Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Shareholder Meeting (October 2024)
25 slides from Staude Capital Global Value Fund's shareholder meeting presentation, Oct 15, 2024
Slide 1: Staude Capital Global Value Fund
STAUDE CAPITALN GLOBAL VALUE FUND
Slide 2: The Global Value Fund (ASX: GVF)
The Global Value Fund (ASX: GVF) GVF celebrated a decade in July 2024 For personal use only Chris Cuffe AO -- Jonathan Trollip -- Geoff Wilson AO -- Miles Staude Unique strategy that buys discounted global assets Net returns1 of 11% p.a. with considerably lower risk Protecting shareholder capital Un
Slide 3: Total return by investment
Total return by investment1 Profit or loss on every investment made by GVF since IPO 2,3,4 For personal use only 1 Total return by investment shows the gross A$ PnL of every investment the fund has made since IPO, including any associated hedging activities. 2 These figures exclude the returns from
Slide 4: Contextualising years of GVF
Contextualising 10 years of GVF IPO promise For personal use only Global shares1 in AUD from 1 July 2014 – 31 August 2024 were 12.3% p.a. (Global shares1 in AUD from 31-Dec-1987 to 30-Jun-2014 were 6.3% p.a.) Australian shares2 from 1 July 2014 – 31 August 2024 were 7.8% p.a. GVF average exposure to
Slide 5: Share price returns for investors
Share price returns for investors Three scenarios: 1) Reinvested everything 2) Took half & half 3) Took all the returns For personal use only 4 As of 31st August 2024. Returns sourced from Staude Capital Ltd and Bloomberg LP.
Slide 6: US elections: impact on financial markets
US elections: impact on financial markets For personal use only President Senate House of Representatives 5
Slide 7: United States Congress
United States Congress For personal use only In the Senate, 34 out of the 100 seats are up for election Only 8 of these seats are seen as realistically contestable. All of these are currently held by Democrats, meaning Republicans only need to win 2 to flip control of the Senate. 6
Slide 8: Senate seats are contestable
8 Senate seats are contestable For personal use only 7
Slide 9: US elections: impact on financial markets
US elections: impact on financial markets For personal use only 8
Slide 10: US elections: NFIB Small Business Optimism Index
US elections: impact on financial markets US National Federation of Independent Business (NFIB) Small Business Optimism Index For personal use only 9 Please note that past performance is not indicative of future returns.
Slide 11: 3. Case studies
For personal use only 3. Case studies The case studies cited in this document are included for illustration purposes only and do not purport to represent all investments made by the Global Value Fund. 10
Slide 12: US Masters Residential Property Fund
US Masters Residential Property Fund Deeply discounted wind-down Investment opportunity For personal use only ➢ ASX-listed trust with a troubled past. Owns a portfolio of New ➢ Over US$200m of properties sold between June 2019 and March York and New Jersey single family residential property. 2022 in
Slide 13: Starwood European Real Estate Finance
Starwood European Real Estate Finance High quality loans / Wind-down Investment opportunity For personal use only ➢ Managed by Starwood Capital Group, an investment firm with ➢ This dislocation saw a persistent discount develop despite strong $115bn AUM. Provides real-estate backed senior loans secu
Slide 14: Music Royalties
Music Royalties Special Situation / Shareholder Engagement Investment opportunity For personal use only ➢ A burgeoning asset class with unique characteristics, where ➢ Rising bond yields led to legitimate concerns over asset values (i.e., revenues exhibit low correlation to the economic cycle. disco
Slide 15: 4. Appendices
For personal use only 4. Appendices 14
Slide 16: Global Value Fund: Adjusted NTA returns
10 years of positive performance Global Value Fund: Adjusted NTA returns1 For personal use only Financial Year JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN YTD 2 FY2025 4.1% -1.0% 3.1% FY2024 2.0% 1.5% 0.5% -0.4% 1.3% 0.8% 2.5% 0.1% 1.2% 2.3% 1.1% 0.3% 14.0% FY2023 1.5% 2.3% -0.5% 2.5% 1.0% 1.1%
Slide 17: GVF portfolio returns vs cash, shares and bonds
10 years of GVF portfolio returns Comparing GVF1 to Cash +4%2, global shares3 and global bonds4 30% For personal use only 25% 20% 15% 10% 5% 0% -5% -10% GVF portfolio Cash + 4% Global shares Global bonds -15% -20% FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Jul 2024 - Aug 2
Slide 18: Risk Metrics July 2014 – August 2024
Risk Metrics 1 July 2014 – 31 August 2024 For personal use only Global Value Fund Australian Global (ASX: GVF)1 shares2 shares3 US shares4 Annualised Return 11.10% 7.9% 12.2% 15.9% Volatility 7.80% 13.9% 10.7% 12.1% Sharpe Ratio 1.19 0.44 0.97 1.16 Sortino 2.23 0.80 1.98 2.44 Correlation Coefficient
Slide 19: Investment returns since IPO
Investment returns since IPO1 The attributed returns of The Global Value Fund For personal use only 250% Market² Currency³ Excess Return⁴ CAGR5: 11.1% 230% 210% 190% Outperformance 170% from discount capture 150% 130% Underlyin g Currency Exposures 110% 90% 70% 50% Underlyin g Asset Classes 30% 10%
Slide 20: Graph of GVF dividend & option price history
Graph of GVF dividend & option price history Declared grossed up dividends and option VWAP1 since IPO2 at $1 For personal use only 5.0 Ordinary Dividend Franking Credit Option VWAP at Expiry 4.5 4.0 3.5 Cents per Share 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Mar 16 Jul 24 May 16 May 17 May 18 May 19 May 20 May
Slide 21: Biographies
Biographies Miles Staude – Portfolio Manager (CIO) & Director Miles has over nineteen years of experience in trading, investment management and research, covering a wide range of financial markets. He is the Portfolio Manager of the Global Value Fund and serves as a Director on the Global Value Fund
Slide 22: Biographies
Biographies James Dow – Investment Manager Under Mirabella’s regulatory license, James is a member of the GVF portfolio management team. James has over 24 years’ experience in financial markets, having managed a diverse range of financial instruments in his career. For personal use only Prior to wor
Slide 23: Company Details
Global Value Fund Limited Company Details Structure Listed Investment Company For personal use only Incorporated Australia Service Providers Investment Manager Mirabella Financial Services Portfolio Manager Miles Staude Staude Capital Limited1 Corporate Affairs Emma Davidson Mark Ambrose Registrar B
Slide 24: Disclaimer
Disclaimer Past performance is not a reliable indicator of future results, and there is no guarantee of any return. All investments carry risks, and the value of shares and any income from them may go down as well as up. You may For personal use only not get back all of your original investment. Sha
Slide 25: For personal use only
statement? For personal use only miles.staude@globalvaluefund.com.au Mobile (Australia): 0423 428 972 emma.davidson@globalvaluefund.com.au Mobile (Australia): 0401 299 885 ir@globalvaluefund.com.au www.globalvaluefund.com.au
Staude Capital Global Value Fund — Shareholder Meeting (October 2024) on 6ix