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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Staude Capital - The Global Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Capturing discounts across closed-end vehicles and global listed assets while selectively screening emerging fixed-income dislocations following the severe spike in sovereign bond yields."
Staude Capital Global Value Fund Limited (GVF) posted a net return of 0.3% in September 2026, bringing FY2027 first-quarter year-to-date net performance to 1.4%. Since its July 2014 inception, the fund has delivered an annualized net adjusted NTA return of 10.9%. During the month, the primary positive return drivers were the manager's core discount capture strategy, which contributed 0.6% to gross returns across a broad spread of holdings, alongside a 1.6% tailwind generated by Australian dollar depreciation against the US dollar. These gains were partially offset by broader equity market declines and fund operating costs, while the portfolio maintained underlying asset class exposures across listed equity (40%), listed private equity (20%), listed infrastructure (15%), listed real estate (12%), and debt. Macroeconomic conditions throughout September were defined by a pronounced bond market sell-off, characterized by debt investors staging a buyers' strike amid concerns surrounding persistent inflation, heavy government fiscal deficits, elevated energy prices, and substantial debt issuance financing artificial intelligence infrastructure. Global credit fell 2.9% in US dollar terms as the 10-year US Treasury yield surged 59 basis points. Despite higher discount rates presenting theoretical equity valuation headwinds, broad US corporate earnings remained robust, buoyed by the ongoing artificial intelligence cycle and projected third-quarter S&P 500 earnings growth of 27%. From a portfolio implementation standpoint, the investment team has maintained minimal exposure to direct debt instruments over the past year in search of superior risk-adjusted opportunities elsewhere. However, the sharp rise in global yields and subsequent debt price dislocations have prompted the team to actively evaluate prospective debt additions. Key representative discount-capture holdings include The Renewables Infrastructure Group, HarbourVest Global Private Equity, RM Infrastructure Income, and US Masters Residential Property Fund, all benefiting from proactive corporate actions, tender offers, buybacks, or managed realizations.
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