Staude Capital - The Global Value Fund

Investor Summary

Staude Capital Global Value Fund Limited is managed by an experienced team led by Miles Staude, who brings over twenty-five years of experience in global financial markets, trading, and investment management. Miles holds an Economics degree from the University of Sydney, is a CFA Charterholder, and has significant experience at Metage Capital in London and RBC Capital Markets. Emma Davidson serves as CEO and co-founded Staude Capital Pty Ltd with Miles Staude in 2025, representing a husband-and-wife team that transitioned from external management to direct regulatory control. The fund has delivered annualized adjusted NTA returns of 10.7% since inception and maintains a diversified global portfolio with current NTA of AUD $1.2679 per share before tax as of February 2026.

Fund Strategy

The fund believes that financial markets are generally efficient and that sustained market outperformance is best achieved through the purchase of discounted assets trading below their assessed intrinsic value rather than traditional stock picking. The strategy emphasizes capturing discounts across various asset classes including equities, private equity, debt instruments, real estate, and infrastructure, while maintaining lower realized volatility through diversification. The approach follows Benjamin Graham's principle that markets are voting machines in the short run but weighing machines in the long run, focusing on patient capital appreciation through discount realization rather than momentum-driven strategies.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11%	-	6.9%

Executive Summary

Staude Capital Global Value Fund delivered a 6.9% return in FY2026, with the discount capture strategy generating strong gross returns of 7.7% offset by 4.7% currency headwinds from Australian dollar strength. June marked successful completion of two major corporate actions: Amedeo Air Four Plus takeover delivered 150.7% total return over six years, while Diverse Income Trust completed its restructuring and cash realisation. The portfolio maintains focus on closed-end funds with clear discount closure mechanisms. Key holdings include The Renewables Infrastructure Group paying double-digit dividends with active buybacks, HarbourVest Global Private Equity implementing substantial tender offers and buybacks ahead of a 2029 continuation vote, and RM Infrastructure Income in managed wind down returning cash to shareholders. Currency markets experienced significant volatility as US dollar weakness through April reversed sharply following Middle East conflict and Strait of Hormuz closure, with Federal Reserve rate expectations shifting from cuts to potential hikes. The fund's annualised return since inception remains 11.0%.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jun 30 2026	2026 Q2	HVPE.L, RMII.L, TRIG.L, URF.AX	Closed-End Funds, Currency, Discount Capture, private credit, private equity, Renewables, value	-	Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash.
Apr 14 2026	2026 Q1	GVF.AX	Aircraft Leasing, Currency, discount, Geopolitical, global, value	AA4.L	Staude Capital's global value fund fell 1.3% in March amid Iran conflict uncertainty, but discount capture strategy and currency hedging provided protection. Amedeo Air Four Plus takeover delivered 46% annualized returns over five years, exemplifying the fund's approach of buying distressed assets and waiting for catalysts to unlock value.
Jan 30 2026	2025 Q4	AA4.L, DNA2.L, DNA3.L, ESP.L, HVPE.L, UTG.L	AI, earnings, global, inflation, Trade Policy, Valuations, value	-	GVF returned 4.4% in December half-year through discount capture strategies while markets trade at historically expensive valuations. Strong performance from private equity and aircraft leasing holdings offset student property disappointment. Despite robust US earnings growth and AI optimism, manager questions sustainability of current market multiples and maintains value-focused approach rather than chasing popular assets.
Aug 29 2024	2024 Q4	AAPL, AMZN, GOOGL, META, MGF.AX, MSFT, RHM.L, SONG.L, VSL.L	activism, AI, Discount Capture, Elections, global, Music, technology, value	-	Staude Capital delivered 14% returns through discount capture strategy, with successful investments in Magellan Global Fund restructuring and Hipgnosis Songs takeover. Limited AI exposure despite market dominance. Maintains diversified portfolio for upside participation and downside protection. US election outcome could drive near-term market direction through potential deregulation under Trump administration.
Aug 24 2022	2022 Q4	AA4.L, HVPE.L, NBPE.L, PIN.L	Aircraft Leasing, Central Banks, Discounts, global, inflation, private equity, value	-	Global Value Fund delivered 2.8% returns in FY2022 despite challenging markets through its discount capture strategy generating 6.6% gross returns. Amedeo Air Four Plus was the top contributor with resumed dividends and cash returns. Central bank tightening to combat 40-year high inflation drove market weakness but created attractive investment opportunities at favorable discount levels.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jun 30 2026

2026 Q2

HVPE.L, RMII.L, TRIG.L, URF.AX

Closed-End Funds, Currency, Discount Capture, private credit, private equity, Renewables, value

Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash.

Apr 14 2026

2026 Q1

GVF.AX

Aircraft Leasing, Currency, discount, Geopolitical, global, value

AA4.L

Staude Capital's global value fund fell 1.3% in March amid Iran conflict uncertainty, but discount capture strategy and currency hedging provided protection. Amedeo Air Four Plus takeover delivered 46% annualized returns over five years, exemplifying the fund's approach of buying distressed assets and waiting for catalysts to unlock value.

Jan 30 2026

2025 Q4

AA4.L, DNA2.L, DNA3.L, ESP.L, HVPE.L, UTG.L

AI, earnings, global, inflation, Trade Policy, Valuations, value

GVF returned 4.4% in December half-year through discount capture strategies while markets trade at historically expensive valuations. Strong performance from private equity and aircraft leasing holdings offset student property disappointment. Despite robust US earnings growth and AI optimism, manager questions sustainability of current market multiples and maintains value-focused approach rather than chasing popular assets.

Aug 29 2024

2024 Q4

AAPL, AMZN, GOOGL, META, MGF.AX, MSFT, RHM.L, SONG.L, VSL.L

activism, AI, Discount Capture, Elections, global, Music, technology, value

Staude Capital delivered 14% returns through discount capture strategy, with successful investments in Magellan Global Fund restructuring and Hipgnosis Songs takeover. Limited AI exposure despite market dominance. Maintains diversified portfolio for upside participation and downside protection. US election outcome could drive near-term market direction through potential deregulation under Trump administration.

Aug 24 2022

2022 Q4

AA4.L, HVPE.L, NBPE.L, PIN.L

Aircraft Leasing, Central Banks, Discounts, global, inflation, private equity, value

Global Value Fund delivered 2.8% returns in FY2022 despite challenging markets through its discount capture strategy generating 6.6% gross returns. Amedeo Air Four Plus was the top contributor with resumed dividends and cash returns. Central bank tightening to combat 40-year high inflation drove market weakness but created attractive investment opportunities at favorable discount levels.

QUARTER	THEMES	TAGS
2026 Q2	Discount Capture The fund's discount capture strategy generated gross returns of 7.7% over FY2026, marking a particularly successful year. Two major corporate actions completed during June: Amedeo Air Four Plus takeover delivered 150.7% total return over six years, and Diverse Income Trust full realisation as part of restructuring. The strategy detracted 0.4% in June specifically but was highly accretive over the full year.	Closed-End Funds Asset Backing Buybacks Tender Offers Wind Down
	Renewables The Renewables Infrastructure Group is a London-listed fund owning diverse renewable energy assets in UK and Europe. TRIG pays a double-digit dividend and operates an active share buyback programme, both highly accretive at today's deep discount. This represents a core holding in the portfolio with clear value capture mechanisms in place.	Renewable Energy Infrastructure Dividends Buybacks Europe
	Private Equity HarbourVest Global Private Equity is a London-listed fund with diversified private equity investments trading at a large discount to asset backing. The fund has implemented a capital allocation policy directing cash flows to highly accretive share buybacks. Earlier this year it announced further discount-tackling measures including a large tender offer later this year and substantial buybacks between now and a continuation vote in 2029.	Private Equity Tender Offers Buybacks Continuation Vote Discount
	Private Credit RM Infrastructure Income is a London-listed closed-end fund investing in secured private credit, with loans mainly backed by company assets and real estate. GVF invested at a deep discount in early 2024. The fund is now in a managed wind down, returning cash to shareholders as loans are repaid, providing a clear path to value realisation.	Private Credit Secured Loans Wind Down Asset Backed Infrastructure
	Dollar The US dollar experienced substantial volatility during the period. After falling 9.4% between January 2025 and April 2026 due to Trump's trade policies and expected Fed rate cuts, the dollar reversed sharply following Middle East conflict and Strait of Hormuz closure. Markets now price one to two Fed hikes instead of cuts, driven by resurgent inflation and US energy exporter advantage. The Australian dollar fell 3.9% against the US dollar over May and June.	Currency Federal Reserve Energy Inflation Interest Rates
2026 Q1	Aircraft Leasing GVF's investment in Amedeo Air Four Plus culminated in a takeover bid by a Qatari bank at 73p, delivering an annualized return of approximately 46% over five years. The fund first invested during COVID when shares traded at distressed levels equivalent to cash value, placing little value on twelve aircraft and long-term leases.	Aviation Leasing Takeover Distressed Recovery
	Discount Capture The fund's core strategy focuses on purchasing securities at discounts to underlying asset value and identifying catalysts to unlock value. This approach added 0.6% to performance during March and represents an alternative source of market outperformance compared to traditional stock selection strategies.	Value Discount Catalyst Asset Backing Arbitrage
2025 Q4	Valuations US share markets are trading nearly as expensively as they ever have relative to history. High market valuations are very good at predicting poor long-run investment returns. The manager presents detailed analysis showing negative correlation between P/E ratios and subsequent 10-year returns, with current forward P/E of 25.6 suggesting future returns of -5% to +5%.	P/E Ratios Market Multiples Forward Earnings Historical Analysis
	AI Continued investor excitement around the future potential of Artificial Intelligence dominated the news cycle and contributed to market performance. US company earnings are forecast to grow by a staggering 44% over the next three years, driven in large part by investors' expectations for AI companies to start delivering on their lofty targets.	Artificial Intelligence Earnings Growth Technology Market Performance
	Trade Policy Early studies show that roughly 90% of the costs of tariffs are being borne by US consumers and companies, contrary to Trump administration narrative. Tariffs alone added 0.7% to US inflation in 2025 and made the typical US household $600 poorer. The manager views this as a longer-term headwind to the US economy.	Tariffs Inflation Consumer Costs Economic Policy
	Earnings Over calendar year 2025, the US share market delivered earnings per share growth of 12.8%, more than twice the earnings growth seen in 2024 and well above long-run average growth figures. This earnings growth has been largely broad based with many different business sectors doing well, not just an AI story.	EPS Growth Corporate Performance Broad Based Fundamentals
2024 Q4	AI The manager discusses AI as a dominant market theme driving exceptional gains in mega-cap technology stocks since ChatGPT's release. Notes that seven AI-related stocks now comprise 20% of global share markets and 32% of the S&P 500. Views AI companies as high-risk, high-return propositions where commercial promise drives valuations based on potential earnings 5-10 years out rather than current metrics.	Technology Valuations Growth Risk
	Discount Capture The manager's core strategy of purchasing assets trading at discounts to intrinsic value and working to unlock that value. Generated gross returns of 10.4% in FY2024, representing the largest source of returns. Provides a valuable second source of returns largely uncorrelated to markets and allows for relatively low-risk portfolio construction while targeting higher returns.	Value Strategy Alpha Risk Management
	Music Successful investments in music royalty funds including Hipgnosis Songs Fund (SONG) and Round Hill Music Royalty Fund (RHM). SONG underwent a complex restructuring process involving shareholder activism and ultimately a bidding war between Concord and Blackstone, resulting in substantial premiums. Both companies were acquired by private equity at very large premiums to prior trading prices.	Royalties Activism M&A Private Equity
2022 Q4	Aircraft Leasing Amedeo Air Four Plus was the largest positive contributor to performance as several positive catalysts played out. The fund added to its investment at a substantial discount and benefited from resumed dividend payments and surplus cash returns. AA4 pays a 16% fully covered dividend yield with potential for growth.	Aircraft Leasing Emirates Dividends Cash
	Private Equity Listed private equity holdings experienced a year of two halves. The lag effect thesis played out in the first half with strong performance, but the manager sold down positions between November 2021 and January 2022. Recent weakness has created opportunities to rebuild positions at discount levels estimated at close to 40% of net asset backing.	Private Equity Valuations Discounts Listed Funds
	Inflation Central banks finally took away the proverbial punch bowl with consumer prices rising by more than 9% year-on-year. The US Federal Reserve lifted interest rates from 0.25% to 2.5% between March and July. Inflation will be the key issue that drives asset price returns over the coming few years.	Inflation Central Banks Interest Rates Monetary Policy
	Discount Capture The Company's discount capture strategy generated a 6.6% gross return over the year, representing outperformance over the underlying market and currency exposures. This strategy was the biggest contributor to the Company's returns and helped offset losses from falling markets.	Discounts Alpha Strategy Outperformance

QUARTER

THEMES

Discount Capture

The fund's discount capture strategy generated gross returns of 7.7% over FY2026, marking a particularly successful year. Two major corporate actions completed during June: Amedeo Air Four Plus takeover delivered 150.7% total return over six years, and Diverse Income Trust full realisation as part of restructuring. The strategy detracted 0.4% in June specifically but was highly accretive over the full year.

Closed-End Funds Asset Backing Buybacks Tender Offers Wind Down

Renewables

The Renewables Infrastructure Group is a London-listed fund owning diverse renewable energy assets in UK and Europe. TRIG pays a double-digit dividend and operates an active share buyback programme, both highly accretive at today's deep discount. This represents a core holding in the portfolio with clear value capture mechanisms in place.

Renewable Energy Infrastructure Dividends Buybacks Europe

Private Equity

HarbourVest Global Private Equity is a London-listed fund with diversified private equity investments trading at a large discount to asset backing. The fund has implemented a capital allocation policy directing cash flows to highly accretive share buybacks. Earlier this year it announced further discount-tackling measures including a large tender offer later this year and substantial buybacks between now and a continuation vote in 2029.

Private Equity Tender Offers Buybacks Continuation Vote Discount

Private Credit

RM Infrastructure Income is a London-listed closed-end fund investing in secured private credit, with loans mainly backed by company assets and real estate. GVF invested at a deep discount in early 2024. The fund is now in a managed wind down, returning cash to shareholders as loans are repaid, providing a clear path to value realisation.

Private Credit Secured Loans Wind Down Asset Backed Infrastructure

Dollar

The US dollar experienced substantial volatility during the period. After falling 9.4% between January 2025 and April 2026 due to Trump's trade policies and expected Fed rate cuts, the dollar reversed sharply following Middle East conflict and Strait of Hormuz closure. Markets now price one to two Fed hikes instead of cuts, driven by resurgent inflation and US energy exporter advantage. The Australian dollar fell 3.9% against the US dollar over May and June.

Currency Federal Reserve Energy Inflation Interest Rates

2026 Q1

Aircraft Leasing

GVF's investment in Amedeo Air Four Plus culminated in a takeover bid by a Qatari bank at 73p, delivering an annualized return of approximately 46% over five years. The fund first invested during COVID when shares traded at distressed levels equivalent to cash value, placing little value on twelve aircraft and long-term leases.

Aviation Leasing Takeover Distressed Recovery

Discount Capture

The fund's core strategy focuses on purchasing securities at discounts to underlying asset value and identifying catalysts to unlock value. This approach added 0.6% to performance during March and represents an alternative source of market outperformance compared to traditional stock selection strategies.

Value Discount Catalyst Asset Backing Arbitrage

2025 Q4

Valuations

US share markets are trading nearly as expensively as they ever have relative to history. High market valuations are very good at predicting poor long-run investment returns. The manager presents detailed analysis showing negative correlation between P/E ratios and subsequent 10-year returns, with current forward P/E of 25.6 suggesting future returns of -5% to +5%.

P/E Ratios Market Multiples Forward Earnings Historical Analysis

AI

Continued investor excitement around the future potential of Artificial Intelligence dominated the news cycle and contributed to market performance. US company earnings are forecast to grow by a staggering 44% over the next three years, driven in large part by investors' expectations for AI companies to start delivering on their lofty targets.

Artificial Intelligence Earnings Growth Technology Market Performance

Trade Policy

Early studies show that roughly 90% of the costs of tariffs are being borne by US consumers and companies, contrary to Trump administration narrative. Tariffs alone added 0.7% to US inflation in 2025 and made the typical US household $600 poorer. The manager views this as a longer-term headwind to the US economy.

Tariffs Inflation Consumer Costs Economic Policy

Earnings

Over calendar year 2025, the US share market delivered earnings per share growth of 12.8%, more than twice the earnings growth seen in 2024 and well above long-run average growth figures. This earnings growth has been largely broad based with many different business sectors doing well, not just an AI story.

EPS Growth Corporate Performance Broad Based Fundamentals

2024 Q4

AI

The manager discusses AI as a dominant market theme driving exceptional gains in mega-cap technology stocks since ChatGPT's release. Notes that seven AI-related stocks now comprise 20% of global share markets and 32% of the S&P 500. Views AI companies as high-risk, high-return propositions where commercial promise drives valuations based on potential earnings 5-10 years out rather than current metrics.

Technology Valuations Growth Risk

Discount Capture

The manager's core strategy of purchasing assets trading at discounts to intrinsic value and working to unlock that value. Generated gross returns of 10.4% in FY2024, representing the largest source of returns. Provides a valuable second source of returns largely uncorrelated to markets and allows for relatively low-risk portfolio construction while targeting higher returns.

Value Strategy Alpha Risk Management

Music

Successful investments in music royalty funds including Hipgnosis Songs Fund (SONG) and Round Hill Music Royalty Fund (RHM). SONG underwent a complex restructuring process involving shareholder activism and ultimately a bidding war between Concord and Blackstone, resulting in substantial premiums. Both companies were acquired by private equity at very large premiums to prior trading prices.

Royalties Activism M&A Private Equity

2022 Q4

Aircraft Leasing

Amedeo Air Four Plus was the largest positive contributor to performance as several positive catalysts played out. The fund added to its investment at a substantial discount and benefited from resumed dividend payments and surplus cash returns. AA4 pays a 16% fully covered dividend yield with potential for growth.

Aircraft Leasing Emirates Dividends Cash

Private Equity

Listed private equity holdings experienced a year of two halves. The lag effect thesis played out in the first half with strong performance, but the manager sold down positions between November 2021 and January 2022. Recent weakness has created opportunities to rebuild positions at discount levels estimated at close to 40% of net asset backing.

Private Equity Valuations Discounts Listed Funds

Inflation

Central banks finally took away the proverbial punch bowl with consumer prices rising by more than 9% year-on-year. The US Federal Reserve lifted interest rates from 0.25% to 2.5% between March and July. Inflation will be the key issue that drives asset price returns over the coming few years.

Inflation Central Banks Interest Rates Monetary Policy

Discount Capture

The Company's discount capture strategy generated a 6.6% gross return over the year, representing outperformance over the underlying market and currency exposures. This strategy was the biggest contributor to the Company's returns and helped offset losses from falling markets.

Discounts Alpha Strategy Outperformance

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 14, 2026	Fund Letters	Staude Capital - The Global Value Fund	AA4.L	Amedeo Air Four Plus	Rental & Leasing Services	Specialized Finance	Bull	New York Stock Exchange	Aircraft Leasing, Asset backed, Aviation, closed-end fund, COVID Recovery, deep value, Distressed Investment, takeover target	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 14, 2026

Fund Letters

Staude Capital - The Global Value Fund

AA4.L

Amedeo Air Four Plus

Rental & Leasing Services

Specialized Finance

Bull

New York Stock Exchange

Aircraft Leasing, Asset backed, Aviation, closed-end fund, COVID Recovery, deep value, Distressed Investment, takeover target

TICKER	COMMENTARY
TRIG.L	London-listed fund that owns a diverse portfolio of renewable energy assets in the UK and Europe. TRIG pays a double-digit dividend and operates an active share buyback programme, both of which are highly accretive at today's deep discount.
HVPE.L	London-listed fund with a diversified portfolio of private equity investments, trading at a large discount to asset backing. In recent years HVPE has put in place a capital allocation policy which directed a portion of future cash flows to highly accretive share buybacks. Earlier this year, it announced further measures to tackle the discount, including a large tender offer later this year, as well as substantial buybacks/tenders between now and a continuation vote in 2029.
RMII.L	A London-listed closed-end fund which invests in secured private credit, with loans mainly backed by company assets and real estate. GVF invested at a deep discount in early 2024. The fund is now in a managed wind down, returning cash to shareholders as loans are repaid.
URF.AX	An ASX-listed fund that owns a portfolio of US residential property in New York and New Jersey. The fund is now focused on realising assets and returning the proceeds to unitholders.

TICKER

COMMENTARY

TRIG.L

London-listed fund that owns a diverse portfolio of renewable energy assets in the UK and Europe. TRIG pays a double-digit dividend and operates an active share buyback programme, both of which are highly accretive at today's deep discount.

HVPE.L

London-listed fund with a diversified portfolio of private equity investments, trading at a large discount to asset backing. In recent years HVPE has put in place a capital allocation policy which directed a portion of future cash flows to highly accretive share buybacks. Earlier this year, it announced further measures to tackle the discount, including a large tender offer later this year, as well as substantial buybacks/tenders between now and a continuation vote in 2029.

RMII.L

A London-listed closed-end fund which invests in secured private credit, with loans mainly backed by company assets and real estate. GVF invested at a deep discount in early 2024. The fund is now in a managed wind down, returning cash to shareholders as loans are repaid.

URF.AX

An ASX-listed fund that owns a portfolio of US residential property in New York and New Jersey. The fund is now focused on realising assets and returning the proceeds to unitholders.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Discount Capture

Renewables

Private Equity

Private Credit

Dollar

Aircraft Leasing

Discount Capture

Valuations

AI

Trade Policy

Earnings

AI

Discount Capture

Music

Aircraft Leasing

Private Equity

Inflation

Discount Capture

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Miles Staude Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Staude Capital – The Global Value Fund