Acorn Capital Investment Fund Ltd Registered · ASX:ACQ
Acorn Capital Investment Fund Ltd Registered — Acorn Capital Investment Fund — FY2026 Earnings Presentation
16 slides from Acorn Capital Investment Fund Ltd Registered's earnings presentation, Oct 20, 2026
Slide 1: Acorn Capital Investment Fund Investor Update (incorporating FY2026 results)
rsonal use only ACORN CAPITAL INVESTMENT FUND LIMITED OCTOBER 2026 | ASX : ACQ INVESTOR UPDATE (INCORPORATING FY2026 RESULTS)
Slide 2: Disclaimer and important notices
Disclaimer and important notices This presentation has been prepared by Acorn Capital Investment Fund Limited ACN 167 595 897 (ACQ). The information in this presentation is only intended for Australian residents. The purpose of this presentation is to provide information only and the contents of the
Slide 3: ACQ Investment Strategy
ACQ Investment Strategy Research-driven, industry-neutral investing in microcap companies INVESTMENT PROCESS INVESTMENT PRINCIPLES rsonal use only Research-driven Investment Universe ASX companies outside the ASX250 ACQ conducts detailed company research to identify ~1,450 companies plus unlisted un
Slide 4: FY26 at a Glance
FY26 at a Glance Benchmark outperformance, a fully franked 7.0c dividend, and a reserve that covers it rsonal use only FY26 PORTFOLIO RETURN FY26 DIVIDENDS, 100% FRANKED DECLARED SINCE LISTING, INCL. FRANKING 9.8% | 8.5% 7.0c 100.8c • before fees | after fees and costs • 3.5c interim paid May 2026,
Slide 5: Overview of Full Year Results | June 2026
Overview of Full Year Results| 30 June 2026 ▪ Net profit after tax of $6.25 million for FY26 (FY25: $9.67 million). The portfolio returned 9.8% before fees for the year (8.5% after fees), ahead of the S&P/ASX Small Ordinaries Accumulation Index return of 8.1% rsonal use only ▪ Final Dividend of 3.50
Slide 6: FY26 Performance | Three Measures
FY26 Performance | Three Measures Separating what the manager controls from what the structure and the market deliver rsonal use only 1. PORTFOLIO RETURN = INVESTMENT SKILL 2. NTA PER SHARE = PORTFOLIO OUTCOME 3. SHAREHOLDER RETURN = MARKET SENTIMENT +9.8% | +8.5% $1.148 FY26 before fees | after fee
Slide 7: First Quarter FY27 | July to September 2026
First Quarter FY27 | July to September 2026 Ahead of the benchmark in each month of the quarter; NTA reflects FY26 tax paid rsonal use only Q1 FY27 PORTFOLIO RETURN, AFTER FEES PRE-TAX NTA, 30 SEPTEMBER 2026 DISCOUNT TO PRE-TAX NTA +1.1% $1.1106 21% vs −0.5% for the S&P/ASX Small Ordinaries From $1.
Slide 8: Dividend Policy Discipline
Dividend Policy Discipline An ACQ Shareholder over the past decade has received 73.0 cents per share in dividends, and 27.8 cents per share franking credits, resulting in a grossed-up value of 100.8 cents per share1,2 rsonal use only Dividend stream $0.12 FY26 FINAL DIVIDEND AND DRP $0.10 3.5c fully
Slide 9: The Investment Universe
The Investment Universe Earlier stage, differently composed and more dispersed than the top 250 rsonal use only EX-ASX 250 COMPANIES, 30 SEPTEMBER 2026 MEDIAN MARKET CAPITALISATION DEVELOPING COMPANIES, BY COUNT 1,445 $36m 57% 85% of ASX listings, 5.7% of ASX value vs about $3.9bn for a company in t
Slide 10: Where the Passive Money Stops
Where the Passive Money Stops The broadest ASX index fund identified, only invests down to the 300th largest company rsonal use only EXCHANGE-TRADED PRODUCTS ON ASX, 31 AUGUST 26 COMPANIES RANKED 301 AND BELOW 468 1,395 None identified that holds companies below the 300th largest $151bn of market va
Slide 11: Case study – Change Financial (CCA)
Case study – Change Financial (CCA) Change Financial is a recent addition to the portfolio, a rapidly growing and now profitable provider of payments infrastructure, built on two core offerings: rsonal use only CORE OFFERS Vertexon PaySim Payments as a Service (PaaS) Payment simulation software A cl
Slide 12: Case studies – Resources (Copper and Gold)
Case studies – Resources (Copper and Gold) rsonal use only Exploration Development Production THE LASSONDE CURVE Tracks how a resource company’s value typically moves as its project Stock valuation advances. Copper Valuations rise on discovery, fall through development as funding, permitting and dil
Slide 13: Performance and positioning
Performance and positioning Since Portfolio Return for Periods to 30 September 3 mth 1 yr 3 yr 5 yr 7 yr inception 2026 % % % p.a. % p.a. % p.a 10 yr % p.a. % p.a.3 rsonal use only ACQ (Pre Fees & Op Costs) 1 0.1 -6.6 11.1 1.4 9.0 10.1 10.8 ACQ (Post Fees & Op Costs)2 1.1 -6.8 9.8 0.2 6.9 7.8 8.3 S&
Slide 14: What ACQ Delivers
What ACQ Delivers Diversified ex-ASX 250 exposure through a single ASX-listed security rsonal use only Diversified exposure Broad, diversified exposure to listed and unlisted microcap companies Simple access Single ASX-listed security: no lock-ups, no capital calls, no gates Breadth Acorn Capital be
Slide 15: Key facts | September 2026
Key facts | 30 September 2026 Pre-tax NTA 1.1106 Performance - since inception 5,7 8.3% p.a. rsonal use only Post-tax NTA1 1.1042 Benchmark - since inception 6,7 6.7% p.a. ACQ share price $0.88 Investment Split Cash, 2.8% Ordinary Dividends 2 7.0c Unlisted, 24.1% Implied cash dividend yield 3 8.0% F
Slide 16: Acorn Capital Investment Fund
Acorn Capital Investment Fund Type Listed Investment Company Objective To achieve after-fee returns in the long-term that are higher than the S&P/ASX Small Ordinaries Accumulation Index rsonal use only Benchmark S&P/ASX Small Ordinaries Accumulation Index • Australian Listed Equities Investment univ
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