Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Investor Presentation (May 2026)
30 slides from Staude Capital Global Value Fund's investor presentation, May 4, 2026
Slide 1: GVF Lunch Presentation
For personal use only GVF LUNCH PRESENTATION
Slide 2: For personal use only
For personal use only 1) GVF update 2) A big picture thought 3) Maximising investing happiness 4) Case studies
Slide 3: 1) GVF update
For personal use only 1) GVF update
Slide 4: Discount (Catalyst) + Diversification
For personal use only Discount (Catalyst) + Diversification Annualised Returns1: >10% Annualised Volatility2: 7% 1 Annualised Returns refers to the GVF share price and the GVF portfolio which have both annualised at >10% per annum after all fees and expenses and are adjusted for the payment of taxes
Slide 5: Income Growth or Both: You decide
Income Growth or Both: You decide Three scenarios: 1) Reinvested everything 2) Took half & half 3) Took all the returns For personal use only As of 31st March 2026. Returns sourced from Staude Capital Ltd and Bloomberg LP.
Slide 6: Popularity vs Quality (of returns)
Popularity vs Quality (of returns) Popularity and performance aren’t always the same thing… Rank (Highest →Lowest Annualised Sharpe For personal use only ASX Code Volatility quality of returns) Return Ratio 1 GVF 11% 7% 1.12 2 IVV 16% 12% 1.12 3 IOO 15% 12% 1.11 4 ACWI 12% 11% 0.96 5 VGS 12% 11% 0.9
Slide 7: 2) A big picture thought
For personal use only 2) A big picture thought
Slide 8: Growth of the semi-liquid industry
Growth of the semi-liquid industry US AUM growth by asset class (US$bln) For personal use only $500 Nonprivate markets: $450 $38.3 Venture capital: $10.8 $400 $350 Infrastructure: $9.8 $300 Private multi-asset: $20.1 $250 Private equity: $57.6 $200 $150 Real estate: $103.9 $100 Alternative credit: $
Slide 9: Private credit fund redemptions
Private credit fund redemptions US private credit fund redemptions vs. requests (US$bln) For personal use only Source: Oxford Economics, Stanger
Slide 10: 3) Maximising investing happiness
For personal use only 3) Maximising investing happiness
Slide 11: Your formula for investing happiness
Your formula for investing happiness And that’s all folks… For personal use only
Slide 12: Risk is more important than return
Risk is more important than return For personal use only Think in % of wealth Never over bet Add your happiness curve
Slide 13: Risk is more important than return: 6 betting strategies
Part 1 – Risk is more important than return Risk management has a bigger effect that returns on long-term wealth For personal use only 6 Betting Strategies What it means 1) "All-in" You bet your entire bankroll on each flip 2) Constant $20 You bet the same dollar amount every flip regardless of your
Slide 14: Risk management has a far bigger effect on long term wealth
Part 1 – Risk is more important than return Risk management has a far bigger effect on long term wealth For personal use only Expected end Most likely Probability of Probability of Strategy wealth end wealth ending with > $100 ending with < $50 "All-in" each flip $8,281,797,452 $0 0% 100% Constant $
Slide 15: Risk management has a far bigger effect on long term wealth
Part 1 – Risk is more important than return Risk management has a far bigger effect on long term wealth For personal use only $800 $700 $600 $500 $400 $300 $200 $100 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0
Slide 16: Investing rules of thumb
Investing rules of thumb: For personal use only 1) Risk is more important than return 2) Think in % of wealth 3) Never over bet
Slide 17: Everyone has their own happiness curve
Part 2 – Everyone has their own ‘happiness curve’ For personal use only Gain in happiness Loss of happiness Happiness $1m $1m $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000
Slide 18: Using these ideas in practice
Part 3 – Using these ideas in practice For personal use only Optimal investment size
Slide 19: Optimal investment size
For personal use only Optimal investment size We have assumed 7% p.a. as the expected return, 9% p.a. as the expected risk, and a risk aversion number of 3.5. For the risk-free rate, we have used the 10-year Australian government bond yield of 5.1%
Slide 20: Risk is more important than return
Risk is more important than return For personal use only Think in % of wealth Never over bet Add your happiness curve
Slide 21: 4) Case studies
For personal use only 4) Case studies
Slide 22: Amedeo Air Four Plus (AA4): Final Approach
Amedeo Air Four Plus (AA4) Final Approach Investment journey For personal use only ➢ London listed aircraft leading fund, owning 6 A380s and 2 B777s ➢ Original theses largely based on cash on balance sheet, Emirates leased to Emirates and 4 A350s leased to Thai. income, contractual return payments a
Slide 23: Want to know more?
For personal use only Want to know more?
Slide 24: Risk adjusted returns over the last decade
Risk adjusted returns over the last decade July 2014 – 31 March 2026 For personal use only Global Value Fund Australian shares2 US shares4 Global shares3 (ASX: GVF) 1 Annualised Return 10.5% 9% 15% 12% Volatility 7.5% 14% 13% 10% Sharpe Ratio 1.12 0.51 1.02 0.98 Sortino Ratio 2.22 0.97 2.20 2.06 Sor
Slide 25: 11+ years of positive performance
11+ 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 YTD2 FY2026 2.3% -0.4% 0.6% 1.3% 0.4% 0.2% -2.2% -1.6% -1.3% 3.0% 2.1% FY2025 4.1% -0.9% 1.5% 1.5% 1.7% 2.9% 2.0% 0.0% -1.4% -0.7% 2.3% 1.9%
Slide 26: 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 Equity EUR 39% Listed Debt 21% Instruments 6% USD Listed Real 42% Estate 10% Listed Private Other Equity 4% 19
Slide 27: Investment returns since IPO
Investment returns since IPO1 The attributed The attributedreturns returns of of TheThe Global Global ValueValue Fund Fund 320% For personal use only 300% CAGR5: 11.4% 280% Market² - GVF Currency³ - GVF Excess Return⁴ - GVF Outperformance 260% from discount 240% capture 220% 200% 180% 160% 140% 120%
Slide 28: Graph of 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 For personal use only 1 Data source: The ASX, the Volume Weighted Average Price (VWAP) of the GVF Options (GVFO) traded from IPO to expiry on the 10 March 2016. 2 Data source: Annual comp
Slide 29: 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 30: 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 — Investor Presentation (May 2026) on 6ix