Slides
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For personal use only
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1) GVF update2) A quick overview of the big picture 4) Case studies3) Two tectonic changes taking place For personal use only
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1) GVF update For personal use only
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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 on GVF is after taxes paid, expenses, management fees, dividends paid and the impact of dilution from exercised company options. Not a single down year since launch 11 years ago Annualised returns1 of >11% per annum Outperformance across the board For personal use only
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Please note that past performance is not indicative of future returns. July 2014 – 31 August 2025Risk adjusted returns over the last decadeAnnualised ReturnVolatilitySharpe RatioAustralian shares1 10%14%0.58US shares2 17%12%1.22Global shares3 13%11%1.03Global Value Fund (ASX: GVF)4 11%8%1.23US credit5 8%9%0.68CSL6 12%20%0.50CBA6 14%20%0.61BHP6 12%25%0.39Westpac6 9%22%0.33Wesfarmers6 18%19%0.80Woolworths6 4%17%0.13Macquarie6 26%30%0.80Telstra6 7%17%0.29Wisetech (from 2016 only)6 44%53%0.79Xero6 19%38%0.44Australian A-REIT7 10%20%0.39Australian property – CoreLogic7 4%3%0.86Noosa Heads7 14%13%0.76Plato Income Maximiser (from 2017 only)8 11%13%0.67Talaria Global Equity Fund (from 2021 only)9 9%9%0.44 For personal use only
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And now sorted in order of ‘Quality of Returns’ Please note that past performance is not indicative of future returns. July 2014 – 31 August 2025Annualised ReturnVolatilitySharpe RatioGlobal Value Fund (ASX: GVF)4 11%8%1.23US shares2 17%12%1.22Global shares3 13%11%1.03Australian property – CoreLogic7 4%3%0.86Wesfarmers6 18%19%0.80Macquarie6 26%30%0.80Wisetech (from 2016 only)6 44%53%0.79Noosa Heads7 14%13%0.76US credit5 8%9%0.68Plato Income Maximiser (from 2017 only)8 11%13%0.67Noosa Heads7 14%16%0.62CBA6 14%20%0.61Australian shares1 10%14%0.58CSL6 12%20%0.50Xero6 19%38%0.44Talaria Global Equity Fund (from 2021 only)9 9%9%0.44BHP6 12%25%0.39Australian A-REIT7 10%20%0.39Westpac6 9%22%0.33Telstra6 7%17%0.29Woolworths6 4%17%0.13 For personal use only
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Unless otherwise stated, data sourced from Bloomberg LP, Staude Capital Limited and Company reports and all data as of 31st August 2025.The Sharpe Ratio is calculated by taking the annualised excess returns over the risk-free rate (RBA Interbank Overnight Cash Rate) all divided by the annualised volatility of that excess return. 1Australian shares refers to the iShares Core S&P/ASX 200 ETF gross return in AUD with management fees of 0.05%2US shares refers to the iShares S&P 500 ETF gross return in AUD with management fees of 0.04%3Global shares refers to the iShares MSCI ACWI ETF gross return in AUD with management fees of 0.32%4 All data presented on GVF is after taxes paid, expenses, management fees, dividends paid and the impact of dilution from exercised company options.5 US credit refers to The Morningstar LSTA US Leveraged Loan Index (SPBDALA Index) which is a market-value weighted index designed to measure the performance of the US leveraged loan market. Assumes no management fees.6 Total price return including gross dividends. Assumes no management fees.7 Australian A-REIT refers to The S&P/ASX 200 A-REIT Index (AS51PROP Index) that was developed to track the stock performance of Australian Real Estate Investment Trusts in the S&P/ASX 200 index.) Assumes no management fees. Australian property – CoreLogic (RPAUMED) is CoreLogic’s Australian Median City Values MoM numbers and the results were: 4.5% returns, volatility of 2.9% and a Sharpe Ratio of 0.86. Note, this is not a tradable security. Noosa Heads QLD data is from a report produced 9 September 2025 by Brencorp Pty Ltd. © Property Data Solutions Pty Ltd 2025 (pricefinder.com.au) and consulted on with Porters House (portershouse.com.au). Note, the data on Noosa refers to houses only and is not total return. We have also used an annual price return series as opposed to monthly. As a comparison, for Noosa apartments, the numbers were 14% returns, 13% volatility and a 0.76 Sharpe Ratio. Note, neither example are tradable securities.8 All data presented on PL8 is after taxes paid, expenses, management fees and dividends paid. All data sourced from The Plato Investment Management website under the monthly investment updates. Numbers since IPO in 2017.9 Total NAV return including gross dividends from company reports. Numbers since launch in 2021. Risk adjusted returns over the last decadeFootnotes for the previous slides Please note that past performance is not indicative of future returns.For personal use only
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2) A quick overview of the big picture For personal use only
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US market share of Tech / Comms sector S&P 500 Source: Oxford Economics/LSEG Datastream, From: Global: The Digital Frontier - a tech downturn would inflict a sharp global slowdown© Oxford Economics 2025For personal use only
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Source: Bloomberg LP, Staude Capital ‘Dot-com’ bubble NASDAQ corrected >10% seven times before the actual crash For personal use only
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3) Two tectonic changes taking place For personal use only
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The exponential growth of the passive industryIncredible growth of private markets (and disappearance of public markets) For personal use only
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The S&P’s Indices Versus Active scorecard Data sourced from S&P Dow Jones Indices as of 30 June 2025. Please refer here for full disclaimer. The S&P’s Indices Versus Active scorecard For personal use only
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208% 103% 79% 64% 50%21% 36% 50% $10.2 T $18.3 T $26.8 T 2011 2018 2025 AUM ($/%) GrowthActivePassive Source: PwC analysis based on data from ICI. Estimates for 2025 based on PWC analysis. US mutual fund industry assets:Actual and projected active / passive split in the United States.For personal use only
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¹ Source: World Bank. As of 2024.2 Sources: Apollo, S&P Capital IQ. As of April 2024. Ratio: 87%/13%Please note that past performance is not indicative of future returns. Private capital dominates markets todayOwnership of US companies with revenues over US$100m2 PrivatePublic Private capital is replacing public capital markets 3,000 4,000 5,000 6,000 7,000 8,000 9,000 199519971999200120032005200720092011201320152017201920212023 Number of US listed companies1 For personal use only
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Charting Private Markets Please note that past performance is not indicative of future returns. How does the size of private markets compare to public markets? Source: HarbourVestPrivate company count: PitchBook as of October 2, 2024Public company count: MSCI ACWI as of September 30, 2024 Venture Buyout 8,799 215,400 0 50,000 100,000 150,000 200,000 250,000 Public Private For personal use only
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Magnificent 7US$20 T VentureBuyout US$87.2 T $11.0 T$- $20,000 $40,000 $60,000 $80,000 $100,000 Public Private Market size (Billions) Charting Private Markets Please note that past performance is not indicative of future returns. How does the size of private markets compare to public markets? Source: HarbourVestPublic market size: MSCI ACWI as of August 2025 Private market size: Preqin as of December 2023 For personal use only
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Please note that past performance is not indicative of future returns. As of 31st March 2025 Cambridge Associates Modified Public Market Equivalent (mPME): The mPME calculation is a private-to-public comparison that seeks to replicate private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and the mPME NAV (the value of the shares held by the public equivalent) is a function of mPME cash flows and public index returns. The mPME attempts to evaluate what return would have been earned had the dollars been deployed in the public markets instead of in private investments while avoiding the “negative NAV” issue inherent in some PME methodologies. Private capital dominates markets todayPrivate Equity Returns (%, p.a.) vs Modified Public Market Equivalents (mPME) 02468101214161820 3 yrs5 yrs10 yrs15 yrs20 yrs Cambridge Associates US Private Eq IndexmPME MSCI World For personal use only
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Technology disrupters today are choosing to stay privateWould the Magnificent Seven go public today? Revolutionising space travel and internet servicesValued at$400 billion (Jul 2025) Owner of TikTok, today’s social media phenomenonOver 1 billion daily viewersValued at$330 billion (Aug 2025) Arguably the leader in the Artificial Intelligence revolutionValued at$500 billion (Sep 2025) Data science and machine learning companyValued at$100 billion (Aug 2025) Online payments disrupterValued at$107 billion (Sep 2025) For personal use only
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GVF’s exposure to private capital Please note that past performance is not indicative of future returns. Covering the period 31 July 2014 through to 31 August 2025 As of 31st August 2025 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0% 01 Oct 201401 Aug 201501 Jun 201601 Apr 201701 Feb 201801 Dec 201801 Oct 201901 Aug 202001 Jun 202101 Apr 202201 Feb 202301 Dec 202301 Oct 202401 Aug 2025 Private equityPrivate debt For personal use only
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4) Case studies For personal use only
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Investment opportunityØLondon-listed diversified commercial property REIT.ØGood long-term performance and a well-liked management team. However, API traded on a deep discount to asset backing.ØIn early 2024, another UK REIT took advantage and made an offer to merge, but this was voted down by shareholders.ØAPI’s board said that if the merger was voted down it would recommend a wind-down of the trust. We felt this scenario offered a compelling return, even on conservative assumptions. ØGVF participated in a large block trade at a c.40% discount to asset backing and also took advantage of some interesting supply/demand dynamics in the wake of the collapsed deal.ØIn Sep 24, API announced a sale of c.97% of its portfolio at an 8% discount to backing, well ahead of our assumptions.ØThe final asset is being marketed for sale. In the meantime, the fund will be making a second return of capital in November.ØAs of 30 Sep 2025, GVF’s IRR on this investment is 46%. Abrdn Property Income TrustDeep value UK property with a catalyst API share price vs. UK 5-yr ratesEntry price v cash flows & residual value (GBp) Data source: Bloomberg, abrdn Property Income Trust, Staude Capital estimates. Please note that past performance is not indicative of future returns. Return of Capital DividendsLand AssetCash & other 010203040506070 Avg EntrySep-25 -1%0%1%2%3%4%5%6% 020406080100120 Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25API price£ 5yr rates For personal use only
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Investment opportunityØHK-listed China fund invested in local ‘A’ shares.ØThe fund had an attractive discount control policy whereby it would tender for up to 20% of shares, close to asset backing, if the discount was wider than 20% for 3 months.ØGVF was invested from July 2014 to March 2025, when the fund decided to return money to investors. ØDuring our holding period, the fund actioned the tender ten times. GVF sold c.40% of its holding close to NTA each time. ØThe fund also delivered long term outperformance (7.7% pa) vs. MSCI China (3.9% pa) and China A shares (5.7% pa)1ØBenefitting from both the outperformance and discount capture, GVF’s investment will have delivered an overall IRR of 17.5%2. HSBC China Dragon China exposure plus discount capture NTA performance vs benchmarksHistorical Discount Please note that past performance is not indicative of future returns.-50%0%50%100%150%200%250% Jul-14Jul-16Jul-18Jul-20Jul-22Jul-24 HSBC Chi na DragonChina A-SharesMSCI China -35%-30%-25%-20%-15%-10%-5%0% Jul-14Jul-16Jul-18Jul-20Jul-22Jul-24Di scountTender AnnouncedTermination Announced Data source: Bloomberg, HSBC China Dragon. Notes: 1 - HKD performance from Jul 2014 - Mar 2025. 2 - assuming final proceeds received in Aug 2025 per company guidance For personal use only
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Want to know more? For personal use only
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Risk adjusted returns over the last decade Please note that past performance is not indicative of future returns.4 All data presented on GVF is after taxes paid, expenses, management fees, dividends paid and the impact of dilution from exercised company options July 2014 – 31 August 2025VolatilitySharpe RatioSortinoAnnualised ReturnAustralian Shares 1 10%14%0.581.05US Shares 2 17%12%1.222.41Global Shares 3 13%11%1.032.16Global Value Fund (ASX: GVF) 411%7.5%1.232.38 3 Global shares refers to the iShares MSCI ACWI ETF gross return in AUD with management fees of 0.32%2 US shares refers to the iShares S&P 500 ETF gross return in AUD with management fees of 0.04%Unless otherwise stated, data sourced from Bloomberg LP, Staude Capital Limited and Company reports and all data as of 31st August 2025.1Australian shares refers to the iShares Core S&P/ASX 200 ETF gross return in AUD with management fees of 0.05% GVFCorrelation Coefficient with Australian shares0.57Coefficient of Determination (R2) 0.33Correlation Coefficient with Global shares0.67Coefficient of Determination (R2) 0.45Correlation Coefficient with US shares0.64Coefficient of Determination (R2) 0.41 Sortino: The Sortino ratio is a risk-adjusted performance measure that focuses on downside risk, unlike the Sharpe ratio which considers both upside and downside volatility.Correlation Coefficient: A number between +1 and −1 calculated so as to represent the linear interdependenceof two variables or sets of data.Coefficient of Determination (R2): R2 isa statistical measure in a regression model that determines the proportion of variance in the dependent variable that can be explained by the independent variable. For personal use only
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Share price returns for investors Three scenarios: 1) Reinvested everything 2) Took half & half 3) Took all the returns As of 31st August 2025. Returns sourced from Staude Capital Ltd and Bloomberg LP. For personal use only
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Global Value Fund: Adjusted NTA returns110 years of positive performance 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. Source: Staude Capital Ltd2 Refers to the full year returns for a given Financial Year, or the year-to-date returns in the current Financial Year. Data sourced from Staude Capital Ltd . As of 31 August 2025. Please note that past performance is not indicative of future returns. For personal use only
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EUR 18% AUD 29% Other 7% USD 46% Underlying Currency ExposuresListed Equity33% Listed Debt Instruments 10% Listed Private Equity26% Listed Real Estate8%Listed Hedge Funds5%Listed Aircraft Leasing4% Listed Infrastructure6% Other 8% Underlying Asset Classes ¹ As at 31st August 2025² Source: Staude Capital Limited3 Portfolio allocation is subject to change Asset class diversification lowers portfolio level risk without impairing alphaInvestment portfolio1,2,3 For personal use only
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0% 40% 80% 120% 160% 200% 240% 280%Aug 14Jan 15Jun 15Nov 15Apr 16Sep 16Feb 17Jul 17Dec 17May 18Oct 18Mar 19Aug 19Jan 20Jun 20Nov 20Apr 21Sep 21Feb 22Jul 22Dec 22May 23Oct 23Mar 24Aug 24Jan 25Jun 25 Market² - GVFCurrency³ - GVFExcess Return⁴ - GVFCAGR5: 11.4% Underlying Currency Exposures Underlying Asset Classes The attributed returns of The Global Value FundThe attributed returns of The Global Value FundInvestment returns since IPO1 Outperformance from discount capture ¹ Net compound annualised growth rate (CAGR) refers to the total GVF investment return after taxes paid, expenses, management fees, dividends paid and the impact of dilution from exercised company options² Gross returns attributable to the market exposures of the underlying assets held by the fund.³ Gross returns attributable to the currency exposures of the underlying assets held by the fund.4 Gross excess return represents the returns in excess of currency and market returns, attributable to the manager’s investment strategy.5 Data sourced from Staude Capital Ltd. As of 31st August 2024. All returns are A$ returns, unless otherwise stated. For personal use only
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0.00.51.01.52.02.53.03.54.04.55.0 Nov15Mar16May16Nov16May17Nov17May18Nov18May19Nov19May20Nov20May21Nov21May22Nov22May23Nov23May24Jul 24Nov24May25 Cents per Share Ordinary DividendFranking CreditOption VWAP at Expiry Graph of GVF dividend & option price historyDeclared grossed up dividends and option VWAP1 since IPO2,3,4 at $1 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 company reports.3 Grossed up dividends of 87c per share since IPO at $1 plus 3.9c in VWAP option value = 90.9c per share.4 Data sourced from Staude Capital Ltd as of 12th May 2025.Please note that past performance is not indicative of future returns.For personal use only
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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. Shares in Staude Capital Global Value Fund Limited (ACN 168 653 521) (GVF) may not be appropriate for all people. Please consider whether they are suitable for you, and before making a decision about GVF shares please read the prospectus available at www.globalvaluefund.com.au or by calling +61 3 8689 9997. GVF has provided this information, which is general information only and hasn’t taken your circumstances into account. We strongly recommend you seek your own advice from a licensed provider in relation to any investment decision. This information is for Australian residents, only. Disclaimer For personal use only
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statement? miles.staude@globalvaluefund.com.auMobile (Australia): 0423 428 972emma.davidson@globalvaluefund.com.auMobile (Australia): 0401 299 885ir@globalvaluefund.com.au www.globalvaluefund.com.au For personal use only