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

Executive summary

• Adjusted pre-tax NTA increased by 15.8% during FY2025, with shareholder total returns of 19.2% year-over-year, driven by strong investment performance and discount capture strategy.

• Net profit after tax was $24.25m, up 21.1% from $20.03m in FY2024; revenue rose 17.8% to $46.9m.

• Share price moved from an average 1.9% discount to a 0.6% premium to pre-tax NTA by year-end.

• Dividends of 7.6 cents per share were paid, including a special dividend; a final fully franked dividend of 3.3 cents per share was declared for FY2025.

Financial highlights

• Revenue from ordinary activities increased to $46.9m from $39.8m year-over-year.

• Profit before tax rose to $34.46m from $28.55m; profit after tax increased to $24.25m from $20.03m.

• Basic and diluted EPS was 13.85 cents, up from 11.46 cents.

• Pre-tax NTA per share at year-end was $1.3613 (up from $1.2974); post-tax NTA per share was $1.2780 (up from $1.2107).

• Cash and cash equivalents rose to $43.1m from $23.7m.

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.