Staude Capital Global Value Fund Ltd · ASX:GVF
Staude Capital Global Value Fund — Investor Presentation (October 2026)
43 slides from Staude Capital Global Value Fund's investor presentation, Oct 28, 2026
Slide 1: GVF Presentation October 2026
rsonal use only GVF PRESENTATION October 2026
Slide 2: Agenda
rsonal use only 1) GVF update 2) Maximising investing happiness 3) The return of the bond vigilantes? 4) Case study
Slide 3: 1) GVF update
rsonal use only 1) GVF update
Slide 4: Discount (Catalyst) + Diversification
rsonal use only Discount (Catalyst) + Diversification Annualised Returns1: 11% Annualised Volatility2: 7% 1Annualised 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, divide
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 rsonal use only As of 31st August 2026. Returns sourced from Staude Capital Ltd and Bloomberg LP.
Slide 6: Popularity vs Quality (of returns)
Popularity vs Quality (of returns) Most popular investments in Australia rsonal use only CBA BHP CSL WES TLS WOW WBC MAQ XRO IVV VAS VGS IOZ A200 IOO ACWI MVW AQLT As selected by the Firstlinks audience of 100,000 readers
Slide 7: Most popular (i.e., most traded)
Most popular (i.e., most traded) Popularity and performance aren’t always the same thing… Rank (Most → Least Traded) ASX Code rsonal use only 1 CBA 2 BHP 3 CSL 4 WES 5 XRO 6 TLS 7 WBC 8 IVV 9 VAS 10 VGS 11 IOZ 12 A200 13 IOO 14 ACWI 15 MAQ 16 MVW 17 AQLT 18 WOW 19 GVF Global Value Fund
Slide 8: Return and Risk are equally important
rsonal use only Return and Risk are equally important1 Volatility is a common way to measure risk The higher the Sharpe Ratio the higher the quality of returns 1 In fact, we would argue that risk management has a much bigger effect on long-term wealth than chasing returns but that’s our opinion.
Slide 9: Popularity vs Quality (of returns)
Popularity vs Quality (of returns) Popularity and performance aren’t always the same thing… rsonal use only
Slide 10: 2) Maximising your investing happiness
rsonal use only 2) Maximising your investing happiness
Slide 11: Happiness quotes
Happiness is not something ready-made. It comes from your own actions. rsonal use only Dalai Lama Inner peace is knowing you didn’t panic-sell at the bottom. Warren Buffett The secret to happiness: patience, compounding, and ignoring experts under 40. Warren Buffett
Slide 12: Your formula for investing happiness
Your formula for investing happiness And that’s all, folks… rsonal use only
Slide 13: Risk is more important than return
Risk is more important than return rsonal use only Think in % of wealth Never over bet Add your happiness curve
Slide 14: Coin flip betting game
Everyone gets $100 rsonal use only Flip a coin 100 times On an even-money bet It is a loaded coin 60% chance of winning 40% chance of losing The question is: how much should you bet?
Slide 15: Risk is more important than return: 6 betting strategies
Part 1 – Risk is more important than return Risk management has a bigger effect than returns on long-term wealth rsonal 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 total
Slide 16: Risk is more important than return
Part 1 – Risk is more important than return Risk management has a bigger effect than returns on long-term wealth rsonal use only Expected Most likely Probability of Probability of ending Strategy end wealth end wealth ending with > $100 with < $50 "All-in" Constant $20 20% of wealth Constant $5 5% o
Slide 17: Risk is more important than return
Part 1 – Risk is more important than return Risk management has a far bigger effect on long term wealth rsonal use only Expected end Most likely end Probability of ending Probability of Strategy wealth wealth with > $100 ending with < $50 "All-in" each flip $8,281,797,452 Constant $20 bet $460 Bet 2
Slide 18: Risk is more important than return
Part 1 – Risk is more important than return Risk management has a far bigger effect on long term wealth rsonal 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 $20 bet
Slide 19: Risk is more important than return
Part 1 – Risk is more important than return Risk management has a far bigger effect on long term wealth rsonal 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 $20 bet
Slide 20: Risk is more important than return
Part 1 – Risk is more important than return Risk management has a far bigger effect on long term wealth rsonal use only $800 $700 $600 $500 $400 $300 $200 $100 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0
Slide 21: Investing rules of thumb
Investing rules of thumb: rsonal use only 1) Risk is more important than return 2) Think in % of wealth 3) Never over bet
Slide 22: Everyone has their own happiness curve
Part 2 – Everyone has their own ‘happiness curve’ rsonal 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 23: Using these ideas in practice
Part 3 – Using these ideas in practice rsonal use only
Slide 24: Optimal investment size
rsonal use only Optimal investment size
Slide 25: Optimal investment size
rsonal 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 26: Risk is more important than return
Risk is more important than return It’s almost impossible to go broke by picking bad investments, if you get the sizing right. rsonal use only Think in % of wealth You should get higher returns, with less risk Never over bet Even if the odds are in your favour, over betting can mean you’re almost gu
Slide 27: The secret to investing well
rsonal use only The secret to investing well is not just finding good opportunities. It is sizing them so they serve your life. Robert, Emma and Miles
Slide 28: 3) The return of the bond vigilantes?
rsonal use only 3) The return of the bond vigilantes?
Slide 29: US borrowing costs and the public debt burden
US borrowing costs and the public debt burden 30 years of history | 7 October 1996 – 7 October 2026 8% US 10-year yield Public debt / GDP 120% rsonal use only 6% 90% 4% 60% 30% 2% 0% 1996 2001 2006 2011 2016 2021 2026 0% 1) Strong growth – boosted tax revenues and 1) Financial crisis. Tax revenues f
Slide 30: US 10-year TIPS Yield
US 10-year Treasury Inflation-Protected Security (TIPS) Yield 5.0% rsonal use only 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0%
Slide 31: Near-term bond sell-off has created new opportunities
Near-term bond sell-off has created new opportunities As sentiment turns, prices have fallen faster than NAVs 18.5 rsonal use only 17.5 16.5 15.5 14.5 13.5 12.5
Slide 32: Interest rates have increased by c.5% over 5 years
rsonal use only 0.0% -30.0% 10.0% 20.0% 30.0% -40.0% -20.0% -10.0% Jan 2018 Apr 2018 Jul 2018 Oct 2018 Jan 2019 Apr 2019 Jul 2019 Oct 2019 Jan 2020 Apr 2020 Jul 2020 Oct 2020 Jan 2021 Apr 2021 Jul 2021 Oct 2021 Jan 2022 Apr 2022 Jul 2022 Oct 2022 Jan 2023 Apr 2023 Premium / Discount Jul 2023 Oct 202
Slide 33: 4) Case study
rsonal use only 4) Case study
Slide 34: Schroder British Opportunities Trust plc (SBO)
Schroder British Opportunities Trust plc (SBO) Deeply discounted UK assets Overview rsonal use only ➢London-listed fund investing in UK small cap and private companies. ➢Sub-scale from IPO - Raised £75m at IPO, making it too small and illiquid for many institutions. ➢Fixed-life vehicle – Committed a
Slide 35: Schroder British Opportunities Trust plc (SBO)
Schroder British Opportunities Trust plc (SBO) Deeply discounted UK assets Manager & Portfolio rsonal use only ➢Schroders Capital - £19.8bn AUM in Private Equity team, 160+ realised UK investments ➢EasyPark – Parking and EV Charging. ➢Waterlogic (Culligan) – Commercial water filtration and dispenser
Slide 36: Want to know more?
rsonal use only Want to know more?
Slide 37: Years of consecutive positive performance
12 years of consecutive positive performance Global Value Fund: Adjusted NTA returns1 rsonal 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 initiatives. Performance data is estimated and unau
Slide 38: Investment portfolio
Investment portfolio1,2,3 Asset class diversification lowers portfolio level risk without impairing alpha rsonal use only Listed Real Estate 10% ¹ As at 31st August 2026 ² Source: Staude Capital Pty Limited 3 Portfolio allocation is subject to change
Slide 39: Investment returns since IPO
Investment returns since IPO1 The attributed returns of The Global Value Fund 340% CAGR5: 11% rsonal use only 320% 300% Market² - GVF Currency³ - GVF Excess Return⁴ - GVF 280% Outperformance 260% from discount capture 240% 220% 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% Oct 14 Feb 15 Oct 15 Fe
Slide 40: Total return by investment
Total return by investment1 Profit or loss on every investment made by GVF since IPO2,3,4 rsonal use only 1 Total return by investment shows the gross A$ PnL of every investment the fund has made since IPO, including any associated hedging activities. 2 These figures exclude the returns from cash ba
Slide 41: 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 5.0 rsonal 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 May Nov May Nov May Nov May Jul 24 Nov May Nov May Nov 15 16 16
Slide 42: 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 rsonal use only not get back all of your original investment. Shares in
Slide 43: rsonal use only
statement? rsonal use only [email protected] Mobile (Australia): 0423 428 972 [email protected] Mobile (Australia): 0401 299 885 [email protected] www.globalvaluefund.com.au
Staude Capital Global Value Fund — Investor Presentation (October 2026) on 6ix