Acorn Capital Investment Fund Ltd Registered · ASX:ACQ
Acorn Capital Investment Fund Ltd Registered — Acorn Capital Investment Fund — Shareholder Meeting (November 2025)
26 slides from Acorn Capital Investment Fund Ltd Registered's shareholder meeting presentation, Nov 20, 2025
Slide 1: Acorn Capital Investment Fund 2025 Annual General Meeting
ACORN CAPITAL INVESTMENT 20 NOVEMBER 2025 | ASX : ACQ FUND LIMITED 2025 ANNUAL GENERAL MEETING For personal use only 1
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: Agenda
AGENDA 1. INTRODUCTION JOHN STEVEN 2. PORTFOLIO UPDATE & COMMENTARY ROBERT ROUTLEY 3. FORMAL BUSINESS JOHN STEVEN For personal use only 4. CLOSURE OF MEETING JOHN STEVEN 3 3
Slide 4: Agenda
AGENDA 1. INTRODUCTION JOHN STEVEN 2. PORTFOLIO UPDATE & COMMENTARY ROBERT ROUTLEY 3. FORMAL BUSINESS JOHN STEVEN For personal use only 4. CLOSURE OF MEETING JOHN STEVEN 4 4
Slide 5: ACQ Board
ACQ BOARD Senior Partner National Capital Markets and JOHN STEVEN – Independent Chair Commercial Business Unit and Transactions Solutions Team of law firm Minter Ellison Former Head of Regional Equity Sales for MAUREEN BAKER – Independent Director Deutsche Bank and Managing Director Equity Sales at
Slide 6: Agenda
AGENDA 1. INTRODUCTION JOHN STEVEN 2. PORTFOLIO UPDATE & COMMENTARY ROBERT ROUTLEY 3. FORMAL BUSINESS JOHN STEVEN For personal use only 4. CLOSURE OF MEETING JOHN STEVEN 6 6
Slide 7: Strategy
Strategy ACQ’s investment strategy has demonstrated its ability to deliver positive investment outcomes Capital Dividend Portfolio growth income diversification(1) For personal use only 1. Acorn Capital believes that the ACQ investment strategy should provide diversification benefits to an already d
Slide 8: Key facts | October 2025
Key facts | 31 October 2025 GROSS PORTFOLIO RETURNS DIVIDEND RESERVES Strong dividend SINCE INCEPTION capacity • 33.6 cps (5) supported by 12.6% P.A.(1)(2) • $30.2m (5) substantial reserves VS 2025 DIVIDENDS PAID AND S&P/SMALL ORDINARIES ANNOUNCED(6) ACCUMULATION INDEX OF • 2.75 cps Interim 8.1% For
Slide 9: Relative Performance of the Microcap Sector
Relative Performance of the Microcap Sector Our research shows that relative Microcaps (ex-ASX250) Returns vs All Ords tends to be cyclical, we believe that the dispersion of returns reflects (in part) compositional differences (stage of development, industry) 80.0% Our experience GFC Emergency COVI
Slide 10: ACQ investment universe
ACQ investment universe % of investment universe represented by developing ASX aggregate market ASX Small and Emerging (Microcap) Companies companies by number (2) 62.3% capitalisation is $3.5 Aggregate Market Cap of trillion. Our Number of Co. (1) Market Cap Largest Co. distinguishing Ex-100 (Small
Slide 11: Dividend stream
Dividend stream ACQ has declared and paid 66.0 cents per share in dividends since inception, and 24.77 cents per share franking credits, resulting in a grossed-up value of 90.77 cents per share1 Dividend stream $0.12 $0.10 $0.08 Cents per share $0.06 $0.04 For personal use only $0.02 $0.00 Oct-16 Ma
Slide 12: Microcap Sector Returns vs Discount to Pre-Tax NTA
Microcap Sector Returns vs Discount to Pre-Tax NTA The Microcap Sector has show recent improved performance which has not yet flowed through to an improved discount to NTA 120.0% 5.0% Av. LIC Category 1 Discount 100.0% 4.5% (1 Year) 4.0% 12 Month Microcap Rolling returns, 80.0% Traditional -11.5% 3
Slide 13: Padua Solutions
Padua Solutions Unlisted | Expansion stage of development Tech-enabaled Paraplanning Advisory software Transition management Padua provides a hybrid service Their platform includes tools Padua offers transition • ACQ first in invested in late 2021 and has invested twice since to combining financial
Slide 14: Meteoric Resources
Meteoric Resources Rare Earths | Developer Stage of development First invested January 2023 Illustrated on the Lassonde Curve Investment Rationale/Thesis Exploration Development Production • Ionic clay deposits. Similar to southern China deposits Stock valuation • Located in a mining state in Brazil
Slide 15: Performance and positioning
Performance and positioning Since 3 mth 1 yr 3 yr 5 yr 7 yr 10 yr inception Portfolio Return for Periods to 31 October 2025 % % % pa. % pa. % pa % pa % pa.3 ACQ (Post Fees & Op Costs)1 17.4 28.4 12.4 7.8 10.5 11.9 9.9 S&P/ASX Small Ords Acc. Index 4 14.3 22.8 13.9 9.6 8.4 9.1 8.1 Value add +3.1 +5.6
Slide 16: Why invest in ACQ?
Why invest in ACQ? Proven approach that provides attractive yield and diversification benefits Proven Access to capital Distinctive portfolio strategy growth and yield & Attractive returns • ACQ’s investment strategy has • The present macro economic themes across the • ACQ provides investors with a
Slide 17: Agenda
AGENDA 1. INTRODUCTION JOHN STEVEN 2. PORTFOLIO UPDATE & COMMENTARY ROBERT ROUTLEY 3. FORMAL BUSINESS JOHN STEVEN For personal use only 4. CLOSURE OF MEETING JOHN STEVEN 17 17
Slide 18: Adoption of the 2025 Annual Report
ADOPTION OF THE 2025 ANNUAL REPORT ITEM 1: AGM RESOLUTION TO RECEIVE AND CONSIDER THE FINANCIAL REPORT OF THE COMPANY AND THE REPORTS OF DIRECTORS AND AUDITORS FOR THE YEAR ENDED 30 JUNE 2025, AS SET OUT IN THE 2025 ANNUAL REPORT For personal use only 18 18
Slide 19: Adoption of the 2025 Remuneration Report
ADOPTION OF THE 2025 REMUNERATION REPORT ITEM 2: REMUNERATION REPORT TO CONSIDER AND, IF THOUGHT FIT, PASS THE FOLLOWING RESOLUTION: THAT THE REMUNERATION REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2025 IS ADOPTED. For personal use only 19 19
Slide 20: Remuneration Report resolution voting results
ADOPTION OF THE 2025 REMUNERATION REPORT ACQ RESOLUTION THE REMUNERATION REPORT FOR THE YEAR ENDED 30 JUNE 2025 IS ADOPTED VOTED % FOR 13,865,907 97.33 For personal use only AGAINST 279,699 1.96 OPEN-USABLE 100,334 0.71 20 20
Slide 21: Re-election of Directors: Robert Brown
RE-ELECTION OF DIRECTORS ITEM 3: RE-ELECTION – ROBERT BROWN, DIRECTOR TO CONSIDER AND, IF THOUGHT FIT, PASS THE FOLLOWING RESOLUTION: THAT ROBERT BROWN, WHO RETIRES UNDER CLAUSE 65 OF THE COMPANY’S CONSTITUTION, AND BEING ELIGIBLE, IS RE-ELECTED AS A DIRECTOR OF THE COMPANY. For personal use only 21
Slide 22: Re-election of Robert Brown voting results
RE-ELECTION OF DIRECTORS ACQ RESOLUTION RE-ELECTION OF ROBERT BROWN VOTED % FOR 14,433,726 98.07 AGAINST 84,965 0.58 For personal use only OPEN-USABLE 199,149 1.35 22 22
Slide 23: Approval of Proportional Takeover Provision
APPROVAL OF PROPORTIONAL TAKEOVER PROVISION ITEM 4: PROPORTIONAL TAKEOVER PROVISION TO CONSIDER AND, IF THOUGHT FIT, PASS THE FOLLOWING RESOLUTION WHICH WILL BE PROPOSED AS A SPECIAL RESOLUTION: THAT FOR THE PURPOSES OF SECTION 648G(4) OF THE CORPORATIONS ACT AND FOR ALL OTHER PURPOSES, THE COMPANY
Slide 24: Proportional Takeover Provision voting results
APPROVAL OF PROPORTIONAL TAKEOVER PROVISION ACQ RESOLUTION APPROVAL OF PROPORTIONAL TAKEOVER PROVISION VOTED % FOR 14,218,756 97.16 AGAINST 216,016 1.48 For personal use only OPEN-USABLE 199,149 1.36 24 24
Slide 25: Agenda
AGENDA 1. INTRODUCTION JOHN STEVEN 2. PORTFOLIO UPDATE & COMMENTARY ROBERT ROUTLEY 3. FORMAL BUSINESS JOHN STEVEN For personal use only 4. CLOSURE OF MEETING JOHN STEVEN 25 25
Slide 26: 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 Benchmark S&P/ASX Small Ordinaries Accumulation Index • Australian Listed Equities (ex-ASX250) Investment universe
Acorn Capital Investment Fund — Shareholder Meeting (November 2025) on 6ix