-over-year.

• The portfolio benefited from strong global equity and bond markets, with the largest source of returns from the discount capture strategy, generating gross pre-fee returns of 10.4%.

• The company declared and paid dividends totaling 6.60 cents per share, including a special dividend and a final dividend for FY2024.

Financial highlights

• Revenue from ordinary activities was $39,828,922, a slight decrease of 0.79% compared to FY2023.

• Earnings per share were 11.46 cents, compared to 12.00 cents in the prior year.

• Net tangible asset backing per share before tax was $1.2974 (up from $1.2065), and after tax was $1.2107 (up from $1.1621).

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

• Management fees for the year were $3,188,387 and performance fees were $1,954,931.

Outlook and guidance

• The board anticipates maintaining interim and final dividends for FY2025 at 3.3 cents per share, franked as fully as possible, subject to investment performance and profit reserves.

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

• The company expects a short-term market boost if Trump wins the US presidency, while a Harris win would likely result in government deadlock and status quo.