Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Investor Presentation (October 2025)
32 slides from Staude Capital Global Value Fund's investor presentation, Oct 20, 2025
Slide 1: Staude Capital Global Value Fund
For personal use onl STAUDE CAPITATN GLOBAL VALUE FUND Miles Staude Qi Email: miles.staude@globalvaluefund.com.au Mobile: 0423 428 972 Emma Davidson Email: emma.davidson@globalvaluefund.com.au Mobile: 0401 299 885
Slide 2: Agenda
For personal use only 1) GVF update 2) A quick overview of the big picture 3) Two tectonic changes taking place 4) Case studies
Slide 3: 1) GVF update
For personal use only 1) GVF update
Slide 4: Not a single down year since launch
For personal use only Not a single down year since launch 11 years ago Annualised returns1 of >11% per annum Outperformance across the board Unless otherwise stated, data sourced from Bloomberg LP, Staude Capital Limited and Company reports and all data as of 31st August 2025. 1 All data presented o
Slide 5: Risk adjusted returns over the last decade
Risk adjusted returns over the last decade July 2014 – 31 August 2025 Annualised Return Volatility Sharpe Ratio 1 For personal use only Australian shares 10% 14% 0.58 2 US shares 17% 12% 1.22 3 Global shares 13% 11% 1.03 Global Value Fund (ASX: GVF)4 11% 8% 1.23 5 US credit 8% 9% 0.68 6 CSL 12% 20%
Slide 6: Sorted in order of Quality of Returns
And now sorted in order of ‘Quality of Returns’ July 2014 – 31 August 2025 Annualised Return Volatility Sharpe Ratio For personal use only 4 Global Value Fund (ASX: GVF) 11% 8% 1.23 2 US shares 17% 12% 1.22 3 Global shares 13% 11% 1.03 Australian property – CoreLogic7 4% 3% 0.86 6 Wesfarmers 18% 19%
Slide 7: Footnotes for the previous slides
Risk adjusted returns over the last decade Footnotes for the previous slides Unless otherwise stated, data sourced from Bloomberg LP, Staude Capital Limited and Company reports and all data as of 31st August 2025. For personal use only The Sharpe Ratio is calculated by taking the annualised excess r
Slide 8: 2) A quick overview of the big picture
For personal use only 2) A quick overview of the big picture
Slide 9: US market share of Tech / Comms sector
US market share of Tech / Comms sector S&P 500 For personal use only Source: Oxford Economics/LSEG Datastream, From: Global: The Digital Frontier - a tech downturn would inflict a sharp global slowdown © Oxford Economics 2025
Slide 10: 'Dot-com' bubble
‘Dot-com’ bubble NASDAQ corrected >10% seven times before the actual crash For personal use only Source: Bloomberg LP, Staude Capital
Slide 11: 3) Two tectonic changes taking place
For personal use only 3) Two tectonic changes taking place
Slide 12: Exponential growth of the passive industry
For personal use only The exponential growth of the passive industry Incredible growth of private markets (and disappearance of public markets)
Slide 13: S&P Indices Versus Active scorecard
The S&P’s Indices Versus Active scorecard For personal use only Data sourced from S&P Dow Jones Indices as of 30 June 2025. Please refer here for full disclaimer.
Slide 14: US mutual fund industry active / passive split
US mutual fund industry assets: Actual and projected active / passive split in the United States. For personal use only $26.8 T Growth Active Passive 50% $18.3 T AUM ($/%) 103% 36% $10.2 T 208% 21% 50% 64% 79% 2011 2018 2025 Source: PwC analysis based on data from ICI. Estimates for 2025 based on PW
Slide 15: Private capital dominates markets today
Private capital dominates markets today Private capital is replacing public capital markets Ownership of US companies with revenues For personal use only Number of US listed companies1 over US$100m2 9,000 8,000 7,000 6,000 5,000 4,000 3,000 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Slide 16: Charting Private Markets
Charting Private Markets How does the size of private markets compare to public markets? 250,000 For personal use only 215,400 200,000 Buyout 150,000 100,000 Venture 50,000 8,799 0 Public Private Source: HarbourVest Private company count: PitchBook as of October 2, 2024 Public company count: MSCI AC
Slide 17: Charting Private Markets
Charting Private Markets How does the size of private markets compare to public markets? For personal use only $100,000 US$87.2 T $80,000 Market size (Billions) $60,000 $40,000 $20,000 US$20 T $11.0 T Magnificent 7 Buyout Venture $- Public Private Source: HarbourVest Public market size: MSCI ACWI as
Slide 18: Private capital dominates markets today
Private capital dominates markets today Private Equity Returns (%, p.a.) vs Modified Public Market Equivalents (mPME) For personal use only Cambridge Associates US Private Eq Index mPME MSCI World 20 18 16 14 12 10 8 6 4 2 0 3 yrs 5 yrs 10 yrs 15 yrs 20 yrs As of 31st March 2025 Cambridge Associates
Slide 19: Would the Magnificent Seven go public today?
Would the Magnificent Seven go public today? Technology disrupters today are choosing to stay private Arguably the leader in the Artificial Intelligence For personal use only revolution Valued at $500 billion (Sep 2025) Revolutionising space travel and internet services Valued at $400 billion (Jul 2
Slide 20: GVF's exposure to private capital
GVF’s exposure to private capital Covering the period 31 July 2014 through to 31 August 2025 For personal use only 100.0% Private equity Private debt 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 01 Dec 2018 01 Dec 2023 01 Aug 2015 01 Aug 2020 01 Aug 2025 01 Oct 2014 01 Feb 2018 01 Oct
Slide 21: 4) Case studies
For personal use only 4) Case studies
Slide 22: Abrdn Property Income Trust
Abrdn Property Income Trust Deep value UK property with a catalyst Investment opportunity Ø London-listed diversified commercial property REIT. Ø GVF participated in a large block trade at a c.40% discount to For personal use only Ø Good long-term performance and a well-liked management asset backin
Slide 23: HSBC China Dragon
HSBC China Dragon China exposure plus discount capture Investment opportunity Ø HK-listed China fund invested in local ‘A’ shares. Ø During our holding period, the fund actioned the tender ten For personal use only Ø The fund had an attractive discount control policy whereby it times. GVF sold c.40%
Slide 24: Want to know more?
For personal use only Want to know more?
Slide 25: Risk adjusted returns over the last decade
Risk adjusted returns over the last decade July 2014 – 31 August 2025 Annualised Return Volatility Sharpe Ratio Sortino For personal use only Australian Shares 1 10% 14% 0.58 1.05 US Shares 2 17% 12% 1.22 2.41 Global Shares 3 13% 11% 1.03 2.16 Global Value Fund (ASX: GVF) 4 11% 7.5% 1.23 2.38 GVF So
Slide 26: 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 As of 31st August 2025. Returns sourced from Staude Capital Ltd and Bloomberg LP.
Slide 27: Years of positive performance: Adjusted NTA returns
10 years of positive performance Global Value Fund: Adjusted NTA returns1 For personal use only 1 Adjusted NTA returns are after all fees and expenses and are adjusted for the payment of taxes, dividends, and the effects of capital management indicatives. Performance data is estimated and unaudited.
Slide 28: Investment portfolio
Investment portfolio1,2,3 Asset class diversification lowers portfolio level risk without impairing alpha For personal use only Underlying Asset Classes Underlying Currency Exposures Listed Listed Debt EUR Equity Instruments 18% 33% 10% USD 46% Other 8% AUD Listed Private 29% Equity Listed Infrastru
Slide 29: Investment returns since IPO
Investment returns since IPO1 The attributed The attributedreturns returns of of TheThe Global Global ValueValue Fund Fund 280% CAGR5: 11.4% For personal use only Market² - GVF Currency³ - GVF Excess Return⁴ - GVF 240% Outperformance from discount capture 200% 160% 120% Underlying Currency Exposures
Slide 30: GVF dividend & option price history
Graph of GVF dividend & option price history Declared grossed up dividends and option VWAP1 since IPO2,3,4 at $1 5.0 Ordinary Dividend Franking Credit Option VWAP at Expiry For personal use only 4.5 4.0 3.5 Cents per Share 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Nov Mar May Nov May Nov May Nov May Nov May Nov M
Slide 31: 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 not get back all of your original investment. For personal use only Sha
Slide 32: Contact details
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 — Investor Presentation (October 2025) on 6ix