Staude Capital Global Value Fund Surges 21% Profit, Declares 3.3c Fully Franked Dividend
Staude Capital Global Value Fund Limited reported a 21% increase in net profit after tax for FY2025, driven by strong portfolio returns and a successful discount capture strategy. The company also declared a fully franked final dividend of 3.3 cents per share and completed a $16.9 million wholesale placement.
- Net profit after tax rose 21.1% to $24.25 million
- Adjusted pre-tax net tangible assets increased 15.8%
- Shareholder total returns reached 19.2%, aided by discount capture strategy
- Declared fully franked final dividend of 3.3 cents per share
- Completed $16.9 million wholesale placement and share purchase plan
Strong Financial Performance Amid Market Volatility
Staude Capital Global Value Fund Limited (GVF) has announced a robust set of results for the financial year ended 30 June 2025, with net profit after tax climbing 21.1% to $24.25 million. This performance reflects a 15.8% increase in the company's adjusted pre-tax net tangible assets (NTA), underscoring the effectiveness of its investment approach in a complex global market environment.
Shareholders enjoyed total returns of 19.2% during the year, a figure that outpaced the NTA growth due to the narrowing of the company's discount to NTA, which ultimately turned into a slight premium of 0.6% by year-end. GVF's share price fluctuated between an 8.6% discount and a 2.7% premium to pre-tax NTA throughout the year, averaging a modest 1.9% discount.
Dividend Continuity and Capital Raising Initiatives
The Board declared a fully franked final dividend of 3.3 cents per share for FY2025, maintaining the dividend payout rate consistent with prior periods. This translates to an annualised yield of approximately 6.9% based on both the pre-tax NTA and the share price as at 30 June 2025. The dividend reinvestment plan (DRP) remains active, offering shareholders an efficient way to compound their investment without diluting NTA.
In addition to dividend payments, GVF successfully completed a wholesale placement in June 2025, issuing over 12.6 million shares at $1.34 each, raising nearly $17 million. This was complemented by a share purchase plan (SPP) in July, which saw the issuance of approximately 13.6 million shares, further strengthening the company's capital base.
Management Transition and Portfolio Highlights
Effective 1 May 2025, GVF transitioned its investment management agreement from Mirabella Financial Services LLP to Staude Capital Pty Limited, an Australian-based firm led by portfolio manager Miles Staude and Emma Davidson. The new agreement retains substantially the same commercial terms and investment team, ensuring continuity in portfolio management.
The portfolio manager highlighted standout contributors to performance, notably the London-listed aircraft leasing fund Amedeo Air Four Plus, which benefited from improved market sentiment and aircraft valuations, delivering a 50.5% return in sterling terms. The US Masters Residential Property Fund also contributed strongly, with a 43.9% return driven by accelerated property sales and capital repatriation.
Market Outlook and Strategic Positioning
Looking ahead, the portfolio manager expressed cautious optimism amid ongoing geopolitical uncertainties and market volatility, particularly surrounding US economic policy under the Trump administration and the valuation challenges posed by high-growth technology stocks linked to artificial intelligence. GVF's diversified portfolio and discount capture strategy are positioned to provide resilience and attractive risk-adjusted returns in this environment.
The company remains committed to its disciplined investment approach, focusing on assets trading at discounts to intrinsic value and actively unlocking value through strategic initiatives. The upcoming Annual General Meeting on 11 November 2025 will provide shareholders with further insights into the company's strategy and outlook.
Bottom Line?
GVF’s strong FY2025 results and strategic capital initiatives set the stage for continued pursuit of value in a volatile market landscape.
Questions in the middle?
- How will the new investment management agreement impact GVF’s performance in FY2026 and beyond?
- What is the expected impact of the $10.3 million tax payable on future dividend franking credits and shareholder returns?
- How will GVF navigate valuation risks in high-growth technology sectors amid ongoing market uncertainty?