| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.5% | - | - |
Staude Capital Global Value Fund delivered -1.3% returns in March 2026 as geopolitical tensions from the Iran conflict disrupted what began as an optimistic year expecting stronger US growth and lower rates. The fund's discount capture strategy added 0.6% to performance while Australian dollar weakness contributed 1.3%, offsetting broader market declines of 2.7%. A significant positive contributor was aircraft leasing fund Amedeo Air Four Plus, which rose 21% following a Qatari bank takeover bid, culminating a five-year investment that delivered approximately 46% annualized returns. GVF first invested in AA4 during COVID when shares traded at distressed levels. The fund maintains multiple protection layers including asset class diversification, explicit market hedges, and Australian dollar exposure that acts as a risk asset during stress periods. With year-to-date returns of -0.8% and long-term annualized returns of 10.5%, the fund continues executing its core strategy of purchasing securities at discounts to underlying asset value while identifying catalysts to unlock value.
GVF provides global investment exposure through securities purchased at discounts to underlying asset value, using catalyst identification to unlock value as an alternative to traditional stock selection strategies.
The manager acknowledges a year that began with optimism has given way to considerable uncertainty due to geopolitical conflicts, with potential outcomes ranging from swift resolution to prolonged economic disruption.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
Aircraft LeasingGVF'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 CaptureThe 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 |
ValuationsUS 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 |
AIContinued 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 PolicyEarly 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 | |
EarningsOver 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| GVF.AX | GVF is a listed investment Company that provides shareholders with the opportunity to invest globally through a portfolio of securities purchased at a discount to their underlying asset value. The GVF investment portfolio fell by 1.3% over March. Over the life of the Company, GVF's annualised adjusted NTA returns have been 10.5%. |
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