Global Masters Fund’s Loan-to-Value Ratio Holds at a Conservative 10.7%

Quarterly Convertible Note Activity

Global Masters Fund Limited (ASX, GFL) has provided its quarterly update for the period ending 30 September 2025, revealing ongoing activity in its convertible notes program. During the quarter, 27,542 notes were converted into ordinary shares, maintaining the conversion price at $3.10. This steady conversion rate reflects investor confidence and the fund’s ability to manage its capital structure effectively.

Financial Position and Loan-to-Value Ratio

The fund reported a total debt figure of approximately $9.24 million, offset by $2.56 million in cash and cash equivalents. Importantly, the loan-to-value (LTV) ratio, a key metric indicating the level of debt relative to the market value of securities held, remains low at 10.70%. This conservative leverage level suggests the fund is well-positioned to meet its obligations without undue financial strain.

Compliance and Governance

Global Masters Fund confirmed full compliance with the terms of its convertible notes, the trust deed, and relevant sections of the Corporations Act 2001 throughout the quarter. No events occurred that would trigger immediate repayment or enforcement of the notes, nor were there any material changes to the nature of the business or guarantor arrangements. The fund also adhered to continuous disclosure requirements, reinforcing its commitment to transparency.

Outlook and Market Implications

With a stable conversion price and a low LTV ratio, Global Masters Fund appears to be managing its capital structure prudently amid a complex investment environment. The steady conversion activity may signal ongoing investor appetite for the fund’s securities, while the strong compliance record reduces regulatory risk. However, market participants will be watching closely for any shifts in conversion trends or leverage levels in upcoming quarters.